Founders building their second or third venture are always highly respected in the ecosystem. Investors usually are more willing to invest in them as they believe that serial entrepreneurs come with “loads” of experience starting and growing startups. Besides, VCs perceive they tend to make fewer mistakes than they made while building their first businesses.

True, a second or third-time founder knows how to build a stronger business with less cash, what to do when his or her company is in crisis, how to manage cash flow, how to navigate an unfavourable economic climate, how to address employee churn, and how to motivate the colleagues, and most importantly, how not to repeat past mistakes. They also successfully raise multi-million dollars in their first round of investment.

In general, serial entrepreneurs try to do things differently.

Also Read: How Ringkas replaces paper-based mortgage application process in Indonesia with digital tools

In this article, the first from the e27‘s AskMeAnything series, Ilya Kravtsov takes questions from users about the experience of being a serial entrepreneur. Based in Indonesia, Kravtsov has built two businesses in two different verticals. PouchNATION is an NFC-based guest management startup, while Ringkas aims to simplify Indonesia’s complicated mortgage application process by providing easy-to-use tools for agents, property developers, customers and banks.

While investing in a company, shouldn’t the VCs go by the merit of the idea and their conviction rather than the founder’s experience? What do you think?

You are 100 per cent right; a second or third-time founder alone doesn’t mean much if the experiences you went through are not meaningful.

This can be applied to anything one goes through; one can graduate from a university but still have limited knowledge. So it is crucial to differentiate between founders who truly lived and breathed through their previous experiences and those who just ticked the box in their CVs.

What mistakes do second or third-time founders tend to make while building their new ventures?

Second or third-time founders raise too much too early as they have access to more capital and investors. They tend to over-raise before achieving the product-market fit, which is unhealthy.

Could you share some insights and strategies on how to build investor networks and maintain strong relationships with them effectively? What are the key lessons you’ve learned along the way that contributed to your success in attracting and retaining supportive investors?

Investor relations are critical and not always an easy task. Sometimes expectations are not aligned, and you lose trust. This was one of the most important growth areas in my career.

Also Read: Ringkas raises US$3.5M to digitalise mortgage process in Indonesia

When you start your business, you might be a good operator but miss the investor perspective entirely. The best advice here is always to see things from an investor angle and not purely from a founder’s perspective. Imagine what you would do if you were in their shoes (founders often forget that). The rest comes purely with experience.”

How do you manage investor expectations and demonstrate your ability to deliver a successful outcome with your current venture?

I believe communication is key. If you feel things are not going exactly in your desired direction, you must over-communicate with your investors and ask them for feedback and advice. This builds trust.

What advice would you give an entrepreneur starting his or her second company?

Spend a lot of time researching the business before jumping into it. Get validation, talk to potential customers, and understand the size of the opportunity. The earlier you clear these points, the fewer issues you will face later.

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Image Credit: Ringkas.

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Digital acceleration hasn’t been sufficient. “The ability of people to process economic information and make informed decisions about financial planning, savings, debt and retirement” (as one of the definitions of financial literacy goes) is becoming more and more important around the world. Southeast Asia is not an exception, given the rapidly growing financial needs of the population and the range of financial opportunities.

A few years ago, the average financial literacy of the population in SEA (excluding Brunei and Laos) was estimated at 34 per cent, even higher than the global average of 33 per cent (2014). However, excluding the two leaders of the region — Singapore (59 per cent) and Myanmar (52 per cent) — it equalled only 27 per cent.

So, only three out of ten adults in the rest of the region could be called financially literate. For comparison: the top ten included seven European countries, as well as Canada, Israel and Australia, with indicators of 63-71 per cent.

Since then, the situation in Southeast Asia has improved significantly. The COVID-19 pandemic had a particularly powerful impact on it due to the region’s proximity to its epicentre. The rapid digitalisation of all spheres of life, including finance, increased the financial inclusion of the population, which also affected financial literacy.

For example, according to Fintech and Financial Literacy in Vietnam, the level of financial literacy was higher for people who used fintech products than for those who did not (score of 5.1 vs 4.3).

While in 2017, the indicator of financial exclusion in ASEAN was 46 per cent, in 2022, it decreased to 23 per cent. The region set the goal to reduce financial exclusion to 30 per cent by 2025 but significantly surpassed it much earlier due to the pandemic.

At the same time, there was an increase in the level of financial literacy. In a 2022 survey by the Indonesian Financial Services Authority (OJK), the level of financial literacy was 50 per cent, 12 per cent higher than in 2019. According to the 2020 Bank of Thailand/OECD survey, in Thailand, it equalled 71 per cent, up five per cent from 2018. Meanwhile, in the S&P 2014 report, this figure was only 27 per cent.

Nevertheless, the level of financial literacy in the region remains insufficient. The United Nations Capital Development Fund report (2022) stated that most countries in the region demonstrated little knowledge of basic financial terms, limited financial skills, including the inability to use an account without assistance and insufficient financial behaviour, such as saving for retirement.

Here is another example. According to the Philippine Financial Inclusion Survey (2021), only two per cent of respondents were able to correctly answer all six questions related to financial literacy. Only 30 per cent gave correct answers about simple and compound interest. Less than half of respondents (42 per cent) understood the impact of inflation on purchasing power, 13 per cent lower than in 2019.

No obvious connection between the development of countries and financial literacy

Despite the rapid acceleration of financial inclusion in the region, the status of financial literacy here still remains ambiguous.

On the one hand, this can be explained by the difference in the development of countries. For example, in Singapore, GDP per capita is almost US$134k, while in Laos and Cambodia, it is only US$9.8k and US$6.1k, respectively.

Another reason is different bases for accelerating financial inclusion. For example, Singapore and Thailand have already achieved high levels of financial inclusion. This has allowed reaching 98 per cent and 96 per cent of the adult population to own bank accounts, respectively. At the same time, in the Philippines, it is still only 52 per cent, in Laos — 37 per cent and in Cambodia — 33 per cent.

Finally, there is a difference in national efforts to increase financial literacy. UNCDF, for example, divides the countries into three groups: Pre-Formulation (start of creating a roadmap for increasing financial literacy — Laos, Myanmar, Vietnam), Formulation (working groups and roadmaps are ready — Brunei, Cambodia, Thailand) and Implementation (initiatives are being implemented — Indonesia, Malaysia, Philippines).

Centralised strategies result in such initiatives as educational programs at schools and universities (Cambodia, Malaysia, the Philippines, Vietnam), individual public, private and business initiatives (promotions, forums, programs, etc.), a gaming component (in Vietnam, for example, they develop games and simulators for children aimed at increasing financial literacy).

The efforts of international organisations are also important: the ASEAN committee is working to promote financial literacy, the UN organises educational courses for women in Cambodia, etc.

In all three cases, it can be assumed that more developed countries should have a higher level of financial literacy. However, even in Singapore, four out of ten respondents “lack knowledge of basic financial concepts such as risk diversification, simple and compound interest”.

According to another survey, the age group from 18 to 24 years old has the lowest level of financial literacy (35 per cent), and despite the national educational program aimed at improving financial literacy, this indicator failed to increase significantly. The situation is similar in other countries. In the Philippines, for instance, only seven per cent of respondents attended financial literacy-related events.

Financial literacy determines  the future

As a result, Southeast Asia definitely shows the growth of financial literacy, with increasing financial inclusion and the spread of fintech products. On the other hand, various factors prevent it from corresponding to the current level of the regional financial system. As a result, the loan burden of the SEA population is growing, the level of cyber fraud remains high, and advanced financial instruments are not being properly spread. 

The situation will not improve quickly. However, significant progress can be expected within the next 2-3 years, facilitated by:

• The growing penetration of fintech. A recent study by Robocash Group stated that the number of fintech companies in South and Southeast Asia has been growing rapidly over the past years. The popularity of online banking, super-apps, etc., is rising, and the user experience will quickly increase financial literacy. In addition, fintech businesses are usually interested in financially literate, reliable and responsible clients and are ready to implement educational policies for it.
• State programmes for the growth of financial inclusion and financial literacy have the potential to reach a new level, taking into account the growing global challenges.
• With the accelerating pace of the financial sector development, the quantity (of time) has every chance to turn into quality. Clients who are not ready to increase their level of personal financial literacy will lack access to modern tools.

The future of the macro-regional financial ecosystem is closely connected with financially literate consumers, and the main focus for market development remains transparency, humanity and long-term relationships between customers and fintech businesses.

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Amidst the AI revolution, e27 presents a new series showcasing how organisations embrace AI in their operations.

Gia Ngo has worked at Give.Asia, a free fundraising platform for charitable causes in Asia, since 2014. Starting as a volunteer software engineer, he is currently CTO at Give.Asia.

Ngo received his PhD from Cornell University, the US, and his B.Eng from the National University of Singapore (NUS). His research topics lie in artificial intelligence (AI)/Machine Learning (ML) applications in natural language processing and neuroscience. He has published over 20 papers with over 400 citations at international conferences and journals.

In this edition, Ngo shares how his company has embraced AI.

Edited excerpts:

How do you perceive the AI revolution and its potential impact on your industry and workforce?

The AI revolution is undoubtedly transformative, and we are witnessing just the beginning of its immense potential. Over the decades, AI technology has made remarkable strides, but what’s truly catalysing its impact is the recent move to make AI models more accessible to the public. This has brought AI to the forefront of discussions and has the potential to revolutionise the way we approach various industries, including fundraising for social causes.

As we look ahead, the future of AI will likely be characterised by its seamless integration into business processes; like how web stacks power websites behind the scenes, AI will become a foundational building block in our daily operations, quietly enhancing efficiency and effectiveness without drawing much attention. This commodification of AI will democratise access, allowing even more organisations to benefit from its capabilities.

Understanding this transformative potential, we at Give.Asia developed Sidekick AI as an assistant for fundraising with a clear goal in mind – to seamlessly embed it into our current processes. Sidekick AI is a significant step in the broader initiative called “AI for Good”, where we aspire to open up the existing AI tools we use for charitable fundraising to the public. Moreover, we’re committed to continually developing new AI solutions that have a positive and lasting impact on social causes.

In embracing ‘AI for Good’, we aim to share our AI-driven fundraising tools with partners, organisations, and individuals across the charitable sector. By doing so, we hope to empower them to maximise their fundraising efforts and create a ripple effect of positive change in the world.

As the AI revolution progresses, our workforce will also experience shifts. While AI will augment and enhance certain aspects of our work, it will also create new opportunities for creative problem-solving and strategic thinking. Our vision is to leverage AI as a powerful ally, enabling our teams to focus on what truly matters – creating meaningful connections between givers and social causes.

Through collaboration and partnerships, we believe we can collectively harness the potential of AI to uplift communities, inspire more people to become givers and create a brighter future for all. We invite like-minded organisations and individuals to join us in this journey, leveraging Sidekick AI and the broader AI for Good initiative to make a lasting impact on the charitable sector and beyond.

In what ways has your company embraced AI technologies to improve operational efficiency or enhance business processes?

Our vision at Give.Asia is to inspire everyone to be a giver. We believe that if more people can resonate with a cause and work together, we can permanently solve many problems in the world. We believe modern AI technologies offer new approaches for us to work toward that vision.

• AI can help givers hear more stories and voices: We recognise that numerous organisations and individuals are working tirelessly to make the world a better place. However, their stories and efforts might not always reach a wider audience due to language barriers or challenges in making their causes compelling. We have integrated language models and generative AI technologies into our platform to address this. These AI tools assist fundraisers in crafting compelling narratives and engaging content, ensuring their messages resonate with potential donors. By harnessing AI’s capabilities, we aim to amplify the voices of those working for positive change and make their stories more accessible to the global community of givers.
• AI can connect givers to causes they resonate with: We understand that every giver has unique passions and interests. Just like how streaming services like Netflix provide personalised content recommendations, we strive to make the giving experience equally tailored. By leveraging AI algorithms, we can connect givers to the causes that truly resonate with them. This not only enhances the overall giving experience but also increases the likelihood of long-term engagement with charitable organisations. Through AI-driven personalisation, we aim to create a stronger bond between givers and the causes they care about deeply.
• AI can create new impacts: While fundraising for immediate needs is crucial, we believe AI can empower charitable organisations to go beyond conventional approaches and tackle the root causes of social issues. For example, AI can play a pivotal role in the healthcare sector by enabling easier and more affordable diagnosis. By utilising AI technologies, we can focus on upstream solutions to prevent problems before they escalate, creating a lasting impact and fostering sustainable change.

Also Read: Exploring the game-changing role of AI in online courses

As we continue to innovate, we actively explore diverse avenues to integrate AI into our operations. Whether it’s streamlining internal processes, optimising fundraising campaigns, or enhancing donor engagement, AI is becoming an integral part of many initiatives at Give.Asia. We believe that AI’s potential is vast, and by being proactive in its exploration, we can uncover new opportunities to maximise our impact on social causes.

Can you share specific examples of how AI has been integrated into your workforce to streamline operations or drive innovation?

We created Sidekick AI as a tool for our fundraising team to create campaigns more efficiently and quickly. Integrating Sidekick AI into our workforce has significantly streamlined our operations and empowered our content team to drive innovation in fundraising campaigns at Give.Asia. Here are specific examples of how Sidekick AI has been utilised:

• Efficient campaign content creation: Sidekick AI was initially prototyped as a tool to aid our fundraising team in crafting campaigns more efficiently and rapidly. Creating compelling and informative content can be overwhelming with the vast number of cases we receive from individuals seeking to raise funds for medical treatments, education, and other social causes. Sidekick AI has been instrumental in generating campaign copy based on the raw information collected from beneficiaries. This enables our team to draft clear and persuasive content that resonates with potential donors, whether for an individual’s medical treatment or a charity’s fundraising drive. By automating this process, Sidekick AI saves valuable time and allows our team to focus on other critical aspects of fundraising.
• Personalised marketing materials: Tailoring content to suit different audiences is essential in fundraising. Sidekick AI’s versatility enables us to create marketing copy for social media sharing that aligns precisely with the target audience’s preferences and interests. Whether it’s a child’s medical treatment campaign or a charity’s fundraising event, Sidekick AI generates drafts that cater to specific tones and angles. This personalised approach increases the effectiveness of our marketing efforts and helps build stronger connections between donors and causes.
• Creative content generation: Sidekick AI extends beyond text-based content to creative assets like campaign images and infographics. Converting complex information and research into easily digestible visualisations is made simpler with Sidekick AI’s assistance. Our copywriters can transform data into engaging visuals more efficiently, enhancing our campaigns’ overall appeal and impact.
• Automated video creation: Videos have become a powerful medium for storytelling and engaging audiences. Sidekick AI has been utilised to generate Instagram-style videos based on campaign content. By summarising the campaign’s text, integrating relevant images, and adding an audio track, Sidekick AI creates compelling videos that capture the essence of the cause. This automation significantly reduces the time and effort required to produce compelling video content, enhancing our multimedia marketing efforts.

What challenges or concerns did you encounter when implementing AI technologies within your organisation, and how did you address them?

Implementing AI technologies within our organisation did indeed come with its share of challenges and concerns, for example:

• Identifying business needs: The most important challenge we faced was identifying specific areas within our operations where AI could make a meaningful impact. Understanding our business needs and pain points was crucial in determining where AI could fill the gaps and enhance efficiency.
• Limited examples in the charitable sector: As AI adoption in the charitable sector is relatively new, there were fewer successful AI implementations in this context. This lack of reference points made it challenging to accurately foresee potential challenges and opportunities. To overcome this, we adopted an agile approach to prototyping and experimentation. By quickly creating prototypes and testing them, we gained valuable insights and iterated on our ideas swiftly.

Also Read: Optimising finance made easy: Embracing AI-driven investment

How do you ensure transparency and uphold ethical considerations in the use of AI technologies within your organisation to mitigate privacy concerns?

Transparency and respect for privacy are among the most fundamental foundations for everything built at Give.Asia. Some of the considerations that we stand by when introducing AI include:

• Data privacy: Protecting user data is a top priority for us. Sidekick AI operates solely on publicly visible data and does not store any irrelevant information to its tasks. By limiting the data used by the AI, we ensure that sensitive or private information is not exposed, minimising privacy risks.
• Understanding limitations: We recognise that AI technologies have limitations and should not be treated as one-size-fits-all solutions. Before implementing any AI solution, we look at our users’ specific needs and requirements. This approach allows us to identify where AI can be most effective and where human expertise is still essential.
• Ongoing learning: We believe in continuous learning and knowledge-sharing across our technical team and the organisation. We held training sessions and workshops to ensure that our team members understood commonly used AI technologies, including their strengths and weaknesses. This knowledge enables them to make informed decisions and maintain a vigilant approach to privacy and ethics.
• Human in the loop: Sidekick AI is designed to complement and assist fundraisers, not replace them. We emphasise the importance of human oversight in AI-generated outputs. By making fundraisers aware of potential errors that may arise, we encourage them to validate and review the content generated by Sidekick AI before use. This “human in the loop” approach ensures accountability and accuracy in the fundraising process.
• Open-sourcing: we are committed to not only making Sidekick AI accessible to any charity or individual but also to open-sourcing our implementation. Open sourcing fosters transparency and collaboration in the AI community. By sharing our code and practices with the wider public, we encourage peer review and accountability, ensuring that our AI implementations adhere to ethical and privacy values.

How do you ensure that AI technologies complement your workforce’s existing skills and expertise rather than replacing or displacing human workers?

At Give.Asia, we firmly believe that AI technologies should complement, rather than replace, the skills and expertise of our workforce. We recognise the unique value that human workers bring to the giving space, where trust and human connections are at the core of what we do. While AI can excel in certain repetitive and large-scale tasks, we understand that human workers will always be the most vital aspect of our organisation.

To ensure that AI technologies enhance our workforce’s capabilities, we adopt the following principles:

• At Give.Asia, we focus on using AI even further to enhance the core values of our team, which are growth, impact, and trust.
• We view AI as an always-present but sometimes flawed assistant that must be used appropriately. Rather than seeking to replace human workers, we focus on empowering our team to leverage AI to augment their skills and abilities.
• AI allows us to create more impact by automating time-consuming tasks, which frees up our team’s time to create new value for givers and find innovative ways to drive lasting social changes.
• Trust is a cornerstone of our work at Give.Asia. AI technologies can help us build and reinforce trust with our users by improving campaign storytelling, providing better verification processes, and enhancing transparency. We use AI to bolster the credibility of our platform and demonstrate our commitment to maintaining the highest standards of integrity.

Attracting and retaining human talent has always been challenging in the charitable sector. AI technologies like Sidekick AI serve as a superpower that equips our team to do more and do better in their roles. Using AI to augment our capabilities, we empower our workforce to tackle complex challenges and deliver greater value to our users.

Also Read: Rewriting the creation process of ad creatives using generative AI

We recognise that human connection and empathy are irreplaceable in the charitable sector. AI technologies are harnessed to enhance our team’s impact and efficiency, but they can never replace the passion, dedication, and creativity our human workforce brings.

How do you envision the future collaboration between humans and AI? What role do you see AI playing in augmenting human capabilities?

I think AI will permeate more and more industries and business processes. We will figure out more ways to integrate AI better and subtly into daily activities. As AI becomes more prevalent and deeply embedded into our lives, it will be a challenge for companies and individuals to keep growing, learning, and growing differently, too.

Here are how I envision the future of AI:

• Complementing human skills: AI’s role will be to complement and augment human capabilities rather than replace them. Mundane and repetitive tasks can be efficiently handled by AI, freeing up human workers to focus on higher-level tasks that require creativity, critical thinking, and emotional intelligence.
• Enhanced decision-making: AI can process and analyse vast amounts of data quickly, providing valuable insights to humans in making informed decisions. By leveraging AI-generated insights, humans can make more strategic and data-driven choices, leading to better outcomes across various domains.
• Innovation and co-creation: As AI automates routine tasks, humans can dedicate more time and energy to innovation and co-creation with AI. The collaboration between human creativity and AI’s data-driven capabilities can lead to groundbreaking solutions, especially in addressing complex societal challenges.
• Continuous learning: AI can act as a catalyst for continuous learning and upskilling. As AI technologies advance, humans will need to keep pace by developing new skills and expanding their expertise. This ongoing learning process will foster a culture of adaptation and growth.
• Ethical considerations: Addressing ethical considerations will be crucial as AI becomes more pervasive. Humans will need to ensure that AI systems are designed and used responsibly, with a focus on fairness, transparency, and accountability.

The future collaboration between humans and AI can be a harmonious balance where AI empowers humans to achieve more, make better decisions, and drive innovation. We can have a future where AI-driven advancements go hand in hand with human ingenuity and compassion.

What advice would you give to other company founders looking to leverage AI in their workforce?

Here is my advice:

• Embrace the AI revolution: AI is not just a passing trend but a transformative force that is here to stay. The field of AI has evolved beyond mere research, and it has reached the stage of commoditisation. We should all consider embracing AI as an integral part of our business strategy.
• Understand the key drivers of AI advancement: the current AI wave has three main drivers. The first is the abundance of data and the increasing power of hardware have made many modern AI approaches possible. Secondly, there has been a shift in focus from AI as a scientific endeavour to one of engineering. The desire to build and apply AI solutions has been a significant driving force. Thirdly, the open-source culture has fostered the development and adoption of foundational AI technologies and models. Understanding these drivers will enable you to make informed decisions about adopting and developing your AI capabilities effectively.
• Contextualise AI adoption: leveraging AI should align with your company’s specific context and business needs. Every company is unique, and AI should be integrated where it can fill gaps, enhance productivity, and create value. AI adoption should be driven by a clear understanding of your company’s objectives and strategic vision.
• Complement human expertise: view AI as a tool to augment human capabilities rather than replace them. While AI can excel in handling repetitive and data-intensive tasks, human creativity, critical thinking, and emotional intelligence remain invaluable. Strive to find the right balance between human judgment and AI-driven insights, leveraging AI to empower your workforce rather than displacing them.
• Commit to responsible AI practices: prioritise ethical considerations, transparency, and fairness in your AI initiatives. Responsible AI practices are essential to build trust with customers, employees, and stakeholders. Ensure that AI models are developed and deployed responsibly, adhering to privacy and data protection regulations.

The reasons laid out above motivate us to initiate AI For Good at Give.Asia. We love to invite other organisations, charities, companies, and individuals to see how we can leverage AI to give better. I think we have a lot more to learn and understand the gaps that AI can fill. We would love to work on open-source solutions with other partners to create lasting impacts.

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Fundraising or preparing your startup for fundraising? Build your investor network, search from 400+ SEA investors on e27, and get connected or get insights regarding fundraising. Try e27 Pro for free today.

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Sunrate, a cross-border payment platform for businesses, has raised an extended Series D (D2) funding round from Sequoia Capital Southeast Asia (now known as Peak XV Partners).

Saudi Aramco-owned Prosperity7 Ventures and Softbank Ventures Asia co-invested.

Last month, Sunrate secured an undisclosed sum in its Series D1 led by Prosperity7 Ventures.

The startup will use the fresh funds to accelerate growth in emerging markets, such as Southeast Asia and India, and continue to onboard new customers globally. In addition, it will look to hire employees.

Also Read: Financial literacy in Southeast Asia is set to match industry growth

Started in 2016, Sunrate provides global payment products and services for businesses worldwide, including international payments, global collection, commercial card issuance and treasury management.

Businesses can make payments to more than 150 countries and transact in 100+ currencies.

The firm also offers effective treasury management tools, such as TreasuryOS and RiskOS, to enable businesses to manage and oversee their financial assets, liabilities, and liquidity.

Co-Founder Paul Meng said: “We started Sunrate with the modest goal of bettering the
payments experience of small to medium-sized businesses. Through the years, we have
witnessed first-hand how our products and services have benefited businesses by providing fast secure
transactions, high-touch customer service as well as lower and transparent costs.  By removing business payments friction and helping businesses to digitalise, Sunrate empowers businesses — helping them to scale across borders seamlessly and effectively.”

According to FXC Intelligence, the global B2B cross-border payments market is expected to total US$56.1 trillion in volume by 2030.

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GoodMorning Global Group,  a provider of “affordable” plant-based balanced nutrition for Malaysia and global communities, has secured a record RM20 million (US$4.4 million) from over 1,000 investors in an equity crowdfunding (ECF) campaign.

The company will use the funds to accelerate biotechnology and food technology research while supporting its prospective IPO listing over the next two years.

Established in 2008, GoodMorning Global is a nutritional multigrain and biotechnology company. It engages in research and production of plant-based protein and multi-grain products.

Also Read: Phuture aims to help solve fibre deficiency among Malaysians using its plant-based meat products

In H2 2023, GoodMorning Global aims to officially launch its first flagship product in future food and alternative protein – WonderMeat, a dry-mix complete nutrition plant-based meat. The product is partly subsidised by the GoodMorning Vision Fund and is slated for release to the public in Q4 2023.

It also plans to grow its market share from the current 70 per cent.

In addition, the company said its subsidiary GoodMorning Bio Industries received Bio-Based Accelerator (BBA) status from the Malaysian Bioeconomy Corporation. The certification is expected to help GoodMorning Global ramp up product research and development to meet better Malaysia’s growing demand for the consumption and export of plant-based protein products.

Further aligned with this, GoodMorning Global has signed Memorandums of Cooperation with its collaborative research partners Universiti Tunku Abdul Rahman (UTAR), Tunku Abdul Rahman University of Management and Technology (TAR UMT), and its Middle Eastern trading partner in Sultanate of Oman, Eastern Arrow LLC. The strategic partnerships will set in motion collaborative research projects to expand the local “future food and alternative protein” industry for greater food security.

Also Read: No animals were harmed in the making of this ‘meat’ burger

“While global challenges to food security have emerged more aggressively, such as rapid urbanisation and climate change, GoodMorning Global sees this as a catalyst for innovation and transformation as part of global efforts contributing towards the United Nations’ Sustainable Development Goals. To this end, we are actively participating in more cross-industry collaborations — facilitating knowledge exchanges is key to ensuring that the Malaysian food and biotech industries nurture a brighter future of food with plant-based solutions and provide sustainable food solutions for now and beyond. In GoodMorning, we have a dream, and that is to end hunger and no one should go to bed hungry,” said Dr. Charles Cheng Fang Chin, CEO and CFO of GoodMorning Global.

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