Hong Kong-based venture capital fund and startup incubator The Mills Fabrica is looking at high potential climate tech startups in Southeast Asia (SEA)—they are ready to invest up to US$3 million to develop sustainable textile and agrifood tech innovations.

Grown out of the Nan Fung Group textile legacy in Hong Kong, the company’s mission is to make a positive impact across the value chains of the textile and apparel, and agrifood industries.

“This is because both industries are significant contributors to climate change, emitting up to 44 per cent of global greenhouse gas emissions,” explains Cintia Nunes, General Manager, Head of Asia, The Mills Fabrica, in an email interview with e27.

“Therefore, with our mission of accelerating innovations for sustainability, environmental and social impact, we strive to support sustainable and disruptive innovations in ‘techstyle’—the intersection between technology and lifestyle—and agrifood tech, in the hope of bringing planet-positive impact.”

Some examples of its portfolio companies include Circ, which pioneered a chemical recycling technology that can recycle polycotton into reusable fibres, and The Supplant Company, which turns agriculture’s most abundant renewable resources such as corn cobs, oat hulls and wheat straw into replacements for the world’s most pervasive ingredients.

The Mills Fabrica also invested in Chinese agrifood tech VC fund Bits x Bites which has since backed 16 companies to accelerate their impact toward a more sustainable food system.

Also Read: Meet the 4 SEA startups of PepsiCo’s climate tech accelerator programme

This year, in addition to investing in the climate tech scene in SEA, The Mills Fabrica also plan to expand the model that was implemented in its impact retail platform Fabrica X beyond Hong Kong and London. The platform aims to redefine retail by using physical storefronts as a tool to educate the masses on sustainability and bring techstyle innovation to more people.

“Southeast Asia is definitely on our radar for Fabrica X’s next destination, where we can provide our value in supporting a flourishing techstyle and agrifood tech ecosystem,” Nunes says.

To understand more about The Mills Fabrica and what they are about, read the edited excerpt of the interview.

Can you tell us more about your investment strategy?

In terms of investment strategy, we understand there is also no one-size-fits-all approach, so we work with each business individually to see how we can best offer value.

But generally, we base our evaluation on the nine planetary boundaries and examine how the business’s innovation has an effect on solving any one of those areas. Key metrics for measurements also evaluate whether there is water use reduction, avoidance of greenhouse gas emissions, land use, eutrophication avoided, microplastic and chemicals.

All in all, what we’re looking for is whether the innovations are:
– Accelerating circularity
– Developing novel materials, processes, and manufacturing Systems
– Advancing alternative ingredients
– Promoting conscious consumption

And of course, whether there is social impact, like better health, wellness, and increased sustainability knowledge.

Also Read: Collaboration with corporates plays a crucial role in climate tech startups’ success

Of all regions, why do you choose to expand to SEA? Is there any specific opportunity that you aim to seize?

The Mills Fabrica reached our five-year anniversary this year.

While we’re looking out for innovative startups worldwide, we are drawn to SEA as we’ve seen in the past years the region’s rising ambitions to change the world for the better in these categories. So we’re eager to partner with these players and work with them to bring their innovations to the market.

Timing is critical too. As the world fast approaches the precipice of a climate tipping point, the production of fibres, food, and other associated inputs requires natural capital which has contributed to the precarious state of our social-ecological system.

This is why accelerating innovations for social-ecological resilience is now more urgent than ever.

Upon reflection, The Mills Fabrica has been supporting hundreds of startups over the years through our various activities. And in particular, through our investment and incubation programme, we have supported more than 35 techstyle and agrifood tech innovations.

Whilst our portfolio spans across the globe, given the infrastructure, manufacturing landscape, drive for change, and entrepreneurial spirit of the region, we believe Asia has huge potential to make a positive impact across the value chains of the textile and apparel, and agrifood industries.

We don’t limit ourselves to startups either — we also invest in mission-aligned venture capital funds too, where we can combine our offerings to accelerate change.

Also Read: How climate tech companies in Asia measure the impact of their work

What are the challenges that SEA green tech startups are facing? And how can The Mills Fabrica support startups in tackling these challenges?

There are a few challenges that most of these startups face:

Lack of understanding — definitely the major challenge for green tech startups, including those in SEA. While there are genuine interests in sustainability, there are also those who are interested out of necessity given corporate or societal pressures.

Real-life application – Weaving new innovations into daily lives or the adoption into businesses requires a lot of thought, networking, logistics, and capital.

Scalability – With high costs in R&D, these industries’ technologies can be costly as well, which can hinder the scalability and deployment of these innovative technologies in the mass markets.

In terms of how we support them in tackling these challenges, at The Mills Fabrica, education is an important pillar. We want to use our platform and resources to spread science-backed knowledge and messages about sustainability so more can understand and make more informed decisions.

For example, our Impact Retail store Fabrica X in Hong Kong and innovation gallery in London serve to solve the real-life application barrier. The physical locations serve to showcase and sell products made from the latest groundbreaking technologies and materials (including those from our portfolio companies of course).

It is also an educational platform to introduce new conceptions, such as biomaterials, to the wider public. Each store includes an experiential zone where people can get hands-on learning experiences that exposes them to new ideas and habits.

In addition, we also provide support for businesses by utilising our strong system of like-minded partners — brands, manufacturers, R&D, investors, and more, to help these startups overcome the above challenges in their industries, from scaling up to brand building.

Also Read: The key to tackling climate change: Electrify shipping

What are your advantages compared to other investors?

First, our presence and connections in Hong Kong and London mean that The Mills Fabrica can add unmatched value for businesses who are looking to tap into the potential of Asia and bring Asian companies into the global arena through our capital, connections, and expertise.

Second, our strong ecosystem partnerships. Throughout our five years of operation, we’ve built great partnerships with those from every aspect of the ecosystem – who are all aligned with and are working towards our mission of accelerating innovations for sustainability, environmental and social impact.

Given our industry expertise and connections, we can also connect them to manufacturers and raw material providers that adhere to our philosophy and standards to ensure a truly sustainable approach at every step of the supply chain.

Our network also allows us to provide support for businesses by utilising our team of global industry experts and connections to like-minded retailers, investors, brands, academia, NGOs, research institutions, funds, etc.

All of them work with us to provide our portfolio companies with the knowledge and network to help them overcome challenges in their industries and understand the importance of combining artistic vision, innovative ambitions, and business understanding.

We are also happy to share that over 50 per cent of The Mills Fabrica investees receive successful subsequent fundraising.

What is your target for SEA?

We are not looking to limit ourselves to a certain number. Instead, we focus on evaluating each company’s technology and potential. Our ticket size is up to US$3 million in direct investment for startups, and we don’t have a specific number or a cap in mind.

So far, we’ve supported more than 35 techstyle and agrifood startups and invested up to US$3 million per startup through our investment and incubation programme.

Also Read: How to navigate the investment opportunity in climate tech sector

As the ecosystem is dealing with funding winter, do you see any changes in how investors are approaching green tech startups?

While the investment landscape has slowed down, interest in sustainability is soaring.

With more and more companies have now sprung up to accelerate the transition to the green economy due to the pressing challenges from climate change and population growth, investors have increased interest in green tech startups but at the same time also being more prudent in evaluating startups’ technology and potential.

As the green tech industry is still relatively new in the investment landscape, we firmly believe that more knowledge should be made available, so companies and the public can understand and make more informed decisions.

That is why The Mills Fabrica has recently launched our first-ever Impact Report, which advocates for standards and frameworks specifically for measurement and evaluation in the textile & apparel and agrifood industries. Only by having those standards and frameworks in place can we understand and measure how investments can bring in positive environmental and social impact.

It is certainly our priority to bring these standards to the wider industry so that we can all take our own steps in making a genuine difference for our planet.

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Image Credit: The Mills Fabrica

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Vietnam-based financial education startup Stag announced that it had been selected to participate in the inaugural Entrepreneur-in-Residence (EIR) programme managed by Viet Capital Ventures (VCV) which also includes an investment in the startup.

Alongside VCV, NH Securities Vietnam Co. Ltd. (NHSV) and Singapore-based Resolution Ventures also invest in a seed funding round for the company.

This year, with the funding, Stag plans to continue enhancing financial education features while also launching new value-added products for retail and corporate users. It also plans to enhance KYC and security features and complete technology integrations with key strategic partners.

Furthermore, Stag is actively seeking collaborations with universities and educational organisations to promote and raise awareness of financial literacy in Vietnam. 

Also Read: Exploring the rise of finance-as-a-service in APAC

As investors, the firms provide strategic support in technology, market insights, and compliance for Stag to achieve its growth objectives.

“We are delighted to collaborate with VCV, NHSV and Resolution Ventures through the EIR programme. Stag’s vision is to become a trusted investment platform suitable for everyone, especially young investors. With the support of reputable partners, Stag will pave the way for sustainable investment methods and contribute to financial growth and prosperity for all,” said Stag founder Bang Tran in a press statement.

Co-founded by Bang Tran (former Senior Manager of FinVolution Group in Vietnam) along with Vu Nguyen (former AI Engineer Lead at MOMO) and joined by Dat Huynh (ex-founder of travel tech platform Inspitrip), the company’s mission is to empower young individuals and new investors with fundamental knowledge, smart investment planning, and realisation of financial goals.

Through Stag, individuals will have access to a wealth of knowledge about financial management, intuitive investment practice tools, and gamified content based on real-time market data developed by its AI engineering team.

The company also builds tools for corporate clients to customise and manage investment programmes as part of HR services.

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Image Credit: Stag

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In the contemporary Western world, cards have established themselves as the prevailing mode of payment for daily transactions, business purchases, and more. Notably, in Germany, my country of origin, credit cards are owned by over 56.62 per cent of individuals aged 15 and above, while an impressive 94.01 per cent possess debit cards. Similar patterns can be observed throughout Europe, the United States, and more.

Conversely, Southeast Asia presents a distinct scenario, within which I have actively operated in the fintech and payment services sector for nearly a decade. This region exhibits a substantially higher proportion of unbanked and underbanked individuals, reaching 70 per cent. Consequently, the overall adoption of cards among the general population has remained relatively limited, with a preference for cash as the primary means of payment.

Nonetheless, the advent of the pandemic has catalysed significant transformations within the payments landscape across Southeast Asia. I have personally witnessed an increasing receptiveness to digital payment methods among consumers.

As per Visa’s Consumer Payment Attitudes Study 2022, more than half (56 per cent) of the respondents have diminished their reliance on cash since the onset of the pandemic, instead embracing cashless alternatives such as mobile wallets, QR codes, and other emerging technologies.

The persisting challenge against card adoption

Despite the growing trend towards cashless transactions, the widespread acceptance of cards among the average Southeast Asian consumer continues to face certain challenges. Countries such as Indonesia, the Philippines, Thailand, and Vietnam, which have significant unbanked or underbanked populations, exhibit a strong preference for mobile wallets like GoPay, GrabPay, or TrueMoney.

Also Read: Five digital payment trends to watch for in 2023

This preference is driven by the inherent convenience offered by mobile wallets, predominantly provided by emerging fintech companies. With just a smartphone and a mobile number, consumers can swiftly begin using their mobile wallets without needing a bank account or a protracted verification process.

Furthermore, mobile wallets enjoy broad acceptance among a diverse array of online and offline merchants, particularly in the realm of e-commerce, where the market is projected to reach a substantial US$200 billion by 2026.

From a business standpoint, especially for the 70 million micro, small, and medium-sized enterprise (MSME) owners that constitute 97.2 per cent to 99 per cent of the total businesses in Southeast Asia, adopting mobile wallets (and, to a certain extent, QR codes) as payment options present a significantly more convenient choice. 

In Indonesia, the government has proactively introduced a universal QR code system known as QRIS (Quick Response Code Indonesian Standard) to standardise QR code-based payments for MSMEs across the nation. This initiative empowers business owners to accept payments from any operator, whether from banks or non-bank entities. The registration process for QRIS is relatively straightforward, accessible online, and requires minimal documentation.

Other side of the coin: Potential opportunities

While card adoption faces challenges in Southeast Asia, there is still future potential for further growth in the region. Fintech and non-bank institutions are exploring novel applications for card-based solutions, such as virtual cards.

Virtual cards offer advantages over physical cards by eliminating the need for physical presence and bank accounts, making them ideal for global online transactions and a wider variety of use cases, such as BNPL loans.

Furthermore, the resurgence of international travel as borders reopen presents opportunities for increased cross-border spending. Outbound Southeast Asian travellers, mainly from Indonesia and the Philippines, are showing a recovery trend based on keyword search data from Google in Asia, indicating potential growth in leisure and business spending.

While mobile wallets and QR-code-based payment solutions primarily target the domestic market, cards issued by major companies like Mastercard or Visa are widely accepted by a larger number of merchants worldwide, offering a higher level of convenience, especially for travellers.

Also Read: Shouldering the responsibility of digital payment security

At the end of the day…

The dynamic digital payment landscape in Southeast Asia holds significant potential for flourishing card adoption and promoting financial inclusion. The emergence of diverse fintech and non-bank players in the market has disrupted the traditional monopoly of card issuance by traditional banks.

This influx of new participants creates an environment ripe for innovation, particularly in the backend operations of card services. By leveraging technological advancements and optimising processes, these players can drive operational efficiency, seize business opportunities, and enhance customer experiences.

It is within businesses’ discretion to determine whether their target market aligns with the use of cards. However, if there is alignment, there is ample room for further innovation and development of card services in Southeast Asia, surpassing the existing boundaries of what has been accomplished thus far. In this context, international players like Marqeta, Unit, and Galileo have paved the way for card adoption among fintech and their users.

As their Southeast Asian counterpart, Ayoconnect has recently introduced a similar offering with white-label virtual cards. They are leveraging their PCI-DSS compliance and Mastercard’s extensive card network to enhance the potential for card adoption and promote financial inclusion in the region.

As the region continues to evolve, the adoption of cards has the potential to transcend limitations and redefine financial inclusion, providing consumers with convenience and security while fostering economic development. With the right mix of innovation, collaboration, and regulatory support, Southeast Asia can unlock the true potential of card adoption, empowering businesses and individuals.

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As the dreary funding winter soars, at e27, we are kickstarting a new article series Line of Hire to understand a company’s culture and hiring philosophies to empower tech workers with the right growth tools to enable business owners to attract talent.

Angeline Seah is the Co-Founder and Chief Product Officer at Virtualtech Frontier, a virtual and metaverse development company focusing on building engagement technologies and enabling metaverse ownership for everyone.

Seah thrives on building and improving things from the ground up. As the CPO of Virtualtech Frontier, she leads the product, engineering, and design departments. Her primary focus is developing a Metaverse development platform that empowers companies to enhance brand engagement and create new revenue streams. By enabling end users to express themselves freely and feel more engaged in the Metaverse space, Seah looks to bring people together without limitations.

In this episode, Seah shares her organisation’s culture and hiring philosophies.

Excerpts:

What personality traits/qualities do you look for in potential employees?

In the swiftly evolving realm of technology, an unquenchable thirst for knowledge and an unwavering commitment to continuous learning is of paramount importance. We highly esteem individuals who proactively pursue growth opportunities, assume greater ownership, and remain abreast of the latest industry trends.

Moreover, our prospective employees must demonstrate fearlessness when confronted with intricate predicaments. The tech industry frequently presents multifaceted challenges, thereby rendering problem-solving skills indispensable. The ability to be resourceful and possess a growth mindset holds tremendous significance to thrive as a formidable contributor within a tech startup.

Lastly, we seek individuals who can swiftly adapt to changes and wholeheartedly embrace innovation. With an abundance of novel technologies rapidly emerging, celerity is imperative. Adaptability ensures that our team can adeptly navigate dynamic challenges and effectively seize opportunities.

How do they fit into your company culture? Tell us a little more about your company culture.

At Virtualtech Frontier, we have a culture that revolves around moving fast, failing cheap, and pivoting quickly to achieve product-market fit at a rapid pace. Hence, we prioritise hiring employees who are fast learners, adaptable, and thrive on challenges, as these qualities align with our values and drive our success.

Fast learners quickly absorb new information, technologies, and processes, enabling them to adapt swiftly and contribute effectively. In our time-sensitive startup, their ability to grasp new concepts ensures we keep up with the evolving industry. Adaptability is also crucial in our dynamic market.

Our employees adjust strategies, approaches, and mindsets, embracing change for growth and innovation. This allows us to respond quickly to market shifts, customer feedback, and emerging trends, increasing our chances of achieving product-market fit.

In the present, Virtualtech Frontier transcends being a mere purveyor of metaverse solutions, embracing a more comprehensive identity that aligns with industry trends and fulfils the evolving needs of our clients.

Lastly, challenges are seen as opportunities in our culture. We seek employees energised by challenges, unafraid to push boundaries, take risks, and explore possibilities. Their drive to overcome obstacles fuels innovation and continuous improvement. With fast learners, adaptability, and a passion for challenges, we accelerate progress toward product-market fit, bringing fresh perspectives, innovative ideas, and a willingness to embrace change.

How do you foster transparency and encourage achievement in the workplace?

At Virtualtech Frontier, we prioritise implementing an open-door policy to foster transparent communication and cultivate trust among our employees. This policy ensures that employees feel secure in raising concerns about the company or their work to their managers without fearing retaliation. Instead, we aim to create an environment where employees feel heard and supported, promoting a culture of openness and collaboration.

We also regularly host sprint discussions, providing a safe space for all team members to share fresh ideas. Emphasizing the value of diverse perspectives, these discussions prove particularly advantageous in shaping our tech products to achieve optimal product-market fit.

Also Read: Investing in team’s growth benefits both individuals and strengthens the company: Dean Wong of MPFunds

In line with our appreciation for hard work and dedication, we actively encourage employees to express gratitude through thank-you notes or appreciative messages to colleagues who have excelled or made significant contributions. These expressions of acknowledgement are celebrated during our town hall sessions, fostering a positive atmosphere and reinforcing the sense of camaraderie within the company.

Do you have a mental health policy? What does that look like?

We have implemented an inclusive policy that strongly emphasises supporting and prioritising our employees’ well-being in all aspects, including their mental health. We are committed to providing the necessary resources and creating a safe and supportive environment where individuals feel comfortable discussing their experiences and seeking the help they need.

Additionally, we encourage our employees to take extended time offs when necessary to prevent the negative effects of excessive work pressures, such as stress and burnout. Our overarching goal is to cultivate a culture of inclusivity that not only values and supports the well-being of our employees but also fosters a deep sense of belonging and empowerment within our organisation.

By actively prioritising mental health and creating an environment that promotes open dialogue and support, we aim to create a workplace where everyone feels valued, respected, and motivated to thrive.

WFH or WFO, or hybrid?

As the CPO of an emerging tech company, I deeply appreciate the value of effective communication and the need to maintain a swift pace in our tech startup journey. In light of these considerations, I believe that prioritising a WFO approach would be beneficial over a WFH model.

Opting for WFO creates an environment that nurtures seamless communication and collaboration. The opportunity for face-to-face interactions fosters spontaneous discussions, brainstorming sessions, and prompt problem-solving, all crucial for product development and decision-making. Direct communication enhances clarity, reduces the chances of miscommunication, and bolsters team cohesion.

Given the fast-paced nature of our industry, rapid execution is paramount for our success as a tech startup. Being physically present in the office allows teams to access resources and tools swiftly and each other, facilitating agile decision-making and quick responses to evolving circumstances. This level of speed and adaptability can be more challenging to achieve in a remote work setup.

In an office environment, knowledge transfer and mentorship occur more naturally. The proximity to experienced team members creates an ideal setting for new employees to embark on a smoother onboarding journey while benefitting from sharing valuable tacit knowledge. This supportive mentorship and collaborative atmosphere contribute to personal and professional growth, fostering a vibrant and innovative work culture.

Nevertheless, I also acknowledge the significance of flexibility and work-life balance in promoting employee well-being. Therefore, a hybrid approach that allows our team members the choice to work from the office or remotely on specific days can be thoughtfully considered, ensuring the best of both worlds.

How should a tech worker prepare for the funding winter?

During a funding winter, tech workers should prioritise building their “fat” to navigate potential challenges and ensure long-term sustainability. Here are the layers of fat that I consider crucial:

First layer — Staying informed and diversifying skills

Tech workers should proactively expand their skill set to remain adaptable and versatile. This involves acquiring knowledge of emerging technologies, learning new programming languages, or developing expertise in complementary areas.

By diversifying their skills, tech workers increase their value and enhance their ability to take on diverse roles and responsibilities. Additionally, staying informed about industry trends, market developments, and funding patterns enables them to anticipate changes and adjust their strategies accordingly.

Second layer — Building a strong professional network and personal brand

Networking becomes even more crucial during a funding winter. Tech workers should actively engage in industry events, connect with professionals through platforms like LinkedIn, and seek mentorship opportunities. Building a robust professional network can provide valuable insights, potential job leads, and collaborations.

Moreover, they should strengthen their personal brand by showcasing their expertise, contributing to open-source projects, and seeking endorsements. A reputable personal brand enhances visibility and increases the chances of securing opportunities during challenging times.

Third layer — Financial preparedness

Maintaining financial stability is vital during periods of uncertainty. Tech workers should prioritise financial planning by managing expenses, saving for contingencies, and reducing debt. This prudent approach ensures they have a safety net to weather any financial challenges during a funding winter. It is crucial to have a sufficient runway to sustain oneself during difficult times, as unexpected job losses can occur.

By focusing on these strategies — staying informed and diversifying skills, building a strong professional network and personal brand, and prioritising financial preparedness — tech workers can fortify themselves and increase their chances of navigating the challenges posed by a funding winter.

Also Read: No achievement is too small, no individual is too junior to be highlighted: Zelia Leong of PraisePal

How do you measure the performance of your employees?

As a tech startup in the ever-changing tech industry, we prioritise maintaining a clear and consistent direction. Our guiding principle ensures all departments work towards a common North Star objective. KPIs at the departmental level form the core of our approach. Each department sets KPIs that align with our overarching goal, empowering teams to contribute while specialising within their expertise.

Recognising the constant evolution of the tech industry and changing client demands, we regularly review and update our KPIs. This process keeps our performance metrics relevant, reflecting the latest trends and technological advancements.

By aligning our KPIs with the dynamic tech landscape, we adapt to challenges and seize opportunities. This commitment to monitoring and adjusting our KPIs allows us to stay at the forefront of industry developments, maximising our potential for success in the rapidly evolving tech sector.

When hiring, will you consider a moderately skilled person with great honesty or a highly skilled person with less honesty?

Honesty is paramount to me when evaluating potential employees. It forms the bedrock of trust and integrity within a team, which is especially vital in a startup environment where collaboration and teamwork are essential. A culture of trust fosters open communication, innovation, and problem-
solving. Honest employees tend to take ownership of their actions, acknowledge mistakes, and
contribute to a positive and transparent work environment.

While skills can be developed and honed over time, honesty is deeply ingrained in an individual’s character. While highly skilled individuals bring technical expertise to the table, a lack of honesty can pose long-term challenges for the team.

Moreover, a candidate with great honesty exemplifies qualities like integrity, reliability, and ethical behaviour. These traits contribute to a robust company culture founded on shared values and a
a collective sense of purpose.

However, it is important to recognise that honesty alone may not suffice for every role within a tech startup. Specific skills and qualifications relevant to the position are undoubtedly crucial for delivering quality work. Nevertheless, when faced with the choice between honesty and skill, I firmly believe that a foundation of honesty establishes the groundwork for long-term success, teamwork, and positive work culture.

Do you encourage ‘intrapreneurship’ in your organisation?

At Virtualtech Frontier, we foster intrapreneurship by valuing individuals who demonstrate ownership and initiative. We celebrate those who make decisions driving company growth and explore innovative ideas to lead the industry.

For instance, my team uses a collaborative spreadsheet for idea-sharing. We aim to cultivate a culture where team members take ownership of their work and drive the product’s direction for the company and personal growth.

Encouraging intrapreneurship inspires creativity, autonomy, and excellence. When team members shape their projects and take ownership, they become more dedicated to achieving exceptional results. This approach fuels innovation and establishes an empowering workplace where everyone contributes to overall success.

How do you support upskilling for your employees?

Yes, we wholeheartedly endorse the concept of upskilling, recognising the importance of continuous improvement and skill diversification in delivering exceptional work and establishing a distinctive presence in the highly competitive landscape.

To facilitate this, we have allocated a dedicated budget specifically for employees to enrol in short courses that enhance their capabilities. Additionally, our managers actively invest their time and expertise in mentoring their team members, further contributing to their professional development.

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Back in 2013, only one per cent of the population in the Philippines had actively used digital payments method. Seeing a missed opportunity, the number encouraged the Filipino government to make a move to increase the percentage.

Fast forward to 2018, there was already a significant increase in the use of digital payments at 10 per cent. However, this number is still far from expectation—so this is where Better Than Cash Alliance steps in.

The alliance performs a diagnostic exercise–the second to have ever been done on the country’s digital payments reach–to look at specific use cases that can help to drive overall digital payments usage.

What the analysis showed is that merchant payments are the key driver of digital payment use in the country. There were also several other use cases, including government-to-people (G2P), people-to-people (P2P), transportation and toll payments.

“To participate in this digital economy … you need access to a transaction account, and this can mean either a bank or a fintech-issued e-money account. But essentially, formal financial inclusion means that you have a regulated financial account that people can use to pay and receive money. That is essentially the rationale behind our work, what drives our work with governments,” says Isvary Sivalingam, Regional Lead – Southeast Asia, Better than Cash Alliance.

Also Read: Accelerating financial inclusion with AI: Unleashing potential with prudence

Based at the United Nations, the Better Than Cash Alliance is a partnership of governments, companies, and international organisations that accelerates the transition from cash to responsible digital payments to advance the Sustainable Development Goals.

The alliance looks at two primary goals: Addressing the risks of digital payments (such as scams or frauds) and putting a focus on greater financial inclusion.

Driving digital transformation in the archipelago

While it is already a widely known consensus that the COVID-19 pandemic has accelerated digital transformation in many emerging markets, Sivalingam stresses that the shift into digital payments in the Philippines is something that “would not have been possible if countries had not invested in the infrastructure before.”

“The Philippines had started talking about this back in 2015. This was roughly five years before the pandemic. At that time, they had made a lot of investments in the digital payments infrastructure, building the retail payments infrastructure, and building consensus with the private sector to participate in this infrastructure. There was a lot of background work that was being done to get the digital payments real and the ability actually to use digital payments ready,” she explains.

She also highlights the BSP’s digital payments transformation roadmap that was launched in 2020.

“If you look at a typical warung or a sari-sari store, the business model [that they implement is one] where they sell a lot of things, but the amount of money they make on each sale is very little. This is what we call a high volume, low margin business model, which makes them extremely sensitive to price and cost,” Sivalingam says.

This can be a challenge as the use of digital payments require costs. This is why one of the key policies that BSP is working on includes how to drive this cost down. This might potentially include no fee for transactions below PHP500 (US$9) at a sari-sari store which might encourage small merchants and low-income users to use digital payments.

Also Read: How Salmon aims to promote financial inclusion with AI banking in the Philippines

“They have a public target of 50 per cent by 2023. So, there is this continued growth trajectory that the Philippines particularly aims for. They are looking at what additional policies can be issued … we prioritise two or three policies that can actually enable easier use of digital payments easier and make the value proposition of using digital payments more convincing,” Sivalingam says.

“The big challenge that remains for us who are working on this globally is that, in many emerging markets, we have cities where the people are connected. There’s a good infrastructure if you go to Jakarta; it’s easy to use digital payments. But when you go to Palu in Central Sulawesi, the reality is different.”

In large countries such as the Philippines, Indonesia, and India, a significant number of their citizens live and work in rural areas. Sivalingam believes that this segment needs to be the collective focus going forward.

How startups can play a role in promoting digital payments

Another initiative that will help scale digital payments in the Philippines is the launch of the QR Ph, the nationwide standardised QR code for payments.

With the launch of QR Ph and the BSP’s intention to push for its full implementation by June 30, one might wonder if there is a role that fintech startups can play in this.

According to Sivalingam, the process of setting up this national standardised QR code is a consultative one where various banks and non-banks financial services have been actively involved.

“This means that these financial institutions, which also include tech startups, are able to contribute to the development of the rules and agree on price. So, the process has been quite inclusive so far,” she says.

Sivalingam explains that in the Philippines, there is a large customer segment in the rural areas–consisting of smallholder farmers and fishermen–that are looking for financial products that suit their needs beyond payments.

Also Read: Smile API raises Pre-Series A funding from Afore Capital to support financial inclusion in the Philippines

“There is definitely a business case at the last mile. As a call to action, fintech companies, with their ability to scale, leverage technology, and drive costs down, are uniquely positioned to serve these customer segments,” she says.

“They’re also considered to be more innovative players. They also have a unique ability to design products that suit [these last mile customers’] needs, which is one of the principles that we advocate for as part of the UN principles in designing for customer needs. Because that is what will effectively enable and encourage use of the product, ultimately.”

There are already fintech startups that are looking into this segment, but Sivalingam sees that there remains huge opportunities for them.

“There could be more players looking at it, because the gap to be filled is significant.”

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Image Credit: Kristine Wook on Unsplash

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Dobin, a fintech startup aiming to offer a personalised financial ecosystem, was launched recently in Singapore. The startup uses open finance and AI to provide consumers with a consolidated financial view, a personalised financial profile, and a permission-based app for getting value from their data.

In this interview, Dobin CEO and Co-Founder Khaled Benguerba speaks to e27 about its offerings, USP, open finance, and opportunities in Singapore.

Excerpts:

How does Dobin differentiate itself from other companies offering consolidated financial views and personalised financial profiles?

Fintech apps that allow consumers to consolidate all their financial data in one place are not widely available in Southeast Asia due to long-standing limitations on access to bank account data.

Thankfully, this began to change with the launch of SGFinDex in Singapore, which allows users of banking apps to consolidate their account balances to better plan their financial future.

Dobin plays a similar role but focuses on helping users take better financial decisions daily. This is achieved by allowing them to consolidate all their expense and income transactions (in addition to balances) and automatically categorise them. This way, users remain aware of how much they earn and spend in different categories (e.g. groceries or shopping).

In addition, Dobin helps users tackle their financial needs holistically; the app allows them to track their consolidated finances, gain relevant insights to make smarter decisions, maximise savings with discounts and rewards, and borrow at attractive terms.

Also Read: AI revolution in marketing: Transforming the way businesses connect with customers

Like other fintech products, we put much effort into optimising the digital user experience. In addition, we also put a lot of effort into harnessing transaction data to understand our users’ needs better.

Can you elaborate on how Dobin utilises AI to provide value to consumers through their financial data?

When handling users’ data, we follow a set of principles: first, users must provide their explicit consent for their data to be accessed; second, they must have control over what it is used for; third, they should receive tangible value in exchange for sharing insights from it.

We are building data analytics and AI capabilities of two different types. The first type is “insights and recommendations” to help users understand their financial situations and take better decisions.

For instance, we can help a user uncover and stop recurring charges for subscriptions they purchased in the past but no longer use.

The second category is “deals and offers” to help users prove their value to merchants and financial institutions and receive personalised offers.

For instance, we can help users share relevant information with lenders on how much they can afford every month to repay a loan. We currently use rule-based models, informed by our team’s deep industry expertise, but as we gather more data from our users, we will build predictive models using machine learning/ deep learning techniques.

Open finance is a relatively new concept. How does Dobin ensure the security and privacy of consumer financial data while leveraging open finance principles?

Dobin takes users’ data very seriously; we put a lot of emphasis on privacy, control, and security.

On privacy, users’ data will never be shared with anyone without their explicit permission (even with Dobin!). If the user agrees to share their data with Dobin (to help us improve insights and recommendations) or our partners (to receive valuable offers), it will be anonymised before it gets used or shared to protect users’ privacy.

On control, the user is always in the driver’s seat. They can review, pause, revoke or delete the data collected by Dobin at any time. They can also choose not to share their data, in which case it will only be viewed by them and stored locally on their mobile device.

On security, we protect the data with multiple layers of encryption. We collaborate with trusted partners who prioritise security and incorporate the latest data and security technology to ensure robust protection.

What measures does Dobin have in place to address potential biases or inaccuracies in its AI-powered insights and recommendations?

As we build and expand our AI models, we will ensure they are not biased by following a 5-step process.

1. Design: our models are intentionally designed to exclude information that could introduce a bias towards specific communities.
2. Data representation: we thoroughly evaluate the data we use to ensure it represents diverse communities fairly.
3. Model development: throughout the model development process, we conduct bias assessments to determine if the model tends to assign lower scores to specific communities or segments.
4. Reviews: we incorporate diverse perspectives by involving individuals from varied backgrounds in the review process.
5. Explainability and transparency: we make the decision-making process explicit by showing each feature’s contribution to the model and how they interact. In addition, we regularly review our models and update them with new data and contextual information to reflect changes over time.

We adhere to guidelines such as the FEAT framework introduced by MAS when building our models. We also plan to actively share our learnings with the larger community to promote the responsible and fair usage of AI.

As a permission-based app, how does Dobin handle user consent and ensure that consumers have control over their data? Can users selectively choose what data they want to share and with whom?

At Dobin, we think about customer consent in three ways: data access, usage and sharing.

On data access, the user is prompted for permission for each bank they wish to link to the Dobin app rather than being asked to provide access to all their bank and credit card accounts in one go.

Also Read: Is fintech in SEA changing its focus for further development?

On data usage, the user is explicitly asked whether they wish to authorise Dobin to use their anonymised data to improve insights and recommendations.

On data sharing, the Dobin app does not allow users to share data with banks, lenders or merchants. But this feature is in our roadmap, and when we launch it, users will need to give explicit consent before Dobin can build insights from their data and share them with 3rd parties.

How does Dobin source and integrate financial data from various sources to provide a comprehensive view? What challenges does the company face in accessing and consolidating data from different financial institutions?

Open Finance is the concept of exchanging financial data between organisations upon obtaining explicit consent from the customer. It is driven by two different yet complementary trends: regulation and technological innovation. The former refers to regulators encouraging or mandating financial institutions to build open Application Programming Interfaces (APIs) which allow third-party apps to retrieve customers’ data. The latter refers to different technological ways to retrieve data by either impersonating users when they login into their online banking environment or integrating with banks through private APIs under bilateral partnerships.

Since there is increased momentum from regulators to foster Open Banking, good progress has been made in most Southeast Asian countries. At the same time, new players known as data aggregators are emerging to allow access through technological innovation. Dobin partners with a number of these data aggregators to ensure a wide coverage of banking institutions. We are also exploring private APIs and monitoring the development of open APIs.

Can you share examples of specific value propositions or benefits that Dobin offers consumers using their personalised financial profiles? How do these profiles assist users in making informed financial decisions?

First, Dobin gives users a consolidated view of their income and expenses by securely connecting their bank accounts and credit cards across Singapore’s leading banks. This allows users to keep tabs on their income and spending patterns, uncover hidden spending patterns, and reduce regular expenses using relevant merchant discounts.

Second, as Dobin builds its data analytics and AI capabilities, it will create unique yet anonymised “financial profiles”. These profiles can indicate a user’s loan repayment capacity, spending potential with a particular merchant, or the credit card they are likely to use frequently. Users may utilise these “financial profiles” to “prove their value” to merchants and financial institutions.

Third, Dobin puts users in the driver’s seat to get value from their own data. By allowing Dobin to share their anonymised “financial profiles” with merchants and financial institutions, they receive personalised discounts, credit card recommendations, and attractive loan offers.

What steps does Dobin take to educate and empower users about their financial data and the insights derived from it? How does the company ensure consumers understand and can effectively utilise the information provided?

Giving users a holistic view of their finances is critical for Singaporeans, as only some make the right financial decisions. A 2022 study of over 1,000 Singaporean adults by SmartWealth revealed that 55 per cent of respondents are financially illiterate.

Additionally, 52 per cent said they are unsure how much they spend every month. With Dobin, users can now stay financially informed at all times.

Also Read: AI in banking: Unlocking success with ChatGPT and embracing the future

To be financially empowered, consumers need more than access to their consolidated financial data. They also need to understand the basic concepts of how to build good financial habits. Dobin also helps users on that front! Our blog provides insights on why financial visibility is important and practical tips on optimising their financial outcome.

How does Dobin plan to expand its services beyond Singapore and cater to a global audience? Are there any regulatory or compliance challenges it anticipates in different jurisdictions?

Our mission is to empower consumers in Southeast Asia to live a better financial life. We have launched Dobin in Singapore and plan gradually roll it out across multiple markets in SEA.

All markets have in common personal data protection laws that protect consumers from the misuse of their personal data and ensure they remain in control of it. Granular consent and strong data privacy measures are what Dobin lives by. Therefore, we do not foresee regulatory challenges.

We also intend to work closely with regulators and other industry players to help build a data infrastructure that enables more openness and transparency around the exchange and handling of consumers’ data.

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Joel Neoh, the founder of payment app Fave, has joined hands with his former colleague Audra Pakalnyte to launch an early-stage fund called ‘First Move’ to support consumer-focused startups in Southeast Asia.

The fund will provide pre-seed funding of up to US$100,000 and mentorship to early-stage ventures in the e-commerce, fintech, and healthtech sectors. It has already invested in seven startups in the e-commerce and D2C spaces across Singapore, Indonesia and Malaysia.

Also Read: Fave Co-Founder Joel Neoh to head Prenetics’s consumer health subsidiary CircleDNA

First Move’s early investors include 500 Global.

In addition to providing direct funding to startups, First Move will partner with other regional VC firms.

The fund has also established the Consumer Tech Angel Syndicate, a close-knit group of experienced founders and executives in the consumer space. Its members, which include founders and senior executives from D2C, e-commerce, mobility and fintech scale-ups across Southeast Asia, will co-invest in First Move deals.

Audra Pakalnyte, Partner of First Move, said: “As founders ourselves, at First Move, we go beyond capital injection. We believe in providing guidance, mentorship, and access to a vast network of industry connections which is crucial in early stages of getting on the right path. We understand the pain points of founders and aim to leverage our experience to provide invaluable mentoring support during the early days of their journey and set our portfolio startups up for long-term success.”

After leaving Fave earlier this year, Neoh joined CircleDNA, a wholly-owned subsidiary of Prenetics Global, a genomics and oncology company listed on the Nasdaq. He wrote the first cheque for Prenetics as an angel investor back in 2014.

Also Read: Dream big, start small: Joel Neoh shares lessons from his years with Fave

Pakalnyte is a seasoned founding team member of multiple successful startups alongside Neoh. She worked at Fave for over eight years and left the company as the Head of its buy-now-pay-later unit FavePay Later.

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My job as a business coach means I talk with a lot of people, including entrepreneurs and social entrepreneurs. They want to solve issues and solve market gaps, and it’s exciting, stimulating and all that, but… wait a minute.

Read that first sentence again. Why would I distinguish social entrepreneurs from entrepreneurs in the first place? Is there a difference justifying this language split?

It depends.

A lot of social entrepreneurs seem to think that, yes, there is a difference worth emphasizing, which is why I wrote my first line this way. But do I believe the distinction makes sense? Absolutely not.

Worse, that’s a real problem from a credibility standpoint and a fundraising standpoint.

In many discussions, I’ve had, “social” entrepreneurs insisted on being treated differently.

They demanded discounts on what they wanted to purchase because, well, their enterprise was a social one, so it was fair to ask for an effort. They wanted to raise more funds at a discounted rate because the purpose was social and deserved to be supported even more.

They refused to talk in terms of profit because, somehow, the word seemed incompatible with the social principles behind their enterprise.

The problem is that this type of discourse sends the wrong message to entrepreneurs and funders who know what the reality of entrepreneurship and business is like. And it isn’t something you want to inflict on your business.

Entrepreneurs are entrepreneurs

Feel free to spend some time wondering about the definition of social entrepreneurship if that floats your boat. As far as I am concerned, social or not, entrepreneurs are entrepreneurs.

Also Read: Rise of the social entrepreneur: can doing good be good for business?

From a language standpoint, first, social entrepreneurs would call themselves charity people, world changers, magicians or change makers if they weren’t entrepreneurs. But since they do use the term, then that means something pretty clear to me.

From a pragmatic and operational standpoint, then, social entrepreneurs are entrepreneurs because, like it or not, what they do is based on entrepreneurship principles.

Yes, they want to fill a market gap, make an impact and change the world. But to get there, they have no choice but to act as responsible business leaders who know what it takes to run an organisation with teeth.

Value proposition, USP and offering

First, any social entrepreneur who refuses to think in terms of value proposition, unique selling point and offerings are driving blind.

If there is to be a beneficiary (see how I didn’t talk about ‘client here?) in the end, there must be a real issue to solve on their side and a real value proposition on your side.

Because there is always competition, you must also have a unique selling point that makes you… you! For instance, imagine how many charities seek money to help people in need and put yourself in a banker’s shoes. Why would he fund you more than another?

Hence, your social enterprise must also be able to put a clear offering in front of that banker. They get this if they pay this. But they get more if they pay more. The question is, “What’s in it for them”. And the only way to answer it is to think about market value and business opportunity.

Also Read: Bridging the gender gap and boosting women entrepreneurship with embedded finance

Business modelling and profits for all

If social entrepreneurship is not a value proposition, social leaders must also think in terms of business models: whatever comes out has to come in the first place, including profit.

Basic costs must be met, but profit is crucial if you want to go beyond just basic: it is your investment capacity-building powerhouse!

The primary focus should not be to express disdain towards profits due to their perceived negative connotations, as such an attitude can quickly lead to dismissal by others.

It is to make a profit on whatever you invest, so you can re-invest it in your cause to make a bigger impact. The issue isn’t profit, and it’s what you do with it!

Please don’t roll your eyes. I’m not being judgmental here; explaining this to social workers does really take a lot of time because when the cash historically comes from donations, this logic is not always that logic.

Keep boosting your entrepreneurial skills

In short? Invest all your energy and talent in making the difference you want to make, and don’t look back. What you are doing is fundamental, and I’m deeply grateful.

Still, keep some bandwidth to focus on the business management aspects (offering, modelling, financial planning) of what you do. This is key.

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NEU Battery Materials, a Singapore-based lithium-ion battery recycling startup, has secured US$3.7 million in an oversubscribed seed funding round led by SGInnovate.

ComfortDelGro Ventures, Shift4Good, Paragon Ventures I, and other angel investors also joined.

These funds will accelerate the deployment of NEU Battery Materials’s automated recycling line, which will lower operational manpower requirements. It will also develop partnerships in key global markets to support their battery requirements and forge new direct partnerships with electric vehicles OEMs and battery manufacturers to further the adoption of its technology within the transport and mobility sector.

“This achievement fuels our ambitious growth strategy, empowering us to expand into new markets and enhance the capabilities of our Singapore facility. With our advanced automated process line, we are poised to efficiently handle a greater influx of batteries from partners, further bolstering the sustainability of batteries,” said Bryan Oh, CEO of NEU Battery Materials.

Also Read: VFlow’s recyclable energy solution with an expected lifespan of 25 yrs seeks to replace Li-Ion batteries

NEU Battery Materials has developed an electrochemical redox-targeting technology for the sustainable recycling of battery materials. Its patented process requires electricity as its only consumable and utilises regenerative chemicals to avoid toxic waste and harsh acids.

Being less polluting than more commonplace methods, such as hydrometallurgy and pyrometallurgy, it paves the way for the broader adoption of a more sustainable way to recycle all forms of lithium-ion (Li-ion) batteries.

This technique produces battery-grade lithium, which can be supplied back to battery manufacturers, and can also process lithium iron phosphate (LFP) batteries.

The firm has set up a 150-square-metre pilot recycling plant in Singapore, capable of processing approximately 150 tonnes of lithium batteries annually. 

In broadening its capabilities, the startup has also initiated research into recycling other lithium battery chemistries, such as the cobalt-based batteries used in smart devices and EVs.

“LFP battery recycling, when done in a sustainable manner, will be the foundation of a viable circular economy for batteries, offering new, more stable supply and revenue streams, while reducing the negative, and often unequal negative impacts of mining,” said Tong Hsien-Hui, Executive Director (Investments) at SGInnovate. “Emerging technologies that offer scalable, impactful solutions to sustainability goals is one of SGInnovate’s key focus areas, and we are pleased to support NEU Battery Materials in their wider decarbonisation mission.”

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Most of us pay online (using credit/debit cards, QR codes, GPay, etc.) for the products we purchase on Amazon and other online shopping portals. Globally, only a few e-commerce platforms accept cryptocurrencies as an alternative option. There has not been a crypto-exclusive e-commerce platform, at least not in Asia.

Julian Chow, Daniel Whyte, Lori Liu, and Ferhat Dogru — who previously founded Phantom Network (PxN), a startup focusing on Web3 e-commerce and blockchain technology — sensed an opportunity and came up with GM.co.

“GM.co was started as the flagship product of PxN, whose long-term strategy is to build a marketplace where our community can have a use case for all the crypto they hold,” CEO Julian Chow tells e27. “With PxN, we’ve built a solid following and community of over 100,000. Through conversations with our community, we noted a strong demand for a decentralised marketplace. That motivted us to create GM.co.”

Also Read: Don’t just build a Web3 community, start a movement

GM.co is a crypto-exclusive e-commerce platform that aggregates various brands. According to the co-founders, it merges the best of Web3 and traditional e-commerce to provide a better shopping experience.

In addition to the traditional items, such as apparel, luxury goods, and collectibles, GM.co also offers unique products, such as Mech pilot training, a luxurious omakase yacht experience, and the soon-to-be-launched ‘PROTHESIS’ that holds a Guinness World Record for the largest tetrapod exoskeleton.

The platform has listed over 1,000 items on its marketplace. Some of its partner brands are BLVCK Paris, OSIM, and OHTNYC.

GM.co is headquartered in Dubai, but its team members work from different locations, including New Zealand, Singapore, and the US.

How it works

To shop on GM.co, users need to connect their crypto wallets with MetaMask, Coinbase Wallet, or WalletConnect. From there, they will see all the listings available on the marketplace. To see listings available in their region, they could use the shipping filter on the top right of the website (next to the wallet). Shoppers will have the option to pay with any cryptocurrency accepted by participating merchants.

Since its soft launch in March 2023, the platform claims to have seen transactions increase by 26x, with an average of 20+ items added weekly.

The concept is similar to any other e-commerce marketplace, except that transactions are facilitated by digital currencies and conducted over a blockchain to provide an added layer of security.

“As a decentralised marketplace, GM.co does not hold custodianship of the funds. Instead of having a company as a middleman, we automate that process and host it on a smart contract. This contract exists within the Ethereum blockchain and allows people to conduct transactions without a counterparty,” Chow explains.

“The smart contract is the intermediary between the buyer and seller and ensures that transactions are conducted securely. It also makes the nature of the transactions less complex because it is between a buyer and seller, and no third party can get in between those funds. This is a security protocol we’ve taken to avoid the issue of holding customer funds, which is common on decentralised exchanges,” he adds.

Enormous opportunity

According to S&P Global, the total market capitalisation of cryptocurrencies stood at US$1.1 trillion as of August 2022 or about 2.5 per cent of the US equity market capitalisation. As of 2023, Triple-A estimated global crypto ownership rates at an average of 4.2 per cent, with over 420 million crypto users worldwide. “There are massive opportunities to engage crypto users and merchants,” says Chow.

As part of its launch, GM.co has collaborated with The Open Network (TON), a decentralised and open internet created by the community using a technology designed by Telegram. TON boasts a community with over one million subscribers and followers across various social platforms and a US$2.3 billion market capitalisation. TON and GM.co will look for mutually beneficial integrations, granting TON’s extensive community access to decentralised commerce.

Also Read: How to stay creative in the age of Generative AI and Web3

In Chow’s opinion, GM.co opens up a new world of possibilities for retailers, merchants, and brands; they get global reach, increased brand exposure, a new revenue stream, a broader customer base, and direct customer engagement.

“There are over 420 million crypto users worldwide, and there’s a massive opportunity for retailers and merchants to jump on the bandwagon to, firstly, lead the retail revolution and, secondly, diversify their revenue streams,” he says.

In the future, GM.co plans to integrate new functions, such as allowing users to customise their profile pictures, personalise their pages with digital collectibles, and follow others and see what they are shopping for.

The self-funded startup encounters several challenges, though. They include limited acceptance and adoption of cryptocurrency by businesses. According to him, convincing merchants, particularly mainstream brands, to join the retail revolution with cryptocurrency is a significant hurdle.

“Many of these brands are unfamiliar with digital currencies, making it necessary for us to educate and demonstrate the benefits and potential of joining us. However, we firmly believe that the brands that embrace this opportunity will gain a competitive edge, showcasing their willingness to innovate and adapt to evolving consumer needs,” Chow maintains.

Chow points out that interest and investment in cryptocurrency remain strong despite the crypto winter. According to a 2022 survey by Paxos, more than 75 per cent of people surveyed indicated they are very confident or somewhat confident in the future of cryptocurrency. Crypto owners also want to use digital assets for everyday financial transactions, including payments and remittances, and this is a sentiment that bodes well for the cryptocurrency market.

“It’s worth noting that the crypto winter is not a permanent state for the market. Cryptocurrency as a technology is relatively new and rather early stage,” he exudes confidence.

Also Read: The battle for regulation: Can cryptocurrency be tamed?

Given the volatility in the market and the overall economic headwinds, consumer confidence in cryptocurrencies remains low. Plus, regulatory uncertainties in several countries make the transaction using crypto hard. It means it may take years before cryptocurrencies are widely used in e-commerce. However, Chow is confident in scaling and growing GM.co.

“We expect volatility daily, but having said that, we as a team are optimistic about the future of cryptocurrency and the power it could hold,” he notes.

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