Qashier, a Singapore-based provider of point-of-sale (POS) and payment solutions for small and medium businesses, has secured US$10 million in a Series A funding round led by Delivery Hero Ventures and IFP Securities.

Antler Elevate and Cocoon Capital also participated.

The funds will enable Qashier to accelerate its growth in its four Southeast Asian markets (Malaysia, the Philippines, Thailand, and Singapore), expand into new international markets, and strengthen its product ecosystem.

Also Read: How Qashier plans to continue on supporting SMEs with its product innovation

Christopher Choo, Co-Founder and CEO of Qashier, said: “Our mission is to empower small and medium-sized businesses with the tools they need to succeed, and we believe that our products are the perfect solution for restaurants and retailers looking to grow and thrive in today’s digital economy.”

Started in 2019, Qashier provides businesses with one integrated smart point-of-sale and payment solution comprising customer loyalty, inventory management, an online ordering system, and other offline-to-online tools.

Since its inception, the fintech startup claims to have processed over US$1 billion worth of transactions and empowered over 6,000 businesses across Southeast Asia with its integrated hardware and cloud-based software solution that streamline business operations.

Its focus sectors are retail, F&B, beauty, events and service companies. Its clients include SneakerCon and Gastrobeats in Singapore, BLACKPINK concert in Malaysia, Wanderland Music and Arts Festival in the Philippines, and Disney 100 Village at Asiatique in Thailand.

In February 2023, the company launched Qashier app, a freemium POS and payment solution that provides SMBs with an accessible, user-friendly solution to managing their business and transactions from their smart devices. It also recently launched the Qashier X2, its latest flagship smart POS terminal, and the lightweight and portable QashierXS.

Also Read: Qashier raises US$4.7M from Exor to take its smart POS machine to Malaysia

Furthermore, Qashier offers an event management solution that can be customised to meet the unique needs of each event.

The company plans to continue investing in research and development to deliver more innovative solutions to regional and beyond businesses.

In December 2021, Qashier bagged US$4.7 million from Exor Seeds, the venture arm of European conglomerate Exor. It bagged a US$900,000 financing round from Cocoon Capital and San Francisco-based Hardware Club a year earlier.

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Image Credit: Qashier.

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The upcoming Arm IPO stands out in a starkly quiet and depressed IPO market.  And as we look at this ray of business sunshine, consider how and why Arm has been so successful.

It’s one word: ecosystem

This isn’t just my armchair analysis, it is core to Arm’s corporate narrative and strategy.  In their own words:

“If you are familiar with Arm, you have likely read or heard the term  “Arm Ecosystem” at some point. …..No other business ecosystem comes close to this group of silicon, system and software companies responsible for shipping more than 250 billion Arm-based chips to date.

Remarkably, Arm itself has never actually produced a chip. It was an ecosystem strategy at its early outset and continues to be one of the biggest, and most successful ones to date. Consider that at least 90 per cent of smartphones produced globally today have Arm designs in them (and thus pay royalties to Arm). For “higher-end smartphones” the market penetration and share is a remarkable 99 per cent.

This is in stark contrast to players such as Intel, with a capital-intensive, vertically integrated business model.

Don’t just find your tribe, build it

What can learn from this and how could we apply this thinking in order to accelerate and scale our own businesses?

Arm started its journey as an in-house project (in Acorn Computers) to design more efficient Reduced Instruction Set Computing (RISC) chips. The need for lower-cost, small-size, energy-efficient chips was just starting to take off.

The design side however was daunting due to the resources required.  So they found a solid partner (VLSI) who provided the design automation kit. This combined with out-sourced foundry technology gave Arm its efficient, and partnership-led beginnings.

This did not change Arm’s extremely modest resources, especially when compared to vertically integrated giants like Texas Instruments. As they decided on their business model and strategy they were tempted to go the “fab-less” route that Qualcomm or Broadcomm had gone. But this OEM model would eventually put them in competition with TI, Motorola or Intel.

They then made a critical decision on their ecosystem-led journey: they would be both “chip-less and fab-less”. The business model would be to specialise and design RISC processors with low power consumption, smaller size, and low cost, with the adaptability to take on new applications.

The semiconductor ecosystem partners would incorporate these designs into their own products.  This new category they defined as Process IP.  It is chip-less and fab-less and is as much about what they decided not to do.

Also read: What you ought to know ahead of Grab’s IPO

This strategy enabled neutrality with both the OEMs as well as prominent semiconductor players, and as we fast forward to today, the business model remains around:

• Upfront license fee. Partners can access tech and build their own chip designs;
• A royalty fee if any of the designs go into the final product.

“Ecosystem Partners” today now number over 1,000 companies, from foundries such as TSMC, Intel, and Samsung, to Operating Systems (OS, Android, Linux, Windows…).

Not only are they “across the entire stack”, but they drive joint problem-solving initiatives, where competitors can share resources and drive a mutually beneficial outcome.

Also read: The hidden danger in SPACs. Is the hype worth the risk?

Arm’s CEO emphasizes this philosophy with statements like “We are the ecosystem of ecosystems”, and “We are the Switzerland of the electronics industry. We don’t try and pick the winners.”

If we dig a little deeper into Arm’s strategy and key decisions a few key areas stand out:

• A unique approach to “the problem” and innovation centred around it.
• How to continually push the design improvements of processing chips? And do this in a “fab-less” model and where they are not producing the final chip?

This has to be one of the greatest examples of a “lean start-up” mentality.  This meant creating a unique business model and set of revenue streams. It meant creating an entirely new category and approach around Processor IP.

This was mapped and aligned to an ecosystem strategy from day one. The ecosystem is not only a major part of the solution but is core to both the company strategy as well as the unique category the company created.

As you consider your own ecosystem, what strategy and business model will be at its heart?  Arm’s is a “co-opetive” model that enables players to simultaneously compete, yet cooperate on very defined initiatives of GTM steps.

While there are other permutations, the four most prevalent models to consider are:

Model	Dynamics	Example
Symbiotic	Customer fulfilment requires close cooperation and integration.	SAP
Marketplace	Platform/infrastructure for open marketplace and transactions.	Alibaba
Co-opetive	Players compete in the market, but the Ecosystem provides value for participation in it.	Arm
Value Chain	Domain expertise and value at key junctures, enabling customer fulfilment. Competition at these points of delivery.	Tesla

This means that Arm plays a key role and responsibility as the Ecosystem Coordinator. It requires a huge level of focus around it. It is as much as “what we will not do” as what we will do. At many junctures, the Arm management team made decisions to not pursue an attractive revenue opportunity that would taint the ecosystem messaging and positioning they had carefully built up.

And if you take a look at Arm’s messaging/positioning, campaigns, partner assets, and events….they put in an extraordinary amount of effort around maintaining and deepening the ecosystem.  This has to be a big part of your thinking and resourcing. Consider how you will consistently monitor and assess your ecosystem and its constituents. Build an ecosystem tracking and optimization capability from the outset.

Arm has also consistently delivered a compelling Blueprint as the category leader, showing where and how technology and innovation will evolve.  This is sometimes available products and solutions (or GA soon), but also products not built yet.

By showing this clarity of vision, and showing the Blueprint into the future, it demonstrates their category and ecosystem leadership.  It plants a flag before other players do, and Arm is the one seen leading and innovating.  Just take a look at their roadmap today with Cloud, AI, and Automotive as clear areas of innovation and focus.

And finally, think about how consistently Arm has communicated their point of view around this problem they are solving, and the ecosystem and unique category that has been created.  It is not a tagline or short-term initiative. It is intrinsic to who they are and what they stand for.

One of the obvious, key rewards for this is the huge valuation attached to their upcoming IPO

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In today’s fast-paced and increasingly digital world, the Southeast Asian tech startup ecosystem finds itself at a standstill: Innovate and pivot towards sustainability and profitability, or risk becoming unfundable and failing as a business.

As an ecosystem enabler dedicated to supporting startups from across the region in their growth journeys, e27 is launching a new program called Flux Series. Inspired by the concepts of convergence, interconnectivity, and the constant flux of knowledge necessary to building an empowered community of tech players, Flux Series aims to provide a platform for knowledge-sharing among leaders in key areas of business.

Also read: Strategic content via e27 amplifies CMI’s goals beyond numbers

At its core, the Flux Series is a curated, intimate, and focused convergence of top industry leaders. The program is designed to facilitate an exchange of ideas among key figures in business to engage in active learning sessions, enabling access to in-depth knowledge and actionable insights that can propel sustainable growth and profitability for your brand.

With e27’s commitment to driving startups to sustainable growth through knowledge-sharing, Flux Series is our way to put a spotlight on important topics and help equip startups with the necessary tools and skills that can help them navigate the complex world of business.

Marketing leaders at the centre of Flux

For the premiere edition of the program, the e27 team is zooming in on the exciting world of marketing and the possibilities that lie ahead for the industry. Flux Series: Marketing Leaders is a one-day conference designed to help marketing professionals from all over Southeast Asia harness and leverage AI’s capabilities in exploring marketing capabilities while fostering a collaborative space for industry pioneers to drive innovation to achieve sustainable growth among their respective organisations. The event is happening in Jakarta, Indonesia on November 15, 2023.

The Flux Series: Marketing Leaders is not just another conference; it is an exclusive and focused gathering of top industry leaders who are at the forefront of marketing and technology, designed to provide a unique experience for all attendees to witness the best and the brightest in the industry as they tell it all.

The event offers a slew of features, including content stages where attendees can witness some of the most talented leaders in marketing from across the region share their unique perspectives on today’s marketing landscape. Moreover, attendees get access to growth-oriented in-depth knowledge and actionable insights that can drive sustainable growth and profitability for their brands in ways that are shaped by technology and innovation.

Also read: Redefining customer engagement via real-time interactivity

Moreover, Flux Series: Marketing Leaders helps empower participants with practical insights on how to harness the power of AI in their marketing endeavours. From understanding the latest AI trends to implementing AI-driven strategies, participants will gain a comprehensive understanding of how to leverage AI effectively — and more importantly, to test and practice the knowledge they learn right there on the spot!

Connecting with fellow marketing leaders and tech experts is also an important part of every startup’s growth journey. Learning and leading alongside other senior-level marketing professionals means that you can workshop action plans, foster collaborations, spark new ideas, and open doors to potential partnerships. Flux Series: Marketing Leaders offers this unique networking opportunity to connect with industry peers who have helped shape and usher some of the most recognisable brands in Southeast Asia today — all happening at the Flux Series.

The crucial role of disruptive technologies like AI in today’s marketing

Why marketing, you may ask?

Marketing isn’t just about creating catchy slogans and eye-catching visuals; it’s a dynamic process that encompasses understanding consumer behaviour, crafting compelling narratives, and delivering personalised experiences. In the digital age, where consumers are bombarded with information, effective marketing cuts through the noise to engage and connect with the right audience. It shapes brand perception, drives customer loyalty, and ultimately impacts the bottom line.

As competition intensifies, staying ahead in the marketing game requires embracing cutting-edge technologies such as AI. At its core, Artificial Intelligence is a disruptive technology that is revolutionising how businesses approach key areas like marketing. AI-powered tools and algorithms can analyse vast amounts of data with unprecedented speed and accuracy, uncovering valuable insights about customer preferences, behaviour patterns, and market trends.

Also read: e27-Visa partnership fosters corporate-startup collaborations and growth

This data-driven approach enables marketers to create highly personalised campaigns that can resonate with individual customers, enhancing the overall customer experience. From predictive analytics that foresee market trends to chatbots that provide instant customer support, AI has become an invaluable asset to engaging one’s customers.

Join Flux Series: Marketing Leaders in Jakarta

As the premiere edition approaches, the promise of active learning, expert insights, and collaborative brainstorming awaits all those who recognise the potential of disruptive technologies in shaping the future of marketing.

So, what are you waiting for? The Flux Series: Marketing Leaders pre-launch tickets have already sold out and we are gearing up for an exciting roster of participants to join us at this landmark event. Don’t miss your chance on this exciting opportunity and get your tickets now.

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Want to meet today’s most exciting marketers from across the region? Join the Flux Series or become our partner in Jakarta, Indonesia on November 15, 2023, and be a driving force in the AI-powered marketing revolution. To learn more about the event, you may visit the official Flux Series: Marketing Leaders page.

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Leading online real estate marketplace iMyanmarHouse has acquired Myanmar-based used car listing platform CarsDB.

The details of the deal remain undisclosed. “We can’t disclose the deal details for now due to a non-disclosure agreement,” Nay Min Thu, Group CEO of iMyanmarHouse, told e27.

The acquisition is part of the proptech company’s diversification strategies. It has expanded iMyamarHouse’s user base and catalysed cross-platform interactions, creating a one-stop digital destination for both real estate and automotive enthusiasts.

Thu said that the two firms have a combined user base of over 520,000, over 12,000 registered agents/agencies/car dealers, and 150 employees.

“The synergy between iMyanmarHouse and CarsDB has surpassed our expectations, resulting in a synergistic effect that has redefined our online presence,” he added.

Founded in 2013, iMyanmarHouse is an online real estate marketplace connecting buyers, sellers, and renters in the real estate market. To date, over US$435 million worth of properties have been transacted via iMyanmarHouse.

iMyanmarHouse claims it has 24x the monthly traffic size of its nearest competitor, based on the traffic data for July 2023 from Similar Web.

Also Read: A refugee in Germany in the 80’s, this entrepreneur is now back in Southeast Asia to achieve his dreams

According to Thu, iMyanmarHouse has been able to maintain profitability since 2019. “We are going full steam again and have doubled our staff count. We will actively be looking for new opportunities in other verticals as well.”

CarsDB was founded in 2012 by three Myanmar friends in a Singapore apartment as Myanmar’s first online auto marketplace. It competed fiercely with Motors.com.mm — a Rocket Internet venture — in the country. Rocket Internet later left Myanmar in 2016 and shut down its auto site.

CarsDB raised several rounds from Frontier Digital Ventures (founded by Shaun Di Gregorio and Patrick Grove, formerly from iProperty in Malaysia) and Emerging Market Entrepreneurs (EME).

The company was valued at US$8.7 million when it raised its last round of funding in 2018.

According to Similar Web, CarsDB has 7x the monthly traffic size of its closest rival.

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Image Credit: iMyanmarHouse.

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As AI technology becomes more popular, various startups in Southeast Asia (SEA) are exploring different use cases for its implementation. Many of them are helping small- and medium-sized enterprises (SMEs) to embrace this technology, including Ridge.

“Analytics, not just AI, is inaccessible for SMEs in the Philippines, many of which were forced to go digital due to the pandemic. Unfortunately, not many can take advantage of their data asset as building data capabilities is costly and time-consuming,” explains Ridge Co-Founder and CEO Jason Dolorso in an email to e27.

“Ridge aims to democratise analytics and AI by streamlining the process from data ingestion and processing to actionable business insights and AI model integration. This challenges the current status quo of hiring data consultants to build an organisation’s data capabilities by building an analytics platform that businesses can use out-of-the-box.”

Ridge focuses on the Food & Beverage (F&B) sector by empowering restaurant owners to use AI-driven insights for operational efficiency, enhancing menu optimisation and promotions, and ultimately driving profit maximisation.

“Initially, we collaborate closely with our proof-of-concept clients to gather insights into their main pain points while identifying their data preprocessing and transformation requirements,” Dolorso explains the process of product development.

“Next is to find key data points important for restaurants. These shared points become the basis of our product, making sure our analytics and AI features benefit the businesses we serve.”

Also Read: Driving financial inclusion in the Philippines: Why last-mile communities are key to winning the battle

Ridge said that it is currently working with restaurant chains all over the Philippines. It plans to roll out its prototype by September so that the company can receive feedback and add new features based on it.

“As of now, we are directly approaching chain F&Bs as our early adopters. Eventually, we plan to expand through strategic partnerships, including collaborations with Point-of-Sale (POS) providers,” says Dolorso.

Despite having a start with the F&B industry, Ridge would not stop there. It plans to scale its technology to other verticals such as e-commerce, retail, pharmaceuticals, and fintech. According to the company, while these companies may have different markets, KPIs and use cases, they require the same infrastructure, technology and implementation.

“The grander vision of Ridge is to democratise analytics and AI throughout the country. As we progress, we foresee Ridge as an analytics platform adopted by businesses spanning diverse industries, enabling them to make informed, data-driven decisions,” says Dolorso.

“Where businesses can be ‘powered by Ridge’ – equating to optimised processes, best-in-class products, and guaranteed customer satisfaction.”

Behind the technology

The Philippines-based Ridge was co-founded by three seasoned talents in the field of data and AI. Each of the co-founders holds a master’s degree in data science and brings a diverse range of expertise to the table.

Dolorso has a background in before transitioning to data science and data governance. CTO Dennis Diego has a background in software development, while Chief Growth Officer (CGO) Cedric Corro is a data science and educator.

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

“Although we’re just starting out, we’ve already engaged with renowned names in the F&B sector. Additionally, we’ve been incubated with Archipelago Labs. This partnership has provided us with invaluable support, resources, and guidance to bring Ridge to life. We successfully concluded our demo day on August 12. This event provided us with the platform to introduce Ridge to potential investors and partners, a noteworthy milestone in our early journey,” Dolorso says.

Ridge is currently bootstrapping its business, though the company is open to fundraising in the future, primarily seeking strategic partners to help it maximise its existing technology.

“Our main goal for this year is to test and refine Ridge alongside our early adopters. Paving the way for our beta launch, followed by the full go-live scheduled for the next year,” Dolorso closes.

“We’re closing our final list of PoC clients that will be able to use Ridge at no cost while having our team as de facto data consultants during this phase.”

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Image Credit: Ridge

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According to Semrush, 93 per cent of marketing professionals achieve success. And as the digital world continues to shift, social media marketing continues to explode as the chief preference of companies to market their products. 

Connecting with other businesses, either in a collaborative spirit or as a case study for your digital marketing plans, and using the digital world as a business-to-business marketing platform will allow you to make better, more consistent connections. According to IMA, creating an effective plan is paramount for businesses to keep up with potential customers who are always connected to the internet and your business.

B2B marketing has undergone a seismic shift in its landscape since 2020, with COVID-19 introducing the need for new types of remote payment options and the necessity of businesses to adapt their marketing strategies to reach people almost exclusively online. 

This meant adopting mobile-centric marketing strategies for some businesses, including greater social media presence and optimising their websites for mobile navigation and purchases. According to data, 64 per cent of marketers believed mobile optimisation was a successful marketing strategy. 

The impact of digital transformation on marketing strategies

Digital transformation is a term that marketing strategists know all too well. It is introducing digital technology into every aspect of your business. Keeping up with the times is critical, and adapting your marketing strategies to suit the digital age is crucial to successfully marketing your products.

Last month, social media marketers were using Instagram Reels and TikTok the most to market their products, capitalising on the popularity of short-form video content among users and the ability to integrate social media trends into marketing their products. 

Also Read: Gushcloud’s winning formula: Navigating authenticity, innovation, and tech in influencer marketing

The use of digital platforms as marketing tools has meant that businesses are having to create YouTube channels for the first time or become more attuned to short-form videos and learning how to craft them effectively for an audience that’s keen to see, buy (or not) and move on within about 60 seconds.

Instagram emerges as a top choice for B2B marketing 

Surveys conducted by the trade show Jewel Ads indicate that among social media platforms, 47 per cent of marketing professionals now prefer Instagram as their primary method of marketing their products, with LinkedIn sitting at 40 per cent. 

In comparison, Facebook brings up the rear at only 13 per cent. As digital platforms change and morph, so do customers’ marketing plans and choices. 

Reasons behind Instagram’s popularity 

As you can see, Instagram has become a hugely successful platform for B2B marketing. But why? There are myriad factors behind Instagram’s popularity, generating more than 20 times the engagement of LinkedIn.

Volume of users 

A simple first explanation for Instagram’s popularity is that the users’ volume is much higher. Instagram has more than one billion active users per month. Almost half of Instagram’s users post to their Instagram stories each day. For a business, each active user, especially those that utilise the Story feature- is a potential customer.

Instagram users buy via Instagram 

The proof is in the proverbial pudding, with a conversion rate of nearly 75 per cent of Instagram’s users spending their money via the platform. Therefore, the marketing potential of Instagram’s Reels and posts has been proven. 

Featuring products in posts 

The ability to feature actual products in posts on Instagram makes it much easier for the end-user to click and purchase. Featuring easily shoppable products in posts leads to more web traffic and more customer purchases, with 80 per cent of users making purchasing decisions after seeing products on Instagram. 

The future of B2B marketing in the digital age 

B2B marketing in the digital age is only going to increase as the years roll on, with the role of artificial intelligence and data-driven marketing increasing throughout 2023 and beyond, including the use of chatbots and digital assistants, reducing the need for companies to hire human beings to tackle technical problems or provide helpdesk support to customers with more simple requests.

Utilising data-driven approaches for targeted marketing 

Consumer data is now more readily available than ever, thanks to AI data mining and the willingness of consumers to share their location and other information with companies when they purchase their products. This massive volume of data can finally be utilised time-sensitively with artificial intelligence. 

Also Read: Tried-and-tested marketing strategies for startups across all stages in Singapore

Using AI to data-mine allows companies to use a much more targeted marketing strategy. “Targeted marketing” generates “relatable data” from individuals’ readily available personal information and web use habits. This year 46 per cent of companies used “relatable data” for the first time. 

Removing human emotion from this part of marketing to other people allows companies to utilise facts and numbers to make better marketing decisions.

Personalisation and customisation 

Making marketing campaigns personal increases the interconnectedness between businesses and their customers. Public Service Announcements, at least those televised that we remember so vividly from the 2000s and 1990s, were so memorable because they connected with the audiences in often brutal and shocking ways. 

While you don’t have to rely on a shock factor, getting to know your audience via personalised advertisements and strategies is critical. Over 72 per cent of consumers responded better to marketing that connected them to the company or brand. 

AI and automation

As marketing continues to evolve in the digital age, the increase in AI usage will prove pivotal in a company’s scheme success or failure, with over 61 per cent of companies already using artificial intelligence and 88 per cent of companies believing they must use AI more by increasing automation to keep up with the competition and create more positive customer outcomes. 

The market is responding positively to the introduction of artificial intelligence and its potential to change the marketing game for businesses drastically. The future of all industries seems bright with the adoption of AI, including the manufacturing industry (to the tune of US$3.78 trillion by 2035), an industry typically associated with hands-on work done by people.

Based on the evidence, artificial intelligence will continue to dominate the space, giving companies a better picture of how their clients receive their campaigns. 

The need for businesses to connect with their client’s social media and go where their clients consume content is also increasing. To stay relevant and increase revenues, businesses must develop a solid social media presence and interact increasingly with their ever-connected clientele. 

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

Join our e27 Telegram group, FB community, or like the e27 Facebook page

Image credit: happydancing

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Dear Pro member,

Vietnamese EV manufacturer Vinfast’s stock surged by 21%, building on a recent rally that increased its market value to US$160bn.

Following a successful debut on Wall Street, the company’s valuation placed it as the third-most valuable automaker globally, trailing only Tesla and Toyota.

Despite its rapid growth, Vinfast, largely owned by Pham Nhat Vuong, Vietnam’s wealthiest individual, faces substantial challenges before it can effectively compete with Tesla and established automakers who are heavily investing in the electric vehicle market.

Vinfast’s US EV registrations were limited to 137 as of June, contrasting with its ambitious target of selling 50,000 EVs this year, compared to Tesla’s 1.8mn projection.

To boost sales, Vinfast is adopting a dealer-based approach, diverging from Tesla’s direct-to-consumer model, and is constructing a US$4bn factory in North Carolina.

The company enters the US and European markets amid slowing EV demand and Tesla’s aggressive pricing tactics.

This is the top story of today’s Ecosystem Roundup.

Take a look at all the other major news stories compiled from news sites across Southeast Asia.

Sainul,
Editor.

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Vinfast rallies on after becoming world’s third-most valuable automaker
Shares surged 21% on Monday, extending a rally from last week that more than quadrupled its market value to US$160B; Debuted on Wall Street this month, the EV maker quickly grew in valuation to become the third-most valuable automaker – only behind Tesla and Toyota.

Vietnamese financial services startup MFast nets US$6M Series A
The investors include Wavemaker, Finnoventure Fund I, Headline Asia, Do Ventures, JAFCO Asia, and Ascend Vietnam Ventures; MFast users fulfil the role of all-in-one agents, serving the community’s demands for finance, banking and insurance products.

Geo Energy inks US$4M loan agreement with Indonesian EV firm Charged Asia
Geo can increase its investment for up to an additional US$36M to become the majority shareholder in the firm; It has developed three motorcycle models and delivered 1,000+ motorcycles in Indonesia, Malaysia, and Vietnam.

Indonesia’s Fore Coffee set to enter Singapore in Q4
The move would follow fellow VC-funded local chain Kopi Kenangan’s own regional expansion; Kopi opened its first store in Malaysia late last year and has plans to enter Singapore.

GoTo directors acquire 1 billion shares, totaling US$140K
Neither Catherine Hindra Sutjahyo now owns 0.04% of GoTo stock, with a total of 493.7M shares purchased for US$64,766; Meanwhile, Hans Patuwo holds 0.05% of the company’s stock, equivalent to 574.8 million shares acquired for US$74,773.

Bitcoin startups remain undercapitalised as funding drought drags on
Along with increasing regulatory scrutiny and sceptical investors, capital deployment has pulled back significantly from the highs of 2021, which has left many young startups struggling to raise funds.

TikTok to ban links to external retailing platforms
This change implies that external e-commerce platforms will no longer be able to drive traffic to their individual stores and products through TikTok unless they opt to establish online stores on TikTok Shop.

Google Flights will now tell you when it’s the cheapest time to book
Rolling out this week, Google is debuting new insights that will leverage historical trend data that lets consumers see when prices have typically been lowest to their chosen destination on their selected dates.

A recap of last week’s investments by e27 Connect investors in SEA
Last week’s funding showcased prominent investors like Jungle Ventures, Antler, AppWorks, fuelling diverse startups across verticals with varying investment ranges and stages.

OpenAI launches a ChatGPT plan for enterprise customers
ChatGPT Enterprise can perform the same tasks as ChatGPT, such as writing emails, drafting essays and debugging computer code; But the new offering also adds “enterprise-grade” privacy and data analysis capabilities.

Uber Eats’s new AI chatbot to offer recommendations, speed up ordering
The chatbot will ask users about their budget, food preferences and then help them place an order; It’s unknown when Uber plans to launch the chatbot publicly.

How Tokopedia shifts user acquisition, product strategy to tackle contemporary challenges
Tokopedia recognises that for SMEs, as competition becomes fiercer, they might require more support to improve their chances.

Blockchain beyond borders: A dive into global collaboration and innovation
As we navigate the evolving world of blockchain, collaboration, education, and problem-solving, emerge as pivotal pillars for success.

How hyper-personal, AI tech can transform the US$1.5T wellness industry
The wellness industry in Singapore was worth US$12 billion and has constantly been on the lookout for hyper-personalised solutions.

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Back in 2021-2022, the Asia Pacific region was considered lagging in AI adoption, with only 39 per cent of businesses leveraging the technology for their operations. But today, in 2023, new data from the IDC AI Adoption InfoBrief revealed that 76 per cent of businesses in the region are leveraging the technology—a significant jump in such a short period.

Commissioned by Dataiku, the report showed that in Southeast Asia (SEA) alone, businesses plan on spending 67 per cent more on AI/ML in 2023 than they did in 2022.

AI is certainly a big trend this year, but is there any other explanation behind this rapid change?

According to JY Pook, Senior Vice President & General Manager, APJ at Dataiku, the AI/ML market is “rapidly democratising”. Soon, it will get to the point where it is integrated into “nearly” every interaction the customers have, a concept that Dataiku refers to as “Everyday AI.”

“Companies are progressing in their AI journeys from statistical analysis to predictive modelling and advanced AI capabilities,” he writes in an email interview with e27.

“With the macro turbulence that many businesses across the region have faced, we observed a significant acceleration in demand for analytics and AI solutions as businesses seek more efficient and data-driven ways to navigate these ongoing challenges. Instant gratification is the norm in today’s fast-paced world; we’ve endeavoured to understand the growing need for faster time-to-value from AI initiatives while also supporting the teams who drive this work.”

Also Read: How Transparently.AI uses Artificial Intelligence to detect accounting manipulation, fraud

Dataiku sees the following as keys to fully harnessing the success of AI: Efficient tools, a skilled team, and an inclusive approach to data as governance.

“With this in mind, we’ve introduced new capabilities, like ready-built business solutions, machine learning operations, governance, and access to large language models, that democratise and accelerate the development of AI capabilities in a governed way,” Pook says.

To find out more about how the organisation views this AI trend and how businesses can seamlessly implement the technology, check out the edited excerpt of the interview.

For companies that have successfully implemented AI, what are the secrets behind their success?

Integrating an effective AI strategy can be pivotal to helping companies improve customer insights, elevate employee efficiency and transform overall decision-making. By introducing a systemised, easily accessible and understandable AI system, businesses can improve their data readiness and people capabilities alongside their technology workloads and processes.

Successful companies build unicorn teams and not just hire unicorn people. This means building teams of data and domain experts while also evolving their AI operating model, which simultaneously boosts the company’s AI maturity over time.

In fact, according to the Harvard Business Review, 85 per cent of companies that have successfully scaled AI use interdisciplinary development teams.

Businesses need to think about moving AI mainstream by tapping into collective intelligence and building communities of interdisciplinary business and data professionals across the entire organisation. This arguably solves two of the biggest blocks for AI at scale – hiring people with analytics and AI skills and identifying good business cases.

Also Read: These Artificial Intelligence startups are proving to be industry game-changers

Establishing an AI governance strategy is also crucial for a company’s success. Oftentimes, teams either do not have these processes set up prior to deployment or do not have a vision to clearly move forward with the right projects that would be able to generate business value and deprecate the underperforming ones. We’ve seen that AI governance delivers end-to-end model management at scale, with a focus on risk-adjusted value delivery and efficiency in AI scale, all of which is aligned with existing regulations.

Success with this stems from teams making distinctions between proof of concepts, self-service data initiatives, industrialised data products and the governance needs surrounding each. While space needs to be given for exploration and experimentation, teams need to make clear decisions about when self-service projects or POCs should have funding, testing and assurance to become an industrialised, operationalised success.

Companies also need to pinpoint the right technologies and processes to enable the use of AI at scale. Harnessing an end-to-end platform brings cohesion across the analytics and AI project lifecycle steps. Buying separate tools for the company’s needs can become challenging and in order to get to a stage of long-term cultural transformation via an AI program, IT needs to be involved from the very beginning.

AI adoption can reveal challenges and areas for business growth – and the potential gains certainly outweigh the costs. When AI is collaborative and aligned with business objectives, it supports an open data-driven culture and improves efficiency for businesses across the board.

What opportunities are available for startups that are providing AI Solutions? How can they seize them?

Startups providing AI solutions are definitely in a favourable position, especially in APAC. In 2022 alone, 76 per cent of businesses in APJ adopted AI solutions within their ecosystems. Startups and SMEs can continue to differentiate and meet industry demands by creating innovative solutions that address specific industry challenges and pain points.

Also Read: RevComm’s MiiTel, Cloud IP phone powered by artificial intelligence, is changing how businesses engage customers

Many businesses are now also being run by second and third-generation leaders looking to modernise their legacy businesses. Startups and SMEs can tap into this by offering tailored AI solutions that automate processes, enhance decision making and optimise their operations.

Most importantly, perhaps, is making AI accessible and understandable.

Is there anything that governments can do to support businesses in their journey to embrace AI? What kind of support do they usually need?

With many governments looking to use AI within their operations and public service delivery, there are several programmes and initiatives to ensure greater access and, thus, easier adoption of AI across the region. Countries that have seen success with their AI adoption processes have been those with clear and transparent digital blueprints for businesses to model themselves after; for instance, having clear measures outlining data privacy, security, infrastructure and data sharing across sovereignty.

A clear blueprint along with investment to fund the development of AI and investment into workforce readiness will help accelerate the AI adoption process across the region.

This includes providing financial assistance and tax incentives through programmes such as the Productivity Solutions Grant and The Malaysia Artificial Intelligence (AI) Roadmap, to accelerate digital transformation, prioritising investment in sustainable and responsible business practices, and insulating their operations from macroeconomic volatility.

Also Read: Will China lead the Artificial Intelligence game by 2030?

When it comes to Government AI readiness and maturity, Singapore holds its own – leading in two out of three pillars against countries such as the US. This is a result of the Singapore government’s committed and innovative approach to digital government, paired with a business-friendly legislative environment. The nation undoubtedly serves as an example of how this pairing can breed productive public-private partnerships to support public-sector innovation.

As more businesses continue to move online, having policies that support e-commerce and digital trade will allow them to expand their reach globally and continue to contribute to APAC’s overall economic growth. At the same time, governments should continue to encourage foreign investment to help promote innovation and job creation, which will be key to steering key sectors into the next phase of growth.

Ultimately, people will always be our greatest assets. Investing in infrastructure and education will enable us to build a future-ready skilled workforce, particularly around ICT and Artificial Intelligence.

In Southeast Asia, what kind of changes do you predict we will see in the next few years when it comes to AI adoption?

I would liken the future of AI to the dawn of the internet – it completely changed how we live, work, and play. That’s what we can expect from AI and more over the next few years at a progressively faster pace.

According to the recent IDC InfoBrief commissioned by Dataiku, AI platforms are going to be the fastest-growing software category between 2022 and 2026. This growth is driven primarily through use cases across customer experiences, business process automation and industry-specific applications. There has also been a noticeable shift towards cloud computing, with over 73 per cent of AI workloads projected to be residing on the cloud by the end of 2026.

From reshaping the future of work to the impact that AI will have across industries, businesses should start looking into AI adoption if they haven’t already to ensure that they don’t get left behind, allowing the region to unlock its fullest potential with the help of AI truly.

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Image Credit: RunwayML

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

Raunak Mehta is Co-Founder and CEO of Singapore-based insurtech firm Igloo. With a background in e-commerce and technology, Mehta previously held roles at notable companies, such as Flipkart and ZALORA Group.

He joined Igloo as its Chief Commercial Officer in 2018, leading its expansion into multiple countries and securing partnerships with entities like Lazada, Shopee, and Bukalapak. Igloo recently announced its US$19 million Series B financing round, bringing its total capital to over US$36 million.

In this edition, Mehta shares how Igloo has embraced Artificial Intelligence.

Edited excerpts:

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

The excitement surrounding Artificial Intelligence is unquestionably justified. When evaluating the potential of this remarkable technology, it is crucial to consider its capacity to impact many individuals. What sets AI apart is its ability to operate on a grand scale, making it readily accessible to anyone with a smartphone.

Like most other industries, insurance will significantly benefit from the AI revolution. It has emerged as a powerful technological marvel that can transform risk management, underwriting, and claims processes. Forbes reports a remarkable 60 per cent increase in operational efficiency in the insurance sector due to AI. Alongside this, claims accuracy has nearly doubled, substantially improving customer experiences.

Through AI, insurers are better equipped to assess risks, detect fraud, and improve overall accuracy and efficiency — especially with the addition of machine learning. It also helps streamline processes and create a more seamless customer experience.

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

Igloo aims to make insurance affordable and accessible to all, and technologies like AI enable us to do so. For example, our platform Turbo uses AI and ML to provide agility and adaptability to our insurance management systems. Through Turbo, we can operate across multiple business lines and deliver the same products and services via different distribution channels.

Turbo also uses a no-code approach, quickening the product launch or update process. It also helps reduce errors and inconsistencies by centralising the product launch process.

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

Our team has developed a groundbreaking technology that harnesses the power of AI to provide protection. Through AI, we have delivered seamless customer experiences and reached a wider customer base.

Also Read: Balance AI tool benefits with end-customer needs: Jon Howard of Bud

To create fuss-free claims management, we use AI to enable customers to make claims directly through their mobile apps, thus saving waiting time and reducing complexity. For example, customers protected under our gadget protection can submit claims through their phones, needing only pictures as proof.

Through extensive training, we have empowered our system to detect cracked screens with remarkable accuracy. This innovation allowed us to reduce false claim rates by an impressive 50-60 per cent, ensuring a seamless user experience.

We also combine AI with big data and predictive analytics in our insurance products, such as auto insurance, to assess risks in real time and create end-to-end automated claims management. This allows us to implement a dynamic pricing model, ensuring no customer pays more than they deserve.

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

When we launched Ignite by Igloo, our AI-powered platform that helps insurance intermediaries enhance productivity and enables a faster sales cycle, there were few insurtech players in Vietnam. Agents at that time were only used to working traditionally with face-to-face transactions.

However, our perseverance in changing agent mindsets through regular training helped them keep up with new technologies and enhance their sales productivity and income.

We upgraded the platform from two products and simple features to over 20 advanced features with user experience at the heart of things. ​​From 200-300 agents at the beginning, we now have 16,000 agents nationwide who can work anywhere and sell insurance products anywhere as long as they’ve got internet access.

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

There are concerns about AI shaping our perceptions and perpetuating negative biases. To navigate these challenges responsibly, we must prioritise ethical considerations, ensuring diverse and unbiased training datasets. Our collective responsibility is to promote transparency, fairness, and inclusivity in AI development, harnessing its potential while mitigating negative societal impacts.

Organisations should adopt a privacy-by-design strategy, gaining informed consent from users, reducing data collection, and implementing safe data storage mechanisms to maintain transparency and uphold ethical principles in using AI technologies.

Also Read: AI must be used to enhance team members’ expertise, not to sideline them: Ravi Dodda of MoEngage

Techniques for anonymisation and de-identification can further safeguard user privacy. To overcome biases, encourage user education, and adhere to applicable regulations, regular third-party audits, open-source projects, and continuing monitoring are crucial.

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

Our approach at Igloo is always to upskill rather than replace. We have a team of enthusiastic individuals who are always eager to try new things and embrace new working methods. We prefer to supplement our expertise with new knowledge and experiences.

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

I am excited at the potential that AI can offer, and I expect AI to play a major role in all walks of life in the future. AI will never be a replacement but a way to augment human capabilities by taking on more data-intensive tasks and taking us beyond what’s possible. AI will be everyone’s favourite co-worker in the workplace, aiding decision-making and simplifying complex tasks.

For insurance specifically, AI can potentially transform every aspect of the industry. AI can crunch big chunks of data to provide actionable insights, leaving human agents to focus on more difficult service areas.

For example, AI has allowed insurers and insurtech firms to heighten focus on customer experience by making the purchase process simpler and safer. AI can be used to actively monitor potentially fraudulent activities by utilising past instances of fraud and detecting suspicious activity. With AI, there is the potential to use predictive analytics to study demand, implement dynamic pricing, and create new products.

Having said that, humans must still provide the creativity, empathy, ethics, and complex decision-making skills that AI lacks. There are many considerations to make before implementing AI to such an extent, namely ethics and accountability.

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

It is common for people to avoid change. Many founders in Southeast Asia tend to be averse to AI due to the many challenges that they may face while implementing it. I would advise them to conduct thorough research into AI and understand how it can be applied to their business and operations. AI provides many benefits, and it is essential to understand which ones apply to your business.

I would also advise them to upskill themselves and encourage their team to do so. AI is not a replacement but a complementary addition.

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Tenity has announced the selection of 13 early-stage startups for the sixth edition of its incubation programme in Singapore.

The startups from seven different countries represent diverse business verticals, including wealth management, real estate, e-commerce, financing, payments, insurance, and Web3.

They will receive an initial S$70,000 investment each from the Tenity Incubation Fund II.

The 13 startups were selected from more than 230 applications.

During the rigorous four-month programme, the startups will receive extensive support to refine and validate their business ideas and go-to-market strategies. They will also have access and guidance from Tenity’s distinguished alumni, seasoned mentors, and our global investor network.

The programme will culminate with a Demo Day event on November 23, 2023.

Also Read: AI’s distinction lies in its vast scale and accessibility: Raunak Mehta of Igloo

Below are the brief profiles of the 14 startups of Singapore Incubation Batch VI:

Alpyne Labs (India): Alpine provides on-ramp/off-ramp services for emerging markets, including India.

Ambrela.Money (India): Ambrela.Money is a wealth management marketplace that provides access to proper financial services for the growing number of middle-class families in India.

Bursement (Singapore): Bursement is a finance AI tool that helps growing tech startups automate manual finance tasks while maximizing cost efficiency and productivity.

ChainArgos (Singapore): ChainArgos is a blockchain data and analytics startup building a searchable blockchain platform. In a future where assets are tokenised, ChainArgos scales to bring transparency and make sense of blockchain transactions.

Fuelgrowth (India): Fuelgrowth aims to provide eCommerce intelligence to everyone who wants to build and grow their online businesses. Fuelgrowth is an AI CoPilot for DTC brands and founders, helping them reach their true potential.

MedAdvance (Australia): MedAdvance is an alternative medical bill financing company that lowers the burden of upfront costs for patients while improving the profitability of the clinics and doctors.

MetaCare (Philippines): MetaCare is a health & wellness marketplace providing benefits and protection plans for gig workers or SME employees at an affordable price by aggregating the negotiation power of these under-served individuals.

Mintpay (Sri Lanka): Mintpay is an alternative payment service provider that helps retail customers pay for goods on credit terms while also enjoying discounts and rewards.

Pints.ai (Singapore): Pints.ai is a verticalised AI company specialising in the financial services sector, helping financial institutions maximise the power of their aggregated data.

Pin’J (Indonesia): Pin’J is a closed-loop working capital financing company for underserved gig workers, helping them to pay for mission-critical expense categories.

P33R Finance (Singapore): P33R Finance is a DeFi, self-custody, P2P platform helping users on/offramp faster, safer, and cheaper.

SupplyLine (Bangladesh): SupplyLine offers an integrated digital tool for small retailers to manage their daily operations and inventory while accessing working capital and invoice financing opportunities to improve their operations and cash flow.

Thatch (Singapore): Thatch revolutionises renting, providing agents and tenants with a holistic tool to improve efficiency and convenience. It digitalises and streamlines every step of the rental journey with documentation, capture and payments.

Applications are now open for Incubation Batch VII in Singapore, Batch XII in Switzerland, and Batch III in Nordics.

Tenity is an innovation ecosystem for fintech and insurtech, with hubs in Switzerland, Singapore, Nordics & Baltics, and Spain. Its vision is to create the future of finance by accelerating tech startups and connecting them with big business, investors and industry experts.

Since its inception in 2015, more than 280 tech startups have participated in Tenity programmes, both at early stages and growth stages, attracting more than US$370 million in funding. Through its integrated investment arm, Tenity seeks to invest in up to 400 early-stage companies through its flagship incubation programmes.

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