During the COVID-19 epidemic, large technology companies have benefited “hugely” from the boom in online spending and remote working. But in 2023, many of these businesses report disappointing growth rates. Leaders of technology companies say that they are expanding too quickly and are looking for ways to cut costs in the context of a risky economic situation.

In January, a series of technology “giants”, in turn, announced the reduction of tens of thousands of employees. As Alphabet – the parent company of Google, announced it would lay off 12,000 employees, or six per cent of the global workforce. 11,000 employees of Meta, the parent company of Facebook, were also laid off. Microsoft, Amazon, and IBM laid off tens of thousands of employees in total.

Asia’s other tech firms are not exempt from this wave either. In the past few months, the staff of GoTo Group (Indonesia), Carousell, Foodpanda (Singapore), Kakao, and Naver (Korea) have been drastically reduced.

Information technology (IT) engineers claim that the majority of tech enterprises in Vietnam outsource their work. Therefore, many domestic enterprises are more or less impacted as well when global technology corporations “have problems”.

Mr. D.T., a 30-year-old IT engineer from Bac Ninh, Vietnam, just lost his job. He was very surprised by this because Mr. T. spent three years working for a well-known Vietnamese e-commerce company. Entering 2023, many domestic enterprises are affected by the world economic crisis. Forcing them to restructure and shrink some parts. And the department of Mr. T. was also cut.

According to this IT engineer, years ago, the information technology industry was dubbed the “king” compared to many professions. Always “thirst” for personnel and attract people with income much higher than the average salary.

After leaving his job, Mr. T. continued to apply for a leading technology company in Vietnam. Through grasping, he realised that many of his friends were in the same situation. Even many people spent two months looking for a job but still had not found a “stop”.

Also Read: Is remote work the answer to tech’s layoffs?

If before, after the interview, Mr. T. was always accepted to work very quickly, now each vacancy has many competitive candidates. “Through my journey of applying for a job, I have met many people in the same situation who have been streamlined like me and have also been more competitive when applying for jobs. However, job opportunities with human resources in this industry are always open if you have the skills,” Mr. T. shared. 

A needle in a haystack image applies to finding qualified IT personnel

A company that offers human resource recruitment services in Vietnam, Navigos Group, observed that e-commerce businesses grew popular during the Covid-19 pandemic. During this time, there is a huge need for human resources in the technological sector. Because of this, Navigos Group has forecasted that there will be layoffs starting at the end of 2022 when the previous massive hiring volume causes the number of technology engineers to become too high.

However, throughout the first few months of the year, this unit found little evidence of company layoffs, particularly in the e-commerce sector.

Assessing the IT staffing needs of businesses today, according to Navigos Group, all industries in Vietnam need to apply information technology and digital transformation, so there is still a need to recruit technology staff.

Vietnamese technology personnel before the wave of layoffs in the world

The Operational Director of Outsourcing and Labor Outsourcing Services in the South (Manpower Group Vietnam) Nguyen Xuan Son, said that, under the impact of the wave of technological layoffs taking place in developed countries, the market Vietnamese recruitment schools are also affected.

But in reality, the technology industry is very broad, being concerned with the research, development, and/or distribution of technology-based goods and services. It also includes businesses that revolve around the manufacture of electronic equipment, the manufacture of software, computers, or information technology-related products and services.

According to Mr. Son, currently, many businesses and industries in Vietnam are increasing the application of information technology and digital transformation after the pandemic, while high-quality technology human resources are scarce.

Therefore, the domestic technology recruitment market, in contrast to the world, is active and highly competitive. ManpowerGroup VN is still receiving many orders to recruit personnel to build the information technology development apparatus.

“For the time being, domestic tech workers are still highly sought after and sought after. But to avoid rejection or changing recruitment trends in the future (which is currently witnessed in major countries) In the world), IT workers not only need to continuously hone and update their professional knowledge and skills but also have to foster soft skills, said Mr. Son.

Also Read: A tech worker’s 2023 recession game plan

According to this position, only in this way will they have good job opportunities, be employed for a long time, and keep their jobs when the market narrows the recruitment demand.

Does layoff offer a challenge or opportunity?

Indeed, the wave of layoffs presents both opportunities and challenges for workers in particular and the Vietnamese labour market in general.

Vietnam, in recent years, has always been considered a “fatty” investment market to optimise/save costs. Therefore, a series of foreign enterprises, including Japan, have been actively expanding their scale in Vietnam. Therefore, this is an opportunity for workers shortly.

By definition, the cause of layoffs is not a performance issue but rather a problem with the internal hiring plan. This leads to redundancy of personnel, waste of resources, and company costs.

For the layoffs that are going strong in 2023, being prepared for and facing a potential layoff wave is an important step in minimising the negative impact on yourself.

While challenging, layoffs can also be seen as an opportunity to seek growth and advancement in your career. It is important to stay positive, flexible, and ready to adapt to changes.

Also, always keep in mind that support from family, friends, and other resources is important to get through this difficult time.

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In the relentless thrum of our globalised world, the issues of mental health quietly weave an intricate, often invisible web. They stretch out across continents, from the skyscraper-shadowed streets of New York to the sun-drenched villages of rural country. Mental health challenges are profoundly universal.

In fact, the World Health Organisation (WHO) estimates that globally, one out of every four people will be impacted by poor mental health or mental illness at some point in their lives. Moreover, around 350 million people worldwide suffer from depression, a number equal to roughly the entire population of the United States.

Yet, their struggles, whether it’s the banker in a metro city or the farmer in a village, aren’t bound by geographical or socioeconomic boundaries. Instead, they share a common struggle—a desperate need for accessible mental health care.

Understanding the global mental health care gap

Now, imagine, for a moment, that you require mental health support. Where do you turn? If you’re in a bustling urban centre with access to professional mental health care, you might have various options. But what if you’re in a remote village with no therapists for hundreds of miles? That’s where the global mental health care gap bites the hardest.

Disparities across the globe

In many Western nations, therapy sessions are just an appointment away. But in underprivileged areas, they might be a distant dream. Mental health issues profoundly burden our world, and yet they rank among the leading causes of ill-health and disability worldwide, affecting one in four people at some point in their lives.

Barriers to access

This inequality in mental health support stems from multiple barriers:

• Distance: Many regions lack mental health facilities entirely, leaving individuals isolated from the care they need.
• Cost: Even when services are available, they can be prohibitively expensive. Therapy is often seen as a luxury rather than a necessity, especially in low-income communities.
• Stigma: Cultural factors can play a significant role. In some societies, seeking mental health support is seen as a sign of weakness, further discouraging individuals from seeking help.
• Lack of trained professionals: A dearth of trained therapists and psychiatrists often leads to a lack of access, especially in areas that need it most.

These barriers aren’t just numbers and bullet points; they translate into real-life suffering.

As information indicates, untreated mental health conditions have far-reaching effects: “escalating incarceration rates, economic costs reaching up to four per cent of global GDP, and more.”

Effects of the gap

And what of the individual caught in this gap? The effects are debilitating. Untreated mental health issues can lead to a reduced quality of life, increased unemployment rates, and a higher risk of physical health problems.

So, where do we go from here?

Also Read: Data driven healing: The potential of analytics and AI in advancing mental health

The problem is identified, and the stakes are clear. Now it’s time to explore solutions. The next frontier in mental health care could very well lie in technology, as it offers a novel way to bridge this gap. But how?

Let’s delve into how innovative minds are working to create more accessible, empathetic, and effective mental health care for all.

The emergence of AI therapists

AI’s entry into mental health began on a humble note, tracing its roots back to modest applications that analysed troves of health data to detect patterns and foresee mental health crises. Simple, yes, but at the same time, revolutionary, sowing the seeds of change.

As technology evolved, so did its utility.

The advent of AI therapists, a paradigm shift in mental health care, emerged from this continual refinement. If we peer under the hood of an AI therapist, we discover an intricate network of complex algorithms and machine-learning techniques designed to simulate human conversation, offering mental health support in a unique, responsive manner.

“The beauty of AI therapy is its ability to listen, process, respond, and learn from each interaction, akin to human therapists,” explains Ricardo Luz, Founder of Mind-r.ai.

Amid the growing field of AI therapists, one name stands out: Mind-r.ai’s Solace. It’s an AI-driven, voice-based platform offering personalised and immersive therapy experiences. Solace’s uniqueness lies in its ability to demolish the barriers of time, language, and geography.

Harnessing the power of AI and advanced algorithms, Solace curates individualised therapy experiences, aligning with user preferences. After each session, Solace generates a summary and practical actions, equipping individuals with actionable insights and empowering them on their mental health journey.

Also Read: Why Khailee Ng puts mental healthcare support as key to successful founders-investors relationship

The potential benefits of AI therapists like Solace are multifold. Firstly, they bring unparalleled accessibility to the table. Available round the clock, unencumbered by geographical limitations or language barriers, Solace is a constant presence.

Secondly, AI therapists significantly decrease therapy costs, democratising mental health care and making it accessible to a broader population. Finally, they offer a secure, private space for those wrestling with the stigma surrounding mental health.

The future of mental health care, it seems, will witness a harmonious fusion of the human touch and AI technology. With new-age tools like Solace leading the charge, we inch closer to a reality where mental health care is not a privilege but a universally accessible right.

The future of AI therapists: Hopes and challenges

While the promise of AI therapists shines bright, it does not come without its set of complexities. As we stand at the cusp of this revolutionary intersection of technology and mental health care, it’s crucial to acknowledge and address these challenges.

One of the most pressing concerns is the ability of AI to empathise at the same depth as a human therapist. Empathy, after all, is a distinctly human trait, one that’s critical in therapy. Can a machine truly understand the subtleties of human emotions and react accordingly?

“Empathy is indeed a challenging aspect to replicate,” says Luz. “However, we strive to design our AI, Solace, to be as understanding and responsive as possible. The goal isn’t to replace human therapists but to provide immediate, accessible support when needed.”

The issue of data privacy and confidentiality also comes to the fore. In an era of data breaches and cyber threats, ensuring user confidentiality is paramount. Addressing these concerns, Luz states, “All interactions on our platform are confidential and user-centric. We hold a deep respect for user privacy and are committed to maintaining it.”

As AI continues to forge its path in mental health care, the question of regulation and ethics also arises. How do we ensure that AI therapy adheres to the stringent ethical standards set for human therapy? Luz acknowledges this challenge, noting that “continuous monitoring, refining, and stringent regulations will be key to maintaining ethical standards in AI therapy.”

Indeed, the road ahead for AI in mental health care is filled with potential pitfalls and hurdles. But if history has taught us anything, it’s that challenges often serve as catalysts for innovation. As we grapple with these issues, they’ll only spur us towards developing better, more robust AI therapy solutions.

In the grand scheme of mental health care, AI therapists are just the tip of the iceberg. We’re at the precipice of what could be a seismic shift in how we understand and address mental health. As we move forward, let’s not forget the ultimate goal: a world where mental health care is not just accessible for some but achievable for all.

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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

The post From chatbots to therapists: How AI break ground in bridging the mental health care divide appeared first on e27.

Joseph Phua needs no introduction.

An active entrepreneur-turned-investor, Phua has built Southeast Asia’s leading dating platform Paktor and live-streaming entertainment unicorn 17LIVE Inc. before assuming the Chairman of his single-family office Turn Capital. Over these years, he raised over US$200 million for his ventures from 50-plus investors. He also invested in and processed various M&As throughout his years in the industry.

Phua believes that investors, including VC and venture debt, play a crucial role in keeping the startup ecosystem. By investing in a company, they create value for all the stakeholders — startups, founders, and even employees, besides themselves. Their advice and involvement give confidence and courage to the founders to experiment and scale greater heights.

Phua was the guest in the second episode of e27‘s LinkedIn #AskMeAnything series. He answered LinkedIn users’ questions about investors’ role in creating value for the ecosystem.

Also Read: ‘Companies shut down not because of crises but only when founders give up’: Joseph Phua of M17

Darl Chung, BD Director at JDI: While operating Paktor and 17LIVE, what was your biggest challenge in expanding beyond domestic shores into new markets, and how did you overcome the challenge?

Phua: Product market fit was the biggest challenge. A product that works in one market won’t necessarily work in another. Hire a local team to work with headquarters, try, try and try. Hiring an excellent local team is another challenge in itself.

Darl Chung: Paktor and 17Live are mainly B2C businesses. What is your view on B2B opportunities in emerging Southeast Asia, and will Turn Capital invest in companies operating in this space?

Joseph Phua: We’re primarily focused on B2C consumer tech but have a few B2B businesses in our portfolio, most with a consumer angle (e.g. Zuvio education SaaS). So, we will invest in B2B opportunities as well.

Enricko Lukman, COO at ContentGrow: How often did you ping your investors for help back in those days? Can you mention one of the biggest supports you got from investors besides funding?

Joseph Phua: I ping my investors like Kee Lock Chua, Joo Hock Chua and Akio T. frequently for guidance, even today, to bounce ideas and thoughts and get their advice in areas where they’re much more experienced than I am.

My relationships with them over the last ten years have been crucial in overcoming obstacles in my journey. It is hard to pinpoint one specific instance since there are many.

Sidhant Gupta, Founder, Clearbot: Are good old-school incumbent businesses in Asia open to M&A opportunities with startups? How mature are the corporate VCs in opening up market opportunities/supporting startups?

Joseph Phua: I have seen the treatment of startups by incumbents in the region evolve in the last decade. In addition, corporate investment strategies have become more aggressive and mature over time, which also speaks to the maturing of the whole ecosystem.

Also Read: ‘We want to create a news media outlet that embraces tech in its true form’: Joseph Phua on Apple Daily Taiwan’s assets acquisition

‘Ain Omar Aid, Co-Founder & Managing Partner, AINAID: What is your perspective on the organic growth strategies in startups and the role of marketing and communications in them?

As startups evolve and scale, it is critical to ensure their marketing and comms strategies adapt and grow with them. Based on your experience, how have you evolved those strategies to maintain organic growth? Budget constraints are also a common struggle for startups, especially when it comes to marketing in the early stages. Do you have any advice for startups on maximising their marketing budget for sustained organic growth?

Joseph Phua: Organic growth strategies for different products would look very different. E.g. organic growth strategies for consumer apps would be different from a core tech B2B solution. At the crux of it, though, is communication. Unfortunately, there is no ‘one-size-fits-all’ solution.

You can’t go wrong if the focus is relentless communication with the high-value target audience.

Anisa Menur, Editor, e27: There’s an opinion that M&As are a much preferred/recommended exit in Southeast Asia compared to IPOs. What are your thoughts about this?

Joseph Phua: It depends; this is all relative. If the M&A offer is fair value, it should be equally attractive compared to a listing. The question then really is what is fair, which becomes a question of who is the receiver of the offer.

Some of our portfolio firms received M&A offers in the past—some we rejected and have been glad about it, while others we regretted later. One thing is for sure, always speak to as many people as possible, gather as much information as possible, then make a call and don’t look back.

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Singapore-based Qashier has been quite busy recently with the launch of its newest products.

In an email interview with e27, co-founder and CEO Christopher Choo details the new products that Qashier is releasing recently, starting with its flagship smart point-of-sale (POS) terminal Qashier X2 and the lightweight and portable QashierXS.

According to the company, this is a first-of-its-kind POS terminal that combines both POS and payment solutions. These next-generation pieces of hardware aim to deliver Qashier’s newly integrated capabilities on a single, sleek device.

“In addition, we are cementing our vision to champion and support SMEs through the launch of Qashier SME Support Package in Singapore. Open to all Singapore-registered businesses, we will immediately approve eligible applicants and provide up to 53 per cent sponsorship of its POS and payment solutions,” Choo says.

“This initiative will further extend our reach to a wider pool of merchants to help them digitalise their business operations.”

To complete the milestones, Choo has also been named in the Forbes 30 Under 30 – Asia – Finance & Venture Capital (2023).

To understand more about how Qashier approaches growing their business and what is coming up next for them, check the edited excerpt of our conversation with Choo.

Also Read: Leveraging blockchain: A new era for small business innovation

As a growth stage startup, is there any difference in how you approach your business strategy compared to how your company was in its early stages?

In the early stages, it was all about achieving product-market fit as fast as possible. The question we often asked ourselves was: “How quickly can we build a product that serves a deep need in our target market and are our customers willing to pay for it?”

To this end, Franklin and I spent months speaking to hundreds of SMEs across various sectors to understand their deep pain points before consolidating insights and then building and launching the first version of our product, QashierX1.

Now at the growth stage, we’re focused on deepening the product suite, solving a broader set of needs for our merchants, and building scalable and repeatable growth engines to acquire more merchants on our platform.

What is your approach to growing your business?

We believe that merchant success is our success. We are relentlessly focused on the needs and successes of the merchants we serve, helping them achieve their goals by increasing revenue, decreasing costs and streamlining operations. Personally, I also subscribe to the belief in thinking big, starting small and, most importantly, moving fast.

What is your revenue model, and how did you come up with it?

We have two main revenue streams: software subscriptions and payment processing fees. As we are hyper-focused on serving and empowering SMEs, we designed our pricing model so that our services remain affordable for these companies.

Also Read: Going solo: Legal considerations for starting a small business in Singapore

Can you tell us about the profile of your users and how you acquire them?

We serve primarily SMEs in the food and beverage, retail, beauty, events and service sectors. Our merchant acquisition channels include a mix of inbound and outbound sales, as well as a network of third-party referrals and reseller partners.

Which aspect of your business plays a crucial role in helping you build a sustainable company?

My co-founder Franklin and I started Qashier to solve a real-world problem and bring true value to our merchants. We continuously listen to the needs of our merchants to improve both the hardware and software of our platform so that we cater to the evolving needs of businesses in today’s digital economy.

What is the most valuable insight you get when it comes to building a sustainable tech business today?

People are the greatest asset of any organisation. From day one, we were intentional with building a culture that values openness and transparency, empowerment and excellence, and speed and innovation. We are rigorous in our hiring process, and we look out for talented individuals who are strongly aligned with our values and culture.

Today, we have 150 team members in four countries across Southeast Asia, and we’re proud to have built a team that is both efficient and passionate. We would not have been able to come this far without the dedication and commitment of the Qashier team.

Also Read: Exploring the impact of organised cybercrime on small businesses

How do the back-to-back global crises affect your business? How do you deal with it?

We pride ourselves on being flexible and adaptable so that we can respond quickly to the changing needs of the market and merchants.

For example, the pandemic hit months after Franklin and I started Qashier. We very quickly transformed Qashier’s platform into one that offered omnichannel capabilities, aligning with businesses that had to pivot to e-commerce. We then introduced solutions such as online and QR code-based ordering, ad delivery platforms and e-commerce integrations, among others.

As the pandemic also accelerated the adoption of cashless and contactless payments, we ensured that our platform allows merchants to accept a wide variety of these payments (such as cards, e-wallets, and BNPL) with just one account.

What opportunities do you plan to seize in the next few years?

We’ve set our sights beyond Asia Pacific (APAC) and look forward to preparing our foray into new markets. Qashier’s unique proposition lies in having a powerful, first-of-its-kind POS terminal that combines both POS and payment solutions, so we are optimistic that we can help the commerce landscape of the future become a level playing field for businesses of all sizes.

As we continue to scale and grow Qashier, we are also keen to explore various ways to give back to the SME community. As such, we started Qashier for Social Enterprise last year to provide sponsorships to social enterprises and NGOs like Don8uri, allowing them to use our solutions for the betterment of their businesses.

We also recently launched Qashier SME Support Package (QSP) in Singapore to bring our solutions to more businesses by offering an in-house subsidy.

Also Read: Big wins for small businesses: Supercharging growth with online content

What kind of improvement do you wish to make to your platform?

Launching the new edition of our flagship device QashierX2 and the lightweight and portable QashierXS is just the beginning for Qashier.

We’re working toward creating a fully integrated solution that is device agnostic and that also seamlessly integrates with other commonly used business tools such as HR, marketing, procurement, and more. We envision our platform as one that can help digitalise the business operations of SMEs from end to end.

What is your major plan for the remainder of 2023?

At the moment, APAC will continue to be a key focus for Qashier as we look towards strengthening our position as a trusted, omnichannel commerce partner for merchants. We will also be launching a new suite of software and payment products later this year, so do keep a lookout for those, too.

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Image Credit: Qashier

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Singapore’s fintech group FOMO Group has acquired capital markets service and asset custody entity CapBridge and private securities exchange firm 1exchange.

With this deal, FOMO aims to become a fully integrated, regulated, licensed digital payment and digital asset solution provider in Asia.

The group has received approval from the Monetary Authority of Singapore (MAS) for the acquisition and also obtained the Capital Markets Services (CMS) and the Recognised Market Operator (RMO) licenses in Singapore.

CapBridge operates as a digital investment syndication and distribution platform with a CMS License. It allows access to capital market products, such as securities, collective investment schemes, and custody solutions.

1exchange, on the other hand, is an RMO-licensed exchange tailored for small and medium-sized enterprises (SMEs), corporates, and institutions, providing a cost-effective listing venue.

Also Read: FOMO Pay raises US$13M in Series A funding round to accelerate growth

With this acquisition, FOMO plans to introduce value-added products in the capital markets domain.

Founded in 2015, the FOMO Group offers integrated digital payment and digital banking solutions to facilitate global collection and payout for merchants, corporates and financial institutions. Regulated under the Payment Services Act, it can conduct services such as cross-border and domestic money transfers, digital payment tokens, and merchant acquisition services.

The firm is building a licensed gateway helping institutions and businesses connect between fiat and digital currency.

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