Dear Pro member,

Singapore-based fintech firm, FOMO Group, has made significant strides in expanding its foothold in the Asian financial landscape through strategic acquisitions. It has acquired two local financial institutions, CapBridge and 1exchange, to venture into the capital markets.

CapBridge, a digital online investment syndication and distribution platform, presents an opportunity for FOMO Group to broaden its service offerings to cater to a wider range of customers. Additionally, 1exchange, with its cost-effective listing venue tailored for SMEs, corporates, and institutions, complements FOMO’s vision of becoming a fully-integrated, regulated, and licensed digital payment and digital asset solution provider in the region.

FOMO Group seeks to capitalise on the growing demand for fintech solutions and financial services in Asia by venturing into the capital markets space. With these strategic acquisitions, the company aims to strengthen its market position and unlock new revenue streams.

As the financial landscape continues to evolve, FOMO aims to accelerate innovation and adaptability, enabling the company to stay ahead in the competitive fintech industry and seize emerging opportunities in the dynamic Asian market.

Scroll down to have a glimpse of the top startup news stories collated from across Southeast Asia.

Sainul,
Editor.

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FOMO Group acquires CapBridge and 1exchange
CapBridge is a digital online investment syndication and distribution platform, whereas 1exchange is an RMO-licensed private securities exchange that offers a cost-effective listing venue designed for SMEs, corporates and institutions.

MAS eyes AI, Web3 projects with US$112M fintech scheme
The Financial Sector Technology and Innovation Scheme 3.0 will fund projects that tackle key areas of development in the fintech industry; FSTI 3.0 will have six tracks that cover the program’s different investment activities.

Singapore’s DotBio raises US$5.6M pre-Series A
The investors include Proxima Ventures and Gaorong Capital; DotBio, which specialises in antibody therapies, said it will use the funds to start its pre-clinical studies in areas such as animal efficacy, as well as chemical, manufacturing and controls.

BintanGo expands into live commerce with US$2.2M raise
The investors include Investible and Contents Technologies; BintanGo, which provides tools for digital content creators in Indonesia, aims to become a live-commerce enabler on TikTok, Instagram, Shopee, and YouTube.

Moonbox raises US$1M to launch AI-powered NFTs, apps
The investor is OKX Ventures; Moonbox develops an interactive protocol with AI that can give life to different digital assets, including NFTs.

Patrick Grove’s SPAC inks US$685M deal with Norwegian company
His SPAC Catcha Investment has agreed to merge with Crown LNG, a Norwegian firm that builds offshore liquefied natural gas terminals for harsh weather locations; The merged company, Crown LNG Holdings Limited, plans to list on the NYSE.

Ant Financial sells Paytm stake worth US$628M to founder Vijay Shekhar Sharma
Ant Financial will acquire a 10.30% stake in the Indian financial services firm in a move that appears to be orchestrated to cut the Indian firm’s exposure to the Chinese company.

Steve Jobs’s son launches VC fund to invest in cancer treatments
Reed Jobs is launching Yosemite, which has raised US$200M from medical institutions like Memorial Sloan Kettering Cancer Center, The Rockefeller University, and M.I.T, as well as from venture capitalist John Doerr.

Corporate investment strategies have become more mature, aggressive over time: Joseph Phua
The founder of Paktor and 17LIVe says the treatment of startups by old-school incumbent businesses in Asia has evolved in the last decade.

How Bossjob plans to win the Japanese market with its AI-powered career platform
Prior to its expansion to Japan, Bossjob entered Singapore and Indonesia and is preparing to enter Hong Kong in Q3 2023.

How Qashier plans to continue supporting SMEs with its product innovation
Qashier has recently introduced its flagship smart point-of-sale terminal Qashier X2 and the lightweight and portable QashierXS.

Indonesia may have a bright future in Web3 space, but some homework remain
The archipelago has all the elements of a supportive Web3 ecosystem with a close-knit community to forward-looking initiatives.

The wave of layoffs in 2023 and the Vietnamese market
While challenging, layoffs can also be seen as an opportunity to seek growth and advancement in your career.

From chatbots to therapists: How AI break ground in bridging the mental health care divide
We’re at the precipice of what could be a seismic shift in how we understand and address mental health.

Tap into the potential of your location data to boost business growth
How harnessing the power of your location data can help empower your business with the help of UNL’s unique location technology.

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The post Ecosystem roundup: FOMO Group acquires CapBridge, 1exchange; DotBio, BintanGo secure investments appeared first on e27.

The genesis of this piece arose from a captivating discussion with our Chief Technology Officer, Hassan Abid. We embarked on an intriguing debate about how brands can harness the power of generative AI while adhering to brand safety guardrails.

During this exchange, Hassan introduced the concept of ‘Responsible AI’ as a guiding beacon amidst our AI-driven world. Responsible AI, a fervent advocate of ethical principles and values, offers us hope — a means to steer clear of potential AI pitfalls and treacherous alleys that could ensnare us if left unchecked.

The principles that underpin Responsible AI are the bedrock upon which every AI system should stand: fairness, transparency, accountability, and human oversight. These principles constitute the moral compass that guides us in integrating AI responsibly.

Pillars of Responsible AI

Fairness stands at the core of Responsible AI. Our AI systems must be meticulously designed to treat all individuals impartially, casting aside biases based on race, gender, religion, or any other personal characteristics. A poignant example lies in the hiring algorithms adopted by many tech companies. When these algorithms succumb to biases, they perpetuate discrimination, bestowing favour upon certain candidates while unfairly disadvantaging others.

Transparency serves as the very foundation of trust. Individuals possess an inherent right to understand the decision-making processes that significantly impact their lives. By demystifying the enigmatic black box of AI, we foster a relationship of trust between users and technology, enabling them to hold AI accountable.

For instance, imagine a loan applicant rejected by an AI-powered lending platform. Transparency grants them insight into the reasons behind the decision, empowering them to challenge any errors or biases that may have played a role.

Accountability forms the robust backbone of Responsible AI. In an era where AI’s influence permeates every facet of life, clear lines of responsibility must be drawn to avert unforeseen consequences. This principle mandates that those involved in the development and deployment of AI systems be held accountable for any harm they may inadvertently cause.

Consider the revolutionary promise of autonomous vehicles in transforming transportation. Responsible AI ensures that developers bear responsibility for any accidents resulting from flaws in the AI systems guiding these vehicles.

Also Read: How AI, AR, and live streaming are changing the online shopping experience

Human oversight represents the ultimate safety net. While AI may perform breathtaking feats, it remains fallible. Thus, human intervention is indispensable to avert catastrophic outcomes. For instance, in the realm of AI-driven medical diagnostics, the accuracy-enhancing capabilities of AI should complement—not supplant—the expertise of medical professionals, who possess a deeper understanding of patient contexts and emotions.

Extended factors in Responsible AI

Beyond these four core principles, an array of other factors warrants consideration when weaving the fabric of Responsible AI systems. Foremost among these is privacy. We must safeguard individuals’ privacy, ensuring AI systems access personal data only with explicit consent. AI algorithms must never metamorphose into surreptitious spies lurking within cyberspace, infringing on privacy rights.

Security emerges as another paramount aspect. With AI’s ever-increasing ubiquity, safeguarding against unauthorised access and misuse assumes heightened importance. No one desires an AI dystopia wherein malicious actors exploit AI for sinister purposes, plunging societies into chaos and despair.

Furthermore, we must forge AI systems in a manner that aligns with environmental sustainability. Unbridled AI proliferation could trigger a massive carbon footprint, exacerbating climate change and imperilling the very planet, we seek to enhance.

The tangible benefits

The global momentum behind Responsible AI is palpable, with governments, businesses, and citizens acknowledging its transformative potential. Embracing Responsible AI begets an array of benefits that promise to reshape society for the better.

Chief among these rewards is the restoration of trust. As AI systems adhere to ethical principles, individuals gain confidence that their interests are safeguarded, fostering a harmonious coexistence with AI technology.

Additionally, Responsible AI augments decision-making capabilities. By leveraging AI systems devoid of biases and suffused with transparency, we gain access to more accurate, unbiased information, enabling better choices in our personal lives and society at large.

Crucially, Responsible AI endeavours to minimise harm. By sidestepping biased decisions and discriminatory practices, we shield against exacerbating existing inequalities and prejudices.

Lastly, Responsible AI stands as a catalyst for innovation. A robust framework, underpinned by safety, ethics, and societal welfare, fosters the development of AI systems that drive progress and elevate the human experience.

Also Read: From chatbots to therapists: How AI break ground in bridging the mental health care divide

Looking to the future: The industry’s role

Responsible AI constitutes our greatest chance at cultivating a future wherein AI is wielded for a good while mitigating its risks. By embracing the cardinal principles of fairness, transparency, accountability, and human oversight, we craft AI systems that align with our values, working harmoniously alongside us.

The road to Responsible AI may be fraught with challenges, but the destination it promises is one worth pursuing—a future where AI emerges as a trusted ally rather than an enigmatic foe.

At present, there may be no specific regulations or compliance guidelines available for businesses employing generative AI to implement Responsible AI. However, rather than waiting for external guidance, the onus lies upon us within the industry to proactively develop a playbook—charting the course for ethical AI practices.

Our collective commitment to Responsible AI can lead us to a future where technology, driven by moral responsibility, empowers humanity to thrive.

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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: Arseny Togulev on Unsplash

The post How to navigate the ethical landscape of Responsible AI appeared first on e27.

Writing a business plan is a rather common exercise for entrepreneurs, but it can also be a deadly trap business owners keep falling into. They work hard to build a deck that makes sense and feel confident presenting it, but then something goes wrong, and a big opportunity is lost.

The story is typical, but most of the time, the entrepreneurs have no idea of what just happened and no real way to analyse the situation. Still, there is a pattern, and it can be avoided with a little bit of discernment and anticipation.

In particular, one idea is a game changer: nobody cares about your business plan if all it is for you is a piece of paper.

What potential partners (entrepreneurs, investors, etc.) are interested in is something very different: your business planning skills.

Also Read: A guide to creating the ultimate investor pitch deck

What you think isn’t what they expect

In essence, the issue is that (inexperienced) fund-seekers and (seasoned) funders do not operate the same way.

On the business owner’s side, the thinking is usually the same. The idea sounds awesome, and there is a problem to solve. The market is big, and the potential is huge – that’s worth a lot of money! – hence the business plan can be done quickly in just a few days.

Except that on the funding side, the perspective is not the same at all.

I’ve worked with a few entrepreneurs and investors in my line of work, and one thing they have in common when it comes to investing in a business proposal is the need for efficient business structuration.

Structured thinking, to start with – as in, where exactly are you trying to get and how hard have you been thinking about how to make it happen?

Financial structuration, also – what is the plan, how much do we need to make it happen, and how much will we give back when we succeed?

And, of course, legal structuration – because nobody will invest a cent in a company that looks like a risky black box.

In many cases, however, the business plans they receive are far from their expectations.

The pitch deck is mostly built on a great idea, but it lacks serious business foundations. It lacks serious thinking and brainstorming. The financial and legal parts of the proposal are loose. And the deck itself isn’t investor friendly – too long, too wordy, not illustrated enough, not inspiring.

On the investor’s side, the reaction is then very simple.

“They’re looking for a small fortune, but this proposal is just a big ‘if’. The idea is probably good, but there’s no product-market fit, no proof of concept, no market validation, I can’t do anything with this.”

“The deck isn’t concise, and it’s not inspiring at all. I don’t have time to read twenty pages of black and white!”

“We receive hundreds of applications and only fund a couple a year because only a few are structured enough to be able to scale.”

“The money they ask for the equity they give is simply disconnected; they have no idea of what they are talking about.”

Also Read: 10 things you should incorporate into a business continuity plan

Business plans without business planning skills are worthless

In short, and to repeat myself, just a business plan isn’t worth anything.

What your future partners want to know isn’t that you have a good idea. They want to see if you are the right person to invest in and if the way you plan to invest their money gives them any chance of getting a return on their investment a few years from now.

The business plan, said differently, should showcase your business planning skills more than your great idea. And it should show that because you can think ahead and come up with a convincing strategy, you are worth investigating further.

Yes, wondering how to write a business plan is a perfectly legitimate question! But it only makes sense if you are willing to walk a mile in your future partners’ shoes and if you are ready to take your business idea a lot more seriously.

Only those who understand this nuance make it to the next stage.

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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: Campaign Creators on Unsplash

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