Dear Pro member,

Amid the challenging economic conditions in Indonesia, two prominent startups, insurtech firm Qoala and fintech company Ayonnect, have announced employee layoffs as part of their restructuring efforts.

However, concerns have been raised that the current global economic climate might be the true underlying reason for these workforce reductions. The situation has raised alarms, suggesting that other companies in the region could follow suit and implement layoffs in the upcoming months.

Indonesia has been severely impacted by the global economic slowdown, emerging as one of the worst-hit countries in Southeast Asia. The economic downturn has put immense pressure on businesses across various sectors, leading to financial difficulties for startups like Qoala and Ayonnect.

The uncertainty surrounding the situation has cast a shadow over the stability of other startups and companies in Indonesia, with fears that more layoffs could be on the horizon.

As the economic challenges persist, the Indonesian startup ecosystem remains under scrutiny, and stakeholders are closely monitoring the developments, hoping for a recovery and revival of the thriving tech industry in the region.

Scroll down for all the major recent developments in the region’s startup ecosystem

Happy weekend.

Sainul,
Editor.

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Insurtech firm Qoala lays off 80 employees in Indonesia, Malaysia
This news comes about four months after the company announced its US$7.5 million series B extension round; The company said that the decision was motivated by a two-year review of its organisational structure.

Ex-Lazada director’s fintech Ayoconnect cuts 10% of workforce
According to its site, Ayoconnect has about 200 employees; The startup has raised a total of US$43M in funding; Its latest round was the US$13M Series B+ in October 2022.

Airalo secures US$60M in Series B funding
The backers include Etisalat’s e& capital, Liberty Global, Singtel Innov8, Antler, and Rakuten; Airalo aims to bring instant connectivity worldwide by allowing travellers to purchase virtual eSIM packages.

GrabRentals drives home US$90M in revenue as earnings grow 73% in FYE 2022
At the same time, the company registered US$15M in earnings before interest and taxes; This comes as the company slashed its finance costs by almost half to about US$2.5M.

Endowus grows revenue 2.5x in 2022, but losses rise to US$20M
However, the company’s expenses also increased, leading wealthtech company’s losses to balloon from US$13M in 2021 to US$20M in 2022.

Antler expands to MENAP with launch of US$60M fund
It plans to hit first close in September this year; The Singapore-based early-stage investor will also launch its first cohort in Riyadh that month, where around 60 founders will be shortlisted for its three-month founder programme.

SG digibanks spend big for 2022 launch, filings show
Trust Bank, GXS Bank, and MariBank have spent big in their first few months of operations; GXS Bank, a joint offering from Grab and Singtel, set aside US$101.4M in operating expenses last year.

Chinese users log US$90B in transactions on Binance under domestic ban
After China declared all crypto-related transactions illegal in 2021, Binance said it would stop trading for China-based customers; However, Binance used different websites and domain names to redirect China-based users to its global exchange.

‘Airbnb for surgeries’ HDmall gets FEBE Ventures backing
HDmall, which works with 1,500 healthcare providers in Thailand and Indonesia, aims to achieve profitability by the end of this year.

Singapore sports app Rovo to shut down operations
The app helps users create workout routines, as well as find partners for sports such as tennis, basketball, and football; Rovo last raised US$473K led by East Ventures in 2018.

Beleaf raises US$6.9M to expand farming-as-a-service model
The investors are Alpha JWC Ventures and Openspace Ventures; Beleaf is building an integrated platform to give farmers access to input and technology as well as to help connect farms with agronomists and retailers.

Former SCMP CEO’s Web3 startup Terminal 3 raises pre-seed funding
The investors include 500 Global, CMCC Global, Consensys Mesh, and Bixin Ventures; Terminal 3 leverages decentralised storage and zero-knowledge proofs to empower an equitable Web3, where user data is freely composable while remaining fully private and secure.

Superbank, Amartha team up for women-focused working capital loans
With this partnership, Superbank aims to provide working capital loans to 1M+ women microentrepreneurs served by Amartha; To date, Amartha has disbursed over US$800M in working capital loans to 1.6M SMEs in Indonesia.

Indonesia’s Bank Raya posts US$8.3M in pre-tax profits for H1 2023
The development comes despite a 34.5% dip in the digibank’s net interest income, which stood at US$15.4M for H1 2023; Bank Raya’s digital lending disbursements grew 23.7% y-o-y to US$53.2M.

 

eFishery will look to expand across Asia, Middle East: CEO Gibran Huzaifah
eFishery achieved positive EBITDA for two consecutive years; its domestic transactions reached US$27.6M in 2021.

Vietnam offers a blue ocean opportunity for our healthtech biz: HD Co-Founder Sheji Ho
HD, which operates a healthcare and surgery marketplace in Thailand and Indonesia, plans to enter Vietnam next year.

Startups don’t need PR agencies, sirius-ly?
Hiring a PR agency to take care of the image aspect of your business is especially crucial for startup companies.

Striking the right balance: Financial health, talent retention, and business growth
Businesses and organisations now find themselves in uncharted waters where the future remains indefinitely uncertain.

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(The image used in this article is AI-generated)

The post Ecosystem Roundup: Layoffs at Qoala, Ayoconnect; Airalo secures US$60M; Antler expands to MENAP appeared first on e27.

In July, the Philippine-based career platform Bossjob announced its plan to enter the Japanese market. The plan will include the provision of a limited-time free policy to assist Japanese companies in recruiting talents from different countries through an enhanced user experience with its AI + direct chat model.

“Japanese companies exhibit a high demand for talent. We aim to meet this need by providing efficient talent services that prioritise superior user experience,” says Bossjob co-founder and Chief Executive Officer Anthony Garcia in a press statement.

Prior to its expansion to Japan, Bossjob entered Singapore and Indonesia and is preparing to enter Hong Kong in Q3 2023.

Founded in 2018, Bossjob offers an MDD model of “mobile + direct chat + AI-matching,” introducing direct chat into the recruitment scene. With the help of AI technologies and big data, the platform recommends highly suitable and active candidates to employers and relevant job opportunities to job seekers.

In this email interview with e27, Garcia explains in detail about the company’s expansion plan and the role it plays in its growth. The following is an edited excerpt of the interview.

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

Can you tell us about the process of how Bossjob decided that Japan is the ideal destination to expand its services to?

The talent gap in Japan is growing year by year. On the other hand, international talent competition is also increasingly fierce. Especially in the IT sector, a survey published by the Japanese Ministry of Economy, Trade, and Industry estimated the demand for IT talent would continue to expand. Meanwhile, Japan’s labor force, especially the young population, is expected to decrease, and it is estimated that by 2030, the IT talent gap will reach about 790,000.

The introduction of foreign talents has become one of Japan’s growth strategies. The government has expressed the necessity to accept foreign talents with advanced knowledge and skills to accelerate Japan’s productivity and innovation. On June 9, the Japanese Cabinet approved a plan to expand the “Specific Skills 2” residence status, which skilled foreign workers can acquire, from the current two fields to 11 fields. This suggests that more foreign talents will be accepted in the future.

Bossjob has been serving the SEA market for more than seven years. Based on our data, we have observed an increasing trend in Japanese companies recruiting talents on Bossjob. Before entering the Japanese market, many Japanese companies, such as EQUINIX, % Arabica, and IPS Co., have been using Bossjob, primarily recruiting international talents for the Southeast Asian market. Therefore, after Singapore, Hong Kong, and Indonesia, we chose Japan as the next stop for Bossjob’s internationalisation.

How does expanding to Japan differ from Singapore and Indonesia? What preparation do you need to make?

The job market in Japan leans toward the conservative side, being dominated by numerous established recruitment agencies. This makes it challenging to penetrate the traditional market. However, in recent years, the rise of emerging industries such as the internet and blockchain has opened new doors for us, presenting fresh opportunities and markets. In Japan, we mainly aim to cover emerging incremental markets that have yet to be tapped by traditional channels.

On the other hand, the Southeast Asian (SEA) market is quite diverse and fragmented. Our strategy in this region is to concentrate on servicing pivotal businesses and demographics. For instance, in Indonesia, an emerging nation with a geographically dispersed market and a lower GDP, we direct our energies toward catering to key enterprises.

In the process of globalisation, our priority is to localise our products. We gear up for handling multiple languages and configurations and building local teams.

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

What potential challenge do you anticipate? How do you plan to tackle this?

One of the most significant hurdles we encounter while trying to penetrate the Japanese market is the entrenched business relationships between existing recruitment players and corporations, which makes gaining a foothold in the established market quite challenging. Consequently, we’ve chosen to strategically concentrate our efforts on Japan’s high-growth emerging industries like IT and blockchain for our next key growth directions.

Can you tell us the profile of your users in Japan and your user acquisition strategy to reach out to them? Do you have any specific target for your first year in Japan?

The Japanese market represents both a challenge and an opportunity for Bossjob, requiring a strategy that strikes a balance between assertive market penetration and cultural respect. The market is relatively conservative, and users prefer localised products.

At the current stage, we hope Bossjob will serve as a bridge between international talents and Japanese companies in the Japanese market. So far, Bossjob has over 2.9 million registered users, which is the successful first step for us in entering the Japanese market. After entering the Japanese market, we will offer free policies for corporate clients aiming to stimulate a surge in our corporate client base.

Our user growth strategy is multi-faceted:

Firstly, there is our product strategy. We continuously innovate and improve, adopting the “Mobile+Direct Chat+AI Matching” (MDD) innovative model, which introduces online chat into the recruitment scene. Leveraging cutting-edge technologies such as artificial intelligence algorithms and big data, we provide highly matched candidate recommendations to employers and offer job recommendations to job seekers. This improves the precision of matching between them, enabling users to experience more efficient recruitment. This is the core of our sustained user growth.

Additionally, the Japanese IT industry is a late-mover market, and comparable players are rare. Our strategy is to achieve wide coverage first and then wait for the market to develop to a certain scale before implementing advanced paid features.

Secondly, there is our marketing strategy. We will focus on the pain points and preferences of Japanese users and corporate clients, continuously investing in brand awareness, social traffic, and word-of-mouth referral.

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

What support do you get from your partners and investors in this expansion process?

Our partners and investors have continuously been supportive and are optimistic about Bossjob’s globalisation efforts. The specific details of their support are not convenient to disclose at the moment.

What is your big plan for 2023 apart from the expansion?

Our strategic blueprint for 2023 is centred on enhancing our core competencies and fortifying our technology and data barrier for future growth. The goal is to ensure our sustained ability to provide service to businesses and individuals worldwide, have the unique capability to serve corporations across the region and have an edge over our competitors in solving core issues for our clients.

As Bossjob navigates its plan for globalisation, we aspire to further augment our capacities in key areas: commercial viability, scalability, and the ability to continuously iterate and innovate. We are committed to maintaining an adaptable and forward-looking approach that will enable us to thrive in the evolving global business environment.

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Image Credit: Bossjob

The post How Bossjob plans to win the Japanese market with its AI-powered career platform appeared first on e27.

Hong Kong-based artificial intelligence and Web3-focused startup Moonbox has received US$1 million in funding from OKX Ventures, the investment arm of global crypto exchange and innovative Web3 company OKX.

The startup will use the investment to accelerate product growth and continue developing its core technology, centred on building applications powered by the latest generative AI technology for Web3 and NFT applications.

Moonbox focuses on developing an interactive protocol with AI that can give life to different digital assets, including NFTs. In July 2023, the company was granted Stephen Chow’s cinematic IPs for use in NFTs.

Also Read: Unstoppable pioneers of Web3: 16 women spearheading the change

The company plans to launch a series of AI-powered NFTs and applications inspired by the art and film industry by the end of 2023.

Moonbox Senior Advisor Ignious Yong said: “Our mission at Moonbox is to power the Web3 ecosystem, and NFTs in particular, by providing fully immersive experiences with the use of generative AI technology. We are confident that the integration of AI and Web3 will make NFTs more fun and valuable, creating a larger variety of use cases in the film and entertainment industries, and attracting users from all walks of life.”

OKX Ventures has invested in over 300 projects across the areas of blockchain infrastructure, Web3, NFT and others to promote the sustainable development of the global blockchain industry.

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(The image used in the article is AI-generated)

The post Moonbox raises US$1M to launch AI-powered NFTs, apps appeared first on e27.

The world has endured a rollercoaster ride in recent years, starting with the global pandemic, which led to disruptions, unemployment, and loss. Despite reopening for business, the global economy remains uncertain in the face of recession, the Ukraine war, a crypto market crash, high inflation, and a talent shortage. Businesses and organisations now find themselves in uncharted waters where the future remains indefinitely uncertain.

While Singapore may not be facing an immediate threat of recession, the potential impact of the prolonged downturn in economies like the US and the EU looms ominously. Despite current market trends and analysts’ arguments about a postponed US recession, there is just no guarantee that things will get better.

Inflation, wages and talent pinch in Singapore

As Singapore braces for another year of slowing economic growth, it also faces the challenge of rising inflation, which is partly driven by continuous wage increases. In 2022, the median pay for Singaporean workers, inclusive of the employer’s contribution to CPF, unexpectedly surged by eight per cent, up from the previous year’s median salary of SG$4,700 (US$3,531.44).

In addition, fresh graduates from local universities also witnessed average salary increases of SG$400 (US$300.55) to SG$4,200 (US$3,155.76) (without employer CPF contribution) in 2022 alone, marking the highest nominal wage growth in a decade.

With the current inflation rate hovering around five per cent, Singapore’s salary data could create a false impression of its economic well-being. In reality, the slowing economy is dampening employment vigour, leading to higher unemployment rates, while those employed are getting higher salaries.

With the risk of inflation continuing to loom, resident wage growth is expected to remain above pre-COVID-19 rates, potentially escalating business costs and reinforcing inflation concerns once more.

Also Read: Surviving the storm: Singapore SMEs look to global expansion as recession looms

Out of various industries, the finance and insurance sector stands out with the highest wage growth, particularly for local employees, who witnessed a more significant surge compared to foreigners. Interestingly,  this surge in wages coincides with a shortage of finance leadership positions across businesses. Data published by the Institute of Chartered Accountants revealed a concerning 36 per cent decline in accountancy applicants year-on-year between June 2021 and June 2022.

Balancing financial health for long-term success

Amid a limited talent pool, companies often resort to aggressive hiring practices to secure skilled employees. However, it is also important to exercise wisdom and foresight to avoid adverse impacts on their financial health.

The pandemic served as a harsh reminder, as tech giants that hastily expanded their workforce during the crisis had to retrench employees a year later when demand for their services did not align with assumptions.

Such retractions not only incur additional compensation costs but also tarnish a company’s reputation. Therefore, maintaining long-term sustainability and stability must remain a top priority for businesses in their pursuit of growth and success.

To maintain a delicate balance between talent acquisition and financial stability, thorough financial planning and analysis are essential. This involves considering different scenarios, cost management strategies, and the impact of wage changes on profitability. This analysis should also be robust and flexible, allowing for quick adjustments as needed.

Once a solid plan is in place, businesses can confidently execute budgets while making minor adjustments along the way. Given the current economic landscape, agility is key, and hence robust financial planning will enable businesses to set and monitor their key metrics, swiftly adapting on a month-to-month basis.

Outsourcing: A future-proofing strategy

To alleviate the impact of rising wages in Singapore, businesses can adopt outsourcing as a proven and widely used strategy. Outsourcing offers several advantages, including reduced manpower costs and the flexibility to scale resources as needed.

Also Read: Smart outsourcing means hiring partners without losing your core brand identity

Through outsourcing, businesses can also avoid the expenses associated with traditional hiring processes, such as advertising, waiting, and interviewing candidates. This approach proves especially beneficial in industries like F&B, where manpower needs can be volatile and turnover rates are high, making conventional hiring workflows impractical.

Outsourcing also offers the opportunity to enhance overall capabilities when faced with challenges in finding or retaining talent in-house. By tapping on external expertise, companies can improve service delivery and gain valuable knowledge transfer, enabling them to stay ahead in a competitive landscape, fostering innovation and growth.

While outsourcing brings many benefits, it also comes with potential challenges. Businesses must be cautious not to prioritise cost savings at the expense of quality, which can result in dissatisfied clients, leading to tangible losses as customers may discontinue their engagement. In more severe cases, the company’s reputation may be negatively impacted, even if the outsourced work was the cause of poor service quality.

To mitigate such risks, it is essential for businesses to carefully select the right tasks for outsourcing and to engage suitable partners. By doing so, they can reduce costs without compromising the quality of work, ensuring customer satisfaction while safeguarding their hard-earned reputation.

As we face an increasingly challenging future economy, planning ahead may not always guarantee a smooth journey. Nevertheless, businesses can take solace in knowing that there are effective tools and strategies available to mitigate risks, lower costs, and maintain a  sustainable talent pool.

By deploying these approaches, companies can bolster their resilience, adapt to dynamic market conditions, and position themselves for success in the face of uncertainty.

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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

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Small businesses, which typically place a premium on efficiency and quality of service to customers, may find blockchain to be an ideal platform for financial transactions and even capital raising. While many smaller businesses may assume that only major corporations can afford to engage expensive engineers to implement cutting-edge technologies like blockchain, the reality is that a company of any size may benefit from incorporating this innovative technology into its operations.

The use of blockchain technology is not limited to internet enterprises. Blockchain technology is already being used by brick-and-mortar businesses, including cafes, gyms, nail salons, bakers, and repair shops.

Let’s have a look at some of the advantages blockchain gives business owners that are looking to grow their companies:

Uniquely distinct from prior payment forms

The first step a company may take in adopting blockchain technology is to accept cryptocurrency payments. Offering Bitcoin and other cryptocurrency payment options shows a deeper dedication to the blockchain.

Due to the fact that conventional merchant services are not prepared to deal with Bitcoin, the deployment will necessitate extensive planning and testing. Thus, in order to accept Bitcoin payments, a small business must either prepare for and budget for a digital wallet, a merchant gateway, or a combination of the two.

Also Read: Understanding the role of fintech, blockchain in transitioning to net zero

There are a number of advantages for businesses that use blockchain currency. A customer’s perception of your business could improve if you accept this type of payment. With cryptocurrency, companies may avoid intermediaries and save money by transacting with customers directly.

Since blockchain transactions are irreversible, customers who wish to request a refund must do so by getting in touch with the company directly. This helps address the problem of chargebacks, which occurs when consumers make purchases but subsequently dispute the charges on their credit cards.

Cost-effective, secure cloud storage

Every year, businesses and consumers spend more than $30 billion on cloud storage. Customers, particularly startups, can use blockchain storage solutions to safely and cheaply archive their data without sacrificing privacy or resources.

The utilisation of smart contracts

Businesses on the blockchain can employ smart contracts, which are effectively self-verifying and self-enforcing contracts. The contract is immutably stored on a distributed ledger or blockchain. Smart contracts can be seen in a variety of business contexts, including commercial leases, vendor agreements, and even employment contracts.

Thanks to smart contracts, even the smallest enterprises may enjoy a level of security that was previously out of their price range. By cutting out the traditional middleman—an attorney—a business can save money via a smart contract.

Also Read: Celebrate World Environment Day: 4 ways blockchain and ReFi are supporting a greener future 

Blockchain technology, globally Ethereum, the first platform to provide support for smart contracts, is one of the most advanced systems for making and processing them.

A funding tool for companies

Thanks to advancements in blockchain technology, startups can now consider Initial Token Offerings (ITOs) as a means of capital raising. In lieu of traditional financial intermediaries like banks, lenders, private equity firms, and crowdfunding platforms, ITOs allow tokens to be freely traded on exchanges. These tokens are similar to a stock or a cut of the profits in a conventional business.

If there is sufficient demand, the company may launch a new cryptocurrency based on the blockchain. This token can be used to invest in the company or project, or it can be used on any of the products or services it represents.

Due to the increasing interest of token investors, ITOs have become a viable alternative to traditional capital raising for businesses of all sizes. Now that these coins may be bought, sold, and traded on exchanges, the public has access to previously unavailable liquidity.

The blockchain paves the way for a new way to establish reliable relationships between parties. Instead of being perceived as a means for people to hide their activities, blockchain technology and cryptocurrencies are increasingly being acknowledged for their usefulness in the realms of privacy and security. Small businesses may be able to leverage the fact that informed customers will likely avoid spending money with a firm that uses blockchain technology as a selling point.

Businesses of all sizes would do well to start using blockchain technology immediately, whether to broaden their payment options or to reassure customers that their information is stored in an immutable record. This is a great way for business owners to increase the safety and efficiency of their operations.

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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

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eFishery, the Indonesian aquatech startup that became a unicorn following a US$200 million Series D funding round early last month, will look to expand into other parts of Asia as well as the Middle East, said Co-Founder and CEO Gibran Huzaifah.

He, however, didn’t share specific details of the plans.

“We aim to expand our presence in several countries across Asia and the Middle East. We recognise the potential and value of tapping into these markets, and our expansion efforts will be geared toward capturing these opportunities,” Huzaifah said in an interview with e27. The company expects its lead investor of the latest round, UAE-based 42XFund, to help with the Middle East expansion.

In addition, eFishery has set an ambitious goal of exporting shrimp products overseas, starting with the US. According to data released by the Ministry of Marine and Fisheries in 2022, the US is the largest export destination for shrimp, accounting for 71.6 per cent of Indonesia’s total national shrimp exports. This indicates a significant market opportunity.

The aquaculture company was established in 2013 to provide an integrated aquaculture ecosystem. Its solutions include feeder technology, access to financial institutions, and a platform to sell fish and shrimp crops. It also provides disease prevention and productivity recommendations, tailored feed prescriptions, credit scoring and financing options.

eFishery also runs several initiatives to empower local farmers, including KASEF (Kampung Super Ekosistem eFishery – Village of eFishery’s Super Ecosystem) and eFishery Point.

KASEF, launched in 2022 in collaboration with various strategic partners, including the local administration, focuses on equipping farmers with the knowledge and skills to become our valued produce partners. As part of this, they can also participate in our programme KABAYAN, which provides access to financial support.

Also Read: eFishery banks US$200M, targets to engage 1M+ aquaculture ponds by 2025

eFishery Point, on the other hand, serves as a collaborative space where farmers can interact with eFishery innovations and learn about the latest technologies. Additionally, the company organises financial literacy workshops to enhance their knowledge and understanding.

The firm currently works with over 70,000 fish and shrimp farmers in 280 cities in the archipelago. In addition to exploring overseas expansion, eFishery will deepen its presence in Indonesia. According to Huzaifah, the Indonesian fisheries sector has experienced remarkable growth over the past year. As per the latest data, the industry now contributes nearly US$30 billion to its GDP (approximately 3 per cent of the total GDP).

“Indonesia is the world’s largest archipelago, consisting of 17,500 islands. Therefore, we approach our expansion one step at a time, ensuring effective implementation and support across different regions,” he noted.

He also revealed that eFishery achieved positive EBITDA for two consecutive years. It distributed a substantial amount of its farmers’ harvest, totalling 13,000 tons, across various regions of Indonesia in 2021. Additionally, the company’s domestic transactions reached 420 billion Indonesian rupiahs (US$27.6 million), which includes shrimp exports within the same year.

“We consistently try to sustain a healthy business cycle in our existing super-ecosystem for fish and shrimp farming nationwide through various initiatives. Our goal is to grow together with farmers within our super-ecosystem by providing support on what they need the most, such as digital fish and shrimp farming management, access to micro-financing, and assurance in the distribution flow of their harvest.

When launched in 2013, eFishery was the only aquaculture startup in Indonesia. However, the landscape has since evolved, and there are now over 50 startups operating within the aquaculture and fishery industries, each with its unique focus.

“The emergence of numerous startups signifies a growing concern and interest in the industry, further motivating us to make a positive impact,” he said. “Our missions and core purpose remain steadfast: to meet global food demands through aquaculture, offer affordable technological solutions to fundamental problems, and foster an inclusive digital economy that reduces inequality,” he explained.

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From January to May 2023, WasteX, a climate-tech company operating in the Philippines and Indonesia, implemented the biochar solution that it has produced in a poultry farm in West Java. Collaborating with agritech startup Pitik Digital Indonesia, the project aims to examine how biochar–a charcoal-like and carbon-rich substance derived from biomass–can boost the performance of the poultry industry and help achieve sustainable farming techniques.

The same solution has been implemented by WasteX in a Cavite poultry farm in the Philippines and resulted in positive reception from various government institutions.

What is the biochar, and why does it sound so promising? Biochar is produced from rice husk and poultry litter using WasteX’s proprietary equipment at one of Pitik’s farms. It is then incorporated into the farm’s operations in two ways: as a bedding additive of up to 10 per cent of the total bedding and as a feed supplement of up to two per cent of the feed.

In a press statement, WasteX says that the supplementation of bedding with up to 10 per cent biochar led to substantial improvements in the farm’s broiler chicken production with a 25 per cent reduction in chicken mortality rate and a 30 per cent decrease in overall bedding use.

It also helps the farm achieve the highest-ever recorded value in its Performance Index with a slight decrease in the feed conversion ratio or FCR. Apart from that, the use of biochar also helps with a “near-complete” eradication of E. coli and guarantees carbon credits to its clients for the entire biochar production and application.

Also Read: TRIREC Partner Mike Lim: Interest in climate tech investments remains buoyant despite challenges

Why biochar is the way to go

WasteX is the result of the Wavemaker Impact venture-building process. In an email interview with e27, Founder and CEO Pawel Kuznicki explains how the project came to be.

“We were looking for untapped opportunities where we could have the biggest financial and carbon impact. We realised that biochar is the way to go – that it is proven technology but requires commercialisation. Then we realised that potential agricultural stakeholders require a complete solution so that they would adopt it,” he explains.

“That’s how we decided to develop our end-to-end solution inclusive of our own proprietary equipment, full implementation with agronomy expertise, and carbon credits facilitation. We embarked on initial partners in pilot projects (farms and agricultural producers from the Philippines, Indonesia and Thailand) while we were perfecting our solution. With these successful initial projects, we recently started commercial implementations with a much-improved product, processes and proven benefits.”

Biochar itself has plenty of potential applications, ranging from agriculture to cement manufacturing to water filtration. But WasteX focuses on its implementation in crop farming, including cassava, cacao and vegetables.

“We offer an end-an-end that is inclusive of our proprietary equipment, full implementation on the farm, support with biochar application in farming, a digital app to monitor to progress and optimise the application, and carbon credits facilitation where we guarantee US$50 per ton biochar to farms. It is already a fairly holistic solution where we try to maximise benefits for our clients,” Kuznicki says.

Also Read: Demystifying the financial impacts of climate change with Intensel

As a company, WasteX has three sources of revenue: Equipment sales, implementation fees, and revenue sharing on carbon credits.

“We have a multi-channel acquisition strategy that includes outbound sales, digital and offline marketing, working with independent agents and partnerships. The benefits to farms are quite clear and convincing, so the major challenge is the investment required on the farm’s side. We address it by offering flexible payment plans,” Kuznicki says.

Having raised a total of US$775,000 from Wavemaker Impact and Norinchukin Innovation Fund, WasteX is run by a team of 12 splits between the Philippines and Indonesia.

“Currently, we focus on growing these two markets, but we have got client inquiries from Thailand, Australia or Vietnam, among others,” Kuznicki says.

“But we believe that Indonesia and the Philippines are huge big opportunities for our business that we want to grow the expertise and presence there so that we can provide to our clients top-notch on-the-ground service.”

In the near future, the company wants to focus on product development and customer acquisition.

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Image Credit: WasteX

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Indonesia-based remittance startup Transfez introduced a new product called Jack, a service that focuses on providing a comprehensive financial management platform for finance teams in corporations.

Jack and Transfez Co-Founder & CEO Edo Windratno told DailySocial that the idea started off just as Transfez began operating. The company learned that many of its users came from the MSME segment, using its solutions to pay invoices from overseas vendors.

“Those days, legacy players in the market required customers to visit branch offices to do remittance. That was how we learned that there is a demand to launch Transfez for Business to help corporates with the remittance, says Windratno.

As time went by, the startup also learned that remittance was only a small chunk of the financial management problems that corporations faced. Apart from that, when it comes to the remittance business, Indonesia is still considered a “recipient country” instead of a “sender country”. This is related to the high number of Indonesian migrant workers living abroad and sending money to their families at home.

This was why, in order for remittance businesses to grow, they needed to expand into the B2B segment–an issue that Transfez also dealt with.

The company then validated the question in the field until it had enough conviction to set up a separate brand entity. It ended with the launch of Transfez for Business nine months ago.

Also Read: Co-founders inject US$48M into Lightnet to grow its blockchain-powered global remittance solutions

“There is already a significant difference between Jack and Transfez for Business in terms of the features they offer. Apart from that, Transfez is also known as a remittance brand. This is why we used Jack for a fresh start.”

Windratno stresses that as a brand, Jack and Transfez are two separate entities under one corporate entity. These two brands have different focuses. Transfez focuses on overseas remittance for retailers, while Jack focuses on registered corporations with a more complex solution.

In terms of milestones, Transfez claimed to have achieved profitability due to its health unit economics and ability to acquire users organically. Its users consist mostly of expatriate, students and their parents, and import companies.

Let’s talk about Jack

Windratno further explains that Jack was developed as a response to the various challenges faced by corporations in Indonesia, including limited access to corporate credit cards and inefficient finance procedures. By using AI technology, Jack aims to revolute the financial process and increase productivity by 10 times, without neglecting the privacy and data security aspects.

Jack provides comprehensive financial solutions that include Corporate Cards, Reimbursement, Bill Payment, Local Transfer, and International Transfers. The platform helps businesses solve the problem of decentralisation as a result of using services from different platforms and vendors by offering a holistic solution to improve quality control based on real-time data and a decentralised system.

With Jack, business owners and finance teams have full control of company expenses, increasing accountability through a real-time tracking system, automated payments, cutting down transaction fees, and freeing the workload of the finance team. This is completed with a workflow that is accessible through a mobile app, helping users to manage their finance in a flexible manner.

“What sets us apart is the integration between submission, approval, and payment process. We are tackling the existing problem of financial software disintegration … the flow is more manageable, and the platform will disburse the fund as soon as there is approval.”

Windratno explains that to reimburse bills, the finance team only needs to ask employees to take pictures of the invoices and submit to the platform for approval. The Jack system is also customisable, allowing approval for every submission.

“When the last person that has been appointed has been approved to reimburse, our engine can start the transfer process. There are also other features that we are developing to help cut down the finance team’s workload.”

Since the launch of its beta platform through the Transfez for Business, Jack has received positive responses from various clients, from Visinema, Adhimix Precast Indonesia, Impactto, to Love, Bonito.

It has helped clients to cut work time down to 7,800 hours and cut down transaction fees by 60 per cent at around IDR30 billion annually.

The Jack solution is also sector-agnostic, meaning that it is suitable for companies in every business vertical with 10-250 employees. The company expects to onboard more clients in the future.

A similar solution is offered by Singapore-based startup Aspire.

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This article was written in Bahasa Indonesia by Marsya Nabila for DailySocial. English translation by e27.

Image Credit: Jack

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Startups don’t need the services of public relations agencies – at least, that’s what most startup Founders or business leaders would like to believe. But let’s review that theory, shall we?

Imagine if an employee or an executive representing your company committed a blunder. Picture this: a mishap equivalent to a botched spell or a misplaced Portkey causing havoc. Now, what if a customer complaint, fueled by a touch of dark magic, went a bit too far and quickly became a viral sensation online, casting a dark cloud of negativity on your brand?

Imagine the repercussions of such a situation, as if there is a secret dark wizard employed in your company. And what if, despite investing significant time and resources in marketing your products and services, the public remains oblivious to your brand, almost as if they were all under the influence of the memory charm, Obliviate? Clearly, in that situation, all you need is a simple Beautification Charm.

But, since we don’t have that in the real world, how about trying the next best thing and getting yourself a reliable PR agency to act as your Patronus and keep all those Dementors, aka negative public perception, at bay?

The importance of public relations in crisis management

Ok – maybe that was too Harry Potter. Let’s study a real-life example. Startup Y is a Malaysian tech company that recently launched a groundbreaking e-commerce platform, aiming to revolutionise online shopping in the country.

The platform has gained popularity among users, receiving positive reviews and attracting significant media attention. However, as the user base expands rapidly, Startup Y encounters a PR crisis when a major data breach occurs, compromising the personal information of thousands of users.

Also Read: Barbie-fy your business with the power of PR

News of the data breach quickly spreads across social media platforms, causing panic and eroding trust among users. Negative comments, online articles, and viral videos criticising the startup’s security measures start circulating, damaging Startup Y’s reputation and impeding further user acquisition. The internal team at Startup Y, overwhelmed by the crisis, struggles to respond effectively, exacerbating the situation.

Recognising the urgency and severity of the issue, Startup Y realises the need for professional assistance and decides to engage a reliable PR agency with expertise in crisis management and come with amazing media relations, specifically in the Malaysian market. Fortunately, the PR agency quickly takes charge and develops a tailored communication plan to address the issue and rebuild trust with the affected users.

You see, being a Founder of my own company, I know for a fact that sometimes leaders tend to think that they know everything that is best for their business. Sometimes they feel like they can do everything themselves, so why would they need to involve outsiders in their operations? Why try to fix something that is not yet broken, right?

Why startups need to invest in PR agencies

Sirius-ly, you may need to think of it this way – you’re just preparing the umbrella before it rains, and this umbrella of yours is not a normal umbrella that just protects you from getting wet. It also actively does its best to make sure that you have sunscreen on and always look your best whenever you step outside. You may not think you need that umbrella because it’s not raining yet, but believe me, you’re going to wish you had that umbrella ready at arm’s reach.

Hiring a PR agency to take care of the image aspect of your business is especially crucial for startup companies.

While the founder Focuses on the business aspect of it, the little elves of the PR agency can work simultaneously to increase the visibility of your company, manage any crises that may arise, increase the rate of positive perception towards your brand and handle the creative aspects that will aid in maintaining a good reputation among the public, which to be honest, are your potential customers.

Also Read: The growth of business messaging: How it’s improving business performance in Southeast Asia

Proactive PR consultants will make sure that you are seen by the right people (like VCs) at the right time.

Needless to say, having a PR agency to handle the image and publicity side of your business is a convenience that not many leaders leverage. Everyone knows that the company’s image can make or break a business – so what’s the harm in ensuring that you’ve got yourself covered if anything goes wrong?

For companies that have been around for quite some time, having a PR agency to back them up can also mean increased credibility of the brand. The PR consultants will be able to advise you on certain aspects of the business that you should emphasise based on their knowledge within the media industry. This also applies to startup companies too. It can show potential investors that your company truly is worth the money.

Aside from that, the people at the PR agency can even help you get in touch with the right people at the right time. Looking for an award? Let the PR people know what kind so they can put out their feelers out there. Need help to get people to come to your company’s event? Let the PR people know so they can get in touch with their vast network of media contacts to make that happen!

Ultimately, a PR agency can help you with your business in so many ways that you may not even realise, especially for startup companies. It’s hard to list down all the benefits of hiring a PR agency as most of them have their own specialities and areas that they tend to focus on. But I have managed to pique your interest, pick up the phone and try giving a few PR agencies a call to discover which one is right for you.

“The wand chooses the wizard, Harry,” said Garrick Ollivander from the wizarding world. But in this case, you choose your wand and just watch the magic happen.

And to answer the earlier question, yes, startups do need a reliable PR team to back them up!

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The digital landscape is abuzz with a debate on the disruptive potentials and the pros and cons of generative Artificial Intelligence (AI). Numerous AI tools have already made their mark in the market, including Adobe Firefly.

Firefly, launched early this year, is a generative AI tool focusing on the creation of images and text effects. The platform eliminates the need for deep coding knowledge or complex prompt engineering. Firefly, as Sinnathamby explains, plans to introduce an array of utilities that it expects to revolutionise the design and editing process.

Also Read: Is generative AI the game-changer for productivity?

Firefly allows anyone to produce images, videos and documents and is available in 20 languages, including French, German, Japanese, Spanish, and Brazilian Portuguese. Companies can integrate Firefly with their creative collateral to generate content featuring images, vectors, and brand language. The platform also offers a mechanism for businesses to secure IP indemnity for content generated through certain workflows.

Upon its commercial launch, Firefly is slated for integration into a range of Adobe’s product lines, including Adobe Experience Manager, Express, Photoshop, and Illustrator, eventually extending to all Adobe products.

Firefly’s reach, at present,  is confined to desktop environments, with accessibility on tablets or mobile devices yet to be introduced.

Moving forward, Firefly aims to add new utilities to allow users to declutter photographs, alter a video’s ambience, introduce new elements into illustrations, experiment with various design options, enhance 3D objects with texture, and architect unique digital experiences.

Breaking language barriers

Sinnathamby claimed that nearly a billion assets have already been generated on Firefly via the Adobe website and Photoshop.

The company is keen on expanding its capabilities by collaborating with the video and audio community to add video editing features in the near future. They include:

• Text-to-colour enhancements: to enable users to instantaneously modify the mood and setting of their works through simple prompts.
• Advanced audio generation capabilities: to seamlessly produce royalty-free custom sounds and music, enabling users to tailor auditory experiences that complement a specific scene or emotion.
• Quick generation of eye-catching fonts, text effects, graphics, and logos: to enable users to create subtitles, logos, and more within minutes, using just a few keywords.
• Powerful script and B-roll capabilities, where AI analysis of script to text will dramatically accelerate pre-production, production, and post-production workflows.
• AI-driven creative assistants and co-pilots that provide personalised, generative tutorials. These features are designed to help users master new skills quickly and streamline the process from initial vision to creation and editing.

“The vision for Adobe Firefly is to help people expand upon their natural creativity, regardless of their experience levels with design and technology. Generative AI will drive significant gains in productivity,” said Sinnathamby. 

Also Read: Why the future of work at Adobe is hybrid and how we are building it

Adobe, which is part of Singapore’s AI Verify Foundation to promote the responsible use of AI, wants to develop creator-centric generative AI tools responsibly. For instance, Content Credentials are automatically attached to content created with Firefly to indicate that generative AI was used. 

As Firefly transitions from its beta phase, Adobe is developing a compensation model for its Stock contributors. This is aimed at catering to a diverse community of creators, including professionals and hobbyists. 

As the AI landscape evolves with impending announcements and updates, the market response to Adobe’s adaptations will only enhance this dynamic ecosystem.

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Image credit: Adobe

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