PrimaKu, a pediatric health platform in Indonesia, has announced the completion of its pre-Series A round of funding led by Northstar Group and AppWorks.

BRI Ventures and BIG Ventures also participated.

The size of the deal remains undisclosed.

PrimaKu intends to use the capital to enhance its digital ecosystem to assist parents, paediatricians, and healthcare facilities effectively. It will also broaden its product and service offerings for parenting while improving vaccination coverage across Indonesian clinics and hospitals.

Also Read: Breaking the taboo: Meet the Singapore-based startups that are working to provide access to sexual healthcare

Founded in July 2017, PrimaKu is a community-centric platform that addresses parenting challenges in Indonesia. The firm offers parents three key services to combat growth stunting:

• Child growth monitoring
• Nutrition guidance
• Vaccination and immunisation offerings

Additionally, the firm provides paediatricians with digital resources and guidance to enhance clinic support for childhood development, enable telehealth services, manage doctor referrals, and aid connections within the industry community.

Since its inception, PrimaKu claims to have reached over 1.2 million users across Indonesia.

“According to the PrimaKu Child Health Report in 2022, 97 per cent of children (under two years old) on PrimaKu were able to improve their development and avoid malnutrition,” said Co-Founder and CEO Muhammad Aditriya Indraputra.

PrimaKu is an official partner of the Indonesia Pediatric Society (IPS) for child healthcare and development expertise.

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Financial decisions are some of the most important decisions we make in our lives. They’re also the most stressful, with new research finding that young people have experienced significant increases in financial stress levels this year. 

But, thanks to new technology, understanding what your options are and what your financial future could look like are now all possible with open banking that give consumers greater power over their finances.

How does open banking work?

Quite apart from just clicking the “Accept” button on terms and conditions, open banking principles give control of financial information back to the customer by sharing that information with trusted third parties that utilise that information to create better offerings for their clientele. 

According to Basiq, it aims to make it easier for customers and financial institutions to share information. Third parties like technology startups or online financial services like Square also use open banking information to offer new services to their client. 

The key principles 

Open banking is defined as a banking system where information is shared between the financial institution and various third parties with the expressed consent of the account holder through application programming interfaces. 

There are several key principles of open banking. These include: developing secure banking application processing interfaces that allow customers to share their information confidently. Another principle known as “Policies of Consent” is at the core of open banking. As such, information is heavily protected within a legal and technological framework that protects customer information, despite openly sharing it with third parties.

The last key principle of open banking is the real-time sharing of information and real-time initiation of payments via third parties.

Collaboration between financial institutions and third-party providers

Open banking’s application programming interfaces allow third-party providers to have secure access to the financial information of an open bank’s customer base. This relationship between specific financial institutions and third-party providers has grown dramatically in the last several years, with 50 per cent of American financial institutions considering themselves “open banks.”

Also Read: Why is open banking the future of fintech?

By allowing access to customer financial information by third-party providers, open banking enables both the banks and the third parties to offer their customers different services based on their customer’s behaviour, based on aggregate data collected.

Open banking allows customers to pay for things with a click or swipe by using third-party applications like PayPal, Wise, Amazon, or Google Pay — no longer need to log into your bank to send an e-transfer. 

Open banking principles encourage customers to pay for things using third-party applications and provide benefits such as additional securities on transactions, as well as a percentage of funds sent being paid to a third party, such as PayPal.

Advantages of open banking for consumers

While open banking provides consumers with cause for concern, given that their information is being shared with third parties, this isn’t necessarily so well-founded because of the degree of sophistication involved in the technology that allows sharing.

Reducing cost to consumers at the point of sale

A great benefit to consumers using open banking is the cost reduction at the point of sale. To accept credit card payments, businesses must incur a one to four per cent cost taken by the credit card company to use its sales terminal and platform. These are often passed directly to the consumer. By using open banking, consumers no longer incur such fees.

Rights to control financial information lies with the consumer

As more than 50 per cent of American banks were open as of late 2022, the scales are shifting in the open banking direction. More open banks with greater information-sharing capabilities ultimately mean better services for banking customers. 

The Consumer Financial Protection Bureau (CFPB) is ensuring a more competitive marketplace for consumers by utilising a law passed by the US Congress in 2010 that gives individuals the ultimate right over their personal financial information.

Greater access to new services

Consumers can access services like budgeting applications, investment platforms, and loan comparison services using open banking principles and APIs. Connecting your bank account directly to your budgeting app helps you create a more accurate budget faster, as apps like these automatically input your updated financial information. Your budget is always available at a glance on your phone, helping you make better financial decisions.

Changing legislation increases collaboration

As 2023 ticks on, the changing financial landscape of the world is forcing financial technology, including open banks, to collaborate with traditional banks. In 2019, partnerships between traditional and open banks were just 49 per cent. However, this jumped to 89 per cent in 2022, primarily due to the realisation of traditional banks that open banks aren’t necessarily an adversary. 

Also Read: E-commerce for the future: How open banking enables greater security and trust

The introduction of new laws in 2024 by the CFPB will require traditional banks to share financial information with consumers as an attempt by the CFPB to promote consumer choice of which financial institution they invest in and make it easier for consumers to switch financial institutions without starting from scratch.

The future of open banking

As artificial intelligence continues to grow in our everyday lives, it’s no surprise that the banking industry will also adopt artificial intelligence. In open banking, artificial intelligence programs such as “risk classifiers” take financial data like paycheque amounts and fixed outgoing expenses and give customers an AI-analysed catalogue of optimal payment dates for other necessary bills based on their pay schedule.

Another role that artificial intelligence takes on within the financial industry is making investment predictions and analysing financial health based on currently-available financial data. This data is no longer only gleaned from their bank account but from information shared across different fin-tech platforms. 

By using AI and machine learning, banks and open banks can give customers a better picture of their financial health information; AI is predicted to increase its capabilities into the latter half of 2023 and beyond. 

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Malaysia-based all-in-one professional networking platform Mole has secured US$110,000 in pre-seed funding from Antler.

With the new funding, Mole plans to venture into the US$1 billion traditional business card market with its digital offering. A portion of the capital will also be used to develop a networking app and a sustainable digital business card platform tailored for SMEs.

“Mole’s vision is to create a world where professionals network for real connections that go beyond business transactions,” said Ling.

Also Read: How Singapore’s entrepreneur network can sow the seeds for tomorrow’s brightest stars

Founded in June 2022 by Au Soung Rong and Melly Ling, Mole seeks to transform professional networking by merging distinct event formats, technology, and community-driven efforts to streamline practices. It has devised NFC and QR code solutions for effortless information sharing to address challenges such as lost cards and mismatched goals.

Mole underwent mentorship by Antler in Vietnam this April.

Erik Jonsson, Partner at Antler, said, “Mole’s innovative approach, driven by technology and community-driven initiatives, aligns perfectly with Antler’s values of fostering authentic connections and inspiring personal growth.”

Mole runs an ‘I Hate Networking’ event series catering to professionals, particularly introverts, emphasising genuine connections and countering traditional networking pitfalls.

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Millennials Muslims in Indonesia are more confident about using AI tools for travel recommendations than their counterparts in Singapore and Malaysia, according to a new survey by Muslim-focused travel platform Have Halal Will Travel (HHWT).

While 78 per cent of respondents in Indonesia show confidence in AI tools for Muslim-specific travel recommendations, the figures are 36 per cent in Malaysia and 31 per cent in Singapore.

Indonesian Muslims (54.5 per cent) are also ahead of their Singapore (31.8 per cent) and Malaysian (21.4 per cent) counterparts when it comes to using generative AI for travel.

Since the launch of OpenAIʼs ChatGPT service last December, Millenial Muslims have started using Generative AI in their daily lives.

Sustainable travel is also important to Muslim travellers. About 76 per cent of Muslim travellers want to travel more sustainably over the coming 12 months. However, while the Indonesian market cares about this, the survey reveals that they are less likely to pay for sustainable travel options.

Also Read: Navigating the relationship between ChatGPT and the travel industry

Inflation has also influenced Muslim travellers’ behaviour and choice of destination across all three markets.

The survey, ‘The Next Phase of Muslim Travel’, was conducted in July 2023, focusing on Millennial Muslims living in Singapore, Kuala Lumpur, and Jakarta.

Muslims account for 42 per cent of Southeast Asia’s population. Their travel spend is expected to reach US$189 billion by 2025 (SGIE, 2023).

As per the HHWT report, having a strategy to capture the Muslim audience is critical for brands looking to grow in the region.

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Image Credit: HHWT

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Neurowyzr, a healthtech company in India specialising in brain health, has raised US$2.1 million in an “oversubscribed” seed financing round.

Jungle Ventures and Peak XV’s (formerly Sequoia India and Southeast Asia) Surge led the round. Angels, such as Khoo Boon Hui, Chairman of SDAX; Ab Gaur, Founder and CEO of Verticurl; and Rob F Jablonski, Commercial Investment Director of Aquivia; also joined.

This round brings the total amount raised by Neurowyzr to US$3.3 million.

The healthtech startup will use the capital to accelerate product development and expansion across Southeast Asia and India.

The company, which has its India headquarters in Chennai, plans to grow its sales, marketing and software development teams. It is also actively building a network of medical and software distribution partners across India.

Also Read: HealthXCapital joins Jungle Ventures to lead healthcare investments in SEA & India

Founded in 2019 by Nav Vij and Pang Sze Yunn, Neurowyzr develops solutions to address existing gaps in neurology and brain health. Its first product is an online gamified digital neuroscience assessment called the Digital Brain Function Screen (DBFS), which it claims significantly reduces the time and dollar burden of traditional cognitive testing.

One of India’s largest private hospital chains recently completed a pilot of the DBFS across five locations. DBFS has been deployed in Singapore’s health screening centres, GP clinics, community care and specialist centres.

Healthcare providers use DBFS in executive health screening, health screening for active agers, Long Covid assessment packages, and also as a standalone service.

Dementia and mental health conditions are rising at an alarming rate. In 2019, 3.84 million people were diagnosed with dementia. By 2050, this will increase almost 3x.

Stroke is the fourth leading cause of death and the fifth leading cause of disability-adjusted life years in India, where one Indian suffers a brain stroke every 20 seconds. With more than 80 per cent of Indian workers reporting more than one mental health symptom, mental health issues are costing Indian firms US$14 billion annually in absenteeism, presenteeism and staff turnover.

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The image used in this article is AI-generated.

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Malaysia’s integrated re-commerce startup CompAsia has secured an undisclosed sum in a Series A investment round led by Gobi Partners.

This capital will help the startup expand across various touchpoints, bolstering human resources, training, and operational capabilities.

Additionally, the funds will be instrumental in optimising the firm’s digital assets and marketing strategies, specifically focusing on penetrating new markets like the Philippines, Thailand, and Indonesia.

Also Read: Gobi Superseed II Fund invests in Durioo+, Lapasar, Paywatch, pitchIN

Founded in 2016, CompAsia is a one-stop platform for customers to trade in or purchase pre-owned electronic devices. It also offers financing plans and other options to address customer concerns about transparency when buying such goods.

In Malaysia, in addition to providing trade-in services for used electronics at various retail partner stores throughout Malaysia, CompAsia also recently established its flagship store in Sunway Pyramid Shopping Mall. This store allows customers to trade in their used electronics on the spot.

Additionally, it is planning and expanding its presence further by opening more branches across the Klang Valley by the end of the year.

CompAsia claims it sourced and transacted over 2.1 million second-hand mobile devices from 2019 to 2022. According to the firm, its initiatives have resulted in the reduction of 420 tonnes of e-waste, conserving 46 billion gallons of water, and preventing the production of 181 thousand tonnes of carbon dioxide.

The startup has a presence in ten countries, providing solutions to technology and telco companies and retailers within the region.

“We have recently partnered with a number of major telcos around the region to assist in running their buyback and trade-in programmes, and we are going to be rolling out our device financing and device care programmes across multiple major retailers to help their businesses become more sustainable and attractive to consumers,” said CompAsia Founder and CEO Julius Lim.

Gobi Partners Co-Founder and Chairperson Thomas G. Tsao said: “Circular economy companies such as CompAsia are encouraging greener, more environmentally-friendly behaviour when it comes to our consumption of electronic goods. We hope our investment will help them expand their positive influence throughout Southeast Asia.”

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Image Credit: CompAsia.

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Indonesian brand-aggregator Hypefast has laid off 30 per cent of its workforce in a bid to maintain profitability, according to a report by Tech In Asia.

The total number of affected employees is undisclosed.

The company said that it will continue to provide affected employees with health insurance until the end of 2023, outplacement support, and more flexible timing for employee stock ownership plan (ESOP) tax payments.

Established in January 2020, Hypefast helps local brands with revenues exceeding IDR500 million (US$32,627) develop their businesses, particularly through online sales channels.

It also offers debt capital to those brands.

Also Read: The wave of layoffs in 2023 and the Vietnamese market

Co-Founder and CEO Achmad Alkatiri told Tech In Asia that the company has a net revenue of US$43 million in 2022, nearly doubling its figure from the year prior of US$22 million.

Despite the profit, Hypefast had to go through downsizing to prepare for potential challenges in 2024, which includes rising cost of sales due to increasing merchant fees and logistics fees, in addition to the uncertainty in global market conditions.

Hypefast raised its latest funding round in 2021. It secured US$19.5 million in a Series A round of investment led by Monk’s Hill Ventures with the participation of Jungle Ventures and Strive.

Waves of layoffs in the Southeast Asian tech startup industry, including Indonesia, continue to happen this year. It affects tech companies of various verticals and sizes.

This week, property tech giant PropertyGuru announced that it is ceasing its marketplace in the Indonesian market Rumah.com, together with its SaaS product FastKey.

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Women’s leadership in the health sector is a pressing issue that deserves attention. As the sector evolves to address the world’s healthcare challenges, the role of women leaders is paramount in driving change and improving healthcare outcomes. Women bring unique insights and diverse perspectives, making their inclusion in leadership roles vital.

How AbbVie is supporting female leadership in the healthcare sector

Founded in 2013, AbbVie produces immunology, oncology, neuroscience, virology, and aesthetic medicines. 

Singapore is AbbVie’s hub in Asia, hosting its sole manufacturing plant in the continent at Tuas Biomedical Park. Since its Asia entry, AbbVie has been attempting to promote women’s leadership in healthcare.

Peggy Wu, VP of AbbVie Asia, says the company is committed to gender equity and encouraging women leaders to find their voice and bring out the best in them.

She explains that AbbVie offers roles across different countries, giving employees regional and international opportunities that enhance their leadership skills and professional capabilities. “At AbbVie, having a diverse and inclusive culture is a business imperative. It is not only the right thing to do, but it also strengthens our ability to innovate and is crucial to our ability to deliver now and into the future,” adds Wu.

As of 2022, women hold 52 per cent of AbbVie’s director and manager positions globally. In AbbVie Asia, this figure is even greater, with more than 60 per cent of women in management roles. 

The company’s women leaders in the Asia regional leadership team have diverse backgrounds from Taiwan, India, Korea, Singapore, China, Malaysia, and more.

Women’s leadership in the health sector

According to the World Health Organisation, women constitute about 70 per cent of the global healthcare workforce, yet hold only 25 per cent of senior roles. This disparity stems from systemic barriers such as gender bias, unequal education and career opportunities, and work-life balance challenges.

Gender bias manifests as discriminatory hiring, unequal pay, and limited advancement opportunities. Societal norms in some countries restrict women’s access to STEM education, and those who pursue healthcare careers face hurdles like lack of mentorship or exclusion from professional networks. The “glass ceiling” remains a significant obstacle for many qualified women.

Also Read: #She27: Celebrating 27 women shaping the future of tech

Women leaders in healthcare are crucial as they bring diverse perspectives and experiences, fostering innovative problem-solving and inclusive decision-making. They also serve as role models and mentors, promoting a culture of inclusivity and gender equality.

A study published in the Journal of the American Medical Association found that hospitals with more women in leadership roles had significantly lower mortality and readmission rates. Another study published in the Harvard Business Review found that diverse teams were more innovative and better at problem-solving than homogenous teams. These findings underscore the importance of promoting women’s leadership in the healthcare sector.

The role of women leaders in healthcare goes beyond representation. Their diverse perspectives and experiences have a tangible impact on health outcomes and innovation.

Industries taking action

The need for women leaders in the health sector is gaining attention worldwide, and several Asian health companies are actively promoting women’s leadership. Startups and healthtech companies across Asia are trying to increase women’s representation in leadership roles and address gender disparities.

MyDoc, a telemedicine provider in Asia co-founded by Snehal Patel and Vas Metupalle, is another company working towards gender diversity and women’s leadership. The Singapore-based digital healthcare platform offers a comprehensive 24/7/365 healthcare platform that connects patients with doctors, pharmacies, diagnostic labs, and clinical-grade health trackers. 

Another example is the medtech startup Janitri, based in India. Led by co-founder and CEO Arundhati Ganesh, Janitri is working to improve maternal and child health in low-resource settings. Janitri’s solutions address the urgent need for affordable and accessible healthcare for mothers and newborns.

The healthcare sector’s lack of female leaders is an ongoing issue needing collective action. The efforts of companies like MyDoc, Janitri, and AbbVie to promote women’s leadership are essential steps toward a more inclusive and equitable healthcare sector.

As healthcare continues to evolve, the insights of women leaders are paramount in driving transformative change and achieving better outcomes. By championing inclusivity and creating avenues for women to assume leadership roles, we are paving the way for a more equitable healthcare sector.

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Picture this: You’re sitting at your desk, surrounded by the gadgets that have become an integral part of your life. Your phone, your laptop, your tablet, your gaming console – they’re like old friends, always there to keep you connected and entertained. 

But have you ever wondered about what happens to these devices when their time is up? 

The answer lies in a challenge that’s impacting our planet: e-waste.

E-waste is more than just a term; it’s a growing crisis that’s silently affecting us. As we embrace the latest gadgets and upgrade to newer models, the discarded devices pile up, creating a challenge that can’t be ignored. These gadgets might be small individually, but when you consider the collective impact, the scale of the issue becomes undeniable.

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

According to this report by Statista, the average lifespan of a mobile phone from the year 2013 to 2020 is 29 months. That means that an average person has had 3.3 smartphones in that eight-year period. Doing a bit of math on that, with Singapore’s 85 per cent smartphone use penetration rate, we’re looking at over 15 million smartphones.

That’s just in Singapore. And that’s just looking at smartphones.

Why should you care?

E-waste contains components that are harmful to the environment. If your phone, for example, reaches a landfill, chemicals like mercury and lead can seep through and contaminate the soil. Burning or incinerating it, on the other hand, will release said hazardous chemicals into the air.

Proper disposal of e-waste is a must because by doing so, we are not only preventing hazardous chemicals from polluting the soil, sea, and air, but we are also saving natural resources.

Also read: Redefining customer engagement via real-time interactivity

Ninety-eight per cent of components of electrical devices are recyclable. By properly recycling e-waste, mining for natural resources such as copper and aluminium will reduce, jobs for facilities that process recycling will increase, and prices for gadgets and devices will decrease over time.

Think about the impact you can make by making conscious choices. It’s not about giving up technology; it’s about using it responsibly. From recycling old devices, choosing products with sustainability in mind, and designing your business operations to accommodate the life cycle of your products,  you have the chance to shape a greener future. It’s about leaving a legacy of responsible consumer habits for the generations that follow.

Igniting change with the Youth E-Waste Ambassador Program

Imagine a future where the legacy you leave behind is one of positive change. As you step into the e-waste revolution, you’re joining a movement that’s bigger than any individual. Your story is woven into the fabric of this revolution – a story of empowerment, action, and hope. Your commitment today paves the way for a sustainable tomorrow.

You have the power to lead the charge against e-waste. You’re not just a bystander; you’re an advocate for change. By raising awareness about e-waste and its solutions, you’re influencing your peers, your community, and even the world. Your voice matters, and it’s time to let it be heard.

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

YEAP, or the Youth E-Waste Ambassador Program, is an initiative organised by e27 to help increase awareness of the problems, challenges, and solutions of e-waste, and empower the Singaporean youth to lead the e-waste revolution by providing resources and a platform for their voices to be heard.

So, let’s make this a story worth telling. Let’s pull the plug on e-waste and be the catalysts for change. Together, we’re shaping a world where gadgets and sustainability coexist. Your journey begins now. Are you ready to take the lead?

Join YEAP.

To be a youth ambassador, click here.

Be a YEAP partner and help us change the world. Click here for partnership opportunities.

For more insights on e-waste, and updates on upcoming programs and activities, follow YEAP on Instagram and Facebook.

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The Indonesian fintech space saw a 46 per cent decline in the number of funding secured in the first half of 2023, according to a report by global SaaS-based market intelligence platform Tracxn.

“While 2021 marked the peak of fintech funding, subsequent years have witnessed a decline. Funding in the fintech sector fell by 46 per cent in 2022 compared to the previous year, with the first half of 2023 experiencing a 38 per cent drop in funding compared to the second half of 2022. This decline has led to the least funded half-year period (H1 2023) since 2020,” the report elaborates.

Fintech startups in Indonesia raised a total of US$322 million in H1 2023, marking a sharp decline of 71 per cent and 38 per cent when compared with US$1.1 billion in H1 2022 and US$517 million in H2 2022, respectively.

The number of funding rounds also saw significant reductions, with a 26 per cent and 58 per cent decline compared with H2 2022 and H1 2022, respectively.

The tally of funding rounds documented in H1 2023 amounted to 14, which was lower than the 19 observed in H2 2022 and notably lower than the 33 seen in H1 2022.

Also Read: Blockchain disruption, EV roaming network, healthcare collaborations, and fintech expansion make waves in SEA

The report also noted that none of the companies from the Indonesia fintech space secured a unicorn status in H1 2023, while H2 2022 witnessed two unicorns.

While the downward trend was observed in seed stage investment, according to the report, this drop in funding is largely due to the significant decrease in late-stage funding. The first six months of the year witnessed late-stage investments worth US$275 million, a drop of 59 per cent and 41 per cent when compared with H1 2022 and H2 2022, respectively.

“As a consequence of the global macroeconomic slowdown, investor sentiment has been cautious, affecting funding across regions, which has led many Indonesian startups to focus more on their domestic market. However, despite the recent challenges, long-term prospects for the sector remain optimistic,” the report stated.

Another notable piece of information from the report named Jakarta as the Indonesian city that dominated the fintech funding landscape with 95 per cent of the funding raised during the period, closely followed by Surabaya with the remaining five per cent.

East Ventures, AlphaTrio and Sovereign’s Capital were also named as the most active investors in the Indonesia fintech space in H1 2023.

Also Read: FOMO acquires CapBridge, 1exchange to expand its fintech solutions

Supporting the fintech ecosystem

In order to strengthen the fintech sector’s overall health, the report highlights the importance of regulations.

“Several regulations from the Indonesian government have been implemented in P2P lending to curb unethical and financially unsound practices, by introducing new capital requirements, reworking the licensing regime, and introducing minimum equity requirements. We anticipate that these actions will benefit both customers and startups in the industry, helping to strengthen the sector’s overall health,” it said.

Recently, a venture capital (VC) association in the country also released a report and recommendation to support VC funding in the ecosystem. It included elements such as education and a clear division between the categories of startup investments.

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