As the world becomes more complex and interconnected, the need for insurance has become increasingly important. However, many people still lack adequate insurance coverage, particularly in developing countries.

Fortunately, Artificial Intelligence has the potential to increase insurance penetration by making insurance more accessible and affordable for everyone.

Here are just a few ways in which AI can help increase insurance penetration.

Improving risk assessment

One of the key challenges in insurance is accurately assessing risk. AI can help by analysing vast amounts of data on individuals and businesses to identify risk factors and predict the likelihood of a claim. This can enable insurers to offer more personalised and accurate policies, making insurance more accessible to a wider range of people.

Example: Coherent Spark’s AI-powered core parses spreadsheet coding logic into APIs that integrate with any platform. With this tool, insurers can automate many processes, including risk modelling and back-office actuarial calculations, among many others.

Enhancing underwriting efficiency

Underwriting is the process by which insurers evaluate and price insurance policies. This process can be time-consuming and expensive, particularly for complex policies. AI can help by automating much of the underwriting process, reducing costs and enabling insurers to offer policies more quickly and efficiently.

Example: Artificial Lab aims to make the complex insurance underwriting process frictionless, with its single automated platform helping insurers to underwrite faster while reducing loss ratios.

Streamlining claims processing

Another key area where AI can make a difference is claims processing. AI can help insurers identify fraudulent claims more quickly and accurately, reducing the costs associated with fraud and enabling insurers to process legitimate claims more quickly. This can improve the overall customer experience and increase the likelihood that customers will renew their policies.

Example: sprout.ai is building a platform that helps insurers deliver fast and accurate claims decisions. With the platform, insurers can process claims in minutes at a 97 per cent accuracy level.

Enabling personalised pricing

Traditionally, insurance policies have been priced based on broad risk categories. However, AI can enable insurers to price policies more accurately based on an individual’s specific risk profile. This can make insurance more affordable for low-risk individuals and businesses while still ensuring that high-risk individuals and businesses are adequately covered.

Example: Igloo Insure’s dynamic pricing model and real-time risk engine help businesses ensure that their customers enjoy competitive rates based on their risk profiles.

Also Read: Levelling the playing field: How AI can transform SME hiring

Enhancing customer engagement

Finally, AI can help insurers improve customer engagement by offering personalised recommendations and advice based on an individual’s specific needs and preferences. This can help insurers build stronger relationships with their customers and increase customer loyalty over time.

Example: Assurance IQ (acquired by Prudential Financial) uses AI to sell personalised insurance products. The company uses AI and data collection to make personalised recommendations based on general questions about medical and lifestyle habits.

Of course, there are also potential risks and challenges associated with the use of AI in the insurance industry, including issues related to data privacy, security, and bias. However, these challenges can be addressed through careful planning and the development of appropriate regulatory frameworks.

Ultimately, the benefits of AI in the insurance industry are too great to ignore. By leveraging the power of this transformative technology, we can increase insurance penetration, making insurance more accessible and affordable for everyone. This, in turn, can help mitigate the financial risks associated with unexpected events, promote economic stability, and improve the overall quality of life.

Parting thoughts

At Cathay Innovation, we’ve invested in startups around the globe, developing innovative solutions for the insurance industry from Coherent, Igloo, Lifepal and Yuanbao Insurance in Asia, Descartes Underwriting, Qover and Coverfy in Europe and Sidecar Health in the US.

We’re also backed by some of the largest financial institutions and insurers, such as BNP Paribas Cardif, who are not only investors but strategic partners closely working with us and our portfolio companies to bring innovation to life in the real world. 

What’s become clear is that the potential of AI to increase insurance penetration is significant, and insurers that embrace this technology stand to gain a competitive advantage in the marketplace.

By improving risk assessment, enhancing underwriting efficiency, streamlining claims processing, enabling personalised pricing, and enhancing customer engagement, AI can help insurers create a more accessible, affordable, and personalised insurance experience for all.

Building in the space? Feel free to reach out.

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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

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On Monday, the Association of Indonesian Venture Capital and Startups (AMVESINDO) released a report that revealed the performance of venture capital (VC) investments in the country in the first half of 2023. According to the report, the Indonesian VC industry saw consistent growth, with investments reaching IDR27.35 trillion (US$1.7 billion) in June 2023.

A combination of conventional and Sharia-based VC investments, the number was an increase from December 2022’s position of IDR25.94 trillion.

As seen in the following graphic (in IDR trillion), with the blue graphic representing conventional VC and the red graphic representing Sharia-based VC, the steady increase signifies investors’ trust in the potential of the Indonesian tech startup ecosystem, despite back-to-back global crises.

Also Read: Looking east: Why the future of VC investment is beyond the Silicon Valley

The number of VC firms operating and investing in Indonesia also remains consistent at 55 organisations.

According to AMVESINDO Chairman Eddi Danusaputro in a press statement, this signifies positive movements in the industry.

“However, there is still a need for a pentahelix collaboration between involved parties, including the government and VC firms, in order to achieve stronger and more exponential growth,” he said.

In order to achieve that, AMVESINDO proposed five recommendations to support the growth of the VC industry in Indonesia:

1. The association calls for separating the category of VC firms from financing firms. This separation is based on the consideration that the role of VC firms in Indonesia is still relatively small in the non-bank financial industry
2. The association also calls for a separation between VC firms that focus on financing and those that focus on equity participation, completed with different sets of regulations for both categories
3. The association highlights the need for incentives, stronger regulation and licensing, and education to promote VC investments to local investors
4. The association also aims to encourage regional VC firms to conduct more equity participation investments
5. The association supports collaboration to strengthen the VC investments industry through education and certification

e27 noted in a recent listicle about the Indonesian startup ecosystem that VC investments in H1 2023 were mostly dominated by early stage startups in various verticals. There are also a number of acquisition and international expansion moves made by Indonesian startups, which were previously known to put a stronger focus on the local market.

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Image Credit: RunwayML

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

As the Managing Director of Equinix South Asia, Yee May Leong oversees its business strategy in the region, including its sustainability initiatives. Her role involves advancing the digital transformation of businesses to align with Singapore’s ambition to become a leading digital hub in Asia.

Leong joined Equinix in 2019 and brings over 35 years of ICT experience working in companies such as IBM, Lotus, F5 Networks, and Orange Business Services. She earned a Bachelor’s Degree in mathematics, specialising in computer science, from the University of Waterloo in Canada and completed an advanced management program at Harvard Business School.

In this edition, Leong shares how Equinix has embraced Artificial Intelligence.

Edited excerpts:

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

There are many ways to look at Artificial Intelligence. From our business perspective alone, AI has a significant impact and is transforming how we conduct business. It has improved our efficiency by automating some of our internal processes, continually driving innovation from many of our teams and enhancing our customer experiences.

From the perspective of what we solve for our customers, AI requires another ecosystem to meet ESG and innovation needs. The current generation of generative AI requires a large amount of data or capacity — it needs quality datasets to contextualise and learn from.

At the same time, processing all that data requires significantly higher levels of parallel computing power than conventional workloads, which creates infrastructure management challenges. Platform Equinix is designed to help IT infrastructure teams tackle those challenges, freeing their organisational resources to realise the value of AI solutions quicker.

AI has the potential to spur innovation and unravel efficiencies in every corner of business or industry. Organisations must learn and adapt to AI or lose their competitive edge in the long run. Simply put, an organisation with a more efficient AI-enabled workforce will be an overwhelming force against competitors.

All this starts from understanding how AI can help their business to build the right digital infrastructure to support those data, AI applications and ESG needs. Identifying the right partners with green data centres and fast interconnects is just as important.

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

We use AI in multiple contexts in our operations. Even before the pandemic, Equinix had implemented an AI-powered chatbot to assist its employees in resolving IT issues.

By using the chatbot to analyse problems, from password issues, unlocking accounts, filling out forms, or finding conference rooms and more, employees can save time on these tasks and focus on more rewarding projects. If not resolved, the queries are rerouted to the right experts with a 96 per cent accuracy that it reaches the right group.

Artificial Intelligence is also tied to our business transformation, particularly in forecasting. For example, once a data centre is built, we use AI to predict its capacity, which then helps us optimise our workforce, inventory and, most importantly, energy resources needed for the infrastructure.

We also encourage customers’ adoption of AI, including automation processes and management of their IT equipment. For example, we offer automated notifications to remind customers to clean their data centre cages properly and comply with safety policies. This keeps customers informed about protecting their equipment and maximising energy efficiency.

Also Read: The value for biz lies in how humans, AI will enhance each other’s strengths: Mixpanel CEO

We also provide automated interconnection opportunity maps. These allow our customers to maximise the value proposition from Platform Equinix® and make the most of our robust, global network.

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

AI has become more prominent recently, thanks to the ChatGPT boom last year. But Equinix has long realised the importance and power of AI as it has become one of our foremost business imperatives for a while now.

One of our challenges was around talent. Finding and grooming the right talents took us some time, and we are not alone. According to ManpowerGroup, a staggering 77 per cent of employers are experiencing difficulties filling job vacancies, marking the highest talent shortage in 17 years.

In Singapore, according to a recently released report on job vacancies in 2022 by the Ministry of Manpower (MOM), software and applications managers ranked sixth, whilst systems analysts ranked eighth in terms of vacancies.

We have always believed that investing in tech talents will pay off. Therefore, we have implemented several programs dedicated to employing and upskilling our existing talent pool on AI technology so that they could creatively develop, troubleshoot and ensure the process falls within regulatory guidelines and practices.

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

Equinix believes that the responsible approach to AI is rooted in integrity. Firstly, data security and privacy are key so that the AI data inputs are clean and not corrupted. Meanwhile, good data compliance and governance are necessary layers of soundboard and transparency to ensure good-quality datasets. This is because the data, computation, and quality of context in the data affect the outcome of the result.

We lay the foundation with our team to uphold this practice because we are dedicated to using AI models to maximise business value for our customers.

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

At Equinix, people and AI are complementary to each other. The creativity and innovation behind the technology or solutions come from humans, while AI amplifies those solutions to scale and at speed. Similarly, we will need more talent in the workforce to better understand AI. Our vision is for an efficient AI-enabled workforce rather than a workforce filled with AI applications.

Also Read: AI has its advantages but it can never fully replace humans: Asnawi Jufrie of SleekFlow

As more of the world looks to bridge the gap between human capabilities with the advancement of AI, we believe companies will look to Everything as a Service (XaaS) to support their digital AI transformations. XaaS platforms provide seamless access to AI as a service hosted on cloud infrastructure and a growing suite of software tools and digital solutions that can be utilised on demand.

Our Platform Equinix runs on high-performing distributed AI infrastructure to enable IT teams to overcome AI complexity and manage massive data volumes, freeing up business units to focus on critical work.

We believe a world where humans can leverage AI to achieve objectives in a much shorter phase is already possible. With further innovations and developments, we look forward to how human ingenuity can enable more industry-changing solutions when augmented by AI.

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

AI can improve many internal processes in the back office, enabling employees to focus on higher-value needs. Similarly, AI enables organisations to find fit for roles without bias, meaning businesses can find the best talent for the job.

Ultimately, it is a journey. This journey is limited only by our own imaginations. Like any past technological advancement, Artificial Intelligence is only a tool to help us achieve our goals.

In summary:

• Understand and appreciate how AI can help you achieve those goals
• Plan and develop the right infrastructure and talent within your organisation
• Look for the right partners to help you reach goals at scale and speed

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Here at e27, we get things done.

Known to many as an ecosystem enabler and a leading platform for startups, tech companies, investors, and innovators, e27 has cultivated a dynamic ecosystem that fosters connections, insights, and opportunities. Its wide-reaching network spans media, events, and community engagement, making it an ideal partner for companies aiming to amplify their reach and influence in the tech and business world.

China Mobile International Limited (CMI) is a great example of an organisation that has leveraged e27’s network and harnessed its wide reach to shed light on important topics today. A visionary enterprise, CMI recognised the need to propel its industry transformation and drive digital intelligence to the forefront of its operations. With this in mind, they introduced iSolutions — an all-encompassing enterprise solution designed to streamline processes, enhance efficiency, and provide actionable insights through data-driven strategies, operating as a one-stop shop for businesses undergoing digital transformation.

e27’s strategic role in emboldening iSolutions

Understanding the potential of iSolutions, CMI sought a partner that could help them reach the right audience and communicate the value of their offering in ways that will translate to tangible results. This is where e27’s expertise came into play. By collaborating with CMI to craft an insightful and engaging article on iSolutions, e27 harnessed its platform’s reach to generate massive visibility for the solution.

The article, carefully crafted by e27’s team, delved deep into the goals of the iSolutions Carnival, a program where CMI ran a series of special offers that allow enterprise customers to experience comprehensive iSolutions services that seamlessly integrate cloud-network, IoT, industrial solutions, and other leading technologies.

Also read: Redefining customer engagement via real-time interactivity

The media campaign spearheaded by e27 highlighted how the solution addresses industry pain points, offers innovative solutions, and sets a new standard for digital intelligence. The article showcased iSolutions’ real-world impact by employing a data-driven approach, substantiating its potential to transform businesses across various sectors. CMI hoped to convey their commitment to supporting its customers in their digital-intelligent journey with richer and tailored solutions while facilitating them to capture business opportunities brought by the metaverse and other emerging technologies — something that e27 was able to capture and simplify for its audience.

Amplifying China Mobile International’s message

Once the article was published, e27 activated its formidable promotional channels to ensure the message reached a vast and relevant audience. The article was featured across e27’s public channels, including its website, social media platforms, and newsletters, enabling CMI’s message to penetrate different corners of the tech and business ecosystem.

The impact was nothing short of remarkable. The article garnered over 10,000 page views, demonstrating a strong resonance with e27’s audience. The ripple effect of the article’s promotion was further evidenced by the impressive 196,000 impressions that the campaign received on the e27 website during this period.

e27’s strategic approach to social media promotion also helped significantly amplify CMI’s message.

Beyond the Numbers: Catalysing digital transformation

While the quantitative metrics are undoubtedly impressive, the impact of e27’s collaboration with CMI transcends mere numbers. The article’s success resonated with CMI’s overarching goal of accelerating industry transformation and embracing digital intelligence. By leveraging e27’s platform, CMI was able to effectively communicate iSolutions’ potential to a broader audience, influencing business leaders, decision-makers, and innovators to explore the transformative capabilities of the solution.

Also read: e27’s partnership with Visa yields success for the leader in payments solutions

The strategic partnership between China Mobile International Limited (CMI) and e27 exemplifies the deep impact that effective content marketing and collaboration can have on promoting transformative solutions. Through an insightful article that highlighted the potential of iSolutions and simplified its message to a diverse audience, e27’s platform became a catalyst for CMI’s goal of accelerating industry transformation and embracing digital intelligence. The article’s remarkable engagement metrics underscored the power of e27’s reach and influence. At the same time, it solidified CMI’s position as a leader in digital transformation across the Southeast Asian region.

The collaboration between CMI and e27 serves as an important case study for businesses looking to propel their offerings onto a global stage. By harnessing the capabilities of strategic partners and platforms like e27, enterprises can showcase their innovation and drive meaningful industry-wide change. As technology continues to reshape industries, partnerships that amplify transformational narratives will be key to shaping the business landscape of the future, and e27 can be the partner you need to drive that change.

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We can share your story at e27, too. Engage the Southeast Asian tech ecosystem by bringing your story to the world. Visit us at e27.co/advertise to get started.

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Singapore-based solar-as-a-service startup Solar AI Technologies has secured US$1.5 million in a seed funding round led by Earth Venture Capital with participation from Undivided Ventures, Investible, and climate-tech angel investor David Pardo.

The funds will primarily be used to upscale its rent-to-own (RTO) solar programme in the island nation before embarking on regional expansion in the next 12 months.

Started in 2020 by Chew (CEO), Gérald Chablowski (CTO), and Luke Ong, Solar AI seeks to make rooftop solar accessible and hassle-free for smaller, underserved property owners by providing them with zero upfront cost.

Its primary product is its RTO solar programme, which enables customers to own a solar panel system with zero upfront cost, paying a flat monthly fee for installation, maintenance, servicing, and energy generation guarantee.

Compared to the traditional solar offer that demands an upfront cost of US$15,000 to US$50,000, the startup’s RTO model helps de-risk solar as a renewable energy solution, particularly in Southeast Asia, with a penetration rate of less than 1 per cent.

Also Read: This startup aims to make rooftop solar accessible to smaller households with zero upfront cost

Since the global energy crisis, grid electricity prices within Southeast Asia have increased by close to 30 per cent, alongside increasing policy support and market demand for renewables. However, more than 95 per cent of rooftops in Southeast Asia still do not have access to zero-upfront or leasing options for solar, which can contribute more than 200 megatons of carbon emission reductions per year.

Solar AI charges customers a fixed monthly fee (usually lower than their electricity bill savings) in the RTO model — a prominent model executed by sunrun in the US and Enpalin Germany. When a customer is enrolled in the RTO programme, he/she will get free daily monitoring and maintenance. It will then convert the ownership after the contract period.

If a customer decides to shift to a new location, the startup will assist him/her in transferring the service to the new homeowner.

“Investing in Solar AI Technologies allows Earth VC to support the hyperscaling of solar installation in Southeast Asia through the RTO model that will address pressing environmental challenges,” said Linh Nguyen, General Partner of Earth Venture Capital.

“There is a huge amount of untapped potential for both residential and commercial solar-as-a-service throughout Southeast Asia. The traction and robust pipeline Solar AI team have achieved to date is a strong indicator for their ability to be a leader throughout the region as its development continues to accelerate,” added Ben Lindsay, Investment Manager at Investible.

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Image Credit: Solar AI Technologies.

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In the present fundraising climate set against the backdrop of a tech market slowdown, founders across Asia are under increased pressure to secure investments.

Startup fundraising across Asia’s key markets — Southeast Asia, India, and greater China — all fell in the second quarter of this year, compared with a year ago, according to recent data.

Amidst 2022’s decline in investments across Asia, startups found themselves navigating rough waters, resulting in significant layoffs. In response, banks like HSBC have been supportive, offering dedicated credit lines to top tech firms in the region, including Singapore-based superapp operator Grab.

Yet, as investors become increasingly results-driven, demanding rapid deliverables, a significant number of startups are exploring alternative paths to early-stage growth.

Bootstrapping, characterised by starting a business with personal savings, borrowed funds, and self-generated revenue, can provide a strong foundation for startups in Asia’s challenging market conditions.

Bootstrapping: A compelling choice for Asian startups

Bootstrapping is not just a funding choice — it’s a strategic one.

India, a global startup hub, boasts successful bootstrapped companies like SocialPilot, a social media marketing tool launched in 2014, and HappyFox, a customer support software solution founded in 2011.

Meanwhile, Singapore’s edutech firm KodeKloud reported an annual recurring revenue of US$5 million in the first half of 2022. Just recently, Maneuver Marketing made headlines in the tech scene after announcing US$340 million in sales since bootstrapping in 2018.

Also Read: Bootstrapping allows Inmagine flexibility to respond to changing market conditions, client needs

Bootstrapping offers a unique appeal to startups in Asia because of the region’s distinct market characteristics, cultural nuances, and entrepreneurial spirit. 

It’s no secret that external funding can come with strings attached, including set milestones, specific growth targets, or particular strategic directions. In uncertain times, this can be restrictive.

Bootstrapping, on the other hand, grants founders the autonomy to dictate the financial trajectory of their startups, at least during the starting phase. With full control, they can pivot strategies and eventually explore innovative approaches like turning their customers into investors. This focus on generating real revenue from satisfied customers can be an asset when investor money is hard to come by.

Without the pressure to achieve rapid growth at all costs, bootstrapping gives startups the opportunity to focus on sustainable and organic growth, ensuring they remain profitable or at least have a clear path to profitability. This focus can provide stability during market downturns.

Bootstrapping during these periods allows founders to avoid diluting their shares prematurely. Moreover, when external investments are scarce, there’s a risk of startups accepting unfavourable valuations just to secure funds. Such overvaluations or “down rounds” can harm the startup’s reputation, morale, and future fundraising prospects.

Bootstrapping allows founders to preserve their equity, which can be beneficial in the long run. So, when the time bootstrapped startups do seek external funding, they’re often in a better position to choose partners who align with their vision and values rather than being forced into a partnership due to financial desperation.

While the short-term challenges of 2023 loom large, the choices made during this period can shape the long-term future of Asia’s startup ecosystem. In the end, if a business can survive and even thrive while bootstrapping during this funding winter, it’s a testament to its viability. This resilience can be a powerful narrative when seeking future investments, partnerships, or even during acquisition talks.

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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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In the dynamic world of finance, Southeast Asia has emerged as a hub of innovation, and the payments sector has witnessed rapid growth over the past few years. The Southeast Asian payments landscape has been experiencing this seismic shift, driven by a surge in smartphone penetration, an explosion of e-commerce, and the rise of digital banking. However, navigating this complex environment requires a deep understanding of local nuances and a willingness to collaborate with emerging players in the industry.

Riding this wave of transformation, global payment giant Visa found a strategic ally in e27, a tech media platform and community-builder in the Asian tech ecosystem. As a leader in payments, Visa understands the important role of startups and the fresh brand of innovation they bring to the development of the payments sector. Conversely, this is the same impetus with which Visa understands the equally crucial role they play in catalysing such innovations into the broader market.

Through an array of strategic partnerships with startups and a series of impactful media marketing campaigns that helped introduce the Visa Accelerator Program, e27 has significantly bolstered Visa’s presence in the Southeast Asian region, putting a spotlight on the payment leader’s efforts of catalysing growth, innovation, and accessibility within the payments sector.

e27 and its role in solidifying Visa’s presence in Southeast Asia

e27, known for its role in connecting, educating, and empowering the tech community in Southeast Asia, emerged as a crucial partner for Visa’s expansion in the region. Through its flagship events, media coverage, and community engagement initiatives, e27 has become the nexus of innovation and entrepreneurship, making it an ideal collaborator for a payments giant seeking to tap into the region’s vibrant tech ecosystem.

e27’s deep-rooted connections and insights into the Southeast Asian startup scene proved instrumental in bridging Visa together with innovative fintech startups. These partnerships have enabled Visa to tap into cutting-edge solutions that address challenges ranging from cross-border payments to financial inclusion. By leveraging e27’s network, Visa has successfully navigated the diverse markets of Southeast Asia and strategically aligned with startups that align with its vision of a more connected, efficient payments landscape.

Also read: Early-stage startups get a special boost through the Alpha-X initiative

With startup collaborations being Visa’s central goal for the project, e27’s media marketing campaigns helped spotlight Visa’s journey and contributions in Southeast Asia. Through a series of articles, interviews, and other media assets, e27 not only showcased Visa’s commitment to fostering innovation and bridging gaps in the payments sector but also helped shape the region’s understanding of exactly what makes Visa one of the world’s most reputable payment solutions providers.

Generating over 335,000 banner impressions on the e27 platform, over 632,000 reach on targeted social media postings, and over 12,000 clicks on Facebook, Visa can solidify its presence not only in the region but also to a dedicated audience of startup tech founders, investors, and other stakeholders.

Promoting the Visa Accelerator Program

Central to this spotlight was the Visa Accelerator Program, a groundbreaking initiative aimed at accelerating the growth of fintech startups while leveraging Visa’s extensive resources. e27 played a pivotal role in helping Visa launch the program in the region and bringing it to the forefront of the tech community’s attention. Through a meticulously crafted media campaign, e27 created buzz around the program, attracting startups eager to be part of this transformational journey.

At its core, the Visa Accelerator Program is Visa’s way of bringing together both startups and corporates to help the payments landscape innovate. Through the program, not only did Visa highlight the exciting innovations of different fintech startups but also enabled corporates to provide the necessary support and resources to help materialise such innovations — a synergy of multiple players working together to address gaps in the market.

Also read: How e27 helped spotlight Lalamove’s unique offerings to the right audience

e27’s media marketing expertise was evident in the series of articles we produced dedicated to Visa’s partnership with startups through the Accelerator Program. These articles provided insights into the challenges being addressed, the solutions being developed, and the impact on Southeast Asia’s payments landscape, highlighting startups that leverage their partnership with Visa to bolster their services, important trends in the payments sector to watch out for, as well as the crucial role of corporates in pushing for growth and innovation.

Through this partnership, Visa hopes to break the old ways of thinking that corporates and fintech startups are competitors against each other and instead, can collectively harness the power of innovation to create lasting impact across the payments space. Moreover, by sharing success stories of startups that have benefited from the program, e27 effectively demonstrated Visa’s commitment to nurturing innovation and driving positive change.

Beyond articles, e27 capitalised on various media assets, including media content published across the e27 platform as well as e27’s social media channels, all to engage a wider audience. The use of such visual content helped simplify complex fintech concepts, making them accessible to a broader range of readers. e27’s role in such a partnership also underscored the Visa’s dedication to promoting financial inclusion and fostering innovation. By sharing stories of startups focused on providing banking solutions to the unbanked and underserved populations, e27 helped position Visa as a catalyst for positive change in the region.

A partnership for the books

e27’s strategic collaborations with startups and well-executed media marketing campaigns have been integral to elevating Visa’s presence and influence. By acting as a conduit between Visa and the Southeast Asian tech ecosystem, e27 facilitated partnerships that addressed gaps in the payments sector. Through its series of articles and media content, e27 shone a spotlight on Visa’s efforts, particularly the Visa Accelerator Program, helping to drive awareness, engagement, and innovation.

Also read: PayPal: A reliable payment partner to combat business uncertainty

This collaboration stands as a testament to the power of partnerships and innovation. By connecting Visa with startups through strategic partnerships and spearheading the Visa Accelerator Program, e27 has played a pivotal role in enhancing Visa’s presence in the region and fostering a culture of innovation, inclusivity, and collaboration within the Southeast Asian tech ecosystem.

As both e27 and Visa continue to evolve and adapt, their partnership remains a shining example of how strategic partnerships and effective media campaigns can synergise to create a lasting impact. With e27’s continued support and Visa’s dedication to innovation, Southeast Asia’s payments landscape is poised to experience a revolution that embraces accessibility, inclusion, and technological advancement, propelling the payments sector toward a more interconnected, accessible, and innovative future.

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We can share your story at e27, too. Engage the Southeast Asian tech ecosystem by bringing your story to the world. Visit us at e27.co/advertise to get started.

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AntsBees, an artificial intelligence (AI) and robotics automation solutions provider in Malaysia, has earmarked up to RM4 million (US$860,000) to invest in tech startups wanting operational growth.

The firm tends to favour startups that are focused on the industries of education, healthtech or any field that could contribute to the AI technology ecosystem.

“We are keen to extend our expertise and platforms to startup companies and extend financial aid to grow together. Having been in the market and enabling digital transformation for organisations, we would like to invest in or acquire new businesses related to Industry 4.0 and doing so, further strengthen our position towards becoming a stronger tech-conglomerate,” said Dr Priscilla Prasena, Group CEO of AntsBees.

Also Read: AI is not about job displacement but job augmentation: Nick Eayrs of Databricks

Additionally, AntsBees is planning to list on the Ace Market of the Singapore Stock Exchange. The IPO proceeds will be used to cover its working capital, expansion ambitions, and development needs in one strategic move.

“By going public, we believe there is much to gain. There would be better regulation of the company, increased liquidity, a higher level of confidence for our investors and naturally, much better visibility in the market.

Established in 2012, AntsBees provides solutions, development, and training in Big Data, project management data analysis, AI, and digital marketing as part of Industry 4.0. It helps clients manage and derive useful insights from the amounts of structured and unstructured data.

AntsBees, currently valued at US$17 million, has four subsidiaries: Prestine International (a learning and development arm of its parent company focusing on AI and manufacturing science skilled courses), Votratec (a technical and vocational education and training college), PERPETUUTI, and MYCoachingHub (a sports analytics centre).

AntsBees is also working towards setting up its Asia Pacific (APAC) hub in Singapore by September 2023 and readying its headquarters in the US by this October.

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Fundraising or preparing your startup for fundraising? Build your investor network, search from 400+ SEA investors on e27, and get connected or get insights regarding fundraising. Try e27 Pro for free today.

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Mirxes Holding develops and commercialises non-invasive and affordable blood-based miRNA test kit products for the early detection of cancer and other diseases.

The Singapore-headquartered RNA technology company announced closing its US$50 million Series D funding round led by Beijing Fupu, EDBI, Mitsui & Co., NHH Venture Fund, and the Agency for Science, Technology and Research.

Mirxes, founded in June 2014 as a spin-off from A*STAR, was conceptualised and developed by co-founders Dr Zhou Lihan, Prof. Too Heng-Phon, and Dr Zou Ruiyang.

The startup recently announced the completion of its US$50 million Series D funding round led by Beijing Fupu, EDBI, Mitsui & Co., NHH Venture Fund, and the Agency for Science, Technology and Research.

e27 spoke with Co-Founder and CEO Lihan to learn more about the company, its solutions, and future plans.

Can you provide an overview of Mirxes’s RNA technology and how it is utilised in cancer detection?

Mirxes has developed a microRNA (miRNA) technology platform, mSMRT-qPCR, based on RT-qPCR. The platform relies on our unique three-primer approach, which can accurately and reliably measure miRNAs in human blood by increasing detection sensitivity and reproducibility.

Our early detection test kits are powered by our proprietary and patented miRNA detection technology platform. With extensive research into disease biomarkers, we have gained an in-depth understanding of the unique biology of miRNA, particularly at the early stages of the disease. Leveraging on our research and technology, we can develop and offer a new class of blood-based miRNA test solutions that significantly outperform existing tumour marker tests in detecting early stages of cancers.

Mirxes harnesses the power of RNA with a proprietary technology that can detect abnormal miRNA signatures in bodily fluids like blood and saliva. Consequently, with a simple prick, clinicians can diagnose diseases even in the early stages.

How does Mirxes’s blood-based colorectal gastric cancer screening test work, and what sets it apart from traditional screening methods?

GASTROClear is the first and only approved molecular in vitro diagnostic (IVD) product for gastric cancer screening globally, according to Frost & Sullivan. GASTROClear sets the standard for miRNA- based diagnostic tests.

Also Read: Harnessing the power of AI to help improve gastric cancer detection

Equipped with our mSMRT-qPCR technology, GASTROClear has demonstrated outstanding clinical performance. We completed a prospective clinical trial with 5,282 people enrolled in Singapore in a clinical trial for cancer screening and early detection.

GASTROClear is:

• non-invasive and simple to use: it provides a non-invasive testing approach as it requires only 1 ml of blood for testing, making the sampling process easy and enabling GASTROClear to be used in various testing scenarios.
• cost-efficient and highly accessible: our proprietary mSMRT-qPCR technology platform and reagents, together with our in-house manufacturing capabilities, enable us to control operational costs effectively, therefore lowering the costs of GASTROClear and making it highly accessible in the market.
• convenient: it can quantify risk levels and present direct and actionable detection results, thus enabling early detection and intervention of diseases. It also has a fast turn-around time, with a 4-hour sample-to-result lab workflow.

Project CADENCE sounds promising for early cancer detection. Can you share more details about the multi-cancer early detection test and the nine high-mortality cancers it aims to detect?

Project CADENCE is the world’s first large-scale clinical research project in Singapore to discover and validate novel combinations of blood-borne circulating miRNA and DNA methylation biomarkers. It will lead to developing a multi-cancer early detection test for up to nine high-incidence and high-mortality cancers, including lung, breast, colorectal, liver, stomach (gastric), oesophagal, ovarian, pancreatic, and prostate cancers.

We initiated a large-scale clinical research project in July 2022 to develop CADENCE in collaboration with key clinical experts and institutions in Singapore and overseas through integrating and analysing multi-omics biomarkers in miRNA and DNA of more than 20,000 individuals.

As part of our plans to bring accessible and affordable early cancer detection solutions to the ASEAN region, we signed a memorandum of understanding with PT ELION MEDIKA INDONESIA to bring RNA-powered early cancer detection tests to Indonesia. Similar to Project CADENCE, the partnership aims to develop blood-based multi-cancer early detection solutions optimised for the Indonesian population. This collaboration further enabled leading Indonesian and Singaporean scientists, clinicians, and entrepreneurs to develop localised solutions to address cancer challenges in our region collectively.

How does Mirxes’ RNA technology synergise with other biomarker technologies in Project CADENCE, and what advantages does this integration offer for cancer detection?

Project CADENCE is our most ambitious effort to date, where we leverage our proprietary technologies, a decade-long RNA clinical test development experience, and Singapore’s strong clinical research and translation infrastructure, to develop a novel blood test that allows physicians and at-risk individuals to detect the earliest possible signs of multiple solid cancers. This is done through a holistic analysis of miRNA and DNA biomarkers. The biomarker discovery and test development phase seeks to surpass existing blood-based cancer biomarkers with superior clinical performance in sensitivity and specificity.

Aligned with our purpose to detect cancer in its early stages to alleviate the burden of the disease and reduce financial costs, Mirxes has initiated a large-scale clinical research project for the development of CADENCE in collaboration with key clinical experts and institutions in Singapore and overseas, through integrating and analysing multi-omics biomarkers in miRNA and DNA of more than 20,000 individuals. We intend to conduct registration clinical trials for CADENCE in selected countries.

What are the key benefits of early cancer detection?

Early detection improves treatment outcomes and healthcare costs, and timely intervention leads to more effective treatment options and chances of successful outcomes. Treating cancer at later stages can be more expensive due to the need for more aggressive treatments and a higher likelihood of complications. Mirxes believes early detection saves lives and can also help reduce the overall cost burden on healthcare systems and patients.

What is your strategy for expanding cancer detection solutions into international markets? Which new markets are you expanding into? What opportunities do you see there?

Mirxes is headquartered in Singapore. Globally, we have physical operations in the US, China (including Hong Kong), Japan, and Southeast Asia (the Philippines and Malaysia) and commercial activities in broader Asia-Pacific markets.

We have established strong partnerships with our customers, distributors, suppliers and government partners and tailored our core strategy, products and services for each geography. This means that we ensure solid in-market relevance in each respective country alongside first-mover advantages, delivering solutions that work best for consumers.

For example, our early disease detection portfolio holds huge market potential to address significant unmet clinical demand. The successful commercialisation of GASTROClear alongside LungClear, a commercialised miRNA-based lung cancer early screening LDT service, positions us to seize global opportunities and make further inroads into cancer early detection.

Other key players in the global molecular cancer screening market with approved products include Exact Sciences’ Cologuard (stool DNA test for colorectal cancer), which was approved by FDA in 2014, and New Horizon Health’s ColoClear (stool DNA test for colorectal cancer) which was approved by NMPA in 2020. Mirxes’s GASTROClear was approved by Singapore’s Health Sciences Authority in 2019 and obtained the FDA Breakthrough Device Designation in 2023 while undergoing clinical trial in China for the NMPA approval. We seek to conduct clinical trials in different regions to localise our products and benefit more communities, as cancer is a personalised disease.

In Southeast Asia, we have established ourselves as a market leader in speciality molecular diagnostic development, allowing us to develop and commercialise products and services more efficiently. Our strategic focus is to continue demonstrating our capabilities to provide affordable and effective healthcare solutions to consumers in the region.

In July 2023, we announced our listing application with The Stock Exchange of Hong Kong Limited (HKEX) under Chapter 18A of the Rules Governing the Listing of Securities on HKEX. IPOs are a means for tech companies to secure funding for Research and Development (R&D), driving innovation and progress. We view IPOs as milestones, not endpoints. Going public isn’t about cashing out; it’s about accessing capital for new innovative breakthroughs, market growth and expansion. Our peer companies in the biotech sector usually go to IPO within 6-8 years of company founding (Exact Sciences, New Horizon Health, Guardant Health etc). Chapter 18A listing rule was specifically set up to enable growth-stage biotech companies that are pre-revenue or pre-profit to raise capital publicly to accelerate pipeline R&D and product commercialisation.

The spread of cancer remains a significant global health concern. How does Mirxes plan to address this challenge with its innovative technologies and early detection solutions? Which part of the world is more prone to cancer and why?

The prevalence of cancer can vary across different regions of the world due to various factors such as lifestyle, environmental exposures, genetics, and access to healthcare. Some regions may be more prone to specific types of cancer due to the mentioned factors.

Specific to gastric cancer:

Gastric cancer is the fourth leading cause of cancer deaths. It is ranked the sixth in global incidences among all cancers in 2022, with a total of approximately 1.1 million incidences worldwide, according to Frost & Sullivan. It is widely accepted that gastric cancer is one of the most preventable cancers because screening of asymptomatic individuals can identify precancerous adenomas that can be removed through surgery before they become cancerous. Patients diagnosed early in the progression of the disease are more likely to have a complete recovery and incur fewer medical expenses.

According to Frost & Sullivan, the market size of gastric cancer screening in the selected regions (namely China, Japan, Southeast Asia and the U.S.) increased from US$11.6 billion in 2018 to US$14.6 billion in 2022. It is expected to increase to US$20.7 billion in 2027 and US$24.3 billion in 2032.

Mirxes aims to make early disease detection accessible on a global scale. We aim to alleviate the burden of cancer and reduce healthcare costs by leveraging innovative RNA tests that detect diseases earlier, improving health economics and outcomes to foster a healthier future for communities worldwide.

Apart from colorectal cancer and the nine high-mortality cancers targeted in Project CADENCE, does Mirxes plan to expand its RNA technology to detect other types of cancer in the future?

We are focused on scaling the adoption and penetration of Mirxes’s flagship stomach cancer blood test, GASTROClear, in major Asia-Pacific markets, including Southeast Asia, China, and Japan. We will also accelerate the development and commercialisation of Mirxes’s maturing clinical pipeline, including a blood-based colorectal cancer screening test and the multi-cancer early detection test under Project CADENCE. We have a strong oncology-focused pipeline to address clinical unmet needs for a healthier world – lung, breast, colorectal, liver and ovarian cancer, and multi-cancer.

In addition to our clinical pipeline of test kits for various cancers, we continue to work with local and globally renowned academic clinical centres to grow our pulmonary and cardiovascular disease portfolios.

In 2022, Mirxes jointly launched Southeast Asia’s first multi-centre study, Singapore Pulmonary Hypertension Early Detection with miRNA biomarkErs (SPHERE), with National University Heart Centre, Singapore (NUHCS) and National Heart Centre Singapore (NHCS) in a nationwide effort to manage the risk of pulmonary hypertension. SPHERE aims to develop miRNA signatures pertinent to Asia for early pulmonary hypertension (PH) detection.

Our ultimate focus continues to be on accelerating innovation and bringing life-saving solutions to the public through the early detection of life-threatening diseases.

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(The second image used in this picture is AI-generated)

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Property tech company PropertyGuru today announced that it is ceasing the operations of Rumah.com, its property marketplaces business in Indonesia, and FastKey, its SaaS product, in an internal note by PropertyGuru Group CEO and Managing Director Hari V. Krishnan.

The statement further detailed that Rumah.com will cease to operate on November 30.

“Our aim is to minimise this impact and provide support to the 61 Gurus from our Indonesia Marketplace business, offering them enhanced packages, healthcare support and assisting them in their transition to new opportunities,” Krishnan said in the statement.

“Until November 30, we will continue to serve our Rumah.com agent and developer partners to ensure minimal disruption to their business operations. Thereafter, we will refund the fees paid by them as per the respective contracts. For our vendor partners, we will pay the dues as per the individual contractual commitments.”

Also Read: GORO raises US$1M to democratise Indonesian property investment amidst economic challenges

It also stated that it will continue to hold the PropertyGuru Indonesia Property Awards.

For FastKey, PropertyGuru will cease its operations in Indonesia on July 31, 2024, and in Malaysia and Singapore on October 15, 2024.

“As we move forward, we are engaging in conversations with the affected FastKey team members, exploring redeployment opportunities within the group and ensuring that they are supported throughout this period of change,” the CEO said.

For affected employees at Rumah.com, PropertyGuru will provide them with enhanced severance packages, goodwill payments based on years of service, extension of medical insurance, and jobseeking support.

The company also stated that the business decisions are not expected to have a material impact on its full-year 2023 financial outlook.

Also Read: Thai property developer MQDC unveils ‘metta-verse’ to bridge the real and virtual worlds

“As we navigate the future, it is imperative that we continue to review progress and periodically streamline our operations while carefully re-prioritising our resources where necessary. Our efforts and focus must be towards businesses that are already driving or have shown the potential to achieve scalable growth while ensuring strong unit economics,” says Krishnan.

e27 has reached out to PropertyGuru to find out the company’s next plan and focus.

Responding to the announcement, 99 Group CEO Darius Mahtani Cheung said that the group is “rapidly” growing its business in Indonesia and is expanding its team.

“We welcome all talents to join us, do find out about opportunities on our career page!” he wrote to e27.

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Image Credit: PropertyGuru

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