Dropbox recently announced an end to its unlimited cloud storage offering, and users are up in arms over this development. It is apparent that usage of the cloud has become a business norm, and adoption has accelerated over the last three years. Studies have found that as much as 60 per cent of all corporate data is stored on the cloud, with 48 per cent of businesses storing confidential data on the cloud too.

While cloud adoption has greatly supported digitalisation efforts and our ability to work effectively across borders, there are many questions about cloud security that remain unaddressed.

Do we even know where it is stored, by whom, and how secure is it as we increasingly move from more traditional forms like hardware storage to placing all our data in the cloud?

Our heads are in the cloud

Undeniably, cloud storage has become an essential component of the digital landscape, with major players like AWS, Azure, and Google Cloud dominating the market. While these centralized cloud solutions offer convenience and scalability, they also raise concerns about data privacy, security, and control.

The centralized nature of these services makes them vulnerable to attacks, data breaches, and single points of failure. Incidents of data breaches have been reported extensively over the past four to five years, with cloud assets cited as the biggest targets for hackers in a report by Thales.

The paper found that more than a third (39 per cent) of businesses experienced a data breach in their cloud environment last year, an increase from the 35 per cent reported the year prior.

High-profile incidents include major corporations such as Microsoft and the Solarwinds cyberattacks in 2020– with both raising serious concerns about the security of cloud-based software systems. Demonstrating that no organization is too large or even well-defended enough to fend off a cyberattack.

Cloud security’s multi-layered battle

What then, are the most pressing threats posed to cloud security? This can be segregated into three parts: the motivation for cybercriminals, the vulnerabilities of cloud infrastructure and yet again, the human element.

• A goldmine of data and assets: Centralised cloud storage providers are attractive targets for hackers due to the sheer volume of data they host. Breaches often lead to the exposure of sensitive information, resulting in severe reputational damage and potential legal consequences for both the cloud provider and its clients.
• Highly vulnerable single points of failure: This critical weakness stems from the concentration of data within a singular server or location. In the event of a breach or system failure, the entire repository becomes exposed to potential compromise. Hackers recognize this Achilles’ heel and exploit it as a strategic target. By targeting this single point of failure, malicious actors can gain unauthorized access to a colossal volume of data in one fell swoop, triggering a domino effect of catastrophic consequences.
• Insider threats: The looming shadow of insider threats continues into the realm of cloud storage, even if an organization deploys robust security measures. Employees, contractors, or even privileged users with access to the system can exploit their positions to compromise sensitive data. Whether driven by malice, negligence, or ignorance, these insider threats can result in data leaks, unauthorized data manipulation, or even deliberate sabotage.

Making the cloud a safer space through fragmentation

As the digital landscape evolves and threats become increasingly sophisticated, the vulnerability posed by centralized cloud storage’s single point of failure remains a pressing concern, underscoring the urgency for more robust, distributed alternatives like decentralized dynamic security storage in the realm of Web3.

Decentralized dynamic security storage, with its distributed architecture and advanced encryption techniques, offers a potential solution to mitigate the risks associated with centralized cloud storage and protect sensitive data from cyber threats.

When storing data in traditional cloud environments, users essentially entrust their information to third-party providers. This raises concerns about data ownership, control, and privacy, as users must rely on the cloud provider’s policies and security measures to protect their sensitive data.

Decentralized dynamic security storage, which one can envision as a personal cloud, can address these challenges by leveraging blockchain technology, Web3 infrastructure, and a distributed network of global nodes. Users retain greater control over their data, as it is not stored within the confines of a single provider’s infrastructure. Encryption and distribution across nodes ensure that data remains private and secure from third-party access.

Security and limiting accessibility are also heightened, as files are broken down into smaller fragments, encrypted, and distributed across multiple nodes, forming a distributed storage network that functions like a large cloud. This architecture brings essential advantages over traditional centralised cloud storage, where no single point of failure exists.

In conclusion, as this trend gains momentum through early adopters, I strongly believe that businesses and individuals will eventually embrace the potential of decentralized storage, reshaping the future of cloud infrastructure for the better.

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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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Image credit: Kenny Eliason on Unsplash

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Get your Flux Series tickets at early-bird rates today!

In the realm of modern marketing where creativity meets cutting-edge technology, a seismic shift is underway. No longer confined to traditional advertising efforts, marketing has evolved into a dynamic fusion of consumer psychology, data, and technology. It now stands as the linchpin connecting businesses and their target audiences in a world of hyper-connectivity and information abundance.

At the heart of this transformation lies disruptive technologies like Artificial Intelligence (AI). This component has rewritten the rules of how businesses engage and connect with their customers. Through AI’s unparalleled ability to process vast datasets in real-time, a new era of precision marketing emerges. It empowers businesses to unravel the intricacies of consumer behaviour, preferences, and demographics, fueling hyper-targeted campaigns that maximise every marketing dollar we spend.

Also read: Singapore to host the most challenging pitching competition in the world

Flux Series: Marketing Leaders, a project spearheaded by e27, is the crucible where these revolutionary concepts come to life. It’s not merely a conference — it’s an immersive experience that equips attendees with the tools and strategies to drive sustainable growth and profitability.

Why we are discussing marketing at Flux Series

Investing in marketing efforts can be a double-edged sword, as there’s always a risk that expenditures may not always yield the desired outcomes. Traditional methods often struggle to provide the level of precision needed to target the right audience or allocate resources effectively. However, with the advent of powerful tools like Artificial Intelligence (AI), businesses have gained a transformative advantage.

AI’s capability to process immense volumes of data in real time allows for a comprehensive understanding of consumer behaviour, preferences, and demographics. By synthesising this information, businesses can fine-tune their engagement strategies, ensuring they resonate with their target market. This not only enhances customer interactions but also bolsters the overall promotion of one’s business. Through the intelligent application of AI-driven insights, businesses can substantially increase the likelihood of success, turning marketing efforts into a surefire path to growth and profitability.

Also read: Innovation Meets Impact: EQT’s Pioneering Challenge in Asia

Furthermore, AI’s predictive capabilities are a game-changer for businesses aiming to stay ahead of the curve. By analysing historical data and real-time trends, AI can forecast consumer behaviour and market shifts. This invaluable insight enables businesses to adapt their strategies proactively, ensuring they are always in sync with evolving consumer demands and industry trends.

While the benefits of integrating AI into marketing efforts are clear, businesses often face a significant hurdle—the knowledge gap. Embracing new marketing technologies requires a shift in skill sets and knowledge within the marketing team. Equipping employees with the proficiency to effectively utilise new tools and systems often necessitates thorough training.

Moreover, sourcing and retaining talent adept in emerging technologies presents its own set of challenges. To thrive in the swiftly evolving marketing landscape, businesses must prioritise investment in comprehensive training and development programs. This strategic approach not only addresses skill gaps but also ensures sustained competitiveness in the dynamic market.

Flux Series addresses the critical knowledge gap, offering a platform for marketers to stay ahead of the curve. Whether it’s decoding the intricacies of AI or understanding the latest trends in marketing technology, Flux Series provides the tools and insights needed to navigate this dynamic terrain.

Growth-oriented content stages featuring actionable insights

Flux Series is a curated, intimate, and focused convergence of top industry leaders designed for active learning sessions. It offers access to in-depth knowledge and actionable insights that can propel sustainable growth and profitability for your brand. This program serves as a dynamic platform for growth-oriented industry leaders to converge, exchange ideas, and explore cutting-edge innovations in key business areas such as marketing, product development, operations, and more.

The inaugural edition of the Flux Series, taking place on November 15 in Jakarta, Indonesia, will bring together key leaders in the world of marketing. They will discuss, ideate, and strategize actionable steps to optimize marketing efforts using AI-driven innovations and technology, with the goal of achieving sustainable growth for your company.

Also read: How e27 helped empower APAC communities through Meta

Flux Series: Marketing Leaders goes beyond conventional learning environments by providing a curated selection of growth-oriented content stages. These stages serve as dynamic platforms where attendees gain invaluable insights on leveraging disruptive technologies and harnessing the power of AI to supercharge their marketing efforts. Here, participants get to immerse in active knowledge-sharing guided by industry trailblazers who will be lending their expertise and experiences. From decoding AI-powered tools to unveiling transformative marketing strategies, these content stages are designed to equip marketers with actionable insights that can be seamlessly integrated into their business strategies.

This innovative approach ensures that attendees not only grasp the theoretical foundations of AI-driven marketing but also walk away with tangible strategies for implementation. Through intimate sessions with experts, participants gain access to a wealth of creative and data-backed approaches, all tailored to optimise marketing endeavours.

These actionable business insights serve as catalysts for growth, providing attendees with the tools to reinvigorate their brand and forge stronger connections with their target audience. With Flux Series, the emphasis is not just on acquiring knowledge, but on cultivating a practical understanding that empowers marketers to navigate the ever-evolving landscape of modern marketing powered by today’s most exciting technologies.

Join Flux Series: Marketing Leaders

For marketing leaders aiming to elevate their company’s marketing goals, Flux Series: Marketing Leaders is a must-attend event. Join us in Jakarta on November 15, 2023, for a day of insightful discussions, interactive workshops, and unparalleled networking opportunities that will reshape the way you approach marketing in the digital age.

Join the Flux Series or become our partner and be a driving force in the AI-powered marketing revolution. To learn more about the event, you may visit the official Flux Series: Marketing Leaders page.

The post Dive into AI-powered marketing with growth-oriented content stages at Flux Series appeared first on e27.

While Southeast Asia might not have been a top investment destination in the early 2000s, its substantial youthful and industrious population, rapid internet adoption and burgeoning financial services sector have attracted global investors in recent years. Seeking to participate in a market poised for significant transformation and growth, the region saw a notable rise in global investors steadily deploying capital into its private markets.

Jean Salata, Asia chairperson of Swedish investment firm EQT, describes Southeast Asia today as an exciting market entering its “golden period” on robust fundamentals.

For one, from a geopolitical standpoint, Southeast Asia has benefitted from the shift of attention away from China towards other markets in Asia. On the back of improving economic growth as well as strong efforts to attract foreign direct investments, Southeast Asian markets are now gaining more traction as a supply chain de-risking hub.

Furthermore, the region is seeing a wealth expansion and growth in consumer spending power, which fuels the emergence of successful high-growth startups. These companies, such as tech giants Grab, GoTo and Sea, have become role models for many homegrown entrepreneurs — subsequently attracting more investor attention, says Salata.

“Having those role models that people can look up to also unleashes a huge amount of entrepreneurial activity. I think the momentum is very positive in Southeast Asia and hence we hope to become more active in the region,” says Salata.

Formed in 1994, EQT now has a total AUM of more than US$240 billion ($327 billion) and is ranked one of the top three global private equity firms according to Private Equity International.

Also read: Dive into AI-powered marketing with growth-oriented content stages at Flux Series

To tap into the space and work with the region’s entrepreneurs, EQT has unveiled the inaugural EQT Impact Challenge for this region, which follows more than a decade of having a similar annual event in its home market.

Geographical differences aside, this series of challenges sets out to celebrate entrepreneurship and innovation. The challenge was born out of the firm’s passion for developing companies and its fundamental strive to make a positive impact through its investments.

The firm seeks startups and entrepreneurs with breakthrough solutions or innovation, focusing its search on those operating in the spaces of the planet (climate and nature) and humanity (health and equity). Most importantly, EQT is looking for startups and entrepreneurs who have the potential to create a large positive impact in the future, says Salata.

Participants will be competing for a EUR100,000 ($146,447) investment, courtesy of the EQT Foundation which provides risk capital to entrepreneurs building a cleaner and more inclusive tomorrow. On top of having a fundamentally sound and attractive business, aspiring winners will also need to effectively showcase their passion for driving impact, Salata notes.

“We want to provide a platform for those with a well thought-out business plan that addresses a real issue with great solutions and ideas. To ensure long-term sustainability, we design the challenge in a way that encourages the startups to stand on their own and develop independently over time,” he explains.

Sharing expertise via EQT

The EQT Impact Challenge comes at a time of a slowdown in startup funding, amid the landscape of rising interest rates and a high inflationary environment.

Despite supportive macroeconomic tailwinds, the region’s entrepreneurs have faced a difficult funding environment over the past few years as the volatile financial backdrop eroded the confidence of investors. According to S&P Global Market Intelligence and data from Preqin, global dry powder stood at a whopping US$2.49 trillion as of early July, up 11% over last December, incurring a very considerable opportunity cost of capital.

However, Salata says this does not mean there is a lack of quality deals in Southeast Asia. He adds that the region still boasts many interesting companies with innovative ideas at reasonable valuations. That said, certain entrepreneurs might require additional support in managing their business operations and preparing for expansion beyond a single market.

“Oftentimes, what is required is not just money but also expertise and know-how and investors like ourselves can help position the business for further funding and future growth. By offering assistance in crafting investor-friendly pitches, outlining clear business trajectories, showcasing past milestones as well as outlining strategies for value creation, we can significantly enhance entrepreneurs’ success in securing the next stage of capital,” he adds.

Also read: Singapore to host the most challenging pitching competition in the world

Therefore, the EQT Impact Challenge is not solely focusing on cash deployment awards. The winner would enjoy access to EQT’s knowledge and operational assistance, enabling them to leverage the group’s extensive network and wealth of experience, given how EQT operates in more than 20 countries across the world. They can also take advantage of EQT’s portfolio of about 300 firms at different stages of their growth and development.

Furthermore, the winner of the challenge will receive 300 consulting hours from a professional services firm, which will be particularly valuable for their strategic planning and business development endeavours.

Harnessing the synergistic power of collaboration, the EQT Impact Challenge is co-organised with The Edge Singapore and E27. “At EQT, we believe in the boundless potential of Asia’s entrepreneurial spirit, which is a vital building block in growing economies. EQT Impact Challenge, in collaboration with The Edge Singapore and E27, stands as a testament to our passion for developing companies and commitment to nurturing innovation,” says Salata.

The Edge Singapore, a partner to this challenge, has been following the regional startup scene and profiling entrepreneurs as part of its overall coverage of regional business and investment news since the publication started in 2002. Chan Chao Peh, editor of The Edge Singapore, believes that it is now the time for the paper to be more actively involved in this field and not be a mere “passive” chronicler of this space. “In these transformative times, it’s imperative to join forces with visionaries who are steering the future with innovation and resilience. Our collaboration with EQT and E27 in this competition hopes to support and shine some much-deserved spotlight on some of the brightest minds in the industry.”

Accelerating Southeast Asia investments

EQT remains positive about Southeast Asia, highlighting the promising growth momentum. Commenting on the region’s startup ecosystem growth outlook, Salata recounts that while many internet companies had collapsed and ceased to exist after the bursting of the dot-com bubble, many others emerged from the crash with a slew of businesses that would never have been created if not for the massive growth in internet adoption at the time.

“I can sort of see this cycle happening in Southeast Asia, with the tremendous amount of money raised over the past five years. There was a lot of venture activity in the region, resulting in new venture funds and a handful of great successes. Despite this, many of the current highly-valued startups in the region have yet to fully mature and prove their worth.”

Also read: Innovation Meets Impact: EQT’s Pioneering Challenge in Asia

To this end, Salata says the stakeholders in the region will have to exercise patience while Southeast Asian startup champions consolidate, demonstrate their capabilities and eventually provide exit avenues.

“I do not see signs of people losing interest in investing in Southeast Asia. From our standpoint, we are increasing our level of activity. We have been building our team here and looking at different ways we can tap into the deal flow. To cater to the opportunities in Southeast Asia, we are also thinking of strategies that tap into smaller deals,” he concludes.

Interested entrepreneurs can now apply to compete in the EQT Impact Challenge. Ideally in the seed stage, pre-series A startups will also be considered.

For more information on the EQT Impact Challenge, visit https://e27.co/eqt-impact-challenge/

Application period: Sept 12 to Oct 15

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The article is produced by The Edge Singapore, published by e27, and sponsored by EQT

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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The Supreme Court of the State of New York (the US) ordered Nasdaq-listed Society Pass to award a significant block of pre-IPO shares that could be valued as much as US$6.61 million, with up to an additional US$2.38 million penalty interest, to its co-founder and former CMO Thomas O’Connor for the breach of the Common Stock Purchase Warrant, court documents accessed by e27 showed.

Granting the partial summary judgment in O’Connor’s Motion against the data-driven loyalty company in May 2023, the court ruled that he had “validly exercised his right to purchase 1,148 shares of Society Pass Incorporated under the terms of the Warrant”.

As per Society Pass co-founder and CEO Dennis Nguyen’s deposition in the court (a copy of which is in e27‘s possession), each pre-IPO share is indicatively worth US$5,763, which translates to US$6.61 million. Adding the court-sanctioned penalty interest of 9 per cent per year will make it approximately US$9 million in total as of today.

The company has attempted to file an appeal against the judgement. The appeal is pending as of today.

As per Society Pass’s most recent 10-Q filing, it has only US$10.9 million left in its coffers. A 10-Q filing is a financial report that all public companies must submit to the US Securities and Exchange Commission (SEC) at the end of each of their first three fiscal quarters.

Also Read: Ex-CTO drags Society Pass into court for “breaching employment contract”, seeks over US$1.3M in damages

The judgment by the New York court is only part of O’Connor’s total claims against Society Pass. As per the court documents filed this week, O’Connor’s attorneys plan to file a new Motion for another US$8 million (plus penalty interests) he is owed under the signed agreements with the company.

It is not clear how Society Pass plans to fight this case if the appeal is rejected.

We have reached out to Nguyen for more details, but he has not responded to our email at the time of publishing this article.

We have also contacted O’Connor, but he is unavailable.

The court judgement is a severe blow to Nguyen and Society Pass as the company is facing multiple problems in the US. According to court documents, CEO Nguyen admitted the firm was already under SEC investigation earlier this year. We have searched Society Pass’s news releases and SEC public disclosures but couldn’t find its announcement regarding the investigation or its current status.

In addition, a separate lawsuit — filed two years ago by the other co-founder and former CTO Rahul Narain — is up for hearing in the New York Court this week. The lawsuit argues that Society Pass owes approximately US$1.3M to him as per his employment contract.

Furthermore, Society Pass was recently removed from the Russell 2000 index (a small-cap US stock market index), a blow to the company’s efforts to retain the coveted institutional investors that can greatly support Society Pass’s share price. This appears to be one reason why its shares have slumped considerably from a high of US$77 per share to now only US$0.40 erasing up to 99 per cent of investors’ money in the process.

The SEC investigation and the court cases could spell serious trouble for Society Pass with potentially negative impact to its balance sheet and possible delisting from Nasdaq.

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Buyandship, a global cross-border e-commerce platform headquartered in Hong Kong, has made the first close of its Series B round with a US$10 million strategic investment led by Cool Japan Fund. 

The company will use the capital to automate operations and R&D in Artificial Intelligence and Machine Learning capabilities, as well as to expand into Southeast Asia.

“From a geographical expansion perspective, Buyandship looks forward to widening its coverage within Southeast Asia and South Korea, benefiting even more consumers in the region,” said Sheldon Li, Co-Founder and CEO of Buyandship.

Buyandship aims to offer consumers a “simple and intuitive e-commerce experience” to purchase products globally. Over the past 12 months, it has built an automated shopping assistant, utilising a Robotic Process Automation (RPA) model to boost its order processing capacity. 

Also Read: The thesis for cross-border e-commerce in Southeast Asia

In the future, an AI-powered recommendation system will be integrated into the Buyaholic social commerce platform. This system will utilise an algorithm to feed user-generated content (UGC) automatically based on behavioural records to enhance user stickiness and engagement.

The company claims to have processed US$383 million in GMV in the last fiscal year. 

Kenichi Kawasaki, President, CEO and COO of Cool Japan Fund, said, “This investment will encourage overseas consumers to purchase local Japanese e-commerce products that do not support overseas shipping, and will help raise the profile of Japanese products among overseas users, while expanding sales opportunities.”

Cool Japan Fund was founded in November 2013 as a public-private fund backed by the Japanese government to contribute to the sustainable growth of Japan’s economy through the expansion of overseas demand and supply of attractive products and services unique to Japanese lifestyle and culture. 

The global B2C e-commerce market was valued at an estimated US$4.92 trillion, representing 19.6 per cent of all commerce being conducted electronically in 2021. By 2025, these numbers are projected to increase to US$7.39 trillion and 24.5 per cent, respectively. Included within these statistics is the segment of cross-border e-commerce, which is predicted to grow from US$780 billion in 2019 to US$4.82 trillion in 2026.

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Image Credit: Buyandship.

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