US-based electric scooter startup Scooterson, which has its manufacturing plant in Singapore, is set to kick off its new US$10 million fundraising process next month.

The new capital raise will fuel Scooterson’s multifaceted expansion strategy, encompassing product development, geographical reach, and operational enhancements, its Co-Founder and CTO Deepansh Jain told e27.

“We are looking to raise capital from a group of investors in the US, our primary market. We also anticipate participation from existing investors,” he said.

Established in 2016, Scooterson offers a semi-autonomous e-scooter model, Rolley, which requires zero learning curve and can accelerate. Its Smart Mode Acceleration feature works in tandem with the scooter’s sensors, phone sensors, and prior ride data to optimise speed.

Also Read: Scooterson’s smart electric scooter Rolley to kickstart in Singapore with a US$1.75M funding

Rolley doesn’t have a gear shifter or acceleration lever, unlike conventional scooters. It adjusts the speed and performance according to the rider’s body movements.

The Scooterson mobile app allows users to lock/unlock their scooters remotely, share their travel information and the scooters with family and friends, and send charging notifications when the battery is running low. Moreover, its anti-tapering alarm system and Find My Scooter function allow users to locate their scooters if they are stolen or lost.

While Rolley’s base model is priced at US$3,200, the higher version Rolley+ costs US$4,000.

According to Jain, Scooterson has so far shipped about 300 units, primarily to the US market. It now plans to sell 1,000 units — 80 per cent of which will go to the US market and 20 per cent to the rest of the world — which are pre-sold on its Indiegogo campaign.

The mobility startup has an ambitious plan to ramp up production capacity to 1,000 vehicles per month due to an ‘increasing demand’.

“Over the next six months, Scooterson will undergo a phased transition that will pave the way for this capacity increase. As part of this transition, the current phase-out period will be crucial in preparing our facilities, supply chain, and workforce for the impending surge in production,” Jain revealed.

To date, the startup has raised US$6.5 million from angels and corporates, including Singapore-based Arsat Group, SOSV, and ElevateVC.

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Image Credit: Scooterson

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Launched in late 2020 by former Carousell, Airbnb, and Amazon executives, Rainforest has swiftly emerged as a disruptive force in the realm of e-commerce brand aggregation. Specialising in categories like parent/juvenile products, home goods, personal care, and pet items, the company leverages its proprietary technology to identify, acquire, and propel small e-commerce businesses to new heights.

The company’s approach places a premium on nurturing entrepreneurs and maintaining brand identities while achieving remarkable growth. With funding rounds and a focus on global expansion, Rainforest wants to build a sustainable and innovative company that resonates with parents worldwide.

In this interview, Rainforest’s Co-Founder and CTO Per-Ola Röst takes us through its journey to become a known name in the e-commerce aggregation space.

Edited excerpts:

Can you provide an overview of Rainforest’s journey so far? What led to the founding of the company and its current position in the e-commerce brand aggregation space?

Rainforest was founded in late 2020 to tap into the Asian ecosystem of e-commerce entrepreneurs.

In years prior, there had been an increase in entrepreneurs developing and marketing products online, further boosted by the onset of COVID-19. Our model was to find and acquire small e-commerce businesses and scale them up with a veteran team of operators.

Over time, we decided to focus on the parent/juvenile space, as we saw solid performance for our brands in this category. We believe in the underlying fundamentals, like the importance of trust/relationship with parents and better synergies across a portfolio of brands in the same category.

Also Read: Rainforest acquires baby care brand NatureBond to grow its portfolio of cross-border brands

Today, we have 15 brands, mostly in our core category. Rainforest is also acquiring globally, although many of our acquisitions are still in Asia.

E-commerce brand aggregation is a unique niche. Could you elaborate on Rainforest’s approach to acquiring and growing consumer e-commerce brands? How does your proprietary technology play a role in this process?

We work with brokers worldwide, but many brand owners also reach out to us directly. In the long term, we want to build the Rainforest brand as a trusted partner for e-commerce brand owners, and one reason behind our success is our fair treatment of entrepreneurs through the acquisition process.

We use technology to support acquisitions in many ways – to find interesting brands (via our outreach programme). We have a proprietary solution to evaluate the performance of Amazon-native brands and a proprietary risk mitigation tool, allowing us to spot black-hat activities.

Rainforest focuses on specific categories like home goods, mother & kids, personal care, and pet products. What drove the decision to specialise in these categories? How do you evaluate potential brands within these sectors?

We have brands in all those categories, but the central one is the parent/juvenile category and, to a lesser extent, ‘home’.

Other than solid financial metrics, we look for brands with unique IP – like a patented product or design/brands with a strong social following, and other aspects like products with high repeat purchase rates, low refund rates, good reviews, etc.

The funding rounds for Rainforest have been quite successful. How have you attracted significant investment, and how do you plan to utilise these funds to achieve your growth objectives?

We were able to build a strong team early that performed incredibly well. This helped us back up our big ambitions with big numbers – the rest was down to good timing and finding investors who shared our vision.

Besides acquisitions, we are investing a lot more in product development, where we want to become category-leading. We are also building an umbrella brand to house all of our products and allow us to nurture the relationship with parents over a longer period.

Can you elaborate on Rainforest’s strategies to ensure that the brands you acquire continue to thrive and grow globally? How do you balance maintaining the brand’s identity and integrating them into your ecosystem?

On the brand identity side, the brands have been mostly independent. The growth story for each brand is unique, but we have been quite successful in our product launches, geo and channel expansion.

Also Read: Rainforest banks US$20M pre-Series A in a Monk’s Hill-led round to acquire new e-commerce brands in Asia

Another thing that worked well for us was lowering costs (especially manufacturing and shipping) to offer customers more affordable products, allowing us to grow our market share sustainably.

The concept of providing entrepreneurs with a healthy exit through acquisition is intriguing. How do you approach negotiations with brand owners, and what benefits does Rainforest offer entrepreneurs looking to exit their businesses?

We don’t have any special approach to negotiating. We offer entrepreneurs an exit and future incentives in profit-sharing and other milestone payments. The ideal scenario for us is to find great entrepreneurs who would like to stay on with Rainforest and where we can continue growing the brand together while offering the entrepreneur the opportunity to take some money off the table through the acquisition.

Your technology-driven approach, including inventory management and cost optimisations, sets Rainforest apart. Could you share some insights into how this technology works and its impact on brand performance and growth?

Our custom-made data platform lets us stay on top of all our brands in real time. It drives all key insights and ensures that our decisions are truly data-driven.

Coupled with a range of bought tools in AI and process automation, we believe we have a solid foundation that gives us a competitive advantage on Amazon and beyond.

Our ERP is the focal point for all our finance and inventory-related data. We then buy solutions that integrate with the ERP, like our forecasting and planning tool. This is an area where we will continue to invest – to automate processes further – supporting Rainforest through future growth.

Expansion into new marketplaces and channels is a crucial part of your strategy. How do you assess which marketplaces and channels are the best fit for the brands you acquire? What challenges do you face during this expansion?

We were initially focused on Amazon US as a channel/marketplace. It allowed us to run relatively simple operations while we scaled to where we are today.

We are now positioned to grow into new marketplaces and channels and primarily invest in D2C, wholesale, and Walmart. Walmart is an exciting marketplace because of their strong growth (although currently a lot smaller than Amazon), and we are deliberate about being early on this channel.

Challenges are plenty: Logistics/supply chain, product regulations, and much more.

Achieving unicorn status is a significant milestone for any startup. What key milestones and achievements do you see paving the way for Rainforest to become a unicorn shortly?

Unicorn status is not a goal in itself. We must continue taking sustainable steps forward, build a high-performing company culture, invest in innovation, and build trust with parents everywhere.

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When it comes to solving problems faced by recruiters, Singapore-based Independents focuses on a unique one faced by the marketing industry.

In 2022, Salesforce revealed that one out of every three marketers struggles to find the right talents with the right skills. Companies already rely heavily on external partners, freelancers, and independent contractors for an array of services, including branding consultancy, content strategy, AI content generation, digital marketing, and media buying.

This raises a few problems: the extensive effort involved in sourcing talents from a broader regional pool and the question of how to achieve objective talent assessment.

This is why Independents aims to tackle the problem by streamlining the burden of interviewing, recruiting, invoicing, and handling legal contracts—all achieved through a single platform enabled by AI and data.

The solutions can match its vast database of talents to suitable marketing projects within 48 hours, resulting in a cost reduction of 30-50 per cent compared to traditional agencies.

By considering skills, portfolio references, industry and geography experience, budgets, team dynamics, and client ratings from past projects, Independents swiftly identifies the most suitable short-term hire talents for brands and agencies. It also offers project management tools for its users.

Also Read: To what extent will AI affect the media industry?

“Our matching solution differs from other competitors’ platforms by adding a deeper and more nuanced search. Most freelance platforms match through the required industry skill of the talent, the output or asset required and the rating of previous projects,” explains Independents CEO Jatinder Sandhu to e27.

“While our AI system matches this, it improves on it further by incorporating a talent’s years of experience in the creative industry to identify their seniority, as well as a creative review by an industry panel of creative directors to help ascertain the level of creative ability. This provides our clients with a much more nuanced search that has resulted in over 70 per cent of repeated projects by our clients who are happy to keep working with the talent we identify for each specific project, proving our belief that ‘better matching means better marketing’.”

The company’s client base ranges from agencies serving clients seeking creative output or products as well as small- to mid-sized companies with a lean marketing team that needs support for very focused projects.

Making milestones

Independents recently took part in a project with the DBS Innovation team for the DBS Xcellerator programme, where it was supposed to secure 250 B2B sign-ups within 14 days for the niche sector of sustainability. The startup was able to tackle the challenge within 48 hours; it also executed a social media campaign within just eight days, exceeding the sign-up target by at least 50 per cent.

“Our project with the DBS innovation team was about putting our ability to find the ‘right’ creative team in a super fast turnaround with a limited budget while still making sure quality and, most importantly, ROI’s were met. Normally, a digital agency is bound by the staff it has available within its department … while other freelance platforms can expect to take at least a week to identify potential candidates, interview them, work out costs and contracts before starting the project,” says Sandhu.

Also Read: Navigating the e-commerce jungle: Rainforest’s tech-driven journey in brand aggregation

Independents says that it currently has a pool of over 405 talented individuals from Asia that includes AI specialists, writers, designers, digital marketers, art directors, strategists, and account managers. Three founders and its tech team currently run the startup itself; it is expanding its support and operations staff.

Since its inception in 2020, the company has completed over 100 projects across Southeast Asia and China and is looking to further expand within Southeast Asia and the UK by 2024.

“Our big plan for 2024 is to continue to grow our client base through the access of our new platform project automation while continuing to enhance and perfect our AI’s creative matching ability and add in more features supported by generative AI to make the experience even better for our clients,” Sandhu closes.

“Where constantly on the search for new creative markets, and the UK has a very experienced and world-renowned creative talent base. We’re hoping to tap into that expertise and creative ability and offer our clients higher quality and more cost-effective creative marketing solutions.”

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Image Credit: Independents

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KUPU, an AI-powered recruitment platform in Indonesia, has raised US$6 million in the latest funding round by Ascend Global Investment Fund (AGIF).

With this new funding round, KUPU plans to broaden its market presence while strengthening its Al-driven solutions.

“We believe that as Indonesia’s business landscape continues to evolve and modernise, new sectors will emerge and thrive. These sectors will inevitably require the right talent to navigate the challenges of the digital age. In light of this, KUPU’s role as a connector and recruitment partner will grow increasingly significant. This is especially crucial for employers seeking the right, highly-qualified candidates amidst the wealth of talent available in Indonesia,” said KUPU CEO Haibo Zhou.

An average of 250 individuals submit applications for a single job opening, but only four to six make it to the interview stage. Ultimately, just one receives an offer. This process takes a typical company around 68 days to complete for each new hire.

Also Read: The power of diversity: Leveraging and building an inclusive workplace for all

KUPU tackles these challenges with its innovative tools, including talent and job competency models, omnichannel sourcing, AI-facilitated video interviews, and Al matching models. This makes it easier for companies to find the best talent and for job seekers to find career opportunities that match their potential.

For example, its Al Video Interviewer allows the platform to interview multiple candidates simultaneously using a set list of questions. The recorded results are then sent to the hiring team for evaluation, substantially streamlining the candidate selection process.

According to KUPU, companies using its platform have reduced their recruitment processing time by up to 20 per cent and increased the calibre of their candidate pool.

As of August 2023, KUPU has aided over 600,000 job seekers locate suitable employment opportunities.

In addition to its high-tech solutions, the two-year-old startup also provides an easy-to-use mobile app and personalised recruitment advisory services.

Sinar Mas Group is also an investor in KUPU.

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The image used in this article is AI-generated.

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In today’s increasingly digital business landscape, global expansion isn’t just an option; it is imperative for startups looking to thrive and make a lasting impact on the global entrepreneurial stage.

In more emerging ecosystems such as Thailand, the Philippines, South Korea, Hong Kong, and Taiwan, global expansion has become a necessary step for startup growth. These countries often have smaller domestic markets, making international expansion essential for accessing larger consumer bases and diversifying risk. It also attracts global investors, enhances competitiveness, and provides a gateway to diverse talent pools. At its core, operating in multiple markets helps startups foster adaptability, validates a startup’s offerings, and facilitates networking and partnerships, ultimately ensuring long-term sustainability.

Furthermore, global expansion contributes to economic diversification in export-dependent countries like Taiwan and South Korea. By venturing into international markets, startups tap into innovation ecosystems, elevate their brand recognition, and gain access to vital resources, fostering growth and resilience. The challenge for many startups, however, is finding the right tools and insights to be able to strategise ways to navigate this endeavour.

Also read: e27 and Techstars partner to drive Startup City Accelerator success

Recognising the critical role that knowledge and networking play in this journey, Globalization Partners recently partnered with e27 to launch a series of online sessions across five countries. Dubbed the Market Access Series, this initiative aimed to equip local startups in Thailand, the Philippines, South Korea, Hong Kong, and Taiwan with the essential insights and resources necessary to embark on their overseas expansion endeavours. The successful collaboration between e27 and Globalization Partners resulted in not only achieving their ambitious target attendee registration goals but also fostering an environment conducive to cross-border growth.

Globalization Partners is a platform that helps companies build teams anywhere in the world. Their years of expertise in global expansion and local labour laws make them the perfect partner for startups seeking to explore global expansion opportunities. As the number 1 SaaS-based Global Growth Platform, they pair the industry’s most responsive technology with their world-class legal, HR, and tax experts to support growing companies every step of the way.

Empowering startups for global expansion

The goal of the partnership between e27 and Globalization Partners was to facilitate the global expansion journey of participating startups. By offering a series of online sessions, they sought to provide startups with valuable insights, strategies, and connections that would enable them to navigate the complexities of international markets. These sessions were designed to serve as a foundational stepping stone for startups aspiring to take their businesses beyond their local borders.

e27’s commitment to fostering innovation and entrepreneurship aligned perfectly with the goals of Globalization Partners to help enable growth and success among startups from different markets. Being an expert on different global markets, Globalization Partners sought to impart its expertise to the different participants powered by e27’s network and grasp of the Asia-Pacific tech startup ecosystem.

Also read: Wateroam emerges victorious at the 2023 SAFE STEPS D-Tech Awards

To ensure that startups from diverse regions get a full range of support, e27 and Globalization Partners strategically selected five countries as the focal points for the online sessions: Thailand, the Philippines, South Korea, Hong Kong, and Taiwan. Each of these markets represented unique opportunities and challenges for startups looking to expand globally. By addressing the specific needs of startups in these markets, the project aimed to offer tailored guidance and insights through its holistic panel of experts.

One of the key strengths of this initiative was the composition of the panels for the online sessions. e27 meticulously curated panels that brought together a blend of expertise critical for startups embarking on global expansion. Each session featured:

• A representative from a government ministry or institution specialising in trade and industry. These experts offered valuable insights into government policies, regulations, and resources available to support startups in their globalisation efforts.
• A panellist from a locally operating venture capital firm. This provided startups with access to investors familiar with the local ecosystem, who could offer funding, mentorship, and connections.
• A representative from Globalization Partners. As a company that specialises in helping businesses expand globally by providing and managing talent in various countries, their insights were invaluable for understanding the practical aspects of international expansion.

This strategic composition ensured that startups received a comprehensive understanding of the challenges and opportunities that lay ahead in their global expansion journeys.

The fruits of the collaboration between e27 and Globalization Partners

The success of any project can often be measured by its outcomes. In the case of the e27 and Globalization Partners’ collaboration, the results were nothing short of impressive. The project aimed to achieve a target attendee registration goal, and not only did it meet that target, but it exceeded it by a remarkable 110% across all the sessions.

This achievement underscores the hunger and enthusiasm of startups in these five countries for knowledge and resources that would enable them to compete on a global stage. It also demonstrates the effectiveness of the collaboration between e27 and Globalization Partners in delivering valuable content and networking opportunities.

Also read: Flux Series: Where industry leaders discuss actionable insights and disruptive technologies

The partnership ultimately serves as a shining example of how industry leaders can come together to empower startups to achieve their growth-oriented objectives. By focusing on knowledge sharing, networking, and access to critical resources, e27 and Globalization Partners have created a roadmap for startups in Thailand, the Philippines, South Korea, Hong Kong, and Taiwan to take their businesses to the next level.

In a world where borders are becoming less relevant for businesses, the importance of initiatives like these cannot be overstated. They not only enable startups to tap into new markets but also foster innovation on a global scale. As the success of this project demonstrates, knowledge truly is power, and when harnessed effectively, it has the potential to transform local startups into global success stories. The partnership between e27 and Globalization Partners stands as a testament to the boundless possibilities that await those who dare to dream big and embark on the exciting journey of global expansion.

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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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As artificial intelligence (AI) continues to reshape industries across the globe, the field of accounting is no exception. Accountants and accounting technicians find themselves grappling with concerns about job security in an increasingly automated landscape, reports suggest.

To explore these challenges and get a deeper understanding of the landscape, I turned to Mei Yoke Pak, the Malaysia Representative for the Association of Accounting Technicians (AAT). With her extensive experience and deep insights into the industry, Pak explains how institutions like AAT are pioneering a transformative approach in Southeast Asia.

 

Pak shares that AAT, as the world’s leading professional body for Accounting Technicians, is steadfast in its commitment to empowering accounting professionals to not only adapt but thrive in the AI era. “Accounting Technicians play key supporting roles to Chartered Accountants,” she states. “Our goal is to ensure that these roles remain relevant and valuable in an increasingly automated and AI-driven industry.”

Recognising the widening skills gap, particularly in Southeast Asia, AAT is actively working to address this issue. Pak points out that there is a shortage of qualified Accounting Technicians in the region. “One chartered accountant may need the assistance of 7-9 ATs,” she reveals. “This vacuum for skilled staff in the middle is something we are committed to filling.”

In the wake of AI’s encroachment into the entry and intermediate levels of the accounting profession, AAT acknowledges the potential impact on traditional roles. “We focus on empowering our students and members to embrace change, adapt to new technologies, and position themselves as valuable contributors to their clients and organisations in an AI-enabled landscape,” Pak explains.

A distinctive approach to accounting education

Since its establishment in 1980, AAT has been synonymous with a comprehensive and pragmatic approach to accounting education that sets it apart from traditional training programs. Pak underscores the fundamental difference, saying, “We have seen too many instances of rote learning in traditional programs, where graduates struggle to apply their knowledge in the workplace. Theories alone do not suffice.”

Accounting courses need to be meticulously designed to equip students with practical skills that directly translate into real-world accounting and finance tasks. The curriculum has to be thoughtfully structured, including elements like hands-on exercises, immersive case studies, and intricate simulations that immerse students in authentic professional scenarios. “This is exactly what we’re doing at AAT. Our students graduate not just with theoretical knowledge but with the confidence to tackle complex challenges,” Pak asserts.

What sets AAT apart is its adaptability to industry trends, including the integration of AI and technology into accounting practices. AAT students receive specialised training in using cutting-edge accounting software, harnessing data analytics tools, and leveraging other technologies that are increasingly critical in the field. “We ensure that our graduates are not just proficient accountants but tech-savvy professionals who are ahead of the curve,” Pak remarks.

Also Read: Balance AI tool benefits with end-customer needs: Jon Howard of Bud

In addition to technical skills, AAT places a strong emphasis on nurturing well-rounded professionals. Graduates not only possess a deep technical understanding but are also well-versed in ethical considerations, adept at effective communication, and possess a keen business acumen. “Our graduates are holistic professionals ready to tackle the multifaceted challenges of today’s accounting world,” Pak states proudly.

Balancing technology and the human touch

While AI is automating many aspects of accounting, Pak underscores the irreplaceable value of the human touch in this profession. “Accounting Technicians cannot be wholly replaced by mechanical processes,” she insists. “We recognise the importance of maintaining the essential human element in accounting.”

AAT’s training approach is tailored to encompass both technological proficiency and the cultivation of skills that machines can’t replicate. For instance, students receive intensive instruction in data analysis techniques, enabling them to derive meaningful insights from vast datasets, a skill vital in today’s data-driven decision-making landscape.

Moreover, the curriculum encourages the development of critical thinking skills—an essential asset for evaluating and interpreting the results generated by technology-driven processes. AAT students are trained to validate outcomes, identify anomalies, and make informed decisions, underscoring the indispensable role of human judgment in complex or ambiguous situations.

Recognising the rising instances of fraud and ethical concerns in the age of automation, AAT’s training also places a strong emphasis on ethics. Students gain an understanding of the ethical implications of automation, AI, and data privacy, ensuring that their use of technology aligns with the highest professional standards.

Communication skills also receive a prominent focus, addressing the need for accounting professionals to convey complex financial information effectively to clients, colleagues, and stakeholders. “Our graduates are not just numbers crunchers; they are effective communicators who bridge the gap between data and understanding,” Pak emphasises.

One aspect often underestimated is client relationship management. AAT’s training emphasises the significance of building and maintaining strong client relationships, recognising that while technology can handle routine tasks and streamline processes, the human touch remains indispensable in understanding client needs, providing personalised advice, and offering a sense of trust and empathy.

AAT’s role in global accounting opportunities

Southeast Asia is fast becoming a global hub for business and trade, creating abundant opportunities for skilled accountants. AAT’s certifications offer a standardised foundation of knowledge and skills that are recognised internationally, making it easier for accounting professionals to collaborate with peers from other countries.

Pak highlights the versatility of AAT’s qualifications, stating, “Our fundamental accounting principles are applicable across various countries and jurisdictions. While specific regulations may differ, our graduates possess a common foundation that equips them to adapt their knowledge to local requirements when working abroad.”

This recognition extends to AAT-accredited employers, who value the rigour and external assessments offered by AAT. Employers are increasingly seeking professionals with AAT training, appreciating their job readiness and the cost savings associated with hiring well-prepared staff. AAT-certified professionals contribute to higher employee retention rates and enhance the profile of companies that employ them.

Moreover, AAT’s global community provides accountants in Southeast Asia with invaluable connections and insights. Through a myriad of platforms, including online forums, webinars, conferences, and collaborative initiatives, AAT members can tap into a global network of professionals. “This network can provide valuable insights, job opportunities, and connections in various regions,” Pak explains.

Also Read: In SEA, Millennial Muslims in Indonesia are more confident about using AI for travel: HHWT

In a world where globalisation is the norm, AAT’s certification and training empower accountants in Southeast Asia to explore work prospects in different countries, harnessing their global recognition to navigate the challenges and opportunities of the international job market.

A closer look at the accounting industry in Malaysia

The accounting industry in Malaysia is poised for growth, presenting promising prospects for those pursuing careers in this field. Pak highlights the insights from the Malaysian Institute of Accountants (MIA), which indicate a shortage of accountants in the country. This shortage has created favourable conditions for individuals seeking careers in accounting, a trend that AAT is uniquely positioned to address.

With a focus on essential topics like auditing principles, internal controls, and risk assessment, AAT’s courses prepare individuals to seize opportunities in various sectors. The country’s strategic location as an Asian business hub further enhances prospects for accountants, particularly in Global Business Services.

The financial services sector, encompassing banking, insurance, and investment companies, also offers numerous opportunities for skilled accounting professionals. AAT’s training in financial management, risk assessment, and compliance equips individuals to excel in this sector.

Moreover, by offering professional development opportunities through AAT courses, employers can benefit from higher employee retention rates and increased company profile, becoming part of AAT’s growing accredited employers’ network—a mark of excellence recognising employers who support their finance staff with AAT training and membership.

Leveraging the power of a global community in education

AAT’s global community of accounting professionals serves as a powerful resource for its members in Malaysia and beyond. By fostering connections with peers, mentors, and experts worldwide, AAT’s members gain access to invaluable knowledge sharing, career guidance, and collaboration opportunities.

Pak highlights the numerous avenues through which AAT facilitates this global network, including online forums, webinars, conferences, and collaborative initiatives. These platforms enable members to glean insights from professionals hailing from diverse regions, helping them adapt to different business practices and regulatory environments.

Furthermore, AAT’s commitment to continuous professional development ensures that members remain at the forefront of industry trends and standards. Through workshops, seminars, online courses, and access to a wealth of resources, AAT in Malaysia can help accountants enhance their skills, stay updated with industry changes, and fulfil their professional development requirements.

The accounting industry in Malaysia and the broader Southeast Asian region is poised for significant growth and transformation. With the global economy becoming increasingly interconnected, the demand for skilled accountants has never been greater.

In this dynamic environment, continuous professional development and a commitment to staying updated with industry trends are paramount. Accountants who embrace technology, maintain ethical standards, hone their communication skills, and build strong client relationships are well-positioned to excel in this evolving landscape.

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This year looks set to be pivotal for investment in climate change mitigation around the world with the release of new environmental, social and governance (ESG) reporting standards.

The International Sustainability Standards Board (ISSB) issued its inaugural standards in June. Creating a global baseline for sustainability-related disclosure, IFRS S1 and IFRS S2 are expected to help improve trust and confidence when companies report their ESG progress internationally.

Concurrently, the United States, Europe, and Asia Pacific authorities are seeking to leverage the new ISSB standards to enhance local climate-related reporting, support investment decision making and promote the raising of green capital in their markets. The Stock Exchange of Hong Kong Limited has also recently issued a consultation paper for climate change disclosure in alignment with the new standards.

It is now evident that companies must raise their game in mitigating climate change and enhance their ESG and climate disclosure methods if they plan to attract further investment and stay compliant with regulators.

It is no longer sufficient for companies to only propose ambitious climate target plans. Investors and regulators increasingly expect that companies will disclose the risks and opportunities they see concerning climate change in their financial statements.

Also Read: ESG empowerment: Fueling Malaysia’s SMEs for a sustainable future

Firms will need to demonstrate measurable progress towards their ESG commitments on a regular basis. This means that not only are companies adopting green and sustainable solutions, but they are also improving both the quantity and quality of the data they collect and disclose to investors and regulators.

Where technology and sustainability meet

When it comes to companies combatting climate change and creating a more sustainable world, technology is a game-changer. It can help companies reduce emissions by improving efficiency, switching to cleaner alternatives, and recycling materials. It can also generate reliable ESG data while reducing compliance costs.

ESG data collection, analysis and reporting can be prohibitively expensive, especially for smaller companies, but calculating the impact of the company’s operations and using analytics to make green decisions is vital today.

Technology can also help investors identify opportunities that align with their ESG investment strategies. With IFRS S1 and S2 moving markets towards standardised reporting formats, investors can more easily compare companies and make faster and better investment decisions.

They can also take advantage of artificial intelligence, machine learning and cloud computing to perform data modelling and analytics to better understand their risk exposure to various companies and industries.

Regulators across the globe are also leveraging technology to support the growth of green finance. For example, the Hong Kong Monetary Authority (HKMA) is collaborating with the Bank for International Settlements and the UN Climate Change Global Innovation Hub to explore the use of blockchain, smart contracts and other technologies to improve the transparency and traceability of green bonds. HKMA issued its first tokenised green bond, a HK$800 million (US$102 million) one-year bond that uses blockchain to record legal ownership, in February earlier this year.

Nurturing the greentech ecosystem

These ongoing shifts all create substantial opportunities for innovators and entrepreneurs with solutions, services and technologies that help the business community mitigate climate change, reduce pollution, save resources, and meet their reporting obligations.

Creating the right environment for the greentech ecosystem to flourish is vital. But what are the right ingredients?

• Supportive government policies that nurture the development of startup incubators and accelerators offer financial subsidies, invest in education and infrastructure, support common green standards, protect intellectual property, and attract foreign capital and talent. Governments can also enable public-private partnerships and create networks and startup events that encourage cross-sector collaboration.
• Opportunities to raise capital at different stages of growth and access to green financing encourage potential customers to adopt sustainable solutions. Venture capitalists who understand the challenges for greentech companies can provide insights and mentorship to help entrepreneurs reach the next level, while a mature financial ecosystem consisting of global banks and private equity firms can provide support at the commercialisation stage. Listing rules that ease the journey for new-economy firms ready to go public can be a boon for pre-revenue or growing tech companies.
• A deep talent pool, with world-class universities and research institutes, an educated workforce and a culture and lifestyle that makes it possible to attract and retain top overseas talent. The presence of a greentech cluster within a vibrant startup community will enable synergies and mentorship, while a strong corporate sector can offer opportunities via open innovation platforms and dedicated investment funds. With more than 100 greentech ventures within its ecosystem, Hong Kong Science and Technology Parks and Cyberport are two good examples. It has sparked a cluster effect that fast-tracks innovation and enables productive partnerships between startups and universities, enterprises, and investors.
• Ready access to growing markets. A greentech hub near manufacturing capabilities and markets that are prioritising sustainability is an ideal launchpad. Mainland China is among the most promising markets globally, with the national goal of carbon neutrality by 2030 spurring investment in energy efficiency, and the Guangdong–Hong Kong–Macao Greater Bay Area provides a gateway to the vast mainland market in addition to those in neighbouring Southeast Asia, and beyond.

Also Read: Empowering youth to drive sustainable change through finance and advocacy

Hong Kong is already on its way to becoming a greentech hub because it currently has several leading startups in the space that are applying innovative technologies in their work.

For example, one of the city’s startups has invented bionic materials that were inspired by the biological structure of ants living in the Sahara Desert. Such materials can be used on buildings that decrease room temperatures by five to six degrees Celsius.

In addition, one of Hong Kong’s startups is combating factors that are creating a global food shortage problem by developing cell-based meat with a focus on fish. In late 2020, the firm debuted Asia’s first cultivated fish fillet and plans to launch more cultivated meats over time. 

With these ingredients in place, startup founders, investors, and entrepreneurs can be confident that a supportive community is being created in Hong Kong. As it grows, the momentum of green innovation and investment will continue to build, positioning startups to meet rising demand for ESG-related solutions and helping usher in a greener and more sustainable world.

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Dear Pro member,

Superbank and Genesis have introduced a financing solution, committing up to IDR 600 billion to support innovative Indonesian startups. It aims to empower Indonesian startups, particularly those at the Series B or C stage, enabling them to achieve their full potential.

The collaboration addresses the substantial 60% year-on-year decline in venture capital funding for startups across the Asian region.

In a surprising move, digital therapeutics company Bioufourmis’s Founder Kuldeep Singh Rajput stepped down from the post of CEO for an unknown reason. This abrupt move comes in the wake of the company’s layoff of 120 staff workers.

The Singapore and US-based unicorn is backed by the likes of SoftBank, Openspace Ventures, MassMutual Ventures, Sequoia Capital, and EDBI.

In 2020, the company raised US$100 million in Series C financing.

These are the two top stories of today’s Ecosystem Roundup.

Scroll down for more headlines from across Southeast Asia.

Sainul,
Editor.

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Superbank, Genesis to provide US$40M financing for Indonesian startups
The financing will combine conventional bank credit and venture capital investment, while minimising equity dilution for shareholders; They will also primarily target firms at the Series B and Series C stages.

Biofourmis CEO steps down abruptly
Kuldeep Singh Rajput stepped down from the post less than two months after the firm laid off 120 employees; He will be replaced by Ben Wanamaker of General Atlantic.

Thai food delivery startup Line Man Wongnai takes majority stake in Rabbit Line Pay
Line Man Wongnai was formed in 2020 from a merger between Line Man, the Thai food delivery business of chat app operator Line, and restaurant aggregator Wongnai.

Vietnamese recruitment platform TopCV bags Series B round
Japan’s Mynavi Corporation is the investor; TopCV provides tools for jobseekers to prepare resumes that increase the chances of finding placements.

Qashier banks US$10M Series A financing for domestic, international expansion
The investors are Delivery Hero Ventures, IFP Securities, Antler Elevate, and Cocoon Capital;
Qashier claims to have processed over US$1B worth of transactions and empowered over 6K businesses across SEA since its inception.

Proptech company iMyanmarHouse acquires used cars listing portal CarsDB
The collaboration has expanded iMyamarHouse’s user base and catalysed cross-platform interactions, creating a one-stop digital destination for both real estate and automotive enthusiasts.

Ex-Fave boss Joel Neoh, Pickup Coffee backers invest in Malaysian coffee upstart
Koppiku will be launching its maiden store in the upscale Kuala Lumpur suburb of Mont Kiara on September 1; The firm’s major shareholder is Malaysian entrepreneur Rajiv Bhanot.

MiyaHealth nets US$1.8M more to expand into Poland, Indonesia, Philippines
The investors include Fondation Botnar, ST Engineering Ventures, Elev8, and HealthXCapital;
Miya Health, an AI-driven interoperable digital healthcare firm, also eyes markets like Thailand, Vietnam, and the Middle East.

Former Uber, Deliveroo execs launch HK wholesale platform Markato
The lead investor is Lightspeed; Makato, an online wholesale marketplace for independent retailers and buyers, plans to expand to other Asian markets in the next year.

Meet the startups joining Tenity’s latest incubation programme in Singapore
The 14 startups will receive an initial USS$52K investment each from the Tenity Incubation Fund II as part of the four-month programme.

Threads starts testing search feature in Australia, New Zealand
At the moment, users can only search for usernames on Threads; However, the company is working on bringing full-text search; It is planning for a wider rollout to other English-speaking countries.

Indian spacetech firm SatSure bags US$15M in Series A money
Baring Private Equity Partners India and Promus Ventures led the round; SatSure will use the fresh funds to launch four high-resolution optical and multispectral satellites by Q4 2025.

For Soul Parking, fixing Indonesia’s two-wheeler parking issue is a walk in the park
Soul Parking has developed a compact storage system that can accommodate up to 8x more vehicles than a conventional parking lot.

How Ridge aims to introduce AI tech to small businesses in the F&B sector
Ridge helps restaurant owners use AI-driven insights for operational efficiency, enhancing menu optimisation and promotions.

igloo’s journey to Space with its resilient smart padlock technology
igloohome’s Space Edition Smart Padlocks defy limits, reaching 33km above Earth. CEO Anthony Chow details the tech and transformative applications.

15 times the Malaysian startup ecosystem catches our eyes in 2023
Despite back-to-back global crises, startups and investors in Malaysia continue to make moves this year.

The power of diversity: Leveraging and building an inclusive workplace for all
Employees are more likely to stay with organisations that prioritise diversity and inclusion, reducing turnover and promoting long-term retention.

From Seed to Series: Navigating different funding rounds with PR
In today’s competitive startup scene, the integration of PR into the funding journey is no longer a luxury but a necessity.

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Data centres are becoming more popular as IT professionals and companies gather more information and data they need to store securely, including customer information. Almost everything about us is online, which can be mined for information to allow businesses to market their products to us at an even greater capacity.

However, this also means that companies need space to store vast amounts of accrued information because much of this information could be (and indeed is) classified as personal information and must be stored securely. 

Data centres fill this role perfectly — extensive facilities with round-the-clock security and built-in failsafe. New technology designed to make data centres a safer place to store information than your basement server room is paving the way for an explosion in their popularity.

While CBRE reported in July 2023 that there is a worldwide shortage of data centre space, the future looks bright.

The data centre industry’s transformative growth

Data centres have experienced a seismic shift in their utility worldwide in recent years. Thanks to technological advancements like the use of artificial intelligence, data mining, digitisation of business practices, and the use of cloud storage. 

This has led to consistent growth in the data centre industry over the past decade, with American data centre businesses projected to generate revenue of US$342.10 billion in 2023.

Also Read: Sustainable solutions for energy-intensive data centres in humid Singapore

JLL’s data centre global report findings

Jones Lang LaSalle real estate has also issued a global report on data centres and their growth predictions for the future. There were a few key findings from the report.

• Primary users of data centres are on the east and southwest coasts of the United States, the United Kingdom, and Western Europe. There is also much data centre usage in Australia, New Zealand, and China. Emerging and secondary markets appear in India and other Southeast Asian nations.
•  A compound annual growth rate of 11.6 per cent between 2021 and 2026, with the hyperscale market predicted to grow at 20 per cent in the same timeframe. Hyperscaling measures a technology’s ability to keep up with demand.
• Since data centre operators run up large energy bills, finding ways to create energy-efficient centres is becoming a top priority for these organisations. This includes finding ways to use water more efficiently, as it is a key element in the cooling systems used by data centres.

Embracing tech advancements: the backbone of data centres

Since the explosion of the need for data centres in recent decades, the challenge for data centre operators has always been keeping up with demand. This has led to brand-new innovations within the community, including using state-of-the-art cooling systems for larger-scale data centre operations. 

To keep costs down, further innovation has come in the form of virtual servers. These are cloud-based servers that harness all the computing power and features of a physical server but in the cloud. This has negated the need for data centre providers to expand their physical capacities and saved them money on real estate.

However, just like everywhere in the tech sphere, the most significant transformation of the data centre has been the use of artificial intelligence in various ways that we’ll touch on in a later section.

Modern business demands are large-scale data storage, constant access to information, and information security, mainly when dealing with sensitive customer information. The advancements in data centre capabilities have allowed data centre users to expand their businesses, harness the power of AI and information-gathering about their customers, and expand their customer base. 

The rise of hyperscale data centres

“Hyperscale data centres” are a term you may not have heard of before. This is, essentially, a massive data centre with an infinite capacity for growth to meet the scalability of the business. These data centres are used by companies like IBM, Google, Facebook, and Amazon – who, through these centres, can scale their businesses without worrying about data storage solutions interrupting their business plans.

The key differences between a traditional (or “enterprise”) data centre and a hyper-scale data centre are capacity and performance. Enterprise data centres may only operate a few hundred servers and can host many companies within their infrastructure.

Larger-scale companies like those mentioned above need dedicated space. These companies will often have their own hyper-scale data centres — often comprised of 5,000 and 10,000 servers with access to the best cooling and security technology that money can buy. 

Additionally, these companies expect data transfer speeds between servers and end-users of forty gigabytes per second. Enterprise data centres, on the other hand, run somewhere between 10 and 30 gigabytes per second.

According to predictions from Precedence Research, the hyper-scale data centre market will expand by 27.9 per cent CAGR between 2023 and 2032, increasing from US$80.16 billion to US$935 billion in market potential over the same period. 

Also Read: Data-driven growth: The evolution of growth hacking in 2023

AI’s influence on data centres 

As data centres expand their footprint in the digital and physical space, their reliance on artificial intelligence is increasing. AI’s capacity goes beyond number crunching, as it can now use predictive analytics to analyse and identify areas of concern.  

AI also allows data centre managers to monitor performance and functionality remotely by providing real-time updates and alerts to desktops and phone applications. 

Balancing growth and sustainability

One of the main challenges facing data centres is finding a balance between the need to grow at scale with a clientele base that’s expanding its need for off-site server storage — and maintaining a financially sustainable business model as the energy requirements need to keep pace with the ever-growing need for more extensive and larger server cages and spaces, all of which takes vast amounts of energy to keep cool and operate at peak efficiency.

The effectiveness of energy in a data centre is measured by power usage effectiveness or PUE. PUE operates on a reverse scale, where 1.0 is considered perfect energy efficiency, whereas the highest value, 3.0, indicates a very low efficiency level. 

Google, Facebook, and all the other largest companies use data centres intended to run at 1.0. Most enterprise data centres run between 1.2 and 1.5 PUE.

For some smaller companies, the colocation cost might not make sense when paired with their desire to upscale their business model about the business climate. However, for larger tech giants, there’s no other way to do it — their businesses are too large and go through too much information to manage it in any other way.

Data centre security and resilience

One of the main benefits of having a data centre for your business information is the additional security of a secure facility. These include information-security features, like firewalls and layers of encryption, and physical security solutions to monitor the building, including cooling towers, fireproof enclosures for servers, state-of-the-art surveillance, and even armed security guards in some cases.

Additionally, data is backed up routinely, and data centres often have built-in redundancies to protect servers in the event of a data breach or an internal security failure.

As a digital ecosystem begins to be created around information and its ability to be stored and shared, data centres that include hyper-scale capacity will become the norm among businesses. Pair this with artificial intelligence adaptability, and data centres will take centre stage in an ever-growing world of information-centric business practices.

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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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The post How data centers adapt to shortages with advanced tech solutions appeared first on e27.

In an era marked by rapid technological advancement and digital innovation, the increasing rate of electronic waste (e-waste) has become a growing concern for our planet. As gadgets and devices evolve at an astonishing pace, the issue of responsible e-waste management has emerged as a pressing global challenge.

However, in the face of this challenge, there’s a glimmer of hope fueled by the collaboration between forward-thinking organizations and industry leaders. e27 has partnered with Meta to launch the Youth E-Waste Ambassador Program (YEAP) to tackle the escalating issue of electronic waste and promote environmental responsibility among the youths in Singapore

Collaborating for a sustainable tomorrow

In keeping with Meta’s commitment to partner with others to act and develop innovative solutions for a more sustainable world, YEAP aims to empower both individuals and corporations to take meaningful steps towards reducing e-waste. Through targeted campaigns, informative content, and actionable guidelines, the program equips participants with the knowledge they need to make responsible choices.

Also Read: Beyond gadgets: Pull the plug on e-waste with YEAP

For individuals, this might mean extending the life of their devices, recycling them properly, or supporting initiatives that promote circular economy practices. For corporations, the partnership provides an opportunity to align their sustainability efforts with a larger movement, showcasing their commitment to environmental stewardship.

Empowering youths for change

YEAP believes in the power of youth to drive meaningful change. By harnessing their energy and passion, this program aims to create a ripple effect that spreads awareness about e-waste challenges and encourages sustainable practices.

We encourage youth between 15 and 35 to join this movement. By coming together, we can reshape the way we interact with technology, reduce e-waste, and create a more sustainable digital ecosystem.

Be involved

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

Join YEAP. Become a youth ambassador here.

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

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