Southeast Asian SME digital finance platform Funding Societies (known as Modalku in Indonesia) has secured US$27 million in debt funding led by AlteriQ Global. 

Aument Capital Partners (ACP) and Orange Bloom also invested.

The funds will be channelled via the fintech startup’s tailored financing solutions to support the underserved SME segments in its five markets.

Also Read: Funding Societies enters neobanking space with investment in Indonesia’s Bank Index

Licensed and registered in Singapore, Indonesia, Thailand, and Malaysia and operating in Vietnam, Funding Societies provides business financing to small and medium-sized enterprises. In addition, it offers payments and collections intending to solve SMEs’ cashflow management challenges.

Funding Societies says it has achieved over US$3.2 billion in business financing, processing over 5 million transactions and serving about 100,000 SMEs across the region.

Last year, Funding Societies raised a US$50 million credit facility from HSBC Singapore.

ACP serves as a family office for its high-net-worth clients. Its newly set-up Sustainability Fund aims to support businesses and individuals financially to counter climate change and transition to more sustainable practices towards a low-carbon economy. This synergises with Funding Societies’s implementation of its Environmental and Social Management System launched early this year across its markets. It is an ESG risk assessment framework designed with technical assistance by the Dutch Good Growth Fund as part of the credit assessment part of the loan application process by an SME.

SMEs comprise 97 per cent of all enterprises in Southeast Asia, bringing 40 per cent of GDP value across the region. In Singapore, the Department of Statistics released in its 2021 report that 99 per cent of enterprises are SMEs, contributing to 44 per cent of the nominal value added at approximately S$212 (US$155) billion.

Also Read: Funding Societies acquires payments solution startup CardUp

Commercial lending in Asia Pacific is projected to grow at a CAGR of 16.5 per cent, generating a revenue of more than US$7 trillion by 2028. This makes up about 25 per cent of the global market size of US$27.4 trillion.

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The world of education is a vast and intricate ecosystem, shaped not only by the content of textbooks but by the relationships that underpin its foundations. This realisation struck me recently after watching the Netflix documentary on Lee Kuan Yew, the visionary leader who transformed Singapore from a struggling nation into a thriving global powerhouse.

What stood out beyond his strategic brilliance was his ability to nurture enduring relationships that spanned decades. It got me thinking about how this principle applies to the education landscape and the key role of long-term relationships in its evolution.

A statesman’s strategy, an educator’s lesson

Lee Kuan Yew’s 50-plus years of leadership offer profound lessons in relationship-building. He recognized that success is not a sprint but a marathon, and his approach to governance was rooted in the cultivation of strong bonds with his team, strategic partners, and long-term advocates. The result was a nation that rose from the ashes of adversity to become an economic and social marvel.

In the education sector, parallels can be drawn to the enduring giants of the industry. Take Coursera, for instance, a leader in online education. Its journey to prominence was marked by forging deep relationships with universities, instructors, and learners.

By collaborating with prestigious institutions, Coursera was able to offer a high-quality education experience, attracting both educators and students into a symbiotic partnership. This long-term commitment to quality and collaboration laid the groundwork for its global impact.

Also Read: What I learned after launching a successful business in Asia

Pearson and McGraw-Hill Education, two stalwarts of the traditional education world, have similarly thrived through decades by cultivating relationships with educators, institutions, and learners. Their textbooks and educational materials have become staples in classrooms worldwide.

These companies have weathered numerous storms and technological revolutions by consistently delivering value to their partners, earning trust that has spanned generations.

A new era, but old principles hold

As the education landscape undergoes a profound transformation characterised by digitisation, globalisation, and the rise of innovative models like online boot camps and lifelong learning platforms, the importance of relationships remains unchanged. New challenges require new relationships, and education companies must adapt to navigate these changes successfully.

In this new era, we see the emergence of challenger brands like Open Campus. What sets them apart is not just their innovative models but their deep-rooted relationships with strategic partners.

Open Campus, for instance, has forged robust connections with industry leaders like Animoca, a pioneering force in blockchain and gaming, GEMS Education, a global education powerhouse, and Binance, a leader in the cryptocurrency space. These relationships are not merely transactional; they are the lifeblood of Open Campus’s growth strategy.

The power of synergy

The synergy between Open Campus and Animoca exemplifies the potential of strategic partnerships in the education space. Animoca’s expertise in blockchain technology opens up exciting possibilities for credentialing and verification in education. By leveraging Animoca’s cutting-edge solutions, Open Campus is well-positioned to revolutionise how students earn and showcase their qualifications.

In GEMS Education, Open Campus has found a like-minded partner dedicated to providing quality education. This alliance enables Open Campus to tap into GEMS Education’s vast network of schools, educators, and learners, fostering a collaborative approach to delivering value to students worldwide.

Binance, with its global presence and commitment to education, is another strategic partner contributing to Open Campus’s expansion. Through Binance’s influence in the blockchain and cryptocurrency space, Open Campus gains access to a vast audience of learners interested in the future of finance and technology.

Also Read: Acing in hackathons: What every tech enthusiast needs to consider

A path forward for the education landscape

In a rapidly evolving education landscape, startups and established players alike must recognise that long-term relationships are not only beneficial but often crucial for sustainable growth. Here are some key takeaways:

• Prioritise partnerships: Seek out partners who share your long-term vision and values. Collaborate with organisations that can complement your strengths and bolster your weaknesses.
• Quality over quantity: Building deep, meaningful relationships often matters more than amassing a vast network. Focus on the quality of your partnerships and how they align with your mission.
• Adaptability: Be agile and adaptable in your relationships. The education industry is undergoing constant change; your partnerships should evolve with it.
• Shared values: Ensure that your partners share your commitment to quality, ethics, and the best interests of learners. These shared values will form the bedrock of enduring relationships.
• Trust and reliability: Strive to be a trusted and reliable partner. Consistently deliver value and uphold your commitments.

The journey of education is not solely about textbooks and classrooms. It’s about the bonds we forge, the collaborations we nurture, and the impact we create. Just as Lee Kuan Yew’s relationships transformed a nation, the relationships within the education landscape have the power to shape the future of learning.

As we navigate this new era, let us remember that while technology and innovation drive progress, it is the strength of our relationships that will carry us forward.

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Do you remember the days when purchasing mobile top-ups for your prepaid phone or getting a gift card for Christmas involved endless queueing at the store? It’s hard to believe how far we’ve come and how technology has made these processes so much easier and more convenient.

As highlighted in earlier chapters, the rise of digital payments ushered in a new era of unparalleled convenience and helped spark new ways for businesses to reach their customers.

This groundbreaking technological shift naturally supported the digital provision of goods and services. Consumers could buy digital goods like mobile top-ups and game tokens on their electronic devices with just a few taps. It also meant that consumers could pay for digital services like household bills and movie tickets online.

At 2C2P, we help many businesses integrate digital goods and services into their business model. This is a natural extension of the payment services we offer, with the common objective of bringing convenience to consumers and allowing businesses to grow using technology.

Our digital goods and services solutions open new possibilities for businesses, helping them to expand their product and service offerings with minimal hassle. For large enterprises, this can be done via advanced system integration; for small businesses, a simple mobile plug-in will do. By following these easy steps, businesses can focus on providing a better consumer experience.

Also Read: How interoperability can spark a payments revolution in SEA

What are digital goods and services?

Digital goods refer to a broad category of products that do not have a physical, tangible form. We see them as a stored-value form of alternative currency, including mobile top-ups, electronic gift cards, digital vouchers, and loyalty points.

Digital services, on the other hand, involve the provision or delivery of content and information between a provider and a customer, for instance, online bills or ticket purchases. Most of these digital goods and services can be purchased and used directly on a smartphone. In fact, for many consumers in mobile-first markets, phones are their sole touchpoint.

In Southeast Asia, where many people (especially in rural areas) remain unbanked and rely on cash, the digital goods market plays a significant role – it allows them to participate in the digital economy without needing a credit or debit card.

There are typically two processes to digital goods: issuing and distribution. Issuing involves the creation or digitisation of physical inventory to produce digital goods. Then, distribution allows global digital goods to be spread across different ecosystems, whether through physical or alternative digital means. For instance, physical post offices and major retailers can distribute global digital goods, while smaller mom-and-pop shops can do the same. Additionally, digital platforms such as mobile wallets and mobile banking apps can distribute digital goods through their respective ecosystems.

What are the benefits of digital goods and services?

The ease of creating and selling digital goods encouraged companies to enlarge their inventory and offer greater convenience for their customers.

Think mobile data top-ups. Instead of waiting in line to buy a physical scratch card from a retail staff member, consumers can now easily purchase their top-ups online.

Also Read: Poko bags US$4.5M to streamline Web3 payments experience for all users

The same goes for services like household bills. Consumers no longer need to plan their schedules around postal and bank branch opening hours to pay their utility bills; all they need is to log in to a website – such as online banking portals – or mobile app, enter their account details, and make the payment.

The ubiquity of digital goods and services has streamlined the customer journey: a process that took hours can now be
accomplished in a minute or less. For example, the manufacturing of physical gift cards and paper vouchers typically involves extensive supply chains and administrative and inventory management processes. However, with digital gift cards and vouchers, the process is simplified, taking place digitally via electronic devices. This drastically reduces business costs and allows resources to be used for better and speedier customer experiences.

For many businesses, digital goods and services have become a vital source of revenue and enabled them to use their business resources, such as storefronts, cash flow and manpower, more efficiently.

Let’s take a neighbourhood mom-and-pop shop as an example. In addition to selling physical goods, store owners could also offer digital goods and services such as prepaid mobile top-ups, digital gift vouchers, and bill payments, allowing owners to increase their product offerings with the same amount of resources and physical space.

To top it off, having a larger product offering can help store owners increase their engagement with their customers, which would lead to greater customer loyalty as they would be incentivised to patronise the store more often. The same logic can also apply to digital businesses like e-wallets or online banking applications.

Digital goods and services have also catalysed a paradigm shift in business models for several industries. For example, in the past, computer, console and mobile games traditionally made money only through one-time sales.

Also Read: Payoneer: Global payments pioneer will be at this year’s Echelon

Nowadays, game developers sell in-game credits and game products to deliver a more personalised experience for their players, with great success.

For example, the mobile gaming industry, which derives a large portion of its income from in-game digital goods, generated US$89.6 billion in revenue in 2021.

Players are kept engaged with new in-game digital goods like limited-time avatars and mini-tournaments, leading to highly personalised gaming experiences. This prolongs the players’ game tenure, thus allowing developers to focus on enhancing features for higher and recurring revenue instead of one-time sales.

When did 2C2P venture into digital goods and services?

Back in 2013, we realised over discussions with merchants in Myanmar that digital goods could help them to better serve and grow their customer base.

At that point, the country, like other developing nations in Southeast Asia, had many mom-and-pop stores scattered throughout rural areas, often not serviced by large retail chains. These little stores served as one-stop shops for consumers to get groceries and access services such as mobile phone credit top-ups.

Consumers primarily used physical scratch cards to top up their mobile phone credits and paid for them using cash. There were a couple of problems with this arrangement. These stores were spread out nationwide and had significant logistical inefficiencies, so suppliers (such as billers and mobile operators) faced a distribution challenge.

Because digital goods and services were still a nascent product category, consumers were naturally sceptical at first, especially when mobile penetration rates were still low. In 2015, we started providing over-the-counter (OTC) mobile wallets to retailers, enabling customers to access digital goods at the shops.

Also Read: Wallex: Get to know this B2B payments expert at Echelon 2023

Education was a key phase of the onboarding journey; we took time to meet with the retail store owners to explain the value proposition of OTC mobile wallets and digital goods and address any queries or technical challenges they had.

Patience was also critical. We worked with one of the biggest retail chains in Myanmar to integrate digital goods into their point-of-sale (POS) systems. At first, they were hesitant to roll them out, but after two to three years, digital goods became their highest-selling items.

The market opportunity for digital goods in Southeast Asia is massive. We have partnered with thousands of local small and medium-sized enterprises (SMEs) to distribute digital goods across Thailand, Myanmar, and the Philippines, with plans to grow into Vietnam and Indonesia.

In addition, we are helping digital goods issuers make further inroads into Southeast Asia by connecting them with more distribution channels, allowing more consumers to purchase their digital goods easily.

The future of digital goods and services

Across the region, our technology is helping retailers plug a gap in their infrastructure. As a major digital ecosystem player, witnessing this transformation unfold over the last few years has been a fantastic journey. We will
continue to find new ways to strengthen the value of digital goods and services – creating more synergy between suppliers, distributors and consumers.

—

Cracking the Payments Code is an e-book published by Singapore-based digital payments company 2C2P. This chapter is republished with permission. Download the e-book here.

Image Credit: RunwayML

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NexMind, an AI-powered multilingual digital marketing platform, has secured undisclosed seed funding from 500 Global.

The Malaysian startup will use the funding to expand its product offerings and accelerate customer acquisition worldwide.

Founded in 2019 by Francis Lui (CEO), Bernie Law (CPO), and Pattrine Hong (CFO), NexMind empowers professionals across industries with advanced SEO tools to create search-optimised content in 17 languages, with no technical SEO expertise required. Its SEO content generation tools simplify and streamline how brands create multilingual content that ranks on search engines like Google and Bing and e-commerce marketplaces like Amazon, Lazada, and Shopee.

Among the languages supported currently are Bahasa Indonesia, Bahasa Malaysia, English, French, German, Italian, Japanese, Korean, Portuguese, Russian, Spanish, Tagalog, Thai, and Vietnamese.

Also Read: Nexmind AI is on a mission to make AI accessible to more companies

The startup recently launched the Text2Social tool that allows users to generate engaging social media posts across multiple channels with just one click. It conducts in-depth audience research to identify multiple data points useful for generating effective social media content. This enables marketers to spend less time on data analysis and more time implementing data-driven decisions that support their marketing and communication goals.

NexMind’s users are from leading global and regional companies across multiple industries, including banking, insurance, electronics, security, IT, telecommunication, construction, transport, and healthcare.

“There are 5 billion internet users in the world, and 3 billion more are projected to come online by 2040. To reach them you’ll need to speak their languages. We believe NexMind’s multilingual AI solutions will propel the growth of today’s online businesses, accelerate the exchange of goods and services for the next wave of internet users, and have a positive impact on the future of our global economy,” stated Khailee Ng, Managing Partner, 500 Global.

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In this era, consumers devour enormous amounts of video content daily on multiple social media platforms — a whopping 86 per cent of global internet traffic in 2022 was used for video content. They increasingly turn to digital platforms not just for social interactions but also for their shopping needs. What distinguishes this trend is the seamless integration of purchasing opportunities within the social media experience. It means shopping has become an integral feature on popular social platforms.

For consumers, social commerce means their favourite social networks now serve as marketplaces, too. On the other hand, for businesses, this translates into an unprecedented opportunity to engage with their target audience directly, transforming their online presence into a thriving store.

One Singaporean company has been catalysing the adoption of live and interactive videos since 2014. BeLive Technology allows any website or app to broadcast live video with interactive elements such as live shopping platforms and analytics, live virtual gifting, and live trivia game shows.

In this interview, BeLive’s Co-Founder and CEO Kenneth Tan discusses the company’s offerings and current position in the evolving landscape of social commerce and shares insights into its future plans.

What gap in the market did you identify that led to the establishment of BeLive Technology?

BeLive Technology was founded to address the gap in the market for businesses seeking to harness the power of interactive video commerce, specifically in the live video commerce space.

Many larger enterprises were reluctant to rely entirely on public live-streaming platforms like Facebook and Instagram Live due to a lack of ownership, first-party data collection, customisation, and insufficient engagement or conversion features like add-to-cart or virtual gifting.

We recognised the need for an end-to-end solution providing businesses with more control and tailored services for their live and short video needs.

Could you share your insights on the evolving trends in social commerce and its foreseeable future? How does BeLive stay attuned to emerging trends and develop its offerings accordingly? How many clients do you currently serve? 

BeLive Technology serves customers and partners that invest in social commerce across multiple verticals like retail, broadcast and e-commerce. Even though we have a thesis on how our solutions can drive the development of social commerce in the region, we are also in commonplace conversations with innovation leaders in the space, using their feedback to influence our product roadmap.

We serve diverse clients across the retail, e-commerce and broadcast verticals like Shopback, Trendyol, Genting Group and Mediacorp. 

We employ a simple annual licensing revenue model pegged to user capacity and video traffic.

Also Read: Hard work takes over when talent fails: Latif Sim of BeLive Technology

How does BeLive leverage technology to enhance sellers’ and buyers’ social commerce experience? 

Our easy-to-install video solutions transform traditional text and image-based digital properties into swipeable, shoppable video experiences. Any website or app can display full-screen TikTok or Instagram Reels-esque short and live videos that increase user engagement time and intent capture by 300 per cent.

BeLive’s video solutions include features like virtual gifting, levelling and add-to-cart buttons that significantly increase the buying and selling experiences. We also have a vast network of partners that allow us to tap into the latest video content and social commerce innovations, like virtual humans, XR live commerce and AI assistants.

What methods does BeLive employ to foster community and trust among its users? 

BeLive’s video solution includes features like virtual gifting, levelling and add-to-cart buttons that significantly increase the seller-buyer experiences, bringing buyers closer to the creation of products that they love, introduced by KOLs (Key Opinion Leader) they trust.

Allowing merchants to broadcast authentic live videos and polished short videos directly on their shop pages and e-commerce platforms is invaluable for building brand trust and loyalty.

With data privacy concerns gaining prominence, how does BeLive Technology prioritise and ensure the security of user data and transactions?

All user data and transactions are stored not on BeLive’s servers but on our customers’ servers. We take only anonymous, aggregated user data to ensure maximum security and compliance for our enterprise customers and their users.

Also Read: Destroy your enemies by making them your friends: Kenneth Tan of BeLive

Besides traditional metrics, how does Belive Technology gauge its impact on fostering genuine connections between buyers and sellers?

One of our north-star metrics is “minutes delivered”, which directly correlates with the success of our customer’s video content generated. We have over five billion minutes, or the equivalent of 9,000 years of video content delivered so far!

BeLive Technology recently secured US$4.5 million in a bridge funding round. Could you shed light on the strategic goals or expansion areas this funding intends to support?

We invest deeply in our customers’ success, which involves constantly evolving our product, partner network and thought leadership.

Southeast Asia is on the cusp of a video-first revolution. Consumers are devouring enormous amounts of video content daily on multiple platforms; a whopping 86 per cent of global internet traffic in 2022 was used for video content!

This translates into the inevitable commoditisation of live video and short video broadcasts — every website and app in the world will eventually have a video solution like BeLive’s installed. With the support of our backers, we are sharpening our toolkits, streamlining processes and, most importantly, getting our heads down and building world-class, video-first experiences for our customers.

What innovations or developments can users and stakeholders anticipate from BeLive Technology in the next phase of its journey?

With video at our core, we will continue to build tools that empower content creation with clear business impact objectives like user time spent and intent capture.

We are also building the world’s first live and short video media network, helping brands simultaneously broadcast their videos on walled gardens and the open web. A brand can produce a single live stream or short video and have that video asset distributed seamlessly to any social platform, E-commerce platform or website that BeLive’s partner network covers.

Every video also has intelligent sentiment analysis, AI assistants and best-in-class interactive features.

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In the ever-evolving landscape of entrepreneurship, startups often find themselves navigating rough waters in pursuit of success. The path to prominence is riddled with challenges, and this is where angel investors step in as guiding beacons. With their more modest fund sizes and hands-on approach, angel investors have emerged as a pivotal source of support for fledgling companies in their early stages.

Drawing on my personal experience, I established Real Time with the intention of not only investing in but also collaborating with forward-thinking entrepreneurs who share a similar vision. Reflecting on the genesis of my technology innovation services company, Wedigtech, established in 2010, I can empathise with the myriad of uncertainties that arise.

I came to realise that securing funding is of paramount importance for startups to construct and expand, particularly in their nascent stages. Obtaining funds from institutional investors during this phase can be exceptionally challenging for a startup founder.

Nevertheless, owing to the mentorship provided by experienced professionals in the realms of business and technology, we successfully manoeuvred through an array of hurdles and continued to make progress.

Their influence extends beyond the boardroom as they become stalwart mentors, confidants, and advocates of the startups they invest in. This symbiotic relationship forms the cornerstone of a flourishing entrepreneurial ecosystem.

Also Read: Angel investor Mike Flache shares his tips to begin investing in startups

Coming from a tech background and then moving into the finance space, I have come to understand that while the initial investment is crucial to kickstart business operations, guidance from seasoned investors and business owners is equally important. A lot of times, what matters beyond the monetary transactions are overlooked.

Here, I want to highlight some ways in which angel investors can make a real difference in the growth trajectory of the startup they invest in.

Tailored mentorship and strategic guidance

Unlike their larger VC counterparts, angel investors have the privilege of dedicating more time to individual portfolio companies. They can provide personalised mentorship, helping entrepreneurs fine-tune their strategies and navigate challenges specific to their niche. This close-knit relationship enables angel investors to offer actionable insights that fuel startups’ growth, positioning them on the path to success.

A powerful network of connections

Angel investors may be small in size, but their networks are vast and influential. Armed with connections across various industries, these investors can open doors for startups that might have been difficult to access otherwise. Whether it’s forging partnerships with established firms or introducing portfolio companies to potential clients, angel investors play a pivotal role in expanding the startups’ reach.

Active operational support

Beyond monetary investments, angel investors get their hands dirty in the trenches with portfolio companies. They understand the challenges that early-stage startups face and can lend valuable operational support. From aiding in hiring top talent to streamlining internal processes, the active involvement of angel investors adds immense value to the startups’ overall operations.

Also Read: It is important that founders see investors as their partners: Christina Teo of she1K

Access to critical resources

Startups often grapple with limited resources, hindering their ability to scale rapidly. Here, angel investors prove to be lifelines by facilitating access to essential resources, such as legal counsel, accounting services, marketing expertise, and public relations support. These resources equip startups with the tools they need to thrive in competitive markets.

Long-term commitment and patience

One of the most commendable traits of angel investors is their unwavering commitment to the startups they back. Rather than seeking quick returns, they nurture a long-term vision, understanding that success might take time. This patience in the face of uncertainty allows entrepreneurs to experiment, pivot, and iterate until they find their winning formula.

Fostering a collaborative ecosystem

Angel investors are not just financial partners; they foster a collaborative ecosystem. Through regular communication, workshops, and events, they facilitate knowledge sharing and create opportunities for startups to learn from one another. This sense of community is invaluable, as it encourages the exchange of ideas and promotes innovation.

As the entrepreneurial journey is fraught with uncertainties and challenges, angel investors serve as navigators, charting out routes to success that entrepreneurs might not have discovered on their own. Their guidance is not just theoretical; it’s born from the sweat and tears of their own triumphs and failures, a firsthand knowledge that proves invaluable to those they support.

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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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This article was first published on June 8, 2023. 

Over 150 years ago, statistician and founder of modern nursing, Florence Nightingale, made data visualisations that were designed to change how society behaved. She successfully took the value of data, applied it to a real-world use case of poor sanitation and overcrowding and managed to change the way we care for humans. 

Although she acquired the nickname Lady with the Lamp due to her night rounds as a nurse, she was a lady with a vision; studying data before data analysis was even a term acknowledged in the medical research world. This vision was the clear articulation of data to make it digestible. 

The proliferation of automation and AI applications in our everyday lives has supercharged data discussions. As the direction of AI is still emerging, it is important that we assess our data sources, reliability and future data needs. 

Are we on the brink of an AI takeover? That’s the question on the minds of many technology leaders and researchers today. Everyone from Elon Musk to Steve Wozniak to doctors and public health experts is coming out in favour of AI regulation before AI continues its mission to revolutionise industries.

AI models require quality data inputs

As AI continues to revolutionise industries from healthcare to finance, the need for data to train these models has grown exponentially. But what happens when we run out of data?

AI models have risks associated with poor data inputs. Can secure blockchain data provide one solution that mitigates the effects of data shortages? This will depend on the datasets and the willingness to share data across blockchains. In order to maximise the information that the AI model can work with, collaboration amongst all stakeholders is key. 

According to Hugo Philion, CEO and Co-Founder of Flare Networks, “Data that varies over time, such as stock market indices, weather and commodity prices, can be brought on-chain by the Flare Time Series Oracle in a highly decentralised way.”

“Blockchain data is by definition highly structured, following a cumulative distributed ledger structure where every new block is linked to all historical blocks via cryptographic hashes. This is what ensures the immutability of the database,” continues Philion.

Pooling multiple sources of data to create larger, more accurate datasets can make a big difference when training AI models. 

“The problem isn’t necessarily how to organise existing blockchain data to make it more useful. The problem is how to bring more types of data on-chain, from other blockchains and from Web2 APIs, making them available where they are needed for Dapps to execute and provide greater utility for users,” notes Philion.

Also Read: Planning a trip: Is the future of sustainable travel in the metaverse?

Alongside the sheer size of the data sources comes the task of managing these sources and using the right inputs to extract the right information.

Using data for informed decision making

There are currently few incentives for local governments to increase efficiency. Besides self-motivation and pride of place, local governments tend to pass along responsibility for leadership strategies to the higher powers of the state. Transparency in planning, proposals, land use, regulations and infrastructure development is key to ensuring a stable local economy and establishing a community based on trust. On-chain data guarantee a store of records like never before.

Providing accurate data is a key priority for TangleHUB, a decentralised storage solution working with IOTA. However, as users can opt out of providing their data, the data inputs are difficult to predict for the development of future products and solutions to existing problems. 

“With the advent of more machine learning and AI for processing data, the limitations of data within councils need to be addressed. The problem with centralised storage is that somebody has controlled access, and if the metadata isn’t encrypted, there are risks associated with the security of this data,” says Bas van Sambeek, Communications Specialist at TangleHUB.

However, using optimised data management to reduce waste and effectively allocate local budgets could provide a welcome boost to local economies and employment opportunities. If councils exercise their power to provide long-term positive outcomes for local citizens, then it could save the taxpayers millions in revenue. Also, individuals are more aware of their data usage and rights. 

Unlocking the power of decentralised data

When working in the blockchain realm, there are several questions popping up in data circles, and most are concerned with the sharing of data for effective AI management. “How can we bring private data to AI, and how can we ensure that everybody involved gets their fair share of what comes out of this?” said Robin Lehmann, CEO & Co-Founder of Data Union App.

Using self-serving analytics to empower better levels of care, health, and lifestyle management is more commonplace these days as people have familiarised themselves with mobile applications that provide data on their everyday activities. Three sectors that have embraced individual data management are fitness, health and work. Examples include your Fitbit, your monthly health goals and your performance at work. In the future, this may apply to other aspects of our lives, including our relationship with public services. 

“We see a huge need for people to be able to take back control over their data and for people to trust data that they see. So if you have a local council, then that data has to be absolutely reliable, or there has to be a confidence interval in that, along with that data, to be able to use it as input for the decision process,” continues Van Sambeek. 

For Philion, “Personal data sovereignty will likely make engaging with services less convenient initially until the technology matures and solutions become easier to use.”

Last week, at a Crypto and AI conference, Richard Blythman, Founder of AlgoveraAI, noted the potential to add new utility with LLM frameworks. Algovera is focused on building end-to-end solutions for customised versions of LLM flows, assistants and agents. “The Crypto agent framework paired with LLM framework provides a whole lot of new utility where we can build new use cases.” 

Martin Koeppelmann, Founder of Gnosis, one of the first Ethereum sidechains with over 120,000 validators, looked at data from the perspective of the AI agent. He discussed wrapping AI services on the chain for agents, “An AI agent will not have a bank account or a credit card but may very well be able to control a private key.” 

By using blockchain technology as a way of tracking our data, the end user can own and control their own data. Still, also the AI will be capable of using whatever data we feed it to access services in ways that may be unimaginable today. Right now, providing the right infrastructure and data sets and setting basic standards in the way data is handled will provide pivotal guidance for humans and AI taking advantage of this data revolution.

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

“The lessons being learned currently are that this trust was perhaps necessary in the past in order for a service to be provided. But if new blockchain systems can remove this need, in a simple way, abstracted away by intuitive applications, then there are many advantages to having full control over one’s data,” says Philion.

Conclusion

In a recent article, the Harvard Business Review highlights a new world order that emphasizes data access. It pointed to a scenario whereby trade or data-sharing agreements between countries could become the norm in the future.  The report notes that data mobility allows for “a more productive free-trade zone, where countries mutually benefit from tapping into each other’s data reservoirs.”

As AI continues to infiltrate every industry, it’s essential that technologists collaborate to find innovative solutions to tackle the challenges of data shortage. With collaboration and creativity, project leaders can ensure that AI remains a powerful tool for solving complex problems.

The marriage of blockchain technology and AI has the potential to revolutionise some of our most vital public services. Just as Florence Nightingale pioneered modern nursing through her meticulous analysis of data, we too have the opportunity to reshape the future of AI by harnessing the power of blockchain.

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Earlier in September, Singapore-based edutech startup Dive Analytics announced its expansion in Latin America following its partnership with Colegio Los Nogales, a local private school in Colombia.

The partnership includes the use of Nurture, a platform created by Dive Analytics, to help educators at the school receive insights and tools to support students’ unique holistic developmental journey.

Nurture enables educators to monitor every aspect of their students’ development, including social, emotional, cognitive, physical and creative. The platform’s Social Network Analysis also allows educators to identify social interactions by administering friendship surveys and monitoring emotional states among students to take the necessary interventions as soon as educators are alerted.

“Schools typically only have a few counsellors to oversee the entire student body, and teachers are grappling with large class sizes of 30 to 40 pupils. This can pose a significant challenge for educators when it comes to monitoring their students’ holistic development. The issue becomes even more critical as traditional well-being surveys can take months to reach management as timely support and intervention remain crucial to address students’ needs effectively,” explains Dive Analytics CEO Peh Zhan Hao in a press statement.

“This is where our comprehensive Nurture platform comes in to revolutionise tracking of students’ wellness. Nurture’s innovative features and tools equip teachers with the tools and insights they need to provide timely support and achieve student success.”

Founded in 2017, Dive Analytics provides a suite of educational solutions that aim to streamline school processes while empowering educators to provide the best education experience for their students. It has four solutions offered: Roster, Enroll, Beacon, and Nurture.

The company said that it has more than 17,000 users.

Also Read: Post-pandemic education: Why edutech remains a game-changer

Going global

After five years of building its presence in Singapore and working with more than 30 public schools, Dive Analytics is expanding its business to the global market. Apart from partnerships with Sampoerna Academy in Indonesia and Colegio Los Nogales in Colombia, it is also looking to expand in Malaysia and Indonesia.

But why Latin America? And what process did it have to go through to get there? According to Peh, this expansion to the continent is an intuitive process considering the reasons.

“Firstly, Latin America presents an expansive market, with an estimated over 100 million student population, that allows us to make a meaningful impact on the education landscape. Secondly, their educational institutions showed great receptiveness and openness to innovative solutions that integrate technological solutions to address educational concerns. Lastly, similar to the rising scene observed in Southeast Asia (SEA), Latin America is also observing 15 per cent of children and adolescents being diagnosed with mental disorders, with more than 10 adolescents losing their lives to suicide within the region,” the CEO explains to e27.

Dive Analytics calls its approach to entering Latin America strategic and collaborative.

“This includes planning partnerships with overseas distributors who have a better understanding of the Latin American education landscape, building our brand awareness through conferences and events, providing tailored solutions that are highly catered to the specific region, and offering localised support to receive the assistance they need promptly,” Peh says.

While Dive Analytics’s expansion in Latin America is still in its early days, there are several points that the company has learned about the market.

Also Read: In this age of digitalisation, is edutech a bane or boon for educators?

“We are surprised by the Colombian educational community’s openness to collaborate with overseas edutech companies. Schools and educators in Colombia have displayed a remarkable forward-looking attitude, embracing innovative solutions to enhance student outcomes. Their willingness to explore new technologies and methodologies is encouraging and aligns well with our mission to improve education outcomes through technology,” Peh says.

Never forget where you come from

Next year is going to be a busy one for Dive Analytics as it prepares to execute major plans in its agenda. Apart from product innovation, where the company plans to launch a mobile app and integrate AI solutions, and strategic partnership with more system integrators, resellers, and distributors, Dive Analytics aims to close its seed funding round by Q1 2024.

“The funding is instrumental in supporting our ambitions for overseas expansion efforts, with our primary focus on SEA,” Peh says.

Interestingly, despite its plan to continue its global expansion, Dive Analytics plans to keep on expanding in the local market as well.

“While we set our sights on global expansion, we also recognise the importance of strengthening our foothold in our local market. In 2024, we will double down on efforts to increase our market share in our home region,” Peh closes.

“2024 promises to be a transformative year for us. We are excited to secure funding, drive innovation, form strategic partnerships, and solidify our presence both locally and abroad. These plans underscore our unwavering commitment to advancing education and student well-being through technology.”

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Image Credit: Dive Analytics

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Leading VC firm Gobi Partners and Petronas Ventures’s investment arm Twin Towers Ventures (TTV) have announced the collaboration to invest in the ecosystem of sustainable innovation within Southeast Asia and the Greater Bay Area in China.

The effort includes cross-sharing of deal flow and potential co-investments into promising opportunities in the region, exchange of insights and sustainable innovation best practices, as well as exploring potential co-development and commercialisation of Petronas’s in-house innovations.

“This MoU marks not only a new beginning but also a new urgency for our organisations. The forthcoming wave of environmentally conscious innovation needs to be transformational on a large scale that benefits all before time runs out,” Gobi Co-Founder and Chairperson Thomas G Tsao said.

Also Read: In SEA’s healthcare space, occasional regulatory hurdles, legacy infra are hard to penetrate: Gobi Chief

Connecting SEA with the GBA finds its roots in the longstanding synergy between the parties. Prior to this agreement, Petronas Ventures invested in the Alibaba Entrepreneurs Fund Greater Bay Area (AEF GBA Fund).

TTV invests in early to growth-stage entrepreneurs across the Asia Pacific, the Middle East, and North Africa (MENA) regions.

Founded in 2002, Gobi has raised 17 funds, invested in over 380 startups and nurtured ten unicorns. Gobi has grown to 15 locations across key markets in Bangkok, Cairo, Dhaka, Guangzhou, Ho Chi Minh City, Hong Kong, Jakarta, Karachi, Kuala Lumpur, Lahore, Manila, Shanghai, Shenzhen, Singapore and Surabaya.

Recently, Gobi Partners announced its entry into the healthtech space in Greater Bay Area by investing in Hong Kong’s ImmunoCure.

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Malaysian equity crowdfunding platform pitchIN has launched pitchIN Academy to offer practical and easy-to-understand educational programmes, activities and content on alternative financing and investment.

pitchIN Academy aims to enhance the communication, education and public awareness outreach of innovative financing and investment in Malaysia. It will offer programmes catering to the general public, entrepreneurs and investors.

The academy is headed by Hanif Tamin, who previously served at SME Corp.

Sam Shafie, CEO of pitchIN, said: “Awareness and education has always been an important subject matter. It is because of that we decided to set up a specific department that will focus, curate and cater towards addressing awareness, education and the promotion of financial literacy. The pitchIN Academy through its fundraising accelerator (FA) programme has successfully completed a total of nine cohorts, impacting over 100 companies and 180 founders so far.”Currently, the Academy offers three main programmes: Fundraising Accelerator (FA), Investment Workshop (IW), and Masterclass (MC).

Also Read: Crowdfunding for startups: Where to begin and how to go about it

FA is designed to help founders and entrepreneurs who are raising funding for the first time by equipping them with a comprehensive suite of fundraising learning and training programmes. They will be given access to pitchIN’s broad network of legal, marketing and financial practitioners. In addition, pitchIN also provides bespoke fundraising consultations as well as preferential access to pitchIN’s equity crowdfunding offerings to FA participants.

IW is designed to educate the general public, especially first-time investors with little knowledge and experience in private market investing and alternative investment space. The modules are organised into easily digestible segments to help investors understand how to make important investment decisions. The workshop content is built from real-life investment experiences of successful startup investors and venture capitalists in Malaysia.

MC covers specialised topics that can help entrepreneurs and investors stay updated on the latest industry developments while expanding their understanding of building investable businesses or investing in the alternative investment space.

pitchIN Academy will also look to play an active role in strengthening the educational and awareness efforts of positioning regulated alternative financing and investment as the preferred option in Malaysia.

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