When Google rolled out Performance Max (PMax) in 2022, it seemed like the answer to every marketer’s dream. Using machine learning, PMax sought to help businesses drive marketing efficiency, performance and better ROI by automating campaign optimisation across all of Google’s channels, including YouTube, Search, Shopping and Discovery. 

For brands in APAC, PMax’s ability to automatically tailor ads to reach the right audience offered an opportunity to reach wider, diverse audiences and improve their ROI. It helped Malaysia-based education company MindValley, for example, to automatically create campaigns across channels and optimise them for performance. This saved the brand time and effort that would have otherwise been spent having to implement solutions for each, eventually reducing its cost per conversion by 25 per cent.

At the core of the PMax promise is Google’s AI, making decisions on everything from bidding to creative to search query matching and media environments. However, like all AI and machine learning-driven advertising platforms, whether originating from Google, the Trade Desk, Yahoo, or numerous others, PMax necessitates marketers to place their trust in an enigmatic algorithmic ‘black box’. 

For brands looking to maximise returns from this new campaign type, this ambiguity calls for a dose of prudent scepticism — as well as a preventative action to safeguard their marketing budgets against rising ad fraud. 

The problem with PMax

The problem with all black box systems is marketers are at the mercy of the algorithm. In the case of PMax, where Google manages everything, it requires an even higher level of faith in the system. Adding to this, limited granular reporting in PMax means that while you get broad campaign insights, you won’t be able to see if it’s display, search, video, or shopping ads driving your clicks and conversions. 

This would be great if the world was perfect or you only spent money on Google channels — but marketing is complex, with multiple media partners in any one campaign. And as every marketer is aware, transparency and accountability are indispensable to operate with utmost effectiveness. Any industry opacity carries the potential to be exploited to the detriment of marketing budgets and reach — and one of the biggest such threats is that of invalid traffic (IVT) — a rampant problem in the region and globally that is causing businesses billions in lost revenue. 

Also Read: The state of cybersecurity in 2023: How APAC organisations can stay ahead of the curve

It should come as no surprise that fraudsters and bad actors are shifting their focus from general programmatic fraud to targeting campaigns like PMax that lack insights. According to our analysis of IVT and ad fraud in the region, as well as PMax campaigns with select clients over the past several months, here’s what marketers need to know: 

• IVT is a bigger problem than you might think: In the realm of traditional programmatic, invalid traffic and click fraud occur on a daily basis, spanning search, mobile, and affiliate campaigns. For context, in search, we have seen between 5-15 per cent of search clicks come from bots seeking to exploit paid search campaigns to sign up or claim incentives within the ads or, worse, deliberately exhausting clients’ search budgets as a “competitive” tactic. 
• Not all IVT is malicious: In a parallel context, not all instances of invalid traffic bear malicious intent. For example, we found that 97 per cent of a user’s Google ad budget on brand name campaigns was being consumed by returning users who were just using Google as a front door to click on a paid ad to log in to their account.
• Mobile is particularly susceptible to fraud: In the mobile domain, the figures we’ve observed are even more disconcerting, particularly for app install campaigns within sectors like car sharing and food delivery. Instances of fraudulent app installs have surged to alarming rates, reaching up to 50 per cent and, for one client, the claimed clicks and installs exceeded the population of the targeted geography in a week!
• Affiliate fraud is costing brands and publishers: When addressing affiliate fraud, specifically for high-payout categories such as sports and sports fantasy betting as well as subscription and entertainment services, we have seen click fraud and affiliate cookie stuffing through malevolent browser extensions siphon away US$100,000 of affiliate payouts per month – harming marketers and publishers. 

What we have observed on PMax is a mix of both new fraud tactics and some of the same types of invalid traffic and fraud that we see across programmatic. Given that PMax, and most AI systems, assume positive user intent, invalid traffic that has occurred in PMax campaigns comes because AI assumes every “user” engagement is positive in intent.

When bad actors exploit this and create fake intent signals, it can end up training the algorithm to optimise towards the source of the invalid traffic. This results in wrongly optimised campaigns that divert and deplete advertising budgets by driving more fake engagement and conversion events.

It’s also important to note that it’s not just invalid traffic that’s costing brands — AI also has the potential to optimise suboptimal outcomes. For example, one of our clients saw PMax bidding on low-performing search terms, which resulted in the rapid burning of daily budgets on terms any experienced search marketer would normally exclude. 

How brands can safeguard against IVT

To be fair, these gaps are not malfeasance by Google or PMax; however, when AI is optimising towards invalid traffic, budgets can be inefficiently allocated when there is opacity and no real-time 3rd party oversight and intervention.

Also Read: Securing tomorrow’s metaverse today: Why safety in the new frontier must leverage on hardware

PMax is simply a microcosm of what happens across the entire internet – the challenge lies in marketers who employ AI buying systems without independent third-party auditing and analysis. They face the possibility of unknowingly running the risk that they will just be pumping money into a high-speed AI-optimised invalid traffic machine.

I believe that the industry, as a whole, should have a sense of optimism regarding the potential of what AI can bring to the table in terms of driving better marketing performance. There is value to be realised in automation and operational efficiencies to be gained.

But, whether it’s PMax or any other AI-led solutions, marketers must push for algorithmic transparency, invest in independent oversight, and not blindly trust the little black box of algorithms if they truly want to drive the best fraud-free performance.

Otherwise, bad actors, whether they target PMax or any other AI-led advertising solution, will exploit your trust for their benefit, draining your marketing budgets in the process.

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In 2023, a diverse array of international investment firms has been actively fueling the burgeoning fintech ecosystem in Southeast Asia. These firms, hailing from the United States, Switzerland, Belgium, Lithuania, and more, have strategically chosen to invest in promising startups and companies across the region.

PayPal Ventures, LGT Capital Partners, and EscapeVelocity are among the notable players in this fintech investment landscape, partnering with innovative startups such as Aspire, Tazapay, and CrediLinq.Ai.

With a focus on fostering innovation and financial inclusivity, these global investors are helping to reshape the financial technology landscape in Southeast Asia.

Here is a list of 20 investment firms who backed fintech firms in the region in 2023 so far:

Paypal Ventures (US)

PayPal Ventures is the global corporate venture arm of PayPal. It invests in companies at the forefront of innovation in fintech, commerce enablement, digital infrastructure, and crypto/blockchain technologies. Its portfolio companies include Pine Labs, Pulsate Carro, and GoTo.

In February this year, PayPal Ventures co-invested in Aspire’s US$100M round.

LGT Capital Partners (Switzerland)

LGT Capital Partners is an alternative investment company. Over the last 20 years, it has invested over US$95 billion in a broad variety of alternative asset classes across almost 100 countries.

In February this year, PayPal Ventures co-invested in Aspire’s US$100M round.

EscapeVelocity (US)

Escape Velocity is an early-stage venture fund focused on helping Indian entrepreneurs expanding into global market. It invests pre-seed to Series A technology businesses.

In February this year, it invested in Tazapay, a fintech company specialising in cross-border payments.

Big Sky Capital (US)

Big Sky Capital invests in exceptional founders in emerging markets building disruptive SaaS solutions for enterprise. The size of its Fund I is US$20M.

In February, it invested in CrediLinq.Ai, a B2B online financing and payments infrastructure company in Singapore.

Lendable (UK)

Lendable supports the growth of fintech and climate solutions in emerging and frontier markets by providing debt financing. Debt financing is an alternative to equity financing, allowing fintech firms to scale without diluting ownership.

In March, it invested in Advance, a Philippine-based fintech company that provides on-demand access to credit and other financial solutions to employees and businesses.

Oyster Ventures (US)

Oyster Ventures invests in exceptional new-frontier technology companies. It targets companies that bring liquidity and efficiency to antiquated industries, companies that enable globalisation, with leverage to massively scale.

In March, it invested in Advance.

Cross Ocean Ventures (US)

Cross Ocean Ventures is an early-stage investor for ambitious international founders with global ambitions. It collaborates, deal-shares, and co-invests with many investment companies and is an active participant in the Southern California, Silicon Valley, New York, and European startup ecosystems.

In March, it invested in Advance.

Next Billion Ventures (US)

NBV is a venture capital partnership investing in startups serving the next billion digital consumers and small businesses across global emerging markets.

It invested in Advance.

Hummingbird Ventures (Belgium)

Hummingbird is global seed investor investing from US$500,000 at seed to US$50M+ when doubling and tripling down. It invested in SkorLife.

Seedstars International Ventures (Switzerland)

Seedstars invests in pre-seed and seed-stage startups across emerging and frontier markets. Seedstars International primarily invests in B2B fintech, retailtech, and supply chain.

In June, it invested in Finfra, a fintech company providing credit and financial services to businesses in Indonesia.

FirstPick (Lithuania)

FirstPick is VC-fund-accelerator for tech startups in the Baltics. It invests in early-stage companies in fintech, SaaS, deeptech, consumer, and marketplaces.

It invested in Finfra.

BADideas Fund (EU)

BADideas.fund is an early-stage angel syndicate that provides EUR50K-100K funding for startups in Central and Eastern Europe (CEE).

It invested in Finfra.

Alpine Ventures (US)

Alpine is a people-driven private equity firm investing in software and services businesses. It invested in Bunker.

Argentem Creek Partners (US)

Argentem Creek Partners is a debt fund for emerging markets. Argentem Creek was founded in 2015 by Daniel Chapman and his former team from Cargill, Inc. subsidiary, Black River Asset Management.

It invested in Salmon.

Delivery Hero Ventures (EU)

Founded in January 2021, Delivery Hero Ventures is an independent VC firm backed by Delivery Hero. The VC firm’s mission is to support the next generation of founders who are disrupting some of the most dynamic industries across the world.

It invested in Qashier.

DEG (Germany)

DEG offers financing, advice and support to private sector enterprises operating in developing and emerging-market countries. It focuses on the manufacturing, trade and service industries in developing markets.

It invested in PasarMikro.

Ceniarth (UK)

Ceniarth is a single-family office focused on funding market-based solutions that benefit underserved communities. It funds non-profits, for-profits, and hybrid organisations. Founded in 2013 by Diane Isenberg, Ceniarth works in conjunction with the Isenberg Family Charitable Foundation.

It invested in PasarMikro.

Citi Ventures (UK)

Citi Ventures invests in category-defining fintech startups with the potential to augment and enhance Citi’s products and services.

It invested in Endowus.

TEN13 (Australia)

Ten13 is a venture syndicate based in Australia. It co-invests in companies from their pre-seed to Series D stages. It recently invested in TANGGapp.

Goodwater Capital (US)

Goodwater Capital calls itself a regenerative investment platform. It invests in tech companies in the housing, healthcare, food delivery, finances, education, entertainment, and transportation sectors.

It invested in TANGGapp.

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The image used in this article is AI-generated.

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In the dynamic business landscape, cashless payments have brought about a transformative shift in transactional practices. Indonesia, an evolving country embracing cashless solutions, has experienced a remarkable surge in adopting digital payment methods like QR codes, e-wallets, and virtual accounts. With a digital economy valued at US$77 billion and accounting for 40 per cent of total ASEAN digital transactions, the country now stands as a prominent player in the digital realm.

In contrast, direct debit has emerged as a dominant payment method in the Western market. With customer authorisation, businesses can seamlessly deduct funds from bank accounts in real-time, making it ideal for recurring financial payments such as utility bills, loan repayments, and subscription payments like Netflix and Amazon Prime. Direct debit also captured 20 per cent of non-cash transactions in Europe, ranking third among popular payment methods in 2022.

In general, while recurring payment solutions in Indonesia have not yet become widespread, drawing from my extensive experience in both Europe and Indonesia’s tech industries, I predict their potential for success in the country.

Considering Indonesia’s dynamic digital economy and rapid growth, here are my three predictions for the future of direct debit as a prominent payment method nationwide.

Access to digital financial services has significantly improved in Indonesia

The accessibility and adoption of diverse digital payment methods have experienced a significant surge throughout Indonesia. According to Statista, e-wallets and electronic money have emerged as the predominant payment options nationwide, primarily attributable to the country’s high levels of domestic internet penetration and smartphone usage.

Also Read: How an 87-year-old enterprise aims to change the packaging game

Moreover, digital banking has witnessed remarkable growth, as indicated by the World Bank, with 51.8 per cent of Indonesian adults aged 15 and above holding accounts at financial institutions in 2021. This substantial progress represents a notable increase from the 19.6 per cent recorded in 2011.

Furthermore, Bank Indonesia (BI), the country’s central bank, has reported a year-on-year rise of 9.88 per cent in the value of digital banking transactions, reaching IDR 4.944 trillion (US$328.19 million) as of March 2023.

Considering the solid foundation already established for facilitating digital payment services and the growing popularity of digital banking, it is evident that the demand for convenient payment methods, particularly those compatible with smartphones for on-the-go transactions, will continue to escalate in the coming years.

This creates an exciting opportunity for the introduction of innovative and enhanced payment solutions, such as direct debit, which not only provides convenience but also caters to the recurring and subscription payment requirements of both customers and businesses in their daily operations.

Overcoming early adoption challenges with promising regulatory foundations

From my perspective, the limited public awareness and education present challenges to the early stages of the widespread adoption of recurring payment solutions in general. Security concerns, particularly the direct withdrawal of funds from individuals’ bank accounts where substantial savings are stored, contribute to public scepticism.

Notably, the Ministry of Communication and Information Technology (KOMINFO) recorded 486,000 reported cases of criminal offences related to information and electronic transactions from 2017 to 2022, with 83.3 per cent involving online transaction fraud, including phishing scams and fraudulent money transfers associated with bank accounts.

However, Indonesia’s regulatory bodies have proactively addressed these concerns, enhancing the infrastructure for secure digital payment services. Mr. Muhamad Farhan, a member of Commission 1 in the Indonesian House of Representatives (DPR), provided an update on the approved Personal Data Protection Law (UU PDP) during the Open Finance Summit 2023 this year.

This law, aiming to safeguard individuals’ privacy and personal data, is currently in a two-year transition period until October 2024, allowing for necessary amendments and adjustments. Businesses also have this timeframe to align with the PDP requirements.

Bank Indonesia (BI) also has a license for financial service providers in Indonesia called the Payment System Service Providers (PJP) classification. This includes Payment Initiation and/or Acquiring Services (PIAS) for payment forwarding transactions.

PIAS regulates licensed providers to comply with the provisions to ensure customers’ safety in making payments via bank transfer directly from the customer’s bank account. Ayoconnect’s recent acquisition of the license from BI for their direct debit solution demonstrates their commitment to adherence to strict security measures outlined by the regulation, assuring clients.

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

The presence of these current and upcoming laws and regulations indicates a promising trajectory for the adoption of recurring payment solutions in Indonesia. The next crucial step involves educating the general public about these regulations to instil confidence and trust in secure digital payment services. By doing so, I believe that customers and businesses can gain reassurance regarding privacy, data protection, and overall transaction security.

Indonesia’s tech and digital sector as a catalyst for new payment methods

Indonesia’s tech and digital sector plays a vital and dynamic role in the country’s thriving digital economy, poised to become the largest in Southeast Asia by 2030. The pandemic has acted as a catalyst, accelerating the shift to online activities and igniting an impressive surge in consumer engagement across various digital industries, such as e-commerce, SaaS tools, streaming services, online gaming, and more.

This remarkable trend has sparked fruitful collaborations between financial service providers and tech companies, driving the introduction of innovative digital payment solutions to cater to the ever-growing consumer base in the digital sector.

Notably, the immensely popular Buy-Now-Pay-Later (BNPL) payment plans have already achieved a staggering GMV of US$3,483.3 million in 2022, firmly establishing themselves as one of the nation’s most favoured payment methods.

Based on my evaluation, implementing recurring and subscription payment management via Direct Debit to facilitate payments across various digital industries offers considerable business potential.

Direct debit emerges as an ideal solution, automating transactions and streamlining the payment process without the need for manual intervention or the exchange of sensitive payment details for each transaction.

Its user-friendly nature and enhanced security seamlessly align with the dynamic nature of BNPL online transactions, fostering an environment conducive to business growth and ensuring customer satisfaction.

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In today’s digital age, online shopping and banking have become an integral part of our daily lives, offering unparalleled convenience. However, with this convenience comes the need for heightened vigilance, as the digital realm can sometimes be fraught with unexpected risks.

Recent cases in Indonesia involving fraud and deception have underscored the importance of vigilance in the digital realm. Customers have reported receiving WhatsApp messages from individuals posing as Banking Administrators, who claim a transaction fee adjustment and urge customers to make payments while soliciting sensitive information.

In tandem with these troubling developments, the world of online shopping faces its own set of challenges. Some unscrupulous sellers, regrettably, fall short of delivering on their promises, leaving customers disappointed and financially inconvenienced.

Adding to the complexity, there have been reports of fraudsters impersonating couriers and delivering what seems like a standard package in Indonesia. However, they slyly hand over a seemingly harmless receipt file in APK format, which, unbeknown to the recipient, is an app designed to steal personal data. This clever ruse underscores the importance of staying vigilant in the digital landscape. 

In this article, we embark on a journey to explore these pressing issues and equip you with strategies to ensure security in your online shopping and banking experiences.

Recognising phishing attacks

Phishing attacks are elaborate schemes employed by cybercriminals who impersonate credible and trustworthy entities in an attempt to deceive individuals into disclosing sensitive information. These attacks can take various forms and often manifest through deceptive emails, messages, or websites. 

Also Read: How to achieve cybersecurity independence in Southeast Asia

To shield yourself from falling victim to such fraudulent tactics, it’s crucial to be well-versed in recognising the telltale signs of phishing attacks. Here are several common indicators that should raise your suspicion:

• Suspicious pop-up notifications or emails: Be wary that cybercriminals may use these to deceive users into revealing sensitive information, similar to traditional phishing attempts.
• Generic or impersonal messages: Phishing messages, whether via email or pop-up notifications, often use generic or impersonal greetings rather than addressing you by name.
• Urgent or threatening language: Be cautious of messages that create a sense of urgency, pressure you to act immediately, or threaten consequences if you don’t comply—traits commonly found in phishing tactics.
• Mismatched URLs: Always check the destination URL by hovering your cursor over links. Cybercriminals typically use misspelt or altered URLs that resemble legitimate sites.
• Request for sensitive information: Avoid providing personal information, such as login credentials, credit card numbers, or Social Security numbers, in response to unsolicited messages or pop-ups.
• Spelling and grammar errors: Look out for noticeable language errors, misspellings, or awkward phrasing, as these are telltale signs of a phishing attempt, whether in emails or pop-up notifications.
• Verification of sender: Always verify the sender’s legitimacy and the source of the message before taking any action, especially when dealing with unexpected pop-up notifications.
• Inconsistencies in branding: Pay attention to inconsistencies in logos, colours, fonts, or branding elements within messages or pop-ups. Legitimate organisations maintain consistent branding, while phishing attempts often display variations.

Safe online shopping and banking practices

As we navigate the digital landscape, online shopping and banking have revolutionised convenience. Yet, this convenience comes with responsibilities. To safeguard your personal and financial information, adopting safe practices is paramount.

Also Read: Defence is the best offence: Why startups should prioritise cybersecurity even when scaling their business

Here are essential guidelines for ensuring a secure online shopping and banking experience:

• Strong, unique passwords:
  • Craft robust, unique passwords for each online account.
  • Consider a trusted password manager to securely store and generate complex passwords.
• Activate two-factor authentication (2FA):
  • Whenever available, enable 2FA for an extra layer of security.
  • This commonly involves a secondary verification step, such as a code sent to your mobile device.
• Verify website security:
  • Before entering sensitive data, ensure the website is secure.
  • Look for “https://” and a padlock icon in the address bar, indicating a secure connection.
• Regular account monitoring:
  • Routinely review your bank and credit card statements.
  • Promptly report suspicious activity to your financial institution.
• Caution on public wi-fi:
  • Avoid conducting sensitive transactions on public Wi-Fi networks.
  • Unsecured networks can leave your data vulnerable.
• Keep software updated:
  • Regularly update your operating system, web browsers, and antivirus software to patch known vulnerabilities.
• Stay informed:
  • Be vigilant against evolving cybersecurity threats and scams.
  • Familiarise yourself with phishing tactics and malware protection.
• Trustworthy websites:
  • Prefer reputable online retailers and banks.
  • Exercise caution with unfamiliar websites.
• Beware of email and text scams:
  • Do not click on links or download attachments from unsolicited emails or text messages.
  • These channels are often exploited for phishing attacks.
• Secure mobile devices:
  • Apply security features on smartphones and tablets, including encryption, screen locks, and remote tracking capabilities.
• Guard personal information:
  • Share personal and financial data only on trusted websites.
  • Legitimate organisations do not solicit sensitive information via unsolicited emails or messages.
• Verify email communications:
  • Confirm the authenticity of emails from banks or retailers.
  • Contact the institution directly through official channels if in doubt.

By adhering to these safe online shopping and banking practices, you fortify your defences against cyber threats. Knowledge and vigilance are your allies in protecting your online transactions and financial well-being.

In conclusion, the digital world offers immense convenience, but it’s crucial to remain vigilant against phishing attacks when engaging in online shopping and banking. By recognising the signs of phishing attempts and following safe practices, you can protect your digital wallet and personal information from cybercriminals, ensuring a safer and more secure online experience.

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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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At e27, we’re dedicated to fostering innovation by providing a platform for experts to share their specialised knowledge. Our Contributor Programme invites enthusiastic individuals to engage in in-depth conversations about entrepreneurship, technology, and groundbreaking developments.

Join our startup discussions this week, where we explore the latest trends, exchange viewpoints, and deliberate on state-of-the-art strategies for succeeding in the startup ecosystem.

Navigating the evolving landscape of blockchain regulation in the metaverse era

As we journey deeper into the realm of blockchain and digital assets, it becomes increasingly imperative that we address the challenges that this rapidly evolving landscape presents.

Sherman Lin, Senior Attorney in Lin and Partners

President Biden’s executive order on digital assets, signed in March 2022, signifies a pivotal moment in the relationship between the U.S. government and the digital asset industry. This article analyses the current state and future prospects of blockchain regulation in the United States, emphasizing the need for comprehensive regulatory frameworks to address the multifaceted implications of digital assets. It also discusses the role of Central Bank Digital Currencies (CBDCs) and highlights the importance of international cooperation in regulating the metaverse.

Digital adoption in Asia: An unstoppable juggernaut transforming economies

As we chart the course of Asia’s digital journey, let’s remember that while technology is the vehicle, it’s people who are driving the change.

Ashley Mangtani, Digital Transformation Journalist and Content Manager at Multiverse Labs

Asia’s profound digital revolution is reshaping societies and economies, with 370 million digital consumers in Southeast Asia by 2022. It’s driving socioeconomic transformation, reaching a US$200 billion digital economy in Southeast Asia in 2022. Digital adoption is about technology’s societal impact, fostering sustainability, innovation, and reshaping marketing. The digital gender divide remains a challenge. Digital adoption’s human faces reveal empowerment, connectivity, and resilience, underscoring the need for inclusivity.

Understanding the role of AI in digital transformation

AI isn’t just about replicating human intelligence; it’s about augmenting it and making processes more efficient and accurate.

Suchit Poralla, Associate Director at Ernst & Young

AI is reshaping the digital landscape by simulating human intelligence processes in machines, enhancing efficiency and accuracy. It fuels digital transformation by automating tasks, providing insights from data, and improving customer experiences. AI applications span industries like retail, with personalised recommendations, and healthcare, where it aids in diagnostics. This technology is integral to modernising businesses, making informed decisions, and ensuring growth in the digital era.

Myth busters: Buy Now Pay Later edition

BNPL has grown in popularity because it offers additional flexibility at a time when many people are feeling financially insecure.

Ben Gilbey, SVP, Digital Consumer Solutions (APAC) at Mastercard

Buy Now Pay Later (BNPL) is a modern twist on an old concept – paying in instalments. While concerns about BNPL’s impact abound, it’s crucial to dispel the myths:

• Myth one: BNPL platforms want customers in debt. Reality: BNPL platforms aim for responsible lending to encourage repeated use.
• Myth two: BNPL shuns regulation. Reality: Most BNPL players support regulation for consumer protection and industry sustainability.
• Myth three: BNPL burdens consumers. Reality: BNPL benefits younger, lower-income individuals, providing transparent terms, low-interest rates, and credit-building opportunities.

Trust is paramount as BNPL grows, offering flexibility in uncertain financial times.

Enhancing cyber supply chain resilience: A vision for Singapore

As someone deeply entrenched in the cyber security domain, I believe that the human element is as critical as technological advancements.

Dr Magda Chelly, CEO at Responsible Cyber with IMMUNE

Singapore’s rapid technological progress has brought both opportunities and challenges. The rise of cyber threats, especially supply chain attacks, is a concern for Critical Information Infrastructures (CIIs). Singapore’s CII Supply Chain Programme addresses this with five key initiatives, emphasizing transparency, cybersecurity in contracts, vendor certification, knowledge sharing, and international cooperation. Tools like IMMUNE X-TPRM aid in third-party risk management. In this cyber era, unity and commitment from all stakeholders are vital to ensure a secure digital future for Singapore.

TikTok vs Shopee EC war in SEA: How can startups leverage the competition?

For startup founders, the key is to seize immediate opportunities without losing focus on the long-term vision: Build your business on a sustainable model with solid unit economics at its core.

Sophie Chiu, Principal at AppWorks

The battle between TikTok and Shopee in Southeast Asia’s e-commerce arena is heating up. Shopee is shifting its focus back to growth and is willing to accept losses in response to TikTok’s aggressive expansion. TikTok has become a major player, challenging Lazada and other platforms. Startups can seize opportunities by addressing issues such as product quality, service quality, and content quality. They must offer solutions that are significantly better than current platforms and prioritise sustainable growth with solid economics. Building relationships through multiple touchpoints is crucial for long-term success.

Also Read: Weekly insights: e27 contributor articles you shouldn’t miss

Can Malaysia have smart cities?

In Malaysia, the Smart City Framework aims to use technology to address inefficient urban services, environmental pollution, and traffic.

Daniel Ho, Co-Founder and Group Managing Director of Juwai IQI

Malaysia is striving to become a leader in the global smart city movement, with initiatives like the Smart City Framework addressing urban service inefficiencies, environmental pollution, and traffic problems. The concept of a “protopia” is favoured over an unattainable utopia, focusing on incremental progress over time.

However, one of the significant challenges facing smart cities is the threat of cyberattacks, as hackers have targeted such projects worldwide. Malaysia is prioritising cybersecurity in its smart city efforts to mitigate these risks, with several cities and regions already adopting smart technologies and sustainable living solutions.

CBDCs in Asia: An opportunity and a challenge

CBDCs represent more than just another financial product; they symbolise the broader transformation sweeping Asia.

Karina Kurniawan, Marketing and Communications Manager at D3 Labs

CBDCs are at the forefront of Asia’s financial landscape, offering the promise of real-time, cross-border transactions, streamlined financial services, and enhanced inclusion. However, they also come with challenges, including cybersecurity risks, privacy concerns, and the digital divide. Policymakers and institutions in Asia face critical decisions in navigating this digital transformation while ensuring long-term stability and prosperity.

Navigating wealth management: The emergence of new family offices in Singapore

Family offices in Singapore signify not only a wealth management opportunity but also a chance to make a positive impact on society.

Roy O, Family Office Practitioner at Arrowdynamic Ventures

Singapore’s rapid rise as a family office hub is driven by its political stability, strategic location, strong financial infrastructure, and regulatory framework. The recent surge in family office registrations contributes to job creation and economic growth. Family offices are also embracing philanthropy, supporting local charities, setting up foundations, aiding education, fostering innovation, and engaging in environmental conservation to make a positive impact on Singaporean society.

Striking the balance: AI, leadership, and the modern workplace

Leaders should embrace transparency, include staff in AI-related decisions, and offer thorough training to overcome reluctance.

Chandra Sekhar Garisa, CEO of Foundit APAC & ME

The advent of AI raises questions about its role in leadership. AI aids decision-making by processing complex data, providing clarity, and enabling swift, informed choices. In Southeast Asia, AI’s rapid adoption could boost the region’s GDP by up to US$950 billion by 2030. AI-driven leadership development programs analyse leaders’ strengths and weaknesses, offering tailored learning experiences.

Emotional intelligence remains vital for leaders in this AI era, focusing on people management, empowerment, and fostering innovation. Challenges include employee resistance, data privacy, and technical glitches, necessitating adaptability, transparency, and ethical responsibility from leaders.

5 careers emerging from Southeast Asia innovation trends in 2023

As we navigate through 2023, it is essential to reflect on the significant innovation trends shaping Southeast Asia’s landscape.

Paulo Joquino, Content Strategist at Insignia Ventures Partners

As we reach the midpoint of 2023, Southeast Asia is witnessing transformative innovation trends that are reshaping businesses and career opportunities. Notably, AI’s democratisation and data-driven AI careers are on the rise. Agriculture innovations focus on productivity and supply chains, creating new career avenues.

Fintech extends beyond traditional fintech companies, impacting various sectors and job roles. Specialised skills in finance, cybersecurity, and monetisation strategies are in demand. Lastly, careers in market expansion, with a focus on local needs and culture, offer promising opportunities. These trends highlight Southeast Asia’s dynamic tech landscape and its potential for career growth.

AI, transparency, and the rising threat of ad fraud in Google’s Performance Max

It’s important to note that it’s not just invalid traffic that’s costing brands — AI also has the potential to optimise suboptimal outcomes.

Chad Kinlay, Chief Marketing Officer at TrafficGuard

Google’s Performance Max (PMax) uses machine learning to automate campaign optimisation across Google’s channels. While it offers benefits, PMax’s limited granular reporting and reliance on algorithms can lead to transparency and fraud issues. Invalid traffic (IVT) is a growing problem, with fraudsters targeting campaigns with limited insights. Brands should be cautious, invest in independent oversight, and demand algorithmic transparency to prevent fraudulent activity and maximise their marketing budgets’ efficiency.

The future of Indonesia’s payment services: 3 predictions for the advancement of direct debit

The accessibility and adoption of diverse digital payment methods have experienced a significant surge throughout Indonesia.

Jakob Rost, Founder and CEO of Ayoconnect

Indonesia’s digital economy is booming, with increased accessibility to diverse digital payment methods and growing smartphone usage. Digital banking is on the rise, with 51.8 per cent of Indonesian adults holding accounts in 2021, up from 19.6 per cent in 2011. This growth creates opportunities for innovative payment solutions like direct debit to meet recurring payment needs.

Regulatory improvements, like the Personal Data Protection Law and BI’s Payment System Service Providers, bolster security and build trust. Indonesia’s thriving tech and digital sector further supports the adoption of new payment methods, making direct debit an ideal solution for automating transactions and streamlining payments in various digital industries.

Also Read: Contributor spotlight: A roundup of this week’s startup discussions

Phishing threats: Protecting your online shopping and banking

The digital world offers immense convenience, but it’s crucial to remain vigilant against phishing attacks when engaging in online shopping and banking.

Bernadetta Septarini, Content and Social Media Marketeer at ArmourZero

In today’s digital age, online shopping and banking offer convenience but also come with risks. Phishing attacks, where cybercriminals impersonate credible entities, are common. Signs of phishing include suspicious pop-ups, generic messages, urgent language, mismatched URLs, requests for sensitive info, errors in grammar, and inconsistent branding.

To ensure safe online experiences, create strong, unique passwords, use two-factor authentication, verify website security, monitor accounts regularly, avoid public Wi-Fi for sensitive transactions, update software, stay informed about cybersecurity threats, trust reputable websites, be cautious of email and text scams, secure mobile devices, and guard personal information.

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

It is an exciting time for the world of edutech as we are now presented with the unique opportunity to push boundaries and reinvent ourselves.

Xiaonan Wang, Co-Founder of Spark Education Group

Adversity serves as a profound teacher, particularly in the wake of the pandemic. In the education sector, the surge in edutech during the pandemic saw an uptick in demand for online learning. However, as in-person classes resume, parents remain reluctant to embrace online education fully.

To thrive, edutech must demonstrate the value of technology in education, enhancing rather than replacing traditional learning methods. Collaboration, involving the target audience (parents and children), and integrating interactive learning are essential for edutech’s success in a dynamic market valued at US$271 billion, set to grow to US$410 billion by 2026.

Why inclusive hiring matters for a startup ecosystem

A truly inclusive workplace is one where Persons with Intellectual Disabilities (PWIDs) are able to learn, thrive and be respected.

Dipak Natali, Regional President and MD, Special Olympics APAC

Inclusive hiring is an innovative approach that empowers individuals, especially those with intellectual disabilities. However, in Singapore and the Asia Pacific region, employment rates for people with disabilities remain low. There is a need to break down barriers and foster understanding through authentic conversations and inclusive hiring practices. Startups, in particular, can play a significant role in promoting diversity and inclusion, tapping into a diverse talent pool and reaping the benefits of a truly inclusive workforce through meaningful employment.

Is hybrid work arrangement the future of work?

Flexible work arrangements are essential for attracting and retaining employees, particularly newer generations who prioritise them.

Syuhada Subuki, Engagement Executive at IndSights Research

Flexible work arrangements have become common post-COVID-19, impacting job satisfaction and work-life balance. Singaporeans favour flexible work norms, with 75.6 per cent believing it should be the new norm and 51.9 per cent open to organisations offering it when job hunting.

Yet, 40.5 per cent are fine with expanded workplace surveillance to prevent abuse. Employers also value flexible work for attracting and retaining talent. However, it’s recognised that not all roles can accommodate it. Striking a balance and continual dialogue between organisations and employees is crucial in shaping the future of work.

Stop the doomsday talk: How dangerous is AI for your organisation?

There are plenty of fundamental security gaps that need to be addressed first before diverting resources to the latest AI threats.

Pierre Samson, Chief Revenue Officer and Co-Founder at Hackuity

While AI tools like ChatGPT can enhance productivity, they also introduce new security risks. Cyber attackers are already using generative AI for malicious purposes, creating viruses and spyware. Organisations should evaluate the specific risks AI poses to their attack surface.

Prioritising cybersecurity fundamentals is crucial before tackling AI threats. Implementing a Zero Trust framework, adopting Attack Surface Management, and focusing on vulnerability management are essential steps. Cybersecurity is an ongoing journey of continuous improvement, and investing in technology should complement solid cyber defence fundamentals.

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Adversity is one of life’s greatest teachers.

This adage certainly rings true in the wake of the pandemic, where the world had to restructure its ways of working to adapt to the disruptions and restrictions imposed on a global scale.

The education space saw big changes in this respect, with home-based learning spurring the growth of edutech products. Spark Education was founded a couple of years before that with the goal of using technology to provide a better learning experience than traditional classrooms.

Although we had already seen success with online education, during the pandemic, we experienced an uptick in demand and anxiety from parents who were heavily concerned about finding quality educational products to fill the gaps. We worked hard to meet this demand while, at the same time, taking strides to optimise and continue to improve our classes to maintain an effective student learning experience.

While in-person classes have largely resumed, virtual learning left a bad taste among many parents who had to juggle between working full-time and managing their children’s learning from home and seeing them face zoom fatigue or becoming sad or depressed during distance learning.

Now, we are witnessing parents flocking back to in-person experiences and a hurdle we face is that while we are built on the belief that online education can provide a superior learning experience than traditional classrooms, parents are more reluctant than before to have their children take online classes.

Therefore, for edutechs, we must continuously innovate and showcase the benefits of technology in education to meet our goal of cultivating a genuine love for learning beyond the classroom.

Today, the global edutech market is valued at US$271 billion, with expectations that it will increase to US$410 billion by 2026. What this means is that while edutech is certainly at a crossroads, it is far from reaching an end, with a host of new opportunities for us to grow and showcase our value in bringing truly holistic curriculums to light.

Also Read: The future of edutech: Personalising learning for all

This is not to say, however, that we do not have our work cut out for us. The avalanche of virtual meetings has fostered a general aversion to using conferencing apps to communicate – let alone conduct lessons. This is unsurprising, given that engaging students, especially young minds, requires a dedicated interface tailored to the specific learning needs of its target audience.

As such, curriculums taught over online conferencing tools that were not necessarily made with education at the heart of their features would ultimately fail to deliver fruitful learning experiences, falling short of parents’ expectations and fuelling the sense of fatigue that has become so prominent today.

For edutech to thrive amidst this, it would need to prove how the online realm not only supports but enhances learning. Its offerings must aspire to be a bridge to a more colourful and engaging world of new knowledge and holistic growth that young minds actually want to be a part of.

While a big leap, we do have to think big to make products that truly have an impact. For us at Spark Education, this is an ongoing journey – one that I hope to share some insights on, especially regarding how to reinvent edutech and underscore the value we want to bring to the system.

Embracing collaboration within the education ecosystem

It takes a village to nurture our future changemakers. The edutech industry is but a piece of the education ecosystem, and collaboration among educators who come from different facets of the industry is key to creating products that ultimately complement each other and raise the bar for interactive learning.

For example, our partnership with Marshall Cavendish Education (MCE), the publisher of choice for Singapore’s Ministry of Education’s (MOE) Chinese curriculum, has been key to helping us bring products like LingoSPARK to life.

With our continuous collaboration between our technology team, animators and designers, our Singapore curriculum and pedagogy centre has enabled us to bring core MOE concepts such as the CPA method to life with our MOE-aligned Spark Math programme.

We also believe that different parents and children have different needs, and online learning may not serve everyone’s needs. In-person interaction and peer group learning cultivate soft skills that are irreplaceable, which is why we made a move to launch our first-ever offline centre in Singapore this year.

Some parents prefer the traditional classroom, and we see a great opportunity to make the traditional classroom better, more efficient and fun with our gamified courseware and hands-on manipulatives instead of the traditional blackboard, paper and pencil worksheets. We envision this move to be an integral one in embedding ourselves in the local community.

Listening to and involving your target audience

Parents want the best for their young ones. To prove that we can offer something worthwhile to their children’s education means getting them involved in the curriculum to establish greater synergy with what we collectively hope to achieve.

This means ensuring that there are dedicated systems, such as our proprietary learning maps, which can help parents guide their child’s progress by identifying their strong suits, areas for improvement, and which concepts need to be reinforced at home.

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

Academic enrichment forms the backbone of everything we do. Beyond learning how to do the basics of addition and subtraction, it is critical to start cultivating habits that enable young ones to evolve into active, lifelong learners.

With Spark Math, our flagship mathematics programme, we empower parents to play an active role in exploring these new digital platforms with their children with initiatives like the “Little Teacher Segment”, where students work with their parents to record a video demonstrating what they have learnt.

From learning to share their knowledge externally with their parents, the segment also helps nurture communication skills and confidence for their holistic development. Parents are empowered with tools in their app version to get an inside look at every step of their children’s learning process — from how they interact during the class, hurdles faced, and their performance on assignments.

Interactive learning at its core, not an afterthought

The biggest strength of gamified courseware is its position to leverage the power of play to make difficult concepts more compelling and nurture positive attitudes toward learning. To this end, gamified elements need to be integrated in a strategic way rather than just being decorations to an app.

With Spark Math, we enable children to establish connections to how understanding math and fractions can be applied to everyday routines that they are already familiar with. This is buoyed by cartoon characters and interactive ‘rewards’ that ultimately work to create a cohesive storyline that is unique to every class — where the characters encounter a challenge, and young learners are guided by their teacher to follow through and grasp new concepts by learning to apply those skills to help the characters solve their problem.

It is certainly an exciting time for the world of edutech as we are now presented with the unique opportunity to push boundaries, reinvent ourselves, and showcase our continued value in the education ecosystem. Much of what we do today will be key in making learning more holistic and – at the core of it all – enjoyable for our young ones.

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Hiring based on diversity and inclusion has proven to be the innovative spark needed for industry-disrupting startups, and I have seen firsthand how inclusive hiring can transform lives and empower individuals, especially those with intellectual disabilities.

Yet in Singapore, only three in 10 persons with disabilities of working age 15 to 64 are actively employed. Effectively, two-thirds of persons in this age group are outside the labour force, and it’s an even bleaker picture in the Asia Pacific region, with the UN reporting that the unemployment rate for Persons with Intellectual Disabilities (PWIDs) is double that of the general population, often as high as 80 per cent or more.

It must also be noted that PWIDs remain one of the most underserved, misunderstood, and stigmatised populations in the world. According to research done by Special Olympics Asia Pacific, surveying attitudes and perceptions of the public towards PWIDs, awareness of intellectual disabilities is moderate; only 60 per cent of Asia Pacific respondents were aware of intellectual disabilities, and less than one in three respondents have personally interacted with PWIDs. Intellectual disabilities also ranked low as a concern in the region, with environment, poverty, and human rights being the key concerns.

Also Read: Inclusion matters: How GitHub enhances accessibility for individuals with disabilities

Given this, there is a tendency for communities to isolate or keep PWIDs apart from mainstream society because of perceived differences. This amplifies misunderstandings and fear of the unknown, heightening the schism and deepening prejudice.

Breaking down barriers requires a deeper understanding of the issues that PWIDs face, and being able to communicate clearly with them is the first step to bridging the gap. Being open to employing and having authentic conversations with PWIDs in our workplace will bring us together in helping us overcome our own blind spots and challenges when it comes to hiring PWIDs.

Inclusive hiring needs to extend beyond ticking boxes

That being said, the road to inclusion cannot be achieved alone. This is where startups can step in and make a real difference.

Diversity and inclusion are vital elements for fostering a thriving workplace within every organisation. In the realm of startups, the significance of diversity and inclusion cannot be emphasized enough. The ecosystem thrives on creativity, innovation, adaptability, and flexibility in order to flourish, and a diverse workforce plays a crucial role in attaining these objectives.

Cultivating an inclusive work culture is arguably a game-changer for robust organisational performance. According to Great Place To Work, a diverse and inclusive workplace can result in higher revenue growth, greater readiness to innovate, increased ability to hire a diverse talent pool and 5.4 times higher employee retention.

To nurture a diverse workforce, startups must wholeheartedly embrace diversity in their recruiting and hiring practices. This entails going beyond conventional methods and extending the search for talent to encompass diverse communities. By casting a wider net and including PWIDs in the hiring process, startups can tap into a vast talent pool of skilled and motivated workers with different backgrounds and experiences.

Although hiring PWIDs is a significant step in the direction of creating an inclusive workforce, it’s essential to recognise that true inclusion needs to extend beyond just the hiring process.

The key is ensuring meaningful employment versus hiring to meet a diversity quota, meaning organisations should hire PWIDs based on abilities and aptitude.

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

A referral-based program, for example, can unintentionally cause an imbalance in the diverse makeup of the workforce, especially if employees refer candidates of the same backgrounds.

It is, therefore, important that HR leaders use a wide variety of recruiting mediums in their search for a new hire by broadening their recruitment efforts to encompass individuals from various backgrounds. This practice can help facilitate greater workforce inclusion and construct a stronger team enriched with diverse perspectives and experiences.

A truly inclusive workplace

However, simply bringing PWIDs on board is not sufficient to ensure that an organisation is genuinely inclusive. A truly inclusive workplace is one where PWIDs are able to learn, thrive and be respected.

Startups can make a difference by investing in diversity training for all employees across the organisation to ensure everyone buys into the vision and grasps the critical significance and need for a diverse workforce.

Specific to PWIDs, leaders can instil a role-based approach to inclusivity that considers the environment that PWIDs will be entering and what working in the company would look like for them. This will help PWIDs to thrive in their roles and contribute fully to the success of the organisation, just like any other employee.

Inclusive hiring isn’t just the right thing to do; it’s also the smart thing to do.

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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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In today’s post-COVID-19 world, flexible work arrangements have become more common. Having the flexibility to work from home or anywhere can be more productive for some employees and is even a criterion for some job seekers. The expectations of employees to have some form of hybrid work arrangement have also affected the work policies adopted by employers.

Three out of four (75.6 per cent) employees felt that flexible working arrangements should be the new norm in Singapore. One in two (51.9 per cent) even expressed that if they were to look for a new job, they would only be open to an organisation that offers flexible working arrangements.

Also Read: Is remote work the answer to tech’s layoffs?

While hybrid work arrangement is clearly a priority, it is interesting to note that four in 10 (40.5 per cent) of respondents think that it is fair for organisations that implement flexible working arrangements to also expand workplace surveillance. Among those open to a new job only with a company that offers flexible working arrangements, 1 in 2 are fine with expanded workplace surveillance.

Singaporeans may appreciate greater flexibility at work, but they also recognise that workers can take advantage of this privilege. Hence, surveillance serves as a safeguard against potential abuse.

Fig 2: Hybrid work arrangements to be the new norm

What about employers’ views on flexible work arrangements in Singapore?

Most of the companies surveyed that offered flexible work arrangements were now either more willing to offer such arrangements or to at least keep to the same level of arrangements as during the COVID-19 pandemic.

Flexible work arrangements were seen as a key factor in attracting and retaining employees, especially new generations of employees who may place greater value on such arrangements. The employers’ views seem to reflect accurately the expectations of the employees regarding hybrid work arrangements.

Fig 3: Almost half of companies are more willing to offer flexible working arrangements now

Flexible work arrangements have brought obvious improvements to the overall well-being of employees, according to the business leaders who responded, although some employers also perceive a negative impact on collaboration among teams and employee communication.

Fig 4: Work-life balance has improved as a positive impact of flexible work arrangements

The future of work is about striking a balance

Our findings show that while greater flexibility at work is very much desired, there is no one-size-fits-all solution for a diverse Singaporean workforce.

Furthermore, business leaders have also shared that not all job roles can accommodate flexible work arrangements and shared that it is a challenge for some industries to hire talent when the potential candidates do not fully understand the nature of the job and still expect flexi-work.

Even those who can work flexibly may not necessarily be better off than those who are required to work onsite. After emerging from the COVID-19 pandemic, a hybrid working arrangement may now be a defining trend in the future of work.

However, there needs to be continual conversations between both the organisation and its employees to navigate the shifts in the future of work and to make tweaks that make sense to both parties.

Perhaps the future of work is more than flexible work arrangements, and conversations can centre around how companies can maximise workers’ potential while at the same time offering them a work-life balance that can help them find fulfilment in and outside of work.

This article is a collaborative effort with RySense, and for additional insights, you can explore the full findings here.

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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 week’s Southeast Asia startup news showcases a mix of legal challenges and financial triumphs.

Nasdaq-listed Society Pass Inc. faces a US$750K payout to its ex-CTO, while Evo Commerce secures US$2.8M for expansion. Sustainable farming startup Koltiva bags a “seven-figure” Series A funding round, and RegenX gains US$500K for regenerative agriculture tech.

Gene Solutions receives US$21M in Series B funding, and INSEACT gets acquired by Karang Foodie. Insurtech bolttech raises US$50M, and Grab introduces a Web3 wallet for its Singaporean user base.

Plus, a call for more female investors in Indonesia and CrossFund’s US$1.5M fresh funding for expansion.

Society Pass ordered to pay US$750K to ex-CTO

In a significant blow to Nasdaq-listed Society Pass Inc., a US court ordered the data-driven loyalty company to pay approximately US$750,000 to its former CTO, Rahul Narain, for breaching his employment contract.

The judgement was delivered on September 13 by the Supreme Court of the State of New York (the US) on a lawsuit filed by Narain four years ago.

The court will likely add a 9 per cent interest rate, adding another US$270,000 to the total amount.

“…Dennis Nguyen’s email sent in connection with the Warrant is prima facie evidence that the Plaintiff is entitled to 130 shares at a valuation of $749,190 as of September 4, 2019, and the Defendant fails submit any evidence to rebut his prima facie showing,” the judgement (a copy is in e27‘s possession) reads.

Evo Commerce banks US$2.8M

Evo Commerce, a direct-to-consumer health & beauty startup based in Singapore, secured US$2.8 million in equity and debt financing.

Shanghai-based firm IJK Capital led the round, with participation from Carousell Co-Founder and CEO Quek Siu Rui, Fave Co-Founder Joel Neoh, and Tipsy Collective.

This comes about eight months after the D2C startup announced the completion of its pre-series A funding round of US$2 million from GSR Ventures, 33 Capital, Rainforest CEO and Co-Founder JJ Chai, Wallex Co-Founder Hiro Kiga, and BrideStory Co-Founder Emile Etienne.

The company will use the money for product development and market growth. The debt financing will be used for expanding its retail presence across Asia, including renowned retailers such as 7Eleven, Guardian, and Watsons.

Koltiva bags Series A funding

Indonesia-based sustainable farming and supply chain traceability startup Koltiva raised an undisclosed “seven-figure” USD in a Series A financing round led by AC Ventures.

Silverstrand Capital, Planet Rise, Development Finance Asia, Blue 7, The Meloy Fund, and an unnamed impact investor in Southeast Asia also joined.

Koltiva will use the fresh capital to expand its SaaS product for multinational corporations.

Koltiva digitises agribusinesses and helps smallholder producers transition to sustainable practices and traceable sourcing.

Wavemaker Impact backs RegenX

Singapore-based regenerative agriculture-focused climate tech firm RegenX secured US$500,000 in pre-seed funding from Wavemaker Impact.

RegenX, already onboarding farmers and buyers on its platform, will use the fresh round of funding to accelerate its growth in the coffee space in Vietnam.

Founded by serial entrepreneur Bao Nguyen, RegenX enables food buyers to source regenerative agri ingredients directly from Regen Ag farmers.

Conventional agriculture diminishes soil health due to the intensive use of chemical fertilisers and monocultures. This leads to a continuous decrease in yield and threatens food security and farmers’ livelihoods. Regenerative farming, on the other hand, solves climate adaptation and mitigation. Transitioning to regenerative farming, however, remains a daunting challenge for most smallholder farmers.

Mekong Capital invests US$21M in Gene Solutions

Vietnamese genetic testing company Gene Solutions received US$21 million in a Series B financing round from Fund IV of local PE firm Mekong Capital, according to a TechInAsia report.

This comes two years after the firm secured US$15 million from Mekong in 2021.

Established in 2017 by Vietnamese scientists, Gene Solutions has developed triSureFirst, a noninvasive prenatal test (NIPT) for detecting abnormalities of chromosome numbers in the fetus, such as Down Syndrome, Edwards, and Patau.

The test, based on detecting cell-free DNA of the placenta, is released into the mother’s blood to assess the risk of the fetus suffering from birth defects due to chromosomal number abnormalities.

INSEACT acquired by Karang Foodie

Singapore-based alternative protein company INSEACT was acquired by local company Karang Foodie in an all-cash deal.

Other details of the deal remain undisclosed.

INSEACT specialises in producing sustainable insect protein for aquaculture, starting with shrimp feed. It uses waste from palm oil operations as a raw material to feed the insects. It enables a fully circular economy by redirecting waste streams from palm oil production away from carbon-emitting landfills to be bioconverted by BSF.

The process generates three products: protein, oil, and organic fertiliser. The protein products are XFprotein (a nutrient-rich animal feed ingredient obtained from dried and ground black soldier fly larvae), XFoil (a clarified insect oil extracted from its farmed black soldier fly larvae), and XFfrass (a by-product of black soldier fly larvae composting).

LeapFrog joins bolttech’s US$50M round

Singapore-based insurtech company bolttech raised US$50 million from impact investor LeapFrog Investments, bringing its total Series B round to US$246 million.

bolttech will use the new capital to grow in emerging markets and expand its technology-enabled ecosystem for protection and insurance for emerging consumers.

LeapFrog’s track record with tech-enabled insurance businesses in Africa and Asia will help bolttech to target its products to these growing markets.

In May this year, bolttech closed its Series B round at US$196 million, led by Japanese insurance holding company Tokio Marine.

Launched in 2020, bolttech aims to make connections between insurers, distributors and customers easier and more efficient to buy and sell insurance and protection products. It partners with insurers, telcos, retailers, banks, e-commerce and digital destinations to embed insurance into their customer journeys at the point of need.

‘Indonesia needs more female investors’

Helen Wong, Managing Partner at early-stage VC firm AC Ventures, said Indonesia needs more female investors willing to back female founders.

Addressing regional policymakers and prominent business leaders at the Women’s CEO Forum at the ASEAN Business & Investment Summit (ABIS) 2023 in Jakarta, she said women entrepreneurs are key economic drivers.

“In a market as vibrant as Indonesia, women entrepreneurs are not just fulfilling a social role; they are key economic drivers. Our research indicates that investing in women-led businesses is not just the right thing to do, it’s the smart thing to do,” said Wong.

Grab rolls out Web3 wallet for Singapore userbase

In a significant move, Southeast Asia’s super-app giant Grab, launched a web3 wallet designed specifically for its Singaporean user base.

The technology behind the new feature is provided by Polygon, a platform striving to establish a multi-chain blockchain system compatible with Ethereum.

According to reports initially covered by The Defiant, Grab’s web3 wallet is gaining attention among users in Singapore. The wallet facilitates payments using XSGD, a stablecoin backed by the Singaporean dollar and issued by StraitsX.

CrossFund secures US$1.5M

Singapore- and Vietnam-based early-stage investment platform CrossFund raised US$1.5 million in fresh funding from undisclosed investors at a US$47 million valuation.

The fintech startup will use the funds to expand its presence in EMEA (Europe, the Middle East, and Africa), where 40 per cent of its 15,000 accredited investors are based.

Founded in 2021 by Ben Cardarelli and Davide Cali, CrossFund is an equity financing tool for early-stage startups in Southeast Asia and Africa. Investors can own equity in international startups with as little as US$5,000.

CrossFund leverages data to match its investors with startups based on sector, stage, geography, areas of expertise, and other more granular factors. The platform also accepts investments in crypto, leveraging third-party providers. It is soon launching a secondary market to foster liquidity for investors and founders.

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The image used in this article is AI-generated.

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Regardless of your level of experience with product development, it is always exciting to learn from other entrepreneurs–especially if they are working in different verticals.

In this article, e27 features professionals from three different startups in Southeast Asia to explain how they are doing product development in their respective companies. These companies are working in different verticals, from fintech to insurtech to logistics, and they reveal everything from the process to their aspirations for the future.

These professionals are:
– Dr Ramesh Rajentheran, CEO and Co-Founder of MiyaHealth
– Howard Law, Director, Product, Lalamove
– Jaya Kapur, VP, Head of Product at Instarem

They have shared their insights with e27 through email interviews, and the following is an edited excerpt of our interview with them:

Can you tell us about the teams that are involved in the product development process in your company?

Dr Rajentheran: We take on a cohesive approach when it comes to building and deploying our products, as our team is made up of software developers, data scientists, and doctors who work closely together to ensure that every product created optimises the patient experience – even though our partners are insurers, governments, and hospitals.

Our strategy of building a foundational technology first allows us to go from ideation to launch very quickly in a new market and in a matter of weeks.

Also Read: Evo Commerce banks US$2.8M more for product development, Asia expansion

Law: The product, UI/UX, and tech teams make up a larger team that comes together to solve the bigger customer problems. The Product team acts as a bridge between the Product and markets, helping to convey the needs of the business. The Product team will also collaborate with individual cities directly to understand local problems as well as solve problems specific to a city. The timeline from idea to product launch is tentative depending on the problem and solutions, but we have backend releases every week and new versions for our mobile apps every two weeks.

Kapur: The composition of teams involved in our product development process varies depending on the specific demands of each project. The usual suspects in our development process include Product Managers, developers, QA, Risk & Compliance, Legal, Design, Marketing, and Analytics … to name a few! Likewise, the timeline from idea inception to product launch can range from a few weeks to multi-year, depending on the level of complexity and priority.

While our dedication to speed remains constant, the actual duration can vary significantly based on the complexity and scale of the product in question.

Can you tell us about the product development process in your company?

Dr Rajentheran: Healthcare remains highly fragmented both within countries and across borders … With this in mind, we wanted to build a global company that would make healthcare more efficient for everyone, everywhere. Hence, we started by building a methodology of classifying and harmonising healthcare data into a common language, or what we like to call a data dictionary. For example, our machine would be able to recognise what the drug is, even if it has twenty different brand names. We then added rule engines and analytics to it. This is the technology that forms the foundation of all our products.

One example would be MiyaPayor – a platform that automates processes for health insurers, effectively eliminating inefficiencies and waste costs. It is a combination of the data dictionary, rules engine and analytics. Through this approach of classifying and harmonising healthcare data, we are able to speed up product development and deploy them internationally relatively quickly.

We also believe that the key to making healthcare more efficient and accessible is to have products that are able to benefit all stakeholders, including payors (i.e. insurers), patients, and healthcare providers, and ensure that these products are interoperable with each other based on one common language. Hence the rationale behind our broad product focus.

Also Read: Evo Commerce banks US$2.8M more for product development, Asia expansion

Law: Product development at Lalamove follows a structured four-step process of problem definition, solution crafting, development, and finally, rollout and review. Iteration is a constant theme throughout, allowing us to refine and enhance our products continuously.

Kapur: At Instarem, we pride ourselves on our streamlined and cross-functional product development lifecycle, an iterative process aimed at placing our users at the forefront of our product launches. This approach enables us to move quickly, taking into account user and stakeholder feedback along the way so that we can deliver cutting-edge solutions with rapid speed and efficiency. We believe bringing together feedback from multiple teams through the process–from user feedback and discovery to go-to-market–helps us think end-to-end and reduce churn.

As a result of this process, we’ve significantly improved our product velocity, despite increasing the amount of investment we are making in user research. The process was set up based on prior learnings from large technology companies, tailored to the needs of a fast-moving, iterative start-up environment. This synergy of strong product execution and cross-functional collaboration is the driving force behind our commitment to delivering exceptional value to our users.

How about the testing process?

Dr Rajentheran: Our MiyaPayor platform is customisable, as we understand that each insurer’s needs are different. We also provide support through re-engineering some of our insurer partners’ workflows based on our operational expertise. Testing for that product is iterative and happens continuously as features are rolled out.

The approach we take for MiyaPatient, our chronic disease management platform, is slightly different. Before a full-scale rollout, we often run pilot testing phases with healthcare institutions and patient groups. This is what we did in Europe, where we partnered with an innovation-first biotech company to launch a pilot initiative for a diabetes management platform that is adapted and customised from MiyaPatient.

It is through these pilot tests that we can validate the effectiveness and real-world impact of the technology and solutions that we offer, paving the way for an anticipated full-scale roll-out of the application later this year.

At MiyaHealth, we are committed to meeting the healthcare industry’s standards for quality and safety. If our products fall short of meeting these standards, we will go back to the drawing board to make the necessary improvements to meet the needs of patients.

Also Read: How Moom taps into the power of community in product development, user acquisition

Law: Product testing occurs extensively during solution development. There are multiple steps, such as designing the user interface, establishing seamless system interactions, implementing data tracking mechanisms, configuration settings, wireframing, and prototyping. User testing and the creation of Product Requirement Documents also occur to ensure that the solution aligns with user needs and business objectives. Alignment sessions are conducted to ensure everyone is on the same page.

During the development stage, there is technical refinement, sprint planning, progress monitoring, and rigorous testing (Quality Assurance). Each step is carefully put into place to bring the solution to life while maintaining the highest standards of quality and efficiency, and if a product fails to meet standards, we will immediately identify where it went wrong and refine it from there.

Kapur: Our products are all about managing our customers’ money, so we don’t take testing lightly. We will release products only if they go through rounds of testing, employee betas and, where relevant, limited public releases.

We have teams on standby to monitor and, in rare instances, roll back changes as needed. Our impressive, hyper-responsive Tech Support team operates 24/7 to ensure any technical issues are addressed as we learn of them. Our biggest priority is keeping our customers’ finances safe and making sure they’re happy with our services.

How do you measure the success of a product?

Dr Rajentheran: There are multiple ways to measure the success of a product. For us, a few indicators include the impact it has generated for our partners in terms of driving efficiency and, ultimately, the impact it has on patients in terms of creating improved health outcomes and patient journeys.

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Law: We look at quantifiable metrics, where Product Managers will estimate the business impact of each feature on the business, after which they set quantifiable goals (e.g. higher usage rate, shorter time of completing a flow, lower dropout rate, higher transaction value, etc.) throughout the design process. They then validate the results with trackers embedded in the apps and websites to see if the expectations are met.

Qualitative feedback is also important. The Product research team and product team will monitor app store reviews, app store ratings and in-app feedback. We do ride-along with our driver partners and shadow our frontline staff and users. This is now mandatory for all product team members. We also have a budget to use the service ourselves.

When it comes to a good design, it will create a smooth offline and online delivery and transaction experience, and a good indicator of this means that users can usually complete a task (e.g. placing an order) on the app or website successfully without training. A poor design, on the other hand, can result in confusion, disputes, complaints, dropouts, etc.

Kapur: We use data to measure how well our product is doing. We have clear definitions of what success would look like at the start of the product launch process. User behaviour can sometimes be unpredictable, so things don’t always go to plan, but it helps to have clear objectives to measure against.

We pay close attention to what our users are saying. We listen to their feedback through customer support, app store ratings, social media, and more. We even have teams dedicated to this. Our main goal is to make sure our customers are happy, and we use their input to shape our product and iterate further.

We talk to our users at different times during the product launch process. Post-launch, we get user feedback and iterate our product based on this feedback.

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Is there anything that you would like to improve from this process?

Dr Rajentheran: In the initial stages, developing that foundational technology was a challenge for us. It meant that we were building on a global scale but that we could only sell products later. We are now reaping the rewards of that approach as we have signed long-term contracts in multiple geographies over the last year, so we have that commercial acceleration.

For us, the process of development and utilising our foundational technology will not change. We are, however, continuously improving the deployment process to ensure it is optimal.

Law: The reality is that we can never 100 per cent accurately foresee the exact outcome until the feature is deployed, so we see an advantage in getting the product out as quickly as possible and rolling it out to the market as long as there is no huge risk involved.

For relatively complicated features, we are looking to break them into small phases for faster execution. It is not uncommon that companies pass their opportunities to their competitors because they want year-long research to reassure them of the decision to proceed with the development.

Kapur: We get together for review sessions every few months to talk about how things are going and get input on what we’re doing. Our process is always changing and improving. As our business gets bigger, the challenges we face change too, so it’s something we’re always working on.

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Image Credit: RunwayML

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