In an age dominated by digital interactions and the rise of Artificial Intelligence (AI), the world is grappling with a crisis of trust. Trust, a foundational element of any society, has come under siege due to a plethora of fraudulent activities made possible by technological advancements. From deepfake scams that utilise AI-generated images and voices to reseller scams plaguing online marketplaces, the erosion of trust has profound implications for both individuals and organisations.

To that end, digital trust is critical in navigating this evolving landscape. Now, more than ever, data protection and cybersecurity also call for the authentication of digital identities and credentials. This article explores the challenges posed by the crisis of trust, the shifting paradigm of digital trust, and the promising role of verifiable technology in restoring and strengthening trust in our digital interactions.

The crisis of trust

Rise of deepfake scams

One of the most concerning facets of the trust crisis is the worldwide proliferation of deepfake scams. More recently, a fraud syndicate in Hong Kong shocked the world by using AI-generated images of individuals whose identity cards were stolen to obtain bank loans. This marked a watershed moment in the use of deepfake technology for criminal purposes.

Closer to home in Singapore, fraudsters have exploited AI to create fake legal practising licenses, and we continue to observe a rise in reseller scams. In particular, popular platforms like Carousell have become breeding grounds for unscrupulous individuals who sell counterfeit tickets, such as tickets to a Taylor Swift concert.

On unregulated marketplaces such as Instagram, Facebook, and Carousell, fraudulent sellers impersonate official brands and deceive buyers into making payments via mobile transactions. Imposters don’t deliver purchased products, leaving the consumer with empty hands whilst severely undermining the trust in brands and purchasing experiences on such digital platforms.

Digital data exchange and erosion of trust

Reseller scams not only betray the trust of consumers but also tarnish the reputation of legitimate resellers and organisations themselves. The erosion of trust in online marketplaces and interactions with businesses has far-reaching consequences, impacting the willingness of users to engage in digital transactions.

With these incidents being recent occurrences, they highlight the rapid evolution of technology in the realm of fraud and underscore the urgency of addressing the trust deficit in digital transactions. The shift from physical to digital data exchange and social interactions on the internet has created an extensive repository of audio, video, and image rendering for fraudulent activities.

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

This has led to an erosion of trust in the authenticity of information exchanged digitally, with individuals and organisations left questioning the veracity of the data they encounter online.

The evolution of digital trust

In response to the crisis of trust, however, a fundamental shift is occurring within the realm of digital trust. Digital trust is no longer confined to safeguarding data and cybersecurity but is now centred around the authenticity of digital identity, transactions, and interactions. The big question now is: how can people and organisations trust that the data they receive digitally is not fake?

The shift towards identity and data verification is also reflected in the budget and effort that businesses are now investing in. According to a McKinsey survey, companies that prioritise establishing trust in their products and experiences are more likely to experience an annual growth rate of at least 10 per cent in their top and bottom lines compared to those that do not. Around US$49 billion a day is spent by organisations globally on discovering and implementing ways to augment digital trust in their systems and brands.

The trade-off between accessibility and security

However, traditional methods of achieving digital trust, including legacy systems and data protection policies, are often cumbersome, expensive, and time-consuming. One of the enduring challenges in the digital trust landscape is the trade-off between accessibility and security.

Enhancing accessibility to personal and organisational data often necessitates relaxing security measures, creating vulnerabilities that malicious actors can exploit. Striking the right balance between accessibility and security has always been a perpetual challenge.

So, how can companies quickly keep up with the growing demand for digital trust now that it is no longer a good-to-have but a must-have in this new era of AI?

Verifiable technology: A solution for the digital trust deficit

In the quest to meet the growing demand for digital trust, emerging technologies are coming to the forefront. Blockchain-driven verifiable technology is positioned as a powerful solution with a cloud-based approach. It offers an additional layer of security that can be seamlessly integrated into an organisation’s existing digital technology infrastructure, making it a quick and affordable solution to adopt.

Accredify’s TrustTech, for example, enables organisations to create and issue instantly verifiable, tamper-proof digital documents and credentials through a simple QR code scan. These verifiable documents carry four key points of verification: they have not been tampered with, they are issued by a recognised institution, they have been issued, and they have not expired or been revoked.

In the process of issuing a document to an individual or organisation, Accredify encrypts all data within the document issued to the blockchain – a process known as hashing. This makes recipients the sole owners of the information within the documents issued to them, creating full data ownership and allowing recipients to become a medium for trusted data distribution.

Applications of verifiable technology are industry-agnostic and are already in use by government bodies in Singapore – a market leader in the adoption and implementation of emerging technologies for digital transformation.

For instance, the Accounting and Corporate Regulatory Authority (ACRA) employs verifiable technology for various purposes. This means that every time a company is created, it is issued a verifiable business certificate and profile that can be traced back to ACRA’s database.

For traders in the finance industry, this technology allows them to save on unnecessary expenses associated with buying a new business certificate whenever they have to confirm the shareholders – now, they receive an automatic update whenever the business certificate and profile have been changed. It also allows stakeholders in other countries to perform instant cross-border verification of a business’s information for KYC purposes, further establishing Singapore as a trusted business hub.

Singapore’s Ministry of Health and Ministry of Manpower have also utilised verifiable technology effectively to manage the population’s health during the COVID-19 pandemic when travellers were buying their COVID-19 vaccination certificates off a global black market.

Today, even regulators or the Ministry of Law can adopt the use of verifiable technology to issue verifiable reseller certificates and valid legal practising licenses, vastly minimising and potentially totally preventing any aforementioned issues related to counterfeit documents.

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

Another application of verifiable technology is its potential to help unregulated marketplaces such as Facebook and Instagram incorporate verifiable seller certificates into a user’s profile. The process could be as follows: verifiable credentials issued by the seller’s bank provide crucial information, including the seller’s name, social media URL, physical address, as well as payment details.

Sellers can share their verifiable credentials via a unique QR with buyers, allowing consumers to use their banking app to instantly verify the seller’s identity, ensuring a secure transaction process.

Against this backdrop, verifiable data and documents can be seamlessly shared across an organisation’s existing data silos, between entities, and even across international borders. Individuals become the conduits for the exchange and transfer of information, granting them full ownership and data portability. This interconnected web of verifiable data creates a global village where trust is no longer an abstract concept but an inherent attribute of all shared data.

A trustless future and transition to a verifiable data ecosystem

The world needs to embrace the next stage of digital innovation. From physical documents to digital documents, verifiable documents and data represent the upcoming wave of digital transformation. More importantly, the invention of verifiable technology heralds a new normal in the medium by which we exchange information with each other.

But verifiable technology is just an enabler – what is necessary is for all stakeholders such as banks, digital platforms, and individuals, to collaborate and use this technology to restore trust and transparency in online transactions.

In a world besieged by the crisis of trust, the adoption of verifiable technology offers a pathway to a trustless future – one where the concept of trust no longer exists because any data shared between entities is naturally true-to-source and authentic.

Verifiable technology holds the potential to reshape our digital interactions for the better, allowing us to benefit from AI technology whilst maintaining protective measures against their malicious use. By leveraging these technologies for good, we can create a future where trust is a given in our digital landscape, not an elusive aspiration.

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MADCash, a fintech startup focused on providing zero-interest micro funds to women entrepreneurs in Malaysia, has completed its MYR 5 million (US$1.1 million) pre-series A funding round led by Artem Ventures.

MSW Ventures and ScaleUp Founders Fund also co-invested.

The startup will use the funds to enhance its online platform using AI technology, cover operational and marketing expenses, and explore expansion opportunities within Southeast Asia.

In addition, MADCash has also appointed Musyrifah Malek as a Co-Founder in line with this growth. With her extensive legal background, she will be pivotal in advancing the company’s corporate governance policy.

Also Read: BoomGrow: Transforming Malaysia’s food landscape with hyperlocal indoor farming

Based in Kuala Lumpur, MADCash (which stands for Multiply, Assist, Donate cash) funds and grows unbanked and underbanked female entrepreneurs, aiming to create an alternative credit scoring to increase their future bankability.

The company runs on a proprietary technological platform that allows donors to contribute and see whom their funds are helping at any time.

By the end of this year, MADCash is set to have extended its support to over 800 women. Among its partners are Hong Leong Islamic Bank and PayNet.

Tunku Omar Asraf, Principal of Artem Ventures, said: “By offering financial inclusion and capacity building to these groups of women entrepreneurs, MADCash is a platform that helps underserved entrepreneurs to build their credit scoring and sharpen their entrepreneurship skills. MADCash recognises the importance of financial inclusion for closing the gap of poverty and gender inequality, which can lead to better economic growth in the SEA region.”

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GoTo Group has announced that it has received US$150 million from the International Finance Corporation (IFC), a member of the World Bank Group, and private investment firm Franke & Company, to boost financial inclusion and sustainability across Indonesia.

The parties will collaborate on driving financial inclusion in Indonesia, where 97 million adults remain unbanked, and strengthen and refine GoTo’s ESG execution strategy.

The partnership with the IFC also includes non-financial support to help the company transition its fleet of driver-partners and delivery partners to electric vehicles, improving operational efficiency and integrating more sustainable business practices to achieve carbon neutrality.

Also Read: GoTo Q1 loss narrows 41% to US$265M on higher revenues, lower marketing spend

Patrick Walujo, GoTo Group CEO, said: “This partnership will provide additional support for our business as we seek to improve life for our customers, including consumers, driver partners and merchants, enabling them to achieve their financial goals and dreams.”

In its approach to the ESG issues most material to the company and ecosystem, GoTo has established the Three Zeros commitments – Zero Emissions, Zero Waste, and Zero Barriers by 2030.

As per a press release, significant progress has been made to date, including an ongoing electric vehicle trial in South Jakarta, shifting to renewable energy for its direct operations, reduction in excessive packaging and single-use waste from on-demand and e-commerce services, and initiatives to facilitate financial inclusion and sustainable livelihoods for its driver-partners and merchants, among others.

GoTo Group is one of the largest digital ecosystems in Indonesia. The ecosystem consists of on-demand services (mobility, food delivery, and logistics), e-commerce (third-party marketplaces + official stores, instant commerce, interactive commerce, and rural commerce), fintech (payments, financial services, and technology solutions for merchants) and logistics (fulfilment and delivery) through the Gojek, Tokopedia, GoTo Financial and GoTo Logistics platforms.

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Last week, electric vehicle (EV) logistics startup Mober launched its first charging station in Pasay City, the Philippines. According to the company, this 800-square-meter facility is equipped with the latest OCPP 7kw (kilowatt) chargers compatible with both type 2 and GB/T standards and guarantees brisk charging sessions. Mober invested P2 million (US$35,000) in this charging station.

The company now has grant plans to expand its solutions

In this interview, Mober Co-Founder and CEO Dennis Ng shares about future plans, sustainability, funding, opportunities, and challenges in the Philippines.

Could you elaborate on the features and capabilities of Mober’s EV charging hub in Pasay City?

With an 800 sq. meter area, the charging yard is spacious enough to accommodate many vehicles simultaneously.

While the hub currently draws power from the grid with a carbon footprint of approximately 0.5 kg, there’s a plan to transition to renewable energy sources once a minimum kilowatt threshold is reached. This showcases Mober’s commitment to further reducing its carbon footprint shortly.

Also Read: Mober raises 7-figure funding to provide on-demand logistics service for the Philippines

Mober is making tangible efforts to reduce carbon emissions in the logistics and delivery sector by utilising EVs and planning a shift towards renewable energy sources.

Mober also has formed partnerships with retail giants like IKEA, Nestle, Maersk and Nespresso. How has this impacted your business?

Mober’s partnerships with retail behemoths such as IKEA Philippines, SM Appliance Center, Nestle Philippines, Maersk, and Nespresso have significantly bolstered its standing in the logistics sector.

The Mober-IKEA partnership was initiated in 2021. IKEA, known globally for its flat-pack furniture and home accessories, needed a reliable delivery service for its customers in the Philippines. Mober stepped in with a unique proposition: introducing Electric Vehicles (EVs) as part of their delivery fleet. With the partnership, Mober started with two EVs dedicated to IKEA Philippines deliveries, signalling its commitment to sustainable business practices.

These strategic collaborations have not only facilitated Mober’s business growth but also solidified its commitment to eco-friendly practices. With the “ZERO Emission, ZERO Capex” campaign, Mober is not just making a business statement but is also championing a sustainable shift in the logistics landscape of the Philippines.

Sustainability is a significant focus for Mober. Could you outline the company’s sustainability initiatives and how they are integrated into your day-to-day operations?

Mober has firmly positioned sustainability at the heart of its operations, with initiatives that stretch beyond just environmental concerns to encompass social and economic dimensions. Notably, our commitment to green logistics is exemplified by its fleet of electric vehicles, aiming to reduce carbon emissions significantly.

However, our sustainable approach doesn’t end there. We champion gender equality, evidenced by a more inclusive workplace with initiatives to train female drivers and assemblers.

Furthermore, Mober promotes waste reduction through internal policies that discourage plastic use, emphasise recycling, and advocate for a circular economy model.

Mober’s dedication to sustainability is deeply reflected in how it perceives and labels its workforce. A significant testament to this commitment is the rebranding of their drivers’ roles.

Instead of merely being termed “drivers,” they are designated as “Green Delivery Specialists” (GDS). This title transformation isn’t just semantic; it underscores the importance of their roles in the larger green logistics mission.

By adopting the GDS title, Mober emphasises that these specialists aren’t just delivering goods; they are ambassadors of eco-friendly and sustainable transportation, actively participating in Mober’s vision to reduce the environmental impact of logistics in Southeast Asia.

What are your plans for expanding its electric vans and trucks fleet, and how does this contribute to achieving your goal of becoming the leading green logistics delivery provider?

Mober’s strategic investments in expanding its electric vehicle fleet underscore a clear vision for its future in the logistics industry. The recent order of four electric three-wheelers showcases an interest in versatile, nimble vehicles, ideal for navigating city streets and making quicker, smaller deliveries.

The upcoming acquisition of three tractor-head EVs early next year indicates a commitment to larger-scale transportation suitable for bulk deliveries and long-haul routes.

These expansions serve dual purposes. Firstly, they directly contribute to Mober’s mission of promoting green logistics. Each electric vehicle added to the fleet reduces the company’s carbon footprint, making a tangible impact on environmental conservation.

Also Read: Exponent Energy unlocks a zero to 100 per cent 15-min rapid charge for electric vehicles

As these EVs replace traditional gasoline-powered vehicles, the reduction in emissions will be significant, solidifying Mober’s reputation as a sustainable delivery provider.

Secondly, by increasing the fleet size and diversifying the types of vehicles available, Mober can cater to a broader range of client needs. Whether small-scale deliveries in urban settings using three-wheelers or large consignments using tractor-head EVs, Mober is positioning itself to offer comprehensive logistical solutions. This adaptability is crucial for attracting and retaining clients, especially in a competitive market.

As the company continues to grow and evolve, what are the most significant challenges and opportunities in the delivery service industry, especially in sustainability and green practices?

Navigating the evolving landscape of the delivery service industry, Mober faces distinct challenges, particularly in promoting green logistics in the Philippines. A significant hurdle is altering the perception regarding the cost dynamics of EVs compared to traditional internal combustion engines (ICE).

While EVs offer long-term operational savings, their higher initial acquisition cost can be off-putting for potential adopters. This challenge is compounded by the lack of commercial backing for EVs in the country; private banks currently hesitate to finance commercial EVs, largely due to unfamiliarity with the technology.

However, these challenges are counterbalanced by promising opportunities. Mober’s “Zero Emission, Zero Capex” programme addresses the cost dilemma, offering an enticing proposition that makes the switch to green logistics financially attractive, even in the face of the high initial costs of EVs. The global trend toward sustainability means there’s a growing demand for environmentally-friendly services, and Mober, with its green logistics services, is well-positioned to cater to this demand.

Who is funding the company now? Can you share the names of your investors? Do you have plans to raise funding in the future?

Mober secured US$2 million in April and is on the brink of closing another round of funding in the US$3-5 million range. The specific names of the investors have not been disclosed yet, but an official announcement will be made once everything is finalised.

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In this 2020 article, The Guardian posed an important question that best describes the matter of the eco gender gap: Why is saving the planet seen as women’s work?

The article describes how, nowadays, in the market, you can find all sorts of products that are meant to help consumers tackle the impact of climate change, from shopping bags to menstrual cups. But as you may have noticed, many of these products are addressed towards customers identifying as women.

“There is an obvious (and depressing) reason for this: women are not only more powerful consumers but also disproportionately responsible, still, for the domestic sphere,” the article writes.

“In a 2018 report by Mintel on the subject, Jack Duckett, a senior consumer lifestyles analyst, said women ‘still tend to take charge of the running of the household’, with laundry, cleaning and recycling falling under that banner. But ‘with eco-friendly campaigns and product claims largely aimed at female audiences’, advertisers run the risk of communicating the message that sustainability is women’s work.”

This is considered a harmful idea as it puts the burden of caring for the Earth disproportionately on women while alienating men from the cause at the same time. In a moment where we are under pressure to work together to tackle the impacts of climate change, even in the limited ways we have as consumers, this is not something we can afford to face.

Also Read: 

What businesses should do about eco gender gap

Now that we have an understanding of the eco gender gap, what should we do about it as players in the Southeast Asian tech startup ecosystem?

I see that there are two ways to approach this problem:

– Go with the flow
– Swim against the current

This might remind you of salmons, but it is the best way to describe it.

When you choose to go with the flow, you look at what is happening around you and decide based on it. You do not intend to make any changes. You focus on developing and executing a plan that works with the situation.

In the context of the eco gender gap, knowing that women are the primary target customers for solutions related to environmental sustainability, you focus on creating a product that works for women and promoting it to them.

But if you go against the current, you go far beyond creating a product. You choose to change the situation at hand. This means you tackle the problem of the eco gender gap from its root. Instead of accepting that women are more invested in environmental sustainability, you figure out ways to encourage men to participate. It can look like creating a product that caters for their needs and interests or working with organisations in the field of gender equality, learning how they perform outreach.

Also Read: 

So which one should you go with? Both are just as good as a solution. One might say we must be brave and go against the current, but I think we also need to be mindful of resources—and time. When it comes to tackling the impacts of climate change, we are racing against time.

Sometimes, the easy way out is not so bad after all. We focus on achieving results.

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Image Credit: RunwayML

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