Upworth, an Australian fintech company that aims to democratise money management for all, has completed its AUD 1 million (US$650,000) funding round from unnamed business angels and entrepreneurs.

Founded by Alexandre Chavotier (CEO), Carlos Rios (CTO), and Maxime Chaury (COO & CMO), Sydney-headquartered Upworth provides an online platform to empower users with tools to track all their assets and liabilities in one place, plan their financial independence and grow their wealth.

Also Read: A penny saved is a penny earned: How Vircle cultivates money-smart kids

All customer data is stored in Australia, and the data exchanges are subject to AES-256 military-grade encryption protocols.

The platform features a dashboard for users to track all their assets and liabilities in one place (bank accounts, investment accounts, superannuation funds, real estate, cryptocurrencies, mortgages, personal loans and alternative assets). It also gives users free access to 170,000 securities across 70-plus global exchanges and the ability to see the breakdown and evolution of their wealth.

In addition, Upworth provides a control tower to leverage open banking and artificial intelligence (AI) to share unique insights and help consumers grow their wealth. It includes a mortgage refinancing module enabling anyone to see in 60 seconds if they can save money on their loans.

The platform also enables consumers to access financial products efficiently that fit their needs, starting with home loans.

Also Read: What stands in the way of fintech growth in Asia?

Upworth is also an authorised credit representative in Australia, working with a panel of 30-plus lenders, including ANZ, Westpac, NAB, and Bankwest.

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In a groundbreaking development for the digital asset landscape in Malaysia, CoKeeps recently announced that it has secured full approval as the country’s inaugural Digital Asset Custodian (DAC) from the Securities Commission Malaysia (SC). According to the company, this endorsement positions CoKeeps as a qualified entity entrusted with the responsibility of safeguarding cryptocurrencies in a manner compliant with regulatory standards.

The approval by the SC signifies a significant step forward, indicating the regulatory body’s acknowledgement of the increasing adoption of digital assets by both individuals and institutions.

CoKeeps CEO Suhanna Husein expressed the company’s gratitude for the approval after three years of diligent work in developing a robust DAC solution with the guidance of the SC.

Husein commended the SC for its pioneering role in formulating a systematic approach to regulating digital assets, citing the guidelines as a clear roadmap for this asset class’s secure and responsible evolution.

“We are committed to working closely with the SC to ensure that our DAC solution meets the highest regulatory standards, and we are excited to play a leading role in the development of the digital asset ecosystem in Malaysia,” added Husein in a press statement.

Also Read: Mobee launches crypto exchange in Indonesia, secures funding

CoKeeps distinguishes itself through its proprietary technology, the CoKeeps Wallet, which the company describes as an institutional-grade digital asset management tool. Leveraging decentralised security and multi-party computation (MPC) methodology, the CoKeeps Wallet removes single points of failure commonly associated with storing cryptocurrencies. The platform offers a range of features, including cold wallets, hot wallets with API access, and smart contract solutions.

Husein highlighted the uniqueness of CoKeeps’ security features, built to withstand both external and internal threats. The company primarily targets the B2B market, catering to institutional players such as digital asset exchanges, trustees, fund managers, custodians, and investment banks. Nevertheless, CoKeeps also extends its services to individuals with substantial holdings.

In an email to e27, Caleb Khew, Head of Operations at CoKeeps, outlined the company’s approach to user acquisition, relying on word of mouth, industry events, and traditional cold calling. Despite the industry’s current size, Khew is optimistic about future growth, anticipating increased interest as the digital asset market expands.

Operating with a team of fewer than 10 people, CoKeeps has undergone two rounds of angel investments.

Recognising the Malaysian market’s cautious approach, Khew emphasized the company’s strategy to address specific issues for each target customer segment, simultaneously exploring opportunities in other countries with digital asset-friendly jurisdictions.

Also Read: Binance acquires Japanese crypto exchange SEBC

The company actively engages with regulated entities in the capital market, collaborating with recognised market operators, digital asset exchanges, and financial institutions incorporating the digital asset class into their offerings.

CoKeeps aims to fill a crucial gap in the market by providing security solutions that authenticate every action at each layer, mitigating the risk of insider threats and enhancing trust in the digital asset ecosystem.

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Image Credit: CoKeeps

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Pawprints Inspired, an insect-based pet food company in Indonesia, has received US$1.7 million in funding led by Creative Gorilla Capital (CGC), a collaboration between Future Creative Network and Vynn Capital.

Altrui (Japfa Comfeed Family Office), Tujuh Bersaudara Investindo (Tigaraksa Satria Family Office), and several individual investors participated.

In addition, Pawprints Inspired also acquired an unnamed Japanese pet food company to expand its portfolio.

Also Read: From pet abandonment to pet care ease

Formulated in accordance with AAFCO (the Association of American Feed Control Officials) standards, Pawprints Inspired is a nutrition company supporting the digestive health and overall well-being of pets. It harnesses the power of the superfood insect protein (black soldier fly) to offer quality novel protein that is hypoallergenic, along with essential amino acids and minerals crucial for the health of cats and dogs. The products are available on Tokopedia and Shopee platforms and can also be found offline in select pet shops.

Founder and CEO Jacqueline Sulistyo said: “Pawprints Inspired creates pet foods that are nutritious and biologically appropriate for better animal welfare. Our focus is on innovation, like our insect-based Pawprints products featuring organically farmed Black Soldier Fly, hormone-free with complete proteins, prebiotics, and antimicrobial properties. As a holding group, Pawprints Inspired will continue to develop products and new business areas that support pet digestion and immunity.”

Since its launch in June 2023, Pawprints claims to have recorded a monthly sales growth of over 4.6x, expanded its network in 11 major cities, and made its products available in over 500 offline stores in Indonesia.

Also Read: How telemedicine can revolutionise the veterinary world?

In February 2024, Pawprints is set to launch its insect-based dog food product.

Research on Pet Care in Asia Pacific conducted by Euromonitor indicates a growing impact of the pet humanisation concept on consumer buying behaviour in Indonesia. The rise in income and demographic changes have shifted pet owners’ perspectives from mere ownership to pet parenting, now considered part of the family. This has spurred demand for products that support pet well-being.

Data from Growth Market Reports estimates sustained growth for the pet food market in Indonesia at US$2.09 billion in 2022, projected to exceed US$4.73 billion by 2031, with a CAGR growth of 9.5 per cent during the forecast period 2023-2031.

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Vietnam has the fastest digital economy growth rate in Southeast Asia in 2023 and will continue to be one of the fastest-growing Digital Economies in the period 2023-2025.

On November 6, Google Corporation, Temasek Company, and Bain & Company released the 8th Southeast Asia Digital Economy Report. This report updates the Digital Economy trends of six countries including Indonesia, Malaysia, Philippines, Singapore, Thailand, and Vietnam.

Despite fluctuations in the global macro economy, the report shows that the region’s gross merchandise value (GMV) continues to increase and is expected to reach US$218 billion, up 11 per cent over the same period last year. (YoY).

The report also shows that revenue from the Digital Economy of Southeast Asia is expected to reach US$100 billion this year.

Vietnam leads in digital economy growth

The report clearly shows that Vietnam has the fastest Digital Economy growth rate in Southeast Asia for the second consecutive year (2022 and 2023) and is forecast to continue to hold this position in 2025 ( tied with the Philippines).

Vietnam’s gross merchandise value (GMV) is expected to reach a compound annual growth rate (CAGR) of 20 per cent, from US$30 billion in 2023 to nearly US$45 billion in 2025. GMV growth in the two Next years will be led by e-commerce and online travel.

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E-commerce in Vietnam will increase by 11 per cent from 2022 to 2023 and the compound annual growth rate (CAGR) is expected to increase by 22 per cent by 2025, aiming for a total merchandise value of US$24 billion this year. 2025.

The tourism industry is forecast to fully recover this year, mainly thanks to the strong growth of domestic tourism. Online travel has grown 82 per cent in the past year and is expected to grow by 21 per cent compound annual growth rate (CAGR) from 2023 to 2025, with a GMV expected to reach US$7 billion.

Also according to the report, other important sectors that continue to grow and contribute to promoting Vietnam’s Digital Economy include the Transportation and Food industries (Food Delivery Services) and Online Media.

This sector has grown by 10 per cent from 2022 to 2023, CAGR is expected to increase by 16 per cent from 2023 to 2025 and is forecast to reach US$4 billion by 2025.

The online media sector in Vietnam increased by 11 per cent in the period 2022-2023, with GMV expected to reach US$7 billion in 2025 with a compound annual growth rate of 15 per cent in the period 2023-2025.

Digital payment in Vietnam is exploding

According to the report, Digital Financial Services (DFS) are growing rapidly compared to initial growth and Vietnam has the fastest-growing Digital payments in Southeast Asia in 2023.

The irreversible shift from offline to online behaviour continues to drive Digital Financial Services (DFS) adoption forward.

While the adoption rate of Digital Payments in Southeast Asia has reached 50 per cent, Vietnam is also driving this trend and will become the fastest-growing country in Digital Payments, increasing by 19 per cent from 2022 to 2020. 2023 and will continue to grow at 13 per cent CAGR in the period 2023-2025.

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Digital Payment in Vietnam will continue to grow thanks to strong support from the Government, investment activities of commercial banks, and the popularity of QR codes. This trend is forecast to accelerate when the State Bank encourages non-cash payment services in rural and remote areas.

Mr. Marc Woo, Managing Director, in charge of Vietnam for Google Asia – Pacific shared: “Vietnam’s Digital Economy is developing in the right direction. Google will continue to comprehensively support the Digital Economy National Number, through many programs across the country, promote Vietnam’s technology startups, and invest in local talent from basic training to students and workforce through the Human Resources Development Program digital resources to provide in-depth training for technology startup leaders.”

Digital engagement needs to expand to enable the next wave of growth.

While digital inclusion has made significant strides in Southeast Asia over the years, when it comes to digital participation– active participation in the digital economy through consuming products or services in many sectors, consumers in areas outside of major urban areas are at risk of experiencing a growing digital divide.

Hanoi, Ho Chi Minh City, and Da Nang are the top three major cities in terms of digital engagement in Vietnam, but this gap is widening in areas outside the major cities. In particular, rural areas are more vulnerable to challenges from economic actors.

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Addressing these gaps is a shared responsibility across many actors in the digital economy. Besides, removing barriers, such as supply and security issues, can also improve the participation of low-spending groups and help Vietnam’s digital economy achieve its growth goals.

Increasing operational efficiency and improving user experience will be key for businesses to achieve profitable growth, and AI can help make this happen.

New technologies like AI can benefit both businesses and consumers in a variety of ways. Benefits include improved operational performance in the areas of inventory management and route optimization while driving deeper digital engagement and engagement through Personalized content recommendations in online communications. AI can also play an important role in detecting and preventing fraud, increasing security for both merchants and consumers.

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e27 has been dedicated to nurturing a supportive ecosystem for entrepreneurs since its inception. Our Contributor Programme offers a platform for sharing unique insights.

As part of our newly introduced ‘Contributor Spotlight’, we shine a weekly spotlight on an outstanding contributor and dive into the vastness of their knowledge and expertise.

This episode features Viktor Kyosev, Chief of Staff at Docquity, a Series C healthtech startup. He also wears the hat of Entrepreneur in Residence at BigBang Angels, a South Korean VC firm.

Kyosev, a contributor since 2021, consistently covers diverse topics, emphasizing Web3 sector developments and startup growth. His contributions have garnered over 32,000 views.

Kyosev shares his personal and professional journey in this episode of Contributor Spotlight.

The driving force

Kyosev reflected on a quote that struck a chord with him: “If you’re overthinking, write. If you’re underthinking, read.” This sentiment held a deep resonance for him. He expressed that his inherent motivation to share insights arises from his dual roles as an enthusiastic reader and a builder, yielding a wealth of knowledge.

How it all began

Kyosev reflected on a journey that began 12 years ago when he left Bulgaria for Denmark with US$500. He viewed this move as a natural progression despite scepticism. Financial challenges in Denmark included obtaining BA and MA degrees, starting businesses, and connecting globally.

Afterwards, he moved to Southeast Asia, settling in Singapore. Throughout this decade-long journey spanning seven countries, his focus on startups remained. In Singapore, Kyosev channels insights into content creation, concentrating on Southeast Asian startup dynamics.

Kyosev shared, “I hesitate to label myself an ‘expert,’ but I frequently pen thoughts on early-stage startups, the journey from 0 to 1, sales, marketing, and navigating business in Southeast Asia. Recently, I’ve been delving into longevity and preventive health.”

Advice for budding thought leaders

Kyosev’s acknowledgement as a ‘Top Voice in Entrepreneurship’ on LinkedIn underscores the value of his insights. He shares lessons derived from his journey.

Consistent posting offers dual benefits:

• It hones your skills
• It plays well with most platform algorithms.

Kyosev shares what he has learned and practised:

• Support squad: I’ve connected with nine individuals with similar audience-building goals. We boost each other by engaging with likes and comments daily. This initial push can amplify a good post’s reach significantly.
• Engage more, gain more: I’ve garnered a supportive community in return by actively commenting on others’ content.
• Interact and connect: Always respond to comments. Meet with your followers in person; it strengthens the bond.
• Regular review: Every quarter, I assess my posts. Which narratives clicked? What topics resonated? How did the format influence engagement? This helps refine my approach.

His winning formula:

• Succinct posts.
• The bullet-point style for clarity.
• Direct, relatable language stemming from my startup journey.
• Weaving in compelling stories.

Idea repository:

I also maintain a structured bookmark folder on Twitter, categorising inspiring tweets. This treasure trove often sparks more detailed content ideas.

Staying in the loop

“I am very selective about who I follow online, so my Twitter feed is well-curated. Beyond this, I immerse myself in roughly 20 books each year and regularly tune into insightful podcasts,” Kyosev shared about staying informed.

Kyosev also offers podcast recommendations, including My First Million, Acquired, Founders, Invest Like the Best, All-In, The Tim Ferris Show, Lenny’s Podcast, Everything by Naval, and Huberman Lab.

“Like many pursuits in life, practice makes perfect. Dive in and start writing. Surround yourself with inspiring voices, analyse their styles, and don’t hesitate to borrow ideas initially while you find your unique voice,” says Kyosev.

In conclusion, Kyosev advises individuals to solidify their presence in one area before branching into various topics. He emphasizes that establishing a foundation first will pave the way for easier expansion of horizons.

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Are you ready to join a vibrant community of entrepreneurs and industry experts? Do you have insights, experiences, and knowledge to share?

Join the e27 Contributor Programme and become a valuable voice in our ecosystem. 

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