After ChatGPT “caused a storm” in the world, large technology businesses holding a lot of data to develop AI, Vietnam still “calmly” has not launched any new AI chatbot products, only improving the old products, in contrast to giants like Microsoft, Facebook, Google…

According to survey results just announced by the Department of Information and Communications of Ho Chi Minh City, about 48 per cent (out of 1,000 businesses participating in the survey) have applied ChatGPT in their work, about 25 per cent confirmed that ChatGPT is or has replaced workers in certain positions, helping to save hundreds of thousands of dollars.

Creating a ‘hit’ for the AI community, yet ChatGPT still reveals a weakness

According to Mr. Dinh Tran Tuan Linh, Technology Director of Unikon.vn, a content production unit using AI technology and big data, it is not thanks to ChatGPT that people talk so much. About the AI story, four years ago, the AI trend took off, and businesses started researching this technology.

Although it has been developed for decades, AI mainly serves technology people and researchers. But thanks to the “push” from ChatGPT, AI has an interface for end users. For the first time, people who are not familiar with technology can access and know the “shape” of AI and see what it can or cannot do.

ChatGPT has the potential to ignite a global language modelling application war. Before ChatGPT’s introduction to Vietnam, chatbots were frequently used to provide automated responses on fan pages and websites, but they haven’t taken off because the responses frequently adhere to pre-written scripts, which limits the content and doesn’t satisfy user needs.

Also Read: How Southeast Asian brands are reimagining the future of digital experiences

Additionally, the responses’ lack of naturalness and friendliness can occasionally make users feel inhibited. Thus, ChatGPT’s launch will enable organisations and big businesses to consider how they developed and released their chatbots.

“This makes the marketability of AI products higher, and other platforms will look at ChatGPT as a new standard when brought to market,” said the expert.

But ChatGPT has its shortcomings. According to Nguyen Manh Quy, director of the Viettel Cyber Centre (VTCC), ChatGPT is trained on a variety of data sources, including verified and authenticated sources like books, newspapers, and news websites, as well as unverified sources like social media and the Internet.

Updated data is also obtained from user conversations. For the two reasons mentioned above, ChatGPT’s content production process could contain errors, so you should exercise caution while using reply content generated by ChatGPT.

Vietnamese enterprises’ reactions before ChatGPT

Talking about the difference in their chatbot solution, the VTCC representative affirmed that, although it cannot answer customers’ “twisted questions and answers”, the bot has been specialised and answered the questioner’s information in some specific fields such as justice, customer care, finance because it is aimed at business customers, Viettel’s virtual assistant cannot give neutral answers such as ChatGPT but must be able to advise customers with very accurate and clear information.

Around the “phenomenon” of ChatGPT, BKAV CEO Nguyen Tu Quang once raised many discussions, including the discovery that the “father” of the algorithm used to develop ChatGPT is a Vietnamese. Mr. Quang also recommended upgrading the AI chatbot solution with data used for training from Vietnam with knowledge about Vietnamese history and culture, with Vietnamese people owning the technology.

Also Read: Adobe Firefly aims to unlock AI’s potential for effortless design

But up to now, apart from claiming that the business has successfully tested blocking spam messages and emails using a natural language processing AI model using GPT technology, this CEO has not had any further updates about a new product of BKAV shaped like ChatGPT for Vietnamese people.

Mr. Nguyen Vu Anh, CEO of Coc Coc, a company that develops browsers and search engines in Vietnam, affirmed that Coc Coc will not be left out of the AI game. CEO Nguyen Vu Anh once shared that Coc Coc is working to create a ChatGPT tool that is especially “trained” to handle the Vietnamese language and is expected to launch in the second quarter of 2023. However, the shape of this tool is still unknown to users.

Conversely, Vietnamese startups have been creating comparable chatbot platforms quite actively ever since ChatGPT was created. VoiceGPT and LovinBot are typical instances.

It is evident from this that big Vietnamese IT companies, who possess vast amounts of user data, a necessary resource for creating cutting-edge technologies like artificial intelligence, have little incentive to release or market ChatGPT-like chatbots. Rather, the goal of these units is to “smartise” the AI solutions that are now available.

This is in complete contrast to technology giants in the world, such as Microsoft (which has integrated ChatGPT on the Bing search engine) and Google with Google Bard AI. Facebook has also introduced LLaMA to help create chatbots. Super AI in the Future, or even Got It, a Vietnamese startup in Silicon Valley, recently introduced Enterprise Language Model Architecture (ELMAR).

In related discussion threads, many opinions have appeared worried that Vietnamese businesses will continue to lose at home in the AI race, something that has happened with search engines and social networks.

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Recently, Vertex Ventures Southeast Asia & India announced our latest fundraising of US$541 million to invest in more early-stage founders across this region. This is not just the largest venture capital fund raised within our Vertex Ventures network; this is a testimony that Southeast Asia and India will take centre stage in the startup and VC arena in the next ten years.

But I guess, with the grim headlines all around us now, it is not easy to believe this future. The Business Times recently published this “Looming startup failures are giving VCs a reality check”. Well, the hard truth is that in this part of the world, Southeast Asia, the startup ecosystem is still very nascent. Most only got started in the last decade, and as all things go, it takes cycles of booms and busts to build a solid foundation for success.

Sectors that we are bullish about for the next decade

As the region’s large and young population enters their prime earning years and experiences rising incomes, the demand for consumer tech products will naturally rise in tandem, mirroring patterns observed in other developed markets.

Notably, the Generation Z cohort, which comprises digital natives, plays a significant role in driving this demand. Bain & Co reveals that digital natives aged 18-29 in urban areas spend 75 per cent more than the median population and boast one of the highest adoption rates of consumer tech, second only to affluent consumers in Southeast Asia.

Moreover, consumption patterns are expected to shift towards online platforms, providing convenient access to consumer tech products for consumers living in suburban areas outside of Tier one and Tier two cities.

Currently, 43 per cent of the digital population in Southeast Asia resides in suburban areas. Interestingly, despite their significant online presence, there remains a notable disparity in the penetration rate of consumer tech, such as e-commerce and travel tech, compared to their urban counterparts. This indicates a vast untapped market potential in suburban areas, presenting opportunities for growth and expansion.

Also Read: SEA companies making waves with funding, innovation, expansion

While attention has fairly been focused on retail digital banking services for Southeast Asian consumers, there still exists a gap in the infrastructure supporting small to medium enterprises (SMEs). This was what Fairbanc, our portfolio company, recognised — an opportunity to level the playing field for SMEs in Indonesia.

They enable these enterprises to obtain short-term credit for purchasing fast-moving consumer goods from large consumer brands, a process that typically requires extensive documentation — an obstacle that many SMEs face. Fairbanc’s innovative approach addresses this gap, providing fair access to banking services for SMEs and empowering them to thrive in the dynamic business landscape of Southeast Asia.

Beyond Singapore, Southeast Asia harbours immense untapped potential, specifically within the region’s small and medium enterprises (SMEs) that form the backbone of its economy. The market size and potential are huge, with over 70 million SMEs in Southeast Asia accounting for nearly 40 per cent of the region’s GDP and employing almost two-thirds of the working population.

Companies that effectively cater to this market have witnessed remarkable profits. In Indonesia, for example, our portfolio company, Manuva, operates as a tech-based packaging platform that helps SMEs optimise their packaging development and procurement processes. By providing tailored solutions, Manuva enables SMEs to enhance their competitiveness and efficiency in the market.

Also Read: Google, Temasek and Bain & Company: Despite growth, SEA needs to expand the depth of digital participation

Lastly, healthcare presents a significant opportunity for startups to address people’s basic needs through technological advancements. It is noteworthy that, excluding Singapore and Malaysia, Southeast Asia exhibits an average of only 8 doctors per 10,000 residents, as per the World Health Organisation (WHO). This ratio falls significantly below the global average of 15 doctors per 10,000 residents, indicating a lack of access to healthcare services for many individuals in Southeast Asia.

In this context, healthcare companies and startups have the potential to not only thrive in the market but also bridge the gap and connect the underserved population with essential healthcare services through innovations like telemedicine.

What are some roadblocks that Southeast Asia may face?

Southeast Asia is characterised by its vast diversity and fragmentation. Different countries within the region have distinct languages and regulatory policies, posing a challenge for startups seeking to expand across the region. This is especially true for startups with limited manpower and legal resources to navigate and understand each market’s unique background and conditions.

Regional startups encounter a talent crunch despite tech layoffs in larger companies. While tech giants like SEA have been reducing their workforce, emerging startups still face a shortage of talent in tech-related fields.

Skilled employees are often recruited by legacy companies that are undergoing digital transformation initiatives. Consequently, startups must strive to exceed their targets and achieve more with limited manpower.

The full realisation of potential growth in sectors such as logistics and e-commerce depends on the development of key infrastructure. Governments in the region are actively taking steps to address this challenge, with projects like the Trans Java and Trans Sumatra Toll Roads in Indonesia. The establishment of robust infrastructure is essential for startups to leverage and expand their operations effectively.

Southeast Asian customers tend to be price-sensitive, which can impact the adoption of emerging technologies. Affordability becomes a significant factor, and it varies across different regions within Southeast Asia.

According to Trading Economics, Indonesia’s GDP per capita stands at US$11,858, Thailand’s at US$17,077, and Vietnam’s at US$10,628.

In comparison, the global average for GDP per capita (PPP) is US$21,283. These statistics reveal that consumers in Southeast Asia have lower disposable incomes even after accounting for the differences in the prices of goods and services.

The disparity means that consumers with lower disposable incomes in the region may face challenges in affording new technologies that come with higher price points. Thus, startups must learn to juggle the costs associated with developing new products and align them with the price points consumers are willing and able to pay.

Also Read: How these SEA tech companies are using AI to improve their offerings

Several markets in Southeast Asia experience political uncertainty, which can impact business operations and investment climate. Fluctuations in government policies, regulatory changes, and geopolitical factors may introduce uncertainties and challenges for startups operating in the region. Staying informed and adaptable becomes crucial to navigate through such uncertain environments.

A golden age for Southeast Asia startups

We believe the next decade will be a Golden age for Southeast Asia startups and Venture hubs. The future of Southeast Asia’s tech ecosystem is filled with exciting prospects and opportunities. Several key areas are likely to shape its trajectory.

One of these areas is Artificial Intelligence (AI). The integration of AI into existing startup products or new product ideas presents a promising avenue for growth. However, it’s important to acknowledge that the adoption of AI technology may currently be costly and not cost-effective for companies in Southeast Asia.

While the AI sector holds immense potential, startups in the region need to carefully consider the feasibility and financial implications of implementing AI solutions at this stage.

Another area of significance is the growth in Venture Capital (VC) investments. Private investments, particularly in Singapore, have been robust, but emerging markets in Southeast Asia are also experiencing an increase in investment.

As countries like Indonesia and Thailand become more competitive in terms of funding opportunities, we can expect to see a surge in the growth of startups across different parts of the region. This rise in VC investments may pave the way for the emergence of new unicorns and bolster the overall startup ecosystem.

Climate tech will be another area that many investors will be watching closely. Southeast Asia, with a strong commitment from 9 out of 10 ASEAN members to achieve net-zero emissions by 2050, holds significant potential for growth in the ClimateTech sector. Communities in Southeast Asia are expected to be at the forefront of the climate revolution, creating opportunities for innovative startups to develop solutions addressing climate challenges.

Our portfolio company, Fairatmos, based in Indonesia, has already made significant contributions by enabling communities to develop carbon sequestration projects and facilitating financing or offsetting initiatives in the country.

Globally, Natural Climate Solutions (NCS) such as Agriculture, Forestry, and Other Land Use (AFOLU) have the potential to abate seven gigatonnes of CO2e per year. Southeast Asian countries, including Indonesia, can play a vital role in achieving these ambitious targets. Indonesia alone can abate up to a significant 20 per cent.

In fact, Indonesia has the second-largest global potential to provide low-cost, natural climatic solutions for decarbonisation, and it possesses about 66 per cent of the investable forestry carbon stock in SE Asia — the highest in the region.

In closing, the startup landscape in Southeast Asia, while nascent and undergoing a reality check, also holds the promise of a bright future, given its unique advantages and untapped potential.

By leveraging this potential and circumventing the hurdles, the region can indeed transform into a robust startup ecosystem. It may not be an overnight metamorphosis, but with the right mix of innovation, strategic foresight, resilience, and dedication, Southeast Asia can witness a quantum leap in its startup scene.

As we chart our way through the challenges and headwinds, let us not lose sight of the tremendous opportunities that lay ahead, for Southeast Asia may well be the next big frontier for startups.

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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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Dear reader,

SoftBank Group faces a challenging financial landscape, reporting a substantial loss of US$4.2 billion from its Vision Funds in the first half of the 2023 fiscal year.

Vision Fund 1 and Vision Fund 2 contributed to the losses, with US$1.7 billion and US$2.5 billion, respectively. Despite a partial offset of over US$300 million from other investments, the overall second-quarter loss stands at US$5.2 billion, a stark contrast to the US$20.4 billion net income recorded in the same period last year.

SoftBank’s recent experiences are symbolic of the unpredictable nature of the investment landscape. While Arm’s market debut fell short of initial expectations, closing at US$54.40 per share, WeWork, a SoftBank-backed venture, filed for bankruptcy, necessitating a significant payment of US$1.5 billion to lenders. The conglomerate’s financial volatility underscores the risks inherent in its diverse investment portfolio, demanding strategic reassessment amid market fluctuations.

Sainul,
Editor.

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SoftBank slips to red as Vision Fund posts US$4.2B in losses
The loss in H1 2023 comes in the wake of a continuous decrease in the values of its portfolio companies; The Japanese investment firm reported a US$5.2 billion loss for Q2 2023, down from the US$20.4 billion in net income it recorded in Q2 last year.

Alibaba to transform into an open tech platform, says CEO
Eddie Wu said the company aims to become an open tech platform serving the whole of society in the AI era; He expects Alibaba to provide infrastructure for AI innovation and transformation in thousands of industries.

Grab registers its first adjusted profit ever
The adjusted EBITDA hit US$29 million in the quarter that ended September 30; It posted US$615 million in revenue for the third quarter of 2023, rising 61% year over year; The losses during the period improved 71% to US$99 million.

Ex-Blackstone exec’s fintech firm LXA bags US$10M
Kishore Moorjani’s LXA provides a platform that sells pools of home loans to parties like asset managers and financial institutions; The company aims to streamline the entire mortgage lifecycle, from loan origination to servicing.

BondbloX secures US$6M Series B to expand bond exchange platform
The investors are Beacon Venture Capital, Citigroup, and MassMutual Ventures; Leveraging DLT, BondbloX empowers investors to trade bonds in increments of US$1,000, a departure from the conventional US$200K denomination through a transparent public exchange.

EU asks TikTok and YouTube for more info on how they’re safeguarding kids
The firms have been given time until November 30 to respond with the data; Regulators will then assess next steps — which could include opening formal investigations; Confirmed breaches of EU’s Digital Services Act can attract fines of up to 6% of global annual turnover.

Airwallex’s Singapore revenue grows 13x in H1 2023
The fintech firm’s total transaction volume also increased 11x in the same period; The unicorn is also looking to expand further in Southeast Asia and Latin America – it acquired Mexico-based payments firm MexPago in October.

Singapore’s quantum software firm Entropica Labs raised US$4.7M
Italian deeptech VC firm Liftt and Wavemaker Partners are the investors; Entropica provides developers and users with tools that can design and run quantum circuits and algorithms that are resilient to errors.

Authentick secures US$4M for wallet-free digital collectible purchases
Menyala is the lead investor; Authentick is the creator of Authentickator, a wallet-free platform for easy browsing, purchasing, and authentication of digital collectibles.

Kyber Network co-founder to launch Web3 venture builder
Caliber, founded by Loi Luu, aims to create crypto consumer apps and infrastructure; The studio plans to work with Web3 founders building services for the “next wave of crypto retail users”.

Volta raises funding to fuel EV market penetration
The investors are Twin Towers Ventures and Rigel Star Fund; The company plans to use the funding to support the expansion of its infrastructure, accelerate product development, and strengthen market penetration.

Smart wearable breast pump startup Perfect Nature raises US$738K
The investors are Peter Tan, founder of Fischer Tech, and Willy Koh, founder of Racer Technology; Perfect Nature aims to create a complete ecosystem of nursing solutions, offering mothers freedom and versatility throughout their breastfeeding journey.

Snap confirms small-scale layoffs as part of product team re-org
It is learnt that the layoffs impacted less than 20 roles with Snap’s Product organisation; Snap is a sizable company with some 5,000 employees; The company suggested that its decision was related to focusing resources and speeding things up.

Meet the 10 Thai startups showcasing at AgBioTech Incubation demo day
The programme was organised by the National Innovation Agency and Maejo Agriculture and Food Innovation District; The primary objective was to validate conceptual ideas and product offerings, thereby addressing gaps in consumption guidelines.

Gary Gensler decries crypto industry after Sam Bankman-Fried conviction
The US SEC Chair has called into question the integrity of the cryptocurrency industry, saying it is full of fraudsters and manipulators; The former FTX CEO Bankman-Fried was recently found guilty on seven counts of charges bordering along fraud.

Spotlighting Sunil Nair: Charting a trail of scaling innovative video platforms
With a career marked by diverse leadership roles, Nair remains a vital figure in both the startup ecosystem and the Indian OTT sector.

What stands in the way of fintech growth in Asia?
In the future, fintechs may adapt their business models and build value-based partnerships amid funding challenges and trust-building efforts.

The case for coexistence on the journey to core modernisation
The coexistence approach offers banks the opportunity to blend legacy systems with modern tech for a balanced transition.

In this age of digitalisation, is edutech a bane or boon for educators?
Edutech makes the personalisation of learning attainable in a way that wasn’t possible with physical classes alone.

Mastering the VC pitch: Crafting your winning exit strategy
Crafting a compelling exit strategy is not only about securing investment but also about setting a strong foundation for your business’s future.

Transforming customer service: AI’s ‘artificial empathy’ holds the key
By gradually assigning tasks to AI, customer service specialists can focus on handling more complex scenarios and refining their skills.

The XR revolution: A glimpse into the immersive Metaverse of education and beyond
Beyond our physical world, the metaverse is where possibilities can be extended in a myriad fascinating ways.

How Spark Education is leveraging the rise of edutech in APAC for better primary education
Spark Education differs by using captivating storylines, hands-on experiences, and the CPA approach for engaging learning.

Foodtech transformation in PH: Cloud kitchens, online delivery reshape eating habits
As offline dining shifts online in the Philippines due to COVID-19, cloud kitchens emerge as the growth engine in the foodtech sector.

V-Flow: A promising solution to energy inequity in Africa and SEA
Singapore-based V-Flow is pioneering affordable vanadium redox flow batteries to provide reliable, long-lasting energy storage solutions for emerging markets.

‘Under Malaysia Digital, digital businesses will have more flexibility in fiscal, non-fiscal incentives’
MDEC CEO Mahadhir Aziz explains in detail the plan that Malaysia has in store to support its local startup ecosystem in a post-pandemic world.

For Heartbreak Bear, community is key to the success of their NFT project
Singapore-based Heartbreak Bear says that marketing in the NFT world is “super different” from the real world.

Reports of the death of tech jobs by AI are greatly exaggerated: Glints CEO
AMA with Glints Co-Founder: Insights on achieving product-market fit in Southeast Asia – Ying Cong Seah’s expert advice.

Investree on why strategic collaboration for MSME support is essential to its growth strategy
As per law for loan disbursements, the requirement for legal documents and collaterals can be quite complex for MSMEs; This is the part where MSMEs usually face the issue of their loan application being rejected.

Unlocking green fintech prosperity in Asia: Navigating the top 4 challenges
Despite the ongoing ‘funding winter’ faced by global startups, the trajectory of development for green fintech has shown strong momentum.

Elevandi Exec Director on why crafting AI regulation in SEA demands joint effort
In order for SEA to fully integrate AI in their operations, there are strategies that businesses can implement, starting with regulations, says Pat Patel.

NFTapir is onboarding Malaysian artists to its NFT marketplace. Here is how they do things differently
NFTapir recognises the issues that can prevent artists from giving NFTs a try, from price fluctuations to complex onboarding journey.

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Image Credit: SoftBank

The post Ecosystem Roundup: Vision Fund posts US$4.2B in losses; Grab posts first adjusted profit ever; Alibaba to transform into an open tech platform appeared first on e27.

Singapore-based wellness startup Evo has been making waves lately. In a statement, the company states that its flagship product Bounceback has grown 30 per cent month-on-month since its debut in 2021, serving up to 10,000 customers globally.

If you have never heard of the product, Bounceback is a pill that helps users combat the effect of hangovers such as headache, nausea, and redness. The Bounceback hangover supplement pill was made with 100 per cent natural ingredients and has twice the dose of Dihydromyricetin (DHM) found in regular anti-hangover pills to increase liver protection and boost the speed of alcohol metabolism. The concept of a hangover supplement pill itself may not be an entirely new innovation, but as a locally developed direct-to-consumer (DTC) brand, Evo aims to differentiate itself by offering the same solution for a lower price and easier accessibility.

Like many startups, the development of this company’s product was inspired by the founder’s own personal experience. Back when Evo Co-Founder and CEO Roy Ang was working with Grab, as someone who did not even drink alcohol, he did struggle with keeping up with entertaining customers and clients.

“My job requires me to deal with customers and partners three to four times weekly, and the next day, I just struggle to function in the daily grind. Fortunately, I have some Japanese friends who introduced me to Japanese hangover supplements. [After taking it] I did not have any headaches and can still function throughout the day,” Ang explains.

“[The product] is very big in Japan and Korea, but it is really hard to buy in other markets outside of it, and the prices tend to go up due to supply chain and logistics process … I thought, hey, there is actually a market for this hangover supplement. So we dive a bit deeper and find a lab in Singapore to formulate our ingredients. We started selling about a year ago, and it has been really good.”

In this interview with e27, we dig deeper into the company and how the co-founders’ past experience with the startup ecosystem helped them to kickstart the business.

Also Read: How to foster mental wellness in the workplace and boost performance

The key ingredients to a successful business

Evo was co-founded by Ang and COO Teoh Ming Hao. Both co-founders used to work at Southeast Asian tech giant Grab, with Ang having experience working at notable platforms such as Tech In Asia and e27. During his time at Grab, Ang was part of the founding team that established the Grab Financial Group, running both merchant solutions and GrabPay regionally.

When asked about his inspiration to get into entrepreneurship, Ang cited his father –who worked as a karang guni, collecting scraps and recyclables to support his family– as the person he looked up to the most. But he was also inspired by the fellow entrepreneurs he met throughout his career.

“During my time at Tech In Asia and e27, I interacted with many tech startup founders. Their stories, how they hustle, and the best practices they have done … it inevitably shaped what we do today when we are running out own startups. So, these two chapters were extremely important,” Ang begins.

“When I left to work with Grab, it gave a whole new perspective on how hypergrowth, venture-funded tech companies grow their business, particularly on how to grow from zero to unicorn. It gave the perspective that all of this can be a reality if you work hard and do it right,” he concludes.

He likens the process to enrolling on an MBA programme, where he learns first-hand how to validate a product’s problem statement, launch the product itself, to introduce it to a different market. All of this involved a wide array of skills that included brands and team building. “These are the lessons of the past 10 years that we have been lucky to acquire,” Ang stresses.

Like many other startups, Evo also had to go through various forms of its business before finding its current business model. The company actually started out as a live-streaming platform, but after two months of operations, the co-founders realised that the market size for such a business was just too small. So Ang and Teoh opted to pivot the business.

They timed the launch of Bounceback to be in line with the opening of borders as the pandemic situation improves in Southeast Asia. “We spent six months completing the R&D process and setting up the operations.”

Since the pivot, Evo says that it was able to grow by 700 per cent with the brands being featured on Changi Recommends and GrabMart.

Also Read: How ZaZaZu aims to empower women by starting conversation about sexual wellness

“Predominantly, we do digital marketing. Our entire revenue base right now are all 100 per cent online,” And explains. “We work with influencers to create thought-provoking content, then we AB-tested the content. We double down on the ones that work and cut off the ones that do not.”

After the hangover

In terms of funding, Evo recently completed a US$600,000 seed funding round led by East Ventures and is on track to rack in another eight-figure funding in their upcoming Series A round. Participating investors in the seed funding round include Carro CEO Aaron Tan, Prism+ Founder and Managing Director Jonathan Tan, and Shopback Co-Founder Joel Leong.

For the time being, Evo is focusing on the Southeast Asian and European markets. It is also working on its new products, which include hair loss supplement products.

“The aspiration is to build an all-encompassing health and wellness platform, but we are really, really early in the stage [of doing it]. From a product perspective, we look at some of the things that our existing customers are using. What can we build up from?” Ang says.

“This year, I think we are definitely looking into [selling our products] offline. We see ourselves as a consumer packaged goods company. So, you know, online as a channel has been extremely good for us, has been working well. But offline is something that we want to explore as well. We are AB testing in the Singapore market and looking into other markets as we go,” he closes.

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Image Credit: Evo

The article was first published on September 13, 2022.

The post Through their new company Evo, these ex-Grab executives want to help you deal with hangover better appeared first on e27.

In this week’s Southeast Asia startup news, Singapore-based Earth VC invests in Finnish earth observation startup Kuva Space, leveraging a €16.6 (US$17.8) million) million funding round.

Meanwhile, Singtel Group’s Future Makers 2023 recognises innovative tech solutions addressing social and environmental issues, awarding grants to startups like Virtual Psychologist and GEPP.

Thailand’s AgBioTech Incubation introduces ten agtech startups after a rigorous incubation program. Indonesian EV startup Volta secures strategic investment for infrastructure expansion, and Singapore’s Perfect Nature receives S$1 million in seed funding for its smart wearable breast pumps.

Additionally, Authentick, the creator of Authentickator, raises US$4 million in a seed round, and Singapore’s BondbloX secures US$6 million in a Series B round for digitalising bond markets.

Earth VC backs Finnish startup Kuva Space

Singapore-based global impact investor Earth VC participated in Finnish earth observation company Kuva Space‘s €16.6 (US$17.8) million funding round.

Kuva Space’s commercial microsatellite, equipped with a patented hyperspectral camera, can distinguish nearly any material on the earth and its condition through its distinct spectral signature. This means the company can monitor crop types, plant health and biomass, biodiversity, soil conditions, seaweed growth, algae blooms, and marine chemical pollutants at scale.

By leveraging its AI-driven analytics platform, Kuva Space automatically transforms the collected data into actionable insights, empowering customers to monitor, identify, and forecast changes and their impact in near real-time.

Singtel unviels Future Makers 2023

Singtel Group Future Makers (SGFM) 2023 awarded six startups for their innovative technology solutions addressing social and environmental issues, such as eldercare, waste management, and mental health.

The top awards, Platinum and Gold, which include US$40,000 and US$30,000 in grants, went to Virtual Psychologist and GEPP, respectively.

All six winners will receive support from Singtel Group through mentorship, access to a customer base of over 770 million mobile users, and grants of up to US$40,000 to undertake business development regionally.

The startups are Virtual Psychologist, GEPP, SoundEye, Tictag, MyEco, and Aqilliz.

AgBioTech Incubation unveils 10 Thai startups

Thailand’s AgBioTech Incubation 2023 unveiled the startups showcasing on the demo day.

The programme was organised by Thailand’s National Innovation Agency (NIA) in collaboration with the Maejo Agriculture and Food Innovation District, the Institute of Agricultural Innovation for Industry, the Federation of Thai Industries, and the SynBio Consortium.

The ten agtech startups embarked on a comprehensive incubation programme designed to cultivate their expertise in various agricultural technology domains over a rigorous four-month training and demonstration period. The primary objective was to validate conceptual ideas and product offerings, thereby addressing gaps in consumption guidelines.

The companies are SoMush, MYCO GARDEN HOME, MaxBoost, PurePlus, Sentech Plus, Bio Solution, Gen-A-Tech, PLANTBIO, EverFresh, and Happy Plant.

Ev maker Volta raises funding

Indonesia-based electric vehicle startup PT Energi Selalu Baru or Volta raised an undisclosed strategic investment round from Twin Towers Ventures (TTV), which is the investment arm of PETRONAS Ventures, and Rigel Star Fund LP.

Abraham Theofilus, Managing Director of NFC Indonesia, the parent company of Volta, said in a press statement that the company plans to use the funding to support the expansion of its infrastructure, accelerate product development, and strengthen market penetration.

Apart from the investment, TTV and Rigel also provided Volta with the expertise and network to help actualise their plans.

PT NFC Indonesia Tbk (IDX: NFCX) is a subsidiary of Grup MCASH, one of the earliest Indonesian tech companies listed on the Indonesia Stock Exchange (IDX).

Perfect Nature bags US$738K seed funding

Singapore-based healthcare and lifestyle company Perfect Nature secured S$1 million (US$738,000) in a seed funding round for its subsidiary brand Snuugo which produces smart wearable breast pumps.

The funding round was led by angel investors Peter Tan, founder and former CEO of Fischer Tech Ltd, and Willy Koh, founder of Racer Technology Pte Ltd.

Perfect Nature will officially launch Snuugo in Singapore at the Babyland event on December 1-3, followed by expansion into Southeast Asia in mid-2024 and China. The company aims to create a complete ecosystem of nursing solutions, offering mothers freedom and versatility throughout their breastfeeding journey.

Authentick attracts US$4M

Authentick, the creator of Authentickator, a wallet-free platform for easy browsing, purchasing, and authentication of digital collectibles, received a US$4 million seed round, with Menyala as the lead investor.

The fresh funds will be used to execute the company’s roadmap, which encompasses expanding the marketplace, fostering collaborations with brands and creators, enhancing services, and advancing the product roadmap.

Authentickator also announced partnerships with Southeast Asia’s leading e-commerce platform Lazada, social media giant TikTok, and Shopify to enable select users to easily purchase digital collectibles directly from each platform using traditional payment methods.

BondbloX rakes in US$6M Series B

Singapore-based fintech firm BondbloX, specialising in digitising bond markets, bagged US$6 million in a Series B round.

Beacon Venture Capital, the corporate VC arm of Thailand’s Kasikornbank, joined the round along with existing investors Citigroup and MassMutual Ventures.

Potato Productions, led by entrepreneur Lee Han Shih, and Octava, a Singapore-based family office, also participated.

The new funding will enable BondbloX to expand BondbloX Bond Exchange (BBX), its digital platform for trading both fractional and full-size bonds, and support its international growth, including the recent launch in Gujarat International Finance Tec-City (GIFT City) in India.

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Flux Series: Marketing Leaders is happening at the St. Regis in Jakarta, Indonesia, on 15 November 2023. Are you working in the field of marketing? Don’t miss out on this focused and curated event designed especially for marketing professionals!

Visit Flux Series: Marketing Leaders for more information! Read on to get discounted tickets.

When it comes to digital marketing, achieving sustainable growth requires a keen understanding of emerging trends. At the forefront of this evolution lies mobile attribution, a pivotal element in comprehending user behaviour and refining marketing strategies. As technology advances, the latest innovations in mobile attribution are reshaping the approach businesses take towards growth.

Mobile attribution is the process of identifying and analysing the origins of app installs or user actions on mobile devices. It offers businesses the capability to attribute conversions to specific marketing channels, campaigns, or advertisements, providing a vital guide for resource allocation.

Traditional attribution models, reliant on last-click attribution, are proving inadequate in the intricate mobile ecosystem. With multiple touchpoints across diverse channels, the industry has shifted towards more sophisticated attribution methods such as Multi-Touch Attribution, Algorithmic Attribution, Probabilistic Attribution, and more.

The role of mobile attribution in company growth

Mobile attribution plays an important role in optimising and economising ad spend, allowing businesses to identify the most effective marketing channels without having to spend more than they should. By understanding the ROI of each channel, marketers can refine and perfect their ad spend for maximum efficiency and effectiveness.

Also read: Learn how to implement AI technologies on the spot at Flux

Enhancing the user experience is another key aspect. Through a comprehensive understanding of user journeys, businesses can tailor strategies to improve the overall user experience. This includes personalised messaging, targeted campaigns, and enhanced user interfaces, contributing to increased customer satisfaction and retention.

Data-driven decision-making is empowered by the latest mobile attribution models, providing marketers with rich, granular data. This goes beyond simple click-through rates, enabling businesses to make informed decisions based on real-time information and market trends.

Challenges in the mobile attribution space

Navigating the mobile attribution space presents businesses with a myriad of challenges, and a notable hurdle is the persistent knowledge gap. The rapid evolution of technology and the ever-changing landscape of digital marketing contribute to a significant disparity in understanding and implementing effective mobile attribution strategies.

This knowledge gap exists at various levels, from small businesses grappling with the basics of attribution models to larger enterprises struggling to keep pace with emerging technologies. As a consequence, many organisations find themselves unable to leverage the full potential of mobile attribution, leading to suboptimal resource allocation, misinformed decision-making, and missed growth opportunities.

Get discounted tickets today!

The dynamic nature of mobile platforms and the continuous introduction of new devices and channels further compound the challenges within this space. Marketers often struggle to stay updated on the latest attribution methodologies and technologies, hampering their ability to make informed decisions. Bridging this knowledge gap requires concerted efforts in education and awareness, ensuring that businesses of all sizes have access to the insights needed to navigate the complexities of mobile attribution effectively.

As the industry continues to evolve, addressing this knowledge gap becomes paramount for organisations seeking to harness the true power of mobile attribution in their pursuit of sustainable growth.

Revolutionising growth: Harnessing the latest in mobile attribution

With the goal of helping bridge this gap and shed light on the different practical strategies needed to harness the full potential of mobile attribution among other disruptive technologies surrounding the world of marketing, e27 is launching Flux Series: Marketing Leaders.

With its keen focus on empowering today’s marketing leaders with AI-powered tools and technologies, Flux Series: Marketing Leaders serves as a curated, intimate, and focused gathering of top industry leaders to engage in active learning sessions, enabling access to in-depth knowledge and actionable insights that can propel sustainable growth and profitability for your brand.

Also read: Explore how AI is changing the way we market at Flux

Happening on November 15, 2023, at the St. Regis Jakarta, one of the conference’s most exciting features is a practical, growth-oriented, hands-on workshop on “Revolutionizing Growth: Harnessing the Latest in Mobile Attribution,” where participants will be able to access knowledge-based resources that they can apply on the spot.

Get to know this industry leader from Adjust

The workshop will be facilitated by no other than Tanya Sirikallaya Kongsawat, the Growth Lead for Indonesia & Thailand at Adjust, a leading mobile measurement platform. Tanya’s mission revolves around empowering marketers and app companies to gauge the impact of their marketing endeavours. She is dedicated to providing them with actionable insights derived from informed data, enabling them to make strategic decisions and foster effective business growth.

With nearly a decade of experience in the realms of online marketing, martech, and SaaS, she has had the privilege of collaborating with clients across diverse industries. Her enduring passion lies in exploring innovative solutions to address businesses’ challenges, fueling my drive to contribute meaningfully to their success.

Also read: This tech solutions provider is humanising AI through its unique approach

Of course, there is no better person to help facilitate this knowledge sharing than a representative from Adjust, an AppLovin (NASDAQ: APP) company, trusted by marketers around the world to measure and grow their apps across platforms, from mobile to CTV and beyond. Adjust works with companies at every stage of the app marketing journey, from fast-growing digital brands to brick-and-mortar companies launching their first apps. Adjust’s powerful measurement and analytics suite provides visibility, insights and essential tools that drive better results.

Join Flux Series: Marketing Leaders

Join Tanya Sirikallaya Kongsawat and other industry leaders at the Flux Series and be a driving force in the AI-powered marketing revolution. To learn more about the event, you may visit the official Flux Series: Marketing Leaders page.

Get ready to embark on a journey that will not only deepen your understanding of AI-driven marketing but also equip you with the actionable insights needed to thrive in the dynamic world of modern marketing.

Join Flux Series: Marketing Leaders with discounted tickets here.

The post Gain practical knowledge on mobile attribution with experts at Flux appeared first on e27.

Indonesian startup Plana, which specialises in upcycling plastic waste into eco-wood and eco-bricks, has won the first rank and a cash prize of US$5,000 at the 4th KOREA-ASEAN Business Model Competition for SDGs 2023, an international startup competition dedicated to advancing sustainable development goals.

The runner-up title was claimed by South Korea-based LabSD, which develops digital ophthalmoscopes and teleophthalmology tools and systems to diagnose eye diseases. The startup received a cash prize of US$3,000.

Also Read: SEA startup roundup: Earth VC backs Kuva Space, Singtel Future Makers, AgBioTech incubation, Volta’s funding

Malaysian startup Entomal Biotech, which manages food waste using black soldier flies, won the third spot and received a cash prize of US$1,000.

The three startups were unveiled during the Demo Day in Jakarta, which was held in a hybrid format, blending online and offline participation.

A total of ten startup finalists presented their final pitches at the Demo Day.  These finalists received certificates of recognition from the Ministry of Cooperatives and SMEs of Indonesia. They were also awarded the opportunity to use co-working space at Green Business Center Jakarta, Indonesia, free of charge for a minimum of one year.

This year’s competition saw participation from 259 startups and SMEs hailing from Korea and ASEAN member states, all committed to addressing SDGs. The selection process involved two rounds of evaluations, which narrowed the field to 42 participants, consisting of regular registrants and 12 Ecothon winners from Indonesia, Malaysia, the Philippines, and Lao PDR.

The 4th KOREA-ASEAN Business Model Competition for SDGs 2023 was hosted by the Ministry of SMEs and Startups of the Republic of Korea (MSS) and the Ministry of Cooperatives and SMEs of the Republic of Indonesia (KemenkopUKM RI). The competition was co-organised by the ASEM SMEs Eco-innovation Center (ASEIC) and ASEAN-ROK S&T Cooperation Center (AKSTCC).

Also Read: Why SEA and India would take centre stage in startup and VC world in the next decade

Lee Seung Chan, Secretary-General of ASEM SMEs Eco-innovation Center (ASEIC), said: “These startups are more than just businesses; they are the engines of innovation, the frontline of sustainability, and the embodiment of hope. Therefore, KOREA-ASEAN Business Model Competition for SDGs or in short, BMC, serves as a meeting point for these individuals who share a common vision for a better, more sustainable future. BMC connects innovators with mentors, investors, and like-minded partners who can help turn their brilliant ideas into more impactful, scalable solutions.”

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The post Plana wins 4th KOREA-ASEAN Business Model Competition 2023 appeared first on e27.

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.

In this episode, we feature Sunil Nair, Co-Founder of Mela.live, a thematic commerce startup facilitating pop-up shoppathons without investments into technology and content production. A valued contributor, Nair, made his debut in Q2 and has been an engaged member of our community ever since.

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

The driving force

Nair maintains an active community on LinkedIn, where he regularly shares opinion pieces and interesting stories, providing valuable content for his network. His motivation for becoming an e27 contributor is rooted in his belief in the value of sharing knowledge and insights.

“I came across e27 a couple of months ago and found the content and the community diverse and full of energy. This defined my decision to start contributing and selfishly to find a wider audience,” he said candidly.

Also Read: How brands are crafting communities through the art of visual storytelling

How it all began

After selling software and working for marketing and advertising agencies, Nair founded Nautanki.tv, the first Indian-distributed video content platform, in 2006. He has remained deeply involved in the video ecosystem, contributing to the development of OTT platforms such as ALT and launching the Silicon Valley-based startup Firework in India.

In his current role, Nair specialises in video commerce, leveraging short video and Live commerce to enhance e-commerce interactions and consumer connections. He anticipates that future advancements in generative AI and extended reality (XR) will transform brand interactions and content consumption.

“My professional goals have changed as I have gone older, and at this stage, it is my personal goals that have taken precedence. I work very closely with students and startups in Singapore and would love to see a few of them embark on their ventures soon,” he shared.

Advice for budding thought leaders

As part of his advice for budding or aspiring thought leaders, Nair emphasized the importance of allowing knowledge to come through organically. “Stop using ChatGPT or Bard, and stop oversharing. Let your native lived life come through your posts and opinion pieces,” he said.

Juggling too many things?

“Do what makes one happy! Early mornings for me are for myself; that is the time when I read and assimilate the world around me,” Nair stated.

In his daily routine, Nair incorporates regular walks around the neighbourhood to clear his mind between meetings. Occasionally, he also finds it beneficial to board the double-decker bus in Singapore, riding it to the end of the line and back, which aids in enhancing his focus.

Also Read: How to navigate the ethical landscape of Responsible AI

“Saturday morning coffee at a new cafe with my wife is a sacred ritual. That is the time when we discuss and connect about our daughter, about money and about the next few adventures we want to embark on,” he added.

He places a strong emphasis on personal interactions, frequently meeting with a diverse array of individuals. Nair is always open to sharing a cup of coffee and engaging in conversations, recognising the value of learning through active listening to people’s perspectives and experiences.

Nair subscribes to Benedict Evans’ blog for tech insights, Professor Galloway for a fresh perspective, The Morning Context for Indian startups, and relies on The Atlantic and The New York Times for general news.

“Life is beautiful, and most things seem impossible until they are not,” Nair concludes.

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Are you ready to be a part of 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. 

The post Spotlighting Sunil Nair: Charting a trail of scaling innovative video platforms appeared first on e27.

Singapore-based fintech firm BondbloX, specialising in digitising bond markets, has secured US$6 million in a Series B round.

Beacon Venture Capital, the corporate VC arm of Thailand’s Kasikornbank, joined the round along with existing investors Citigroup and MassMutual Ventures.

Potato Productions, led by entrepreneur Lee Han Shih, and Octava, a Singapore-based family office, also participated.

The new funding will enable BondbloX to expand BondbloX Bond Exchange (BBX), its digital platform for trading both fractional and full-size bonds, and support its international growth, including the recent launch in Gujarat International Finance Tec-City (GIFT City) in India.

Also Read: Authentick secures US$4M for wallet-free digital collectible purchases

Founded in 2016, BondbloX streamlines bond investing by enabling electronic tracking and trading for investors. Leveraging distributed ledger technology, BondbloX empowers investors to trade bonds in increments of US$1,000, a departure from the conventional US$200,000 denomination through a transparent public exchange.

“The bond market is broken globally, and BondbloX is on a mission to allow individual investors the same access to the market that institutional firms enjoy,” said Dr. Rahul Banerjee, Co-Founder and CEO.

BBX claims to have seen strong interest from global clients since launching the platform to individual investors last month. The company also has future plans to list US Bonds (Treasuries as well as Corporate Bonds) on the platform.

“The use of distributed ledger technology coupled with traditional financial custodians excites us and has great potential to reshape the bond market for all,” said Thanapong Na Ranong, Managing Director of Beacon VC.

BondbloX last secured funding in July 2021, raising US$6 million in a series A round co-led by Citigroup and MassMutual Ventures.

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Fundraising or preparing your startup for fundraising? Build your investor network, search from 400+ SEA investors on e27, and get connected or get insights regarding fundraising. Try e27 Pro for free today.

Image credit: BondbloX

The post BondbloX secures US$6M Series B to expand bond exchange platform appeared first on e27.

In a new report, GoImpact, in collaboration with The Chinese University of Hong Kong Business School and Ant Group, revealed the four main challenges faced by the green fintech industry.

In principle, despite the ongoing ‘funding winter’ faced by global startups, the trajectory of development for green fintech has shown strong momentum, according to the report. However, these four remaining challenges remain:

1. While global reporting frameworks such as the International Sustainability Standards Board (ISSB) have made rapid progress in this area, there remains a lack of agreement on a unifying global standard.

2. Greenwashing as a follow-on consequence in the absence of universally aligned standards and metrics. The report stresses that greenwashing poses a serious threat to the credibility of the entire sector.

3. A lack of interoperability of protocols between different platforms. According to the report, such interoperability is essential for integrating ESG data in green finTech solutions and other ESG offerings.

4. A significant talent gap. A general lack of education and awareness for the sector has resulted in a large talent
shortage for skilled sustainability practitioners, particularly in Asia.

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

“Given the complexity of navigating Net-Zero versus economic growth targets and varying levels of ESG adoption among jurisdictions, it is imperative to have more collaborations between the public and private sectors,” the report said.

“This approach aims to balance the current trend of short-term profit-driven economic growth with the long-term needs of sustainable development, emphasising the demand for talent and skill development at the intersectionof green, finance, and technology. Educational and skills-related institutions are crucial in developing learning programmes that will upgrade and develop the relevant talents in the five APEC economies.”

The report also explains in details about the different forms of green fintech that are available in the Asia Pacific market today, and they are grouped into five categories:

1. Climate solutions
2. Carbon management
3. ESG reporting & disclosure tools
4. ESG risk solutions
5. Green insurance

“The benefits of green fintech bear a direct correlation with the rapid traction of Voluntary Carbon Markets (VCMs) in the APEC jurisdictions, aligning with the long-term vision of nations and corporations to combat climate change,” the report said.

“Alternative data sources utilising blockchain and artificial intelligence (AI) can also boost the credibility of ESG reporting that is becoming more regulatory and compliance-driven in nature, as well as well-informed and transparent sustainable investment and financing strategies.”

Also Read: Fintech VC Flourish Ventures banks US$350M to double down on emerging markets

When it comes to its role in supporting the adoption of ESG and sustainability principles in the region, the report stresses that green fintech has “significant opportunity” to support SMEs in this journey.

“Less equipped to embrace sustainability initiatives compared to large corporations in terms of resource availability, SMEs can adopt green fintech solutions as an option to get started more efficiently. Likewise, green fintech companies have an opportunity to make SME operations more environmentally friendly, improving their creditworthiness,” it said.

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Image Credit: RunwayML

The post Unlocking green fintech prosperity in Asia: Navigating the top 4 challenges appeared first on e27.