In an email interview with e27, Elevandi Executive Director Pat Patel explains that the integration of AI in Southeast Asia (SEA) has become a transformative force for businesses in various sectors. Its reach extends across verticals from e-commerce to agriculture. However, he stresses that “the brush strokes” of AI adoption in SEA are neither uniform nor simplistic.

“The speed, scale, and scope of AI adoption are influenced by a multitude of factors, from the technological infrastructure to talent availability, varying significantly from one SEA country to another,” he says.

“A further testament to AI’s growing influence is its increasing visibility at industry-specific platforms, such as the Singapore FinTech Festival, which seeks to bring together the industry leaders at the nexus of policy, finance and technology to drive the opportunities and align on the challenges. From healthcare to automotive sectors, AI solutions are being showcased in applications ranging from medical diagnostics to autonomous vehicles, underscoring its broad-based adoption and ongoing evolution.”

Despite its pervasiveness, the spread of AI in SEA is not without its own challenges.

“Talent scarcity tops the list; companies like Grab have found it challenging to attract AI and machine learning specialists, prompting them to initiate partnerships with academic institutions to cultivate local talent,” Patel says.

“Then comes the elephant in the room—data privacy. For fintech companies like Singapore’s GoBear, safeguarding sensitive financial data while complying with stringent regulations such as GDPR presents a monumental challenge.”

Also Read: Fintech growth in Asia: Why businesses should prioritise expansion in the region

Financial constraints add another layer of complexity, according to Patel.

“Companies like Tokopedia have had to invest heavily in foundational technology like cloud computing and data centres, significantly inflating operational costs. Market fragmentation, evidenced by the need for platforms like Lazada to customise AI models to suit varying consumer behaviours across countries, complicates implementation,” he elaborates.

“Moreover, in sectors like finance, ethical considerations around AI-based models become a convoluted territory to navigate, as seen with Malaysia’s CIMB Group, which has invested in transparent risk assessment mechanisms to alleviate ethical concerns.”

Getting SEA businesses to embrace AI

In order for SEA businesses to fully integrate AI in their operations, according to Patel, there are “a myriad of” strategies that they can implement. It all started with having the regulation to support that.

“Given AI’s dynamic landscape, governments must continually revise and adapt their regulatory frameworks, which should ideally offer crystal-clear guidelines on ethical AI usage. They need to stay ahead of the curve and not just follow technological advancements — anticipation and collaboration are key to harnessing AI’s full potential regionally,” he says.

“Second, data privacy laws akin to Europe’s GDPR or Singapore’s PDPA are non-negotiable for the credibility of AI. This isn’t merely a legal requirement but a trust-building mechanism. Ethics should not be an afterthought but a foundational element in AI implementation—ensuring fairness, transparency, and accountability.”

Patel also highlights the importance of workforce development and AI literacy as well as building a sufficient technology infrastructure. But expanding further on his point on regulation, Patel stresses that the concept of a monolithic, region-wide AI policy for SEA is enticing but fraught with complexities.

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

“Given that the region is emerging as a significant player in the fintech sector and is poised to be the world’s fourth-largest economy, it is tempting to advocate for uniform regulations. However, the socio-political heterogeneity of SEA makes such a policy an uphill endeavour,” he explains.

“For example, ASEAN’s current framework for AI serves more as a guiding beacon rather than a set of enforceable laws. While each country within the region has a moral imperative to uphold these principles, the non-binding nature of this framework highlights the difficulties of implementing a singular, regional approach to AI governance.”

But this does not mean that the region is absolved from its responsibility to act collectively. Given the borderless nature of AI, Patel highlights that a vulnerability in one jurisdiction could reverberate throughout the region, creating a domino effect with potentially devastating implications on a global scale.

“Instead of aspiring for a one-size-fits-all policy, the region should place greater emphasis on two pivotal areas. The first is up-skilling its already technologically skilled workforce — creating a deep reservoir of AI talent that can serve as the intellectual cornerstone for the decades to come. The second focus should be on establishing robust platforms for regional dialogues. These platforms should serve as melting pots of innovation, fostering cross-pollination of ideas between technologists, policymakers, and financial experts — groups that have historically operated in silos,” he elaborates.

“SEA shares some common vulnerabilities and characteristics, especially in areas like climate change, labour migration, and infrastructural development. A cooperative approach in these areas could demonstrate how AI can be a force for collective good across varying national landscapes.”

This is why a balancing act between innovation and regulation in the context of AI is a delicate matter without a one-size-fits-all solution.

Patel points out that while Europe’s AI Act is comprehensive, its long-term impact on AI innovation remains to be seen. On the other hand, Singapore’s National AI Strategy exemplifies that through close and fruitful public-private collaborations, it is possible to steer responsible AI usage without the need for hard and fast enforcement.

Also Read: Despite decline, global fintech funding remains fairly stable: McKinsey report

“There are also a number of cross-industry initiatives that the Monetary Authority of Singapore is driving, such as Project MindForge, which seeks to examine the risks and opportunities for Generative AI use cases for the financial sector; Project Veritas which seeks to strengthen the financial sectors governance of AI management and data use, and lastly, Project NovA! which is an AI utility to help financial institutions to generate prompt and actionable insights using structured and unstructured datasets and advanced computing,” he says.

What is coming up in 2024

Elevandi is a not-for-profit entity set up by the MAS to foster an open dialogue between the public and private sectors to advance fintech globally with Singapore as the centre of gravity. The organisation works closely with governments, founders, investors, and corporate leaders to drive collaboration, education, and new sources of value at the industry and national levels.

As we are getting closer to the end of 2023, we asked Patel about what AI trends are going to arise in the near future.

“Taking a cue from the EU’s AI Act, one indisputable trend that we can anticipate is the continued roll-out of AI frameworks. These will span the spectrum from entirely voluntary to legally binding regulations, signalling a global recognition of the pivotal role AI is set to play in all facets of our social fabric,” he says.

He points out several key themes that are going to be dominant and will be captured in the upcoming Singapore Fintech Festival:

GenAI beyond text

ChatGPT may have stolen the spotlight in 2023, but according to Patel, it is just the “tip of the iceberg” when it comes to GenAI tools.

“Following the lead of Diffusion, Midjourney, and Dall-E, a plethora of tools will soon emerge, allowing users to generate images, videos, and more within seconds. The ramifications of such advancements will stretch beyond the creative industries, affecting everything from copyright law to the proliferation of disinformation.”

The explosion of data availability

“Back in 2018, the International Data Corporation predicted that by 2025, worldwide data will grow 61 per cent to 175 zettabytes, with 75 per cent of the world’s population interacting with data daily. That was before the meteoric rise of AI,” Patel points out.

“Particularly, in the last year, we have seen a surge in high-quality data sets, complemented by emerging technologies, such as quantum computing and cloud storage — which have spurred widespread experimentation in the AI sector. While these developments have led to more accurate and hyper-personalised AI applications, they have also birthed new inefficiencies and biases that are not yet fully understood.”

Enhanced human-AI cooperation

Patel acknowledges the recent discourse on the potential for AI to replace human roles across various professions. However, he sees that the immediate impact of such a shift is unlikely to materialise within the next year.

“This provides an opportune moment to refocus the conversation on how AI can augment human capabilities in the workplace, allowing us to delegate menial tasks and concentrate on the type of strategic thinking that makes us distinctly human.”

As a closing, he states that if we can reasonably anticipate these developments within the next year, the future landscape of AI innovation and its profound societal impacts are beyond imagination.

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Image Credit: Elevandi

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Indonesia-based electric vehicle startup PT Energi Selalu Baru or Volta today announced that it has 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 company to be listed on Indonesia Stock Exchange (IDX).

Some of the milestones that Volta has achieved included a partnership with AstraZeneca, a rental and ownership option service provider, to provide battery exchange platforms.

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

In addition to its electric motorcycle, Volta builds battery exchange infrastructure and digital platform to support its use.

The company said that its electric motorbike has accumulated more than 212 million kilometers and cut down more than 20,000 tons of carbon emmission.

Rigel is an investment management firm and ecosystem builder focusing on regional tech companies, particularly Southeast Asia and India.

As the investment arm of PETRONAS Ventures, TTV invests in tech companies that are working in the field of energy transition and mobility in Asia Pacific, Australia and New Zealand, and the Middle East and North Africa.

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Image Credit: Volta

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In a world where sustainability takes centre stage in consumer choices, Electrolux, a global household appliance leader, is making strides in redefining appliance ownership. Levande is a corporate venture of Electrolux (Singapore) jointly incubated with EDB Singapore and FutureLabs as part of EDB’s corporate venture launchpad. It is a program that pioneers an appliance-as-a-service with the goal of encouraging circularity amongst consumers, away from the linear purchase-and-dispose model.

In support of Electrolux’ For The Better 2030 Sustainability Goals, Electrolux partnered with the Youth E-Waste Ambassador Program (YEAP) to champion sustainable living and advocate for better consumer practices.

Levande by Electrolux: A paradigm shift

It all began with Levande by Electrolux, an innovative appliance subscription service designed to rethink the model of linear product ownership. Levande offers an alternative that consumers can adopt beyond the traditional buy-and-dispose model by offering a service of renting appliances, new or refurbished, with flexible terms tailored to consumer lifestyles.

Also read: Learn how to achieve automation in operational processes and workflow at Flux

The conception of Levande is rooted in evolving consumer values. Electrolux has recognised the need to adapt its current service range to provide other alternatives to its consumers. Consumers are willing to consider models alternative to ownership — such as renting — to fit their lifestyles. At Electrolux, sustainability has always been part of the DNA, and they are determined to provide consumers solutions that are more sustainable — for the pocket, as well as for the planet.

The challenge of E-Waste in Singapore

According to the Towards Zero Waste team, a staggering 60,000 tonnes of e-waste are discarded each year in Singapore. For Electrolux, these numbers aren’t mere statistics; they are a call to action. It’s a stark reminder that both consumers and businesses must take responsibility for e-waste in our society.

Noting these challenges, Electrolux was inspired to create a circular business model addressing not just consumer needs but also the environmental impact of our choices. 

Ever since Levande made its grand entrance in Singapore as the city-state’s first large home electronics appliance-as-a-service program in November 2022, it has been a great success in providing accessible options to consumers. Electrolux also extends a hand to businesses such as co-living spaces, co-working spaces, corporates, design studios, and other entities that benefit from these sustainable solutions.

Also read: Future-proof your AI team with insights from Dagangan, Ajaib, Binar, and DailySocial.id

The best part? Levande offers more than just appliances; they offer a responsible end-of-life plan. They will collect and dispose of other commonly unregulated home appliances, ensuring a reduction in their impact on the planet.

Levande isn’t just a convenient service; it’s a game-changer in the battle against e-waste and preventing the addition of unnecessary appliances to landfills. It promotes appliance reuse and responsible disposal, paving the way for a more sustainable future.

Joining hands with YEAP

Electrolux doesn’t stop at its own initiatives; coming in to support YEAP is deeply rooted in their “For The Better Goals 2030,” a commitment to shaping better living around the world.

The Singaporean youth play a pivotal role in addressing the e-waste issue in Singapore. They are the digital natives, deeply connected to the world of electronics. Electrolux believes that by sharing the work they do through Levande, the youth can make more informed choices about how they use their appliances and reduce not only their electronic footprint but their carbon footprint as well.

Samantha Thian, Senior Sustainability Manager at Electrolux, offers a simple yet powerful piece of advice: “We don’t need one person doing sustainability perfectly; we need everyone doing it imperfectly.” In the journey towards sustainability and e-waste reduction, it’s essential for individuals to take small but meaningful steps to collectively make a significant difference. Every action, no matter how small, contributes to a more sustainable future.

Also read: EQT unveils 10 shortlisted companies in the EQT Impact Challenge

Electrolux’s partnership with YEAP is a testament to their commitment to sustainability and responsible e-waste management. It’s a concise narrative that inspires change at both individual and industry levels. Electrolux and the youth of Singapore are working together to shape a sustainable future, and their collaboration with YEAP is a key milestone in this inspiring journey.

For more insights on e-waste, and updates on upcoming programs and activities, follow YEAP on Instagram and Facebook.

Join YEAP. Become a youth ambassador here.

To know more about Levande by Electrolux, click here.

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This article is produced by the e27 team, sponsored by YEAP

We can share your story at e27, too. Engage the Southeast Asian tech ecosystem by bringing your story to the world. Visit us at e27.co/advertise to get started.

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Singtel Group Future Makers (SGFM) 2023 has 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.

Also Read: Singtel Innov8 gets US$100M more to back startups in SEA, US, China, Israel, Australia

Eighty startups were chosen at the local levels after participating in rigorous capacity-building and mentorship workshops. Of these, nine startups were selected to move on to the regional finals at SGFM 2023, where six teams won the opportunity to fund regional market development or collaborate with Singtel and its regional associates to take their solutions to new markets.

Below are the brief bios of the six winners:

Virtual Psychologist

To improve mental well-being in the workplace, Virtual Psychologist offers a text-based counselling service that allows employees to access mental health support discreetly, anytime, anywhere.

GEPP

GEPP is a digital platform that offers consultancy, data-driven insights, and analytical services to help businesses manage waste and reach their sustainability goals.

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

SoundEye

SoundEye uses sound recognition and depth imaging vision analytics technology for aged care, healthcare, and surveillance without compromising personal privacy. SoundEye’s devices can detect abnormal sounds and motions like falls, aggression and screaming and alert caregivers to administer emergency assistance immediately.

Tictag

Tictag is a mobile app that gamifies the process of tagging images, texts and audio files, which users, particularly people with disabilities, can use to receive an income from completing each tagging task. The tagged data is used by companies looking to incorporate AI into their businesses and need high-quality data sets to train the AI models.

myEco

Enabled by an AI-powered smart advisor, myEco assists busy individuals in saving electricity through an app that automates and improves their electricity usage.

Aqilliz

Aqilliz is a digital marketing software service that uses blockchain technology to ensure data privacy and security for companies collecting first-party data for consumer insights, advertising, and measurement.

Also Read: Navigating the fog: How clarity unlocks your startup’s full potential

Singtel Group Future Makers is part of the group’s larger sustainability strategy to empower communities through digital enablement by driving innovation to create positive social impact. Singtel’s digital enablement efforts include community education programmes and data donation initiatives to help seniors stay connected.

Over the past eight years, Singtel Group Future Makers has attracted over 3,000 applicants from Singtel, its wholly-owned subsidiary, Optus, in Australia and Singtel’s regional associates, including AIS in Thailand, Telkomsel in Indonesia, Airtel in India and Globe in Philippines across six countries.

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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.

In today’s rapidly evolving marketing world, staying ahead of the curve is essential for businesses looking to thrive and succeed. One of the most powerful tools at our disposal is artificial intelligence (AI), and it’s more relevant than ever. 

To explore the immense potential of AI and how it can revolutionise customer experiences, we invite you to join the panel discussion at Flux Series: Marketing Leaders, titled “Leveraging AI for Growth: Strategies and Preparations for Success.”

The significance of AI in contemporary marketing

Artificial intelligence has become an indispensable force driving innovation and growth across industries, and marketing is no exception. The concept of hyper-personalisation, which involves tailoring marketing strategies and content to individual customers, has gained immense significance in recent years. It is the key to creating extraordinary customer experiences and harnessing AI is the path to achieving it.

Also read: Learn how to achieve automation in operational processes and workflow at Flux

Hyper-personalisation not only helps businesses stand out in a crowded marketplace but also fosters customer loyalty and drives higher conversion rates. The ability to provide customers with products, services, and content that precisely align with their preferences and needs is a game-changer in contemporary marketing.

Challenges in leveraging AI

Despite its immense potential, many organisations face challenges in harnessing the power of AI. A significant roadblock is the knowledge gap that exists within companies. The rapidly evolving nature of AI technologies means that many marketing professionals struggle to keep up with the latest trends, tools, and best practices.

Furthermore, AI implementation requires meticulous data collection and machine learning preparations. Organisations often grapple with prioritising these tasks effectively to derive the best AI-driven service offerings. Ethical concerns, data privacy issues, and scalability challenges further complicate the adoption of AI in marketing strategies.

Flux Series: Marketing Leaders — Bridging the knowledge gap

Flux Series: Marketing Leaders is a conference dedicated to addressing these challenges and bridging the knowledge gap in AI adoption among companies. The series aims to bring together marketing leaders, experts, and professionals to share actionable insights and collaboratively strategise future steps on AI adoption. At the heart of this knowledge-sharing endeavour is the panel discussion, “Leveraging AI for Growth: Strategies and Preparations for Success.”

The panel discussion boasts an impressive lineup of industry trailblazers who have successfully harnessed AI in their marketing strategies. Meet the speakers and a moderator who will share their valuable insights and experiences:

Alfred Ali, Chief Product Officer of Aplikasi Super, graduated from the University of Southern California in the US and started his career at Disney Burbank before moving to Singapore to work in Management Consulting. After several years in Consulting, Alfred became a founder and led his own HealthTech startup, Newman’s, a tech-enabled healthcare clinic focused on men in Indonesia. Newman’s was backed by Y Combinator in the W20 batch. Currently, Alfred is part of the Executive Management team that oversees Aplikasi. 

With years of experience in AI-driven marketing, Alfred has spearheaded innovations in delivering personalised experiences to users. He’ll share his insights on how hyper-personalisation has redefined customer experiences.

Clarissa Tanoesoedibjo is the Managing Director of Vision+, MNC Group’s Subscription-based OTT platform. She started off as a Programming Deputy Director in MNC Vision Networks in April 2020 for MNC Vision, MNC Play, Vision+ and Vision+ TV, overseeing programming and productions for 13 in-house MNC Channels. She also led the Original Content Productions arm for Vision+ under the production house, Vision Pictures, which specifically produces original content for Vision+. She is also a Commissioner in Migo Indonesia and a Director in Anak Muda Group.

Vision+ is one of the leading streaming destinations for quality Indonesian content. Serving TV anytime and anywhere offering the most complete selection of Indonesian and international broadcast TV, premium channels, and video on demand — including world-class quality original series.

Get discounted tickets today!

Irzan Aditya, CEO of Kata.ai, is a prodigious Indonesian entrepreneur, technology enthusiast, and AI visionary. Irzan was born in Jakarta, Indonesia, and displayed a keen interest in technology and computers from a young age. He graduated from HTW Berlin, Germany with a degree in Computer Science in 2012. Before starting his own venture, Irzan had a professional background in software engineering and product management in various European tech companies such as Zalando, Rocket Internet, and Takeaway.com.

Irzan is at the forefront of conversational AI, and he will provide a deep dive into the intricacies of AI-driven customer interactions and chatbots.

Bharat Buxani is the Senior Vice President of Marketing at 99 Group Indonesia. He is a marketing and media maverick with over a decade of experience in sales, marketing, communication, advertising and tech startups. As the Senior Vice President of Marketing at 99 Group Indonesia, Bharat Buxani is a visionary leader who is committed to continue bringing a consumer-first mindset, focus on growth, brand and business development while also delivering the simplest and most trusted property marketplace in South East Asia.

Bharat brings a wealth of experience in using AI to optimise real estate marketing. He will discuss the practical aspects of AI adoption in the industry.

The panel will be moderated by Faye Wongso, a startup and entrepreneurship ecosystem builder in Indonesia. As the Co-founder and Chairperson of KUMPUL, Faye successfully developed 120 Hubs in 40 cities in Indonesia. In line with her vision and mission in entrepreneurship, Faye also acts as Founding Partner of the Superchargers Venture Builder.

Her role as Strategic Partner, Mentor and Advisor of various business development programs such as Google for Startup Accelerator, Startup Weekend, 1000 Startup Digital, BEKUP Baparekraf for Startup, Founder’s Institute, FoodStartupIndonesia and many more, led Faye to become a woman innovator in Indonesia.

She will guide the panel discussion, ensuring that the conversation is informative and engaging.

Join the Discussion at Flux Series: Marketing Leaders

These industry leaders will provide perspectives on hyper-personalisation, the importance of data collection and machine learning preparations, the challenges of data privacy and ethics, and effective ways to measure the success of hyper-personalisation initiatives.

If you’re eager to stay ahead in the world of marketing and leverage the power of AI for growth, the Flux Series: Marketing Leaders panel discussion is an event you can’t afford to miss. You’ll gain invaluable insights, network with fellow professionals, and be part of the conversation that’s shaping the future of marketing.

Also read: Future-proof your AI team with insights from Dagangan, Ajaib, Binar, and DailySocial.id

In addition to the panel discussion, Flux Series: Marketing Leaders offers a unique platform for knowledge-sharing, enabling you to stay informed about the latest trends, strategies, and technologies in the marketing world. By connecting with industry leaders, you can unlock future growth and success for your organisation.

As the marketing landscape evolves, AI-driven strategies will play an increasingly crucial role in achieving business objectives. Join us at the Flux Series: Marketing Leaders panel discussion to be at the forefront of this exciting journey and gain the knowledge you need to lead the way. Don’t miss the opportunity to revolutionise your marketing approach and make a lasting impact on your customers.

To learn more about the event, you may visit the official Flux Series: Marketing Leaders page.

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Norwegian nutrient recapture company Full Circle Biotechnology recently partnered with Thailand-based aqua-tech startup HydroNeo. The collaboration will see Full Circle provide HydroNeo with its insect-based shrimp feed additive to enable it to generate new revenue streams and offer an alternative high protein, low carbon feed to the aqua industry. It will also enable both firms to innovate further and share industry insights and technical knowledge.

In this interview, Full Circle Founder and MD Felix Collins and HydroNeo Founder and CEO Fabian Reusch share more insights on this partnership.

Edited excerpts:

Can you provide an overview of the partnership between Full Circle Biotechnology and HydroNeo and the key objectives behind it?

Felix Collins: After about five years of R&D, Full Circle is starting commercialisation. Uptake with shrimp farmers has been good, but the industry can be opaque. It can be difficult to find farmers full-stop, but due to the culture of inheriting professions, it can be tough to find those willing to try something new.

Fabian Reusch has a network of farmers who have used his smart farm management system. In addition to the high performance of his IoT systems, he is looking to find a way to use his captivating application to open new revenue streams. Besides reach, his tech means rich data can be anonymised and used to improve our tech. It’s the perfect opportunity for both of us.

Also Read: How Fishlog aims to revolutionise Indonesian fisheries with cutting-edge tech solutions

Fabian Reusch: Shrimp farmers are facing many challenges now more than ever. The industry can only survive through partnerships and great products that increase profitability and sustainability while reducing the environmental footprint of farming.

Full Circle is known for its insect-based shrimp feed additive. How does this technology work, and how will it benefit aquaculture?

Felix Collins: Our novel ingredient improves shrimp weight gain by 17 per cent and improves first-call resolution (FCR) by 14 per cent in the lab due to a unique and patent-pending combination of solid-state fermentation and insect production that benefits gut health and nutritional efficiency. We recapture nutrients that have escaped the food system and reintroduce them in a safe, healthy and sustainable way.

FCR increases mean that diet can be reduced with the same yield results, resulting in more sustainable (feed is a major carbon cost and monetary cost) or more productive aquaculture.

HydroNeo specialises in shrimp farming technology. Could you elaborate on the IoT system they offer and how it contributes to improved shrimp farming practices and sustainability?

Fabian Reusch: HydroNeo’s smart farm management system ensures optimal 24×7 pond conditions through real-time water monitoring and automation. Providing comprehensive real-time data on water quality and environmental conditions improves shrimp farming practices and sustainability.

These data empower farmers to make informed decisions and optimise their operations, potentially resulting in savings of up to 50 per cent in energy costs through the smart automation of aeration based on real-time sensor data.

Additionally, we help farmers in reducing their operations’ environmental impact.

How does HydroNeo’s technology address high volatility in production?

Fabian Reusch: Shrimp farmers suffer from high volatility in production, which is the result of high mortality events that can happen either through water quality problems (e.g. algae crash situations where the mass-die off of plankton depletes almost all oxygen in a pond) or diseases spreading.

Also Read: Singapore’s food waste revolution: How Ento Industries is pioneering sustainable food from waste

HydroNeo’s technology effectively addresses the challenges related to rapid changes in water parameters on shrimp farms directly and even partial diseases indirectly. It continuously monitors critical water parameters, including Dissolved Oxygen (DO), temperature, pH levels, and more, ensuring that the farm’s water quality remains within the desired range to provide the animals with a safe environment for healthy growth. Strong and healthy animals are less prone to being infected by diseases. When the water conditions are not optimal, the system promptly alerts and recommends actions to farmers while automating equipment operation as needed. This technology has generally led to improved water quality management and, subsequently, enhanced shrimp farming practices.

Could you discuss the role of advanced automation features in HydroNeo’s smart farming solution and how they contribute to energy conservation and sustainability in shrimp farming?

Fabian Reusch: The advanced automation feature in HydroNeo’s smart farm management system plays a pivotal role in achieving energy saving and promoting sustainability in shrimp farming. Through our technology, shrimp farmers can save on average 30 per cent on energy costs, translating to roughly 20 tons of CO2 savings per pond per year by implementing smart automation for aeration. This automation is based on real-time sensor data, allowing precise and efficient management of aeration levels.

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

Additionally, our system helps reduce labour-intensive schedules, providing 24×7 remote monitoring and control capabilities through mobile applications. This not only optimises resource allocation but also minimises the need for manual control, making shrimp farming more sustainable and less resource-intensive. These automation features are integral to our commitment to enhancing energy efficiency and sustainability in the aquaculture industry.

Full Circle Biotechnology’s insect-based feed additive is said to be an alternative to soymeal and fishmeal. What makes it a more sustainable choice, and how does it impact the aquaculture industry?

Felix Reusch: The carbon footprint of fishmeal can be astronomical — the ocean is the biggest carbon sink we have, and the ocean floor getting churned up by harvesting can release massive amounts of carbon. Soy footprints are lower than fishmeal, but both can involve biodiversity loss (in soy’s case, it’s via deforestation to use nutrient-rich soil). This impacts the aqua industry massively as consumers increasingly keep sustainability in mind.

The potential for EU climate taxes could have significant negative impacts on Asia’s aquaculture industry, potentially making seafood from Asia (often more affordable) much more expensive, reducing market demand and impacting nations’ entire economies. A lack of sustainable methods can put the economic growth of countries at risk, let alone the aquaculture industry.

How do small-scale farmers stand to benefit from the partnership between Full Circle and HydroNeo, especially in terms of their livelihoods and sustainability?

Felix Reusch: Two things besides volatile food prices keep farmers up at night: energy costs and feed costs. HydroNeo makes it easy for farmers to improve their sustainability and reduce energy costs overnight. Full Circle slots right into this model, doing the same with their feed. HydroNeo’s commendable application makes checking on energy use easy and accessible, but it also provides a streamlined approach to reducing feed costs with our system. By increasing yields, farmers can build up their revenue, while hydroneo reduces their costs. This opens up more cash to improve their livelihoods.

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The post How Full Circle-HydroNeo partnership empowers small-scale shrimp farmers appeared first on e27.

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.

AI-powered tools and technologies have revolutionised how companies interact with their customers, analyse data, and make informed decisions. By leveraging machine learning algorithms, companies can better understand consumer behaviour and preferences, leading to more effective and targeted marketing strategies. Additionally, AI-powered chatbots and virtual assistants improve customer service by providing instant responses and resolving queries, ultimately enhancing brand loyalty and trust.

Moreover, when it comes to marketing, AI offers valuable insights into media trends, sentiment analysis, and social media chatter. This allows brands to stay ahead of the curve, respond promptly to emerging issues, and tailor communication strategies accordingly in ways that engage and appeal to the human aspect of different markets. 

This is why Koltiva, an end-to-end tech solution provider, believes in the art of conversational AI as a tool towards humanising technology in ways that transform customer experience for business.

Humanising AI: The Koltiva way

Offering human-centred technology and boots-on-the-ground solutions, Koltiva aims to be the world’s leading tech company in building ethical, transparent, and sustainable supply chains. It is a high-performance organisation that digitises agribusinesses and helps smallholder producers transition to sustainable practices and traceable sourcing.

With roots in Indonesia, Koltiva has a worldwide reach. The team works with producers in 52 countries, and almost half of these smallholders are in Indonesia.

Also read: Leveraging AI for Growth: Learn about hyper-personalisation from the experts

The company helps businesses and their suppliers with traceability solutions to comply with ever-changing regulations and consumer demands worldwide. Operating in more than 52 countries and fortified by a network of 15 customer support offices, Koltiva is steadfast in supporting over 6,500 enterprises in establishing transparent and robust supply chains while empowering over 1,000,000 producers to increase their annual income.

Tika Sylvia, the Chief Marketing Officer at Koltiva, explained that “Marketing is not something we do for people. It’s something we do for people, from people to people.” She elaborated that the secret sauce of innovating products to market in this digital era is humanising technology through emotional aspects in brand strategy. “Don’t just digitise, but humanise. People do not buy products and services. They buy relations, emotions, and stories. It is really about people. People buy technology from people,” she added.

The art of conversational AI through Koltiva

For individuals with extensive experience in the fields of marketing, public relations, and brand management, harnessing AI for experiments and trials has opened up new horizons in their regular jobs. Koltiva best exemplifies this through Tika’s background as a marketeer, public relations professional, and brand practitioner, illustrating in her work how Koltiva has evolved through the strategic implementation of AI.

As of writing, Kolitva is currently creating an AI Chatbot Solution tailored for the Aquaculture and Fisheries industry, specifically targeting smallholder producers within those sectors. This application is designed to offer insights into Good Agriculture Practices, enabling producers to ask questions related to aquaculture and fisheries in their native language.

Get discounted tickets today!

With the assistance of their expert agronomists who are responsible for developing the educational materials, Koltiva aims to enhance and support the performance of smallholder producers in the rapidly evolving landscape of sustainable practices within aquaculture and fisheries. “Our commitment is to deliver exceptional, customised solutions in aquaculture and fisheries that are tailored to meet the unique needs of our users and to remain adaptable in response to changing industry requirements,” explained Tika.

How do they do this? Koltiva achieves this through a slew of different approaches related to conversational AI, namely:

• FarmCloud Apps Integration which helps producers get instant access to aquaculture and fisheries practices and customer support on FarmCloud Apps with an AI Chatbot.
• 24/7 Support and Assistance whereby producers can access support and assistance round-the-clock, improving accessibility and reliability
• Improved User Experience through a Chatbot AI platform that enhances the user experience in FarmCloud and provides instant assistance and information. It increases the average response time of customer care.
• Multi-language support which is designed to be accessible and user-friendly to diverse global users. It enables Koltiva to interact with producers globally in their preferred language, fostering inclusivity and breaking language barriers.
• Insights and Reports, enabling them to access valuable information on the platform dashboard, track users’ chat behaviour, and question histories to see conversational trends.

Leveraging AI-powered chatbots

To boost the conversion rate of inbound leads and marketing qualified leads, Koltiva has also taken a series of innovative steps in the chatbot area:

• Enhancing CR from Inbound Leads to MQLs. AI plays a pivotal role in guiding lead nurturing through prompt responses to tailored inquiries from inbound leads, ultimately yielding more effective Marketing Qualified Leads (MQLs) aligned with Koltiva’s business objectives. Consequently, this strategy leads to an increase in the percentage of Inbound Leads successfully converting into MQLs.
• Instant Engagement through AI chatbots that are available 24/7, providing instant responses to user queries. This real-time engagement ensures that potential leads are captured at any hour of the day, enhancing the chances of conversion.
• Qualification and Segmentation are achieved through chatbots that can be programmed to ask qualifying questions. By doing so, they can categorise leads based on specific criteria, helping businesses focus their efforts on the most promising prospects.
• Personalisation through AI chatbots that use collected data to personalise interactions. They can address leads by name, provide tailored recommendations, and offer content that aligns with the lead’s interests.
• Lead Nurturing is also equally important, which underscores the importance of chatbots that can initiate lead nurturing sequences, sending follow-up messages, and content to keep potential customers engaged and moving through the sales funnel.
• Finally, Koltiva believes in Cost Efficiency. Chatbots can handle a large volume of interactions simultaneously, reducing the need for extensive human customer support teams. This cost-effective approach allows businesses to allocate resources more efficiently.

Also read: Future-proof your AI team with insights from Dagangan, Ajaib, Binar, and DailySocial.id

A proven track record

Tika Sylvia boasts a wealth of experience in brand, marketing, and public relations across various sectors, including Prop-Tech, Logistics, Hospitality, and Food Delivery, primarily in tech startup companies. Her extensive journey includes her past roles at Ninja Van, Foodpanda Indonesia, Ogilvy, Kata.ai, RoomMe, and the Bali Safari & Marine Park, where she has finely tuned her expertise. Her forte lies in exceptional communication, data-driven marketing strategies, and a meticulous, analytical mindset.

In 2021, Tika Sylvia was honoured as one of the 10 Most Impactful Women in Technology by Analytics Insight Magazine. Her impressive journey culminated in Koltiva receiving the Sustainable Supply Chain of The Year award in the Sustainable Marketing Excellence (SME) category from Marketeers Magazine in 2023.

Also read: Harness the power of Generative AI in marketing with the Inmagine CEO

With her extensive accomplishments and more, Tika will be providing valuable insights to our panel discussion at Flux Series: Marketing Leaders, entitled “Achieving Automation in Operational Processes and Workflow in the Future AI Marketing Tech Stack”. Tika Sylvia will be joined by Gerald Tjan, Director of Braze, Warren Leow, Group CEO at Inmagine, and Rio Ferdinand Kiantara, Co-Founder and Group CEO of Advisia Group.

Happening on November 15, 2023, at the St. Regis Jakarta, Flux Series: Marketing Leaders aims to 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.

Join Flux Series: Marketing Leaders with discounted tickets here.

The post This tech solutions provider is humanising AI through its unique approach appeared first on e27.

Dear Pro member,

J&T Express’s successful trading debut on the Hong Kong Stock Exchange highlights the growing prominence of Southeast Asian logistics companies in the global market. The Indonesian logistics giant’s IPO raised over US$451M, and it plans to utilise these funds to expand its network, enhance infrastructure, and boost its sorting and warehousing capabilities.

J&T Express has made significant inroads in Southeast Asia, operating in multiple countries and serving e-commerce platforms like Shopee, Lazada, and Taobao.

The company’s decision to go public in Hong Kong, rather than the US, was influenced by regulatory challenges faced by Chinese firms listing internationally. Although predominantly an Indonesian firm, J&T Express’s strong presence in China, including acquiring Best Inc’s express delivery business, makes it well-suited to the Hong Kong market. This diversification across markets and strong growth performance, as evidenced by its 118% compound annual growth rate from 2020 to 2022, played a significant role in the success of its IPO.

However, uncertainties remain regarding the impact of regulatory changes affecting its partnership with TikTok Shop in Indonesia. Nevertheless, J&T Express’s IPO success underscores the attractiveness of logistics and e-commerce-related companies in the investment landscape, with Southeast Asia emerging as a key player in the global market.

Sainul,
Editor.

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How Iron Sail strengthens blockchain gaming ecosystem through collaboration
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The post Ecosystem Roundup: J&T Express raises US$451M via IPO; K-Bank buys Satang Crypto Exchange for US$103M; KIP closes US$60M SEA fund appeared first on e27.

MoneySmart, a fintech group operating a financial content and comparison platform in Singapore and Hong Kong, recently announced that its H1 2023 revenue grew 37 per cent to SGD24 (US$18) million whilst achieving positive operating cash flow.

On the back of this growth, MoneySmart Group is looking to launch an IPO within the next two years. It also plans global expansion and to enhance its products by introducing new features.

e27 spoke with MoneySmart Group CPO Max Del Vita and CFO Raymond Ong to learn more about its plans, IPO, and the fintech industry in general.

Edited excerpts from the interview:

MoneySmart has experienced substantial revenue growth in H1 2023. Can you share the key factors contributing to this growth, and how do you plan to sustain it?

Raymond Ong: Our revenue growth in H1 2023 can be attributed to strategic efforts and customer-focused innovations. Key factors include improved customer service, increased engagement from financial institutions and a rewards programme that has enabled a growing customer base – we saw a 3x increase in H1 2023.

To sustain our growth, we plan to focus on enhancing customer-centric innovations to make the discovery and selection of financial products easier, robust loyalty rewards and customer engagement programmes, and marketing optimisation.

With an IPO on the horizon, what are the primary goals and strategies you are focusing on to ensure a successful public offering in the next two years?

Raymond Ong: As we approach the possibility of an IPO in the next two years, MoneySmart Group will maintain sustainable growth by exploring international expansion opportunities, strategic acquisitions, investments in technology and critical initiatives to drive further growth and profitability.

Also Read: Listing via RTO is simpler than IPO, provides the currency to pursue M&A opportunities: MoneySmart CEO

These initiatives include:

• Enhancing customer retention by elevating the customer experience through personalisation, loyalty and rewards programmes across both the MoneySmart and Bubblegum (travel insurance) brands.
• Leveraging artificial intelligence (AI) and automation to improve customer experiences and operational efficiency. These include areas such as product recommendations, customer service and back-end automation.
• Advancing the development of value-driven insurance products under the Bubblegum brand.

You were planning to hit the bourses via a reverse takeover (RTO) deal. Do you still stick to this plan, or do you plan to go for a direct listing?

Raymond Ong: We are currently evaluating our options as part of our plan to go public in 2025 and will consider the best possible option for our shareholders.

MoneySmart is looking to expand internationally. What regions or markets are you targeting, and what challenges do you anticipate in entering these new markets?

Raymond Ong: We are eyeing regional and global expansion and evaluating the respective markets. Our immediate challenge would be to secure the respective licenses and navigate the regulatory landscapes in each market while ensuring sustainable growth.

We also recognise the importance of understanding the specific cultural and financial nuances in each market to ensure that our brand and offerings resonate with local customers.

How do AI and automation play a role in improving customer experiences and operational efficiency at MoneySmart? Can you provide specific examples of the technologies you’re using?

Max Del Vita: We intend to use automation to improve efficiency and customer experiences by speeding up typically manual reconciliation for rewards qualifications, customer service and personalised customer engagement. To achieve this, we are using technologies such as robotic process automation (RPA), workflow automation and proprietary machine learning algorithms.

When it comes to AI, we are currently in an exciting phase of exploring its potential impact on both our internal operations and customer experience.

Also Read: MoneySmart to list on SGX via a US$161.7M reverse takeover deal with APS

Earlier this year, we introduced a personal recommendation feature that leverages machine learning algorithms to provide customised financial advice to our users. While we are in the early stages, our cross-functional teams are committed to continuous learning and iteration to improve this feature. The goal is to help our customers make informed and effective decisions in their personal finance journey.

Being data-driven is also a fundamental part of our DNA. We use data to inform our decisions and tailor our services to meet the unique needs of our customers, ensuring they make informed and effective choices in their personal finance journey.

Financial services and fintech are highly competitive sectors. What sets MoneySmart apart from its competitors, and what’s your long-term vision for growth and impact?

Raymond Ong: Ultimately, it comes down to understanding the needs of the customers and our financial institution clients. We understand our customer needs better than other industry players, and our purpose is to leverage technology to push the boundaries of how financial products, knowledge and advice come together to empower consumers. We need to do this in close partnership with financial institutions to achieve the right outcome for all and continue to drive both quantity and high-quality customers.

Over the longer term, we intend to go deeper across the value chain in financial products, expand to more markets and reward customers for loyalty and engagement.

Can you tell us more about MoneySmart’s sustainability initiatives and commitment to sustainable growth?

Raymond Ong: Our sustainability initiatives are deeply rooted in our commitment to long-term growth and efficiency. We prioritise sustainable practices by strengthening partner relationships, innovating customer experiences and automating processes for operational efficiency, all aimed at driving scalable growth and optimising capital utilisation to enhance value for our customers, partners and shareholders.

How do you envision the future of personal finance and the role MoneySmart will play in helping consumers make informed decisions about banking, insurance, and investments?

Raymond Ong: As we look ahead, we see an evolving landscape where consumers are increasingly empowered to make informed choices around personal finance.

MoneySmart’s vision is to be at the forefront of this transformation, where we build innovative products to push the boundaries of how financial products, knowledge and advice come together to empower consumers. We aim to play a pivotal role in equipping them with the knowledge and tools to navigate such decisions confidently.

Also Read: How did MoneySmart grow its revenue by 25 per cent amidst a pandemic?

Our commitment to this purpose will continue to be a driving force. We envision a future where individuals can access personalised financial advice, aided by AI-driven insights and automation. With our platforms and services, we want to be a trusted partner for consumers on their financial journey, empower them to make the right choices and find products most suited to their needs.

Can you share your insights on the evolving regulatory landscape in the financial industry and how MoneySmart ensures compliance while staying innovative and competitive?

Raymond Ong: The complexity and fragmentation of the operating environment in the financial industry are increasing. We are witnessing a confluence of factors — such as the rapid digitisation of services, adoption of innovative technologies such as blockchain, fintech, digital payments and more, shifting economic climates, the persistent challenge of financial crimes, and the growing importance of sustainable practices and environmental risk management – all contributing to the evolution of financial regulations.

The financial sector is undergoing a profound transformation, with regulators focusing on adapting to these changes and overseeing non-traditional entrants in the financial services sector.

As licensed financial advisor and broker, we remain vigilant in staying abreast of these shifts. We continuously allocate resources to embed and manage risk and compliance while nurturing a culture that emphasises prudent financial management and compliance with regulations. This includes enhancements to our KYC and AML/CFT compliance, as well as robust data protection measures.

Lastly, do you think generative AI should be regulated, and why?

Max Del Vita: Generative AI is undoubtedly a breakthrough technology with transformative potential across multiple domains. However, it’s still relatively nascent and evolving, which makes the question of regulation a nuanced one.

On one hand, excessive regulation at this early stage could stifle innovation and slow down the pace of discovery and development. Such limitations could inadvertently hamper the positive impact generative AI can have on various sectors, including healthcare, education and finance.

On the other hand, the technology does pose risks, especially when it comes to the potential for misuse and impersonation. Ethical considerations must be taken into account to safeguard against detrimental applications of the technology, whether it’s creating deepfakes or generating misleading information. This is especially important for complex industries like finance, where customers highly value trust and reliable advice.

I believe that a middle-ground approach is prudent. Instead of heavy-handed regulation, establishing guiding ethical principles can be the initial framework to ensure the responsible use and development of generative AI.

Technologies like blockchain can also play a complementary role by enhancing the trustworthiness of AI-generated content. By providing a tamper-proof, decentralised data record, blockchain can verify and trace the source of AI-generated material, adding a layer of security and reliability that contributes to responsible use and mitigate potential risks.

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The post The complexity of the operating environment in financial sector is increasing: MoneySmart appeared first on e27.

The launch of ChatGPT last November has fuelled the rise of AI as it has removed some of the friction explaining how AI works and its potential. Mature organisations have been using AI for years now by integrating chatbots into the work of the 50,000 customer service agents in Hong Kong so call centres can achieve their business goals, including cost efficiencies, improved customer satisfaction and increased retention rates.

These organisations also find that as technology develops, there is no longer an excuse for them to deliver poor customer experiences, and therefore, striking the right balance between human empathy and robotic efficiency is all the more important.

AI has been interweaved with our day-to-day work for decades. Take the banking and finance industry as an example. AI was first commercialised back in the 1980s when the technology was used to predict market trends and provide customised financial plans.

Since then, AI has been increasingly used to automate mundane tasks and reduce the risks of human mistakes in the likes of financial and market analysis.

Fast forward to today, banks and pension funds have incorporated the use of natural language processing (NLP) and sentiment analysis to improve the quality of their customer service. Other financial service providers have saved money by deploying virtual assistants to handle a high volume of enquiries around the clock.

For example, Hang Seng Bank’s AI chatbot virtual assistant HARO and Bank of China and Prudential’s joint offering My MPF Bot have both helped address product enquiries and offer hassle-free services with fast and simple interactions. Where are the other gaps AI can fill in the future?

The engagement capacity gap in the customer service business

The customer service business, which costs US$2 trillion to operate globally, is facing an “engagement capacity gap”: the mounting pressure on contact centres to continuously provide an immaculate customer experience in high volumes across online and offline channels while the number of resources, budget and time costs remain the same, or even experience a crunch.

Also Read: How to stay creative in the age of Generative AI and Web3

Customers today are demanding a higher standard of efficiency in service: they want it instantaneous, and they now have more channels than ever to get it. According to a Frost & Sullivan report, 30 per cent of Asia-Pacific organisations pointed out that providing omnichannel customer service is their top IT challenge, as customers still expect meaningful, personalised and genuine interactions with the option of human assistance when required.

Naturally, generative AI has become front of mind as a solution given the technology’s recent developments. In fact, a recently released study by the National Bureau of Economic Research has found that the availability of AI assistance is able to increase productivity by an average of 14 per cent. Does this mean we can transition all work from a human agent to a chatbot?

Human and bots: Competition or coexistence?

In the customer service business, every minute counts. Being able to save time to summarise a call with a customer means that an agent could take an extra call with another, ensuring they stay happy with your company’s services. AI has so far been commoditised to help agents. The question is then: can AI excel on customer service standalone, or requires a hybrid approach of human and bots?

When AI was first introduced to the financial industry, there was a similar scepticism to today that it would take over jobs, and we have had a lot of learning since then. The key one is that a negative chatbot experience may even drive away 30 per cent of customers as they are not always reliable enough to handle complex questions nor even provide accurate answers. Therefore, we see a hybrid approach as the most effective and could help in the following ways:

• Funnelling enquiries by priority and complexity as the first touchpoint for all customers
• Summarising calls on behalf of human agents to free up their reporting time
• Analysing customer data to provide human agents with context and recommendations background on the customer for appropriate follow-up

Also Read: Harness the power of Generative AI in marketing with the Inmagine CEO

Striking a balance

Despite the efficiencies, the core of customer service is inherently about being human, and AI will not be able to replace that element, especially the empathy and experience required when dealing with emotionally charged situations or complex issues.

Technological developments in automation can enable agents to achieve more in less time, complementing human agents by performing a plethora of mundane tasks. Having said that, the implementation of AI in customer service comes with its own risks.

If not developed with proper oversight and ethical considerations, AI systems can perpetuate bias, discrimination and unfair treatment of individuals. Striking a balance for an effective blend of AI and human empathy is key in the future of customer service.

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The post AI revolution: Balancing human empathy and robotic efficiency in customer service appeared first on e27.