In 2021, Bloomberg boldly asserted that the Metaverse presented a US$800 billion opportunity. McKinsey raised the bar to US$5 trillion. Not to be outdone, Citi gave a jaw-dropping figure of US$13 trillion.

These staggering evaluations occurred against the backdrop of institutional soothsayers placing their bets on the metaverse lifestyle.  Their hope was for the metaverse to gain traction among young Millennials and Generation Z to become the next economic growth engine.

Having missed opportunities with AI-driven content curation and video content sharing pioneered by TikTok, Mark Zuckerberg was determined not to overlook the next major trend. This resolve crescendoed with the rebranding of Facebook to Meta and putting fortunes on the line to reshape his company under this new identity.

Other major tech players, including Alibaba, Snap, and Shopify, quickly followed suit to capitalise on the hype. From an industry-wide perspective, it seemed like a surefire strategy, and to the average observer, the metaverse rocket was poised for takeoff.

What was anticipated as a stellar launch gradually fizzled. Meta suffered losses exceeding US$40 billion. Decentraland’s virtual property, once commanding a premium, plummeted by 90 per cent, prompting a mass exodus of buyers.

Industry giants such as Microsoft, Disney, and Walmart hastily backpedalled their metaverse forays. If these indicators were likened to a patient’s vital signs, its obituary would be ready for the morning papers.

Remarkably, in the wake of these setbacks, fresh contenders have emerged, spearheaded by Apple and Nvidia. Aside from the dubious lucidity of their decisions,  the looming question remains: will their inaugural endeavours prove triumphant, or will they falter like many before? Ultimately, their success hinges on their ability to avoid similar pitfalls that have derailed past attempts.

Greed before the sound judgment

On September 26, 2022, Walmart pounced onto the scene with the launch of two virtual spaces in Roblox called Walmart Land and Walmart’s Universe of Play. According to William White, chief marketing officer of Walmart US, they were focused on “creating new and innovative experiences that excite”. With A-list promotion by Noah Schnapp, vibrant cartoony designs, and platformer gameplay reminiscent of Super Mario, their gambit was quite the tour de force.

Nevertheless, player messages like “making a toy wish list has never been this fun!” and catchy names for virtual experiences such as “Electric Island,” “House of Style,” and “Electric Fest,” gave rise to uncertainty on how these experiences would resonate with adult audiences.

Then there was suspicion, particularly given that 25 per cent of Roblox’s daily active users are under the age of 13, and this same age group is prohibited from accessing other platforms like Decentraland and Meta Horizon Worlds.

Also Read: The XR revolution: A glimpse into the immersive Metaverse of education and beyond

In reality, Walmart had crafted a new form of retail bombardment, targeting what they referred to as “young shoppers”—an unsettling euphemism for “children”. Roblox just happened to be the ideal platform to familiarise the Walmart brand to the youth. In hindsight, the ensuing backlash was entirely expected.

Only six months after launch, Walmart shuttered Universe of Play amid allegations of engaging in “manipulative stealth marketing” targeted at minors. These accusations were brought forth by reputable watchdog organisations like Truth in Advertising and the Children’s Advertising Review Unit.

Also, in the crosshairs, Roblox faced criticism for not adequately disclosing third-party advertising in a way that children could easily understand, further highlighting concerns about the industry.

In the absence of regulatory frameworks and watch groups, consumers would be left to the mercy of corporate greed associated with unfettered capitalism. Fortunately for lawful societies, safeguards are in place to protect the vulnerable. The lesson is obvious and bears repeating: Companies must prioritise ethical considerations and social responsibility over profit, or they risk eroding their own brand image.

Rushing into mistakes

Throughout much of 2022, Mark Zuckerberg’s journey into the metaverse became a subject of both ridicule and notoriety. What numerous publications had in common was their criticism of his roughshod decisions regarding Horizon Worlds, which was imagined to be a virtual reality ecosystem that would attract millions with hosted events, games, and social activities. But with only a monthly user base of 200 thousand, the oft-quoted Facebook motto, “Move fast and break things,” was suddenly losing its touch.

Mark’s impatience is justifiable, considering the challenges that Meta has been facing. On one end, TikTok is rapidly attracting a younger user base, diverting their attention from Facebook and Instagram.

On the other, Apple’s privacy changes have effectively wiped out billions of dollars in advertising revenue overnight, leaving Meta in a precarious position. It is hard to imagine how anyone would have deviated from Mark’s action under the pressure of this squeeze.

By the time of its rushed release, Horizon Worlds drew criticism for lacking parental controls, safe zones, and even lower extremities for virtual characters. The shortcomings were so severe they had a dampening effect on workforce morale.

When surveyed, only 58 per cent of the 1,000 Meta employees claimed to understand the company’s metaverse strategy, and a significant number hadn’t even owned or set up VR headsets.

None of these red flags had deterred Mr. Zuckerberg from pouring billions into Reality Labs and Oculus—both Meta subsidiaries positioned at the soft and hard front of the metaverse. These rash decisions also drew prominent criticism, including that of John Carmack, renowned for his work at ID Software and former role as the Chief Technology Officer of Oculus.

He has since expressed his dismay at the combined US$10 billion loss in the AR and VR divisions alone, which made him “sick to my stomach”. However, according to Mark, these setbacks were an acceptable part of a “very long-term bet”.

Indeed, the metaverse venture has become far more protracted than Zuckerberg was comfortable with. Confronted with an unforthcoming user base and lacklustre revenue, his response has been a shift in focus to other endeavours, such as Meta’s Twitter clone, Threads, thereby returning to the familiar role of emulating his rival’s success, rather than bungling his attempts at becoming a forward-looking visionary. At least, that is the case for now, as his recent Forbes interview indicates he still believes the metaverse “is going to be very exciting over time”.

Whether or not he will ultimately succeed with Horizon Worlds is still uncertain since the outcome is not solely within the control of any single entity. It will require a collaborative effort from the entire industry, including businesses and customers, all working together to adapt to the ever-evolving metaverse landscape.

The point is that impatience to be first to market will lead companies to “jump the gun” by prioritising hasty implementation over the methodical cultivation of broad market appeal. 

The costly proposition of staying tone-deaf

In 2021, Sotheby’s unveiled a digital replica of its London headquarters located in Decentraland, complete with a digital greeter resembling their London commissioner, Hans Lomulder.

The purchase and construction of this virtual plot played a pivotal role in their broader strategy to enter the market for selling crypto-art masterworks. Their curation rapidly gained prominence with the showcasing of renowned NFT collections such as CryptoPunks, Bored Ape Yacht Club, and The Fungible Collection.

On the broader stage, Sotheby’s was just one of many prominent businesses putting their stakes in the wild digital frontier. Other notable entrants in Decentraland, like UPS and Samsung, have also bid up property prices from thousands to millions of dollars.

Also Read: Revolutionising education: Exploring the metaverse’s uncharted potential

Notably, prominent figures like Snoop Dog and German fashion designer Philipp Plein have made significant investments, with the latter purchasing a US$1.7 million property.

Judging by the frenzy of buying activity and property development, the Decentraland spiel was working. By cleverly limiting the number of land plots carved out of distinctive geographic locations, they manufactured an artificial sense of scarcity.

Meanwhile, landowners had to trust the developers to honour this scarcity tactic and resist the temptation to expand or inflate virtual real estate. As property prices continued to rise with virtual construction underway, both sides were incentivised to maintain this charade.

It is undeniable that limited supply coupled with brand and celebrity endorsements constituted a shrewd business strategy for Decentraland. It was effective for so long that everyone ignored the elephant in the room: the fact that all this growth and enthusiasm was never fueled by user engagement or expenditure.

A more precise portrayal of the economic activity in Decentraland was that of virtual property speculation. This all-out “land grab” was triggered by the surge in crypto prices, with average land parcel prices reaching a record high of US$37,238 dollars in February 2022.

Fourteen months later, this superficial buying frenzy imploded, with average parcel prices plummeting to US$1,250. In terms of overall market capitalisation, Decentraland had reached its zenith at US$8.91 billion and then nosedived to a mere US$550 million in one year, constituting a 94 per cent wipeout. Compared percentage-wise, the losses of the 2008 housing crisis looked like a drop in the bucket.

Decentraland investors have come to realise that the valuation of their assets was not supported by actual consumer demand. In the age-old tussle of productive versus speculative economies, the tangible results of the former usually prevail.

Thus, companies need to prioritise value creation based on the mainstay of customer satisfaction. Virtual value can be derived from market activity in commerce, entertainment, education, and socialisation. Anything else is likely the excess of a frothy market or a house of cards built on unsound principles.

A turnaround in the making

The success of the metaverse hinges on more than just a smorgasbord of marketing and feature gimmicks. Brands and organisations must adopt long-term visions that align with the core principles of the metaverse and develop sound strategies to match.

To truly engage users, there needs to be compelling lifestyle components to attract and retain participants. In addition to the resource-intensive nature of this endeavour, it demands a substantial investment of time and patience.

Hence, it would be more prudent for businesses to take a bite-sized tactic to build the metaverse by scaling horizontally, not vertically. Whereas the vertical approach is focused on building an omnipotent metaverse to attract users from all walks of life, the horizontal approach works from the grassroots by introducing select metaverse features to preexisting users in their respective ecosystems and holdouts.

An example of this horizontal strategy can be seen in what Apple has in store for its Vision Pro device and its slew of featured apps. By integrating social into the company’s rich ecosystem of existing apps and encouraging developers to do so as well, Apple is allowing users to share their existing activities with family, friends, and acquaintances. 

For instance, SharePlay is incorporated into Apple TV, Apple Music, and Photos to facilitate shared experiences through FaceTime. Which Apple believes will become an expected feature in the majority of visionOS applications. While SharePlay does not meet the strictest definition of the metaverse as a three-dimensional online environment, in terms of interconnectivity, it is a potential game-changer.

On the industrial front, Nvidia is making strides with its Omniverse platform by forging strategic partnerships with companies like Foxconn and Lockheed Martin. Through these collaborations, they aim to establish Omniverse as the central hub for digital twinning. The customers in this context encompass not only corporations and businesses but also their associated workforces and automated systems. 

Digital twinning, in this regard, offers distinct advantages by creating virtual facsimiles of complex systems, including traditional manufacturing, lights-out factories, cobot workspaces, and more.

These models provide crucial real-time data and predictive insights, enabling the ongoing optimisation of production processes while maintaining high safety standards. Considering its numerous benefits, the Omniverse platform is a compelling application of the metaverse for manufacturers striving to remain competitive.

Rather than constructing an all-encompassing metaverse and trying to lure customers in, Apple and Nvidia are flipping the script.

By promoting metaverse features to existing customer bases in their fragmented environments, they are actually doing more to unite everyone in centralised, social and interactive virtual environments. While their ingenuity does offer glimmers of hope, only time will reveal the efficacy of their strategies.

For now, unless the industry as a whole moves away from outmoded concepts, it runs the risk of descending into what can be described as a Churchillian conundrum. To paraphrase, one can always count on corporations to do the right thing only after they have exhausted all other options. For small- to medium-sized companies lacking the flush war chests of big tech, being guilty of that truism — even once — may be a bridge too far.

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Two decades after the first Cybersecurity Awareness Month, the frequency and severity of cyber-attacks have reached unprecedented levels. With our daily routines, family interactions, and even recreational activities intertwined with digital platforms, our exposure to potential threats has never been greater.

Today, people and businesses effectively exist online, transacting and communicating in the digital realm. Staying constantly aware and vigilant against cyber threats is vital.

In addition to safeguarding against increasingly sophisticated cyber threats with modern and effective protection technologies, businesses, governments, and individuals must continue to raise awareness of current cyber threats and adopt best practices to protect against them.

For businesses, this can mean educating both employees and customers on how to spot suspicious digital events and artifacts, such as social engineering attempts and scams. Organisations should also continue to invest heavily in embedding cyber security into the working culture and strategic vision.

Different regions across the world face distinct types of cyberattacks based on their dominant industries and vulnerabilities. According to Akamai’s latest State of the Internet report, the Asia-Pacific and Japan (APJ) region’s financial services faced over 3.7 billion attacks, experiencing growth of web application and API attacks by 36 per cent from Q2 2022 to Q2 2023.

Australia, Singapore, and Japan were named the top three most targeted countries in the region. The report also found that Local File Inclusion remains the top attack vector and that 92.3 per cent of attacks against APJ’s finance sector were targeted at banks, posing a huge threat to both financial institutions and their customers.

The APJ region overall is also witnessing a huge spike in ransomware. The use of Zero-Day and One-Day vulnerabilities has led to a 204 per cent increase in total APJ ransomware victims between Q1 2022 and Q1 2023.

Most of these victims are small and medium enterprises, with victims of multiple attacks six times more likely to experience a second attack within three months of the first attack. In addition, 1.15 billion web attacks were recorded in APJ’s commerce sector, across retail and hotel and travel verticals, with India and China as top web attack target regions.

New cybersecurity threats on the rise

Advances in artificial intelligence (AI) have seen the rapid evolution of cyber threats. Cybercriminals are using AI to develop much more sophisticated and automated attack strategies. AI-powered cyberattacks also have the potential to adapt in real-time as they learn how a targeted organisation’s cyber defences work, making them particularly challenging to detect and defend against.

Also Read: How cybersecurity teams can involve HR to optimise incident response

In response, cybersecurity experts are also leveraging AI in defence, primarily to identify, automate and mitigate threats before and as soon as they occur. As the industry intensifies its desire to understand the potential of how AI can be effectively applied to cyber, we expect more use cases to be developed and tested for both offensive and defensive purposes for the foreseeable future.

For example, Generative AI (GenAI), a subset of AI, has made phishing and email scams look more authentic and dangerous. Instead of obvious clues like grammar mistakes, automatic translation and errors, AI-generated phishing emails allow impeccable grammar and vocabulary to be used, making them much harder to distinguish from legitimate communication.

Another issue is users using GenAI tools to process potentially sensitive information such as source code or confidential internal documents, which the AI may use as training materials.

A related attack method seeing a sharp rise is Vishing or Voice Phishing. GenAI can be used to mimic the voices of specific individuals or even generate entirely synthetic voices that sound convincingly human. Victims believe they’re interacting with a trusted entity, such as their bank or a government agency, and are tricked into providing sensitive personal information or financial details.

AI can even be used to imitate the voice of a co-worker or family member, greatly increasing the level of risk of scams. Similar to how voice-activated AI assistants work, a person’s voice could potentially be cloned by recording a few spoken sentences from the said victim.

Supply chain attacks are another growing concern. They involve targeting an organisation’s partners and suppliers who may have access to the organisation’s network or systems, usually to automate digital transactions and update data.

These attacks are particularly dangerous as they can compromise the security of an organisation indirectly through its supply chain as these external parties are usually deemed as trusted entities and part of its larger business ecosystem.

Defence strategies against cyber attacks

While tools and technology are critical for defending against cyber-crime, they are not a silver bullet. Educating users on cyber risks must continue to play an integral part and be a shared responsibility among organisations, businesses and consumers.

Private companies must continuously update their awareness campaigns to remain effective, while the public sector needs to intervene with new or updated regulations and standards when necessary to safeguard citizens.

Cyber threats tend to target the weakest link in the chain, which is often an individual user. The mitigation of human error can come from implementing security awareness training for employees, thereby arming staff with the knowledge to make better decisions.

Humans have long been viewed as the weakest link in cyber security; however, when properly trained to be more security savvy, humans are also the first and last line of defence for the organisation, providing huge benefits to the business. Finally, consumers must also be accountable for learning about basic cyber hygiene and practising safe online behaviour.

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

Organisations should also consider adopting a zero-trust strategy, which assumes that every user, whether internal or remote, is a potential threat.

For example, instead of connecting a remote user to a corporate network via a traditional VPN, it leverages a reverse proxy technology, commonly known as Zero Trust Network Access, to grant remote users access to only the specific applications that are necessary to carry out their roles.

Another effective strategy for achieving cyber resilience is Zero Trust Segmentation, also known as Microsegmentation. It involves isolating and containing breaches within an organisation, limiting damage and allowing for recovery while under attack.

Instead of relying on network-based controls that are coarse and often cumbersome to manage, microsegmentation separates security controls from the underlying infrastructure, offering much more granularity and flexibility.

This is often essential as organisations transition to the cloud, with new deployment options like containers that make traditional perimeter security less relevant. Securing the cloud involves a range of practices, policies and controls.

It needs to protect not only data but also application workloads running in the cloud and the users who interact with them. As security is usually a shared responsibility between the cloud provider and the customer in today’s multi-cloud world, it is imperative that organisations clearly understand their overall security posture.

The need for collaboration against cybercrime

Collaboration between the public and private sectors is paramount to countering cyber threats effectively. Cybercriminals themselves frequently collaborate to run more effective and profitable attacks. The cybersecurity industry needs to do likewise, with not only research and standard setting but also practical actions.

Various working groups and initiatives have been formed to address emerging threats, develop standards and build frameworks for cybersecurity, including MITRE‘s Center For Threat Informed Defense and the FIDO Alliance.

We’re also seeing more instances of successful cooperation between technology companies and law enforcement agencies like the Federal Bureau of Investigation. These collaborations involve sharing insights, data and evidence to identify and apprehend cybercriminals.

When it comes to consumer cybersecurity, scams are a significant threat. Scammers are targeting digitally connected consumers through methods such as phishing, social engineering, and fraudulent schemes. Awareness campaigns by private organisations, the implementation of public sector regulations and individual consumer vigilance are all important in combating scams.

As cyber criminals increasingly evolve their attacks, organisations and security experts must make a continuous commitment to cybersecurity awareness and preparedness and instil good cyber hygiene.

As countries and societies become more digitally connected and reliant on technology, the attack surface of cyber attacks will grow along with it. Ongoing vigilance and a collective effort continue to be critical to safeguard our digital lives.

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Technology has revolutionised our lives. Effective and efficient strategies have evolved. This transformation has quickly spread to the workplace and our daily life.

Everything we do now is affected by technology, from simple to complex. It has spread to corporate and FinTech levels from the public. Software engineers at the financial technology company are speeding up the automation of manual processes.

Web3’s better administrative system has helped Fintech since its founding. Fintech seems successful despite technology concerns.

Web3, a decentralised network, improves banking sector efficiency, security, and transparency. By simplifying banking, financial technology software has helped many people.

To begin, let’s define Web3 technology

The concept of Web3 surprised everyone. The world was still getting used to Web3. What is Web3, and why is it important? We’ll explain Web3 before showing you its incredible capabilities and how Fintech institutions are adopting it.

The third generation of the internet is called Web3 or the “decentralised web.” Its incredible potential guarantees exponential growth as a game-changing technology.

Web3 uses blockchain to create a peer-to-peer network, unlike Web2. This breakthrough system eliminates third parties in user transactions, boosting transparency, safety, and confidence.

Web3’s function in a fintech institution

Web3’s impact on fintech is immeasurable. It must develop because of its fintech potential. Fintech companies are embracing digital to prevent setbacks by modifying their business model.

Not one place to handle money 

Web 3 applications in banking and finance include decentralised financial systems. Decentralised finance, or DeFi, uses blockchain networks to deliver a variety of financial services. Services include loans, trade, and yield farming.

Also Read: How regulatory clarity can support Web3 innovation in Asia

With Web3, financial technology companies no longer need intermediaries like banks. DeFi users have full ownership of their assets, allowing them to make more money without intervention.

Authentication and protection of digital identities

Web3 is crucial to finance digital identity. Since users may own their identification information, they no longer need centralised companies to manage their personal data. Self-sovereign identity systems based on blockchain technology enable this.

This improvement could improve Know Your Customer (KYC) procedures, reduce data breaches, and streamline customer onboarding for the financial institution.

Transaction that crosses borders

This also applies to fintech’s Web3. Banks have worked hard to simplify foreign transactions, and finally, they have a solution. Because Web3 is borderless and supports smart contracts, international payments are faster and cheaper.

Depending on particular conditions, smart contracts can automatically execute transactions without third intermediaries or extra costs.

Web3’s value in the fintech

Fintech software development services offer several benefits; thus, the financial institution is using them. Technology has changed people’s lives differently. Most financial firms have adopted Web3 fintech. Fintech using blockchain has changed this bank. Fintech improves trust, security, and productivity.

Improved protection of personal information and data

Money safety is crucial in today’s open world. Thus, the banking security benefits of Web3 must be considered. Providing protection and privacy for new data is one of its many amazing benefits.

Traditional centralised systems leak data, allowing cyberattacks. Blockchain’s cryptography protects all transactions and data with Web3. So, clients’ financial data is protected and anonymous.

Transaction that is both open and reliable

Web3 in fintech creates an immutable ledger to make financial transactions more transparent. This lets you track and verify every financial transaction, regardless of origin.

Auditable transaction records simplify regulatory compliance and decrease fraud in financial organisations.

This transparency builds client confidence in the financial institution, which is vital for running a business that handles other people’s money.

Assets are being tokenised

Web3 allows financial asset tokenisation. Asset ownership, trade, and investment change. More investors can buy stocks, commodities, and real estate with tokenisation.

Previously illiquid assets are becoming liquid, enabling more imaginative and flexible investing techniques for everyone. Investors are more confident, and disagreements are reduced.

Finally, Web3 has been shown to be a ‘need’ in the financial environment, and financial institutions are pushed to adopt this new approach (it makes work easier and faster).

Financial technology firms have several technologies at their disposal. Thus, failure is unlikely.

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Many SMEs want to deploy Generative AI tools like ChatGPT to enhance productivity and value but are apprehensive about using them. They fear potential corporate data leaks and are concerned that unethical use of Generative AI might expose them to privacy, security, and ethical risks that overshadow potential benefits.

Singapore-based Straits Interactive found an opportunity here and created Capabara, an all-in-one data protection AI Assistant aiming to assist Data Protection Officers (DPOs) in their busy roles as demand for data privacy from organisations.

Capabara empowers SMEs to tap into generative AI’s potential in alignment with their digital transformation goals while ensuring ethical and responsible use. Can Capabara change the data protection landscape?

We spoke with Kevin Shepherdson, CEO and Founder of Straits Interactive, to learn more about the tool.

Below are the edited excerpts:

As the demand for DPOs increases in Asia, please discuss the role of these cyber-guardians in ensuring data privacy and security for organisations.

Everyone would agree that data has become an invaluable asset for organisations, regardless of size. In this context, the DPO emerges as the linchpin of a robust compliance framework, diligently protecting the privacy of sensitive information.

Also Read: Inmagine CEO Warren Leow discusses AI’s impact on content creation and ethical considerations

This role has taken on greater significance given that nearly every ASEAN country now has its own data protection legislation. The rise of technologies like ChatGPT and generative AI introduces additional complexities in compliance, especially as many companies are integrating AI into their operations.

DPOs, aka cyber-guardians, need to consider AI’s risks and understand its influence over the entire lifecycle of business processes. Rather than solely aiming to mitigate these risks — which can lead to perceptions of DPOs as mere “show-stoppers ‘— they should also develop the competencies to assist business leaders in maximising data value through enhanced data governance.

What challenges do organisations commonly face when striving to become more data-compliant, and how does Capabara assist in overcoming these challenges?

Organisations often grapple with a multitude of challenges in their pursuit of enhanced data compliance. Key among these challenges are:

• Data security and privacy risks
• The complexities of ever-changing regulations
• A shortage of resources and expertise
• The constraints imposed by outdated legacy systems

Capabara’s AI DPO Assistant helps organisations overcome these challenges by offering a self-help tool that provides suggestions to address operational queries, offers information on regulatory mandates, and streamlines data governance processes.

As a result, employees have immediate access to standard operating procedures (SOPs) and are guided towards ethical data management practices across the organisation.

Automating repetitive tasks, such as responding to operational inquiries, empowers organisations to govern their data more effectively and deploy their resources more precisely.

Importantly, this service is intended to support the DPO and data governance teams, not to supplant them.

Could you elaborate on how technology, particularly AI, can alleviate data-heavy workloads for DPOs and streamline data protection processes?

To understand the benefits of AI for DPOs, we first need to examine the day-to-day responsibilities they manage across various departments. Organisations consistently collect, use, disclose, and store data throughout their business processes, always aiming to comply with regulations like the PDPA.

Also Read: Are large Vietnamese tech enterprises ‘indifferent’ when competing with ChatGPT?

A DPO’s time is devoted to addressing data protection inquiries and ensuring alignment with company policies and SOPs. This workload can be hefty for those juggling dual roles, attending to other responsibilities while conducting proactive risk assessments, such as data protection impact assessments. These are not only time-consuming, but they also tend to be applied inconsistently across different scenarios.

AI allows stakeholders to increase their knowledge and reduces the risks of inaccuracies or distortions.

In what ways has generative AI revolutionised the way businesses approach data protection and compliance?

Through Generative AI technology, Capabara exemplifies the potent convergence of data protection. Our aim with Capabara is simplification without compromising security. Think of it as a hyper-intelligent sidekick, always available, acting as a reliable, trusted advisor on data protection and company-specific data governance.

Generative AI brings significant transformative benefits to data protection and compliance, including automating repetitive tasks: rapid information retrieval, enhanced decision-making, adaptive learning and more.

Digital transformation is a buzzword for many businesses today. What are your top tips for organisations looking to undergo digital transformation securely while maintaining data privacy?

It’s important to remember that digital transformation is more than just a buzzword; it’s imperative for businesses in today’s competitive landscape.

Organisations seeking to navigate this transformation securely while prioritising data privacy should focus on the undeniable importance of data privacy and also roll out a data protection management programme.

Also Read: Transforming customer service: AI’s ‘artificial empathy’ holds the key

Balancing opportunities with challenges is also essential. While advancements like Generative AI present enormous business efficiency and innovation opportunities, they also introduce new challenges related to data protection and ethical AI use. Lastly, educating AI business professionals is vital, as is prioritising AI Governance.

Data breaches remain a significant concern. How does Capabara enhance data storage and security for organisations to prevent data breaches?

Firstly, organisations can leverage the Capabara AI DPO Assistant to assess potential risks in their business processes and receive tailored control recommendations. These suggested measures can be exported as a task list to our Capabara Capability Management system.

Here, organisations can document and track the controls they intend to implement as part of their risk management strategy, continually reviewing the implementation to ensure the controls’ adequacy and effectiveness.

Additionally, our platform offers a library of AI tools designed to support an organisation’s data protection management programme and offer guidance when responding to data breaches.

Furthermore, organisations can use our AI DPO Assistant to query our extensive database of past enforcement decisions. This provides valuable insights and learning opportunities before engaging external experts or consultants arises.

Looking ahead to 2024, what data protection trends do you believe businesses should be prepared for, and how can they stay ahead of emerging challenges?

We’ve identified five key data protection trends in 2024, including ongoing digital transformation. The continuous evolution of digital transformation will amplify privacy and security threats.

Escalating privacy breaches will also be something to watch out for; we anticipate a continued rise in privacy breaches, with enforcement measures extending beyond data security issues.

Other trends include noticeable shifts to data governance; as the demand for data protection expertise burgeons, we will see a shift from mere data protection to comprehensive data governance.

Also Read: Two decades of digital defence: Why cybersecurity must remain a top concern for everyone

Regulation of social media and surveillance: we foresee increased regulatory actions against the improper or unfair use of social media, surveillance, and children’s data in the next twelve months. We also believe AI Governance will take centre stage and that there will be a heightened focus on AI governance and ethics.

To navigate these challenges, companies must stay proactive, remain aware of evolving trends, and proactively govern their data. They will also have to update regulations and anticipate more stringent data protection regulations and requirements, especially around Generative AI. DPOs must keep up with these shifts, regularly updating their knowledge and skills.

Companies will also be required to establish AI Governance. Organisations that don’t implement an AI data governance framework in their digital transformation roadmaps will face considerable challenges. While it’s impractical to completely prohibit Generative AI in workplaces, training staff on its ethical use and continually revising data policies to address the dynamic AI landscape will be crucial.

 

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In the dynamic and ever-evolving world of startup financing, founders face crucial decisions that can significantly impact their ownership stakes and the control they have over their ventures. One of these critical choices is the selection of pre-money or post-money Simple Agreement for Future Equity (SAFE) instruments.

In this article, we’ll explore the nuances of these SAFEs and make a compelling case for why choosing pre-money valuation caps is a more founder-friendly financing strategy.

The key distinction

Pre-money and post-money SAFEs may sound deceptively similar, but they have distinct implications for ownership dynamics. Let’s dive into the key difference between the two:

Pre-Money SAFEs: When opting for a pre-money SAFE, the valuation cap is applied before the investment, determining the investor’s stake based on the company’s valuation before their investment.

Post-Money SAFEs: In contrast, post-money SAFEs apply the valuation cap after the investment has been made. This seemingly subtle difference can lead to significant discrepancies in ownership percentages, directly affecting founders.

A tale of two investors

To illustrate the profound impact of these SAFEs, let’s consider a scenario involving two investors:

Investor 1: Injects US$1 million into your startup through a post-money SAFE with a valuation cap of US$10 million, resulting in a 10 per cent ownership stake.

Investor 2: Contributes US$3 million with a higher post-money valuation cap of US$15 million, resulting in a 20 per cent ownership stake.

The crucial point here is that when these SAFEs convert to shares during a priced round, your ownership as a founder gets diluted by a staggering 30 per cent (10 per cent from Investor 1 + 20 per cent from Investor 2).

Understanding the dilution

With post-money SAFEs, the risk of diluted ownership in future funding rounds is significantly higher. It’s essential to grasp this key concept: each investor gets a fixed ownership percentage, and when SAFEs transition to shares during the priced round, the dilution from other SAFE investors primarily impacts only the founder’s remaining portion.

Also Read: Startup investments in SEA in Oct see 205% jump over previous month: Tracxn

Choosing a pre-money SAFE

Now, let’s revisit the same scenario with pre-money valuation caps of US$9 million for Investor 1 and US$12 million for Investor 2. The dilution for founders drops from 30 per cent to 28 per cent, resulting in the following ownership distribution:

• Founder: 72.0 per cent
• Investor 1: 8.0 per cent
• Investor 2: 20.0 per cent

Each SAFE note mathematically interacts with others, mitigating the impact on founders’ equity. The result is a more favourable ownership structure for the founders.

The recommendation

Given these considerations, the recommendation for founders is clear: opt for a pre-money valuation cap over a post-money one. By doing so, you’re not only preserving your ownership stake but also ensuring a more equitable distribution of equity in your startup.

The nuances of pre-money SAFEs

Now that we’ve established the importance of pre-money valuation caps, let’s delve deeper into the nuances of using pre-money SAFEs for your startup financing.

Valuation cap calculation

In a pre-money SAFE, the valuation cap is determined before the investor’s contribution. This approach anchors the investor’s ownership stake to the valuation of the company at the time of their investment. As a founder, this can work in your favour, as you are less susceptible to dilution caused by subsequent investments at higher valuations.

Mitigating dilution

Pre-money SAFEs naturally provide more protection against dilution. Since the valuation cap is established beforehand, founders can maintain a more significant portion of their ownership when subsequent rounds of funding occur. This means that you retain more control over your startup and can preserve your vision for the company.

Investor attraction

Interestingly, pre-money SAFEs may also attract investors who prefer a more founder-friendly structure. Investors may appreciate the fairness of pre-money valuation caps and the reduced risk of future dilution. This alignment of interests can lead to more fruitful partnerships and a more stable foundation for your startup’s growth.

Fundraising flexibility

Pre-money SAFEs offer founders greater flexibility when it comes to raising capital. By setting a pre-money valuation cap, you can establish clear terms for investment rounds, making negotiations with potential investors more straightforward. This transparency can streamline the fundraising process and help you secure the right partnerships for your startup’s success.

Enhanced control

Opting for pre-money SAFEs not only protects your ownership but also safeguards your control over the company. As a founder, maintaining control of your startup’s direction and decision-making processes is essential. Pre-money SAFEs support this by minimising the dilution of your equity and allowing you to steer your company with a firmer grip on the wheel.

Also Read: 5 fundraising tips for first-time founders

The pitfalls of post-money SAFEs

To fully appreciate the advantages of pre-money SAFEs, it’s essential to understand the pitfalls of post-money SAFEs and why they may not be the best choice for founders.

High dilution risk

Post-money SAFEs expose founders to higher dilution risks, as demonstrated in the earlier scenario. With fixed ownership percentages for investors, any subsequent investments at higher valuations will primarily dilute the founder’s stake. This can erode your control and influence over your own company.

Founder’s vision at risk

A significant consequence of high dilution is that it puts your vision for the company at risk. As your ownership decreases, you may find it increasingly challenging to make strategic decisions and execute your plans as intended. Protecting your ownership stake with pre-money SAFEs can help you maintain your vision and drive your startup’s success.

Investor preferences

Investors choosing post-money SAFEs may have different motivations and interests that may not align with those of the founders. Their primary concern may be maximising their return on investment, potentially leading to conflicts in decision-making and overall company direction.

Funding negotiations complexity

The complexity of post-money SAFEs can sometimes lead to protracted and challenging negotiations during fundraising rounds. The uncertainty regarding ownership percentages in subsequent funding rounds can complicate discussions and potentially discourage investors.

Conclusion

In the world of startup financing, the choice between pre-money and post-money SAFEs is a crucial decision that founders must make.

While both options have their merits, pre-money valuation caps stand out as the more founder-friendly choice. They offer protection against dilution, attract like-minded investors, provide flexibility in fundraising, and safeguard founder control and vision.

Founders who prioritise maintaining ownership and control over their ventures should consider the benefits of pre-money SAFEs. By choosing this financing strategy, you can not only protect your interests but also build a more equitable and secure foundation for your startup’s journey to success.

In a landscape where informed decisions make all the difference, pre-money SAFEs empower founders to chart a course for their startups that aligns with their vision and aspirations.

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This article was first published on September 2, 2022. There are several updates from these second-generation unicorns regarding their international expansion plan. For example, Kopi Kenangan has prepared to expand further to Singapore in 2023, as reported by various media.

When it comes to producing unicorn startups, Indonesia has done a phenomenal job. The market was first predicted to have three unicorns by 2020, but even in 2019, it was able to shock the world by having five unicorn companies –Gojek, Tokopedia, Traveloka, Bukalapak, and OVO. Fast forward to 2022, the country now has around 14 unicorns operating in the market, and it is expected to grow to 25 companies by 2025.

Even more astonishing is that nine of these companies secure their unicorn status at the height of the COVID-19 pandemic.

On the second day of NXC International Summit, held in Bali, Indonesia, on September 1, we got to see a panel discussion featuring five of these unicorns: Edward Tirtanata (Kopi Kenangan), Tessa Wijaya (Xendit), Kusumo Martanto (Blibli), George Hendrata (Tiket), and Robin Lo (J&T Express). Dubbed as the second-generation unicorns, in a session moderated by former Minister of Communications and Informatics Rudiantara, these companies explain their approach to success, in addition to the latest updates from their business.

There were some distinctive features that I noticed from these second-generation unicorns that set them apart from their predecessors. First, there seemed to be a wider variety of verticals they are operating in. If the first generation was dominated by e-commerce and fintech services, we could even see an F&B company among the second-generation unicorns.

But apart from that, there is something more outstanding about this new wave of unicorn companies: They seem to have a more robust international focus than their predecessors.

Also Read: Why HR tech will make Asia’s next unicorns

Beyond Indonesia

If we look at the list of first-generation unicorns, only two out of the five companies –Gojek and Traveloka– had an international presence by the time this article was written. It took Gojek years to finally expanded their business to neighbouring Southeast Asian countries when Traveloka’s international presence was a given, considering the travel and tourism industries that they are operating in.

From the F&B sector, Kopi Kenangan is currently planning its expansion to Malaysia in the final quarter of 2022 while Xendit has already entered the Philippines earlier this year. The company is also looking forward to entering new Southeast Asian markets soon. For Xendit, its international expansion was part of its effort to fulfil the demands of their customers

“The zero marketing concept that we implemented earlier in our operations can no longer work when we are expanding to a new market,” explains Tirtanata at the sidelines of NXC International Summit. “Having an established presence in Indonesia and having raised investments from the likes of Jay-Z and Serena Williams helped us to build rapport in the new market.”

As a logistics company, J&T Express has the strongest international presence, expanding even as far as China. “We were told that entering the Chinese market was an impossible feat,” said Lo.

Within the second-generation unicorns, Blibli is the only one that aims to remain laser-focused on the local market. Martanto told the press that the company intends to remain laser-focused on building and expanding its omnichannel platforms.

It had recently secured partnerships with leading supermarket chains and launched an integrated service that allows its customers to use its services through a single entry.

Also Read: Synergizing a corporate, a tech unicorn and startups with a corporate-backed accelerator programme

Behind the phenomenon

One might wonder what is behind this attitude shift among Indonesian unicorns, especially because these second-generation unicorns secure their status only about three to five years apart from their predecessors. One might say something must have happened within the span of three to five years to enable this change to happen.

It all comes down to a single factor: Indonesia securing its reputation as a promising and established market for tech companies.

Back in 2016, in an interview with e27, Tokopedia CEO William Tanuwijaya expressed the company’s plan to remain focused on tier-two and -three cities in Indonesia. This came out as no surprise, considering the infrastructure gap between provinces in Indonesia and the challenges it may provide to e-commerce companies that want to win the market on a national scale. There were also other factors, such as the high level of distrust against fintech services amongst customers.

But today, in 2020, especially after the pandemic, Indonesian customers are just as savvy as the other markets. The rise of GoPay’s popularity has made it possible for other fintech services to enter and win the market;

As tech companies become a more integral part of the lives of Indonesians, more and more investors are coming into the market. These investors also began to invest in various verticals, opening up even more opportunities for Indonesian startups in the global market.

For companies who are looking to expand internationally, Indonesia’s reputation as an established tech hub –with notable companies operating in the market– certainly helped with securing potential partners, investors, and customers.

In the end, it is all about timing. What the first-generation unicorns chose to do was undoubtedly the best for them. But today, the Indonesian market has evolved in such a way that it would be in vain for the unicorns not to give the international expansion a try.

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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.

The article was first published on August 10, 2022.

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Private funding in Southeast Asia (SEA) has declined to its lowest level in six years, with the deceleration in late-stage deal activity being the most pronounced. A substantial 87 per cent of investors reported encountering increased hurdles in fundraising, while 88 per cent expressed that they are dealing with a more complex landscape when it comes to exiting investments.

Despite the slowdown in venture activity, SEA continues to be a promising region as the digital economy remains a major growth driver. The region recently achieved a significant milestone, crossing the US$100 billion mark in revenue from all digital economy sectors this year – marking an eightfold growth over the past eight years.

Singapore remains the bright spot for the region’s venture activity. In the first quarter of this year, technology startups in Singapore managed to secure the most funding in SEA, totalling US$516 million, despite the region witnessing its lowest quarterly deal value over the past year.

To help Singaporean startups tap into this promising landscape, TiE Global is hosting the TiE Global Summit (TGS) 2023 in Singapore.

As a vibrant ecosystem of global investors, entrepreneurs and enterprise innovators, TiE has enabled over 25,000 startups via mentoring, networking, education, incubation and funding. Furthermore, the organisation has created US$1 trillion in wealth and generated employment for 2.5 million people directly.

As the world’s largest entrepreneur forum, TGS will bring together visionaries, industry leaders, investors, and entrepreneurs from around the world to connect with Singaporean startups and put a spotlight on groundbreaking areas of innovation.

TGS 2023 will be held in Singapore in conjunction with the Singapore Fintech Festival for the first time ever. It will feature topics such as AI, Web3, and the digital economy and will provide opportunities for startups to network, gain valuable insights, access funding, and foster collaborations, as well as facilitate the exchange of ideas between the world’s largest entrepreneurship event and the world’s most impactful fintech festival.

Also Read: The future of startup fundraising in Singapore

TGS 2023’s theme, #GoodForTheWorld, represents the spirit of entrepreneurship, which, at its core, underscores the pivotal role of entrepreneurship in driving innovative solutions in a world facing unprecedented challenges. Entrepreneurship generates economic growth, creates jobs, and drives technological advancements that serve as a catalyst for social and economic development, ultimately fostering progress for communities and nations alike.

Besides networking opportunities and thought leadership sessions from industry titans, other key programmes at the event include:

• TiE Women Global Pitch Competition: Finals of TiE’s largest-running global investment support program for women-led ventures from 62 countries will culminate at TGS 2023. This year, more than 1,600 applications were received for the TiE Women Global Pitch Competition. To date, 13 women-led startups have received equity-free grants worth more than US$350,000. The programme has also accelerated over 350 women-led startups and provided over 600 women entrepreneurs with chapter-level monitoring.
• TiE-KPMG SEA Entrepreneur of the Year Awards: The Awards are a recognition of entrepreneurs by entrepreneurs who are the top business leaders in SEA and will be presented at the prestigious Gala Dinner of TGS. The awards finalists and winners will have a unique opportunity to network with and be recognised in front of leading entrepreneurs, business leaders and government officials from across the world.

Why Singapore

• Global and regional innovation hub: Singapore is known as the ‘Silicon Valley of Asia’ and a global leader in digital and AI readiness. The country is currently home to approximately 4,800 tech startups and 252 incubators, 529 investors, and 700 family offices and has consistently ranked among the top 10 countries in the Global Innovation Index.
• Opportunities in the deep tech enterprise space: Tech startups in Singapore remain the most promising in the region. Technology continues to be one of the key drivers of innovation in the country, with tech spending in Singapore likely to jump 4.6 per cent in 2023 to SG$22.17 (16.29) billion.
• Strong government support for sustainable development: The country has been working towards green outcomes amidst its digitalisation efforts. The Singapore Green Plan 2030, or the Green Plan, is a whole-of-nation movement to advance Singapore’s national agenda on sustainable development. One key initiative spearheaded by Govtech involves the integration of independent data centres and the transition of government systems to cloud-based platforms. By 2023, approximately 70 per cent of the government’s eligible workload will be shifted to the cloud, resulting in substantial reductions in the digital carbon footprint of the Singapore government.

How to join

TGS 2023 will be held from 15 to 17 November. Register here.

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Five startups are a step closer to receiving a EUR 100,000 ($145,451) investment from the EQT Foundation, along with 300 consultancy hours from Ernst & Young to improve their strategy and business development.

Chosen from a shortlist of 10 startups, the finalists of the EQT Impact Challenge’s Southeast Asia 2023 edition attended a closed-door Pitch Day on Nov 14, where they were coached on crafting compelling pitches.

“We’re using a lot of metaphors around how Hollywood does it, how you create compelling stories,” says Ted Persson, partner at EQT’s venture capital fund EQT Ventures, who led the training programme. “I think it’s all about empathising with the audience that you’re presenting to.”

The biggest mistake startup founders make is not connecting with the audience in their pitches, he adds. “They spend too much time rehearsing, thinking through everything, that they forget about the audience… They go into the pitch forgetting [the people] they’re presenting to.”

Founders with deep technical knowledge of their startups often lose their audience when going into specifics. They make the pitch too technical or try to cram in too much information, says Persson, “instead of thinking about what they want to achieve during the time they have to present”.

Instead, he adds that founders should employ “basic” techniques like establishing some type of rapport or talking about “trivial things” before moving on to the pitch. “The story being presented should be pretty simple; remove all the unnecessary, technical details and [have] an overarching storyline that [the audience] can relate to and buy into.”

Based in Stockholm, Persson joined EQT in 2014 and was part of the team that set up EQT Ventures. “When I joined, there were maybe 150 people, and now we’re 2,000 strong. So, I would say it’s a different firm now than it was back then. We gathered a couple of ex-founders and ex-entrepreneurs to create the VC investor we would have wanted when we were entrepreneurs ourselves.”

Persson observes that a lot has changed in the entrepreneurship space over the past decade. “The biggest shift — now it is proven that you can create tech startups outside of Silicon Valley; [it] doesn’t matter where you are in the world.”

He points to a “climate shift” some three years ago. “Up until then, everyone followed the formula around two guys in a garage starting a software company. Now it’s very different; it’s way more diverse and I would say that we’re tackling bigger problems — and in many cases, problems that the people solving them have experienced themselves.”

When creating pitches, founders should bear in mind that the average audience member tunes out after 30 or 40 seconds, says fellow trainer Tyler Crowley, who is credited with elevating Stockholm’s startup scene. “Honestly, you really only need about — I know this sounds crazy — three and a half minutes. That’s hard and it takes practice.”

The pitch is akin to a 30-second movie trailer, says Crowley, who was the brainchild behind Sthlm Tech Fest, Scandinavia’s largest annual startup event. “You’re not making a movie… The whole point is to get everyone in the room excited to come meet you as you go offstage. Your goal is not for them to understand everything, make a big calculation and do the due diligence about everything. No, your goal is [making your audience think]: ‘I want to go talk to that person and have a meeting with them.’”

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With World Mental Health Day over just a few weeks ago, depression is not something to make light of and it is not the intention of the article even as I say it was the best thing to happen to me.

It is a terrible terrible illness that involves the body, mood, and thoughts as well as affects the way you eat and sleep, which impacts your ability to do your job and lead a social life.

If your brain is a computer chip and how you think is the operating system, depression can be a virus that can affect not just you, but also friends and family around you. Depression can happen to anyone and it is not about how strong or weak you are. 

Founders are 6-11 times more likely to suffer from mental conditions and substance abuse with some studies showing that they are 50 per cent more likely to end in divorce than the general population.

Then why would I say it was the best thing to happen to me as a founder?

Better understanding of how the mind works

Whether it’s the fear of spiders, heights or failures. Every one of us has that one fear we wish we could get rid of. During my period of depression, I began reading apart from many philosophy books but so some psychology books and learned that, for example in interviews with serial killers– most of them do not consider what they did wrong. 

If you consider something is wrong would you still want to do it? But what if we cannot trust our minds to tell us what is right or wrong, good or bad, what is illogical or not, how can we be confident of the many decisions we as founders have to make each day? 

Take, for example, Survivorship bias: An error that comes from: focusing only on surviving examples, causing us to misjudge a situation. Where Business Insider quoted an instance, where we might think that being an entrepreneur is easy because we haven’t heard of all those who failed. 

[also_read]

By having a better understanding of how the mind works, I found myself being able to make better decisions less guided by bias and emotions. Having just 1 out of the 20 biases they mentioned, you could already already be making a lot of mistakes.

Take, for example, we certainly underestimated how difficult it can be, to acquire some anchor partners because most lenders are always on the lookout for partners that can drive business to them. 

Most lenders we managed to speak to found our technology to be helpful to them. But the number of people we had to talk to before we could reach the decision-maker, was something that caught us by surprise.

One company after talking to the head of sales, decided to let his CEO make the decisions who then decided best to let London make the decision.

Another had seven RMs, and five team leaders who reached out but only one dared to connect us to his team head for us to present our capabilities, for the 13th time!

Being a better leader

By having a better understanding of how the mind works, I found myself more sensitive to my people’s needs as well as how they think. As a leader, you cannot know everything underneath the sun and would require capable people to assist and even advise you.

[also_read]

By understanding how they think, you can better understand when they prefer to do things a certain way, or recommend to do certain stuff, where they are coming from and if it is a suitable move for your company.

Finding the right friends

From an evolutionary perspective, humans are social animals. Our ancestors found safety, protection, and access to resources by forming groups and communities and the need to form social bonds is hardwired into our biology. 

While probably better than a decade ago, there is still a lot of ignorance and ill-informed understanding of mental conditions. Sometimes people can be difficult when they are depressed and they do or say things that push people away. 

Author of The 7 Habits of Highly Effective People Stephen R. Covey said we are the average of the seven people closest to us. My depression allowed me to differentiate between, close, good and supportive friends.

[also_read]

While I miss some memories I had with some friends, I also realised that quality rather than quantity matters and my depression allowed me to find out those who will not judge you, are willing to overlook minor transgressions and who I can count on in life.

Outlook in life

I had always been a workaholic and I think I still am even to this day. Previously I had no idea why I was working so hard. I never considered myself as someone who hankers after material stuff or wealth. 

However, my depression changed my outlook on life. It forced me to question my thoughts and what am I truly thinking and why. Now at least when I am working hard I know why

– and that it is equally important to, from time to time, stop and smell the roses with your loved ones.

Having depression or any form of mental condition can be a horrible horrible thing. If you suspect yourself or someone around you to be suffering from one, please consider getting yourself or them, help.

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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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Two keynote sessions, three panel discussions, three workshops, and nine roundtable sessions. With the theme, “An intimate convergence of marketing leaders: Achieving sustainable growth with AI-driven disruptive technology”,  the premier edition of e27′s  Flux Series happened at the St. Regis Jakarta Indonesia, welcoming over 400 marketing leaders to learn, network, and shape the future of marketing.

But they say that a picture is worth a thousand words, so here are several photos to tell the story:

 

 

 

 

Thanks to Flux Series participants for participating enthusiastically in our stage sessions and roundtable discussions.

Special shoutout to our wonderful sponsors CleverTap, Braze, Digimind, Adjust, and SGN.

Thank you to our sponsors, partners, and most especially attendees who joined us and participated for making Flux Series: Marketing Leaders a success.

See you at Flux Series 2024!

 

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