On the culmination of its 2023 edition on November 9, startup competition X-PITCH named REVIVO BioSystems as the Deeptech Startup of the Year award winner.

The competition’s final round at the National Gallery Singapore showcased 10 finalists handpicked from a pool of over 3,000 startups globally. It aims to provide a platform for converging cutting-edge ideas and entrepreneurial brilliance, captivating a packed audience. The pinnacle of the event was the recognition of four groundbreaking deep-tech startups, each set to receive a substantial total investment of US$1 million.

Deeptech Startup of the Year REVIVO BioSystems specialises in realistic 4D human tissue testing models. These models not only replicate the intricate functions of the human body, including blood flow but also eliminate human error from the sampling process. According to the competition, the innovation displayed by REVIVO BioSystems has the potential to revolutionise medical research and testing methodologies.

The Best Advanced Manufacturing Startup award went to Augmentus, a company at the forefront of advancing manufacturing processes through innovative technologies.

Meanwhile, REVIVO BioSystems secured another victory, claiming the Best Healthcare Startup title. This is an acknowledgment to its transformative contributions to the healthcare industry.

Also Read: Runa Capital plans to propel Asian deep tech startups onto the global stage

Simple Planet emerged victorious in the sustainability sector as the Best Sustainability Startup, showcasing the increasing importance of environmentally conscious solutions in the startup landscape.

Recognising excellence in the digital economy, Kodifly claimed the Best Digital Economy Startup award.

The event also highlighted standout performances in the pitch competition, with Qmed Asia crowned as the Number Pitch Champion and SoBanHang earning the esteemed People’s Choice award for their pitch.

K. Yu, the Organizing Committee Chair of X-PITCH 2023 and Founding Partner of XCEL NEXT, said in a press statement, “At X-PITCH, we redefine startup competition every year, transforming it into the X Games of innovation. This year, we took it to the water! X-PITCH is not just an event, but a journey into the extraordinary.”

In hosting the event, X-PITCH 2023 works with supporting organisations A*StartCentral, Enterprise Singapore, and IMDA, emphasising the collaborative effort that made the event successful.

It also works with co-host e27 and co-organisers Block71 Singapore, BSSC, Cool Japan Fund, DOST-PCIEERD, HKSTP, HUB.ID, KOVA, MDEC, TA, TINVA, TusStar, and VITTBI. The event is sponsored by AIOX Apex Angel Fund, Foxconn Technology, Media OutReach Newswire, Quan Ding Consulting, and Yulon Motor.

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Image Credit: X-PITCH

The post X-PITCH 2023 crowns REVIVO BioSystems as deeptech startup of the year in the global startup showdown appeared first on e27.

Singapore-based BeeX, which provides autonomous robotics solutions to safeguard underwater infrastructure, has closed a US$2 million bridge funding round.

Earth Venture Capital and ShipsFocus Ventures co-led the round, with the participation of SEEDS Capital, NUS Technology Holdings, and Infinita VC.

Also Read: Why robotics is just entering its prime phase

The startup will use the funds to accelerate BeeX’s go-to-market for autonomous offshore wind farm inspections in Europe.

BeeX is the developer of the Hovering Autonomous Underwater Vehicle (HAUV) — A.IKANBILIS. Its robots and software solutions help energy developers, ship owners, and governments save costs to inspect their critical structures and protect their people from risky operations.

By the end of 2024, BeeX aims to launch the next-gen HAUV, BETTA, to address the demands of offshore wind inspection. The startup claims BETTA will have 10x greater power, 3x more endurance and 4x higher computing prowess. The system will leverage the fast iteration of autonomy on its smaller sibling, A.IKANBILIS.

To date, BeeX has changed how ship hulls, underwater infrastructures, and floating solar inspections are conducted in Singapore, along with the solid tractions in Germany, the Netherlands, and the US.

Also Read: We see prevalence of robotics, IoT solutions across the globe: SIMPPLE CEO

“Our customers have reported up to 95 per cent less CO2 emission, 50 per cent lower risk-to-life, and 10x better efficiency compared to conventional methods,” claimed Grace Chia, CEO and Co-Founder of BeeX.

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Image Credit: BeeX.

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Tech companies in Southeast Asia secured US$684 million across 36 rounds in October 2023, according to a report by startup research platform Tracxn. This is a 205 per cent jump over the total investments raised in September and a 5.26 per cent drop from October 2022.

Also Read: Fintech investments in SEA see record drop in Q3: Tracxn

Seed-stage rounds dominated the overall deals with 22 deals, followed by early-stage (13) and late-stage rounds (4). In terms of the deal size, Investree topped the chart with a US$231 million raise, followed by Gojek (US$150 million), Qosmosys (US$100 million), YouTrip (US$50 million), and Inteluck (34 million).

See the infographic below for more details:

 

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Despite the prevalence of the fintech industry in Southeast Asia (SEA), women are revealed to hold just 13 per cent of management, board, and investor roles across the fintech ecosystem. This finding was revealed in a study titled Taking Stock & Looking Ahead: Gender Diversity in Southeast Asia’s FinTech Landscape by Russell Reynolds Associates (RRA), a global leader in board leadership and executive search, in collaboration with the Singapore FinTech Festival (SFA).

The findings of this study shed light on the gender disparities prevalent across various levels of the fintech ecosystem in SEA.

Delving deeper, the study revealed that the representation of women is higher at earlier-stage companies (Series A to C), standing at 16-18 per cent in management roles. However, this percentage declines to 11 per cent in Series D and drops even further to 10 per cent in public companies.

Interestingly, regarding board representation, the percentages are comparatively higher for Series D and public companies, at 15 per cent and 24 per cent, respectively.

SEA’s fintech landscape is dynamic, driven by growing economies and expanding populations. The region has witnessed a fourfold increase in fintech deals from 2015 to 2022, reaching a pinnacle in 2021. With such robust growth, private capital, particularly venture capital (VC) and private equity (PE), holds significant influence.

Also Read: Unlocking green fintech prosperity in Asia: Navigating the top 4 challenges

If these investment entities prioritise diversity, equity, and inclusion (DEI) in their portfolios, they can wield a transformative impact on leadership and management practices in the region.

The study further revealed that only 33 women founders or CEOs are identified across SEA fintech companies, constituting a mere nine per cent. Post-Series-B funding, this number dwindles to just six per cent, highlighting the challenges women face in attaining leadership roles as companies mature.

Notably, gender diversity at the investor level mirrors that at the management level. Women comprise an average of only 14 per cent of lead partners on deals, showcasing a need for increased representation and opportunities for women in decision-making roles.

The study offers valuable insights into potential solutions for enhancing gender diversity in fintech leadership.

Role modelling emerges as a crucial factor, emphasising the importance of visible diversity in inspiring and encouraging others. The study also underscores the significance of mentorship and a supportive network for women leaders.

Overcoming self-confidence and self-promotion challenges is identified as a common struggle among women leaders in the fintech sector.

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Image Credit: RunwayML

The post Navigating the gender divide in the Southeast Asia’s fintech landscape appeared first on e27.

(This article was first published on October 27, 2021)

In Indonesia’s male-dominated logistics-tech industry, a woman Muslim entrepreneur is making waves. Anggia Meisesari, a mother, is the co-founder of TransTRACK.ID, a next-generation fleet management startup, recently bagged ~ US$550,000 in a seed financing round led by Cocoon Capital. The Indonesian Women Empowerment Fund (IWEF) also joined the round.

TransTRACK.ID, co-founded in 2019 by Meisesari (CEO) and Aris Pujud Kurniawan (CTO), has already secured partnerships with hundreds of fleet operators across 77 cities in the archipelago.

But running a business and achieving milestones has never been a cakewalk, according to her. However, she has so far been successful in managing her personal and entrepreneurial life. “Finding a work-life balance is the key,” she says.

In this interview, Meisesari speaks about TransTRACK.ID, the challenges she faced, and how she has found a good work-life balance.

Edited excerpts:

Excerpts:

In the past, you worked in the IT, automotive and GPS industries for over ten years. When did the entrepreneurship bug bite you?

I gained substantial expertise in IT, vehicle telematics and IoT working over the last 20 years. Before founding TransTRACK.ID, I was the Indonesia country manager and sales director for a reputable fleet telematics company.

Based on my previous work experience, I found that of the 62 million commercial vehicles in Indonesia, only two per cent are connected to a fleet management system (FMS). Without an FMS, fleet managers have limited oversight of their fleet that adds to a range of issues, including higher maintenance and fuel costs, poor service delivery, theft, misuse of vehicles and frequent accidents.

Also Read: Indonesian logistics tech startup Waresix adds US$11M more to its war chest

Together with my co-founder Kurniawan, we built TransTRACK.ID, an all-in-one fleet telematics solution to help the logistics industry optimise fleet operations. Our ultimate mission is to make Indonesia’s roads safer and more efficient.

Indonesia is already home to several logistics-tech players. How does TransTRACK.ID stand out from its competitors?

There are 154 million vehicles on the roads in Indonesia facing problems, such as late deliveries, aggressive driving behaviour, rising fuel costs, etc. Only a small per cent of them have integrated telematics into their system, and almost 80-90 per cent don’t have one.

While there are several players out there, the market is so vast that there is still a significant market opportunity to tap. We focus on land transportation because the Indonesian logistics market is expected to reach US$303 billion by 2024.

What makes us stand out is that we’re not focused on selling devices. We have built an integrated, all-in-one solution based on a fleet management system. One USP of TransTRACK.ID’s platform is that it is compatible with more than 1,000 types of GPS devices available in the market, and it is easy to integrate. Vehicle operators can connect the device with our platform. They only pay a fee for the platform.

TransTRACK.ID is also the first fleet telematics provider in Indonesia that offers accident compensation via our platform. This means if a vehicle with our device installed with its system meets with an accident, the driver and passenger will get compensation for death or permanent disability or will be provided with other medical expenses.

How many paid users do you have?

We have more than 3,000 paid subscribers and are growing over 30 per cent month on month. This growth has been possible only because our customers have seen a 10-20 per cent increase in their productivity and utilisation and a 15-30 per cent reduction in overtime, fuel and labour cost.

What has been the biggest challenge for TransTRACK.ID?

The logistics sector, traditionally averse to change, is now undergoing substantial change with technological advancements. The challenge is to educate customers about how the fleet management system will increase productivity and utilisation and reduce costs.

How do you create awareness?

Our clients are our biggest advocates. In fact, 75 per cent of our existing customers have referred new clients to us. Additionally, we have partnered with key sales affiliate partnerships to scale our operations across Indonesia.

We have also ramped up our digital marketing efforts to reach fleet managers across the archipelago.

How do you strike a balance between your personal life and entrepreneurial life?

Being an entrepreneur is a 24×7 job and running a company takes a toll on the family life. When you are a mom and wife, the greatest challenge is to find the right work-life balance because your heart and time tend to swing in a million different directions all the time.

However, one thing that has helped me find a balance is by creating a scheduling system. So I have created a strong support network at home. I often work long hours and do a lot of travel. However, I have built a great work culture at my company; I encourage all my employees to fulfil their family commitments and give mothers more flexibility.

Also Read: One in four remote staffers in Singapore feels less connected to their firms, finds study

I believe a female founder can be as productive as a male founder. We only need to lead by example. If I can please my customers, they will always listen to us.

What have been the major problems faced by female entrepreneurs in the region?

The greatest challenge for a female founder is that it is too hard to connect with investors and know whom to talk to and the process, etc. Running a business is all about meeting investors, especially when there are not many events or opportunities to travel due to COVID-19. That’s why I decided to begin with startup competitions.

We were part of five accelerator and incubator programmes in Indonesia and Southeast Asia. We were in the top 10 finalists of She Loves Tech Indonesia (held in October 2020). During that time, I talked to eight VCs, including Moonshot Ventures and YCAB ventures, which initiated the Indonesia Woman Empowerment Fund (IWEF). We were also part of Accelerating Asia.

In March 2021, we participated in Cocoon Capital’s Female Founders Mentoring Hours. It gave me a chance to meet and talk to four VCs and seek mentorship.

With the right connections, mentorship and opportunity, I believe that female founders have as much chance to succeed as our male counterparts.

What are your expansion, fundraising and other plans?

We want to achieve certain milestones in terms of paid subscribers and annual recurring revenue before raising our next round of funding.

Also Read: Patamar Capital launches US$50M Beacon Fund for female entrepreneurs in SEA’s emerging markets

We also intend to build an integrated solution with AI and machine learning technology that helps clients make better decisions, maximise productivity, reduce stress and expose weaknesses.

We will build a smart trip management system to save time, diagnose issues and give our customers an overview of their fleet. This will alert fleet operators about any potential problems and fix the faults before they become a severe liability and puts a driver in danger.

As for geographic expansion, we plan to expand to Myanmar and later Brunei.

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The post Driving change: Female Muslim entrepreneur accelerates success in Indonesia’s logistics-tech arena with TransTRACK.ID appeared first on e27.

Dear reader,

The liquidation of Singapore-based cryptocurrency lender Hodlnaut marks a significant development in the crypto lending sector.

Hodlnaut faced challenges after incurring substantial losses of US$189 million linked to the collapse of the Terra ecosystem in May 2022. The rejection of a restructuring plan by Hodlnaut creditors in favour of liquidation underscores the complexities and risks in the crypto space.

This event also highlights the importance of due diligence and risk management in the industry. The broader context reveals the dynamic nature of the cryptocurrency market, which is susceptible to sudden ecosystem collapses and regulatory changes. It emphasises the need for a robust regulatory framework to protect stakeholders and enhance market stability.

As the crypto landscape evolves, incidents like Hodlnaut’s liquidation underscore the importance of risk-aware strategies for both market participants and regulatory authorities.

Sainul,
Editor.

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Singapore crypto exchange Hodlnaut to be liquidated
Hodlnaut, which lost millions in the crash of the Luna and Terra tokens, had applied for creditor protection in August 2022; Hodlnaut’s founders tried to sell the company to OPNX, a digital asset exchange established by the founders of failed hedge fund Three Arrows Capital.

E-commerce enabler Etaily raises US$17.8M to expand in SEA
Pavilion Capital and SKS Capital are the investors; Etaily – which claims to have processed 10M+ orders across platforms like Lazada, Tokopedia, Tiki, and Shopee – will use the new capital to strengthen its footprint in SEA.

Malaysian court order against Luno causes concern across crypto firms
On October 31, the sessions court in Petaling Jaya, a city just west of Kuala Lumpur, ordered Luno to pay US$128K to a client, Yew See Tak, whose account was emptied by unauthorized transactions.

KX, HashKey partner to support Web3 efforts in SEA, Hong Kong
The partnership, which involves an investment from KX to HashKey Capital, aims to support the development of the Web3 ecosystem by introducing global projects to the region and helping enable blockchain tech for wider use.

Dubai launches US$136M fund for startup investments
The Dubai Integrated Economic Zones Authority will invest in tech startups from the pre-seed to Series B stages; The new fund is the first investment program launched under Oraseya Capital, the venture capital arm of DIEZ.

EduFi raises US$6.1M to boost AI-powered student lending platform
The investors are Zayn VC, Palm Drive Capital, Deem Ventures, and Q Business; An AI-powered platform headquartered in Singapore but operates in Pakistan, EduFi has partnered with over a dozen colleges in Pakistan that have around 200k students in total.

Plana wins 4th KOREA-ASEAN Business Model Competition 2023
The 4th KOREA-ASEAN Business Model Competition 2023 is an international startup competition dedicated to advancing SDGs.

Crypto investors see recent price gains as positive signal
Investors are getting back in the groove of investing in web3, crypto and blockchain technology; The renewed focus is on real-world use cases, infrastructure, and practical solutions rather than the more abstract, trendy projects of the past.

Expect to see 10,000 deeptech Indian startups by 2030: Nasscom
The Indian deep tech startup ecosystem has come of age with over 3,000 companies that have grown at 53 per cent CAGR over the last ten years, according to a report by Nasscom, the apex body for India’s US$245B technology industry.

Three human mistakes VCs often make, and how understanding them can help entrepreneurs fundraise better
Many investors are more likely to support a founder they feel a personal connection with; VCs are driven by the lack of independent thinking and FOMO.

SEA startup roundup: Earth VC backs Kuva Space, Singtel Future Makers, AgBioTech incubation, Volta’s funding
Earth VC supports Kuva Space, Singtel awards Future Makers, AgBioTech Incubation unveils Thai startups, and BondbloX’s Series B.

Female Muslim entrepreneur accelerates success in Indonesia’s logistics-tech arena
TransTRACK.ID’s Anggia Meisesari transforms fleet management in Indonesia. Her journey, challenges, and vision for safer, efficient roads.

These ex-Grab executives want to help you deal with hangover better
Evo is the company behind Bounceback, a pill that helps users combat the effect of hangovers such as headache, nausea, and redness.

Team performance unlocked: Harnessing chronotypes for startup synergy
Embracing your team’s chronotypes means you’re working smart, in harmony with the natural rhythms of human performance.

Is it a case of Déjà vu for Hong Kong in their road in regulation cryptocurrency?
Exploring the aftermath of the JPEX case in Hong Kong, focusing on influencer roles and potential impacts on cryptocurrency advertising regulations.

Digital bank licences: Why does everyone want a slice of the unbanked?
Digital banks seek to improve digital literacy and to lessen financial inequality amongst the underbanked population.

Leading the category, then losing it all: What WeWork can teach us
The failures of this former category leader are now being expounded around the management, the failed IPO, and the financial modelling and gearing.

‘Tis the season to be shopping: Can businesses still capitalise on sales events in APAC?
Online merchants are gearing up for the biggest shopping festivals across APAC, but are they still relevant against today’s economic backdrop?

The post Ecosystem Roundup: Hodlnaut to be liquidated; Crypto firms in MY in jittery following court order against Luno 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.

Artificial Intelligence (AI) has emerged as a powerful force in shaping the future of various industries, from healthcare to finance, and its influence is expanding rapidly into the realm of creativity. As AI technologies evolve, there is a growing recognition of their potential to generate creative content, ranging from art and music to writing. However, unlocking AI’s creative potential necessitates a crucial element: trust in the accuracy and relevance of the content it produces.

AI’s foray into creativity is exemplified by algorithms capable of producing music compositions, creating visual art, and generating written content. This shift has sparked both excitement and scepticism, with debates surrounding the authenticity of AI-generated work. As we delve into this new era of creative collaboration between humans and machines, understanding and trusting the accuracy and relevance of AI-generated content is paramount.

Also read: Top Indonesian brands to watch out for at Flux Series: Marketing Leaders

Unlocking AI’s creative potential, however, faces notable challenges, particularly concerning the knowledge gap among AI users. While AI systems excel at processing vast amounts of data and recognising patterns, users often face difficulties in leveraging these capabilities to their full creative extent.

Challenges in unlocking AI’s creative potential

Understanding the intricacies of AI algorithms, their limitations, and the nuances of incorporating them into creative processes requires a level of expertise that many users currently lack. Bridging this knowledge gap involves not only enhancing user education on AI but also developing user-friendly interfaces that facilitate seamless interaction between creators and AI tools. Overcoming these user-centric challenges is crucial to democratising AI’s creative potential, ensuring that a broader spectrum of individuals can harness its capabilities to augment their creative endeavours.

Furthermore, the dynamic nature of AI technologies and the continuous evolution of algorithms contribute to an ongoing knowledge gap among users. Keeping abreast of the latest developments, updates, and best practices in AI implementation for creative purposes demands a commitment to learning.

The accessibility and usability of AI tools must be prioritised to empower users with the knowledge and skills necessary to navigate the rapidly changing landscape of AI-driven creativity. Addressing the knowledge gap among AI users is pivotal in fostering a more inclusive and collaborative relationship between humans and AI, ultimately unlocking the full range of creative possibilities that these technologies offer.

Flux Series: Marketing Leaders seeks to bridge this gap

Seeking to address the knowledge gap in this space, Flux Series is a curated, intimate, and focused gathering of top industry leaders to engage in active learning sessions, enabling access to in-depth knowledge and actionable insights that can propel sustainable growth and profitability for your brand.

Get discounted tickets today!

For the premiere edition of Flux Series, we will gather key leaders in marketing to discuss, ideate, and strategise actionable steps to optimise your marketing efforts using AI-driven innovations and technology to reach new marketing goals for your company.

Happening on November 15, 2023, at The St. Regis Jakarta, Flux Series: Marketing Leaders features a series of roundtable discussions focused on AI-powered marketing solutions. One of the key roundtable discussions will be addressing trends and challenges in “Unlocking AI’s Creative Potential: Trusting the Accuracy and Relevance of AI-Generated Content” and will feature three subtopics on the matter.

AI in Content Creation: Innovations and Challenges – AI in content creation represents a dynamic frontier marked by both innovations and challenges. On the innovation front, AI algorithms, particularly advanced language models like GPT-3, have revolutionised content generation across various mediums. From writing articles and creating music to generating visual art, AI’s creative capabilities continue to expand. Innovations in natural language processing and computer vision have enabled AI systems to understand context, mimic human creativity, and produce content that often blurs the line between man-made and machine-generated.

This roundtable on “AI in Content Creation: Innovations and Challenges” will be facilitated by no other than Gerald Tjan, Sales Director for APAC at Braze.

Trust and Reliability: AI-Generated Content in Practice – Trust and reliability are pivotal considerations as AI-generated content becomes increasingly integrated into practical applications. With organisations and individuals leveraging AI for content creation, establishing confidence in the accuracy and relevance of the generated material is paramount. Trust is cultivated through transparent development processes, rigorous testing, and ongoing refinement of AI algorithms. The reliability of AI-generated content plays a crucial role in decision-making processes, marketing strategies, and creative endeavours. Users must have confidence that the AI is not only accurate but also consistently produces relevant and contextually appropriate content.

The roundtable on “Trust and Reliability: AI-Generated Content in Practice” will be facilitated by no other than Natasha Setiadinata, Head of Partnerships at Advisia Group.

Also read: Engage your peers in roundtable discussions at Flux Series

Regulations and Ethics: Navigating AI-Generated Content in a Changing Landscape – Navigating the landscape of AI-generated content involves a critical consideration of regulations and ethics. As AI technologies advance, policymakers and industry leaders grapple with the need for comprehensive regulations to ensure responsible and ethical use of AI-generated content. Striking the right balance between innovation and ethical considerations is essential to prevent misuse and potential harm. Ethical concerns surrounding issues such as bias, privacy, and the unintended consequences of AI algorithms underscore the importance of establishing clear guidelines. The evolving nature of AI demands a proactive approach to crafting ethical frameworks and regulations that keep pace with technological advancements. Collaborative efforts between technologists, policymakers, and ethicists are crucial to fostering an environment where AI-generated content contributes positively to society while upholding ethical standards. As we navigate this rapidly changing landscape, the development and adherence to robust regulations become imperative to harness the benefits of AI-generated content responsibly. 

The roundtable on “Regulations and Ethics: Navigating AI-Generated Content in a Changing Landscape” will be facilitated by no other than Warren Leow, Group CEO at Inmagine.

Join Flux in Jakarta

Join Gerald Tjan, Natasha Setiadinata, Warren Leow, and more at the Flux Series and be a driving force in the AI-powered marketing revolution. To learn more about the event, you may visit the official Flux Series: Marketing Leaders page.

Also read: Gain practical knowledge on mobile attribution with experts at Flux

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

The post Discuss approaches to unlocking AI’s creative potential at Flux appeared first on e27.

Today’s children grow up with easy access to money. Most don’t understand the value of money, and they often overspend on their credit cards but fail to pay it off. The proliferation of BNPL (buy-now-pay-later) players has further encouraged spending, eventually landing children and their parents in debt traps.

Malaysian entrepreneur Gokula Krishnan Subramaniam wanted to find a way out of this problem and educate parents and their children about the importance of money management.

In 2019, he launched Vircle — short for ‘visible circle’ — with the mission of helping parents raise money-smart kids by teaching them how to earn, spend and save responsibly.

Also Read: Malaysia’s Vircle raises funding to help parents raise money-smart kids

A neo-banking app, Vircle instils lifelong money habits among young children by empowering parents to oversee and manage their children’s expenses in and out of school.

“Vircle is Malaysia’s first family finance and neobanking app that allows parents to set up one family account to manage all kids with a common shared family balance,” he claims.

How to set up a Vircle account

A parent registers for a principal family account, onboard as many dependants and can approve them different payment access. The app comes with spending controls, oversight and budgeting at the hands of parents. As the kids grow older, parents may shift some of these controls to them. At the end of 2022, the company launched a Child Safe Visa card.

“We allow parents to set spending controls from anytime allowances to daily limits. Our visa card has advanced safety features to block unsafe merchants and categories. We constantly research this space and enhance black-and-white lists to include all known scam merchants,” shares Krishnan Subramaniam.

The firm has partnered with over 58 educational institutions and serves families from various nationalities. The aim is to bank one million Malaysian children and three million across Southeast Asia over the next five years (as per an estimate, over 90 per cent of children in Southeast Asia are either unbanked or underbanked).

Vircle charges merchants a platform fee for in-school usage, which covers multiple aspects of the school services. The platform also has a pro-subscription plan (optional for parents) covering out-of-school spending and all its financial tools and features.

Also Read: Cash 2.0: How CBDCs are shaping the future of money

One of the major challenges the company faces is educating society about Vircle’s benefits. “Many customers who understand how our app works are impressed, but we always hear this: why do we not hear more about you guys?” he shares.

To address this problem, the startup recently secured an undisclosed sum in seed funding co-led by Malaysia’s state-owned VC fund Kumpulan Modal Perdana (KMP) and Gobi Partners. “With the investments closed, awareness creation will be a key part of our focus and also to educate them why we are better, safer for their kids than some mainstream wallets or banks who are not doing enough to keep kids safe with payment cards like visa etc.,” he concludes.

The post A penny saved is a penny earned: How Vircle cultivates money-smart kids appeared first on e27.

RISE, one of the largest tech conferences in Southeast Asia, has announced the return of its Corporate Innovation Summit (CIS) 2023.

The event is scheduled for November 14-15 at Bangkok’s True Digital Park.

Themed “Accelerating Growth While Saving the World,” Corporate Innovation Summit underscores the crucial role of corporations in sustainable development. This aligns with RISE’s commitment to contribute 1 per cent of Southeast Asia’s GDP and reduce global carbon emissions by 1 per cent.

Also Read: Dezpax to revolutionise food packaging for SMEs in Thailand

Keynote speaker Chris Cowart, Managing Director of Nomura-SRI Innovation Center, will lead the charge, accompanied by industry luminaries Lake Dai, Christopher Mowry, Michelle Khoo, Jackie Wang, and Prae Dumrongmongcolgul.

Corporate Innovation Summit 2023 boasts a robust agenda featuring over 60 sessions, including workshops, keynotes, and panels. This platform allows corporations to glean insights, forge global connections, and explore innovations presented by 60+ Deep Tech startups.

RISE CEO Kid Parchariyanon emphasises that corporations must intertwine innovation and sustainability for sustained success.

Corporate Innovation Summit 2023 will discuss and cover the following topics/themes:

Wisdom from industry leaders: Immerse in insights from leaders shaping corporate innovation, sustainability, deep technology, and the future of investment.

Navigating business landscape: Stay abreast of emerging trends to navigate the evolving business landscape.

Global networking: Expand vital global networks essential for corporate growth.

Inspiration from success stories: Draw inspiration from the journeys of successful entrepreneurs and innovators.

Also Read: Why Japan’s tech leaders are eyeing Thailand as a 2023 growth market

Corporate innovation as a global force: Explore ways in which corporate innovation can address and contribute to solving global challenges.

To learn more about the Corporate Innovation Summit, click here.

The post RISE Corporate Innovation Summit 2023 to promote sustainable development appeared first on e27.

It’s no secret that Malaysia’s young people are facing significant financial challenges. A staggering 75 per cent of them find themselves in debt due to the increased costs brought about by the post-pandemic landscape. Covering even the most basic expenses has become an uphill battle, and for more than 35 per cent of them, their savings can only sustain them for a mere three months.

These statistics are concerning, especially when we consider that life expectancies are projected to exceed 77 years by 2050. A survey conducted by Bank Negara Malaysia reveals that a significant 75 per cent of the population does not have a savings cushion of at least RM1,000 (US$239).

To navigate this challenging landscape, a paradigm shift is required — one that encourages financial literacy, responsible spending, and smart investment choices.  It’s not about making things complicated but rather about making these financial principles an effortless part of our everyday lives. By doing so, Malaysians can seize control of their financial destinies, paving the way for a more secure and prosperous future.

A new path to financial empowerment

However, amid these financial challenges, a new narrative is emerging — a narrative that offers an accessible path to financial empowerment. This approach involves seamlessly integrating shopping, savings, and investing into daily routines, thereby promoting progressive saving behaviours among Malaysians.

Contrary to the common belief that achieving financial empowerment requires radical lifestyle changes, this approach encourages individuals to integrate shopping, savings and investing into their everyday lives. This alignment of financial activities complements daily routines and paves the way for a more inclusive investment landscape.

Also Read: Startups impacted by the rise of embedded finance in Southeast Asia

One example of this transformative approach is the all-in-one micro-investing app Raiz. It provides users with a comprehensive way to channel their spare change into an investment portfolio made of unit trust funds for long-term investment.

Tapping into digital investment platforms

Imagine, for instance, purchasing a cup of coffee for RM5.80 (US$1.43) using your debit or credit card. The Raiz app tracks the transaction, rounds it up to RM6 (US$1.48), and automatically saves and invests your spare change of 20 cents into an investment portfolio.

Raiz breaks down the traditional monetary barriers to entry into the world of investing. With investment deposits as low as RM5 (US $1.24), Raiz ensures that individuals no longer feel deterred from taking their first steps into the world of investments.

Additionally, platforms like Raiz leverage innovative technology to offer user-friendly and intuitive interfaces. This simplicity makes saving and investing more accessible to all, regardless of whether you’re a novice or an expert investor.

Features like automatic roundups, recurring investments, one-time investments, customisable portfolios, and the ability to save and invest cashback while shopping online are all at your fingertips.

Even a fellow Malaysian who signed up for Raiz late last year managed to save enough for an iPad, thanks to the spare change they accumulated and the additional boost provided by Raiz’s recurring investment feature.

In conclusion, the financial challenges facing Malaysians post-pandemic are undeniably formidable. However, there are now powerful tools at our disposal to take charge of our financial futures. The misconception that significant investments require substantial upfront capital is rapidly eroding, making way for a more inclusive and accessible investment landscape.

As we strive to increase financial literacy among Malaysians, platforms like Raiz play a pivotal role in bridging the financial gap and helping users not just to survive but to thrive financially. Instead of discouraging people from spending, shopping has become one of the many avenues for sustainable and progressive savings and investments, thereby laying the foundation for a financially secure future.

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