Estonia and Singapore share striking similarities as relatively small nations with vibrant tech and startup scenes. Anchored in common practical values and perceptions, both countries excel in the digital economy, boasting robust startup ecosystems and a focus on cybersecurity. 

Strong government support and well-established networks 

The key drivers behind their appeal lie in strong government support and well-established networks of entrepreneurs and investors. Recently established, the Estonian Business Hub in Singapore (part of the Embassy of Estonia in Singapore) serves as a tangible representation of Estonia’s identity in Singapore.

This hub also serves as an optimal platform for Estonian companies to forge business relationships, host events, and showcase both their businesses and Estonia on the global stage; most recently, the Hub arranged a trade mission for a number of Estonian startups, who were able to explore business opportunities in Singapore.  

One of these startups was ÄIO — a winner of the Enterprise Singapore partner award at Slingshot 2023, a company on a mission to change the way we produce fats and oils. ÄIO recognises the full worth of microbial oils to deliver tailored solutions for industries such as food, feed and cosmetics.  

This op-ed will delve into the potential of Estonia and Singapore to play pivotal roles in shaping regulations and standards for emerging markets in novel foods, processes, and legislation. The ensuing discussion will explore the implications of early-stage investments and founders’ choices of ecosystems.  

Investor-friendly ecosystems and growth mindsets 

Estonia is one of the EU’s tiger leap countries, with the fastest economic growth during the past two decades. 25-year CAGR in Estonia is 3.3 per cent. In Singapore, the growth rate has been even higher, with a CAGR of 4.6 per cent.

This accelerated growth can be attributed, at least in part, to our shared open business culture and a resolute commitment to goal achievement. A common growth mindset permeates both countries, evident in their investor-friendly ecosystems that foster startup development.  

Also Read: Can Singapore truly become a cashless society with payment 3.0?

While we share numerous similarities, each nation possesses unique attributes. Estonia, despite being a small country, boasts significant hard resource assets, including vast woodlands producing 10 million cubic meters of timber annually and sequestering 160 million tons of carbon dioxide.

Abundant freshwater reserves, amounting to 1.3 million hectares, and various minerals, including Europe’s largest phosphorus reserve, underscore Estonia’s rich resources. In contrast, Singapore, with its greater experience, particularly excels in industry and fintech.  

Beyond academic institutions, Singapore has committed experts and resources to fields like Novel Food, Biotechnology, and Smart Cities. These deep tech sectors demand specific expertise and resources throughout the value chain.

Singapore has made substantial investments in developing a relevant deep tech entrepreneurial ecosystem. Currently, Estonia is just starting to invest in its local Contract Research Organizations to support field-specific deeptech acceleration, and we have much to learn from Singapore.  

The emergence of deep tech 

The Singaporean startup ecosystem has forged alliances with universities, local and global investment partners, corporates, and policymakers. Its transparent and well-connected nature contrasts with the more segmented nature of the Estonian startup ecosystem, which is highly field-specific.

However, the emergence of the deep tech era necessitates the alignment of stakeholders in a shared time-space-information continuum — an area where Estonia can glean valuable insights from Singapore’s experience.  

At the national level, state offices responsible for food safety have the authority to issue specific acceptances or certificates for novel foods. To initiate this process, the country must first develop and gain government approval for legislation and standards at the national level, and in some cases, parliamentary approval may also be required.

Subsequently, local regulatory authorities handle the processing of requests. In many instances, regional offices may need to augment their capabilities, as they may lack the expertise for independent safety verification and may not have established regulations or programs for novel food processing.  

Smaller countries with modern and rapidly developing technology scenes, like Singapore and Estonia, might have a clear advantage over larger and much slower-to-respond industrial countries. Despite the challenges, the food safety framework within the European Union (EU) holds a strategic position within the broader EU market, and EU & EFSA rules apply to all EU countries.

The nation that takes the lead in legislating, regulating, and processing novel foods often becomes a benchmark for the entire EUR 20 trillion (US$ 215 million) economic space (i.e., the Netherlands’ code of practice for tasting cultivated meat).

An additional advantage of swift national-level legislation is its potential to attract startups and investors, fostering trials within that country. This, in turn, leads to rapidly increased investments, capital for scaling up production, and heightened interest from established corporate industries.  

Also Read: Why Singapore’s traditional sectors need a digital makeover

Consequently, both Estonia and Singapore stand to benefit from similar opportunities. Estonia, by securing a pioneering position, could become a leader within the entire EUR 20 trillion (US$ 215 million) EU economy. Similarly, Singapore could position itself as a frontrunner catering to the rapidly growing demand in Asia. 

ÄIO: A case study 

Following a recent trade visit to Singapore, arranged by The Estonian Business Hub in Singapore, the ÄIO team have a fresh feeling of possibility and a new perspective, taking into consideration the potential of doing business on a global scale.  

Now, ÄIO is exploring local partners to explore the possibility of entering the Singaporean market. ÄIO produces fats and oils from locally produced low-value industrial side streams. These alternative oils and fats are substitutes for palm oil, used in nearly half of the products we consume, including ice cream, lipstick and soap, to name a few.

In the novel food domain, alternative fats and oils could be used to enhance the taste and texture of alternative meat products, for example. But it could also be used as an ingredient to improve the quality and performance of cosmetic products due to the high concentration of antioxidants as well as carotenoids that give a smooth red pigment. 

Today, ÄIO are running multiple pilots with collaborators in the cosmetics, dairy and forestry industries and is excited about the results to help the companies achieve a more circular approach to their productions by valorising their side streams. They value the transparency and welcoming nature of the startup community in Singapore.

In order to market products, ÄIO must gain certifications specific to each new market. Singapore has been recognised as one of the countries that has a quick consultative procedure supporting entrepreneurs, as opposed to a  more bureaucratic and restricted procedure in the EU. This is the reason many of the innovative companies in the food sector eventually find their way to Singapore. 

For a startup, it is of utmost importance to have a supportive infrastructure, most importantly the people that are deeply connected within the relevant ecosystems to support and further the business.

We are delighted to have a direct gateway to Singapore, thanks to Enterprise Singapore and the Estonian Business Hub in Singapore (part of the Embassy of Estonia in Singapore), and we look forward to witnessing — and playing a role in — the continued strengthening of the relations between these two nations.  

This article has been co-authored by Rainis Venta Ph.D., Technology Transfer Officer of Tallinn University of Technology.

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Preparing your funds to travel overseas requires substantial forethought. How much local currency to withdraw? Where to find the best exchange rate? Are there enough small changes for tips?

But just as the consumer experience has been transformed by COVID, the travel experience is increasingly digital-first, with tourists more frequently reaching for their phones than their wallets when transacting overseas.

Take Southeast Asia, where high mobile penetration rates mean that from the hawker centres of Singapore to the street markets of Jakarta and the five-star hotels of Hong Kong, tourists and locals alike expect to pay using nothing but their phones. There are even apps that allow them to give or receive a tip on the go, without ever touching a Rupiah.

Over the pandemic, people became accustomed to the seamlessness and flexibility of digital payments, and they now seek the same ease when transacting during their travels. It’s an expectation that applies not only to typical travel experiences like dining out or visiting attractions but to providers across the entire journey, from planning and booking their trip to microservices along the way. 

Tapping into the borderless consumer represents a huge growth opportunity for tourism and travel providers, but to fully capitalise they must be able to transact with this new consumer group and see payments not as a means to an end but as a path to creating competitive advantage.

Travel: A trillion-dollar opportunity

Over the next decade, the travel industry is expected to grow to account for nearly 12 per cent of the global economy. This boom presents huge opportunities not only for traditional travel industry players but also for those in similar industries and services. 

Also Read: 

For the modern traveller, the ability to transact seamlessly without worries of international foreign exchange fees or friction is essential to a good trip. Once they arrive at their destination, travellers want to hire an e-scooter, check out a local show or attend a yoga class, all using their preferred digital payment method. 

Travel planning has also evolved into a more seamless experience with the growth of the Online Travel Agency (OTA) market, which accounts for approximately 40 per cent of global bookings. Travel marketplaces need to speak to a broad base of customers, offering seamless payments whether customers are based in Dusseldorf or Doha.

This means managing a diverse range of currencies and digital payment options preferred by consumers in each market, from credit cards to mobile and digital wallets.

Added to this, with flexibility and security being high priorities for post-pandemic travellers, instalment payments through BNPL players and enhanced fraud management through methods like two-factor authentication and 3D secure verification are adding to the complex payment requirements for OTAs seeking to provide the best customer experience.

Payments are key to winning in this new landscape

But it’s not only the front end that is increasingly complex. As OTAs become more sophisticated, offering a connected, one-stop shop for all travellers’ booking needs, they must coordinate a payments ecosystem with thousands of partners and suppliers.  

Also Read: 

With recent data showing that travel agencies take up to a 20 per cent hit on their profit margins due to avoidable, payment-related costs, optimisation has the potential for a big impact. 

In this sense, payment innovation should be viewed as a competitive advantage. It involves an effort to future-proof and boost the backend– so businesses can offer full flexibility and experience for their customers.

This may mean onboarding back-end infrastructure to unify, optimize and test payments, expand offerings, or embark on cross-border partnerships with other market players. And at the same time, it’s also about managing regulatory requirements to ensure businesses comply with the ever-changing landscape.

As an example, Ferryhopper, an OTA focussed on ferry travel, was impacted like most European businesses with the introduction of Strong Customer Authentication (SCA). With limited resources to tackle the regulation, it applied a blanket approach of mandating a 3DS challenge for every transaction, which eventually improved its conversion rate.

In an industry where such incremental changes and improvements can have a huge impact on business performance, revenue can often be hidden in payment data. Whether testing payment traffic, alerting when there are dips and rises in performance or automating fallback mechanisms, it can mean the difference between winning and losing.

Also Read: 

Back-end innovation can also enable online travel marketplaces to power a better front-end experience. Ferryhopper tackled their issue by using Primer’s adaptive 3DS feature that only prompted the 3DS challenge for transactions falling under the scope of SCA. This effectively helped them increase their conversion rate by 2 per cent, which otherwise would have been lost.  

Additionally, rolling out local payment methods can open doors to new markets. While building brand recognition with the customer, the payments themselves can be routed based on conditions such as currency, market, verification and products. This not only guarantees payment success but creates a frictionless experience for the user. 

 As digital payments become the norm, providing a safe and convenient expanded payment offering is how the travel industry must meet the expectations of the borderless consumer – but it’s in the behind-the-scenes innovation where they can gain an edge over their competitors.

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Video game development has prospered greatly, especially in the past couple of years. But what are the kinds of video games that are the most popular among the masses?

In the US, there is a diverse range of games that are popular in each state, from The Last of Us and High on Life to Starfield and Hogwarts Legacy. However, video games aren’t getting much attention in the US alone. Millions of people around the world are enjoying the variety of games that are out there. 

One of the top five video game genres is first-person shooter games. These kinds of games have seen the most popularity among 16- to 24-year-olds at 66 per cent. In contrast, the game genre is less popular among 55- to 64-year-olds at 32 per cent. First-person shooter games are those like Duck Hunt, which has sold over 28 million copies so far. 

Another popular video game genre is action adventure. Games of this genre are most popular in the 16 to 24 age group at 62 per cent, but they are also quite popular with the 25 to 34 age group at 60 per cent. Those in the 55 to 64 age group again found the genre less attractive, with a 33 per cent popularity. Games in the action adventure genre include those like The Last of Us, which has 20 million copies sold. 

Simulation is also one of the top video game genres around the world. The game is quite popular with those between the ages of 16 and 24, as well as those between the ages of 25 and 34. Fewer people in the 55 to 64 age range seem to enjoy the simulation genre, as popularity reaches only 22 per cent. Minecraft is one of the top games within the simulation genre, selling 230 million copies. 

Also Read: How gaming innovations in Web3 are rewriting entrepreneurial playbooks

Multiplayer online battle arena (MOBA) is another top game genre. For MOBA, the genre is typically most popular with adults aged 25 to 34 at 43 per cent. This genre has seen the lowest popularity thus far among adults aged 55 to 64 at 18 per cent. MOBA are games similar to Honor of Kings, which experience 100 million players daily. 

The last of the top five video game genres in sports. This genre also sees higher popularity among those in the 25 to 34 age range at 44 per cent, with the 55 to 64 age range seeing 24 per cent popularity in comparison. FIFA is a big name in the sports genre, having sold 325 million copies to date. 

This year, a wide range of games appeared on different countries’ most popular video game lists. In the US, Madden NFL is the most popular. In Japan, Pikin 4 made it to the top of the country’s list, while Honor of Kings made it to the top of China’s list. The most popular video game in Germany this year is Mario Kart 8 Deluxe. In contrast, the most popular game in the United Kingdom is Call of Duty: Modern Warfare II. 

More people playing video games means various game genres are experiencing changes and greater attention than ever before. Augmented reality (AR) and virtual reality (VR) games have experienced a great boom, especially in recent years.

This year, more than 90 million people are using VR, while more than 20 million are using AR, with the most popular AR and VR games being War Thunder, Phasmophobia, and VR Chat. In fact, both AR and VR have the potential to surpass 100 million users worldwide by 2027. 

Also Read: For gamers by gamers: How Razer incorporates its understanding of user behaviour into product development

The genre of fitness gaming has become quite attractive for those looking to be more active by “exergaming.” Several predict the VR fitness market could possibly grow 40 per cent in the next six years. The most popular fitness games around the world so far are Wii Fit, Just Dance, and Ring Fit Adventure. 

Casino games have seen growth as well with there now being more than 4,700 online gaming businesses around the globe. That’s equivalent to a 29.25 per cent growth increase since 2018. So far, Coin Master, Jackpot Party Casino Slots, and Bingo Blitz are the top casino games and platforms globally. 

Technology advancements have helped make the global gaming industry a powerhouse in the 21st century, and for gamers of any country or creed, this is a good sign for years to come. 

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Recycle. Resell. Repair.

These are the 3Rs of E-Waste that formed the backbone of the Youth E-Waste Ambassador Program, empowering the Singaporean youth to take action against electronic waste (or e-waste).

The campaign — organised by e27 in partnership with Meta — enlists the support of the Singaporean youth in amplifying the message about the 3Rs of E-Waste through social media channels. It is crucial to engage the younger generation in developing responsible habits towards e-waste management, thus spurring the need to tap people that today’s youth would listen to about these topics.

Also read: Bridging Taiwan and Southeast Asia through innovation and tech

For the past 4 months, 16 content creators based in Singapore stepped up to lend their voices and their platforms to the e-waste movement. Though quite new to the topic themselves, they nonetheless found the drive to speak to the youth on social media about the ill effects of incorrectly disposed electronics on the environment — and that something as simple as following the 3Rs of E-Waste is already a positive step in the right direction.

Meet the 16 content creators committed to addressing e-waste through social media

1) Dian Al-Matin

Instagram handle: @dianmatin

Dian is an undergraduate specialising in human resource consulting and whose passions lie in problem-solving, leadership, and entrepreneurship. 

Thoughts on e-waste: “Empowering today’s youth for a sustainable tomorrow is not merely our choice but our responsibility.”

2) Grace Huang

Instagram handle: @thehuangergames

Grace is a content creator based in Singapore and is also a co-founder of Neue Fit.

Thoughts on e-waste: “Good things take time — and that includes responding to the threat of electronic waste on our environment.”

3) Sheng Li Soo

Instagram handle: @guitarstreet

Sheng Li identifies as both a content creator and a motivational musician.

Thoughts on e-waste: “It only takes a second for us to realise that most of us are not discarding electronics in the right manner today.”

4) Nurul Hamzah

Instagram handle: @nxrulhamzah

Nurul is a social media influencer who likes to speak about topics such as family, autism, and sustainability.

Thoughts on e-waste: “I believe we can create a positive impact and pave the way for a greener future.”

5) Sze Min Ng

Instagram handle: @nszemin

Sze Min is a digital creator and a co-founder of Artwave Studio.

Thoughts on e-waste: “As a creative whose work is entirely digital, I’m taking this chance to examine and open a discussion on the life cycles of the electronic tools we all use at work.”

6) Karyn Wong

Instagram handle: @iamnotagirl

Karyn describes herself as someone who hosts and sings, is a part-time DJ at LOVE 972 FM, and is an earth warrior.

Thoughts on e-waste: “I’ve been on a journey to reduce waste for a few years now and it has been very fulfilling.”

7) Candice Yu

Instagram handle: @_sharkgummies

Candice is an online creator who posts about lifestyle and travel and likes to make the days count.

Thoughts on e-waste: “As we move towards a more digital society, it is crucial that we maximise the use of our devices and appliances to minimise our wastage.”

8) Nevin Ho

Instagram handle: @nevindinho

Aside from being an Instagram influencer, Nevin is also a pianist, an athlete, a student, and a translator.

Thoughts on e-waste: “Don’t waste your e-waste. Just like us, it deserves a second chance.”

Also read: Advancing startups with impact: Insights from the DBS BusinessClass foundED Event 2023

9) Leslie Koh

Instagram handle: @leslie.koh

Leslie lives in Singapore and loves to share posts online about Japan, food reviews, travel tips, and other similar content.

Thoughts on e-waste: “I hope to bring more awareness to the problem of e-waste as we move towards becoming a digitalised nation.”

10) Kris Hngoi

Instagram handle: @veggiexplorer

Kris is someone who enjoys having a meatless lifestyle and whose habits include exploring, eating, and exercising.

Thoughts on e-waste: “I want to become a part of the solution, to inspire the younger generation to take action, and to collectively imagine a future where sustainability and responsible e-waste management guide our choices.”

11) Cynthia Lim

Instagram handle: @xynner

Cynthia identifies as being a “low-waste green witch,” and has interests in objects such as reiki and tarot.

Thoughts on e-waste: “I hope to see more gadgets built to last like in the past rather than to race against who goes to market first.”

12) Michelle Hwang

Instagram handle: @michellennk

Michelle is a mother based in Singapore who likes to post online about her adventures with her son.

Thoughts on e-waste: “We consume electronics at such a fast pace in today’s world that it has created a huge amount of e-waste — and most of us have zero idea on how to dispose or recycle them properly.”

13) Regina Ho

Instagram handle: @reginahoxf

Regina is an undergraduate in business analytics who occasionally posts on social media about her interests.

Thoughts on e-waste: “In the journey to sustainability, every step matters.”

14) Rebecca Eu

Instagram handle: @becseu

Rebecca is the founder of the social enterprise Mei’s Own and is also fond of sharing content about her life in Singapore.

Thoughts on e-waste: “I really hope that by doing my part to dispose of my e-waste responsibly — by giving them a new lease on life or adding to the life of another device — I can contribute to a growing effort of sustainable living.”

15) David Chou

Instagram handle: @dnakedpianist

David is an online content creator whose passions lie at the intersection of athleticism and musicianship.

Thoughts on e-waste: “Recycling our electronic waste and embracing sustainable practices not only conserve these valuable elements but also help preserve our planet’s natural symphony.”

Also read: Qarbotech named winner of inaugural EQT Impact Challenge

16) Sandra Lim

Instagram handle: @theveggiemaiden

Sandra cares about having a plant-based lifestyle, doing photography, being an owner of cats, and eating chocolate.

Thoughts on e-waste: “The more I delve into this topic of e-waste, the more I am convinced that e-waste recycling is important for protecting the environment, conserving resources, and promoting sustainable development for a future that is equitable for all.”

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

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

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While the holiday season brings joyous moments spent with loved ones and relaxation for many, it’s also a prime time for cybercriminals to strike. As the season approaches, cybercriminals become more active, exploiting increased online activity and distractions.

This surge in risks doesn’t just affect customers of online shoppers; it poses significant challenges for businesses as well. The allure for cybercriminals highlights the critical need for heightened vigilance and robust cybersecurity measures during this festive time.

The incidents in December 2022 show how serious these risks can be: The Guardian has been hit by a serious IT incident, which is believed to be a ransomware attack, and the University of California San Francisco (UCSF) had their staff fooled by fake emails promising holiday bonuses, causing them to lose their login details.

These attacks show how important it is for organisations to have strong defences, especially against phishing, which happens often during this time. Businesses need to act ahead to protect their important data and daily work.

To fortify against these cyber threats, businesses should consider these tips during the holiday season:

Employee training and awareness

As holiday schedules shift and staff availability decreases due to vacations, businesses become more susceptible to cyber threats. Establishing a holiday cybersecurity plan and an emergency response strategy is crucial to counter potential breaches and data loss.

Every employee, regardless of the company’s size, needs training to spot cyber threats like fake emails, malicious links, and scam calls. This training fosters awareness and empowers individuals to identify and address potential dangers effectively. 

Specialised sessions focusing on holiday-specific threats such as phishing scams and social engineering are essential. Emphasise the importance of following security protocols and maintaining continuous vigilance among all employees.

Establish incident response plans

During the holidays, make sure you have clear plans for what to do if there’s a cyber attack. Create easy-to-follow steps for your team to follow if there’s a security breach. Test these plans regularly to make sure they work well in emergencies. This helps your business handle any cyber issues better during the busy holiday season.

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

Implement Multi-Factor Authentication (MFA)

It’s wise to activate Multi-Factor Authentication (MFA) for added security during the long holiday season. MFA provides an extra layer of protection for your accounts and systems.

Even if someone gets hold of your password, MFA requires an additional verification step, like a code sent to your phone, making it much harder for unauthorised individuals to access your sensitive information. This simple step significantly reduces the risk of cyber breaches during this busy and potentially vulnerable period.

Email threat protection

Amidst the holiday rush, phishing remains a top cyber threat. Cybercriminals favour phishing due to its simplicity and effectiveness. Rather than exploiting system vulnerabilities, phishers deceive victims into harmful actions.

These attacks impact businesses profoundly. Phishing emails carry malware or deceive employees into sharing sensitive data or transferring funds to attackers.

To mitigate phishing risks, employ robust email protection tools. Advanced spam filters and malware detection help block malicious emails. Educate employees, especially during the holidays when phishing spikes, on spotting and reporting suspicious emails. This proactive approach shields your business from potential costly missteps.

Automate patch management

Enhance your cybersecurity defences this holiday season with automated patch management. These systems streamline software updates, bolstering protection against potential cyber threats.

Automated patch management simplifies keeping software current across all devices and systems. This uniform protection minimises vulnerabilities cyber attackers might exploit. With automated updates, critical security patches are consistently applied, even when employees are on holiday. This ensures your organisation stays resilient against cyber threats during the festive season.

Assess third-party vendor security

It’s vital to evaluate the security measures of your third-party vendors and partners. Their practices might affect your organisation’s cybersecurity. Third-party connections can bring in security risks. 

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

By assessing their cybersecurity practices, you can pinpoint potential threats. Check if their cybersecurity posture aligns with your data protection standards. This helps ensure your systems stay secure, safeguarding against holiday cyber risks.

Secure remote work environments

Ensuring secure remote work setups is crucial, especially during the holiday season when many employees are working remotely or on vacation. Key steps are remote work setups that are fortified with secure VPNs, encrypted connections, and updated security software to protect sensitive data and communications.

Also, to restrict internal network access, cybercriminals often target Remote Desktop Protocols (RDP) for unauthorised entry. By limiting RDP access and enforcing robust authentication measures, you significantly reduce the risk of intrusion.

Backup critical data and systems

Implementing a strong data backup and recovery strategy safeguards your organisation’s critical information from cyber threats, system glitches, or accidental mishaps.

A well-thought-out backup plan ensures swift data recovery, maintaining uninterrupted operations. This approach not only minimises downtime but also helps sustain productivity and customer service during the busy holiday season. 

Applying security measures like encryption and access controls fortifies backup data, preserving its confidentiality and integrity. Regular testing and validation build trust in the backups’ reliability, ensuring your organisation is prepared for any eventuality.

Final thoughts

As we enjoy the holidays, cyber dangers rise. With the holidays approaching, cybercriminals get busier, taking advantage of more people online and distracted.

This isn’t just a problem for online shoppers; it affects businesses too. We need to be extra careful and use strong digital defences, especially against phishing scams that become more common now.

To stay safe, train your team, use better email protection, and keep your systems updated. Here’s to a happy and safe holiday season, protected by these important cybersecurity tips!

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