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Unlocking growth: How AI can supercharge Southeast Asia’s economy

Imagine Southeast Asia, a region where mom-and-pop stores predict demand with AI, logistics companies optimise delivery with algorithms, and startups level the playing field against established giants. This reality isn’t very far away. In fact, it’s the near future fueled by artificial intelligence. 

We are already seeing how AI has the potential to improve efficiencies, productivity and profitability across industries. Singapore’s grocery retailer FairPrice Group, for instance, is using AI to forecast workload and manpower needs at each retail store better while offering more flexible shifts of shorter duration so that stores can run efficiently and optimally while minimising customer wait times.

It is even considering using generative AI in expiry date management for goods in stores to reduce food wastage. TD Tawandang, which serves mom-and-pop stores in Thailand, is also using AI to help its retail distribution teams forecast demand and schedule deliveries for just-in-time stock replenishments.  AI has also been playing an important role in detecting and preventing fraud, increasing security for both consumers and merchants. 

Businesses are facing a rapidly changing landscape, and many across the region have shifted their focus to monetisation in a bid to achieve profitability targets, moving from user acquisition to deepening engagement with existing customers.

AI solutions will be essential for businesses that want to stay ahead of the competition, particularly for startups as well as micro, small- and medium-sized businesses, which account for over 90 per cent of businesses in Southeast Asia. We believe that tapping on AI isn’t just about playing catch-up; it’s about leapfrogging the competition and carving out a new future for Southeast Asia’s business. 

We see this as an opportunity, especially with the latest 2023 e-Conomy SEA Report by Google, Temasek and Bain & Company projecting that the region can potentially be a US$1 trillion digital economy by 2030.

Accelerating both digital inclusion (direct access to technology and the internet) and removing barriers to digital participation (direct consumption of digital products and services) are some of the ways to get us there.

Also Read: Bridging continents: Lessons learned from Singapore and Estonia’s tech journeys

But it’s important for businesses to keep a finger on the pulse and adopt new technologies, such as AI tools, that can fuel growth and help improve operational efficiency. While we’ve seen various startups and local businesses already finding ways to adopt AI into their business strategy, here are additional ways to seize the opportunities to maximise progress: 

Maximise AI accessibility and encourage adoption

Technology competitions are often won — not by the first to invent — but by the best to deploy. To harness the full potential of AI, it must be universally accessible and useful, and this includes helping startups and small businesses access AI. This includes providing digital coaches and training to underserved communities. Low-interest loan and grant programs can also improve access to the capital needed to spur adoption more widely.

Google for AI Startups Cloud Program, for example, enables seed to Series A startups that use AI as its core technology to develop primary products or solutions to receive cloud service credits of up to US$350,000 over two years. Pre-seed startups can receive up to US$2,000 in free cloud credits in two years to fund the development of proofs-of-concept and showcase of products to prospective investors and customers.

Businesses can also take advantage of Vertex AI — an enterprise-ready AI development platform that allows their developers to gain access to over 130 Google and open-source foundation models for summarising and translating text in multiple languages, turning audio into text and more. These models can then be customised and embedded easily into internal or consumer-facing applications and websites.

Build an AI-ready workforce

AI presents opportunities to catapult economies forward through increased productivity and economic activity that can benefit everyone. We believe an AI-ready workforce will be able to navigate these challenges, and we can do so by extending AI training programs to communities while helping workers impacted by AI get the skills needed to quickly bounce back to new and better jobs. 

Governments can play a role in incorporating AI as a core component of education and establish a safety net with an AI adjustment assessment program with tailored skilling programs, with Singapore’s nationwide AI skilling initiative as a good model to follow.

However, companies can and should encourage upgrading AI skills in the workforce through micro-certifications and e-learning. Free generative AI skills development courses like Google Cloud Skills Boost Program or skilling programs through online learning platforms can help develop a solid understanding of the difference between generative AI and other types of AI, how to customise pre-trained generative AI models for use in applications, how to apply AI responsibly and more.

Have a bold, creative and curious mindset

The advancement towards AI marks the third paradigm shift that we are seeing; the first is the arrival of the Internet as we revolutionise information and services adoption; the second is the explosion of mobile computing driven by smartphone adoption.

Also Read: These Artificial Intelligence startups are proving to be industry game-changers

As with the Internet and smartphones, we need to strategise the adoption of AI. It’s important that we exercise caution in the face of uncertainty to mitigate potential risk. As with any powerful new tech, we must be bold and actively work to understand AI and its implications for our customers and even marketing activities. 

The power of AI also enables us to discover endless possibilities for creativity through direct collaboration and experimentation. We are rapidly moving to a world where the constraints on what you can create in digital spaces are limited only by your imagination. It helps us connect emotionally with customers and frees us from cumbersome processes to solve entirely new creative and strategic challenges.

Lastly, the adoption of new technologies requires curiosity to think expansively about how they can best serve your purpose. For example, digital retailers in Southeast Asia today are seeing new challenges, with shoppers willing to turn to their second-preferred brand or retailer and can shop across multiple channels, from search and video to social media.

In fact, more so than in other regions, customers are shopping across multiple channels. Specifically, 76 per cent of shoppers use five or more channels like search, video and social media to shop during peak sales events. We need to be curious enough to seek solutions and stay hyper-relevant to rise above fragmented shopping behaviours.

A good example is from e-commerce platform Lazada, which adopted an AI-powered, full-funnel marketing strategy for its 6.6 sales event this year to influence customers’ preferences at every stage of the purchase journey, including using AI-powered search ads to dynamically show up on all new and unexpected queries from shoppers likely to buy its products.

So the question is, are you curious enough to be the student today so you can lead your organisation to an AI transformation as a teacher tomorrow?

As AI advances, it will only become more important for all stakeholders to come together to pursue an opportunity agenda that harnesses its potential in the challenges that societies face today. We believe that AI can empower more local businesses in the region, and the best way to get ahead in the age of artificial intelligence is to be creative and innovative in applying it in our businesses.

It’s okay not to have all the answers about AI, but it’s important we start asking the questions and exploring them with boldness and curiosity. If we subscribe to the belief that this AI shift is going to be even greater than the movement from dial-up internet to a mobile-first, cloud-driven web, imagine what will be possible in the next 30 years.

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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Top 10 women contributors spearheading resilience in the startup landscape

In the vibrant e27 community, diverse voices actively shape emerging technologies and innovation discussions. This feature spotlights our top 10 women contributors — a mix of investors and entrepreneurs shaping the tech ecosystem. Despite facing unique challenges, these women showcase remarkable talent and resilience, overcoming hurdles in their entrepreneurial journeys. Their stories inspire others, proving that determination and innovation can light the way in the ever-evolving startup landscape.

Anna Ong

Anna Ong is the Creator and Host of “What’s Your Story Slam”, an event uniting talented storytellers. As a storyteller, coach, and entrepreneur, she collaborates with individuals and teams to craft authentic narratives. Ong also consults with companies on developing effective story strategies.

“What sets the most successful startups apart in Asia’s vibrant tech scene? It’s not just about the tech or the innovations. It’s about telling a good story.

In the fiercely competitive world of Asian tech startups, a captivating founder story can be the secret ingredient that sets your brand apart. By transforming your narrative into a valuable asset, you’ll create lasting connections with customers, investors, and partners eager to join you on your thrilling entrepreneurial ride.”

Camellia Chan

Camellia Chan is the Co-Founder and CEO of Flexxon, a next-generation cybersecurity firm. In her role, she directs the company’s business development and growth, manages industry partnerships, and oversees expansion into regional and global markets.

“The cybersecurity industry will see a major shift and dynamic security systems will be embedded by design in our hardware. Hardware is the best defence for autonomous data and system protection, while software systems and cyber hygiene standards deal primarily with deciphering human behaviours, such as social engineering attacks.

The past year has shown us that social engineering attacks are highly successful at evading software security and manipulating human assessment. Thus, as businesses and individuals face the undeniable fact that current software-based security solutions cannot work alone, we will begin embracing an inbuilt, hardware-centric approach that deploys intelligent detection systems at the foundation of each device, enterprise server, and data centre to protect users across the spectrum.

We will finally see a major mindset shift that has been entrenched for over three decades and stop relying on software-centric security as the sole means of protection against hackers. Then only can we have the peace of mind with the knowledge that we are holistically equipped to detect, respond, and shut down incursions effectively.”

Chloe Tan

Chloe Tan is the Associate Marketing Manager at Hustle Fund, a pre-seed VC firm focusing on democratising wealth. Tan curates experiences and manages the founder and investor community in her role, handling events, newsletters, and portfolio support. She is also the Co-Founder of Women in VSEA, a community of female VCs across roles and functions in Southeast Asia, aimed to connect, inspire and empower each other.

Building a tribe is the intentional pursuit of finding your people, one that requires constant recalibration, adaptation, and deliberation. It’s been a difficult year for the economy, but one that has prevailed is the people we surround ourselves with to get through these times. Optimise your life (in and out of work) for your people, and even the toughest mountains will feel a lot more like manageable hikes.”

Also Read: Top 10 contributors investing in innovation and emerging tech

Chuen Chuen Yeo

Chuen Chuen Yeo, a multi-award-winning executive coach, elevates leadership quality through agility. Recognised as a Woman Super Achiever and among the Top 101 Global Coaching Leaders, she authored ‘8 Paradoxes of Leadership Agility,’ showcasing transformations using her Re4 Coaching Model.

Invest your time wisely instead of filling all your time with activity. Build a high-performance habit or routine that is repeatable and sustainable, whether it is taking a five-minute break in between meetings, walking, adequate rest, eating well, maintaining mental quality, or timeboxing your week’s involvements. Pressure is always present, and the more you catch the stressors, the more you can respond to and manage them successfully.”

Leong Pei Lin

Leong Pei Lin is a part-time Master of IT in Business student at SMU School of Information Systems (class of 2024) in Singapore. She also works as an Associate at Protégé Ventures, a student-run venture fund investing in early-stage startups founded by students or recent graduates during their pre-seed to seed rounds.

“As the transformative wave of Generative AI gains momentum, the competitive landscape is likely to undergo rapid and unpredictable shifts. Moats can get eroded by these waves, and periodic reviews may help to mitigate some risks.”

Pham Phuong Linh

Pham Phuong Linh is  Co-Founder and COO at Source, an AI-powered Talent Data Platform (TDP). Source empowers companies to make data-driven talent decisions across the talent life cycle. Linh is passionate about connecting top talent with opportunities to foster business growth through strong relationships and trust.

“The ongoing unfavourable trend in the labour force within the tech industry is causing considerable transformations in the realm of employment — from job-seeking behaviors to how companies hire and leverage talent. The focus is on a smarter, more discerning, and adaptable approach. Alongside the creation of entirely new roles, there will be substantial changes in the required competencies for existing jobs.”

Sana Ross

Sana Ross, a seasoned performance coach with over 20 years in finance and leadership, integrates neuroscience into coaching, specialising in executive decision-making. Her expertise in mentoring startup founders drives individual and team growth.

“The fusion of AI and neuroscience is set to be a pivotal trend in the tech world. As a performance coach, I see this as more than technological advancement — it’s a gateway to optimising human potential. This synergy will revolutionise not only how we interact with machines but also how we understand and enhance cognitive functions.

In the coming year, I anticipate this will lead to more personalised, brain-centric technologies, reshaping learning, decision-making, and creativity in the workplace. Embracing this trend will be key for businesses and individuals aiming to thrive in an AI-augmented future.”

Sarah Dongmi Choi

Sarah Dongmi Choi is an Investment Liaison at Chungbuk Center for Creative Economy and Innovation, specialising in Korean startup acceleration for global impact. She is dedicated to helping early-stage startups go global and scale their businesses.

The investment market has been experiencing a downturn. Even in the uncomfortable reality of an economic crisis, many Korean startups are still progressing towards their goals. What is needed for a startup’s survival and growth? Capitalists have been advising startups on strategies to overcome this rough patch.”

Also Read: Top 10 startup founders in the e27 community shaping the tech industry

Shweta Jain

Shweta Jain is the Head of Product and Strategy for Digital and Analytics applications at Finastra, a financial software company. In this capacity, she directs go-to-market strategy, client engagement, and roadmap planning across the company’s diverse portfolio of products and solutions.

“The value of fintechs, particularly to traditional financial institutions, is undeniable. When the idea of a fintech revolution started, banks initiated their collaboration with minimal engagement in areas such as KYC, identity verification and fraud management, and are now partnering with fintechs to disrupt the market around payments, lending and digital banking.”

Vaishana Vasuthavan

Vaishana Vasuthavan is Founder of VV Consulting Group, leading a team that offers professional consultancy in startups, HR, and business for diverse clients. With over 13 years of dynamic experience in startups, e-commerce, technology, business, and HR, she brings extensive expertise to her role.

Modern-day recruitment is technology-driven. With AI screening resumes, chatbots conducting preliminary interviews, and analytics predicting role fitment, the landscape is tech-heavy. However, the essence of recruitment remains human. Striking a balance between utilising technology and preserving the human touch has been vital. In startups, where every hire can significantly impact the company’s trajectory, this balance becomes even more crucial.”

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

Join our e27 Telegram groupFB community, or like the e27 Facebook page

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Dubai’s carbon management platform Zeroe nets US$2.2M for SEA expansion

UAE-based AI-powered carbon management platform Zeroe has closed its series seed funding round oversubscribed at US$2.2 million.

The investment round, led by Indonesian investor Owen Rahadiyan, will help the company expand into Southeast Asia.

Also Read: 5 smart ways to decarbonise supply chains and logistics with AI

Zeroe was founded by Dubai- and Los Angeles-based Farouk Jivani and Ali Najafian.

As regulators, customers, and capital increase, organisations face pressure to measure and reduce their emissions. Zeroe aims to decarbonise enterprises by offering a SaaS platform that allows them to measure emissions and report on decarbonisation performance to various stakeholders.

Zeroe empowers organisations to make data-driven decisions, achieve sustainability goals, and create long-term shareholder value.

The new funds will also accelerate the company’s mission to facilitate decarbonisation and the transition to net zero, building on the launch of its platform to enterprise customers in the UAE.

Farouk Jivani, Founder and CEO of Zeroe, said: “The urgency to act on climate change has never been greater, and it will exponentially increase in the coming years. This investment is a testament to our commitment to driving tangible change. We’re here to accelerate the enterprise decarbonisation journey and unlock climate finance to fund the transition.”

Also Read: Experts advocate thoughtful regulation for the rapid rise of Generative AI

Zeroe was one of the 20 startups selected for DIFC’s Fintech Accelerator for 2023, a signatory to Abu Dhabi Global Market’s Sustainable Finance Declaration, and a founding member of the Carbon Accounting Alliance.

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Ecosystem Roundup: AI companies secure US$50B in 2023 | Hyperloop One shutting down | Should Gen AI be regulated?


Dear reader,

The global AI sector has witnessed an extraordinary surge, with companies amassing a staggering US$50 billion in funding this year, marking the second-highest figure in market history. This upswing signifies the industry’s remarkable growth, doubling in just three years to a valuation of US$240 billion, boasting a quarter of a billion users worldwide.

Despite a 42% drop in fundraising activity from the record-breaking 2021, the AI sector managed to secure a substantial US$45.2 billion in 2022. Impressively, 2023 outperformed its predecessor, with a total of US$49.8 billion raised, indicating a robust rebound in the latter half of the year.

Notably, companies achieved this feat with fewer funding rounds, highlighting the ability to attract more substantial capital per investment. The cumulative funding in the AI space now stands at a formidable US$333 billion, with the US leading at US$189 billion, followed by Asia at over US$96 billion and Europe at US$35.3 billion.

Sainul,
Editor.
====

AI companies raised record US$50B in 2023 globally: data shows
However, the number of AI investment deals came down to 842 VC in 2023 from 1,101 in 2022; The global AI industry has more than doubled in just three years, reaching a US$240 billion value and a quarter of a billion users worldwide.

Home Credit Indonesia secures US$100M from MUFG
Home Credit Indonesia was originally a subsidiary of the Netherlands-headquartered consumer finance firm Home Credit; Last year, MUFG acquired its Indonesian and Philippine units for about US$621M.

Indonesia’s Evermos sues ex-employee for founding competing startup
Reynaldi Gandawidjaja, founder and CEO of Orderfaz, previously served as Evermos’s business strategy manager; Evermos said that Orderfaz’s founding violates a two-year non-compete clause that was part of Gandawidjaja’s employment contract.

ByteDance reportedly earns US$110B in 2023
The figure likely surpasses that of Tencent, which generated US$63.5B in the first three quarters of 2023; ByteDance’s growth rate this year is approximately the same as the 30% it achieved in 2022, according to the report.

Hyperloop One is reportedly shutting down
It’s the latest stumble in the tech industry’s attempt to bring life to an idea Elon Musk first put forth in a white paper in 2013; It comes after Hyperloop One raised and spent hundreds of millions of dollars since its founding in 2014.

Xiaomi sacks employees over leaks related to first EV
For months, multiple reports have circulated on Chinese social media featuring unauthorised confidential information about the smartphone maker’s EV business.

SoftBank-backed Riiid acquires Korean edtech company Qualson
With the acquisition, Riiid – which uses AI to provide personalised learning and adaptive content delivery – can tap into Qualson’s user base, content, and the English-as-a-second-language market.

Dubai’s carbon management platform Zeroe nets US$2.2M for SEA expansion
The investor is Indonesia-based Owen Rahadiyan; Zeroe offers an AI-powered platform that allows enterprises to measure emissions and report on decarbonisation performance to stakeholders.

Neutura bags angel funding to transform agri waste into valuable resources
Neutura transforms biomass into biochar via pyrolysis, effectively sequestering carbon and preventing its release into the atmosphere; Beyond soil enrichment, it enhances water retention, soil structure, and crop health.

Sehat Kahani secures US$2.7M to widen e-health reach in Pakistan
The lead investor is Singapore-based Amaanah Circle; Sehat Kahani’s B2C platform allows individual consumers to access doctors, labs, and e-pharmacy services online; It also runs 62 e-health clinics nationwide.

What do you need to know about the eco gender gap
Eco gender gap is when solutions to tackle climate change seem to be geared only toward women. How should businesses deal with this?

AC Ventures aims to drive positive societal change, economic impact in SEA
AC Ventures’s Adrian Li shares insights on the fund’s vision, investment thesis, success stories, and navigating challenges during COVID-19 and funding winters.

Hydrexia enables users to store, transport hydrogen more economically
Hydrexia has developed a magnesium-based solid-state tech solution to address safety and cost challenges in hydrogen storage, transportation, and production.

These 3 startups reveal their product development strategies
These professionals from three different startups in Southeast Asia explain how they are doing product development in their respective companies.

Muuse wants to eliminate single-use containers in SG’s thriving F&B scene
In this project, Muuse received support from the SG Eco Fund. Additionally, it is also expecting to launch a full commercial partnership in 2024.

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

Evercomm wants to pave the way for corporate decarbonisation success
In 2024, Evercomm is looking forward to expanding to the Middle East and Europe, after winning an award at the COP28.

Experts advocate thoughtful regulation for the rapid rise of Generative AI
Southeast Asia’s AI leaders discuss Generative AI’s rise, emphasising responsible innovation, ethical governance, and the urgent need for thoughtful regulation.

Top 10 women contributors spearheading resilience in the startup landscape
Here, we feature the top 10 female contributors, ranging from investors to entrepreneurs, who pioneer innovation and resilience.

Top 10 contributors investing in innovation and emerging tech
This feature highlights our top 10 investors, delving into their strategic decisions and experiences in the startup ecosystem.

Izwan Zakaria: Navigating legal frontiers in the startup landscape
Izwan provides essential insights on overcoming legal challenges in the dynamic startup landscape for entrepreneurs and tech enthusiasts.

AI-powered omnichannel touchpoints to unlock business growth
Practices and case studies on how cutting-edge and customer-centric AI plays a role in securing business success through multiple customer touchpoints.

Unlocking growth: How AI can supercharge Southeast Asia’s economy
Are you curious enough to be the student today so you can lead your organisation to an AI transformation as a teacher tomorrow?

What is your ecosystem strategy and why is it critical in 2024?
Your ecosystem strategy enables impactful collaboration and amplifies influence beyond individual companies.

Hacking customer engagement in Indonesia’s agri supply chain
Indonesian supply chain platform Sayurbox empowers its customers through a seamless customer engagement system via CleverTap.

How millennial investors are taking control of their wealth creation
Tech is making investing more accessible for young investors in Southeast Asia but disinformation can threaten financial wellbeing.

Navigating VC ghosting: Strategies for resilient entrepreneurs
Let’s delve into the reality of VC ghosting and equip entrepreneurs with effective strategies to navigate through this challenging phase.

Pioneering success: The path for early-stage startups
Singapore’s rise as a top global startup and venture capital hub underscores its resilience in the face of regional funding challenges.

2024 cloud trends: AI-powered machine learning, distributed databases, and more
Cloud platforms will need to remain simple, easy to use, and developer-friendly so that our economy’s engines can enjoy long-term benefits.

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Whampoa Digital, Wemade partner to form US$100M Web3 fund

Whampoa Digital, the tech investment arm of Singapore-based Whampoa Group, and Korean gaming company Wemade have formed a strategic partnership to collaborate on a US$100 million Web3 fund.

Wemade Web3 Fund seeks to invest in promising gaming studios and blockchain projects that intend to set up an office in its WEMIX PLAY Center, located in Dubai International Financial Centre’s Innovation Hub (DIFC Innovation Hub). WEMIX PLAY is a Web3 platform that can transform games of every genre into blockchain games. It has over 250,000 concurrent players.

Also Read: Vietnam’s Web3 revolution: Beyond Axie Infinity, unveiling the rise of diverse crypto startups

DIFC Innovation Hub and WEMIX PLAY Center will provide state-of-the-art facilities and mentorship support to Wemade Web3 Fund’s investee companies. Whampoa Digital will be an ecosystem partner to the Center.

WEMIX PLAY has developed blockchain solutions and invested in gaming studios, such as Lionheart Studio, Shift Up and MADNGINE, the developer behind NIGHT CROWS mobile and PC games.

Whampoa Digital and Wemade will engage in mutual deal and project referrals, particularly in the Web3 industry, and potentially co-invest in promising projects. They will also leverage each other’s technical and operational know-how to develop blockchain infrastructure and solutions for the gaming and Web3 industries. The solutions will be applied and integrated with financial institutions supporting these industries to promote the seamless adoption of digital assets globally.

Whampoa Group Senior Partner Aureole Foong said: “This partnership will allow us to pioneer new horizons in the digital asset industry beyond our already established sectors, as well as foster innovation in the Middle East, one of the world’s fastest-growing regions in the Web3 space.”

Also Read: Visionaries clash over idealism while tech industry embraces Web3’s game-changing potential

Wemade, through its subsidiary WEMIX, is building an experience-based, platform-driven, and service-oriented mega-ecosystem to offer a wide spectrum of intuitive Web3 services.

 

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