Create music, produce art, or even become online idols, Artificial Intelligence (AI) programmes may perform tasks that are unimaginable to humans. However, technology is not the only factor in how society develops.

The greatest cutting-edge technology is always human intelligence

The introduction of the loom, the sewing machine, and the opening of the first Industrial Revolution in the late 18th and early 19th centuries completely transformed the textile industry, which had hitherto only relied on human labour.

However, over the years, the best designers have continued to use the flawless handcrafted design process to produce Haute Couture designs, the benchmark of high-end tailoring that frequently appears in Chanel, Hermes, etc. Thus, Haute Couture is more expensive and valuable than clothing that is mass-produced using industrial machinery.

There are worries that technology will eventually replace people as a result of the development of AI, particularly the current expansion of ChatGPT. However, if you take a look at the history of human progress, you will see that no matter how sophisticated a machine is, it will always lag behind the human mind.

Karl Marx and Friedrich Engels’ view of the history of human progress demonstrates that man did not create the ability to elevate work from physical to intellectual labour, any assistance stems from a person’s need for clothing, food, and shelter. People must discover ways to overcome nature as this requirement grows to boost labour productivity and production efficiency. It is the process of creating and renewing production tools.

Also Read: How Transparently.AI uses Artificial Intelligence to detect accounting manipulation, fraud

In actuality, humanity advanced from the Stone Age with crude tools used only for hunting and gathering through the Bronze Age to support agricultural production, and finally the invention of machines. the technological age continues now. It is claimed that all revolutions, including the 4.0 revolution, are fundamentally distinct from one another because super technologies that are capable of feats beyond human comprehension are created.

Therefore, humans will replace that equipment and technologies if they are unable to suit their needs in the future, not AI, robots, or any other technology.

No technology can replace emotions

Social relationships are created through human interaction, which has an impact not on technology but on the growth of people, companies, and ultimately the country.

Humans cannot yet be fully replaced by technology. Sophia, the first robot in the world to receive a citizen license, can answer questions fluently and with 50 different facial expressions, but she is still just a “speaking machine” and cannot evoke strong feelings in the audience the way Nick Vujicic or Michelle Yeoh can when they perform motivational speeches or sing like Michael Jackson.

Despite merely needing a few hours to create a painting that costs millions of dollars, artificial intelligence cannot satisfy collectors’ hunger like Leonardo’s paintings can, Picasso or da Vinci. 

The care, love, and education of parents cannot be replaced by technology, but it may improve how children play, learn, and are cared for. Sometimes, a subject’s teacher rather than the subject itself might pique a student’s interest or hatred in it.

Even technology’s negative aspects have negative effects on the physical and mental health of people. When everything is easily searchable on Google, as it is now with ChatGPT, technology might limit creativity.

When the home is equipped with smart technologies to assist, people are less active. Children become so engrossed in games and online applications on their phones and laptops that they neglect to engage with their peers and parents.

Also Read: Is ChatGPT a great invention or is it being ‘hyped’?

AI only scares you when you allow it

Social relationships are fundamentally based on the sharing of spiritual values. This engagement not only helps people or organisations grow, but it also advances the political and economic health of the nation.

It is challenging to create an organisation under the leadership of a boss who excels in his or her field but struggles to forge strong bonds with partners and staff. It is challenging to persuade clients to purchase from a company that offers quality goods and services but uses advertising and communication methods that fail to appeal to their emotions. Without maintaining social ties with other nations in the area and around the world, it is challenging for a nation to thrive.

Although it can support greater social interactions, technology cannot replace spiritual qualities. While the phone can minimise both physical and temporal distances, replacing handwritten letters, it is the emotions of the two individuals on the other end of the line that provides significance to the exchange. Modern lighting technology does not cause armed wars; rather, disputes about relationships between organisations and nations do.

Consequently, Vietnam’s perspective during the past 90 years has likewise been one of placing people at the heart of development, which is both a goal and a crucial driving force of growth. Additionally, educating the populace should be a key priority because they will be the ones to decide how to advance technology and employ it to further the socioeconomic growth of the nation.

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ASEAN Finance Ministers and Central Bank Governors have discussed the possibility of reducing their reliance on the US Dollar and phasing out payment systems, such as Visa and Mastercard. This move could pave the way for implementing Central Bank Digital Currencies (CBDCs) and blockchain-based financial infrastructure in the region.

ASEAN and the US Dollar

The Association of Southeast Asian Nations (ASEAN) is an intergovernmental organisation promoting economic, political, and cultural cooperation among its ten member countries.

Historically, the US Dollar has played a significant role in financial transactions in the ASEAN region due to its status as a global reserve currency. However, recent geopolitical tensions and economic uncertainties have led ASEAN countries to reconsider their dependence on the US Dollar.

In addition, Visa and Mastercard have long been the dominant payment systems in the ASEAN region. Nonetheless, growing concerns over transaction fees, data privacy, and centralised control have led ASEAN Finance Ministers and Central Bank Governors to consider alternative payment systems. ASEAN countries aim to promote regional economic integration and resilience by exploring new financial technologies.

Indonesia’s President, Joko Widodo, has urged local governments to use credit cards issued by local banks and gradually stop using foreign payment systems, such as Visa and Mastercard. He argued that Indonesia needs to protect itself from geopolitical disruptions, citing sanctions targeting Russia’s financial sector from the US, EU, and their allies over the conflict in Ukraine.

Also Read: Putting all your eggs in one basket?

“The use of local government credit cards, in this digital era, should be achievable. If we can use them, we can be self-reliant,” said Jokowi during the opening of the Domestic Product Business Matching in Jakarta Wednesday (15/3).

The potential of CBDC

One solution to reduce reliance on the US Dollar and centralised global payment systems is to optimise CBDC adoption and blockchain technology.

CBDCs are digital representations of a country’s fiat currency, issued and regulated by the central bank. CBDCs offer several advantages over traditional payment systems, including enhanced security, lower transaction costs, and increased financial inclusion. Additionally, CBDCs can help ASEAN countries reduce risks associated with excessive reliance on the US Dollar and strengthen regional currency cooperation.

Bank Indonesia (BI) is currently developing the use of CBDCs. Bank Indonesia Governor, Perry Warjiyo, mentioned that CBDCs are being developed as crypto assets requiring a reference unit of account from sovereign digital currencies.

Perry said CBDCs need to be promoted in ASEAN countries, along with the rapid development of crypto assets. Therefore, central banks are obliged to accelerate the growth of central bank digital currencies, including promoting CBDCs to the public and other ASEAN countries.

“We are obliged to accelerate the development of central bank digital currencies,” said Perry during a High-Level Seminar From ASEAN to The World, titled “Payment System in Digital Era,” quoted by Antara.

Embracing blockchain technology

Blockchain has the potential to revolutionise the financial sector. By adopting blockchain-based systems, ASEAN countries can enhance the efficiency and security of their financial transactions. This technology can also facilitate the development of new financial products and services, driving innovation and economic growth in the region.

“Blockchain and programmable money have opened a new era in the global financial system and cross-border digital payments. With unparalleled speed, security, and transparency, this technology creates a bridge that connects the world economy, eliminating barriers and empowering people to transact more efficiently and inclusively,” said the CEO of D3 Labs, Chung Ying Lai.

Also Read: How to venture into blockchain during a recession

“We believe that, through blockchain innovation and programmable money, we will create a more equitable and sustainable financial future for all.”

Challenges and concerns

Lai added that although CBDCs and blockchain technology offer promising opportunities for ASEAN countries, they must address several challenges and concerns. These include a solid regulatory framework, data privacy protection, and cybersecurity measures.

Furthermore, interoperability and collaboration among ASEAN countries will be crucial for successfully implementing this new technology.

Steps to reduce reliance on the US Dollar and abolish the centralised global payment system by ASEAN Finance Ministers and Central Bank Governors reflect a growing interest in exploring alternative financial strategies.

“By embracing CBDCs and blockchain technology, the region has the potential to enhance its economic resilience and promote innovation. However, it is crucial to address related challenges and encourage regional cooperation to ensure the successful implementation of this new technology,” concluded Lai.

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“In the midst of every crisis, lies great opportunity.” — Einstein.

It doesn’t take the sheer intelligence of Einstein to understand that economic downturns actually accelerate a portion of companies, and market share and position radically reshuffle.

Research shows that twice as many companies make the leap from laggards to leaders during a downturn, compared to a period of economic calm. With all indications now that the economic environment is looking very choppy, how can we best plan and execute around “leading” and not “lagging”?

Consider three actionable, clear components to your strategy to out-position the competition.

“Those who tell stories rule society.” — Plato.

It’s always a noisy, crowded environment that you need to cut through and drive awareness in. In a crisis/downturn environment, it’s even noisier.   That means that there has never been a more critical time to have a compelling “story” and narrative as your core company positioning.

Think about this from a Point of View perspective.  Don’t lead your story with your product, company history or details.  Many companies make this mistake that leads to a boring, unengaging message.

What is the problem that your audience is wrestling with?  Or perhaps it’s a problem that your audience doesn’t fully realise that they have. Lead your narrative with this: it’s the problem that your audience will truly care about.  It’s clarifying your strategy around the problem you are solving, and weaving this strategy into a natural-feeling story and point of view.

Architect this point of view with a message house approach.   A very simple yet powerful way to not only structure your thinking and message but to also catalyse conciseness.   It has a roof (the problem) and three pillars: pillar one is the problem further detailed; then the solution (thus the middle pillar); and finally your company’s relevance and differentiation to deal with this problem and deliver the solution.

The message house is on a single word document page.  Not double-sided; not two pages.  One page.  If you can’t get your point of view into that structure and focus, then your audience is never going to fully listen to, and little alone “get” your message.

Also Read: What companies can do to stay agile in the future of work

Think differently, not just better.

Your Point of View can evolve, but at any given time it is the viral, consistent story that you, your team, and your marketing are based around.   It is one of the most powerful assets to leverage, especially during a volatile, challenging business environment.

The category is the new strategy

We are all wired for a category.  It’s a fundamental component of our consciousness, and continual sorting and organising.  It’s how we stay sane and interpret this noisy world.  There’s plenty of brain science and validation around this, but it is also self-evident if we take a step back and look at our business, that we are in a category, and will always be in a category.

In an economic downturn, pressures will mount on your customers to do more with less or to cut costs in your category of goods or services.   Most suppliers/vendors in a market category will chase this declining pie and set of economics.

That doesn’t sound very attractive, does it?  It is often referred to as “catching a falling knife” and that strategy is likely to lead to being a “laggard” and losing both total revenues as well as market share.

Rather, in this pivotal time as you plan for a choppy and volatile business environment, leverage both your Point of View, as well as your Category Strategy.

As you craft your Point of View, consider the opportunity to not only position for existing demand but to create new demand.   How is the problem evolving for your customers, given the environment is changing so much?   Describe the problem in a clear, visceral way, and engage and draw in your audience.  Get that “cut through” you desperately need in this environment.

At the same time consider the Category you are in.  How can you reframe it?  How can you describe this new Category, and why is it critical for your audience to understand it?

Also Read: The challenge for female leaders is to get their voices heard: Lisa Gibbons, Blockchain Advocate 

Remember that your Category will not stay static.   It may take time, even years for it to evolve, but it will change.  And in fact, it has a greater chance of radically changing during a downturn.   If you don’t redefine the category and the problem, then someone else will.

The fact is, you will always be in a category.

The question then is, do you want to define it?  Or let someone else do it?

Taking a step back and really analysing the category and your strategy, will inevitably also lead you to consider your category’s ecosystem.  A category cannot exist with just one company.   You need to have an independence of thinking to really map out the category’s entire ecosystem.  It will have many different players and influencers, from partners to government and regulatory, key analysts, key media, adjacent and connected technologies, and the list goes on.

You have the opportunity to think about a visual representation of your category’s ecosystem.   How will you map it and show it visually?  As you do this you will uncover new ideas about the ecosystem and its players.  A storyline will emerge around how you describe the ecosystem.

You will also begin to ask core execution and strategy questions such as: who on our team will “own” that slice of the ecosystem? (If you don’t have a responsible person/group for this, then that slice of the ecosystem won’t be proactively nurtured and managed); and how are you tracking the various members of your ecosystem?  How and where are you making progress?  Or where are your competitors focused in terms of the ecosystem players?  How are you building your “tribe” around the category you are defining?

“Your ability to thrive depends on the tribe.” — S. Perry

During a downturn, you need to take any resource and fully maximise it.  And there is no greater opportunity to do this than with your ecosystem, and to identify priority relationships.  To do this, you need to have it clearly mapped, have regular tracking of it, and have “throats to choke” who are responsible for specific ecosystem slices and players.

This enables your point of view to go further viral and leverage your ecosystem for this.   Show the visual of the ecosystem to the different members of it.  Make them excited and clear that they are part of this tribe, and there is a powerful, problem-led story to tell.

These three critical strategies around a powerful point of view; a clear category design and strategy; and a dynamic visualisation and tracker of your ecosystem are essential for not surviving, but thriving in an economic downturn.

Out-position the competition!

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

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The 2023 Echelon Asia Summit is happening at the Singapore EXPO on 14-15 June 2023. Are you a startup founder, investor, corporate, or tech enthusiast? Don’t miss out on one of the most anticipated tech conferences in the region! Get your tickets now! For more information, visit the official Echelon page.

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What is the latest update from micromobility company Beam?

In an email interview with e27, Co-Founder and CEO Alan Jiang revealed the most significant milestones that the company has made recently, starting with its US$93 million Series B funding round in early 2022–which he dubbed as a “significant stride” in Beam’s journey to growth and profitability.

“We’re particularly proud of being able to achieve both of these simultaneously in today’s macro environment,” Jiang explains.

Apart from that, the company has also doubled its footprint in eight countries in different regions, including Malaysia, Thailand, Indonesia, Turkey, South Korea, Japan, Australia, and New Zealand.

“We also doubled our fleet size up to 60,000 vehicles, and most significantly of all, each of the three regions (North Asia, Southeast Asia, and ANZ) are already independently EBITDA profitable by a double-digit margin,” Jiang says.

This year, Beam has been confirmed as one of the companies that will be speaking at the Echelon Asia Summit 2023, June 14-15 at Singapore Expo. Before we get to hear what Jiang will share at the event, let us keep ourselves updated with what Beam has in store.

Also Read: H3 Dynamics decarbonises global aviation industry with multiple aerial mobility products

The following is an edited excerpt of the interview with Jiang.

In recent years, you have made significant milestones that include a Series B funding round and expansion into new markets. Is there any lesson that you can share with us from that experience?

We have been laser-focused on unit economics since Beam was founded five years ago.

Ensuring that we had great unit economics in place before we scaled up enabled us to achieve both growth and profitability at the same time.

The biggest challenge we see with startups that achieve growth through price discounts or negative unit economics is once those discounts go away, growth also shrinks. For us, as we add profitably deployed vehicles to our fleet, our P&L improves and achieving country-level profitability in each country was just a matter of growing into our fixed cost structure.

How do the back-to-back global crises that we are facing today affect your decision-making process? What major changes have you made?

We are fortunate that we have been focused on unit economics and profitability from Day One, so we are less impacted by the sentiment shift of growth vs profitability that we see in the venture ecosystem today. However, we are also an extremely capital-intensive business as we own and operate all our own assets. We do expect capital to get more expensive in the near term and this impacts where we invest. We are more focused on short-term cash flow today.

What opportunities do you aim to seize this year?

We are always in conversation with governments across APAC to discuss how Beam vehicles can help cities reduce congestion and pollution in cities, and improve first/last mile connectivity. Due to our positive unit economics and healthy balance sheet, we expect to be in a strong position to be able to invest in cities that embrace micromobility.

Also Read: The future of mobility is in public-private collaboration

What is your major plan this year?

We are focused on continuing our profitable growth trajectory in 2023 by continuing to invest in more vehicle deployments into all eight of our markets in APAC. We see micromobility as just scratching the surface in APAC, and we expect the popularity of EVs – especially shared EVs – to grow significantly in the coming years.

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Image Credit: Beam

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Selex Motors, a Vietnamese maker of electric two-wheelers and battery packs, has netted US$3 million in convertible notes from ADB Ventures, Touchstone Partners, and two foreign investment funds.

The company aims to utilise the funds to expand its two-wheeler production lines and set up battery-swapping systems in key cities in Vietnam, aiming to become the nation’s largest battery-swapping network provider.

Also Read: Validate the problem before building a solution: Surasit Sachdev of Hungry Hub

“This investment will provide us with a strong foothold in Vietnam and a platform for our expansion into other parts of the region,” said Selex CEO Nguyen Huu Phuoc.

Established in 2018, Selex produces electric two-wheelers and swappable battery packs that are purpose-built for large applications, including last-mile cargo delivery. Each gasoline motorbike replaced by a Selex electric two-wheeler can cut the emission of 0.45 tons of carbon dioxide equivalent a year, says ADB.

Its existing clients include regional delivery aggregators, such as Lazada and Grab, which require a single solution provider that can facilitate their transition to a cost-effective and reliable EV fleet with charging infrastructure to support their operations.

ADB Ventures invested in the Hanoi-based startup to reduce carbon emissions in high-usage applications, such as last-mile cargo and passenger transport in Vietnam.

“The electrification of road transport will have a profound impact on the automotive manufacturing and logistics sectors in Southeast Asia. We look forward to helping Selex to become an important regional player in the sustainable transport market in coming years,” said Suzanne Gaboury, ADB Director General for private sector operations.

Also Read: SEA’s VC landscape will soon get more specialised, says ADB Ventures

In December 2021, ADB Ventures provided a US$200,000 grant to Selex with an option to make an equity investment in the company.

ADB Ventures invests in early-stage technology companies that have significant potential to scale and deliver climate impact in emerging Asia and the Pacific.

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Artificial Intelligence  (AI) and Machine Learning (ML) appeared not so long ago, but have already become indispensable technologies in the modern world. They penetrate various spheres of life, change the economy and increase the efficiency of companies. The fintech industry is no exception, actively adopting the latest technologies to optimise its processes and improve the quality of services provided.

In Southeast Asia, where the fintech industry continues to grow rapidly, the adoption of AI and ML is especially strong. With the help of new technologies, companies can provide more convenient and affordable services, improve the speed of processing requests and increase their level of security. This not only makes fintech companies more competitive but also provides new opportunities for business development.

The most active phase of AI and ML adoption in Southeast Asia’s fintech has already passed, from 2016 to 2019. The current state most resembles a “small respite” or “reaching a plateau”. However, this does not mean that the development of AI and ML technologies in SEA fintech has completely ceased.

On the contrary, more and more companies are beginning to realise the potential of this tech and are starting to implement it in their business processes in parallel with the general development of financial technologies.

AI and ML benefit Southeast Asia’s fintech

A recent study by Robocash Group analysts claims that the penetration of AI and ML technologies in SEA fintech companies is steadily growing, reaching 3.1 per cent in 2022. In other words, 807 out of 26,105 fintech companies in Southeast Asia already feature AI and ML tools in their technology stack.

Process optimisation is one of the main purposes of applying AI and ML in fintech. Automation can greatly simplify routine operations such as document verification, data analysis, and more. It reduces the risk of errors and increases employee productivity.

Also Read: Tailored corporate governance: Key actionable steps for startups at different growth stages

In addition, AI and ML are being used to bolster analytics and forecasting. Companies may rely on them to more accurately predict the behaviour of their customers, assess risks and make the most informed decisions. For example, banks and other financial services can use ML to analyse customer data and offer customised services and products that best suit their needs.

AI and ML are also widely used to improve payment processing and fight against fraud. Fintech companies use Machine Learning algorithms to quickly and accurately check transactions for fraud and improve data protection.

Finally, AI and ML are used to improve the user experience in general,  including communication. For example, chatbots are used to automatically answer customer questions and provide real-time support. This allows fintech companies to better their customer service, reduce response time to inquiries and increase customer satisfaction.

Final thoughts

On the whole, AI and ML tech is an important tool for a company, allowing for more informed and balanced business decision-making. In the future, with the development of new technologies, it will become even more widespread and effective in fintech.

The fintech players in SEA are increasingly adopting AI and ML technologies in their business models and processes. However, it should be noted that these technologies are not a panacea and do not guarantee success itself. Companies must properly adapt them to their needs and models in order to get the maximum benefit from their use.

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

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Despite the challenges of the last few years, it was a time for innovation for businesses that had to learn how to handle adversity. As such, in the past three years, the world has witnessed an incredible acceleration in the advancement of technology and digitalisation. I have seen more businesses pivot and adapt quickly in the last few years than ever before in the decades I have been working with Singapore SMEs.

When compared to 2020, the global digital transformation market is expected to grow to US$1,009.8 billion by 2025 from US$469.8 billion. With that, 91 per cent of businesses are somewhat engaged in a digital initiative with 89 per cent of companies already adopting a digital-first business strategy. 

Industries such as F&B and commerce have established a greater online presence and adopted digital solutions for their businesses. For instance, the efficiency of online platforms and increased convenience for functions such as online payment and delivery of food or products resulted in the survival of businesses in these industries.

However, amongst the many industries that have adopted digital solutions to facilitate mundane job functions, an industry that is crucial to the safety and health of employees and workers has yet to hop on the digitalisation bandwagon in Singapore. 

A gap in the current risk management process in Singapore

Since 2020, the workplace fatalities have been increasing from 30 in 2020, 37 in 2021 and 46 in 2022, the highest since 2016 when there were 66 workplace fatalities reported according to Channel News Asia. This alarming trend reveals the gap in Singapore’s risk management process resulting in an increased number of workplace accidents.

Also Read: The secret sauce of de-risking early-stage venture capital

As such, the Ministry of Manpower (MOM) in Singapore introduced the six-month heightened safety period along with other measures such as increased penalties to overcome workplace fatalities. The heightened safety period has since resulted in a decrease in fatalities from 4.5 per month to 2.5 per month.

Nonetheless, the mere fact that workplace fatalities are still occurring, signals the need to improve current risk management processes to ensure no workplace fatalities happen. 

Small and medium-sized companies have been identified by MOM as having more workplace accidents when compared to larger organisations. This was mainly contributed by the lack of knowledge and resources when it comes to adopting WSH practices such as obtaining risk assessment certificates and bizSAFE certificates.

The need for a platform that provides a cost-effective yet easy-to-use platform that eases risk management processes for these companies is now especially crucial in Singapore, and more effort needs to be put in place to do so. 

The confusion between bizSAFE and Risk Assessment 

The Workplace Safety and Health (WSH) Regulations in Singapore mandate that every employer, including contractors and sub-contractors, is required to conduct risk assessments where they identify safety and health hazards at workplaces to eliminate the risk of workplace accidents from occurring. Failure to comply with the regulation would result in a fine of up to SG$10,000 for first-time offenders and a fine of up to SG$20,000 or six months imprisonment or both for subsequent offenders. 

The bizSAFE programme, on the other hand, is an optional certificate supported by the Ministry of Manpower to increase workplace safety and health capabilities. Previously, only heavier industries such as manufacturing and construction would look to obtain the bizSAFE certificate. However, in recent years, more industries are obtaining the bizSAFE certificate due to the increase in awareness and education about workplace safety.

It is worth noting that the bisSAFE certification process is rather daunting, time-consuming and costly, involving the need to complete a full WSH report based on the paperwork and set requirements as well as often hiring a consultancy firm to help identify the risks associated with the business to complete the report. 

While Risk Assessment often stands as a mandatory document to have for compliance, the bizSAFE certification increases a company’s reputation and competitive edge by showing the presence of a conducive and safe working environment.

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

Nonetheless, it is undeniable that the high cost and time needed to obtain the certification could deter businesses from doing so. Hence, the question of how businesses could obtain both Risk Assessment and bizSAFE certification without the hefty price tag and time invested remains. 

Alleviating the administrative burden 

Due to the lack of digitalisation within the risk management industry, businesses face many administrative challenges that could have easily been overcome by leveraging technologies. For instance, a typical challenge faced by organisations is the loss of risk management documentation and the lack of secure storage space.

The usage of cloud technology could help eliminate the chances of losing these important documents while allowing businesses to access the documents anytime and anywhere – providing them with a secure online space to collaborate seamlessly. 

To avoid wasting time and money on hiring a consultancy firm to identify the relevant processes and risks related to the business, which usually takes a week, the development of software that guides businesses to select the relevant industry and provides a pre-identified hazard and risk strategy allows for a much faster and cost-effective solution to obtaining the certifications. 

Additionally, a key factor that places digital solutions at the forefront is the ability to eliminate unnecessary errors that are inevitable by humans. Doing so would reduce the chances of documents being rejected due to the misinformation provided, eventually decreasing the cost and time that was needed when re-submitting documents. 

With the primary focus on educating more Singapore companies about the importance of WSH, we saw the need to develop a platform to help digitalise the process for an easy, quick and cost-effective approach to submitting risk assessment documents.

Through the consolidation of working with clients across 30 industries, we were able to establish an extensive database that is regularly updated to create a list of pre-identified risks associated with each industry. By doing so, we developed a quicker yet more cost-effective approach to ensure that all businesses, especially SMEs, are not disadvantaged when it comes to ensuring that their work environment is safe for their employees.  

The need for digitalisation and modernisation in risk management cannot be overstated. By incorporating technology and advanced analytics, Singapore can improve its risk management practices and become more efficient and safe. It is crucial that we work towards bridging the gap between traditional industries and the digital age to ensure that no industry is left behind.

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

Join our e27 Telegram group, FB community, or like the e27 Facebook page

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The 2023 Echelon Asia Summit is happening at the Singapore EXPO on 14-15 June 2023. Are you a startup founder, investor, corporate, or tech enthusiast? Don’t miss out on one of the most anticipated tech conferences in the region! For more information, visit the official Echelon page.

The 2023 Echelon Asia Summit is happening at the Singapore EXPO on 14-15 June 2023. Are you a startup founder, investor, corporate, or tech enthusiast? Don’t miss out on one of the most anticipated tech conferences in the region! For more information, visit the official Echelon page.

One of the most anticipated events this year, the Echelon Asia Summit tech conference, will be happening in Singapore on June 14-15, 2023, and will witness the return of the TOP100 program. Echelon Asia Summit 2023 is one of the premier events for technology professionals, bringing together experts from around the world to share knowledge and discuss the latest trends and innovations in the Southeast Asian tech startup ecosystem. This year’s conference will feature keynote speeches, panel discussions, and workshops on a wide range of topics, including artificial intelligence, blockchain, digital healthcare, and other emerging digital trends.

Also read: Six exhibitors to wow you at the 2023 Echelon Asia Summit

One of the event’s biggest highlights is the TOP100 program, a pitching competition that features some of the best and brightest new startups in the ecosystem. With this year’s TOP100 poised to be bigger than ever, here our TOP100 Partners help ensure that today’s most promising startups get the best guidance from industry insiders.

e27 is proud to announce WebEngage as one of the TOP100 Partners for the 2023 edition of the Echelon Asia Summit!

How WebEngage is powering the TOP100 program

WebEngage will be one of this year’s TOP100 Partners and will co-host the MeetUp in Jakarta on May 9, 2023, with e27. WebEngage will play an essential role in ensuring the success of the TOP100 program by bringing their valuable insights, expertise, and mentorship to help attendees and participating startups sharpen their tools as they engage with today’s unpredictable market.

The TOP100 participants will get the opportunity to join the WebEngage Startup Program, a growth accelerator with over 250+ alumni startups globally. The program is designed to help startups and founders understand their customer base better, improve their marketing strategies, and grow sustainably through better customer retention.

The shortlisted startups will get free access to WebEngage’s Marketing Automation and Customer Retention platform for six months, credits worth $25000, and dedicated customer success as a part of the startup program benefits. Learn more about the program here! 

Commenting on the partnership, Nitya Shah, Lead at WebEngage Startup Program, said “We are excited to partner with e27 on their TOP100 startups initiative in Southeast Asia. With the increasing emphasis on sustainable growth for startups, WebEngage Startup Program delivers a proven playbook for retention-led growth, working with nearly 250+ startups and 800+ enterprises globally.” 

Join WebEngage and e27 at the TOP100 MeetUp in Jakarta on May 9 2023

Meet emerging startups, corporates, investors, and key stakeholders from the tech startup ecosystem at WeWork Parc 18 in Jakarta on 9 May 2023 to connect, network, and learn! The TOP100 MeetUp in Jakarta presents a unique opportunity for founders to connect with other professionals, investors, and startups in the tech industry, forging new partnerships and collaborations that can drive business growth and success. The event theme will be “Southeast Asia Growth Series: How can the tech ecosystem grow sustainably and where to find future growth drivers?”— a key topic that is relevant to today’s tech startup ecosystem in Southeast Asia.

Register here for the TOP100 MeetUp in Jakarta.

Also read: 15 frontrunners closer to competing in the 2023 TOP100

About WebEngage

Ranked #1 consistently across all review platforms on ease of use and comprehensiveness of the platform, WebEngage is used by 800+ brands across India, Southeast Asia, the Middle East, Latin America, and European markets. 

WebEngage is on a unique mission to ensure that no business should ever have to work hard to retain its customers through 4 key pillars. WebEngage helps them scale through a robust customer data and analytics platform — unifying data across silos, the best-in-class journey builder enabling automated triggers and campaign orchestration across channels. The third piece of the stack is the personalisation engine that includes all the data in the system and lastly, AI/Machine Learning-driven product recommendations that boost the conversion for all channels, including the web and mobile apps. 

The company works across several industries like e-commerce, edtech, fintech, foodtech, media and publications, gaming, BFSI, healthcare, and online retail. Their key clientele includes marquee brands like IKEA, Unilever, Walmart, Myntra, Bajaj Auto, Unacademy, GoIbibo, Pepperfry, HT Media, PFI Mega Life, PasarPolis, Wego, and many more.

The post TOP100 Partner WebEngage pushes growth for SEA startups appeared first on e27.

Dear Pro member,

Southeast Asia’s startup ecosystem is yet to emerge from the double whammy of the Russia-Ukraine war and the COVID-19 pandemic.

As per a Tracxn report, tech startups in the region raised a total of US$1.1bn in Q1 2023, a 69% drop from US$3.5bn raised in Q1 2022. This represents a 42% decline from US$1.9 billion in Q4 2022.

This slide is primarily due to a sharp drop in late-stage funding to US$415mn Q1 2023, which is 68% and 73% lower than the amounts raised in Q4 2022 and Q1 2022, respectively. Seed-stage funding in Q1 is no better; it fell 27% and 73% when compared with Q4 of 2022 and Q1 of 2022, respectively.

However, early-stage investments saw a slight uptick of 11% in Q1 2023 when compared with Q4 2022, but declined 69% from Q1 2022.

Late-stage funding is not expected to make a comeback in the foreseeable future given the volatility in the market. Plus, VCs are no longer mindlessly investing in late-stage startups that continue to bleed money. This means that there may be more layoffs in the region.

Have a look at the top stories.

Regards,
Sainul.

——

The gist: Singapore tops startup funding in SEA in Q1
The details: A Tracxn report says companies based in Singapore drew in the highest investment value among their peers: US$516M in funding; A total of US$1.1B went to SEA tech startups in Q1 2023, down 69 per cent from Q1 2022.

The gist: Startup funding in Vietnam shrinks half in Q1
The details: As per a Tracxn report, startups raised a total of US$40.6M in Q1 2023, almost half 49% lower compared to the same period in 2022; Late-stage startup investments remained flat for three consecutive quarters, causing a decline in overall volume.

The gist: BetterPlace acquires Malaysian on-demand frontline workers firm Troopers
The details: The deal will allow BetterPlace to accelerate its presence and establish a foothold in Southeast Asia; Troopers claims to have helped over 50K gig workers in Malaysia find employment since its inception.

The gist: Indonesia’s Sayurbox fires staff amid stagnant B2C growth
The details: Several employees in its B2C team have been affected; The firm says despite its strong and growing performance in the B2B segment, the B2C market has not grown as expected during the pandemic.

The gist: Society Pass unit NusaTrip acquires VN travel marketplace VLeisure
The plans: Indonesian NusaTrip gains an operational foothold to expand its B2C and B2B businesses in Vietnam; VLeisure will market its hotel management SaaS products to hotel SMEs initially in Vietnam and then to the rest of Southeast Asia.

The gist: Court slaps US$7.3M fine on Bukalapak in office project lawsuit
Why: The e-commerce firm has been found guilty in an office project case against local property development company Harmas Jalesveva; Bukalapak has been sentenced for the losses suffered by the plaintiff.

The gist: Indonesian e-medical records startup Zi.Care attracts US$2M funding
The lead investor: Oriza Greenwillow Technology Fund
The plans: Zi.Care, which has digitised the medical record for 100-plus hospitals, looks to raise a total of US$3M in the Series A round.

The gist: SBK Tech Ventures leads Bangladeshi transport startup Jatri’s Series A
Other investors: Alsa, Genting Ventures, Distributed VC, Doha Tech Angels, Brain-Too-Free Ventures
The company: Jatri provides bus operators and owners with a single dashboard that syncs with all vehicles in the network.

The gist: Richard Li-backed Hyphen Group appoints new CEO
The details: Prashant Aggarwal succeeds Sam Allen, who stepped down from the post last year; The fintech company made at least two rounds of layoffs in 2022.

The gist: Visa partner Volopay secures major payment institution license in SG
The details: The license will help strengthen the fintech company’s position in the city-state and expand its offerings to Singapore-based firms with regional operations across the Asia Pacific.

The gist: Forge Ventures leads US$1.3M pre-seed round of Mito Health
Other investors: The founders and executives of ShopBack, Carousell, PatSnap, Glints, SingLife, Rainforest, and OhMyHome.
The company: Mito Health augments medical expertise with AI to create personalised health plans for customers based on their diagnostic results and wearable data.

Listicle

Meet the e27 Connect investors that invested in SEA in April first half
From East Ventures and AppWorks to Wavemaker Partners, many of Southeast Asia’s renowned investors were active in April so far.

Top 100

Why you should battle the traffic and Meetup with us in Manila
The Philippine stop of e27’s regional meetups is happening tomorrow. Here’s why you should be there.

Guest posts

Scaling up? Here’s the 5-point health check for hyper-growth businesses
Like regular health checks for athletes, business leaders can use the tests to check on a fast-growing business without slowing its growth down.

Revolutionising fintech in Southeast Asia: AI and ML empower businesses with data
AI and ML tech is an important tool for a company, allowing for more informed and balanced business decision-making.

How to combat burnout and boost your productivity
Burnout does not happen overnight, so picking up the signs early and examining your habits and mindset will go a long way.

—

Echelon Asia Summit 2023 is bringing together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here.

Echelon also features the TOP100 stage, where startups get the chance to pitch to 5000+ delegates, among other benefits like a chance to connect with investors, visibility through e27 platform, and other prizes. Join TOP100 here.

The post Ecosystem Roundup: Late-stage funding in SEA drops 68% to US$415M in Q1 | Layoffs at Sayurbox appeared first on e27.

Artificial Intelligence (AI) is machine intelligence that performs tasks requiring human intelligence, such as learning, problem-solving, and natural language understanding.

It has evolved from a niche field to a vital part of modern technology, revolutionising industries and shaping the future. AI automates tasks, enhances decision-making, and drives productivity and innovation across various sectors.

This article covers recent AI breakthroughs and their impact on industries and society, exploring milestones, emerging trends, and real-world applications to provide a comprehensive overview of AI today and its potential for the future.

Overview of significant achievements

In 2020, DeepMind’s AlphaFold revolutionised drug discovery and disease understanding with its groundbreaking AI system for predicting protein structures. In 2021, DeepMind refined AlphaFold, made its open-source version available, and launched the AlphaFold Protein Structure Database with the European Molecular Biology Laboratory. AlphaFold’s success showcases AI’s potential in solving complex scientific problems and accelerating research advancements.

OpenAI’s GPT series, starting with GPT-2 in 2019, followed by GPT-3 in 2020, has demonstrated significant advancements in natural language processing, including better chatbots, content generation, and automated translations. The release of GPT-4 would push the boundaries of AI’s capabilities in this domain even further.

Healthcare has also benefited from AI, with algorithms improving disease diagnosis from medical imaging and aiding in drug development. AI played a crucial role in vaccine development, drug repurposing, and predicting disease spread during the COVID-19 pandemic.

As artificial intelligence continues to advance rapidly, new breakthroughs and achievements are driving innovation across multiple industries.

How AI is being implemented in various sectors

Education

In the education sector, AI is being used to enhance teaching and learning experiences, with personalised learning systems, intelligent tutoring systems, and automated grading software.

These technologies enable tailored learning experiences, catering to individual student’s needs, strengths, and weaknesses. AI-powered chatbots are also being employed to provide instant support and guidance to students, improving engagement and retention.

Retail and e-commerce

In retail and e-commerce, AI is driving personalised marketing, dynamic pricing, and targeted promotions. By analysing customer data, AI algorithms can predict preferences and offer tailored product recommendations, leading to increased sales and customer satisfaction.

AI is also used in inventory management, demand forecasting, and supply chain optimisation to improve operational efficiency.

Agriculture

AI is revolutionising agriculture through the use of advanced sensors, drones, and robotics. These technologies enable precision agriculture, allowing farmers to monitor crops and livestock, optimise resources, and improve yields.

Also Read: Ethics and Artificial Intelligence: Is the technology only as good as the human behind it?

AI-powered data analytics also assists in predicting weather patterns, detecting plant diseases, and informing decisions on planting and harvesting times.

Smart cities

In the development of smart cities, Artificial Intelligence plays a crucial role in optimising transportation, energy management, and waste management systems.

Traffic data analysis and AI-driven simulations help reduce congestion, while smart grids and automated energy management systems promote energy efficiency.

AI-powered surveillance systems enhance public safety, and intelligent waste management solutions contribute to a cleaner urban environment.

Opportunities and challenges in AI adoption

Economic and social opportunities

• Job creation and workforce transformation: Artificial Intelligence has the potential to create new job opportunities and transform existing roles, as humans collaborate with AI systems to improve productivity and decision-making.
• Enhanced productivity and efficiency: Artificial Intelligence-driven automation can streamline processes and optimise resource allocation, leading to increased productivity and efficiency across industries.
• Improved decision-making and problem-solving: Artificial Intelligence systems can analyse vast amounts of data quickly, providing insights and recommendations that can improve decision-making and problem-solving in various sectors.

Barriers to Artificial Intelligence adoption

• High costs and resource requirements: Implementing AI technologies can be costly and resource-intensive, posing challenges for small businesses and organisations with limited budgets.
• Lack of skilled professionals: The growing demand for AI expertise outpaces the supply of skilled professionals, creating a talent gap that needs to be addressed through education and training initiatives.
• Resistance to change and technology adoption: Organisations and individuals may resist adopting Artificial Intelligence technologies due to fear of job displacement, lack of understanding, or concerns about the potential negative impacts of Artificial Intelligence.

Strategies for overcoming these challenges

To overcome these barriers, organisations can invest in Artificial Intelligence education and training programs, seek partnerships with AI solution providers, and promote a culture of innovation and adaptability.

Also Read: Navigating the capital winter: Strategies for successful fundraising in a slow market

Governments and educational institutions can also play a role by supporting Artificial Intelligence research, encouraging skill development, and fostering an environment that enables the responsible and ethical development of AI technologies.

The future of AI: Emerging trends and technologies

Researchers are developing new algorithms, exploring novel applications, and working tirelessly to enhance the capabilities of AI systems. This constant innovation is driving the integration of Artificial Intelligence into various industries, transforming the way we live, work, and interact with technology.

Cutting-edge AI technologies

• Natural language processing advancements: Advancements in natural language processing (NLP) are enabling AI systems to better understand, interpret, and generate human-like text. This progress is leading to improvements in chatbots, language translation, sentiment analysis, and content generation.
• Autonomous vehicles and drones: Continued development in autonomous vehicle technology, including self-driving cars and drones, is poised to revolutionise transportation, logistics, and aerial surveillance, offering increased safety, efficiency, and convenience.
• Robotics: AI-powered robots are being developed for various applications, such as manufacturing, healthcare, and agriculture. These robots are capable of learning, adapting, and performing tasks with minimal human intervention, leading to increased productivity and cost savings.
• Cybersecurity: Artificial Intelligence is being employed in cybersecurity to help organisations detect and respond to threats more effectively. Machine learning algorithms can identify patterns and anomalies in data, enabling more robust defences against cyberattacks.

AI and ethics: Balancing innovation with responsibility

• Bias and fairness: As AI systems become more prevalent, addressing issues of bias and fairness is crucial. Researchers and developers must work together to ensure that AI algorithms are transparent and equitable, preventing unfair treatment or discrimination.
• Privacy and data security: With AI systems relying heavily on data, protecting user privacy and ensuring data security are essential. Companies must implement robust data protection measures and adhere to privacy regulations to maintain consumer trust.
• AI regulation and policies: Governments and regulatory bodies must establish clear guidelines and policies for Artificial Intelligence development and use, ensuring that AI technologies are used responsibly and ethically while promoting innovation.

Lessons learned and best practices for AI implementation

When implementing AI in any industry, it is essential to adhere to best practices and learn from previous experiences. Some key lessons include investing in data quality and infrastructure, ensuring transparency and explainability of AI algorithms, addressing ethical concerns and promoting collaboration between AI developers, industry experts, and stakeholders.

Final thoughts

In this article, we’ve discussed AI’s latest breakthroughs, trends, and applications, showing its potential to transform industries and societies, such as education, retail, agriculture, and smart cities.

Artificial Intelligence can improve efficiency, drive innovation, and solve complex problems, and as we refine its technologies, its impact on our lives and interactions with the world will become even greater.

To fully harness AI’s power, we must encourage innovation, ethical practices, and investment in research and education, promoting a future where Artificial Intelligence is a tool for positive change and progress.

–

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The post The AI revolution: Transforming industries and reshaping the world we live in appeared first on e27.