Customer retention is crucial for businesses of any size or industry. Keeping customers happy helps ensure their loyalty, leading to long-term success and cost savings from reduced marketing expenses. However, businesses must understand customer needs, preferences, and market trends to offer effective solutions and gain their trust.

As an industry leader taking the initiative to address this challenge, CleverTap recently held The Big Leap Roadshow Vietnam with the theme, “Retention Playbook Vietnam: Mapping Personalised Customer Journeys”on February 22nd, 2023. The event was attended by over 100 growth leaders, entrepreneurs, investors, and other key industry stakeholders from Vietnam’s dynamic tech startup scene.

The event featured a multitude of activities designed to provide attendees with valuable knowledge and insights into customer retention strategies. The interactive format included presentations, panel discussions, Q&A sessions, and networking opportunities. Industry leaders from reputable companies such as Sky Mavis, Central Retail, and Piktina in Vietnam shared their best practices and expertise, which helped inspire engaging conversations about customer retention, sustainable growth, and expansion strategies. The event’s goal was to equip attendees with practical solutions to navigate the challenges of the ever-changing business landscape.

Also read: 8 startup frontrunners vying for a spot in the 2023 TOP100

Participants also got to share their ideas on strategies to convert potential buyers into actual customers, keeping them engaged, and ultimately turning them into active brand ambassadors. 

Here is a recap of some of the exciting insights brought up during the event:

Combining gamification and personalised customer journey mapping

One incredibly valuable tool for customer retention is personalised customer journey mapping, which enables businesses to gain insight into their customers’ experiences and learn how customers interact with their brands at different touch points. Sky Mavis has taken this a step further by introducing gamification elements such as points systems, rewards, and leaderboards into the user experience which encourages customers to remain engaged with a product or service over time.

By understanding customers’ motivators, we try to reproduce the experience for them as fast as we can for the succeeding encounters. As a Web3-based game provider, we have a unique comparative advantage of gamification capability. We used this to gamify the entire user journey process to retain our users and make them stay,” shared Quinn Campbell of Sky Mavis.

Data-driven omni-channel approach to customer engagement and retention

In highly competitive segments like food retailing, Gail Sarintip Satitsatian of Central Retail highlighted the value proposition of its seamless online-to-offline omni-channel focus to ensure a smooth customer journey as a unique selling point to retain customers. In fact, e-retailing has become a vital shopping channel for Vietnamese consumers with total revenue for the sector growing by 20% to reach $16.4 billion in 2022 — a trend further reinforced by the COVID-19 pandemic. Central Retail offers online ordering for offline pickup or delivery to accommodate the growing popularity of online shopping. This incentivises customers to continue engaging with the brand, even when they cannot visit physical stores due to their busy schedules.

Also read: Tokyo’s bid to be the world’s number one startup city with City-Tech.Tokyo

Moreover, with digital tools, the company can easily track behaviours, gather data, and analyse customer patterns, leveraging the insights to improve customer experience and make personalised offers for each individual shopper. Data analytics also facilitates customer segmentation, enabling businesses to categorise their customers, develop in-depth knowledge of each customer group, and customise the products/ services accordingly. More importantly, businesses can leverage predictive data analytics tools such as machine learning algorithms to forecast future trends based on past behaviour patterns across different channels to future-proof their success and maintain long-term relationships with their user base going forward!

Unlock the brand power for customer loyalty and retention

Customer loyalty has declined over the past decade, with the pandemic further exacerbating the trend, with 75% of American customers trying new shopping behaviours and switching brands during the pandemic. Huyen Trinh, Co-founder of Piktina, believes that building customer loyalty is still possible, but requires new approaches. Simply offering great prices and vouchers is no longer enough. Brands must create an attractive environment and provide superior customer value to stand out and retain customers.

Also read: Echelon Asia Summit is back! Get to know our PR partner

“Loyalty has drastically dipped in the past 10 years. It’s in part due to companies relying on monetary incentives to retain their customers. At Piktina, we want customers to be loyal to us and who we are as a brand, not the coupons. We believe that the best consumer retention and expansion strategy is to turn customers into our brand ambassadors,” shared Huyen.

Entering the marketing landscape in 2023

In sum, Retention Playbook Vietnam touched on big ideas and major changes that are taking place in the regional marketing landscape in 2023. The event called for businesses to prioritise customer retention through more innovative tactics, as customer retention is projected to become even more important than ever before. As such, companies should strive not only to focus on short-term gains but also consider investing resources into ongoing learnings so they are best prepared when faced with any unexpected developments along their journey ahead!

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You may not think Singapore’s innovation and technology story has anything to do with fashion, but I hope to persuade you otherwise as I explain how cutting-edge tech developed in the Little Red Dot is already being used by the fashion sector in its Environmental, Social, and Governance (ESG) push to net zero.

Those of you who like to read about startups, innovation, and technology may not realise that the fashion industry is undergoing its own technology revolution with the help of sustainability data.

The clothes you’re wearing right now as you read this – do you know what their carbon footprint is? Probably not, and you wouldn’t be alone. (It’s also likely worse for the environment than you’d care to imagine). And when you scale that premise across billions of people in Asia, it becomes a challenge worth addressing. 

After all, we all need to wear clothes every day, right? And most of us, if asked, would say we care about the environment and solving this climate crisis that we find ourselves in together.

Airing fashion’s dirty laundry

The fashion industry, in fact, has a reputation for being one of the world’s most polluting industries. Second, only to oil and gas, the global fashion and textile industry accounts for around 10 per cent of the world’s carbon dioxide output. 

In Asia alone, where 50 per cent of all garments globally are manufactured, developing countries and industrial powerhouses alike produce up to 23 million tonnes of waste annually.

However, issues within sustainable fashion begin much earlier up the supply chain, starting with massive amounts of resources consumed to produce apparel. 

The fashion industry is estimated to consume 79 trillion litres of water annually, contributing about 20 per cent of all industrial wastewater discharge. 

Most retailers also outsource their operations to developing countries in Asia due to the lower cost of labour. Yet, this oftentimes gives rise to ethical issues such as abysmal working conditions, allegations of child labour, and low wages.

Also Read: Using Smthgood to promote conscious fashion through social commerce

According to a McKinsey study, at the current rate of emissions, the fashion industry is set to miss the goal of limiting global warming to 1.5ºC, agreed upon in the Paris Climate Agreement, by up to 50 per cent. 

Fortunately, growing consumer demand for sustainable fashion has created a greater impetus for businesses to pivot towards sustainability.

Today, 68 per cent of consumers across all generations are willing to spend more for sustainable fashion, up from 58 per cent two years ago. 

Consumers today also want greater transparency: they want to know that the materials used in production were sustainably sourced and that the suppliers whom brands worked with complied with ESG standards. 

With such a strong business and regulatory push, it is apparent that fashion retailers in Singapore and elsewhere must embrace sustainable fashion and urgently integrate sustainability across their entire supply chain.

Difficulties with supplier sustainability monitoring in fashion

Sustainability is quickly finding its footing in the fashion industry locally and regionally. 

While businesses in the fashion industry are increasingly trying to decarbonise their operations, reduce their scope three emissions, and ultimately achieve net zero, challenges remain.

Supplier sustainability monitoring refers to the act of monitoring the ESG credentials of a company’s end-to-end chain of suppliers – in this case, a fashion company. 

For the fashion company in question to control its overall emission levels as it manufactures trendy dresses, shirts, and sneakers while also planning its net zero pathway, the first thing it needs to have is the visibility of suppliers in different parts of its supply chain to ensure they are making good on ESG commitments.

In sectors with complicated and extensive supply chains like the fashion industry, supplier sustainability monitoring is extremely challenging and inefficient due to the complexity of liaising with multiple stakeholders and the current manual process of questionnaires and meetings. 

This leads to suppliers being under-engaged by companies and unsure of how they can progress towards sustainability.

Additionally, implementing supplier sustainability monitoring can require large sums of capital financing, further deterring companies on their green journey.

Lack of standardised reporting formats and difficulties in establishing traceability

Fashion companies mean well when they roll out sustainability initiatives, but these are usually limited in effectiveness since they cannot determine when, how much, and why emissions are being released. 

Not knowing these, companies cannot pinpoint the part of the supply chain to target to reduce emissions, compounded by the fact that the fashion industry is still in the early stages of understanding and defining product-level traceability. 

Also Read: How blockchain can enhance sustainability in fashion

Answers to questions like, “What should we be tracking – emissions from the manufacturing of garments or the origin of the raw materials?” are still being determined. 

Standards within the fashion industry, which set requirements for third-party certification of recycled content, are also often nuanced and different for suppliers and end-retailers, causing confusion and uncertainty.

As a result, fashion retailers are unsure of the certification they require from their suppliers, and suppliers are, in turn, unsure of which certifications to attain. 

Even when retailers and suppliers agree on the certifications required, they often struggle with understanding and obtaining the required data to acquire those certifications.

Here’s what this all means: if we are to build a sustainable fashion industry in Singapore and the wider Asia region, the synergy of technology and data is needed more than ever to help traditional fashion companies quantify emissions across end-to-end supply chains.

The good news is that digital tools that can comprehensively monitor various ESG credentials and the sustainability performance of suppliers are being built right here in Singapore.

A common digital ESG registry for Singapore’s blooming fashion industry

At homegrown ESG fintech, STACS, we contribute to Singapore’s sustainable fashion transformation in partnership with the Singapore Fashion Council (SFC), the official trade association for the textile and fashion industry in Singapore, to empower the sector to become greener through better data and green finance. 

We also see this as part of a bigger picture focused on enabling the ASEAN supply chain to become sustainable and competitive on a global scale, maintaining its role as a leading supply chain for the world.

Technology is key to aggregating granular, high-quality ESG data, including industry-recognised data disclosures from disclosure platforms like CDP, ESG certificates from global certification bodies, and real-time project data from technology partners using various technologies like IoT, AI, and drones.

So how does this work if we drill down to each stakeholder in Singapore’s fashion landscape? There are broadly three: small and medium-sized enterprises (SMEs), large corporations, and financial institutions. 

For fashion industry suppliers looking to attain the appropriate green certification, technology is being used to connect them with relevant certification bodies (i.e. industry-specific certifications like Better Cotton and Oeko-Tex or general certifications such as B Corp certification), removing uncertainty and expediting the process.

Also Read: Why these startups focus on informal plastic waste workers in the fight against climate crisis

The same new technologies being developed right here in Singapore are allowing fashion SMEs to enjoy lowered barriers to sustainability, gain a better understanding of their sustainability position through their digital ESG profiles, and have access to green data to evaluate their suppliers’ sustainability performances. 

In addition to securing green certifications, this also helps SMEs access low-interest-rate ESG financing to enhance their sustainability practices on their journey to net zero.

Finally, a common, standardised ESG registry empowers banks and investors to achieve effective monitoring of fashion industry investment portfolios, providing confidence that the companies they choose to finance are, in fact, meeting their ESG commitments.

In the bigger picture, this is supporting effective ESG finance decisions across fashion and other industries, mobilising capital towards sustainability projects while reducing fears of greenwashing.

For the hardest-to-abate parts of the fashion supply chain, identified through tracking and monitoring using these new technologies, carbon credit offsetting can help to remove any residual emissions to attain the final step towards net zero.

Consumer trends come and go, but sustainable fashion is here to stay

Spurred by rapidly growing consumer demand for environmental consciousness and transparent fashion, designers and manufacturers in Singapore and the wider region that fail to integrate sustainability into their supply chains risk losing competitiveness and customers. 

Southeast Asia, of all regions, is where the issue is most pressing, given the pivotal role it plays in the global fashion supply chain (and where ESG registry technology can be best put to use today).

Countries in the region must accelerate their green journeys or face being cut out of supply chains and consumer mindshare.

Technologies and innovation can be game changers for the fashion industry. 

While net zero might seem a tall order, the first step companies must take is a simple yet powerful one: understand their sustainability profile through digital technology and hard data because the numbers don’t lie.

From there, Singapore’s fashion businesses will be better placed to chart out their sustainability roadmaps, innovate, and take the next step in their journey to net zero – while winning the hearts and minds of consumers, investors, and the planet.

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Indonesian insurtech company Qoala has closed its Series B extension funding round, raising US$7.5 million.

responsAbility Investments AG led the round, and Appworks and existing investors Eurazeo and Indogen joined.

The funding will further boost Qoala’s product and geographic expansion, focusing on addressing the challenges of insurance accessibility and affordability in emerging markets in Southeast Asia.

“Through this Series B+ funding, we will further simplify insurance ownership by advancing our product offerings and experience. These advancements will strengthen our position as we strive for sustainable growth in the region,” said Harshet Lunani, Founder and CEO of Qoala.

Also Read: Why Asia’s insurance industry is poised for collaborative disruption

The Series B+ deal comes less than a year after Qoala announced a Series B fund-raise of US$65 million led by Tara Reeves of Eurazeo, with participation from Flourish Ventures, KB Investment, MassMutual Ventures, MDI Ventures, SeedPlus and Sequoia Capital India.

Launched in 2018 by Harshet Lunani and Tommy Martin, Qoala distributes retail insurance products to consumers for car, bike, home, and health through its omnichannel platform.

Qoala claims it has processed over US$30 million in claims by partnering with insurers across its three markets — Indonesia, Thailand and Malaysia.

“Qoala’s growth through the pandemic indicates that its omnichannel approach can distribute insurance to parts of the population that are currently not served by incumbents or have not previously been insured at all,” said Ruzgar Barisik, on behalf of responsAbility’s financial inclusion private equity practice.

In 2020, Qoala secured US$13.5 million Series A financing led by a JV between funds from South Korea’s Kookmin Bank and Telkom Indonesia’s Centauri Fund.

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Echelon Asia Summit 2023 brings 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 can pitch to 5000+ delegates, among other benefits like connecting with investors, visibility through the e27platform, and other prizes. Join TOP100 here.

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What will be the hottest tech trends at the latter end of 2023?

We started the year with a significant rise in the popularity of AI tools such as ChatGPT. So far, there is no sign of its slowdown as more and more people begin to adopt the technology. We have also begun seeing more companies implementing AI in various use cases.

Other verticals also continue to gain popularity and significance. There are more discussions on the importance of cybersecurity and data protection, climate tech and sustainability, and even digital healthcare. How about Web3? Will it continue to gain significance, or are we tired of it already?

Apart from knowing what the Next Big Thing will be, it is equally important to know how we can seize opportunities in these sectors. Are investors going to throw money into it, or will there be any difference in how they approach this? Of all the upcoming new tech, which one do they think will have significant longevity?

This is why, at Echelon Asia Summit 2023, we are going to put a spotlight on Future Sectors and Investment Trends.

Also Read: Building a better future: How sustainable architecture is leading the way for the built environment

As you can see below, Future Sectors and Investment Trends will be one of the six themes spotlighted at Echelon Asia Summit 2023:

• Soonicorns and the Future Change-makers of SEA
• Future Sectors and Investment Trends
• Growth and Scaling
• Investments and M&A
• Sustainable Growth and Climate
• Web3

We are seeking the right speakers for the Future Sectors and Investment Trends.

Apart from hearing from the side of the investors, who should be keen to share the future trends that they intend to pursue, we would also like to hear from startups and corporates who can share how they are seeing this trend. Is there any specific way you use novel technology such as AI? Do you plan to collaborate with startups to seize opportunities with this technology?

Ready to stage your stories to the audiences at Echelon Asia Summit 2023? Register HERE and we will get in touch soon.

Looking forward to hearing from you!

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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.

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Thai insurtech company Roojai has secured US$42 million in new financing round, as per multiple news reports.

HDI International, a subsidiary of Germany’s Talanx Group, led the round that also saw participation from existing investor IFC.

About US$32 million will be invested via direct injection and the remaining amount through a secondary share transaction.

The firm previously raised US$20 million in seed round from Primary Group, besides a US$7 million Series A round from IFC.

Established in 2016, Roojai is an online insurance platform. It provides critical illness insurance, cardiovascular insurance, and personal accident insurance, among others.

The company expanded its business into Indonesia in 2022.

Roojai claims it has 150,000 customers and grown its premium income by 25 per cent to US$38 million.

Earlier today, Indonesian insurtech company Qoala announced the closing of its US$7.5 million Series B extension funding round, led by responsAbility Investments AG, with participation from Appworks, Eurazeo, and Indogen.

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Echelon Asia Summit 2023 brings 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 can pitch to 5000+ delegates, among other benefits like connecting with investors, visibility through the e27platform, and other prizes. Join TOP100 here.

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To demonstrate Tokyo’s ambition to revive its entrepreneurial spirit and reinforce its technological development, the Tokyo Metropolitan Government launched the City-Tech.Tokyo initiative as part of the “Global Innovation with STARTUPS” plan. Through the plan, the Tokyo Metropolitan Government wishes to transform Tokyo into a city where many global-scale startups will form and prosper, propelling sustainable economic growth and generating more employment opportunities. 

Central to City-Tech.Tokyo initiative is the two-day City-Tech.Tokyo event which was successfully held in Tokyo on February 27th and 28th, attracting enormous global media attention with the participation of over 26,000 attendees both physically and digitally. The exciting event brought together leading innovation executives, growth leaders, investors, entrepreneurs, government officials and agencies, international organisations and others from 67 countries representing 293 cities to discuss topics such as technological innovation, advanced technologies such as artificial intelligence, robotics, cloud computing, and open innovation to solve existing world problems.

Also read: Check out these 15 startups closer to conquering the 2023 TOP100

The event featured a wide range of activities designed to promote collaboration and exchange ideas including over 25 keynote speeches and panel discussion sessions led by key figures from startups and government agencies, bilateral and multilateral business meetings, 328 exhibition booths, and a “City-Tech Challenge” Pitch Contest with 20 participating teams. Additionally, many successful partnerships have been created among companies present at City-Tech.Tokyo which led to new business opportunities for all parties. 

The rationales behind City-Tech.Tokyo event and key takeaways

City-Tech.Tokyo was formulated out of the urgent need for open innovation which emphasises collaboration across various economic sectors and private and public stakeholders, incorporates more new ideas from multiple perspectives via open conversations, and addresses the gaps between traditional businesses and newly established digital enterprises. Moreover, the event aimed to give rise to more fruitful business dialogues and cooperation, connecting Tokyo’s tech industry to global players and driving innovation through collaboration.

Also read: Echelon Asia Summit is back! Get to know our PR partner

In light of its grand objectives, City-Tech.Tokyo has identified several key areas for Tokyo authorities to improve the city’s business environment:

• First, Tokyo should invest in infrastructure improvements such as ensuring safe, secure, and resilient city infrastructure using advanced technologies. It should also foster convenient and safe transportation methods and systems for inner-city and interstate transportation.
• Second, to boost living standards, the city aims to leverage financial sector technologies to bring enhanced convenience and enable everyone to live an active and happy life.
• Third, regarding environmental quality, the city should accelerate the decarbonisation process by rebuilding energy production systems and consumption models while also reducing food loss and increasing food security.
• Lastly, City-Tech.Tokyo plans on combining traditional culture with modern technology to create new entertainment possibilities and rediscover the original charms of Tokyo. 

“Future Tokyo Strategy” and the city’s plan to become the world’s number one startup city

City-Tech.Tokyo fits nicely within Tokyo’s ambition to become the world’s number one startup city.  As a country prone to extreme natural disasters, Japan has developed a lot of advanced technologies over the years to survive and thrive. Hence, Tokyo, Japan is considered globally as a leading city that stands at the forefront of technology and innovation. It is home to some of the world’s most advanced research centres, universities, and companies in fields such as robotics, artificial intelligence (AI), biotechnology, and more, making a name for itself as an international tech hub due to its high concentration of cutting-edge businesses.

In fact, according to the Global Innovation Index 2022, Tokyo was ranked as the 13th most innovative city in the world, being praised for its business sophistication, high returns on technological investments, the presence of global R&D investors, and stringent intellectual property rights.

Nevertheless, despite the achievements, the push for more technological breakthroughs for Tokyo persists due to rising global competition and the emergence of disruptive business models. Consequently, the Tokyo Metropolitan Government has recently announced its “Future Tokyo Strategy”, an ambitious plan to push for Tokyo development, improving people’s lives and making the city the world’s number one startup city by 2040.

Also read: 9Unicorns announces 3rd Edition of DDay on April 11th 2023!

“For a long time after World War II, Tokyo has nurtured a large number of startups whose solutions contributed significantly to the city’s development. Nonetheless, in the past few years, the city witnessed a decrease in the number of startups, which is a concerning trend. Hence, with the Future Tokyo Strategy, the city hopes to revive its startup scene and provide high-quality job opportunities for people,” expressed Tokyo Metropolitan Government (TMG) Vice Governor, Manabu Miyasaka.

The strategy not only promises greater economic security but also offers incentives for more people to start their business ventures which could lead them to success domestically and internationally. Furthermore, as one of the world’s largest cities, Tokyo has the potential to provide solutions for global urban issues and challenges faced by other major cities around the world.

Building on City-Tech.Tokyo 2023’s success, the next edition of City-Tech.Tokyo which will take place in May 2024 has already been in the making. The event is poised to involve more international participants and create stronger ties within Japan’s tech ecosystem. 

To learn more about the event, visit this page.

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

We can share your story at e27, too. Engage the Southeast Asian tech ecosystem by bringing your story to the world. Visit us at e27.co/advertise to get started.

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The tech industry is currently facing a tumultuous time, with many companies facing massive layoffs due to the economic downturn. Tech companies have laid off more employees in January 2023 than in any other month since the start of the pandemic. 

This is a challenge that is affecting the entire industry, from established tech giants to smaller startups. The impact of this downturn is being felt acutely by employees, who are facing job losses and uncertainty about their future. 

In spite of this, could remote work actually see greater growth?

The normalisation of remote work

Remote work is no longer a novel concept but a rapidly growing trend. According to recent studies by the career site, Ladders, remote work opportunities increased from less than four per cent in 2019 to over 15 per cent today. Another study by Upwork predicts that by 2025, 36.2 million Americans, or 22 per cent of the workforce, will be working remotely. 

While the global pandemic normalised remote work for vast swathes of the office-going labour force, there are compelling reasons to believe that remote work is here to stay. In fact, it may well continue to grow despite the current recessionary fears.

Doing more with less through remote work

For one, offering remote work or flexible work arrangements can allow companies to retain talent without increasing their cost base.

Also Read: 9 tips for creating a remote work cybersecurity policy

A working paper published in July 2022 by the National Bureau of Economic Research looked at hundreds of senior business executives surveyed monthly by the Federal Reserve Bank of Atlanta. 38 per cent said they had expanded remote work as a way to “keep employees happy and to moderate wage-growth pressures” in the past 12 months. 41 per cent said they planned to do so in the next year.

By providing opportunities for individuals to work remotely, several companies have reported increased productivity and employee satisfaction. Crypto payroll startup Request Finance grew five times in the total number of transactions on its platform despite the impending recession, with its remote-first team structure being advantageous to its financial viability.

The advice and best practices shared among the Web3 CFO club, an online community of over 200 members backed by Request Finance, was helpful in mitigating the FTX fallout, said Christophe Lassuyt, CEO and Co-Founder of Request Finance. Trello also found that 75 per cent of remote workers felt they were more productive working from home compared to the office.

Promoting remote work can also see cost savings beyond payroll. A study conducted by Harvard Business School and Stanford University found that organisations could save an average of US$11,000 annually per part-time telecommuter, which translates to a 21 per cent increase in profitability. This is a result of lower costs associated with office space, utilities, and other overhead expenses. 

Remote work has the potential to save companies over US$200 billion as workers are willing to accept lower pay growth in exchange for the convenience of working remotely. A significant portion of companies has embraced remote work as a way to mitigate financial stress on their workforce.

Approximately 40 per cent of the firms surveyed in a working paper by the University of Chicago stated that they had increased the availability of remote work in the past year for this reason, with an equal number of firms expecting to do so over the next 12 months. 

The financial benefits of remote work are numerous and far-reaching for companies. Remote work can build recession-resilient companies by offering cost savings through reduced overhead expenses and increased productivity. 

Global payments enable global teams

Remote work is increasingly driven by global teams. No longer are companies confined to their borders in search of talent. Employees, too, need not leave their shores in search of global work opportunities. But global teams need efficient global payments.

With a distributed team based all over the world, the current state of cross-border payments remains a challenge to businesses. Traditional payment methods, such as wire transfers and credit cards, are slow and expensive. The cost of processing a payment through banks is excessive, with fees averaging over US$36.50 per transaction and even taking a cut of up to 10 per cent of the total transfer value. An alarming 47 per cent of suppliers are frequently paid past their due date, according to Deloitte. 

A study from Juniper Research shows that the total value of B2B cross-border payments, which have grown by 30 per cent in the last two years, will reach US$35 trillion by 2023. There is a need for businesses to look for cross-border payment alternatives, especially remote-first and globally distributed teams. 

Also Read: Building successful remote teams: Navigating cultural differences between Southeast Asia and the world

Blockchain-powered payment infrastructure apps can play a transformative role in making cross-border payments cheaper and more efficient. Crypto payments have eliminated the need for costly and time-consuming intermediaries to process payment transactions. 

Little wonder then, that crypto companies also happen to be remote-first organisations. In fact, crypto companies appear to have been leading the growth in remote work globally. 45 per cent of blockchain-related jobs advertised on Indeed in 2022 were remote, nearly triple the global average of 16 per cent across employment sectors. 

Companies using crypto payments have also noted that the programmable nature of crypto payments simplifies managing global payroll. According to data from Request Finance, crypto companies have used its app to process nearly US$290 million worth of crypto invoices, payroll, and expenses since January 2021. Giuliana de Luca, Operations Manager of Decentraland, said “The time we spent on processing crypto payments went from a week to a day or two”.

Remote work as a key to the future of work

Remote work has the potential to revolutionise the tech industry and the world as we know it. Back in the early days of the Internet, remote working was still relatively new and met with scepticism by many.

Fast forward to today, we see that remote work has grown into a full-blown global movement. Companies of all sizes are embracing remote work as a means of cutting costs, accessing a wider pool of talent, and improving employee satisfaction. 

The future of work – at least office work – is remote. Despite the challenges faced by companies in transitioning to a remote-first approach, companies that embrace this shift will be better equipped to withstand economic downturns and build resilience in the face of adversity. 

As the world continues to navigate the impending recession, it is important for businesses to consider this shift and adapt to the changing landscape of work.

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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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In the face of a tumultuous past few years – from the global pandemic and economic slowdowns to simply how we go about our everyday lives – the entrepreneurial spirit in Asia is still very much alive.

In fact, the spirit continues to burn brighter than ever in our young, who increasingly seek to unravel new opportunities and ways of doing things to improve the lives of others in the community. According to an Economic Development Board report, Singapore alone is home to more than 3,800 tech-enabled startups, fuelling a wider ecosystem worth over US$22.5 billion.

As we set new directions and ambitions for 2023, it is perhaps important for us to not only take stock of what startups today need to thrive but also decide how best we can rally this growing ecosystem together to distil important resources to our aspiring entrepreneurs of tomorrow.

It takes a village to set the next-gen entrepreneurs up for success

It can be tough to navigate the startup scene, especially in a day and age where consumers’ needs, wants, and desires have shifted drastically from what they were a couple of years ago. The e-commerce and live streaming boom, as well as the rise in conscious consumption, are just some of the many things fresh faces in the industry must now face.

Also Read: Turning vision into digital reality: How The Sandbox Co-Founder creates a rich metaverse of creators and gamers

Yet, despite the roadblocks ahead, they are not alone – and we must do our part to remind them of this. In my role leading Ngee Ann Polytechnic’s (NP) Innovation and Entrepreneurship (I&E) office, The Sandbox, I have come across countless entrepreneur-alumni who have made waves with their products and solutions, wanting to do more to uplift and empower the next generation of trailblazers.

This has set us and other passionate alumni – including Legatcy’s Dennis Poh, serial entrepreneur Desmond Lee, and ASEAN Fintech Group’s Douglas Gan – on a path to create the NP Angel Network, Singapore’s first alumni-angel investment network for polytechnic students. This programme will see accomplished alumni entrepreneurs commit a minimum of US$20,000 each as angel funders, with the final investment amount potentially increasing following the biannual pitches by students.

Today, the network has seen the contribution of over half a million to date and continues to remain on track to bring together 30 alumni angel funders in the next two years. While aspiring entrepreneurs in the cohort can look forward to closing guidance from the alumni angel funders, alumni can also pitch for the funds and gain support in the form of mentorship and industry connections.

This is in addition to NP’s other programmes like AGILE, Pollinate, Global Entrepreneurial Internship Programme, Kickstart Fund, and Entrepreneurship First Steps, available to students and alumni.

Arming tomorrow’s entrepreneurs with the tools to do good

While funding is undoubtedly important for startups to take flight, guidance is equally crucial in forgoing the right path ahead, especially with issues like sustainability and net zero taking centre stage in the global agenda.

In other words, we must do more to breathe life into sustainopreneurship (i.e. innovation and entrepreneurship for sustainability), encouraging new players to pair their growth with green ideas that tackle issues pressing to the modern consumer, including overconsumption, carbon emissions, and waste management.

Also Read: How to make remote work more seamless and less distributed

This laid the bricks for the creation of the NP X Carousell Sustainability Lab, a dedicated incubator space brought to the fore by alumni entrepreneurs Marcus Tan and Quek Siu Rui. This three-year collaboration will give students access to Carousell’s array of innovative solutions and products, including complimentary CarouBiz (Carousell for Business) accounts and predictive artificial intelligence to drive personalised and frictionless experiences for end-users.

As part of this mentorship programme, students will get the chance to collaborate with Carousell’s specialists to re-imagine second-hand shopping experiences, develop high-recall sustainability campaigns, and use data to forecast trends and develop sustainable e-commerce strategies.

Paying it forward to build stronger startup ecosystems for the future

These new initiatives – led by our very own alumni at NP – serve as great examples of how paying it forward in the startup ecosystem can do wonders in not only protecting dreams but bringing them to life, even amidst challenging periods. Together, we can build the network needed to chart a brighter future for new leaders, fresh ideas, and sustainable growth.

Interested students and up-and-coming entrepreneurs can learn more by visiting The Sandbox page here.

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Registration for TOP100 is now open and we are looking forward to seeing your startup on the list!

TOP100 Program gives you the one golden chance to connect with hundreds of investors, showcase your startup at Echelon, pitch on the TOP100 stage, and access special programs. Find out what’s new in TOP100 and join here: https://bit.ly/TOP100_2023

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Now that Echelon Asia Summit is coming back in full swing, e27 is determined to make one of its key features, the TOP100, one of the best yet!

The TOP100 program is an annual initiative organised by e27 to showcase and recognise the most promising startups in the Asia-Pacific region.

The program is open to exciting new startups from the Asia-Pacific region with innovative ideas that break barriers across different industries. The selection of the TOP100 involves a rigorous screening process, including an evaluation of the startup’s product or service, team, market potential, and traction.

Also read: Echelon Asia Summit is back! Get to know our PR partner

The selected startups are given the opportunity to pitch their business ideas at the Echelon Asia Summit this June 14-15, 2023, at the Singapore Expo. The program also provides exposure to investors, mentors, and potential partners, enabling growth among participating startups and helping them expand their networks across the larger global tech ecosystem.

The TOP100 program has become one of the most prestigious startup competitions in the region, attracting thousands of applicants each year and providing valuable visibility and support to the most promising startups in the region.

15 startups closer to competing at this year’s TOP100

Being a frontrunner refers to startups close to making it to this year’s TOP100 program.

With all the amazing startups sprouting across the Asia-Pacific region’s vibrant tech startup ecosystem, we now present you with 15 frontrunners closer to competing at this year’s TOP100. Get to know them here!

Bizsu

Bizsu’s main solution is a patented net made of a specific ceramic that saves 25% on air-conditioning consumption on average.

It also uniformises the temperature while purifying the air, only requires a few minutes of installation, fits any air conditioning unit, and can be used continuously.

In a nutshell, Bizsu offers fast ROI and easy-to-implement solutions to reduce energy consumption for real estate, hotels, warehouses and schools.

eMobily

eMobily exist to serve the ebike and escooter community. Providing sustainable transportation in the EV industry. Under its belt, eMobily develops a technology based on micro-electric vehicle infrastructure. Such as charging and security port station for micro-mobility to organised fleets. Including developing a localised machine learning / AI geolocation sensor that can help riders and robots to pinpoint the exact location needed during making trips in large areas that are not accurately listed on their maps.

eMobily is an all-in-one-stop solution for the EV Market. It has a consortium group of specialties to solve end manufacturing, distribution, and global expansion to accelerate electrification.

GeeTest

GeeTest is the leading bot management vendor and the creator of the SlideCAPTCHA, which is the most intelligent and robust solution that frees your website, mobile apps, and APIs from malicious traffic.

For 10 years GeeTest has been focusing on the field of cybersecurity, polishing innovative products and ideas to strongly promote the development of this industry. GeeTest believes that the imminent challenges perturbing the cybersecurity landscape are the challenges between improving the quality of traffic (managing the proportion of fraud traffic) to enable companies to efficiently monetise traffic and combating the hidden and profit-driven bot threat.

Microtube Technologies Pte Ltd

Microtube Technologies is a wearable sensing technology University spin-off focusing on soft, stretchable sensing technologies that can be incorporated for fitness, gaming, healthcare and metaverse interactions. Its solution allows objective data capture using these imperceptible wearables, building a seamless integration between wearables and activity tracking in both the real and virtual or metaverse worlds.

ARIS is a wearable developed by Microtube Technologies Pte Ltd to revolutionise gym strength performance. Weighing less than 35g, it is capable of providing accurate and real-time muscle analysis and deriving more than 15 data metrics, including muscle expansion/contraction, range of motion, stability, control, consistency, fatigue level, power, speed, estimated 1 rep max, tempo, uniformity, rep count, total volume, time under tension, among others.

MOVE IT MOVE IT LIMITED

MOVE IT MOVE IT is an AI logistic platform powered by big data and AI, advocating for tech innovation in green logistics and a comprehensive property ecosystem. The platform connects clients and service suppliers, including moving firms, logistics firms, recycling firms, reselling furniture stores, etc., for residential, commercial, and event relocation purposes. Through utilising furniture detecting technology and integrated solutions, MOVE IT MOVE IT delivers data visualisation of properties’ and customers’ status.

They provide services such as a SaaS platform for B2B clients to streamline fleet management for delivery and relocation progress.

The H2 World Inc.

With more renewable energy and electrification, electrical grids are more strained and less reliable. This grid instability, Net Zero compliance, and volatile and high third-party energy costs are major challenges for customers. H2 World’s customers need to store and use energy longer-term, flexibly, and reliably, whether for powering equipment or heating or electricity.

The H2 World Inc. provides affordable turnkey hydrogen generation, storage, and energy systems — pods for homes and small businesses, and containerised packs for larger customers.

Umami Meats

At Umami Meats, they are pioneering “not caught” seafood. They are crafting delicious, nutritious, affordable cultivated ocean protein that is better for our health, our oceans, and our future.

Umami Meats is weaving together the deep wisdom of our oceans with modern innovation to develop delicious, affordable, and healthy cultivated seafood that provides a sustainable alternative to the harmful impact of traditional fishing practices. They believe that nature is our first and greatest teacher, and they are dedicated to preserving its delicate balance by thinking differently, honouring tradition, and protecting the taste of the sea.

Reachbots Automation

Reachbots Automation designs and manufactures ultra-mobile, modular robots fully capable of negotiating obstacles in hard-to-access, or even inaccessible complex, confined spaces and heights to perform mission-critical tasks (e.g. inspection, cleaning, welding) while the worker monitors it from a safe location. With their Robotics and AI, they aim to double productivity at half the cost for their customers and improve the overall safety of the operation.

Reachbots Automation’s core competencies lie in the ground-up design and development of modular autonomous mobile robotics (AMR) of both ground-based systems and climbing robot systems. Their modular and reconfigurable designs enable multiple applications to be performed, providing an end-to-end solution for their customers.

GoBike

GoBike.sg is an excellent platform for anyone looking for a convenient and eco-friendly way to get around Singapore. With its user-friendly interface and comprehensive range of services, GoBike.sg is the perfect solution for anyone looking to rent a bike or join a bike tour in Singapore. Some of the key features and benefits of GoBike.sg include a wide range of bikes, an easy rental process, affordable rates, expert guides, and an eco-friendly cycling experience.

Overall, GoBike.sg is an excellent platform for anyone looking to rent a bike or join a bike tour in Singapore. With its easy rental process, competitive rates, and expert guides, GoBike.sg is the perfect choice for both locals and tourists alike. So why wait? Visit GoBike.sg today and start exploring Singapore on two wheels!

storify.me

storify.me is a performance-driven marketplace that connects brands to influential consumers who can create authentic and beautiful content about the products they love. The platform analyses data from content on social media to predict the potential performance of a creator’s next posting and establishes fair rates.

storify.me stands for a more authentic engagement model that taps the true voice of consumers, who are also influencers of their networks, and whose recommendations other consumers can trust.

IronYun, Inc. USA

IronYun is the next-generation AI 2.0 vision and big data video search B2B platform software company. We provide enterprise customers with a real-time AI vision analytics platform for the management of safety and physical security.

The AI vision analytics are deployed in various industries including banks, corporate campuses, retail, government buildings, power plants, school campuses, public transportation, stadiums and international airports.

IronYun developed VAIDIO, the industry’s first AI hyper-converged video search, an all-In-One Software platform. Our platform, underlying technologies and solutions are the results of over 300 man-years of R&D. The breakthrough AI 2.0 video analytics include Google-like video search, intrusion detection, face recognition, license plate recognition, abnormal event detection and COVID-19 video analytics for social health applications.

Alt Atlas

Alt Atlas is developing an AI digital manufacturing platform to unlock the potential of cell cultivation. As the company has a platform technology, the Cultivated Meat market (Phase I) is bringing in the first successful cases to then serve the Biotech market (Phase II).

Alt Atlas team has more than 70 years of combined relevant experience at top universities, research institutes, multinational food and agritech corporations, and in entrepreneurship. The team developed software platforms, AI models, state-of-the-art stem cell lines (disease modelling), and built a Biotech startup in the cultivated meat field. Having a track record in the Foodtech and Biotech fields, the Alt Atlas team has insights and understands the key challenges of the industries. Based on that, they are currently designing and developing products and services with value added to their customers.

SoundEye

SoundEye is a social enterprise that employs sound recognition and depth-sensing technology to detect and prevent falls by detecting abnormal sounds. SoundEye’s solution is currently used by airports, research labs, hospitals, nursing homes, orphanages, boys’ and girls’ homes, homes for mental impairments, and many more.

SoundEye’s solution assists welfare organisations in monitoring the residents in their facilities with little effort, addressing incidents within seconds and hopefully preventing incidents from happening. To summarise everything, SoundEye hopes to bring peace of mind to stakeholders.

ERP360 (PT ERP SAAS INDONESIA)

ERP360 delivers Integrated Real Estate ERP Cloud in Indonesia, specialised for real estate developers enhanced with Automation & Business Intelligence, and at an affordable price.

Nowadays, real estate developers have challenges in collection or cashflows. They are difficult to bill when it comes to instalment payments from the customers. With ERP360’s SAAS-powered solution of automatic reminder payment, real estate developers will have an easier time because it automatically sends the message to remind the customer of the instalment payment. The message will be sent directly through WhatsApp or email. This feature helps keep track of the company’s cashflows, helping save manpower and costs.

Pandatron

Pandatron supports the adoption of digital, agile, cultural transformations by 1000s of employees with conversational AI coaching that also allows them to collect data on systemic issues.

Pandatron is riding the ChatGPT wave and building an AI coach with a long-term goal of getting closer to world peace. Mature people lead to a better world. AI coaching tackles the multi-billion dollar problem of corporate change management.

A step closer to the 2023 TOP100

After a rigorous screening process, these startups are a step closer to qualifying for this year’s TOP100.

If you are one of the founders of the startups above, a representative from e27 will be reaching out to you soon to discuss with you the next step in your application process. Feel free to get in touch with us for any inquiries.

Also read: 15 startups that are among this year’s frontrunners for TOP100

If you have an exciting startup with innovative ideas that can eclipse the best and the brightest in the region, join the 2023 TOP100 and stand a chance to pitch your ideas to some of the top investors in the Asia-Pacific at this year’s Echelon Asia Summit. Register for TOP100 here.

The post Check out these 15 startups closer to conquering the 2023 TOP100 appeared first on e27.

Ever since its entry to Southeast Asia (SEA) through its launch in Singapore a few years ago, SeedLegals has made some exciting milestones in the country.

In a conversation with e27, Hsiang Low, Head of Asia-Pacific, SeedLegals, explains the company’s recent participation in the IMDA SPARK Programme and how it has helped in their expansion into Singapore.

“Last year, SeedLegals was onboarded into the SPARK Programme. It means we have that endorsement from IMDA that we are one of the companies that it recognised. That enables us to service the startups that are within the community,” he explains.

Originating from the UK, SeedLegals is a one-stop platform to help founders handle all the legal matters involved in building a company, from securing an investment to building a team. In addition to providing the templates for the legal documents that founders might need, they also have access to the data, educational content, and networking that they need to grow their company.

Run by a team of 150 people, outside of its home country, the company is now operating in Singapore, Hong Kong, France and Ireland. It said it has onboarded 50,000 companies and 10,000 investors in the platform.

In his recent visit to Singapore, Anthony Rose, Founder & CEO, SeedLegals, explains to e27 the key learnings that the company found regarding the differences between its users in Singapore and the UK.

Also Read: Why SEA’s startup ecosystem is making a strong case for legaltech

“In the UK, there are fantastic government tax advantages for angel investors, but there are no government programmes for startups. So, you find founders are very scrappy. To find angel investors, there’s nothing to help them get started themselves. So they learn very quickly how to find angel investors and close the investment very quickly,” he says.

Meanwhile, in Singapore, things are a bit different, according to the CEO.

“There are many generous government programmes from the S$50,000 programme to the S$250,000 programme, but afterwards, there is not the same tax incentive for investors. What I found in Singapore is that companies get started with the government programmes, which are fantastic, and when they get out of those programmes, then there’s [this nuance like] leaving home suddenly, and you have to fend for yourself. There’s a bit of learning,” Rose explains.

“So, there’s a gap between government grants and readiness for a VC [funding]. And that’s exactly the space that SeedLegals fills because it helps those founders find angel investors which are the necessary next step,” he continues.

Rose stresses the gap between startup grants and VC funding that can be filled by angel investors, but he sees that in Singapore, finding an angel investor is not that easy. “I think that space in Singapore is underdeveloped compared to the UK.”

The differences between their UK- and Singapore-based users also lie in the verticals that they are working on: their users in Singapore tend to work on deep tech due to the strong government support in the sector.

Also Read: Justika nets seed funding to connect people who need legal services to lawyers in Indonesia

Helping startups go through tough times

Today, the SEA startup ecosystem is facing what is known as the tech funding winter. We ask SeedLegals if this is affecting their clients and how they are using the company’s services.

Rose begins by stating he would like to take a contrarian point of view that today is a “bad time” to fundraise.

“Firstly, if you’ve got some mission in mind, such as making some new device, then you either going to work out how to get the funding, or you have to give up on your idea and put it on hold. But that’s not really an option. So what you need to do is adapt,” he says.

He goes on to explain the concept of “agile fundraising” that SeedLegals says it has enabled.

“Once upon a time, I was going to hire 10 people. I need to raise like one and a half million dollars … but that’s really difficult. So, instead of having to do a funding round every 12 to 18 months, and spend ages looking for investors … with the tools that we have on SeedLegals, you can raise smaller amounts more frequently,” he says.

“[Founders] think that they have to wait for another four months to find all the other investors. But then after talking with them and actually showing them that you can just get the smaller amounts, and use that to hire developers to build the product … when you have more traction, you can go later. So fundraising has been transformed.”

Also Read: Meet the 2 SEA startups joining Allens’s legaltech accelerator

“We found that in the UK, there is now more money raised outside of the funding round than in a funding round. We’ve really pioneered that over the last four years. That is an inversion of the way startups raise. I see the same happening in Singapore thanks to the tools and platform that we provide.”

For the year 2023, the company is looking forward to further developing its tools for investors.

“The key part of our next set of things is to connect founders and investors, to make it easier for investors to find great companies to invest in, and for founders to find investors. So that’s one of the key things that we’re all working on,” he closes.

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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.

Image Credit: SeedLegals

The post How SeedLegals plans to win SEA market by helping founders sort out their legal documents appeared first on e27.