In recent years, Southeast Asia has become a hub for startups due to its growing economy and the presence of a large pool of tech talent. As more and more startups are born in Southeast Asia, they are also increasingly adopting remote work as a way of scaling and accessing a larger talent pool.

However, working with remote teams from different regions of the world can be challenging, especially if the team is culturally diverse. In this article, we’ll explore how startups from Southeast Asia that have remote teams can work with people from Northern Europeans, Southern Europeans, Americans, and how they can be successful in doing so.

Communication is key

The first and most important aspect to consider when working with remote teams from different parts of the world is communication. Communication is not only about the language used but also about cultural nuances, which can vary widely.

For example, while people from Northern Europe tend to be very direct in their communication, people from Southern Europe tend to be more indirect, preferring to use more subtle language.

One way to improve communication is by using online collaboration tools. These tools make it easier to share information and collaborate on projects, regardless of geographic location. It’s also a good idea to schedule regular check-ins to discuss progress and ensure that everyone is on the same page.

Cultural awareness

Cultural awareness is also important when working with remote teams from different regions. This includes understanding the cultural differences that can affect communication and work styles. For example, people from Northern Europe tend to value punctuality and efficiency, while people from Southern Europe may have a more relaxed approach to timekeeping.

Also Read: Being a first-class listener will serve you best: Jon Howard of Bud Communications

To avoid misunderstandings, it’s important to be aware of these cultural differences and adapt accordingly. This can involve being more flexible in terms of schedules and deadlines or adjusting communication styles to match cultural norms.

Case study: Grab

One company that has successfully navigated cultural differences in remote teams is Grab, a ride-hailing platform based in Singapore. Grab operates in Southeast Asia, but it has remote teams in the United States and India. The company has been successful in part because it has been able to foster a culture of openness and transparency that allows its teams to work effectively together, despite their different backgrounds.

One of the ways Grab has done this is by encouraging open communication and feedback. For example, the company uses a tool called Peakon to collect feedback from employees and identify areas for improvement. This allows the company to address any cultural differences or other issues that may be affecting its teams’ productivity and morale.

Another key factor in Grab’s success has been its focus on diversity and inclusion. By prioritising diversity, the company has been able to build teams that are more resilient and better able to adapt to changing circumstances.

Tips for success

Here are some tips for working with remote teams from different regions:

• Use online collaboration tools to make it easier to share information and collaborate on projects.
• Schedule regular check-ins to discuss progress and ensure that everyone is on the same page.
• Be aware of cultural differences that can affect communication and work styles, and be flexible in adapting to these differences.
• Foster a culture of openness and transparency that encourages feedback and allows teams to work effectively together.
• Prioritise diversity and inclusion to build teams that are more resilient and adaptable.

Working with remote teams from different regions can be challenging, but it’s also an opportunity to build diverse and resilient teams that can adapt to changing circumstances.

By prioritising communication, cultural awareness, and diversity, startups from Southeast Asia can successfully work with people from Northern Europeans, Southern Europeans, Americans, and beyond. The case of Grab demonstrates that with the right approach, it’s possible to build a successful remote team that transcends cultural differences and achieves great things.

–

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

Image credit: Canva Pro

The post Building successful remote teams: Navigating cultural differences between Southeast Asia and the world appeared first on e27.

The global wave of layoffs has hit US tech companies like Meta, Amazon, and Twitter and is finally breaking out in Southeast Asia.

Southeast Asian technology firms are now conducting widespread layoffs, following the lead of the major US technology giants. The most recent companies to decide on major layoffs in the last 30 days are GoTo Group, Glints, and Carousell. Over the previous six months, Sea Group has experienced the largest layoffs in the area, laying off more than 7,000 workers.

“Founders are being cautious by managing costs in this environment to ensure they can afford to last through the end of 2024. There are signs that we are entering a recession. As a result, customer demand is likely to be slower in 2023,” said Jia Jih Chai, Co-Founder and CEO of Singapore-based e-commerce brand aggregator Rainforest.

In a note to Carousell employees, CEO Quek Siu Rui admitted to making “serious mistakes”. He said he was “too optimistic” about the post-COVID-19 recovery and underestimated the impact of growing his team too quickly.

What raises the raging wave of layoffs?

The majority of the businesses that are experiencing mass layoffs, according to Bhima Yudhistira Adhinegara, director of the Center for Economic and Legal Studies (Celios), are “pandemic beloved children”.

Also Read: Startups that can reflect and pivot in time will thrive during funding winter: Ivan Ong of AFG Partners

Their overconfidence in upcoming growth has led to an overstaffing problem. Industry executives assert that even if COVID-19 regulations are relaxed, customers won’t go back to offline retailers. But it did turn out that way.

The pandemic-induced growth boom for tech corporations has now abruptly ended. Early this year, US-based venture capital firms were forced to change course and put profitability before quick development as a result of the recession. This produces a domino effect that prompts unexpected cost-cutting initiatives.

Companies are pooling their resources to restructure and create a more suited workforce as they struggle to obtain financing due to rising interest rates and high inflation at the moment.

Chris Kaptein, the managing partner of Singapore-based venture capital company Integra Partners, claimed that this year’s skyrocketing capital costs had forced businesses to focus on sustainable growth rather than spending money recklessly.

Why is Southeast Asia being impacted by such huge layoffs

First off, following several boom years, the global technology sector in general and Southeast Asia, in particular, are in a challenging position because of dim global development prospects as well as complicated geopolitical and legislative situations.

According to Chai, the founders are being careful given the current circumstances, so they must control and restructure their operations and business endeavours to secure development in the future. There are numerous indications that the local technology sector is about to suffer a downturn, and 2023 customer demand may decline as a result.

Journalist Alex Kantrowitz of Silicon Valley said, “I find it surprising that businesses believe the COVID-19 pandemic-related alterations in human behaviour would never go away. Because it seems to reason that as soon as you’re allowed to eat at restaurants and hang out with pals outside, you’ll use Netflix, Facebook, Shopify, and Amazon less frequently.” The error of “it’s going to be forever,” thinking has been made by tech companies.

Third, Southeast Asian technology firms reduce workforces for sustainable growth as opposed to “burning cash to grab market share,” freeing up funds to restructure and cultivate a more qualified workforce.

When will the layoffs “wave” subside?

The majority of the leading tech firms in Southeast Asia are still in the red, and even those that are predicted to turn a profit will take some time. This suggests that cost-cutting measures will be maintained in the foreseeable future by Southeast Asian technology enterprises.

Yanjun Wang, the corporate director for Sea, said the most recent personnel reductions were a part of an “ongoing effort,” indicating Sea may make additional reductions. The cost-cutting initiative is “a continuing initiative that management is focused on,” according to Grab’s CFO, Oey.

People anticipate that the pattern of tech job losses in Southeast Asia will persist as rising inflation continues to put pressure on world economies and weaken the financial environment.

Opportunities or challenges?

Many in the IT industry think this is not necessarily negative news because large layoffs will aid in choosing the best team, encouraging long-term sustainable growth. Additionally, the majority of the recently reduced staff is “non-technical” workers. This change will enable high-tech workers to earn more money.

Also Read: How to support startups to survive the ‘tech-winter’

According to economists, the majority of the major tech firms in Southeast Asia are still in the red, and it will take one to two years for them to break even. Also, the weakening financial environment is a result of underdeveloped economies and growing prices. As a result, staffing and expense reductions will keep happening. Analysts determined that the current wave of layoffs in technology is just temporary because this is an adjustment period.

According to Kaptein, there is also a chance for software entrepreneurs to recruit and keep people, as they did only a few months ago.

Overall though, computer expertise in the area is still hard to come by, so many businesses are turning to telecommute to cut costs. To make it simpler to handle if the financial situation is uncertain, they also prefer to sign labour contracts with technology workers with a fixed duration, often one year.

Prospects since layoffs happening

A new report by Glints (Singapore), one of the biggest job marketplaces in Southeast Asia, claims that technology businesses are looking to Vietnam and Indonesia for top tech expertise. They want to create a decentralised, superior workforce that boosts productivity and reduces costs.

Southeast Asian technology companies have had to cut costs and lay off employees as a result of the reduction in the money that has been mobilised and the dangers associated with the global economic downturn.

Further waves of layoffs and plans for restructuring will follow this initial round. Technology companies are in an adjustment period where they can reorganise their personnel and define long-term business and development goals rather than quickly but unstably chasing market share.

Global and regional macroeconomic headwinds are expected to continue to develop in the short term, making 2023 another challenging year for tech businesses. Nevertheless, this situation is expected to pass quickly as the region is projected to witness growth in the medium and long term.

–

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

Image credit: Canva Pro

The post Southeast Asia is experiencing a “wave” of technology company layoffs appeared first on e27.

The gist: Kredivo raises ~US$270M Series D equity round
The investors: Mizuho Bank, Square Peg Capital, Jungle Ventures, Naver, GMO Venture, and Openspace Ventures
The products: Kredivo offers online and offline BNPL, personal loans, and credit cards, soon-to-be-launched neobank Krom.

The gist: PH startups raise over US$1B in 2022, says a Foxmont Capital report
The specifics: Under-US$5M deals dominated in 2022
Global comparison: Worldwide VC investments shrunk by 37% in 2022, with a 27% decrease in SEA
Promising 2023: 17 investments are already made into Philippine startups in Q1.

The gist: FTX to retrieve US$404M in settlement with investment fund Modulo
The backstory: The amount was allegedly moved by FTX founder Sam Bankman-Fried to investment fund Modulo Capital
What is Modulo: It was founded early last year by his acquaintances Xiaoyun Zhang and Duncan Rheingans-Yoo.

The gist: Chilean VC 30N Ventures rolls out US$50M fund, to invest in SEA
The focus: 30N Ventures primarily focuses on the fintech, foodtech, and retail sectors
Cheque size: US$2M on average.

The gist: SG fintech startup Thunes raises US$30M
The investor: Global hedge fund Marshall Wace
The product: Thunes is a global cross-border payment network. It currently supports 79 currencies, enables payments to 126 countries, and helps to accept 285 payment methods.

The gist: axes staff, shuts offices in Singapore, Malaysia
The reason: The layoffs were a reaction to the turbulence in global markets over the past few months
What does it do: XanPool offes fiat-gateway software solutions for exchange.

The gist: QR payment solution for restaurant consumers qlub bags US$25M
The investors: Al Dhabi Capital and UAE-based family offices
The markets: It operates in four continents, with a significant presence in Australia, KSA, Singapore and the UAE.

The gist: SG proptech firm Ohmyhome raises US$11.2M from Nasdaq IPO
The details: It issued 3.6M ordinary shares at US$4 apiece
The product: Ohmyhome connects buyers and sellers directly at no cost, with operations in the Philippines, Singapore, and Malaysia.

The gist: Vingroup Chairman’s GSM invests in Grab competitor Be
The details: Be Group and GSM will partner with VPBank to offer exclusive policy deals for Be drivers to rent or purchase VinFast electric cars and motorbikes.

The gist: Archireef secures funding to restore degraded marine ecosystems
The investors: Purpose VC and Carbon Zero
The product: Archireef’s 3D-printed terracotta-based reef tiles were recently deployed to aid coral restoration in the Arabian Gulf off the shore of Abu Dhabi.

The gist: SG’s digital mental health firm ThoughtFull raises US$4M pre-Series A
The investors: Temasek’s Sheares Healthcare, Vulpes, and The Hive SEA
The product: ThoughtFull offers personalised content, progress-tracking tools, and professional support through video calls and text-based mental health coaching.

The gist: French AI company SESAMm expands into SEA, opens office in SG
The product: SESAMm analyses 20B+ documents in real-time to generate insights for controversy detection on investments, clients and suppliers, and ESG and positive impact scores.

The gist: Business sans Borders startup Proxtera raises seed funding
The investors: Ant Group, CerraCap Ventures, and EDBI
The product: Singapore-based Proxtera offers a digital platform aiming to make MSMEs’ cross-border trade easier.

Features, authored articles, Echelon stuff

‘The challenge for female leaders is to get their voices heard’
Lisa Gibbons of Blockchain Advocate says not to be afraid to take several paths; we all end up in the same place, so the paths to get there should be varied and full of adventure.

Dezpax helps Thai F&B businesses find eco-friendly food packaging solutions
The ORZON Ventures-backed Dezpax has over 7,000 clients and has partnered with over 100 packaging solutions factories in Thailand.

‘Infra, talents are challenges faced by finance industry in adopting AI’
Provenir GM (APAC) Bharath Vellore says a key benefit of using AI for fraud detection is its ability to get smarter with each transaction it processes.

How businesses can take a step forward in their move towards net zero
As tackling the impact of climate change becomes more urgent, the next critical decade must focus on pathways.

15 startups that are among this year’s frontrunners for TOP100
From our diverse pool of applicants, get to know these 15 unique startups that are a step closer to competing at this year’s TOP100.

Exploring the impact of organised cybercrime on small businesses
Organised cybercrime is a big business, with cyberattacks on the rise; learn why businesses must invest in strong digital security measures.

You’re destined to fail if you don’t do this 1 thing when building international teams
In our conversation, Sébastien Marotte talks about the importance of diversity in building international teams.

—

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.

The post Ecosystem Roundup: Kredivo defies the trend to raise ~US$270M amidst funding winter appeared first on e27.

It has long been the ethos of Echelon, under the stewardship of e27, to function as a connector that bridges founders, corporates, investors, and other ecosystem stakeholders together. Now that Echelon Asia Summit is poised to be back this year bigger and bolder than ever, it takes a whole team of collaborators to take the experience to another level. As such, we are partnering with a number of reputable organizations to take this dream to life.

With that, we are proud to announce a renewed partnership for the upcoming Echelon Asia Summit 2023 technology conference. PRecious Communications will be collaborating with e27 to assist the conference through press relations, ensuring that we reach out to a wider group of audiences through PRecious Communications’s networks, keep the event well-publicised, and ensure that attendees are informed about the latest trends, insights, and developments in the tech industry.

Bridging the global startup ecosystem

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

As part of the partnership, PRecious Communications will be working closely with e27 to develop a comprehensive press strategy that will highlight the conference’s key themes, speakers, and highlights. Their expertise in press relations will help us reach a wider audience and ensure that the conference is a huge success.

Moreover, PRecious Communications will be conducting a PR workshop for startup attendees and exhibitors that are interested in honing the craft and improving their communication channels. Through PRecious Communications’ help, e27 hopes to bolster and embolden a broader tech startup audience to help nurture and nourish the region’s vibrant ecosystem.

Join Echelon Asia Summit 2023

For more information about the Echelon Asia Summit 2023, visit https://e27.co/echelon/asia2023/

About PRecious Communications: PRecious Communications is a leading PR firm that specializes in technology. With years of experience in press relations, the company has helped countless clients achieve their goals by reaching out to the media and promoting their brands.

Also read: These 6 startups are among this year’s frontrunners for TOP100

About Echelon Asia Summit: It is a leading technology conference that brings together experts from around the world to discuss the latest trends and innovations in the industry, share expert knowledge, and provide opportunities to network with peers. The event is a must-attend for anyone in the tech industry looking to stay ahead of the curve.

The post Echelon Asia Summit is back! Get to know our PR partner appeared first on e27.

Singapore-based B2B SaaS and marketplace for the airline industry, Mystifly, has concluded its pre-Series B funding round at US$8 million.

The funding round was led by Cornerstone Venture Partners (CSVP) and joined by earlier investments from RSI Fund I, Jenfi, and Crusade Partners.

Mystifly plans to use the funds to expand its presence in Singapore and enhance its data and technology capabilities.

Also Read: Beyond Singapore and Indonesia, SEA startups are working their way out of global crises

Founded in 2009, Mystifly offers multi-source shopping that unifies airline offers, order management, and payments on a single platform. This enables it to provide discovery, ticket order management, ancillary sales, post-booking services and payments for over 700 airlines, including 200+ low-cost airlines, airlines moving to new distribution, and traditional full-service Airlines.

The firm’s products empower over 3,000 clients globally. Its customers include online travel agencies, loyalty programmes, e-commerce platforms, fintech firms, travel management companies, travel agencies, concierge businesses, wholesalers, and aggregators. Some names are Priceline, American Express Leisure Travel, JPMorgan Chase, Travel Perk, Kiwi, MakeMyTrip, Paytm, Agoda, and EaseMyTrip.

Mystifly has offices in Singapore, the UK, the US, and India.

—

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.

The post SaaS marketplace for airline industry Mystifly closes US$8M pre-Series B round appeared first on e27.

As the dreary funding winter soars, at e27, we are kickstarting a new article series Line of Hire to understand an organisation’s culture and hiring philosophies to empower tech workers with the right growth tools to enable business owners to attract talent.

Paul Thomas is the Asia Chief People and Culture Officer of SEEK, which operates leading employment platforms JobStreet and JobsDB. In his role, he develops and executes human resource strategy in support of the overall Asia business plan and strategic direction.

Thomas is an experienced HR practitioner, bringing over 35 years of broad regional experience in sales, sales training, manufacturing, human resources, and general management across multiple industries.

He obtained his Bachelor’s Degree in Biochemistry from UKM in 1989 and completed his MBA from the University of Hull, UK, in 1996.

Thomas discusses his company’s culture and hiring philosophies in this candid interview.

What personality traits/qualities do you look for in potential employees?

Our SEEK values are passion, team, delivery, and future, and these qualities underpin our success and the attributes we look for in our people. We want motivated team players who are passionate and eager to take ownership and have a drive for pace and progress, and think and act for the long term.

We also significantly emphasise diversity, equity and inclusion in our search for talent. By embracing people from different races, religions, age groups, abilities and backgrounds, we can foster a culture of creativity with fresh perspectives, new insights and varied skill sets that enable us to be more productive and more competitive while creating a more positive workplace for all.

By embracing these values, we can fulfil our purpose as an organisation and, at the same time, create real value for our customers. In doing so, we are enhancing jobseekers’ experience in searching for a new role, making it easier for employers to hire the right talent and SEEK a better workplace.

How do they fit into your company culture? Tell us a little more about it.

Our culture is built on a shared passion for our purpose, customers, and community. We seek to challenge the status quo and on achieving real, tangible results for our customers today while striving to anticipate what the future may hold so that we have the agility to help job seekers and organisations adapt quickly to changes.

Also Read: Be open about ways to grow and expand your skills: Cheryl Liew of Monk’s Hill Ventures

It is a refreshing environment for our people. It presents many exciting opportunities, whether you’re new to the workforce or a seasoned leader with decades of experience.

In Asia, we have a big ambition to help 500 million people to develop their careers with five million organisations by 2025. To achieve this, our people are the key.

We welcome talent who share the same beliefs, passion and zeal and are committed to mutual respect for each other as we work towards a common goal of creating a positive impact for our customers and community.

How do you foster transparency and encourage achievement at SEEK?

We firmly believe in building trusting and meaningful connections among SEEKers at all levels. To foster workplace transparency, we have introduced monthly town halls and “Ask Me Anything” sessions where employees are encouraged to ask the leadership team any questions they may have with the assurance of a safe environment to speak up.

Additionally, our employees are encouraged to share their thoughts and concerns anonymously through our bi-annual employee engagement surveys, which are then addressed directly by the leadership team, and action is taken to address any matters that arise.

By living out these practices, we strive to create an environment where SEEKers feel seen, heard, respected, trusted and valued, fostering a strong sense of unity among all employees.

Do you have a mental health policy? What does that look like?

The mental health of our employees is a top priority, and as part of this commitment, we have an employee assistance program to help with life’s challenges. This programme provides confidential counselling services where our employees can seek the help of trained and qualified external professionals.

We partner with trusted local service providers and cover the costs directly so that our employees do not have to pay out-of-pocket expenses. To ensure confidentiality, the invoices sent to SEEK exclude identifying information from those seeking help.

WFH or WFO, or hybrid?

Flexibility has always been a fundamental part of how we work at SEEK. It’s more than just when and where we work, but more importantly, it’s about creating an environment that meets the needs of our people, different teams and the business.

We have adopted a hybrid working model where employees can choose to work in the office an average of two to three days per week. Although SEEKers value the flexibility of working remotely, they also value face-to-face interaction with their colleagues.

This is aligned with findings from a recent report we just released with Boston Consulting Group, titled What Jobseekers Wish Employers Knew: Unlocking the Future of Recruitment, which found that 62 per cent of the respondents in Southeast Asia said they prefer to work hybrid, but interestingly, only 11 per cent want fully remote. This implies that many people still value in-person interactions and want to come together a few days a week to cultivate deeper connections.

To offer our employees an even greater work-life balance, we have also implemented remote working models where they can work remotely from different locations for up to four weeks per year.

We’ve also designed an Ongoing Remote Working policy for our Technology, Strategy, Product and AI teams. Around half of the roles are eligible to work remotely from any country in our APAC footprint.

How should a tech worker prepare for the funding winter?

I feel for those impacted by the recent bouts of tech layoffs. However, I would also like to encourage those affected to stay strong and that this is not the end. Tech talent is still in demand in sectors such as banking and insurance. These industries are expanding, and they need people with tech skills who can help them advance their growth agenda.

It is also an opportunity for them to take stock and re-evaluate what they want over the next few years and what they value. Keep an open mind; there are many good opportunities out there, even if these may not be the ones that would immediately come to mind.

How do you measure the performance of your employees?

Our performance review framework focuses on outcomes and behaviours equally, aiming to enable quality performance conversations and improve people’s experience at work. This encourages an open culture of asking for, giving and receiving feedback, which helps everyone to be curious and continue to adapt and grow.

Also Read: Keep learning and building relationships during funding winter: Richard Yan of Airwallex

That’s why even though we only have mid-year and full-year formal performance reviews, the results of the review sessions are never really a surprise because the feedback is given all year round.

Beyond remuneration outcomes, our performance review framework is closely linked to an individual’s career, progression, and learning opportunities – because we know that learning never stops, no matter your level.

When hiring, will you consider a moderately skilled person with great honesty or a highly skilled person with less honesty?

Honesty and integrity are fundamental qualities of great talent – and they aren’t just limited to roles that work with people or involve handling sensitive information.

Take software engineers, for example. They may have an individual contributor role. Still, suppose they lack honesty and integrity in their work. In that case, they may cut corners just to meet deadlines, which could lead to security vulnerabilities that impact the company’s reputation and business.

Hence, I would hire a moderately skilled person with a strong work ethic, which is much more valuable in the long run, especially as our culture prioritises building trust as we support each other to succeed.

Do you encourage ‘intrapreneurship’ at SEEK?

We are huge believers in intrapreneurship, and that’s why we conduct hackathons on a bi-annual basis, where SEEKers from across the business work together to create innovative products, concepts, prototypes or business case that helps SEEK to deliver our purpose.

These ideas need not be around something big, new and shiny; they could also be something as practical as a fix for an existing back-office problem or process. The aim is to foster a culture of creativity that drives innovation, an entrepreneurial spirit that is dear to us as an organisation.

How do you support upskilling for your employees?

We have a range of internal and external learning and development opportunities to support SEEKers in reaching their full potential.

For example, we organise Careers Day every six months, encouraging SEEKers to keep their diaries free to focus on developing their career plans and participate in career development activities. 

During this time, we hold panel discussions featuring senior leaders sharing their career journeys, knowledge and experience. Selected senior leaders will also provide one-on-one private career mentoring sessions across functions, geographies and job levels.

Our engineering team has a weekly “Sharpening the Saw” knowledge-sharing session on Friday afternoons where members can learn from one another on the latest tech-related skills, foster stronger relationships and build camaraderie.

Externally, SEEKers can also upskill and reskill anytime with our learning and development partner, Go1, the world’s largest professional learning and development platform, which hosts over 150,000 courses from renowned education providers. For SEEKers undertaking further education and development, we offer paid study and examination leave.

—

Fundraising or preparing your startup for fundraising? Build your investor network, search from 400+ SEA investors on e27, and get connected or get insights regarding fundraising. Try e27 Pro for free today.

The post Keep an open mind, there are many good opportunities out there: Paul Thomas of SEEK appeared first on e27.

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 2023 and join here: https://bit.ly/TOP100_2023

– –

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

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!

iFarmer Ltd

iFarmer is a full-stack agritech startup that provides a one-stop solution for smallholder farmers by providing them with access to finance, high-quality inputs, agronomic advisory, and access to the market. iFarmer started in 2019 and currently has 85,000+ registered farmers, and to date, has facilitated $24M in farm and input financing.

The company has been partnering with financial institutions to facilitate Agri financing directly to the farmers, and substantially increased the supply chain capabilities in the Agri input and output verticals. iFarmer has piloted IoT and satellite-based advisory services to improve productivity, reduce costs, and reduce climate risks for farmers.

Finext

Messy receipts? Tedious and time-consuming to track your personal expenses? Have to keep physical receipts for 7 years for claiming tax relief? Worry no more! Finext helps you to automate all these work within one app.

Just snap your receipt, and they do the rest with the help of Artificial Intelligence! Submit your personal income tax with just one click, FInext calculates payables and rebates, and submits them for you easily. The company’s vision is to become users’ everyday personal finance app.

bubbME.AI

bubbME.AI is an integrated and gamified Adolescent Healthcare Monitor to combat bullying + gender-based violence using AI and Big Data. The company impacts UN-SDG No. 3 and 5.

bubbME.AI is addressing the ongoing development from physical to digital spaces of the metaverse. Offering wellbeing services as a partnered SaaS or as a standalone RPG game model, bubbME.AI is moulding itself as the future of digitalisation.

Hello3Dworld

Hello3Dworld wants to build a Metaverse, a 3D digital world that simulates our real world. Inside this Metaverse, users can create their own 3D Avatar from a single photo in just a couple of seconds. Then they can participate in activities similar to our real world, such as: shopping, entertainment, working, studying, and travelling, among others.

The company’s slogan is “Real World on the Internet”. Their competitive advantages are that they own the 3D Avatar Creator Tool and simulate the Metaverse as close to real life as possible with a fair cost. Leveraging the experiences of its founders, Hello3Dworld is trying to make the product ready to exploit the new & potential market, estimated to be about 700 billion in 2027.

Castomize Technologies Pte. Ltd.

Castomize is revolutionising medical devices with 4D-printing technology, starting with orthopaedic casts and splints.

Castomize’s 4D-printed casts provide a myriad of benefits to both doctors and patients. For doctors, they reduce the amount of manpower, time, and tools needed to apply and remove casts. For patients, they accelerate the healing of their fractures and provide them with unprecedented comfort.

Truffle Technologies

Truffle Technologies is a Singapore-based technology startup. They are building an AI-powered, short-video-based professional networking and recruiting platform, Haloed, to help young professionals to access new job, internship, and networking opportunities, connect with new people virtually, get noticed by recruiters, and participate in automated interviews with their video job applications. On the other side of the platform, to help employers attract young professionals, Truffle Technologies help find and quickly assess candidates with automated video interviews allowing them to replace screening interviews and speed up recruiting.

Storya

Storya is building the most advanced creator economy platform ever made thanks to AI and blockchain features. The goal is to help millions of emerging market creators earn a sustainable income.

Storya is the first creator economy app to fully embrace the power of the two greatest technological revolutions for writers since the printing press: Artificial Intelligence and the blockchain. The Storya platform is built with creators from emerging markets in mind, and as a bridge to fill the massive infrastructure, capital, and tech skills gaps that prevent talents from around the world from finding an audience and earning a sustainable income.

FLEXWAVE CO., LTD.

FLEXWAVE builds embedded PV energy harvester for IIoTs with 75% more power, which can reduce the size of the device and make the “wireless” come true.

FLEXWAVE offers an innovative optical method to overcome the limits, and the company gave a name for this fibre-like technology, calling it Flexible Waveguiding Photovoltaics. According to the nature of waveguide material, FLEXWAVE makes PV panels that can collect photon energy from a wider angle.

AI Communis

AI Communis is proud to be the first B2B ASR-based solution provider in Southeast Asia with local language adaptation. As a business, they provide Automatic Speech Recognition (ASR) based solutions to help enterprises capitalise their audio data.

Whether you are a startup, freelancer, or content creator, AI Communis’ flagship product, Auris, can help you transcribe audio files accurately and insert subtitles into your videos, thanks to their ASR and machine translation technologies!

METAIN INVESTMENT GROUP INC.

The global real estate market is characterised by cyclical trends, with values fluctuating based on location and time. However, investing in global real estate can be complex and time-consuming, requiring significant paperwork and legal fees. As a result, it is typically only accessible to wealthy investors. For retail investors, it may not be practical or feasible to invest in global real estate due to the barriers to entry and the costs involved.

The prospect of investing in real estate South East Asia has always been alluring. At Metain, they utilise blockchain technology (DeFi, NFT, Smart Contracts) to make investments in income-producing real estate affordable, convenient, transparent, and safe for retail investors.

Aphelia

Aphelia creates a wireless charging station in space that’s dedicated to a smallsat constellation to enable its highest potential of capabilities and reliabilities by having a kW-level of power delivery at a low SWaP ratio & cost, having no dependence on the short period of solar exposure, and no limited precious power for on-demand, flexible satellite operations. The values include increasing user capacity, enhancing data computing performance, increasing data throughput, having operational flexibility of electric propulsion, and others.

Aphelia aims to make interplanetary smallsat space missions more economical while having higher capabilities so that everyday people on Earth can be part of a space-faring civilisation, venturing into the unknown.

EQUO

EQUO Co. is a sustainable brand providing 100% plastic-free and compostable solutions for everyday single-use items including drinking straws, utensils and stationery.

Their aim is to make plastic alternatives widely available in order to force single-use plastic production to slow down and eventually be eliminated altogether.  We will work to reduce costs year after year through economies of scale and pass that on to the consumer in order to make sustainable products affordable and accessible to the masses.  EQUO addresses SDG goals 11, 12, 13 and 14, and 15.

NurtureRN Pte Ltd

NurtureRN aims to create and enable a sustainable ecosystem for the international nursing community by collaborating with the key stakeholders to address the different challenges faced by both international nurses and nursing students globally through technology, data and personalized care with an objective to strengthen the ecosystem for the global healthcare community.

NurtureRN aims to create more transparency in their career journey by helping international nurses break the barriers of entry, to expand their job opportunities beyond their home borders.

Paladium Technologies

Paladium is an up-and-coming data company that is focused on the collection and processing of consumer data with analytics as an added layer to provide greater value to Consumer-Facing Businesses. They offer actual monetisation of the consumer’s data to the consumer – a unique proposition unheard of in Developed Countries (DCs) within Asia Pacific, where consumers are starting to be aware of how the Big Tech Companies are exploiting their data without consent. 

Paladium Acquires & Analyses first-party purchase data to help B2C merchants increase revenue with strong market intelligence. Through this, they also enable consumers to monetise their personal data. The venture is also privately invested.

VITA

VITA app is a mobile health record which is synchronised to laboratory information systems to get the latest updated blood biochemical and immunological data. From the available data, VITA is able to provide deeper insights into the risks of heart attacks and biological stress index. 

They also focus on making health services accessible and easy to understand through visualisation. They want to enable better lifestyle choices through the Health Compass feature on the app. (GPS location-based services for health)

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: Industry giants helping make Echelon Asia Summit 2023 possible

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 15 startups that are among this year’s frontrunners for TOP100 appeared first on e27.

Singapore-headquartered Proxtera, a digital platform aiming to make MSMEs’ cross-border trade easier, has made the first close of its Series seed round of funding.

The investors are Ant Group, CerraCap Ventures, and EDBI.

The financial details remain undisclosed.

The funding will be used as working capital to further develop Proxtera’s innovative digital cross-border trade and financial services enabled by trusted credentials.

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

“This funding will allow us to bring our product to more Singapore businesses, spread to select global markets, expand our bench of talented individuals and positively impact MSMEs in the world of cross-border trade and finance,” Proxtera CEO Saurav Bhattacharyya said.

Proxtera operationalises the Business sans Borders initiative by the Monetary Authority of Singapore (MAS) and the Infocomm Media Development Authority (IMDA).

Proxtera uses digital technology to help MSMEs gain trusted credentials and make marketplaces efficient and discoverable globally. MSMEs can connect with B2B marketplaces, financiers, payment providers, and other cross-border trade experts to save time and money.

—

The post Ant Group backs Proxtera that aims to make cross-border trade easier for MSMEs appeared first on e27.

Even before the rising popularity of ChatGPT and similar tools, the finance industry has begun to explore the use of AI in its various sectors.

According to Bharath Vellore, General Manager, Asia-Pacific, Provenir, in an email interview with e27, there are three notable use cases of AI in the finance industry today:

Identifying Fraud

“A key benefit of using AI for fraud detection is its ability to get smarter with each transaction it processes. So, even when fraudsters evolve their methods, AI models can use real-time data to identify new patterns, learn, and adapt decisioning to maximise the right fraud alerts and minimise false positives,” he explains.

Credit Scoring

“According to our global survey of 400 decision-makers at fintech and financial services organisations, only 18 per cent of participants believe their credit risk models are accurate at least 75 per cent of the time. This uncertainty results in less inclusive credit, fewer approvals and reduced opportunities for business growth,” Vellore says.

“In addition to information that lenders have in their own systems, alternative data from third-party providers such as mobile data, IP and geolocation, identity verification … provides a more holistic view of the applicant’s financial health across the entire customer lifecycle. Alternative data is especially helpful when scoring thin-file and or no-file individuals that have not had credit in the past,” he continues.

Also Read: How will generative AI advance embedded lending

Risk Management

“AI can support the industry in understanding and mitigating risks by analysing complex data and operationalising financial risk models. Through AI-powered platforms, banks can create loan origination experiences that drive customer loyalty,” Vellore points out.

“Other benefits including improving overall efficiency and productivity cannot be overlooked. The ability to generate large amounts of timely and accurate insights will be fundamental in building overall competency around customer intelligence and will be instrumental in providing a vastly superior forecasting ability – which will lead to potentially richer data segmentation. These will essentially be a juncture in maintaining effective risk strategies.”

With these trends identified, we move on to the next question: What challenges remain? How can we continue on improving?

“While AI is being more widely adopted by more companies across a wide spectrum of industries, integration of the technology into real-world applications is not as straightforward – and it is important to recognise that AI is not a ‘magic pill’ solution. Firstly, the technology is rarely a ‘one-size-fits-all’ solution, and while use cases within the same industry may be similar, data integration will be vital,” Vellore elaborates.

“Secondly, organisations also need to consider the infrastructure needed to support an AI solution. For example, are datasets integrated and in a format that is easily accessible to AI platforms? Are sufficient computing resources dedicated to processing to generate real-time insights? All these technology infrastructure requirements need to be addressed alongside implementing AI, unless you partner with a vendor that offers a purpose-built AI platform,” he says.

Also Read: AI-powered Betterhalf aims to make online matchmaking easy for urban Indians

Last but not least, Vellore points out that organisations may also struggle with finding the right talent to implement and support AI solutions.

But in the next few years, Vellore says that growth in the use of AI in the finance industry will increase “dramatically”.

“Organisations that can leverage additional data sources and use AI to test and deploy new strategies quickly will be able to better serve their customers, detect fraud, and capture new market share,” he says. “This means that we are likely to see AI being adopted across multiple business units and functions – encompassing everything from credit and risk analysis, and fraud detection to task automation.”

How Provenir seizes these opportunities

Now that we have an understanding of the ongoing and upcoming trends in AI usage in the finance industry, what opportunities does Provenir intend to pursue as a data and AI-powered risk decisioning software?

According to Vellore, credit risk decisioning is becoming prevalent across many industries, such as healthcare, pet care, travel, auto repair, utilities and telco, especially with the growth of BNPL providers.

“Changing demographics also provides an opportunity to modernise decisioning approaches. For example, digital natives, who account for 40 to 50 per cent of all consumption in the region, are more likely to use credit but are less willing to engage in conventional banking. They have always had instant access to services and expect that same level of responsiveness from financial service providers,” he elaborates.

“SMEs are still underserved by traditional institutions or fintech services, yet they represent more than 90 per cent of businesses in APAC. We see a growing number of fintechs serving this audience with automated risk-decisioning technology embedded with AI models that provides instant approvals and funding in hours, not weeks.”

Also Read: Archireef secures funding to restore degraded marine ecosystems using 3D printing, AI

In the past year, Provenir has achieved several key milestones, including the launch of its AI-powered data and risk decisioning platform and the growth of its marketplace data partner. The company said it achieved 106 per cent growth in revenue and expanding its customer base by 67 per cent in the past year. It has also expanded to include more than 100 data partners, achieving 57 per cent growth over the past year.

Vellore said that the company intends to invest “significantly” in Asia Pacific, especially in Indonesia, the Philippines and Australia.

“These plans include a focus on R&D, growth and most importantly, our customers,” he says.

“Developing new, innovative technology remains a top priority and the company invests 25 per cent of its revenue in R&D each year to ensure that we are always at the curve of development.”

He also shares more about the company’s user acquisition strategy.

“In the spirit of innovation, we have trained our global sales team to be entrepreneurial, crafting targeted solutions for customers and audiences with specific use cases in mind. It is critical that we understand a customer’s objectives and position ourselves as strategic partners to address their challenges and goals. This level of collaboration helps build a customer advocacy to be our very own Provenir ambassador,” he explains.

“We have also been selected to participate in TransUnion’s Strategic Alliance Distribution Program and Visa’s Ready for BNPL program, which allows their clients to take advantage of our industry-leading platform,” he closes.

—

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: Provenir

The post Infrastructure, talents are some of the challenges finance industry faces in adopting AI: Provenir appeared first on e27.

SESAMm, a French AI company empowering users to generate NLP insights from web data on companies, has expanded into Southeast Asia by opening an office in Singapore.

The Singapore business will be led by Thibaut Gunsey, Head of Sales (Asia), who brings nine years of financial-industry experience to the company.

The island nation will be a hub for SESAMm’s regional operations, driving growth through new business development. It is the fintech firm’s first business residency in Southeast Asia, where private equity (PE), public equity, and asset management are ripe for solutions focused on alternative data sources, particularly those sourced with NLP solutions.

The new location will also support its employee growth, with plans to expand the team in the coming months.

“This move represents a significant milestone in our growth strategy,” said SESAMm CEO Sylvain Forté. “Singapore is a key financial centre in the region, and our presence here will allow us to serve our existing clients better and tap into new business opportunities.”

SESAMm was founded in 2014 by Sylvain Forté (Co-Founder and CEO), Pierre Rinaldi (Co-Founder and COO) and Florian Aubry (Co-Founder and CTO).

SESAMm’s off-the-shelf platform TextReveal empowers users to generate NLP insights from web data on “millions of companies in less than a minute”. The firm analyses more than 20 billion documents in real-time to generate insights for controversy detection on investments, clients and suppliers, ESG and positive impact scores, PE due diligence and sourcing, and sentiment analysis on financial assets.

Also Read: Startups that can reflect and pivot in time will thrive during funding winter: Ivan Ong of AFG Partners

The startup operates in two areas: NLP and Sustainability (ESG) insights. Its vision is to continue expanding in those two areas in high demand in the APAC region. The market needs will help them continue focusing on further developing technologies applying NLP to serve sustainability-related use cases while serving local clients and positively impacting their strategies.

With operations in six countries, the firm claims it tracks over five million public and private firms providing insights in 100+ languages.

“APAC is diverse, so doing business in Japan differs greatly from Australia or Singapore. However, our solutions’ flexibility and relevance have proven helpful for multiple use cases in the region. In particular, we see a lot of interest in ESG controversies for portfolio monitoring and alerting,” said the SESAMm team in an email interview with e27.

“As with most markets, local expertise is critical We have experienced the nuances of each market, and despite the success, we could have in other markets, we remain humble and have hired local talent from the start for all of our offices worldwide. In Japan, we have two employees and have a couple of positions opened for our Singapore office. We see both offices growing over the upcoming years and even opening more offices in the region,” the team added.

Recently, SESAMm closed its Series B2 round with €35 (US$37) million from France and US investors along with Singapore-based AFG Partners.

“SESAMm’s proven traction in international markets positions it well to enter Asia, and we see a clear strong appetite from financial institutions and corporates to adopt their solution. We look forward to scaling the business across Asia with them,” said Ivan Ong, Principal at AFG Partners.

—

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 e27 platform, and other prizes. Join TOP100 here.

The post Exclusive: French AI company SESAMm expands into SEA, opens office in Singapore appeared first on e27.