Farmers in Vietnam faced many supply chain-related problems, including inconsistent product quality and high cost of production and distribution.

And then, COVID-19 hit, and their hardships increased.

Thi Nguyen couldn’t just turn a blind eye to their problems.

“It was during the pandemic-induced lockdown in 2021 that we realised the inefficiencies got worse,” Nguyen tells e27. Farmers couldn’t sell their crops, and consumers couldn’t buy fresh groceries. The harvested crops were spoiled during long transportation, and farmers, who made less than US$300 monthly, became broke. “We saw the urgency to do something to create a more sustainable agriculture and wanted to uplift farmers’ lives.”

Nguyen teamed up with his former colleagues and launched Koina.

Based in Ho Chi Minh City, Koina is a data-driven farm-to-business agritech platform founded in 2021 by a group of former executives at Grab, VinID, and GiaoHangNhanh.

The startup aims to build an efficient agri-ecosystem. The goal is to grow, harvest and deliver fresh produce from farms to retailers with the highest quality at reasonable prices.

“We place farmers at the centre of the business,” says Nguyen. We build tech-enabled solutions to solve farmers’ various pain points.”

Standardising supply chain

The agri-farm tech platform helps farmers in three ways:

First, it helps farmers sell their crops. It offtakes post-harvest products from each farm and builds a distribution network to deliver fresh products to retailers.

Also Read: VinaCapital invests US$1M in farm-to-business agritech platform Koina

Second, it helps farmers buy better, cheaper farming inputs. The platform connects them with the suppliers of seeds, fertilisers, pesticides and agriculture engineers to give relevant guidance and recipe. It also buys bulk materials and distributes them to farmers at a better price, helping reduce production costs.

Third, the startup connects farmers with scientific institutes to provide them with new farming techniques and technologies to increase productivity, reduce costs, and improve product quality.

“Currently, the traditional distribution of inputs (inputs to farmers) and outputs (agricultural products to customers) is fragmented. It goes through individual traders without transparent information on the source of origin and product quality,” Nguyen shares.

“It’s also challenging for financing partners (such as banks) to support farmers, retailers and distributors with working capital and loans. We plan to introduce new services and solutions (finance, farming, food processing) shortly to add more value to the supply chain,” he goes on.

Hard to change farming habits

Most Vietnamese farmers are old and not tech-savvy; it takes hard work to change their farming habits. They also have experienced many market problems from traders/brokers. It was challenging to bring new technologies and practices to them.

The other major challenge is that farmers have no access to funds from state-owned and non-governmental institutions to support agriculture.

Besides, there are many stakeholders throughout the supply chain, and long-standing habits have been formed. The parties are small and fragmented, and the operation is complicated. “Koina is gradually standardising the supply chain one step at a time and applying technology to support business stakeholders more effectively,” he says.

Vietnam has more than 17 million farmers, 11.8 million ha of land cultivated for agriculture, and revenue from agricultural products accounts for over 10 per cent of GDP annually. However, it is a fragmented industry, which presents a massive opportunity for platforms like Koina.

Only 2,500-plus farmers have signed up with Koina, and there is an enormous opportunity to transform the supply chain.

The market is big (US$24-25 billion annually for the domestic market and US$15-16 billion for exporting). The domestic market itself is huge, and so we have no plan to expand into other markets in the next three to five years,” he shares.

Koina recently raised US$1 million as part of its seed extension round from VinaCapital. The money will be used for customer network expansion, helping to upgrade general trade selling points more effectively, thereby stabilising output to commit to farmers.

A portion of the capital will be invested in product handling, adding value for agriculture products when they reach customers to increase value.

“In the next three years, we will continue to focus on crop products, open to other products within the fruits and vegetables categories (more than US$10 billion market), and expand to other growing consuming areas in Vietnam. “After that, we may expand to other categories like seafood, which is also a big advantage of Vietnamese agriculture,” he concludes.

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Vietnamese startup Aura Network, which operates a platform for accelerating global NFT adoption, has closed a US$4 million funding round, co-led by South Korea’s Hashed and Coin98 Ventures.

GuildFi, Istari Ventures, Republic Crypto, K300 Ventures, and other angel investors also participated.

The company will use the money for ecosystem expansion, including increasing the number of global Web3 projects and products built in its ecosystem.

Also Read: Are NFTs here to stay (with or without blockchain)?

“Web3 and NFTs are here to stay. Standing on the shoulders of giants, we will use this amount of funds to set up for the next cycle of continued development regardless of any market situation,” said Giang Tran, Founder and CEO of Aura Network.

Aura Network is an ecosystem focusing on building the Internet of NFTs and bringing NFT and Web3 to the masses. It helps companies develop projects through its ecosystem. The firm’s aim is to build a one-stop shop for minting, evaluating, and transacting NFTs.

The company’s development team is currently building several new products as a part of the ecosystem.

Also Read: The future of blockchain technology goes beyond just cryptocurrency and NFTs

Founded by a team of serial entrepreneurs and engineers in 2017, Hashed is a high-profile crypto investment firm in South Korea. It has invested in over 80 projects, namely Axie Infinity, The Sandbox, Cosmos, Klaytn, and MakerDAO.

Coin98 Ventures is the venture capital arm of Coin98 Finance, a Web3 Vietnam-based building hub. The firm seeks to invest in founders with disruptive ideas and innovative approaches across the Web3 stack, from layer-1 protocols and infrastructures to consumer-facing applications.

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Singapore-based investment firm Lighthouse Canton has announced a partnership with Southeast Asia’s leading digital marketplace for alternative investments Alta.

The partnership will provide investors on the Alta platform access to the rising venture debt asset class. 

It will enable Alta’s investor community to mobilise capital for the region’s startup ecosystem.

Alta’s Co-Founder and CEO Kelvin Lee said, “We are certain the pace of venture capital activities will actively grow with tremendous opportunities, which will only continue to increase its demand.”

Also Read: Cube Asia attracts US$1.5M to help e-commerce consumers make more data-driven decisions

Lighthouse Canton and Alta see a huge opportunity for venture debt rising across Southeast Asia. Venture debt is a relatively new asset class in the region and has a long way to go compared to the US and Europe.

“At Alta, we are devoted to creating access for our global community of over 1 million investors to innovative opportunities and pave the way for firms like Lighthouse Canton to connect with strategic investors that best suit them,” Lee added.

Lighthouse Canton’s venture debt strategy comprises a Singapore-based Variable Capital Company (VCC) for investments in Southeast Asia and a Category II Alternative Investment Fund (AIF) for investments in India. A few weeks ago, it launched a partnership to invest in venture equity in the Indian startup ecosystem. It closed a US$40 million fund to invest in 27 pre-series A and series A companies across various sectors.

In 2022, Alta acquired the digital securities exchange Hg Exchange, bringing its private capital markets, fund management, and exchange businesses under one roof. Through its blockchain-powered exchange, Alta can also support tokenisation, digital custody, and trading of alternative assets.

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Singapore-based F&B operations management platform OrderEZ has acquired FoodRazor, an invoice automation and analytics platform.

The acquisition expands OrderEZ’s integrated suite of inventory, procurement, and CRM software.

Based in Singapore, FoodRazor is backed by Cocoon Capital.

Launched in 2021, OrderEZ delivers an interconnected software solution providing inventory management, procurement, order, and CRM software for brewers and bakers, restaurants and cafes, and anyone making or wholesaling food or beverage.

The startup claims it has grown nearly 300 per cent since its launch. It now plans a US expansion in 2023 and a fundraising round.

Also Read: FoodRazor snags US$900K seed funding led by Cocoon Capital

“OrderEZ had been on our radar for some time, and when the teams brought this acquisition to us, we saw the potential and synergy between the two businesses,” said Michael Blakley, Managing Partner at Cocoon Capital, which backed FoodRazor in 2018. “OrderEZ is on a brilliant growth trajectory, and we feel that adding FoodRazor will only accelerate the company to new heights.”

“Our mission is to help the world eat and drink better by freeing the food and beverage industry from countless hours spent on admin,” said Jeffrey Meese, Co-Founder and CEO of OrderEZ.

Globally the F&B industry was one of the hardest hit throughout the COVID-19 pandemic. Many of the millions of workers forced out of the industry simply aren’t returning, fueling a staffing shortage.

Solutions like OrderEZ and FoodRazor help bring automation and efficiency to an industry that previously relied extensively on manual processes. The need for operational tools that facilitate delegation and transparency, increase ease of operations, and deliver deep insights into the health of a business has never been greater, and OrderEZ is uniquely positioned to meet this challenge.

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When we are talking about the plastic waste pollution problem, the narrative often centres around technology and the end product as a solution.

But there is an aspect of this problem that is not often discussed: The human resource aspect of it.

In many parts of Asia, plastic waste is commonly processed by informal workers who are part of the marginalised society. According to data, these workers contribute to over 95 per cent of the plastic materials that are being used to recycle, with many of these workers being women. There are many challenges that these workers face, from worker safety issues to disproportionate earnings.

How can startups help in tackling this problem?

Laura Benns, Director of Programs, at SecondMuse explains to e27 in an email interview the value that startups can provide to informal waste workers–that may not be provided by other institutions.

She highlights that waste management ecosystems are complex, including in Asia where it is mostly run by marginalised members of society. But she stresses that innovative design thinking behind new business models around waste management ecosystems has huge potential to break the mould on who stands to benefit from these innovations.

Also Read: Shoes from waste plastic bottles! Neeman’s is going places with its sustainable footwear products

“Startups with business models that involve the informal sector are well placed to strengthen social and economic protections for informal waste communities. Beyond support like training on health and safety, financial literacy, waste management practices and more, informal waste workers can also benefit from increased legitimisation through branded PPE (personal protective equipment). Introducing a uniform-like of sorts creates a social signal that reduces public discrimination and harassment, creating better access to public and private spaces with higher value plastic waste,” Benns explains.

For startups working on digital marketplaces, access to data through tech-based solutions creates knowledge and power for the informal sector to elevate their working conditions, she adds.

“Informal waste workers are given agency to optimise their collection routines and receive better pricing transparency and market information. This leads to higher and more stable incomes,” Benns says.

Benns explains that through the projects supported by The Incubation Network–an initiative by SecondMuse and The Circulate Initiative to tackle the plastic pollution problem–she sees how digital solutions provide platforms for the informal sector to organise themselves and convene to discuss opportunities. This indirectly creates opportunities to enhance their digital skills.

For examples of how these startups help create opportunities for the workers, she gives an example of AMBILIN, a recyclable materials marketplace app developed and released by the Bina Katara Lestari (BINTARI) Foundation. The app convened 49 informal waste pickers in Semarang, Indonesia, to increase their service coverage and competitiveness and to foster a community to sort and collect more recyclable materials.

“The platform allowed the informal waste sector to establish a motorised waste picker association. This brought legitimacy to the role of informal waste workers with recognition from other waste management actors and city development stakeholders including the city government, police, and banks,” she says.

Benns says that in order to support these startups, mentorship, technical assistance, and market linkages are keys to their success.

“Our program, The Incubation Network, has connected startups with industry experts and mentors across the plastic waste supply chain and provided them with technical assistance and specific connections to corporates who can take their solution further. We’ve also facilitated connections between startups and other key organisations, who are working on similar problems in other parts of the world.

Also Read: Throwaway gold: How data can tap into the unrealised potential in plastic waste

The startups who are working on it

In Southeast Asia, there are several startups that are working with informal plastic waste workers to help tackle the plastic pollution problem–and improve the workers’ livelihood.

One of them is Indonesia-based Plustik, a startup that uses plastic waste from landfills to create construction materials.

The company took a closer look at the plastic waste problem and target its roots. According to Reza Hasfinanda, Founder and CEO of the company, “visible” plastic waste such as plastic bottles may get a lot of attention from the public. But the more dangerous one is the low-value and hard-to-recycle plastic waste.

This is where Plustik focuses its research and development. “By focusing on these difficult-to-use materials, we have developed a process that can turn all types of plastic into new reusable products, such as pavement blocks, without needing to segregate plastic waste by type. By ensuring all plastics can be used, Plustik avoids redirecting significant plastic waste to landfill,” Hasfinanda says.

Another startup is Thailand-based Trash Lucky, a company that has designed a smart-bin infrastructure that connects post-consumer recyclables with independent waste collectors.

In solving the plastic waste problem, Trash Lucky highlights the fact that on the consumers’ end, there is no strong incentive to recycle. CEO & Co-Founder Nattapak (Nat) Atichartakarn says that the recycling supply chain in Southeast Asia is heavily reliant on the manual process of informal waste collectors, who roam around the city looking to buy and sell post-consumer recyclables into the recycling supply chain.

“Given this inefficiency, we saw an opportunity to use technology to build a smart recycling bin infrastructure that connects post-consumer recyclables with informal waste collectors. By recycling waste into the smart bin, consumers earn raffles for winning gold and other exciting prizes. When the bin is full it will alert our partnered waste collector to collect and buy the deposited recyclables,” the CEO explains.

Also Read: In brief: New incubation programme for SEA’s plastic waste startups

“We also aim to set up our smart bin at hypermarkets and retail spaces across the country to provide convenience for consumer to drop off their recyclables. Since the smart bin knows the type and amount of material deposited, informal waste collectors would know exactly when, where, and what to collect from our full smart bin. Thus, they save time and gas money, resulting in an increase in profit,” he continues.

This helps to solve a significant problem faced by the workers.

“Typically, informal waste workers would need to cover great distances to source specific high-value plastics and face unstable incomes. By working with us in our sorting facility, we can offer workers training and a steady income with less of the risks associated with collecting plastics. We also provide fixed hours of work helping them to retain a better work-life balance so they can spend time with those who matter most,” Atichartakarn stresses.

From the bottom up

The question that one might have for startups who are working with informal plastic waste workers is that: How do you reach out to them? How do you convince a marginalised member of society that your organisation can provide the right solution for them?

Hasfinanda and Atichartakarn reveal how they did it.

“While high-value plastic waste (such as plastic bottles) is collected prior to the landfill, our sorting facility is based at a landfill site, where informal waste workers help us sort low-value plastic waste,” Hasfinanda explains.

“We speak with these workers directly, which enables us to build a stronger and more collaborative relationship so we can educate them on the types of plastic waste we can work with, ensure women in this line are given equal opportunity to work.”

According to Atichartakarn, Trash Lucky works by recruiting independent waste collectors by staking out at local recycling shops in the area they aim to expand into.

Also Read: The Alliance to End Plastic Waste, Plug and Play announce 11 finalists selected for their startup programme

“The goal is to shorten the distance the recyclables have to travel from consumers to our recycling bin to waste collectors to recycling shops and the rest of the supply chain. We have a referral programme for collectors to refer their peers to our platform too. Once we have reached the informal waste collectors, we would train them on the best practice around the waste collection and how to operate on our digital platform,” he elaborates.

The startup also helps the workers by providing them with a series of training.

“We also focus on improving social recognition and removing common stigmas around informal waste workers by equipping them with communication skills to engage with our communities that recycle with Trash Lucky such as gated residential communities, condominiums, schools, and offices. We are also training our partnered waste collectors on professional conduct and starting to equip them with PPEs (personal protective equipment),” Atichartakarn says.

So what advice can these startup founders give to fellow startups who would like to work with the grassroots community, including informal workers, in their fight against climate change?

According to Atichartakarn, the key is to have an in-field strategy.

“You need to be on the ground and reach people or community leaders directly. The rapport and personal connection you build will break barriers and garner the trust needed to benefit both sides,” he says.

“Doing so will help you recruit your targeted demographic within each grassroot society. Later, once you’ve gained their buy-in and commitment, community leaders and onboarded individuals can become your ambassadors who help refer more people to you,” the CEO continues.

Also Read: One man’s trash is another’s gold: How Tridi Oasis plans to transform plastic waste management

Echoing Atichartakarn, Hasfinanda stresses the importance of co-creation and collaboration in reaching out to grassroots communities. He dubs it as the “most effective way” to work with them.

“Encourage the community to be involved in the development process and to have a say in what they would like to see. Doing so ensures that the outcome is something that is beneficial for both the community and your startup,” he points out.

“It’s also important to be respectful of differences in working culture and to avoid making assumptions about the communities you are working with. Be open-minded and flexible, and be willing to adapt your approach to meet the unique needs of each community,” he closes.

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Image Credit: The Incubation Network

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SFF 2022 insights: Enlisting fintech to help create a sustainable future, jointly produced by McKinsey & Company, Elevandi and the Monetary Authority of Singapore (MAS) — showcases how fintechs can contribute towards a greener future. The report draws on insights shared at the ESG track of the Singapore Fintech Festival 2022

The report draws from the environment, social, and governance (ESG) track of the Singapore Fintech Festival 2022 (SFF 2022) that took place between November 2 to 4, 2022 and includes insights from respectable leaders present at SFF 2022. These include Anthony Tan, Co-Founder and Group CEO at Grab; Eric Lim, Chief Sustainability Officer for United Overseas Bank; Helge Muenkel, Chief Sustainability Officer for DBS Bank; Mark FitzPatrick, CEO at Prudential; Nikhil Rathi, Chief Executive of the UK Financial Conduct Authority; Ravi Menon, Managing Director of MAS; and Sonam Wangchuk, Founder of Himalayan Institute of Alternatives.

Key insights from the report:

• The move to a net zero global economy by 2050 will require the greatest reallocation of capital since World War II, coupled with a massive influx of financial innovation.
• Data remains crucial in supporting the innovation of fintechs: Data collection and analysis are crucial factors in whether fintech innovation can successfully support sustainability goals. Data is necessary to make informed decisions, evaluate market participants, and assess the success – or failures – of initiatives. Yet good data remains a scarce commodity.

Also Read: Understanding the role of fintech, blockchain in transitioning to net zero

• Fintechs are already playing a role in driving the sustainability agenda. “Fintechs for Good”, i.e. fintechs that embed an ESG agenda into their core product portfolio, operations and mission, attracted US$2.1 billion in funding in 2021, and this trend is expected to continue. As sustainability efforts proliferate, a key challenge for all companies would be to demonstrate real impact and self-protect against greenwashing.
• Encouraged at least in part by increased concern for climate change, regulators around the world are taking a keen interest in sustainability claims by corporations, particularly their reporting activities.

One of the most pressing issues highlighted was sustainability, particularly the critical need to prioritise efforts in this area, both by the fintech sector and the rest of the world.

Commenting on the launch of the report, Pat Patel, Executive Director of Elevandi said, “Net zero is a massive mountain to climb, and reaching the critical sustainability goal will test society’s capability and commitment. The McKinsey Global Institute has provided a steep estimate – that US$275 trillion in capital spending between 2026 and 2050 would be needed.

At Elevandi, we firmly believe that an active dialogue and collaborative projects between the public and private sectors will make a difference. In the first half of 2023, we will continue to bring policymakers and regulators together with corporates, startups and investors to progress frameworks and concrete initiatives. We’ll be convening key global leaders in Rwanda to focus on inclusive and sustainable fintech projects and Switzerland to focus on technology and data frameworks required to move the sustainability agenda forward.”

The SFF 2022 insights: Enlisting fintech to help create a sustainable future report is one of the seven reports Elevandi will be releasing with consultant partners, which include topics such as Web3 and digital assets, banking for business, balancing innovation and regulation, the future of fintech in growth markets, and how fintechs can become more resilient to volatile market conditions.

Read the full reports now on the Elevandi website. Up to 13 more reports will be released in Q1 2023 with insights from the roundtable discussions at the Elevandi Insights Forum at SFF 2022.

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Jolene Lum is currently the Client Development Manager at Nurasa, a wholly-owned subsidiary of Temasek. She has been enthusiastically working in the sustainable food industry for most of her career.

Before Nurasa, Lum was an agritech venture builder and served as Founder and CEO of Urban Tiller, which connects viable urban farming with hyper-local supply chains. 

She also co-built and ran a Singapore insect farming enterprise for sustainable animal feeds and helped to create one of Asia’s first mycelium alternative protein startups.

She received her Bachelor’s with Honours from Yale-NUS College.

Lum is a regular contributor of articles for e27 (you can read his thought leadership articles here).

In this candid interview, she talks about his personal and professional life.

How would you explain what you do to a five-year-old?

Here’s a fun interview where I did something similar.

A more updated response to a five-year-old is that I work on helping new foods and better-for-you-and-the-planet foods become everyone’s next favourite food. Because everybody eats and loves food, it is the most exciting thing that could improve health and better the planet.

To do this, I work towards new ingredients like making your favourite sandwich- but with better components to taste as good as possible but in many ways create better jobs, better lives, and hopefully a better environment.

What has been the biggest highlight/challenge of your career so far?

The biggest highlight and challenge was being a very young founder and CEO, building and running a team older than me and working in an industry’s supply chains that were very entrenched and operated on processes that were hard to change.

The growing and trading of fresh produce we eat daily is not something the average consumer thinks about, but the experience of eating fresh produce is something magical and refreshing when it truly is fresh and grown with care.

The highlight was that I delivered the freshest produce in town and redefined what salads and fresh produce could be for many of my customers (according to them) from a perspective of nutrition. This was possible because we were in touch with local supply chains and gave the customers an option of ultra-fresh, next-day, plastic-free delivery with very little food waste. I had the chance to honour our local farmers, see their work and share their stories.

The challenges abound, running my startup was like getting an accelerated MBA while also having to execute in the real world (raising money, hiring and training a team, customer management, product and R&D management) all at once. I was tired, and when I knew I had to let go, I had little left to give of myself.

Also Read: Always be adventurous and inquisitive: Carl Jones of SAP Concur

But it taught me how to let go and gracefully recognise opportunities for what they were, learn from processes, and become a better person for others, especially my team. I learnt so much about the industry’s potential to fulfil my career, and most of all learnt a lot about myself and how I wish to best add value to the lives of others and future organisations I join.

How do you envision the next five years of your career at Nurasa?

I envision a lot of challenging myself to reflecting on what I want to be when I grow up!

The more I’ve experienced in my brief career, the more I realise that I do not know and am not very good at. My good fortune is that I still have the time to do many things and figure out what it means to me to have my career be a means to serving my community, my team, and whoever I encounter.

I envision the next five years of my career will involve a lot of engaging with stakeholders and learning how best to communicate and connect with others. This is an essential skill to become a better thinker and operator because it places the question of human experience at the centre of how the world should change and why.

I look forward to speaking with fellow entrepreneurs (past, current, future) to connect the dots and continue bringing people together to create robust ecosystems for collaboration and nurturing for failures (aka innovation)!

What are some of your favourite work tools?

I like a gridded notebook. Writing things down with pen and paper helps me focus my thoughts and reframe what I am trying to do and need to get done. I also like a good water bottle.

I try to minimise screen time when I need to think and minimise phone time when I am trying to work. That’s a valuable mind tool.

What’s something about you or your job that would surprise us?

My job is awesome in several ways. Even though I left my startup, I found myself in another ‘startup’ environment at Nurasa, a new subsidiary of Temasek that is trying to accelerate the commercialisation and adoption of sustainable foods.

At Nurasa, one of my most time-intensive projects is building up the new Food Tech Innovation Centre in Singapore. God knows how much I’ve learnt about the construction and interior design industry!

I learnt that I enjoy designing spaces and am glad I got involved in a lot of that design and build process even though it isn’t my main job scope, but it really helped me appreciate the design that is well-informed by the needs of the user. I’ve secretly been offering to help my friends design their new homes or at least inspect construction efforts. Haha.

Do you prefer WFH or WFO, or hybrid?

I appreciate a hybrid set-up where I still spend about 85 per cent of my time having physical facetime with my team. I thrive on human interaction and prefer to drive action face-to-face with someone. I believe that thinking with others in-person also sets you up for more successful WFH or remote arrangements and scenarios when they arise.

What would you tell your younger self?

The first few years of your career will define you, however you let it. It is tempting to seek stability and familiarity with reference to what your friends are doing. This is good for many aspects, from feeling financially secure to being on a safe trajectory.

Also Read: Be hungrier and bolder to explore a variety of industries: Sharina Khan of Thoughtworks

I challenge you, however, to continue to push the boundaries of what it means to be a renaissance person and to reflect on how you can best create value in the world that will create a future that is meaningful, personal, and inclusive

I also challenge you to be kind and generous to your colleagues, superiors and subordinates, to continue creating community and shared values that will make your work impactful not only on a KPI level but also in creating safe spaces for people who might not have known them before.

Be very clear in communication, know what you mean and where it comes from. This will constantly keep your thinking sharp and clear, which is increasingly rare when it is so easy to do what you are told.

Can you describe yourself in three words?

Goofy, energetic, curious.

What are you most likely to be doing if not working?

I’d most likely either be cooking and making new batches of pickles at home or trying to send a problem at the bouldering gym—a lot of the time with friends.

What are you currently reading/listening to/ watching?

I’m reading Emily Wilson’s rendition of The Odyssey, which is so great on many levels. I’m also reading Philip Tetlock and Dan Gardner’s Superforecasting, in a crazy time of movement in tech and AI. When there’s time, I watch Tom Clancy’s Jack Ryan. It’s great.

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On Tuesday, Southeast Asian (SEA) consumer fintech company Fave announced that Co-Founder and CEO Joel Neoh is set to leave the company by March 2023.

In an email interview with e27, Neoh explains what drives him to leave the company at this stage.

“For the past eight years, Fave has been my life’s work, and I’ve had the privilege of working with excellent leaders in the SEA region,” he writes.

“Since April 2021, Fave has been part of Pine Labs, one of India’s top fintech unicorns, expanding into India and experiencing strong growth in SEA. With a solid leadership team in place and an exciting product roadmap ahead, Fave is now part of a resilient fintech unicorn group which is set to break boundaries for growth in the coming year. After 13 years as an early founder of Groupon in Asia and Fave, I’m proud of the journey thus far and certain it’s an ideal time for a break.”

Neoh also explains more about his upcoming plan after leaving the company and his views on seizing opportunities during a crisis.

Also Read: In brief: Malaysia’s Proficient raises funding; Fave launches BNPL in SG, MY

What is coming up next for you? Why is this the right time to do this?

Since co-founding my first tech startup SAYS.com in 2009 with Khailee Ng, I’ve gained valuable insights from the startup and entrepreneurship ecosystem. As I take a break this year to rest and explore new endeavours, I’m eager to give back and support other founders and entrepreneurs in the region.

Over the past 10 years in SEA, the tech sector has witnessed a surge in new companies, hundreds of VC-funded firms, and a few unicorns and public-listed firms, leading to a set of quality founders with tremendous potential. It would be an honour to assist these leaders on their journeys from zero to one.

How do you prepare the Fave team for your departure?

The Fave team is highly resilient, and the founding team has worked together for years, with many colleagues remaining since Day One. As I prepare to depart, I’m thrilled to witness them take the company into the next phase, and I’ll be their biggest supporter and cheerleader.

Additionally, Amrish (Pine Labs CEO) has kindly offered me a permanent room in the Fave office, which I’m grateful for and can use anytime. Even though I’ll be stepping away from my role, I will still be part of the Fave family and will visit my colleagues regularly. I have developed a strong bond with them and will always cherish the memories we’ve created together.

What do you think is your greatest achievement or milestone with Fave? What lessons did you learn from it?

Building a household brand for millions of consumers in multiple countries without raising hundreds of millions wasn’t easy. The entire Fave team deserves credit for their grit, heart, and hustle since the beginning.

As we scaled up, it was a privilege to maintain Fave as a great place to work, despite the challenges of growth. We’ve always prioritised people since we believe people equal business.

It was also a privilege to collaborate with major banks and fintech players in the region, including DBS, UOB, Google Pay, Singtel, Grab, Touch ‘n Go, Adyen, and Maybank, to launch a SEA-centric brand in India, reaching our first million users.

Also Read: Ecosystem Roundup: Singapore’s Insider raises US$32M Series C; gojek names new CTO; AwanTunai, NDR Medical, Percipient, Fave secure investments

What had been the toughest time you had to go through with Fave, and how did you survive it?

While it may seem like a common idiom, I’ve always believed that tough times don’t last, only tough people do. This belief has taught me to never give up when the going gets tough. The past few years have been dynamic, with heavily-funded competition, COVID-19 disruptions, inflation, and rising interest rates. Overcoming these challenges took tremendous willpower and discipline from the Fave team and me, and we emerged stronger in the end.

Amidst back-to-back global crises, which opportunities do you aim to seize this year? How would you do it?

I believe that every crisis brings an opportunity, including creating more quality companies, as only the best will survive and thrive. This also creates more quality leaders, who must level up to find opportunities to grow and survive, a process that builds strong character.

As for myself, I look forward to partnering with many of these quality leaders and companies to build breakthrough products and services.

What lessons/approaches do you carry over from your time with Fave, that you plan to implement in your new role?

There is currently no new role on the horizon, I’m in fact looking to invest in others and help them succeed. My philosophy and approach are always to dream big but start small, scale fast, and fail faster. I’ve learnt and grown so quickly and efficiently with this approach.

As mentioned earlier, I believe that people are the core of any business. If you take care of your people, they will take care of your business, and you will grow together. Ultimately, success comes down to execution, how quickly we can adapt, innovate, and evolve.

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Image Credit: Fave

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Cube Asia, an online retail insights company in Singapore, has raised US$1.5 million in seed funding led by Wavemaker Partners.

M Venture Partners and several angels, including 7-Eleven Philippines CEO Victor Paterno, Smartkarma Co-Founder Raghav Kapoor, and Zenyum Co-Founder Julian Artope, also co-invested.

The funding will be used to expand its technology, product, and data teams to enhance its data quality for customers across Southeast Asia.

Founded in 2022 by Sarabjit Singh and Simon Torring, Cube Asia aims to enable subscribers to make more data-driven decisions in areas like e-commerce pricing, discounts, assortment, and influencer engagements – thereby enabling more rapid and profitable online growth in Southeast Asia’s US$170 billion1 e-commerce market.

The company also offers granular market size and market share insights to help brands make strategic decisions on new investments or product development.

Also Read: How retailers could prepare for the next consumer recession, if it were to come

“Our proprietary technology is a big-data machine that continuously aggregates data from public and proprietary sources, including extensive primary research, and triangulates across thousands of data points to produce an accurate and granular picture of Southeast Asia’s online retail landscape. It’s something we wish existed in our past lives as e-commerce practitioners and consultants, and we’re thrilled to bring it to market now,” says Singh.

Cube Asia’s first product is MeterCube for TikTok Shop. This data and insights suite helps brands and retailers increase their revenue and profit on TikTok Shop by providing access to detailed insights, including up-to-date rankings of popular TikTok accounts, top-selling products in different categories, pricing and discount trends, and category-specific market sizing.

MeterCube for TikTok Shop is live in six markets across Southeast Asia and is available to brands, retailers, and other companies on a subscription basis.

Cube Asia counts emerging brands like ESQA Cosmetics, retailers like Little Farms, and institutional investment firms like IFC among its early customers.

Beyond TikTok Shop, Cube Asia will expand coverage to other popular e-commerce and social commerce channels like Shopee, Lazada, and Instagram through 2023.

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There are several points in the recently announced SG Budget 2023 that could be relevant for the tech startup ecosystem in Singapore, but in this opinion piece, I would like to put the emphasis on those that are relevant in supporting the move towards net zero.

Carbon neutrality, which is defined as a state of net zero carbon dioxide emissions, has been making headlines in the past year–for the right reason. If we look at the list of recent natural disasters related to the climate crisis that we are facing, we can see that the stakes are getting higher and higher. If talking about the lives lost due to these disasters is not enough to inspire us to do something, let us talk about the cost.

The World Economic Forum happens to have a list of the 10 costliest climate disasters of 2022. As we can see here, these disasters caused more than US$3 billion-worth of damage each. The list is limited to disasters that happened in 2022; I could not dare to imagine the number if included what had happened in the previous years.

But the good news is that the startup ecosystem is making a move–however small.

In addition to building solutions that can directly tackle challenges related to the climate crisis, such as handling plastic waste pollution, we also begin to explore ideas on how the different verticals in the tech industry can play a role. We have looked at the role of fintech and blockchain in the transition towards net zero; we have also looked at green buildings and emerging technology.

Also Read: ‘There’s a lack of urgency among companies in achieving net zero targets’: Unravel Carbon’s Grace Sai

This is why the appearance of “low-carbon transition” in SG Budget 2023 is a welcome addition.

According to Hari V. Krishnan, CEO and Managing Director at PropertyGuru Group, in a public statement, the measures announced in Budget 2023 reflect the growing local investments in sustainable urban living.

“We believe that the increase in the carbon tax rate, greening our buildings and vehicles, as well as growing national climate-related resources, will help Singaporeans put eco-consciousness top-of-mind in their daily lives,” he writes.

“According to our PropertyGuru Singapore Consumer Sentiment Study H2 2022, three in five surveyed Singaporeans are open to, but unsure of, the idea of a net-zero home. Furthermore, one in three respondents said they would purchase a net-zero home.”

He explains the steps that the company is taking to make green living easier for customers.

“To make eco-friendly options more accessible to Singaporeans, we continue to develop solutions such as PropertyGuru Green Score – a sustainability rating attributed to condos and HDBs listed on PropertyGuru.com.sg. This, along with our green living guides, helps local residents understand how eco-friendly a home is so they can make informed greener choices.”

Also Read: Singapore’s Transport Capital launches VC fund for decarbonisation, digitalisation startups

Another important aspect of sustainability is food security.

The budget includes the extension of the Energy Efficiency Grant for SMEs in the Food Services, Food Manufacturing, and Retail sectors to adopt energy-efficient equipment.

In addition to helping with the aspect of energy conservancy, according to Emon Zaman, Senior Vice President, Asia Pacific, AVEVA, this move symbolises a “step forward” to boost Singapore’s collective food security.

“We are heartened to hear that the government is extending the Enterprise Financing Scheme and Energy Efficiency Grant till March 2024 to help businesses. Specifically, the Energy Efficiency Grant will help businesses in food services and food manufacturing invest in energy efficiently – thus strengthening Singapore’s food resilience, reliability, and sustainability,” he writes to e27, adding that this is in line with the company’s objective.

“In truth, there are no fixed endpoints to issues surrounding food security as many external factors such as climate change and geo-political affairs continue to create a volatile economy. The recently announced initiatives are instrumental in encouraging SMEs to develop new innovations and solutions to increase the amount of food produced, drive greater self-resiliency, and expand crop cultivation capabilities and capacities. However, as a nation, we should always continue to innovate to ensure the long-term viability of food production and food security for future generations.”

Also Read: This Indian startup dreams for a planet with Zero(e)Waste

Last but not least, as an ecosystem, we must use this opportunity as a reminder that contributing to decarbonisation is not something that is exclusive to climate tech startups.

The recent pandemic is a good reminder that the worst, most unthinkable thing can actually happen.

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Image Credit: peopleimages12

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