The world is going digital, and the pace at which our lives happen online is ever-increasing. In the digital world, our identities serve as gateways to access online services, be it for work or personal use. However, this very gateway is one of the most vulnerable when it comes to being exploited by hackers.

The compromising of credentials gives malicious actors to all kinds of confidential information stored on apps or services we access, potentially enabling them to enter and compromise enterprise networks and data, and more.

According to a 2022 study by Identity Defined Security Alliance (IDSA), 84 per cent of businesses surveyed had experienced a data breach due to identity-related vulnerabilities in the past year. What’s unfortunate is that, in hindsight, 96 per cent of those attacked indicated that focusing on better identity-related security practices could have prevented or at least minimised the impact of the breach suffered.

The prevalent approach of passwords and multi-factor authentication is clearly failing at protecting our data online. And with the upcoming Web3 movement that is slowly gaining traction across every sector and industry, it’s high time to relook at identity and access management.

Two-factor authentication and multi-factor authentication technologies also lack the resilience to tackle the digital transformation that Web3 will bring about. Digital identities based on the blockchain could offer some hope, not just for the Web3 wave but also for existing Web2 services for enterprise and personal use.

What are decentralised digital identities (DIDs)?

As the name suggests, decentralised digital identities (DIDs) are created and stored on blockchain networks in a trustless, permissionless, immutable, and cryptographically secure manner.

Powered by distributed ledger technology, these blockchain-based IDs are tamper-proof and nearly impossible to spoof or compromise. Storing highly confidential data on the blockchain, such as our credentials or identities, also enjoy the power of decentralisation – eliminating a single point of failure, such as a database that can be hacked and leaked by threat actors.

Also Read: How a decentralised localisation and building a community of trust can lead to global success

The blockchain-based infrastructure on which DIDs are developed, maintained, and used makes them not only more secure but also far more versatile. Unlike our email addresses that are used to create accounts on various online services and require passwords that are cumbersome to remember, update frequently, and manage, DIDs are inherently more resilient to hacks.

Security is inbuilt into a blockchain network, offering higher assurance that your digital identity on the blockchain remains protected and your data safe. DIDs offer a wide range of use cases, from accessing decentralised applications (dApps) in Web3 to handling robust identity and access management within enterprise networks – hosted centrally, in the cloud, or even in an IoT environment.

How do DIDs work?

A digital identity created on the blockchain can contain confidential information about a user, such as a name, password, government-issued ID data, IP address, device data, date of birth, and more. It can serve to authenticate the user’s identity online, but based on infrastructure that enjoys several security-related benefits of the blockchain.

Blockchain-based digital identities can leverage real-world off-chain data, store them securely on the blockchain, and be used to generate unique and tamper-proof public and private keys. The user can then use the public keys to gain access to connected online services that support DIDs, while the private keys secure the user’s DID.

Zero Trust: Enhancing the power of digital identities (DIDs)

A decentralised digital identity offering can be further secured using robust cybersecurity technology such as Zero Trust. The Zero Trust security framework works on the principle of “never trust, always verify”, offering micro-segmentation of the application of DIDs.

Zero Trust-powered digital IDs developed on blockchain technology can be used as many times as required to authenticate access to each and every online service through each and every device required or operated by the end user. It takes no chances and offers higher control over access management to administrators and developers offering online services to consumers/end users.

What can decentralised digital identities be used for?

There are several applications where a solution like the one discussed above could provide robust security. Here are some of the most common applications of Zero Trust powered DIDs:

Web3

Web3 is the decentralised web where the concept of conventional identity ceases to function. Accessing a wide host of Web3 dApps is possible with a single digital identity.

Such a DID can be used to access online services in the decentralised internet – the future of how we live and work online, be it for gaming, decentralised finance (DeFi) services, metaverse, social networking, and even work.

Traditional enterprise cybersecurity

Several organisations worldwide have already started exploring the use and deployment of blockchain-based services, both internally and for customer-facing applications. These decentralised services offer higher levels of security and privacy for enterprises, their employees, and their consumers.

Also Read: Crypto governance: Adopting a decentralised approach to governance

However, to truly enjoy the benefits of this superior technology requires shedding conventional approaches to securing it and adopting more capable cybersecurity technology.

This is where Zero Trust powered DIDs come in – they bring in higher levels of security to access blockchain-based enterprise and infrastructure services. In addition, they are also more scalable and flexible than traditional identity and access management solutions, offering cost efficiencies unseen previously.

Challenges in the adoption of DIDs

Now that you’ve read so far, you must have realised the truly game-changing potential of this emerging technology. However, what’s interesting is that DIDs have been around for a few years now – they’re not exactly brand new in the tech industry.

However, their adoption remains extremely low among organisations, even the tech-savvy ones that have moved enterprise apps and services to next-gen technologies like cloud, IoT networks, or even the blockchain itself. This is because of severe apprehension among Information Security executives towards this decentralised technology.

The hesitation in upending a conventional approach and trying something radically different that requires significant change keeps most enterprise IT leaders away from enjoying the benefits that blockchain-based DIDs have to offer.

Adopting and driving such robust technology into the mainstream requires IT leaders to convince their corporate peers of this technology’s potential. They must be willing to experiment with DIDs, launch pilot projects internally, assess their effectiveness and monitor the improved security and cost efficiencies on offer.

Final thoughts

The cyber threat landscape is rapidly evolving, and hackers are innovating at a faster pace than businesses and consumers. It’s time to stop playing catch-up and deploy reactionary solutions to solve cybersecurity challenges.

Technology like DIDs can give enterprise cybersecurity a much-needed boost and secure their sensitive data and applications not only from present-day vulnerabilities but also those that could arise in the future.

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Investors continue to be bullish on Indonesia’s resilient agritech sector
The sector attracted a flurry of small-sized deals throughout 2022, indicating strong investor appetite; At least 13 deals were made in the sector last year; Equity investments in the sector reached over US$220M.

Lighthouse Canton bags US$19.1M in first close of venture debt fund
The Singapore-based investment firm raised the money from onshore and offshore institutions and family offices; The fund will focus on tech-enabled companies that are part of the Indian startup ecosystem.

Singapore startup Crypto.com lets go of 20% staff
The firm has attributed the decision to the global economic situation; Founded in 2016, Crypto.com provides regulatory compliance, security and privacy certification.

Singapore’s logistics engine Locad nets US$11M Series A
The investors include Reefknot, Sequoia, Surge, Febe Ventures, Antler, include Access Ventures; Locad provides a cloud supply chain for brands to store, pack, ship, and track orders for e-commerce and omnichannel retail.

Indonesian greentech firm Surplus bags seed funding
The investor is Salam Pacific Indonesia Lines (SPIL) Ventures; Surplus enables customers to buy overstock products from F&B businesses at a 50% discount at certain times.

Asia holds the fort as global mobile spending drops: report
According to Data.ai’s State of Mobile 2023 report, China logged a roughly 2% increase in app spending year over year to US$58.1B in 2022; In terms of consumer spending, China still led globally, followed by the US and Japan.

Amazon India begins laying off 1,000 staff
Given that Amazon has nearly 100,000 staff in the country, it’s estimated that around 1,000 employees will be affected; The move will affect roles across marketplace operations, HR, and a few tech roles.

Indonesian startup Mindtera closes US$850K seed extension round
The investors include East Ventures, Seedstars International Ventures and angels; Mindtera is a platform that uses data-driven insights to build a productive and happy workplace.

Animoca pours US$780K into Japanese metaverse firm Psychic VR Lab
Psychic’s main offering is a virtual reality space builder called Styly; With the product, users can build virtual and mixed reality worlds that they can then share with anyone using supported devices.

Hodlnaut’s creditors prefer liquidation to restructuring: report
Algorand Foundation, one of the creditors, said in a filing that the liquidation should be taken to as soon as possible to maximise the remaining assets; Hodlnaut had suspended withdrawals, token swaps and deposits in Aug last year.

It is your passion, not education, that drives your future
Meghan Bridges, Director of Marketing and Operations at Rainmaking Innovation, talks about her work in a creative position to support the growth and development of startups.

New player emerges in Vietnamese startup ecosystem: Accelerator as a service
Emakase is bridging the service gap to serve “highly self-aware” startups and SMEs with tailored accelerator resources and innovation programmes.

How technology is making our food safer
Emerging technologies, including blockchain, RFID tags, and sensors, offer the ability to fight food fraud efficiently.

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The coffee scene in Singapore is vibrant, rich, and ever-evolving. From our local Kopitiam, to hipster artisanal cafés, to popular coffee chains from all over the world, we can definitely be sure that coffee is an important staple for Singaporeans. Currently valued at over US$205 million (SG$270 million), the coffee industry in Singapore is expected to increase in value over the next few years.

And as Fourth Wave coffee arrives at our shores, from coffee capsules to ready-to-drink cold brews, the sector is showing no signs of slowing down. While coffee shops have defined second- and third-wave coffee, the fourth wave is shaped by the Gen Z consumers’ unique coffee preferences.

Coffee at home is back in the spotlight, and this new generation of consumers is gearing up on home brewing equipment. With post-pandemic hybrid work and better equipment at hand, consumers are empowered to be their own coffee baristas and craft quality coffee beverages at home.

These trends will further distance Gen Z’s consumers from the traditional Kopi culture as Kopitiam products are not commonly available in the fourth wave of speciality coffee offerings and the respective home brewing equipment.

Bringing the Kopitiam to consumers

I wasn’t overly thrilled about it. Although I was born and bred in Germany, I have lived in Singapore for the past ten years, and have fallen in love with the Kopi culture here, with its lively Kopitiams. Being married to a Singaporean and raising two children in Singapore, Kopi is part of getting through a busy day and is an essential choice for me.

Being a fan of the Kopi culture here, I observed that the Singaporean Kopi culture appeared to have been virtually forgotten in office areas, hotels, and even supermarkets, where it has been supplanted by coffee options from huge international companies.

Also Read: Wake up and smell the coffee: Check your coffee beans’ quality using ProfilePrint’s AI tool

But if Singaporeans loved their Kopi, why was that the case? After speaking to friends and family, it came down to two factors: availability and convenience. In both factors, the existing coffee capsule brands were very well positioned. Kopitiams, however, were left behind.

As such, I thought about it and decided to bring the quintessential Kopitiam experience to Singaporeans instead. The idea of Kopi capsules came to me, as capsules are convenient, allowing anyone to enjoy coffee anytime in the comforts of their homes and offices. After two years of sourcing for the right robusta blend and flavours, NO HARM DONE’s classic Kopi-O capsules were born.

At the same time, I noticed that while convenient, conventional coffee capsules were a huge problem for the environment. Though partially recyclable, they produce a significant amount of waste because most people find it simpler to throw them away than to clean and recycle them. An estimated 29,000 capsules out of the 39,000 produced every minute ends up in landfills, where they pollute and take up to 500 years to break down.

And although the marketing machine of coffee capsule industry leaders is running hot, emphasising their recycling programmes and good intentions comes with a catch – consumers must empty the remaining coffee grounds from the capsule first and then return the used capsules. This process simply puts too much hassle and burden on customers. Coffee companies simply place the responsibility for their own environmental disaster on the consumers’ shoulders.

Even if the capsules are returned, this process is still tedious and water- and energy-intensive. Almost all capsules are not pure aluminium as well – they are lined with silicone, so even recycling them requires a bespoke recycling process.

Also Read: Managing the millennial workforce over coffee and culture

In summary, coffee companies rightfully claim that their products are recyclable, but the reality of it is insufficient, and marketing motivated.

Leading the shift in consumer mindsets for sustainable packaging

The idea for NO HARM DONE products is to provide convenient and sustainable product alternatives and take responsibility back from the consumer to the coffee company. We ensure that our products are all plastic and aluminium free. The coffee capsules are made of plant-based vegetal oils and cellulose and are 100 per cent compostable and biodegradable.

In other words, safe to be disposed of in the bin. All paper packaging used is recycled or FSC-certified. To ensure a smaller carbon footprint, our coffee beans are sourced from Asia, and so are our roasters and suppliers.

Asia, and in particular Southeast Asia, is not prepared to deal with the amount of capsule waste from unsustainable products imported from international conglomerates. Waste goes to landfills and often ends up in the ocean. Consumer habits are hard to change, we all know that. Planet Earth and our climate may simply not have enough time left to wait for everyone to change.

Therefore, we see sustainable product alternatives as a solution. Instead of waiting for expensive recycling capabilities to be built up, consumers can opt for other product choices, in our case, capsule choices that can do without all the plastic and aluminium. They have the power to shortcut the cycle with their purchases.

At the same time, NO HARM DONE is aiming to lead the shift in consumer mindsets towards environmental awareness while providing that Kopitiam experience by making our uniquely-Asian way of drinking coffee available to homes and workplaces.

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A few months ago, the ex-CEO of Google shared his opinions on working from home. He’s dead-set against it, and he’s especially concerned about the fresh crop of managers who are still developing their skills. He says you can’t learn great management while you’re “sitting at home on the sofa”.

And, of course, when Elon Musk took over Twitter, his first move was to bring everybody back to the office.

We shouldn’t be surprised that at least 50 per cent of companies plan to force people back to work. They’re worried about productivity, office culture, and so on.

I can’t speak to how this will affect the economy, the environment, or the spread of the virus. But I know how it’ll impact workplace productivity.

Businesses are shooting themselves in the foot. Burnout rates will go up again, and so will turnover. Most people don’t want to go back to the office. Nobody wants to be steamrolled by management.

The anxiety of control freaks

I’ve worked as a remote and international team manager for nearly two decades.

I started way back when work-from-home was still seen as an odd option. There was a stigma attached to it, and I remember acquaintances asking confused questions: “So does that mean you work part-time? Is this a temporary thing? Is there a reason you can’t work with other people?”

That was the assumption back in the day: that remote work was a solitary affair, and you sat around all day like a hermit in a cave.

That was never true. Way back before any of us heard of Zoom, it was easy and rewarding to develop an online office culture.

My teams and I would have yearly (or quarterly) meetups, maintaining easy conversations online. I’ve always liked to host monthly wellness meetings, which were never mandatory.

People like to talk to each other, in my experience. They can get to know each other and develop team cohesion just fine over screens.

Also Read: What is the one thing you need in a remote work culture?

But this is crucial — this won’t happen if you keep hovering over their shoulder.

This panic over remote work makes sense when you realise that many managers are obsessed with controlling others. And they are anxious because remote work decreases their sense of control.

The assumption is that everyone who works from home will slack off 24/7 unless their managers keep breathing down their necks. Sure, some employees may do that. It’s your job as a team manager to know people and recognise problems in time.

But for most people, that doesn’t sound rewarding or honourable. They’ll be perfectly happy to work without constant surveillance if the conditions are decent.

Shitty managers are terrified of losing control because they don’t trust other people at all. They have this idea that everyone needs to be pressured to do things, or they’ll become stagnant.

Get with the times already

I assumed everyone had figured this out by now, but apparently not. Remote work increases productivity as long as you make full use of its upsides.

High-control managerial styles simply don’t work over a distance. You can’t easily create an atmosphere of fear. And if you do and your employees start to resent you, they will start cutting corners.

Instead, smart managers use the flexibility offered by working from home. They let people arrange their lives in whatever way works best for them. They create a culture of accountability — which means regular check-ins and careful synchronisation — but they respect their teams’ autonomy.

In my experience, remote work makes it much easier to tell who’s been doing a good job and who hasn’t. There’s less office politicking, less lying, and less time wasted on pointless issues.

People have better focus when they know they’re free to go pick up their kid/go take a walk/just stop and think sometimes. The absence of stress does wonders.

All panicking managers could achieve a healthier, more productive, and more sustainable office culture. They’re just too afraid to lose control.

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As we continue to see the impact of climate change around the globe, the push for corporate sustainability initiatives has never been greater. It is increasingly essential that organisations develop and adopt sustainable practices that reap long-term benefits.

Through adopting sustainable practices, businesses can see a reduction in operational costs and boost in profits by up to 60 per cent, and experience 27 per cent higher profitability and a 22 per cent increase in productivity.

Consumers are gradually eliminating corporations that adopt unsustainable practices, with 73 per cent of Gen Z consumers willing to spend more on sustainable products. In fact, 62 per cent of consumers are keen to adjust their purchasing habits to reduce environmental impact, according to an IBM Institute for Business Value Survey.

Giving the green light on sustainability

As a co-owner of PRIZM Group, a digital marketing agency, I lead the team at the Singapore office and have seen the rise of CSR (Corporate Social Responsibility) activities throughout the pandemic since we started in 2020.

These campaigns include forums on mental wellness, ocean clean-ups, air quality index, sustainable food and lifestyle choices and, in general, more calls for social causes. Looking back to go forward, we strive to build a better world for the present and future generations.

The hard truth is that adopting sustainable practices is no longer just about doing what is ethical. With a company’s ESG (Environmental, Social and Governance) goals encapsulating its relationship with stakeholders and the environment, 85 per cent of investors consider ESG factors before investing in a corporation.

Also Read: Preference for green jobs is the “most exciting” climate tech development: Lightspeed

ESG goals show how companies can be part of the solution, uncovering opportunities for growth while raising awareness on issues such as the climate crisis. It is crucial for corporations to have well-defined ESG goals, which would ultimately influence their reputation and public trust.

Walking the talk

However, the biggest challenge for businesses would be to find grounds for compromise between profitability and sustainability. In my current position leading Prizm Group Singapore, an integrated digital-first agency championing sustainable businesses, we are committed to bridging the gap for sustainable, profitable businesses through technology.

Through the digitalisation of sustainable strategies, our businesses are able to move closer to achieving their ESG goals. We also help companies showcase their sustainable strategies, products and services by raising awareness via digital content to their consumers, investors and shareholders.

In line with that, one of the main growth goals for Prizm Group is to work with companies who are trying to make a difference for the next generations to come and also to innovate and pioneer more strategies in ESG, leaving a green legacy.

A case study to highlight is one we have recently worked on for Doctor’s Anywhere (DA), a telehealth company based in Singapore. DA is a strong advocate for women’s health, providing education and access to sexual and reproductive health services.

A timely reminder of women’s rights to their own bodies, given the change in abortion laws in the US. Our team recently produced a discussion video educating women about contraceptive pills and taboo topics not normally discussed openly in Asian culture.

We have also created an Instagram AR filter game to encourage women to take charge of their own health. We have garnered up to 17k impressions through the AR filter, and it is a great way to introduce controversial topics in a lighthearted manner.

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Despite global headwinds, a record US$100 billion was invested in climate tech companies globally in 2021, with over US$50 billion invested in the first three quarters of 2022.

Climate tech companies have attracted a steady flow of capital in the past decade, but perhaps not commensurate with the impending existential threat from climate change. The investment interest has felt different and tangible in the last five years or so, as if it is going through its own renaissance period, similar to e-commerce in the mid-2000s or fintech in the early 2010s.

Climate technology investments have matured in developed countries while maturing rapidly in developing markets. By 2021, deals worth more than US$250 million would account for more than half of total investment in the sector, up from around 10 per cent in 2017.

Mid-sized growth deals are expected to contribute the majority of capital in the coming years as business models are validated and exit activity picks up in developed markets, with a knock-on effect in developing markets — typically a signal of maturity and continued steady interest in a sector.

We are seeing widespread investment interest in climate technology from all corners of the world and from a diverse set of capital allocators.

This raises several questions. Why now? What is the scale of investment interest? And which sectors present attractive investment opportunities?

Climate tech gaining mainstream acceptance

The climate change threat has gradually moved from an intellectual debate to mainstream acceptance, thanks to the relentless and decades-long effort from activists and organisations worldwide. Governments and consumers have been cajoled into acting, which means there is an enormous amount of capital being directed towards finding solutions.

Asset managers and funds are following suit, or perhaps, following the money. Governments, multi-lateral organisations, development finance institutions, pension funds and even ordinary citizens are pushing the climate change agenda with urgency and conscientiousness. Funds need to allocate an increasing amount of their funds to climate tech companies if they want to maintain their capital flow from their aforementioned funders/limited partners.

Also Read: Climate conferences won’t save us: How to start taking action all year round (Part 1)

However, two of the main drivers are functions of time. In the last 15-20 years, there has been significant technological advancement and learning from experience in climate technology.

Technology, as it does, has improved exponentially, and we are better placed than ever to build effective solutions to tackle climate change comprehensively. It’s not just technology, it’s the experience that time has delivered. After decades of iterating business models, we are getting better at understanding what is commercially viable and what isn’t.

A combination of technological advancement and learning has resulted in thousands of climate tech companies that provide effective solutions to climate change and have validated business models with attractive return profiles.

This combination has piqued the interest of sovereign wealth funds and development finance institutions such as Temasek, IFC (World Bank), and FMO, seeking to balance impact and returns. Along with oil economy behemoths like Chevron, Aramco, and Engie hedging against their dwindling cash cows, technology behemoths like Amazon, Samsung, and Tencent are looking for their next big play and synergies with their existing tech empires.

The financial investor universe is split across specialist/impact funds and the leading generalist funds and programs. The former includes funds such as  S2G Ventures, Unreasonable Capital and Demeter, which have earned their stripes in the sector and are well-placed to pick winners.

The latter includes names like Y Combinator, DST Global, and Lightspeed, all of which are increasingly announcing their climate tech ambitions in order to leverage their brand, ecosystem, and capital base.

Even the biggest asset managers like Blackrock see climate tech as the opportunity of the century. Larry Fink, Blackrock’s CEO, declared, “It is my belief that the next 1,000 unicorns — won’t be a search engine, won’t be a media company, they’ll be businesses developing green hydrogen, green agriculture, green steel and green cement.”

Eight sub-sectors of climate tech

So, where are the pockets of opportunity, and how do you navigate the ever-expanding universe of climate technology? Climate technology is defined as technologies that are explicitly focused on reducing GHG emissions or mitigating the effects of climate change.

It can be roughly split into eight sub-sectors with certain overlaps. All of which are directly mitigating or removing emissions, helping us to adapt to the impacts of climate change, or enhancing our understanding of the climate. These eight sectors are:

Mobility and transport

It is the biggest sub-sector, having received over 50 per cent of all climate tech funding over the past seven years. It contributes to just over 15 per cent of global emissions, the highest funding-to-emissions ratio across sectors.

Investing in transport systems, including electric vehicles, charging infrastructure, cleaner hybrid fuels, smart logistics and shared mobility models, represents a core part of neutralising emissions from this sector.

Production, transport and use of energy 

This contributes to over 12 per cent of global emissions. While the advent of renewables due to technology advancement and declining costs has significantly contributed to mitigating emissions from this sector, investing in businesses that contribute to the rapid scaling and further adoption of these technologies will have a tangible impact.

We also see value in investing in solutions that help to commercialise fusion power and green hydrogen production.

Food, agriculture and associated land use 

This sector contributes to over 20 per cent of global emissions, and we are seeing a transformed willingness amongst consumers, food producers and brands to support low-GHG processes.  This includes practices such as smart farming, precision agriculture and urban farming systems, which utilise fewer resources (land and water) while maintaining output levels.

Also Read: Climate conferences won’t save us: Building your own climate solution (Part 2)

We have also witnessed a rise in plant-based and lab-grown meats that are ambitiously trying to replace animal products. Animal husbandry is a massive contributor to GHG emissions. Solutions extending the shelf life and reducing food waste are other areas to watch out for.

Operations and construction of buildings and man-made surroundings 

This is the built environment, which contributes over 17 per cent of global emissions and has been relatively overlooked in terms of investment, with the lowest funding-to-emissions ratio across sectors. Although the current scope is limited, smart building management, such as sensor-based low-GHG lighting and heating, will go a long way.

This is in addition to investing in smart solutions that reduce the ‘upfront’ carbon associated with material production and construction processes.

Industry, manufacturing and associated resource use 

This is by far the biggest contributor to global emissions, with over 34 per cent of total emissions in 2019. This sector presents a big challenge.

There is a big need to upend the manufacturing infrastructure and related supply chain to make them more energy efficient and embed environment-friendly products in design/manufacturing.

This sector requires patient and long-term capital with longer-term payoffs. This includes investing in equipment and hardware that could deliver efficient use of resources, more efficient processes and improved energy efficiency.

Software-based and satellite-aided tools 

They often help with carbon accounting and understanding climate risk for private companies and governments to set, monitor and deliver on their net zero commitments. It covers tech companies building solutions in GHG performance management, risk mitigation, and GHG accounting and reporting.

Fossil fuels

Fossil fuels are likely to remain a primary source of energy and a major contributor to global emissions for some time. Investment in technology solutions which help effectively capture, remove, store or reuse GHG from fossil fuels is going to have a great impact (on delivering the 1.5-degree target).

Also Read: Climate conferences won’t save us: Sparking systems change that benefits us all (Part 3)

Companies like Aspen Technology, an industrial software company, have partnered with oil giants such as Aramco to help them optimise energy usage and model carbon capture, a good overlapping example for this sector and carbon accounting.

Circular economy

Applicable across other sectors, it represents a different way of thinking about business models or product design that allows materials to stay in the system longer, the opposite of the linear economy we have built in the last century.

It covers companies that enable sharing, leasing, reusing, repairing and refurbishing of existing materials and products to minimise the loss of value of products, components and materials. Some examples are companies like Wardrobe (sharing), Close the Loop (reusing) and HylaMobile (refurbishing).

The opportunity of the century

We see, over time, as technologies continue to develop and business models continue to iterate for the better, the investment will be further aligned to carbon impact, improving climate outcomes. Early-stage funding and backing of emerging technologies will play a pivotal role.

We also see a big-picture alignment like never before. The climate tech investment opportunity has unbelievably aligned two typical polarities — what is good for humanity and what makes money.

With massive amounts of brain power and capital directed towards the sector for decades to come, I am in good company when I say climate tech is really the opportunity of the century.

A version of this article was first published in Inc42.

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Vietnam has long been known as a prime destination for global companies’ software outsourcing, which benefits from the country’s pool of more than 400,000 highly-skilled IT engineers. The huge interest arising, first and foremost, from international firms boded well for the development of the Southeast Asian country’s B2B software startups, which is also the main focus of Swiss EP’s partner organisation Zone Startups Vietnam since its inception in 2018. 

Zone Startups Vietnam is an extension of the cross-border acceleration programme originally run by Toronto Metropolitan University in Canada. Since its early days, the Vietnam accelerator has leveraged its extensive partnerships with both local and international companies, such as VinaCapital, Talentnet, Unibrands, and TTG Holdings, to tap into the startup community in Ho Chi Minh City.

“These corporate trailblazers have partly directed our attention to develop the B2B startup market in Vietnam,” said Quynh Vo, Programme Director of Zone Startups Vietnam, underlining the different focuses of Zone Startups offices across nine countries, including Japan, India, Korea, and the US.

“Unlike the previous period in 2018, 2019, we have recently received more interest from companies which realize the COVID-19-induced radical changes in their operations and the importance of investing in corporate innovation from the inside out.” 

Besides Zone Startups, its Vietnamese accelerator-cum-investor peers like VIISA and Thinkzone Ventures are also seen exerting huge efforts to involve, and in some cases, being inspired by, these pioneering corporations.

VIISA was established in January 2017 by two large financial firms, including the venture capital arm of Vietnam’s largest private ICT company FPT Corporation. Earlier this year, ThinkZone also announced its US$60 million fund II, fully backed by local conglomerates such as Phu Thai Holdings Group and IPA Investments (the owner of VNDIRECT, Vietnam’s second-largest listed brokerage firm).

A push to involve more corporations

Not only the private sector but the ecosystem is also witnessing an increasing push from the government to place corporate innovation activities at the centre stage. The annual three-day national startup event Techfest Vietnam 2022 held in Binh Duong province this December had the theme of “Open Innovation-Open New Thinking”, involving a slew of large corporations such as VinGroup, Heiniken, Qualcomm, and Trung Nguyen Legend Group. 

Also Read: Vietnamese on-demand warehousing platform Wareflex closes pre-seed round

Speaking at the event’s press conference, Pham Hong Quat, General Director of the National Agency for Technology Entrepreneurship and Commercialisation (NATEC), emphasised that Techfest aims to promote the development of a comprehensive open innovation ecosystem with three main pillars, namely the state, corporations, and impact startups. 

Accordingly, instead of relying solely on internal knowledge, open innovation encourages the utilisation of external resources from startups, universities and research institutions in solving enterprises’ challenges.

These corporations are not only open to using startups’ quality technology products at more reasonable prices but are also inclined to help speed up the expansion of innovative solutions through their customer bases and business networks. 

“We still need more case studies of how startup solutions can better support businesses as well as more knowledge sharing to educate the market on corporate innovation,” Vo said. “These challenges remain but can be solved with time.” 

So far, as Zone Startups Vietnam has possessed a portfolio of 36 B2B software startups, including buy-now-pay-later service provider Fundiin, drag-and-drop design platform for advertisers LadiPage, and employee recognition software Bravo, Vo plans to officially form a “basket” of startups’ technology solutions to offer to big corporations, together with the launch of digital transformation and industry-related programmes to advise firms on their paths to innovate.

An opportunity for global exposure

Compared to decades of experience in developing B2B software from global vendors such as Oracle, SAP, or Microsoft, Vietnamese B2B software startups are still struggling to catch up and scale up globally, said Nguyen Quynh Anh, programme manager at Swiss Entrepreneurship Programme (Swiss EP) Vietnam. Vietnamese companies have been able to offer decently customised and one-off solutions internationally, but with models such as Software-as-a-Service, they are still in their infancy, she added. 

Also Read: Top 3 factors for recruiting offshore developers in Vietnam

“Even with advantages in considerable human resources and lower software development expenses, Vietnamese startups still have weaknesses in hyperlocal knowledge and languages, which hinder their ability to scale big overseas,” Vo of Zone Startups stated.

As a result, from an initial request of Zone Startups Vietnam, SwissEP brought its Entrepreneur-in-Residence Patrick Collins to Vietnam, offering a global view of sales and business development to various B2B accelerator programmes, including those from Zone Startups, BizCare, BKHoldings, and Lab2Market.

Employing a data-driven approach in sales together with a focus on world-class customer support as the key driver, startups receiving Patrick’s consultation across the world have raised over 40 million euros over the past three years. 

“Our programmes have always been designed with a mixture of local and international experts in an effort to support our startups’ expansion plans,” Vo said, highlighting the timely and suitable support of Swiss EP as a provider of international mentors and local ecosystem networks for Zone Startups in Vietnam.

During the pandemic, Vo said that some startups registered even higher revenue from markets outside of Vietnam, which helped them reinforce financial strength amid unexpected and localised lockdowns.

For example, taking advantage of the Zone Startups network in India, GoStream, an automated livestream platform targeting micro-enterprises and media agencies, has successfully forayed into the Indian and Pakistan markets since 2019 with growing sales. Other startups that are eyeing international markets can also receive “customised” and “one-on-one” support from the accelerator’s nine offices globally to shorten procedures to establish a presence there. 

“However, we always review the startups’ ability to survive in the domestic market first,” Vo added. “Except for several special business models, I believe that it is important for startups to win first on their home turf with their own knowledge and language before venturing into broader overseas markets.”

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Image credit: Zone Startups Vietnam

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Pilon, a Singaporean fintech firm providing a cloud-based supply chain financing system in Southeast Asia, has secured US$5.2 million (both debt and equity) in a seed funding round.

Led by Wavemaker Partners, the round also saw participation from Singapore’s family office Octava and investment firm Polaris Kin.

Pilon will use the funds to improve its digital product offerings and expand its footprint in markets like the Philippines and Cambodia. It also plans to foray into either Vietnam, Thailand or Indonesia within the next year.

The company will also scale up business acquisition and talent in areas like marketing and technology.

Founded in 2020 by Eddie Lee and Alex Chua in collaboration with the non-bank financial institute Goldbell Financial Services, Pilon enables small and medium-sized enterprise suppliers and their corporate buyers to digitise their factoring processes. In addition, it enables them to unlock cash flow by accessing credit from financial institutions via web and mobile interfaces using a cloud-based engine.

Also Read: Why blockchain is instrumental for the future of trade finance

With Pilon, suppliers can access and track their owed invoices and choose one or multiple invoices for early financing via their mobile app. They can choose the date they want the funds in their bank account, enabled by the built-in spot factoring and dynamic discounting, which will present the discounted offer to the supplier for consideration before accepting it.

Buyers are allowed up to 120 days of payment terms, while supplier invoices can be paid or financed on demand.

Pilon aims to onboard another 1,000 suppliers and collaborate with five regional banks or financial institutions.

“With the fresh funds raised, we will be able to unlock the next phase of Pilon’s growth and resolve complex challenges,” said Eddie Lee, Co-Founder and CEO.

Paul Santos, Managing Partner at Wavemaker Partners, added: “SME suppliers in emerging markets often face cash flow challenges due to the rigidity of the payment processes of their buyers. With Pilon, SMEs that were traditionally excluded from the formal financial sector can now access much-needed financing to help them grow.”

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HashKey Capital closes third fund at US$500M
Focusing on opportunities in emerging markets, the HashKey FinTech Investment Fund III will finance global crypto and blockchain initiatives; These include toolings, infrastructure, and applications that could be mass adopted.

FTX says cyberattacks led to US$415M in losses
The company also said that it had successfully recovered US$5B in liquid assets following its bankruptcy; After its bankruptcy filing in November 2022, The Bahamas regulator seized US$3.5B in FTX assets for safekeeping.

Aria Rajasa, co-founder of Indonesian startup KaryaKarsa, dies at 39
A veteran of the local startup scene, Rajasa helped put up fashion marketplaces GantiBaju and Tees; KaryaKarsa is a subscription platform for content creators backed by Accelerating Asia and Sketchnote Partners.

Creative Gorilla rolls out US$20M fund to back ID’s D2C startups
Gorilla Silverback Fund will consider startups with a clear path to profitability, tested product-market fit, and distribution prowess for potential investment.

Lighthouse Canton hits US$20M Ist close of maiden venture debt fund
It will provide debt capital to technology-enabled companies which are part of the startup ecosystem in SEA; The fund targets raising US$100M for this fund.

Cybersecurity firm Blackpanda closes US$15M Series A
The investors are Primavera Venture, Gaw Capital, and WI Harper; Blackpanda specialises in incident response and digital forensics and claims to provide a holistic and practical cyber resiliency solution.

‘Embedded finance can help legacy banks grow loan book’: FinBox CEO
Rajat Deshpande says embedded finance and digital-only/neo-banking can beautifully co-exist; He also says SEA’s digital lending landscape is far behind developed countries thanks to low banking penetration.

P2P lending firm Komunal raises US$8.5M funding
The investors include East Ventures, Skystar Capital, Sovereign’s Capital, and Gobi; Komunal is a peer-to-peer lending company that bridges Indonesian SMEs to investors.

Malaysian startup Biogenes scores US$5.7M Series A
The investor is Pembangunan Ekuiti; Biogenes designs and supplies biosensors products and services for R&D and commercial use in healthcare, animal breeding, agriculture, and aquaculture.

KKday doubles revenue in 2022 as international travel recovers
The company also shared that its gross merchandise value in 2022 surpassed pre-Covid levels; For 2023, it sees Japan, Hong Kong, South Korea, Singapore, and Taiwan as its top five markets.

SG fintech firm Pilon raises US$5.2M seed funding
The investors are Wavemaker, Octava, and Polaris Kin; Pilon is a cloud-based supply chain financing system; The company will use the money to expand into the Philippines and Cambodia, and later Vietnam, Thailand, and Indonesia.

SEA food delivery spending in 2022 reaches US$16.3B: report
The Momentum Works reports adds that larger markets for food delivery — Singapore, Thailand, and Indonesia — recorded a GMV decline as COVID-19 became endemic.

SG businesses remain open to implementing embedded finance, Web3 in 2023
The inaugural 2023 Global Innovation Report says companies believe that ESG investing will be more relevant in the coming years; 53% of financial services firms are actively researching potential opportunities in the metaverse.

JD Indonesia to shutter in-house logistics ops amid exit rumours
This comes after a report said JD plans to exit Indonesia and Thailand in early 2023; JD.com has reportedly been looking for potential investors to buy out its businesses in both countries after recording losses in these markets.

Gojek appoints new head in Vietnam
Sumit Rathor succeeds Phung Duc, who co-founded Gojek Vietnam and served as its CEO since 2020; Rathor joined Gojek in 2019 as regional head of Gojek Indonesia.

Microsoft set to slash 10,000 jobs
The move will affect less than 5% of Microsoft’s total employee base; Microsoft has followed similar measures taken by other global giants such as Facebook, Amazon, and Salesforce, which have collectively shed 36,000 jobs.

Philippine agri-fisheries startup Mayani nets US$1.7M funding
The investors include AgFunder, Atlas Ventures, Accelerating Asia Ventures, and Plug and Play Ventures; Mayani directly sources harvests from a grassroots network of over 139K smallholder farmers across five regions in Luzon.

Sequoia’s new Spark cohort spotlights 12 female founders
Spark Fellowship provides a US$100K equity-free grant and mentorship to female founders; Four out of the 12 founders hail from Southeast Asia, while the remaining are India-based.

SG fintech firm secures initial license for Pakistani digibank HugoBank
HugoBank plans to provide online account opening, fund transfer, bill payments, consumer credit products, and peer-to-peer payment solutions in Pakistan.

Coinbase to halt operations in Japan amid crypto slump
The firm said customers can still withdraw their fiat and crypto holdings until February 16; Afterwards, all remaining holdings on the platform will be converted to Japanese yen.

ZaynFi, a stablecoin yield optimiser on BNB Chain, nets US$600K funding
The investors are Cur8 Capital (UK) and an unnamed global VC fund; ZaynFi is a DeFi protocol that helps users stake stablecoins safely and simply for top-of-the-range returns on the Binance Chain.

How travel apps are stirring up wanderlust among youngsters in Asia
Mobile applications to select travel services of Generation Z in the digital transformation period have increased rapidly, especially in Asia.

How to incorporate sustainability into corporate strategies
With the impact of climate change around the globe, the push for corporate sustainability initiatives has never been greater.

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Singapore-based private equity firms Capital Square Partners (CSP) and Basil Technology Partners (BTP) have announced a partnership and the close of a US$700 million fund.

The CSP Fund II raised capital from funds managed by HarbourVest Partners, TPG NewQuest, Committed Advisors and other institutional investors. It will acquire a portfolio of companies from CSP and BTP and provide the enlarged platform with capital for follow-on and new investments.

The new fund will operate under the existing CSP platform to build on a successful track record of investing in global technology services companies.

The team behind the CSP Fund II consists of Sanjay Chakrabarty, Rajeev Srivastava, Mukesh Sharda, Bharat Rao (non-executive director), and Sameer Kanwar. Over the past decade, the team has managed more than US$1.3 billion in AUM and operated and exited multiple companies, including Minacs, Indecomm and GAVS Technologies.

Also Read: Lighthouse Canton hits US$20M first close of its maiden venture debt fund

Partner Chakrabarty said: “We are building a leading regional technology investment platform, focused on leveraging our expertise in technology services and the emerging SaaS, AI, data analytics and digital sub-sectors. We believe these sectors will continue to show strength and resilience through economic cycles and yield compelling investment opportunities for CSP Fund II.”

Founded in 2014 and based in Singapore, CSP is a private equity firm investing in technology and business services across Southeast Asia and India. Since its inception, it has made over US$500 million in investments in cross-border businesses with multinational operations.

Founded in 2008, Basil is a private equity firm investing in niche technologies disrupting the IT services space.

Recently, Singapore-based global investment firm Lighthouse Canton announced the first close of its newly launched venture debt fund at US$20 million. Its regional 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.

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