e27 has been dedicated to nurturing a supportive ecosystem for entrepreneurs since its inception. Our Contributor Programme offers a platform for sharing unique insights.

As part of our newly introduced ‘Contributor Spotlight’, we shine a weekly spotlight on an outstanding contributor and dive into the vastness of their knowledge and expertise.

This episode features Jakob Rost, Founder and CEO of Ayoconnect, Southeast Asia’s leading Open Finance API platform. He is actively involved as an angel investor and advisor to early-stage startups.

A valued contributor, Rost joined our community in Q2 and has remained actively engaged, accumulating over 7,000 content views.

Rost shares his personal and professional journey in this episode of Contributor Spotlight.

The driving force

Rost’s expertise lies in fintech, digital transactions, and fundraising. He joined the e27 Contributor Programme believing in the power of knowledge-sharing, seeing it as an opportunity to give back to the community that has nurtured his growth.

“Being part of this programme enables me to share insights and learnings from my journey, hopefully inspiring others in the process,” he said candidly.

Thoughts, goals, and journey

Rost’s journey in the industry began with a deep passion for connecting people and businesses. Recognising the potential of digital platforms, he founded Ayoconnect to bridge gaps and facilitate seamless transactions.

Regarding upcoming goals, Rost aims to expand Ayoconnect’s reach throughout Indonesia, positioning it as a household name for streamlined digital transactions. On a personal level, his goal is to mentor budding entrepreneurs, guiding them through the challenges of the startup journey.

Also Read: The future of Indonesia’s payment services: 3 predictions for the advancement of direct debit

Rost observes a notable trend in finance and technology with the rapid adoption of digital payment solutions, reshaping business operations. He also highlights a surge in AI-driven innovations, enhancing user experiences and fortifying security in financial transactions.

Advice for budding thought leaders

To be an effective thought leader and contributor, Rost believes in being well-informed and concise. He emphasises the need to research thoroughly, stay updated, and practice articulating complex ideas simply.

“Embrace feedback,” he said, “as it refines your communication skills. Also, never underestimate the power of storytelling; it captivates audiences and makes your message memorable.”

Juggling too many things?

“Balancing work, contribution, and personal life is indeed a challenge. Prioritisation is key. Setting clear boundaries and delegating tasks at work allows me to focus on contributing meaningfully,” shares Rost.

Regularly reassessing priorities helps Rost maintain this balance. Personal and professional growth go hand in hand for him; continuous learning and self-reflection are his strategies for both.

Staying in the loop

“Staying updated is crucial in the fast-paced tech industry,” Rost highlights. “I rely on a diverse range of sources, from industry newsletters and blogs to attending conferences and networking events. Engaging with fellow professionals and thought leaders keeps me informed about the latest developments and emerging technologies.”

For those interested in fintech and digital transactions, Rost recommends exploring platforms such as Finovate and dedicated sections on TechCrunch. He also suggests reading books like The Innovator’s Dilemma by Clayton Christensen for valuable insights into disruptive innovations in the industry.

“I’d like to leave the readers with this thought: Embrace change and innovation. The tech industry evolves rapidly, presenting endless opportunities. Stay curious, stay adaptable, and never stop learning. Remember, every challenge is a chance to grow, both personally and professionally,” concluded Rost.

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Are you ready to be a part of a vibrant community of entrepreneurs and industry experts? Do you have insights, experiences, and knowledge to share?

Join the e27 Contributor Programme and become a valuable voice in our ecosystem. 

The post Spotlighting Jakob Rost: Nurturing fintech innovation and charting a path of open finance appeared first on e27.

When your electric vehicle (EV) is running out of battery, you should either find a nearby charging station installed by a utility company or go back home to recharge it. Either of these options is impractical in a country like India, where the EV sector is still nascent and charging stations are rare.

Two Indian entrepreneurs are addressing this problem by building an affordable EV charging network, starting with Bengaluru.

Kazam, founded in 2021 by Akshay Shekhar and Vaibhav Tyagi, offers an agnostic EV charging platform. It allows EV fleets, charging point operators (CPOs), charging equipment makers/original equipment manufacturers (OEMs), and other commercial properties like workplaces and resident welfare associations (RWAs) to set up their own charging networks without any software development hassle and earn money.

The startup has so far created a charging network with over 7,000 devices on its platform.

Also Read: How SWAP Energy aims to promote EV use in Indonesia through the advantages of battery-swapping

“Think of us like an Android OS, which connects you to the internet so you can build and consume many apps. We do that for the EV ecosystem,” says Shekhar.

Kazam has different offerings for different stakeholders of the EV ecosystem:

• For Vehicle OEMs

The startup offers a single API for OEMs to connect all CPOs to the vehicle dashboard, allowing them to reduce range anxiety for their drivers. This enables drivers to discover nearby charging points, recharge, and pay. Users can also book their slots in advance to get priority recharging.

“Our API sits inside the vehicle dashboard for drivers/users to find the nearby charging stations. The mobile app, on the other hand, allows drivers/users to control and monitor the charging. It means even if you are on the 10th floor of your apartment building, you can still monitor and stop charging from your sofa,” explains Shekhar.

The startup works with six top vehicle OEMs, including TVS, Ather, Mahindra, and Bajaj.

• For CPOs

Kazam connects multi-brand, multi-architecture charging stations, swapping stations into a single digital platform to control, monitor and analyse performance and revenue.

• For fleets and e-commerce firms

Kazam is creating a unified layer which connects chargers and vehicles in a single platform. This will allow enterprises to make better decisions on utilisation, schedule, and visibility on the entire transaction of fuelling your vehicle. In addition, it gives the fleet consumers options to do geo-fencing, manage maintenance and understand the total cost of ownership.

Drivers/users pay only for energy consumption using multiple payment options (credit cards, net banking, UPI, and wallets).

At the same time, enterprises pay Kazam a fee for driving demand to the charging station. It also charges fixed fees per charger for the SaaS platform offered to enterprises.

The company works with top e-commerce players like Bigbasket and Flipkart (Walmart Group), besides large OMCs like Petronas in Malaysia and Hindustan Petroleum in India. “All these partners are either retailers or captive consumers of energy and help us reach scale with their available touchpoints. The touchpoints could be distribution warehouses, depots, Petrol bunks or even housing societies,” Tyagi reveals.

Also Read: Oyika revolutionises e-motorbikes in SEA with innovative power subscription plans and battery-swap stations

Currently, Kazam operates in India. Its next plan is to embark on its ASEAN market expansion, starting with Malaysia, where it has already secured partners.

Kazam, one of the 25 startups from the Asia Pacific graduating from the PETRONAS FutureTech 3.0 accelerator programme, raised US$3.6 million in an investment round led by Avaana Climate Fund in May this year. It is now in the market for growth capital to scale alongside its enterprise customers.

“Our vision is to be the leader in EV charging in India and beyond, leveraging our capabilities in software and hardware,” Shekhar concludes.

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Image Credit: Kazam.

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Vonage, in partnership with e27, recently held a panel discussion entitled “Navigating the Customer Experience: AI’s Impact on Omni-channel Touchpoints” last 2nd of November, at the Pullman Hotel, Kuala Lumpur.

Aiming to provide actionable insights into the role of emerging technologies in customer engagement, the esteemed panel delved deep into the realm of AI’s influence on omnichannel touchpoints and the dynamic customer experiences it fosters. The audience was also given an in-depth understanding of case studies in which AI can scale internal processes and offer a more effective workforce.

Also read: The Future of Capitalism: Get the chance to win $5 million worth of investments

Spearheaded by cloud communications provider, Vonage, and co-organised by e27, the mission of the project is to help empower businesses to harness the power of AI in optimising customer experience.

Seamless integration of AI amplifies the effect of intelligence behind business outcomes

Artificial intelligence, commonly known as AI, plays a crucial role in the rapidly advancing field of technology. It has gained widespread acceptance across various sectors, and its influence on everyday life has become a game-changer, especially for businesses engaging with customers.

The AI lens is the future of the next five years and can be considered one of the most innovative technological breakthroughs of its time. As it is inevitable, businesses benefit from understanding its implications and impact early on in order to fully exhaust the power of the tool.

Santhakumaran Atmalingam, Founder of CX EXPERT ASIA, mentioned during the discussion that maximising the potential of what is currently manual and underutilised data is a crucial first step. AI can take this massive, often incomprehensive information and turn it into more in-depth insights that are otherwise skipped by the naked eye. Such insights can be useful when understanding what customers want and how to keep engaging them.

“We use data for reporting, and that’s just scratching the surface. There is so much of how AI can take that data and turn it into something that is a lot more fruitful for organisations and its stakeholders.” For example, market predictions and consumer trends forecasting can be done with less manpower and time while massively improving accuracy through the help of AI.

Similarly, digitalisation transcends pooling customer feedback, allowing employees to have a more productive use of their time. Dr Poo Kuan Hoong, Lead Data Scientist, RGM of BAT, cites AI’s impact on organisational development and team collaboration. With a supportive omnichannel system, silos are broken in favour of a productive and fully aligned organisation in real-time.

For example, in AI-assisted omnichannel retail and e-commerce, chatbots reduce the time needed for live agents to answer customers’ common and frequently asked questions.

Also read: Set sail with intellectual property: Your business’s journey to success

Desmond Koh, Head of Sales, SEA at Vonage, clarified, “I will still prefer some personal touch when speaking to a human agent. However, you can essentially offload some of the very common questions and include them in the code so that humans can handle more complicated and personalised issues.”

“With AI, organisations optimise manpower costs, reduce errors, and create a holistic experience for customers and employees. This is the way forward,” iterated Sena Thevaratnam, Group Head of Customer Support of Valiram.

The whole idea of going into AI-assisted omnichannel is to create a seamless experience for your employees, giving them a real-time 360-degree view of the system to serve the customer in real-time and on the spot. AI integration allows businesses to outperform manual interventions and resources and match consumer expectations. 

AI can also help product and marketing teams track the customer journey, specifically pointing out major hurdles that dissuade a customer from continuing. The technology’s capacity to predict behaviour empowers the consumer with a more convenient and personalised user experience.

Diverse traditional industries harness the evolution of AI to enrich all customer experiences

AI operates as a launchpad for the future of omnichannel marketing, revolutionising customer engagement across diverse platforms. With seamless integration, AI ensures a cohesive brand experience, optimising marketing strategies to secure a business’s top priority, and keeping a long-term and loyal customer base. 

According to Elizabete Kalnozola, an Advisory Board Member of Girls in Tech Kuala Lumpur, “We all know that for businesses, the best customers are the loyal customers. This hyper-personalisation approach can help because we’ll give them more personalised recommendations, making them more likely to make second purchases.” Customer retention is the end goal, as this lessens the cost of acquiring new customers over time. This also applies to product recommendations or social media and content consumption algorithms.

Various online and offline platforms also exist, and digital marketers must effectively utilise messaging and engagement in each platform. From fine-tuning ad targeting parameters to maximising the ROI of limited resources, businesses require constant analysis of data, adaption to shifting trends, and refining marketing tactics. Recent AI development has led to the birth of tools specific to these use cases.

A business’ journey of adoption of cutting-edge AI is less straightforward

Before migration, businesses must streamline and have a definite end-to-end journey map for their customers. As an organisation, teams must decide what service excellence level they want to provide for their customers, then bring the technology in and build the solutions.

Koh advised that there is no hard and fast rule regarding AI adoption. “Adoption of AI solutions to your business really depends on the countries, the vertical, and the persona. We normally start small with certain customers, then expand its integration slowly as we progress based on needs.”

In Malaysia, for example, Kalnozola recognises language as a major challenge in adopting AI due to its multicultural diversity. The accuracy of AI in reading names or local dialects, for example, needs more time and training to reach a more satisfactory level.

Additionally, AI replacing human-centred processes includes a social responsibility toward creating a fair experience. Kalnozola and her team ensure that data input and output are well-represented across all demographics.

Also read: Things you need to know to be a part of the 2024 TOP100 program

She explained, “For the past two years, the main focus has been to ensure that AI is inclusive and that we are presented with new AI tools that do not discriminate against women in our day-to-day lives.” This avoids chatbot responses, facial recognition, personal data collection, and other discrimination and abuse cases. It also helps businesses to keep pilot-testing AI in different market scenarios. It might be tempting to perfect the technology before going to market, but customer feedback from usage can illuminate the process better.

Thevaratnam advised, “You got to start understanding and slicing and dicing what should be automated via AI and what should not be. So, it’s easy for a top-down or push-up to use AI to automate and fix the problem. Instead, businesses would benefit more from examining whether this part of your business has this functionality.”

Atmalingam added, “Automating the wrong thing can backfire and lead to a bad experience.”

The biggest challenge for any organisation is empathising with the end users and building the product from their point of view. This includes creating internal processes that reflect their commitment to a holistic customer experience. While companies have built manual processes around this premise, AI amplifies this approach by making data more trackable, relevant, and actionable. Young businesses and startups, forced to be more resourceful and agile, stand to gain the most by adopting AI to improve KPIs and outcomes.

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

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

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Amidst the routine pleasure of savouring coffee’s comforting presence, a less palatable reality surfaces — its significant waste footprint. Whether in business meetings or moments of solitude, the impact of coffee extends beyond the cup. This waste, which costs businesses significantly and contributes to emissions, often flows under the radar.

Among the companies addressing this problem is Coffeefrom, which navigates the intricate landscape of coffee waste with a practical approach. Operating within a circular economy framework, the Italian startup takes discarded coffee grounds (the dregs remaining after brewing coffee) and transforms them into valuable products.

From Expo 2015 to circular innovation: The birth of Coffeefrom

Coffeefrom’s roots go back to Il Giardinone, a Milan-based social enterprise in environmental service, which began its venture into the circular economy during Expo 2015. In collaboration with Lavazza, Novamont, and the Polytechnic of Turin, Il Giardinone initiated a research project aimed at repurposing coffee grounds for mushroom cultivation — a concept that later materialised into the self-production kit, Fungo Box, in 2016.

In 2019, Coffeefrom emerged as a distinct project, channelling industrial coffee grounds into a new realm — recycled and bio-based materials. This change supports environmental sustainability and reflects Coffeefrom’s approach to an industrial model where various skills converge seamlessly.

Coffeefrom turns coffee grounds, usually destined for landfills, into innovative products crafted from bio-based or recycled materials, all within a 100 per cent made-in-Italy supply chain.

The product line, developed in collaboration with supply chain partners using injection moulding and 3D printing, includes tableware, packaging, and writing instruments.

The process starts with obtaining post-industrial coffee, meticulously handled at Coffeefrom’s facilities. Working with a compounding partner, the treated coffee seamlessly blends with the base polymer, creating three unique Coffeefrom materials. Once the pellets are compounded, anything can be printed through injection moulding.

“We created coffee cups and saucers to exemplify the characteristics of our first material, Coffeefrom Bio. The coffee cup is a design object that embodies the aim of Coffeefrom: giving circularity to a material that is generally thrown away at the end of its life. From coffee to coffee,” said Rita Bonucchi, Co-Founder and International Development of Coffefrom.

The global bioplastics market is projected to grow at a robust CAGR of 18.8 per cent from 2023 to 2030, indicating substantial daily expansion for Coffeefrom.

This growth is substantiated by global environmental objectives, promoting the shift to recycled and bio-based materials to minimise environmental impact in both production processes and final products, creating a favourable landscape for Coffeefrom’s future endeavours.

“Our materials are a solution to these challenges, and in the next years, we are planning on bringing to the market materials that are even more environmentally friendly and present a higher percentage of recycled coffee inside,” said Bonucchi.

Revenue model: From finished products to material supply

“At the beginning of our journey, we were primarily concentrated on selling our finished design product, but today, this stream has become less central, as our focus has shifted more towards delivering our materials to the market,” Bonucchi stated.

Currently, Coffeefrom derives revenue from three primary streams: collecting coffee, processing coffee as input, and selling finished thermoplastic materials. In the next years, it plans to industrialise its patent and license it out, creating a new revenue stream.

One of the challenges that Coffeefrom had to navigate involved introducing their solution to corporations typically entrenched in their established practices. The reluctance of companies to experiment with new materials in existing plants due to concerns about potential pipeline contamination or damage posed a hurdle, making the pursuit of innovation more challenging.

On the other hand, altering the waste management system, particularly when the established process has been consistently followed, proves to be a significant challenge. As a startup, Coffeefrom faces limited negotiation power and credibility.

Funding journey: Bootstrapping to seed investment

In 2022, the startup predominantly relied on bootstrapping.

In 2023, Coffeefrom participated in the acceleration programme Terra Next and secured its initial seed investment. This funding round enables the team’s expansion by onboarding key personnel to support the company’s growth while facilitating ongoing tests and materials development.

Bonucchi, looking ahead to the firm’s future plans, expressed, “We aim to broaden our scope by increasing our coffee processing, innovating new materials, and accessing a larger market to scale our positive impact.”

Coffeefrom also participated in the Global Startup Programme organised by the Italian Trade Agency (ITA) and the Ministry of Foreign Affairs and International Cooperation.

Coffeefrom addresses the substantial waste generated by coffee consumption through a circular economy approach. The startup advances a more sustainable industrial model by repurposing coffee grounds into innovative products. Focused on eco-friendly materials and a sustainability vision, Coffeefrom is a typical example of the intersection of innovation and environmental responsibility.

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

Image credit: Coffeefrom

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In October 2022, a coalition of metaverse and Web3 infrastructure companies united to form the Open Metaverse Alliance for Web3. Composed of Animoca, Decentraland, Sandbox, and others, OMA3 took the shape of a decentralised autonomous organisation (DAO) that is guided by inclusivity, transparency, and Web3 principles. The alliance aims to address “significant” challenges within the emerging metaverse by safeguarding user ownership and freedom of information.

When Gavin Wood coined the term in 2014, “Web3” was eulogised as the next phase of the internet, blending decentralisation, blockchain, and token-based economics that prioritises user ownership and control of data and digital assets.

Seven years later, Web3 rode the waves of the crypto craze to become the new sensation. In stark contrast, the established Web2 paradigm is characterised by centralised platforms and services controlled by a handful of entities. This stodgy “Big Tech” dominance continues to be the focal point of Web3 ire and resistance. 

On paper, the metaverse and Web3 matrimony make sense: there will be widespread demand to virtualise the world, and Web3 can theoretically offer the infrastructure to support it. However, it is unlikely — and by extension, the Web3 crusade may be more trouble than it is worth.

Needless atomising of decentralisation

To breach the dominance of big tech, Web3 aims to push the limits of decentralisation by entrusting control to individual builders and users. While empowering in theory, this vision breaks down in practice in the wider metaverse arena.

For instance, the underlying architecture would require each participant to self-host and store a splinter of the metaverse on cordoned sectors of their hard drives, leading to an ongoing necessity to transfer ever-expanding mountains of data to maintain even a semblance of persistence. Beyond posing a significant logistical challenge, the energy demands of this untenable mega-operation would be a blaring nonstarter for environmentalists and developing nations.

This is not to imply that decentralisation is a flawed concept. On the contrary, it plays a vital role in fostering a free-market manifestation of the metaverse. The concern lies in the Web3 interpretation in regards to being a slippery slope toward a communist model of collective ownership. Whether by intention or oversight, Web3 advocates refrain from questioning whether decentralisation even requires this degree of hair-splitting granularity. 

Also Read: Global Web3 companies on why Asia Pacific is the future of the industry

This narrow definition reeks of the “No True Scotsman” parochialism that obscures the middle path—where inter-organisational networking, load sharing, and redundancy are elements of decentralisation in their own right. A likewise middle-out approach would also safeguard the individual interests of digitised customers and stakeholders.

A real-world example of this meso-level decentralisation exists in the management of Domain Name System, or DNS for short. When you enter an internet address in your browser, a DNS lookup sweeps the globally dispersed root servers managed by 13 entities, including ICANN, the University of Maryland, and Verisign. This redundant decentralised structure, numbering over 600 servers, ensures that no single entity can control them all.

While technological advancements may eventually make grassroots decentralisation a possibility, the question is whether we can or should wait for that to happen. Redundancy of this sort is inherently wasteful since the purported benefits of Web3 can already be integrated into existing capitalistic models using run-of-the-mill technologies and methodologies.

These are the same steadfast infrastructures supported by resourceful tech and media giants that have moulded our Web2 conventions. The only missing piece is the concerted willpower of businesses and consumers to make that happen.

Paranoia transforms trustless to distruss

The advocates of Web3 and the cryptocurrency community have overwhelmingly converged on the push for decentralisation and the trustless architecture that is thought to underpin it. Rallying around the misgivings of centralised authority — and human nature in general — their guiding mantra of “Don’t trust, verify” is a mockery of the timeless Russian proverb, “Trust, but verify”. 

Paradoxically, the metaverse thrives on the very thing the radicalised, trustless crowd is sceptical of. According to science fiction writer Neal Stephenson, who coined the term, the metaverse will eventually resemble the internet in networking the entire world. Likewise, it must be constructed upon a web of trust among diverse entities, each autonomously making its own decisions. Which incidentally raises the prospect that the internet will likely evolve into the metaverse. 

As a thought experiment, the aforementioned scenario would represent the most optimistic future for the metaverse. An alternative paints a dystopian picture where the oppressed are compelled to accept a centralised metaverse enforced by despotic or authoritarian regimes. The third option, leaning towards Web3 anti-establishment radicalism, would risk devolving into chaos, causing the social experiment to stagnate or crumble entirely. 

In essence, the dividing lines center on semantics. Within the trustless movement, libertarian extremism has infiltrated the mindset of its proponents, deeming governments, institutions, and power brokers as inherently untrustworthy. That interpretation has veered from its original intent.

At the outset, trustlessness was actually conceived as a system that enables transactions or interactions without relying on the arbitration of a central authority or any particular party. Essentially, it involves a completely neutral intermediary (possibly a distributed ledger) to handle credentials and transactions between undisclosed entities. The concept was not borne of paranoid distrust; rather, it welcomes a decentralised and reliable environment for transactions among trustworthy participants.

Looking at the big picture, the benefits of trustlessness are less definitive, particularly when it raises more questions than answers around regulatory challenges, scalability, and security risks. Perhaps certain trustless innovations, such as zero-knowledge proof for data safekeeping, will find niche applications.

Crypto buffoonery turns lethal

In May of 2022, a 29-year-old man leapt thirteen floors to his death. Twelve days earlier, his US$2 million investment in the cryptocurrency Luna had crashed to a measly US$1 thousand. In the leadup to this tragedy, Bitcoin peaked at a US$1.3 trillion market cap, touching shy of US$70 thousand per coin, making it one of the best-performing asset classes of modern times. This had a ripple effect on the entire crypto market, propping up the meteoric rise of altcoins like Luna. 

Also Read: The role of Web3 in fintech and its benefits for financial institutions

The vicariously innumerate crypto community — on Twitter in particular — were of the opinion that “numbers only go up”. Mirroring the tribalistic fervour of the Trump cult of personality, they rallied around similarly dubious claims encapsulated in clichéd catchphrases.

At the core of the phenomenon was a widespread psychosis fueled by generational crackpot life coaches and inspirational speakers, asserting that unwavering positivity can materialise limitless windfalls.

The vastly outnumbered sceptics were rebuffed at every attempt to challenge the mass hysteria, often flippantly told to “have fun staying poor” — yet another hackneyed phrase catapulted to meme status. This groupthink would transpire in waves of boom and bust, with each cycle looming larger than before. Unlike past manias, many stakeholders eventually found themselves on the brink of financial ruin.

As the cryptocurrency market spiralled into a runaway casino, retail security underwent a libertarian breakdown toward a survivalist hellscape. The situation deteriorated so thoroughly that victims of fraud and hacks were callously dismissed as merely careless or uninformed. To warrant such blame would imply investors stood a chance.

However, the battlefront between retail and crime was no impasse; it was a one-sided slaughter. Oblivious investors proceeded to haemorrhage US$8 billion in 2021 and an additional US$3.95 billion in 2022 due to illicit activities.

Knee-jerk legislation was a foregone conclusion, and the heavy hand of government intervention came crashing down on the crypto market, sending shockwaves through the system. The Web3 reliance on cryptocurrencies to transact with decentralised finance and non-fungible tokens has turned out to be a Faustian bargain with harsh lessons in volatility.

In the wake of this turmoil, the crypto market still remained tenacious. Its market cap has hovered above US$1 trillion for much of 2023, representing one-third of its historical peak. While the recovery outlook is optimistic, transformation into an economic pillar will take time and regulatory commitment. Time will tell if subsequent market normalisation can instil confidence in cryptocurrency and greenlight big finance. 

Before this transformation materialises, up-and-coming metaverse projects should cautiously remain on the sidelines of crypto adoption. On the other hand, metaverse customers and merchants need to be aware of the extreme volatility inherent in crypto transactions and take precautions against catastrophic losses.

Sidestepping Web3 landmines

Just four months prior to OMA3’s formation, tech giants preemptively forged a strategic alliance called the Metaverse Standards Forum (MSF), representing the interests of Meta, Microsoft, Alibaba, Sony, and others. It is no coincidence that OMA3 is counterposed as a challenge to this organisation. To fight the status quo, they placed their bets on the widespread adoption of newfangled Web3 technologies.

Also Read: How regulatory clarity can support Web3 innovation in Asia

To side with the MSF standard is to believe that big tech can deliver top-notch metaverse experiences on the promise of interoperability and openness. To side with the OMA3 standard is to believe in the newcomer’s capacity to serve users more effectively and equitably than their Web2 counterparts. 

Typically, this split would denote a healthy equilibrium between two competing standards.  However, the liaison agreement struck between MSF and OMA3 in July 2023 signals a perplexing sidetrack that suggests otherwise. The shift towards a deeper collaboration among their respective members not only erodes the distinctions between Web3 and big tech but also represents a departure from market competition.

Concurrent developments highlight a head-scratcher: the “Web3 company” oxymoron. Essentially, this circular reasoning posits that Web3 companies, being intermediary businesses themselves, are responsible for dismantling other intermediaries in the metaverse to ultimately give way to user ownership and control. To task profit-seeking enterprises with the role of undermining their own profit motive is a big ask.

Ricocheting in the conflicting interests of its own making, Web3 betrays many contradictions that manifest as in-group pipedreams and deceptive marketing. Furthermore, if Web3 companies and big tech continue bridging partnerships, the Web3 alternative would only amount to more of the same in a different guise.

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Singapore-based early-stage VC firm Wavemaker Partners has led the US$1.5 million seed extension investment round for VAMA, a one-stop virtual platform providing easy access to an array of services for one’s religious and spiritual journey.

This marks Wavemaker’s maiden investment in an India-incorporated startup. The deep-tech investor infused US$1.1 million into the startup, while the rest came from existing investors, such as Lisa Gokongwei-Cheng and Harit Nagpal.

Also Read: Astrology-agnostic? Wait. This startup can predict whether your startup will fail or not

Additionally, several micro VC investors, including Blume Founders Fund, Alluvium, and Untitled VC, and notable angels, such as Burak Buyukdemir and Dhruv Bahl, also participated.

VAMA will use the funds to acquire talent, bolster product development, and improve its technology. The app is gearing towards a more extensive integration of temple-related services alongside scaling its astrology vertical. It plans to introduce new products and services.

“Our primary goal is to expand our team and enhance our technological capabilities to deliver an unmatched digital experience to devotees worldwide. This latest funding round will fuel our efforts to develop a cutting-edge technology platform,” said VAMA Co-Founder Manu Jain.

Established in late 2020 by Aacharya Dev, Himanshu Semwal, and Jain, VAMA.app is a virtual platform serving as a one-stop destination for easy access to e-pujas, e-darshans, and astrology services for devotees across India. The platform offers virtual puja remedies in temples to devotees and customers from all over the world.

It has partnered with over 250 temples throughout India and built a network of more than 300 astrologers on its platform.

Also Read: This Bangalore-based startup has built an on-demand marketplace for spiritual gurus

According to Jain, the company aims to transform the traditional offline Mandir ecosystem into a digital realm through content-driven products designed to captivate, empower, and promote enduring engagement.

VAMA has so far raised a total of US$2.8 million in funding.

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Image Credit: VAMA.

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Navigating the ever-evolving terrain of the tech industry, startups serve as the lifeblood of innovation, embodying the spirit of creativity and adaptability essential for progress. These entrepreneurial ventures act as crucibles of ingenuity, where risk-taking is not just encouraged but celebrated, leading to the birth of groundbreaking technologies and novel business models. As such, startups possess the ability to swiftly adapt to emerging trends, challenge established norms, and drive competition, ultimately shaping the trajectory of technological progress as a whole.

The dynamic interplay between startups and the broader tech ecosystem ensures a constant influx of new ideas, talent, and disruptive technologies, sustaining the ecosystem’s vibrancy, sparking greater innovations, and propelling startup founders toward new horizons.

However, getting the ground running is difficult when you don’t have the necessary resources to help materialise your innovative ideas. Startups cannot survive on ideas alone. They need tech infrastructures, talented teams, operational assets, and other aspects of a business that require costs.

Challenges startups face

Securing initial capital is often a formidable hurdle, impeding innovation and growth. Many promising ventures with groundbreaking ideas struggle to attract investors willing to take early-stage risks. This lack of financial backing can hinder product development, recruitment, and market expansion, amplifying the probability of failure. Without a solid financial foundation, startups may find it challenging to navigate the competitive business landscape, showcase their value proposition, and ultimately reach the pivotal Series A funding round, perpetuating a cycle that poses a substantial threat to their viability and potential success.

Also read: Set sail with intellectual property: Your business’s journey to success

As such, participating in startup competitions presents a crucial avenue for fledgling ventures to secure vital investment opportunities and catalyze their growth. These competitions not only offer a platform for startups to showcase their innovative ideas to a diverse and influential audience but also provide a unique chance to attract funding from seasoned investors.

Enter “The Future of Capitalism” Startup Competition, a global challenge that promises to be a game-changer for ambitious tech startups with a vision to make a lasting impact on both the commercial and social fronts. This competition, spearheaded by the visionary Leo Lion, not only offers a platform for startups to shine but also the chance to secure up to $5 million USD in funding.

The Future of Capitalism: Unlocking growth opportunities

Organised by the Leo Lion Foundation, The Future of Capitalism startup competition is open to tech startups of all kinds, ranging from agritech to fintech, deep tech, climate tech, and beyond. This inclusivity reflects the Leo Lion Foundation’s commitment to fostering innovation across diverse sectors, acknowledging that groundbreaking ideas can emerge from any corner of the tech world. Whether your startup is revolutionising agriculture, redefining finance, harnessing cutting-edge technology, or addressing climate challenges, this competition welcomes you to showcase your potential.

What sets this competition apart is its focus on startups with a passion for improving the world we live in. The criteria are straightforward — a business ready to take flight and a commitment to creating positive change. Startups seeking seed or series A funding are encouraged to apply, regardless of their geographical location. However, it is important to note that the entry process and pitching will be conducted exclusively in English, ensuring a level playing field for all participants.

Also read: Things you need to know to be a part of the 2024 TOP100 program

The journey for participants doesn’t end with a simple application. Finalists will have the unparalleled opportunity to pitch their groundbreaking ideas in front of a distinguished panel of judges. The lineup includes world-renowned economist Paul Collier of Oxford University, tech investment professionals like Christy Cardenas of Grit Ventures, experienced entrepreneurs and angel investors such as Charles Delingpole and John Norman, as well as other ecosystem stakeholders such as Sylvana Quader Sinha, Founder and CEO of Praava Health, Deniz Ucbasaran, Professor of Entrepreneurship at Warwick University, Nina Ho, Executive Director for Launchpad – UT Austin, and Gordon Holmes, Managing Director of TowerBrook.

The pinnacle of the competition will be the pitch day, held at the iconic Shard Building in London, UK, where finalists get to present their startup’s vision against the breathtaking backdrop of one of the world’s most iconic structures. The Future of Capitalism is certainly an opportunity to not only secure funding but also to gain visibility and recognition on a global stage.

Earn the chance to win $5 million in investments

The exposure garnered through the program goes beyond financial backing, opening doors to mentorship, networking, and collaboration with industry leaders. The Future of Capitalism also serves as an accelerator, propelling participating startups into the spotlight and positioning them for success in an increasingly competitive market. Moreover, the rigorous selection processes and engagement with experienced judges foster valuable feedback, refining the startup’s pitch and strategy. By participating in The Future of Capitalism, startups position themselves on a trajectory toward sustainable growth, increased visibility, and the potential to make a lasting impact on their respective industries.

What makes the ‘Future of Capitalism’ competition even more exciting are the influential partners on board, including Barclays and Warwick University. These partners bring invaluable expertise and resources to the table, offering startups additional opportunities for growth, mentorship, and networking.

Also read: Five startups closer to bagging EUR100,000 in EQT Impact Challenge

Behind this visionary competition is its founder, Leo Lion, whose commitment goes beyond fostering business success. Through the Leo Lion Foundation, the organisation aims to leverage commercial acumen to support social projects across the globe. The Future of Capitalism startup competition, therefore, isn’t just about funding startups; it’s about catalysing positive change and leaving a lasting legacy.

If you’re a tech startup with a bold vision and a passion for making a difference, The Future of Capitalism startup competition is just the platform you’ve been waiting for. Seize the opportunity to propel your startup to new heights, connect with industry leaders, and be part of a movement that’s not just redefining capitalism but also shaping the future of technology for the better. The entry deadline for the startup competition is December 20, 2023. Apply now and be a catalyst for change!

For detailed information and to submit your entry, visit this link. Don’t miss your chance to be a part of a transformative event that could catapult your startup to unprecedented heights.

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This article is produced by the e27 team, sponsored by The Leo Lion Foundation

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

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Digital transformation is no longer a choice but a “must” for real estate businesses to keep up with the trend and overcome the difficulties in the current new context.

However, aligning the business model with technology is not an easy task. In addition to applying technology, the vision and strategy of the leader, together with a dedicated team, will be the determining factors for the success of the digitalisation story.

The difficulty of digital transformation in real estate

In the real estate sector, digital transformation will help customers find suitable real estate properties at a reasonable price without spending too much time and travel costs. In particular, technology will help real estate agents connect with customers easily, helping real estate agencies optimise labour costs.

With such a large role in solving the equation of cost, time, and quality of transactions, digital transformation is truly a must-have trend for real estate businesses in the 4.0 era. However, experts also point out that digitalisation is inevitable but full of difficulties for real estate businesses.

The first difficulty to mention is the thinking and behaviour of customers. With a high-value product like real estate, most customers still want to be able to interact directly and find out before deciding to “spend money”. Once they have decided to buy a property, customers usually tend to meet in person instead of just paying online through a system.

The second challenge is the personnel factor. Previously, real estate sales agents traditionally sold properties had to meet customers to consult products and sell products directly. When applying technology, they have to plan and take customer care and update customer status in software applications.

They have to get used to interacting with the assigned management tools or applications to update and nurture every single potential. If digitalised activities do not show effectiveness shortly, many individuals tend to not focus on it anymore but go back to the traditional way of doing things.

Also Read: Understanding the role of AI in digital transformation

Therefore, personnel is an important factor determining the success of a real estate trade when transforming digitally. If the staff does not have a mindset about technology skills, works traditionally and is afraid of change, it will make the digitalisation in the business delayed or difficult to complete.

Next, with a system that has been in operation for a long time, real estate businesses cannot transform digitally immediately but need a long enough time to digitalise their operating processes gradually. Currently, many businesses have boldly invested in technology but still cannot completely change the traditional form of management and business.

What is the key to driving successful real estate digital transformation?

Digital transformation does not only depend on the factor of technology, but the most important thing lies in people. The personnel factor here does not only come from customers or the workforce, but it also comes from the mindset of the leader.

The right leadership mindset will promote the rapid digitisation of the business. Conversely, the narrow leadership mindset will unintentionally turn the leader into a “bottleneck”, eliminating the development of the organisation.

Accordingly, to promote successful real estate digital transformation, the leader needs to consider carefully the core issues of the business and the level of readiness of resources to implement digitalisation of their business.

Once they dare to change, real estate business owners need to build strategies, align business models to suit digital transformation, calculate information technology investment plans, and Focus on training and building a digital workforce.

In addition, it is necessary to create inspiration and spread the mindset of digitalisation to customers so that they gradually change their habits and traditional buying behaviour.

In the context of the 4.0 Industrial Revolution taking place strongly in all fields, digital transformation is an inevitable process that determines the survival of the business. Therefore, real estate businesses, especially business owners, need to proactively seize the opportunity to digitalise their own entire system successfully.

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Ever imagined owning a fragment of the Eiffel Tower or perhaps a portion of a prestigious downtown skyscraper? It might seem like a flight of fancy, but what if it was as tangible as holding shares of major companies like Tesla?

With the growing buzz around real-world assets (RWAs) in sectors such as real estate, FinTech, precious metals, and even credit loans, such ownership notions are inching closer to reality. And thanks to blockchain technology, RWAs are redefining the way asset ownership is being perceived. 

RWAs represent genuine and concrete pieces of tangible assets encoded “on-chain” and made digitally trackable. According to Boston Consulting Group, the market for tokenising illiquid assets as RWAs could potentially reach up to US$16.1 trillion by 2030. 

Real estate’s digital evolution

Real estate has long faced challenges with intermediaries, costs and legal complexities.

Today’s landscape is transforming, with real estate emerging as a key sector for RWAs. They signify an evolution towards enhanced multi-jurisdictional efficiency and access. “With real estate tokenisation, properties transform into blockchain-enabled assets, simplifying transactions and expanding access. New forms of access include fractional ownership, allowing micro-investments among a larger market audience,” says Erik Ramos-Paice, Co-Founder and Partner of Taiboku Capital.

This advantage extends beyond operational ease, bringing a transparent renaissance in real estate deals. From the inception of smart contracts to the crescendo of digitised ownership transfer, important transactional metadata is etched onto blockchain networks for data integrity. 

Yet, every innovation has its maze. Nations are still crafting their legal RWA guidelines – from the asset’s nature to taxation rules and from AML standards to KYC compliance. International trading of tokenised real estate adds another layer, demanding synchronised compliance amidst diverse jurisdictions.

RWAs: A new era for precious metals

The precious metals sector has often been enshrouded in ambiguities related to provenance, ethical sourcing, and supply chain management. Now, the process of RWA tokenisation holds the potential to transform these industry problems into working solutions.

While this doesn’t necessarily simplify the physical movement of the assets, it allows for far more efficient trading in terms of their digital representations. This ensures diligent tracking of blockchain-based supply chains while preserving tangible asset value.

Recognising the transformative power of RWAs, Ramos-Paice states, “The precious metals industry is starting to emphasize mandated reports strongly. These reports, if generated with the help of RWA technologies, can add an additional layer of assurance and traceability for auditors.”

Also Read: Is the Philippine real estate market ready for the next wave of proptech?

In the backdrop of this evolution, supply chain platforms like EMCO Network are exploring the intersection of precious metals with blockchain and RWAs. These platforms, in their quest to prioritise transparency, aim to address long-standing industry challenges of authenticating the origins of mined gold sources. This ultimately aids in enforcing ethical supply chain practices, boosting verifiable accounting standards, and mitigating sophisticated fraud loopholes. 

When problems arise during the supply chain journey, companies can better pinpoint potential problems rather than trying to painstakingly trace back the source of error with legacy tracking systems. 

Compliance tech: A critical driver for RWAs

Merging tangible assets with digital counterparts demands a strong compliance framework. Consequently, this calls for a unified approach to ensure smooth global acceptance of RWAs – from both the legal and technological aspects.

Proper governance models are crucial when implementing RWA compliance. This can be achieved through a network of validators or a council of trusted members who collaboratively vote in the decision-making aspect of tokenised assets.

By adopting this approach, it heightens the transparency of how RWAs are transacted. Haven1, a purpose-built (EVM compatible) blockchain providing a secure environment for financial transactions, is one such example that empowers businesses with regulatory frameworks that bring in best practices from traditional finance. Equipped with the right governance tools, auditors and regulators gain improved access to data surrounding RWAs, streamlining enterprise-scale compliance efforts.

Unlocking this potential means deepening cross-jurisdictional communication among regulators. Beyond just dialogues, it involves shared regulatory workshops, collaborative sandboxes for testing products across borders, and education geared towards regulators. A unified digital platform for worldwide regulators could further streamline these interactions, ensuring a cohesive approach to RWAs.

Major shifts in global asset liquidity

RWAs are likely to play a pivotal role for enterprise businesses and their end customers. 

For businesses, RWAs are forecasted to provide operational efficiencies, open up new revenue avenues, and foster seamless global collaborations. Traditional sectors will likely witness rejuvenation as tokenisation strategies introduce novel means of asset management and trade.

Also Read: Early-stage proptech and contech investing: Who gets the VC checks?

On the consumer side, the implications are equally profound. RWAs could democratise asset ownership, allowing more individuals to tap into micro-investment opportunities that were once out of reach. This means that an array of assets, including fractionalised property or rare precious metals, could become more accessible – and hence liquid.

While the benefits are manifold, the intersection of traditional and digital assets also brings forth questions about emerging market dynamics and the practical synergy between the two realms. 

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

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