Open metaverse company Animoca Brands has announced a strategic partnership with NEOM Company, the company behind Saudi Arabia’s iconic project NEOM City, to drive regional Web3 initiatives in line with the Kingdom’s Vision 2030 plan.

Animoca Brands will work with NEOM on building Web3 enterprise service capabilities with global commercial applicability, which will be deployed to support technology advancements in Riyadh and the NEOM region.

Also Read: ONE Championship, Animoca partner to create NFT-powered mobile game

These projects will include a range of Web3 initiatives, including plans to establish a hub within NEOM to nurture the local Web3 ecosystem and bring in extensive capabilities from across Animoca Brands and its subsidiaries, partners, and a broad portfolio of investments.

As part of the deal, NEOM Investment Fund (the strategic investment arm of NEOM) has proposed investing US$50 million in Animoca via convertible notes and secondary share purchase.

Majid Mufti, CEO of NEOM Investment Fund, commented: “Web3 technology and infrastructure development will not only be an important foundation of NEOM’s tech stack and architecture, but also has potential to revolutionise global industries. By partnering with a market-leading company like Animoca Brands, we hope to accelerate Web3 technology development and adoption.”

NEOM is a region being built in northwest Saudi Arabia on the Red Sea. It will include hyperconnected, cognitive cities, ports and enterprise zones, research centres, sports and entertainment venues and tourist destinations. As a hub for innovation, entrepreneurs, business leaders and companies will come to research, incubate and commercialise new technologies and enterprises in groundbreaking ways.

Also Read: Animoca Brands nets US$20M in new round for its ‘Mocaverse’ project

Animoca Brands develops and publishes a broad portfolio of products, including original games such as The Sandbox, PHANTOM GALAXIES, Life Beyond, and Crazy Defense Heroes, and products utilising popular intellectual properties from the worlds of sports and entertainment, such as The Walking Dead, Power Rangers, MotoGP, and Formula E.

It has multiple subsidiaries, including The Sandbox, Blowfish Studios, Quidd, GAMEE, nWay, Pixowl, Forj, Lympo, Animoca Brands Japan, Grease Monkey Games, Eden Games, Darewise Entertainment, Notre Game, TinyTap, Be., PIXELYNX, WePlay Media, and Gryfyn.

Animoca is also an active Web3 investor, with a portfolio of over 400 investments, both directly and through Animoca Ventures, including Yuga Labs, Axie Infinity, Polygon, Consensys, Fireblocks, OpenSea, Dapper Labs, Yield Guild Games, and Alien Worlds.

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While recently working with a client in Canada as they solve a massive healthcare problem and redefine a category, I was reminded of this quote by a great Canadian, “Skate to where the puck will be, not where it is”.

I realise that this is exactly what category design does.  It catalyses your thinking away from the current paradigm and market constructs. It acknowledges that where the market and category is today, will invariably change.

Most companies, startups and leadership teams don’t do this; they focus primarily on company design and product design for the existing environment and category they play in. Both of these areas are critical to success, but they overlook the need to think differently, not just better.

This company and product-centric thinking pushes you into a current Total-Addressable-Market (TAM) box and doesn’t push the boundary on completely new economics and upside that can be unleashed.

It leaves you and your team focused on attacking the current competition, and not attacking a big, audacious problem that has never been fully defined.  It focuses your game plan around positioning your product and features and not exciting your audience and customers with a Point-of-View and new way to look at a problem that is relevant to them.

Make the play, don’t react to it

True category leaders take a look at the current state of play and think beyond where the current players are positioned.

Also Read: Mind the category curve: Are you driving it or will it drive right over you?

It’s AirBnb changing travel and accommodation with community-based hospitality.  It’s the recent category played by Cogoport in India, bridging the trade knowledge and execution gap with the Global Trade Platform.

Or Laiye in China going beyond automation and AI to the new category around the Work Execution System.  It’s hiPages in Australia with the on-demand tradie economy, bringing efficiency and scale to a very traditional industry.

Show us a problem that we didn’t know we have

These category designers make us realise that there is a massive problem that we didn’t even realise we have.  They deliver a compelling Point of View that breaks through all the noise.   This is not just “we’re better” and product features — it’s about being the thought leader around the entirely new category and describing the problem at its heart.

It’s about consistently coaching your audience on the problem and category that is relevant and meaningful to them.  It’s about out-positioning the competition with a breakaway play!

Reading the state of play

So, how can we tell if we need to change our playbook and go for a breakout play? Put on your coaching hat and assess your current positioning and state of play:

• I am getting beaten up in the existing market and category.
  • I am always playing catch-up.
  • I don’t get cut through with my messaging and positioning.
  • The path to significant growth in market share looks unrealistic/impossible.
  • For tech companies specifically, the technology analysts and their categories (quadrant, wave, etc.) place us in a weak position, and we are not breaking away from it.

• I will be beaten up soon: The current category I am in is likely going to evolve and change soon.
  • Market growth is slowing / stagnant.
  • A significant portion of former players have exited the category/market.
  • The category leader is milking the cash cow with little innovation.
  • A disruptive, new play is likely coming soon.

Also Read: How Category Design drives productivity and efficiency

• I am not getting beaten up, as I am largely unnoticed.
  • I have never reached a critical mass to attract much attention.
  • My solution seems difficult to understand or adopt.
  • Unless I achieve a breakthrough, my viability in the medium term is dubious.

If any of these assessments resonate with you, then you are likely going to see even greater challenges in the near future. With this in mind, let me quote once again “The Great One” (Wayne Gretzky).

You miss 100 per cent of the shots you don’t take

If you truly want to lead, and not follow,  then you have to wind up big and take the shot.  It’s driven by the deeper clarity on what we are solving today and, importantly, into the future.   It’s either a fine-tuning of your overall strategy or a complete epiphany and makeover of it.

It’s redefining the current category or an entirely new category that you are describing to the world. And the big slapshot you are taking is the strategic intent of your company to be the de-facto leader as the “Category King”.

It’s a belief in your leadership and your team that you can define the category to your advantage and be poised to dominate it.

Breakaway and out-position the competition

And so consider this: You will always be in a category.

The question then is:  Do you want to position or be positioned?

If you don’t define the category and the problem, then someone else will…

And to close with one final (I promise) Canadian hockey reference: Get a Goal Eh!

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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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The Asian business landscape is in perpetual evolution. From the geopolitical tensions in the South China Sea to the rise of Singapore as a venture capital powerhouse, or the delicate dance of diplomacy between China and its neighbours and now, the Israel-Palestine War– the news never stops.  

Recently, we have seen over 500 venture capital firms signing a joint statement expressing support for Israel amid the ongoing conflict and its tech ecosystem that constitutes nearly 20 per cent of its GDP.

This united stand from mostly US-based firms emphasizes the intricate web that connects the global tech and investment sectors, with Israel, its people, and its tech community noted as long-standing partners to the worldwide “innovation ecosystem.”

The Israel-Palestine conflict resonates far beyond the borders of the nations directly involved, influencing the international community and businesses worldwide. These implications ripple through various stakeholders, emphasizing the urgency for businesses and leaders to maintain relevance amidst such issues.

This unfolding scenario brings us to an urgent question: In such a dynamic environment, how can startups avoid being swayed by every headline?

Especially when the news hits close to home or concerns key industry players?  Should startup founders participate in these discussions?

Treading with caution

Before diving headfirst into the whirlpool of political debate, startup founders in Asia should ponder several critical points. Firstly, is your startup truly knowledgeable about the topic at hand?

Does it genuinely affect your business operations? Just because a political issue, like the pro-democracy movements across some Asian cities, grabs headlines, it doesn’t mean every startup needs to have a stance.

Asian startups, like their global counterparts, should be clear on where their expertise and interests lie. For instance, an Asian fintech company could publicly address the importance of financial transparency and anti-corruption measures.

Take Gojek, the Indonesian super-app, for example. It has publicly advocated for clean governance and has taken measures against corrupt practices. The critical element is alignment with the company’s core mission and business values.

Being consistent in values and actions

The age-old mantra of “hurry up and innovate” isn’t sustainable, especially in today’s Asia, with its multifaceted geopolitical landscape. It’s not enough for a startup to merely voice their values; these must be mirrored in their actions.

A startup might claim to champion diversity, but if its recruitment primarily focuses on top-tier universities, it sends mixed signals. Or consider the company that voices support for local manufacturing but outsources its primary production line abroad. Such inconsistencies can not only damage the brand image but can also negatively impact profitability and talent retention.

Setting up a geopolitical strategy

Asian startups need a clear roadmap to navigate the intricate world of geopolitics. Here are some pointers to consider:

Anticipate Regulatory Changes – Given the varying political climates across Asia, startups need to stay ahead of potential regulatory shifts. Whether it’s understanding Singapore’s data protection laws or navigating China’s internet regulations, being prepared is half the battle.

Determine When to Make a Public Statement – Not every headline warrants a company’s input. By establishing guidelines on the kind of issues a startup will comment on, founders can avoid unnecessary debates and ensure alignment within the executive team. For example, an e-commerce platform might find it pertinent to comment on digital taxation in ASEAN but opt to stay silent on unrelated geopolitical matters.

Seek Expert Guidance – Startups can’t be expected to juggle business growth and geopolitical complexities simultaneously. By seeking guidance from seasoned advisers and PR experts familiar with Asia’s intricate political and media landscape, startups can make informed decisions. This is a move taken by many of Asia’s unicorns, employing experts who deeply understand the region’s geopolitical intricacies and know how to craft narratives that resonate positively.

Engaging in the news cycle, especially on divisive topics, can be a double-edged sword. On one hand, it showcases thought leadership and aligns your brand with specific values. On the other, it can alienate stakeholders or create unintended business risks.

Asian startups, like all businesses, face the challenge of navigating a dynamic and often overwhelming news cycle. It’s crucial for these startups to tread carefully, considering the long-term implications of their statements and actions, especially in a globalized business landscape where events in one region can impact another. Rather than reacting impulsively to every headline, they should focus on their core mission, values, and long-term strategy. 

This is where a robust PR strategy becomes invaluable. A well-executed PR campaign strategically positions your startup in the news, ensuring that your voice is heard and understood in the right context.

Nonetheless, while it’s essential to stay informed and, when necessary, take a stand, it’s paramount not to let fleeting headlines divert them from their ultimate goals and vision, ensuring they navigate the complex waters of geopolitics with grace and confidence.

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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

Join our e27 Telegram group, FB community, or like the e27 Facebook page

Image credit: Filip Mishevski on Unsplash

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Singapore-based AWAK Technologies, a medtech company focused on dialysis, has developed a portable and wearable peritoneal dialysis (PD) device, the size of a handbag. The device has completed its first-in-human studies.

In June this year, AWAK and Singapore General Hospital (SGH) announced the launch of a pre-pivotal clinical trial with the enrollment of their first subject to study the safety and efficacy of an improved automated wearable artificial kidney peritoneal dialysis (AWAK PD) device. Three months later, the startup raised over US$20 million in its Series B investment round co-led by Lion X Ventures and Vickers Venture Partners.

In this interview with e27, AWAK CEO Suresha Venkataraya shares more about the SGH collaboration and provides insights on the latest trends in the dialysis market.

Can you tell us about the SGH collaboration? What are the pre-pivotal clinical trial’s key objectives and expected outcomes in collaboration with SGH?

We have collaborated with SGH’s nephrology department for several years to advance our wearable dialysis device from the pre-clinical phase to the pre-pivotal study phase.

In the past, we completed first-in-human studies in collaboration with SGH and obtained encouraging data. We enhanced our product soon after FIH and are conducting the pre-pivotal studies now.

Also Read: AWAK raises US$40M to offer a wearable dialysis device for end-stage kidney disease patients

Building on the success of these studies, which reported no serious adverse events, the trial’s primary objectives encompass a thorough evaluation of safety, efficacy, and patient experience. This advancement brings us closer to fulfilling the aspirations of our patients—a life on dialysis that minimally impacts their lifestyle while providing high-quality care.

Additionally, we seek to demonstrate the device’s effectiveness in providing high-quality peritoneal dialysis, thereby meeting the clinical needs of end-stage kidney disease patients. The trial strongly emphasises assessing how the AWAK PD device impacts patients’ daily lives, focusing on usability, comfort, and convenience. The data gathered from the trial will be crucial in refining the device and preparing us for a step towards regulatory approval and market authorisation.

How does the AWAK PD device differ from traditional peritoneal dialysis machines, and what advantages does it offer patients regarding convenience and mobility?

Weighing approximately 3kg, AWAK PD offers a wearable and ultra-portable dialysis solution, allowing patients to experience dialysis on the go. By integrating our patented sorbent technology, we are transforming how peritoneal dialysis is administered, addressing the challenges associated with conventional methods.

Traditional PD methods require a large volume of dialysate, up to 3,650 litres per year for a single patient, leading to logistical issues and storage concerns. Moreover, a typical PD machine weighs 15 to 20 kilograms, restricting mobility and freedom for individuals undergoing treatment. This attachment to the machine for 10 to 12 hours further hampers daily activities.

In the US alone, the demands of dialysis result in an annual loss of productivity estimated at a few billion dollars. These limitations underscore the critical need for innovations like the AWAK PD device.

With the AWAK PD device, patients can perform dialysis at home or on the go. How does this address the emotional and physical challenges faced by patients?

Unlike traditional methods that rely on heavy machines and large volumes of fluids, AWAK’s innovative device is designed with the patient’s well-being in mind. By allowing patients to perform dialysis at home or on the go, we address the emotional and physical challenges often accompanying traditional dialysis methods.

Also Read: Why tech companies should not sleep on this multibillion-dollar opportunity

The dialysis process can be emotionally draining for many patients, and the need for extensive fluids and bulky equipment can limit mobility, making daily activities a challenge. The AWAK PD device provides a portable, lightweight solution that helps patients take control of their treatment. This newfound mobility means they can integrate dialysis into their daily lives without the constraints imposed by traditional methods.

Additionally, our device uses innovative sorbent technology to reduce the amount of dialysis fluids required significantly. This makes the process more efficient and lessens the physical burden on patients. With fewer fluids to manage, patients can experience a more comfortable and streamlined dialysis experience.

Home dialysis is becoming a more prominent trend in the healthcare industry. How does AWAK plan to contribute to this shift?

The shift towards home dialysis holds potential benefits for healthcare systems at large. It alleviates the strain on healthcare facilities, reducing the demand for in-clinic resources and freeing up capacity for patients with more acute needs. By helping patients take an active role in their treatment, we are fostering a more engaged and informed patient population, which can lead to improved adherence and better overall outcomes.

In economic terms, this shift represents a significant potential for cost savings. By allowing patients to perform dialysis at home, we can mitigate the substantial loss of productivity associated with traditional in-clinic treatments, as highlighted by a few billion dollars in annual loss in the US. Additionally, the reduced need for large volumes of dialysate and heavy machinery can lead to more efficient resource utilisation within the healthcare system.

Could you elaborate on the miniaturisation of the AWAK PD device and how it reduces the amount of dialysis fluid needed by up to 90 per cent? What impact does this have on patients’ quality of life?

The miniaturisation of the AWAK PD device is a breakthrough in kidney care technology. Our patented sorbent-based regeneration technology has reduced the dialysis fluid needed by up to 90 per cent. Our device essentially regenerates and reconstitutes waste dialysis fluid into fresh, usable fluid.

Also Read: Decoding digital preferences: A glimpse into the future of health tech ecosystem in SEA

In addition, we have spent significant effort to reduce the electromechanical parts and design complexity, which also helped reduce the overall device weight and footprint. This means that patients can now carry a compact, lightweight device that fits into a small carry bag, liberating them from the constraints of heavy machinery and extensive fluid requirements.

In your view, what are the most significant advancements in deeptech within the healthcare sector in Singapore?

One of the most significant advancements in deeptech within the healthcare sector in Singapore is the development of innovative medical devices and technologies that have the potential to revolutionise patient care.

Looking ahead, what are AWAK’s plans and aspirations for improving dialysis care and expanding the reach of your innovative PD device?

Kidney disease is on the rise worldwide, with an estimated 800 million people affected with CKD currently. And the efforts and innovation to bring valuable solutions to ease the burden of this disease need to catch up. We need breakthroughs that fundamentally revolutionise dialysis and kidney care.

With AWAK PD, we aim to offer a lifesaving solution that helps restore productivity and dignity with convenience and ease for millions of ESRD (end-stage renal failure) patients. We are also building complementary products to enhance our portfolio to support the broader population in the kidney disease space.

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In the world of the hyper-empowered consumer, competition among digital solutions is becoming intense. When it comes to broader macroeconomic transitions, the cost of capital to run and grow businesses is becoming very steep. Highlighting the significance of discovering methods to maximise cost-effective innovations that not only provide excellent value but also ensure customer satisfaction is crucial for sustained success in the market.

In order to efficiently allocate resources that deliver value to customers at a time when audiences seek personalised experiences, innovative strategies for your marketing campaigns are necessary. With the slew of new technologies available such as AI-powered tools, brands must explore, understand, and leverage innovation to create a hyper-personalised customer journey.

CleverTap in partnership with e27 and alongside the program partners, Kejora Capital and Skystar Capital, organised an exclusive event for businesses in Indonesia to equip them with the know-how to leverage innovative digital solutions that can enable and scale hyper-personalised experiences for their customers. The event, titled “Engagement Playbook Indonesia: Harnessing Automation and AI for Hyper-Personalization” was held on September 20, 2023, at the JW Marriott Grand Ballroom in Jakarta.

The program featured a series of active learning sessions including hands-on demonstrations of AI-enabled marketing solutions, with a focus on how these new technologies can be seamlessly integrated into business operations in building personalised experiences to attract, convert, and retain customers, thereby ultimately strengthening brand equity.

Top startups at Engagement Playbook Indonesia

Executives from Indonesia’s top startups in the e-commerce and education space joined the panel discussion with CleverTap. At the event, valuable insights and industry perspectives were shared by Steven Wongsoredjo, CEO and Co-Founder of Aplikasi Super, Indonesia’s first and leading social commerce platform; Fanky Mulia, Vice President of CLM Marketing for Blibli.com, the largest trusted online mall in Indonesia; and Margarita Tan, Chief Growth Officer for Cakap, an online school reinventing the language-learning experience through live instruction with native-speaking teachers and multimedia learning materials.

The panel was moderated by Joe Maulana, Country Manager for Indonesia at CleverTap.

Fanky emphasised the importance of integrating omnichannel engagement as opposed to preferring one channel over the other when it comes to best practices in customer engagement. With customers as the core focus, the Blibli team ensures that all customer channel touchpoints are managed in one repository to have a 360-degree understanding of the channel preferences of their customers, as well as to enable seamless transitions when customers engage with their products across multiple channels. 

Also read: Growth tailwinds poised to unlock the region’s startup potential

As the business grows, hyper-personalisation strategies adapt to accommodate a shift from managing thousands to millions of users, as pointed out by Fanky. It’s essential to effectively manage data in both scenarios. Engaging with users directly is key to improving how data is understood, offering a complete view as market segments develop.

When it comes to engaging one’s customers, Fanky shared, “Sending irrelevant offers to customers is worse than not sending them offers at all. If you’re not yet sure or specific about your offer, don’t push through with it or scale it.” His team at Blibli adopts the RFM model: recency, frequency, and monitoring in their digital marketing methods. Their recommendation engine builds on content that aims to continually offer relevance to their customers. 

The power of AI

Moreover, while automation allows businesses to scale, understand, and capture the right data, cutting through large quantities of information to segment and streamline personal digital marketing efforts effectively, to derive the right insights and make the right decisions, is of paramount importance. With the continued rise of AI, creating effective prompts is key to delivering the right customer engagement approach. “I’m hoping that marketers, in general, will also know how to be as generative as the AI that we use,” Fanky elaborated. 

Aplikasi Super primarily targets customers in rural areas, recognising that an immediate shift to a digital-first approach may not be feasible due to infrastructural limitations. Steven explained that their team adopts a combined marketing strategy involving both offline and online engagement to establish and nurture trust with consumers. By leveraging insights from historical data on consumer behaviour, they have successfully reduced customer acquisition costs from US$20 to under US$1. “Even though our company grows in its operations, we continue to make sure that everything stays simple for the customer to understand. Personalisation is about simplifying what matters for your users,” Steven elaborated.

Also read: Diverse range of startups make it to X-PITCH 2023 TOP100

Moreover, Steven believes that competing for customer attention is becoming more crucial. Making the customer journey simple and straightforward can mean faster load times for users with various devices and data availability makeups, translating into better user experiences.  This is why understanding what matters to users, and acting around that information is key for Aplikasi Super. For example, patterns around SKU preferences based on consumer segments by geographical location are something they have leveraged to deliver tailor-fit content, not only to retain customers but also to resurrect previous users who have dropped out. For Aplikasi Super, assessing purpose, resources, and actionability in managing data is pivotal.

“With purpose, once you set your north star metrics, you will know the data you need to track. With resources, you need to be realistic with what you have in order to track your data. With actionability, you need data that can help you pivot or change direction as needed,” Steven further explained.

An amalgamation of data sources

On the other hand, other companies believe that the secret to customer retention is by leveraging the importance of generating proper content to be distributed across various channels. “Generating content that customers enjoy and find relevant is the most important factor in both online and offline interfaces,” shared Margarita of Cakap.

An example of this is how the Cakap team launched new offline products where they experienced challenges in gathering data from various sources. In order to help them measure data more effectively and provide users with more useful content based on the gathered information, they had to embrace continuous learning and adaptability. By analysing data and consistently using it to interact with customers, they now understand which channels can best engage their users.

“The important point about delivering customer value is: how do we get back to the customer after we’ve engaged them?” Margarita shared. In Cakap, they segment their users by age given the varying needs of customers according to this segmentation in the lifelong learning journey. Customer motivations can span from general welfare to improving their career paths. They also categorise offerings based on this insight to deliver specific courses and general courses according to customer preferences. “There is no such thing as collecting too much data. We just need to know how to prioritise our data — that is, what data makes sense to use at present?” Margarita elaborated.

Also read: How PriyoShop is revolutionising the B2B procurement process

With entities gathering more data as the company grows, it is critical to know which information to prioritise based on whether they function as assets for your brand. This is because analysing historical data alongside on-ground activities can provide valuable insights into the company’s growth stage and its users.

As an EBITDA-positive company, Cakap is continuously challenged to keep building relevance for its customers. They use an omni-channel approach to provide both online and offline options. For Margarita, marketing is not only a cost but a process that involves both high-tech and high-touch methods, as well as building relationships with customers.

CleverTap’s commitment to empowering businesses in their customer engagement strategies

With all these valuable learnings and perspectives shared by industry experts, the Engagement Playbook Indonesia event sparked vibrant and insightful discussions that delved into the dynamic landscape of customer engagement. At the heart of these conversations was CleverTap, the all-in-one engagement platform that helps brands unlock limitless customer lifetime value by helping them create personalized experiences to retain their most valuable customers. The platform empowers businesses to orchestrate experiences for individuals across their lifecycles and design personalized journeys that span a lifetime. It offers analytics that encompasses every aspect of the lifecycle, enabling businesses to measure and optimize each experience in real-time. Its unique AI capability is insightful, empathetic, and prescriptive, facilitating smarter and faster decisions. The all-in-one platform unifies experiences from every touchpoint, paving the way for a new era of customer engagement.

This innovative platform empowers companies to navigate the future with confidence, seizing the reins of change through the adoption of hyper-personalised marketing strategies. By leveraging CleverTap, businesses can transform their customer interactions into finely tuned experiences that resonate with customers on an individual level.

In a time when personalised customer engagement is becoming increasingly important in the field of marketing, platforms that shed light on important issues surrounding the world of innovation are especially crucial for brands seeking to stay relevant. CleverTap’s Engagement Playbook Indonesia heralds a future defined by hyper-personalised marketing where each interaction resonates on an individual level, enabling companies to grow and evolve according to the new technologies that shape our world. 

For more insights on steering your business towards sustainable growth through pioneering customer engagement innovations, you may visit the official CleverTap page.

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

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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Our world as we know it is constantly evolving to make room for the latest and greatest invention, fad, trend, or piece of technology.

The changing landscape of digital payments

In the past few decades, technological advancement has shaped our ways of life to be nearly unrecognisable from those of the last century. All parts of our society have been affected, from how we travel, learn, communicate, and much more.

One specific facet of technological advancement, however, that has taken off in recent years has been our ability to send and receive payments online, also known as the digitisation of money.

The digital payment revolution during the pandemic

In 2020, tragedy struck with the rapid onslaught of the COVID-19 pandemic. People around the world were forced inside, forced out of work, and made to stay apart from each other. Social distancing and virtual communication became the norm.

Although this time period was easy on essentially no one, there are a few changes that we made as a society that have now become permanent parts of our lives. One of those changes is how we send and receive our money.

During the pandemic, cryptocurrency and digital wallets took over the payment industry. Because these avenues did not require physical contact, it was a no-brainer to make the switch in a time of distancing. Now, in a post-pandemic world, 41 per cent of Americans reveal that they no longer use cash in a given week.

The future of digital payments

Research has shown that in 2023, the number of US adults that pay with cryptocurrency will exceed three million, and the worldwide crypto payment value has reached about US$9.28 billion. Branches of cryptocurrency like Bitcoin and Ethereum piqued the interest of new and older users alike, and are now becoming much more accessible to businesses as well as the common man.

Also Read: Will tech salary overpayments end after the economic crisis?

PayPal has also taken off as a commonly used digital wallet option. One industry that has seen tremendous growth with the use of PayPal is the casino industry. With the help of digital wallets, these platforms can now distribute payment bonuses via the internet.

This allows them to reach larger audiences, provide a more secure way to receive earnings and do so much faster than ever before. The legality of such practices has also increased in recent years, making the world’s gamblers able to reap these benefits in more ways than one. 

Central bank digital currencies (CBDC) are also very popular amongst many eastern nations and territories. For example, China, Nigeria, India, the Eastern Caribbean, and Russia have all bought into the usage of this currency.

In addition, over 50 countries worldwide are currently in advanced planning stages to implement CBDC in their own society. For casino gameplay, these increased options for payout are global, satisfying the nearly 30 per cent of people who gamble online on any given day.

Expert predictions for the future of payments have never been brighter. Not only are popular casino games like blackjack, craps, and slots reaching return-to-player rates above 90 per cent but many other industries and territories are reaping the benefits as well. Nearly all global territories have seen an increase in payment revenue since 2020, with positive predictions moving forward into 2025.

The Asian Pacific and Latin American regions are seeing increases of 42 per cent and 40 per cent, respectively, while North American, European, and MEA regions are landing in the 20s. This growth can all be attributed to our society’s ability to adapt and change rapidly. General technological advancement is not going anywhere, and the days of physical transactions are long, long, behind us.

The modern consumer is concerned with digital wallets, credit and debit cards, and account-to-account transfers more so than ever. Businesses and services, such as the casino industry that are able to adapt to the change in the times will be those that succeed. Similarly, those who refuse to adopt the new norm will fall behind, unable to serve the needs of our evolving world. 

Final thoughts

The COVID-19 pandemic shaped us all, for the better or the worse. It tore down businesses, put a halt to education, and changed our world for years to come.

While the list of negatives may seem endless, one thing is for sure: Our time apart left plenty of room for problem-solving, leaving us with a new era of digital payments on our hands.

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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

Join our e27 Telegram group, FB community, or like the e27 Facebook page

Image credit: Canva

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Web3 technologies, like blockchain, cryptocurrencies and the metaverse, are enabling a new decentralized internet and a new world of digital assets.

This will have a profound impact on the global financial ecosystem. Banks and insurance firms are already using blockchain technologies and smart contracts to monitor and audit financial activities, improving transparency, speed, and efficiency.

Investors are building diversified portfolios that mix traditional assets with crypto, stablecoins, NFTs and other virtual assets. Businesses are seeking to create new revenue streams by offering online content or services based on micropayment models.

However, some market players remain cautious. The collapse of FTX, once the second-largest cryptocurrency exchange in the world, over just a few days in November 2022, was a stark reminder of the volatility of the crypto market.

Even some web3 proponents have raised concerns about the security and stability of the industry and the potential for criminals to misuse virtual assets to launder money and fund illegal activities.

Stricter oversight will be necessary to ensure the ongoing stability of financial services in the web3 world. Greater regulatory clarity will also create the appropriate conditions for the industry to flourish through innovation.

Evolving the financial ecosystem

To ensure stability, governments and regulators worldwide are considering how to regulate cryptocurrencies and DeFi. Approaches vary across jurisdictions.

In Asia, Hong Kong is emerging as a global web3 hub. The Hong Kong Securities and Futures Commission introduced a new virtual-assets regime in May 2023 with the announcement of rules allowing retail trading of cryptocurrencies by licensed exchanges.

Like traditional financial institutions, these newly licensed platforms must meet strict requirements around safe custody, asset segregation and cybersecurity to protect investors and prevent money laundering. The Hong Kong Monetary Authority is also developing a framework for the regulation of stablecoin transactions and licensed stablecoin businesses.

The European Union is taking a similar approach. Its new Markets in Crypto Assets (MiCA) legislation establishes rules for stablecoins and exchanges across the region. The US, on the other hand, is looking to apply existing laws to digital assets.

Its Securities and Exchange Commission is currently seeking court rulings on whether cryptocurrencies can be classified as securities and regulated accordingly.

Incentivising innovation and investment

In every jurisdiction, regulatory clarity is welcomed by legitimate web3 companies. It provides a level playing field to help them innovate and create new products that solve real-world challenges. It also strengthens market confidence through rules that protect investors and consumers and provide peace of mind for those adopting digital assets.

Hong Kong’s regulatory stance aims to enable web3 innovators to build a thriving local ecosystem and flourish. Among the local startups poised for growth is a decentralized finance firm that provides loans to China’s cross-border e-commerce merchants.

Another web3 firm helps financial institutions use speech recognition for compliance, risk management and workflow automation. An innovative web3 company deploys big data to help companies and investors solve environmental, social and governance (ESG) challenges.

Other technology companies are working together to create a virtual assets hub that provides opportunities for web3 innovators to collaborate with one another, connect to sources of capital, access an exceptional talent pool, and build partnerships with traditional financial service leaders and other leading global enterprises.

Supporting enterprising web3 innovators

Hong Kong is home to more than 600 fintech firms and nine unicorns, and these numbers are increasing at pace. By June 2023, more than 150 new web3 firms have set up operations at Hong Kong Cyberport.

The city’s innovation hub had earlier received a US$7 million government investment to promote the development of web3 startups using blockchain technology.

In addition, the HKSAR government has set out its position to build a vibrant ecosystem in its policy statement last October and reiterated its commitment to promoting sustainable and responsible development of the city’s virtual asset sector, including its web3 ecosystem.

It further established a task force, chaired by the Financial Secretary, to promote web3 development last June.

Hong Kong Science and Technology Parks Corporation (HKSTP) is another key part of the local innovation ecosystem. It graduated a record 437 entrepreneurs from its incubation programmes in May 2023, with 61 per cent converted into Science Park companies for commercialization of their technology-driven business ideas.

HKSTP also saw the total company valuation of startups in its Acceleration Programme grow over 250 per cent from 2021-2022, with capital investment doubling over the same period.

These successes reflect Hong Kong’s growing importance as a web3 innovation hub in which entrepreneurs can seek resources, grow their networks, and capture business opportunities.

[1] For reference only: Qupital is the decentralised financing firm that provides loans to China’s cross-border e-commerce merchants. Fano Labs helps financial institutions use speech recognition for compliance, risk management and workflow automation. MioTech deploys big data to help companies and investors solve environmental, social and governance (ESG) challenges.

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Concerns have been raised about how far blockchain technology, the basis for crypto asset trading platforms, may be taken in the broader financial services industry.

The blockchain system has been called a “quiet revolutionary.” At its heart, it is a decentralised database that maintains a growing catalogue of data in the form of blocks. When it was first introduced, it facilitated the beginnings of decentralised finance by allowing crypto assets to be traded.

Although at first glance, blockchain and cryptocurrencies appear to be the same thing, blockchain has a far wider scope. Blockchain technology might be implemented to track commodities, provide digital IDs, and simplify information sharing.

While blockchain has become synonymous with digital currency, it is unclear if the technology is being exploited to its full potential across the financial services industry as a whole.

Putting the blockchain to use in the financial sector

The blockchain’s potential benefits are “slowly but surely” becoming apparent to the financial services industry. This is because blockchain’s role as a fraud protection for cryptocurrencies may appear very different from its use in traditional financial institutions.

Until open banking standards are fully implemented, and smart financial contracts are introduced as a mechanism to rectify the current impediments to adoption, legacy institutions will be able to begin implementing blockchain-based innovations. This is essential before blockchain’s full promise can be achieved.

Also Read: Decentralisation, AI, and blockchain: Crafting the future of civilization

The use of smart financial contracts to ensure uniformity would make it feasible to record legally binding obligations, such as those pertaining to a mortgage, on the blockchain so that they can be read and executed by computers.

The genuine financial potential that has been missing until now will be realised, and the established financial world will gain fresh stability as a result.

Traditional financial services may also stand to gain from blockchain technology. Asset tokenisation will become a useful tool for streamlining the issuing of securities and expanding participation in previously inaccessible asset classes.

Private equity is a prime example of the limited funding options available to private enterprises such as startups. The tokenisation of assets improves the liquidity of these enterprises by opening up new markets to them.

Challenges in scaling blockchain

While the potential for blockchain to be used in conventional financial institutions is obvious, it will require massive scaling if it is to be adopted.

However, challenges arise because of this. Energy consumption concerns have been raised in relation to the conventional Proof of Work (PoW) architecture used by Bitcoin and other crypto networks.

However, the Proof of Stake (PoS) mining approach, which consumes less energy, maybe the future for banks. Since making the conversion from PoW to PoS, Ethereum, a platform for trading cryptocurrencies, has seen a 99 per cent reduction in the amount of energy required to secure the network.

In order to meet anti-money-laundering and anti-fraud regulations at larger scales, blockchain systems will need to develop novel techniques to perform real-time analysis on many more transactions.

Blockchain’s bright future

Therefore, even though the road to widespread adoption of blockchain technology in conventional financial services is still a little bit unclear, the standardisation of blockchain-powered financial assets, such as CBDCs, is moving forward.

Any assets that do not embrace standardisation will be at risk of not complying with regulations as these regulations become more stringent. There is always the possibility of exceptions, but if a project’s goal is to be supported by significant financial players, then it will almost certainly take this approach.

When fully implemented, financial assets that are tokenised have the potential to bring about more liquidity as well as new kinds of financing for the entire economy.

The tokenisation of physical assets may one day represent a market worth multiple trillions of dollars. However, in order for blockchain technology and cryptocurrency to become the norm in the future, significant strides need to be made in the areas of regulatory harmonisation, standardisation, and technology.

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Malaysian energy giant PETRONAS has announced the top 25 startups from the Asia Pacific graduating from its technology accelerator programme, FutureTech 3.0, which was powered by StartupX.

The startups — operating across sustainability, the future of energy & mobility, industry & work, chemicals & materials, and frontier technology — have undergone 16 weeks of acceleration and mentorship. The programme serves as a platform for the energy group and its regional corporate partners to influence the tech-driven startup ecosystem by serving its business needs and creating a positive socio-economic impact for the community and the nation.

The PETRONAS FutureTech 3.0 Demo Day will happen in Kuala Lumpur on October 31.

Check out the 25 startups graduating from FutureTech:

A2Tech (Malaysia)

A2Tech specialises in building and developing robotics solutions, primarily focusing on inspection for dirty, difficult and dangerous jobs. It has developed three robotic systems for duct inspection and cleaning, tank inspection and cleaning, gas inspection and pipeline inspection using its differential mechanism mobile robotics technology.

Augmentus (Singapore)

Augmentus uses intelligent 3D scanning and AI robot motion planning systems to enable no-code robot programming in minutes. Its proprietary technologies enable rapid digitisation of the work environment, automated robot path generation, and an intuitive graphical interface that eliminates the need for coding and CAD files in robot teaching.

Beep (Singapore)

Beep builds common networks in fragmented ecosystems empowered by IoT to drive data interoperability and better user experiences. It claims to have helped power over 33 million transactions across thousands of touchpoints in five countries.

Also Read: Botsync’s automatic mobile robots want to lift APAC’s logistics sector to the next level

Botsync (Singapore)

Botsync builds heavy-duty autonomous mobile robots to help companies transition from manual operations to automation in less than a week. Its solution automates the movements of loads such as pallets, trolleys, cages, and custom structures across existing factory floors and warehouses with minimal changes to current infrastructure.

DiviGas (Australia)

DiviGas has invented a new process for manufacturing membranes (used for hydrogen recovery and purification). The membrane fibre developed by DiviGas can replace complex, energy-intensive, and toxic sorbent-based alternatives.

Enoku (Malaysia)

Enoku aims to bridge the gaps between persons with disabilities and employers. For persons with disabilities, it levels the playing field in employment to ensure everyone will receive the same opportunity and maximise their employment duration. For employers, it assists in reimagining their business strategy to eliminate systemic bias, spark broader social change, and create competitive advantage.

Entomal Biotech (Malaysia)

Entomal focuses on biowaste treatment and organic by-product upcycling by utilising the larvae of the black soldier fly. It was founded to create regenerative economics, also known as circular economy, a holistic solution for humanity’s crisis (food security, climate change).

Evfy (Singapore)

Evfy provides a 100 per cent electric van fleet, warehouse, and proprietary technology with zero-carbon emissions aimed at last-mile logistics.

Hydrexia (Australia)

Hydrexia specialises in solid-state hydrogen storage equipment that stores hydrogen in solid form based on a proprietary magnesium alloy. This technology enables hydrogen to be stored more economically with less space and weight, at much-reduced pressure and with increased safety. This enables existing merchant hydrogen markets to be serviced better for lower cost and increases the potential of hydrogen as a clean energy carrier.

ION Mobility (Singapore)

ION Mobility is a smart electric motorbike company. It aims to lead the region’s transition towards a low-carbon economy with consumers’ electric and electric mobility products. It wants to provide clean alternatives for urban users to alleviate urban air pollution and lead the transition to electric vehicles across Southeast Asia, starting with motorbikes. The plan is to convert the 200-plus million motorcycle users from petrol to electric to drive a sustainable future in Southeast Asia.

Kazam (India)

Kazam is creating an ecosystem in the EV space, a super app for all charging needs of an individual driver. It also builds ERP software for organisations to manage charging hardware to control, assess, analyse and manage CPs and fleets. It also creates micro-entrepreneurs, who can own plug-and-play charging stations, which are IoT-enabled for unmanned management and monetisation of energy & parking space.

Also Read: Gobi, Petronas arm join forces for sustainable innovation in SEA, Greater Bay Area

Magorium

Magorium is a deep-tech startup with a solution to the plastic waste problem. Its technology converts contaminated and unsorted plastic into a new road construction material to pave greener roads. This aims to create a more sustainable construction sector using waste-derived materials.

Midwest Composites (Malaysia)

Midwest Composites is a composite engineering firm specialising in providing solutions to companies interested in using advanced composites and biocomposites in their business to help them realise their full potential. Its products primarily include Glass Fiber Reinforced Polymers (GFRP), Carbon Fiber Reinforced Polymers (CFRP) & Natural Fiber Reinforced Polymers (NFRP).

MYCL (Indonesia)

MYCL creates a sustainable leather-like material with mushroom technology called MYLEA. It’s an environment-friendly and recyclable material made from agricultural waste bound together with mushroom mycelium.

Semart (Malaysia)

Semart aims to provide street vendors with clear business insights, simultaneously improving their business operations. This enables them to make informed, timely and profitable business decisions and further explore growth opportunities for their business.

Open Energy (Singapore)

Open Energy offers HyperSwap, an advanced and cost-effective EV fleet battery swap solution. Its stations integrate into existing energy infrastructure, acting as distributed energy storage units to stabilise the grid.

Accacia (India)

Accacia is an AI-enabled platform to help real estate and infrastructure companies (developers, asset managers, financial institutions, operators, and governments) meet their net-zero goals. Its platform automates the measurement of scope 1, 2, and 3 carbon emissions for operating assets and embodied carbon for under-construction assets. It allows companies to track emissions at the asset and portfolio levels with full consideration of organisational boundaries defined by the GHG Protocol. Along with asset-level emissions, our platform helps asset managers track environment-related climate risks for their portfolios.

Also Read: PETRONAS FutureTech 2.0 to catalyse tech startup innovation in the energy sector

Qarbotech (Malaysia)

Qarbotech is a nanotechnology-enabled agritech provider in Asia for sustainable agriculture and horticulture. It encourages the adoption of sustainable products and technologies among agropreneurs. The firm builds professional knowledge, skills and competence in agropreneurs and a circular bio-based economy for agriculture and horticulture.

SAPOT Tech (Malaysia)

SAPOT is a digital self-care and social support platform that helps young adults with poor mental wellbeing to manage their thoughts and emotions.

SunGreenH2 (Singapore)

SunGreenH2 transforms green hydrogen production from electrolysis with proprietary technology to manufacture high-performance, low-cost electrolyser components using advanced nanostructured materials.

Tigasfera (Malaysia)

Tigasfera is an industry innovator in sustainability with a primary focus on waste-to-energy by developing distributed energy systems that convert waste at the point it is generated into energy at the point it is needed.

Also Read: Malaysia’s Petronas sets up US$350M VC fund to invest in tech startups around the world

TraceX (India)

TraceX is a next-generation digital agriculture platform that leverages blockchain to connect multiple participants across the food and agri supply chain and help them securely exchange verifiable and auditable data.

V-Cred (Malaysia)

V-Cred is an AI software startup that helps companies perform due diligence with less time.

Wildfire Energy (Australia)

Wildfire Energy is a renewable energy startup developing technology for gasification and waste-to-energy applications. Wildfire has developed a gasification process to enable the cost-effective conversion of low-value biomass and waste feedstocks into high-quality syngas for electricity generation and the production of fuels and chemicals.

Zapp World (Malaysia)

Zapp is a sustainable, decentralised decarbonisation climate-tech venture. Its focus is on commercialising technologies that drive decentralisation and decarbonisation solutions. It partners with corporates to accelerate the transition to net zero, fostering joint ventures and partnerships that make a real impact.

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Image Credit: PETRONAS

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At the recent Gamescom Asia 2023 event in Singapore, Agate Chief Strategy Officer Cipto Adiguno spoke to the press about the significant changes that the Indonesian gaming industry has gone through.

According to him, there are two critical points that affected the company’s business significantly: the rise of mobile gaming that followed the popularity of internet cafes in the early 2000s and the appearance of digital payment options in the market.

“Low credit card penetration in Indonesia means that players have limited options, but the appearance of e-wallet allows users to purchase games more easily. This led to a sharp increase in our company’s sales,” Adiguno said before a panel discussion at the event.

“Game-playing also becomes an increasingly social activity. This does not apply only to multiplayer games. Back in the era of internet cafes or even game arcades, we often play by ourselves—but we also go to these places to meet friends. People today play games to allow them to socialise, being part of the cool kids even just from being able to talk about playing these games.”

These changes also affect the strategy that Agate uses for its business.

Also Read: Ampverse Web3 lead: Web3 integration in gaming is inevitable, yet challenges persist

“We had games that were specifically targeted for the Indonesian market, such as Memories: My Story, My Choice and Code Atma. [However,] in Indonesia, we learn that we cannot treat all users as a single persona,” he explained.

“Indonesia has a big population with diverse cultural and economic backgrounds; their behaviours vary greatly. This is why we give up on publishing this year because we realise that with this kind of situation, it will require a huge budget to get to a critical point where everyone is called to play a particular title. This is why this year we focus on development.”

Seizing opportunities in the global market

Agate is a Bandung-based game development company with a history that goes all the way back to 2009 when the company bootstrapped its operations as a student-founded business.

In the gaming industry, companies usually operate by either providing game development services for other businesses or developing their own unique content, but Agate operates by combining both aspects in its revenue model.

Adiguno highlights that the original titles that Agate produces allow them to showcase their skill range to potential clients and secure them as businesses.

Also Read: Industry veteran Marc Mercuri on how blockchain revolutionises gaming for players, creators

“Most game developers in Indonesia have their strengths in their ability to tell stories but remain challenged in the technical aspect of game development such as programming. This led them to focus on developing narration-driven games as it does not require deep technical skills. Instead, it focuses on the ability to create background stories, including those based on Indonesian folklore that they incorporate into the game,” he said.

“We are becoming a more globally oriented company with clients expecting us to be able to translate their stories into a unique game. They need us to be able to translate these stories into a fun game which requires high technical skills.”

Next year, Agate predicts that 2024 will be a turning point for the Indonesian gaming industry.

“People begin to see Indonesia’s potential, that there are indeed good products. Especially with upcoming government regulations to protect the gaming industry. We have more and more international companies reaching out to work together with us.”

To help support its acceleration goal, Agate is currently fundraising for its latest funding round.

“We no longer see ourselves as the biggest Indonesian gaming company. We see ourselves as competing with the global players. We use our advantages as an Indonesian company to win over opportunities.”

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Image Credit: Agate

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