In an era defined by rapid technological advancement, the landscape of customer engagement is evolving at an unprecedented pace. Enterprises worldwide are seeking innovative ways to stay ahead, and at the forefront of this revolution is Vonage, a trailblazer in making communications more flexible, intelligent, and personal. Their suite of offerings includes unified communications, contact centres, conversational commerce and communications APIs, all built on a fully programmable cloud communications platform.

In partnership with e27, Vonage is set to host a groundbreaking conference in Malaysia at the Pullman Hotel Kuala Lumpur on November 2, 2023. Aptly titled “Navigating the Customer Experience: AI’s Impact on Omnichannel Touchpoints”, this event aims to provide actionable insights into the role of emerging technologies in customer engagement, delving into the realm of AI’s influence on omni-channel touchpoints and the dynamic customer experiences it fosters.

The AI landscape for customer engagement in Malaysia

With a burgeoning middle class and a digitally savvy populace, Malaysia’s consumer landscape has undergone a remarkable transformation.

Customers today seek seamless, personalised experiences across a multitude of channels, from online platforms to brick-and-mortar establishments. This shift in consumer behaviour demands a recalibration in how businesses engage with their clientele. Embracing innovative technologies, particularly in the realm of Artificial Intelligence, is no longer a choice, but a strategic imperative. By harnessing the power of AI, businesses can not only meet the evolving demands of their customers but also position themselves at the forefront of Malaysia’s dynamic digital frontier. This forward-thinking approach is integral in not only attracting new customers but, crucially, retaining them in an increasingly competitive market.

Also read: Taking customer engagement to the next level with hyper-personalisation

With Malaysia standing at the nexus of a burgeoning AI landscape, the country is poised to redefine customer engagement strategies. With the integration of AI technologies, enterprises are on the cusp of unlocking a new dimension of customer interactions. From chatbots to virtual assistants and video/voice-based AI, these innovations are revolutionising the way businesses connect with their clientele. As such, businesses must learn the ropes around harnessing new technologies to bolster their customer experience strategies.

Trends and impacts of AI adoption

Within the Malaysian business ecosystem, AI adoption is more than a trend; it’s a transformative force. Chatbots that provide instant, personalised responses, virtual assistants that anticipate customer needs, and AI-driven video and voice interactions are becoming indispensable tools. These technologies are not only streamlining operations but also enhancing user experiences across diverse industries like e-commerce, travel, fintech, and government services.

However, as with any innovation, challenges arise. Malaysian organisations grapple with linguistic diversity and connectivity issues. Overcoming these hurdles necessitates the integration of emerging AI technologies. These advancements are poised to not only shape customer engagement strategies but also have a profound impact on marketing and product development in ways that enable businesses to focus on broader, long-term goals.

Sustainability and integration strategies

As Malaysia’s digital landscape is becoming increasingly prominent, the need for sustainable and scalable AI solutions is paramount. Vonage, with its forward-thinking approach, addresses key considerations: affordability, ease of integration, and customer acceptance. Through the showcase of successful Malaysian case studies, the event aims to exemplify how AI can offer a slew of solutions to present-day challenges faced by businesses, such as addressing fraud and data privacy concerns while simultaneously enhancing the customer experience, among others.

Uncovering the amplified impact of AI on customer engagement

As businesses embrace AI, they unveil an entirely new dimension of customer interactions. Join “Navigating the Customer Experience: AI’s Impact on Omnichannel Touchpoints” to learn how this integration amplifies customer engagement, leading to transformative business outcomes.

Also read: Learn how to Harness AI for cost-efficient strategies with GDP Labs CEO & CTO

The event will feature industry leaders and experts from various areas of the customer experience vertical, including Santhakumaran Atmalingam, Founder of CX EXPERT ASIA, Elizabete Kalnozola, Advisory Board Member of Girls in Tech Kuala Lumpur, Sena Thevaratnam, Group Head of Customer Support of Valiram, Poo Kuan Hoong, Lead Data Scientist, RGM of BAT, and Desmond Koh, SEA Head of Sales for Vonage.

They will be joined by more thought leaders who stand at the forefront of sculpting the conversational AI landscape for customer engagement, pushing the boundaries of what’s possible.

Your perspective matters

Your unique perspective is an invaluable addition to the ideas that will shape the future of customer experience. Don’t miss out on this transformative event. We look forward to interested participants who are eager to explore the possibilities of AI’s impact on omni-channel touchpoints on November 2, 2023, at Pullman Hotel Kuala Lumpur, for an exciting series of discussions that promises to redefine the future of customer engagement in Malaysia.

For more information, visit the official event page here.

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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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Dear Pro member,

McKinsey’s latest report on global fintech funding reveals a significant shift in the industry’s trajectory. After a remarkable 177% YoY increase in 2021, fintech funding experienced a 40% YoY decline from US$92 billion to US$55 billion in 2022, largely attributed to a market correction. Despite this drop, over a five-year period, fintech’s share of total VC funding remained relatively stable at 12%, with only a marginal 0.5% decrease in 2022.

The report identifies the industry’s transition into a new era marked by a more conservative approach. Fintechs are moving away from the previous trend of rapid growth at all costs and embracing a slower, steadier pace. This shift is necessary due to the challenging and uncertain macroeconomic environment, fewer IPOs, and a decline in new unicorn creation.

Furthermore, the report emphasizes the growing influence of emerging markets, such as Asia Pacific (excluding China), Africa, Latin America, and the Middle East, in fueling fintech revenue growth. These regions represented 15% of global fintech revenues in 2022, with an estimated increase to 29% by 2028.

In addition, the report highlights the significance of generative AI in banking and suggests that fintech firms should focus on talent strategy and change management to harness the additional revenue potential it offers. Despite the funding decline, the fintech industry is still thriving, with publicly traded companies and unicorns demonstrating substantial growth, pointing to its continued importance in the financial sector.

Sainul,
Editor.

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Despite decline, global fintech funding remains fairly stable: report
According to the McKinsey report, global fintech funding declined 40% YoY to US$55B after a 177% rise YoY in 2021; However, on a five-year period, fintech funding as a proportion of total investment remained stable at 12%.

Temasek leads US$384M round of Ola Electric
The funds will be used to expand Ola’s EV business and to set up India’s first lithium-ion cell manufacturing facility in the southern state ofTamil Nadu; The company plans to launch an IPO in 2024.

EBay founder-backed VC firm secures US$350M funding
Flourish Ventures is an early-stage fintech investor; Flourish was spun out from the Omidyar Network; Flourish has invested in 71 fintech startups worldwide – including seven unicorns – and counts eBay founder Pierre Omidyar as its sole LP.

YouTrip lands US$50M for Southeast Asian expansion
Lightspeed Partners is the lead investor; YouTrip will use the capital to expand into Indonesia, Malaysia, the Philippines, and Vietnam; The multicurrency wallets firm claims to have processed about US$10B in annualised transaction volume to date.

Inteluck closes US$34M Series C round to expand regional footprint
The investors are Navegar and East Ventures; Inteluck provides tech-driven supply chain services to enterprises, spanning full truckload transportation, warehouse management, and international freight forwarding.

Singapore-based WeBuy Global raises US$15M in Nasdaq IPO
The social commerce and travel firm plans to use the funds for product development, marketing, and expansion into new markets; As of June 2023, the company has over 10M registered users and 100,000 active merchants.

Kopi Kenangan co-founder’s new VC fund hits US$12M first close
Kopital Ventures raised US$12M from Saison Capital, Trihill Capital, Impack Ventures, and others; The fund is focused on early-stage startups across Southeast Asia, mainly in Indonesia, to invest in 30-40 companies within the next three years.

Digital currency payment startup Triple-A nets US$10M
The investors are Peak XV Partners and Shorooq Partners; Triple-A is a digital currency payment institution that enables businesses to pay and get paid in both traditional and digital currencies, volatility-free.

Singapore’s car-sharing platform Drive Lah banks US$5M
The lead investor is ComfortDelGro; The two companies plan to collaborate on car connectivity and navigation tech initiatives; ComfortDelGro Australia will also provide up to 3,000 vehicles for Drive Mate, which is Drive Lah’s brand in the country.

Circulate Capital joins bio-based plastic firm Algenesis’s US$5M seed round
MIH Capital, Diamond Sports Group, and RhinoShield also participated; Algenesis will use the new funds to expand Soleic product lines into breathable waterproof textiles and injection moulded products like phone cases.

Qiscus raises US$2M from Bukalapak co-founder’s VC firm Init6
Qiscus provides an omnichannel customer engagement platform that helps businesses improve CX; The company said it has acquired 50M+ users in 10 countries in SEA; It will use the funding to accelerate SEA expansion.

Better Bite Ventures invests in Fattastic, Pivot Eat, Everything But
Fattastic enhances plant-based meat and dairy’s sensory and functional attributes, while Pivot Eat improves the structure and scalability of whole-cut meat alternatives; Everything But is a cultivated meat startup focused on pet food.

Moosa Genetics secures funding from East Ventures
Moosa leverages embryo transfer technology and innovative gene selection techniques like CRISPR to improve cattle breeding and beef production; By doing so, it improves meat yield and quality and, at the same time, also reduces the costs.

Indonesian market regulator OJK restricts Akulaku’s BNPL services
Akulaku has allegedly violated the supervisory obligations required by the government agency for BNPL offerings; The OJK is now asking the firm to adjust its business to comply with these rules.

Bangladesh-based Arogga gets US$4M to fight counterfeit drugs
The investors include The Venture Collective, Blue Collective, Iterative, Stella Maris Partners; Arogga aims to nip the counterfeit medicine issue in the bud by making genuine and affordable medication more accessible.

How AWAK alleviates dialysis patients’ pains using a lightweight device
Weighing 3kg, the AWAK device offers a wearable and ultra-portable dialysis solution, allowing patients to experience dialysis on the go.

How Chronicle taps into fan economy to bridge NFT and entertainment industries
Chronicle provides NFT-as-a-service for major companies in the entertainment industry, helping them reach out to fans.

How Tack One saves lives through an automatic flood detection device
Housed in a cube measuring only 8cm, the device can be installed as a standalone device with no additional equipment or infrastructure required; Once set up, the device autonomously monitors water level changes and triggers real-time alerts.

Logistics, supply chain industries need to unveil the Northstar of AI integration: Quincus
Quincus CEO Jonathan Savoir points out that companies need to solidify their digital transformation strategy and take it step by step.

Accelerating Asia on building a company culture that fosters innovation and inclusion
To achieve its mission, Accelerating Asia needs to implement an organisational culture that supports and promotes the values they live by.

Oyika revolutionises e-motorbikes in SEA with subscription plans, battery-swap stations
Oyika transforms the region’s motorbike landscape with smart e-motorbikes, affordable subscription plans, and off-grid electricity solutions.

How Singapore’s universities nurture future investment leaders
Singapore’s universities actively foster entrepreneurship and innovation skills among students, enabling them to thrive in dynamic business landscapes.

Rising above the noise: Why startups shouldn’t chase every news cycle
In such a dynamic environment, how can startups avoid being swayed by every headline? Should startup founders participate in these discussions?

How cybersecurity teams can involve HR to optimise incident response
Integrating HR into your cybersecurity strategy, from pre-incident training to post-incident follow-ups, adds an extra layer of security.

Skate to where the puck will be: How category design gives you a breakaway
True category leaders take a look at the current state of play and think beyond where the current players are positioned.

The future of startup fundraising in Singapore
Taking a deeper look into Singapore’s startup ecosystem by exploring some of the more popular means for startup fundraising.

Charting your equity course: Navigating funding rounds for startup success
A well-organised cap table attracts investors and ensures sound financial health for your startup throughout its funding journey.

Neuroscience to the rescue: How startups can dodge burnout
Startup founders, at risk of burnout, can gain insights into managing and preventing it by exploring stress and productivity neuroscience.

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The image used in this article is AI-generated.

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Mandiri Capital, a corporate VC arm of Indonesia’s Bank Mandiri, has launched a joint venture with early-stage VC firm Investible to establish a new climate tech fund.

Once fully established, Mandiri Investible Global Climate Tech Fund will leverage the expertise and resources of both VC firms to identify, invest in and support climate tech startups in the Southeast Asia and Oceania regions.

Also Read: Tack One aims to revolutionise extreme weather preparedness with innovative flood detection device

The new fund will explore opportunities in key sectors identified by the UN Environment Program (UNEP), such as energy, transport, buildings and cities, industry, food, agriculture, and forests and land use.

This climate fund offers a sustainable investment alternative in a region facing significant environmental challenges. Where the fund focuses squarely on climate technology, the initiative aligns with market demands and advancing regional sustainability goals.

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

This fund is a continuation of the Indonesia Impact Fund’s (a fund managed by state-owned Mandiri Manajemen Investasi) mandate to create a bigger impact on supporting the Net Zero Emissions Initiative, together with the APEC Business Advisory Council and UN Development Program to contribute to the archipelago’s sustainable development.

The new climate tech fund looks to tap into the growing economic interdependence between Australia, Indonesia, Singapore, and the broader Southeast Asian region. Up to 30 per cent of the fund’s investments will be exclusively allocated to Indonesia.

Launched in 2021, Investible’s Climate Tech Strategy has reviewed over 3,200 opportunities across 20 countries, deploying 19 investments.

Also Read: How blockchain can enhance sustainability in fashion

Investible CEO Rod Bristow said: “Mandiri Capital recognised the unique opportunity presented by Investible’s proprietary early-stage investment process, methodology, global networks, and experience as an early-stage climate tech investor. We believe the fund will deliver a unique combination of net zero outcomes and financial benefit for investors.”

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The She Loves Tech Global Conference 2023 concluded on Friday with the announcement of Aprisium as the winner of She Loves Tech Global Startup Competition 2023. The startup was the first Singapore-based company to be named a winner of the competition.

In addition to Aprisium, She Loves Tech also announced The Coring Company and Rayo as second and third winners of the startup competition.

It also awarded Dark Kak with the Catalyzing Women’s Entrepreneurship Award presented by the Economic and Social Commission for Asia and the Pacific.

Aprisium builds a technology that allows industries to monitor and enable industrial waste treatment. By winning this competition, it won a US$20,000 equity-free cash prize and other prizes such as AWS credits.

The Coring Company aims to make mining more sustainable while Rayo builds a browser that helps people with disabilities access the internet more easily.

Dark Kak creates jewelleries that allows women to record and report criminal activities that happened to them.

Also Read: 

As the world’s largest startup competition for women and technology, the competition hosts 29 regional rounds across 70+ countries, before culminating in the grand finals in Singapore.

The organising committee noted in a press statement that AI emerged as the top theme from the startups this year. Among thousands of entries across technology sectors, it is seeing a fascinating evolution and expansion of how AI is being used to solve problems.

She Loves Tech celebrates its ninth year with the She Loves Tech Global Conference October 26-27 in Singapore. The conference is the culmination of a worldwide startup competition celebrated over a two-day schedule of talks, workshops and the announcement of the winner on Friday.

This year’s theme of METAMORPHOSIS addresses the current ‘tech winter’, a period of prolonged, significant downturn in technology investments and business activities, and will debate the rising tension between rapid advancements in technology, such as AI and data collection, and the impact on life, society and the natural world.

Notable speakers at the event include acclaimed author Nir Eyal who shares insights from his latest book Indistractable: How to Control Your Attention and Choose Your Life, esteemed Singaporean VC Jenny Lee, and former Singaporean politician and entrepreneur Penny Low.

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Flux Series: Marketing Leaders is happening at the St. Regis in Jakarta, Indonesia, on 15 November 2023. Are you working in the field of marketing? Don’t miss out on this focused and curated event designed especially for marketing professionals!

Visit Flux Series: Marketing Leaders for more information! Read on to get discounted tickets.

In the rapidly evolving landscape of marketing technology, the integration of artificial intelligence (AI) is revolutionising how businesses approach their operational processes and workflows. AI-powered tools and algorithms have the potential to significantly enhance efficiency, accuracy, and scalability in these areas. Moreover, with the increasingly hyper-personalised needs of today’s market, businesses can leverage AI to achieve automation in operational processes within their marketing tech stack.

The AI marketing tech stack refers to the combination of software, tools, and technologies that leverage artificial intelligence and machine learning to optimise marketing efforts. It encompasses a wide range of functionalities, including customer segmentation, personalisation, content generation, predictive analytics, and more. As AI continues to advance, so too does the potential for automation within marketing operations.

Also read: Learn how to Harness AI for cost-efficient strategies with GDP Labs CEO & CTO

Automation in marketing operations offers a multitude of benefits. Firstly, it enhances efficiency by streamlining repetitive tasks, allowing marketers to focus on high-level strategic initiatives rather than getting bogged down in manual processes. This leads to more efficient use of resources and increased productivity. Moreover, AI-driven automation minimises human error, ensuring that tasks are completed with a high level of accuracy and consistency. This is particularly crucial in areas like data analysis and reporting.

The benefits of automation

As businesses grow, manual processes can become a bottleneck. Automation allows for seamless scaling, enabling companies to handle larger volumes of work without proportionally increasing their workforce. Additionally, AI-powered systems can process and analyse data in real-time, providing marketers with up-to-the-minute insights. This enables agile decision-making and the ability to respond swiftly to changing market conditions.

Within the future AI marketing tech stack, several key components drive automation. Customer segmentation and personalisation, for instance, leverage AI algorithms to analyse vast amounts of customer data. This enables the creation of highly targeted and personalised marketing campaigns. Natural Language Processing (NLP) and machine learning algorithms also play a crucial role in content generation. They can generate written content such as product descriptions, emails, and social media posts. This not only saves time but also ensures a consistent tone and style. Predictive analytics, on the other hand, utilise AI models to analyse historical data and predict future trends and consumer behaviour. This informs marketing strategies and allows for proactive decision-making.

Also read: Braze: Top customer engagement platform will be at Flux!

Other than these innovations, automation also encompasses other aspects of customer touchpoints such as chatbots which, when powered by AI, can become instrumental in handling customer inquiries, providing personalised recommendations, and even facilitating transactions. This enhances customer experience while reducing the burden on support teams. Automated email campaigns benefit from AI’s ability to optimise by segmenting audiences, determining the best send times, and even customising content for each recipient.

Challenges and the need for knowledge-sharing

While the benefits of automation in marketing operations are substantial, challenges exist. One significant challenge in achieving automation in operational processes within the future AI marketing tech stack lies in the knowledge gap among marketing teams.

As technology advances rapidly, it becomes increasingly challenging for marketers to keep up with the latest developments in AI and its integration into marketing processes. Understanding the intricacies of AI algorithms, machine learning models, and their applications in customer segmentation, personalisation, and predictive analytics requires specialised knowledge. Bridging this knowledge gap necessitates comprehensive training programs, ongoing education, and access to resources that empower marketers to effectively leverage AI tools. Without a solid understanding of AI capabilities, there’s a risk of underutilising the technology or misaligning it with your organisation’s marketing objectives.

Get discounted tickets today!

Additionally, there may be a disparity in the level of technical proficiency within marketing teams. While some team members may have a strong foundation in AI and data science, others may have limited technical expertise. This knowledge gap can lead to challenges in implementing and managing AI-powered solutions seamlessly. Effective communication and collaboration between technical experts and marketing professionals become crucial to bridge this gap. Providing accessible, user-friendly AI tools and fostering a culture of continuous learning and skill development can help mitigate this challenge and ensure that automation efforts are maximised for operational efficiency in marketing workflows.

Flux Series: Marketing Leaders

With all these challenges in place, Flux Series: Marketing Leaders offers a curated program tailored specifically for marketing professionals, providing them with in-depth insights into the latest advancements in AI technology and its applications in marketing operations.

Through a combination of hands-on workshops, roundtable discussions, and content stages, Flux Series equips marketing leaders with the practical skills and strategic understanding needed to effectively integrate AI tools into their operations. By fostering a learning environment that encourages collaboration between technical experts and marketing teams, Flux Series empowers professionals to harness the full potential of automation, ensuring that they stay at the forefront of innovative marketing practices in an ever-evolving technological landscape.

Also read: Adjust: Leader in app marketing will be at Flux Series!

As such, Flux Series: Marketing Leaders will be featuring a panel discussion on Achieving Automation in Operational Processes and Workflow in the Future AI Marketing Tech Stack. This panel will feature a slew of industry leaders who will be sharing their unique perspectives on how marketers today can leverage AI and automation to empower their brand.

Meet the speakers

Adrian Hoon is the COO / CMO of Global Poin Indonesia, the leading operator of GetPlus coalition loyalty program in Indonesia. He is a seasoned business development and marketing professional with over 20 years of marketing and technology industry experience in Asia Pacific. Adrian champions and leads his teams to formulate strategies and marketing solutions that drive marketing ROI and efficiency for industry-leading Travel, Retail, Media, CPG, Insurance and Telecom companies in the region.

PT Global Poin Indonesia is the operator of GetPlus, a free membership coalition loyalty program in Indonesia. Our members earn reward points from their everyday shopping from our wide range of online and offline retailer partners across all categories.

Tika Sylvia, the Chief Marketing Officer at Koltiva, boasts a wealth of experience in brand, marketing, and public relations across various sectors, including Prop-Tech, Logistics, Hospitality, and Food Delivery, primarily in tech startup companies. Her extensive journey includes her past roles at Ninja Van, Foodpanda Indonesia, Ogilvy, Kata.ai, RoomMe, and the Bali Safari & Marine Park, where she has finely tuned her expertise. Her forte lies in exceptional communication, data-driven marketing strategies, and a meticulous, analytical mindset.

With a demonstrated history of elevating productivity and effectiveness, Tika is presently directing her expertise toward the agriculture sector in her capacity as the Chief Marketing Officer at Koltiva. At Koltiva, Tika stands at the forefront of driving innovation and change in the marketing team. Her leadership plays a critical role in shaping the public image of the company’s commitment to building a global supply chain that is traceable, inclusive, and climate-smart.

Gerald Tjan, Director at Braze, is all about creating relationships with customers and helping them transform their businesses to be digital, achieving goals of engagement and growth faster and better. A proficient communicator, he looks forward to learning from the people around him. With 10 years of experience in the technology industry where he has led teams and provided strategic advice to fast growing startups in Singapore, he has helped many of the Braze customers with engaging their customers at scale, growth strategies and the technology to support that growth, realising the business impact of technology, fostering adoption of technology, and managing digital transformation.

Braze is a leading comprehensive customer engagement platform that powers interactions between consumers and the brands they love. With Braze, global brands can ingest and process customer data in real-time, orchestrate and optimise contextually relevant, cross-channel marketing campaigns, and continuously evolve their customer engagement strategies.

The panel will be moderated by Rio Ferdinand Kiantara, CEO of PT Advisia Anugrah Abadi. Rio is a Jakarta-based technopreneur with a Pan-Asian Vision. Over the years, he has had the privilege of guiding more than 100 companies and organisations, with a particular emphasis on go-to-market strategies and product-market fit. He takes pride in forging pathways for businesses to thrive, no matter the landscape.

Currently, alongside his esteemed partners Sandy Permadi and Goh Jing Rui, they are sculpting the future of Advisia, a research-driven consulting firm rooted in Indonesia. Our mission is to democratise insights and empower startups and traditional companies alike to navigate the intricate Southeast Asian market with finesse.

Join Flux Series: Marketing Leaders

Join these industry leaders and more at the Flux Series and be a driving force in the AI-powered marketing revolution. To learn more about the event, you may visit the official Flux Series: Marketing Leaders page.

Get ready to embark on a journey that will not only deepen your understanding of AI-driven marketing but also equip you with the actionable insights needed to thrive in the dynamic world of modern marketing.

Join Flux Series: Marketing Leaders with discounted tickets here.

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Flourish Ventures, an early-stage fintech investor for the US and emerging markets, has secured US$350 million from Pierre Omidyar, bringing its total funding to US$850 million under management.

Also Read: Despite decline, global fintech funding remains fairly stable: McKinsey report

This funding comes on top of the initial US$200 million in portfolio investments and US$300 million in capital it secured at the time of its spinout from Omidyar in 2019.

The VC firm aims to build towards a permanent capital base while doubling down on the US, African, Asian and Latin American markets. Key investment themes are digital banking (neobanks), embedded finance, infrastructure, insurtech, and regtech. Its active investment areas include next-generation B2B payments, verticalised embedded finance platforms, the transformation of core legacy infrastructure, and data analytics across banking, insurance, payments, lending and identity.

Also Read: Digital payments: Adapting to a changing world

Flourish Ventures has seven unicorns and many exits across our 71 global fintech investments and 18 ecosystem partners. Southeast Asia’s portfolio companies include Brick, Mapan, Qoala, and Ruma (all Indonesia) and Zaapi (Singapore). In 2021, it exited Grab Financial via an SPAC merger.

In India, Flourish Ventures has invested in Affordplan, ApnaKlub, Aquaconnect, CredFlow, Gramcover, Indifi, Kaleidofin, M2P Fintech, MyShubhLife, NeoGrowth Credit, QueueBuster, Scripbox, and ZestMoney (all India). ShopUp (Bangladesh) is also its investee.

Also Read: In Indonesia, the problem is lack of insurance accessibility, not affordability: Qoala CEO

“The work of our portfolio companies has helped improve the financial well-being of more than 250 million people and businesses worldwide. However, we realise there is still plenty more to be done – especially in light of the lingering effects of the COVID pandemic, global conflicts, and climate shocks that are causing alarming increases in household vulnerability,” Flourish Ventures said in a statement. “Digital financial services are lifelines for people and businesses facing emergencies like a health crisis or a natural disaster, as they facilitate access to social safety net programs, payments, credit, and even healthcare.”

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A fast-evolving startup landscape has drawn a significant number of investors, such as venture capitalists, private equity companies, and ultra-high-net-worth individuals, to Singapore from around the globe.

The island nation’s strategic geographical location, world-class infrastructure, and conducive business environment have contributed to this accomplishment, turning it into one of the most preferred destinations. The government has been actively supporting the local startup ecosystem through various initiatives such as grants, tax incentives, and co-investment schemes.

The growth of the local venture capital (VC) landscape over the past few years has been particularly inspiring. Singapore now has over 1,100 VC funds from Asia, Europe, and the US, supporting startups and young entrepreneurs working in verticals, spanning e-commerce, fintech, biotech, artificial intelligence, Web3, blockchain, climate tech, and sustainability, among many other industries.

This spectacular growth has kindled local students’ interest in the VC investment space. Students are now keen to pursue a career in VC and take direct entry into the VC world. However, navigating the VC landscape and establishing a name for oneself is easier said than done because of the complex nature of the industry. One needs to possess the proper skills, knowledge, and experience to make sound judgments, pick promising startups, and take calculated risks while investing in a startup.

But this does not come easy.

Fortunately, several local universities and colleges in Singapore have come forward with a solution to address this challenge by offering courses and programs focusing on venture capital, entrepreneurship, and innovation. The aim is to equip students with the right skills to succeed in VC. It also aligns well with the nation’s goal of becoming a true startup nation.

Also Read: Startups in Singapore raise US$121M over 12 rounds in Sept: Tracxn report

NUS and SMU leading from the front

Singapore’s universities have long been actively fostering entrepreneurship and innovation among students. They have produced several highly successful student startups, such as Carousell, ShopBack, and PatSnap, and they grew big, raising multi-million dollar investments from regional and global VCs.

Among the universities offering VC and entrepreneurship courses are two premier institutions, the National University of Singapore (NUS) and Singapore Management University (SMU).

The NUS offers an undergraduate course in VC and private equity that covers topics such as deal sourcing, due diligence, and portfolio management. In addition, it has set up the NUS Entrepreneurship Centre and the NUS Overseas Colleges program.

Similarly, the SMU offers the Business Innovations Generator (BIG) programme, which provides students with mentorship, funding, and access to resources to help them develop and launch their start-ups. Besides, its entrepreneurship and VC courses provide opportunities for students to gain hands-on experience through internships and other experiential learning programs.

Apart from these, many other tertiary institutions provide programs, resources and opportunities for students to connect with prominent venture capitalists and entrepreneurs in the island nation. For example, some universities host events and conferences that bring together entrepreneurs, investors, and students.

These meetups allow students to network, learn from industry experts, and gain valuable insights into venture capital. Other than these, there are institutes that help students enter the VC world by providing access to funding and mentorship.

Also Read: Navigating wealth management: The emergence of new family offices in Singapore

Some universities have gone a step ahead by setting up venture funds to support early-stage companies founded by students and alumni. Protégé Ventures and NUS Alumni Ventures are two shining examples.

Launched in 2017, Protégé Ventures is Southeast Asia’s first and Singapore’s only student Venture Capital (VC) fund. A sector-agnostic fund, this SMU-backed fund invests in early-stage tech startups founded by students or recent graduates raising their pre-seed to seed rounds. In addition to helping student entrepreneurs build scalable ventures, it also trains the brightest young minds to be VC-ready.

To date, Protégé Ventures has backed ten startups that have collectively raised over SG$35 (US$2.21) million from notable institutional investors. Protégé Ventures also recently announced the launch of their second fund at the Lee Kuan Yew Global Business Plan Competition in September.

On the other hand, NUS Alumni Ventures – established in 2020 – is Southeast Asia’s first student alumni-run angel investment network. It is a community created by NUS students and alumni that seeks to strengthen the NUS and Southeast Asia startup community by fostering relationships and support amongst students, entrepreneurs and investors.

These two funds provide students with the financial support required to get their businesses off the ground and access to mentorship and guidance from experienced entrepreneurs and investors.
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During the COVID-19 pandemic, the demand for these two funds grew significantly, with a 60% rise in applications.

All these initiatives point to the fact that tertiary institutions play a crucial role in helping students enter the world of VC in Singapore. As it gains momentum and the industry continues to grow and evolve, students should be able to get easy access to the knowledge, skills, and resources required to succeed in this industry.

With the right guidance and support, the next generation of venture capitalists in Singapore is poised to make a big impact on entrepreneurship and innovation.

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Algenesis Corporation, a plant-based material science company in the US, has secured US$5 million in a seed funding round co-led by First Bight Ventures and Singapore-based Circulate Capital.

MIH Capital, Diamond Sports Group, and RhinoShield also participated.

The investment follows a US$5 million grant from the US Department of Energy to scale up the production of bio-based isocyanates from algae oils using a green-flow chemistry process.

Also Read: IFC, French firm Proparco back impact investor Circulate Capital’s ocean fund

Algenesis develops bio-based plastics using its patented Soleic technology, which it claims is the world’s first renewable, high-performance, fully biodegradable, backyard compostable bioPolyurethane (bioPU) made from plants and algae.

Unlike petroleum-based PU, Algenesis’s Soleic bioPU can biodegrade in compost within a matter of months and does not contain harmful PFAS chemical additives found in other plastics. The company claims its production process further leads to up to 50 per cent lower GHG emissions than petroleum PU.

The Soleic PU is currently available in soft foam applications, such as midsoles and insoles for footwear.

Also Read: Lack of visibility, track record deter VCs from investing in firms combating plastic pollution: Rob Kaplan of Circulate Capital

The startup will use the new funds to expand Soleic product lines into breathable waterproof textiles and injection moulded products like phone cases. It also plans to expand and strengthen its supply chain by bringing more of its processes in-house to scale production and commercialisation of these materials that are increasingly in demand by various consumer-facing brands, further cementing its position as a leader in eco-innovation.

“We invest in industrial biomanufacturing and Algenesis is an excellent representation of new companies creating a highly demanded product, such as bioPU, that come from Biology versus Petroleum. This is a win for the industry, sustainability, and the world,” said First Bight Ventures Founder Veronica Wu. “To save our planet and ourselves, we must move away from petroleum-based plastics and toward bio-based alternatives. Algenesis is clearly at the forefront of making this possible.”

Today, 25 million tons of PU are manufactured annually (6 per cent of total plastics) for extensive use across footwear, medical, and textile industries. Due to the material’s composition, PU is hard to recycle and primarily ends up in landfills or as microplastics in the environment.

Also Read: Reciki raises funding from Circulate Capital to set up new waste management facilities in Indonesia

Circulate Capital is an environmental impact investor advancing the circular economy for plastics in high-growth markets – with activities and teams in over ten countries. Launched in 2018, the firm is scaling solutions across the recycling and innovative materials value chains. Founded in and focused initially on South and Southeast Asia, the firm now targets untapped opportunities in high-growth markets to spark further development in the emerging circular economy.

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YouTrip, a Singapore-based fintech company providing multicurrency wallets, has secured US$50 million in a Series B round of financing led by Lightspeed Venture Partners.

This brings the company’s total funding raised since its inception in 2018 to US$100 million.

YouTrip will use the Series B capital to accelerate growth and expansion plans by launching new products and features that complement its existing offerings. The company also plans to expand into new markets, including Indonesia, Malaysia, the Philippines, and Vietnam.

Also Read: YouTrip raises US$30M to expand to B2B space, enter new markets

A portion of the funds will be invested in technology to make the products more user-intuitive and reliable.

“YouTrip launched in 2018 with the bold vision to empower everyone with a smarter and more convenient way to pay in foreign currency. We achieved tremendous growth despite the pandemic, strengthening our position as the region’s leading digital payment solutions for consumers and businesses,” said CEO and Co-Founder Caecilia Chu.

Licensed by the Monetary Authority of Singapore, YouTrip offers services such as payments, foreign exchange, remittances and cards. Its multi-currency mobile wallet with a prepaid Mastercard lets users shop online and offline worldwide with zero FX fees. Users can use the wallet in over 150 countries and withdraw cash from overseas ATMs (only available for Singapore app users).

Also Read: Multi-currency e-wallet YouTrip secures US$25.5m funding

The fintech firm claims to have processed about US$10 billion in annualised transaction volume to date.

In 2021, YouTrip announced a US$30 million Series A funding round from undisclosed investors, including returning investors from Asian family offices and fintech investors. Since then, its e-commerce payment volume has grown 238 per cent in annualised transactions.

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In its latest report on global fintech funding, McKinsey revealed that global fintech funding faced a 40 per cent year-over-year funding decline from US$92 billion to US$55 billion after industry funding increased by 177 per cent YoY in 2021.

However, the report also stressed that when analysed over a five-year period, fintech funding as a proportion of total VC funding remained fairly stable at 12 per cent, registering only a 0.5 percentage point decline in 2022.

“In 2022, a market correction triggered a slowdown in this explosive growth momentum. The impact continues to be felt today. Funding and deal activity have declined across the board, and there are fewer IPOs and SPAC (special purpose acquisition company) listings, as well as a decline in new unicorn creation. The macro environment also remains challenging and uncertain,” the report explained.

“In such a scenario, fintechs are entering a new era of value creation. The last era was all about firms being experimental—taking risks and pursuing growth at all costs. In the new era, a challenged funding environment means fintechs can no longer afford to sprint. To remain competitive, they must run at a slower and steadier pace.”

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The report also revealed that as of July, publicly traded fintech companies represented a market capitalisation of US$550 billion, a two-times increase versus 2019.

“In addition, as of the same period, there were more than 272 fintech unicorns, with a combined valuation of US$936 billion, a sevenfold increase from 39 firms valued at US$1 billion or more five years ago,” it stated.

When it comes to market-specific insight, the report mentioned that emerging markets will “fuel” the majority of the revenue growth for fintech companies.

“Fintech revenues in Asia Pacific (excluding China), Africa, Latin America and the Middle East represented 15 per cent of fintech’s global revenues last year. McKinsey estimates that they will increase to 29 per cent in aggregate by 2028,” it stated.

The report also spotlighted new tech innovation related to fintech and how it will affect the industry in general.

“To capture the extra US$200 billion to US$340 billion generative AI adds to overall banking revenues, fintechs need to include a medium to long-term talent strategy and find ways to emphasise change management and adoption,” it stated.

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Image Credit: RunwayML

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