Marketing, once confined to traditional advertising, has transformed into a dynamic fusion of understanding consumer behaviour, data, and technology. This revolution is fueled by disruptive technologies like Artificial Intelligence (AI) that redefine how businesses engage with their customers.

Flux Series: Marketing Leaders, an initiative led by e27, is set to be the crucible where these groundbreaking concepts come to life. More than just a conference, it offers an immersive experience designed to equip attendees with the strategies and tools needed to drive sustainable growth and profitability for your business.

The importance of roundtable discussions

Roundtable discussions are some of the most conducive platforms for industry leaders and professionals to incubate ideas and ultimately foster growth and innovation across the ecosystem. These intimate gatherings facilitate invaluable exchanges of ideas, insights, and experiences among a diverse group of experts, enabling each participant not only to share best practices but also to learn from each other.

Unlike traditional lectures or presentations, roundtable discussions encourage active participation and collaborative problem-solving. This dynamic interaction empowers participants to tap into a collective pool of knowledge, drawing from each other’s successes and learnings. Through open dialogue, marketing leaders gain fresh perspectives and innovative strategies that may have been overlooked in solitary endeavours. This collaborative ethos not only sparks creativity but also builds a sense of camaraderie, forging lasting professional relationships that extend beyond the confines of the discussion.

Also read: How PriyoShop is revolutionising the B2B procurement process

Moreover, roundtable discussions serve as a platform for addressing industry-specific challenges and emerging trends. In the rapidly evolving landscape of marketing, staying abreast of the latest developments is paramount. These sessions provide an opportunity for professionals to dissect pressing issues, share strategies, and collectively devise forward-thinking solutions.

The diverse array of experiences and perspectives present at a roundtable discussion ensures that the conversation is rich and multifaceted. This breadth of insight allows participants to not only identify potential pitfalls but also capitalise on new opportunities. Ultimately, these exchanges act as incubators for growth, empowering marketing leaders to implement informed, strategic decisions that drive their brands forward in an ever-competitive market.

A focused and guided discussion on marketing

Marketing efforts can be a double-edged sword, with the risk of expenditures not always yielding the desired outcomes. Traditional methods often struggle to provide the precision needed to target the right audience or allocate resources effectively. However, the advent of powerful tools like Artificial Intelligence (AI) has changed the game.

AI’s capability to process vast volumes of data in real-time provides a comprehensive understanding of consumer behaviour, preferences, and demographics. By synthesising this information, businesses can fine-tune their engagement strategies, ensuring they resonate with their target market. This not only enhances customer interactions but also bolsters the overall promotion of one’s business.

Also read: e27’s role in empowering Taiwan startups through the Vision Program

Furthermore, AI’s predictive capabilities are a game-changer for businesses aiming to stay ahead of the curve. By analysing historical data and real-time trends, AI can forecast consumer behaviour and market shifts, providing invaluable insights that enable businesses to adapt their strategies proactively.

While the benefits of integrating AI into marketing efforts are evident, businesses often face a significant hurdle—the knowledge gap. Embracing new marketing technologies requires a shift in skill sets and knowledge within the marketing team. Equipping employees with the proficiency to effectively utilise new tools and systems often necessitates thorough training.

Flux Series addresses this critical knowledge gap, offering a platform for marketers to stay ahead of the curve. Whether it’s decoding the intricacies of AI or understanding the latest trends in marketing technology, Flux Series provides the tools and insights needed to navigate this dynamic terrain.

Actionable insights for growth

Flux Series is a curated, intimate, and focused convergence of top industry leaders designed for active learning sessions. It offers access to in-depth knowledge and actionable insights that can propel sustainable growth and profitability for your brand. This program serves as a dynamic platform for growth-oriented industry leaders to converge, exchange ideas, and explore cutting-edge innovations in key business areas such as marketing, product development, operations, and more.

The inaugural edition of the Flux Series, taking place on November 15 in Jakarta, Indonesia, will bring together key leaders in the world of marketing. They will discuss, ideate, and strategise actionable steps to optimise marketing efforts using AI-driven innovations and technology, with the goal of achieving sustainable growth for your company.

Also read: 5 common challenges marketing professionals face today

Flux Series: Marketing Leaders goes beyond conventional learning environments by providing a curated selection of growth-oriented content stages. These stages serve as dynamic platforms where attendees gain invaluable knowledge on how to leverage disruptive technologies and harness the power of AI to supercharge their marketing efforts. Here, participants get to immerse in active knowledge-sharing guided by industry trailblazers who will be lending their expertise and experiences. From decoding AI-powered tools to unveiling transformative marketing strategies, these content stages are designed to equip marketers with actionable insights that can be seamlessly integrated into their business strategies.

Join Flux Series: Marketing Leaders

For marketing leaders aiming to elevate their company’s marketing goals, Flux Series: Marketing Leaders is a must-attend event. Join us in Jakarta on November 15, 2023, for a day of insightful discussions, interactive workshops, and unparalleled networking opportunities that will reshape the way you approach marketing in the digital age.

Join the Flux Series or become our partner 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.

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At the sixth edition of Unlocking Capital for Sustainability 2023 in Singapore on Thursday, Google Chief Sustainability Officer Kate Brandt spoke about how technology and public-private partnerships can overcome the challenges of energy procurement in Asia.

“Carbon-free energy contracting can be very challenging given the local market dynamics and resource availability in the Asia Pacific region. Transitioning to a carbon-free future will require stronger government policies and partnerships with many organisations, new technologies and structural changes to the broader system that serves the operations in our value chains and those of other companies,” she stressed.

She also spoke about the tech giant’s experience in using AI to help reduce the impact of environmental crises by providing early warnings of natural disasters and improving emergency response times.

“I truly believe that AI can also be a transformational technology that provides compelling as well as helpful benefits to people in society when developed. It can also help accelerate solutions by providing better information, integrated individuals, operational optimization for organisations, and improved prediction and forecasting,” she says.

“For example, in 2022, we launched Flood, which allows local governments and organisations to identify when riverine floods will occur up to seven days in advance, and we’ve been able to use this tool to identify in advance who needs to be warned of the danger and more importantly, where they can go and be safe. We now work with local governments, including in India, Bangladesh, and Sri Lanka, to deliver emergency flood alerts, which are protecting nearly 500 million people living in affected areas.”

Also Read: How Third Derivative assesses the impact of a potential climate tech investment

Google is working with companies like L’Oreal and Pepsi to reduce emissions through carbon footprint tools.

Bringing environment agenda to the board room

Organised by Eco-Business in partnership with the United Nations Environment Programme Finance Initiative (UNEP FI), this annual flagship event on sustainable finance for Asia Pacific brought together high-level decision-makers to discuss and commit to actionable initiatives that can mobilise capital markets for sustainable development.

One session at the event discusses the role of the board of a company in bringing change, starting with bringing in directors who possess the necessary skills to champion sustainable development initiatives, particularly in the areas of ESG and climate governance.

Shai Ganu, Managing Director, Willis Tower Watson, stressed the need for directors to upskill themselves in areas such as climate literacy and human rights.

“Boards make decisions collectively. And the more connected ecosystems are, the better we can learn from each other to make more considered decisions,” he explained.

“Directors need to upskill themselves around issues on our planet with [knowledge of] science, human rights, and the entire spectrum of the ESG. Directors are not supposed to be climate scientists … but you need to be at least climate literate so that you know what questions to ask.”

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

Goh Swee Chen, Chairman of the National Arts Council, and former Chairman of Shell Companies in Singapore, reflects on her experience as a director on an energy board.

“Do realise that businesses cannot prosper when communities and society are under severe strain, and we’ve seen that through the COVID-19 pandemic. I find that, in the past, when I was actively employed full-time, crises tended to come one at a time. But I feel like today crises do not take turns; they all lump together.”

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In this edition of We Live To Build, we talk about why, as a visionary, stagnation can be worse than death. Stagnation is depicted as a threat that can gradually erode creativity, innovation, and overall dynamism, potentially harming businesses and personal growth.

To combat stagnation, we suggest changing routines to strike a balance between stability and flexibility. This approach allows for long-term stability while fostering short-term adaptability. We share personal examples of how to diversify daily routines, incorporating variations in waking times, meditation practices, workout locations, and work environments. This shift in approach has made their life more interesting and enjoyable.

Additionally, we also propose an extreme method to combat mental cobwebs and stimulate change: travelling to another country.

Also Read: Taking a six-week mental break: A personal journey

We would like to highlight the benefits of immersing ourselves in different cultures and environments to awaken the mind and find solutions to new challenges. Our extensive travels in 2023 are an example of how this approach has enriched life and provided fresh perspectives.

Ultimately, the text leaves readers with a thought-provoking question: Would you rather adhere rigidly to routine and risk stagnation or embrace change and flexibility to lead a more dynamic and fulfilling life?

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Being valued at over US$4.1 billion at the time of its much-hyped IPO in 2021, Babylon Health was once hailed as a pioneering force behind the revolution of the healthcare sector, applying artificial intelligence and deep learning to facilitate diagnosis and triage.

Consequently, in 2023, the news that the company was filing for bankruptcy shocked the world, and one of its core businesses was sold for less than a million dollars. Babylon is not the first unicorn to fail and is certainly not the last one.

Hence, it is critical for investors, venture capitalists, and people to revisit the stories of failed unicorn ventures to learn their lessons and prevent history from repeating itself.

Powa Technologies

Powa Technologies, an e-commerce startup, was valued at US$2.7 billion in 2016 and went public shortly after. It quickly established offices in the most expensive locations around the world, such as London and New York, but unfortunately failed to acquire any major customers and never became profitable. This led to Powa Technologies missing payments to employees and contractors, eventually forcing the unicorn into bankruptcy.

The rapid expansion of Powa Technologies may have been a contributing factor to their downfall; they were unable to keep up with the high costs while also managing their financial obligations. Moreover, with the lavish funding from its investors, Powa Technologies’ management was known to throw luxurious parties at prime locations and pay big salary checks for its executives while failing to develop and deliver its promised products.

In 2015, the company was already reported to have trouble with cash and was unable to pay its debt. However, being carried away by greed and illusions, investors continued to pay for Powa Technologies’ losses until the company eventually filed for bankruptcy.

Solar manufacturer Solyndra

Solyndra was a solar panel manufacturer based in Fremont, California, that went bankrupt in 2011. The company had received US$535 million of federal loan guarantees from the Obama administration to support its operations and expansion plans. Solyndra’s failure is often cited as an example of costly government intervention in the private sector and has been used by opponents of renewable energy subsidies to argue against such policies.

The primary reasons for Solyndra’s demise were price shifts in polysilicon, which made their panels more expensive than competitors; the inability of their panels to work with residential roofing systems or large solar farms (a key part of the market); and increasing competition more cost-effective products offered by Chinese or Taiwanese manufacturers.

Also Read: What to do when your unicorn loses its sheen

The consequences associated with these events have been far-reaching both politically as well as economically: On top of being an embarrassing example illustrating some potential flaws within Obama administration economic policies regarding investment incentives into green technologies, the US taxpayers are now left footing the bill totalling over half-billion dollars.

Babylon Health

Babylon Health, founded in 2013, was once a highly valued unicorn startup that provided an integrated primary care model leveraging remote patient monitoring to intervene and treat sooner. It also offered a healthcare app for AI-powered diagnosis and video appointments with its Babylon 360 value-based care platform. Unfortunately, the company filed for bankruptcy in 2021 due to several factors leading up to this decision.

Firstly, Babylon Health acquired bad assets such as Meritage Medical Network and First Choice Medical Group, which proved costly in terms of both finances and reputation damage when it came time for repayment. Additionally, the company failed to deliver on some of its promised technologies while spending beyond what it could afford without proper accountability or oversight from investors or board members alike. This unchecked spending further contributed towards their financial woes, resulting in a bankruptcy filing in 2023.

In sum, the downfall of such unicorns as Powa Technologies, Solyndra, and Babylon Health serves as a cautionary tale about how startups should be managed responsibly with proper planning ahead before taking any major decisions like acquisitions, etc., especially during times when many companies are struggling financially.

By learning from their mistakes, we can ensure similar situations do not occur again by being more mindful of our investments in new ventures going forward.

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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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With an ever-changing and crowded social media landscape today, businesses could struggle to build a seamless omni-channel experience for their customers.

Threads, BeReal, and Bondee are some examples of modern platforms that rapidly emerged but waned in popularity just as quickly. Finding the perfect cross-cutting platform is even harder considering that region-specific channels like Douyin and Xiaohongshu are mainly popular in China and less so in other countries.

AIA, which has a presence in 18 Asia Pacific markets, has experience navigating the omni-channel landscape. The insurance provider is more than 100 years old but has evolved its customer engagement strategies to stay relevant. Three years ago, AIA embarked on another ambitious transformation journey via its Technology, Digital and Analytics (TDA) programme.

The learnings from the TDA journey unearthed valuable advice for businesses keen to overcome the omni-channel complexity – which is to build an experience that meets the customer where they want to be.

Expanding the perspective

The first principle to meeting the customer is to be digitally led. This means moving beyond a one or two-platform mindset and considering every platform where the customer could be. An elevated multi-channel experience is formed when businesses expand their perspective and curate a powerful ecosystem that plays to each platform’s strengths.

Social media is one scalable way to connect meaningfully with customers, making it a go-to platform for any business keen to uplift its omni-channel strategy. Better yet, social media’s scope of interactions is ever-expanding with the rise of super-apps in countries like Indonesia, South Korea, and China.

AIA China noticed this trend, where super app WeChat is used by everyone to chat, order food, make payments, and play video games, among other features. Although social-focused platforms like Xiaohongshu might seem a more popular choice to ground an omni-channel strategy, a digitally-led approach expanded AIA’s perspective and led to a WeChat integration with the AIA+ Super App, bringing two super apps together via an approach called One Experience.

Having WeChat in One Experience helped AIA build an integrated service ecosystem that harnesses the combined interactive experiences and user traffic of two super-apps. Customers have easier access to the AIA+ app to make service requests, submit claims, and even check their health and well-being.

Also Read: Unlocking growth and retention: Harnessing the power of omnichannel communication strategies

Through gamification, users can receive content relevant to their needs. One Experience contributed to 4.2 million users, 200,000 daily active users, and an average 4.5 rating on the app store for the AIA+ Super App (by December 2022), which is a testament to the success of this approach.

Putting the customers’ needs first

Meeting the customer means choosing platforms that meet their needs and not banking on trendy platforms. Using a platform with millions of users can achieve high reach for your business but lack customer relevance. Instead, a platform that offers convenience and relevant content will create long-term value by consistently bringing them back to your product.

Ideally, a chosen platform should be able to deliver personalised content that can reliably meet customers’ needs. This requires a setup where data analytics and customer experiences come together to ensure different audiences using the same application receive personalised content.

In Thailand, AIA’s super app, ALive, is using data analytics to provide an enhanced level of personalisation. Research into customer demographics and psychographics identified young couples and families as key customer segments, while physical, emotional, and financial issues were identified as their biggest areas of dissatisfaction.

The app was developed with relevant, personalised content to meet their needs. ALive is an example of an omni-channel experience that is personalised and effectively sustains interest from the customer, and it’s now been extended to more customer segments.

Another angle is to match the customer’s lifestyle and communication preferences to the platform available to them. Mobile platforms like WhatsApp are increasingly popular in industries like retail, banking, and insurance as businesses cater to individuals who want instant messaging while on the go.

In Indonesia, AIA customers can use ANYA to effortlessly tap into automated insurance offerings via WhatsApp, which is the most popular social media channel in Indonesia. According to a 2022 study by Kantar, seven out of ten Indonesians prefer business messaging services as compared to using a phone or email.

Also Read: Is omnichannel commerce a fairy tale for SMEs in Singapore?

Capitalising on this behaviour, AIA allowed customers to seamlessly access vital information and initiate self-service features like filing claims and modifying payment preferences on the app. Similarly, in the Philippines, BPI AIA Pamilya Protect uses Facebook Messenger to offer customers a simple and intuitive process of covering pre-qualification, purchasing, payment, and submitting e-contracts.

The new frontier for omnichannel experiences

Technology is rapidly changing, which further complicates the landscape but also creates new opportunities. Businesses must stay tuned to new technologies to test, learn, and discover innovative ways of meeting the customer.

The emergence of Generative Artificial Intelligence (AI) is a technology for businesses to take note of as it can transform the intelligence of the omni-channel ecosystem and create hyper-personalised customer-facing content.

AIA is exploring more Generative AI use cases in the next phase of its transformation journey. Today, AI already powers AIA’s social media prospecting tool (SIM), which generates customer-facing content across different platforms for agents to craft more personalised customer messages.

AI-powered personalised marketing helped AIA’s agents deliver more than US$280 million in annualised new premiums through digitally generated customer sales in 2022 and could potentially be boosted with the adoption of new Generative AI models.

Meeting the customer

Existing platforms are evolving, and new ones will emerge. Against this landscape, businesses can overcome the modern omni-channel crowd, uncertainty, and confusion by adopting a customer-centric and digitally-driven approach while embracing innovation.

By following these principles, businesses will be guided by the right perspectives and motivations, giving them the confidence to build experiences that meet customers on any channel they choose, with personalised value at every stage of their journey or lifecycle.

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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

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Southeast Asian investors are taking significant steps to bolster the region’s startup ecosystem through strategic investments in innovative companies. Among the key players, Petronas Ventures, the corporate VC arm of Malaysia’s Petronas, is collaborating with Twin Towers Ventures and Gobi Partners to support sustainable innovation in Southeast Asia and China’s Greater Bay Area.

With US$1.6 billion in assets, Gobi Partners continues to nurture startups, while Artem Ventures partners with Google for sustainable development. Other firms like Asia Fund X, ScaleUp Malaysia, and 500 Global are also actively driving growth in the startup landscape.

Here is the list of investors that invested in the region’s startups this week:

Petronas Ventures

Petronas Ventures is the corporate venture capital arm of Petronas, Malaysia’s global energy and solutions company. It invests in visionary entrepreneurs with breakthrough technologies and innovative business models supporting the parent company’s business growth and sustainability agenda.

It also aims to be the growth accelerator partner in Malaysia to influence the technology-driven startup ecosystem while serving PETRONAS business needs. PTV International Ventures, based in Kuala Lumpur, Malaysia, manages its direct investments in Asia and indirect investments into VC funds.

This week, Petronas Ventures’s investment arm Twin Towers Ventures (TTV) and VC firm Gobi Partners announced the collaboration to invest in the ecosystem of sustainable innovation within Southeast Asia and the Greater Bay Area in China.

Gobi Partners

Gobi Partners is a pan-Asian VC investor with US$1.6 billion in assets under management. Headquartered in Kuala Lumpur and Hong Kong, the VC firm supports entrepreneurs from the early to growth stages and focuses on emerging and underserved markets.

Founded in 2002, Gobi has raised 17 funds, invested in over 380 startups and nurtured ten unicorns. Gobi has grown to 15 locations across key markets in Bangkok, Cairo, Dhaka, Guangzhou, Ho Chi Minh City, Hong Kong, Jakarta, Karachi, Kuala Lumpur, Lahore, Manila, Shanghai, Shenzhen, Singapore and Surabaya.

This week, Gobi invested in Kiddocare, an on-demand caregiving platform in Malaysia.

Artem Ventures

Artem Ventures is a venture capital firm based in Malaysia. It currently manages TIM Ventures, a fund that invests in early-stage fintech and insurtech firms. The fund has invested in 12 companies. Artem also actively engages with the venture capital ecosystem as a member of the Malaysian Venture Capital & Private Equity Association. As part of a global initiative to support high-impact and sustainable startups, Artem partnered with Google for their Startups for Sustainable Development programme.

Artem invested in Kiddocare, an on-demand caregiving platform in Malaysia this week.

Asia Fund X

Asia Fund X (AFX) is an opportunity fund. It invests in promising startups in the digital economies of Southeast Asia, particularly in data tech, enterprise tech, sustainability, food tech and agritech, with established product-market fit and experienced founders.

Asia Fund X invested in Kiddocare, an on-demand caregiving platform in Malaysia this week.

ScaleUp Malaysia

Launched in October 2019, ScaleUp Malaysia is a startup accelerator that helps companies raise their next round. Its philosophy is building businesses with high revenue growth and a path to profitability.

ScaleUp invested in Kiddocare, an on-demand caregiving platform in Malaysia this week.

500 Global

500 Global is a VC firm with US$2.4 billion in assets under management that invests in founders building fast-growing technology companies. It focuses on markets where technology, innovation, and capital can unlock long-term value and drive economic growth.

It invests far and wide across sectors and geographies, including 35+ companies valued at US$1 billion+ and 160+ companies valued at more than US$100 million.

This week, 500 Global invested in NexMind, an AI-powered multilingual digital marketing platform.

pitchIN

pitchIN is a digital platform for investing and fundraising that connects entrepreneurs with potential investors. pitchIN started its journey in crowdfunding, firstly as a reward crowdfunding platform in 2012.

Its platform allows entrepreneurs to create profiles, share their business plans, and connect with potential investors. It also offers resources and tools to help entrepreneurs improve their pitch and increase their chances of success.

This week, pitchIN launched pitchIN Academy to offer practical and easy-to-understand educational programmes, activities and content on alternative financing and investment.

AlteriQ Global

AlteriQ is an Asia-focused private credit strategy with a strong edge in Southeast Asia. It builds a fully integrated financing ecosystem as a capital partner with a regional presence, proprietary network of relationships, and risk management expertise.

Aument Capital Partners

Aument Capital Partners is a multi-family office geared towards entrepreneurs, offering family office services from investment management, reporting, consolidation, cashflow planning and access to its venture partner programme.

Orange Bloom

Orange Bloom was started in 2012 as a ship-recycling consultancy and provider of turn-key solutions for ship owners’ ship decommissioning requirements within Southeast Asia. It recently set up The Orange Bloom Sustainability Fund to provide financial support to individuals/SMEs working on projects that counter climate change, advance environmental sustainability and involve the communities in Asia. Orange Bloom also assists SMEs in transitioning to a low-carbon economy.

This week, AlteriQ, Aument, and Orange Bloom invested in the Southeast Asian SME digital finance platform Funding Societies (known as Modalku in Indonesia).

Peak XV Partners

Formerly Sequoia Capital India & SEA, Peak XV is a VC and growth investing firm investing across India, Southeast Asia and beyond. Over the last 17 years of its operations in the region, Peak XV has grown to manage over US$9 billion in capital across 13 funds and invested in over 400 companies. It works from five offices – Bangalore, Mumbai, Delhi, Singapore, and Dubai.

This week, PeakXV backed Bright Money, a fintech company helping users get out of debt using AI and credit products.

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Singapore-based biotechnology startup Automera has secured US$16 million in a Series A round of investment co-led by early-stage life science accelerator and investment firm Accelerator Life Science Partners (ALSP) and Temasek-backed venture builder ClavystBio.

EDBI, Xora Innovation, and other undisclosed investors also participated.

Automera was established by Associate Professor Michael Lazarou, Loong Wang, and Taiyang Zhang at Talo Labs in collaboration with ALSP.

It is an early-stage company focused on developing a novel therapeutic approach via autophagy-based targeted protein degradation. The biotech startup aims to leverage its understanding of autophagy, drug development capabilities, access to quantum chemistry, and generative Al-enabled insights to enhance its drug development programmes. Automera’s autophagy-targeting chimaera small molecules (AUTAC) platform has broad potential across cancer and other disease areas, with oncology being the initial lead programme.

Also Read: ‘We aim to make early cancer detection accessible on a global scale’: Mirxes CEO

The AUTAC platform is a next-generation approach to realising the potential of targeted protein degradation (TPD) as a therapeutic modality. TPD, an emerging field of novel therapeutics, catalyses the degradation of disease-related proteins while retaining the benefits of small molecules.

“Automera was founded on the premise that improving health outcomes for people with serious diseases requires new technologies that make it easier, faster, and less expensive to develop safe and effective medicines,” said Loong Wang, Co-Founder of Automera. “We believe that our AUTAC platform is one such technology, with broad potential across multiple disease indications that are difficult to treat with current therapeutic approaches.”

Alice Chen, Executive VP at ALSP and Automera board member, said: “We plan to leverage ALSP’s unique company-building capabilities in Singapore, and we look forward to working with the broader Singapore community to enhance the platform technologies and early-stage therapeutic programmes that Automera will develop.”

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Southeast Asian SME digital finance platform Funding Societies (known as Modalku in Indonesia) has secured US$27 million in debt funding led by AlteriQ Global. 

Aument Capital Partners (ACP) and Orange Bloom also invested.

The funds will be channelled via the fintech startup’s tailored financing solutions to support the underserved SME segments in its five markets.

Also Read: Funding Societies enters neobanking space with investment in Indonesia’s Bank Index

Licensed and registered in Singapore, Indonesia, Thailand, and Malaysia and operating in Vietnam, Funding Societies provides business financing to small and medium-sized enterprises. In addition, it offers payments and collections intending to solve SMEs’ cashflow management challenges.

Funding Societies says it has achieved over US$3.2 billion in business financing, processing over 5 million transactions and serving about 100,000 SMEs across the region.

Last year, Funding Societies raised a US$50 million credit facility from HSBC Singapore.

ACP serves as a family office for its high-net-worth clients. Its newly set-up Sustainability Fund aims to support businesses and individuals financially to counter climate change and transition to more sustainable practices towards a low-carbon economy. This synergises with Funding Societies’s implementation of its Environmental and Social Management System launched early this year across its markets. It is an ESG risk assessment framework designed with technical assistance by the Dutch Good Growth Fund as part of the credit assessment part of the loan application process by an SME.

SMEs comprise 97 per cent of all enterprises in Southeast Asia, bringing 40 per cent of GDP value across the region. In Singapore, the Department of Statistics released in its 2021 report that 99 per cent of enterprises are SMEs, contributing to 44 per cent of the nominal value added at approximately S$212 (US$155) billion.

Also Read: Funding Societies acquires payments solution startup CardUp

Commercial lending in Asia Pacific is projected to grow at a CAGR of 16.5 per cent, generating a revenue of more than US$7 trillion by 2028. This makes up about 25 per cent of the global market size of US$27.4 trillion.

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The world of education is a vast and intricate ecosystem, shaped not only by the content of textbooks but by the relationships that underpin its foundations. This realisation struck me recently after watching the Netflix documentary on Lee Kuan Yew, the visionary leader who transformed Singapore from a struggling nation into a thriving global powerhouse.

What stood out beyond his strategic brilliance was his ability to nurture enduring relationships that spanned decades. It got me thinking about how this principle applies to the education landscape and the key role of long-term relationships in its evolution.

A statesman’s strategy, an educator’s lesson

Lee Kuan Yew’s 50-plus years of leadership offer profound lessons in relationship-building. He recognized that success is not a sprint but a marathon, and his approach to governance was rooted in the cultivation of strong bonds with his team, strategic partners, and long-term advocates. The result was a nation that rose from the ashes of adversity to become an economic and social marvel.

In the education sector, parallels can be drawn to the enduring giants of the industry. Take Coursera, for instance, a leader in online education. Its journey to prominence was marked by forging deep relationships with universities, instructors, and learners.

By collaborating with prestigious institutions, Coursera was able to offer a high-quality education experience, attracting both educators and students into a symbiotic partnership. This long-term commitment to quality and collaboration laid the groundwork for its global impact.

Also Read: What I learned after launching a successful business in Asia

Pearson and McGraw-Hill Education, two stalwarts of the traditional education world, have similarly thrived through decades by cultivating relationships with educators, institutions, and learners. Their textbooks and educational materials have become staples in classrooms worldwide.

These companies have weathered numerous storms and technological revolutions by consistently delivering value to their partners, earning trust that has spanned generations.

A new era, but old principles hold

As the education landscape undergoes a profound transformation characterised by digitisation, globalisation, and the rise of innovative models like online boot camps and lifelong learning platforms, the importance of relationships remains unchanged. New challenges require new relationships, and education companies must adapt to navigate these changes successfully.

In this new era, we see the emergence of challenger brands like Open Campus. What sets them apart is not just their innovative models but their deep-rooted relationships with strategic partners.

Open Campus, for instance, has forged robust connections with industry leaders like Animoca, a pioneering force in blockchain and gaming, GEMS Education, a global education powerhouse, and Binance, a leader in the cryptocurrency space. These relationships are not merely transactional; they are the lifeblood of Open Campus’s growth strategy.

The power of synergy

The synergy between Open Campus and Animoca exemplifies the potential of strategic partnerships in the education space. Animoca’s expertise in blockchain technology opens up exciting possibilities for credentialing and verification in education. By leveraging Animoca’s cutting-edge solutions, Open Campus is well-positioned to revolutionise how students earn and showcase their qualifications.

In GEMS Education, Open Campus has found a like-minded partner dedicated to providing quality education. This alliance enables Open Campus to tap into GEMS Education’s vast network of schools, educators, and learners, fostering a collaborative approach to delivering value to students worldwide.

Binance, with its global presence and commitment to education, is another strategic partner contributing to Open Campus’s expansion. Through Binance’s influence in the blockchain and cryptocurrency space, Open Campus gains access to a vast audience of learners interested in the future of finance and technology.

Also Read: Acing in hackathons: What every tech enthusiast needs to consider

A path forward for the education landscape

In a rapidly evolving education landscape, startups and established players alike must recognise that long-term relationships are not only beneficial but often crucial for sustainable growth. Here are some key takeaways:

• Prioritise partnerships: Seek out partners who share your long-term vision and values. Collaborate with organisations that can complement your strengths and bolster your weaknesses.
• Quality over quantity: Building deep, meaningful relationships often matters more than amassing a vast network. Focus on the quality of your partnerships and how they align with your mission.
• Adaptability: Be agile and adaptable in your relationships. The education industry is undergoing constant change; your partnerships should evolve with it.
• Shared values: Ensure that your partners share your commitment to quality, ethics, and the best interests of learners. These shared values will form the bedrock of enduring relationships.
• Trust and reliability: Strive to be a trusted and reliable partner. Consistently deliver value and uphold your commitments.

The journey of education is not solely about textbooks and classrooms. It’s about the bonds we forge, the collaborations we nurture, and the impact we create. Just as Lee Kuan Yew’s relationships transformed a nation, the relationships within the education landscape have the power to shape the future of learning.

As we navigate this new era, let us remember that while technology and innovation drive progress, it is the strength of our relationships that will carry us forward.

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Do you remember the days when purchasing mobile top-ups for your prepaid phone or getting a gift card for Christmas involved endless queueing at the store? It’s hard to believe how far we’ve come and how technology has made these processes so much easier and more convenient.

As highlighted in earlier chapters, the rise of digital payments ushered in a new era of unparalleled convenience and helped spark new ways for businesses to reach their customers.

This groundbreaking technological shift naturally supported the digital provision of goods and services. Consumers could buy digital goods like mobile top-ups and game tokens on their electronic devices with just a few taps. It also meant that consumers could pay for digital services like household bills and movie tickets online.

At 2C2P, we help many businesses integrate digital goods and services into their business model. This is a natural extension of the payment services we offer, with the common objective of bringing convenience to consumers and allowing businesses to grow using technology.

Our digital goods and services solutions open new possibilities for businesses, helping them to expand their product and service offerings with minimal hassle. For large enterprises, this can be done via advanced system integration; for small businesses, a simple mobile plug-in will do. By following these easy steps, businesses can focus on providing a better consumer experience.

Also Read: How interoperability can spark a payments revolution in SEA

What are digital goods and services?

Digital goods refer to a broad category of products that do not have a physical, tangible form. We see them as a stored-value form of alternative currency, including mobile top-ups, electronic gift cards, digital vouchers, and loyalty points.

Digital services, on the other hand, involve the provision or delivery of content and information between a provider and a customer, for instance, online bills or ticket purchases. Most of these digital goods and services can be purchased and used directly on a smartphone. In fact, for many consumers in mobile-first markets, phones are their sole touchpoint.

In Southeast Asia, where many people (especially in rural areas) remain unbanked and rely on cash, the digital goods market plays a significant role – it allows them to participate in the digital economy without needing a credit or debit card.

There are typically two processes to digital goods: issuing and distribution. Issuing involves the creation or digitisation of physical inventory to produce digital goods. Then, distribution allows global digital goods to be spread across different ecosystems, whether through physical or alternative digital means. For instance, physical post offices and major retailers can distribute global digital goods, while smaller mom-and-pop shops can do the same. Additionally, digital platforms such as mobile wallets and mobile banking apps can distribute digital goods through their respective ecosystems.

What are the benefits of digital goods and services?

The ease of creating and selling digital goods encouraged companies to enlarge their inventory and offer greater convenience for their customers.

Think mobile data top-ups. Instead of waiting in line to buy a physical scratch card from a retail staff member, consumers can now easily purchase their top-ups online.

Also Read: Poko bags US$4.5M to streamline Web3 payments experience for all users

The same goes for services like household bills. Consumers no longer need to plan their schedules around postal and bank branch opening hours to pay their utility bills; all they need is to log in to a website – such as online banking portals – or mobile app, enter their account details, and make the payment.

The ubiquity of digital goods and services has streamlined the customer journey: a process that took hours can now be
accomplished in a minute or less. For example, the manufacturing of physical gift cards and paper vouchers typically involves extensive supply chains and administrative and inventory management processes. However, with digital gift cards and vouchers, the process is simplified, taking place digitally via electronic devices. This drastically reduces business costs and allows resources to be used for better and speedier customer experiences.

For many businesses, digital goods and services have become a vital source of revenue and enabled them to use their business resources, such as storefronts, cash flow and manpower, more efficiently.

Let’s take a neighbourhood mom-and-pop shop as an example. In addition to selling physical goods, store owners could also offer digital goods and services such as prepaid mobile top-ups, digital gift vouchers, and bill payments, allowing owners to increase their product offerings with the same amount of resources and physical space.

To top it off, having a larger product offering can help store owners increase their engagement with their customers, which would lead to greater customer loyalty as they would be incentivised to patronise the store more often. The same logic can also apply to digital businesses like e-wallets or online banking applications.

Digital goods and services have also catalysed a paradigm shift in business models for several industries. For example, in the past, computer, console and mobile games traditionally made money only through one-time sales.

Also Read: Payoneer: Global payments pioneer will be at this year’s Echelon

Nowadays, game developers sell in-game credits and game products to deliver a more personalised experience for their players, with great success.

For example, the mobile gaming industry, which derives a large portion of its income from in-game digital goods, generated US$89.6 billion in revenue in 2021.

Players are kept engaged with new in-game digital goods like limited-time avatars and mini-tournaments, leading to highly personalised gaming experiences. This prolongs the players’ game tenure, thus allowing developers to focus on enhancing features for higher and recurring revenue instead of one-time sales.

When did 2C2P venture into digital goods and services?

Back in 2013, we realised over discussions with merchants in Myanmar that digital goods could help them to better serve and grow their customer base.

At that point, the country, like other developing nations in Southeast Asia, had many mom-and-pop stores scattered throughout rural areas, often not serviced by large retail chains. These little stores served as one-stop shops for consumers to get groceries and access services such as mobile phone credit top-ups.

Consumers primarily used physical scratch cards to top up their mobile phone credits and paid for them using cash. There were a couple of problems with this arrangement. These stores were spread out nationwide and had significant logistical inefficiencies, so suppliers (such as billers and mobile operators) faced a distribution challenge.

Because digital goods and services were still a nascent product category, consumers were naturally sceptical at first, especially when mobile penetration rates were still low. In 2015, we started providing over-the-counter (OTC) mobile wallets to retailers, enabling customers to access digital goods at the shops.

Also Read: Wallex: Get to know this B2B payments expert at Echelon 2023

Education was a key phase of the onboarding journey; we took time to meet with the retail store owners to explain the value proposition of OTC mobile wallets and digital goods and address any queries or technical challenges they had.

Patience was also critical. We worked with one of the biggest retail chains in Myanmar to integrate digital goods into their point-of-sale (POS) systems. At first, they were hesitant to roll them out, but after two to three years, digital goods became their highest-selling items.

The market opportunity for digital goods in Southeast Asia is massive. We have partnered with thousands of local small and medium-sized enterprises (SMEs) to distribute digital goods across Thailand, Myanmar, and the Philippines, with plans to grow into Vietnam and Indonesia.

In addition, we are helping digital goods issuers make further inroads into Southeast Asia by connecting them with more distribution channels, allowing more consumers to purchase their digital goods easily.

The future of digital goods and services

Across the region, our technology is helping retailers plug a gap in their infrastructure. As a major digital ecosystem player, witnessing this transformation unfold over the last few years has been a fantastic journey. We will
continue to find new ways to strengthen the value of digital goods and services – creating more synergy between suppliers, distributors and consumers.

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Cracking the Payments Code is an e-book published by Singapore-based digital payments company 2C2P. This chapter is republished with permission. Download the e-book here.

Image Credit: RunwayML

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