NexMind, an AI-powered multilingual digital marketing platform, has secured undisclosed seed funding from 500 Global.

The Malaysian startup will use the funding to expand its product offerings and accelerate customer acquisition worldwide.

Founded in 2019 by Francis Lui (CEO), Bernie Law (CPO), and Pattrine Hong (CFO), NexMind empowers professionals across industries with advanced SEO tools to create search-optimised content in 17 languages, with no technical SEO expertise required. Its SEO content generation tools simplify and streamline how brands create multilingual content that ranks on search engines like Google and Bing and e-commerce marketplaces like Amazon, Lazada, and Shopee.

Among the languages supported currently are Bahasa Indonesia, Bahasa Malaysia, English, French, German, Italian, Japanese, Korean, Portuguese, Russian, Spanish, Tagalog, Thai, and Vietnamese.

Also Read: Nexmind AI is on a mission to make AI accessible to more companies

The startup recently launched the Text2Social tool that allows users to generate engaging social media posts across multiple channels with just one click. It conducts in-depth audience research to identify multiple data points useful for generating effective social media content. This enables marketers to spend less time on data analysis and more time implementing data-driven decisions that support their marketing and communication goals.

NexMind’s users are from leading global and regional companies across multiple industries, including banking, insurance, electronics, security, IT, telecommunication, construction, transport, and healthcare.

“There are 5 billion internet users in the world, and 3 billion more are projected to come online by 2040. To reach them you’ll need to speak their languages. We believe NexMind’s multilingual AI solutions will propel the growth of today’s online businesses, accelerate the exchange of goods and services for the next wave of internet users, and have a positive impact on the future of our global economy,” stated Khailee Ng, Managing Partner, 500 Global.

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In this era, consumers devour enormous amounts of video content daily on multiple social media platforms — a whopping 86 per cent of global internet traffic in 2022 was used for video content. They increasingly turn to digital platforms not just for social interactions but also for their shopping needs. What distinguishes this trend is the seamless integration of purchasing opportunities within the social media experience. It means shopping has become an integral feature on popular social platforms.

For consumers, social commerce means their favourite social networks now serve as marketplaces, too. On the other hand, for businesses, this translates into an unprecedented opportunity to engage with their target audience directly, transforming their online presence into a thriving store.

One Singaporean company has been catalysing the adoption of live and interactive videos since 2014. BeLive Technology allows any website or app to broadcast live video with interactive elements such as live shopping platforms and analytics, live virtual gifting, and live trivia game shows.

In this interview, BeLive’s Co-Founder and CEO Kenneth Tan discusses the company’s offerings and current position in the evolving landscape of social commerce and shares insights into its future plans.

What gap in the market did you identify that led to the establishment of BeLive Technology?

BeLive Technology was founded to address the gap in the market for businesses seeking to harness the power of interactive video commerce, specifically in the live video commerce space.

Many larger enterprises were reluctant to rely entirely on public live-streaming platforms like Facebook and Instagram Live due to a lack of ownership, first-party data collection, customisation, and insufficient engagement or conversion features like add-to-cart or virtual gifting.

We recognised the need for an end-to-end solution providing businesses with more control and tailored services for their live and short video needs.

Could you share your insights on the evolving trends in social commerce and its foreseeable future? How does BeLive stay attuned to emerging trends and develop its offerings accordingly? How many clients do you currently serve? 

BeLive Technology serves customers and partners that invest in social commerce across multiple verticals like retail, broadcast and e-commerce. Even though we have a thesis on how our solutions can drive the development of social commerce in the region, we are also in commonplace conversations with innovation leaders in the space, using their feedback to influence our product roadmap.

We serve diverse clients across the retail, e-commerce and broadcast verticals like Shopback, Trendyol, Genting Group and Mediacorp. 

We employ a simple annual licensing revenue model pegged to user capacity and video traffic.

Also Read: Hard work takes over when talent fails: Latif Sim of BeLive Technology

How does BeLive leverage technology to enhance sellers’ and buyers’ social commerce experience? 

Our easy-to-install video solutions transform traditional text and image-based digital properties into swipeable, shoppable video experiences. Any website or app can display full-screen TikTok or Instagram Reels-esque short and live videos that increase user engagement time and intent capture by 300 per cent.

BeLive’s video solutions include features like virtual gifting, levelling and add-to-cart buttons that significantly increase the buying and selling experiences. We also have a vast network of partners that allow us to tap into the latest video content and social commerce innovations, like virtual humans, XR live commerce and AI assistants.

What methods does BeLive employ to foster community and trust among its users? 

BeLive’s video solution includes features like virtual gifting, levelling and add-to-cart buttons that significantly increase the seller-buyer experiences, bringing buyers closer to the creation of products that they love, introduced by KOLs (Key Opinion Leader) they trust.

Allowing merchants to broadcast authentic live videos and polished short videos directly on their shop pages and e-commerce platforms is invaluable for building brand trust and loyalty.

With data privacy concerns gaining prominence, how does BeLive Technology prioritise and ensure the security of user data and transactions?

All user data and transactions are stored not on BeLive’s servers but on our customers’ servers. We take only anonymous, aggregated user data to ensure maximum security and compliance for our enterprise customers and their users.

Also Read: Destroy your enemies by making them your friends: Kenneth Tan of BeLive

Besides traditional metrics, how does Belive Technology gauge its impact on fostering genuine connections between buyers and sellers?

One of our north-star metrics is “minutes delivered”, which directly correlates with the success of our customer’s video content generated. We have over five billion minutes, or the equivalent of 9,000 years of video content delivered so far!

BeLive Technology recently secured US$4.5 million in a bridge funding round. Could you shed light on the strategic goals or expansion areas this funding intends to support?

We invest deeply in our customers’ success, which involves constantly evolving our product, partner network and thought leadership.

Southeast Asia is on the cusp of a video-first revolution. Consumers are devouring enormous amounts of video content daily on multiple platforms; a whopping 86 per cent of global internet traffic in 2022 was used for video content!

This translates into the inevitable commoditisation of live video and short video broadcasts — every website and app in the world will eventually have a video solution like BeLive’s installed. With the support of our backers, we are sharpening our toolkits, streamlining processes and, most importantly, getting our heads down and building world-class, video-first experiences for our customers.

What innovations or developments can users and stakeholders anticipate from BeLive Technology in the next phase of its journey?

With video at our core, we will continue to build tools that empower content creation with clear business impact objectives like user time spent and intent capture.

We are also building the world’s first live and short video media network, helping brands simultaneously broadcast their videos on walled gardens and the open web. A brand can produce a single live stream or short video and have that video asset distributed seamlessly to any social platform, E-commerce platform or website that BeLive’s partner network covers.

Every video also has intelligent sentiment analysis, AI assistants and best-in-class interactive features.

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In the ever-evolving landscape of entrepreneurship, startups often find themselves navigating rough waters in pursuit of success. The path to prominence is riddled with challenges, and this is where angel investors step in as guiding beacons. With their more modest fund sizes and hands-on approach, angel investors have emerged as a pivotal source of support for fledgling companies in their early stages.

Drawing on my personal experience, I established Real Time with the intention of not only investing in but also collaborating with forward-thinking entrepreneurs who share a similar vision. Reflecting on the genesis of my technology innovation services company, Wedigtech, established in 2010, I can empathise with the myriad of uncertainties that arise.

I came to realise that securing funding is of paramount importance for startups to construct and expand, particularly in their nascent stages. Obtaining funds from institutional investors during this phase can be exceptionally challenging for a startup founder.

Nevertheless, owing to the mentorship provided by experienced professionals in the realms of business and technology, we successfully manoeuvred through an array of hurdles and continued to make progress.

Their influence extends beyond the boardroom as they become stalwart mentors, confidants, and advocates of the startups they invest in. This symbiotic relationship forms the cornerstone of a flourishing entrepreneurial ecosystem.

Also Read: Angel investor Mike Flache shares his tips to begin investing in startups

Coming from a tech background and then moving into the finance space, I have come to understand that while the initial investment is crucial to kickstart business operations, guidance from seasoned investors and business owners is equally important. A lot of times, what matters beyond the monetary transactions are overlooked.

Here, I want to highlight some ways in which angel investors can make a real difference in the growth trajectory of the startup they invest in.

Tailored mentorship and strategic guidance

Unlike their larger VC counterparts, angel investors have the privilege of dedicating more time to individual portfolio companies. They can provide personalised mentorship, helping entrepreneurs fine-tune their strategies and navigate challenges specific to their niche. This close-knit relationship enables angel investors to offer actionable insights that fuel startups’ growth, positioning them on the path to success.

A powerful network of connections

Angel investors may be small in size, but their networks are vast and influential. Armed with connections across various industries, these investors can open doors for startups that might have been difficult to access otherwise. Whether it’s forging partnerships with established firms or introducing portfolio companies to potential clients, angel investors play a pivotal role in expanding the startups’ reach.

Active operational support

Beyond monetary investments, angel investors get their hands dirty in the trenches with portfolio companies. They understand the challenges that early-stage startups face and can lend valuable operational support. From aiding in hiring top talent to streamlining internal processes, the active involvement of angel investors adds immense value to the startups’ overall operations.

Also Read: It is important that founders see investors as their partners: Christina Teo of she1K

Access to critical resources

Startups often grapple with limited resources, hindering their ability to scale rapidly. Here, angel investors prove to be lifelines by facilitating access to essential resources, such as legal counsel, accounting services, marketing expertise, and public relations support. These resources equip startups with the tools they need to thrive in competitive markets.

Long-term commitment and patience

One of the most commendable traits of angel investors is their unwavering commitment to the startups they back. Rather than seeking quick returns, they nurture a long-term vision, understanding that success might take time. This patience in the face of uncertainty allows entrepreneurs to experiment, pivot, and iterate until they find their winning formula.

Fostering a collaborative ecosystem

Angel investors are not just financial partners; they foster a collaborative ecosystem. Through regular communication, workshops, and events, they facilitate knowledge sharing and create opportunities for startups to learn from one another. This sense of community is invaluable, as it encourages the exchange of ideas and promotes innovation.

As the entrepreneurial journey is fraught with uncertainties and challenges, angel investors serve as navigators, charting out routes to success that entrepreneurs might not have discovered on their own. Their guidance is not just theoretical; it’s born from the sweat and tears of their own triumphs and failures, a firsthand knowledge that proves invaluable to those they support.

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This article was first published on June 8, 2023. 

Over 150 years ago, statistician and founder of modern nursing, Florence Nightingale, made data visualisations that were designed to change how society behaved. She successfully took the value of data, applied it to a real-world use case of poor sanitation and overcrowding and managed to change the way we care for humans. 

Although she acquired the nickname Lady with the Lamp due to her night rounds as a nurse, she was a lady with a vision; studying data before data analysis was even a term acknowledged in the medical research world. This vision was the clear articulation of data to make it digestible. 

The proliferation of automation and AI applications in our everyday lives has supercharged data discussions. As the direction of AI is still emerging, it is important that we assess our data sources, reliability and future data needs. 

Are we on the brink of an AI takeover? That’s the question on the minds of many technology leaders and researchers today. Everyone from Elon Musk to Steve Wozniak to doctors and public health experts is coming out in favour of AI regulation before AI continues its mission to revolutionise industries.

AI models require quality data inputs

As AI continues to revolutionise industries from healthcare to finance, the need for data to train these models has grown exponentially. But what happens when we run out of data?

AI models have risks associated with poor data inputs. Can secure blockchain data provide one solution that mitigates the effects of data shortages? This will depend on the datasets and the willingness to share data across blockchains. In order to maximise the information that the AI model can work with, collaboration amongst all stakeholders is key. 

According to Hugo Philion, CEO and Co-Founder of Flare Networks, “Data that varies over time, such as stock market indices, weather and commodity prices, can be brought on-chain by the Flare Time Series Oracle in a highly decentralised way.”

“Blockchain data is by definition highly structured, following a cumulative distributed ledger structure where every new block is linked to all historical blocks via cryptographic hashes. This is what ensures the immutability of the database,” continues Philion.

Pooling multiple sources of data to create larger, more accurate datasets can make a big difference when training AI models. 

“The problem isn’t necessarily how to organise existing blockchain data to make it more useful. The problem is how to bring more types of data on-chain, from other blockchains and from Web2 APIs, making them available where they are needed for Dapps to execute and provide greater utility for users,” notes Philion.

Also Read: Planning a trip: Is the future of sustainable travel in the metaverse?

Alongside the sheer size of the data sources comes the task of managing these sources and using the right inputs to extract the right information.

Using data for informed decision making

There are currently few incentives for local governments to increase efficiency. Besides self-motivation and pride of place, local governments tend to pass along responsibility for leadership strategies to the higher powers of the state. Transparency in planning, proposals, land use, regulations and infrastructure development is key to ensuring a stable local economy and establishing a community based on trust. On-chain data guarantee a store of records like never before.

Providing accurate data is a key priority for TangleHUB, a decentralised storage solution working with IOTA. However, as users can opt out of providing their data, the data inputs are difficult to predict for the development of future products and solutions to existing problems. 

“With the advent of more machine learning and AI for processing data, the limitations of data within councils need to be addressed. The problem with centralised storage is that somebody has controlled access, and if the metadata isn’t encrypted, there are risks associated with the security of this data,” says Bas van Sambeek, Communications Specialist at TangleHUB.

However, using optimised data management to reduce waste and effectively allocate local budgets could provide a welcome boost to local economies and employment opportunities. If councils exercise their power to provide long-term positive outcomes for local citizens, then it could save the taxpayers millions in revenue. Also, individuals are more aware of their data usage and rights. 

Unlocking the power of decentralised data

When working in the blockchain realm, there are several questions popping up in data circles, and most are concerned with the sharing of data for effective AI management. “How can we bring private data to AI, and how can we ensure that everybody involved gets their fair share of what comes out of this?” said Robin Lehmann, CEO & Co-Founder of Data Union App.

Using self-serving analytics to empower better levels of care, health, and lifestyle management is more commonplace these days as people have familiarised themselves with mobile applications that provide data on their everyday activities. Three sectors that have embraced individual data management are fitness, health and work. Examples include your Fitbit, your monthly health goals and your performance at work. In the future, this may apply to other aspects of our lives, including our relationship with public services. 

“We see a huge need for people to be able to take back control over their data and for people to trust data that they see. So if you have a local council, then that data has to be absolutely reliable, or there has to be a confidence interval in that, along with that data, to be able to use it as input for the decision process,” continues Van Sambeek. 

For Philion, “Personal data sovereignty will likely make engaging with services less convenient initially until the technology matures and solutions become easier to use.”

Last week, at a Crypto and AI conference, Richard Blythman, Founder of AlgoveraAI, noted the potential to add new utility with LLM frameworks. Algovera is focused on building end-to-end solutions for customised versions of LLM flows, assistants and agents. “The Crypto agent framework paired with LLM framework provides a whole lot of new utility where we can build new use cases.” 

Martin Koeppelmann, Founder of Gnosis, one of the first Ethereum sidechains with over 120,000 validators, looked at data from the perspective of the AI agent. He discussed wrapping AI services on the chain for agents, “An AI agent will not have a bank account or a credit card but may very well be able to control a private key.” 

By using blockchain technology as a way of tracking our data, the end user can own and control their own data. Still, also the AI will be capable of using whatever data we feed it to access services in ways that may be unimaginable today. Right now, providing the right infrastructure and data sets and setting basic standards in the way data is handled will provide pivotal guidance for humans and AI taking advantage of this data revolution.

Also Read: Celebrate World Environment Day: 4 ways blockchain and ReFi are supporting a greener future 

“The lessons being learned currently are that this trust was perhaps necessary in the past in order for a service to be provided. But if new blockchain systems can remove this need, in a simple way, abstracted away by intuitive applications, then there are many advantages to having full control over one’s data,” says Philion.

Conclusion

In a recent article, the Harvard Business Review highlights a new world order that emphasizes data access. It pointed to a scenario whereby trade or data-sharing agreements between countries could become the norm in the future.  The report notes that data mobility allows for “a more productive free-trade zone, where countries mutually benefit from tapping into each other’s data reservoirs.”

As AI continues to infiltrate every industry, it’s essential that technologists collaborate to find innovative solutions to tackle the challenges of data shortage. With collaboration and creativity, project leaders can ensure that AI remains a powerful tool for solving complex problems.

The marriage of blockchain technology and AI has the potential to revolutionise some of our most vital public services. Just as Florence Nightingale pioneered modern nursing through her meticulous analysis of data, we too have the opportunity to reshape the future of AI by harnessing the power of blockchain.

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Earlier in September, Singapore-based edutech startup Dive Analytics announced its expansion in Latin America following its partnership with Colegio Los Nogales, a local private school in Colombia.

The partnership includes the use of Nurture, a platform created by Dive Analytics, to help educators at the school receive insights and tools to support students’ unique holistic developmental journey.

Nurture enables educators to monitor every aspect of their students’ development, including social, emotional, cognitive, physical and creative. The platform’s Social Network Analysis also allows educators to identify social interactions by administering friendship surveys and monitoring emotional states among students to take the necessary interventions as soon as educators are alerted.

“Schools typically only have a few counsellors to oversee the entire student body, and teachers are grappling with large class sizes of 30 to 40 pupils. This can pose a significant challenge for educators when it comes to monitoring their students’ holistic development. The issue becomes even more critical as traditional well-being surveys can take months to reach management as timely support and intervention remain crucial to address students’ needs effectively,” explains Dive Analytics CEO Peh Zhan Hao in a press statement.

“This is where our comprehensive Nurture platform comes in to revolutionise tracking of students’ wellness. Nurture’s innovative features and tools equip teachers with the tools and insights they need to provide timely support and achieve student success.”

Founded in 2017, Dive Analytics provides a suite of educational solutions that aim to streamline school processes while empowering educators to provide the best education experience for their students. It has four solutions offered: Roster, Enroll, Beacon, and Nurture.

The company said that it has more than 17,000 users.

Also Read: Post-pandemic education: Why edutech remains a game-changer

Going global

After five years of building its presence in Singapore and working with more than 30 public schools, Dive Analytics is expanding its business to the global market. Apart from partnerships with Sampoerna Academy in Indonesia and Colegio Los Nogales in Colombia, it is also looking to expand in Malaysia and Indonesia.

But why Latin America? And what process did it have to go through to get there? According to Peh, this expansion to the continent is an intuitive process considering the reasons.

“Firstly, Latin America presents an expansive market, with an estimated over 100 million student population, that allows us to make a meaningful impact on the education landscape. Secondly, their educational institutions showed great receptiveness and openness to innovative solutions that integrate technological solutions to address educational concerns. Lastly, similar to the rising scene observed in Southeast Asia (SEA), Latin America is also observing 15 per cent of children and adolescents being diagnosed with mental disorders, with more than 10 adolescents losing their lives to suicide within the region,” the CEO explains to e27.

Dive Analytics calls its approach to entering Latin America strategic and collaborative.

“This includes planning partnerships with overseas distributors who have a better understanding of the Latin American education landscape, building our brand awareness through conferences and events, providing tailored solutions that are highly catered to the specific region, and offering localised support to receive the assistance they need promptly,” Peh says.

While Dive Analytics’s expansion in Latin America is still in its early days, there are several points that the company has learned about the market.

Also Read: In this age of digitalisation, is edutech a bane or boon for educators?

“We are surprised by the Colombian educational community’s openness to collaborate with overseas edutech companies. Schools and educators in Colombia have displayed a remarkable forward-looking attitude, embracing innovative solutions to enhance student outcomes. Their willingness to explore new technologies and methodologies is encouraging and aligns well with our mission to improve education outcomes through technology,” Peh says.

Never forget where you come from

Next year is going to be a busy one for Dive Analytics as it prepares to execute major plans in its agenda. Apart from product innovation, where the company plans to launch a mobile app and integrate AI solutions, and strategic partnership with more system integrators, resellers, and distributors, Dive Analytics aims to close its seed funding round by Q1 2024.

“The funding is instrumental in supporting our ambitions for overseas expansion efforts, with our primary focus on SEA,” Peh says.

Interestingly, despite its plan to continue its global expansion, Dive Analytics plans to keep on expanding in the local market as well.

“While we set our sights on global expansion, we also recognise the importance of strengthening our foothold in our local market. In 2024, we will double down on efforts to increase our market share in our home region,” Peh closes.

“2024 promises to be a transformative year for us. We are excited to secure funding, drive innovation, form strategic partnerships, and solidify our presence both locally and abroad. These plans underscore our unwavering commitment to advancing education and student well-being through technology.”

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Image Credit: Dive Analytics

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

The effort includes cross-sharing of deal flow and potential co-investments into promising opportunities in the region, exchange of insights and sustainable innovation best practices, as well as exploring potential co-development and commercialisation of Petronas’s in-house innovations.

“This MoU marks not only a new beginning but also a new urgency for our organisations. The forthcoming wave of environmentally conscious innovation needs to be transformational on a large scale that benefits all before time runs out,” Gobi Co-Founder and Chairperson Thomas G Tsao said.

Also Read: In SEA’s healthcare space, occasional regulatory hurdles, legacy infra are hard to penetrate: Gobi Chief

Connecting SEA with the GBA finds its roots in the longstanding synergy between the parties. Prior to this agreement, Petronas Ventures invested in the Alibaba Entrepreneurs Fund Greater Bay Area (AEF GBA Fund).

TTV invests in early to growth-stage entrepreneurs across the Asia Pacific, the Middle East, and North Africa (MENA) regions.

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.

Recently, Gobi Partners announced its entry into the healthtech space in Greater Bay Area by investing in Hong Kong’s ImmunoCure.

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Malaysian equity crowdfunding platform pitchIN has launched pitchIN Academy to offer practical and easy-to-understand educational programmes, activities and content on alternative financing and investment.

pitchIN Academy aims to enhance the communication, education and public awareness outreach of innovative financing and investment in Malaysia. It will offer programmes catering to the general public, entrepreneurs and investors.

The academy is headed by Hanif Tamin, who previously served at SME Corp.

Sam Shafie, CEO of pitchIN, said: “Awareness and education has always been an important subject matter. It is because of that we decided to set up a specific department that will focus, curate and cater towards addressing awareness, education and the promotion of financial literacy. The pitchIN Academy through its fundraising accelerator (FA) programme has successfully completed a total of nine cohorts, impacting over 100 companies and 180 founders so far.”Currently, the Academy offers three main programmes: Fundraising Accelerator (FA), Investment Workshop (IW), and Masterclass (MC).

Also Read: Crowdfunding for startups: Where to begin and how to go about it

FA is designed to help founders and entrepreneurs who are raising funding for the first time by equipping them with a comprehensive suite of fundraising learning and training programmes. They will be given access to pitchIN’s broad network of legal, marketing and financial practitioners. In addition, pitchIN also provides bespoke fundraising consultations as well as preferential access to pitchIN’s equity crowdfunding offerings to FA participants.

IW is designed to educate the general public, especially first-time investors with little knowledge and experience in private market investing and alternative investment space. The modules are organised into easily digestible segments to help investors understand how to make important investment decisions. The workshop content is built from real-life investment experiences of successful startup investors and venture capitalists in Malaysia.

MC covers specialised topics that can help entrepreneurs and investors stay updated on the latest industry developments while expanding their understanding of building investable businesses or investing in the alternative investment space.

pitchIN Academy will also look to play an active role in strengthening the educational and awareness efforts of positioning regulated alternative financing and investment as the preferred option in Malaysia.

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When Google rolled out Performance Max (PMax) in 2022, it seemed like the answer to every marketer’s dream. Using machine learning, PMax sought to help businesses drive marketing efficiency, performance and better ROI by automating campaign optimisation across all of Google’s channels, including YouTube, Search, Shopping and Discovery. 

For brands in APAC, PMax’s ability to automatically tailor ads to reach the right audience offered an opportunity to reach wider, diverse audiences and improve their ROI. It helped Malaysia-based education company MindValley, for example, to automatically create campaigns across channels and optimise them for performance. This saved the brand time and effort that would have otherwise been spent having to implement solutions for each, eventually reducing its cost per conversion by 25 per cent.

At the core of the PMax promise is Google’s AI, making decisions on everything from bidding to creative to search query matching and media environments. However, like all AI and machine learning-driven advertising platforms, whether originating from Google, the Trade Desk, Yahoo, or numerous others, PMax necessitates marketers to place their trust in an enigmatic algorithmic ‘black box’. 

For brands looking to maximise returns from this new campaign type, this ambiguity calls for a dose of prudent scepticism — as well as a preventative action to safeguard their marketing budgets against rising ad fraud. 

The problem with PMax

The problem with all black box systems is marketers are at the mercy of the algorithm. In the case of PMax, where Google manages everything, it requires an even higher level of faith in the system. Adding to this, limited granular reporting in PMax means that while you get broad campaign insights, you won’t be able to see if it’s display, search, video, or shopping ads driving your clicks and conversions. 

This would be great if the world was perfect or you only spent money on Google channels — but marketing is complex, with multiple media partners in any one campaign. And as every marketer is aware, transparency and accountability are indispensable to operate with utmost effectiveness. Any industry opacity carries the potential to be exploited to the detriment of marketing budgets and reach — and one of the biggest such threats is that of invalid traffic (IVT) — a rampant problem in the region and globally that is causing businesses billions in lost revenue. 

Also Read: The state of cybersecurity in 2023: How APAC organisations can stay ahead of the curve

It should come as no surprise that fraudsters and bad actors are shifting their focus from general programmatic fraud to targeting campaigns like PMax that lack insights. According to our analysis of IVT and ad fraud in the region, as well as PMax campaigns with select clients over the past several months, here’s what marketers need to know: 

• IVT is a bigger problem than you might think: In the realm of traditional programmatic, invalid traffic and click fraud occur on a daily basis, spanning search, mobile, and affiliate campaigns. For context, in search, we have seen between 5-15 per cent of search clicks come from bots seeking to exploit paid search campaigns to sign up or claim incentives within the ads or, worse, deliberately exhausting clients’ search budgets as a “competitive” tactic. 
• Not all IVT is malicious: In a parallel context, not all instances of invalid traffic bear malicious intent. For example, we found that 97 per cent of a user’s Google ad budget on brand name campaigns was being consumed by returning users who were just using Google as a front door to click on a paid ad to log in to their account.
• Mobile is particularly susceptible to fraud: In the mobile domain, the figures we’ve observed are even more disconcerting, particularly for app install campaigns within sectors like car sharing and food delivery. Instances of fraudulent app installs have surged to alarming rates, reaching up to 50 per cent and, for one client, the claimed clicks and installs exceeded the population of the targeted geography in a week!
• Affiliate fraud is costing brands and publishers: When addressing affiliate fraud, specifically for high-payout categories such as sports and sports fantasy betting as well as subscription and entertainment services, we have seen click fraud and affiliate cookie stuffing through malevolent browser extensions siphon away US$100,000 of affiliate payouts per month – harming marketers and publishers. 

What we have observed on PMax is a mix of both new fraud tactics and some of the same types of invalid traffic and fraud that we see across programmatic. Given that PMax, and most AI systems, assume positive user intent, invalid traffic that has occurred in PMax campaigns comes because AI assumes every “user” engagement is positive in intent.

When bad actors exploit this and create fake intent signals, it can end up training the algorithm to optimise towards the source of the invalid traffic. This results in wrongly optimised campaigns that divert and deplete advertising budgets by driving more fake engagement and conversion events.

It’s also important to note that it’s not just invalid traffic that’s costing brands — AI also has the potential to optimise suboptimal outcomes. For example, one of our clients saw PMax bidding on low-performing search terms, which resulted in the rapid burning of daily budgets on terms any experienced search marketer would normally exclude. 

How brands can safeguard against IVT

To be fair, these gaps are not malfeasance by Google or PMax; however, when AI is optimising towards invalid traffic, budgets can be inefficiently allocated when there is opacity and no real-time 3rd party oversight and intervention.

Also Read: Securing tomorrow’s metaverse today: Why safety in the new frontier must leverage on hardware

PMax is simply a microcosm of what happens across the entire internet – the challenge lies in marketers who employ AI buying systems without independent third-party auditing and analysis. They face the possibility of unknowingly running the risk that they will just be pumping money into a high-speed AI-optimised invalid traffic machine.

I believe that the industry, as a whole, should have a sense of optimism regarding the potential of what AI can bring to the table in terms of driving better marketing performance. There is value to be realised in automation and operational efficiencies to be gained.

But, whether it’s PMax or any other AI-led solutions, marketers must push for algorithmic transparency, invest in independent oversight, and not blindly trust the little black box of algorithms if they truly want to drive the best fraud-free performance.

Otherwise, bad actors, whether they target PMax or any other AI-led advertising solution, will exploit your trust for their benefit, draining your marketing budgets in the process.

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In 2023, a diverse array of international investment firms has been actively fueling the burgeoning fintech ecosystem in Southeast Asia. These firms, hailing from the United States, Switzerland, Belgium, Lithuania, and more, have strategically chosen to invest in promising startups and companies across the region.

PayPal Ventures, LGT Capital Partners, and EscapeVelocity are among the notable players in this fintech investment landscape, partnering with innovative startups such as Aspire, Tazapay, and CrediLinq.Ai.

With a focus on fostering innovation and financial inclusivity, these global investors are helping to reshape the financial technology landscape in Southeast Asia.

Here is a list of 20 investment firms who backed fintech firms in the region in 2023 so far:

Paypal Ventures (US)

PayPal Ventures is the global corporate venture arm of PayPal. It invests in companies at the forefront of innovation in fintech, commerce enablement, digital infrastructure, and crypto/blockchain technologies. Its portfolio companies include Pine Labs, Pulsate Carro, and GoTo.

In February this year, PayPal Ventures co-invested in Aspire’s US$100M round.

LGT Capital Partners (Switzerland)

LGT Capital Partners is an alternative investment company. Over the last 20 years, it has invested over US$95 billion in a broad variety of alternative asset classes across almost 100 countries.

In February this year, PayPal Ventures co-invested in Aspire’s US$100M round.

EscapeVelocity (US)

Escape Velocity is an early-stage venture fund focused on helping Indian entrepreneurs expanding into global market. It invests pre-seed to Series A technology businesses.

In February this year, it invested in Tazapay, a fintech company specialising in cross-border payments.

Big Sky Capital (US)

Big Sky Capital invests in exceptional founders in emerging markets building disruptive SaaS solutions for enterprise. The size of its Fund I is US$20M.

In February, it invested in CrediLinq.Ai, a B2B online financing and payments infrastructure company in Singapore.

Lendable (UK)

Lendable supports the growth of fintech and climate solutions in emerging and frontier markets by providing debt financing. Debt financing is an alternative to equity financing, allowing fintech firms to scale without diluting ownership.

In March, it invested in Advance, a Philippine-based fintech company that provides on-demand access to credit and other financial solutions to employees and businesses.

Oyster Ventures (US)

Oyster Ventures invests in exceptional new-frontier technology companies. It targets companies that bring liquidity and efficiency to antiquated industries, companies that enable globalisation, with leverage to massively scale.

In March, it invested in Advance.

Cross Ocean Ventures (US)

Cross Ocean Ventures is an early-stage investor for ambitious international founders with global ambitions. It collaborates, deal-shares, and co-invests with many investment companies and is an active participant in the Southern California, Silicon Valley, New York, and European startup ecosystems.

In March, it invested in Advance.

Next Billion Ventures (US)

NBV is a venture capital partnership investing in startups serving the next billion digital consumers and small businesses across global emerging markets.

It invested in Advance.

Hummingbird Ventures (Belgium)

Hummingbird is global seed investor investing from US$500,000 at seed to US$50M+ when doubling and tripling down. It invested in SkorLife.

Seedstars International Ventures (Switzerland)

Seedstars invests in pre-seed and seed-stage startups across emerging and frontier markets. Seedstars International primarily invests in B2B fintech, retailtech, and supply chain.

In June, it invested in Finfra, a fintech company providing credit and financial services to businesses in Indonesia.

FirstPick (Lithuania)

FirstPick is VC-fund-accelerator for tech startups in the Baltics. It invests in early-stage companies in fintech, SaaS, deeptech, consumer, and marketplaces.

It invested in Finfra.

BADideas Fund (EU)

BADideas.fund is an early-stage angel syndicate that provides EUR50K-100K funding for startups in Central and Eastern Europe (CEE).

It invested in Finfra.

Alpine Ventures (US)

Alpine is a people-driven private equity firm investing in software and services businesses. It invested in Bunker.

Argentem Creek Partners (US)

Argentem Creek Partners is a debt fund for emerging markets. Argentem Creek was founded in 2015 by Daniel Chapman and his former team from Cargill, Inc. subsidiary, Black River Asset Management.

It invested in Salmon.

Delivery Hero Ventures (EU)

Founded in January 2021, Delivery Hero Ventures is an independent VC firm backed by Delivery Hero. The VC firm’s mission is to support the next generation of founders who are disrupting some of the most dynamic industries across the world.

It invested in Qashier.

DEG (Germany)

DEG offers financing, advice and support to private sector enterprises operating in developing and emerging-market countries. It focuses on the manufacturing, trade and service industries in developing markets.

It invested in PasarMikro.

Ceniarth (UK)

Ceniarth is a single-family office focused on funding market-based solutions that benefit underserved communities. It funds non-profits, for-profits, and hybrid organisations. Founded in 2013 by Diane Isenberg, Ceniarth works in conjunction with the Isenberg Family Charitable Foundation.

It invested in PasarMikro.

Citi Ventures (UK)

Citi Ventures invests in category-defining fintech startups with the potential to augment and enhance Citi’s products and services.

It invested in Endowus.

TEN13 (Australia)

Ten13 is a venture syndicate based in Australia. It co-invests in companies from their pre-seed to Series D stages. It recently invested in TANGGapp.

Goodwater Capital (US)

Goodwater Capital calls itself a regenerative investment platform. It invests in tech companies in the housing, healthcare, food delivery, finances, education, entertainment, and transportation sectors.

It invested in TANGGapp.

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The image used in this article is AI-generated.

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In the dynamic business landscape, cashless payments have brought about a transformative shift in transactional practices. Indonesia, an evolving country embracing cashless solutions, has experienced a remarkable surge in adopting digital payment methods like QR codes, e-wallets, and virtual accounts. With a digital economy valued at US$77 billion and accounting for 40 per cent of total ASEAN digital transactions, the country now stands as a prominent player in the digital realm.

In contrast, direct debit has emerged as a dominant payment method in the Western market. With customer authorisation, businesses can seamlessly deduct funds from bank accounts in real-time, making it ideal for recurring financial payments such as utility bills, loan repayments, and subscription payments like Netflix and Amazon Prime. Direct debit also captured 20 per cent of non-cash transactions in Europe, ranking third among popular payment methods in 2022.

In general, while recurring payment solutions in Indonesia have not yet become widespread, drawing from my extensive experience in both Europe and Indonesia’s tech industries, I predict their potential for success in the country.

Considering Indonesia’s dynamic digital economy and rapid growth, here are my three predictions for the future of direct debit as a prominent payment method nationwide.

Access to digital financial services has significantly improved in Indonesia

The accessibility and adoption of diverse digital payment methods have experienced a significant surge throughout Indonesia. According to Statista, e-wallets and electronic money have emerged as the predominant payment options nationwide, primarily attributable to the country’s high levels of domestic internet penetration and smartphone usage.

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Moreover, digital banking has witnessed remarkable growth, as indicated by the World Bank, with 51.8 per cent of Indonesian adults aged 15 and above holding accounts at financial institutions in 2021. This substantial progress represents a notable increase from the 19.6 per cent recorded in 2011.

Furthermore, Bank Indonesia (BI), the country’s central bank, has reported a year-on-year rise of 9.88 per cent in the value of digital banking transactions, reaching IDR 4.944 trillion (US$328.19 million) as of March 2023.

Considering the solid foundation already established for facilitating digital payment services and the growing popularity of digital banking, it is evident that the demand for convenient payment methods, particularly those compatible with smartphones for on-the-go transactions, will continue to escalate in the coming years.

This creates an exciting opportunity for the introduction of innovative and enhanced payment solutions, such as direct debit, which not only provides convenience but also caters to the recurring and subscription payment requirements of both customers and businesses in their daily operations.

Overcoming early adoption challenges with promising regulatory foundations

From my perspective, the limited public awareness and education present challenges to the early stages of the widespread adoption of recurring payment solutions in general. Security concerns, particularly the direct withdrawal of funds from individuals’ bank accounts where substantial savings are stored, contribute to public scepticism.

Notably, the Ministry of Communication and Information Technology (KOMINFO) recorded 486,000 reported cases of criminal offences related to information and electronic transactions from 2017 to 2022, with 83.3 per cent involving online transaction fraud, including phishing scams and fraudulent money transfers associated with bank accounts.

However, Indonesia’s regulatory bodies have proactively addressed these concerns, enhancing the infrastructure for secure digital payment services. Mr. Muhamad Farhan, a member of Commission 1 in the Indonesian House of Representatives (DPR), provided an update on the approved Personal Data Protection Law (UU PDP) during the Open Finance Summit 2023 this year.

This law, aiming to safeguard individuals’ privacy and personal data, is currently in a two-year transition period until October 2024, allowing for necessary amendments and adjustments. Businesses also have this timeframe to align with the PDP requirements.

Bank Indonesia (BI) also has a license for financial service providers in Indonesia called the Payment System Service Providers (PJP) classification. This includes Payment Initiation and/or Acquiring Services (PIAS) for payment forwarding transactions.

PIAS regulates licensed providers to comply with the provisions to ensure customers’ safety in making payments via bank transfer directly from the customer’s bank account. Ayoconnect’s recent acquisition of the license from BI for their direct debit solution demonstrates their commitment to adherence to strict security measures outlined by the regulation, assuring clients.

Also Read: Empowering youth to drive sustainable change through finance and advocacy

The presence of these current and upcoming laws and regulations indicates a promising trajectory for the adoption of recurring payment solutions in Indonesia. The next crucial step involves educating the general public about these regulations to instil confidence and trust in secure digital payment services. By doing so, I believe that customers and businesses can gain reassurance regarding privacy, data protection, and overall transaction security.

Indonesia’s tech and digital sector as a catalyst for new payment methods

Indonesia’s tech and digital sector plays a vital and dynamic role in the country’s thriving digital economy, poised to become the largest in Southeast Asia by 2030. The pandemic has acted as a catalyst, accelerating the shift to online activities and igniting an impressive surge in consumer engagement across various digital industries, such as e-commerce, SaaS tools, streaming services, online gaming, and more.

This remarkable trend has sparked fruitful collaborations between financial service providers and tech companies, driving the introduction of innovative digital payment solutions to cater to the ever-growing consumer base in the digital sector.

Notably, the immensely popular Buy-Now-Pay-Later (BNPL) payment plans have already achieved a staggering GMV of US$3,483.3 million in 2022, firmly establishing themselves as one of the nation’s most favoured payment methods.

Based on my evaluation, implementing recurring and subscription payment management via Direct Debit to facilitate payments across various digital industries offers considerable business potential.

Direct debit emerges as an ideal solution, automating transactions and streamlining the payment process without the need for manual intervention or the exchange of sensitive payment details for each transaction.

Its user-friendly nature and enhanced security seamlessly align with the dynamic nature of BNPL online transactions, fostering an environment conducive to business growth and ensuring customer satisfaction.

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

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The post The future of Indonesia’s payment services: 3 predictions for the advancement of direct debit appeared first on e27.