GGV Capital to separate China business amid geopolitical tension
GGV Capital was one of the companies under review by a US congressional committee in July that aimed to investigate American firms over their funding of Chinese technology companies, the Wall Street Journal had reported.

Malaysian pension fund KWAP launches US$107M vehicle to invest in startups, VCs
Dana Perintis will allocate 50% of the corpus for direct investments into startups and the other half to invest in funds-of-funds; KWAP seeks to select 10 VCs in total from 38 proposals received earlier this year.

Singapore, India among top countries by number of ‘scaleups’: report
Five Asian countries – China, India, Israel, Singapore, and South Korea – make up half of the top 10 countries with the most scaleups’, a Startup Genome report found; The report defined scaleups as startups valued at or above US$50M.

LeapFrog Investments joins bolttech captable with a US$50M investment
This brings the insurtech company’s Series B round to US$246M; bolttech will use the new capital to grow in emerging markets and expand its technology-enabled ecosystem for protection and insurance for emerging consumers.

Japan’s Terra Drone acquires Indonesian drone services firm Avirtech
Avirtech – which also has offices in Singapore, Malaysia, and Thailand – uses AI to optimise pesticide spraying and map out farms for better crop management; Terra Drone is a Japan-headquartered drone and urban air mobility tech provider.

‘Indonesia needs more female investors willing to back female founders’
Helen Wong of AC Ventures says in Indonesia, women entrepreneurs are not just fulfilling a social role but are driving economic growth; Investing in women-led businesses is not just the right thing to do, it’s the smart thing to do.

Mekong Capital invests US$21M in Vietnamese genetic testing firm
Gene Solutions has developed triSureFirst, a noninvasive prenatal test for detecting abnormalities of chromosome numbers in the fetus.

2C2P records US$15M loss in 2022 as it invests in employees
The reversal came despite a 10.3% year-on-year increase in revenue to US$124.5M; The payments firm’s majority backer is Chinese fintech giant Ant Group.

Peak XV leads US$12M round in startup that simplifies visa applications
Atlys allows users to apply for visas from anywhere in the world through its platform; Aside from unifying the process in one place, the platform helps predict visa processing time while reducing rejection rates.

VinFast delivers 11,315 units in H1 2023
For Q2, the Vietnamese EV maker said 9,535 electric vehicles were delivered, representing an over 5x growth compared to Q1 2023; However, the number appears to be far below its chair Pham Nhat Vuong’s expectation of selling 50K cars this year.

The copyright issues around generative AI aren’t going away anytime soon
Over the past year or so, artists have filed suit against Stability AI, Midjourney and DeviantArt, arguing that models released by the companies infringe on their copyrights by training on the artists’ works and generating outputs in their styles.

Alternative protein startup INSEACT acquired by Karang Foodie
INSEACT specialises in producing sustainable insect protein for aquaculture, starting with shrimp feed; It uses waste from palm oil operations as a raw material to feed the insects.

Startup Genome reveals how local and global connections drive startup scalability
Despite the importance of connectedness on a global level, this did not mean that local connectedness did not play a role.

Chinese video games generate US$17B revenue in overseas markets in 2022
In 2022, the US, Japan, South Korea, and Germany were key destinations for China’s mobile game exports, with the US, Japan and South Korea collectively accounting for over 56% of the total revenue, a report says.

Recharge Capital implements thematic-first strategy to empower women’s health industry
It has appointed Margaret Wang to spearhead operations in the APAC region; In June, Recharge Capital launched a US$200M women’s health fund backed by the likes of Peter Thiel, The Disney Family, The Olayan Family, and Ian Osbourne.

SC Ventures launches fintech platform addax.
It is designed to empower banks and financial institutions to accelerate their digital transformation, deliver new business models, serve new customer segments and derive new revenue streams.

We see prevalence of robotics, IoT solutions across the globe: SIMPPLE CEO
SIMPPLE, which recently listed on the Nasdaq, IoT devices and robotics to empower facility owners to streamline their operations.

Is it possible to regulate artificial intelligence?
The issue of whether AI should be regulated, and to what extent, heated up this summer when UN Secretary General António Guterres convened the first ever UN Security Council meeting to discuss its potential dangers specifically.

‘Semiconductor making nations set for growth as AI takes center stage’
In this interview, Alpha Intelligence Capital CEO Antoine Blondeau also discusses the hurdles that large enterprises may face in adopting AI successfully.

20 global investors fuelling Southeast Asia fintech boom in 2023
International investment powerhouses drive Southeast Asia’s fintech revolution, backing innovative startups in 2023’s dynamic market expansion.

How Grab develops products that support driver-partners’ productivity
Once the first version of the solutions is built, Grab will invite driver- and delivery partners to test it in real-life situations.

BasisAI co-founder steps down from Aicadium
Liu Feng Yuan’s BasisAI was acquired by Temasek subsidiary Aicadium in 2021; This news comes months after Aicadium investigated Liu because of a whistleblower complaint involving staff departures at BasisAI.

TikTok vs Shopee EC war in SEA: How can startups leverage the competition?
In this piece, we spotlight startups capitalising on the TikTok vs. Shopee battle in Southeast Asia’s social and live commerce scene.

The future of Indonesia’s payment services: 3 predictions for the advancement of direct debit
The accessibility and adoption of diverse digital payment methods have experienced a significant surge throughout Indonesia.

Why inclusive hiring matters for a startup ecosystem
A truly inclusive workplace is one where Persons with Intellectual Disabilities (PWIDs) are able to learn, thrive and be respected.

Post-pandemic education: Why edutech remains a game-changer
It is an exciting time for the world of edutech as we are now presented with the unique opportunity to push boundaries and reinvent ourselves.

Striking the balance: AI, leadership, and the modern workplace
Leaders should embrace transparency, include staff in AI-related decisions, and offer thorough training to overcome reluctance.

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The image used in this article is AI-generated.

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Singapore- and Vietnam-based early-stage investment platform CrossFund has raised US$1.5 million in fresh funding from undisclosed investors at a US$47 million valuation.

The fintech startup will use the funds to expand its presence in EMEA (Europe, the Middle East, and Africa), where 40 per cent of its 15,000 accredited investors are based.

Founded in 2021 by Ben Cardarelli and Davide Cali, CrossFund is an equity financing tool for early-stage startups in Southeast Asia and Africa. Investors can own equity in international startups with as little as US$5,000.

CrossFund leverages data to match its investors with startups based on sector, stage, geography, areas of expertise, and other more granular factors. The platform also accepts investments in crypto, leveraging third-party providers. It is soon launching a secondary market to foster liquidity for investors and founders.

Also Read: 26 fintech startups that raised funding in 2023 so far

The firm claims over US$40 million was raised across 80 investments. Its portfolio also includes Clever (APAC), Vulcan (Vietnam), Lipa Later (Kenya), Styched (India), beU (Ethiopia), and Swag Kicks (Pakistan).

CrossFund also has an exit to its credit (Hong Kong-based Edugo, which raised a funding round led by CrossFund, was acquired in June by Nasdaq-listed Docebo).

“Having spent the past ten years in Asia, SEA was our natural birthplace and we quickly built a strong base of investors and startups here,” said Cardarelli.

“Demographically, these markets we are in – like Indonesia, India, Vietnam, and Philippines – have extremely large populations, a young, tech-savvy workforce, low labor costs, and an emerging middle class. Entrepreneurship and angel investing is still at its nascent stage in many of these markets, but on the rise. Our vision has always been to invest early in local founders and give people access to valuable startup equity in the economies of the future,” he added.

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The image used in this article is AI-generated.

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Modern marketing has transformed into a dynamic interplay of consumer insights, data analytics, and disruptive technologies. At the forefront of this revolution lies Artificial Intelligence (AI), a game-changer that has redefined how businesses engage with their audience.

However, despite such innovations, the biggest challenge among marketing professionals is the knowledge gap. While the potential of AI is being explored across different industries, many businesses find themselves grappling with its practical implementation. This creates a substantial hurdle, as companies may not fully leverage AI’s transformative capabilities, such as real-time data processing and precise consumer insights. Furthermore, adapting to the ever-changing market dynamics, creating personalised experiences, and nurturing talent proficient in emerging technologies are pressing concerns.

Also read: EQT Impact Challenge offers platform for impact entrepreneurs to attain ‘patient capital’

The fast-evolving digital landscape demands agility, strategic foresight, and a deep understanding of evolving consumer behaviours. Failing to bridge these knowledge gaps can lead to missed opportunities and a loss of competitive edge in today’s fiercely competitive market.

This is where Flux Series: Marketing Leaders steps in, offering a tailored program designed to equip marketing professionals with the essential skills and knowledge to thrive in this rapidly evolving environment. With that, here are some of the key knowledge gaps that today’s marketing professionals need to address.

Challenges faced by marketing professionals today

1. Adapting to the ever-changing market:

Consumer preferences, technology trends, and competitive landscapes are in constant flux. Many businesses find it challenging to stay nimble and responsive to these changes, leading to missed opportunities and diminished competitiveness. This can result in missed opportunities and a decrease in competitiveness. Bridging this knowledge gap is crucial for businesses seeking sustained success in today’s dynamic market. A platform for industry leaders to share experiences and strategies can provide valuable insights on how to anticipate and adapt to market shifts effectively, ensuring that marketing strategies remain both relevant and impactful.

2. Creating a personalised experience in engaging customers:

Personalisation has become a cornerstone of effective marketing. Today’s consumers expect tailored experiences that resonate with their individual needs and preferences. However, achieving this level of personalisation can be a daunting task for many businesses. They may struggle with gathering and interpreting customer data, or implementing the necessary technologies to deliver customised content and interactions. Marketing professionals need to seek practical guidance on how to harness data-driven insights and leverage AI-powered tools to create highly personalised customer experiences, ultimately elevating their customer engagement strategies.

3. Nurturing and retaining customers through the use of new technologies:

As businesses increasingly adopt advanced tools like Artificial Intelligence and data analytics, the expectations of consumers for personalised, seamless experiences have risen dramatically. Failing to meet these demands can lead to customer attrition, a costly outcome in a competitive market. Moreover, retaining existing customers is not only more cost-effective but also cultivates brand advocates who can drive organic growth. Embracing new technologies offers the potential to revolutionise customer relationship management, enabling businesses to deliver tailored interactions and ultimately foster stronger brand loyalty and increased customer lifetime value. Bridging this knowledge gap is imperative for marketing professionals seeking sustained success in the modern digital age.

4. Harnessing the power of data in understanding consumer insights:

In the era of information abundance, businesses often grapple with the challenge of effectively harnessing and interpreting data to extract actionable insights. Without the appropriate tools and strategies, they risk missing out on valuable opportunities to optimise their marketing efforts. The absence of a structured approach to data analysis may result in less effective and targeted campaigns. This highlights a critical hurdle that businesses face in leveraging consumer behaviour insights for strategic decision-making.

5. Automating end-to-end processes:

Achieving end-to-end automation in marketing operations is a complex endeavour, presenting businesses with several challenges. Identifying the right tools and technologies to streamline processes can be a daunting task. Additionally, integrating different systems to create a seamless workflow poses a significant hurdle to one’s workforce such as the inability to adapt to more innovative infrastructures. The absence of a structured approach to automation may lead to inefficiencies and hinder scalability. This highlights a critical challenge in optimising marketing operations for maximum efficiency and impact.

Flux Series: Marketing Leaders

To bridge the knowledge gaps in this transformative era, e27 is launching Flux Series: Marketing Leaders. This focused, intimate, and curated program, set against the backdrop of industry leaders and insiders, promises to unlock critical insights into marketing and AI. Not only is it important to identify these knowledge gaps, but we must also answer questions on why they need to be addressed, how companies can empower themselves with the right tools, and how Flux Series offers an unparalleled platform to bridge these gaps.

Also read: Promoting disaster tech innovations with the help of e27

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.

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Photo by Kindel Media via Pexels

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Singapore-based insurtech company bolttech has raised US$50 million from impact investor LeapFrog Investments, bringing its total Series B round to US$246 million.

bolttech will use the new capital to grow in emerging markets and expand its technology-enabled ecosystem for protection and insurance for emerging consumers.

LeapFrog’s track record with tech-enabled insurance businesses in Africa and Asia will help bolttech to target its products to these growing markets.

In May this year, bolttech closed its Series B round at US$196 million, led by Japanese insurance holding company Tokio Marine.

Launched in 2020, bolttech aims to make connections between insurers, distributors and customers easier and more efficient to buy and sell insurance and protection products. It partners with insurers, telcos, retailers, banks, e-commerce and digital destinations to embed insurance into their customer journeys at the point of need.

Also Read: The future of insurance isn’t just digital — it’s efficiently digital

bolttech’s customers include more than two million emerging consumers, especially with its device protection offerings. In markets such as the Philippines, Vietnam, and Indonesia, devices are an important insurable asset that can help unbanked and underbanked consumers to access financial services at a lower cost, enable telemedicine services and increase employment opportunities.

It has licenses to operate throughout Asia, Europe and all 50 US states.

Currently, the firm works in more than 30 markets across three continents.

bolttech claims it now quotes approximately US$55 billion worth of annualised premiums. Globally, its ecosystem connects 700 distribution partners with more than 230 insurance providers and offers over 6,000 product variations.

In October last year, the startup announced the completion of its acquisition of a majority shareholding in Indonesian insurance broker Axle Asia. This followed bolltech’s strategic investment in UK-based digital insurance advisory Sherpa.

In 2021, bolttech secured US$247 million in its Series A round via multiple rounds.

The company’s other backers are BRV Capital Management, EDBI, Spanish firm Alma Mundi, Tony Fadell (Principal at Future Shape, inventor of iPod, and co-inventor of iPhone), Alpha Leonis Partners, Dowling Capital Partners, B. Riley Venture Capital, and Tarsadia Investments.

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Image Credit: bolttech.

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Helen Wong, Managing Partner at early-stage VC firm AC Ventures, said Indonesia needs more female investors willing to back female founders.

Addressing regional policymakers and prominent business leaders at the Women’s CEO Forum at the ASEAN Business & Investment Summit (ABIS) 2023 in Jakarta, she said women entrepreneurs are key economic drivers.

“In a market as vibrant as Indonesia, women entrepreneurs are not just fulfilling a social role; they are key economic drivers. Our research indicates that investing in women-led businesses is not just the right thing to do, it’s the smart thing to do,” said Wong.

Also Read: Wealthtech, insurtech, SaaS fintech are the new hot verticals in Indonesia: AC Ventures report

“Given that these businesses contribute significantly to the local economy – and keep it resilient during times of crisis such as the pandemic – we’re looking at an untapped yearly opportunity worth hundreds of billions of dollars. As such, we need more female investors who understand this and are willing to take concerted action to back more female founders,” she added.

During her speech, Wong called upon fellow investors and policymakers to take actionable steps to support female investors. She emphasised the compelling economic rationale behind backing women entrepreneurs in Indonesia and local female venture capitalists.

The archipelago is home to more than 64 million MSMEs, accounting for 98 per cent of all businesses in the nation. These MSMEs significantly contribute over 61 per cent to the local economy. Over half of these enterprises are women-owned, which AC Ventures identifies as an annual investment opportunity worth over US$421 billion.

Also Read: ‘Indonesia will soon see a proper credit boom for businesses, consumers’: AC Ventures

Wong also noted that AC Ventures has a good track record supporting female tech founders and women-owned MSMEs in ASEAN. The VC firm has a 50:50 gender-balanced team and 41 per cent female leadership across its investment portfolio.

“In our journey at AC Ventures, we’ve learned that diversity isn’t a buzzword; it’s a business imperative. A balanced team brings diverse perspectives, leading to smarter investment decisions and more robust portfolio performance,” she stated.

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Image Credit: AC Ventures

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The Vision Program, a joint effort between e27, The Science & Technology Policy Research and Information Center (STPI), and Taiwan’s Ministry of Science and Technology (MOST), is a collaborative project aimed at empowering early-stage startups based in Taiwan. Its core objective is to provide startups with the necessary tools, mentorship, and networking opportunities to secure funding and prepare for global expansion

which designed a customised program tailored to the unique needs of each startup. This program encompasses a range of critical elements, including mentorship, funding avenues through pitch events and investor introductions, and strategic initiatives to enhance branding and visibility. It is this bespoke approach that ensures each participant receives the specific support they require to thrive in an ever-evolving market. As a result, the Vision Program has achieved notable milestones, with 10 Taiwan-based startups participating in the program and an impressive turnout of over 200 attendees at the Vision Program Online Demo Day held in Singapore.

The Vision Program Online Demo Day

The Vision Program Online Demo Day serves as the culmination of this ambitious initiative where five startups underwent a year-long learning and mentoring journey with the goal of global expansion.

The five startups that made it to the online demo day span diverse industries and verticals, offering innovative solutions to a range of pressing global challenges: GoodLinker specialises in smart factory tools for SMEs, ushering them into the era of Industry 4.0. Turing Certs revolutionises records tracking in education through blockchain technology, with applications extending to real estate and agriculture. Singular Wings addresses chronic health issues with a wearable medical device, focusing on conditions like obstructive sleep apnea. DENTX enhances the dental X-ray experience with an innovative holder and AI-powered imaging recognition. KiWi New Energy leverages AI to match local solar power stations with users, creating a decentralised green energy platform.

Also read: 5 common challenges marketing professionals face today

In addition to the five startups participating in the Vision Program Online Demo Day, the event also celebrates three alumni startups that have graduated from the program and achieved significant milestones in their respective fields: Tensor Tech pioneers B2B satellite attitude control systems and components, redefining space technology. 3drens provides smart mobility solutions through their Vehicle Intelligence Platform, transforming industries like logistics and vehicle rentals. Dapp Pocket simplifies blockchain’s decentralised features through two innovative products, Dapp Pocket and DappKits.

The Vision Program Online Demo Day is not only a showcase of innovation but also a testament to the transformative power of dedicated mentorship and strategic support.

The e27 factor in the project

e27’s years of experience nurturing the Asia-Pacific tech startup ecosystem was instrumental in crafting a tailored program. By understanding the specific needs and challenges of each participating startup, e27 ensured that the support provided was precisely aligned with their growth trajectories. This personalised approach amplified the impact of the program, setting a strong foundation for success among participating startups.

Also read: EQT Impact Challenge offers platform for impact entrepreneurs to attain ‘patient capital’

The provision of 2-3 dedicated mentors for each participant also speaks volumes about e27’s commitment to empowering these startups. These mentors, carefully selected based on their domain expertise and industry knowledge, were invaluable resources who shared impactful knowledge and practical insights that participating startups could leverage for future growth. Their tailored guidance provided startups with the necessary tools and insider know-how, enabling them to make informed decisions and navigate challenges effectively.

e27’s proficiency in organising pitch events and facilitating investor introductions was also a game-changer for the startups. By creating a platform for startups to showcase their potential, e27 not only connected them with potential investors but also fostered an environment conducive to building connections and securing funding.

More than just a platform

The strategic initiatives undertaken by e27 to enhance the visibility of startups cannot be overstated. By leveraging various channels, e27 ensured that these startups garnered the attention they deserved. This heightened visibility not only attracted potential investors but also positioned the startups as formidable players in their respective industries, giving them a competitive edge.

The impressive turnout of over 200 attendees in Singapore is a testament to the anticipation and recognition garnered by the program, due in part, to e27’s expertise. e27’s meticulous planning and execution ensured that the event served as a platform for startups to shine, leaving a lasting impression on investors, industry experts, and other ecosystem stakeholders.

Also read: Promoting disaster tech innovations with the help of e27

The Vision Program, driven by the concerted efforts of e27, STPI, and Taiwan’s Ministry of Science and Technology, is not merely a program; it is a testament to the potential of early-stage startups and their capacity to make a lasting mark on the global stage. Through e27’s unwavering support and tailored programs, these businesses are not only thriving but are poised for global expansion. The Vision Program Online Demo Day promises to be a showcase of innovation, highlighting the incredible journey of these startups from inception to global readiness. As the Vision Program continues to empower startups, it reaffirms Taiwan’s position as a hub of entrepreneurial excellence with a global impact. With e27 at its helm, the Vision Program stands as a guiding path for startups, offering them the tools and support they need to succeed in today’s competitive landscape.

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

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With tech companies such as Grab, we are always curious about how they are doing things behind the scenes–including how they develop products and features on their platform. This is why e27 reached out to Prashant Kumar, Head of Product, Fulfilment at Grab, to understand how they do it.

“Our tech priorities are similarly guided by our promise to our users as well as business needs to drive sustainable growth. For example, with a trying macro outlook, our consumers are now looking for more affordable options to meet their everyday needs,” Kumar explains in an email.

“This has prompted us to work on features that enable us to offer more affordable services such as saver delivery and GrabShare to our consumers – while making sure our driver and delivery partners continue to earn sustainably, and the platform remains relevant.”

The product lead shares the important milestones that these products have made to help increase drivers’ productivity: In 2022, Grab saw an estimated 3.55 per cent reduction in average idle time for driver-partners compared to 2021. The company also saw its driver-partners average earnings per online hour increase by 10 per cent in 2022 compared to the previous year.

In developing these products, Grab goes by the principle that its driver- and delivery partners have different needs: Some may like more guidance than others, while others may prefer to drive or deliver orders within a specific area. The majority of them prefer to be on Auto-Accept mode, while its Shared Fleet initiative also gained popularity during the COVID-19 pandemic.

Also Read: Should you take Grab or Gojek? Founders reveal how they scale their business

“In 2022, we saw 71 per cent of our two-wheel driver-partners taking on both delivery and transport bookings. By leveraging the multiple everyday services that Grab provides to consumers, our partners can choose to take on different types of bookings to maximise their time online and increase their earning opportunities,” Kumar says.

What fulfilment is all about

Before understanding the process behind the development of products that can help driver-partners with their productivity, Kumar begins by explaining the role that the fulfilment team plays in users’ journeys.

According to him, the fulfilment team gets into action after consumers press the ‘book’ or ‘place order’ button on our app. It is made up of about 200 people, consisting of product managers, engineers, UX designers, researchers, data analysts and scientists.

“We use tech at scale to meet consumers’ requests. The steps to fulfil these requests include finding the best driver-partner and consumer match when consumers book a ride or finding the most efficient way to deliver consumers’ food or grocery orders,” he says.

“A big part of the work done by the team is to leverage Grab’s scale and ecosystem to drive more efficiency and productivity for our driver- and delivery partners. Helping them to earn more sustainably while ensuring we remain a reliable service to our consumers and lower our cost to serve.”

The team also drives hundreds of optimisations every month on existing features so that it can continuously improve based on user feedback.

Also Read: Ecosystem Roundup: Grab to lay off 1,000 staff | Byju’s auditor Deloitte quits

Kumar further explains that Grab’s product development process starts with identifying the right problem statement to solve. This is led by product managers who work cross-functionally and examine internal data, user feedback, and business needs.

Once the problem statement is confirmed, the product managers will discuss and build solutions for it with the team of engineers and designers.

“This process could involve more research as our team runs a variety of user studies to identify insights for the team to explore further. These include conducting fundamental research to identify new opportunities, holding in-depth interviews and shadowing driver- or delivery-partners while they are completing bookings,” Kumar says.

“When we have a list of potential solutions, our team of researchers would also conduct concept tests for the different solutions, while our data analysts and scientists will look into related data to infer insights and performance data of the solutions. Finally, usability tests will be done to ensure the user journey is intuitive before a new feature is rolled out.”

Once the first version of the solutions is built, Grab will invite driver- and delivery partners to test it in real-life situations, moving into a co-creation phase that further refines the products based on user feedback.

“It is also during such pilots that we will discover most of the bugs related to the new product features and will fix those bugs immediately. This is a closed-loop process. We will repeat the process until both our partners who are participating in the pilots, and we are confident of the solution before it will be rolled out to all users.”

Also Read: Co-Founder Tan Hooi Ling to step down from her active role at Grab

Grab updates driver-partners on new features via in-app messages and EDMs. Its Grab Support team is also regularly trained to help guide our driver-partners to use the features effectively or answer any questions.

Exploring new territory

Even with all that Grab has managed to achieve, there are still many areas of innovation that the company wants to explore. Kumar shares a handy list of them.

“In Vietnam, Singapore and Indonesia, we are running an ongoing pilot for a Ride Guide feature. This feature is built to provide driver-partners with a fully automated guided experience that brings them to the nearest areas with high ride demand throughout the time they are online on the Grab platform. This maximises driver-partners’ chances of securing bookings automatically,” he explains.

Grab is also developing an Optimised Airport Queue Experience to help partners better address the increasing traffic from airports as tourism recovers in the region.

“Today, our driver-partners are only able to find out their queue position and waiting time through an in-app notification when they enter the queue at airports in Singapore, Bangkok, Jakarta, Vietnam and more. They get an update every 5-10 queue positions and have no way to find out the status of the queue in real time. This is not a productive use of their time if the queues are slow to move,” Kumar says.

“We hope to change this experience with the new feature that will enable driver-partners to see their position in the queue and estimated waiting time in real-time. It will empower them to make informed decisions on whether to continue waiting in the queue or leave and take on bookings elsewhere. We expect to roll out this feature before the end of the year.”

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Image Credit: Grab

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A saying that’s been doing the rounds since ChatGPT took over the internet is that ‘AI won’t replace humans, but humans with AI will’. The rise of generative AI and technological advancements has raised several questions about its impact on the present ‘workforce.

To what extent is the involvement of AI ‘healthy’? How do we continue to give people a key competitive advantage, even as AI becomes more widespread in business? Will AI replace our business leaders?

While the questions are daunting, the answers are comparatively simpler. Leadership is all about making informed and wise decisions in a world brimming with complex data. AI helps leaders decipher these complexities, extracting insights, and providing a clear path forward.

This newfound clarity empowers leaders to make swift and accurate decisions, especially during time-sensitive situations. AI also gives a holistic picture of the business landscape by allowing them to investigate strategic possibilities and identify potential hazards.

Concept of leadership in the context of AI and technological advancements

In the past, computers could only perform predefined tasks — ones for which they were programmed. But computers have advanced too. The emergence of ‘machine learning’ technologies already has widespread business applications.

Southeast Asia is rapidly emerging as a hub for this innovation too. A 2020 study by Kearney, a leading global management consulting firm, had some interesting insights. It showed that 70% of Southeast Asian respondents saw AI as vital to their future and demanded the field’s advancement in the area be sped up.

With the widespread use of AI, Southeast Asia has the potential to gain up to US$950 billion by 2030. This translates to a 10 to 18 per cent increase in GDP.

Also Read: How to drive business innovation with AI-powered data analytics

In this context, AI will be a catalyst when it comes to redefining leadership.

Using advanced AI algorithms, companies can revolutionise leadership development programs. These programs can analyse a leader’s performance, strengths, and weaknesses. They can discover gaps and offer specific learning materials to help them succeed.

Leaders can benefit from a learning experience that is effective and efficient, with a learning path that adjusts to their pace and progress.

However, while computers transcend human ability, great business leaders are set apart by their emotional intelligence.

Evolving role of leaders

In the past, we have seen leadership styles evolve to adapt to the times. We have gone from traditional authoritative management to a more collaborative and coaching-oriented approach. With the emergence of AI, leaders are at the forefront of another transformation. Now, there will be a renewed focus on people management and strategy.

Instead of micromanaging, leaders ought to focus on empowering their teams. In addition to increasing trust, delegating work enables staff members to use their abilities and creativity. Additionally, hearing team members’ opinions encourages a diverse and creative workplace.

The evolving role of leaders hinges on qualities like emotional intelligence, adaptability, and humility. Leaders should realise that leadership is less about having all the answers themselves and more about empowering other people to find the right solutions. Leaders may use AI as a potent tool to promote people management, coach team members, and adopt a more collaborative style, to drive creativity, efficiency, and innovation in the rapidly evolving landscape of the modern workplace.

Opportunities and challenges

Leaders adopting an AI-supported and collaborative approach will see many opportunities and a few challenges. Adopting this strategy can have a significant impact on organisational performance, culture, motivation, and employee satisfaction.

The advantages of such leadership include the capacity to use AI to perform tedious jobs and freeing up people to work on more creative and strategic work. They also can use data analytics to improve decision-making. This can then result in more production, innovation, and overall organisational success. Additionally, encouraging a friendly and cooperative environment can raise employee’s morale and motivation.

Employees feel valued, engaged, and more motivated to give their best to the organisation when leaders place a priority on people management and tactics. Top talent can be attracted and retained through a culture that values collaboration and growth.

However, there are challenges and risks to navigate as well. Employee resistance to change is a common challenge since they may worry about how AI will affect their workflow and job security.

Also Read: Can hyper-personalisation be achieved through automation and AI?

Here are some ways to approach this:

• A transparent discussion of ethical issues relating to data privacy and AI decision-making will give assurance to employees and prevent them from making any rash decisions.
• Leaders must also know that technical glitches and failures can disrupt operations.
• While an AI-supported leadership program might encounter risks and obstacles, leaders must demonstrate adaptability, ethical responsibility, and a commitment to addressing employee concerns in the pursuit of a harmonious and successful workplace.

In conclusion, the changing nature of leadership in the age of AI involves striking a delicate balance between maximising the potential of technology and giving people management top priority. Leaders must create an integrated strategy that recognises the interaction between people and technology to successfully navigate this environment.

Leaders should embrace transparency, include staff in AI-related decisions, and offer thorough training to overcome reluctance. Clear rules, a culture of responsible AI use, and continuing ethical conversations can be used to address ethical quandaries.

Thorough testing and contingency planning can be used to manage technical issues.

Successful firms will be those that maximise the advantages of AI while also hosting a collaborative and creative working culture. The leaders who master this integrated strategy will be designers of a new world where artificial intelligence and human intellect work together to advance society.

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Vietnamese genetic testing company Gene Solutions has received US$21 million in a Series B financing round from Fund IV of local PE firm Mekong Capital, according to a TechInAsia report.

This comes two years after the firm secured US$15 million from Mekong in 2021.

Established in 2017 by Vietnamese scientists, Gene Solutions has developed triSureFirst, a noninvasive prenatal test (NIPT) for detecting abnormalities of chromosome numbers in the fetus, such as Down Syndrome, Edwards, and Patau.

The test, based on detecting cell-free DNA of the placenta, is released into the mother’s blood to assess the risk of the fetus suffering from birth defects due to chromosomal number abnormalities.

The company claims that triSureFirst’s positive predictive value is 94 per cent for all three syndromes.

Also Read: Ex-Zalo executives’ proptech startup Rever snags US$10.2M from Mekong Capital

Since 2018, Gene Solutions claims to have made accurate tests accessible to over 500,000 pregnant women, helping over 65,000 pregnant women avoid unnecessary amniocentesis.

The startup has a presence in Thailand, the Philippines, and Indonesia. It also expects to open an oncology laboratory in Singapore in November 2023.

Established in 2001, Mekong Capital invests in private Vietnamese companies. Its latest fund, MEF IV, with a fund size of US$246 million, focuses on retail, education, restaurants, consumer services, FMCG, and health care. Its portfolio companies include Entobel, Marou, Mutosi, HSV Group, LiveSpo Global, and Rever.

In March this year, MEF IV completed an investment of US$20 million in F88. In May 2023, Reuters reported that Mekong Capital is looking to build a climate fund worth up to US$200 million as early as next year.

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The world is facing a multi-crisis environment that could persist for the foreseeable future. But instead of being overwhelmed by pessimism, entrepreneurs seek creative methods to resolve the environmental, social and economic issues posing obstacles to society at large.

Impact entrepreneurship, as it is known, is one of the “most meaningful” ways through which scalable solutions can be attained to solve some of these challenges, says EQT Foundation CEO Cilia Indahl.

“At the Foundation, we believe that entrepreneurship can be a key driving force in helping to solve some of the pressing challenges our world is facing today,” she says in an interview with The Edge Singapore.

The post EQT Impact Challenge offers platform for impact entrepreneurs to attain ‘patient capital’ appeared first on e27.