Dear reader,

In a strategic move, TikTok Shop is poised for a powerful resurgence in Indonesia through a groundbreaking deal with Tokopedia following a two-month ban spurred by new social commerce regulations.

The merger enables TikTok to seamlessly integrate with Tokopedia, leveraging the latter’s extensive logistics network and financial products. Tokopedia, holding a significant 35% of Indonesia’s total GMV, strategically avoids costly subsidy wars by merging with TikTok Shop, which recorded an impressive US$4.4B GMV in the region last year.

The deal de-risks GoTo’s e-commerce business and aligns with its profitability goals. Analysts emphasise the potential wave of similar mergers across the region, inviting scrutiny over foreign companies and their relationships with local platforms. TikTok’s localisation strategy becomes critical, with the combined Tokopedia-TikTok Shop alliance projected to capture a 40% market share, surpassing Shopee.

While uncertainties persist about the separation of social media and social commerce, TikTok’s deep pockets position it as a formidable force in live selling, impacting Shopee’s competitiveness. As the Indonesian government closely monitors the trial campaign, the success of this partnership could redefine the landscape of Southeast Asia’s e-commerce sector.

Sainul,
Editor.
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TikTok Shop gets winning hand in Indonesia via Tokopedia mega deal
For Tokopedia, given its significantly larger share of Indonesia’s total gross merchandise value (GMV) – which sits at 35% compared to TikTok Shop’s 5% – the decision to pursue a merger seems strategic, enabling it to avoid costly subsidy wars for market dominance.

Startup funding in SEA falls 65% to US$4.3B in 2023: Tracxn
Late-stage funding dropped 65% to US$1.9B, early-stage funding declined 67% to US$1.9B, and seed-stage investments fell 52% to US$546M; Fintech, enterprise applications, and retail were the top-performing segments.

Next banks US$140M from Peter Thiel-backed Crescendo
With the funds, which come amid a rebound in crypto values, the company plans to grow its global business and create new services as it strives to make Web3 more accessible.

Legal woes, police reports trail woman linked to ex-Foodpanda CEO’s exit
Jakob Angele, Foodpanda’s longtime CEO, stepped down in October under a cloud of controversy that involved his former girlfriend, Rebekah Rankine.

AI-driven ingredient quality platform ProfilePrint concludes Series B round
Tai Partners is the lead investor; ProfilePrint synthesises complex molecular data of ingredient samples into digital fingerprints, rapidly predicting its identity and quality, helping agribusinesses to buy and sell better.

01Fintech invests US$20M in SME financing platform firm Validus
The investment will enable Validus to accelerate its expansion plans in Indonesia; Since its inception in 2015, Validus has disbursed more than US$3B in loans to small businesses across Southeast Asia.

Indonesian D2C startup Rosé All Day Cosmetics bags US$5.41M Series A
The investors include SWC Global, DSG Consumer Partners, and AC Ventures; RADC will use the fresh capital to broaden its nationwide distribution and expand its market reach into other ASEAN countries.

‘Programmable bank’ Pave Bank launches with US$5.2M seed funding
The investors include 468 Capital, Quona Capital, FT Partners, and BR Capital; Pave Bank provides customers with multi-currency operating accounts, global payment connectivity, and treasury management solutions.

Thailand has untapped startup potential, BCG report says
The report by Boston Consulting Group and its tech division BCG X notes that though Thailand has a higher gross GDP than Singapore, Vietnam, the Philippines, and Malaysia, it’s home to the smallest number of startups among the five.

AnyMind Group expands into Saudi Arabia
The e-commerce enabler has rolled out its influencer and mobile marketing platforms in the Kingdom; The group now has a presence in 15 markets across Asia Pacific and the Middle East.

OKX Ventures invests in Animoca Brands’s Mocaverse
Mocaverse is a Web3 ecosystem project developed by Animoca to co-build Mocaverse projects on OKX’s newly announced zkEVM Layer-2 network, X1.

Non-AI SaaS startups in India to face challenges in raising funds in 2024: Report
Series A (~US$5M) investments might see a significant dip and increased stringency in metrics and LLMs are poised to have a significant impact, similar to mobile operating systems in 2009, a report by SaaS accelerator fund Upekkha said.

British International Investment backs India’s Aye Finance in US$37M funding
Aye provides business loans in the form of mortgage, hypothecation, and term credit to underserved micro enterprises that find it challenging to secure their working capital requirements from traditional lenders, including banks.

Blink secures US$2.1M to expand online ordering platform in Middle East
The investors are 500 Global, Global Founders Capital, and Orbit Startups; Blink helps restaurants widen their direct online ordering channels by offering branded platforms and mobile apps.

Meta aims to brings its fact-checking program to Threads next year
Instagram head Adam Mosseri said that the social platform currently matches ratings from Facebook or Instagram to similar content. But next year fact-checkers will have tools to review posts.

OpenAI inks deal with Axel Springer on licensing news for model training
It’s OpenAI’s second such arrangement with a news organization after the startup said that it would license some of the The Associated Press’s archives for model training.

Privacy complaint takes aim at X over EU ads targeted on sensitive data
While X’s T&Cs prohibit people’s political affiliations and/or religious beliefs being used to target them with ads, an advertiser on its platform was able to use exactly this kind of sensitive personal data to target users with ads.

Who is doing what: Understanding the different job titles in a VC firm
Understanding the difference between each roles in a VC firm enables founders to be more strategic in their networking approach.

‘Not all is doom and gloom’: Experts on the potential of AI to steal jobs in SEA
AI isn’t a job destroyer; people need to be more accepting of digital and intelligent technologies and optimise them to perform better in their roles.

Singaporean startup KittyKat does affordable brand photoshoots for small online businesses
KittyKat has already worked with nearly 100 SMEs, brands, and MNCs across the US, Australia, and Asia.

How Ampotech helps energy, facilities managers improve the performance of their buildings
Ampotech’s proprietary device AmpoHub becomes the brain of an electrical panel, logging usage data and detecting anomalies for specific equipment like air conditioners and motors.

Holiday cybersecurity: Safeguarding businesses amidst increased cyber threats
As we enjoy the holidays, cyber dangers rise; here’s to a happy and safe holiday season, protected by these important cybersecurity tips

Navigating VC funding: The crucial role of a well-managed cap table
A well-structured cap table not only instils confidence in investors but also lays the groundwork for a more resilient and agile startup.

Top 10 contributors in communications and marketing excellence
These contributors enrich the e27 community with diverse insights and thought leadership, especially in marketing, communication and growth.

Bridging Taiwan and Southeast Asia through innovation and tech
Check out some of the exciting Taiwan startups looking to empower Southeast Asia with their robust technology through SWITCH.

How foodtech startups are bridging the tech gap in restaurant ecosystem
The foodtech sector is expected to attract more customers in the future, owing to a cheerful public disposition and a surge in ordering rates.

Cultivating loyalty in live commerce: A lesson in progressive ownership
The best way to target niches within a crowded e-commerce landscape: theme-based live streaming. Uncover the potential of Mela’s progressive ownership model to cultivate user loyalty.

The rise of video games: Popular genres, global trends, and emerging technologies
Tapping into the borderless consumer represents a huge growth opportunity for tourism and travel providers, but to fully capitalise they must be able to transact with this new consumer group and see payments not as a means to an end but as a path to creating competitive advantage.

Bridging continents: Lessons learned from Singapore and Estonia’s tech journeys
Exploring how Estonia and Singapore can influence regulations and standards for emerging markets in new foods, processes, and legislation.

Transforming grief in the digital age: liveful’s journey from loss to innovation
Founded by Keng Low, liveful is a digital platform supporting how individuals navigate the emotional and logistic challenges of loss online.

‘Bringing world-class AI talent can substantially enrich the industry in SG’
Transparently.AI CEO Hamish Macalister says the challenge will be to ensure that homegrown talent is not overlooked in this endeavour.

Sana Ross: Elevating performance coaching and neuroscience in business
Having mentored startup founders for over a decade, Ross excels in unlocking potential and fostering growth in individuals and teams.

The post Ecosystem Roundup: TikTok Shop gets winning hand in Tokopedia deal | Startup investments in SEA decline 65% in 2023 appeared first on e27.

In the vibrant e27 community, a diverse array of voices actively influences conversations on emerging technologies and innovation. This feature is dedicated to our top 10 contributors, all of whom are noteworthy startup founders. They bring forth expert insights in their respective domains, offering a valuable glimpse into their journeys and experiences within the startup ecosystem.

Artem Moskalev

Moskalev is the Co-Founder of IVITECH, a mobility fintech startup. The company provides access to vehicles and innovative solutions for mobility entrepreneurs across Asia, CIS countries, and beyond. Committed to Indonesia’s greener future, it supports the government’s goal of 2.5 million electric vehicle users by 2025. Outdated and unsafe bikes hinder ride-hailing drivers, affecting their income and safety. IVITECH offers affordable daily subscriptions for brand-new electric bikes to tackle this, ensuring safety and reliability and contributing to cleaner air for healthier communities.

“It is not only big business that is able to influence global world processes. Young and emerging technology companies also have the resources and potential to make the world a better place.”

Daan van Rossum

Rossum is the CEO of FlexOS, a Future of Work media brand offering articles, podcasts, guides, and tools for modern managers navigating the dynamic work landscape, with a spotlight on remote work, hybrid work, leadership, and AI. FlexOS has garnered attention in The New York Times, Harvard Business Review, Business Insider, and The Economist.

“There’s a noticeable shift towards emphasising its importance in boosting engagement, retention, and productivity. Furthermore, we’ve seen the rapid rise of remote and hybrid work models, accelerated by the COVID-19 pandemic. This has pushed companies to rethink and enhance the experience for remote and hybrid workers.”

Daryl Lim

He is the Co-Founder of MetaPals, a blockchain startup on a journey to help users transition from Web2 to Web3 through digital pets in the metaverse. He is also an active mentor for startups, having imparted his knowledge and experience at many platforms, from hackathons to accelerator programmes.

“Just like a bear prepping for winter, tech workers can fortify themselves for the funding winter. Bears fatten up and find safe dens before the freeze; similarly, tech workers should enhance their skills, make themselves indispensable, and secure a supportive professional network. Like bears storing energy, tech workers should save and invest wisely.

A bear doesn’t sleep through all winter; they wake intermittently, ready to adapt. Similarly, tech workers should stay updated with trends and be ready to pivot. Just as the bear trusts the cycle of seasons, tech workers should remember winter always leads to spring. And in spring, opportunities bloom again.”

Also Read: Top 10 contributors in communications and marketing excellence

Darryl Dickens

Dickens is the Founder of Out-Position, a company specialising in positioning and Category Design for tech startups, innovators, and growth-oriented enterprises. His primary areas of expertise and passion for facilitating this goal include crafting compelling points of view, implementing Category Design, and devising ecosystem strategy and optimisation.

“The Cost of Capital has irrevocably increased. We will likely not see “free money” or “zero interest rates” for the rest of our careers. This means three key things:

• Debt servicing becomes more expensive for startups
• The risk-weighting by VCs on capital investment increases
• Other options and rates of return for fixed interest, bonds, etc., become more attractive for investors/stakeholders/home offices

This will force revised thinking and strategy by founders and startups around ‘the new Category that I am creating’. It needs to be bigger than just the Total Addressable Market (TAM) currently identified — and more compelling is the new and bigger Category. This will give you a cut-through of your story and point of view around the new problem you are solving, the new category that emerges, and the new economics and value you are creating.

2024 is a very different environment. Let’s think different and bigger!”

Davin Dedhia

Dedhia is the Co-Founder and CMO of Auptimate, a platform empowering fund managers, family offices, and professional investors to swiftly launch their Special Purpose Vehicles (SPVs) and syndicates online. Auptimate ensures investors can concentrate on their primary focus of investing, handling the legal, compliance, and operational aspects of SPV creation and management.

Gagan Ajmani

Ajmani is the CEO of WOWS Global, a Singapore-based fintech platform specialising in financing solutions for tech-enabled businesses. It is a pivotal link connecting startups with investors, streamlining transactions, and offering alternative financing options.

“As we look ahead to the upcoming year, the widespread application of AI and machine learning is fundamentally reshaping various industries, particularly in fintech. Our strategic emphasis lies in utilising AI to streamline due diligence processes, enhance transparency in private markets, and elevate analytics.

Recognising the challenges in achieving public market-like transparency in private markets, we believe that AI holds the key to addressing this issue to a significant extent. By leveraging AI responsibly, we aim to refine investor matching, optimise risk management, and reduce deal timelines substantially.

This proactive use of AI promises faster deal closures in private markets, underscoring the transformative impact of advanced technologies on the efficiency and transparency of financial transactions.”

Jakob Rost

Rost is the Founder and CEO of Ayoconnect, Southeast Asia’s leading Open Finance API platform. Since its inception in 2016, Ayoconnect has interconnected over 1,000 companies through a centralised Open API network that integrates online and offline businesses and financial services providers. Rost is also engaged as an angel investor and advisor to early-stage startups.

“The immensely popular buy-now-pay-later (BNPL) payment plans have already achieved a staggering GMV of US$3.5 billion in 2022, firmly establishing themselves as one of Indonesia’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.”

Also Read: Top 10 contributors steering innovation in the tech community

Laurent Misso

Misso, the Founder of GoBike, is dedicated to providing distinctive cycling experiences to local communities. Through GoBike, he aims to facilitate easy and accessible cycling, viewing it not just as a hobby but as a means to reduce environmental impact and promote a healthy lifestyle. To expand GoBike to additional locations, he aspires to inspire more individuals to embrace the cycling community.

Reinis Simanovskis

Simanovskis, CTO and Co-Founder of Finfra, is establishing embedded lending in Indonesia. Finfra provides the necessary infrastructure and seamless integration for technology companies in Southeast Asia to embed financial services from application to decision to operations.

“With less funding available, startups will be forced to focus more on their key value add and less explorations to new business verticals.”

Sunil Nair

Nair is the Co-Founder of Mela.live, a thematic commerce startup facilitating pop-up shoppathons without investments in technology and content production. Beyond his own ventures, he actively pays it forward as a mentor and advisor within the vibrant startup ecosystem in Singapore and India.

“In 2024, Generative AI is poised to revolutionise (if it has not yet happened) how we interact with technology, blurring the lines between reality and imagination. At the same time, Generative AI raises questions about the role of humans in an increasingly automated world.

It is important to ensure that generative AI systems remain under human control, do not undermine human autonomy, and simultaneously understand autonomy and sentience in AGI. The speed at which changes are taking place in the Generative AI space and ethical Generative AI that respects intellectual rights and understands the societal impact and long-term consequences will be an area to watch out for and work towards.”

—

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

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

The post Top 10 startup founders in the e27 community shaping the tech industry appeared first on e27.

e27 has been dedicated to nurturing a supportive ecosystem for entrepreneurs since its inception. Our Contributor Programme offers a platform for sharing unique insights.

As part of our newly introduced ‘Contributor Spotlight’, we shine a weekly spotlight on an outstanding contributor and dive into the vastness of their knowledge and expertise.

This episode features Sana Ross, an accomplished performance coach with over 20 years of experience in finance and business leadership, coupled with a profound passion for neuroscience. A valued contributor, she became part of our community earlier this year and has authored 13 articles, accumulating over 5,000 content views.

Ross shares her personal and professional journey in this episode of Contributor Spotlight.

The driving force

With a history of managing complex investment projects and occupying C-level executive positions, Ross combines hands-on experience with neuroscience insights to enhance decision-making and cognitive functioning in professional settings. Joining the e27 Contributor Programme was driven by her eagerness to share a unique perspective at the intersection of business strategy and neuroscience.

“Through my contributions, I aim to provide knowledge to help others in their professional journeys, offering strategies and insights derived from my unique blend of expertise. Being part of e27 allows me to reach a wider audience, making a meaningful impact by guiding individuals and teams towards realising their full potential and achieving their goals more efficiently,” she said candidly.

Thoughts, goals, and journey

Ross began her industry journey over a decade ago as a CFO and mentor at a Venture Fund and Accelerator. During this time, she focused on mentoring and coaching startup founders. As a performance coach, Ross directs her attention to transforming individuals and teams into peak performers.

Also Read: 10x your results: The blueprint for building high-performing teams

Ross specialises in performance coaching, leveraging her practical experience in the business world and her educational background in neuroscience. “A significant development in my field is the growing acknowledgement of neuroscience’s ability to improve decision-making, cognitive abilities, and overall performance, which is especially important in high-stress settings like tech startups,” she shared.

Advice for budding thought leaders

In Ross’s perspective on becoming an impactful thought leader, she believes that to be an effective communicator, one must grasp the subject matter and consistently update their knowledge. Key elements include authenticity and the capacity to articulate complex ideas in simple terms.

Juggling too many things?

Balancing work, contributions, and personal life poses a challenge, but Ross approaches it by focusing on prioritisation and flexibility. She manages her time by setting clear boundaries and goals for each aspect of her life, ensuring dedicated and sufficient time without feeling overwhelmed.

“In essence, the key is to find a rhythm that works for you and allows you to excel in your professional life while still enjoying and valuing your time. It’s about making daily conscious choices that align with your overall goals and values,” she explained.

Staying in the loop

Staying abreast of the latest trends is crucial to Ross’s role as a performance coach. Her approach to staying abreast is multifaceted:

• Continuous learning: She actively engages in ongoing education, participating in specialised courses and training in neuroscience and leadership. This commitment ensures she remains at the forefront of new theories, techniques, and best practices.
• Professional networking: Ross connects with other professionals and experts globally, exchanging ideas and staying informed about emerging trends and diverse perspectives.
• Research and reading: Regularly reviewing scholarly articles and industry publications and attending conferences helps her stay in tune with the latest research and developments in her field.
• Practical application: Applying new knowledge in her coaching practice provides firsthand experience of its efficacy and relevance, which is vital for staying current and effective.
• Feedback and interaction: Engaging with clients and receiving feedback on the effectiveness of different strategies helps Ross understand the evolving needs and trends in the industry.

Also Read: Thriving under pressure: Navigating tech teams through stress

For those interested in performance coaching and the application of neuroscience in business, Ross suggests:

Books

• Thinking, Fast and Slow by Daniel Kahneman: Offers deep insights into decision-making and cognitive biases
• Drive: The Surprising Truth About What Motivates Us by Daniel H. Pink: Explores the psychology of motivation in the workplace
• Mindset: The New Psychology of Success by Carol S. Dweck: Discusses the power of mindset in achieving personal and professional goals
• The Lean Startup by Eric Ries: Essential for understanding modern entrepreneurial strategies and startup dynamics
• Principles: Life and Work by Ray Dalio: Provides unique perspectives on personal and professional development

Websites

• Harvard Business Review: Offers a range of articles on business strategy and leadership
• Neuroscience News: Provides updates on the latest neuroscience research
• Inc.com: Features valuable content for entrepreneurs and business leaders

Podcasts

• The Tim Ferriss Show: Covers a wide range of topics, including business, neuroscience, and personal development.
• How I Built This with Guy Raz: Offers insights from entrepreneurs about building successful businesses.
• Hidden Brain by NPR: Explores the unconscious patterns that drive human behaviour

These resources provide knowledge and insights across the critical areas of Ross’s expertise and interests.

“My final advice to you readers would be to stay curious and open to learning. The journey to success is continuous and ever-evolving. I encourage everyone to remain curious, open-minded, and proactive in seeking and applying knowledge innovatively,” Ross concluded.

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Are you ready to join a vibrant community of entrepreneurs and industry experts? Do you have insights, experiences, and knowledge to share?

Join the e27 Contributor Programme and become a valuable voice in our ecosystem. 

The post Sana Ross: Elevating performance coaching and neuroscience in business appeared first on e27.

Pave Bank, a Singapore-based fully regulated commercial bank offering a platform for businesses to transact in stablecoins, Central Bank Digital Currencies (CBDCs), and tokenised Real World Assets (RWAs), has secured US$5.2 million in seed funding and has come out of stealth mode.

468 Capital led the round with participation from Quona Capital, FT Partners, BR Capital, w3.fund, Daedalus, and unnamed angels.

Also Read: Transforming an age-old industry: How audax assists banks in their digital transformation journey

The company has also obtained the approved digital banking licence from Georgia.

Pave Bank is a programmable bank founded by established banking executives-turned-fintech operators Salim Dhanani (CEO), Simon Vans-Colina (CTO), and Dmitry Bocharov (COO).

Programmable banking allows you to deploy JavaScript code rules that execute before and after every card transaction.

The fintech startup aims to reimagine how a bank is built, how it operates and how businesses interact with their bank. With the future of banking rooted in the convergence of traditional finance and digital assets, Pave Bank is building a new operating system or layer for how money or assets are linked globally.

Pave Bank provides customers with multi-currency operating accounts, global payment connectivity, and treasury management solutions. It also allows access to multi-asset custody, virtual International Bank Account Numbers (IBAN), safeguarding accounts and PaveNet (a multi-asset, always-instant and always-on-network of Pave Bank customers).

The Pave Bank team believes that as the traditional financial world transforms with digital assets and the decentralised space transforms with regulation, regulated financial institutions must adapt to continue offering their clients the most competitive products and services. This shift is not a user experience shift but a change like money and value, for which Pave Bank was built.

Also Read: Can Singapore truly become a cashless society with payment 3.0?

Salim Dhanani, Co-Founder and CEO, said: “We have set out to address limitations of today’s financial system that lacks transparency, remains restricted to certain time windows (clearing and settlement, for example) and is riddled with intermediaries. All of this increases costs and management complexity and also limits the products and services that can be accessed by the majority of businesses and especially those operating globally.”

“In parallel, we have seen a number of innovative products that have been created in the digital asset space, but sometimes with a lack of regulation and safety for users. We are championing a new path where Pave Bank customers will get access to the financial products that they are used to, but also a range of digital asset-enabled products which will help them bank more efficiently within a regulated and secure environment,” he added.

 

The post ‘Programmable bank’ Pave Bank launches with US$5.2M seed funding appeared first on e27.

ProfilePrint, a Singapore-based AI-driven ingredient quality detection company, has concluded its Series B funding round, led by Tai Partners.

Four of its existing shareholders also participated in the round, the size of which is undisclosed.

The funds raised will help the company expand its mission to “revolutionise” the agrifood sector through AI.

Also Read: Wake up and smell the coffee: Check your coffee beans’ quality using ProfilePrint’s AI tool

ProfilePrint’s AI-powered food fingerprint platform is powered by a patented digital food Identity-as-a-service (IDaaS) technology. It synthesises complex molecular data of ingredient samples into digital fingerprints, rapidly predicting its identity and quality, helping agribusinesses to buy and sell better.

The company’s solutions have been deployed in nearly 50 locations across six continents globally.

Starting with coffee detection technologies, ProfilePrint has moved into other verticals, such as cocoa, tea, juices, and edible oils, and will launch its latest flagship feature, Verify. This tool lets clients send digitalised sample reports through the ProfilePrint Platform and facilitates instant viewing and approval of sample quality, eliminating the cumbersome process of sending physical pre-shipment samples for evaluation. This enhances efficiency and significantly saves time and cost for all parties involved.

Early this year, ProfilePrint and Swiss farm-to-roaster coffee company Sucafina announced a co-investment in Brazilian image recognition company Csmart. A few months earlier, the Singaporean firm onboarded US-based global food supplier giant Cargill as a strategic investor.

Also Read: ProfilePrint predicts quality of food sample ‘within seconds’, closes Series A financing

Previously, ProfilePrint closed two rounds of financing, including a Series A round in February 2022 from Louis Dreyfus Company (Netherlands), Olam Food Ingredients (an operating group of Olam International Limited, Singapore), Sucafina (Switzerland), a Southeast Asian agrifood conglomerate (Indonesia), Greenwillow Capital (Singapore), and Real Tech Global Fund (Japan). In 2021, it closed a pre-series A from Glocalink Singapore, Leave-a-Nest, and SEEDS Capital.

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The post AI-driven ingredient quality platform ProfilePrint concludes Series B round appeared first on e27.

AnyMind Group, a Tokyo-based e-commerce enabler, has announced its expansion into Saudi Arabia by opening an office in Riyadh.

Rubeena Singh, Country Manager (India and MENA), will lead the group’s operations in Saudi Arabia alongside its existing ventures in Dubai and India.

Founded in 2016 in Singapore by Kosuke Sogo and Otohiko Kozutsumi, AnyMind Group offers software and solutions for end-to-end commerce enablement in the business supply chain. It operates across Southeast Asia, East Asia, India, and the Middle East.

The company is initiating its Saudi entry by introducing its influencer marketing platform, AnyTag, which is designed for marketers to discover, activate, manage, track, and attribute influencer marketing campaigns across the marketing funnel.

It will also launch its mobile marketing platform, POKKT, specialising in rewarded video ads in mobile games, in-app video ads, rich media innovations, and app performance marketing.

Also Read: Bridging continents: Lessons learned from Singapore and Estonia’s tech journeys

Following this initial phase, the group plans to extend its suite of platforms to cater to enterprises, publishers, and creators in Saudi Arabia. It will also establish a team of in-market specialists to assist these entities in maximising the utilisation of its offerings.

AnyMind Group’s other products include e-commerce management and analysis, e-commerce enablement, customer engagement, logistics management, web and app publisher monetisation and user growth, and creator monetisation and analytics.

Publishers and creators can also access offerings within the Brand Commerce segment.

In 2020, AnyMind Group extended its reach to the Middle East, opening operations in Dubai to serve marketers in the GCC and the Middle East. This marks the group’s second venture into the Middle East, constituting its 15th market and 22nd office worldwide.

The firm recently made its public debut on the Tokyo Stock Exchange Growth market earlier this year.

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Fundraising or preparing your startup for fundraising? Build your investor network, search from 400+ SEA investors on e27, and get connected or get insights regarding fundraising. Try e27 Pro for free today.

Image credit: AnyMind Group

The post AnyMind Group expands into Saudi Arabia, rolls out influencer and mobile marketing platforms appeared first on e27.

Since its launch in Singapore back in January 2022, Airwallex has gained unprecedented traction that indicates a strong product offering amid a competitive global payments market. Its remarkable growth and achievements can be attributed to its talented and diversified team, its product market fit, and the ability to form key strategic partnerships. 

With the continued promise of frictionless global payments and financial operations, Airwallex celebrates its success and growth as it closes out in 2023. This puts the company in a remarkable position to continue to scale and build lasting impact among its partners. 

Strong financial growth in an increasingly competitive global market

Airwallex Singapore’s strong growth momentum saw 13x growth (1,213%) in year-on-year revenue and more than 11x growth (1,015%) in total transaction volume. The Australia-founded fintech company shared that Singapore is one of its fastest-growing markets to date and is named as the site of its global headquarters. Ranked as the number one country in Asia with the most promising startup ecosystem, Singapore has become a springboard market to Southeast Asia and the Asia-Pacific region.

Kai Wu, Airwallex’s chief revenue officer and Asia-Pacific (APAC) executive general manager, cites the city-state as a gateway for the company into the Southeast Asia region, and as the business continues to strengthen its presence in its core markets, as well as consider future expansion across the APAC region.

Also read: 16 youth ambassadors championing sustainability in e-waste

Airwallex has been able to stay competitive in an increasingly crowded payment space by offering a comprehensive and tailored suite of products and offerings designed for expanding businesses ranging from small and medium enterprises (SMEs) to larger enterprise customers. The payment platform’s solutions encompass online payment acceptance, global accounts, borderless cards, and various application programming interfaces (APIs). The high adoption rate is largely spurred by Singapore’s continuous recovery from the pandemic and reopening of the world. Their clients are also affected by this boost, as ads in digital software, e-commerce, travel and business services are also experiencing a post-pandemic resurgence.

Strategic customer and partnership wins cement Airwallex’s status as a leading provider

Airwallex has been able to attract strategic customers and partnerships because of its ability to customise and tailor solutions to the needs of the business. One of its recent milestones is being chosen as a partner by Kris+, the lifestyle and loyalty app of Singapore Airlines and one of the largest marquee local brands in Singapore.  

Kris+ will use Airwallex’s Payments for Platforms offering in Australia, which empowers the lifestyle brand to collect card payments at their physical points of sale through QR code scans. Through Airwallex, Kris+ will also be able to seamlessly facilitate payouts to its partner merchants in Australia, including popular brands Benjamin Barker, The Ugg Shop, D1 Store and 124 shoes. Users are encouraged to download the Kris+ app to earn points from both domestic and international flights and redeem miles at a range of cafes, restaurants, and retailers.

This year, Airwallex also announced its collaboration with GoCorp (Gojek for Business) in Singapore. Companies will be able to better track their employee’s business travel spending through the Airwallex Borderless Cards, which can help streamline the process of expensing and reimbursing corporate ride-share claims. Issuing borderless cards to employees aims to simplify claims and increase management visibility and control. Merchants who sign up to be a customer of Airwallex and GoCorp can stand to receive up to 10% off — with a limit of $200 per month — in cashback and vouchers.

Also read: Bridging Taiwan and Southeast Asia through innovation and tech

With the gradual recovery of the tourism industry, Airwallex has also supported a number of travel agencies and operators, including EU Holidays, one of the largest travel agencies in Singapore. Co-founder Alan Ang launched EU Holidays in 2010 and built its reputation as Singapore’s only Europe-specialised travel agency. Through their openness to adopting new technology, EU Holidays grew from an initial team of 5 to a robust 150+ employees. They also expanded their offerings with package tours to East Asia, the Middle East and Africa.

EU Holidays’ innovation strategy includes onboarding financial technology to boost profit margins, which is achieved using Airwallex for global payments. Through the Airwallex multi-currency account and partnership with local payment rails in 110+ countries, agencies like EU Holidays can pay like a local. This includes paying overseas suppliers in their local currencies, which helps them avoid SWIFT fees that typically come with cross-border transactions. Airwallex’s favourable foreign exchange rates and ability to pay like a local boosted profit margins by an impressive 30 points.

EU Holidays also benefitted from streamlined expenses with multi-currency Borderless Cards. This translates to 60% of the time saved on accounting and manual reconciliation by issuing Airwallex Borderless Cards to employees and setting custom spending limits and control to avoid unnecessary spending, creating a seamless end-to-end payment experience for users. In addition to the Borderless Cards, EU Holidays also leverages Airwallex’s end-to-end solutions through its payment links and Bill Pay offering which allows them to upload, approve, pay and reconcile their local and international bills all through Airwallex’s single platform.

As the company continues to experience tremendous growth momentum in Singapore, Airwallex also continues to grow internationally. It recently announced its planned acquisition of MexPago and expansion into Latin America, with several key partnership wins in the U.S. and EMEA, including Brex, Public, and OurCrowd, and the launch of its ‘Airwallex for Startups’ program in Hong Kong.

Airwallex’s dedicated team recognised by HR Asia’s ‘Best Companies to Work For in Asia 2023’

Their growing team is the driving force behind these achievements. Airwallex caps off a strong end to the year by being named in HR Asia’s list of ‘Best Companies to Work For in Asia 2023’ in Singapore. Companies were ranked by their employees on metrics ranging from workplace happiness and team cohesion to employee advocacy and continued job motivation. The top 50 companies who made the cut-off point this year are then named to the list. 

This comes off the back of Airwallex recently launching its new Operating Principles, designed to bring out the best in their work, their interactions with each other, and their customers and partners so they can continue to build a generational company.

Also read: Advancing startups with impact: Insights from the DBS BusinessClass foundED Event 2023

Airwallex’s growth story in Singapore exemplifies the transformative potential of fintech innovation when coupled with a customer-centric approach. The company’s success underscores its ability to meet the evolving needs of businesses in an increasingly competitive global market. Airwallex’s commitment to providing tailored solutions positions the company as a key player in facilitating seamless financial transactions in Southeast Asia and beyond.

About Airwallex

Airwallex is a leading global financial platform for modern businesses, offering trusted solutions to manage everything from payments, treasury, and spending management to embedded finance.

With its proprietary infrastructure, Airwallex takes the friction out of global payments and financial operations, empowering businesses of all sizes to unlock new opportunities and grow beyond borders. Proudly founded in Melbourne, Airwallex supports over 100,000 businesses globally and is trusted by brands such as Brex, Rippling, Navan, Qantas, SHEIN, and many more.

Airwallex empowers businesses to grow beyond borders, affirming their commitment to excellence in every facet of their business. For more information, visit https://www.airwallex.com.

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

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In the ever-evolving e-commerce arena, thematic live commerce has emerged as an interesting option, weaving together immersive experiences around a single theme with real-time buyer engagement.

While single live streams are gathering steam globally, the consumer needs a solid reason to buy. By building a theme-based event, it is easy to target niches that get lost in the crowded marketplaces.

However, its potential remains hampered by a fragmented market. Drawing parallels from the crypto world’s progressive ownership model, as explored by Li Jin and Jesse Walden in their very interesting piece published in the Variant Fund piece earlier in the month, we feel there’s a roadmap for Mela and similar platforms to cultivate deep user loyalty and overcome fragmentation.

The progressive ownership model suggests a bottom-up approach to token distribution, a method that resonates with the ethos of thematic live commerce.

It’s about empowering users and aligning their interests with the platform’s success, not unlike incentivizing employees with stock options in the startup world. How, then, can we transpose this model onto thematic live commerce to foster a cohesive ecosystem?

A unified commerce community

Thematic live commerce’s success hinges on a unified community — a network of brands, influencers, and consumers moving in harmony. The progressive ownership model offers a clue: incentivise participation. Imagine a live commerce event where each purchase contributes not only to the seller’s revenue but also to loyalty points or stakes for the buyer.

Also Read: 

It’s a symbiotic relationship; as the platform grows, so does the value of each participant’s involvement. This shared success could transform one-time buyers into long-term platform advocates.

Economic incentives as loyalty catalysts

The allure of immediate gains is strong, but the promise of long-term rewards can forge stronger bonds. Suppose viewers and brands could earn progressive ownership stakes in Mela.

In that case, they’re likely to become more invested in the platform’s growth, creating a community where everyone is rooting for— and working towards — collective success. This approach could shift the dynamic from passive viewership to active engagement, with stakeholders championing the platform far and wide.

Avoiding the airdrop pitfall

The crypto world has witnessed the pitfalls of airdrops — short-term speculation that did little to foster genuine platform loyalty.

Thematic live commerce must learn from this, ensuring that any loyalty or ownership stakes are earned through meaningful engagement, whether through repeat purchases, content creation, or community-building efforts. This guards against the fleeting interest that plagues many digital platforms and ensures stakeholders are truly invested in the platform’s longevity.

The organisational imperative

While the allure of decentralization and distributed ownership is strong, it’s crucial to balance this with strong organizational execution. Thematic live commerce platforms must focus on product innovation, customer experience, and operational excellence.

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The progressive ownership model doesn’t negate the need for a visionary leadership team that can steer the platform through the competitive waters of e-commerce.

Rethinking revenue streams

In a space where traditional revenue models reign, introducing progressive ownership could be a game-changer. For Mela, this could mean reimagining revenue streams to incorporate shared ownership. Revenue sharing, for instance, can evolve from a simple transactional relationship to a collaborative partnership where every sale enriches the platform’s ecosystem.

The lesson is clear: growth should be sustainable. It’s tempting to chase rapid expansion, but thematic live commerce must prioritise solidifying market fit and nurturing its user base. A platform that grows too quickly on shaky foundations risks collapsing just as swiftly.

Compliance and evolution

Just as the crypto industry grapples with compliance, so too must thematic live commerce navigate the regulatory and ethical considerations of progressive ownership. It’s a delicate balance, ensuring that users can reap the rewards of their loyalty without falling afoul of complex regulations.

The fragmentation of the live commerce market isn’t a death knell but a clarion call for innovation. By embracing the lessons of progressive ownership, platforms like Mela can build a community of stakeholders whose fortunes rise with the platform.

This isn’t just about selling products; it’s about selling a vision of collective prosperity where every stakeholder has a share in the success. As thematic live commerce grows, it must foster not just transactions, but traditions of loyalty and shared destiny.

Also Read: 

In this digital age where experiences are as valuable as the products sold, thematic live commerce has the chance to redefine retail.

The progressive ownership model isn’t just a blueprint for a more unified market; it’s a manifesto for a future where every participant is an owner, every purchase a pledge of allegiance, and every live commerce event a step towards a more interconnected and invested community.

This article was first published on the getmela.live

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Southeast Asia’s tech startup ecosystem continues to face the effects of the funding winter in line with other major countries, according to the latest report by Tracxn.

The region’s startup sector received a total funding of US$4.3 billion in 2023 year-to-date (till December 5, 2023), a 65 per cent plunge from US$12.4 billion raised in the same period last year.

Also Read: Fintech investments in SEA see record drop in Q3: Tracxn

Companies attracted late-stage funding worth US$1.9 billion in 2023 YTD, a sharp decline of 65 per cent from US$5.4 billion raised in the same period in 2022. Early-stage funding stood at US$1.9 billion in 2023 YTD, a 67 per cent drop from the same period in 2022. Seed-stage investments also fell 52 per cent to US$546 million.

Fintech, enterprise applications, and retail were the top-performing segments. The fintech sector, however, received US$2 billion, which is 65 per cent lower compared to the previous year. The region has a vast underbanked population, making fintech firms very important in providing financial services.

The enterprise applications segment attracted investments worth US$1 billion in 2023, a 78 per cent plunge from the same period in 2022, while retail funding declined 85 per cent to US$0.7 billion.

As per Tracxn’s Geo Annual Report: SEA Tech 2023, only ten funding rounds were worth US$100 million and above in 2023, as opposed to 28 such rounds in 2022. In 2023, the number of acquisitions fell 30 per cent to 61, as against 88 in 2022. There was a slight uptick in IPOs, with ten companies from this space going public in 2023 as against five in 2022.

Among cities in the region, Singapore, Jakarta, and Bandung took the lead in terms of funding in 2023 to date.

East Ventures, 500 Global, and Wavemaker Partners were the most active investors in the region in 2023. East Ventures, Wavemaker, and Saison Capital were the top investors in the seed stage in 2023, while SEEDS Capital, Peak XV Partners, and Gobi Partners were the top investors in the early-stage segment.

According to the report, EDBI, Avataar Ventures, and Prosperity7 Ventures are the top investors regarding late-stage funding during the same period.

Also Read: Startup investments in SEA see 69% monthly drop in November: Tracxn

The investment market remains volatile globally, and similar trends can also be seen in the SEA region. Increased inflation poses a challenge for the SEA region. Still, there is considerable optimism regarding its long-term growth, as the region has a large consumer base mainly of young people and a dependence on informal financial and commercial systems, which presents a largely untapped market for investors and entrepreneurs.

Vietnam Startup Ecosystem in 2023

Separately, Tracxn released another report about the Vietnamese startup ecosystem. Startups in the country raised a total of US$142 million in 2023, a drop of 73 per cent from 2022. The top-performing sectors are healthtech, fintech, and enterprise applications. Ho Chi Minh City emerged as the highest-funded city in 2023, followed by Hanoi. Nextrans, Vietnam Silicon Valley, and VSV Capital have been the top investors.

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