Singapore-based early-stage venture capital firm Antler has appointed Agung Bezharie Hadinegoro as a Partner.

Hadinegoro will spearhead Antler’s investment strategy and operations in Indonesia. This aligns with Antler’s plans to invest in over 30 Indonesian companies in 2023.

Hadinegoro brings over a decade of entrepreneurial and venture capital experience. Before joining Antler, he co-founded and headed Warung Pintar, a digital platform that connects micro retailers with suppliers (manufacturers, distributors, wholesalers). Warung Pintar, backed by East Ventures, SMDV, Vertex Ventures, and OVO, was acquired by SIRCLO Group in 2022.

Before Warung Pintar, Bezharie contributed to organisations such as East Ventures and Global Entrepreneurship Program Indonesia, where he played an active role in empowering aspiring entrepreneurs by providing them with the necessary resources, funding, access to mentorship, and networking opportunities to flourish in the competitive business landscape.

Also Read: Antler Elevate closes US$285M emerging growth fund

Founded in Singapore in 2018, Antler partners with people across six continents to launch and scale high-potential startups that address meaningful opportunities and challenges. Its global community backs people from the beginning with co-founder matching, deep business model validation, initial capital, expansion support, and follow-on funding.

It has so far invested in over 792 companies across 25 cities worldwide and has an accumulated portfolio value of US$3.7 billion. It aims to back over 6,000 by 2030.

Antler has offices in 25 cities, including Singapore, Jakarta, Ho Chi Minh, Austin, New York, London, Berlin, Stockholm, Bangalore, Seoul, Tokyo, and Sydney.

The next residency programme in Indonesia will kick off in October 2023 in two phases. The first phase is about building the right team with co-founders who have complementary skills. During this period, Antler will provide the necessary resources and expertise worldwide to enable founders to validate their business ideas and prove product-market fit.

After the first phase of ten weeks, the strongest teams will be selected to get funded from pre-seed to beyond and expand across Indonesia and Southeast Asia.

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As the dawn breaks on the digital age, marketers face a horizon gleaming with the promise of Artificial Intelligence. For Temus, an upstart in the fast-evolving business of digital transformation, the future of marketing is a captivating narrative — a story of transformation, unprecedented possibilities, and discerning navigation through uncharted territory.

This intricate narrative rests on three pillars that define Temus’s outlook.

The future of marketing: Why does it matter to Temus

Firstly, Temus recognises that the path of digital transformation is still being paved – not just for us but for our customers, stakeholders, and the entire industry. We believe in the strength of thought leadership that advocates for holistic organisational change and places people at the heart of any transformation as the way forward.

“When Temus was founded, it was much about building capabilities and value creation as it was about organically developing digital talent. People and talent are central to any transformation and close to the purpose of Temus and at the heart of what we do (and) how we do it,” said Srijay Ghosh, its founding member and chief revenue officer.

Secondly, we understand that in this world of shifting landscapes, trust is our compass. Temus’s credibility is anchored in our unwavering consistency and customer-centric approach, which forms the bedrock of our partnerships with employees, customers, and stakeholders. We acknowledge that reputation is the only currency in the marketplace of trust, and it’s the ethos that our marketing ethos continually strives to strengthen.

Also Read: Digital transformation: It starts and ends with our people

Lastly, we cannot discuss the future of marketing without acknowledging the impact of digital operating models, particularly AI. The potency of AI to transform industries is already apparent — think CGI rendering of Princess Leia in “The Rise of Skywalker” or Paul McCartney’s project regenerating John Lennon’s voice. Yet, the vast oceans of data still remain uncharted, trapped in digital silos, or lying dormant in human memories.

Some lessons from marketing’s digital frontrunners

For marketers, the question is not about the existence of these digital resources but how to effectively leverage them. It’s crucial to remember that the marketing industry is not monolithic; it’s a rich tapestry of brand communicators, growth strategists, and product marketing professionals. Some have embraced the AI frontier more readily, revealing the landscape’s promises and pitfalls.

Consider the case of programmatic advertising, where AI-driven ‘click, bid, serve’ operations have reduced the Cost Per Thousand Impressions (CPM) by 16 per cent, extended reach by 44 per cent, and increased conversions by 18 per cent. Yet, it has also been a landscape marred by issues such as ad fraud, with 56 per cent of budgets wasted and 30 per cent of clicks originating from non-human traffic.

The opportunities that AI presents in the realm of the Digital Marketing Stack are significant, with marketers achieving a near-complete view of customer journeys, from Analytics and Activation to Experience and Data Management. Here, companies like Singapore Airlines have set the benchmark, using AI to construct personalised customer experiences and transform journeys.

However, while AI lights up the path to opportunity, there are areas that remain shadowed. For instance, the value of earned media in trust-building, a domain still dominated by human gatekeepers running newsrooms, is often elusive. In Singapore, traditional media’s trust level has climbed, with a score of 46 points according to Reuters Institute and 59 points in the Edelman Trust Barometer — matching the trust scores of institutions like the United Nations.

Herein lies the paradox. While AI accelerates our journey into the digital age, we must also discern the boundaries and possibilities of analogue in this digital world.

“(We) believe that we will not be competing against AI, but competing in the age of AI. To succeed, we must do so hand-in-glove with machines to achieve meaningful digital transformation. This will continue to impact the way we regard talent development, effect change in business operations, and ultimately drive our economy forward in the digital age.” said KC Yeoh, Chief Executive Officer at Temus.

Also Read: Debunking misconceptions about FinOps and cloud spending reduction

We must understand that AI’s greatest power will be unleashed when it augments and elevates human potential, and conversely, humans should be prepared to sharpen these tools for humanity’s service.

Raising marketing’s appeal to humanity with AI

For this co-evolution to occur, we need an industry-wide mindset shift. A McKinsey Global Institute report estimates that by 2030, as much as 14 per cent of the global workforce may need to switch occupational categories. We need to equip marketers with the necessary skills, from Python to Power Fx to Natural Language Processing, to navigate the AI landscape and make AI a partner, not a threat.

But technical skills are only one side of the coin. Navigating AI’s landscape requires a unique blend of science and art — analytics with creativity and algorithms with empathy. This narrative of AI is not one of displacement but of empowerment, amplification, and elevation.

We stand at a crossroads, looking forward. To paraphrase a visionary, “The people who are crazy enough to think they can change the world are the ones who do.” AI presents an opportunity for us to rethink and reimagine the marketing landscape. For those bold enough to navigate this new terrain, the journey promises to be as rewarding as the destination.

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Mobile internet technology transformed global communication, introducing a new age of connectivity. Location-based services like Uber, Gojek, and Grab have revolutionised transportation and food delivery, while user-generated content platforms like TikTok have redefined media consumption. With the advent of 5G connectivity, super apps are now further consolidating multiple online functions into single, user-friendly platforms.

However, while mobile internet has extensively solved the problem of connectivity, it hasn’t adequately addressed productivity. The ability to process, understand, and generate insightful outputs from the plethora of information available still largely falls under human responsibility. This is where generative AI, or “Gen AI,” is stepping in.

Emergence and potential of generative AI

 

Gen AI, employing machine learning algorithms, learns from vast data pools and generates new content based on this learning. These capabilities permit Gen AI to not only analyse but also create, innovate, and assist in decision-making, potentially revolutionising productivity.

Two pivotal aspects that Gen AI is shifting are cognitive capability (the development of our intelligence) and cost of productivity (how we produce our intelligence).

Currently, AI’s cognitive capability sits around the 30-50 per cent percentile of human ability. With Gen AI, this could go to the 10 per cent percentile. In the future, there is a clear potential for the development of superintelligence, encroaching on the one per cent percentile of human ability.

In terms of productivity costs, today, producing intelligence takes substantial resources: food, education spanning about 12 years, and work experience. The Gen AI shift significantly alters this equation, necessitating primarily electricity, GPU, and data – all increasingly democratised resources. This shift results in exponentially cheaper productivity.

However, not all Gen AI is equal. Varying in architecture, training, and the quality of input data, different AI systems display a wide range of capabilities and potential output quality. A critical understanding here is that AI is as good as its training data, implying the need for unbiased, accurate data to prevent flawed outputs.

Gen AI and the “market creating” domino effect

 

The launch and usage proliferation of ChatGPT and other Gen AI apps for other media formats has sparked a “market creating” domino effect, demonstrating the potential demand for similar AI applications. The release of the OpenAI API and other LLMs has made developing such intelligence more cost-effective from an app builder’s standpoint.

This has led to an explosion of “copycat” apps, although many have been met with failure due to a lack of security and reliability. This, in turn, has stimulated a demand for more fine-tuned, secure, reliable, and accurate narrow AI, particularly for business use cases or proprietary data-driven models.

As a response to this increasing demand, a significant focus is now on developing the data value chain. We are witnessing a shift in budget allocation, with more money being earmarked for AI strategy and investment in data value chain solutions.

Despite its immense potential, Gen AI isn’t a panacea for all productivity inefficiencies. It is crucial to remember that while Gen AI can automate various tasks, it cannot entirely replace human creativity, empathy, and critical thinking – the “human touch.”

As we integrate Gen AI more deeply into our lives, we must remain mindful of its limitations and potential pitfalls, striking a balance between leveraging the benefits of AI and preserving the irreplaceable value of human ingenuity.

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Since the beginning of the industrial revolution, people have asked this question: How to establish a work-life balance? While many of us believe that working for fewer hours is the key to having a work-life balance, most Founders are struggling to balance work and personal life.

“Work-life balance isn’t about squeezing everything into one day. It’s about spreading what matters to you throughout the week. You can’t have it all at once, but you can probably have most of it over time.” — Adam Grant

There are a few things that we need to learn and some things we need to unlearn if we want to establish harmony between our work and personal life.

My fellow Founders, in my entrepreneurial journey, I was constantly benchmarking my own lifestyle with others, and seriously I was feeling just guilty!  here are a few things that I learnt about having a harmonious life between work and life – and letting go of comparing with others:

Accept that work and personal commitments are a part of your life

The concept of work-life balance highlights the fact that work is an important aspect of life, but it is not the only aspect that contributes to your overall well-being. This indicates that work and personal commitments are an important part of your life. Along with work responsibilities, you need to manage time for personal interests, relationships, and self-care.

“I don’t like the word ‘balance.’ To me, that somehow conjures up conflict between work and family… as long as we think of these things as conflicting, we will never have happiness. True happiness comes from integration… of work, family, self, community.” — Padmasree Warrior

The struggle starts when you try to separate these factors and experience them individually, which is more or less impossible because you are one human being juggling two different roles at once. Both these roles have their own demands and expectations, and you have to prioritise things according to their importance and urgency.

Also Read: How Gen Z’s view on work-life balance can transform your business

It is unlikely that your personal life has never affected your work life and vice versa. It does happen sometimes, and the key is to accept that it is okay. Things become problematic when you prioritise your work more than personal commitments or vice versa. It is bound to happen on some days, but when it happens for prolonged periods of time then you need to pause and think about what is the next agile course of action.

Make sure your work time is productive 

How frequently do you respond to the random notifications that pops-up on your screen as you work? Yes, there could be some important emails regarding work, but frequently checking emails or getting distracted by the same leads to lower productivity.

It usually leaves one feeling that they have a lot to get done, but due to frequent distractions, they are unable to focus. As a result, productivity suffers.

One research shows that around 84 per cent of people are distracted at work. The most common distractions tend to be phone calls/texts (55 per cent), internet (41 per cent), co-workers (27 per cent), and email (26 per cent).

The first step to overcoming distractions is to identify the sources of distraction. Most of the time, it is social media notifications or pop-up ads. Turn off or minimise notifications on your phone, computer, and other devices that may distract you.

Experiment with different time management techniques and see what works best for you. Try to prioritise important tasks for the day and create a distraction-free environment for yourself to focus on your work properly. Remember to take regular breaks to recharge your energy and maintain focus.

Let go of the need for perfectionism

There are times when you put too much pressure on yourself to make your work absolutely perfect. While good work is appreciated at work, perfectionism can be problematic. Perfectionism is not like having high standards or a strong work ethic.

Perfectionists often set unrealistic expectations for themselves and others, leading to feelings of disappointment and frustration. They demonstrate an excessive concern for detail and a fear of making mistakes or failing.

“Striving for excellence motivates you; striving for perfection is demoralising.” — Harriet Braiker

Perfectionism can be harmful because perfectionists tend to overwork, find it difficult to delegate and are often scared of failure. This can also lead to procrastination because they might avoid starting a project because of the immense amount of work it would take to make it perfect.

Also Read: 5 things to stop apologising for if you want work-life balance without feeling guilty

One way to deal with it is to be okay with your work being “good enough” instead of it being absolutely perfect. Set realistic expectations from yourself and realistic deadlines. Be kind towards yourself. Remember that you are a work in progress.

Seek feedback from colleagues or fellow Founders to gain a third-person perspective on your work. This can help you gain a more balanced perspective and identify areas for improvement.

Remember, achieving work-life balance is an ongoing process that requires regular assessment and adjustment. It’s important to be kind to yourself and prioritise self-care as you work towards achieving a healthy balance between your work and personal life. And yes, I have pivoted many times!

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NodeFlair, a Singapore-based career advancement platform for tech talents, announced today that it has raised US$2 million Series A funding.

The funding round was led by Iterative with participation from 500 Global and PERSOL VENTURE PARTNERS, the corporate venture capital arm of HR management group PERSOL.

Prominent angel investors Quek Siu Rui (CEO & Co-founder of Carousell), JJ Chai (CEO & Co-founder of Rainforest), and Siew Kum Hong (Former COO of AirBnB China) also participated in the funding round.

The new funding will be used to accelerate product development, expand into new markets across Southeast Asia, and grow the team. NodeFlair aims to reach profitability by 2024.

Also Read: How AnyMind Group achieved profitability through its approach to human resource and leadership

NodeFlair provides payslip-verified salary data and detailed career information for roles across all levels of seniority. The platform aims to empower global tech talents to make smarter career decisions, as well as allows international employers to hire the right people faster by connecting them with highly qualified professionals across Asia.

It currently supports companies of any scale, from startups to tech giants such as ByteDance, Dyson, and Shopee.

Founded in 2018, recently released a Tech Salary Report 2023, which includes analysis based on over 170,000 salary data points.

The company announced that it received over 5,500 downloads and was referenced by more than 50 publications in the first half of 2023. It also stated that 90 per cent of the platform’s two million annual visitors discover NodeFlair organically through media coverage, search engines or word-of-mouth.

Ethan Ang, Co-Founder CEO of NodeFlair, shared: “Asia is home to many strong technical talents, and we’re seeing rapidly growing interest from US and EU companies in setting up technology hubs here. We believe tech professionals and companies deserve greater access to reliable, accurate data and NodeFlair is a win-win platform for both job seekers and employers in the fast-growing tech sector.”

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Image Credit: NodeFlair

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Hong Kong-based venture capital fund and startup incubator The Mills Fabrica is looking at high potential climate tech startups in Southeast Asia (SEA)—they are ready to invest up to US$3 million to develop sustainable textile and agrifood tech innovations.

Grown out of the Nan Fung Group textile legacy in Hong Kong, the company’s mission is to make a positive impact across the value chains of the textile and apparel, and agrifood industries.

“This is because both industries are significant contributors to climate change, emitting up to 44 per cent of global greenhouse gas emissions,” explains Cintia Nunes, General Manager, Head of Asia, The Mills Fabrica, in an email interview with e27.

“Therefore, with our mission of accelerating innovations for sustainability, environmental and social impact, we strive to support sustainable and disruptive innovations in ‘techstyle’—the intersection between technology and lifestyle—and agrifood tech, in the hope of bringing planet-positive impact.”

Some examples of its portfolio companies include Circ, which pioneered a chemical recycling technology that can recycle polycotton into reusable fibres, and The Supplant Company, which turns agriculture’s most abundant renewable resources such as corn cobs, oat hulls and wheat straw into replacements for the world’s most pervasive ingredients.

The Mills Fabrica also invested in Chinese agrifood tech VC fund Bits x Bites which has since backed 16 companies to accelerate their impact toward a more sustainable food system.

Also Read: Meet the 4 SEA startups of PepsiCo’s climate tech accelerator programme

This year, in addition to investing in the climate tech scene in SEA, The Mills Fabrica also plan to expand the model that was implemented in its impact retail platform Fabrica X beyond Hong Kong and London. The platform aims to redefine retail by using physical storefronts as a tool to educate the masses on sustainability and bring techstyle innovation to more people.

“Southeast Asia is definitely on our radar for Fabrica X’s next destination, where we can provide our value in supporting a flourishing techstyle and agrifood tech ecosystem,” Nunes says.

To understand more about The Mills Fabrica and what they are about, read the edited excerpt of the interview.

Can you tell us more about your investment strategy?

In terms of investment strategy, we understand there is also no one-size-fits-all approach, so we work with each business individually to see how we can best offer value.

But generally, we base our evaluation on the nine planetary boundaries and examine how the business’s innovation has an effect on solving any one of those areas. Key metrics for measurements also evaluate whether there is water use reduction, avoidance of greenhouse gas emissions, land use, eutrophication avoided, microplastic and chemicals.

All in all, what we’re looking for is whether the innovations are:
– Accelerating circularity
– Developing novel materials, processes, and manufacturing Systems
– Advancing alternative ingredients
– Promoting conscious consumption

And of course, whether there is social impact, like better health, wellness, and increased sustainability knowledge.

Also Read: Collaboration with corporates plays a crucial role in climate tech startups’ success

Of all regions, why do you choose to expand to SEA? Is there any specific opportunity that you aim to seize?

The Mills Fabrica reached our five-year anniversary this year.

While we’re looking out for innovative startups worldwide, we are drawn to SEA as we’ve seen in the past years the region’s rising ambitions to change the world for the better in these categories. So we’re eager to partner with these players and work with them to bring their innovations to the market.

Timing is critical too. As the world fast approaches the precipice of a climate tipping point, the production of fibres, food, and other associated inputs requires natural capital which has contributed to the precarious state of our social-ecological system.

This is why accelerating innovations for social-ecological resilience is now more urgent than ever.

Upon reflection, The Mills Fabrica has been supporting hundreds of startups over the years through our various activities. And in particular, through our investment and incubation programme, we have supported more than 35 techstyle and agrifood tech innovations.

Whilst our portfolio spans across the globe, given the infrastructure, manufacturing landscape, drive for change, and entrepreneurial spirit of the region, we believe Asia has huge potential to make a positive impact across the value chains of the textile and apparel, and agrifood industries.

We don’t limit ourselves to startups either — we also invest in mission-aligned venture capital funds too, where we can combine our offerings to accelerate change.

Also Read: How climate tech companies in Asia measure the impact of their work

What are the challenges that SEA green tech startups are facing? And how can The Mills Fabrica support startups in tackling these challenges?

There are a few challenges that most of these startups face:

Lack of understanding — definitely the major challenge for green tech startups, including those in SEA. While there are genuine interests in sustainability, there are also those who are interested out of necessity given corporate or societal pressures.

Real-life application – Weaving new innovations into daily lives or the adoption into businesses requires a lot of thought, networking, logistics, and capital.

Scalability – With high costs in R&D, these industries’ technologies can be costly as well, which can hinder the scalability and deployment of these innovative technologies in the mass markets.

In terms of how we support them in tackling these challenges, at The Mills Fabrica, education is an important pillar. We want to use our platform and resources to spread science-backed knowledge and messages about sustainability so more can understand and make more informed decisions.

For example, our Impact Retail store Fabrica X in Hong Kong and innovation gallery in London serve to solve the real-life application barrier. The physical locations serve to showcase and sell products made from the latest groundbreaking technologies and materials (including those from our portfolio companies of course).

It is also an educational platform to introduce new conceptions, such as biomaterials, to the wider public. Each store includes an experiential zone where people can get hands-on learning experiences that exposes them to new ideas and habits.

In addition, we also provide support for businesses by utilising our strong system of like-minded partners — brands, manufacturers, R&D, investors, and more, to help these startups overcome the above challenges in their industries, from scaling up to brand building.

Also Read: The key to tackling climate change: Electrify shipping

What are your advantages compared to other investors?

First, our presence and connections in Hong Kong and London mean that The Mills Fabrica can add unmatched value for businesses who are looking to tap into the potential of Asia and bring Asian companies into the global arena through our capital, connections, and expertise.

Second, our strong ecosystem partnerships. Throughout our five years of operation, we’ve built great partnerships with those from every aspect of the ecosystem – who are all aligned with and are working towards our mission of accelerating innovations for sustainability, environmental and social impact.

Given our industry expertise and connections, we can also connect them to manufacturers and raw material providers that adhere to our philosophy and standards to ensure a truly sustainable approach at every step of the supply chain.

Our network also allows us to provide support for businesses by utilising our team of global industry experts and connections to like-minded retailers, investors, brands, academia, NGOs, research institutions, funds, etc.

All of them work with us to provide our portfolio companies with the knowledge and network to help them overcome challenges in their industries and understand the importance of combining artistic vision, innovative ambitions, and business understanding.

We are also happy to share that over 50 per cent of The Mills Fabrica investees receive successful subsequent fundraising.

What is your target for SEA?

We are not looking to limit ourselves to a certain number. Instead, we focus on evaluating each company’s technology and potential. Our ticket size is up to US$3 million in direct investment for startups, and we don’t have a specific number or a cap in mind.

So far, we’ve supported more than 35 techstyle and agrifood startups and invested up to US$3 million per startup through our investment and incubation programme.

Also Read: How to navigate the investment opportunity in climate tech sector

As the ecosystem is dealing with funding winter, do you see any changes in how investors are approaching green tech startups?

While the investment landscape has slowed down, interest in sustainability is soaring.

With more and more companies have now sprung up to accelerate the transition to the green economy due to the pressing challenges from climate change and population growth, investors have increased interest in green tech startups but at the same time also being more prudent in evaluating startups’ technology and potential.

As the green tech industry is still relatively new in the investment landscape, we firmly believe that more knowledge should be made available, so companies and the public can understand and make more informed decisions.

That is why The Mills Fabrica has recently launched our first-ever Impact Report, which advocates for standards and frameworks specifically for measurement and evaluation in the textile & apparel and agrifood industries. Only by having those standards and frameworks in place can we understand and measure how investments can bring in positive environmental and social impact.

It is certainly our priority to bring these standards to the wider industry so that we can all take our own steps in making a genuine difference for our planet.

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Image Credit: The Mills Fabrica

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Vietnam-based financial education startup Stag announced that it had been selected to participate in the inaugural Entrepreneur-in-Residence (EIR) programme managed by Viet Capital Ventures (VCV) which also includes an investment in the startup.

Alongside VCV, NH Securities Vietnam Co. Ltd. (NHSV) and Singapore-based Resolution Ventures also invest in a seed funding round for the company.

This year, with the funding, Stag plans to continue enhancing financial education features while also launching new value-added products for retail and corporate users. It also plans to enhance KYC and security features and complete technology integrations with key strategic partners.

Furthermore, Stag is actively seeking collaborations with universities and educational organisations to promote and raise awareness of financial literacy in Vietnam. 

Also Read: Exploring the rise of finance-as-a-service in APAC

As investors, the firms provide strategic support in technology, market insights, and compliance for Stag to achieve its growth objectives.

“We are delighted to collaborate with VCV, NHSV and Resolution Ventures through the EIR programme. Stag’s vision is to become a trusted investment platform suitable for everyone, especially young investors. With the support of reputable partners, Stag will pave the way for sustainable investment methods and contribute to financial growth and prosperity for all,” said Stag founder Bang Tran in a press statement.

Co-founded by Bang Tran (former Senior Manager of FinVolution Group in Vietnam) along with Vu Nguyen (former AI Engineer Lead at MOMO) and joined by Dat Huynh (ex-founder of travel tech platform Inspitrip), the company’s mission is to empower young individuals and new investors with fundamental knowledge, smart investment planning, and realisation of financial goals.

Through Stag, individuals will have access to a wealth of knowledge about financial management, intuitive investment practice tools, and gamified content based on real-time market data developed by its AI engineering team.

The company also builds tools for corporate clients to customise and manage investment programmes as part of HR services.

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Image Credit: Stag

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In the contemporary Western world, cards have established themselves as the prevailing mode of payment for daily transactions, business purchases, and more. Notably, in Germany, my country of origin, credit cards are owned by over 56.62 per cent of individuals aged 15 and above, while an impressive 94.01 per cent possess debit cards. Similar patterns can be observed throughout Europe, the United States, and more.

Conversely, Southeast Asia presents a distinct scenario, within which I have actively operated in the fintech and payment services sector for nearly a decade. This region exhibits a substantially higher proportion of unbanked and underbanked individuals, reaching 70 per cent. Consequently, the overall adoption of cards among the general population has remained relatively limited, with a preference for cash as the primary means of payment.

Nonetheless, the advent of the pandemic has catalysed significant transformations within the payments landscape across Southeast Asia. I have personally witnessed an increasing receptiveness to digital payment methods among consumers.

As per Visa’s Consumer Payment Attitudes Study 2022, more than half (56 per cent) of the respondents have diminished their reliance on cash since the onset of the pandemic, instead embracing cashless alternatives such as mobile wallets, QR codes, and other emerging technologies.

The persisting challenge against card adoption

Despite the growing trend towards cashless transactions, the widespread acceptance of cards among the average Southeast Asian consumer continues to face certain challenges. Countries such as Indonesia, the Philippines, Thailand, and Vietnam, which have significant unbanked or underbanked populations, exhibit a strong preference for mobile wallets like GoPay, GrabPay, or TrueMoney.

Also Read: Five digital payment trends to watch for in 2023

This preference is driven by the inherent convenience offered by mobile wallets, predominantly provided by emerging fintech companies. With just a smartphone and a mobile number, consumers can swiftly begin using their mobile wallets without needing a bank account or a protracted verification process.

Furthermore, mobile wallets enjoy broad acceptance among a diverse array of online and offline merchants, particularly in the realm of e-commerce, where the market is projected to reach a substantial US$200 billion by 2026.

From a business standpoint, especially for the 70 million micro, small, and medium-sized enterprise (MSME) owners that constitute 97.2 per cent to 99 per cent of the total businesses in Southeast Asia, adopting mobile wallets (and, to a certain extent, QR codes) as payment options present a significantly more convenient choice. 

In Indonesia, the government has proactively introduced a universal QR code system known as QRIS (Quick Response Code Indonesian Standard) to standardise QR code-based payments for MSMEs across the nation. This initiative empowers business owners to accept payments from any operator, whether from banks or non-bank entities. The registration process for QRIS is relatively straightforward, accessible online, and requires minimal documentation.

Other side of the coin: Potential opportunities

While card adoption faces challenges in Southeast Asia, there is still future potential for further growth in the region. Fintech and non-bank institutions are exploring novel applications for card-based solutions, such as virtual cards.

Virtual cards offer advantages over physical cards by eliminating the need for physical presence and bank accounts, making them ideal for global online transactions and a wider variety of use cases, such as BNPL loans.

Furthermore, the resurgence of international travel as borders reopen presents opportunities for increased cross-border spending. Outbound Southeast Asian travellers, mainly from Indonesia and the Philippines, are showing a recovery trend based on keyword search data from Google in Asia, indicating potential growth in leisure and business spending.

While mobile wallets and QR-code-based payment solutions primarily target the domestic market, cards issued by major companies like Mastercard or Visa are widely accepted by a larger number of merchants worldwide, offering a higher level of convenience, especially for travellers.

Also Read: Shouldering the responsibility of digital payment security

At the end of the day…

The dynamic digital payment landscape in Southeast Asia holds significant potential for flourishing card adoption and promoting financial inclusion. The emergence of diverse fintech and non-bank players in the market has disrupted the traditional monopoly of card issuance by traditional banks.

This influx of new participants creates an environment ripe for innovation, particularly in the backend operations of card services. By leveraging technological advancements and optimising processes, these players can drive operational efficiency, seize business opportunities, and enhance customer experiences.

It is within businesses’ discretion to determine whether their target market aligns with the use of cards. However, if there is alignment, there is ample room for further innovation and development of card services in Southeast Asia, surpassing the existing boundaries of what has been accomplished thus far. In this context, international players like Marqeta, Unit, and Galileo have paved the way for card adoption among fintech and their users.

As their Southeast Asian counterpart, Ayoconnect has recently introduced a similar offering with white-label virtual cards. They are leveraging their PCI-DSS compliance and Mastercard’s extensive card network to enhance the potential for card adoption and promote financial inclusion in the region.

As the region continues to evolve, the adoption of cards has the potential to transcend limitations and redefine financial inclusion, providing consumers with convenience and security while fostering economic development. With the right mix of innovation, collaboration, and regulatory support, Southeast Asia can unlock the true potential of card adoption, empowering businesses and individuals.

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As the dreary funding winter soars, at e27, we are kickstarting a new article series Line of Hire to understand a company’s culture and hiring philosophies to empower tech workers with the right growth tools to enable business owners to attract talent.

Angeline Seah is the Co-Founder and Chief Product Officer at Virtualtech Frontier, a virtual and metaverse development company focusing on building engagement technologies and enabling metaverse ownership for everyone.

Seah thrives on building and improving things from the ground up. As the CPO of Virtualtech Frontier, she leads the product, engineering, and design departments. Her primary focus is developing a Metaverse development platform that empowers companies to enhance brand engagement and create new revenue streams. By enabling end users to express themselves freely and feel more engaged in the Metaverse space, Seah looks to bring people together without limitations.

In this episode, Seah shares her organisation’s culture and hiring philosophies.

Excerpts:

What personality traits/qualities do you look for in potential employees?

In the swiftly evolving realm of technology, an unquenchable thirst for knowledge and an unwavering commitment to continuous learning is of paramount importance. We highly esteem individuals who proactively pursue growth opportunities, assume greater ownership, and remain abreast of the latest industry trends.

Moreover, our prospective employees must demonstrate fearlessness when confronted with intricate predicaments. The tech industry frequently presents multifaceted challenges, thereby rendering problem-solving skills indispensable. The ability to be resourceful and possess a growth mindset holds tremendous significance to thrive as a formidable contributor within a tech startup.

Lastly, we seek individuals who can swiftly adapt to changes and wholeheartedly embrace innovation. With an abundance of novel technologies rapidly emerging, celerity is imperative. Adaptability ensures that our team can adeptly navigate dynamic challenges and effectively seize opportunities.

How do they fit into your company culture? Tell us a little more about your company culture.

At Virtualtech Frontier, we have a culture that revolves around moving fast, failing cheap, and pivoting quickly to achieve product-market fit at a rapid pace. Hence, we prioritise hiring employees who are fast learners, adaptable, and thrive on challenges, as these qualities align with our values and drive our success.

Fast learners quickly absorb new information, technologies, and processes, enabling them to adapt swiftly and contribute effectively. In our time-sensitive startup, their ability to grasp new concepts ensures we keep up with the evolving industry. Adaptability is also crucial in our dynamic market.

Our employees adjust strategies, approaches, and mindsets, embracing change for growth and innovation. This allows us to respond quickly to market shifts, customer feedback, and emerging trends, increasing our chances of achieving product-market fit.

In the present, Virtualtech Frontier transcends being a mere purveyor of metaverse solutions, embracing a more comprehensive identity that aligns with industry trends and fulfils the evolving needs of our clients.

Lastly, challenges are seen as opportunities in our culture. We seek employees energised by challenges, unafraid to push boundaries, take risks, and explore possibilities. Their drive to overcome obstacles fuels innovation and continuous improvement. With fast learners, adaptability, and a passion for challenges, we accelerate progress toward product-market fit, bringing fresh perspectives, innovative ideas, and a willingness to embrace change.

How do you foster transparency and encourage achievement in the workplace?

At Virtualtech Frontier, we prioritise implementing an open-door policy to foster transparent communication and cultivate trust among our employees. This policy ensures that employees feel secure in raising concerns about the company or their work to their managers without fearing retaliation. Instead, we aim to create an environment where employees feel heard and supported, promoting a culture of openness and collaboration.

We also regularly host sprint discussions, providing a safe space for all team members to share fresh ideas. Emphasizing the value of diverse perspectives, these discussions prove particularly advantageous in shaping our tech products to achieve optimal product-market fit.

Also Read: Investing in team’s growth benefits both individuals and strengthens the company: Dean Wong of MPFunds

In line with our appreciation for hard work and dedication, we actively encourage employees to express gratitude through thank-you notes or appreciative messages to colleagues who have excelled or made significant contributions. These expressions of acknowledgement are celebrated during our town hall sessions, fostering a positive atmosphere and reinforcing the sense of camaraderie within the company.

Do you have a mental health policy? What does that look like?

We have implemented an inclusive policy that strongly emphasises supporting and prioritising our employees’ well-being in all aspects, including their mental health. We are committed to providing the necessary resources and creating a safe and supportive environment where individuals feel comfortable discussing their experiences and seeking the help they need.

Additionally, we encourage our employees to take extended time offs when necessary to prevent the negative effects of excessive work pressures, such as stress and burnout. Our overarching goal is to cultivate a culture of inclusivity that not only values and supports the well-being of our employees but also fosters a deep sense of belonging and empowerment within our organisation.

By actively prioritising mental health and creating an environment that promotes open dialogue and support, we aim to create a workplace where everyone feels valued, respected, and motivated to thrive.

WFH or WFO, or hybrid?

As the CPO of an emerging tech company, I deeply appreciate the value of effective communication and the need to maintain a swift pace in our tech startup journey. In light of these considerations, I believe that prioritising a WFO approach would be beneficial over a WFH model.

Opting for WFO creates an environment that nurtures seamless communication and collaboration. The opportunity for face-to-face interactions fosters spontaneous discussions, brainstorming sessions, and prompt problem-solving, all crucial for product development and decision-making. Direct communication enhances clarity, reduces the chances of miscommunication, and bolsters team cohesion.

Given the fast-paced nature of our industry, rapid execution is paramount for our success as a tech startup. Being physically present in the office allows teams to access resources and tools swiftly and each other, facilitating agile decision-making and quick responses to evolving circumstances. This level of speed and adaptability can be more challenging to achieve in a remote work setup.

In an office environment, knowledge transfer and mentorship occur more naturally. The proximity to experienced team members creates an ideal setting for new employees to embark on a smoother onboarding journey while benefitting from sharing valuable tacit knowledge. This supportive mentorship and collaborative atmosphere contribute to personal and professional growth, fostering a vibrant and innovative work culture.

Nevertheless, I also acknowledge the significance of flexibility and work-life balance in promoting employee well-being. Therefore, a hybrid approach that allows our team members the choice to work from the office or remotely on specific days can be thoughtfully considered, ensuring the best of both worlds.

How should a tech worker prepare for the funding winter?

During a funding winter, tech workers should prioritise building their “fat” to navigate potential challenges and ensure long-term sustainability. Here are the layers of fat that I consider crucial:

First layer — Staying informed and diversifying skills

Tech workers should proactively expand their skill set to remain adaptable and versatile. This involves acquiring knowledge of emerging technologies, learning new programming languages, or developing expertise in complementary areas.

By diversifying their skills, tech workers increase their value and enhance their ability to take on diverse roles and responsibilities. Additionally, staying informed about industry trends, market developments, and funding patterns enables them to anticipate changes and adjust their strategies accordingly.

Second layer — Building a strong professional network and personal brand

Networking becomes even more crucial during a funding winter. Tech workers should actively engage in industry events, connect with professionals through platforms like LinkedIn, and seek mentorship opportunities. Building a robust professional network can provide valuable insights, potential job leads, and collaborations.

Moreover, they should strengthen their personal brand by showcasing their expertise, contributing to open-source projects, and seeking endorsements. A reputable personal brand enhances visibility and increases the chances of securing opportunities during challenging times.

Third layer — Financial preparedness

Maintaining financial stability is vital during periods of uncertainty. Tech workers should prioritise financial planning by managing expenses, saving for contingencies, and reducing debt. This prudent approach ensures they have a safety net to weather any financial challenges during a funding winter. It is crucial to have a sufficient runway to sustain oneself during difficult times, as unexpected job losses can occur.

By focusing on these strategies — staying informed and diversifying skills, building a strong professional network and personal brand, and prioritising financial preparedness — tech workers can fortify themselves and increase their chances of navigating the challenges posed by a funding winter.

Also Read: No achievement is too small, no individual is too junior to be highlighted: Zelia Leong of PraisePal

How do you measure the performance of your employees?

As a tech startup in the ever-changing tech industry, we prioritise maintaining a clear and consistent direction. Our guiding principle ensures all departments work towards a common North Star objective. KPIs at the departmental level form the core of our approach. Each department sets KPIs that align with our overarching goal, empowering teams to contribute while specialising within their expertise.

Recognising the constant evolution of the tech industry and changing client demands, we regularly review and update our KPIs. This process keeps our performance metrics relevant, reflecting the latest trends and technological advancements.

By aligning our KPIs with the dynamic tech landscape, we adapt to challenges and seize opportunities. This commitment to monitoring and adjusting our KPIs allows us to stay at the forefront of industry developments, maximising our potential for success in the rapidly evolving tech sector.

When hiring, will you consider a moderately skilled person with great honesty or a highly skilled person with less honesty?

Honesty is paramount to me when evaluating potential employees. It forms the bedrock of trust and integrity within a team, which is especially vital in a startup environment where collaboration and teamwork are essential. A culture of trust fosters open communication, innovation, and problem-
solving. Honest employees tend to take ownership of their actions, acknowledge mistakes, and
contribute to a positive and transparent work environment.

While skills can be developed and honed over time, honesty is deeply ingrained in an individual’s character. While highly skilled individuals bring technical expertise to the table, a lack of honesty can pose long-term challenges for the team.

Moreover, a candidate with great honesty exemplifies qualities like integrity, reliability, and ethical behaviour. These traits contribute to a robust company culture founded on shared values and a
a collective sense of purpose.

However, it is important to recognise that honesty alone may not suffice for every role within a tech startup. Specific skills and qualifications relevant to the position are undoubtedly crucial for delivering quality work. Nevertheless, when faced with the choice between honesty and skill, I firmly believe that a foundation of honesty establishes the groundwork for long-term success, teamwork, and positive work culture.

Do you encourage ‘intrapreneurship’ in your organisation?

At Virtualtech Frontier, we foster intrapreneurship by valuing individuals who demonstrate ownership and initiative. We celebrate those who make decisions driving company growth and explore innovative ideas to lead the industry.

For instance, my team uses a collaborative spreadsheet for idea-sharing. We aim to cultivate a culture where team members take ownership of their work and drive the product’s direction for the company and personal growth.

Encouraging intrapreneurship inspires creativity, autonomy, and excellence. When team members shape their projects and take ownership, they become more dedicated to achieving exceptional results. This approach fuels innovation and establishes an empowering workplace where everyone contributes to overall success.

How do you support upskilling for your employees?

Yes, we wholeheartedly endorse the concept of upskilling, recognising the importance of continuous improvement and skill diversification in delivering exceptional work and establishing a distinctive presence in the highly competitive landscape.

To facilitate this, we have allocated a dedicated budget specifically for employees to enrol in short courses that enhance their capabilities. Additionally, our managers actively invest their time and expertise in mentoring their team members, further contributing to their professional development.

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Back in 2013, only one per cent of the population in the Philippines had actively used digital payments method. Seeing a missed opportunity, the number encouraged the Filipino government to make a move to increase the percentage.

Fast forward to 2018, there was already a significant increase in the use of digital payments at 10 per cent. However, this number is still far from expectation—so this is where Better Than Cash Alliance steps in.

The alliance performs a diagnostic exercise–the second to have ever been done on the country’s digital payments reach–to look at specific use cases that can help to drive overall digital payments usage.

What the analysis showed is that merchant payments are the key driver of digital payment use in the country. There were also several other use cases, including government-to-people (G2P), people-to-people (P2P), transportation and toll payments.

“To participate in this digital economy … you need access to a transaction account, and this can mean either a bank or a fintech-issued e-money account. But essentially, formal financial inclusion means that you have a regulated financial account that people can use to pay and receive money. That is essentially the rationale behind our work, what drives our work with governments,” says Isvary Sivalingam, Regional Lead – Southeast Asia, Better than Cash Alliance.

Also Read: Accelerating financial inclusion with AI: Unleashing potential with prudence

Based at the United Nations, the Better Than Cash Alliance is a partnership of governments, companies, and international organisations that accelerates the transition from cash to responsible digital payments to advance the Sustainable Development Goals.

The alliance looks at two primary goals: Addressing the risks of digital payments (such as scams or frauds) and putting a focus on greater financial inclusion.

Driving digital transformation in the archipelago

While it is already a widely known consensus that the COVID-19 pandemic has accelerated digital transformation in many emerging markets, Sivalingam stresses that the shift into digital payments in the Philippines is something that “would not have been possible if countries had not invested in the infrastructure before.”

“The Philippines had started talking about this back in 2015. This was roughly five years before the pandemic. At that time, they had made a lot of investments in the digital payments infrastructure, building the retail payments infrastructure, and building consensus with the private sector to participate in this infrastructure. There was a lot of background work that was being done to get the digital payments real and the ability actually to use digital payments ready,” she explains.

She also highlights the BSP’s digital payments transformation roadmap that was launched in 2020.

“If you look at a typical warung or a sari-sari store, the business model [that they implement is one] where they sell a lot of things, but the amount of money they make on each sale is very little. This is what we call a high volume, low margin business model, which makes them extremely sensitive to price and cost,” Sivalingam says.

This can be a challenge as the use of digital payments require costs. This is why one of the key policies that BSP is working on includes how to drive this cost down. This might potentially include no fee for transactions below PHP500 (US$9) at a sari-sari store which might encourage small merchants and low-income users to use digital payments.

Also Read: How Salmon aims to promote financial inclusion with AI banking in the Philippines

“They have a public target of 50 per cent by 2023. So, there is this continued growth trajectory that the Philippines particularly aims for. They are looking at what additional policies can be issued … we prioritise two or three policies that can actually enable easier use of digital payments easier and make the value proposition of using digital payments more convincing,” Sivalingam says.

“The big challenge that remains for us who are working on this globally is that, in many emerging markets, we have cities where the people are connected. There’s a good infrastructure if you go to Jakarta; it’s easy to use digital payments. But when you go to Palu in Central Sulawesi, the reality is different.”

In large countries such as the Philippines, Indonesia, and India, a significant number of their citizens live and work in rural areas. Sivalingam believes that this segment needs to be the collective focus going forward.

How startups can play a role in promoting digital payments

Another initiative that will help scale digital payments in the Philippines is the launch of the QR Ph, the nationwide standardised QR code for payments.

With the launch of QR Ph and the BSP’s intention to push for its full implementation by June 30, one might wonder if there is a role that fintech startups can play in this.

According to Sivalingam, the process of setting up this national standardised QR code is a consultative one where various banks and non-banks financial services have been actively involved.

“This means that these financial institutions, which also include tech startups, are able to contribute to the development of the rules and agree on price. So, the process has been quite inclusive so far,” she says.

Sivalingam explains that in the Philippines, there is a large customer segment in the rural areas–consisting of smallholder farmers and fishermen–that are looking for financial products that suit their needs beyond payments.

Also Read: Smile API raises Pre-Series A funding from Afore Capital to support financial inclusion in the Philippines

“There is definitely a business case at the last mile. As a call to action, fintech companies, with their ability to scale, leverage technology, and drive costs down, are uniquely positioned to serve these customer segments,” she says.

“They’re also considered to be more innovative players. They also have a unique ability to design products that suit [these last mile customers’] needs, which is one of the principles that we advocate for as part of the UN principles in designing for customer needs. Because that is what will effectively enable and encourage use of the product, ultimately.”

There are already fintech startups that are looking into this segment, but Sivalingam sees that there remains huge opportunities for them.

“There could be more players looking at it, because the gap to be filled is significant.”

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Image Credit: Kristine Wook on Unsplash

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