Dobin, a fintech startup aiming to offer a personalised financial ecosystem, was launched recently in Singapore. The startup uses open finance and AI to provide consumers with a consolidated financial view, a personalised financial profile, and a permission-based app for getting value from their data.

In this interview, Dobin CEO and Co-Founder Khaled Benguerba speaks to e27 about its offerings, USP, open finance, and opportunities in Singapore.

Excerpts:

How does Dobin differentiate itself from other companies offering consolidated financial views and personalised financial profiles?

Fintech apps that allow consumers to consolidate all their financial data in one place are not widely available in Southeast Asia due to long-standing limitations on access to bank account data.

Thankfully, this began to change with the launch of SGFinDex in Singapore, which allows users of banking apps to consolidate their account balances to better plan their financial future.

Dobin plays a similar role but focuses on helping users take better financial decisions daily. This is achieved by allowing them to consolidate all their expense and income transactions (in addition to balances) and automatically categorise them. This way, users remain aware of how much they earn and spend in different categories (e.g. groceries or shopping).

In addition, Dobin helps users tackle their financial needs holistically; the app allows them to track their consolidated finances, gain relevant insights to make smarter decisions, maximise savings with discounts and rewards, and borrow at attractive terms.

Also Read: AI revolution in marketing: Transforming the way businesses connect with customers

Like other fintech products, we put much effort into optimising the digital user experience. In addition, we also put a lot of effort into harnessing transaction data to understand our users’ needs better.

Can you elaborate on how Dobin utilises AI to provide value to consumers through their financial data?

When handling users’ data, we follow a set of principles: first, users must provide their explicit consent for their data to be accessed; second, they must have control over what it is used for; third, they should receive tangible value in exchange for sharing insights from it.

We are building data analytics and AI capabilities of two different types. The first type is “insights and recommendations” to help users understand their financial situations and take better decisions.

For instance, we can help a user uncover and stop recurring charges for subscriptions they purchased in the past but no longer use.

The second category is “deals and offers” to help users prove their value to merchants and financial institutions and receive personalised offers.

For instance, we can help users share relevant information with lenders on how much they can afford every month to repay a loan. We currently use rule-based models, informed by our team’s deep industry expertise, but as we gather more data from our users, we will build predictive models using machine learning/ deep learning techniques.

Open finance is a relatively new concept. How does Dobin ensure the security and privacy of consumer financial data while leveraging open finance principles?

Dobin takes users’ data very seriously; we put a lot of emphasis on privacy, control, and security.

On privacy, users’ data will never be shared with anyone without their explicit permission (even with Dobin!). If the user agrees to share their data with Dobin (to help us improve insights and recommendations) or our partners (to receive valuable offers), it will be anonymised before it gets used or shared to protect users’ privacy.

On control, the user is always in the driver’s seat. They can review, pause, revoke or delete the data collected by Dobin at any time. They can also choose not to share their data, in which case it will only be viewed by them and stored locally on their mobile device.

On security, we protect the data with multiple layers of encryption. We collaborate with trusted partners who prioritise security and incorporate the latest data and security technology to ensure robust protection.

What measures does Dobin have in place to address potential biases or inaccuracies in its AI-powered insights and recommendations?

As we build and expand our AI models, we will ensure they are not biased by following a 5-step process.

1. Design: our models are intentionally designed to exclude information that could introduce a bias towards specific communities.
2. Data representation: we thoroughly evaluate the data we use to ensure it represents diverse communities fairly.
3. Model development: throughout the model development process, we conduct bias assessments to determine if the model tends to assign lower scores to specific communities or segments.
4. Reviews: we incorporate diverse perspectives by involving individuals from varied backgrounds in the review process.
5. Explainability and transparency: we make the decision-making process explicit by showing each feature’s contribution to the model and how they interact. In addition, we regularly review our models and update them with new data and contextual information to reflect changes over time.

We adhere to guidelines such as the FEAT framework introduced by MAS when building our models. We also plan to actively share our learnings with the larger community to promote the responsible and fair usage of AI.

As a permission-based app, how does Dobin handle user consent and ensure that consumers have control over their data? Can users selectively choose what data they want to share and with whom?

At Dobin, we think about customer consent in three ways: data access, usage and sharing.

On data access, the user is prompted for permission for each bank they wish to link to the Dobin app rather than being asked to provide access to all their bank and credit card accounts in one go.

Also Read: Is fintech in SEA changing its focus for further development?

On data usage, the user is explicitly asked whether they wish to authorise Dobin to use their anonymised data to improve insights and recommendations.

On data sharing, the Dobin app does not allow users to share data with banks, lenders or merchants. But this feature is in our roadmap, and when we launch it, users will need to give explicit consent before Dobin can build insights from their data and share them with 3rd parties.

How does Dobin source and integrate financial data from various sources to provide a comprehensive view? What challenges does the company face in accessing and consolidating data from different financial institutions?

Open Finance is the concept of exchanging financial data between organisations upon obtaining explicit consent from the customer. It is driven by two different yet complementary trends: regulation and technological innovation. The former refers to regulators encouraging or mandating financial institutions to build open Application Programming Interfaces (APIs) which allow third-party apps to retrieve customers’ data. The latter refers to different technological ways to retrieve data by either impersonating users when they login into their online banking environment or integrating with banks through private APIs under bilateral partnerships.

Since there is increased momentum from regulators to foster Open Banking, good progress has been made in most Southeast Asian countries. At the same time, new players known as data aggregators are emerging to allow access through technological innovation. Dobin partners with a number of these data aggregators to ensure a wide coverage of banking institutions. We are also exploring private APIs and monitoring the development of open APIs.

Can you share examples of specific value propositions or benefits that Dobin offers consumers using their personalised financial profiles? How do these profiles assist users in making informed financial decisions?

First, Dobin gives users a consolidated view of their income and expenses by securely connecting their bank accounts and credit cards across Singapore’s leading banks. This allows users to keep tabs on their income and spending patterns, uncover hidden spending patterns, and reduce regular expenses using relevant merchant discounts.

Second, as Dobin builds its data analytics and AI capabilities, it will create unique yet anonymised “financial profiles”. These profiles can indicate a user’s loan repayment capacity, spending potential with a particular merchant, or the credit card they are likely to use frequently. Users may utilise these “financial profiles” to “prove their value” to merchants and financial institutions.

Third, Dobin puts users in the driver’s seat to get value from their own data. By allowing Dobin to share their anonymised “financial profiles” with merchants and financial institutions, they receive personalised discounts, credit card recommendations, and attractive loan offers.

What steps does Dobin take to educate and empower users about their financial data and the insights derived from it? How does the company ensure consumers understand and can effectively utilise the information provided?

Giving users a holistic view of their finances is critical for Singaporeans, as only some make the right financial decisions. A 2022 study of over 1,000 Singaporean adults by SmartWealth revealed that 55 per cent of respondents are financially illiterate.

Additionally, 52 per cent said they are unsure how much they spend every month. With Dobin, users can now stay financially informed at all times.

Also Read: AI in banking: Unlocking success with ChatGPT and embracing the future

To be financially empowered, consumers need more than access to their consolidated financial data. They also need to understand the basic concepts of how to build good financial habits. Dobin also helps users on that front! Our blog provides insights on why financial visibility is important and practical tips on optimising their financial outcome.

How does Dobin plan to expand its services beyond Singapore and cater to a global audience? Are there any regulatory or compliance challenges it anticipates in different jurisdictions?

Our mission is to empower consumers in Southeast Asia to live a better financial life. We have launched Dobin in Singapore and plan gradually roll it out across multiple markets in SEA.

All markets have in common personal data protection laws that protect consumers from the misuse of their personal data and ensure they remain in control of it. Granular consent and strong data privacy measures are what Dobin lives by. Therefore, we do not foresee regulatory challenges.

We also intend to work closely with regulators and other industry players to help build a data infrastructure that enables more openness and transparency around the exchange and handling of consumers’ data.

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Joel Neoh, the founder of payment app Fave, has joined hands with his former colleague Audra Pakalnyte to launch an early-stage fund called ‘First Move’ to support consumer-focused startups in Southeast Asia.

The fund will provide pre-seed funding of up to US$100,000 and mentorship to early-stage ventures in the e-commerce, fintech, and healthtech sectors. It has already invested in seven startups in the e-commerce and D2C spaces across Singapore, Indonesia and Malaysia.

Also Read: Fave Co-Founder Joel Neoh to head Prenetics’s consumer health subsidiary CircleDNA

First Move’s early investors include 500 Global.

In addition to providing direct funding to startups, First Move will partner with other regional VC firms.

The fund has also established the Consumer Tech Angel Syndicate, a close-knit group of experienced founders and executives in the consumer space. Its members, which include founders and senior executives from D2C, e-commerce, mobility and fintech scale-ups across Southeast Asia, will co-invest in First Move deals.

Audra Pakalnyte, Partner of First Move, said: “As founders ourselves, at First Move, we go beyond capital injection. We believe in providing guidance, mentorship, and access to a vast network of industry connections which is crucial in early stages of getting on the right path. We understand the pain points of founders and aim to leverage our experience to provide invaluable mentoring support during the early days of their journey and set our portfolio startups up for long-term success.”

After leaving Fave earlier this year, Neoh joined CircleDNA, a wholly-owned subsidiary of Prenetics Global, a genomics and oncology company listed on the Nasdaq. He wrote the first cheque for Prenetics as an angel investor back in 2014.

Also Read: Dream big, start small: Joel Neoh shares lessons from his years with Fave

Pakalnyte is a seasoned founding team member of multiple successful startups alongside Neoh. She worked at Fave for over eight years and left the company as the Head of its buy-now-pay-later unit FavePay Later.

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My job as a business coach means I talk with a lot of people, including entrepreneurs and social entrepreneurs. They want to solve issues and solve market gaps, and it’s exciting, stimulating and all that, but… wait a minute.

Read that first sentence again. Why would I distinguish social entrepreneurs from entrepreneurs in the first place? Is there a difference justifying this language split?

It depends.

A lot of social entrepreneurs seem to think that, yes, there is a difference worth emphasizing, which is why I wrote my first line this way. But do I believe the distinction makes sense? Absolutely not.

Worse, that’s a real problem from a credibility standpoint and a fundraising standpoint.

In many discussions, I’ve had, “social” entrepreneurs insisted on being treated differently.

They demanded discounts on what they wanted to purchase because, well, their enterprise was a social one, so it was fair to ask for an effort. They wanted to raise more funds at a discounted rate because the purpose was social and deserved to be supported even more.

They refused to talk in terms of profit because, somehow, the word seemed incompatible with the social principles behind their enterprise.

The problem is that this type of discourse sends the wrong message to entrepreneurs and funders who know what the reality of entrepreneurship and business is like. And it isn’t something you want to inflict on your business.

Entrepreneurs are entrepreneurs

Feel free to spend some time wondering about the definition of social entrepreneurship if that floats your boat. As far as I am concerned, social or not, entrepreneurs are entrepreneurs.

Also Read: Rise of the social entrepreneur: can doing good be good for business?

From a language standpoint, first, social entrepreneurs would call themselves charity people, world changers, magicians or change makers if they weren’t entrepreneurs. But since they do use the term, then that means something pretty clear to me.

From a pragmatic and operational standpoint, then, social entrepreneurs are entrepreneurs because, like it or not, what they do is based on entrepreneurship principles.

Yes, they want to fill a market gap, make an impact and change the world. But to get there, they have no choice but to act as responsible business leaders who know what it takes to run an organisation with teeth.

Value proposition, USP and offering

First, any social entrepreneur who refuses to think in terms of value proposition, unique selling point and offerings are driving blind.

If there is to be a beneficiary (see how I didn’t talk about ‘client here?) in the end, there must be a real issue to solve on their side and a real value proposition on your side.

Because there is always competition, you must also have a unique selling point that makes you… you! For instance, imagine how many charities seek money to help people in need and put yourself in a banker’s shoes. Why would he fund you more than another?

Hence, your social enterprise must also be able to put a clear offering in front of that banker. They get this if they pay this. But they get more if they pay more. The question is, “What’s in it for them”. And the only way to answer it is to think about market value and business opportunity.

Also Read: Bridging the gender gap and boosting women entrepreneurship with embedded finance

Business modelling and profits for all

If social entrepreneurship is not a value proposition, social leaders must also think in terms of business models: whatever comes out has to come in the first place, including profit.

Basic costs must be met, but profit is crucial if you want to go beyond just basic: it is your investment capacity-building powerhouse!

The primary focus should not be to express disdain towards profits due to their perceived negative connotations, as such an attitude can quickly lead to dismissal by others.

It is to make a profit on whatever you invest, so you can re-invest it in your cause to make a bigger impact. The issue isn’t profit, and it’s what you do with it!

Please don’t roll your eyes. I’m not being judgmental here; explaining this to social workers does really take a lot of time because when the cash historically comes from donations, this logic is not always that logic.

Keep boosting your entrepreneurial skills

In short? Invest all your energy and talent in making the difference you want to make, and don’t look back. What you are doing is fundamental, and I’m deeply grateful.

Still, keep some bandwidth to focus on the business management aspects (offering, modelling, financial planning) of what you do. This is key.

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NEU Battery Materials, a Singapore-based lithium-ion battery recycling startup, has secured US$3.7 million in an oversubscribed seed funding round led by SGInnovate.

ComfortDelGro Ventures, Shift4Good, Paragon Ventures I, and other angel investors also joined.

These funds will accelerate the deployment of NEU Battery Materials’s automated recycling line, which will lower operational manpower requirements. It will also develop partnerships in key global markets to support their battery requirements and forge new direct partnerships with electric vehicles OEMs and battery manufacturers to further the adoption of its technology within the transport and mobility sector.

“This achievement fuels our ambitious growth strategy, empowering us to expand into new markets and enhance the capabilities of our Singapore facility. With our advanced automated process line, we are poised to efficiently handle a greater influx of batteries from partners, further bolstering the sustainability of batteries,” said Bryan Oh, CEO of NEU Battery Materials.

Also Read: VFlow’s recyclable energy solution with an expected lifespan of 25 yrs seeks to replace Li-Ion batteries

NEU Battery Materials has developed an electrochemical redox-targeting technology for the sustainable recycling of battery materials. Its patented process requires electricity as its only consumable and utilises regenerative chemicals to avoid toxic waste and harsh acids.

Being less polluting than more commonplace methods, such as hydrometallurgy and pyrometallurgy, it paves the way for the broader adoption of a more sustainable way to recycle all forms of lithium-ion (Li-ion) batteries.

This technique produces battery-grade lithium, which can be supplied back to battery manufacturers, and can also process lithium iron phosphate (LFP) batteries.

The firm has set up a 150-square-metre pilot recycling plant in Singapore, capable of processing approximately 150 tonnes of lithium batteries annually. 

In broadening its capabilities, the startup has also initiated research into recycling other lithium battery chemistries, such as the cobalt-based batteries used in smart devices and EVs.

“LFP battery recycling, when done in a sustainable manner, will be the foundation of a viable circular economy for batteries, offering new, more stable supply and revenue streams, while reducing the negative, and often unequal negative impacts of mining,” said Tong Hsien-Hui, Executive Director (Investments) at SGInnovate. “Emerging technologies that offer scalable, impactful solutions to sustainability goals is one of SGInnovate’s key focus areas, and we are pleased to support NEU Battery Materials in their wider decarbonisation mission.”

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Most of us pay online (using credit/debit cards, QR codes, GPay, etc.) for the products we purchase on Amazon and other online shopping portals. Globally, only a few e-commerce platforms accept cryptocurrencies as an alternative option. There has not been a crypto-exclusive e-commerce platform, at least not in Asia.

Julian Chow, Daniel Whyte, Lori Liu, and Ferhat Dogru — who previously founded Phantom Network (PxN), a startup focusing on Web3 e-commerce and blockchain technology — sensed an opportunity and came up with GM.co.

“GM.co was started as the flagship product of PxN, whose long-term strategy is to build a marketplace where our community can have a use case for all the crypto they hold,” CEO Julian Chow tells e27. “With PxN, we’ve built a solid following and community of over 100,000. Through conversations with our community, we noted a strong demand for a decentralised marketplace. That motivted us to create GM.co.”

Also Read: Don’t just build a Web3 community, start a movement

GM.co is a crypto-exclusive e-commerce platform that aggregates various brands. According to the co-founders, it merges the best of Web3 and traditional e-commerce to provide a better shopping experience.

In addition to the traditional items, such as apparel, luxury goods, and collectibles, GM.co also offers unique products, such as Mech pilot training, a luxurious omakase yacht experience, and the soon-to-be-launched ‘PROTHESIS’ that holds a Guinness World Record for the largest tetrapod exoskeleton.

The platform has listed over 1,000 items on its marketplace. Some of its partner brands are BLVCK Paris, OSIM, and OHTNYC.

GM.co is headquartered in Dubai, but its team members work from different locations, including New Zealand, Singapore, and the US.

How it works

To shop on GM.co, users need to connect their crypto wallets with MetaMask, Coinbase Wallet, or WalletConnect. From there, they will see all the listings available on the marketplace. To see listings available in their region, they could use the shipping filter on the top right of the website (next to the wallet). Shoppers will have the option to pay with any cryptocurrency accepted by participating merchants.

Since its soft launch in March 2023, the platform claims to have seen transactions increase by 26x, with an average of 20+ items added weekly.

The concept is similar to any other e-commerce marketplace, except that transactions are facilitated by digital currencies and conducted over a blockchain to provide an added layer of security.

“As a decentralised marketplace, GM.co does not hold custodianship of the funds. Instead of having a company as a middleman, we automate that process and host it on a smart contract. This contract exists within the Ethereum blockchain and allows people to conduct transactions without a counterparty,” Chow explains.

“The smart contract is the intermediary between the buyer and seller and ensures that transactions are conducted securely. It also makes the nature of the transactions less complex because it is between a buyer and seller, and no third party can get in between those funds. This is a security protocol we’ve taken to avoid the issue of holding customer funds, which is common on decentralised exchanges,” he adds.

Enormous opportunity

According to S&P Global, the total market capitalisation of cryptocurrencies stood at US$1.1 trillion as of August 2022 or about 2.5 per cent of the US equity market capitalisation. As of 2023, Triple-A estimated global crypto ownership rates at an average of 4.2 per cent, with over 420 million crypto users worldwide. “There are massive opportunities to engage crypto users and merchants,” says Chow.

As part of its launch, GM.co has collaborated with The Open Network (TON), a decentralised and open internet created by the community using a technology designed by Telegram. TON boasts a community with over one million subscribers and followers across various social platforms and a US$2.3 billion market capitalisation. TON and GM.co will look for mutually beneficial integrations, granting TON’s extensive community access to decentralised commerce.

Also Read: How to stay creative in the age of Generative AI and Web3

In Chow’s opinion, GM.co opens up a new world of possibilities for retailers, merchants, and brands; they get global reach, increased brand exposure, a new revenue stream, a broader customer base, and direct customer engagement.

“There are over 420 million crypto users worldwide, and there’s a massive opportunity for retailers and merchants to jump on the bandwagon to, firstly, lead the retail revolution and, secondly, diversify their revenue streams,” he says.

In the future, GM.co plans to integrate new functions, such as allowing users to customise their profile pictures, personalise their pages with digital collectibles, and follow others and see what they are shopping for.

The self-funded startup encounters several challenges, though. They include limited acceptance and adoption of cryptocurrency by businesses. According to him, convincing merchants, particularly mainstream brands, to join the retail revolution with cryptocurrency is a significant hurdle.

“Many of these brands are unfamiliar with digital currencies, making it necessary for us to educate and demonstrate the benefits and potential of joining us. However, we firmly believe that the brands that embrace this opportunity will gain a competitive edge, showcasing their willingness to innovate and adapt to evolving consumer needs,” Chow maintains.

Chow points out that interest and investment in cryptocurrency remain strong despite the crypto winter. According to a 2022 survey by Paxos, more than 75 per cent of people surveyed indicated they are very confident or somewhat confident in the future of cryptocurrency. Crypto owners also want to use digital assets for everyday financial transactions, including payments and remittances, and this is a sentiment that bodes well for the cryptocurrency market.

“It’s worth noting that the crypto winter is not a permanent state for the market. Cryptocurrency as a technology is relatively new and rather early stage,” he exudes confidence.

Also Read: The battle for regulation: Can cryptocurrency be tamed?

Given the volatility in the market and the overall economic headwinds, consumer confidence in cryptocurrencies remains low. Plus, regulatory uncertainties in several countries make the transaction using crypto hard. It means it may take years before cryptocurrencies are widely used in e-commerce. However, Chow is confident in scaling and growing GM.co.

“We expect volatility daily, but having said that, we as a team are optimistic about the future of cryptocurrency and the power it could hold,” he notes.

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Agriculture is more than just an economic activity; it plays an important role in ensuring sustainable development, social well-being, and food security. With the global population expected to reach 10 billion by 2050, demands for food and agricultural products remain very high. As a result, the agricultural sector is under pressure to keep up with the world’s growing food demand and changing trends in food preferences.

In the past years, thanks to technological advancements, agricultural productivity and efficiency have seen significant growth, resulting in increased food production and availability. Nonetheless, food security remains an important matter in many parts of the world. For instance, in Europe, it was estimated that nearly 10% of the population could not afford a healthy diet with meat or fish or vegetarian equivalent every two days. The situation is even more serious in other parts of the world, such as in Africa, where around 20% of the population does not have enough food, and over 140 million people have severe food insecurity with chronic famine and constant threats of starvation.

Challenges faced by farmers in Bangladesh and other developing countries

With the grim prospects of increasingly palpable impacts of climate change that further threaten agricultural production and place more pressure on global food security, it is vital to enhance the sector’s productivity and sustainable development to ascertain reliable food supply for more people.

In this regard, the digitalisation process that is claimed to bring about disruptive innovations and fuel growth in other industries can prove crucial in revolutionising the agricultural sector by enhancing supply chain transparency and efficiency, empowering the decision-making process with data science, strengthening sectoral resilience, and improving agronomic practices for higher production.

Also read: How Anapi’s D&O Insurance protects new startup founders

Nevertheless, the agricultural sector is still one of the least digitalised sectors in the economy due largely to the huge digital gap faced by farmers around the world. Specifically, farmers living in rural areas often lack access to stable Internet and other digital infrastructures, insufficient education and training to bridge the digital skills gap, and lower living standards in general.

This is particularly true for farmers in developing countries such as Bangladesh, where agriculture contributes to over 11.6% of its GDP and employs around 37% of its total workforce. These farmers have limited access to resources and updated insights about farming practices, financing needed to invest in their farms, or access to broader markets due to inadequate infrastructure or services like internet connectivity.

The digital divide between developed and developing countries that heavily on agriculture has created many challenges for these communities, which can lead not only to economic but also social consequences if left unaddressed — from rising inequality among countries and within countries, limited opportunities for youth who find it hard to venture out of their home environment, decreased nutrition and food security, and other long-term sustainability issues.

How iFarmer harnesses the digital power to democratise financing and supply chain in the agricultural sector

Founded in Bangladesh in 2019, iFarmer is an agri-tech company that helps farmers maximise their profit potential with data and technology, direct-to-farm commerce, financial services, and advisory services. iFarmer has been partnering with financial institutions, agriculture input manufacturers, and food processing conglomerates to craft “one-stop solutions” for farmers and their farming needs and improve their yields and income through the use of data and technology.

The core of iFarmer’s offerings includes its proprietary platform, which provides real-time information on soil analysis results, fertiliser recommendations, crop analytics, training, financing, investment, and procurement and exchange. This comprehensive suite of services allows farm owners or managers to not only track field performance but also help them boost their knowledge and capacity, gain access to wider financing options to manage their farms, and buy more equipment. Moreover, through its mobile app and web portal, iFarmer offers several additional products and services for users, such as loyalty point bonuses, news and recommendations, investment products, and so on.

Also read: WAOHire: Empowering both developers and the businesses that need them

With these solutions, iFarmer believes that it can digitalise the agriculture value chain through different initiatives. For instance, one of its key initiatives focuses on improving agricultural productivity through data intelligence and analytics. By collecting big data from farms around the world and utilising sophisticated algorithms, iFarmer can effectively collect and analyse weather information, soil fertility, pH level, and other soil attributes in real-time. Moreover, the application can also make precise recommendations for farmers to select the most suitable fertilisers to enhance their farms’ conditions and become more proliferate.

With all these features combined, it will become easier than ever before for farmers living in rural communities throughout Bangladesh and across borders to access fundamental resources for their farming operation, scale up, and spur professional development. To illustrate, Charubela Roy from Lalmonirhaat shared how she benefited from iFarmer, which has helped her with funding support, cattle feed, vaccination, veterinary services, and market access. iFarmer offers lower interest rates, flexible repayment, input services, and transport services to its farmers. “I can now grow more cattle and vegetables and have a more stable life,” said Charubela Roy.

In the next few years, iFarmer intends to embark on a more ambitious plan to better support farmers not only in Bangladesh but also globally, creating a strong network of support for farmers and making positive changes in agricultural production and food security across the world. iFarmer is currently planning to expand and bring more farmers under its network through a digitised network of micro-entrepreneurs called ‘iFarmer Centers’ for last-mile delivery as well as aggregation.

To learn more about the company, you may visit iFarmer’s official website.

About iFarmer

Founded in 2019, iFarmer has built a full-stack agricultural model which provides services ranging from distribution of agricultural inputs, customised farm advisory, access to financial services, and market linkages to sell farmers’ produce. iFarmer currently works with nearly 100,000 farmers across 25 districts in Bangladesh and has grown over 40 times in the last 3 years.

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

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In recent years, Japanese startups have been increasingly expanding to South East Asia, looking to tap into the huge potential of the region’s markets. With a population of over 685 million, the region is highly attractive to ambitious startups, providing them with sizeable markets and access to rapidly growing economies.

In addition, the region’s diversity allows startups to easily adapt their business models to suit different markets. The Regional Comprehensive Economic Partnership (RCEP) has played an important role in creating the world’s largest free-trade area covering 30 per cent of the world’s population, reducing trade barriers within the region and across the globe.

This has made it easier for Japanese startups to enter South East Asian markets and take advantage of the region’s growth potential.

Also Read: Navigating a recession: How founders can protect revenue as funding dries up

Japanese startups have turned their attention to the South East Asia region to take advantage of these opportunities. The Rainmaking Expand: South East Asia programme has provided Japanese startups with the necessary expertise and networks to explore and target commercial opportunities in multiple locations. Companies such as IDDK and HACARUS have used the programme to gain access to a broader network of contacts, helping them to refine their approach to target markets and increase their success.

IDDK, a Japanese space tech company, is an example of a startup exploring the niche market of space technology in South East Asia. IDDK is leveraging its patented Micro Imaging Device technology, which replaces conventional microscopes, to target pharmaceutical, agriculture and beauty companies’ R&D divisions. While building up their solution within the Japanese market, they wanted to explore potential research partners, potential clients, and investors within South East Asia.

“We thought that the demand for our technology would be more prominent in countries that had not experienced the benefits of the International Space Station. Therefore, we thought it was important to expand into South East Asia,” shared Hiroaki Shibata from IDDK Co., Ltd.

By leveraging the expertise and network from the Rainmaking Expand programme, IDDK has identified Singapore as an important market for them to focus on, especially in relation to the opportunities in the healthtech sector. Through the learnings gained in the programme, the team at IDDK was able to negotiate and sign an MOU with Singapore Space & Technology Ltd (SSTL) for a strategic partnership to promote the use of space environments for biological experiments.

South East Asia has a growing middle class of consumers with increasingly high purchasing power driving up demand in multiple sectors. This provides a great opportunity for Japanese startups to establish a foothold in the region and tap into the potential of the markets by plugging their services into multiple industries.

Also Read: The rise of live commerce in Asia and adoption of BeLive by retailers

One startup leveraging these opportunities is HACARUS, a provider of AI-based solutions in sparse modelling to automate tedious and difficult inspection tasks. With a diverse workforce and ethos focused on a global perspective, the company has seen success in the region, particularly when working with partners who understand the ups and downs of implementing AI into a business line.

HARACUS identified South East Asia as an important and natural fit for their expansion, with similarities in complex manufacturing and quality focus, while experiencing high growth and plenty of need for their solutions to automate tedious and difficult inspection tasks.

HACARUS gained access to a broader network of connectors, consulting companies, logistics, and manufacturing companies after joining the Rainmaking Expand: South East Asia programme and leveraged this to evolve and refine their approach to their various target markets for higher success.

“We recognised that different parts of our value proposition resonate in different markets — in Singapore, we emphasise the energy and physical space-saving aspects, and in Malaysia, we focus on the time and quality throughput increases that our solutions bring,” stated Adrian Sossna, Head of Global Sales Group from HACARUS INC.

After connecting with a variety of key players, HACARUS is moving into the negotiation stage for multiple projects with customers in Singapore, Thailand, and Malaysia with the hopes of many more to come in 2023.

South East Asia offers a great opportunity for Japanese startups to expand. With a large population, supportive governments, and low costs of entry, the region is an attractive proposition for ambitious startups looking to tap into the potential of its markets. Japanese startups are increasingly taking advantage of the region’s opportunities, propelling the growth of their businesses and strengthening Japan’s regional influence.

Japanese Startups interested in entering South East Asia can now register for JETRO’s X-Hub Tokyo Singapore Course, run by Rainmaking Expand. Applications close July 24, 2023.

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In recent years, Singapore has emerged as a leading hub for data centres, hosting an impressive 60 per cent of the facilities in the region. These data centres have become integral to the country’s digital landscape and contribute seven per cent of its total electricity usage. While advanced infrastructure and connectivity make Singapore an attractive location for data centres, the high humidity levels present unique challenges for maintaining optimal performance conditions.

As energy-intensive facilities, data centres consume significant amounts of electricity, raising concerns about their environmental impact and energy security. Recognising these concerns, the Singapore government has implemented various initiatives and incentives to promote sustainable practices and improve energy efficiency among data centres. These efforts include using renewable energy sources like solar power, adherence to energy-efficient design standards, and adoption of best practices in cooling and power management.

The burgeoning growth of data centres in Singapore presents a delicate balance between satisfying the demands of an ever-evolving digital landscape and mitigating the environmental repercussions of energy consumption. But this is just one example of the many unique challenges these facilities face in Singapore.

The need for carbon reduction and sustainability in data centre operations

The growing reliance on data centres in today’s digital age has significantly increased global energy consumption and greenhouse gas emissions. These emissions contribute to climate change and environmental degradation, making it crucial for data centres to address their ecological impact.

To mitigate these effects, focusing on reducing carbon emissions and increasing sustainability in data centre operations is essential. By doing so, data centres can play a pivotal role in combating climate change while meeting the ever-growing demands of the digital landscape.

Implementing sustainable practices within data centre operations benefits the environment and facilities. By adopting sustainable measures, data centres can reduce energy consumption, lowering operational costs.

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

Furthermore, sustainable practices improve resource efficiency and minimise waste, resulting in a more responsible and eco-friendly operation. As a result, data centres that prioritise sustainability are better positioned to adapt to future challenges, optimise performance, and contribute to a more sustainable world.

Factors that make data centres in Singapore energy-intensive

Singapore’s unique location and climate present specific challenges contributing to the energy-intensive nature of data centres in the city-state. Situated near the equator, Singapore experiences high humidity levels and a warm yearly climate. These conditions can adversely impact the performance of IT equipment, leading to increased energy consumption. To maintain optimal temperature and humidity levels, data centres require cooling systems, representing a significant energy usage source.

As a bustling hub for digital businesses, Singapore experiences a high demand for computing power. City-state data centres must operate around the clock to support businesses and provide uninterrupted services. This constant operation demands considerable energy, particularly for cooling systems that must run continuously to maintain appropriate environmental conditions. The relentless demand for computing power further exacerbates the energy consumption of data centres in Singapore.

The limited space in Singapore, a small island nation, adds another complexity to data centre operations. To maximise their use of space, data centres need to operate at high densities, which can lead to increased energy consumption.

In addition, cooling a smaller area with a high concentration of IT equipment requires more energy, making efficient cooling solutions even more crucial. Furthermore, some data centres in Singapore have been in operation for several decades, featuring outdated, less energy-efficient infrastructure. Upgrading these older facilities to improve energy efficiency can require significant investments, adding to the challenges faced by data centre operators.

Environmental impact of energy-intensive data centres

Energy-intensive data centres have a substantial environmental impact, with carbon emissions being a primary concern. These facilities require large amounts of energy to power and cool their IT equipment, and much of this energy is generated from fossil fuels. In Singapore, which has limited renewable energy resources, data centres significantly contribute to the city-state’s carbon emissions, exacerbating global climate change.

Beyond carbon emissions, data centres also require considerable resources to operate, including water, electricity, and raw materials for construction and IT equipment. In resource-limited Singapore, data centres can contribute to resource depletion and strain local infrastructure.

One notable example is the significant amount of water required for cooling, which can strain local water resources, particularly during drought. As Singapore grapples with the constraints of being a small island nation, the resource demands of data centres become an even more pressing issue.

Data centres also generate a considerable amount of electronic waste (e-waste), which can contribute to environmental degradation and pollution. 

Electronic waste harbours toxic substances that can infiltrate soil and water systems, posing significant risks to human well-being and the surrounding environment. In Singapore, where space for waste disposal is limited, managing e-waste presents a considerable challenge for data centres.

Therefore, addressing the environmental impact of energy-intensive data centres is crucial for ensuring a more sustainable future in Singapore and worldwide.

Sustainable cooling solutions for data centres

Data centres require considerable energy to power and cool their equipment, with cooling systems accounting for up to 40 per cent of a data centre’s total energy consumption. Therefore, sustainable cooling solutions can significantly reduce energy consumption and greenhouse gas emissions while decreasing operational costs. Furthermore, by focusing on efficient cooling methods, data centres can contribute to a more sustainable future and optimise their overall performance.

One promising approach to sustainable cooling is liquid cooling, which offers a highly efficient alternative to traditional air conditioning systems. Liquid cooling involves circulating a coolant around the data centre equipment, effectively dissipating heat before returning the coolant to a re-cooling unit.

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

This method can reduce energy consumption by as much as 30 per cent and even extend the lifespan of the equipment. By adopting innovative cooling solutions like liquid cooling, data centres can substantially decrease their energy footprint, minimise costs, and contribute to a more sustainable digital infrastructure.

Embracing sustainability: A collaborative approach for data centre operators and policymakers

Addressing the environmental impact of energy-intensive data centres in Singapore requires a concerted effort from data centre operators and policymakers. Implementing renewable energy solutions such as precision liquid cooling systems can significantly reduce energy consumption and associated costs for operators. Regular monitoring and optimisation of energy usage are also vital to identify areas for improvement and maintain efficient operations.

Policymakers play a critical role in driving change by developing and enforcing regulations that require data centres to prioritise sustainability. They can encourage the adoption of energy-efficient equipment, cooling solutions, and renewable energy sources through incentives or subsidies. Collaborating with industry leaders and stakeholders is essential for promoting sustainable practices and innovations in the data centre industry.

Ultimately, prioritising sustainability in operations and regulations is crucial for reducing data centres’ carbon footprint and energy consumption. By embracing sustainable practices, data centres can reduce costs and improve efficiency and contribute to a more sustainable future for all. Data centre operators and policymakers can help shape a more eco-conscious and responsible digital landscape in Singapore and beyond.

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In 2023, proving that it’s safe for customers to do business with you is paramount. Customer trust is second only to customer data privacy, and the two go hand in hand when creating a reputable company.

Use these six strategies to build consumer trust and improve your brand’s data privacy at the same time.

Modernise your website to gain customer trust

Few things scare off potential customers faster than an outdated website. It isn’t just that hard-to-navigate pages, poor mobile compatibility, and bright flash animations are annoying — it’s because sites that haven’t changed in years are often unsecured. 

Bring your business’s website into the 21st century to attract and retain more visitors. In the process, you can ensure it has modern cybersecurity features to protect people’s data.

Turn on multi-factor authentication 

2022 saw a dramatic uptick in the use of multi-factor authentication (MFA) in Southeast Asia. Hong Kong-registered a 13 per cent increase in the technology’s use, while those in the Philippines used it 25 per cent more than in previous years.

If you’ve ever visited a website that sent a temporary, time-sensitive passcode via SMS to your phone to use alongside your password, you’ve used MFA. Technology has become popular because it makes it much harder to steal data — in addition to hacking into a website, threat actors also have to gain access to a phone or tablet.

Turning on MFA might pose a minor annoyance to some website visitors, but most people appreciate the added security measure. It’s beneficial for creating a safe checkout system for online shopping. It also conveys that you take customer data privacy seriously.

Also Read: How to unlock possibilities through data privacy enhancing technologies

Employ AI to identify high-risk scenarios

Most cybersecurity software features an alert system to warn website owners of potential data breaches. For example, if someone fails multiple password attempts or logs into the site at an unusual time, the program will flag the unusual behaviour and issue an alert.

Software that uses AI goes a step further than just flagging suspicious activity. Some services also use machine-learning-powered alert scoring, sorting security alerts by urgency and relevance. You can prioritise the alerts to decide which ones need your attention most. 

You might think your website is impenetrable to hackers, but even the most reputable companies fall victim to cyberattacks. In 2019, WhatsApp — one of Asia’s leading messaging apps — experienced a breach, compromising 1.5 billion user accounts and giving hackers access to personal information. As another example, the International Committee of the Red Cross experienced a cyberattack in 2022 that compromised over 510,000 people’s data across 60 locations.

The truth is that anyone can experience a cyberattack, so you must prioritise customer data privacy to build consumer trust. That starts with using better cybersecurity software.

Create clean URLs

Your website’s address bar can tell visitors a lot about your business — intentionally or not. Long, complicated URLs with numbers, symbols and jumbled letters look less trustworthy than a curated URL describing the page. For example, on a page where customers can buy a pink handbag, the URL should end with something like “buy-pink-handbag” rather than the slug the site builder automatically assigns. 

Additionally, URLs with spelling errors are a red flag to many tech-savvy customers. That’s because untrustworthy sites often use subtle spelling mistakes to trick visitors into thinking they’re on a different page. Phishing scams often involve sites with names like Hotmail or Wells Fargo. Bloomberg.ma was a false news site designed to imitate Bloomberg.com, a legitimate financial news website.

Comb through your website’s URL slugs to ensure they reflect the actual content on the page and don’t contain spelling errors.

Explain your cookie policy

A popup explaining your website’s cookie policy might annoy some visitors, but many view it as a sign of good data management. By asking customers for consent to use their data — or allowing people to customise which data they provide — you can help build customer trust. In many cases, it’s also a legal requirement to have a transparent cookie use policy.

Also Read: Time to elevate the CFO’s stake in cybersecurity

Display security logos 

Another way to build consumer trust is through the use of logos. If your business is partnered with a network security company, include their logo on your website in a place customers can see it clearly. Make sure the image links to the company’s website and explains how the business protects data privacy.

For example, when customers visit your checkout page, put the security logo next to the section where people enter their credit card information. This will reassure people that your website takes extra steps to protect their data privacy.

Enhancing customer data privacy to gain consumer trust

Protecting customer data privacy is paramount for cultivating consumer trust and ensuring business operations run smoothly. A brand that conveys strong security measures is more likely to foster customer trust and develop a solid reputation.

Using modern cybersecurity and website design techniques, you can build a safe, trustworthy business where hackers fear to tread, attracting and retaining more customers in the long run.

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

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In this episode, we are excited to welcome Xavier Mufraggi, CEO of SVN International Corporation and Partner at Eloquem Consulting. Prior to his role at SVN, Mufraggi was the CEO at YPO where he achieved a new record of 34,000 members in 150 countries. He was also previously the President and CEO of Club Med Europe, Middle East, and Africa.

In this conversation, we talk about why speaking the same language as locals can increase your ability to develop an understanding of the culture that’s required to build a successful expansion strategy in that market, the power of the authentic self as an integral part of personal and professional success, why skills are overrated in building teams (and what is the more valuable metric to look for instead), and the power of stories in better communication and reinforcing organisational vision.

Listen, subscribe, and leave a review now on Spotify or your favorite podcast platform.

Also Read: How startups are using Hong Kong as the launchpad of their international expansion

This episode is sponsored by our partner ZEDRA. Learn more about how the ZEDRA team can support you in expanding to new markets here.⁠ ⁠

Get your copy of our Wall Street Journal Bestselling book, GLOBAL CLASS, a playbook on how to build a successful global business⁠.

SHOW NOTES:
1:10 – Video starts
2:42 – Mufraggi’s formative experience that started his interpreneurial career. His father was an executive at a big American company, so Xavier was able to travel around the world at a young age. For example, he lived in Africa as an 11-year old
7:54 – How he learned that understanding culture and people is a very important skill early on
13:54 – They key in turning around Club Med in North America (During his time as the CEO, the company achieved historical records every year from 2011 to 2019)
20:15 – Building trust and ensuring organisational alignment in YPO, the world’s most influential global leadership community
21:45 – What Mufraggi, who was then the CEO of Club Med North America, learned from going undercover as in the CBS Series Undercover Boss
29: 00 – How organisations and business leaders could impact millions of lives in a positive way
40:16 – Why skills are overrated in building teams (and what is the more valuable metric to look for instead)
47:37 – The power of stories in effective communication and reinforcing organisational vision
49:19 – The power of the authentic self as an integral part of personal and professional success

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The content was first published by Global Class.

Image Credit: Global Class

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