The world embraced digital means to survive the disruptions caused by COVID-19, mainly on the communications front. After the pandemic, communication platform-as-a-service (CPaaS) grew at a CAGR of over 10 per cent. Infobip, a cloud communication platform-as-a-service company, saw B2C communication grow 80 per cent on WhatsApp, 75 per cent in SMS, and 91 per cent in email in 2022 compared to 2021.

However, a 2022 survey by Workday found that the sudden frenetic pace of digital transformation triggered by the pandemic has started losing steam, and companies started putting off their digital transformation.

What caused the sudden change in things?

We spoke with Matija Kapic, Regional Director of Customer Services at Infobip, a full-stack, cloud communication platform-as-a-service, to understand about this trend.

Edited excerpts:

What caused the sudden slowdown of the pace of digital transformation globally? Why are companies putting off their digitalisation plans? Does it have anything to do with the economic slowdown?

In 2020, Workday reported that 36 per cent of companies expected digital transactions to account for 75 per cent or more of their revenues in the next three years. However, in 2021, only 13 per cent affirmed this, a mere 12 per cent increase from what was reported in 2019.

Additionally, most businesses that initially adopted a “fail fast” experimental mentality went from 77 per cent in 2020 to 53 per cent in 2021. Most (59 per cent) of businesses agree that changing to an automated business practice may take a considerable amount of time to have it properly in place, slowing down the transformation even further.

However, despite the challenges, companies are still keen to enhance their organisations’ capabilities further to meet the changing consumer behaviour.

Also Read: Cloud communication platforms: How to choose one for your business

B2C communication has moved from transaction-based messaging to end-to-end conversational journeys across multiple channels, and businesses will need fast and reliable ways to meet customers’ demands. With a reliable partner, these businesses will be able to acquire a solid omnichannel foundation and build rewarding conversational experiences.

In which specific sectors/industries do you see the trend?

At Infobip, we have seen the use of rich digital channels skyrocket. There have been 107 per cent more WhatsApp interactions, 2x more mobile app messaging interactions in retail and e-commerce, 3x more Messenger interactions in transportation and logistics, and 4x more RCS (rich communication services) interactions in the banking and finance sector that have taken place on our platform in 2022.

Most parts of the world have digitalised themselves in all aspects of their organisation. If the other industries are delaying this practice, there is a high chance they will fall behind in progress and business growth. Board leaders must act fast to get up to speed, overcome digital unfamiliarity, and not decline further.

How does it affect the global communications market in general?

If businesses refrain from adopting digitalisation, they will lose approximately US$145 billion of GDP growth. As mentioned before, the world is now digitalised, and there is a risk that they will lose their most valuable asset – their pool of customers.

It’s important to note that the B2C landscape has drastically changed and is becoming more competitive due to a need for faster one-to-one interactions. This is especially so when customers are engaging with brands that they favour.

The shift in communication preferences has led to industry-wide transformations, and at Infobip, we observe more conversational interactions day by day on various platforms.

If businesses are late to implement digitalisation in their communication channels, they will soon be out of touch with their target audience. They will also lose potential profits as a result of dwindling brand awareness.

When do you expect digitalisation to gain steam again? What factors will contribute to it?

Digital transformation is still complex for businesses to understand and acquires multi-layers of processes, especially after the impact of the pandemic. Even so, more and more brands have moved towards providing conversational experiences now more than ever.

It is vital to remember that digital transformation is beyond just technological implementation but a reformation of business processes and customer experiences. It automates customer communication while maintaining a sense of human touch through every interaction.

Such experiences are set up on various channels, utilising different features, functionalities and technologies to facilitate engagements between the brand and its customers.

Through the opportunities of 5G and cloud-based systems, we can see emerging markets in APAC becoming more driven by a rapid-growth mentality. This is mostly because customers are more than ready to adjust and quickly change their environment.

In effect, we specifically expect to see conversational experiences continuing to expand across sectors, from ride-sharing to healthcare as well as the public sector, as organisations try to become more open to such change and embrace a new conversational landscape through digitalisation. Businesses in Asia Pacific will soon pivot towards digitalisation to keep up and cater to the needs of their consumers.

Given the resumption of brick-and-mortar operations, should businesses maintain investment in customer contact centres (physical or virtual) or explore digital solutions alone?

Brick-and-mortar operations offer an “instant experience” where consumers can experience a “right now-right here” concept. However, it’s important to note that the customer journey will not end there – it will move beyond a customer’s first interaction with the brand and continue even after they have made the first purchase.

Also Read: Unlocking growth and retention: Harnessing the power of omnichannel communication strategies

With a growing e-commerce market, customers seek faster one-to-one engagements with their favourite brands.

In 2022, the average internet penetration in APAC alone was 62 per cent. This surge in digital availability has driven organisations to keep up with their customers’ varying needs and preferences, constantly evolving quickly. Because of this, taking up digital solutions allows businesses to seamlessly engage their target customers without fear of losing loyalty and visibility. Digital technologies also provide access to customer data – helping organisations better understand their customers and how they can offer new or improved services.

Based on a survey we’ve done in 2022, customers expect a uniquely personalised shopping experience. This is where businesses need to step in and reframe their approach to focus on improving and elevating the brand experience for their customers. A better experience can enable customers to make favourable decisions when businesses coordinate the buying journey to tailor fit their needs.

This is echoed by 30 per cent of our respondents that customers will become loyal to a brand thanks to personalised communication content.

Over 448 billion interactions took place on the Infobip platform, and in 2022, we found that the most popular two-channel combination used was SMS and WhatsApp (29 per cent), followed by SMS and email (14 per cent). Businesses can greatly benefit from implementing digital solutions to meet growing demands by identifying the right methods and platforms to contact consumers.

Are SaaS and CPaaS cost-efficient solutions for businesses to improve customer service to drive scalable growth or fear digitalisation?

It is no secret that businesses today are expected to be present on multiple channels to engage with their customers effectively. Implementing SaaS and CPaaS allows businesses to manage these different touchpoints seamlessly and deliver a more consistent and personalised experience to their customers – no matter where they are and what platform they choose to be in.

Providers like Infobip offer a service that covers multiple channels on a single platform – meaning instant access to all the communication methods that are readily available without spending unnecessary time and expense of building the system from scratch. This allows the organisation to focus on its core operations with the peace of mind that it comes with no further costs and resources.

Businesses can unlock unparalleled customer experiences when they work with the right partner. For example, our platform enables brands to kick-start their conversational commerce journey through omnichannel capabilities, an ecosystem-first approach, integration of ICT systems, and speed and agility supported by use cases that drive business growth.

Solutions like these are highly customisable as they can cater to a wide range of business needs resulting in increased customer satisfaction and loyalty. It simplifies communication workflows for businesses that, make the management of internal and external communications easier and smoother.

Adopting CPaaS and SaaS is an effective way for businesses to deliver conversational experiences. For example, about 20 per cent of global organisations today use CPaaS APIs to enhance their digital competitiveness, and by 2023, Gartner foresees that nearly 90 per cent of organisations will use CPaaS. We at Infobip have seen CPaaS traffic double in 2022 compared to 2021.

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Singapore-based Apeiron Bioenergy, which converts food and agricultural waste into biodiesel, has secured SG$50 million (US$37 million) by issuing green bonds to organisations, including CGIF, a trust fund of the Asian Development Bank, and an ASEAN+3 initiative to develop local currency bond markets.

Apeiron will use the fresh funds for modernising the collection points and pre-treatment facilities of waste-based feedstocks in the Philippines, Thailand, and Vietnam.

Also Read: Solarad.ai can forecast accurate energy generation for solar plants, battery storage

Founded in 2007, Apeiron Bioenergy collects and recycles waste to use it as feedstocks for producing biodiesel and renewable diesel. Its first product is UCO, a clean waste-based feedstock for biofuel production. It is a major feedstock for renewable biodiesel products like sustainable aviation fuel (SAF).

The firm collaborates with local communities and collects waste from restaurants, hotels, and food manufacturers.

Apeiron’s strategic advantage lies in its extensive network of suppliers across Asia, providing an opportunity to address the bottleneck in feedstock availability and establish itself as the central hub for consolidating waste-based biofuel feedstocks in the region, in line with the projected 42 per cent compound annual growth rate of the SAF market.

“We are delighted by the overwhelming response to our green bond issuance supported by CGIF, demonstrating strong investor confidence and our shared mission with the Asian Development Bank. This will allow Apeiron to expand our operations and maintain our position as a leader in the bioenergy sector,” said Chris Chen, Co-Founder of Apeiron.

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What are the most frequent mistakes made when monetising applications, and how to correct them in order to increase efficiency and income? These are the five most important aspects to pay attention to in-app monetisation for maximum results and minimum errors.

Using out-of-date versions of the SDK

In order for an app not to be removed from the store, it, as well as all of the SDKs (a development kit that facilitates the creation of an app) that are used, must comply with Google Play and App Store rules. SDK developers keep their products up to date in order to comply with regularly changing rules. Therefore, app developers also need to remember to keep up-to-date.

Use only one SDK to display ads

Some publishers put only one ad SDK and don’t use the mediation platform, which allows third-party networks to compete for ad space – thereby increasing demand for inventory and overall revenue.

For example, Yandex has its own mediation platform, which can call several ad networks at once and compare their offers against each other to show the most profitable ad for the app. Almost all of the well-known networks operating in China and abroad are available in mediation, including, in addition to the Yandex Advertising Network, AppLovin, ironSource, Mintegral, Unity Ads and myTarget. The mistake is not taking advantage of all the opportunities and not plugging in the media.

Excessive ad caching

Avoid a lot of caching of ads that won’t be shown. For example, a developer sets up a pre-loading of five banners, assuming that the user passes the same number of levels in the game. But if the user passes only two levels, the ad visibility drops and the ad system starts deprioritising the app.

Also Read: Regional expansion, careful approach to fundraising remain key for SEA fintech startups to grow

Why do apps use ad caching at all? So that the user is not faced with empty space in the place where the ad should be, without wasting time on requests and their processing. As the user passes levels, the ads that the ad network has already given away are shown.

For mobile applications, this is a common practice, and caching should not be neglected. First of all, you need to pay attention to such metrics as showRate. If the showRate is lower than 20 per cent, this is a reason to think about changing the ad caching algorithm. The higher the showRate, the better.

Integrate SDK with errors

Be careful when integrating and fully follow the SDK installation instructions to avoid problems. The list of services that can be used to monetise apps is now limited, but it is recommended to include them all in your mobile media.

Don’t use local advertising networks

For countries like China, Japan, Russia, Asia or Latin America, it is best to use local networks because they understand the specifics of the market much better and will be able to offer you the most favourable conditions.

For example, if a mobile app has appeared on the Russian market, then for effective monetisation, you should use Yandex Advertising Network or MyTarger, as the most popular ad networks in these countries.

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Which camp are you in?

The Peanut Butter approach

Do you spread your marketing efforts and resources evenly throughout the year?  Is this influenced by different members of the team asking to be at multiple “key industry events”?  Or meeting requests across the various product or regional groups?  This is the inertia and the constant gravity of the business that pushes you to spread your efforts (and budget) over the course of the year.  That’s the Peanut Butter approach.

In a noisy, attention-deficit world, this can be the kiss of death for your marketing. It spreads your investment and activity so thinly that you never move the needle regarding cut-through, awareness or customer engagement.  It also has major implications for team dynamics, behaviour, as well as the quality of your Go-To-Market (GTM) efforts.

The Lightning Strike approach

What’s the alternative?  The Lightning Strike strategy means that you have a concentrated burst of activity over a defined period of time, usually for two to three weeks in duration, with likely two of these peaks per year.

This cuts through the noise of the market and truly moves the needle for your awareness, and drives clear, measurable impact on pipeline and business impact.  It makes media and analysts sit up and notice you.  It shows your channel partners that you are on the move and shaking up the market.  It rattles your competition.

This doesn’t mean you don’t have any other marketing activities throughout the year; this is your “Rolling Thunder”, where certain company news, announcements, and campaigns are executed to feed the business with leads and awareness.

How to commit to a Lightning Strike GTM strategy

You can, however, mindfully break the Peanut Butter cycle and commit to a Lightning Strike GTM Strategy.  This is more than a change in tactics.  It has deep implications for team behaviour and leadership:

• The Strike drives alignment and shared purpose across the entire company. While marketing plays a large and central role, the Strike is intended to give everyone a role to play. It is not just a marketing thing.  The Sales team must make customers show up.  Channels and Alliances need to deliver partner support.  The CEO must be personally involved with the Strike and communications and execution around it.  This drives alignment and shared purpose, but it also means a multiplier effect of the Strike.  It means that the team, and the Strike, are viral.  It means that every scrap of resources and energy across the company is being fully harnessed.
• The CEO and top management love the Strike concept once they understand it. It creates a platform and initiative for the CEO and management team to get their arms around the entire organisation.  It enables top management to prioritise and challenge the team to deliver on key components of the Strike across key products being ready; enhanced channels and alliances; key account and customer targeting; media coverage; or analyst commentary/rankings.

Also Read: How Category Design drives productivity and efficiency

To fully execute your Lightning Strike, you will need to consider these critical elements and drivers:

Your “Strike” has at its heart a compelling Point of View (POV).  This problem-led story and narrative draw your audience in by describing a problem that is relevant to them.  It’s in a conversational tone but is compelling and motivational.  It then leads to the solution that is required.  And then, and only then, can you mention your product and differentiation.

Having a clear, compelling POV is critical to your Strike.  It weaves throughout your announcements, presentations, media pitches, and analyst presentations. There’s an art and science to creating a truly great POV, and you must have this asset in place for an effective, kick-butt Lightning Strike.

What is your Category strategy? Given that we are always in a Category, are you following the existing description (not recommended)?   Or are you redefining the Category?  Or create an entirely new Category?   This can and should be a critical element of your POV.

You need a big idea also to help drive your content and creative elements in the strike. What creative twist and set of taglines can you create?  What guerilla marketing event can you stage?  Is there a creative, high-impact direct mailer/item that can be delivered to your key customers or alliance partners?

Is there new data and research that can be created?  This can factor into your promotions, presentations, and media pitches.  It gives your customers and partners data that they, in turn, can use.  Media love fresh data and will publish it in their story.

Is there a third-party event during the Strike that you can leverage?   The Lightning Strike rule for this is that if you are going to be at an event, then dominate it.  Don’t just do the standard dog and pony show with a booth and speaker slot.  Do something creative that dominates the event.

How will you leverage channels and alliances?  What can they also announce during the Strike? Can you distribute joint press releases?  How can budgets be combined?

How can you have analysts (either technology or industry) release an update about your organisation and set of product announcements?  To align this timing, you will need to pre-brief them four to five weeks in advance under NDA.

What creative media pitches will you create? How will you bundle all your announcements and new research/data for a high-impact pitch?

There are other tactical components to include, but the above illustrates how you must bundle together an intense set of content and assets to drive a truly great Strike.  Companies that adopt this strategy usually run two Strikes per year.

This five to six-month period means that you have some updates and tweaks to your POV, new announcements to bundle together, new channels and alliances, new customers and logos to show, and other factors that have changed over this timeframe.

Also Read: How G-P aims to redefine the EOR market through its global growth technology

As further context, the Lightning Strike is the GTM step in the broader design-thinking around Category Design.

Politeness is the poison of collaboration

Considering the Lightning Strike strategy and execution, it becomes clear it is also about commitment and courage.

It’s the courage to have shared responsibility to deliver across the team, from the CEO to sales, to product, to channels, to marketing.  It breaks the cycle and mentality that go-to-market is always marketing’s responsibility.

Some team members may not like the visibility and commitment that the Strike brings.  Members of your Sales, Marketing, Product, or Channels teams may want to return to Peanut Butter.

The question then becomes:

In this noisy, chaotic environment, do you want a homogenised, washed-out same old, same-old approach? Or a Lightning Strike that will cut through the noise, scare your competition, and deliver measurable results?

Do you want to position or be positioned by the competition aggressively?

Boom!  Execute your Lightning Strike and out-position the competition!

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A certain segment of the Singapore population will remember scratch-and-win discount coupons and spin-the-wheel lucky draws. These examples may be far removed from how gamification is experienced or understood today, but they all have the same roots — a marketing technique used by brands to drive various objectives such as increasing customer engagement, educating consumers, driving footfall, app downloads and sales targets through games.

Such techniques have evolved and diversified over the years. Gamification has now reached a stage where its potential to connect brands with consumers is aided exponentially by new technologies and the increasing use of mobile devices.

In Singapore, the number of smartphone users reached about 5.42 million in 2021. According to Statista Research Department, this number has increased since 2017 and is expected to grow to over 6.16 million by 2028. Globally, there are 3.129 billion more mobile connections than people worldwide.

Gamification today

Gamification is a growing trend in Singapore. With the country’s strong focus on technology and innovation, gamification is a natural fit for many businesses and organisations for customer engagement, brand adoption and sales conversion.

Looking back at the height of the COVID-19 pandemic and lockdowns across countries, one fact emerged – the gaming industry witnessed a global surge in mobile game demand, with an increasing number of smartphone users downloading games and apps.

Also Read: Web3 gaming: The next big thing in online entertainment

While the majority compete within the exponentially overcrowded digital marketing landscape, one company in Singapore has developed a unique playbook that dovetails and deep dives into the psychology of gameplay at a granular level to cut through the noisy clutter and create revenue and mindshare.

Sqkii, a Singapore-based company that provides gamification marketing solutions to connect brands with consumers, is the creator of the largest cash hunt in Singapore — #HuntTheMouse. The success of its flagship #HuntTheMouse event is built on the game pillars of Why Play, Why Stay and Why Spend in its playbook.

To date, #HuntTheMouse has attracted over a million players looking for coins worth up to SG$100,000 (US$74,000) hidden around the island state based on a proprietary real-time game map. In the recent month-long campaign, at least 3.6 million minutes of gameplay were clocked, with more than 8.1 million engagements registered on the game website.

On the commercial front, the game connected participating brands and players with simple brand actions such as purchasing groceries or a bubble tea to help players get ahead in the online-to-offline phygital game loop. Sqkii’s carefully designed #HuntTheMouse game loop generated over SG$1,600,000 (US$11,84,000) collectively in incremental revenue for participating brands and merchants in two campaign iterations, each running for just a month.

The future of gamification

Allied Market Research highlighted in its report that the global gamification market generated US$9.9 billion in 2020 and is projected to reach US$95.5 billion by 2030. The figure represents a compound annual growth (CAGR) rate of 25.6 per cent from 2021 to 2030.

Gamification is proving to be a powerful tool because it engages users, drives motivation and loyalty, and, most importantly, translates to revenue. After four successful runs of #HuntTheMouse and other brand-led viral activations, the Singapore company is looking to expand its presence and market its proprietary games overseas, starting with Southeast Asia.

Moving ahead, the next phase of gamification will see fast changes in largely three main areas. These include:

More personalised mobile-first gamified solutions

With more in-depth machine learning, the next milestone of gamification will possibly take on a more sophisticated and personalised approach in terms of game experiences and outcomes tailored to suit individuals’ predilections and information consumption patterns.

Also Read: The future of gaming is female and mobile

Greater online-to-offline phygital game loop

Businesses are gamifying operations from human resources to marketing activities. In fact, 93 per cent of marketers love gamification for what it can do to connect with consumers and drive sales.

Gamification is not just a technique. It is a psychological manoeuvring that creates the conditions to funnel and motivate players into achieving desired outcomes. Going forward, more defined playbooks and purposeful game loops will be required to attract and retain consumers with fresh experiences to drive sales from online to offline.

From Pointsification to Gamification

Gamification solutions thus far have largely taken the form of pointsification — a superficial approach where game elements such as points and badges are applied. Common examples of these are seen in reward points systems or spin-the-wheel gimmicks. While these may serve to attract consumers’ attention at the beginning, they miss out on the key aspect that allows games to retain their players — a fun and addictive experience that is rewarding in and of itself, and for some, the conversations and camaraderie.

The future will see more brands seeking to truly maximise their acquisition, retention, and conversion through gamification. Gamification solutions will bear greater resemblance to mobile games in which consumers can earn rewards through a curated, enjoyable, and addictive process. This is where the potential for viral appeal and the real adoption lie.

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Starting from October 8th, the UK Financial Conduct Authority (FCA) will be implementing new regulations aimed at shaping the crypto landscape. These rules have been introduced to prevent the distribution of free non-fungible tokens (NFTs) and cryptocurrencies through airdrops, which were previously used as promotional tactics to encourage investments in digital assets.

FCA’s regulations

In an effort to protect investors, the FCA has classified crypto as a “restricted mass market investment,” requiring explicit risk warnings in advertisements related to cryptocurrencies. Additionally, offering incentives to the general public for investing in cryptocurrencies will now be prohibited.

The FCA’s decision to implement these regulations comes as a response to concerns raised by Matthew Long, the FCA’s director of payments and digital assets. Long emphasized that such promotions, which involve free NFTs and crypto airdrops, could potentially mislead consumers into investing in cryptocurrencies without fully understanding the associated risks.

The FCA’s advertising rules are part of a broader effort to regulate the crypto sector. The UK recently concluded a consultation on new rules and proposed an authorisation regime overseen by the FCA for all crypto firms, including those already registered. This regime aims to address investor protection and market integrity concerns.

Anndy Lian, author of NFT: From Zero to Hero, agrees with FCA’s action. “The FCA is in the right direction. With the surge in popularity of cryptocurrencies, it is crucial that investors are fully informed about the risks and potential rewards associated with this emerging asset class. The FCA’s advertising rules play a vital role in ensuring that investors receive accurate and transparent information, enabling them to make well-informed decisions.

“By mandating explicit risk warnings and prohibiting certain promotional incentives, the FCA aims to prevent hasty investment decisions driven by misleading or incomplete information. As we navigate the dynamic landscape of digital assets, it is encouraging to see regulators like the FCA taking proactive steps to establish a robust regulatory framework.

“By setting reasonable advertising rules, the FCA not only strengthens investor protection but also enhances the credibility and legitimacy of the crypto industry as a whole. It sends a positive signal to market participants, demonstrating that responsible practices and investor welfare are at the forefront of the regulatory agenda.”

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

During the consultation on marketing rules conducted last year, the FCA’s policy document revealed that the majority of respondents disagreed with several proposals, including the prohibition of incentives, the classification of crypto as a mass market investment, and restrictions on new investors’ access to non-real-time promotional offers (DOFP).

Currently, only FCA-authorised entities have the authority to approve their own advertisements. However, as there is currently no established authorisation framework for crypto firms, the FCA will grant a temporary exemption to registered crypto firms, allowing them to self-approve their ads starting in October, provided they comply with the FCA’s anti-money laundering requirements. There are concerns within the industry that the requirement for all approvers to have a comprehensive understanding of crypto assets and appropriate permissions may create a restrictive environment.

Resolute in implementation

Despite some pushback from the industry, the FCA remains committed to implementing these measures. The regulator believes that the new rules will provide a safer environment for investors and enhance consumer confidence in the digital asset market.

It is worth noting that the ban specifically applies to promotions involving airdrops, and the use of crypto airdrops and NFTs themselves will not be prohibited. The FCA’s goal is to strike a balance between allowing innovation in the crypto industry and ensuring investor protection.

However, concerns have been raised within the industry regarding the requirement for all approvers of financial promotions to have a comprehensive understanding of crypto assets and appropriate permissions, as it may result in an overly restrictive regime. Crypto organisations voiced the limited number of organisations that would meet the criteria for approver status.

In addition to risk warnings, the FCA’s rules include the introduction of a cooling-off period for first-time investors. This means that new investors will have to wait for 24 hours between their request to purchase crypto and the actual purchase itself. During this time, they cannot receive direct offers of financial promotions until they reconfirm their decision to proceed after the cooling-off period.

Sheldon Mills, Executive Director, Consumers and Competition, said in the press release: “It is up to people to decide whether they buy crypto. But research shows many regrets about making a hasty decision. Our rules give people the time and the right risk warnings to make an informed choice. Consumers should still be aware that crypto remains largely unregulated and high risk. Those who invest should be prepared to lose all their money. The crypto industry needs to prepare now for this significant change. We are working on additional guidance to help them meet our expectations.”

Also Read: Why Elizabeth Warren’s criticisms of crypto might miss the mark

The FCA also plans to ban certain marketing practices in the crypto industry. One of these is the “refer a friend” bonus, which will no longer be allowed. The aim is to prevent incentivised promotions that may encourage hasty investment decisions.

Overall, the new FCA advertising rules for the crypto industry focus on ensuring that consumers understand the risks involved in cryptocurrency investments and have the opportunity to make informed decisions. The rules require clear risk warnings, introduce a cooling-off period for first-time investors, and prohibit certain promotional incentives.

The new regulatory framework has been positively received by legal professionals who believe it will strengthen consumer protection and increase confidence in the digital asset sphere. “These are balanced first steps that reflect a careful analysis of how crypto products are often promoted. I would expect to see other regulators considering similar approaches as the cross-border nature of these products poses specific challenges to regulators,” said Tim Aron, a barrister specialising in crypto and regulatory law at Minerva Chambers.

Since January 2020, the FCA has received a total of 318 registration applications from crypto firms, with 41 successfully completing the registration process. However, the regulator has faced criticism for the lengthy nature of its registration regime. Matthew Long defended the rigorous standards, emphasizing the importance of safe custody and preventing money laundering. He also mentioned that the FCA engages in regular dialogues with crypto companies.

Recently, the UK concluded a consultation on new rules for the crypto sector and proposed an authorisation regime overseen by the FCA, which will encompass all crypto firms, including those that are already registered. The aim of this regime is to address concerns related to investor protection and market integrity, particularly focusing on issues such as fraud and cross-border risks.

In summary, the FCA’s new regulations regarding crypto promotions and their efforts to establish an authorisation regime reflect the regulator’s dedication to safeguarding consumers and maintaining market integrity in the ever-evolving crypto industry.

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It all started with Haider Abbas’s research project with Renew Power, a solar energy company in India.

While working on this project, the solar scientist realised the need for better energy forecasting in the renewable energy sector.

“There were some uncertainties in the renewables sector that led to lower energy selling prices and penalties for deviation from energy schedules. This impacted the profitability and stability of solar power projects,” says Abbas, an IIT Delhi graduate.

He sensed an opportunity to improve the accuracy of energy generation forecasts by leveraging advanced technologies like deep learning, satellite imagery, and data analytics to enable solar plant operators to make informed decisions, optimise their operations, and maximise their revenue potential.

That led to the birth of Solarad.ai, a startup providing accurate energy generation forecasts for solar plants and battery storage.

Established by Abbas, Ravi Choudhary (IIT Delhi alumnus) and Bhramar Choudhary (IIT Bombay, ex-JLR), Delhi-based Solarad.ai wants to empower solar plant operators with the tools and insights needed to overcome the challenges of renewable energy generation and trading.

How Solarad works

Solarad.ai uses satellite imagery, numerical weather prediction, and historical solar photovoltaic (PV) generation data to provide “accurate” energy generation forecasts for solar plants and battery storage. Its forecasts are updated hourly and provided in 15-minute time steps, allowing for better energy trading and improved pricing in the energy markets.

Also Read: This startup aims to make rooftop solar accessible to smaller households with zero upfront cost

“Imagine a solar plant located in a region where weather conditions greatly impact power generation. Our deep-tech models analyse satellite imagery to assess cloud cover, atmospheric conditions, and other relevant factors. It then combines this information with historical PV generation data and numerical weather prediction to generate forecasts,” he elaborates.

“Let’s say it’s morning, and our deep-tech models predict that the weather will be partly cloudy with intermittent sunshine throughout the day. Solarad.ai’s software predicts the expected power generation for each 15-minute interval based on this forecast. These forecasts enable solar plant operators to optimise their energy trading strategies, making informed decisions about when to sell excess energy or purchase additional power from the grid,” Abbas shares.

As the day progresses, Solarad’s software continuously updates the forecasts to account for real-time weather conditions and fine-tune the accuracy of the predictions. Solar plant operators can access these forecasts through its interface, allowing them to align their energy production with market demands and minimise penalties for deviation from energy schedules.

“By leveraging deep-tech models and advanced data analysis, Solarad.ai empowers operators to maximise their energy generation efficiency, improve pricing decisions, and optimise their overall energy trading strategies,” he claims.

A B2B SaaS platform, the firm already works with a few commercial and industrial companies, but the focus is players with 10MW+ plants.

Tremendous opportunities globally

According to the company, India presents tremendous opportunities as it is one of the world’s fastest-growing markets for solar energy. With the government’s focus on increasing the share of renewable energy in the overall energy mix, there is a significant need for accurate energy generation forecasts and improved energy trading strategies.

Also Read: A stroll through Mohammed bin Rashid Al Maktoum Solar Park in Dubai

“Solarad.ai can capitalise on these opportunities by providing its innovative solution to solar plant operators in India. By helping them optimise their energy generation, improve pricing decisions, and avoid penalties, Solarad.ai contributes to the growth and profitability of solar power projects in the country,” adds Abbas.

Furthermore, India’s geographical diversity and varying weather patterns make accurate forecasting crucial for efficient energy management. Solarad.ai claims its deep-tech models are designed to handle the complexity of India’s diverse climatic conditions, including monsoons, cloud cover, and extreme temperature variations.

But the Indian solar industry faces several challenges, including:

Uncertainty in renewable energy generation: Solar and wind power generation are dependent on weather conditions, which can be unpredictable. This uncertainty leads to challenges in planning and trading energy effectively.

Grid integration: Integrating renewable energy into the existing power grid infrastructure is complex, requiring accurate forecasting and balancing supply and demand in real-time.

Policy and regulatory framework: Frequent changes in policies and regulations related to deviation settlement mechanisms, tariffs, subsidies, and land acquisition can create uncertainties and impact the financial viability of solar projects.

Financial viability and return on investment: Solar projects require a significant upfront investment, and ensuring a reasonable return on investment over the project’s lifecycle is crucial for sustainability.

Despite the challenges, Solarad doesn’t restrict itself to India. It has identified several key European markets for expansion, such as Germany, Spain, Italy, France, and the United Kingdom. These countries have a significant presence and growth potential in the renewable energy sector, with high adoption of solar power.

“Europe has been actively promoting renewable energy sources and has set ambitious targets for increasing the share of renewables in its energy mix. With a strong focus on sustainability and reducing carbon emissions, European countries offer a conducive environment for our energy generation forecasting solution,” he shares. “Our deep-tech models, which have proven accuracy in forecasting complex and interconnected systems, can help European solar plant operators optimise their energy generation, reduce costs, and maximise revenue.”

Similarly, the US also presents significant opportunities for Solarad.ai. It has a large and rapidly growing solar energy market, with numerous solar plants and a favourable regulatory environment. With the increasing adoption of renewable energy and the need for improved energy forecasting, Solarad.ai can provide its services to solar plant operators across different states.

The startup operates on a subscription-based business model. It charges plant operators a monthly fee for access to its energy generation forecasts and related services. The subscription fee is based on the number of plants a customer has and the value our product provides in terms of increased revenue and savings from penalties.

Also Read: For the cost of an iPhone, you can now buy a wind turbine that can power an entire house for lifetime

“As we expand our market presence and enter new regions, such as Europe and the United States, our subscription-based revenue model will remain the core source of income. Additionally, we are exploring opportunities to offer value-added services and advanced features to cater to the evolving needs of our customers and increase revenue streams,” Abbas remarks.

Early this month, Solarad.ai announced the closing of a seed funding round led by India Quotient. The funds will help it in its international expansion.

With the consequences of climate change manifesting and the world slowly transitioning into renewable energy, deep-tech solutions such as the ones developed by Solarad.ai can have a massive role to play. A helping hand from world governments and the private sector could help Solarad co-founders go a long way.

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The creator economy, also known as the influencer economy, was born in the Web2 era thanks to social media platforms such as Facebook and YouTube and the rise of user-generated content and online celebrities. It is Web3, however, that will drive the evolution of the creator economy by empowering content creators and allowing them to own not only their content but also their community.

While Web2 allowed content creators and influencers to build a huge online following, the middlemen such as Facebook and YouTube were the ones who actually owned the platforms and set the rules, making it difficult for most of them to monetise their content.

Which is ironic, considering that the creator economy is now worth US$100B globally, with Goldman Sachs predicting it could grow to US$480 billion by 2027.

How creators got their groove back

In fact, it was the pain points that she herself experienced as an influencer that led SO-COL Founder Irene Zhao to launch the Singapore-based Web3 social platform.

“Even though I have a huge following on social media. I don’t get most of it. I don’t own my content or my community. The only way for me to monetise is through advertisements,” Zhao said.

Web3, however, is disrupting this business model thanks to non-fungible tokens (NFTs), which are also becoming more popularly known as digital collectibles. NFTs allow creators to own their content. By buying these NFTs, fans can own part of the creators’ work. More importantly, creators and their fans can build a community by using NFTs as proof of identity.

“Web3 is truly impactful on content creators in two big ways. First, creators can truly own their community on a decentralised platform not subject to fast-changing social media policies. Second, with DAOs (decentralised autonomous organisations), they can build deeper, more meaningful, and more two-way interactions with their audience instead of fans simply liking and commenting on their posts,” Zhao said.

The power of smart contracts

While some might have the wrong notion that NFTs are just fancy JPEGs, they are actually digital assets powered by smart contracts on a blockchain, such as Ethereum. Anything can be tokenised, allowing content creators to directly monetise their works, whether art, music, articles, literature, videos, and so on.

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

This is why Web3 is a game changer for the creator economy because it allows content creators to own their data and get paid for what others consume.

“Smart contracts ensure timely payments as they eliminate the middleman, meaning creators will receive their revenue share the moment it has been paid. As Web2 platforms begin to disappear, smart contracts and NFTs will emerge as the new standard, with a record of ownership for every piece of content posted onto immutable public blockchains. 

“With NFTs, artists will be able to keep track of the value of their older creations and continue to monetize them through royalties. Under the old system, if an artist sold a painting for US$10,000 and it was later sold again for US$5 million, the artist would not receive anything more, with the dealer pocketing the difference. That won’t happen with NFTs, as the artists can create a smart contract that ensures they will receive a percentage of any future sale.” 

Launching the Creator Circle

Offering a powerful platform for content creators is one thing. Educating them on Web3 and helping them optimise these digital tools, however, is another.

This is precisely why BlockchainSpace, a Web3 community enabler in Southeast Asia, has partnered with leading Philippine telecommunications provider Smart Communications to accelerate Web3 adoption and launch its Creator Circle program for content creators across the region. 

By joining the Creator Circle, content creators gain access not only to exclusive events and perks but also to funding that will help them launch their projects and build their communities.

Starting out as a physical venue for Web3 events, BlockchainSpace evolved into a guild hub for play-to-earn communities around blockchain games such as Axie Infinity. Since 2020, it has empowered over 100 communities and raised US$20M from top investors, including Animoca Brands, CoinGecko, and Crypto.com Capital. This year, it expanded from gaming into the creator economy.

By partnering with Smart, BlockchainSpace now hopes to make Web3 more mainstream by reaching out not only to gamers but also to content creators and their huge communities.

“Filipinos have been at the forefront of utilising Web3 since the peak of the pandemic. With millions already owning crypto wallets and participating in GameFi, the Philippines has consistently been one of the leaders of Web3 adoption in Southeast Asia. Through this partnership, BlockchainSpace and Smart will continue to build on that foundation by enabling more communities to connect in a truly open, meaningful and secure manner,” said BlockchainSpace CEO Peter Ing.

“This partnership aligns with Smart’s mission to empower FIlipinos with the latest digital innovations so they can live more today,” said Smart First Vice President and Head of Prepaid and Content Lloyd Manaloto.

Also Read: How a decentralised localisation and building a community of trust can lead to global success

Decentralisation is the way

Web3 is all about decentralisation, allowing anyone to have the opportunity to create their own content and build their own communities. It is bringing power back to the content creators, and turning their fans into co-creators and community stakeholders, instead of just passive consumers. 

This trend toward decentralisation has been happening for years. Web3 will accelerate the process, making this the best time to be a creator.   

“Despite flooding platforms with content, centralised institutions have held a monopoly on privacy, content, audience and on revenue. Even in the traditional publishing world and music industry, record labels and publishers keep the majority of all earnings while the artists and authors sign contracts to keep a small percentage of royalties.

An increasing number of authors, however, are choosing to forgo the traditional route and instead are self-publishing, supported to best-seller status through swathes of their army of YouTube followers buying their book. This can be seen as evidence that a cultural and socio-economic shift is already well underway.”

The revolution is already underway. Will you be part of it?

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Slice Group, an Indonesia-based creator relationship management (CRM) platform, has completed a US$645,000 seed round of financing led by Intudo Ventures and Arise.

With this capital, Slice plans to refine its product offerings, accelerate platform development, drive sales, and enhance recruitment efforts.

The startup plans to build embedded finance features for brands/agencies and content creators within the platform. The features include invoice financing for agencies to offer invoice loans for agencies to manage cash flow and help creators get paid faster, besides a digital wallet for brands, agencies, and creators to facilitate payments and track financial transaction history.

Founded in January 2022 by Jesse Bouman (CEO) and Nesha Hanzdima (COO), Slice Group is a creator management solution that helps agencies and brands manage creator relationships. Its integrated CRM platform simplifies reporting, payments, and relationships for sponsored brand content.

Also Read: We are now in an era of cultivating organisational culture: Flash Group CEO

The group offers a wide range of targeted features for brands and agencies designed to streamline creator management with automated and customised products and services. They include automated reporting, providing validated campaign reports within 24 hours of the most recent creator post; creator discovery, helping brands and agencies find creators for campaigns; and payment distribution, enabling payment of multiple creators simultaneously and making sure creators are rewarded for their work in a timely, transparent manner.

By working with Slice Group, content creators can unlock brand deal opportunities, analytics, and media kits to transition to become full-time creators through stable and recurring income streams and ultimately position creators to launch their own brands.

“Despite brands investing more in creators and influencer marketing, far too many marketers are still relying on manual processes, which siloes a lot of brand dollars to the same few mega influencers. We created Slice Group with the needs of both brands and creators in mind, to help them build sustainable relationships and work more efficiently on influencer campaigns,” said Bouman.

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Artificial Intelligence, or AI, is making headlines as it explodes in prevalence across the globe.  It serves as a key marker of the new technological era and promises drastic change in the future.  But what is it, exactly?

AI is defined as the ability of a computer or machine to learn from previous experiences.  Previous experiences include written prompts, math problems, and images.  AI studies these experiences and responds to them, generating content, trends, and predictions.  

There are different AI models and types.  For example, AI can be categorised as a machine learning program, a deep learning program, or an expert systems program.  Machine learning AI is able to learn from data without manual human programming.  Deep learning AI programs specialise in high-complexity patterns and often outperform machine learning data inputs. 

Expert systems are AI programs designed to copy human-level decision-making.  Expert systems have been used in the medical field; for example, AI of chest X-rays can identify lung cancer type and stage by analysing the image in context with the disease. 

Also Read: How Transparently.AI uses Artificial Intelligence to detect accounting manipulation, fraud

Other key terms include Application Programming Interface (API), data extraction, JavaScript Object Notation (JSON), and Optical Character Recognition (OCR).  API is made up of a set of defined rules that allows various applications to communicate with each other.  It acts as an intermediary layer between systems. 

Data extraction allows AI programs to pull usable information from large and unconsolidated sources.  JSON is a lightweight format for storing and transporting data and is used when data needs to transmit from a server to a webpage.  Finally, OCR is text recognition that allows users to extract printed or handwritten text from images and documents. 

AI applications can also be categorised further, leading to more terminology.  Important categories include generative AI, predictive analytics, natural language processing, and computer vision.  Each of these has its own uses.  For example, generative AI, as seen in programs like NovelAI, creates news content through existing data.  Computer vision, on the other hand, is a program that can interpret digital images.  

The above terminology is important to know, as AI is predicted to continue having a massive impact on society.  In fact, Ark Invest predicts that AI will contribute US$200 trillion to the global economic output by 2030.  Additionally, by 2023, global spending on AI by governments and businesses is expected to exceed US$500 billion. 

The impact and applications of AI

To further demonstrate the proliferation of AI in businesses, we can examine the number of AI capabilities used by businesses over time.  In 2018, businesses used an average of 1.9 capabilities.  By  2022, this number doubled, with an average of 3.8 capabilities.  This number is expected to double once again in 2023.  The most common AI capabilities are automating processes through robotics, computer vision, and natural language text understanding. 

Also Read: Singapore’s YC-backed AI startups making waves globally with generative technology

Governments and businesses turn to AI for its several benefits.  For one, AI increases efficiency and productivity, as it frees up workers to focus on more advanced tasks.  It generates greater speed by shortening development cycles and cutting the time between design and commercialisation.  This in turn increases ROI.  AI also improves monitoring and results in higher quality and increased accuracy.  Finally, AI can increase talent management by improving the hiring process. 

There are five steps that businesses should keep in mind when incorporating AI into their operations.  To begin, a business needs to understand its own needs and goals and how AI fits into those goals.  Businesses should also set near-term goals for AI use and then evaluate the approach that will work best for them.  Once businesses have established the foundation, they make sure the data is accurate and complete, then begin testing AI. 

One type of AI that businesses might consider is Intelligent Document Processing.  Lazarus AI provides an option for this with its RikAI program, which is an input-agnostic language model.  It works with no training or retraining and can pull data from any document, even if the type, format, or language varies.  It specialises in contextualising information and can help businesses find answers to natural language questions. 

There are countless types of AI, and the numbers will continue to grow as technology advances.  Many businesses are implementing AI into their organisations, and understanding the terminology and role of various AI models is key to navigating an increasingly-technological future.

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