Vietnam was recently ranked top in the Global Cryptocurrency Adoption Index by Chainalysis, thanks to its high purchasing power and population-adjusted adoption of various cryptocurrency tools, including DeFi and P2P platforms. A case study showed 200,000 web3-focused groups with a 70 per cent open rate, indicating a significant audience for web3 marketers.

However, the challenge for marketers is the lack of a seamless interface to engage with this audience. Nicegram is a messenger app providing an interface for direct engagement with the crypto community. The app claims to have 25 million users worldwide, of which 3.6 million are from Vietnam.

In this interview, Sergey Sheleg, Chief Product Officer at Appvillis (parent of Nicegram), discusses the increasing crypto community engagement in Vietnam and how the app drives engagement through web3-specific features.

Excerpts:

What are the factors contributing to the growth of cryptocurrency in Vietnam?

Vietnam is blessed with a young and tech-savvy population, nearly 25 per cent of which is aged 17-35. It has undoubtedly helped emerging technologies, such as blockchain, AI, and cryptocurrency, thrive.

A potential reason why cryptocurrencies have found more takers is the fact that nearly 70 per cent of adults lack access to formal financial services. This makes crypto a potential alternative for wealth creation and payments. The strong indicators on the demand side are complemented by a futuristic startup ecosystem, enabling technological innovations in security and user experience to flourish.

Also Read: Vietnam’s Web3 revolution: Beyond Axie Infinity, unveiling the rise of diverse crypto startups

The result is there to see as regional and global blockchain startups compete to influence the payments sector positively for over 5.5 million crypto users.

As the Appvillis CPO, what role do you believe innovative technology plays in supporting the growth of the Web3 community in Vietnam and globally?

Consistent innovation is a cornerstone in nurturing the growth of the Web3 community, both in Vietnam and on a global scale. It’s about leveraging technology as a tool and an ecosystem enabler to foster connectivity and creativity.

With a burgeoning interest in digital innovations, technologies like blockchain and AI are pivotal in demystifying Web3 concepts in Vietnam and making them accessible to a broader audience. Globally, these technologies serve as a bridge, bringing together diverse communities under the umbrella of Web3, facilitating seamless interactions, and driving forward the digital economy.

The role of innovative technology is also crucial in fostering an environment of trust and security, which are fundamental in the Web3 space. By continually adapting and evolving our technologies at Appvillis, we aim to stay at the forefront of this digital revolution, empowering users and communities to explore and embrace the vast possibilities of Web3.

How has Nicegram managed to facilitate a high engagement rate, and what strategies or features have contributed to this success?

Nicegram’s significant traction in Vietnam hinges on our ability to blend advanced messaging features with deep community engagement. This synergy has resonated strongly in a market traditionally known for its community-centric values.

Central to our success has been a strategically designed referral programme that harnesses the power of community networks, amplifying our reach and impact. Furthermore, the anticipation and excitement among our Vietnamese users for our upcoming Web3 and SocialFi developments have significantly bolstered our position. This keen interest clearly indicates our alignment with the evolving digital needs and aspirations of users in the region.

Could you share insights into the challenges faced by marketers targeting the Web3 community and how Nicegram addresses these challenges to enhance user engagement?

In the Web3 space, community managers face several challenges in educating and speeding up adoption among target consumers. Nicegram has largely managed to overcome this issue as a community-focused messenger interface. Our approach enables community managers to access tools encompassing AI, analytics, advertising, monetisation, engaging mechanics, educational content, gamification, and blockchain integration to achieve their key user engagement objectives.

Also Read: Visionaries clash over idealism while tech industry embraces Web3’s game-changing potential

Integrating these tools into Nicegram allows for continuous education and engagement within a familiar environment, making it easier to grow, nurture, and maintain interest among communities in decentralised projects.

Nicegram’s AI assistant is popular among Telegram community administrators because it streamlines content management within Messenger. We also focus on developing tools for growth, monetisation, and promotion of communities.

Conversely, features such as community reputation systems and token-gated access ensure access to credible data to assess the value of various communities. An initiative we are invested in is creating a hub for Telegram communities, which will function like a launchpad for communities. This hub will provide all the necessary tools for growth and development in one place and drive greater ROI for marketers.

Considering the increasing popularity of DeFi platforms, how does Nicegram incorporate features that cater specifically to the DeFi community within its user base?

SocialFi epitomises the seamless integration of DeFi into social networks. At Nicegram, we’ve been actively exploring how to maximise this integration’s impact on our platform and deliver the greatest value to our users. We believe that SocialFi is the most fitting and forward-looking direction for the evolution of a messaging app, a belief supported by our internal surveys indicating that about 70 per cent of Nicegram users are already engaged with cryptocurrency or decentralised/crypto services.

Integrating blockchain technology, DeFi and cryptocurrency into messaging apps is a fundamental shift that brings new opportunities for users and creators.

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X marks Echelon. Join us at Singapore EXPO on May 15-16 for the 10th edition of Asia’s leading tech and startup conference. Enjoy 2 days of building connections with potential investors, partners, and customers, exploring innovation, and sharing insights with 8,000+ key decision-makers of Asia’s tech ecosystem. Get your tickets here >>

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The Crypto Wealth Report revealed a surprising increase in global crypto adoption in 2023. 

Malaysia ranked 10th in the report, surpassing expectations in high-income countries such as Singapore and the US. This achievement, particularly in ‘Innovation for Technology’ and ‘Economic Factors’ metrics, not only highlights Malaysia’s growing crypto community but cements its position as a formidable crypto hub contender in Southeast Asia. 

These findings showcase the versatile and universal impact of blockchain technology across various economic strata, from upper-middle-income to well-established economies. Malaysia has actively embraced blockchain technology, using it as a tool for innovation, overcoming infrastructural challenges and fostering solutions that address real-world challenges. 

The growth of local Malaysian crypto communities, spearheaded by a new wave of developers and entrepreneurs, is not just about technological advancement. It is the nation’s commitment to leverage advanced technologies like blockchain to uplift communities.

Financial inclusion through blockchain

In contrast to higher-income countries, a significant portion of the population in upper-middle-income economies remains unbanked or underbanked. In Malaysia, approximately eight per cent of the population is unbanked, while over 55 per cent are underbanked. Despite these challenges, the country’s high internet penetration rate, at 97.3 per cent, presents a unique opportunity for financial inclusion through blockchain technology. 

Also Read: Understanding the role of fintech, blockchain in transitioning to net zero

Blockchain-powered financial services offer a gateway for individuals to access essential services like banking, remittances, and microloans. This advancement is particularly crucial in bridging the gap for those traditionally excluded from the financial system. 

A testament to this potential is the partnership between Acxyn and MDEC. Acxyn, the world’s first IP tokenisation platform, revolutionises the concept of asset ownership. By converting intellectual property into tradeable digital assets, it enables individuals to invest in diverse commodities such as digital art, game assets, and software. More than asset tokenisation, this innovation also democratises investment opportunities for the broader population, given they have access to a smartphone and internet connectivity. 

Initiatives like this, when supported by the government, are instrumental in driving economic growth from the grassroots level. They not only validate the transformative potential of blockchain technology but also underscore the government’s commitment to fostering innovation, bringing these solutions to the market, and positively impacting communities.

Real problems, real solutions

One of the most significant advantages of blockchain technology is its ability to address real-world problems. This is particularly evident in the strategic partnerships between government entities and emerging tech startups. These collaborations are crucial in harnessing innovation and new technologies to create fresh opportunities within the economy. 

A prime example is the recent partnership between Quurk and MDEC, a game-based learning company. Quurk is pioneering the first open-world learning game in the Web3 space, offering a unique platform where students can learn to code. More than just an educational tool, this initiative leverages blockchain technology to make education more accessible and engaging. Young developers not only learn how to code but also develop skills which are becoming increasingly relevant, thereby futureproofing the next generation of leaders.

Such public-private partnerships, particularly within the blockchain ecosystem, are important in upskilling the next generation. They play a pivotal role in increasing educational accessibility, thereby preparing young individuals for a rapidly evolving digital world. Beyond the economic space, blockchain technology’s societal impact is also profound.

Also Read: Exploring blockchain’s potential impact on the education sector

It extends to job creation, attracting foreign investment, and community education. By fostering educational opportunities and nurturing the next generation of entrepreneurs, these initiatives enable societies to reskill and upgrade, positioning themselves competitively on the global stage. 

To sum it up

In conclusion, the integration of blockchain technology in developing nations like Malaysia marks a transformative era. This integration goes beyond being a trend, emerging as a robust solution to address real-world challenges.

By enabling access to banking investment services, blockchain technology plays a crucial role in narrowing the financial inclusion gap, democratising financial opportunities and bringing economic empowerment to those previously excluded, particularly the unbanked and underbanked populations. 

Furthermore, the blockchain is also a catalyst for creating new opportunities. It stimulates investments and nurtures a new generation of entrepreneurs. The commitment of local communities, when combined with strategic collaborations and support from governments, is pivotal in driving this transformative change. 

As upper-middle-income societies begin to embrace blockchain technology, they are provided with the opportunity to adapt and thrive. This adoption is key to bridging the development gap with more affluent Western nations, positioning these societies at the forefront of the global innovation landscape.

More than a technological advancement for upper-middle-income nations, blockchain technology represents the cornerstone of a more inclusive future, set to pave the way for equitable growth and shared prosperity.

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Darewise Entertainment, a Web3 game technology company and subsidiary of Animoca Brands and the company behind Life Beyond (gaming metaverse), and Animoca Brands Japan have joined hands with Honda Motor to co-develop transportation and vehicle-related gameplay in Life Beyond

The collaboration will see Honda’s innovation and craftsmanship integrated into Life Beyond “to usher in a new era of transportation” on the world of Dolos, the planet where Life Beyond (the upcoming AAA science fiction destination) takes place.

Also Read: ‘Young, tech-savvy population contributes to cryptocurrency growth in Vietnam’

Honda and Darewise will co-develop new gameplay and game assets for Life Beyond, including in-game items, activities, and Ordinals featuring Honda.

Benjamin Charbit, CEO of Darewise, said: “In addition to adding to in-game utility and style, we think that the ideation and innovation generated by this collaboration will enhance the game experience tremendously.”

Darewise Entertainment is a Web3 game technology company founded by veterans of the AAA games industry that is currently developing the sci-fi MMO Life Beyond. It has offices in Paris, Barcelona, and London.

Also Read: Animoca Brands Japan secures US$45M from parent, Mitsubishi

Life Beyond is a gaming metaverse where players embark on a journey to build a new civilisation on Planet Dolos. In this sci-fi world powered by a player-driven tokenised economy, player-citizens can decide who they want to become and the role they want to play in Life Beyond’s complex and many-layered society. The project embraces the open metaverse philosophy to create immersive experiences.

Last October, Animoca Brands announced a strategic partnership with NEOM Company, the company behind Saudi Arabia’s iconic project NEOM City, to drive regional Web3 initiatives in line with the Kingdom’s Vision 2030 plan. Animoca Brands will work with NEOM on building Web3 enterprise service capabilities with global commercial applicability, which will be deployed to support technology advancements in Riyadh and the NEOM region.

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X marks Echelon. Join us at Singapore EXPO on May 15-16 for the 10th edition of Asia’s leading tech and startup conference. Enjoy 2 days of building connections with potential investors, partners, and customers, exploring innovation, and sharing insights with 8,000+ key decision-makers of Asia’s tech ecosystem. Get your tickets here >>

Want more from your Echelon experience? Be an Echelon X sponsor or exhibitor. Send enquiry here>>

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How hard is to build a global tech company without taking VC money?

“Quite hard”, admits Stephanie Sitt, Co-founder and CEO of Inmagine Group, parent of well-known stock images site 123RF.com.

Andy Sitt and his wife Stephanie Sitt started Inmagine in 2000 when ‘startup’ was still an alien word in most parts of the world. Today, with over 350 employees across 44 offices worldwide and with a content portfolio of over 100 million unique files, Inmagine owns and operates a number of companies across stock libraries of images, vectors, audio, footage, design elements, templates and editing tools to cater to multiple clientele, geography and partner.

Its business units also include CraftBundles, Designs.net, EasyDesign, LoveSVG, TheHungryJPEG (which it acquired in March 2017), Pixlr, SoundBounce, StockUnlimited, Story & Heart, and Vectr acquired in November 2017).

In an email interaction with e27, Stephanie Sitt talks about the group’s growth, challenges, acquisitions and future goals.

Below are the edited excerpts from the interview:

Inmagine Group was started in 2000. Had the founders imagined the company to become global when they started?

Having run a bootstrapped startup for 19 years, it has definitely been a rewarding journey. We always ensure that our goals are placed at every milestone and hire the right talent to grow and become a global, holistic creative ecosystem.

Additionally, we strive to always stay ahead of the curve and be consistent year-on-year growth by being a fluid and dynamic organisation that responds to customers and acclimatizes towards market conditions.

Also Read: AI has the potential to perpetuate harmful biases, says Inmagine CEO

Only a few tech companies in the world have conquered great heights without raising external investment. How did Inmagine manage to grow big without funding? Did it have any VC investment offers during its more than 18 years of existence? 

We are proud to be 100 per cent bootstrapped, and our growth has historically been funded through internally generated funds. There were offers of investments in the past, but generally, it’s all about having the right fit at the right time where the factors are aligned with our vision.

Your business is centred around designs and digital pics. Are all your business units profitable already? What are the new products in the pipeline? Do you have plans to venture out to any other verticals moving forward?

While our core business focuses on offering world-class content stock libraries and editing tools to cater to multiple clientele, geography, and partners, we are more than just a content company. As a global key player, one of the elements that sets us apart from our competition is our blend of creativity and technology. And so, apart from possessing a wealth of stock content at our fingertips, we offer a more complete solution specifically catered to our customer’s needs using Artificial Intelligence, content and data, and Machine Learning.

Inmagine has acquired several companies, mostly in the US. Have you ever looked at any Asian/Southeast Asian companies for acquisition?

We do not determine our acquisitions based on location. We have acquired companies in the US, the UK, Canada, and Taiwan and have joint venture partnerships as well as investments in others. Many investments and acquisitions are strategic and meant to complement our creative ecosystem.

We analyse the current market opportunities and gaps within our current portfolio and move forward with identifying and determining the right organization to fill those gaps.

Have you ever been approached by any MNCs to buy you out? 

No comments.

Also Read: How Inmagine is Googlising its workplace to foster an inclusive and collaborative work culture

Do you have plans to launch an IPO or get any other forms of exit in the near future?

We are always open to different strategic options at a corporate level.

Which of the business units is your key revenue generator, and which is your largest target market — Asia, Europe or America?

It goes without saying that historically, most of the revenue has come from 123RF.com, our hero brand. Nonetheless, as our portfolio gradually strengthens, we are noticing that the spread of revenue is becoming uniform across the business units – especially Pixlr, TheHungryJPEG, etc.

Regarding geographies, we have a very evenly split across North America, Europe and Asia. Although we are an Asian-based company, we are still recognised as a global player, with revenue coming in from more than 40 locations that we operate in.

As of today, we have hundreds of customers across the globe, ranging from small SMEs looking for simple solutions on branding and creativity to large enterprise clients utilising multiple services of ours to help create engaging brand experiences and stories. Our client reach is across every market segment, encompassing of media and publications, advertising and creative agencies, travel and transpire, eCommerce and Internet, etc.

Can you share your FY18-19 revenue details? 

No comments.

There have been a handful of free stock image sites in the market. Does this affect the revenues of 123RF?

Although there is a certain market segment for free sites, companies such as Inmagine Group focus on quality assurance and authority. As mentioned, while we focus on offering micro stock content and editing tools to various clients and consumers, we are more than just a content licensing company.

Also Read: Astrology-agnostic? Wait. Here’s a startup that can predict whether your startup will fail or not

Apart from having a platform with over 120 million content, we offer a holistic solution tailored to customers’ needs using AI, content and data, and Machine Learning.

There are quite a few stock image firms across the globe. How tough is the competition? 

With large organisations like Shutterstock, Adobe Stock and Getty, one can affirm that we’re in a highly competitive market space. However, we like to differentiate ourselves based on our ability to consider our customers’ demands and feedback, needs and requirements, and anticipate challenges ahead of the curve by delivering quality solutions. We have an increasingly varied portfolio of products and services, especially in the SaaS space, which differentiates us from the rest.

How have your acquired companies been getting along? Are they adding real value to your businesses?

Yeah, without a shadow of a doubt!

Our acquisitions have been thought about long and hard and have been hand-selected on our ability to predict market and customer requirements. All acquisitions fit into fulfilling our mission of empowering creative professionals.

Have you ever thought of integrating cutting-edge technologies like blockchain to your products? 

We were entertaining the idea but have decided that it is not an area of focus for now as it’s still in the early stages due to market fragmentation.

What are your long-term goals? Where do you want to see Inmagine, say, ten years down the line?

World domination!

While we pride ourselves on being a leading global creative ecosystem, we are moving forward to strengthen the duality of being a creative tech company, especially on the technology-driven aspect that involves AI, content and data, and Machine Learning. This will allow Inmagine Group to serve startups, freelancers, agencies and enterprises better.

Also Read: Malaysia’s stockphoto darling 123RF gets capital injection via venture debt

How are you contributing to the Malaysian startup industry? Do you have plans to launch, say a VC fund for startups? 

We occasionally invest in startups and businesses relevant to our industry, but there are no plans to set up a VC fund. As mentioned above, our investments are not restricted to Malaysia as most of the players in the creative industry serve the international and global markets.

How hard was it to start and build the company without taking external financing when the Malaysian startup ecosystem was still in the early stages? What were the major challenges the company faced back then? What would be your advice for young entrepreneurs who are always hungry for VC funding?

Nineteen years ago, I co-founded Inmagine Group to build a better creative ecosystem for tomorrow so we can help individuals and businesses tell their stories using creative imagery, sounds and motion contributed by talents from around the world.

Today, we’ve amassed 115 million online content across all media types, with 10 million to 12 million visitors monthly. Considering only about half of businesses survive five years, my advice is to reach out and network with the right circle as well as acknowledge your startup’s greatest asset — people.

It was a lonely journey during the initial years because not many were ready to take the same leap of faith as yourself to go on an entrepreneurial venture. However, corporates today are keener to invest for ideas that have the potential to be ahead of the curve in the market. And so, I strongly encourage young entrepreneurs to be opportunists and approach as many investors as possible, and then make the effort to socialise, especially at entrepreneurial events.

At first, a startup is a collection of people. Having the right people on your team, especially early on, is the single biggest determinant of your success. So, find the best people and invest in them. When you’re a startup, they’re likely the only real assets you have.

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Image Credit: Inmagine

The article was first published on February 18, 2019.

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At the recent World Economic Forum (WEF) event, held in Davos, Switzerland, fintech company DANA Indonesia took part in a panel discussion on the role that global fintech plays in fostering resilient and inclusive growth.

The result of a collaboration between WEF and Cambridge Centre for Alternative Finance (CCAF) at the University of Cambridge Judge Business School, the report was based on a survey conducted to 200 global fintech companies in five industry verticals: digital lending, financing, payments, banking and savings, and insurtech in five regions.

It highlighted the role that global fintech industry plays in widening access to financial inclusion for unbanked and underbanked societies–which is dubbed as an “integral part” of the consumer base and total transaction value of fintech services.

In the panel discussion, DANA Indonesia CEO Vince Iswara revealed how fintech services introduced unbanked society to the ease and practicality of transacting and managing their finances.

“We keep on seeing positive growth trends in fintech usage from both individuals and businesses. In fact, the use of fintech services continued to grow and persevere through uncertain times such as the pandemic. DANA noted more than 100 per cent increase in transactions in its platform followed by a 30 per cent increase in the number of DANA Bisnis users compared to the previous year (YoY).

Iswara also revealed that one of the participants’ of the company’s SisBerdaya programme, Dituta, experience a 900 per cent growth with IDR90 million in revenue after taking part in the programme.

Also Read: Understanding the role of fintech, blockchain in transitioning to net zero

Strategies to reach out to underbanked society

During the panel, DANA Indonesia explained the approach taken by fintech companies to reach out to underbanked societies, particularly in accessing insurance and investment products. One of them includes adjusting the limitations to purchase insurance and investment products.

For DANA Indonesia, this can be seen in their micro-scale insurance and investment products DANA Siaga and DANA eMAS.

“Using this approach makes it easier for users to see the advantages of using fintech services and making these instruments an essential part of their daily lives. As a result, this can be an entry gateway for unbanked societies
to become an inclusive and financially healthy society,” Iswara said.

Founded in 2018, DANA Indonesia secured unicorn status in 2022 following a US$554 million funding round.

At WEF, the company spoke at a panel discussion with Bryan Zheng Zhang (Executive Director and Co-Founder, Cambridge Centre for Alternative Finance, Cambridge Judge Business School, University of Cambridge), Drew Propson (Head, Technology and Innovation in Financial Services, World Economic Forum), and John Rwangombwa (Governor of the National Bank of Rwanda), with Naoko Tochibayashi (Japan Communications Lead, World Economic Forum) as a moderator.

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Image Credit: DANA Indonesia

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