Dear reader,

Terraform Labs’s recent Chapter 11 bankruptcy filing adds a new chapter to the saga of the 2022 collapse of stablecoin TerraUSD. The Singapore-based company, now navigating legal complexities in both the US and Singapore, lists assets and liabilities between US$100 million and US$500 million.

Despite the financial turmoil, Terraform Labs commits to honouring obligations to employees and vendors without seeking additional funding. The filing aims to facilitate the execution of the company’s business plan amid ongoing legal battles, including litigation involving the Securities and Exchange Commission.

The SEC’s civil case, tied to the collapse of TerraUSD and Luna, postponed due to co-founder Do Kwon’s extradition proceedings, underscores the global impact of the alleged US$40 billion cryptocurrency fraud.

Terraform Labs faces a challenging road ahead, balancing legal obligations while planning the expansion of Web3 offerings.

Sainul,
Editor.

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News

Terraform Labs files for bankruptcy protection in US
The firm behind the stablecoin TerraUSD, which collapsed and roiled cryptocurrency markets in 2022, filed for Chapter 11 bankruptcy in the US; Singapore-based Terraform Labs listed assets and liabilities in the range of US$100-500M.

Clime Capital raises US$127M in first close of new greentech fund
Key investors include Allied Climate Partners, Australian Development Investments, and the Global Energy Alliance for People and Planet; The fund will be putting money into renewable energy, energy efficiency, electric mobility, and electrical grid businesses.

Insignia backs US$6M round of SG bookkeeping startup Bluesheets
Bluesheets helps businesses process financial data through automated workflows; As of mid-2022, Bluesheets had over 10,000 corporate clients, including Fidelis Capital, Guzman y Gomez, and Osome.

French digital asset firm Flowdesk raises US$50M to secure licenses in SG, US
Investors are Cathay Ledger Fund, Eurazeo, ISAI, Speedinvest, BPI, and Ripple; Flowdesk offers services such as market making as a service (MMaaS), OTC trading, and treasury management.

TikTok usage is starting to slow — is TikTok Shop to blame?
While TikTok’s growth remains positive, that growth is decelerating; In 2022, TikTok’s MAUs grew an average of 12% y-o-y per quarter, but this figure fell to 3% y-o-y per quarter in 2023.

FinAGG raises US$11M to expand MSME financing in India
Lead investors are BlueOrchard and Tata Capital; Founded in 2019, FinAGG has reached over 85K borrowers in 100 Indian cities, disbursing over US$629M to date; The firm also provides loan management systems customised to the needs of local and international financial institutions.

Hackers breached Microsoft to find out what Microsoft knows about them
The firm said the hacking group, Midnight Blizzard, widely believed to be sponsored by the Russian government, hacked some corporate email accounts, including those of the company’s senior leadership team and employees in its cybersecurity, legal, and other functions.

Animoca partners with Honda to co-develop vehicle-related gameplay
Honda and Darewise (an Animoca subsidiary) will co-develop new gameplay and game assets for Life Beyond, including in-game items, activities, and Ordinals featuring Honda.

Razer Fintech taps BillEase for BNPL
Through the partnership, clients of Razer Merchant Services will be able to offer BillEase’s BNPL services to their customers; These include card-free installment options that enable users to pay within 10 to 20 days or over the course of several months.

From our contributors

Empowering women at work: Pre-hiring stage is the key
The greatest push for gender equality at work starts from the very beginning of the funnel: even before the hiring stage.

From potential to prosperity: Blockchain’s role in reshaping Southeast Asian economies
Blockchain integration in nations like Malaysia marks a transformative era, addressing real-world challenges; a robust solution, not just a trend.

The rise of unlicensed money lenders and their impact on Malaysian society
The issue of unlicensed money lending casts a long shadow over Malaysian society, causing immense harm to individuals and communities.

Why investing in women entrepreneurs is a smart move for the future
We should take a moment to salute the rising number of successful businesswomen in Asia who have shown remarkable passion, resilience, and belief.

Hacking your way into angel impact investing with just US$10K
As the Head of Special Projects at Top Tier Impact, I will give you these much-needed tips on how to start angel impact investing.

The great EV transition: Is Asia ready?
As the EV market matures, we can expect a surge in innovation with insights and experiences from one influencing the other regional markets.

How to revolutionise the banking and finance industry with Robotic Process Automation
Unlock efficiency, save time and costs, and ensure regulatory compliance — just a glimpse of RPA’s myriad benefits in banking.

From the archives

Having the right team is the single biggest determinant of your success: 123RF Co-founder Stephanie Sitt
123RF co-founder Stephanie Sitt strongly encourages young entrepreneurs to be opportunists and approach as many investors as possible.

Startup funding rounds: A handbook from seed to exit
Funding rounds mark important milestones for a private business as it often comes up with a new valuation of the firm in the market.

‘SEA needs to grow together and produce more quality unicorns’: Vertex Ventures’s Carmen Yuen
‘The purpose of a business is to achieve profitability. This is a discipline that all companies should have, regardless of macroeconomic conditions.’

3 things I have learned about the SEA startup ecosystem in the last 8 years
One of them includes refraining from doing harm. Because, in this close-knit startup ecosystem, someone will always find out.

Move fast, save things: How StartupX adapts to changes in the events industry during the pandemic
Durwin Ho of StartupX explains why the team always have the role of a “station master” in their every event.

Features & Interviews

‘Young, tech-savvy population contributes to cryptocurrency growth in Vietnam’
Cryptocurrencies have found more takers in Vietnam because nearly 70% of adults lack access to formal financial services, says Nicegram CPO.

SEA startups secure millions in funding, unveiling diverse innovations
The surge in funding signals a collective belief in the potential of the startups to drive innovation and address pressing challenges.

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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.

The post Ecosystem Roundup: Terraform Labs files for bankruptcy protection | Clime Capital’s greentech fund hits first close at US$127M appeared first on e27.

Will AI add to creativity and productivity, or will it unleash destructive forces that will decimate jobs and industries as we know it? Amid the polarising debates, there is no question that  AI technology already has and will alter how we work across sectors – including the Public Relations profession.

Industries need to get proactive about AI guidelines

With regulatory responses lagging behind technological advances, it falls on individual sectors to determine how to use AI. At Milk & Honey, we have spent time understanding the specific uses of AI technology within the PR industry. We have also studied important topics of compliance and strategies for agency self-regulation. These have been documented in our newly launched AI Ethical Playbook.

Yes, AI can solve pain points for the PR industry

A hybrid human/AI approach can bring about substantial time-saving solutions for creatives in the public relations industry. For example,

• Generate initial ideas for design: this type of AI solution can create a starting point, encompassing colour and brand language to create a range of visual identities. This would not replace a designer; instead, it would support them in delivering early mock-ups. We see this as speeding and reducing the cost of the design process — with benefits for the agency, its designers and clients.
• Content summary: this type of AI solution allows an agency to rapidly summarise large text sections without employing significant human resources. This capability can help teams quickly get to grips with an issue and identify salient points – again reducing agency resources and cost to the client without compromising quality.
• AI transcription tools: an agency pain point is often deploying many team resources in, for example, a client meeting or story mining session. The ability to cut down on the number of human attendees will reduce costs to the client – removing the need for a dedicated human note-taker brings benefits to both parties. An added benefit of an AI transcription tool is that it doesn’t miss anything being discussed – which humans often understandably do.
• Writing support tools: The most obvious example of these is ChatGPT, but we would only use this technology in very specific circumstances – where it adds and does not detract. These circumstances could include providing initial ideas to a human writer (e.g., suggesting story angles), assisting in research or the early stages of brainstorming.

Also Read: Sapna Chadha: Navigating Southeast Asia’s tech landscape and AI trends

The human differentiator in PR remains critical

The fundamentals of good PR are rooted in human context, understanding and empathy. At the moment, AI-generated content is only “virtually indistinguishable” from human outputs and, even then, only at “first glance”. Very soon, the hype will die down, and people will be able to differentiate between the human and AI.

If brand storytelling, a thought leadership article, or a social post is left to a machine, imagine how our clients would feel if they realised an algorithm led the thinking. Would they think their agency is taking them for granted and doesn’t care about thoughtful output? If clients feel that all PR is now sounding the same — relying on the same algorithms that scrape the same content from the same sources — why would a client retain a PR partner?

They could easily cut out the middleman and access technologies directly. For the public relations profession to provide true value to clients, we at Milk & Honey believe that human-led PR is the differentiator — a symbol of excellence, engagement and respect.

Businesses are excited yet cautious and challenged about AI adoption

Based on a survey conducted with Milk & Honey’s global clients, we found that 9 in 10 companies said it is extremely or fairly important that their PR agency stays up to date with and adopts AI tools. At the same time, 83 per cent expressed concerns about data security, over 65 per cent were worried about potential errors, and over 40 per cent were concerned about the lack of regulation in this space.

Research suggests that Asia Pacific will see significant adoption of generative AI to enhance productivity in 2024. However, due to risk-averse corporate cultures and insufficient data management capabilities, only 30 per cent of companies will be able to leverage AI’s advantages. Challenges exist for APAC firms needing help to operationalise customer trust via their marketing and sales functions.

Trust by design

As regulation races to catch up, PR agencies need to set up safeguards to lessen the risk of misuse — both intentional and unintentional. Milk & Honey sees the Warsaw Principles as comprehensive and indicative — and they inform our ongoing work in AI:

• Transparency, disclosure, and authenticity: mandating clear disclosure when generative AI is employed, especially when crafting reality-like content.
• Accuracy, fact-checking and combating disinformation: highlighting the need for rigorous fact-checking, given AI’s potential for disseminating misinformation and producing disinformation.
• Privacy, data protection, and responsible sharing: prioritising data protection, compliance and dissemination.
• Bias detection, mitigation, and inclusivity: advocating for the detection and correction of biases in AI-driven content and the promotion of inclusivity.
• Intellectual property, copyright compliance, and media literacy: stressing the respect for intellectual property and copyright laws.
• Human oversight, intervention and collaboration: reinforcing the necessity of human oversight in AI-powered processes.
• Contextual understanding, adaptation, and personalisation: encouraging tailored content approaches for different audience channels.

Also Read: ‘AI is a race for innovation; regulation will only develop effectively once winners are announced’

Responsible use of AI needs to be the norm

As an agency, we believe in embracing AI responsibly. The Milk & Honey AI Ethical Playbook serves as a guide towards human-centric use of AI in the realm of Public Relations. The Asia Pacific region has unique cultural, social and economic contexts. As brand communicators serving local and global clients in Asia, a human-led AI approach is essential in ensuring authentic, trusted and culturally nuanced messaging.

The AI Ethical Playbook, with a foreword from Dr. Christian Stiegler, an award-winning researcher and internationally renowned expert on emerging technologies, including XR, AI, technology ethics and the metaverse, is available here.

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Remember the grainy days of influencers hawking products from their cluttered bedrooms? Yeah, that quaint trend faded faster than a filter trend. Forget messy backdrops and mumbled pitches — think catwalks bathed in neon, celebrity chefs whipping up magic in futuristic kitchens, and a whole lotta production polish. Welcome to the future of online sales, where high-impact, brand-controlled ‘livestreams’ are beaming straight from the runway (or the lab) to your phone.

Take Zara’s recent Douyin debut. Five hours of pure fashion bliss hosted by a supermodel, not just showcasing clothes but taking viewers on a sensory journey through design studios, fitting rooms, and even the camera crew. No pushy sales pitches, just an immersive brand experience. And guess what? It snagged over a million viewers — a far cry from your average bedroom-based influencer haul.

So, why the shift? Why ditch the “influencer BFF” routine for the slick production dance? Here’s the decoder ring:

Control is king (and queen)!

Influencers, for all their charm, come with baggage. Brand messages get diluted, competitor products sneak in, and let’s face it, not every bedroom screams chic fashion haven. Livestreams give brands the reins. They curate the story, highlight their aesthetic on their terms, and build a direct connection with the audience. It’s the difference between renting someone else’s apartment and throwing a rager in your own mansion, complete with velvet ropes and laser light shows.

Production value matters

Sure, authenticity resonates, but let’s be real — polished visuals are like dopamine drips for our eyeballs. High-quality productions grab attention, elevate brand perception, and create a buzz that bedroom banter rarely can. Think fashion film meets interactive shopping spree, and you’ve got the picture.

Building brand identity is paramount and permanent

Influencer collaborations are cool, but they’re like yesterday’s hashtag – fleeting and often forgettable. Livestreams let brands tell their own story, showcase their values directly, and forge lasting connections with consumers. It’s not just about selling a dress; it’s about making viewers feel like they’re part of the Zara world like they’re invited to the exclusive backstage after-party.

Brand safety becomes a nightmare. Influencers are influencers because of their followers; one wrong word about the brand and the brand is doomed. There are too many examples of this to fill up a listicle.

Also Read: Why live commerce is here to stay in Asia

However, before we crown the high-production emperor, let’s consider the dark side:

Cost can be galactic if done one brand at a time

Building a production studio / VR studio, hiring special effects wizards, and luring celebrity chefs isn’t exactly pocket change. This high-gloss approach might leave smaller brands feeling like they’re stuck with a flip phone in a smartphone world.

Authenticity fatigue comes too quickly

Can too much polish backfire? Overproduced streams might feel sterile, lacking the genuine spark that draws viewers to influencers. Finding the balance between brand control and relatable charm is key. Imagine a fashion show where the models recite pre-scripted lines — it’s just not the same. A baby care product livestream need not be just about polish. It can be about a young mother who is a stand-up comedian alongside a specialist. Done well, the game changes.

Influencers bring personality, humour, and relatable quirks

Can pre-scripted streams, however dazzling, ever truly replace that organic connection? The challenge lies in weaving brand narrative with personality to keep viewers engaged. Think witty hosts, surprise guest appearances, or interactive polls — anything to keep the human element alive in the digital stream.

In conclusion

High-production livestreams are the new playground for brands across industries. They offer unparalleled control, build deeper connections, and create an immersive experience that bedroom vlogs can’t match. But it’s not a one-size-fits-all solution.

Finding the sweet spot between polished production and genuine connection will be the key to ruling the future of online sales. So, brands, put down the influencer contracts and hit the runway (or the holodeck) — it’s showtime!

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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

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

Image credit: Canva

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Today, Indonesia-based venture capital firm AC Ventures announced the final close of its fifth investment fund ACV Capital V LP (ACV Fund V), totalling US$210 million. This also included co-investment funds.

In a press statement, the firm stated that the fund is backed by global limited partners, of which 90 per cent are institutions, with returning investors making up over 50 per cent of the capital.

Key investors backing the fund include the World Bank’s IFC and prominent financial institutions from the US, the Middle East, and North Asia.

AC Ventures has already started deploying and announcing investments from the fund, including leading rounds in Indonesian electric vehicle manufacturer MAKA Motors and sustainable farming startup Koltiva.

Also Read: AC Ventures aims to drive positive societal change, economic impact in SEA

“With ACV Fund V, we are not just investing in companies with significant financial upside, but in a future where economic success and societal impact go hand in hand,” explained Founder and Managing Partner Adrian Li.

“Our focus on financial returns and sustainability is not only a reflection of what is trending in the market. It is a fundamental cornerstone of our long-term investment philosophy to create significant value for all stakeholders.”

AC Ventures stated that it has increased its emphasis on sustainable impact alongside high financial returns in approaching its investment by prioritising companies that deliver strong economic value and environmental and social impact.

The firm stated that its third fund delivered an overall net impact ratio of +37 per cent as measured by The Upright Project in Finland. “This ranks the firm and its portfolio above the Nasdaq Small Cap Index (NQUSS) average of +29 per cent by a significant margin.”

Also Read: Merchants selling via TikTok could be harming Indonesian economy: AC Ventures

It also stated that within the firm, 50 per cent of senior leadership roles are filled by women with 41 per cent C-level female leadership in their portfolio companies.

AC Ventures aims to differentiate itself in Indonesia by providing hands-on value-creation services to its portfolio companies, which include functional support in business development and strategic partnerships, talent advisory, government relations, financial planning, and fundraising.

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Image Credit: AC Ventures

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Venture capital firm Malaysia Venture Capital Management Berhad (MAVCAP), with a portfolio nearing MYR5 (US$1.25) billion, is investing as a limited partner in Vynn Capital’s latest Mobility and Supply Chain Fund.

The Mobility and Supply Chain Fund, with a targeted size of US$30 million, aims to innovate Southeast Asia’s technology landscape in the mobility and supply chain sector.

Malaysian venture capital firm Vynn Capital established a fund to tackle challenges and opportunities in Southeast Asia’s mobility and supply chain sectors. The fund is directed towards early-stage startups in the region raising Seed to Series A rounds.

YAM Tunku Ali Redhauddin ibni Tuanku Muhriz, Partner at Vynn Capital, commented, “As one of the most experienced venture backers in the region, MAVCAP will continue to provide us access to institutional networks, allowing us to provide better support to our portfolio companies. This is especially important in the world of constantly changing market dynamics.”

Also Read: DANA Indonesia advocates fintech companies’ vital role in advancing financial inclusion

With the backing of experienced partners, startups can access essential resources and expertise to drive innovative solutions for the future of vehicle and transport infrastructure. The Mobility and Supply Chain Fund also aims to address current challenges in fostering a more sustainable and greener environment through technological solutions. This positions Malaysia at the forefront of fostering innovation in the mobility industry and promoting regional collaboration by strategically investing in companies targeting the broader Southeast Asia market.

“This collaboration aligns with our mission to catalyse innovation and growth in Malaysia and across Southeast Asia,” said Shahril Anas bin Hasan Aziz, Chief Executive Officer of MAVCAP.

With support from Sime Darby Berhad, the Fund is also enabling greater private partnerships and encouraging industry players to invest in technology companies, thereby enhancing the future of mobility across Southeast Asia.

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