e27 has been dedicated to nurturing a supportive ecosystem for entrepreneurs since its inception. Our Contributor Programme offers a platform for sharing unique insights.

As part of our ‘Contributor Spotlight’, we shine a spotlight on an outstanding contributor and dive into the vastness of their knowledge and expertise.

In this episode, we feature Geraldine Pang, the Founder of Creative For More, a digital marketing agency using analytical solutions to solve business problems. She has a passion for AI and digital marketing, having worked with brands such as Popeyes, Maplestory SEA, Baskin Robbins, California Raisins, and TCC in Singapore.

Pang shares her personal and professional journey in this episode of Contributor Spotlight.

Thoughts, goals, and journey

Embarking on a freelancing journey, Pang gained hands-on experience in diverse digital marketing projects. Recognising the field’s immense potential, the seamless integration of tech, design, and writing became her passion, and the perpetual learning and adaptability in the industry kept her engaged.

“The ability to constantly learn and adapt on the job is what truly keeps me engaged and motivated. As my workload grew, I saw the necessity to scale my operations, leading to establishing my digital marketing agency, Creative For More,” she explained.

Looking ahead, Pang’s professional goals involve expanding and refining the services offered by her agency to better cater to the evolving needs of businesses in the digital landscape. She also aims to continue sharing her expertise and insights with a broader audience.

Also Read: Daan van Rossum: an advocate of remote and hybrid workplaces

Personally, she aspires to maintain a work-life integration that allows her to seamlessly blend her professional responsibilities with her personal life, fostering a holistic approach where her work and personal passions harmoniously coexist.

The driving force

Pang’s interest in becoming a contributor was piqued during Lynda’s PR course, where she gained valuable skills in storytelling and effective communication of her mission and ideas. She joined our Contributor Programme in 2022, publishing eight articles with over 8,000 content views.

She expressed her passion for writing: “During my time as an English literature major, I used to write extensively. Unfortunately, I had to put that passion on hold when I started working. Joining e27 as a contributor allows me to reignite my love for writing and share my insights and experiences with a broader audience. This is a fantastic opportunity to contribute to the e27 community, develop my storytelling abilities, and engage with a diverse audience.”

 On evolving industry trends

Pang specialises in end-to-end funnel management, focusing on assisting small business owners. Her expertise includes establishing and optimising digital presence through effective marketing strategies, conversion-focused websites, and automation in social media campaigns and email marketing.

She notes, “One industry trend that I’ve been closely following is the increasing reliance on AI tools to enhance workflows, especially in content and image generation. AI-driven technologies like Midjourney and ChatGPT have revolutionised how businesses create and manage content, making it more efficient and cost-effective. For instance, AI-driven content generators can create blog posts, product descriptions, and social media captions, saving businesses valuable time and resources. Similarly, AI-driven image generation tools can help create custom visuals and graphics for marketing campaigns, reducing the need for expensive design work.”

Advice for budding thought leaders

For aspiring thought leaders, Pang’s top advice is to tailor content to the platform’s focus and audience. Thoroughly researching and ensuring contributions align with the platform’s interests and goals is crucial, as relevance is key to capturing attention.

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

“Utilise AI tools such as ChatGPT to fact-check spelling and grammar, ensuring that your writing is error-free and polished, which enhances your credibility as a communicator. Consistency, relevance, and attention to detail are key factors in establishing yourself as a thought leader and successful contributor,” she adds.

Juggling too many things?

Balancing the demands of work, managing diverse businesses, and nurturing the personal life can be challenging, admits Pang.

“To be honest, I don’t think I’ve fully figured this out yet. It is still a work in progress! That said, to manage a delicate balance, I prioritise work-life integration, which allows me to seamlessly intertwine my professional responsibilities, contributing efforts, and personal pursuits. This approach enables me to find harmony in my daily routine while pursuing personal and professional growth simultaneously,” she said.

Staying in the loop

To stay informed, Pang actively engages in networking on platforms such as Launchpad, learns from thought leaders via YouTube and Masterclass, and subscribes to marketing and business news sources and webinars for weekly updates.

For those seeking insights into digital marketing and entrepreneurship, Pang recommends The Brand Gap by Marty Neumeier for brand strategy and design insights and Profit First by Mike Michalowicz for practical financial strategies.

“Stay curious and adaptable in the ever-evolving world of digital marketing and entrepreneurship. Embrace change, seek knowledge, and be open to new perspectives — these qualities will empower you to thrive in the dynamic landscape of our industry,” she concludes.

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Join the e27 Contributor Programme and become a valuable voice in our ecosystem. 

The post Geraldine Pang: Mastering digital success through expert marketing and AI insights appeared first on e27.

In the process of creating and launching innovative products, building brand image and expanding market share, SMEs and entrepreneurs often have no time to take into account intellectual property rights. However, intellectual property rights are crucial for SMEs and entrepreneurs to protect innovations, consolidate market positions and bring business value.

The importance of intellectual property:

• Protect ideas: Intellectual property protection ensures that your ideas and innovations are legally protected against infringement by others.
• Market competition: Having valid intellectual property rights can give you a competitive advantage in the market and protect your business and products.
• Return on investment: Effective intellectual property rights can bring you more investment opportunities and potential benefits and enhance the value of your enterprise.

Failure to fully protect and manage intellectual property rights in a timely manner may lead to risks such as intellectual property infringement, leakage of trade secrets, and brand damage. In order to build a company’s intangible assets, we need to deeply understand these pitfalls and explore effective solutions to ensure the safety and effective use of intellectual property.

Below are six common intellectual property traps for SMEs and entrepreneurs. In response, I have shared the management plan for IP protection in different stages of development, hoping to help SMEs and entrepreneurs build up the intangible assets of their enterprises and realise sustainable development and competitive advantages.

Mistake 1: Failure to protect intellectual property rights in a timely manner

• Patents: Ignoring patent protection can result in innovations being copied by competitors and losing your market share.
• Trademarks: Unregistered trademarks can make your brand susceptible to imitation, causing confusion and reputational damage.
• Copyright: Failure to protect your copyright may allow others to use your work without authorisation and damage your creative rights.
• Domain name: Unprotected domain name. It may lead to increased search costs for consumers and confusion about the brand. You will also lose traffic and customers that originally belonged to you, resulting in business losses.
• Trade secrets: Ignoring trade secret protection may lead to core trade secrets being leaked to competitors, weakening the company’s competitiveness. It may even undermine customer trust, causing the relationship to suffer.

Also Read: Set sail with intellectual property: Your business’s journey to success

Mistake 2: Failure to use intellectual property rights appropriately

• Innovation and protection: Combining innovation with intellectual property protection to promote business development and sustained growth.
• Branding and marketing: Use intellectual property to create unique brands and marketing strategies to attract more target customers.
• Failure to identify existing intellectual property: Most startups and SMEs often fail to recognise the valuable assets that exist within the business. Startups should regularly ask themselves: “What do we do better than everyone else?” The answer likely points to intangible assets worth protecting.

Mistake 3: Not monitoring competitors’ intellectual property

Market competitive intelligence can be accomplished through patent landscape analysis, trademark or domain name Whois searches. The information thus obtained not only allows early identification of possible infringements but also enables appropriate legal action to be taken to protect your intellectual property rights.

It can also be used as an early warning tool for competitors who are about to introduce new technologies or products to the market so that the company can make strategic responses through active R&D or marketing activities.

Mistake 4: Not properly managing intellectual property

• Records management: Establishing systematic records management to ensure the security and easy access of critical documents and evidence.
• Update and maintain: Regularly update and maintain your intellectual property to maintain its effectiveness and authority.
• Risk assessment: Evaluate potential risks and threats and develop appropriate strategies and measures to protect your intellectual property and reduce future intellectual property issues.

Mistake 5: Not establishing clear IP ownership provisions in employment agreements or with third-party vendors

Depending on state jurisdiction, the work product of employees or independent contractors may not belong to the Company. Companies may find themselves unable to use the results of projects they fund because intellectual property ownership may be unclear or belong entirely to third parties.

It is recommended to introduce IP ownership clauses in employee agreements to identify IP ownership between co-founders and be cautious about outsourcing critical work to external partners.

As a corollary, the startup should be the ownership holder of the intellectual property, rather than the startup founder himself.

Mistake 6: Not protecting in the correct jurisdiction

Intellectual property rights are national and protected in the jurisdiction in which they are granted.

Entrepreneurs must be careful to protect innovation in the right jurisdiction. It’s a balancing act because the more jurisdictions you add to the application process, the higher the cost.

Typically, entrepreneurs seek to protect innovations where the startup has a market and/or competition. This is a strategic decision that requires understanding the intellectual property protection process, obtaining market information, and budget management.

The following is divided into the basic version of the early stage of entrepreneurship, the entrepreneurial startup defensive version and the advanced version of the monetisation of intellectual property rights in three phases to give some program recommendations in the hope of helping small and medium-sized enterprises and entrepreneurs to protect and utilise intellectual property rights effectively.

Intellectual property protection in the early stages of starting a business

In the early stages of your business, you need to establish a solid intellectual property foundation to ensure that your innovations are properly protected:

Understand the types of intellectual property rights

Learn about the different types of intellectual property, including patents, trademarks, copyrights, domain names, and trade secrets. Clarify which types of intellectual property rights your innovations are applicable to so that they can be protected in a targeted manner.

Conduct a risk assessment

Assess whether your products or services are at risk of infringement, understand your competitors’ intellectual property rights, and whether your innovation is worth protecting.

Protect core technologies or ideas, register trademarks and domain names

If your business involves critical technology or ideas, consider applying for a patent to protect your invention or innovation.

Also Read: The best new year resolutions for startup founders: Offering ESOPs that actually work

Also, make sure your trademarks and domain names are unique and available. Register trademarks to protect your brand identity and domain names to prevent others from taking them.

Establish trade secret protection measures

Take appropriate measures to protect trade secrets, such as signing nondisclosure agreements, controlling access to knowledge and protecting confidential company information.

Use non-compete and confidentiality agreements

When working with suppliers, partners or contractors, make sure you have appropriate non-compete and confidentiality agreements in place. These agreements can limit access to and use of your intellectual property and ensure that partners will not disclose or exploit your intellectual property.

Intellectual property protection in the early stages of starting a business

In the early stage of starting a business, you will face more market competition and business challenges. You not only need to manage your own intellectual property rights but also learn to defend yourself:

Monitor market infringements

Regularly monitor the market for infringements, including trademark, patent and domain name infringements. Use trademark monitoring services, patent search tools, and domain name alert services to identify infringements promptly.

Maintain and manage existing intellectual property rights

Ensure that protection measures for patents, trademarks and domain names are implemented.

For patents, annual fees must be paid regularly, and the disclosure and use requirements stipulated in the patent law must be complied with.

For trademarks, it is necessary to maintain the validity of the registered trademark and renew the trademark registration certificate in a timely manner to avoid trademark infringement by others.

Also Read: Neuroscience to the rescue: How startups can dodge burnout

For domain names, regularly check and update domain name registration information to ensure the accuracy and completeness of the information. At the same time, renew your domain name in time to avoid losses caused by domain name expiration.

Strengthen awareness of intellectual property protection

Train employees and partners to increase awareness of intellectual property protection. Make sure they understand the importance of intellectual property and take appropriate steps to protect the business’s intellectual property.

Handling infringements

If infringement is discovered, take prompt legal action. Seek help from a professional intellectual property lawyer to develop appropriate response strategies, which may include sending an infringement notice, taking legal action, etc.

Look for licensing and licensing opportunities

Explore opportunities to commercialise intellectual property. Look for licensing and licensing opportunities related to your intellectual property, such as authorising others to use your patented technology or trademarks to generate revenue and expand market influence.

Intellectual property in the entrepreneurial development stage

At the development stage, where you are striving for commercialisation and monetisation of intellectual property, you need to convert intellectual property into commercial value. The following are key takeaways for commercialising intellectual property:

Intellectual property evaluation and management

Evaluate your intellectual property, determine its commercial value and develop a management strategy accordingly. Consider the market demand, competitive environment, and business model of intellectual property to maximise its commercialisation benefits.

Drive marketing and sales

Incorporate intellectual property into marketing and sales strategies. Utilise intellectual property advantages such as brand trademarks and patented technologies to publicise and promote to the market to attract the attention of customers and partners.

Intellectual property transactions or financing

Appropriately consider selling, transferring or financing part of the intellectual property. Negotiate with potential buyers, sign contracts, and ensure the transaction process is legal, transparent, and in your favour. Intellectual property financing not only obtains financial support but also fully proves that the company has valid intellectual property rights. Help enterprises improve their commercial value and market position.

Licensing and cooperation

Actively seek intellectual property licensing and cooperation opportunities, establish cooperative relationships with other companies or institutions, and jointly develop and commercialise intellectual property to achieve a win-win situation.

Continuous monitoring, updating and risk management

Continuously monitor market and technology changes to adjust and update your intellectual property strategy in a timely manner. Maintain an awareness of competitors and emerging technologies to protect and optimise the commercialisation value of intellectual property.

At the same time, in the process of intellectual property commercialisation, attention must be paid to risk management to prevent intellectual property rights from being abused or infringed.

The original intention of sharing this article is to help small and medium-sized enterprises and entrepreneurs avoid the most common pitfalls of intellectual property rights. But this article describes not all situations.

Many factors may influence the relevance of a listing to a particular company, depending on the state and nature of the technology or innovation developed by the business, the target market, the competitive landscape and even the jurisdiction.

Every business will face unique business challenges that require a tailored IP strategy. It is recommended that you make corresponding adjustments and supplements according to your own specific situation and needs. At the same time, it is also very important to consult a professional intellectual property lawyer or consultant to ensure that your intellectual property strategy is legal and effective.

The content and opinions expressed above are my own and are not financial advice or legal advice.

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The post Protecting business intangible assets: Common IP mistakes and solutions appeared first on e27.

Dear reader,

An AIPRM study reveals Singapore’s AI investment outpacing the US by 16% per thousand $GDP, showcasing the nation’s strategic commitment to technological advancement.

Despite the US leading in AI investment with US$328,548 million spent over five years, Singapore’s investment, equivalent to 1.5% of its GDP in 2022, signals notable dedication. This positions Singapore as a significant player in the global AI landscape, with the Asia Pacific contributing substantially.

The data highlights the global economic impact of AI investments, projecting a market size exceeding US$2.5 trillion by 2032. Workplace applications, notably email spam filters and chatbots for customer service questions, underscore the integration of AI into business operations.

Singapore’s ascent in AI investment emphasises its strategic position in evolving technological innovation and economic growth.

Sainul,
Editor.

News

Singapore surpasses US in AI investment: Study
A new study has revealed that Singapore’s Artificial intelligence (AI) investment rate has outpaced the US by 16 per cent per thousand $GDP; This is despite the US being the largest investor in AI, with US$328,548 million spent in the last five years.

Xendit lays off hundreds of workers
The move is part of its efforts to streamline its business; This marks the second round of job cuts for the company, following a retrenchment in August 2023 that affected a “small number” of employees from its product team.

AC Ventures Fund V hits final close at US$210M
Key investors are IFC and prominent financial institutions from the US, the Middle East, and North Asia; AC Ventures has already started deploying the capital from this fund in Indonesian electric vehicle manufacturer MAKA Motors and sustainable farming startup Koltiva.

MAVCAP invests in Vynn Capital’s US$30M mobility fund
Malaysia’s 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.

SG agency launches US$22.4M initiative for green computing research
Under the Green Computing Funding Initiative (GCFI), researchers from institutes of higher learning can collaborate with industry players to maximize the energy efficiency of computing infrastructure and software.

GDMC nets US$21M Series A for its next-gen advanced genetic therapies
Investors include Celadon Partners, WI Harper Group, SEEDS Capital, and NSG Ventures; GDMC focuses on manufacturing advanced therapy modalities, including customised mRNA, plasmid DNA, AAV and Lentiviral Vectors.

SEAbridge execs launch new platform to bring M&As online
Match.asia is a marketplace aiming to tackle common challenges in traditional M&A processes – such as inefficiency, limited outreach, low success rates, and high costs – through a data-driven matching system.

Despite slowdown, SEA sees potential in Vietnam, Philippines in H1 2023
A Cento Ventures report revealed that in 2023, SEA startups received “tepid response” from investors, logging a 54% y-o-y drop in volume; However, the decline is likely ending as the appetite for fresh investments slowly picks up.

Khazanah Nasional eyes leading Oyo’s US$400M round
Amid its delayed IPO, the Indian hospitality and travel company is looking to raise funds to reduce its debt and support expansion plans; In FY2023, Oyo’s revenue grew 14.3%, while losses were down 34%.

SGTech launches jobs and skills guide as part of National AI Strategy
This resource aims to provide business owners and employees with an overview of GenAI and its expected impact on businesses, particularly on jobs and skills; It is designed as a practical guide for business leaders who are looking to prepare their companies and employees for the GenAI world.

AI automation software firm Bluesheets raises US$6.5M Series A
The investors include Illuminate Financial, JP Morgan, Citi, SGX, and Barclays; Singapore-based Bluesheets leverages financial data points to train AI models for process automation across various industries.

On-chain financial platform VETA Finance secures US$2.85M
VETA Finance allows investors to buy structured products by pledging assets like BTC and ETH and earn from both the collateral and the structured products while holding onto their assets.

MoneyHero’s revenue jumps 50% in Q4 2023
The fintech firm posted revenue of around US$35M for Q4 2023; MoneyHero provides a personal finance aggregation and comparison platform; It rebranded from Hyphen Group and merged with Bridgetown Holdings in May 2023.

Tokopedia, NCS among companies in pilot run of AI language model for SEA
Dubbed Sea-Lion – short for Southeast Asian Languages in One Network – it will be trained to understand and generate output that incorporates the region’s diverse languages and cultures.

Digital banking meets hard realities in SEA’s emerging markets
Digital banks hoping to thrive in emerging markets will have to partner with ecosystems to bring customer acquisition costs down and to get access to data for credit scoring.

Arkadiah secures seed funding for AI-driven nature restoration solution
The investors are Golden Gate Ventures, The Radical Fund and HIRAC FUND; Arkadiah’s proprietary platform leverages AI, LiDAR, and satellite imagery to offer transparent and verifiable data.

From our contributors

Fighting the chaos of growth: 5 practices to improve corporate governance beyond the board
In this article are five key learnings on how to build a company’s corporate governance muscle and reduce “governance debt” early on.

Mastering FinOps: Focus on application modernisation and automation
mastering FinOps isn’t a destination, it’s a transformation journey powered by modernised applications and automated processes.

Tether under scrutiny: A deep dive into cryptocurrency crime allegations
Despite its success, Tether faces controversies due to transparency issues, alleged market manipulation, fraud involvement, and susceptibility to hacking.

Conversational AI in governance: Redefining citizen experiences
Conversational AI is providing an unprecedented opportunity to scale operations and automate tasks by bringing human-in-the-loop.

How to launch collaborations that grow communities: A guide for Web3 founders
To build a successful Web3 business, founders must not only create products that meet the needs of their customers but also foster a sense of community and engagement.

Why brands ditch influencers for high-production livestreams
Finding the sweet spot between polished production and genuine connection will be the key to ruling the future of online sales.

Not if but what and how: Navigating the complexities and ethical use of AI in PR
A hybrid human/AI approach can bring about substantial time-saving solutions for creatives in the public relations industry.

What businesses should take note of before taking the M&A leap
Prior to entering into M&A negotiations, it is critical that you are clear on your objectives and the key terms of the deal.

Achieving product-market fit: The ultimate guide to growth, strategy and positioning
Without product-market fit, your growth will be limited, no matter how effective your marketing and sales efforts are.

Our voyage of innovation: Reshaping global maritime logistics
AELER’s approach to maritime logistics responds to the evolving needs and challenges of the global trade and transportation sector.

Safeguarding Indonesia’s democracy in the 2024 elections
In the delicate dance between democracy and technology, comprehending the spectrum of cyber threats is imperative.

Empowering businesses: Lalamove’s impact on local enterprises
How Lalamove’s customised services help empower local businesses as the global market experiences increasing demands in the logistics space.

Contributor spotlight

Geraldine Pang: Mastering digital success through expert marketing and AI insights
Explore Pang’s insights into leveraging AI tools, achieving digital success, and balancing work-life integration.

From the archives

How to fundraise for Series A from a position of strength
Yuen says the secret to Series A fundraising is the right timing, positioning, capacity-building plans and market expansion.

Collaboration with startups begins with speaking their language: Amanda Murphy of HSBC
According to the Head of Commercial Banking, South and Southeast Asia at HSBC, there is no one-size-fits-all solutions to supporting startups.

Bitcoin and Ethereum simplified for a five-year-old
This and the following few essays are my attempt to simplify what I have learned about Web3 so far, starting with Bitcoin and Ethereum.

You’re not really diversifying your investments by buying altcoins
As altcoins owners, what can we do to better cushion ourselves from violent swings in cryptocurrencies in future?

Features

‘Impact capital can help address bottlenecks in agri productivity, bioenergy, healthcare in SEA’
China and India continue to hold massive potential for impact outcomes in healthcare and education, says Tan Shao Ming of Chief ABC Impact.

Shedding light on Singapore’s software development landscape: How collaboration drives innovation
Another detail that the report revealed is the programming language dominates Singapore’s software development community.

After 17 years, DOKU aims to maintain relevance in the Indonesian fintech landscape
DOKU provides a complete suite of online and offline payment solutions, serving over 150,000 merchants across many industries.

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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: Singapore surpasses US in AI investments | New round of layoffs at Xendit| appeared first on e27.

This week has been eventful from a Southeast Asian startup standpoint.

Indonesian VC firm AC Ventures secured a substantial US$210M for its fifth fund, while MAVCAP invested in Vynn Capital’s Mobility and Supply Chain Fund.

Singapore surpassed the US in AI investments, showcasing its strategic commitment. GDMC raised US$21M for advanced genetic therapies, and Bluesheets secured US$6.5M Series A to expand its AI automation solutions.

Vizzio saw leadership change as CEO Jon Lee stepped down amid controversy. Vietnam’s VNG withdrew its US IPO application, hinting at a potential future filing.

In a cost-cutting move, Xendit laid off hundreds of employees, emphasising the importance of aligning resources with business strategy.

Here is a snapshot of all the major developments from across the region:

AC Ventures closes US$210M Fund V

Indonesian VC firm AC Ventures announced the final close of its fifth fund, totalling US$210 million.

ACV Capital V LP is backed by global LPs, 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 IFC and prominent financial institutions from the US, the Middle East, and North Asia.

AC Ventures has already started deploying the fund in companies, including MAKA Motors and Koltiva.

MAVCAP invests in Vynn Capital fund

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

The fund, targeted at US$30 million, aims to innovate Southeast Asia’s technology landscape in the mobility and supply chain sector.

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.

Singapore pips out US in AI investments

Singapore’s Artificial intelligence (AI) investment rate has outpaced the US by 16 per cent per thousand $GDP, as per a new study.

This is despite the US being the largest investor in AI, with US$328,548 million spent in the last five years.

Although being placed tenth in the amount of money spent, Singapore invested an amount equivalent to 1.5 per cent of its GDP in 2022, according to the AI statistics report curated by AIPRM.

As of 2023, the AI market size was valued between US$136.55 billion and US$454.12 billion. The largest share is in North America, with an estimated value ranging from US$87.18 billion to US$167.3 billion, accounting for more than a third (36.84 per cent) of the global AI market share.

GDMC raises US$21M in Series A

Genetic Design and Manufacturing Corporation (GDMC), a design and manufacturing organisation focusing on next-generation advanced genetic therapies, has secured US$21 million in Series A funding.

Asian private equity firm Celadon Partners led the round, which also saw participation from WI Harper Group, SEEDS Capital, and NSG Ventures.

The funds will be used to accelerate novel technology and process efficiency improvements to drive greater manufacturing cost reductions for partners who aim to advance medicines through clinical trials and towards commercialisation.

Bluesheets secures US$6.5M Series A

Singapore-based AI automation software company Bluesheets announced securing US$6.5 million in a Series A funding round led by Illuminate Financial.

The company’s early investors, such as 1982 Ventures and Insignia Ventures Partners, and new investor Antler Elevate Fund participated.

Thge funding will play a crucial role in advancing Blusheets’s exclusive AI capabilities, enabling them to assist a broader range of clients in digitalising and automating their processes, ensuring competitiveness in the AI-driven era.

The Series A funding will be utilised to deepen existing coverage in their core client segments of banking, insurance, supply chain, procurement, and finance and accounting services.

Vizzio CEO Jon Lee steps down

Vizzio Technologies announced the appointment of CMO David Lee as its interim CEO after incumbent Jon Lee stepped down. Jon’s current role in the startup is unclear.

“We will do better and are confident that this leadership enhancement, along with our commitment to robust governance, positions Vizzio for a strong future,” the company said.

The development comes after an exposé on Jon, who admitted to lying about his PhD in computer science from the University of Cambridge.

VNG drops US listing plan

Vietnam-based tech giant VNG has withdrawn its application for an IPO in the US, ending speculations around its highly anticipated stock market debut.

However, in a filing with the US Securities and Exchange Commission, VNG said it “intends to file a new registration statement in the future.”

The company filed for an IPO on the Nasdaq Global Select market in August 2023, aiming to raise US$150 million.

Xendit lays offs hundreds of staffers

Indonesia-based Xendit has laid off hundreds of employees as part of its efforts to streamline its business.

“This exercise was difficult, but we found it necessary to align resources with business strategy, optimize the efficiency of our team, and ensure that we are best positioned to pursue new growth opportunities,” Mikiko Steven, the fintech firm’s managing director, said in an official statement.

This marks the second round of job cuts for the company, following a retrenchment in August 2023 that affected a “small number” of employees from its product team.

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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 Startup snapshot: Key developments in Southeast Asia this week appeared first on e27.

The year 2023 was significant for Tyme Group, according to Co-Founder & Executive Chairman Coenraad Jonker in an email interview with e27.

The Singapore-based digital banking group announces that its flagship operation in South Africa, TymeBank, has joined the five per cent of neobanks globally to be profitable—which it managed to achieve in just four years.

“Yet our Philippines operation, GoTyme Bank, is currently onboarding over eight times more customers daily and almost four times more cumulative customers than TymeBank, further demonstrating the model and the huge potential for its application in Asia,” says Jonker.

“This has helped us to achieve US$162 million in annualised run-rate and amass 10.8 million customers across the Group, with 2.2 million of those new customers located in the Philippines.”

Jonker says that the digital bank is currently onboarding over 250,000 customers in the Philippines every month, where we also achieved 1,400 cash-in/cash-out points, installed 400 new kiosks, and launched an SME merchant cash advance with PayMongo in November.

Also Read: Ecosystem Roundup: Grab invests US$109M into digital banking unit; VinFast to expand into Indonesia

How does the company plan to further expand in Southeast Asia, particularly the Philippines? What insights can they share with us about the future of digital banking in the region? Find out the answers in this interview.

The following is the edited excerpt of the interview.

What lessons do you learn from the milestones you made in 2023? How do you plan to implement it in your strategy this year?

Based on our learnings, Tyme has committed to current and future customers, investors, partners, and regulators. These include partnering with openness and humility with best-in-class technology solutions and third-party financial solutions; designing products and services to make banking simple, efficient, responsible and affordable; bridging the gap with customers through digitally enabled distribution in retail ecosystems; and working with ecosystem stakeholders to collaboratively support progressive regulations and strong financial infrastructure.

We also understand the importance of the basics in business. Human relationships and good old customer service still remain as important as ever and universal across geographies and cultures. In this regard, there are more similarities between markets than dissimilarities.

Finally, our mantras have remained constant since day one, allowing us to gain customer trust through consistency.

Also Read: BRI Agro CEO Kaspar Situmorang: Why tapping into the ecosystem is key to a digital bank’s success

The first of these mantras is ‘You can only walk from where you stand’ because we walk the digital journey with our customers to help them achieve digital financial literacy.

The second is ‘No one gets up in the morning and says I want to get a bank account’ because it reminds us that you must manufacture the interaction with the customer.

Can you explain the significance of the Southeast Asian market for your business? What strategy do you use to win this market?

After successfully launching in South Africa, we looked for structurally similar markets with a larger addressable market and lower cost efficiency, which were ripe for disruption.

A recent report from Bain and Company estimated that around 70 per cent of the adult population of Southeast Asia is either unbanked or underbanked. That is 70 per cent of 400 to 500 million adults.

The Philippines has a sizable underbanked population with lower account penetration than regional peers, providing a strong runway for primary bank acquisition and a large addressable market for lending growth, particularly for underbanked SMEs.

It also has huge growth potential for fee income due to high GDP growth, high levels of interchange fees, high industry cost-to-income ratios, and no low industry profitability. This would provide structural cost advantages to digital banks. And it is governed by a progressive regulator.

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Our strategy for winning in markets like the Philippines is to take a high-tech/high-touch “phygital” approach that combines digital banking channels with the human touch of kiosks and bank ambassadors in partnership with nationwide retailers.

In the Philippines, we partnered with the Gokongwei Group and its 4,300 retail stores and eight million-strong loyalty programme to quickly scale our customer base, offering 1,400 kiosks and ambassadors in Gokongwei stores nationwide in the Philippines. These physical locations have also allowed a unique market-disrupting “bank where you shop” approach, where cash deposits and withdrawals are available to the physical store cashiers.

We have also deployed a globally-recognised, award-winning app and user experience focused on the human-led approach of the customer. By investing heavily in the user experience in both the physical and digital channels–with a focus on intuitive experiences, customer education on each touch point, and self-service customer resolution–GoTyme Bank has achieved a much lower cost-to-serve for its banking operations and customer service, even at scale.

We also enter with the goal of creating the most affordable banking offering in their market, with a cost structure of ~10 per cent of the incumbents. This enables us to provide financial access to the underbanked and still be on the path to profitability.

We set ourselves apart through consistent innovation in tech, product and customer experience, as well as the launch of regular “firsts”. These have included opening a full bank account, securing a personalised debit card in under five minutes and offering the first merchant cash advance product in the Philippines.

What is your strategy to compete with existing local players in the Philippines?

GoTyme Bank is on track to revolutionising banking in the Philippines and competing with existing local players by leveraging and applying Tyme Group’s track record of ‘firsts’, industry-leading offerings, and ability to solve industry-wide problems.

Also Read: Will the new digital banks sound the death knell for traditional banks?

For instance, digital-only banks often struggle with the high cost of customer acquisition and the high cost of offering a nationwide physical cash-in/cash-out network.

Tyme solves this through our high-tech/high-touch approach. We create ease and simplicity through immediate account opening via a personalised debit card released through kiosks in shopping malls throughout the Philippines. We build trust through our physical presence in retail ecosystems with kiosks and Ambassadors, but we also offer the power of self-serve financial solutions accessible through an intuitive ‘all in one’ banking app. This hybrid approach enables Tyme to serve both traditional and digital native-customers.

Digital banks also often struggle to build consumer trust and credibility to develop primary banking relationships. Tyme’s partnership model provides physical distribution channels and access to proprietary data for lending while leveraging on the existing brand equity of local partners.

Lack of quality data and infrastructure gaps, such as a national ID in the Philippines, can lead to high loss rates and poor unit economics. Tyme has created lending models that are tailored for problems like these in emerging markets specifically, such as our unsecured cash flow lending product, the merchant cash advance. These products offer customer-focused solutions that are high-frequency in nature and lend themselves to the types of smaller SMEs regularly found in emerging markets. All of this localisation is also significantly amplified by our global capabilities.

Having a common banking platform for multiple countries allows our multiple Tyme banks to be scalable, easy to build, and able to deploy products and learn lessons quickly and rapidly. Deep in-house product knowledge drives innovation and lowers unit costs through high release frequencies, allowing the cost-to-operate to continue to drop and enabling bulk discounts in best-in-class technology.

Global data analytics capabilities drive optimization through constant feedback loops and product iterations across the markets.

Also Read: How digital banking is driving financial inclusion in SEA

What other major plans can you share with us for 2024?

In 2024, we plan to enter the Vietnamese market with our SME cash advance product and double our retail customer base in the Philippines. Our successful track record to date indicates we are likely to succeed in both pursuits.

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Image Credit: Tyme Group

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