As businesses receive stronger pressure to focus on their environmental impact, startups across Southeast Asia (SEA) offer their expertise to help businesses achieve their sustainability goals. In Malaysia, one example of such a startup is Pantas.

Co-founded by Eong Tat Ooi, Nurul Syaheedah Jes Izman, and Max Lee, Pantas enables businesses to track, manage, and disclose their ESG metrics, with a particular focus on carbon emissions. It aims to address inherent pain points in the traditional process of managing ESG metrics, such as manual data handling and the scarcity of specialised climate expertise.

In March 2023, Pantas became the main software partner and coordinator of the Central Bank of Malaysia’s Greening Value Chain (GVC) Programme, an initiative to assist SMEs in implementing impactful long-term change to green their operations. It serves as a customised solution to enable large corporate buyers (“anchors”) to measure and manage their supply chain emissions (known as Scope 3), facilitating anchors to address regulations such as the EU’s Carbon Border Adjustment Mechanism (CBAM).

Starting from its Kuala Lumpur headquarters, Pantas has expanded to Thailand and Indonesia with a team of over 20 employees. The company has raised a US$2.5 million seed funding round from VCs and angel investors.

Serving clients from a wide range of industries, from healthcare to aviation, Pantas collaborates with both local and international partners such as Huawei, Solarvest, Safetruck, SOLS Energy and more, to offer smart bespoke decarbonisation solutions to businesses looking to manage their emissions.

Also Read: Why Quest Ventures believes that the human-centricity of ESG investing will be more apparent

The following is an edited excerpt of our interview with it.

Please tell us about your product development process and how you developed this solution.

In developing our solution at Pantas, we recognised a significant gap in the market, particularly in SEA, where businesses grappled with the challenges of carbon emission management and disclosure. The prevalent reliance on manual processes not only introduced risks of human error, misreporting, and potential greenwashing but also hindered companies’ ability to manage and communicate their decarbonisation efforts effectively.

Motivated by the urgent need for a more efficient, accurate, and user-friendly approach, we set out to innovate a solution that would alleviate these pain points. Our product development was driven by a deep understanding of the complexities involved in carbon management and a commitment to empowering businesses to meet and exceed regulatory and stakeholder expectations.

Through leveraging advanced technology, Pantas developed a platform that transforms the arduous task of measuring carbon emissions, recommends smart decarbonisation strategies from ecosystem partners, and facilitates access to specialised financing options through its network of banking partners. This end-to-end experience enables our clients to lead with confidence in their sustainability initiatives whilst promoting operational efficiency and building long-term resilience.

Who are your users? How do you acquire them?

Our clients are large enterprises/listed companies whose regulators or customers mandate disclosure and reduction of their carbon footprint. With the rise of global climate regulations like the International Sustainability Standards Board (ISSB) under IFRS and stringent EU regulations (such as the EU’s Carbon Border Adjust Mechanism), the number of disclosures impacting these companies is growing.

At Pantas, we respond to this need by offering a customised carbon management and ESG platform designed to streamline the tracking, management, and reporting process, ensuring our clients comply with these regulations and lead in corporate environmental responsibility.

Also Read: How STACS aim to help businesses comply with ESG regulations with its ESGpedia tool

What is your revenue model? How do you balance between creating an impact and making a profit?

Pantas operates on a Software as a Service (SaaS) model, where clients subscribe to our solutions on a yearly basis. The subscription includes our cutting-edge management platform and includes added features/services such as API integration with ERP systems, tailored decarbonisation strategies, and access to financing through its network of banking partners.

As part of the offering, Pantas provides its clients with a white-glove service where the solution will be customised to meet each client’s unique needs.

Our revenue model is designed to align our success with that of our clients; we view ourselves as a software provider and a committed partner in their sustainability journey.

Can you tell us about how the Central Bank of Malaysia partnership came to be?

The partnership between Pantas and BNM for the GVC Programme was initiated at a crucial time when global awareness and regulations focusing on supply chain emissions (such as EU’s CBAM) were on the rise.

Given the complexity of measuring and managing supply chain emissions, an end-to-end solution was needed to achieve GVC’s goal effectively. As a result, the programme includes the relevant capacity building, technical advisories, a simplified carbon management and ESG platform from Pantas, and sustainability-linked financing for SMEs, where SMEs benefit from reduced financing rates upon achieving carbon reduction targets.

What is your major plan for 2024?

In 2024, we are focusing on expanding our business with a strong emphasis on international growth, particularly in Thailand, where we have hired local expertise to serve the Thai market better.

Also Read: For startups, embracing ESG focus is a sure-fire way to secure corporate success

In addition, we are deepening our collaborations with new and existing decarbonisation partners, especially in renewable energy, waste management, and Battery Energy Storage Systems (BESS).

Furthermore, we are strengthening our engagement with financial institutions to promote and facilitate sustainable finance across the region more effectively.

For Pantas, 2024 is poised to be a year of leveraging strategic partnerships, fostering innovation, and championing sustainable practices as we aim to expand our footprint both locally and internationally.

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Image Credit: Pantas

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As founders, is any topic more top of mind these days than AI?

Here on e27, it certainly doesn’t seem that way, with recent reports from fellow contributors on artificial intelligence in the context of anything from productivity to mental health. 

Some of the work done in the region is even hitting the world stage, like Vietnam’s ELSA Speak landing a spot in the Top 30 Generative AI tools.

But another side of AI is seeing less discussion: the potential massive displacement that AI could bring about.

And when I say massive, I mean massive.

In a recent report, the International Monetary Fund warned that artificial intelligence could affect nearly 40 per cent of jobs worldwide. 

On the one hand, this means the potential for companies to do more with less. 

But what does this mean for our jobs and that of our teams?

Let’s dive in.

Why AI has been on the rise 

First of all, why is AI adoption progressing so quickly, especially in startups?

The answer is (as always) in the numbers.

According to Bain, AI makes work up to 41 per cent faster. 

Indeed, 81 per cent of Generative AI users we polled said they’re already more productive thanks to Generative AI.

As the research shows, AI helps them automate Email and Communication (50 per cent), Data Analysis and Reporting (45 per cent), and Research (42 per cent).

Early Copilot users agreed in a study that its maker, Microsoft, recently released and largely said they would never want to go back to a work-life without AI. 

As startup founders looking at how to manage our time and resources best in 2024, it’s hard to say no to those kinds of productivity gains. 

The one-person unicorn

But it goes further than that. 

If Generative AI continues its high velocity of capacity and capability improvements, we can do more and more without needing to hire large teams.

Also Read: AI and ethics in digital marketing: Building trust in the tech era

Just look at the next generation of ChatGPT.

In an interview with Bill Gates, Sam Altman shared how ChatGPT 5 will be immensely more powerful, with stronger reasoning skills and vastly improved reliability. 

OpenAI will also add video as one of its ‘models,’ allowing ChatGPT to become an integrated companion in how we live and work in 2024.

More recently, Sam Altman shared how all these improvements will eventually lead to someone creating a one-person unicorn.

This aligns with one of my 2024 Predictions and builds on previous insights from Ben Parr of Octane AI. In a podcast interview, he said, “People are realising how much of their companies they could automate. I believe that there will be a billion-dollar company built in the next five-ish years that has one to three people at the top because you can automate almost everything else. It’s going to happen.”

NFX’s James Currier explains how this may sound far-fetched but how it’s actually very possible, “They will be able to develop software faster and better with AI dev co-pilots. Run sales prospecting, qualifying, and outreach with AI automated systems. Run marketing campaigns with AI optimisations.

Run AI customer service and success faster and with higher quality. Run accounting and legal cheaper and faster. Run analytics with more detail, less fuss, and better results. Set up self-healing data pipelines. Set up automated workflows. File taxes and other government requirements. All with AI.”

While we are far from a unicorn, we transitioned to this kind of team last year, focusing on a small group of high-performing team members who use AI daily to create exponential outcomes.

This helps us stay agile and innovate quickly, while as a company, we benefit from reduced overhead – from payroll to employee engagement costs.

How AI will drive job losses in the region

Whether you aim for a 1-3 person unicorn or not, it’s clear that AI will lead to job losses, including in our region. 

In their report “Gen-AI: Artificial Intelligence and the Future of Work,” the IMF predicts that 40 per cent of jobs will be affected by AI. 

Also Read: AI transforming LinkedIn content: Our custom GPT journey

The researchers highlight that AI can perform tasks that usually require human brain power, like processing language, recognising patterns, and making decisions. Many jobs could become redundant as AI improves at taking over our work.  

A second report by Goldman Sachs pegs the number lower at 18% of full-time jobs globally but still at an incredible 300 million roles. 

It lists Hong Kong and Singapore as most affected in the APAC region, with developing markets like Vietnam (where I am based) impacted less, and later, due to lower labour costs, there is less pressure to automate jobs.

Examples of jobs popular in the region that AI could replace are:

• Coders: Software companies and “dev shops” lead AI adoption, with tools like GitHub co-pilot and screenshot-to-code improving coders’ productivity. Consequently, 94 per cent of engineers say AI already leads to lower salaries. As I shared with CNBC, “Even the best engineers will be valuable until they are not.” 
• Customer service: A huge market in The Phillippines, AI-powered customer service is revolutionising the industry, providing quick and accurate responses at a much lower cost and boosting the performance of less skilled employees by up to 35 per cent. 
• Designers. The progress of image-generating tools in just one year is astonishing. It’s not hard to imagine that AI can produce anything you want, cutting out the need for a designer in most cases. The data agrees: right after ChatGPT-4 launched, freelance designer’s rates fell by over 10 per cent. 

Of course, not all jobs will be affected. 

While AI will replace many jobs, especially those with administrative and legal tasks, building maintenance, construction, food services, and personal care roles will be less impacted, according to the Goldman Sachs report.

The bottom line

AI has truly transformed the workplace by 2024 and is set to disrupt work even further.

With 81 per cent of users reporting increased productivity and Bain estimating up to 41 per cent faster task completion, AI will be undeniably attractive for employees and employers – there’s no stopping it. 

For startups, especially in higher-income markets in the region, this means an opportunity – and likely a mandate – to reduce the number of roles and tasks that machines can perform.

Not only does this help the bottom line, but it also helps people focus on the things humans are uniquely capable of and which are more rewarding than emailing, analysis, and reporting.

As AI evolves, especially towards AGI, and replaces more human skills and even full roles, its impacts will be more worrisome. 

This is a future we all need to be ready for – and smart leaders prepare for today.

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In the developed regions of the Asia-Pacific (APAC), financial inclusion tells a tale of success; in Japan, 98 per cent of adults aged 15 and above have financial accounts, while South Korea boasts a 95 per cent banking service penetration among the same demographic. 

Southeast Asia (SEA) is also experiencing robust growth. According to the e-Conomy SEA Report by Google, Temasek, and Bain & Company, SEA’s digital economy is expected to reach approximately US$360 billion by 2025.

Amidst this growth, a dynamic narrative is unfolding where younger investors are leading the burgeoning economy of digital finance.

Demand drivers for financial opportunities

The technological transformation of SEA is driven by a highly adaptable, digitally savvy youth. This is evident in their preference for mobile channels, particularly in mobile banking. A study by IT security company Entrust revealed that in SEA, mobile banking usage through apps is notably high, with 65 per cent and 71 per cent of respondents in Singapore and Indonesia, respectively, using these tools predominantly to manage their finances.

Also Read: Leveraging AI and ML in supply chain management for smarter decision making 

Reflecting on this transformation, an EY Singapore report emphasizes, “In 2024, Southeast Asia’s financial services sector will see the profound impact of emerging technologies and strategic innovation. The sector will increasingly be characterised by instant cross-border payments, embedded finance, and core banking modernisation.”​

Besides core financial services, SEA has experienced the rise of novel finance apps and new methods of generating online income. For instance, the play-to-earn model of Axie Infinity gained significant traction in the Philippines, where it became an alternative income source during the pandemic-induced unemployment surge.

However, the rapid growth and popularity of such platforms also highlight critical flaws, including a significant gap in financial knowledge and economic sustainability. The volatility of Axie Infinity, for instance, has sparked debates about the long-term viability of play-to-earn models, raising concerns about players being able to generate sustainable long-term revenue.

While acknowledging the novel efforts of gamified fintech models, innovations are stepping in to offer simplified, accessible entry points into the world of fintech — especially trading and investments. 

Copy trading platforms, for example, allow novice traders to enter the trading space even with little knowledge of trading. New entrants can copy the strategies of seasoned traders and emulate successful trading strategies. 

“Conventional copy trading has apparent benefits for novice users. However, the shortcomings often outweigh the benefits — the technical inefficiencies associated with this model lead to varying results for the copiers. The leading traders’ results will always be different than the copiers’, making it an ineffective tool for portfolio management,” says Bartolome R. Bordallo, Co-Founder and CEO of Zignaly.

AI’s revolutionary impact on fintech

For fintech, the role of artificial intelligence (AI) and machine learning (ML) are pivotal in democratising access to financial services. These technologies simplify complex market dynamics and provide users with in-depth analytics and critical insights that were once exclusive to institutions and professionals.

Social investment platforms, for instance, use AI extensively to enhance tools for retail users. AI’s ability to process information from large data sets makes it a great ally in the trading industry. It can help recommend stocks, predict market movements, optimise portfolios, automate risk management, and manage trading bots. 

Also Read: Navigating the gender divide in the Southeast Asia’s fintech landscape

Another example is the use of AI-powered algorithms like Zignaly’s Z-Score, which analyses data from over 22 million trades. The algorithm evaluates trader performances based on factors like risk, profitability, asset diversity, and management efficiency, ensuring that highly qualified traders are curated through smart algorithms. 

“In Southeast Asia, where the fintech industry continues to grow rapidly, the adoption of AI and ML is especially strong. With the help of new technologies, companies can provide more convenient and affordable services, improve the speed of processing requests, and increase their level of security,” states Natalia Ishchenko, CEO of UnaFinancial. 

With fairness in mind, AI-driven profit-sharing models ensure consistent outcomes for all participants, enabling users to securely delegate their funds to qualified traders through a pooled fund management approach.

Asia’s financial trajectory

As the fintech industry continues to evolve, the emergence of profit-sharing models and user-friendly trading platforms is making professional-grade financial tools available to the mainstream. Furthermore, the integration of AI is democratising algorithmic trading, making sophisticated trading strategies more accessible, affordable and tailored to individual preferences.

The availability of retail-friendly platforms tailored for Asia’s digitally savvy investor base also creates a clear incentive for fund managers to deploy high-quality, successful trading strategies. For platforms like Zignaly, this model has successfully onboarded 500,000 users to connect with over 150 veteran fund managers, who collectively managed US$125 million in digital assets. 

Financial tools are becoming not just sophisticated with AI but also more attuned to the diverse needs of Asia’s growing investor base, elevating the standards of mainstream fintech.

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The role of operators with deep industry experience has become increasingly pivotal in steering investments toward long-term success. As we delve into sectors as diverse as agritech, biotechnology, and edutech, it’s clear that the nuanced understanding and hands-on expertise of seasoned operators can significantly enhance the value and impact of investment decisions.

NewCampus serves as an example within the education sector, illustrating how operator-led investors can drive transformative change in the way we learn and grow. Education companies who join our Animoca and Binance-backed accelerator benefit immensely from the involvement of operators who possess a deep understanding of educational pedagogies, digital learning platforms, and the evolving needs of the global workforce. 

From expertise to investing

We’re not alone. Take, for example, the agritech sector, where companies are harnessing cutting-edge technologies to revolutionise farming practices, enhance crop yield, and address pressing global food security challenges.

In this context, operators with a profound grasp of agricultural sciences, supply chain logistics, and the unique challenges faced by farmers can offer invaluable insights. They not only identify promising investment opportunities but also actively contribute to the strategic direction and operational excellence of these ventures, ensuring that innovations are both practical and scalable.

Also Read: How to launch collaborations that grow communities: A guide for Web3 founders

Companies like Verqor and Arado have made significant strides, not only in advancing agricultural technologies but also in venturing into investing in other companies within their verticals.

Verqor, for instance, has disrupted the agricultural sector with its platform that provides farmers with cashless credits for purchasing supplies and technology, utilising alternative data-driven credit scoring criteria to achieve financial inclusion and technification of fields​

Similarly, in the biotechnology realm, where the stakes involve breakthrough medical treatments and life-saving therapies, the importance of operator expertise cannot be overstated. Operators with a background in life sciences, clinical research, and pharmaceutical development bring a critical eye to investment decisions, ensuring that resources are channelled into ventures with solid scientific foundations and genuine potential to impact healthcare outcomes.

Their expertise is crucial in navigating the complex regulatory landscapes, clinical trial processes, and market dynamics that define the biotech industry.

There are also notable examples of individuals who have seamlessly transitioned from being operators with deep scientific expertise to investors and entrepreneurs, significantly impacting healthcare outcomes through their ventures.

One such individual is Jorge Conde, a General Partner at Andreessen Horowitz, who leads investments at the intersection of biology, computer science, and engineering. Conde’s background in genomics, immuno-oncology, and computational biology, combined with his experience in venture capital, exemplifies the crucial role that operator expertise plays in driving biotech innovations from concept to market.

The integral role of operators

The involvement of experienced operators in the investment process brings a multitude of advantages. Firstly, their industry-specific knowledge enables them to conduct more thorough due diligence, identifying not only the strengths and potential of startups but also the risks and challenges that lie ahead.

Secondly, operators often bring a robust network of industry contacts, opening doors to strategic partnerships, talent acquisition, and market opportunities that can accelerate growth. Lastly, their practical experience equips them to provide hands-on mentorship to founders and leadership teams, guiding them through critical growth phases and operational hurdles.

Also Read: What founders need to know about creating a cap table

Operators act as the bridge between visionary ideas and their tangible realization in the market. They ensure that investments are not merely transactions but strategic engagements that nurture innovation, drive sustainable growth, and ultimately contribute to the greater good.

As we continue to explore and invest in emerging technologies and sectors, the role of operators as stewards of long-term value creation becomes increasingly vital. Their insights and expertise not only enhance the probability of success for individual ventures but also contribute to the broader ecosystem, fostering a culture of innovation that is grounded in practicality, sustainability, and impact.

Moving forward

As we navigate the complexities of the modern business landscape, let us spotlight the role of operators in investment decisions. By leveraging their experience and insights, we can ensure that our investments go beyond mere financial returns, driving meaningful progress and innovation across industries.

Whether it’s transforming agriculture, advancing medical science, or reimagining education, the wisdom of seasoned operators will undoubtedly be a key catalyst for change and growth in the years to come.

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AI is a divisive topic today. Ask a room full of people, and you will find yourself speaking to two distinct camps. A 2023 Gartner survey of finance leaders found that 39 per cent of organisations are already using AI or machine learning tools, with 32 per cent reporting uncertainty or having no plans in place to do so. 

Why? Beyond the ethical debates, it boils down to how and why we use AI. At Flexxon, we utilise AI holistically and build this around three key aspects: to enhance productivity, empower customers to be a part of the process, and elevate cybersecurity standards in our products and services.

Implementing AI-powered solutions is not a matter of jumping on a trend and trying to impress customers — it is about the value that it brings to processes and outcomes. At the basic level, it must have the ability to automate, enhance decision-making, and ultimately increase productivity and efficiency. 

With this in mind, we implemented an AI innovation challenge for all departments within Flexxon that commenced in Q4 2023 for this exact purpose.

You must practice what you preach 

Prior to rolling this out officially across the company, the management team conducted a sandbox trial of our own. Researching, testing, and rooting out AI tools that served us well.

As a CEO with days packed full of meetings across multiple timezones, I sought tools that not only accurately but also intuitively helped me log the discussions and action points of my meetings. I knew even before I began that this would not be an easy pick, but perhaps not the full magnitude of how many options I would need to test before finding a useful AI-powered meeting assistant. 

Also Read: AI transforming LinkedIn content: Our custom GPT journey

I went through more than five different AI meeting assistants, some much more capable than others. The list includes the usual suspects when Googling “Top AI Meeting assistants”, such as Otter, Fathom, Read, etc. What did I learn? Not all tools are created equal, and other mitigating factors include the level of customisation, ease of integration into other workflows and software, and user-friendliness.

Naturally, this meant that when rolling out the company-wide initiative, I knew that it would be a journey of trial and error — and perseverance.

For SMEs in particular, the main challenges faced when implementing AI solutions in a business include cost assessments, balancing free and paid options, and ease of integration with existing systems. This must then be followed by a period of implementation to analyse and assess the value it brings to the company, employees and customers. 

I believe these are necessary amounts of friction to reap the benefits of truly valuable AI solutions that can augment our existing processes for the better.

Understand that there are no shortcuts, no one-size-fits-all solutions

Getting started is usually the biggest hurdle. Overcoming the inertia of “how we’ve always done it” towards exploring unfamiliar solutions that require a shift in processes. That’s why we decided to introduce our AI challenge at the department level, to ensure each team had the support within their departments while also allowing them to distil their pain points to translate this into a tangible hunt for a solution. 

Nine departments in total are currently a part of the programme, from finance and HR to sales and marketing, IT and R&D. Applying tools that assist with automation, predictive analytics, customer service, content generation, and more. 

Before launching this initiative, many departments and individual employees had already been dabbling in AI tools to better their work processes. However, officialising it provided an added incentive to properly analyse, troubleshoot, and extend any useful practices for fellow colleagues to consider as well.

Noticeably, even before officially trialling these new tools, this initiative has organically led to a push for employees to think outside the box and question how certain processes can be enhanced through AI solutions. Even long-standing ones. 

For instance, our product team has moved from manually creating training videos and certifications on separate platforms to integrating AI-generated videos and certification programmes into one end-to-end platform. Not only does it save them time and effort, but it also enhances the data collection and analysis portion of their work.

Also Read: AI, the era of the 1-person unicorn (and massive job losses)

This is just the beginning of this initiative, and I am personally excited to hear from the team on how each of their projects is panning out over the next two months!

Moving forward with AI 

Looking beyond that foundational level of AI implementation, we should be able to tap into the technology to create personalised experiences, scale business opportunities, and create seamless end-to-end processes that empower teams to perform better and happier.

Of course, in the case of our actual cybersecurity products and solutions, the right usage of AI can revolutionise an entire industry. We tap on AI to strengthen cybersecurity capabilities, and this amazing technology allows us to break new ground in an industry that greatly requires effective innovation. 

Other areas I am currently exploring in business operations include enhanced logistics and fulfilment procedures, human capital management, etc. In fact, I’m still not 100 per cent settled on my choice of AI meeting assistant because I believe there are always options for upgrades out there.

Ideas are turning into AI-powered solutions every day, so an important part of AI implementation for individuals and businesses is to keep an open mind and maintain flexibility in finding the best solutions to address your unique needs.

My simple rule for extracting true impact from AI usage is that AI for content generation is not enough; make it integrated, end-to-end.

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