Dear reader,

SoftBank’s rollercoaster ride seems to have found a thrilling upswing, thanks largely to its chip design subsidiary, Arm. After suffering a substantial setback with a US$6.2 billion loss tied to WeWork and other ventures, SoftBank’s fortunes have dramatically improved. Arm’s recent blockbuster performance, exceeding revenue and earnings expectations, has injected optimism into SoftBank’s investment portfolio.

Arm’s success is propelled by the booming demand for AI technology. With major players like Microsoft and Amazon deploying custom-designed Arm chips, the company stands at the forefront of the AI revolution. As the market for tailored AI chips expands, Arm anticipates a surge in direct sales, translating into higher royalty revenues.

This success story couldn’t come at a better time for SoftBank, especially amidst challenging US-China relations impacting its investments in crucial Asian markets. Buoyed by Arm’s stellar performance, SoftBank’s Vision Fund has notched its first quarterly profit in four consecutive losses, marking a significant turnaround.

Looking ahead, SoftBank faces a pivotal decision on whether to capitalise on its Arm shares or maintain its position. The outcome will likely hinge on the continued momentum of the AI market. As technology continues to evolve, SoftBank’s strategic moves will be closely watched in the ever-changing landscape of investment and innovation.

Sainul,
Editor.

—

NEWS

Arm’s gains are SoftBank’s gains
Buoyed by Arm, SoftBank’s Vision Fund posted its first quarterly profit after four straight losses and its biggest gain in nearly three years: US$4B. US shares in SoftBank were up 17% following the company’s earnings report, largely on news of Arm’s cheery quarter.

Startup funding in SEA sees a 44% monthly drop in January: Tracxn
Of the 31 deals, 17 were seed-stage deals and 13 early-stage ones; Silicon Box topped the funding chart with a US$200M investment, followed by Motorist (US$60M), Sygnum (US$40M), and Be Group (US$31.2M).

Singapore AI fintech funding grows in H2 2023 despite global decline
Funding for the subsector in the city-state reached over US$333M in H2 2023, a jump of 77% from US$148M in H1 of the same year; There were a total of 24 investment deals for Singapore AI fintech firms throughout the whole year.

Tether, Solana co-founder back Oobit’s US$25M Series A round
Oobit provides a gateway to spending cryptocurrencies in traditional commerce settings; It plans will use the funds to expand into Latin America, the UAE, the Asia-Pacific, Canada, and Australia.

Incomlend acquires LC Lite to reach crypto, fiat investors
The merger will empower Incomlend to operate through a new fintech platform, reaching crypto and fiat investors through trade finance as it looks to accelerate its expansion in the Middle East.

Sea Group’s MariBank crosses US$149M AUM for investment account
MariBank, which launched its services in March last year on an invite-only basis, is Singapore’s third digital-native bank. It offers personal savings accounts, business accounts, and business loan products.

Alibaba reports slower growth in core businesses amid rising competition
Alibaba missed Q3 revenue expectations, as the tech giant’s e-commerce and cloud-computing businesses remained sluggish due to increased competition from Pinduoduo and weak consumer sentiment at home.

Thailand removes crypto trading tax in bid to be digital asset hub
Previously, crypto and digital token trading activities were subject to a 7% VAT; The latest development also adds to an existing policy exempting VAT for crypto transfers to a third party, which came into effect last May.

MediConCen bags US$6.85M to take its AI-powered insurtech platform to SEA
Investors are HSBC Asset Management, G&M Capital, ParticleX, and Wings Capital; MediConCen utilises Hyperledger blockchain technology to provide clients with an automatic experience in insurance claims.

Singapore-based Web3 startup Startale Labs nets US$3.5M funding
Investors include UVM Signum Blockchain Fund, Sony Network, and Samsung Next Ventures; Startale Labs specialises in Web3 infrastructure development; It creates core infra and applications for Web3 that is integrated onto the Astar Network blockchain.

Cento Ventures invests in digital procurement platform Doxa
The company plans to utilise the funds to expand into Malaysia; Primarily targeting the construction industry, Doxa’s procure-to-pay platform, Doxa Connex, provides a clear trail of the transactions that occurred.

East Ventures co-launches emissions calculator for Indonesian companies
Ecovisea gauges emissions in three domains: emissions from company-owned sources, those from purchased energy, and indirect emissions from other parts of a company’s value chain; It uses emission factor information from Climatiq, a carbon calculation platform.

Indian central bank defends ‘proportionate’ action on Paytm
The Reserve Bank of India widened its curbs on Paytm’s Payments Bank, barring it from offering many banking services, including accepting fresh deposits and credit transactions across its services.

CONTRIBUTORY POSTS

SaaS revolutionises finance: From streamlining to AI integration
SaaS solutions are only being constantly upgraded to enhance productivity and efficiency in delivering financial services.

Cross-border payments: Can incumbent banks compete with fintechs in Asia?
Those who embrace next-gen technologies and allow evolution in the way they operate will be able to win the cross-border payments battle against fintechs.

Learning from history: Safeguarding crypto in 2024 and beyond
In 2024, it’s vital to glean lessons from 2023 exploits and underscore preventive measures to avert future occurrences.

Operators turned investors: Navigating the shift to startup investing
As we navigate the complexities of the modern business landscape, let us spotlight the role of operators in investment decisions.

Unlocking Southeast Asia’s financial potential with AI-powered fintech
Besides core financial services, SEA has experienced the rise of novel finance apps and new methods of generating online income.

How to become a Thought Leader with the e27 Contributor Programme
This is your one-stop guide to learn more about being a thought leader –and nurture that writer hidden in you.

FEATURES

Why is The Parentinc aggressively venturing into offline spaces?
The Parentinc doesn’t rule out an IPO within the next three years, but at this point, it brings the retail tech footprint into other markets in SEA.

How Twitter’s descent into chaos is paving the way for a new web
The changes at X have been swift and troublesome, leading to a flurry of activity in the social sphere as X alternatives emerged; But now there’s too much of a good thing.

How Alterno’s vision is changing the energy landscape with sand batteries
Alterno’s innovative sand battery technology is shaping the green energy sector, contributing to a more sustainable future.

AC Ventures: Indonesian startups seem “well-positioned” for this shift
According to Adrian Li of AC Ventures, In response to the growing emphasis on ESG considerations among investors, Indonesian startups are gearing up for a more mature and resilient ecosystem.

Auptimate facilitates US$40M raised across 70 syndicates, SPVs
Auptimate is an online platform that aims to help angel syndicates, founders, and fund managers set up and operate SPVs and Syndicates.

ARCHIVES

Beyond Singapore and Indonesia, SEA startups are working their way out of global crises
Singapore and Indonesia continue to top startup funding list despite ongoing slowdown. What does this mean for the rest?

Be open about ways to grow and expand your skills: Cheryl Liew of MHV
Focus on your core skill sets and where you can add value to an organisation, says the Head of Talent at Monk’s Hill Ventures.

Navigating the capital winter: Strategies for successful fundraising in a slow market
As the capital winter could be prolonged, it is time for the founder to know how to survive and sustain longer and wisely.

Rethinking venture capital: 5 ways it goes beyond investing
Venture capital is a dynamic and constantly evolving industry that requires a deep understanding of both the market and the companies being invested in.

Decoding the definition of a startup from an investor’s point of view
Only a company that will be able to exit (realise profits by selling stocks as an investment) through increasing its corporate value due to rapid growth is a startup.

—-

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: SoftBank on the upswing | AI fintech funding in SG grows in H2 appeared first on e27.

Despite efforts to improve web accessibility, many websites still fall short of catering to the needs of people with disabilities. According to the WebAIM Million study conducted in 2021, which analysed the top one million homepages, a staggering 97.4 per cent had detectable accessibility issues, highlighting the ongoing challenges in ensuring inclusivity online.

Impact startup Rayo believes everyone should have equal digital accessibility, regardless of age, gender, race, and conditions. Headquartered in Vietnam and incubated by Antler, the company positions itself as the first AI-powered solution for enhancing global website accessibility.

Rayo’s solutions for seamless web accessibility

Learning a new web layout typically takes around 30 minutes for a visually challenged user, which is a considerable amount of time. Recognising the frustration experienced by users, Rayo was created as a co-pilot to make web browsing enjoyable and effortless for individuals with diverse disabilities.

In contrast to existing solutions that either adopt a one-size-fits-all strategy or focus solely on specific disabilities, Rayo provides advanced personalisation. Its approach involves the creation of in-depth user profiles, customisation of skill enhancements, and prediction of user behaviour, all while ensuring data security and privacy through end-to-end encryption.

Here’s Rayo’s suite of features aimed at enhancing user accessibility and streamlining web browsing experiences:

• Its keyboard-centric interface, screen reader compatibility, and voice command functionalities enable users to navigate websites effortlessly in seconds.
• Rayo empowers users to optimise their input with chart and image readers and auto-generative alt-text content.
• Through Rayo’s integrated AI assistant, users can condense lengthy text into concise bullet points and seamlessly complete straightforward tasks.

“Through a conversation with a college friend who, coincidentally, was a blind software engineer at Apple Singapore, I discovered the web accessibility issues and decided to pursue the problem. Interestingly, it was a few months later that I realised I had ADHD, which further fuelled my desire to make a meaningful impact in the disability community through Rayo,” said Tran Khanh Dung, Rayo’s Founder and CEO.

Also Read: Inclusion matters: How GitHub enhances accessibility for individuals with disabilities

Rayo provided its Alpha version to 10 blind and low-vision testers in Vietnam and Singapore in March 2023, with plans for a launch later this year.

Impactful approach to inclusivity and revenue

Rayo’s solution empowers individuals with disabilities, creating an inclusive digital space that enhances their online experience, promotes independence, and boosts productivity. “Our extensive network of non-profit organisations, educational partners, and businesses amplifies their benefits by providing better access to education and job opportunities. Moreover, our solution extends its advantages to organisations like schools and businesses committed to enhancing their accessibility and diversity initiatives,” Dung adds.

The company operates on a freemium B2C model, offering users with visual impairments and neurodivergence access to basic features at no cost. Their premium version, available for as low as US$3.99 per month, grants access to advanced features and customisation options.

Dung stated, “Key elements fostering financial sustainability include global affordability in underserved markets, rising employment for people with disabilities, thus improving their living standards, and strategic stakeholder engagement — particularly with non-profits and advocates — to expand the user base with minimal expenses and unlock revenue streams. Our focus spans beyond profit; it’s about driving positive societal impact and advancing tech innovation for humanity, particularly the underrepresented disability community.”

Growth trajectory and vision for the future

In 2023, the firm secured the initial investment from Antler and won startup competition prizes totalling US$127,000. It is currently raising US$820,000 in pre-seed funding to support product development, key hires, and its go-to-market strategy.

Also Read: How Alternō’s vision is changing the energy landscape with sand batteries

Dung added, “Our goal is to become the leading Accessibility Tech provider in Asia. To achieve this, we see a significant opportunity to introduce our solution to China, one of the largest consumer markets globally, with approximately 85 million people with disabilities — equivalent to the combined populations of the world’s top 10 most populous countries!

Furthermore, we are dedicated to advancing our product, fostering education and advocacy through partnerships and social channels, attaining financial sustainability while maintaining affordability for our end users, and making a tangible impact on the United Nations’ Sustainable Development Goals.”

As the tech sector increasingly prioritises sustainability and social impact, Rayo’s mission of enhancing website accessibility closely corresponds with these evolving trends. This alignment has positioned the company to attract potential partnerships and funding from organisations and investors committed to social responsibility. With advancements in AI driving innovation, Rayo is well-positioned to make a significant difference in fostering inclusivity and positive societal change through accessible technology solutions.

You can join the waitlist for Rayo’s beta version by signing up here.

—

Fundraising or preparing your startup for fundraising? Build your investor network, search from 400+ SEA investors on e27, and get connected or get insights regarding fundraising. Try e27 Pro for free today.

Image credit: Rayo

The post Rayo: Transforming web accessibility worries into confidence for people with disabilities appeared first on e27.

This week’s fintech headlines showcase major acquisitions, investments, and funding rounds shaping the global financial landscape.

Incomlend acquires LC Lite

Singapore-based global invoice financing marketplace Incomlend acquired LC Lite, a specialised Web3-powered trade finance marketplace, for an undisclosed amount.

The merger will empower Incomlend to operate through a new fintech platform, reaching crypto and fiat investors through trade finance as it looks to accelerate its expansion in the Middle East. The deal will also enable the fintech firm to bring a fresh offering of Web3 technology to its platform, creating a new asset class.

Investors will have access to both platforms, which will coexist and continue to offer their own standalone fintech solutions. The firm plans to expand the fintech platform to support stablecoins transactions in the future.

Oobit bags US$25M in Series A

Singapore-based crypto payment app Oobit concluded its US$25 million Series A investment round.

The backers in this round include the investment arm of USDT parent company Tether, CMCC Global’s Titan Fund, 468 Capital, and Solana co-founder Anatoly Yakovenko.

The startup plans to use the funds to expand into Latin America, the UAE, the Asia-Pacific, Canada, and Australia beyond its primary markets in the European Union and the UK.

Also Read: ChargeSini aims to revolutionise Malaysia’s EV landscape with smart charging solutions

Oobit provides a gateway to spending cryptocurrencies in traditional commerce settings. Consumers pay with crypto, but merchants receive fiat money, like a typical credit card transaction.

MediConCen scores US$6.85M in Series A

Hong Kong-based MediConCen, a startup automating insurance claims using AI and blockchain, has raised US$6.85 million in its latest Series A round.

HSBC Asset Management led this round, with support from existing investors G&M Capital and ParticleX and new investor Wings Capital Ventures.

This brings MediConCen’s total raise to US$12.7 million.

The capital will be used to expand into the Middle East and Southeast Asia.

Doxa raises funding from Cento Ventures

Doxa Holdings, a Singapore-based fintech startup providing a digital procurement platform for the supply chain space, secured undisclosed funding from Cento Ventures.

The company plans to utilise the funds to expand into Malaysia.

Founded in 2019 by Edmund Ng, Leon Yeo, and Henry Kwan, Doxa helps connect and digitalise the workflow of buyers, suppliers, and financiers through its enterprise platform Doxa Connex. It also creates a single source of truth within a secure system architecture, enabling data authenticity and data analytics and helping buyers to trade seamlessly and financiers to assess and qualify financing.

Startup funding in SEA sees a 44% drop in Jan

Southeast Asian startups secured US$439 million in venture funding across 31 rounds in January 2024, a 43.65 per cent drop from December 2023 but a 107.1 per cent jump over January last year, according to a report by startup research platform Tracxn.

Of the 31 rounds, 17 were seed-stage deals and 13 early-stage ones.

Silicon Box topped the chart with a US$200 million investment, followed by Motorist (US$60 million), Sygnum (US$40 million), Be Group (US$31.2 million), and FlyORO (US$16 million).

—

The post Fintech power moves: Incomlend acquires LC Lite, Oobit raises US$25M, MediConCen nets US$6.85M appeared first on e27.

The global thermal energy storage market size reached US$6.3 billion in 2022. According to IMARC Group, the market is projected to expand to US$11.5 billion by 2028, with a compound annual growth rate (CAGR) of 10 per cent from 2023 to 2028.

The market is expanding due to increased demand for energy efficiency and sustainability, driven by the growing adoption of renewable energy sources like solar and wind power. Thermal energy storage (TES) systems play a vital role in this by storing excess energy from peak periods and releasing it when demand spikes, thus improving grid stability and reliability.

Amidst this trend, Alternō, a climate tech startup based in Vietnam, stands out as a significant player dedicated to reducing carbon emissions and generating revenue through the decarbonization of industrial and building heating systems.

Innovating energy storage: The Alternō Air solution and founding journey

Alternō operates in the green energy sector, providing Alternō Air, a Thermal Energy Storage (TES) system powered by sand batteries, which offers a sustainable solution for efficient and eco-friendly energy storage and utilisation.

Alternō Air operates by storing thermal energy in sand, a sustainable and abundant medium. Unlike traditional methods that rely on less efficient or environmentally harmful materials, Alternō’s technology excels in storing excess thermal energy, typically generated from renewable sources like solar or wind power, and releasing it as needed.

The system comprises an insulated container filled with sand embedded with heat transfer pipes. Silicon dioxide, the main component of sand, possesses remarkable heat retention properties, capable of stabilising temperatures up to 1,000 degrees Celsius. During operation, thermal energy stored in the sand is discharged through these pipes, providing heating or cooling solutions.

Also Read: Balancing act: Carbon Balance’s quest to tackle climate crises with tech-driven sustainability

Alternō’s founders Kent Nguyen, Hai Ho, and Nam Nguyen envisioned adapting sand battery technology to meet Vietnam’s energy needs. They explored applications like crop drying, leading to a promising prototype and securing a US$110,000 investment through Antler’s startup incubation program to launch their project.

Ho, who also serves as the company’s Chief Commercial Officer, highlighted, “What sets Alternō Air apart is its novel application of sand as a storage medium, combined with a state-of-the-art heat transfer system. This innovation provides a more cost-effective solution than conventional energy storage systems and significantly reduces carbon emissions. The system’s efficient heat retention capabilities mean that energy can be stored for extended periods, making it a reliable source of renewable energy.”

Empowering sustainability: Alternō’s impact and revenue strategy

Southeast Asia’s focus on sustainable energy solutions due to traditional energy reliance and environmental concerns presents opportunities in climate technology. Alternō stands to benefit from this trend with its technology, aligning with the region’s shift towards greener energy.

Alternō Air’s applications in agriculture and industry revolutionise processes like crop drying, offering a zero-emission alternative for products like tea, coffee, and rice. This ensures sustainable, cost-efficient, and high-quality drying methods, replacing environmentally damaging fossil fuel-based approaches.

Alternō Air also addresses thermal energy management in the industrial sector, particularly benefiting high-energy-demand industries like biotechnology and construction. Its sand battery technology aligns with global efforts to reduce industrial carbon footprints, potentially cutting operational costs while meeting environmental standards.

The firm has secured patents for this unique system, marking it as the world’s first to apply thermal energy storage in zero-emission drying processes.

Ho stated, “Alternō’s revolutionary technology has found a strong foothold in the agricultural sector, with robust demand for sustainable and efficient energy solutions. However, the demand for Alternō’s products currently outstrips supply, underlining the urgent need and market potential for eco-friendly energy solutions. The company is actively working to scale up its production capabilities to meet this increasing demand.”

Also Read: From greenwashing to green living: A guide for startups on sustainable marketing

Alternō employs a three-pronged revenue strategy rooted in a versatile business model generating income through direct sales and deployment of its thermal energy storage systems, supplemented by innovative financial solutions tailored to client needs.

• Sales and deployment: The startup’s primary revenue source is the sale and installation of its Alternō Air systems, targeting agricultural and industrial clients seeking sustainable energy solutions.
• Rent-to-Own Model: To broaden accessibility, Alternō offers a Rent-to-Own model, allowing clients to use its systems by paying a monthly fee of US$1,000, gradually acquiring ownership over time.
• Heat-As-A-Service (HAAS): Alternō provides Heat-As-A-Service, enabling clients to pay for thermal energy usage similar to a utility bill, appealing to those preferring operational expenditure over capital investment.

Funding journey and future plans

Alternō is on track to conclude an oversubscribed seed funding round of US$1 million in Q1 2024, following a pre-seed round, primarily from VC firm Antler, where it transitioned from concept to commercial product within six months. The firm also utilised grants and partnerships from key contributors like JICA, Qualcomm, Temasek Foundation, and P4G Partnerships to strengthen its financial and operational capabilities.

Alternō plans to expand beyond Southeast Asia, targeting regions heavily reliant on fossil fuels to reduce carbon footprints. By 2030, the company aims to achieve a monumental goal of reducing 100 million tons of CO2 emissions, contributing significantly to the global race towards net-zero emissions by 2050. Alongside this environmental target, the company also aims to generate US$100 million in revenue, demonstrating its sustainable solutions’ economic viability and scalability.

The escalating demand for green energy solutions, driven by government incentives and a global push for sustainability, positions Alternō for substantial growth and profitability. Alternō aims to transform the way energy is consumed and managed across multiple sectors.

With the ambitious goal of reducing the 52 per cent of global energy consumption attributed to heating and cooling, the company is poised to become a key player in the global transition towards sustainable energy practices.

—

Fundraising or preparing your startup for fundraising? Build your investor network, search from 400+ SEA investors on e27, and get connected or get insights regarding fundraising. Try e27 Pro for free today.

Image credit: Alternō

The post How Alternō’s vision is changing the energy landscape with sand batteries appeared first on e27.

Amidst swift technological advancements, the dynamics of customer experience are changing at an unparalleled speed. Across the globe, businesses are exploring innovative strategies to maintain a competitive edge, with global cloud communications partner, Vonage, leading the charge in reshaping communications to be more flexible, intelligent, and personal.

Vonage’s fully programmable unified communications, contact centre and conversational commerce applications are built from the Vonage Communications Platform (VCP) allowing for the integration of Video, Voice, Chat, Messaging, AI and Verification into existing products, workflows and systems. VCP enables companies to transform how they communicate, providing the flexibility required to create meaningful engagements.

With their goal of enhancing the customer journey through innovation and tech, Vonage is partnering with e27 to bring you “The Future of Customer Experience: Journeying into Conversational, Personalized, and AI-Driven Engagements” — an event poised to empower everyday customers with a focus on the transformative power of business messaging, conversational AI adoption, and the significant role of WhatsApp in shaping modern customer communications. This event aims to provide actionable insights into the role of emerging technologies in customer engagement, diving deep into the role of AI in personalisation and conversational chatbots.

Also read: Nagoya University transforming from Singapore beyond Six Nobel Laureates

A collaboration between Vonage and e27, the event focuses on the evolving landscape of customer interactions. The Future of Customer Experience: Journeying into Conversational, Personalized, and AI-Driven Engagements delves into the transformative power of business messaging, shedding light on the integral role played by conversational AI adoption in shaping the future of customer engagement.

Moreover, as businesses navigate the complexities of modern communication, the spotlight will be on the influential role of WhatsApp in redefining and streamlining customer communications. Attendees can expect a comprehensive exploration of cutting-edge strategies, innovative technologies, and practical insights that contribute to the seamless integration of conversational, personalised, and AI-driven engagements.

More than an event dedicated to sharing insights, the discussion will focus on actionable knowledge that participants can implement in their own respective organisations.

The panel discussion will not only spotlight the significance of business messaging but also delve into the nuanced adoption of conversational AI, illustrating how these technologies can revolutionise customer interactions. Through its expert-led discussions, participants will gain valuable insights into the strategies and tools necessary to harness the power of tech in bolstering business communication.

The Indonesia landscape: Harnessing AI

In Indonesia, the current state of business messaging reflects a dynamic landscape marked by rapid digital transformation. With a burgeoning population of smartphone users and an increasing reliance on online platforms, businesses recognise the importance of effective communication through messaging channels.

Popular messaging apps such as WhatsApp have become integral to daily life for personal communication and as a primary avenue for customer-business interactions. Companies leverage these platforms to provide instant support, deliver personalised services, and streamline transactions. The embrace of business messaging in Indonesia is not just a trend but a fundamental shift in how enterprises connect with their customers, creating an environment where quick and accessible communication is achievable without breaking the bank.

Also read: Strengthening mental healthcare in Asia through local data that enhances efficacy

WhatsApp has emerged as a central hub for customer interactions, solidifying its status as a preferred communication channel for businesses globally. The platform’s widespread adoption has prompted businesses to strategically integrate AI chatbots across various communication channels within WhatsApp. These chatbots, powered by advanced conversational AI, are revolutionising customer engagement by providing instantaneous responses, personalised recommendations, and streamlined transactional processes. Whether it’s resolving queries, facilitating purchases, or delivering proactive customer support, businesses are leveraging AI chatbots on WhatsApp to enhance efficiency and offer a seamless, 24/7 customer experience. 

Concurrently, Indonesia is experiencing a swift and widespread adoption of conversational AI in business. As businesses in Indonesia embrace this transformative technology, they are not only keeping pace with global trends but also reshaping the customer experience landscape in a nation where digital innovation continues to be a driving force in economic development.

Explore future trends and anticipated developments in the CX landscape for the year 2024, with practical insights on strategic starting points to achieve impactful success.

The importance of hearing it straight from the experts

Discovering the advantages of integrating Conversational and Generative AI into customer engagement through business messaging platforms is pivotal in navigating the evolving landscape of modern communication. By harnessing Conversational AI, businesses can offer instant support, answer queries, and guide users through transactions seamlessly. Generative AI, on the other hand, enables the creation of dynamic and context-aware responses, enhancing the natural flow of conversations.

Generative AI, on the other hand, enables the creation of dynamic and context-aware responses, enhancing the natural flow of conversations. As businesses grapple with a fast-changing market, we must come together and share ideas that can help benefit each other.

Vonage as a catalyst for insight and innovation

With these exciting developments in mind, global cloud communications leader  Vonage hopes to promote tech innovation in ways that enable businesses in Indonesia to connect with their customers better for more meaningful engagement. As such, the event will serve as a deep dive into how companies can strategise their customer engagement efforts not only to fit today’s trends but also to preempt emerging market shifts in the future.

The event will feature stalwarts in customer engagement across the Indonesia business landscape, including Ajay Tawde, Head of Experience at Ogilvy; Yanuar Rezqi, ​Head Of Customer Experience at Kasoem Group; Suzanna Buniardi, Key Account Director at Vonage Indonesia; and Juinita Senduk, Consultant at Bridge Academy Indonesia. Moderating the esteemed panel of experts will be Rio Kiantara, CEO of Advisia Group.

Also read: Empowering businesses: Lalamove’s impact on local enterprises

At the panel discussion, these industry giants will be answering the question of how companies can leverage business messaging in their operations to enhance customer communication and satisfaction. Moreover, the program will shed light on what trends to anticipate and how to strategise in ways that can aid your organisation in adapting swiftly and effectively.

They will be joined by thought leaders and industry insiders who are pushing the boundaries on the possibilities of customer engagement across Indonesia and beyond.

Your perspective matters

Your unique perspective is important to moulding the future of customer experience. We are eager to be joined by you as we delve into the potential of AI in revolutionising customer experience on February 29, 2024, at Pullman Jakarta Indonesia Thamrin CBD.

Join us for an engaging series of discussions that holds the promise of redefining the landscape of customer engagement in Indonesia.

For more information, visit the official event page here.

– –

This article is produced by the e27 team, sponsored by Vonage

We can share your story at e27, too. Engage the Southeast Asian tech ecosystem by bringing your story to the world. Visit us at e27.co/advertise to get started.

The post Vonage to lead customer engagement deep dive in Indonesia appeared first on e27.

Doxa Holdings, a Singapore-based fintech startup providing a digital procurement platform for the supply chain space, has secured undisclosed funding from Cento Ventures.

The company plans to utilise the funds to expand into Malaysia.

Founded in 2019 by Edmund Ng, Leon Yeo, and Henry Kwan, Doxa helps connect and digitalise the workflow of buyers, suppliers, and financiers through its enterprise platform Doxa Connex. It also creates a single source of truth within a secure system architecture, enabling data authenticity and data analytics and helping buyers to trade seamlessly and financiers to assess and qualify financing.

Also Read: Unlocking Southeast Asia’s financial potential with AI-powered fintech

Primarily targeting the construction industry, Doxa Connex provides a clear trail of the transactions that occurred. Such data can provide financial institutions the credibility they need in assessing the creditworthiness of SMEs seeking financing. Only verified invoices can be triggered for financing requests.

“We set out years ago to solve real, present challenges a building contractor faced in Singapore and realised similar challenges exist in other industries such as logistics and healthcare. Hence, we are working on expanding our coverage for new kinds of customers and new geographies,” said CEO Edmund Ng.

Doxa is working with some top-tier contractors in Singapore. In addition, it has also set foot in the Indonesian market, starting with a customer in the healthcare industry.

Through various partnerships formed with Visa and top banks in Singapore, the company is now working on expanding to Malaysia through a collaboration with a key financial institution.

Supply chain financing for SMEs in Southeast Asia typically carries a higher risk due to limited credit data and tools for credit decisioning. This often results in lengthy risk assessment and underwriting processes for most SME financing applications. Considering the construction industry’s supply chain, characterised by a relatively long credit cycle, there is a clear and evident demand for credit financing,” according to Cento Ventures.

Also Read: SaaS revolutionises finance: From streamlining to AI integration

One of the ways to mitigate this challenge is through anchor financing, where SME suppliers and subcontractors monetise their invoices with large buyers and leverage the buyers’ credibility to obtain credit or financing. By digitising the procurement process where every transaction record is verified and recorded, financial institutions could then leverage these transaction data to provide invoice financing to SMEs.

“We invested in Doxa to help address these two challenges faced by SMEs when it comes to digitising their procurement process as well as enhancing their accessibility for credit and financing from financial institutions,” Cento said in a statement. “A digital procurement platform like Doxa is essential for expediting and automating transaction cycles that often occur manually. It is also crucial in tracking and analysing transaction data that are usually inaccessible to lenders — this could greatly improve credit accessibility for the supply chain industry.”

In 2022, Doxa raised US$2.2 million in a pre-Series A round.

—

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 Cento Ventures invests in digital procurement platform for the supply chain space Doxa appeared first on e27.

In January, Indonesia-based AC Ventures announced that it had closed its fifth investment fund, ACV Capital V LP (ACV Fund V), totalling US$210 million.

Having invested in more than 120 companies, with this new fund, AC Ventures wants to add around 25 more companies to its portfolio. It has started deployment and announced funding rounds for companies such as MAKA Motors, Koltiva, Simplus, and Super Mum.

It also aims to seek out more investments in Indonesia in fintech, e-commerce, health tech, MSME enablement, and climate space, with a particular interest in consumer space sectors.

“We continue to believe that the demographics of Indonesia present the strongest investment case for the ASEAN region and that, more than ever, the ecosystem has reached a maturity level ripe for new generations of technology-enabled companies to thrive. We will continue finding the most promising entrepreneurs and businesses to work with and create societal and economic impact,” writes Adrian Li, Founder & Managing Partner of AC Ventures, in an email to e27.

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

To understand more about how the VC firm aims to create an impact through their portfolio companies and Indonesian startups’ standing when meeting ESG-related expectations, check out this edited excerpt of our interview with Li.

What is the most significant trend in the Indonesian startup ecosystem today?

In recent years, the Indonesian venture capital landscape has significantly shifted towards investing in startups with higher-quality business models, emphasising the ability to generate positive cash flow. This trend reflects a maturing market where investors are increasingly looking for businesses that promise high growth and demonstrate a clear path to profitability. This change in investment criteria is a move away from the earlier focus on rapid user growth and market share acquisition, with less immediate concern for revenue and profit.

From a sector standpoint, there is growing interest in startups addressing climate change and sustainability. This reflects a global trend of increasing awareness and concern over environmental issues, but it is particularly pertinent in Indonesia, given its vast natural resources and the challenges it faces in terms of environmental conservation and climate resilience. Startups in renewable energy, waste management, and sustainable agriculture are attracting attention, signalling a shift towards investments that promise financial returns and positive environmental impact.

Additionally, general consumer businesses continue to attract significant interest from venture capital investors. With Indonesia’s large and growing middle class, startups in the e-commerce, fintech, health tech, and edutech sectors are seen as well-positioned to capitalise on the increasing digitalisation of consumer behaviours. These businesses often have clear revenue models and the potential for rapid scalability, making them attractive to investors looking for sustainable growth.

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

This evolution towards more financially sustainable and socially responsible investing reflects a broader understanding within the Indonesian venture capital community that long-term success is driven by more than just rapid growth. It signifies a deeper alignment with global investment trends that prioritise sustainability in business models and the broader impact on society and the environment.

Recently, more and more investors have taken ESG into consideration when assessing potential investments. How do Indonesian startups fare in this matter? Are they ready for this?

In response to the growing emphasis on ESG considerations among investors, Indonesian startups are gearing up for a more mature and resilient ecosystem. Early signs suggest that these startups are well-positioned for the shift.

Early-stage deals are expected to thrive, especially in emerging sectors such as electric vehicles, renewable energy, healthcare, and food and agriculture. Additionally, fintech, commerce, and support for MSMEs remain attractive investment areas.

We have always emphasised the importance of economic and social impact for our portfolio, and to track this, we have adopted ESG tracking for our portfolio from the start of our last fund. Working with IFC as well as using The Upright Project, a tech company based in Helsinki that measures impact according to Northern European standards, to create a Net Impact Score for our portfolio, we can see what areas they perform well in as well as areas they need to improve on.

With an internal ESG function, we can also work with our portfolio to guide them on improving ESG scores. It is also important to note that improvements in ESG metrics can improve bottom lines economically, not just ensure businesses have a lower environmental footprint.

Also Read: Indonesia needs more female investors willing to back female founders: Helen Wong of AC Ventures

How does AC Ventures help its portfolio companies balance ESG and profitability?

Within our portfolio, we run baseline assessments across the four key dimensions of ‘environment,’ ‘health,’ ‘society,’ and ‘knowledge.’

The metric that guides our hand is the ‘net impact ratio.’ This percentage score quantifies how effectively a group of companies turns resources into positive impact. Per our latest measurements, our firm and portfolio’s overall net impact ratio delivered an above-average +37 per cent, with our strongest areas being ‘society’ and ‘health.’

The Nasdaq Small Cap Index (NQUSS) features an average net impact ratio of +29 per cent. On the environmental side, a few of our notable portfolio companies include electric motorbike manufacturing company MAKA Motors and sustainable farming and agriculture supply chain traceability platform Koliva. Another one is Indonesia’s responsible waste management company, Waste4Change.

On the societal side, a big aspect that we try to understand is job creation and how many lives our portfolio companies are improving. Our portfolio at AC Ventures has improved the lives of millions of low-income and middle-income earners and MSMEs. Most of our portfolio companies are in second-and third-tier cities, creating hundreds of thousands of jobs.

A substantial part of this comes from our fintech portfolio, with names such as KoinWorks becoming category leaders in productive financing for Indonesia’s MSMEs – of which there are more than 64 million that serve as the backbone of the nation’s economy at large.

Also Read: Wealthtech, insurtech, SaaS fintech are the new hot verticals in Indonesia: AC Ventures report

Is it true that environmental sustainability and profitability often go hand in hand?

Yes, it is increasingly evident that environmental sustainability and profitability are not mutually exclusive; they can and should go hand in hand.

Many businesses recognise the value of integrating sustainable practices into their operations for ethical reasons and as a strategic advantage. Efficient resource management, reduced waste, and a focus on environmentally friendly solutions often contribute to cost savings and operational efficiency, ultimately enhancing long-term profitability.

At AC Ventures, we have observed this synergy within our portfolio, where companies adopting environmentally sustainable practices demonstrate financial resilience and profitability.

—

Image Credit: AC Ventures

The post AC Ventures: Investors put more focus on ESG, but Indonesian startups seem “well-positioned” for this shift appeared first on e27.

The Indonesian General Election is coming up on February 14–just next week.

Having lived in Singapore for years, I needed to reach out to family and friends at home to find out about the general mood in the home country recently. The answers were quite gloomy, to be honest. “We’re avoiding going out, if possible,” some said. “My business struggles; people are becoming extra careful about money.”

In a recent email interview with e27, Adrian Li, Founder & Managing Partner of AC Ventures, writes about how the upcoming 2024 elections introduce “a degree of uncertainty that may temporarily slow down startup investments.”

“As stakeholders navigate the political landscape, there is a natural inclination for investors to exercise caution and adopt a wait-and-see approach. This cautious stance arises from concerns about potential policy shifts, regulatory changes, or alterations in the business environment that could impact the risk-reward dynamics for startups. The period leading up to and immediately following the election might witness a slowdown in funding activities, as investors assess the post-election scenario and adjust their investment strategies accordingly.”

All of this might sound dreary, but Li sees that there is a possibility that the situation might improve in the future—depending on what happens post-election.

“… The exact impact [on the startup ecosystem] will hinge on the election outcome, subsequent policy decisions, and the government’s stance on fostering a conducive environment for business and innovation.”

Also Read: Beyond Singapore and Indonesia, SEA startups are working their way out of global crises

Startups and politics

When asked about the relationship between startups and politics in Indonesia, one might think about that particular moment in 2019 when former Gojek CEO Nadiem Makarim was named Minister of Education and Culture. Makarim was not the only familiar face in the local startup ecosystem to expand their wings into the public sector; several startup founders were also named as special presidential staff for the same period.

For some founders, this did not end well.

One might treat this as a cautionary tale of what can happen when innovation crosses paths with politics, but I personally see this as a testimony of the strength of the local startup ecosystem. The word “startup” no longer belongs to college kids in hoodies trying to build an app to disrupt the existing system; startup founders today find themselves where their potentials are acknowledged and their voices heard. They have unlikely opportunities to open up for themselves.

They are now powerful.

As always, there are always two sides to everything. On the brighter side, this means the startup community are becoming more influential in Indonesia’s different layers of life. On the darker side, some might wonder: Just how much power can one person have until it becomes too much?

Also Read: What is next for Indonesian e-commerce scene after GoTo, TikTok Indonesia merger?

I firmly believe in the philosophy of “with great power comes great responsibility”, as declared by the great philosopher Uncle Ben from the older Spiderman films. If you have been living in Indonesia for a while, you might understand how easily one can turn to the dark side when in a position of power.

So, as we wait for the uncertainty to pass, as we go through another day of our existence with diligence and perseverance, may we remember how our decisions and actions can impact something beyond ourselves.

May the best men win.

—

Image Credit: prananta haroun on Unsplash

The post Startups and the Indonesian general election 2024: Thoughts on the intersection of innovation and power appeared first on e27.

The first US Spot Bitcoin ETF has now been approved, and optimism for the industry has been at its highest levels since April 2022. We can, therefore, expect to see more liquidity enter the space, more building, and an increase in the number of emerging crypto startups.

However, as liquidity returns, token prices increase, and new projects come to fruition, so will interest from hackers. On the same day that Bitcoin reached its highest token price since April 2022, as if on a queue, Orbit Bridge got hacked for US$82 million. Therefore, as we move into 2024, it is fundamental that we learn the lessons from exploits in 2023 and highlight what we need to learn to prevent such exploits from happening again.

Equally, we must look at the technological developments we have made in the past year and plan ahead for the challenges that will arise out of these developments, namely the rise of zero-knowledge roll-ups. However, what is of paramount importance is that builders, in 2024, incorporate security by design and cease to deprioritise security.

Lessons from the HECO Bridge Hack and Curve Finance Hack

The HECO Bridge Hack of November 2023 was yet another reminder that protocols and organisations do not prioritise security. Cross-chain bridge protocols have proven lucrative targets for hackers, largely due to their experimental designs and the fact that they generally have large, centralised repositories of assets bridged by users to other blockchains.

The HECO Bridge Hack of November 2023 was likely due to an attacker gaining control of a private key, which should have been quite preventable. It highlighted a failure on HECO’s part to, above all adhere, to basic security practices such as adopting a multi-signature security wallet. It also showed that HECO Bridge had not been properly audited.

Also Read: Securing the future: Navigating the digital transformation in BFSI amid cybersecurity challenges

Reputable audit reports often explicitly identify which parts of protocols are controlled by external addresses and, therefore, vulnerable to private key theft. It is possible that the hack could have been prevented if more in-depth audits had been conducted.  

Another example, the Curve Finance Hack in August 2023, illustrated that protocols need a “panic button” in place. Nothing in DeFi (Decentralised Finance) is completely safe from hackers and it is essential that, if in the event a protocol is hacked, there needs to be an emergency function. Immutability, a central concept of blockchains, is the idea that they remain unchanged to stop people from tampering with them.

However, it can leave people powerless when trying to fix a potential exploit. This became apparent during the Curve Finance exploit. Curve’s Liquidity Providers (LPs) had a timelock embedded in the smart contracts, making it technically impossible to fix a coding vulnerability within Vyper. By forfeiting the ability to edit the state of the smart contract, the protocol was unprotected against an exploiter who was able to drain US$62 million from Curve.

Although a comprehensive audit might have detected these exploitable functions, the nature of immutability would have made it impossible to fix. Therefore, it is imperative that protocols consider having some kind of emergency stop system that can prevent these types of attacks from occurring.

Examples of this would be the Pausable Contract from OpenZeppelin’s library or the Million Ether Homepage, where the Emergency Stop pattern is implemented inside the main contract and gives the owner of the contract the ability to stop the execution of several functions at any given time.

New challenges from technological developments

Blockchain technology is always developing. These developments can come with their own inherent risks. Ethereum is by far the most popular blockchain for user activity. However, it has considerable issues with scalability. That is to say, the network’s capacity, how many transactions it can process, and how quickly it can process them is low.

Therefore, Layer 2 blockchains were created as scaling solutions for Ethereum designed to speed up transaction speeds and lower costs, and they are seeing significant development. For example, the Total Value Locked of Ethereum layer 2s now amounts to US$14.46 billion, while Ethereum’s TVL stands at US$26 billion. In 2024, Zero-Knowledge rollups are Layer 2 blockchains that are showing promising development and the potential for many projects adopting these solutions.

With this explosive growth comes the need for significant security auditing. However, zkRollups are complex and difficult to navigate, and only limited experts are able to read and write in zk-specialised programming languages.

This introduces an entirely distinct realm of security whereby technological development outpaces the ability of security researchers to study them comprehensively. Understanding zk requires a mathematical background equivalent to that of a master’s or doctoral level.

Therefore, teaching this to current security researchers would be a formidable challenge. Instead, protocols should focus on recruiting security researchers with a strong mathematical background in large numbers as soon as possible to cater to this need. 

Security by design is the way forward 

Security may not always be seen as the first priority to look at for projects in the crypto industry. Companies prioritise rapid development and deployment of their products to stay ahead in the market, which can sometimes lead to overlooking certain security measures.

Also Read: The business edge: Why prioritising employee cybersecurity is a smart investment

As Web3 technology is relatively new and continuously evolving, developers face a lack of established best practices, standards, and tools for ensuring security. Certain crypto startups operate with limited resources, including funding, time, and skilled personnel. This can make it challenging to invest adequately in robust security practices and conduct thorough security audits.

All these contribute to products being built that do not have a robust foundation layer, which can be detrimental in the long run. However, building protocols with security woven into the fabric through collaborative code reviews and rigorous audits will significantly curb vulnerabilities before malicious actors exploit them.

In conclusion

In 2024, we are still seeing hacks occur despite being relatively easy to prevent, namely, private key hacks. With optimism high and liquidity returning, growth must be met with robust security or we will see past mistakes continue to repeat themselves which continues to hinder the industry’s progress and reputation.

The lessons learned from hacks like HECO Bridge and Curve Finance show that prioritising speed and neglecting basic security practices leave projects vulnerable. This is especially true as innovative technologies like zero-knowledge rollups emerge, demanding expertise that outpaces current security research capabilities.

Now is the time for protocols to be more responsible and ensure that they have taken all the necessary security measures. Audits should not be worn as badges of approval; they are a means of assessing where vulnerabilities lie, and it is essential that any weak spots are reinforced immediately, as one never knows when one could be the next victim of a hack.

Equally, startups built with security woven into their core, employing rigorous audits and collaborative code reviews, will stand strong against malicious actors. However, this ultimately requires a shift in mindset, where security ceases to be an afterthought and becomes a priority of every project.

—

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

The post Learning from history: Safeguarding crypto in 2024 and beyond appeared first on e27.

Financial institutions function through a complex web of operations. Technology has long been used to streamline these better and alleviate the burden on human resources. This evolution can be traced from the first computers in bank branches to the adoption of cutting-edge cloud-based software solutions. 

While initially, financial institutions turned to SaaS solutions primarily for assistance with non-essential workloads. We are now also seeing an increased uptake of SaaS solutions for core functions. From core banking systems to customer relationship management, today, they have access to a range of Software-as-a-Service solutions because several benefits can be derived from its adoption:

Scalability

SaaS solutions are highly scalable, which allows financial institutions and fintechs to adjust capacities according to demand. For example, using SaaS solutions designed to conduct underwriting for lending can be scaled up around the festive season when there is a higher demand for financing among users. Users of such SaaS products can upgrade or downgrade their subscriptions, unlock new features, and manage their operations more flexibly.

Accessibility

Since SaaS solutions are cloud-based, users can access them anywhere as long as they have an internet connection. Even professionals using this software can access data anywhere, easing logistical issues. Data accessible through SaaS platforms tends to be real-time, which improves operational efficiency and promotes collaboration.

Also Read: How can you build a living, thriving community around your SaaS product?

Analytics and insights

SaaS solutions analyse data in real-time and, combined with machine learning capabilities, identify patterns and develop insights based on this data. Machine learning has enabled faster trading decisions through algorithmic trading, fraud detection and prevention by flagging anomalies in large data sets, robo advisory to identify investment opportunities with the highest returns, and loan underwriting by scanning consumer data to make decisions.

The evolving role of SaaS and its relevance in financial institutions

Undeniably, SaaS in financial services has gone from being a good-to-have to a must-have. While capabilities such as scalability and accessibility have made it essential for financial institutions, the evolving landscape of financial services now calls for increased value addition from SaaS solutions.

Artificial Intelligence

Artificial intelligence made long strides in 2023. This trend will cause a seismic shift in how financial institutions operate. Where SaaS tools once assisted financial institutions in workflows, the advancements in AI have opened up automation possibilities for administrative workflows, data collection and processing, generating insights, and reporting them. 

Moreover, using large language models (LLMs), as a natural progression from machine learning, is becoming more commonplace now. These models are capable of understanding and generating even human language text.

Its applications include navigation of consumers’ financial decisions while limiting the need for a human in the loop – which could potentially improve user interfaces of customer-facing personal finance management applications by adding the critically missing human context.

Cost-effectiveness

Generative AI will streamline labour-intensive functions such as pulling data from various sources. Financial information trained on LLMs could help customer service agents generate answers to practically any query a user might have about their finances or create loan profiles for potential credit seekers by analysing data from several sources. This would eliminate the costly resources required in procuring and processing data.

Also Read: 7 lessons from building a 7-figure SaaS business with just 1 engineer

SaaS will usher in innovation and agility in financial services

Banking and investment services worldwide were expected to spend US$651.1 billion on IT services in 2023, and spending on software was expected to increase by 13.5 per cent. This is no surprise, as evidence of its efficiency can be seen across analytics, accessibility, and business imperatives like cost-effectiveness and scalability. And SaaS solutions are only being constantly upgraded to enhance productivity and efficiency in delivering financial services. 

The use of generative AI will further boost these interests and many others. It can enable superior forecasting thanks to its capability to write queries and formulas for Excel and SQL. It could also be used to improve reporting exercises by automatically creating graphs, charts, and text.

SaaS is evolving to ease compliance obligations through more efficient screening and better prediction of questionable transactions that could stem fraud, phishing and money laundering at a larger scale than ever seemed possible. 

—

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

The post SaaS revolutionises finance: From streamlining to AI integration appeared first on e27.