In September 2023, Meta made a groundbreaking announcement: the introduction of AI in beta, an advanced conversational assistant available on WhatsApp, Messenger, and Instagram, soon to be integrated into Ray-Ban Meta smart glasses and Quest 3.

These AI entities are not your typical virtual assistants; they’re designed to have more personality, opinions, and interests, making interactions far more engaging and enjoyable. What’s more, they’ve enlisted cultural icons and influencers such as Snoop Dogg, Tom Brady, Kendall Jenner, and Naomi Osaka to lend their voices and personalities to these AI companions.

Screenshot from Meta’s website page Introducing new AI experiences

Challenges and paradoxes in AI-human interaction

In an age where virtual assistants and entertainment are increasingly powered by AI, it’s not hard to imagine a future where people grow weary of the digital realm. The novelty of interacting with artificial intelligence, whether as assistants or characters in our entertainment, may soon wear off.

However, the path to this future of AI-human interaction is far from straightforward. Consider the recent experiment conducted by Joanna Stern, a columnist at The Wall Street Journal. Stern replaced herself with AI-generated voice and video, diving headfirst into a series of challenges, including creating a TikTok video, making video calls, and testing her bank’s voice biometric system. The results were nothing short of eerie.

As Stern navigated through her tasks, she found herself face to face with technology that had become astonishingly humanlike in its voice and facial expressions. The AI she interacted with mimicked her voice with almost perfect precision, making it difficult to discern from a real human voice.

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

However, when it came to the video clone, there was a stark contrast. Despite the nearly flawless voice cloning, the video clone left much to be desired. It had difficulty reproducing the subtle nuances of movement and facial expressions, and the visual aspect did not match the atmosphere and context. Due to imperfect imitation, the final result was clumsy, caused ridicule, and was immediately exposed.

Human clones: Blurring boundaries and the verification conundrum

This experiment underscores a paradox that may define our future interactions with AI-driven human visualisations.

Despite a rather unsuccessful initial attempt at replicating human behaviour, technology is bound to catch up with our expectations of AI interaction. In return, people will look for more authentic experiences that truly engage our senses and emotions.

This craving might lead us to seek out the next wave of explosive interest in human avatars — clones of real personalities, historical figures, and celebrities, including our living or deceased relatives or friends.

These clones will replicate the appearance, voice, personality and even simulate the thoughts and reasoning of their real-life counterparts, blurring the boundaries between reality and simulation.

The future of AI-human interaction: From fascination to weariness

At this stage, a new obstacle will arise — the verification of clones. After all, you’d prefer to converse with or seek advice from a clone of Keanu Reeves if it’s verified by Keanu himself, wouldn’t you? Or discuss the current political situation with a Lincoln clone who has been verified to match the mannerisms, tone, and thought processes by a group of historians or institutes.

Also Read: Embracing AI’s promise: Navigating the future of marketing

Just as every secure website has an HTTPS connection with a verification badge, every clone must have a verification code so that we know that this clone is “authorised” to act on behalf of a specific person.

In addition to Meta’s announcement, it’s worth noting that IT startups like Synthesia and HeyGen are getting closer to creating engaging AI avatars. These companies are at the forefront of pushing the boundaries of AI-human interaction, offering the promise of even more convincing and engaging digital personalities.

At the moment, technology is still far from being able to generate a video stream with human-like movements. For this, AI needs to “understand” how to match movements and facial expressions with text and, especially, context. This could take another five to 10 years of development.

Another issue is the computational performance required to do this in real time. Although this also seems achievable, we might soon have a clone that is visually indistinguishable from engaging in simple conversations.

As the years pass, even these astonishing AI clones will likely lose their lustre. People will grow tired of the predictability and limitations of these replicas, missing the unpredictability and quirks of genuine human interaction. It’s a paradoxical scenario where we yearn for authenticity but find ourselves in a world dominated by artificial beings.

While it is difficult to imagine at the moment, sooner or later there will come a time when people start to resent the omnipresence of AI-driven visualisations. They will begin to long for the days when human interaction was unadulterated by technology and when genuine emotions and imperfections defined our relationships. But by then, AI visualisations will have permeated every aspect of our lives, from work to entertainment, making escape nearly impossible.

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In 2024, we expect marketing strategies to evolve rapidly, following the emergence of AI-powered visual storytelling over the course of 2023. This innovative approach is transforming the way brands interact with their audiences, offering unparalleled opportunities for engagement and connection.

In this article, we explore how AI-driven visual content is reshaping the marketing landscape, supported by intriguing statistics and research findings.

The rise of visual content in digital marketing

Visual content has always been at the core of effective marketing. According to HubSpot, content with relevant images gets 94 per cent more views than content without images. This statistic highlights the critical role of visuals in capturing consumer attention.

However, with the advent of AI technologies, the creation and distribution of visual content have reached new heights. While some creative professionals have been fighting furiously against AI art on the basis that it infringes on the intellectual property of photographers and artists, the fact remains that generative art has been widely adopted. One survey found that 60 per cent of marketers are already creating visual assets using generative AI apps.

AI-powered tools are enabling marketers to create highly personalised and engaging visuals – quickly, affordably and at scale. They are able to generate engaging visuals in order to tell a story, whether fictitious or based on reality. There are true crime videos available on social media that use these AI-generated images or videos to recreate events that have happened, and the same has been done for mythology and lore. 

Moving forward, as AI begins to merge generative models with predictive algorithms that are likewise becoming increasingly sophisticated, new tools may soon have the ability to analyse individual customer data to determine preferences and trends, allowing for a more cohesive creation of targeted visual content that resonates with specific audiences. 

Also Read: The AI revolt: How our love affair with technology could turn into a hate story

Personalisation is a key factor in modern marketing strategies, and AI is playing a crucial role in this arena. By leveraging machine learning algorithms, marketers can create highly personalised visual stories based on user behaviour, preferences, and interactions. This level of customisation leads to greater engagement and a more profound connection with the audience.

Enhancing creativity and engagement with AI

One of the most significant impacts of AI in visual storytelling is the enhancement of creativity. AI algorithms can generate unique visual elements, suggest layout designs, and take into account current storytelling styles and trends. This capability not only speeds up the creative process but also introduces new perspectives and ideas that might not have been possible before.

A survey conducted by Adobe found that 76 per cent of marketers believe that AI will be fundamental in the future of marketing, with 74 per cent stating that it has already enabled them to be more creative in their approach. This data underscores the potential of AI in elevating the creative aspect of marketing.

While there have been concerns over the use of AI and how it may affect creativity, it seems that these tools are here to serve creativity rather than stifle it. Creators are no longer bound by limitations, and they are truly only limited by their own imagination. 

What’s more, it seems that brands and audiences alike actually prefer AI-created visuals. A recent study from Lightricks found that around 56 per cent of content creators have been requested by their clients to use AI to generate their content. Indeed, AI-generated content allows creators who are savvy with their prompts to achieve superior visual consistency while also increasing efficiency and speed. The data from Lightricks also indicates that 71 per cent of creators believe their followers respond positively to AI-generated images.

Production polish is no longer limited to the economic capabilities and skillsets of a content creator when they use AI tools, as they are able to create stunning content that resonates well with social media users. For instance, The Government of Dubai’s recent media campaign for their Nation Day celebrations leveraged the use of AI to create buzz-worthy and viral content. 

Impact on consumer behaviour and ROI

The influence of AI-powered visual storytelling extends beyond engagement – it directly impacts consumer behaviour and returns on investment (ROI). According to a report by Salesforce, high-performing marketers are 2.3 times more likely to use AI in their marketing strategies. 

Also Read: How should non-tech companies approach AI?

Furthermore, brands that adopt AI in their visual storytelling see an average increase of 20 per cent in sales.

These statistics emphasise the tangible benefits of integrating AI into marketing strategies, particularly in the realm of visual content. By delivering compelling and personalised visual stories, brands can significantly enhance their market presence and profitability.

As we look to the future, AI-powered visual storytelling is poised to become an even more integral part of marketing strategies. With advancements in AI and machine learning, the possibilities for innovative and impactful visual content are endless. Marketers who embrace these technologies will be well-positioned to lead in an increasingly competitive and dynamic digital landscape.

The future of marketing

AI-powered visual storytelling is not just a trend; it’s a fundamental shift in the way brands communicate with their audiences. By leveraging AI for enhanced creativity, personalisation, and engagement, marketers can create compelling narratives that resonate deeply with consumers, driving both engagement and business growth.

As we move forward, the integration of AI in visual marketing will undoubtedly continue to evolve, offering exciting opportunities for brands to connect with their audiences in meaningful and impactful ways.

—

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Criminals are endlessly innovative. When one door closes, they look for another. In the international fight against financial crimes, regulators have prompted traditional banks to steadily tighten their compliance programmes.

Criminals are looking elsewhere – and internet platforms such as gaming, e-commerce, social media and live streaming where large amounts of money circulate anonymously are an appealing target.

The online world is an easy place to hide your identity and large amounts of money routinely change hands for opaque purposes. Take for example online gaming platforms, where players routinely pay for in-game options or credits.

These non-transparent transactions provide a legitimate explanation for anyone who wants to hide the source of a large amount of money.

Live streaming, where celebrities and influencers receive gifts or sell products, is another appealing option for money launderers. A series of fake accounts acts as a conduit for money transfers that are difficult to track.

These are large and fast-growing markets that have been given an extra boost during the COVID-19 pandemic. The online gaming industry is growing by around 9 per cent a year and is expected to be worth more than US$250 billion by 2025, while live streaming hours watched soared by 99 per cent in 2020.

The growth of digital channels and the huge potential for financial crime through them is drawing the attention of regulators around the world.

This has significant implications for internet companies, which may not have the compliance focus and experience in place to deal with the increase in transactions, and with this, the increase in opportunities for money laundering.

Also Read: What does the future of CBDCs actually look like and why does it matter?

Regulators are watching

Regulator action and scrutiny around sanctions has steadily increased in recent years. The Accuity Sanctions Pulse shows that three of the major regulators– the US Office of Foreign Assets Control (OFAC), the European Union and the United Nations– updated their sanctions lists 210 times in 2020.

Sanctions-related fines issued by OFAC alone exceeded US$1.3 billion in 2019. Other countries are also increasing their sanctions activity; in September 2020 China’s Ministry of Commerce announced proposals to introduce an Unreliable Entity List regime.

The financial services sector was initially the focus of regulators’ attention, but sanctions risk can touch any business. Any entity that deals with US dollar payments, for example, will come under OFAC’s spotlight.

More than 300 OFAC-sanctioned entities are based in Asia but more importantly, most foreign exchange transactions involve a dollar conversion at some stage. That means that OFAC will take an interest.

Regulators have widened their scope more recently. The Financial Action Task Force (FATF) specified in 2020 that its recommendations should apply to non-financial businesses and professions with a high risk of money laundering – including virtual currency custodian wallet services and crypto-fiat exchanges.

The FATF recently issued standards designed to prevent the misuse of virtual assets for money laundering and terrorist financing, which effectively means that virtual asset and asset service providers must adopt the same risk-based approach to anti money laundering and counter terrorist financing that applies to financial institutions.

Individual regulators in Asia are following suit. The Monetary Authority of Singapore, for example, introduced its Payment Services Act in 2020 to better regulate the cryptocurrency sector and amended the Act in 2021 to reflect developments in digital payment token activities.

Regulators are not afraid to act. Two major internet companies have been issued penalties by OFAC for sanctions violations in the past two years as a result of deficiencies in their in-house sanctions screening systems.

The breaches were self-reported and the fines were small but the cases have highlighted the regulatory, financial and reputational risk that internet platforms could face.

Also Read: What opportunities lie ahead for compliance technology in 2020 and beyond

Internet companies need their own defence

Traditional banks and internet platforms are, in reality, close partners. Irrespective of how transactions are generated, they are inevitably routed through banks. Internet companies are some of the most important customers for the ‘traditional’ banking sector.

This matters because regulators have made banks the gatekeepers in the international fight against financial crime and banks increasingly see non-financial companies as one of their most significant areas of sanctions risk.

Our research found that a quarter of all suspicious activity reports generated by banks involved a non-bank payment provider. Banks carry out sophisticated sanctions screening – but in a world where criminals are constantly looking for weaknesses, can internet companies continue to rely on banks to be their main line of defense?

The answer is categorically no. The direction of movement from regulators is clear; internet companies must quickly take steps to strengthen their own defenses.

The challenge for these businesses is putting a sanctions compliance program in place that manages and minimises the risk of financial crime in a way that preserves the customer experience – the unique selling point for internet companies.

Creating a robust compliance system

There is no doubt that internet companies face unique challenges around compliance and most significantly the anonymity of the online world. Internet platforms are accessible by anyone from anywhere. But given the sophisticated technology-based solutions available on the market, setting up robust defenses need not be difficult or complex.

The good news is that internet companies have a distinct advantage over the traditional banking sector when it comes to financial crime compliance:

• None of the legacy technology infrastructure issues that most traditional banks have grappled with
• Comfortable with digital transformation
• Cleaner customer behaviour data that allows for better analysis to help spot unusual activity
• Agile and can move quickly 

There are some areas where internet companies are at a disadvantage. Most notably they have little direct experience of financial crime compliance but generally, implementing customer onboarding and monitoring systems is a straightforward process.

Also Read: A shift toward a cashless society goes beyond fintech, and it requires behavioural change

A compliance program should be designed to match the specific risks that each company faces. Some geographies, products and customers (such as high net worth individuals or shell companies) are riskier than others but the common thread underpinning successful compliance is automation.

Financial crime screening solutions introduce robust and rapid screening checks through a series of seamless straight-through-processing steps:

• Background checks – digital KYC systems automatically check that the digital identity (such as the Wi-Fi connection and email address) has not been connected with financial crime in the past
• Identify verification – data from a photo ID or passport is automatically checked for authenticity
• Full identity verification takes place, including full name, address and phone number
• Sanctions, PEP and adverse media checks are applied using the latest lists from major regulators, law enforcement agencies and media outlets around the world
• Periodic checks for changes in status
• Ongoing digital monitoring in real time

This approach means that alerts are only raised on an exception basis, reducing the amount of time and effort spent on manually checking false positive alerts.

The result is a system that maintains a smooth and responsive customer experience but minimises risk for the company and keeps internet companies one step ahead of the criminals.

–

Editor’s note: e27 aims to foster thought leadership by publishing contributions from the community. This season we are seeking op-eds, analysis and articles on food tech and sustainability. Share your opinion and earn a byline by submitting a post.

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This article was first published on June 29, 2021

The post New-age internet platforms are breeding grounds for financial crimes. Here’s how to tackle them appeared first on e27.

One of the biggest news of 2024 is the announcement by the US Securities and Exchange Commission (SEC) that they have approved the first US-listed exchange-traded funds (ETFs) to track Bitcoin. In the announcement, the securities regulator said it had approved 11 applications, including BlackRock, Ark Investments/21 Shares, Fidelity, Invesco, and VanEck, among others.

The news brought much cheer to the financial sectors as well as the Web3 community, pushing Bitcoin prices up by three per cent and more than 70 per cent in the lead-up to the anticipation of this announcement. This also marks one of the first approved financial products that linked directly to cryptocurrency.

However, as the dust settled, a deeper look into the growing trends where the financial institutions are looking into digital assets as one of their products and services that runs contrary to the initial vision of Bitcoin (and, to a larger extent, the Web3 space) that Satoshi Nakamoto has set when he first published the Bitcoin whitepaper.

Nakamoto first published the Bitcoin whitepaper in 2008, a time when the sentiment and trust in the Government and financial sectors were at their lowest. It is during the time of financial crisis, with the collapse of Lehman Brothers and the Government bailout of financial institutions that were widely deemed as being reckless and greedy, were given a “free pass”.

In the whitepaper, Nakamoto proposed a utopia stage of a “purely peer-to-peer version of electronic cash that would allow online payments to be sent directly from one party to another without going through a financial institution” using blockchain technology and cryptography.

Using such methodology removes the need to depend on the trust of another party (e.g. financial institutions, Government) and instead “based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party”.

Also Read: What investors need to know about Bitcoin halving

In this sense, the birth of Bitcoin, and to a larger extent, the Web3 ecosystem, represents a possible new era – a vision where the world places focus on decentralisation and everyone is equal. It represents an era where power is not consolidated to the privileged few. Instead of relying on trust in institutions and humans, a philosophy of “code is law” will prevail, which removes any possibilities of biases, corruption and political motivation.

To put things in perspective, Bernard Madoff, who was nonexecutive chairman of Nasdaq and a heavyweight on Wall Street, managed to get away with his Ponzi scheme until the financial crisis in 2008 (confidentially the year when Bitcoin was born) when his investors requested their money back until the scheme could no longer hold.

During the investigation, the SEC inspector general H. David Kotz found that during the previous inspection, there was no follow-up on clear evidence of fraud from Madoff’s firm, and the SEC enforcement officers decided to take Madoff’s word that his operation was legitimate. This scandal highlighted that, in reality, trust can be misplaced, misused and being manipulated. It also begged the question – How much trust can be placed on an individual, an entity, or even a society?

Is Bitcoin’s ultimate goal – to make you rich?

Yes, it is true that when institutions start to put their money into Web3, it will be a boost for the community at large. Cryptocurrency prices would likely see a bear market once they start investing in it. In its Big Ideas 2024 report, Ark Invest estimated that Bitcoin’s price could reach US$2.3 million if 19.4 per cent of global assets were allocated towards Bitcoin. If this is true, it will make many of us instant millionaires, or even billionaires.

But is that the vision of what Nakamoto had in mind when he launched the whitepaper in 2008? Just as another product, an avenue for traditional finance institutions to leverage for their own profit?

What is important for the Bitcoin ETF is that it signifies the start for institutions to enter into this market that was previously left unregulated. ETFs, by their very nature, require a custodian to hold the underlying assets.

This means that investors will no longer have direct ownership and control over their Bitcoin holdings. Instead, they will be relying on a trusted third party to safeguard their investments. This goes against the very ethos of decentralisation and self-sovereignty that Bitcoin was built upon.

Also Read: Can Bitcoin help us in the fight against climate change?

Similar to gold and silver, it can be traded in the traditional market, somewhat like commodities. This might also mean that institutions could, in the future, retrofit their existing systems into the Web3 space and slap the existing rules and regulations to Web3 so that they can leverage Web3 as part of their arsenal in their daily businesses and investments in the world that they are comfortable with.

In this sense, aren’t Web3 moving backwards to Web2.5 or even Web2? More importantly, will Web3 become just another tool for the privileged few (whom society placed their trust on or being empowered with authority and trust) to get richer? And that nothing will change but remain status quo.

Yes, some might argue that Web3 should integrate with the traditional world and not try to overthrow or disrupt the existing system. But this system has been around for so long and with so many legacy issues and problems. Wouldn’t it be better to start afresh?

Sometimes, the best thing to do is to knock down everything and rebuild it. It might cause pain and suffering in the short term, but perhaps give a brighter tomorrow for generations to come. Is it a gamble worth taking? Rather than meeting it halfway – like using a cloak to pug any holes coming out.

Finally, if Nakamoto were here today with us and asked if he was satisfied with the development of his ideology and Bitcoin, what would he say?

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

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The post Bitcoin ETF: Is the vision of bitcoin and Web3 at risk? appeared first on e27.

Dear Reader,

Global financial services Group Macquarie dramatically cut its 12-month price target on One97 Communications, the parent of Paytm, citing risks to customers. The stark reduction in Paytm reflects escalating concerns over regulatory pressures and the potential flight of customers from the Indian fintech platform.

With a substantial slash to 275 rupees, down 57.7%, Macquarie underscores the gravity of the situation, signalling a significant decline from Paytm’s previous market valuation. India’s central bank’s (RBI) recent directive, essentially halting operations at Paytm Payments Bank, amplifies these challenges.

Analyst Suresh Ganpathy’s team foresees a substantial revenue decline and a looming risk of customer exodus. The impending migration of accounts amid the regulatory deadline poses formidable obstacles, further compounded by potential setbacks in retaining lending partners due to regulatory constraints.

Meanwhile, a report has emerged that SoftBank Group sold a major chunk of its stake in Paytm just before RBI imposed sanctions that sent the firm’s share price tumbling by over 42% within three days. The Japanese conglomerate trimmed its exposure in Paytm from 18.5% to nearly 5% between November 2021 and January this year.

The unfolding scenarios cast a shadow of uncertainty over Paytm’s future trajectory, raising existential questions about the leading financial service provider’s resilience amidst regulatory turbulence and market pressures.

Sainul,
Editor.

———​​

NEWS

Macquarie cuts Paytm target on ‘serious risk of exodus of customers’
Macquarie, which famously predicted the slump at Paytm before the listing, lowered its target to US$3.3, the most brutal by any major brokerage firm; Paytm is reeling from the Indian central bank’s clampdown.

SoftBank cut down most of Paytm stake before the crackdown by India’s central bank
SoftBank’s stake in Paytm had gone down from 18.5% in November 2021, when the fintech firm was listed in India, to nearly 5% in January; Paytm has landed in hot water since the Reserve Bank of India froze most of its banking operations on January 31.

Singapore-based electrical infra company Amperesand raises US$12.4M
Lead investors are Xora Innovation and Material Impact; Amperesand offers grid infrastructure solutions that can help improve EV charging hardware; Its system contains high-frequency transformers that are more efficient than traditional ones.

Octopus co-founder Hamish Daud steps down for ‘personal reasons’
In January, it was reported that Moehammad Ichsan, who serves as CEO of Indonesian waste treatment startup Octopus, had shared misleading information about Daud’s academic degrees on multiple platforms, which he denies he wrote.

Peter Thiel’s Founders Fund made US$200M crypto investment before bull run
The previously unreported move by the prominent Silicon Valley venture capital firm underscores some institutional investors’ return to token investments, once the hottest investment strategy before the crypto market crashed in 2022.

Astrotalk nets US$20M funding for international expansion
Left Lane Capital is the investor; The Indian spiritual tech startup connects consumers with over 15,000 astrologers for services such as horoscope reading, birth chart analysis, and virtual prayer.

Modalku co-founder steps down after 8 years of service
Iwan Kurniawan has left his role in the P2P lending firm to take a career break to explore my passions; Modalku helped the firm with its expansion in Indonesia and its entry into Thailand.

X will soon let advertisers run ads next to a ‘curated list’ of creators
The move will allow advertisers to ensure that their ads don’t run next to controversial or offensive content; The launch of the new offering comes as numerous brands pulled their ads from X last year after their ads appeared next to pro-Nazi content.

Singaporean ex-Googler’s AI startup launches new model to rival Bard, ChatGPT
Reka was founded in 2022 by former researchers from Google DeepMind and Meta, including Yi Tay, a Singaporean who serves as Reka’s chief scientist; The new launch follows a US$58 million funding round in June 2023.

North American robot orders dropped 30% last year
31,159 industrial robots were purchased by North American companies in 2023, down from 44,196; These numbers throw a bit of cold water on what has been regarded as a white-hot industry dating back at least to the beginning of the pandemic.

Bitcoin hits US$50K level for first time in more than two years
The cryptocurrency has risen 16.3% so far this year, on Monday touching its highest since Dec. 27, 2021. At 12:56 pm. EST, bitcoin was up 4.96% on the day at US$49,899, having oscillated around the US$50,000 level.

CONTRIBUTIONS

AI-powered visual storytelling is revolutionising marketing strategies
How is AI-driven visual content reshaping the marketing landscape, supported by intriguing statistics and research findings?

Navigating fundraising: Recognising objections vs. rejections
Distinguish between objections and rejections in fundraising, maintaining resilience in the startup landscape.

Why finding your co-founder is a lot like meeting your soulmate
Maegan Yip on what she learned about finding co-founders from her experiences at MaGIC, Entrepreneur First, and Singapore-Deep Tech Alliance.

The AI revolt: How our love affair with technology could turn into a hate story
Despite a rather unsuccessful initial attempt at replicating human behaviour, technology is bound to catch up with our expectations of AI interaction.

FEATURES

‘There’s a shift in behaviour among Indonesian Gen-Z travellers post-pandemic’
Mohit Gandas, Indonesia Head of RedDoorz, on how the hospitality tech company survived the toughest time for tourism industry in the last decade.

Rayo: Transforming web accessibility worries into confidence for people with disabilities
Impact startup Rayo believes everyone should have equal digital accessibility, regardless of age, gender, race, and conditions.

ARCHIVES

How to split founder equity without splitting up
So, how much equity should you give your co-founder so that he feels motivated to join and work long hours to make the company successful?

New-age internet platforms are breeding grounds for financial crimes. Here’s how to tackle them
nternet platforms are accessible by anyone from anywhere. But given the sophisticated technology-based solutions available on the market, setting up robust defenses need not be difficult or complex.

How should non-tech companies approach AI?
Non-tech organisations often have a completely different set of conditions that call for unconventional strategies for AI deployment.

The art of letting go and how it makes you an even better entrepreneur
As an entrepreneur, are we agile enough to let go of our “grit” and change direction when the twists and turns call for it?

Why tomorrow’s data scientists need storytelling skills to succeed?
For data scientists, the ability to tell a story goes hand-in-hand with the ability to explain technicalities in the simplest way possible.

Want to work at a leading tech company? Here’s how
As the lead recruiter at social media giant Twitter, this is what I can tell you about making a CV that is fit for a leading tech company.

What are some networking benefits that are essential for startups?
From trading information to cultivating relationships with mutual benefits, networking should be a part of any startup’s marketing efforts.

The slow death of financial flexing and the rise of financial fundamentals in the startup world
Below are five common startup accounting mistakes and how founders can avoid them while running their companies.

Looking abroad: Capturing the e-commerce opportunity in SEA
The time is ripe for local e-commerce sellers in SEA to look beyond their borders, supercharged by recent cultural and technological changes.

The slow death of financial flexing and the rise of financial fundamentals in the startup world
Below are five common startup accounting mistakes and how founders can avoid them while running their companies.

Looking abroad: Capturing the e-commerce opportunity in SEA
The time is ripe for local e-commerce sellers in SEA to look beyond their borders, supercharged by recent cultural and technological changes.

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

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

The post Ecosystem Roundup: Paytm is looking at a bleak future | Octopus co-founder steps down amid row appeared first on e27.

We are delighted to announce that Sinar Mas Land has joined as a supporting sponsor for Echelon X . Renowned for pioneering advancements, they are the visionary force behind Digital Hub – a cutting-edge smart city built with advanced Information and Communication Technology (ICT). This transformative development utilises fiber optics to deliver high-speed data connections and digital services.

At this year’s Echelon, Sinar Mas Land will showcase its visionary approach at an exhibition booth, engaging attendees in insightful discussions about reinventing the workplace in Southeast Asia and opportunities across Indonesia. The exhibition will be a unique opportunity for conference participants to explore the dynamic possibilities that Sinar Mas Land envisions for the future of work and urban living.

Get Echelon X  tickets: Check today’s discounted rates

Digital Hub, serving as a testament to their commitment to technological advancement and sustainability, embodies the essence of an intelligently designed and connected urban space.

As we welcome Sinar Mas Land to Echelon X, we invite attendees to visit their exhibition booth, delve into the intricacies of Digital Hub, and gain valuable insights into the future of smart cities and workplace reinvention in Southeast Asia. Engage with the experts, explore the possibilities, and witness firsthand the innovative solutions that Sinar Mas Land brings to the forefront of urban development.

Also read: Embracing workplace flexibility: The new era begins

Echelon X  promises to be a convergence of visionary ideas, and with Sinar Mas Land on board, the conference becomes a platform for exploring the future of urban living and technological integration. Don’t miss this opportunity to be part of the dialogue, meet the minds behind Digital Hub, and contribute to the evolution of smart cities in Southeast Asia.

Join us at Echelon X, where innovation, collaboration, and groundbreaking ideas come together.  Get your tickets here.

The post Sinar Mas Land joins Echelon X as sponsor appeared first on e27.

Recently, hospitality tech company RedDoorz announced that in Q4 2023, the company experienced a group revenue growth of 30 per cent year-on-year (YOY). It also stated that, since 2019, RedDoorz has recorded a group profit of over 90 per cent.

In a press statement, RedDoorz CEO Amit Saberwal said that the positive growth achieved throughout 2023 is the outcome of implementing the “Mission Freedom” strategy.

“We optimised the operational and financial aspects of the company to attain independence and maximise profit growth. We are also optimising the use of Artificial Intelligence (AI) for service automation and focus on developing businesses in our core markets, Indonesia and the Philippines, to increase the loyalty of domestic tourists in each country,” he said.

But how did the company survive the most challenging time for the travel and tourism industry in the last decade? In this email interview with e27, Mohit Gandas, Country Director, RedDoorz Indonesia, shares all the details.

Also Read: Government support and industry initiatives propel hospitality toward sustainability

The following is an edited excerpt of the interview:

What kind of changes in user behaviour have you noticed in Indonesia in the post-COVID-19 lockdown era?

We have observed changes in user behaviour mainly revolve around travel preferences and increased digital adoption. As lockdowns eased and pandemic restrictions gradually relaxed, people began to travel again.

At the same time, we noticed a trend among consumers to prioritise saving their budgets and allocate more spending
for holiday seasons. Regarding digital adoption, our users have become more proficient in using technology and have started to book directly through our app rather than make reservations at the hotel.

Is there any change in your user acquisition strategy once Indonesia has opened up again?

During and after the pandemic, we continued to expand our portfolio of property businesses, targeting other market segments. On top of our main brand, RedDoorz, which focused on budget hotels and targeting the middle to low segment, we seized the opportunity to establish multiple brands to target more premium segments, including SANS, UrbanView, and Sunnera, two- to three-star hotels.

We are focusing on attracting domestic travellers and we are confident that the movement of domestic travellers will continue to increase. According to data released by Indonesia’s Central Statistics Agency, the recovery rate of starred hotels from August 2022 – 2023 was only around three to four per cent. However, it is a different story with RedDoorz, which showed a more than threefold increase in room sales during the same period.

Also Read: The days of the ZIRP raise-cash-burn-cash model are gone: ZUZU Hospitality CEO

Through #OpenAllDoors campaign, we also communicate that RedDoorz is not only for holidays but also for workcation, staycation, visiting family and relatives, accommodation after attending concerts, graduation, etc.

Can you tell us more about the use of AI in your operations? How does it make a difference?

We use AI technology to do strategic pricing. In emerging markets such as Indonesia, customers tend to make reservations at the last minute, unlike in advanced ones where people book many months in advance. They will suffer competitively if hotel owners know how and when to price.

Our system for strategic pricing, however, picks up demand signals including surges in traffic in real time, which help to establish optimal room rates for our property partners, enabling them to capitalise on economies of scale. The need for a real-time solution is more important in emerging economies.

How do you maintain profitability with your strategy to acquire more properties?

We will continue to focus on our core business and core markets: Indonesia and the Philippines. We also focused on quality vs quantity of property portfolio as well as a lot more on bigger and more premium properties. We should have roughly 300 properties under our premium brands, SANS, UrbanView and The Lavana. Every property now contributes more money at a per unit level, and we want to grow another 30-50 per cent this year.

What opportunities do you plan to focus on in 2024? What is your major plan?

Our focus in 2024 is to maintain profitability. We aim to have 8,000 property partners in three to four years.

Also Read: How a hospitality career helped me jump into tech

As for Indonesia, we see promise for growth led by the increasing number of young travellers, which is more than 270 million people, the world’s fourth largest. Especially for Gen-Z, we observed a shift in behaviour among Gen-Z travellers post-pandemic, particularly those who are digitally adept and active on social media, that they tend to travel based on influencer recommendations, which are more various destinations and “Instagrammable” hotel designs.

This demographic is becoming increasingly discerning in selecting budget-friendly accommodations as well. So, we will continue to focus on the Gen-Z tourist group.

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Image Credit: RedDoorz

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Fundraising has always been a daunting task for founders, with many describing it as almost a full-time job and one of the most difficult aspects of their many roles.

It doesn’t help that the power dynamic has always been with the investors — that someone decided to come up with Glasswall, which is sort of Glassdoor to allow founders to review VCs, perhaps in a bid to stem some of the unsavoury behaviour they display and steal some of the power back to founders.

I would like to share a concept that I learned during the early part of my career in the hope that it would help founders do a post-mortem of their conversation, wondering or even blaming themselves for what has gone wrong, to move on slightly easier.

Objection or rejection

An objection, simply put, is a concern that, if successfully addressed, would mean a yes or a sale or at least one step closer. Rejection is a state of mind held by the person that no matter what you say, nothing matters.

Let me give you a scenario. Imagine you are a car salesman. A serious buyer walks in and, after the test drive, remarks on the price. This could suggest he or she is seriously considering buying the car but has some reservations about the price.

Being able to recognise that would allow a good salesman to say something along the lines of, for example, the aftersale service is more, the warranty is longer, actually cars with similar specs and build are higher priced, and that may allay the buyer’s concern.

Also Read: Navigating the capital winter: Strategies for successful fundraising in a slow market

Now imagine a wife who wants to buy a car and asks her husband, who agrees to it begrudgingly and is not prepared to buy a car at all, to come along. In such instances, no matter how much your best effort is, there is almost nothing you could have done.

You can give the same rationale for a longer warranty, and he will quote you another one that is even longer. You recommend a cheaper car, and he would start criticising its build and specs. It is like playing whack-a-mole with him, and no matter what you say, a mole will just pop up.

Such conversations can be soul-crushing.

It is something I made a point of training my salesforce back then so that they could recognise it happening and concentrate on talking to the wife. Or move on and concentrate on greener pastures instead of getting themselves bogged down mentally by it.

That said, while we can do more cold calls to generate more customers to talk to, a chance to present to an investor is hard to come by, and it is only natural to feel dejected afterwards. But I hope being able to tell the difference between Objection and rejection and knowing when you never stood a chance when it is a rejection could spare you those days of ruminating in your head, pondering about what went wrong, what you could have done better.

But why would they do that, you might ask? If they are willing to speak to me, surely they cannot be that begrudgingly husband and should be seriously hunting for a good startup to be so dismissive, you say. 

Well, for starters, there is the Goodhart Law.  Most would instinctively feel like picking one out of 100 vs. one out of 1000. The latter 1 is better than the former one. That is why competitions always feel the need to announce the winner along with the fact of how many have taken part, but at times, it may mean not being able to take the time to hear everyone thoroughly and being overly assumptive. 

Understand that bias (which I also shared more on in this article) also plays a part in any conversation, and at times, nothing you had a role to play in would allow you to walk away undaunted and to keep on trying your fellow founders. 

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Image credit: Canva

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We are thrilled to announce that iScale Solutions has joined Echelon X as supporting sponsor. A managed outsourcing and staff augmentation provider, iScale Solutions is dedicated to delivering customised solutions that seamlessly integrate with their clients’ business processes. This strategic partnership marks a significant step towards fostering sustainable growth and addressing the talent challenges faced by companies across the region.

Get Echelon X  tickets: Check today’s discounted rates

At the heart of iScale Solutions’ commitment lies the mission to provide businesses with services that allow them to focus on core operations while ensuring access to the best talent pool. With a keen understanding of the dynamic business landscape, they offer a comprehensive suite of services that transcends traditional outsourcing models.

 

This year at Echelon X, iScale Solutions is set to make a lasting impression with a dedicated exhibition booth. The booth will serve as a hub of knowledge, where discussions will revolve around how they can be the catalyst for sustainable growth, relieving companies of the complexities of talent recruitment and management.

As the global business landscape evolves, the need for strategic partners like iScale Solutions becomes increasingly critical. This sponsorship underscores Echelon X’s commitment to bringing together innovative solutions that shape the future of business.

Also read: Future-proofing businesses and talent through technology

Echelon X 2024 is not just a conference; it’s a convergence of ideas, solutions, and opportunities. Join us in welcoming iScale Solutions to the Echelon community. Come meet them at Echelon X, and together, let’s explore the potential for transformative growth in the ever-evolving business landscape.

Don’t miss out on this chance to connect, learn, and pave the way for a future where businesses thrive. Get your tickets here.

 

Image Credit: iScale Solutions

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