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

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

In this edition, we explore the journey of Daniel Tan, Founder of FindTheLoan.com, Singapore’s first loan marketplace. Since publishing his inaugural thought leadership article with us in 2018, Tan’s subsequent articles have amassed over 10,000 views.

Thoughts, goals, and journey

Having experienced two layoffs from banking roles during the 2008 mortgage crisis, Tan decided to explore entrepreneurship. Despite uncertainty about the business idea, he immersed himself in tech strategies, including defensibility moats, walled gardens, engineering marketing, coding, and digital marketing.

Transitioning to the insurance industry post-banking, Tan became an assistant agency leader, eventually co-founding a mortgage loan agency with colleagues. His interest in improving the loan process was sparked in mid-2019 when a friend sought help assembling a team of loan brokers. Recognising the persisting manual, slow, and error-prone nature of the industry, Tan envisioned a solution.

The onset of the COVID-19 pandemic intensified the need for streamlined loan processes. Tan observed brokers selectively serving borrowers based on loan size and increasing fees for perceived complex cases. Motivated by this inefficiency, he conceived the idea of a loan marketplace connecting borrowers directly to multiple lenders with a single application, eliminating intermediaries.

“Honestly, I don’t know if I have a particular expertise. When it comes to loans, loan brokering, engineering, and so on, many people know so much more than I do. Previous attempts to solve this problem in my industry were all by specialists. Being a generalist was, in my opinion, the reason I understood the needs and works of lenders vs borrowers vs brokers and to marry and design an end-to-end product,” said Tan candidly.

Also Read: Karen Kim: Leveraging design thinking for efficient decision-making in data management

In observing trends within his industry, Tan noted a growing awareness among venture capitalists and fintech companies of the existing credit gap, particularly for SMEs, which had persisted since the subprime crisis. Recognising the emergence of numerous fintech lenders, he pondered the challenge of efficiently connecting borrowers with these lenders while minimising friction in the process.

Furthermore, Tan observed a surge in startups and solutions focusing on KYC/AML processes, alternative credit assessment data, and AI application in credit scoring. However, amidst this growth, he contemplated the potential impact of increasing concerns regarding data privacy on these industry players.

Advice for budding thought leaders

Tan believes the best approach to making connections as a thought leader is understanding others’ perspectives and concerns, ensuring that your writing resonates with them.

“For instance, my recent article was on objection vs rejection. Having also been through it myself, I was prompted to write it after a friend lamented to me about how someone rejected him. I believe most founders are open to genuine feedback, but not from those who were not listening and probably just wanted to look smarter by being critical. Reading many articles each day from various sources and observing how leaders frame their words and thoughts also taught me a thing or two.”

Juggling too many things?

Reflecting on his approach to maintaining work-life balance, Tan remarked, “Balancing work and personal life can be challenging, especially for founders starting from scratch. Often, sacrifices must be made, with social life being the first to be trimmed down. Despite this, I’ve found a way to blend both worlds by offering advice to friends on their startups. While I wouldn’t label it as mentoring, it allows me to intertwine work with personal connections, offering face time with friends beyond the usual business circles.”

Also Read: David Kim: Championing entrepreneurs, shaping the future of innovation

Staying in the loop

For staying updated on industry developments while on the move, Tan relies on e27 and Google Alerts.

In recommending resources for keeping abreast of industry trends, Tan suggests following his blog, which provides detailed insights on selecting loan types, comparing offers, and exploring various financing options like VC, angels, and crowdfunding. For startups, he recommends two books: Venture Deals and The Matchmaker.

“Starting up can be extremely tough. I keep my loved ones’ photos on my desk, and my laptop wallpaper is filled with inspiring quotes, like my favourite from Ray Kroc, who transformed McDonald’s into what we see today: ‘Nothing in this world can take the place of good old persistence. Talent won’t. Nothing’s more common than unsuccessful men with talent.’ Often, starting up can be the toughest challenge one would ever understand. Having the courage to keep going is the number one skill I believe matters above all else,” Tan concluded.

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The post Daniel Tan: Banker turned fintech founder, finding opportunity in crisis and market inefficiency appeared first on e27.

Visit Echelon X to learn more about the program. Get your tickets here!

Retail and wholesale commerce play pivotal roles in fostering economic equity, especially in a diverse and populous country like Indonesia. These sectors serve as conduits for distributing goods and services across various regions, thereby creating opportunities for small and medium-sized enterprises (SMEs) to thrive.

By engaging in retail and wholesale activities, local businesses gain access to larger markets, enabling them to compete with larger corporations. This dynamic not only encourages entrepreneurship but also empowers marginalised communities by providing them with avenues for economic participation. Moreover, retail and wholesale sectors generate employment opportunities at multiple levels of the supply chain, from producers and distributors to retailers and service providers, thereby contributing to income redistribution and poverty alleviation.

Also read: Leading end-to-end property platform in Indonesia will share insights at Echelon X!

In Indonesia, where socioeconomic disparities are prevalent among its diverse population, the retail and wholesale sectors serve as engines of economic inclusivity. These industries facilitate access to essential goods and services in both urban centres and rural areas, bridging the gap between regions and socio-economic classes. Additionally, the presence of vibrant retail and wholesale markets encourages innovation and diversification, as businesses strive to meet the diverse needs and preferences of consumers.

Government policies that support the growth of these sectors, coupled with investments in infrastructure and technology, can further enhance their role in promoting economic equity by ensuring efficient distribution networks and enabling greater market access for all stakeholders. Ultimately, a robust retail and wholesale ecosystem is essential for fostering sustainable and inclusive economic development in Indonesia.

Challenges faced by retailers in Indonesia

Individual retailers operating in the retail and wholesale space encounter various challenges that can impede their success and competitiveness. One significant hurdle is intense competition from larger retail chains and e-commerce platforms, which often have greater financial resources and marketing capabilities. This competition can make it difficult for smaller retailers to attract customers and maintain profitability.

Additionally, rising operating costs, including rent, utilities, and labour expenses, pose significant challenges for individual retailers, particularly in urban areas where overhead costs are high. Moreover, fluctuating consumer preferences and market trends require retailers to constantly adapt their product offerings and marketing strategies, which can be daunting for smaller businesses with limited resources and expertise.

Also read: SAFE STEPS D-TECH Community Hub is leading the way to a resilient future

Finally, navigating complex regulatory frameworks and compliance requirements, such as taxation and licensing regulations, adds another layer of difficulty for individual retailers, further hindering their ability to thrive in the competitive retail landscape. All of these complexities pull focus from the arduous day-to-day operations that are already very demanding to your average everyday retailer, particularly when it comes to both acquiring and distributing products and merchandise.

To address these challenges, SuperApp is the first social commerce platform in Indonesia that is ISO 9001:2015 certified and aims to solve economic inequality across cities for Indonesia’s future economy. SuperApp is one of the top YC companies, which oversees the main feature, SuperAgen, an agent-led commerce feature that enables community leaders to become retailers within their communities.

How SuperApp is balancing impact, technology, and sustainable growth in Indonesia

By empowering community leaders to become retailers through SuperAgen, the platform not only facilitates economic participation at the grassroots level but also fosters a sense of community-driven commerce.

Achieving ISO 9001:2015 certification underscores SuperApp’s commitment to quality and efficiency, which are crucial for building trust among users and stakeholders. As one of the top Y Combinator (YC) companies, SuperApp likely benefits from access to resources, mentorship, and networking opportunities that can further fuel its growth and impact.

Overall, SuperApp’s focus on social commerce and community empowerment has the potential to make significant contributions to Indonesia’s economy and society. How do they do it? Learn all about SuperApp’s story straight from the source.

Happening on May 15 to 16 at the Singapore EXPO, Echelon X will feature a dedicated fireside chat entitled “Balancing Impact, Technology, and Sustainable Growth in Indonesia: How SuperApp Does It,” featuring Steven Wongsoredjo, CEO and Co-Founder at SuperApp (YC W18).

Also read: Echelon X introduces the Growth Stage: A dedicated platform for startup growth

Bringing experience from previous roles at Aplikasi Super (YC W18), Permias Washington DC and UNICEF. Steven Wongsoredjo holds a 2015 – 2016 Master of Science (MSc) with a 3.98/4.00 GPA in their field at Columbia University in the City of New York. He also holds a Bachelor of Science from Johns Hopkins University with Magna Cum Laude honours. With a robust skill set that spans Marketing Management, the Gaming Industry, Public Speaking, Accounting, Economics, and more, Steven Wongsoredjo contributes valuable insights to the industry.

The fireside chat will be moderated by no other than Aaqib Alvi, Country Manager for Sustainable Living Lab.

Aaqib Alvi is committed to providing global program management for their client, Intel, where he serves on the frontlines of the AI revolution, deploying cutting-edge technology to national governments in over 35+ countries. His passion for using AI to bridge the technical gap and empower non-technical populations has driven him to work on sustainable development goals by providing sustainable innovation consultancies to MNCs and communities.

With over 12 years of experience in the education-technology sector, Aaqib Alvi has honed his expertise in STEAM learning for students. His knack for developing strategies for education startups and facilitating the adoption of innovative products and learning environments has been recognised by educators and learners alike. Aaqib Alvi is renowned for delivering dynamic and engaging presentations on the power of STEAM learning and how it can be used in any subject to strengthen learning.

Join us at Echelon X!

Gear up for the premier tech and innovation conference as Echelon X kicks off on May 15th and 16th, 2024, at the Singapore EXPO. This dynamic event will bring together industry leaders, visionary entrepreneurs, and groundbreaking startups from all corners of the region for two packed days.

Whether you’re eager to expand your knowledge, network with key players from the tech startup scene, or showcase your innovative ideas, Echelon X offers an unparalleled experience. Join us as a participant or an official partner by securing your spot now on our official page. Together, let’s embark on a journey to shape the future and create a lasting impact.

Join us at Echelon 2024, where innovation knows no limits, and the possibilities are endless!

The post Sustainable development through empowering commerce in Indonesia appeared first on e27.

Singapore-based OKX Ventures, the investment arm of global cryptocurrency exchange and Web3 technology company OKX, has invested an undisclosed amount in DLC.Link, which harnesses the power of Discreet Log Contracts (DLCs) to establish a trustless bridge between Bitcoin and Ethereum.

DLC.Link aims to bring the power and innovation of DeFi to the Bitcoin ecosystem without compromising on security, decentralisation or user experience. It partners with institutions (called dlcBTC Merchants) to mint dlcBTC, a decentralised wrapped Bitcoin. Unlike other forms of wrapped Bitcoin, dlcBTC does not require Bitcoin deposits to be held with a custodian or bridged to a separate blockchain.

Also Read: OKX Ventures leads investment in Web3 venture studio BeWater

To mint dlcBTC, Bitcoin depositors self-wrap by locking their collateral into a DLC, which can only pay out to the original depositor. Thus, dlcBTC provides a theft-proof protocol, in that Bitcoin deposits cannot be lost through hacks, theft or fraud.

Furthermore, since only the original depositor can retrieve funds, dlcBTC is more resistant to censorship than current forms of wrapped Bitcoin.

Aki Balogh, co-founder of DLC.Link, said: “wBTC has reached Top 15 token status, despite its centralised custody model. In contrast, dlcBTC is the only wrapped Bitcoin that is minted from self-custody. DLCs, which were added to Bitcoin in 2021, enable a theft-proof wrapping mechanism without the need to introduce a bridge or L2 chain. dlcBTC will boost the adoption of Bitcoin in DeFi and has the potential to become a Top 10 token.”

With an initial capital commitment of US$100 million, OKX Ventures focuses on exploring the best blockchain projects on a global scale, supporting cutting-edge blockchain technology innovation, promoting the healthy development of the global blockchain industry, and investing in long-term structural value.

Also Read: OKX Ventures backs Web3 interoperability infra firm Polyhedra

Early this week, OKX announced that its Singapore subsidiary OKX SG received in-principle approval for a Major Payment Institution License (MPI) in Singapore. The licence allows it to provide digital payment tokens and cross-border money transfer services in the city-state.

The company looks to build a locally tailored suite of products and services.

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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 OKX Ventures invests in Bitcoin DeFi protocol DLC.Link  appeared first on e27.

Funding into female-led startups in Southeast Asia (SEA) saw a 42 per cent y-o-y drop in 2023, according to Tracxn research.

Woman-led startups in Southeast Asia raised US$480.8 million in 2023, compared to US$831.9 million last year. The downturn was not confined to a specific sector or geography but across diverse sectors and geographical locations.

Also Read: Meet the 27+ women headline-makers in the Southeast Asian tech startup ecosystem

2021 saw the highest funding by female-led ventures, raising US$1.2 billion. In that year, funding surged across all stages. While the late-stage funding rose by 626 per cent, early and seed-stage funding increased by 137 and 90 per cent, respectively.

In 2021 and 2023, the highest funding was observed in the late stage.

In 2022, the bulk of the funding came in the form of early-stage deals. Late-stage funding declined 66 per cent in the year, while early-stage and seed-stage funding rose 61 per cent and 47 per cent, respectively

Southeast Asia is home to over 1,700 startups with at least one female co-founder. There are 657 funded women-led startups, of which 14.3 per cent have progressed to the Series A stage and 1.8 per cent to Series C or beyond.

In Southeast Asia, Singapore dominates the female-led startup landscape, with US$3 billion in funding raised across 380 rounds to date. Jakarta secured US$935.9 million through 106 rounds, while Cyberjaya’s female-founded ventures received US$86.3 million across ten rounds.

Also Read: Buy from her: Elevating women’s entrepreneurship

Singapore has 936 woman-led companies, followed by Jakarta (173 companies) and Kuala Lumpur (107).

The city-state ranks seventh in the world in terms of funding raised by women-led startups to date.

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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 Funding into SEA’s female-led startups falls 42% to US$480.8M in 2023: Tracxn appeared first on e27.

Going over the list of portfolio companies of Soul Ventures is guaranteed to keep one impressed, especially with the appearance of familiar names such as OpenAI, Reddit, SpaceX, and Neuralink.

Apart from those companies, the firm has also invested in Asian companies such as online real estate marketplace Anjuke. It also works closely with various LPs based in Singapore and Taiwan, going in on deals together like a recent investment into AI company Cohere.

Founded in 2021, Soul Ventures focuses on growth-stage investments in frontier tech, AI, and consumer tech. Led by founder and GP Warren Hui, the Hong Kong-based firm bridges the US and Asian markets for its portfolio companies. With extensive ties throughout Asia and the US, Soul Ventures has been instrumental in helping companies in both regions grow and expand internationally, especially in the AI space.

Hui explains to e27 the firm’s notable investments and major regional plans in this email interview. The following is an edited excerpt of the conversation.

You have invested in some of the most notable names in the industry today, such as SpaceX and OpenAI. Can you tell us about what first drew you into these companies? What are the factors that you look at when assessing them?

For us, we always start with the bigger picture thematically. What are the biggest disruptions that might happen in the next 10 years? So, for example, we believe AI will be a technology that will disrupt all industries. So we take AI, and then we distil it down into the medium term and the long term: What industries will be disrupted first using AI? We strongly believe that consumer and enterprise productivity will be a big market that will be disrupted immediately.

Also Read: Building resilience against cyber attacks in ASEAN through data

Our team then researches and contacts numerous AI companies in order to understand each founder’s vision. We invested in OpenAI because the team is one of the most talented in the world and has done much of the research that lays the groundwork for AI today. They’ve also created a strategic plan to commercialise and bring their tech to the masses quickly.

What lessons do you learn from supporting these companies?

For our portfolio companies, our biggest value-add is to help them expand into Asia, especially Southeast Asia.

Given a large number of our portfolios were founded in the US, their user base is generally in the US as well. To help startups bridge the gap between regions, there are a lot of cultural nuances that we help founders understand. The way users interact with tech and understand different companies is extremely different between regions, and localisation is key.

We have learned that to help tech companies become truly global the business itself has to be fluid and agile, adapting to user needs constantly.

What is your investment philosophy? What sets you apart from similar VCs?

We want to invest in companies that disrupt the most lives and build a better future for all of us. We genuinely believe technology is a tool to improve people’s daily lives.

Compared to other VCs, our team has both entrepreneurial and operational backgrounds, which enables us to understand first-hand the pain points founders have to go through and then dig in and help them in as many ways as possible.

Also Read: Beyond the draft: Why AI won’t save fiction authors (yet)

What are the factors that you are looking for in a potential investment?

It always starts with the team and the founder. Many startups may get their market fit or product wrong initially, but a great founder can pivot the business and lead a team to success.

We love founders who are visionaries, and especially those with a vision that is so big it seems impossible.

Can you tell us more about the areas and regions you focus on? What strategy do you use to approach these regions? Any interesting insights that you can share with us?

Our primary focus is the US and parts of Asia, such as Southeast Asia (SEA), Taiwan and Japan. Given that my partner has invested in Asia for decades (he backed Tokopedia before it became GoTo and IDN Media, to name a few), we are actively sourcing investments in this region.

I think that, in any region, we always go to places that attract talent. So, in the US, it would be Silicon Valley and now Austin, Texas. We see a lot of AI application-layer companies being built in SEA and invested in an AI infrastructure company out of Taiwan.

We believe that where the most talent is based, ecosystems will naturally be built around the area to help startups succeed.

What is your major plan for 2024?

We will continue to focus on AI. We believe that apart from foundation models – infrastructure and application layer companies will be most interesting.

Consumer internet has always been our focus, so we want to find companies in this space that use AI innovatively. We also want to explore more into robotics and space technologies which we believe will be huge in the next decade.

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Image Credit: Soul Ventures

The post Why Soul Ventures Founder Warren Hui seeks founders with a vision “so big it seems impossible” appeared first on e27.