From the death of cookies to the ‘Privacy Sandbox’, Southeast Asian advertisers are gearing up for some major changes from Google in 2024. After four years of chatter, the global technology giant is finally ready to sunset third-party cookies within months.

Dubbed the ‘cookie apocalypse’, the user privacy-led shift has left many in the marketing and publishing communities understandably worried about the future of their programmatic campaigns and their ability to effectively plan, target and measure.

Driving without fuel

Google’s third-party cookie, a unique code that tracks users’ browsing habits, has underpinned digital advertising since the early 2000s. In the past two decades, the cookie has been instrumental in enabling advertisers and publishers to build highly targeted and personalised digital campaigns using programmatic buying.

Programmatic advertising’s growth and value cannot be underestimated. In Asia Pacific in 2021, the spending on programmatic stood at US$147.5 billion. This is expected to increase to US$262.13 billion by 2026. As one of the fastest-growing ad types, programmatic has become a staple in any marketer’s toolbox.

Third-party cookies provide the data that allow marketers to target audiences with highly personalised ads on any site or platform. So, running a programmatic campaign without this data may initially appear to be like trying to drive a car without fuel. 

But this is not a new challenge. Privacy regulations such as GDPR requiring explicit consent and changes to operating systems like the Apple iOS introducing ITP in 2017 have meant that third-party cookies have long since been redundant across nearly half of all internet usage.

Working with an agnostic programmatic partner can help marketers run cookieless campaigns with confidence, ensuring exceptional performance regardless of what happens in the future, with or without cookies.

At Crimtan, we’re not only following Google’s Privacy Sandbox, but we’re also working to ensure that our approach works alongside identity technologies such as LiveRamp and advances in AI to afford more real-time signals to effectively plan, measure and target, such as probabilistic matching.

Also Read: Navigate in a cookie-less world, leverage AI and think community-first

And, although not all these initiatives have been welcomed by the advertising industry (the Privacy Sandbox’s current state clearly leaves room for scepticism), APAC marketers have reason to be optimistic. The United States and the United Kingdom have already witnessed a pullback in the use of cookies to track and identify customers as a result of legislation and big tech firm initiatives.

Indeed, around 28 per cent of US mobile browsers and 20 per cent of UK mobile browsers are now cookieless. A Yahoo study meanwhile revealed that over 90 per cent of the same reach can be achieved without cookies. 

As such, there is reason to hope for cookieless programmatic advertising campaigns that are accurate and still generate a high return on investment. Here’s how to achieve this.

Wider reach with consent 

The first key to a successful post-cookie campaign is to switch up the data. Marketers may no longer have the same access to third-party data, but they have treasure troves of their own – known as first-party data.

Marketers will need to get their data in order: document it, assess its value and ensure it complies with the relevant privacy regulations. Once this is in place, they should work with multiple technology partners to analyse their first-party data, create lookalike audiences, personalise content and find target audiences online.

First-party data allows marketers to identify the right customer at the right time and place and with the right messaging. Testing and analysing first-party data will enable marketers to customise advertising strategies and reach customers most efficiently.

Using cookieless connected platforms can help marketers identify high-value customers, find similar audiences and group them into target segments. Platforms such as Crimtan’s ArchiTECH help marketers serve personalised messages through dynamic creative optimisation (DCO), allowing them to leverage a single template to curate many different, highly relevant variations of an ad to connect with different audience segments throughout the customer lifecycle journey.

This was seen through Crimtan’s partnership with JTB Communication Design (JCD), which operates Joshitabi, an entertainment news, lifestyle and travel information site targeting Japanese women, boasting over 3.4 million users. The partnership combined Crimtan’s programmatic solutions with Joshitabi’s first-party data, enabling targeted advertising across the entire travel journey – without the aid of cookies.

Also Read: We can no longer adopt a cookie-cutter approach to marketing: Gunalan Ram of CINNOX

Through this collaboration, advertisers could gain exclusive access to real-time traveller intent signals from Joshitabi’s audience, providing a new opportunity for brands to expand beyond their current reach, revolutionising advertising for Japanese outbound travel and enhancing overall marketing performance.

Having an agnostic solution that can pick the best option, either persistent ID or probabilistic, that doesn’t rely on third-party cookies is crucial for effectively retargeting existing and new customers.

Crimtan’s cookieless connected platform underpinned by its agnostic ActiveID, combines deterministic data with probabilistic and signal data to produce a robust option to more effectively plan, target and measure your marketing campaigns. This translates to achieving a wide reach of your target audience with consent.

The end of cookies does not mean the end of successful programmatic advertising. Taking an agnostic approach will help marketers navigate whatever changes lay ahead, while by using well-managed first-party data and technology, they can still enjoy the rewards of precise, compliant and high-return programmatic campaigns.

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Advances in artificial intelligence (AI) in the last few years have made AI a buzzword in everyday life. AI cameras watch as you purchase in the self-checkout lane, notifying associates if you don’t ring up an item. Companies even utilise AI in their human resources (HR) departments, writing job descriptions and scanning job applications to locate the most qualified people for open positions.

However, AI algorithms are only as unbiased as those creating the programs. It still offers promising possibilities to remove preconceived notions when utilised correctly.

How to use AI to remove hiring bias

One might think a computer is immune to bias, but the opposite is sometimes true. While AI might remove it, it could also unintentionally embrace past outcomes and duplicate biases. Adding a human component to the selection process is crucial to avoid discrimination.

Here are some ways HR and company leadership can tap into the power of AI to remove hiring bias: 

List future skills

A survey on how people view AI found that 69 per cent of people from Thailand felt it would replace their jobs, and 62 per cent from Malaysia and Indonesia felt the same. As the world shifts to a machine learning mode, people will need to have or develop new skills in their industries.

Things are likely to become more automated, so learning, growing and adapting are as crucial as any book knowledge. AI can help HR teams create job descriptions that list current and future skills necessary to excel in the field.

Use broad datasets

When training AI models, it’s crucial to pull from the wider population, other countries, different socioeconomic levels and various cultures. If you wish to utilise AI to remove bias against age, gender, race and other demographic factors, you must train it from a vast pool of thoughts.

Also Read: How AnyMind Group achieved profitability through its approach to human resource and leadership

It’s wise to speak with diverse members of the team for programming. If your company isn’t yet diverse, you may want to pull in data from larger enterprises to avoid programming inherent bias into the selection process.

Improve onboarding

One thing that can prevent your team from being diverse is losing people shortly after hiring them. Approximately 33 per cent of new hires quit within three months. Use AI onboarding to ensure your training process removes unfairness and is accessible to all employees.

Since computers look at step-by-step processes, AI is a great way to build out your training modules. You can even run simulations to see how a specific persona might react to training.

Be transparent

One way AI helps remove bias in the hiring process is by showing the outside world your efforts to remain diverse and unbiased. Be open about your policies and how your algorithms work. Tell potential employees which parts of the hiring process tap into AI to gather candidates and share what you’re looking for. Explain how the computer sorts resumes with certain skills listed.

You can never totally remove bias, even with a computer. However, trying to do so will reward your brand with a nice mix of staff members with various backgrounds and knowledge to share.

Reduce research time

Data analytics is a top use of AI in business because computers are adept at sorting through tons of information and spitting out results. HR departments can utilise automation to sift through hundreds of applications and select only those with the qualifications most necessary to fill the position.

The machine doesn’t look at gender, age or race but only at the applicant’s skills. By letting it do the initial sorting, those who have a lot to offer but might fall outside the hiring norm still have a chance to gain a face-to-face interview and wow leaders.

Give humans the final say

Yes, humans suffer from their own biases. Some prefer those who are familiar with what they’ve always known. Others grew up in a non-diverse environment and may not fully understand another culture. Some prefer a certain level of education or gender. AI data sorting removes bias, but you don’t want a computer to decide about someone you must interact with daily.

Also Read: Why we need to embrace HR tech adoption stat

The best way to remove bias after AI does its work and humans take over is to train leadership and HR teams to be aware of their personal preferences and fight against them. Show the benefits of a diverse workforce in solving problems.

Feed the machine

AI gets better over time via machine learning. Take the time to feed the machine new data as you learn excellent techniques. If you notice the computer is biased in one area, retrain it to remove that preference.

Can AI make hiring bias worse?

AI is valuable in finding and training new employees to your standards, but it isn’t perfect. The best thing you can do is utilise it to remove as much bias as possible in the early stages of recruitment. Take the time to look for and be aware of biases, as it’s the first step to removing discrimination.

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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

Join our e27 Telegram group, FB community, or like the e27 Facebook page

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Dear reader,

The Securities and Exchange Commission (SEC) of the Philippines is intensifying its efforts to block access to crypto exchange platform Binance, citing concerns over the security of Filipino investors’ funds.

With approval from the National Telecommunications Commission (NTC), the SEC aims to restrict local access to Binance’s main website and affiliated platforms. Emilio Aquino, SEC chairperson, emphasised the perceived threat posed by Binance’s unlicensed services, including crypto savings accounts and leveraged trading products.

Despite the SEC’s warnings, data suggests a substantial crypto user base in the Philippines, ranking 7th globally with over 9.3 million owners.

The SEC’s scrutiny of Binance dates back to November 2023, coinciding with legal issues faced by Binance’s former CEO.

While Binance’s operations in the Philippines underwent leadership changes, the SEC remained resolute in its stance against the platform, underscoring regulatory challenges in the rapidly evolving crypto landscape.

Sainul,
Editor.

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NEWS

Philippines to move ahead with Binance ban
The Securities and Exchange Commission chairperson Emilio Aquino said in a letter to the National Telecommunications Commission that Binance is a “threat to the security of the funds of investing Filipinos”.

Indonesian lending platform Akulaku secures US$100M from HSBC
The proceeds will be used to settle some of Akulaku’s debts; Akulaku has a presence in the Philippines, Malaysia and Thailand, plus Indonesia, its major market for the company.

Bukalapak posts 23% revenue growth in 2023, nearly hits EBITDA breakeven in Q4
The company logged adjusted EBITDA for Q4 2023 at negative US$2.9M, improving by 80% y-o-y; A factor in Bukalapak missing this milestone is its investment in Allo Bank, which dragged down the e-commerce firm’s performance.

Japan’s GMO Financial Gate infuses capital into Soft Space
This alliance, coming before Soft Space’s planned Series C funding round, aims to provide cashless payments across various industries in Japan, including transportation, hospitality, and the extensive F&B sector.

Ant Group pumps US$148M into SG digibank unit Anext Bank
This follows the US$188M that the digibank received from Ant in March last year; The bank focuses on local and regional MSMEs, especially those dealing with cross-border transactions.

Reddit co-founder’s VC firm eyes Japan for AI chip investments
Named ‘Seven Seven Six’, the VC firm will focus on startups designing and manufacturing processors centred around AI development; Seven Seven Six currently handles US$970M in assets under management.

Crowd Credit to pump US$50M into SEA via Helicap tie-up
Helicap will connect potential Southeast Asian borrowers with Crowd Credit and help nurture the latter’s relationship with financial institutions in the region; Crowd Credit will also link investment opportunities in Japan to Helicap.

A judge just killed Elon Musk’s lawsuit against anti-hate research org
X sued the CCDH last year, accusing the group of spreading misleading claims after it published a series of unflattering reports about hate and extremism on the platform; In the lawsuit, X claimed that it lost “tens of millions of dollars” as a direct result of the CCDH’s research.

Bankrupt FTX sells stake in hot AI startup Anthropic
The shares in Anthropic were considered plum assets in the remains of the FTX empire that collapsed in late 2022 when revelations showed occurrences of massive fraud by Bankman-Fried and his close associates.

Zomato CEO has a warning for startup founders on how businesses may disappear
Deepinder Goyal warns that startups will need to innovate to create long-lasting businesses as the rapid evolution of technology will make current business models irrelevant in the years to come.

FEATURES

The rise and fall of Sam Bankman-Fried: an unrepentant ex-mogul faces down decades in prison
Bankman-Fried, who founded the cryptocurrency exchange FTX, was found guilty on 2 November 2023 of seven counts of wire fraud and conspiracy to launder money.

‘We want to treat our customers like educated LPs of a fund’: Michael Do of 1Long
‘We frequently update their portfolio holdings and our investment decisions while sharing resources that an investor relations department typically offers’, says 1Long CEO.

Building Tokocrypro taught me the power of community: Untukmu’s Pang Xue Kai
Operating in the crypto space taught me the importance of navigating regulatory landscapes adeptly, says the Untukmu.AI founder and CEO.

CONTRIBUTORY ARTICLES

Is Web3 just another ‘hype’ or will it unlock a multi-trillion dollar opportunity in fintech?
The blend of traditional finance and digital Web3 fintech presents a promising opportunity for a more efficient and connected financial ecosystem.

Rethinking DEI: A founder’s perspective
The current lack of trust is hindering our progress in DEI. DEI is not a zero-sum game; By unlocking the potential of women, minorities, and marginalised communities, we can create a better world for everyone.

What the post-cookie era means for programmatic marketing
After Google phases out third-party cookies, how can brands ensure consistent planning, activation, and measurement in their programmatic advertising campaigns?

FROM THE ARCHIVES

Women and AI: How startups can prevent gender bias and promote responsible use of the tech
Gender bias within AI is quite a complex topic in and of itself, but startups can play a more active role in preventing that.

Pitching 101: Questions that VCs will ask you during a pitch session
Even during the pandemic, opportunities to attend a pitching session with a potential investor remain abundant.

What metrics to monitor as a B2B SaaS company?
What are the key metrics you should be tracking to ensure the right understanding of your business and the sustained longevity of your company?

Pitching from home: How to get investors’ attention in a virtual world
Golden Gate’s Vinnie Lauria shares his quick advice on getting a “yes” to an investor meeting and making it a home run.

Bukalapak spills the secrets of building a high-performing mobile development team
A Bukalapak engineer should never hesitate to share his knowledge with fellow industry players, and help them achieve success.

5 legal mistakes startups make after inception and how you can avoid them
Yes, so much is said about law and lawyers that you may feel a bit intimidated by their presence or maybe even apprehensive; But as a startup, one of the grave mistakes you can make is not to have a lawyer you can consult from the initial stages of your business.

ECHELON

21 more industry leaders will be taking the Echelon X stage!
Get to know our second set of key innovators who will be speaking at Echelon X to discuss trends and insights on the latest!
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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: Binance faces ban in Philippines | Akulaku secures US$100M from HSBC appeared first on e27.

Singapore’s tourism sector is showing signs of recovery following the COVID-19 pandemic, with 2023 tourism receipts reaching approximately US$24.5 to US$26 billion, surpassing earlier forecasts.

However, this still represents only 88 per cent to 94 per cent of pre-pandemic levels recorded in 2019. Despite the positive trajectory, socio-economic factors are expected to temper the pace of recovery. One such factor is the current process of GST refunds for tourists, where refunds are only processed upon their departure from Singapore, potentially resulting in revenue leaving the country.

Recognising the disconnect between the intended purpose of tax-free shopping and the tourist experience, utu, a Singapore-based company, seeks to revolutionise the tax-free shopping experience. By offering tourists the option to upsize their GST refunds instantly, utu aims to provide immediate value that can be used for additional purchases in-store. This approach addresses the limitations of traditional VAT refunds, allowing tourists to unlock the full potential of their refunds before leaving the country.

Partnering with retailers, travel rewards programmes, and exploring duty-free collaborations, utu aims to enhance tourists’ shopping experiences while benefiting local businesses and economies.

“We understand traditional VAT refunds can be limiting for tourists. That’s why we empower them to unlock the full potential of their refunds right away before leaving the country. We transform their VAT refunds into instant rewards – tourists still follow the regular tax-refunding procedures, but utu adds that extra layer of excitement,” says co-founder Ameer Jumabhoy in an email to e27.

Also Read: Zero-Error Systems: Safeguarding space travel from satellite collisions and debris

Transforming GST refund with utu

In recent years, utu has made several notable milestones, starting with its ability to weather through the COVID-19 pandemic, which affected the travel and tourism industries significantly. It has partnered with brands such as Qatar Airways, Singapore Airlines, and Accor.

utu has also introduced utu Privileges, a programme that allows tourists shopping in Singapore to upsize their tax refunds by up to 110 per cent of the Goods and Services Tax (GST) paid on their purchases. According to the company, this upsized refund can be used immediately to offset purchases at participating retailers, boosting sales and keeping tourist dollars circulating within Singapore’s economy.

“We’re still in the early stages, but utu Privileges has the potential to be game-changing. It’s designed to generate additional tourist spending, and retailers are seeing the value proposition. This product signifies a shift in how tax-free shopping can benefit everyone involved,” Jumabhoy explains.

“We built this model with a win-win mentality. I, like most people, am totally over subscription fatigue – my streaming bills alone are scary! With utu Privileges, we’re performance-based. We only earn a fee when our technology drives an additional sale for a merchant. No subscriptions, just a focus on boosting their bottom line.”

utu defines its primary users as everyday shoppers wanting to stretch their tax-free refunds further. “We focus on typical purchases – maybe a nice handbag, a wallet, or a pair of shoes – that represent the majority of tax-free spending,” explains Jumabhoy.

Also Read: Will climate change force us to re-imagine travel in the future?

The company has two main focuses for its user acquisition strategy: Collaborating with Travel Partners and Retail Partners to offer utu Privileges to their customers.

“We collaborate with major airlines such as Etihad, EVA Airways, and THAI, as well as hotel groups like Accor, to onboard their members onto the utu
platform. This lets them boost their refunds with miles or rewards points,” the CEO says. “Our retail partners such as La Martina and Coccinelle directly promote utu Privileges to tourists in their stores.”

Jumabhoy also stresses that while utu tracks its user acquisition, its true success measure is the transactions it drives. “That is when we know we have helped tourists get more from their shopping experience.”

Empowering travellers with AI

utu is currently run by a team of 50 from its offices in Singapore, Bangkok, Hyderabad, and Milan. According to Jumabhoy, the company’s global presence allows it to tap into unique perspectives and better understand the needs of its international partners.

It also counted SC Ventures as one of its key investors.

Also Read: RedDoorz: Post-pandemic, we observed a behaviour shift among Indonesia’s Gen-Z travellers

When asked about their major plan this year, Jumabhoy hints about introducing a new AI-based tool to support its Privileges programme.

“This year, we’re focused on revolutionising the way tourists experience tax-free shopping. We’re about to launch a cutting-edge AI tool that will transform how our utu Privileges programme is used, making it even more seamless and rewarding. While we’re not primarily an AI company, we recognise the power of this technology to drive exceptional user experiences,” Jumabhoy closes.

“Additionally, we have several major partnerships in the pipeline that will extend the benefits tourists can enjoy with utu. Our goal is to create a truly connected journey, from the moment they shop to the moment they depart. Keep a close eye on our announcements – exciting things are on the horizon!”

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Image Credit: utu

The post How utu aims to boost tourism by transforming the traditional VAT refunds system appeared first on e27.

Last month, Singapore-based global invoice financing marketplace Incomlend announced the acquisition of LC Lite, a specialised Web3-powered trade finance marketplace, for an undisclosed amount. The deal will empower Incomlend to operate through a new fintech platform, reaching crypto and fiat investors through trade finance.

In this interview, LC Lite co-founder Jean-Charles Devin discusses the acquisition and how digital currencies can improve financial inclusion.

Excerpts:

What synergies do you envision between the two companies?

The acquisition will benefit both companies. Firstly, Incomlend gains access to a new platform that reaches crypto and fiat investors in trade financing. This will help it to expand its customer base.

Similarly, LC Lite’s Web3 focus enables Incomlend to explore the expanding Web3 technology domain and potentially add capabilities such as stablecoin transactions in the future. It will also help Incomlend expedite its Middle Eastern expansion aspirations.

Also Read: Invoice financing marketplace Incomlend acquires LC Lite to reach crypto, fiat investors

Overall, the acquisition provides Incomlend with new technology, a larger investor base, and the possibility to enter a new market.

Could you elaborate on how the new fintech platform resulting from the acquisition will facilitate trade finance, particularly in the Middle East, and what advantages it brings to the table?

The new fintech platform will revolutionise trade finance, particularly in the Middle East, by leveraging advanced technologies to streamline processes and mitigate risks. The acquisition will allow Incomlend to offer a new strategy that combines the reliability of receivables financing with the growth potential of digital assets. This could be particularly attractive to investors in the Middle Eastern region.

By incorporating LC Lite’s fintech, Incomlend will also reach a wider pool of investors, including crypto and fiat investors interested in trade finance. This can increase the liquidity in the marketplace, which will also benefit the broader UAE economy.

LC Lite’s technology also paves the way for Incomlend to support future stablecoins transactions. Stablecoins are cryptocurrencies pegged to real-world assets, reducing the price volatility often associated with other cryptocurrencies. This could make trade finance more appealing to a wider range of participants in the Middle East.

Overall, the acquisition is part of Incomlend’s plan to accelerate its growth in the Middle East. By offering a wider range of trade finance options, we will cater to the needs of a growing market.

With the integration of Web3 technology into Incomlend’s platform, how do LC Lite foresee this transforming the landscape of asset class creation within invoice financing?

Integrating Web3 technology into Incomlend’s platform will democratise asset class creation within invoice financing by introducing DeFi principles. It will increase accessibility by facilitating transactions and creating new avenues for liquidity provision and investment diversification.

Could you explain how the use of digital currencies could streamline and enhance the efficiency of invoice financing processes, both for businesses and investors?

Digital currencies can streamline and enhance the efficiency of invoice financing processes by eliminating intermediaries, reducing transaction costs, and enabling real-time settlement. Smart contracts can automate various aspects of the invoice financing process, such as invoice authenticity verification, payments and return distribution.

In what specific ways can fintech firms like Incomlend leverage digital currencies to improve financial inclusion, especially in regions where traditional banking infrastructure may be lacking?

Besides lowering transaction costs and enabling instant settlement, Web3 technology can streamline remittance services and cross-border payments in regions with high fees and limited access to banking services, consequently improving global liquidity.

As a blockchain expert, what challenges do you foresee in integrating digital currencies into invoice financing, and how do you plan to address them?

Not many businesses, particularly small ones, are familiar or comfortable with digital currencies yet. We might encounter some roadblocks on the adoption side. LC Lite will provide educational materials and clear communication about the benefits and procedures for adopting digital currencies in invoice financing. We will also collaborate with industry players to raise awareness and drive adoption.

Also Read: Incomlend raises US$20M Series A for Asia, Europe expansion

Another concern might be security. Digital currencies are subject to hacking and fraud, meaning businesses must ensure their cash is secure. We strive to implement strong cybersecurity measures and collaborate with trustworthy custodians of digital assets, prioritising safe storage and transaction mechanisms.

By addressing these issues, Incomlend and other stakeholders can pave the way for a more efficient and equitable invoice financing environment that fully realises the potential of digital currencies.

What are some potential risks associated with using digital currencies in invoice financing, and how does Incomlend mitigate these risks to ensure the security of transactions?

Besides the security risk, Incomlend must ensure that there is sufficient liquidity available to facilitate invoice financing, maintain adequate reserves of digital assets, and establish partnerships with liquidity providers to mitigate the liquidity risk. On the regulatory side, Incomlend has already implemented strong AML/KYC procedures.

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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 ‘Stablecoins could make trade finance more appealing’: says LC Lite co-founder appeared first on e27.