Artificial intelligence is bucking all trends right now. People think of it as a universal tool for solving all sorts of tasks — but this is far from true. Let’s look at why we shouldn’t expect AI to turn our world upside down (at least for a couple of years). 

Why the world is going crazy on AI 

When AI was first introduced, it really did seem like magic — you write a query, and they do the task for you. AI is improving and getting smarter. Now, it can even make colourful video ads for you or generate high-quality content for social media. But it’s still not enough — and AI cannot function effectively without human intervention.

At IVITECH.Drive we are using AI on many occasions: processing and sharing documents, gathering information and its analysis, building strategies and more. For example, we use AI in our sales department, and we created and trained a bot that can immediately react to new leads and incoming requests from our clients. If our bot is lacking the information, it transfers the request to one of our managers. As a result, NPS (Net Promoter Score) grew. 

We plan to test new possibilities offered by AI for content generation, especially for our social media. It is capable of analysing trends and creating effective content for lead generation. Also, we want to involve AI in creating offers for our clients based on their needs.

Also Read: Reports of the death of tech jobs by AI are greatly exaggerated: Ying Cong Seah of Glints

What seems to be the problem 

However, any person who has ever tried to delegate voluminous and difficult tasks to AI should have noticed that it doesn’t handle them well. It is important to note that we encourage our staff to use AI, but we want them to do it thoughtfully and carefully without taking it as a magic pill. 

While it may seem that we have already mastered effective collaboration with AI, that is not the case. The widespread integration of AI has the potential to enhance the long-term customer experience, increase profits, and reduce costs.

However, in this race for technology, we must not forget about those for whom these technologies exist – the people. The implementation of AI poses the risk of job cuts, consequently reducing purchasing power. In theory, this could lead to a contraction in the market, rendering our developments obsolete.

Are we ready for such global changes if AI is trained enough to enter all the processes? Even though we are sceptical as of now, we are looking for it with optimism, and we are ready to encourage more people to adapt to this new reality. 

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Asia’s core strengths in innovation stem from its rich tapestry of diverse cultures, vast human capital, and rapidly advancing technological landscapes. With countries and regions like China, India, and Japan, leading the charge in various fields such as technology, manufacturing, and life science, Asia has proven to be a powerhouse of innovation, creativity, and entrepreneurial spirit.

For any leader in education, research, and innovation, fostering broad and deep coverage across Asia is imperative. By tapping into the collective knowledge, resources, and expertise of different Asian nations and imparting a vast array of experiences, leaders can harness the region’s immense potential to drive groundbreaking advancements and address complex challenges in Asia. Building a nexus and network across borders not only enriches the collaborative learning experience but also promotes cultural exchange, mutual understanding, and innovation ecosystems that transcend geographical boundaries.

Embracing transnational collaboration empowers stakeholders to tackle complex issues such as climate change, public health crises, and economic disparities with collective strength and resilience, paving the way for a more interconnected and prosperous future for all.

Also read: What is Remote? Meet this top global HR platform at Echelon X!

As such, Nagoya University (NU) has taken the mantle of pioneering efforts to build extensive nexus and network with transnational partnerships across Asia. By setting up Nagoya University Global Campus Ltd in Singapore as a legal entity in November 2023 and placing full-time faculty in Singapore, Nagoya University has emerged as the leading national university in Japan, actively and broadly establishing numerous extensive offices and rolling out various programs deeply rooted in Asia.

This strategic initiative not only strengthens academic ties with institutions across Asia but also facilitates collaborative research, student exchanges, industry-academia collaboration and joint initiatives to address regional and global challenges. Through these partnerships, Nagoya University is contributing to the advancement of education, research, and innovation while fostering mutual understanding and cooperation among diverse cultures and societies in Asia and beyond.

Leveraging the momentum of Nagoya University’s extension across Asia, the Global Multi-Campus Strategy demonstrates the university’s significant stride towards fostering global perspectives in Education, Research, and Innovation. 

Asia’s extensive network of offices, centres, and programs 

Nagoya University has established its offices and centres across Asia, with 11 major cities in 10 countries: Cambodia, China, Indonesia, Laos, Mongolia, the Philippines, Singapore, Thailand, Uzbekistan, and Vietnam.

Nagoya University stands out among its peers for its proactive approach to rolling out various programs in Asia, particularly in fields like agriculture, entrepreneurship, law, medicine, and international development, garnering commendation both domestically and internationally.

Notably, the Center for Asian Legal Exchange (CALE) offers “Japanese Legal Education in Japanese.” At the same time, the Young Leaders Program (YLP) focuses on training administrative officers in medical education, among other initiatives. These programs play a pivotal role in nurturing future national leaders and expanding Nagoya University’s human and intellectual networks. Strengthening these connections, the university has established 15 overseas alumni chapters, primarily comprised of graduates from these programs. Through such endeavours, Nagoya University aspires to evolve into a hub university, actively engaging with the dynamic landscape of Asia.

Building upon its successful track record and extensive network in human resource development across Asia, the Asian Satellite Campuses Institute (ASCI) has been established. In close collaboration with six graduate schools at Nagoya University, ASCI coordinates the delivery of the Transnational Doctoral Programs for Leading Professionals in Asian Countries. In a nutshell, ASCI collaborates with partners, such as country governments and universities to implement the “National Core Human Resource Development Program in Asia.” This initiative aims to provide high-quality doctoral education both at Nagoya University and its satellite campuses.

Also read: 21 more industry leaders will be taking the Echelon X stage!

Presently, NU’s satellite campuses are operational in six countries—Cambodia, Mongolia, Vietnam, Laos, Uzbekistan, and the Philippines—encompassing disciplines such as Education, Law, Medicine, Bioagriculture, International Development, and Environmental Studies through a variety of PhD programs available. This is a hybrid doctoral program which provides opportunities for individuals, who already have a master’s degree, to deepen their knowledge and experience and work towards a doctoral degree at one of Japan’s top universities without having to take time out from their career.

Through these strategic partnerships and educational initiatives, Nagoya University is fostering academic excellence and contributing to the talent pool in Asia.

Solving Asia’s challenges through Asian ideas

One of the major pillars of Nagoya University’s international programs is the impetus to solve Asia’s challenges using collaborative solutions born out of knowledge-sharing. As such, the Nagoya University Global Environmental Leadership Program (NUGELP) aims to cultivate professionals capable of making international contributions to solving global environmental challenges while supporting the endeavours of its alumni. The program primarily targets students from Asian and African countries, as well as individuals with professional experience in government agencies and corporations. Eligible candidates are enrolled in the master’s program within the Department of Civil Engineering, Graduate School of Engineering, where they receive education centred on collaborative learning approaches.

Covering challenges and issues in the social sciences, Nagoya University also offers the Applied Social System Institute of Asia, a platform dedicated to interdisciplinary research spanning five key fields within the social sciences. Its primary objective is to address shared issues within the international community, particularly in Asia, by swiftly generating research outcomes that contribute to resolving these challenges.

All these things prove Nagoya University’s commitment to fostering shared learning and becoming a catalyst for collaboration and co-creation that yields innovative solutions to address pressing global problems in Asia

Nagoya University has taken a significant step forward in its Asia expansion endeavours by establishing a legal entity in Singapore known as Nagoya University Global Campus Ltd, operating under the Global Multi-Campus Strategy. With this development, the university now possesses a robust platform to facilitate world-class international joint research initiatives, promote brain circulation, foster international joint study programs, and enhance innovation activities throughout Asia on a university-wide scale. Nagoya University is known for its notable educational and research system, accomplishing high research quality of international standards that have yielded six Nobel Laureates.

The university boasts an extensive array of faculties, graduate schools, and research institutes spanning various disciplines including Humanities, Education, Law, Economics, Informatics, Science, Medicine, Engineering, and Agriculture. Furthermore, Nagoya University has rolled out graduate programs in fields such as Humanities, Education and Human Development, Law, Economics, Informatics, Science, Medicine, Engineering, Bioagricultural Sciences, International Development (GSID), Mathematics, Environmental Studies, and Pharmaceutical Sciences.

Also read: Gateway to global innovation: Tokyo Innovation Base

Across its faculties, graduate schools, and research centres, Nagoya University has been actively engaging in Asia activities. The establishment of Nagoya University Global Campus Ltd in Singapore marks a pivotal moment, fostering increased interaction and alignment among them, effectively coordinating them under the banner of one unified Nagoya University presence in Asia, operating at a university-wide scale.

Looking ahead, leveraging the strategic hub of Singapore in Asia for education, research, and innovation, Nagoya University is poised to strengthen its leading role in Asia even further. This move underscores the university’s commitment to fostering global collaboration and advancing knowledge exchange across borders.

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This article is produced by the e27 team, sponsored by Nagoya University

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Startups in Vietnam secured a total of US$35.7 million in funding in Q1 2024 (till March 15, 2024), a 39 per cent decline from US$58.6 million raised in the same period in Q1 2023, according to a report.

However, this is a 467 per cent surge compared to the US$6.3 million raised in Q4 2023.

Also Read: Sharp decline in late-stage deals hits Q1 funding in SEA: Report

The Tracxn Geo quarterly report found that early-stage investments in Q1 2024 stood at US$31.2 million, 47 per cent lower than the US$58.6 million raised in Q1 2023. There were no early-stage rounds recorded in Q4 2023.

Seed-stage funding was US$4.5 million in Q1 2024, 29 per cent lower than the US$6.3 million raised in the same period in Q4 2023. No seed-stage investments were observed in Q1 2023, and no late-stage funding for three quarters in a row.

Be Group, an app-based aggregator that offers booking services for motorbikes, cars, air tickets, passenger cars, and fast delivery, raised the largest round of funding (US$31.2 million) in Q1 2024.

Autotech (US$31.2 million), edutech (US$2.5 million), and enterprise applications were the top-funded verticals in Q1 2024.

No new unicorns emerged in Q1 2024, similar to Q1 2023. There was hardly any activity in terms of exits, with only two acquisitions and no IPOs.

Also Read: Vietnam’s B2B food sourcing platform Kamereo lands US$2.1M funding

CyberAgent Capital, Nextrans, and Vietnam Silicon Valley are the all-time most active investors in this space. Northstar Ventures, Monk’s Hill Ventures, and R2 Venture Partners were the top seed-stage investors in Q1 2024.

In Southeast Asia, Vietnam ranks third in funding raised in Q1 2024, after Singapore and Indonesia. This is a positive change from Q4 2023, when Vietnam had ranked fourth among the SEA countries based on tech startup funding.

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In today’s economic climate, a strong financial reputation is essential. This reputation, built on creditworthiness and responsible financial management, significantly impacts access to loans, interest rates, and overall financial opportunities. It can ultimately shape the course of an individual’s financial journey and future prospects.

That’s where Skor steps in. This Indonesian startup empowers people to take control of their financial well-being by improving and managing their credit health. It leverages analytics to enhance the customer experience of using credit cards.

Building credit confidence: How Skor empowers Indonesians

On a mission to bridge the trust gap, the fintech company, co-founded by Ongki Kurniawan and Karan Khetan in 2022, brings transparency to the lending process, fostering a smoother journey between consumers and financial institutions.

“Skor wasn’t an idea; it was a discovery. It all started with gold lending. The idea was to digitise gold lending in Indonesia. We spent months validating this idea only to realise that that idea was not viable. We managed to interview 100+ customers, and it was in those conversations we realised that digitisation was not a business, but this led us to the idea of SkorLife. We found that almost all the people in Indonesia were uncertain about their ‘creditworthiness’. As human beings, we hate uncertainty. This was a problem worth solving. With our background as operators, we have navigated many challenges to conceive and launch Skor, starting with Skorlife,” said Kurniawan.

Skor currently operates two distinct business units:

• SkorLife
• Skorcard

SkorLife

A credit builder, SkorLife offers users guidance to manage and strengthen their creditworthiness, facilitating access to ‘fair’ credit. Its mission is to enhance financial literacy and inclusion across the nation. The app has clocked over one million downloads.

Also Read: SkorLife secures US$4M to allow Indonesians access their credit scores, reports instantly

Skorcard

Skorcard assists banks in developing credit card offerings. The recently introduced Mayapada Skorcard, is designed for Indonesia’s experience-seeking, mass-affluent segment. This co-branded credit card targets an estimated 25 million individuals in a country where credit card penetration remains below three per cent in a population exceeding 270 million.

The Mayapada Skorcard addresses the need for credit access and an enhanced card experience for prospecting cardholders. It offers users control over their spending, including categorisation of spending and management of personal budgets. It also introduces a hyper-personalised reward engine with gamification elements, making financial management both rewarding and engaging.

“SkorLife allows people to manage their creditworthiness. This entailed accessing and understanding their credit information and analysing it to provide advice for improving their creditworthiness. This helps boost financial literacy and enables fair credit access by educating the market on responsible borrowing practices. Skorcard is an extension of that mission. Users who show good credit standing and work to improve their creditworthiness can access Skorcard. The Mayapada Skorcard is a state-of-the-art credit card made for the country’s ‘experience’ generation,” added Kurniawan.

Skor’s investor base includes prominent institutions such as QED, Hummingbird, Saison Capital, and AC Ventures.

The company noted that Southeast Asia’s burgeoning technological landscape presents a significant opportunity to educate consumers on responsible borrowing practices. While it remains selective in the technologies it integrates into the products, it is enthusiastic about emerging trends such as digital banking, AI-driven personal finance management tools, and the potential of blockchain to create secure and transparent credit scoring systems.

Looking ahead, Skor aspires to empower all Indonesians with the knowledge and tools to build a strong credit history, ultimately enabling them to access fair and transparent credit opportunities.

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Image credit: Skor

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Zed, which describes itself as a credit-led neobank, has unveiled the Philippines’ inaugural credit card devoid of foreign transaction fees, interest charges, and annual fees. The announcement has been accompanied by the initiation of an early access programme through a waitlist, which has already garnered over 20,000 sign-ups within just two weeks.

Spearheaded by Danielle Cojuangco Abraham and Steve Abraham, alumni of Y Combinator and engineers hailing from Stanford, Zed aims to tackle the problem of credit product access for Filipino Gen Zs. A recent study conducted by TransUnion Philippines revealed a significant gap between the perceived importance of credit among this segment and their access to credit products. Despite 94 per cent acknowledging the significance of credit in achieving financial objectives, only 35 per cent reported adequate access to such services.

Zed aims to bridge this disparity by crafting a next-generation credit card tailored for Southeast Asia, catering specifically to young individuals with substantial incomes but limited credit histories, thus addressing a pertinent need within the region’s financial landscape.

With a team of 10 spread across San Francisco and Manila, Zed strategically divides its focus between product, engineering, and design in San Francisco. In contrast, the Manila team prioritises operations, customer success, and marketing.

The startup has secured US$6 million in funding, primarily led by Peter Thiel’s Valar Ventures.

Also Read: UNOAsia secures US$32.1M to provide digital banking services in Philippines

So, what sets Zed apart from other digital banks in the region, particularly in the Philippines? Co-Founder Danielle Cojuangco Abraham reveals the details in this email interview with e27.

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

What specific problem do you aim to tackle for your customers?

If you talk to any Filipino, there is still significant frustration with the complexity, lack of transparency, and bureaucracy embedded in financial services. Only eight per cent of Filipinos own a credit card, largely because it is incredibly difficult to get one if you don’t already have one.

Complicated application processes, tedious documentation, and arbitrary underwriting methods are among the challenges that disproportionately impact young people when applying for their first credit card accounts. Those lucky to get approved face high Annual Percentage Rates (APRs), punitive fees, and a broken customer experience in return. Zed is bringing a differentiated experience to our customers that is simple, transparent and skips all the layers of bureaucracy.

While digital banks in the region have focused their efforts on the unbanked, we are focusing on already banked customers who are tired of facing arbitrary hurdles and friction and are overpaying in fees and APRs when it comes to credit cards. And since we’re truly an independent technology company from day one–not a subsidiary or otherwise tied up with a traditional brick-and-mortar financial institution—we are not carrying costly overhead like physical branches or bloated headcounts.

We’re able to pass these savings on to customers in the form of no revolving interest, no fees, and excellent customer service.

Also Read: BRI Agro CEO Kaspar Situmorang: Why tapping into the ecosystem is key to a digital bank’s success

What is your user acquisition strategy? Is there any insight that you can share about what makes the young professional segment in the Philippines unique?

Almost 30,000 people have signed up organically for our waitlist since we announced it four weeks ago. We have not spent money on marketing or user acquisition to date. This is a testament to how hungry this market is for a financial services company obsessed with the customer experience.

Young professionals are the backbone of the rapidly growing economy, but despite their rising incomes, they are still undervalued by financial institutions. A recent study by TransUnion Philippines showed that 94 per cent of Filipino Gen Zs see the importance of credit and lending products to reach their financial goals. Still, only 35 per cent report having sufficient access to such products.

The failure to access credit cards and build a credit history early ultimately suppresses the next generation’s ability to access more sophisticated, wealth-building financial services in the long term, such as home loans and business loans.

What other product innovations do you have in the pipeline?

Our goal is to reimage what a credit card could be–smarter underwriting, groundbreaking features, no fees, and a revenue model that does not rely on a customer’s failure to pay down their balance.

As we build a credit card for the next generation, we think it is important to create a clean separation between everyday spending and long-term financing activity. Right now, our focus is on building the best possible everyday spending credit card. We will be rolling on long-term financing options later, where customers will be able to opt into financing for specific purchases and receive simple and transparent terms.

We see a significant opportunity in credit cards and will be focused on our single product for the foreseeable future. But obviously, our approach of being obsessed with the customer experience and leveraging technology for young, prime equivalent customers can be extended to other products in financial services.

Also Read: Securing tomorrow’s finances: Navigating the rise of digital banks with cybersecurity

What is your major plan for 2024?

While we are optimistic about the market, our plans still revolve around our customers – we will continue to listen to the pain and frustration that our customers face in their financial services experiences and focus our resources on delivering the best possible credit card experience for young, urban Filipinos.

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Image Credit: Zed

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