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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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.

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

Image credit: 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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Applecrumby, a babycare brand and e-commerce platform in Malaysia, has raised US$4.2 million in growth investment from 500 Global.

The funding will allow Applecrumby to grow its footprint globally, expand its distribution channels, and develop new products under the PureBasics range.

Also Read: Looking abroad: Capturing the e-commerce opportunity in SEA

“We believe parents should have access to affordable, toxin-free babycare products, regardless of where they are based. Applecrumby has been bringing moms and dads peace of mind since 2012, and the new capital boost will allow us to broaden our impact, ensuring more families can give their child a healthier and happier start in life,” said co-founder and CEO Sean Tan.

Founded in 2012 by the husband-wife duo of Sean and Jesmine Tan, Applecrumby provides affordable, chemical-free baby care products, including skincare essentials, cleaning detergents formulated with organic-certified ingredients, and wipes.

According to the founders, the startup’s patented chlorine-free, mass-market diaper range PureBasics — made of biodegradable pulp, plant-based super soft back sheet and top sheet — ensures optimal dryness, quick absorption and efficient moisture lock-in.

Launched at the end of 2023, PureBasics was sold over 250,000 packs.

Applecrumby’s products are available in 11 countries today, including Malaysia, South Korea, Thailand, Vietnam, Singapore, the Philippines and China. Its retail partners include Shopee, Lazada, TikTok Shop, Dagee Baby, Mothercare, MedPLus Pharmacy, and Little Genius Baby.

Applecrumby plans to expand into 20 countries through regional distributors by the end of 2024. The brand will be available in nearly 2,000 retail locations in Malaysia this year.

Also Read: How to attract the first thousand users to your marketplace

Jesmine Tan, co-founder and COO at Applecrumby, added: “The rising cost of living is placing a strain on families everywhere, but access to essentials to care for one’s child should not be a privilege. We believe that every parent, regardless of their budget, deserves the peace of mind and confidence that comes with using safe and effective products for their precious little ones, and PureBasics by Applecrumby embodies our core value of ‘Applecrumby For All’.”

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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.

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

In our increasingly globalised world, physical borders are becoming less relevant as communication and collaboration technologies advance. This trend has been accelerated by the COVID-19 pandemic, which forced many businesses to adopt remote work practices rapidly and has led to the growing prominence of building remote teams, where individuals from different corners of the globe come together virtually to work towards common business goals.

As such, the proliferation of digital tools and platforms has also made it easier than ever to assemble teams comprised of talent from diverse backgrounds, cultures, and skill sets. This shift in the way teams are structured has opened up unparalleled opportunities for companies to tap into a vast pool of talent, regardless of geographical constraints.

Working remotely offers a myriad of advantages for both employers and employees. For companies, remote teams can reduce overhead costs associated with maintaining physical office spaces, while also allowing access to a wider talent pool without the limitations of location. Additionally, remote work fosters a culture of flexibility, empowering employees to better balance their personal and professional lives. From the perspective of employees, remote work eliminates commuting time and expenses, leading to increased productivity and job satisfaction. Furthermore, remote work often enables individuals to create customised work environments that cater to their specific needs, ultimately enhancing creativity and innovation.

Challenges of managing remote teams

The shift towards remote teams represents a significant evolution in how work is conducted, offering benefits that extend beyond traditional office-bound arrangements. However, expanding operations globally also presents a myriad of challenges for companies, particularly in the realms of onboarding, paying, and managing employees and contractors across different countries.

Onboarding processes can become complex due to varying legal requirements, cultural nuances, and language barriers, making it essential for companies to navigate these differences effectively to ensure smooth transitions for new hires. Moreover, compliance with local labour laws and regulations poses significant hurdles, as companies must stay abreast of constantly evolving legal frameworks in each jurisdiction where they operate to avoid potential legal pitfalls and liabilities.

Paying employees and contractors across borders introduces additional layers of complexity, including currency exchange rates, tax obligations, and diverse payment methods. Managing payroll across multiple countries requires meticulous attention to detail to ensure accurate and timely payments while adhering to local tax laws and regulations. There are also cultural differences in expectations around compensation and benefits that can complicate matters, necessitating flexible approaches to meet the diverse needs and preferences of employees and contractors worldwide.

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

All of these challenges highlight the importance of robust systems, resources, and expertise to navigate the complexities of international operations successfully. As such, the most effective approach to tackling them is through a comprehensive HR platform that serves as a centralised hub for all related processes.

By leveraging a one-stop HR platform, companies can streamline and automate tasks related to onboarding, payment, and management of employees and contractors across different countries, thereby reducing administrative burdens and ensuring compliance with local regulations. Such a platform enables seamless integration of payroll systems, facilitates cross-border payments, and provides tools for managing diverse workforce needs efficiently. By offloading these tasks to a single platform, companies can redirect their focus towards finding and retaining the best talent, confident in the knowledge that their HR operations are handled efficiently and compliantly on a global scale.

Remote: Your all-in-one platform for all HR needs

With the mission of addressing challenges faced by companies building their global teams, Remote is revolutionising the way a global workforce is managed with its all-in-one HR platform, designed specifically for companies embracing remote talent. By eliminating barriers to international hiring, Remote empowers companies to connect with top talents worldwide, ensuring that great companies can work with great people, regardless of their location.

With Remote, companies can seamlessly navigate the complexities of global HR operations, running HR processes like a local in every country they operate in, from approving payroll to managing their team and finding qualified candidates, all within a single, user-friendly platform.

Also read: Empowering innovators: Prudence Foundation tackles disaster challenges

Remote simplifies the entire HR process by offering comprehensive features for finding, hiring, paying, and managing employees and contractors across multiple countries. From connecting with top jobseekers worldwide to adding new employees swiftly and compliantly, Remote streamlines the entire onboarding process, providing a centralised platform for managing everything from offer to onboarding. Additionally, Remote enables companies to run payroll confidently across different countries, ensuring compliance with local laws without the need for spreadsheets

With Remote, companies can store employee data, simplify expenses and time off, and consolidate all HR tools, allowing them to complete their HR tasks efficiently and effectively without toggling between multiple tabs. With Remote, managing a global team has never been easier, allowing companies to focus on delivering an exceptional experience to their global workforce while Remote takes care of the rest.

Get to know Remote at Echelon X!

Aligned with Remote’s commitment to bridging global talent together to empower startups and corporates, Echelon X will be joined by Remote at the Singapore EXPO! Echelon X will bring together industry leaders, visionary entrepreneurs, and groundbreaking startups from all corners of the region for two packed days.

Happening on May 15 to 16 at the Singapore EXPO, Echelon X will feature dedicated content stages, exhibitions, panel discussions, and more — all to support and empower the tech startup ecosystem with actionable insights through a series of knowledge-sharing activities.

Also read: Sustainable development through empowering commerce in Indonesia

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!

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Photo by Helena Lopes from Pexels

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NativeX Edtech, an English learning app in Vietnam, recently announced that it secured US$4 million in total funding from investors, including Ansible Ventures, Blueprint Ventures, Northstar Ventures and angels. The edutech startup plans to use the capital to help the 10 million working professionals in the country learn English before moving to other Southeast Asian markets.

In this interview, co-founders Trang Ly (Head of Growth & Engagement) and Ai Chau (Head of Academic), discuss the motivation to start NativeX, the initial challenges the company faced, and the competition in the market.

Excerpts:

What motivated you to start NativeX?

Trang Ly: NativeX was founded by five seasoned tech professionals. Our motivation stemmed from a collective concern about the readiness of our local workforce to adapt to global advancements.

In Vietnam, despite its remarkable economic growth over the past decade, only less than 5 per cent of the population is proficient in English. Our journey began with creating a premier English learning platform tailored to Vietnam’s busy working professionals.

Also Read: ELSA to expand its AI English pronunciation assistant globally with a US$15M Series B financing

Our ambitions extend far beyond English proficiency, though. We aspire to become the “Airbnb of education.” This entails collaborating with global and regional edutech leaders to curate and deliver their content to our local audience seamlessly. We aim to simplify the discovery process and empower individuals to focus solely on learning, thus ensuring they remain competitive in a rapidly evolving global landscape.

How and where did the founders meet, and when did they decide to take the entrepreneurial plunge?

Trang Ly: The founders previously had the opportunity to meet and work together at a big edutech company in Vietnam. During our time there, we developed a shared vision and passion for education, specifically focusing on addressing the needs of working adults in Vietnam. As we continued to engage in discussions and nurture their shared aspirations, we began to recognise the potential impact we could make by starting our own venture.

How hard were the initial days of setting up the company? What were your significant hurdles, and how did you tackle them?

Trang Ly: We encountered several challenges

Financial constraints: Limited funds posed challenges covering initial expenses such as office space, technology infrastructure, and hiring talent. We invested our personal savings to fund the early stages. We also explored options like seeking funding from angel investors or edutech VCs.

Establishing a customer base: Since NativeX was a brand-new player in the market, building a customer base could have been a major hurdle. To tackle this challenge, we adopted low-cost marketing strategies, such as utilising digital marketing tools (social media, content marketing, and targeted online advertising) to reach the target audience cost-effectively. We also relied on personal relationships and networks to facilitate word-of-mouth marketing, referrals, and partnerships, which can be powerful tools for gaining initial traction in the market.

How challenging was it to find your first employees? How did you convince them to join you?

Trang Ly: Finding our first employees posed a significant challenge, but we were fortunate to have a vast network to leverage to identify potential candidates. However, convincing individuals to join our fledgling company was more challenging. However, we highlighted the advantages of joining our team and emphasised the mutually beneficial nature of the opportunity.

Also Read: How Carrots&Cake fixes kids’ screen time dilemma with learn-first-play-later approach

Moreover, we emphasised the purposeful nature of our business. NativeX brings tangible value to working professionals in Vietnam, and we deeply recognise the impact and significance of the platform we are building. By emphasising the value and sense of belonging that our employees would experience by being part of NativeX, we were able to attract and convince talented individuals to join our team.

You operate in a market dominated by the likes of ELSA and Duolingo. How do you differentiate yourself?

Ai Chau: Although ELSA, Duolingo, and others are prominent players in the language learning app market, NativeX distinguishes itself by offering a tailored approach specifically designed for working professionals seeking professional English proficiency.

NativeX stands out in several key areas:

Flexible scheduling and online learning with teachers: Unlike platforms like ELSA, where learners primarily study independently, NativeX offers flexible scheduling and live online classes with foreign teachers. This has proven effective, with over 70 per cent of monthly active users remaining on the platform after seven months, dedicating approximately 10-15 hours a month to learning English.

Personalised learning path: Each learner receives a customised learning path based on their proficiency level, enabling them to progress at their own pace without waiting for others. This personalised approach enhances engagement and maximises learning outcomes.

Content-led model: NativeX ensures consistent quality across classes by providing instructors with pre-designed lesson content. Additionally, we’ve successfully shifted 40 per cent of classroom learning to outside the classroom, allowing users to practice independently, including utilising speech recognition technology for pronunciation practice. Furthermore, we integrate relevant workplace scenarios into our curriculum, enhancing the practical aspect of English proficiency.

Knowledge breakdown and ’20-touch’ method: NativeX adopts a pedagogical approach that breaks down knowledge into manageable lessons and encourages repeated interactions to facilitate long-term retention. Compared to traditional learning/teaching methods, our approach could reduce teacher-led hours by more than 50 per cent and prompt users to spend more time on self-learning, resulting in an expected 30 per cent increase in learning efficiency.

Can you discuss your first meeting with investors such as Ansible? How did you convince them to invest in you?

Trang Ly: Our initial meetings with investors like Ansible presented challenges, particularly due to the lack of success stories in our niche market of online English learning tailored specifically to working adults. However, as the discussions progressed, we effectively conveyed the compelling investment opportunity our business presents.

Also Read: Edutech startup VUIHOC lands US$6M to integrate AI to serve 1.1M K-12 students in Vietnam

Some key factors that resonated with investors like Valerie Van, Founding Partner at Ansible included:

Strong team dynamics: We entered the investment discussions with a highly competent and cohesive team, eliminating the need for significant new hires in the foreseeable future. This minimised the inherent risks associated with team dynamics and instilled confidence in our ability to execute our business plan effectively.

Untapped market potential: We highlighted the substantial growth opportunity presented by the underserved market of working adults seeking flexible and specialised English language learning solutions. Just for Vietnam, we are targeting 10 million busy white-collar professionals who recognise the need for English proficiency, with Vietnam boasting the highest propensity to spend on education in the SEA region.

Relevant personal experience: Sharing anecdotes such as Valerie’s personal struggle with learning Chinese despite trying various traditional and digital learning methods resonated strongly with investors. This helped us illustrate the relatability of our platform’s design principles to the challenges typical learners face, particularly in the Vietnamese market.

What are the current challenges faced by NatieX?

Ai Chau: There are mainly two challenges.

Deploying a freemium strategy: Implementing a freemium strategy to reduce reliance on paid digital marketing involves several major developments, including gamifying the app further and making it easier to acquire free users. This strategy aims to allow users to explore the program without live classes initially and then upsell them to full live tutoring packages. To accomplish this, NativeX must develop app features comparable to popular language learning apps like ELSA and Duolingo to attract a large user base that can be monetised later on.

Building high-level content: Developing upper-level English learning content, specifically for intermediate and advanced levels, is crucial for package renewal. Currently, NativeX’s foundation programme is designed for only 18 months for beginners. Users have already purchased 10-12 months’ worth of the programme in their initial purchase order, given their different starting levels of English proficiency. Expanding the content to cater to intermediate and advanced learners will be essential to retaining users and encouraging them to renew their subscriptions.

Do you see opportunities beyond Vietnam? Do you plan to take the product to other markets?

Trang Ly: At present, our primary focus is on Vietnam. However, we see opportunities beyond Vietnam. Our plans include expanding to other markets in SEA as our next step. By strategically expanding our presence in the SEA region, we aim to tap into the growing demand for online learning and capitalise on the potential for our products and services in those markets.

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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.

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Previously known as GoPlay, a livestreaming platform owned by Indonesian tech giant Gojek, Everywhere introduced its new identity in September 2023 with the launch of its new O2O live streaming platform, Play Everywhere.

“It is quite rare to have the opportunity to purchase a company that is doing very well from a much bigger group, so we are grateful for that,” explains Edy Sulistyo, Chief Everywhere Officer of Everywhere, at an interview with e27 in Singapore recently.

“There is no doubt about the benefits of being part of a larger ecosystem of companies. But the bigger the company, the more complex its bureaucracies; the more we must be mindful of our decisions. By being independent, we can move faster and more fearlessly, with a heavier focus on customer satisfaction.”

The company’s latest innovation, Play Everywhere, is a platform Sulistyo describes as a “live, digital jukebox that visitors can interact with.” Installed at venues such as cafes, restaurants, and shopping malls, the platform consists of a screen and a playbox. It allows venue owners to hire content creators across Indonesia to perform live for their visitors—from the comfort of their homes.

The content creators that venue owners can hire range from singers to comedians, and one creator even has the opportunity to perform live at different venues simultaneously with the livestreaming platforms. It is like going to a bar to see the live performance of your favourite local band, but the band does not have to be in location.

Also Read: From bedroom demos to studio dreams: Why brands ditch influencers for high-production livestreams

By implementing a concept called “creator-sharing”, Everywhere aims to connect creators to their stages.

“It is a magical experience,” Sulistyo says. “You can walk into a restaurant, and the performer on screen can greet you and even send you greetings or song requests from other visitors.”

He further explains that live performances are critical factors for cafes or restaurants in Indonesia in attracting visitors, as 97.8 per cent of surveyed visitors claimed that they choose venues to visit based on the quality of the live performances. With Play Everywhere, venue owners can choose the content creators they need to perform live for their visitors.

“We tell our content creators to take these gigs seriously, like a professional performer. They can’t just perform in bed, wearing singlets, with their kids jumping in the background,” Sulistyo says. “This is why we also employ a team that can help them learn how to perform in a professional capacity.”

Play Everywhere is now available in 60 locations in eight cities across Indonesia, with the goal of reaching 200 locations by the end of the year.

As a B2B service, Play Everywhere aims to help venue owners procure live performers at an affordable cost. It gains its users from word-of-mouth.

“Back when we were livestreaming on GoPlay, we witnessed how it can help content creators from all over Indonesia make a living, especially during the pandemic. After the pandemic, we notice a shift in the trends: Online activities remain strong, and people continue to be ready to broadcast from home, but the offline component is also becoming prominent. With this O2O approach, they can reach out to a wider audience, including those offline,” Sulistyo explains.

Also Read: How Kumu uses virtual gifting to make revenue as a livestreaming app

Expanding the influence(rs)

Since its launch, Everywhere has been able to share some insights about the users of its platform, who are mostly the younger generations–Gen Zs and younger Millennials. According to Sulistyo, these audiences love interacting with the Play Everywhere device.

“It is true that Gen Zs are the antisocial generations,” he explains. “Requests for songs (to creators) increased by 40 times since the introduction of the machine. They do prefer to interact through machines. With increased engagements, there are also increases in time spent and, eventually, revenue.”

When asked about the company’s major plan for the near future, Sulistyo points out that this phenomenon of Gen Zs being “antisocial”–preferring to interact with machines–is a global one.

As a platform, Everywhere already has a presence in one location in Taiwan and Japan; it has also been in talks with the Ministry of Foreign Affairs to install Play Everywhere at the Indonesian embassies and consulate generals to introduce Indonesian talents to potential visitors.

But now, Everywhere wants to focus on the local market, which Sulistyo sees as having “amazing” potential.

Product-wise, the company aims to remain versatile. “What we have now is the Version 1.0 of the Play Everywhere device. Many venues already have their own videotrons and screens, so we are developing a mini playbox that they can plug into their own devices and use their own screens.”

Run by a team of 50 in Jakarta and other cities in Indonesia, Everywhere is currently self-funded, but it is open to fundraise to scale once it is ready.

“When the time comes, we will look for strategic investors to help us expand,” Sulistyo closes.

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Image Credit: Everywhere

The post How Everywhere aims to support content creators in Indonesia through “creator-sharing” concept appeared first on e27.

Startups in the Southeast Asian region secured US$816 million in funding in Q1 2024 (till March 15), a 40 per cent decline cent from the previous quarter’s US$1.36 billion and a 13 per cent drop from the US$935 million raised in Q1 2023.

The drop is primarily attributed to an 80 per cent decline in late-stage deals, which stood at US$175 million compared to US$860 million in Q4 2023, reveals a report by startup data research platform Tracxn.

Also Read: Funding into SEA’s female-led startups falls 42% to US$480.8M in 2023

The region’s ecosystem received its highest quarterly funding in Q4 2021, after which there has been a steady decline.

In Q1 2024, seed-stage funding stood at US$115 million, a 36 per cent decrease from US$173 million recorded in Q4 2023 and 48 per cent lower than the US$220 million raised in the same period last year.

However, early-stage investments surged 60.86 per cent to US$526 million in Q1 2024, as against US$327 million in Q4 2023 (till December 15, 2023).

No big investment deals (worth US$100 million+) were reported in Q1. Only three Singapore-incorporated companies (DCS Card Centre, Capillary, and Motorist) raised over US$50 million each during the quarter.

Fintech, enterprise applications, and retail were the top-performing sectors in Q1 2024.

An uptick was observed in the number of acquisitions: 21 in Q1 2024 compared to 16 in Q4 2023 and 12 in Q1 2023.

Also Read: Startup investments in SEA see 44% monthly rise in February: Tracxn

Yet again, Singapore (US$604 million) took the lead among Southeast Asian cities in terms of startup funding, followed by Jakarta (US$85.7 million) and Ho Chi Minh City (US$33.2 million).

East Ventures, 500 Global, and Wavemaker Partners are the all-time most active SEA investors overall. Antler, HashKey Capital, and 500 Global were the top investors in seed-stage investors in Q1 2024, while UOB, Peak XV Partners, and Openspace Ventures were the most active investors in terms of early-stage investments.

Avataar Ventures and Filter Capital were the top late-stage investors in Q1 2024.

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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 Sharp decline in late-stage deals hits Q1 funding in SEA: Report appeared first on e27.