Dear reader,

The 2024 Tech Salary Report by NodeFlair unveils intriguing insights into the evolving landscape of tech compensation in Asia. While overall tech salaries have seen a decline from the peaks of previous years, it’s crucial to contextualise this within the broader industry dynamics. The adjustments signify a shift towards a more balanced and realistic compensation structure rather than signalling a cause for alarm.

Noteworthy is the decline in salaries for software engineering roles, possibly influenced by reduced funding within the Southeast Asia tech ecosystem. The crypto winter, triggered by significant events in the blockchain industry, has impacted salaries for blockchain engineers, underlining the volatile nature of this sector.

Conversely, the notable increase in salaries for data scientists and cybersecurity engineers reflects the growing emphasis on data security and analytics capabilities.

Ethan Ang, CEO of NodeFlair, aptly highlights the industry’s talent challenges amidst the rise of generative AI and the importance of balancing financial prudence with innovation. The report’s findings also shed light on the evolving priorities of job seekers, with stability and competitive salaries taking precedence over other factors.

As the tech hiring landscape continues to evolve, the integration of AI tools in recruitment processes and the emphasis on remote hiring indicate a trajectory towards more efficient and inclusive talent acquisition practices. Overall, NodeFlair’s report underscores the multifaceted nature of tech compensation trends in Asia and the strategic imperatives guiding both employers and job seekers in this dynamic industry.

Sainul,
Editor.

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NEWS

Blockchain engineers’ salary in Asia sees 5.41% drop: report
On the other hand, data scientists are experiencing a significant 11.3 per cent increase in average salaries, indicating a deliberate investment by companies to attract and retain top talents.

SEA startups raised US$371M across 42 rounds in March: Tracxn report
With 22 deals, early-stage rounds formed the bulk of the investments in March; Indonesian insurtech startup Qoala (US$47M) raised the largest funding, followed by AwanTunai (US$27.5M) and Wagely (US$23M).

RedDoorz secures US$28.2M in funding
The investors include Asia Partners, Jungle Ventures and Mirae Asset Venture Investment; The hospitality firm claims to have achieved group cash flow positive; The company became break-even in Indonesia and the Philippines – two markets that contribute 95% to its business – in Q4 2022.

Indian audio giant boAt says it’s investigating suspected customer data breach
A sample of alleged customer data was uploaded on a known cybercrime forum, which includes full names, phone numbers, email addresses, mailing addresses and order numbers.

Byju’s-owned test prep firm AESL names ex-Pearson India head as CEO
The appointment of Deepak Mehrotra comes close on the heels of Byju’s and AESL withdrawing their merger petition in March on matters related to governance issues and share-swap arrangements; The former had acquired AESL for US$940M in 2021.

Japan’s space junk removal startup Astroscale aims for June listing
Founded by ex-government official Nobu Okada, Astroscale has won government backing in Japan, the U.S. and Britain as it develops technology to remove orbital junk such as disused satellites and spent rockets which are seen as a collision risk.

TerraPay receives licence for cross-border money transfers, e-money issuance in Singapore
The fintech firm enables payments to 144 receive countries, over 210 send countries, over 7.5B bank accounts and 2.1B mobile wallets.

B Capital onboards BCG, ex-Temasek execs to help hit net-zero goals
The investment firm, established by Facebook co-founder Eduardo Saverin, has named Rich Lesser as vice chair of climate and sustainability as well as senior advisor. It has also appointed Jeff Johnson as general partner.

FEATURES

Funding frenzy in SEA: Innovative solutions garner millions of dollars
From improving access to affordable surgeries in Thailand to harnessing biochar technology for farms in Singapore, the region’s startups are addressing critical challenges.

Fractional helps startups figure out marketing leadership with its fractional CMO service
Fractional was launched as a collective of CMOs to solve the marketing leadership gap in hypergrowth companies; The organisation curates the region’s top marketing leaders to work for companies on a fractional or part-time basis.

FROM OUR CONTRIBUTORS

Safeguarding your organisation in the age of increasing AI
In the era of increasing AI influence, organisations must prioritise cybersecurity to safeguard their assets and data.

Local Food Services companies: Navigating optimism amid economic uncertainty
Digitisation enhances operational efficiency in Food Services, nurturing stronger homegrown brands alongside a personalised human touch.

Building future sustainable business: The role of rural commerce platforms
Rural commerce platforms have emerged as transformative tools, unlocking the potential of rural economies and empowering local entrepreneurs in the process.

FROM THE ARCHIVE

Innovation hubs – the next craze for investment opportunities
Understanding the demand of the market is key for innovation hubs to attract talents and cultivate successful companies.

28 tools to help you improve your time management and work habits
Where did the time go? With these tools, you will have a better way of managing your tasks, goals, and outputs.

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

Exit Strategies: Ways to get your money back besides IPOs and M&A
The pickup in IPOs and M&A deals in the region bodes well for the possibility of high-value exits for investors.

Understanding the traction metrics that investors are looking for in an early-stage startup
Different investors might consider different traction metrics, depending on the verticals that the startup is working on.

7 principles of intelligent personalisation
Basic personalisation is failing to engage; tactics that centre on relevance rather than demographics are much more effective.

The coworking experience is not just about space but more about community
Coworking spaces are pushing the boundaries of traditional office spaces, embodying the perfect representation of the modern world.

How to write a PR pitch for your white paper
Your pitch serves as a good, plainly-worded summary that makes your white paper’s news value crystal clear; Get it ready weeks before your white paper’s release date; Busy media people like advance notice.

4 key points to consider when scaling in Southeast Asia
Southeast Asia is not uniform but is a region with distinct user bases which imposes a challenge for tech companies who want to scale up.

5 ways to monetise social media technology for startup success
Startups launching into the digital landscape need to use social media to promote and grow their businesses passionately.

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Imagine a finance worker tricked out of a staggering US$25 million through a deepfake video impersonating their own CFO. Sadly, this isn’t science fiction but a harsh reality serving as a stark example of the ever-changing barrage of digital scams plaguing Asia.

The region’s rapid digital expansion has created fertile ground for malicious activities to flourish online, leaving individuals exposed to phishing attempts, AI-powered deepfakes, and a growing range of online cons.

As scams continue to evolve, a crucial question arises: Is Asia prepared for the battle ahead?

Asia under siege

The 2023 Asia Scam Report by The Global Anti-Scam Alliance (GASA) and Gogolook paints a troubling picture. Over 60 per cent of Asians — more than 2.4 billion people — face at least one scam attempt every week. The average number of scam calls and SMS received per person in Asia has also risen from 8.9 times in 2020 to 15 times in 2022, reflecting an annual growth rate of 29.8 per cent.

While traditional scams via calls and SMS persist, the battleground is rapidly extending to online platforms. Messaging apps such as WhatsApp, Telegram, and Line, as well as social media platforms like Facebook and Instagram, have become fertile grounds for these malicious activities.

Adding fuel to the fire are AI-powered deepfakes. A recent report revealed a staggering 15x surge in detected deepfakes in Asia-Pacific in 2023 alone, making scams more sophisticated and convincing than ever. This calls for robust countermeasures and heightened public awareness to safeguard people effectively.

Also Read: 6 cybersecurity criteria for corporate compliance

Collaborative defence offers hope

Thankfully, Asian governments and organisations are not sitting idly by. Singapore, for instance, launched its ninth anti-scam campaign in 2023 to educate citizens on scam identification and reporting methods. The newly established Scam Public Education Office (SPEO) helps bridge the knowledge-action gap by offering crucial information on common scams and prevention strategies.

Singapore is just one piece of the regional puzzle. Countries like Thailand, Malaysia, and the Philippines have also established dedicated departments and nationwide campaigns to empower their citizens against cybercrime.

Equally important in the battle against scams are private sector contributions. Several Asian government agencies and organisations have made joint efforts with Gogolook to strengthen regional defences by signing MOUs, promoting the use of anti-fraud technological tools and services, and forming strategic partnerships for anti-fraud technologies and collaborative research, among other initiatives. They include the Royal Malaysia Police (PDRM), the Royal Thai Police, the Cybercrime Investigation and Coordinating Center (CICC) in the Philippines, and Taiwan’s National Police Agency.

Several companies across various sectors are also actively investing in anti-fraud measures. Singaporean banks, for example, have established specialised anti-scam teams equipped with experts in new technologies like AI and machine learning. These teams continue to expand and innovate solutions such as the “money lock” feature and anti-malware security measures to safeguard customers from falling victim to scams.

Bridging the awareness gap

Despite ongoing efforts, significant challenges remain. People’s lack of awareness is one of the biggest reasons they fall victim to scams. Many remain unfamiliar with the evolving tactics of scammers, which makes them sit ducks for sophisticated phishing attempts, deepfakes, and other online cons. Limited cross-border collaboration also hinders efficient data sharing, making it difficult to track and dismantle complicated scam networks that operate regionally.

Also Read: Securing the future: Navigating the digital transformation in BFSI amid cybersecurity challenges

So, is Asia truly ready? The answer lies in collective action and robust defence strategies.

To address the awareness gap, governments, companies, and organisations across the region must team up to develop accessible educational materials, organise training programs, and sustain anti-scam campaigns. Empowering individuals with enough knowledge and tools to identify and avoid scams is the first line of defence.

Fostering regional collaborations is equally important. Initiatives like the ASEAN Working Group on Anti-Online Scam and the 2023 Regional Anti-Scam Conference in Singapore are all positive steps towards building capacity, training, and information sharing.

Additionally, the collaboration between the Global Anti-Scam Alliance (GASA) and Gogolook, as well as the first Anti-Scam Asia Summit in 2023, have initiated a regional ecosystem for fraud prevention in Asia. Further effort is important to sustain momentum. Measures such as establishing information-sharing platforms and enabling a cross-border exchange of expertise are essential to dismantle transnational scam networks and build regional resilience.

Unity key to a secure future

The battle against digital scams is ongoing, but through unity, we can gain and maintain the upper hand. By investing in public awareness and fostering regional collaboration, we can create a safer digital future for all of Asia. We must remain vigilant and adapt to effectively combat this mutating threat. The time to act is now.

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AI is the buzzword of the day. Recently, I became curious about how precisely AI affects the fast-paced fintech industry. From the perspective of the CEO of a leading tech company in Vietnam, this question sent me on a mission of discovery that has led me to uncover some amazing insights, which I can’t wait to share with you in this article. 

In my opinion, the combination of fintech with AI is more than simply a fad; it’s a revolutionary development. It’s rewriting the rules, reinventing finance, and opening up new avenues for efficiency, creativity, and opportunity for consumers and corporations.

Overview of AI in the fintech market

These days, the top five technologies that reflect the most significant developments in fintech are AI, cloud computing, blockchain, big data, and the IoT. AI may have the most applications out of all of them because it’s crucial to process automation and data analysis. 

One of AI’s benefits is its ability to integrate seamlessly with other digital technologies. Its capabilities have expanded significantly as a result of this form of collaboration. AI may now be used for many fintech applications, including security, customer service, auditing, and many more, thanks to this feature. 

Highlighted AI’s roles in fintech

All types of businesses are searching for ways to improve their operations through the use of digital technologies. A vital part of the digital infrastructure employed in many financial processes is artificial intelligence. Naturally, increasing corporate profitability through a range of benefits and business opportunities is the ultimate goal of AI-powered solutions.

Also Read: Is voice the next revolution in fintech?

Here are a few AI in fintech highlights:

• Enhance the customer experience.
• Increase the effectiveness of operations.
• Reduce operating expenses for a business.
• Obtain a benefit over competitors.
• Reach precise forecasts and analyses.
• Identify fresh business prospects.
• Improve control over risks.
• Increase property and asset security.

Top five CEO’s recommendations to use AI in fintech

Robotic advisors and AI assistants

These customer-focused solutions are typically integrated into more sophisticated online banking software. However, they can also exist as standalone mobile or web applications. Typically, they use SMS, in-app conversations, or mobile alerts to interact with clients. 

These fintech AI assistants make it possible to use tailored strategies to enhance the customer experience and address a wide range of important topics, including financial advising and account security.

Systems for automatic fraud detection

The vast majority of them would like to claim that fraud is being prevented by AI technologies. By doing this, fintech companies attract partners and customers while discouraging potential illicit activity. For example, PayPal and Mastercard use AI and ML-based data processing systems to identify potentially fraudulent activities and other dubious conduct in real-time.

AI-based tools for adherence to regulations

Many fintech organisations use similar technologies to comply with applicable laws, much like the prior type of AI solutions. Strict laws are enforced in many states about know-your-customer (KYC) procedures, data protection, anti-money-laundering (AML) measures, and other mandatory programs for the finance sector. Financial service providers utilise AI analytics in conjunction with machine learning and Big Data technology to adhere to such rules and norms.

Investment and trading

AI) algorithms are used in trading and investing for portfolio optimisation, high-frequency trading, and the creation of investment strategies.

These algorithms are capable of identifying market trends, analysing enormous volumes of financial data, and executing transactions very quickly. Their goals are to reduce risks and maximise rewards.

Credit scoring

AI-driven credit scoring evaluates a person’s creditworthiness using machine learning algorithms. To give a more precise and comprehensive credit evaluation, these models take into account a wider variety of data, including non-traditional data sources. Those with little credit history will especially benefit from this. 

Recent AI in fintech for the APAC market

Although the use of artificial intelligence (AI) tools is anticipated to propel financial technology enterprises in the Asia Pacific area, this is only partially the case. 

Also Read: 6 common questions about establishing a fintech company in Vietnam

According to ResearchAndMarkets.com’s most recent projection, the Asia Pacific fintech market for AI is projected to develop at a compound annual growth rate (CAGR) of 17.7 per cent between 2022 and 2028.

By analysing many financial accounts, AI is used in the banking industry to evaluate a person’s overall financial health, provide real-time updates, and provide individualised advice. 

By effectively analysing enormous volumes of client data to comprehend their preferences and wants, banks and fintech companies can leverage AI and machine learning to improve customer relationships. 

Clear predictions of AI transforming the fintech industry

Greater efficiency, higher work quality, and a better user experience are what AI already provides, and the fintech industry has very bright futures for it. 

Fintech businesses, for instance, can leverage this technology to develop innovations like recommendation systems, robo-advisors, and decision-process automation that help customers with investment questions or financial challenges.

As a result, AI offers enormous promise for fintech companies and their customers, but it also requires precision, attention, and consistency. With these principles in mind, artificial intelligence (AI) can assist fintech companies in strengthening their relationships with clients, enhancing their competitive edge, and increasing revenue.

AI is headed, and so are you

Fintech businesses—which range from online banks to payment processors to stock trading applications—are progressively utilising artificial intelligence (AI) to streamline processes, enhance judgment, and boost operational effectiveness.

Since artificial intelligence is utilised daily to improve efficiency and facilitate decision-making, it is anticipated to become more and more common in the banking sector. It is the current time’s BIG THING.

By integrating AI into quality management, fintech organisations can maintain a competitive edge and ensure that their products and services meet the highest standards of quality.

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

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