Southeast Asia’s internet economy hits an inflexion point. Internet users in the region are considered one of the most engaged in the world. The region internet economy reached US$72 billion in 2018 and is on track to exceed US$240 billion by 2025, US$40 billion higher than previously estimated. Some of the strongest growing sectors are Online Travel, e-Commerce, Online Media, and Ride-Hailing, according to a Google-Temasek report published in December 2018.

However, for tech startups to scale effectively, founders and teams need to be acquainted with different local user behaviours and problems and regulatory hurdles.

Also Read: How are young children in Southeast Asia using mobile devices?

Also, the ecosystem as a whole share a fragmented landscape of digital payment solutions, a lack of online consumer trust many sectors of the internet economy, and a shortage of deep tech talent!

A different market

Southeast Asia requires a nuanced understanding of users from different nations and how they use and value technology in unique ways.

The one size fits all approach for scaling up throughout the region will undoubtedly face many challenges and failures. Understanding the different cultural and economic nuances from each country will surely be the way forward.

GST conducted interviews with key tech leaders in nine different countries in Southeast Asia to understand some of these nuances and challenges.

To help conceptualise Southeast Asia region as one broad tech market, four key points emerge from our interviews. These points will also help to navigate this unique region, generate more successful cross-border expansions, build partnerships, and market expansion in the area.

1.Shared problems across the region

Mobile-first and mobile-only is a crucial principle to understand. Smartphones are the very first personal computers for many in South East Asia and other emerging markets.

As one interviewee explains, in Myanmar alone, people leapfrogged from basically using nothing to a 90 per cent mobile penetration. Similarly, smartphone adoption in 2020 is expected to hit 67 per cent in Indonesia, 71 per cent in the Philippines, and 73 per cent in Myanmar.

While it is clear that technology will provide important solutions to local problems, key infrastructure is severely needed and just starting to develop in many of the developing nations. Some areas to think about are:

• Health care and micro-benefits that accrue over time, as commissioned work will increase, and talent will be allocated in distributed locations
• Common standards to create interoperability between all fragmented digital payments across the region
• Last-mile logistics will be key, as e-commerce user bases will keep growing and consumers will demand instant delivery services
• Financial inclusion for the unbanked and developing blockchain-powered applications for trade finance, cheap and secure transactions, remittance, and micro-loans
• B2B solutions and SAAS models that solve specific problem statements for big companies and conglomerates
• Off-grid power and educational technology solutions for the “unconnected
• Digital upskilling services and programs

2.Talent pools and solving the tech talent crunch

Talent seems to be a critical and unresolved challenge for the development of Southeast Asia’s internet economy.

However, our findings show that matching what a company wants to build with the talent pool in a specific market could be a way forward. In Cambodia, for example, one may not find AI experts very quickly, but there is an abundance of app and e-commerce site developers.

Also Read: How to get smart capital in Southeast Asia

Meanwhile, many corporations such as Samsung and Nidec are moving their R&D centres to Vietnam due to the significant pool of talented developers available.

Singapore is already suffering from a tech talent crunch as it aims to add 1,000 fintech jobs every year. In comparison, Taiwan has a legacy in the hardware industry with an abundance of hardware and software engineers coming from their universities—as 25 per cent of all their degrees is in engineering. This talent could be leveraged substantially for Southeast Asia. Thailand also has a vast pool of web designers.

Meanwhile, in the Philippines, some tech startups are solving the tech talent crunch by investing in skilling up their engineers in data science and AI by themselves.

3. Shared regulatory issues

The startup ecosystem has been growing so fast that most governments in Southeast Asia lack legal frameworks for companies to operate efficiently. For example, Vietnam is a new market economy, and the right structures to invest in startup companies are nonexistent.

The same situation goes for the Philippines regarding investment frameworks, but its government is seriously looking into charting regulations and how they apply to SMEs and startups.

Therefore, many startups from the region choose to incorporate in Singapore as an alternative. Taiwan, on the other hand, is launching strong deregulation efforts and creating a strong public and private partnerships through Taiwan Tech Arena and with the launch of the startup visa that is possible to get within four to six weeks.

In Cambodia, as a few of our interviewees explained, there are issues stemming from a complete lack of formal regulation.

While this makes it easy and cost-effective to open an office there, the lack of regulation encourages ambiguous interpretations that could lead to corruption, inefficiencies and red tape.

The result is a lot of wasted time and resources, figuring out how to comply with this red tape and make the process smoother, which can ultimately kill margins.

4. The distributed model for building a tech startup

To succeed as a tech startup, many vital resources, mentors and partnerships are needed—and are impossible to obtain from one country alone in Southeast Asia. Therefore, startups need to leverage several countries at once, including East Asia.

For instance, total private equity and venture investments in Southeast Asia stood at US$23.5 billion in 2017, and in the region, most of these funds are based in Singapore.

Also Read: How electric scooters will revolutionise Southeast Asia’s congested cities

As an example of a distributed model to follow, startups could be incorporating and pitching investors in Singapore, leveraging corporate partnerships and investments in Thailand, setting a programming team in Vietnam, picking AI or IoT talent in Taiwan, establishing offices in Taiwan or Malaysia and getting startup visas within four weeks. Targeting test markets such as Myanmar or Cambodia and a growth market such as Indonesia are the ways forward.

Internet technology through smartphone penetration—and increasingly with distributed ledger networks such as blockchain—will provide a platform for people to solve large-scale problems.

It will open an unprecedented opportunity for long-term sustainable growth in emerging markets constrained by the so-called “geopolitical prison”—or bounded by their own geography. And the lack of understanding of Southeast Asia as an integrated tech market will stifle an enormous growth in the tech sector.

5. A market with all key ingredients

Southeast Asia, unlike other markets, is very diverse. To succeed here, a calibrated approach will need to be employed, and startups will also need to evolve rapidly with changing consumer preferences.

While all the right ingredients are there for tech startups in the region and beyond, companies need to navigate carefully, gain local knowledge and familiarise themselves with regulatory requirements and user behaviour. It is not without reason that Southeast Asia is also called a “melting pot of cultures.”

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This article was first published on August 14, 2019.

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Several startups across Asia have recently secured substantial funding, highlighting investor confidence in innovative solutions addressing diverse challenges. From healthcare to agriculture and technology, these ventures are poised to make significant impacts in their respective fields.

Below is the compilation of this week’s funding news:

HDmall (Thailand)

HD was co-founded in 2019 by Sheji Ho, Aditya Jamaludin, Raya Chantaramungkorn (all former top executives at Thailand’s leading e-commerce enabler aCommerce), and Frankie Shum (formerly with Ardent Capital). It connects patients to hospitals, clinics, operating rooms and surgeons while offering healthcare financing solutions to increase access to affordable care and surgeries.

HDcare works with healthcare providers to increase the utilisation of hospitals’ and clinics’ operating room capacities. Since its launch, HDcare claims to have allowed over 300,000 patients to access elective surgeries like thyroid, haemorrhoid, and ophthalmic procedures at 15-20 per cent lower than the market.

Amount raised: US$5.6M
Round: Series A
Investors: SBI Ven Capital (lead), M Venture Partners, FEBE Ventures, Partech Partners, Ratio Ventures, Orvel Ventures, TA Ventures.

WasteX (Singapore)

WasteX provides an end-to-end solution to farms and agricultural producers, helping them utilise biomass waste by converting it into biochar and then applying it in their operations for operational, financial, and environmental benefits. Its mission extends beyond immediate benefits to farmers.

At the centre of WasteX’s biochar technology is its proprietary small-scale and semi-automated carboniser equipped with a unique dual-action burner. WasteX utilises both biomass fuel and captured syngas produced during biomass pyrolysis, enhancing energy efficiency. Furthermore, by recapturing and reutilising syngas for heat generation used in biochar production, WasteX minimises the potential for methane.

Amount raised: US$450,000
Round: Strategic
Investor: P4G Partnerships.

FishLog (Indonesia)

FishLog was established in 2020 by Bayu Anggara, Reza Fahlepi, and Abdul Halim to solve the fragmentation in cold chain fisheries in Indonesia. A seafood platform, FishLog enables the national fisheries cold chain network through community involvement. It empowers cold storage to increase its utility by connecting it with more fishermen, distributors, and buyers.

It offers FishLog Trace and FishLog Smart Contract, powered by blockchain technology. While FishLog Trace guarantees seafood comes from responsible sources, leveraging a traceable sourcing system and providing quality insurance coverage, FishLog Smart Contract handles financing, enhancing transparency.

Amount raised: Not disclosed
Round: Series A
Investors: Mandiri Capital Indonesia, BNI Ventures, Accel Partners, Insignia Ventures Partners, Saison Capital.

Auristone

Auristone harnesses the power of epigenomic insights to transform the field of precision medicine. Using epigenomics, Auristone can predict patients’ likelihood of response to different treatment options, helping doctors determine patient treatment plans.

Also Read: Auristone aims to transform precision medicine field with US$4M funding

EPI-CALL is designed to help doctors and patients navigate the complexities of therapy selection for late-stage cancer patients.

Auristone’s other products are Signomax (a sample-to-report ChIP-Seq and RNA-Seq service to support research endeavours) and EPI-Tome (an epigenomic-driven novel biomarker and drug discovery engine).

Amount raised: US$4M
Round: Seed
Investors: Elev8.vc (lead), SEEDS Capital, Genedant.

Alterno (Vietnam)

Alternō provides an innovative thermal energy storage solution utilising sand battery technology tailored for agricultural applications across drying, warming, or heating needs. This technology comprises insulated sand with custom heat-conducting tubes. It ensures a “seamless” transition to low-carbon agricultural practices while enabling cost savings for customers in a price-sensitive sector, compared to conventional grid energy and lithium-ion batteries.

Amount raised: US$1.5M
Round: Seed
Investors: The Radical Fund, Touchstone Partners, Antler, Impact Square (Korea), and Glocalink (Singapore)

Ailytics (Singapore)

Founded in 2021 by CEO Wei Zhuang (Lenard) Tan and CTO Prateek Manocha, Ailytics utilises AI-powered video analytics solutions to help heavy industry companies enhance their operational safety and productivity. Its proprietary solution taps on existing cameras to provide real-time actionable insights into unsafe acts, productivity metrics, and security breaches. It can provide 3D dimensions using a 2D video feed from any single camera, which enables the deployment of complex use cases such as calculating the danger zone under heavy load and a fixed radius around hazardous equipment.

Amount raised: US$2.7M
Round: Pre-Series A
Investor: Tin Men Capital (lead).

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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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WasteX, which helps farms and agricultural producers utilise biomass waste by converting it into biochar, has secured US$450,000 in funding from P4G Partnerships, an initiative that helps businesses working on climate mitigation and adaptation solutions in food, water, and energy.

WasteX plans to leverage the funding to establish production facilities in strategic locations throughout Indonesia by partnering with local mills and poultry farms. The startup invests, develops, and operates the facilities while the mills provide biomass that is converted into biochar.

A significant portion of the biochar will be distributed for free to local farmers, alongside training programmes to equip farmers with the knowledge and skills necessary to integrate biochar into their agricultural practices effectively.

Robyn McGuckin, Executive Director at 7 P4G, said, “Small and medium enterprises are engines of growth for many economies and need catalytic capital to overcome the valley of death. WasteX delivers not only long-term positive impact to smallholder farmers but also does so in a way that contributes to Indonesia’s priorities around enhancing food security and reducing emissions.”

Also Read: WasteX helps poultry farms improve productivity, achieve sustainability with biochar solution

WasteX provides an end-to-end solution to farms and agricultural producers, helping them utilise biomass waste by converting it into biochar and then applying it in their operations for operational, financial, and environmental benefits. Its mission extends beyond immediate benefits to farmers.

At the centre of WasteX’s biochar technology is its proprietary small-scale and semi-automated carboniser equipped with a unique dual-action burner. WasteX utilises both biomass fuel and captured syngas produced during biomass pyrolysis, enhancing energy efficiency. Furthermore, by recapturing and reutilising syngas for heat generation used in biochar production, WasteX minimises the potential for methane.

Recently, WasteX deployed two biochar facilities. The first was at a rice mill in Tarlac, the Philippines, in November 2023. Biochar produced at the facility will be distributed and applied to the farms within the mill’s extensive network in the next planting cycle, with two goals in mind: to support local rice production and foster long-term sustainability by encouraging younger generations to embrace the agricultural sector.

Meanwhile, in Indonesia, WasteX has partnered with a corn mill in Pasuruan, East Java, to develop a larger-scale biochar facility, with the production launched in February 2024. Currently the company is manufacturing its equipment for multiple local and international clients as well as continues developing more partner facilities in Indonesia.

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Image credit: WasteX

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HD, the Bangkok-headquartered company behind the HDmall, a healthcare and surgery marketplace in Thailand and Indonesia, has announced the completion of its US$5.6 million Series A funding round.

SBI Ven Capital led the round through its joint fund with Kyobo Securities from South Korea and NTU Singapore’s NTUitive. Existing backers, such as M Venture Partners, FEBE Ventures, Partech Partners, Ratio Ventures, Orvel Ventures, and new investor TA Ventures also joined.

HD will use the money for expansion. The company aims to support over 5,000 healthcare providers and 300 operating rooms, enabling thousands more surgeries by 2025.

Also Read: ‘Airbnb for surgeries’ HDmall gets FEBE Ventures backing to deepen market presence in SEA

A portion of this new capital will enhance HD’s care delivery systems.

The latest capital infusion follows a round of financing it raised from Vietnamese VC firm FEBE Ventures in August 2023.

HD was co-founded in 2019 by Sheji Ho, Aditya Jamaludin, Raya Chantaramungkorn (all former top executives at Thailand’s leading e-commerce enabler aCommerce), and Frankie Shum (formerly with Ardent Capital). It connects patients to hospitals, clinics, operating rooms and surgeons while offering healthcare financing solutions to increase access to affordable care and surgeries.

HDcare works with healthcare providers – many already on the HDmall platform – to increase the utilisation of hospitals’ and clinics’ operating room capacities.

Since its launch, HDcare, often described as the ‘Airbnb for Surgeries,’ claims to have allowed over 300,000 patients to access elective surgeries like thyroid, haemorrhoid, and ophthalmic procedures at 15-20 per cent lower than the market.

The medtech firm has also announced the appointment of Dr Kulthep Rattanakovit as the new Chief Medical Officer. A gastroenterologist with training from the prestigious Faculty of Medicine Ramathibodi Hospital, Mahidol University, and a fellowship in neurogastroenterology from the Medical College of Georgia, Rattanakovit brings invaluable experience from his roles as Deputy Chief Medical Officer at Vimut Hospital and seven years at the BDMS Group.

HD plans to integrate AI into healthcare, primarily through its ‘MEhdIQ’ Large Language Model. Utilising a vast, proprietary healthcare product, transaction, and chat commerce data set, MEhdIQ will initially assist HD’s internal teams and network surgeons.

Also Read: Vietnam offers a blue ocean opportunity for our healthtech biz: HD Co-Founder Sheji Ho

Sheji Ho, CEO and co-founder of HD, said: “In emerging Southeast Asian markets, the real opportunity for healthcare AI lies not in building yet another general practitioner chatbot, but in enhancing patient outcomes by streamlining operational and administrative tasks for providers and payers. Our unique MEhdIQ LLM, with its exclusive and anonymised training data, aims to significantly alleviate the administrative load, allowing healthcare and insurance professionals to focus on delivering superior patient care.”

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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 today’s increasingly competitive business landscape, brands grapple with a myriad of challenges. With countless competitors vying for consumers’ attention, standing out becomes increasingly difficult, compounded by the constant influx of new entrants and evolving consumer preferences.

Brands must navigate obstacles spanning measurement, analytics, engagement, fraud protection, and privacy, all while striving to deliver seamless customer experiences and stay ahead of the curve. In this dynamic environment, the pressure to innovate and differentiate is relentless, leaving little margin for error.

Challenges faced by mobile app companies

Companies face several barriers in different areas. Measurement poses a significant hurdle for brands as they strive to accurately track and analyse the performance of their marketing campaigns across diverse platforms and channels. The fragmentation of devices and operating systems complicates measurement efforts, making it challenging to obtain a comprehensive view of marketing ROI. Additionally, the absence of standardised measurement methodologies and the prevalence of fraudulent activities can lead to skewed results, hampering brands’ ability to make well-informed decisions.

Analytics present another challenge as brands grapple with extracting meaningful insights from the vast volume of data generated by customer interactions. Identifying trends, understanding consumer behaviour, and effectively segmenting audiences require advanced analytics tools and expertise. However, many brands lack the resources or capabilities to implement robust analytics solutions, limiting their ability to enhance customer experiences and drive engagement and retention.

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

Engagement emerges as a critical concern for brands seeking to retain customers and foster long-term success. With fierce competition for consumer attention, brands must continually deliver compelling content and personalised experiences to remain relevant. However, achieving sustained engagement demands a deep understanding of consumer preferences, effective communication strategies, and timely delivery of relevant content — all challenging to execute consistently at scale. Furthermore, the growing emphasis on data privacy adds complexity, as brands must navigate the balance between personalised experiences and respecting consumer privacy preferences and regulations.

A streamlined approach to multiple pain points

To address these pain points, brands need a streamlined platform that covers robust measurement capabilities, enabling brands to accurately track and analyse the performance of their marketing campaigns across various platforms and channels. By providing real-time insights into campaign effectiveness and ROI, brands can make data-driven decisions to optimise their strategies and maximise their marketing spend.

With the help of advanced analytics tools, brands will be able to identify key trends, understand user behaviour patterns, and segment audiences effectively in ways that enable them to tailor their offerings to meet the evolving needs and preferences of customers, ultimately driving engagement and loyalty.

Furthermore, brands need sophisticated engagement solutions to help brands effectively communicate with their customers and drive meaningful interactions. Personalised messaging, push notifications, and in-app messaging capabilities would enable brands to engage users at the right time with relevant content, fostering deeper connections and driving conversions.

Moreover, brands stand to benefit from a robust fraud protection technology that safeguards them against fraudulent activities such as fake installs and click fraud. By detecting and preventing fraudulent behaviour, brands can ensure the integrity of their marketing data and maximise the ROI of their campaigns. This also doubles as a protective measure against data privacy breaches and other related threats.

With the mission of filling this gap in the market and helping empower brands, AppsFlyer was founded. Over 10 years ago, the team behind AppsFlyer recognised a growing demand within the mobile industry. As the app economy surged, marketers, developers, and product managers faced a dilemma: they lacked a reliable method to precisely gauge the effectiveness of their efforts or foster trust-based relationships with their customers.

How AppsFlyer is revolutionising the digital marketing landscape

“AppsFlyer helps brands make good choices for their business and their customers with its advanced measurement, data analytics, deep linking, engagement, fraud protection, data clean room and privacy-preserving technologies. Built on the idea that brands can increase customer privacy while providing exceptional experiences, AppsFlyer empowers thousands of creators and 10,000+ technology partners to create better, more meaningful customer relationships,” explained Annisa Tiara, regional marketing manager for AppsFlyer.

AppsFlyer operates at the forefront of digital marketing, offering a comprehensive suite of tools and technologies designed to empower brands in making strategic decisions that benefit both their business objectives and customer relationships. Through its advanced measurement capabilities, AppsFlyer enables brands to gain deep insights into the performance of their marketing efforts, allowing for data-driven decision-making and optimisation of campaigns.

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

Deep linking functionality offered by AppsFlyer facilitates seamless user experiences by directing customers to specific content within mobile apps, enhancing engagement and driving conversions. Moreover, the platform’s fraud protection mechanisms help safeguard brands against fraudulent activities, ensuring the integrity of their marketing data and preserving the accuracy of performance metrics. AppsFlyer also offers data clean room solutions, allowing brands to analyse customer data in a privacy-compliant manner, thereby respecting user privacy preferences while still deriving actionable insights.

At its core, AppsFlyer is built on the principle that brands can enhance customer privacy without sacrificing the delivery of exceptional experiences. By providing privacy-preserving technologies alongside its suite of tools, AppsFlyer empowers brands to cultivate meaningful customer relationships based on trust and transparency. This ethos extends not only to brands but also to the vast network of creators and technology partners, fostering a collaborative ecosystem focused on driving innovation and delivering value to customers.

Get to know AppsFlyer at Echelon X!

“We look forward to sharing our latest product innovation called Data Collaboration Platform which will help modern marketers make data-driven decisions while adhering to privacy policies. We hope this can inspire modern marketers of Singapore (and beyond) to grow their marketing campaigns,” shared Annisa Tiara.

Positioned as a prominent Mobile Measurement Partner (MMP) within the industry, the company endeavours to facilitate brands in making informed data-driven choices by leveraging its privacy-preserving measurement, analytics, and engagement technologies. Participating in Echelon X, the company seeks to extend its expertise to assist a broader spectrum of brands in cultivating the growth of their mobile applications. The company’s ambitions extend beyond geographical boundaries, aiming to collaborate with brands not only in Singapore and Malaysia but also in other regions, thereby fostering mutual growth and success.

AppsFlyer will also be speaking and leading a roundtable at Echelon X.

Also read: Empowering innovators: Prudence Foundation tackles disaster challenges

Joining AppsFlyer are industry leaders, visionary entrepreneurs, and groundbreaking startups from all corners of the region who will be gathering together 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.

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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Elon Musk’s Tesla is set to enter India, reports the Financial Times. A team from the company is slated to arrive this month to scout for potential locations for a groundbreaking multibillion-dollar electric vehicle (EV) plant.

This strategic move comes on the heels of India’s recent decision to slash import tariffs on EVs, a development Tesla actively advocated for.

Also Read: Is India on the verge of shifting gears to EVs?

Previously, India imposed hefty import taxes ranging from 70 per cent to 100 per cent on automobiles. However, in a bid to attract investment, this tariff has now been reduced to as low as 15 per cent, provided the investing company commits to establishing a manufacturing facility in the country with a minimum investment of US$500 million.

Last June, Musk held discussions with Indian Prime Minister Narendra Modi, expressing his keen interest in investing in India at the earliest opportunity. Now, Tesla’s focus is on scouting potential sites in automotive hubs such as Maharashtra, Gujarat, and Tamil Nadu. These regions boast established infrastructure and port facilities, crucial for streamlining exports—a clear indication of Tesla’s global aspirations for its proposed factory.

While Tesla has enjoyed a robust presence in China, serving as a vital market and manufacturing centre, stiff competition from local rivals like BYD has intensified domestically. In response, Tesla appears poised to shake up the market dynamics by targeting the production of a sub-US$30,000 model in India. This move not only aims to bolster Tesla’s presence in Southeast Asia but also to capture markets in the Gulf countries, Africa, and Europe.

Also Read: Thinking out loud: Are electric vehicles as sustainable as we believe?

Recently, Vietnamese EV maker VinFast announced its plans to set up a factory in India. As per a report, the company is moving fast to kick-start its India operations in Q3 or H2 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.

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In today’s world, seamless payment transactions for daily essentials like food, transportation, and housing are expected.

Yet, some of the most commonly used payment systems appear disconnected, clunky, rife with technical issues and fraud — rampant in everyday life. In October 2023 alone, 2.5 million transactions were affected by bank outages in Singapore, and 810,000 attempts to log in to digital banking accounts failed.

Despite the fact that advanced technology solutions are readily available, notable challenges still exist in the financial industry. With customer wants and needs rapidly evolving with technology, how can traditional financial institutions keep up?

Embedded finance is the norm today, and Banking-as-a-Service (BaaS) is the antidote to the issues plaguing payments and the broader financial industry. Enabling banks and fintech companies to innovate as they collaborate, which then leads to better and more efficient financial products and services, BaaS simplifies the integration of banking services via the use of APIs, reducing complexity and speeding up the development of new payment solutions. The benefits are both obvious and endless, but we must first understand why it is especially crucial in Singapore’s payments market.

The payment landscape in Singapore can be divided into three categories of key players: banks and financial institutions, payment processors (think Visa or Mastercard, Stripe, Apple Pay, etc.), and fintech firms looking to disrupt the financial services landscape. It features multiple digital payment systems, schemes, and providers that operate independently, leading to complexities for both merchants and end consumers.

PayLah!, PayAnyone, and PayNow have transformed the ability to make purchases, including P2P purchases, without the need for a payment gateway or terminal.  Now, everyone with a bank account can be both a merchant and a consumer, reducing the cash transactions seen from yesteryear.  User acceptance across these applications is promising.

Also Read: The banking revolution: Balancing convenience and security in the digital era

There is also a huge range of payment providers with their own set of services, fees, and technical requirements that are complex to navigate.  Additionally, the existing services can be inefficient, partly due to the significant technical debt accumulated by banks and financial institutions over the years as new features are added and changes are made to accommodate the evolving requirements of users. Technical debt and the lack of resources utilised to play catch up sees legacy systems succumb to outages and inefficiencies.

The BaaS proposition was specifically designed to overcome these challenges. BaaS typically means that banks and financial institutions leverage scalable and modular technology solutions that allow them to expose their services to third-party platforms in a seamless manner.

On top of that, banks and financial institutions effectively providing BaaS already adhere to industry standards and best practices, especially around security and regulatory requirements that also prevent the introduction of unnecessary complexity or inefficiencies into the system.

BaaS is a one-way ticket to a world where banks work with third-party platforms, including but not limited to fintechs, to launch new products and services without having to build infrastructure from scratch. This is where innovation happens at speed, as we can test new ideas and iterate more rapidly.

On a more practical level, BaaS also enhances security in the financial services industry, as the banks and financial institutions themselves are adopting advanced security measures, compliance with regulatory standards, secure APIs and data protection measures as part of their technology stack.

However, there is still quite a way to go in terms of the widespread adoption of BaaS as a business model amongst banks and FIs in Singapore. Many banks and financial institutions are yet to fully appreciate the suite of advantages that the business models offer, whilst others are hesitant to do so due to the limitations of their existing solution in catering to the inevitable scale of a BaaS business model.

Addressing these challenges will need a multifaceted approach with regulators, third-party ecosystems, payment providers and banks or financial institutions collaborating to create an environment conducive to innovation with ample support for the integration of an easy-to-deploy and scalable solution with legacy systems.

Singapore’s readiness to be a global leader in fintech is proof of its rapid growth potential.  With the government implementing and promoting regulatory sandboxes that allow for fintechs to test products and services in a controlled environment, a revolving door of new fintech solutions to solve even the most complex problems awaits.  We’ll also start to see a higher rate of financial inclusion as the use of digital wallets and simplified banking services are more widely adopted.

Overall, the Singapore payments landscape will benefit greatly from the adoption of a BaaS business model by banks and financial institutions — especially in reducing technical debt, significantly increasing agility and offering a solution to scalability without compromising legacy systems.

With the government’s commitment to continuous improvements and fixes, the transformative impact of BaaS on the Singapore payments landscape is poised to be significant, paving the way for a more efficient, secure, and innovative financial ecosystem.

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Singapore’s only Olympic gold medalist, Joseph Schooling, has announced his retirement from competitive swimming to pursue a new venture in startup investing.

Partnering with investment banker Cliff Go and serial entrepreneur Ben Ling, the professional swimmer has founded Swaen Schooling Capital.

Also Read: Women as focus of impact investment: Does it bring more harm than good?

Established in August 2022, Swaen Schooling Capital, led by Go, focuses on early-stage investments in three key sectors: impact and sustainability, sports and wellness, and tech. The firm also explores opportunities to create original businesses internally or through strategic joint ventures.

While no investments have been announced yet, Schooling has previously participated in the pre-seed round of the mental health startup Huddleverse in May 2023, per Crunchbase. It remains unclear whether this investment was made through Swaen Schooling Capital or independently as an angel investor.

Also Read: Navigating sports tech using the travel industry’s playbook

The move into venture capital aligns with a growing trend in Southeast Asia, with investors increasingly focusing on impact and sustainability. Notable investors like Temasek Holdings, East Ventures, Openspace Ventures, and Wavemaker Partners have been actively supporting startups in this space.

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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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Hailed as a practice that can lead to longer life and curing diabetes; Intermittent Fasting or “IF” has recently gained more popularity where celebrities such as BBCs Mike Mosely and Silicon Valley entrepreneur Phil Libin has espoused the benefits of routinely fasting.

Like many Asians, I was brought up constantly praised and encouraged to eat voluminously and frequently – so when I first heard about fasting over 4 years ago I was naturally sceptical.

But I first started experimenting with fasting after reading “Eat Stop Eat” written by Brad Pilon in 2015.

Although he presented some interesting body composition data supporting the benefits of fasting it was some fairly simple anecdotes and logic that initially appealed to me. Firstly, fasting is one of the oldest practices followed by many religions suggesting that there is some benefit associated with it.

Secondly, before the age of modern medicine both Hippocrates and Paracelsus, a German-Swiss physician, advocated and prescribed fasting as a way to a healthier life and cure certain illnesses.

Lastly, ‘eating three meals a day’ is a relatively recent phenomenon and even the Romans are understood to have only eaten once a day.  That said, the food industry is one of the largest global industries and how we eat is potentially driven more by marketing and the need for growing profits and revenues than human necessity.

Fasting then had a natural appeal to me as there appeared to be a very little monetary incentive to promote it. The concept is relatively simple, abstain from eating. This does not require detailed explanations, a special diet or any equipment whatsoever. There was nothing to purchase at all or any medicine or tests to prescribe.

Also Read: Scale up your productivity, scale up your business

This indeed could be one of fasting’s greatest limitations to widespread adoption. The fact that it is very hard for anyone to make money out of it! Take for example the use of fasting to treat medical disorders – from diabetes to obesity.

How willing would you be to pay a doctor to simply tell you that your best medicine would be to abstain from food regularly?

So my journey in fasting began half out of curiosity and half from relishing a challenge of something I had never done before.

As someone who ‘lives to eat’ and used to believe that not eating regularly could induce stomach cramps and hunger to the extent of hospitalisation, I was slightly fearful.

But surprisingly I got through my first 24 hours from dinner to dinner the next day with relative ease, simply drinking plain water when I felt hungry. I practised this once a week from 2015 to the end of 2016.

Then in 2017, I decided to step up my practice moving from doing 1 x 24 hour fast a week to 2 – which I generally do every Monday and Thursday.

This time I tracked some high-level body weight, composition and size metrics and in the period of 9 months, I lost around 7 kgs, reduced my waist to just under 30 inches and my body fat from 16.0 per cent to around 12 per cent. I did this all while continuing my regular Ironman training clocking in some of the best 70.3 times I have ever done yet with less training.

Experiencing both mental and weight-control benefits I was curious about the medical research that had been done on fasting. So I read a book by Dr Jason Fung, a Canadian doctor, who had conducted research into the health impact of fasting and uses therapeutic fasting to cure type II diabetes.

The science behind fasting

According to the research regular fasting can have the same impact as a caloric restriction which in mice has been shown lead to a longer life. In addition IF also has the benefit of inducing a ketogenic state in the body.

By allowing the body to run through all of its ready glycogen stores our body switches to stored fat to create energy. In the process of burning fat chemicals, ketones are released into the bloodstream.

Ketones trigger the release of a molecule BDNF in the brain which can build and strengthen neurones contributing to brain health. Ketones can also reduce inflammation, blood pressure and a hormone known as IGF-1 all of which has been shown to have an association with longer life and less age-related disease.

Also Read: Feeling like a fraud? Here is how to fight Impostor Syndrome and improve team productivity

So how does one do it? There are a variety of approaches such as BBC medical journalist Michael Mosely’s 5:2 approach which includes fasting 2 days with a small <500 calorie meal in between to alternate-day fasts and eating within a window of 4-8 hours each day.

Personally, I have found fasting every Monday and Thursday, which also happens to be the Muslim fasting routine, from dinner to dinner (a Monday fast would mean not taking any calories from Sunday after dinner until Monday start of dinner) to work best for me.

Also Read: How to stop working late and increase productivity : do your most exhausting task first

Beyond the researched health and physiological benefits, I’ve found fasting to also help reinforce a regular discipline in my weekly routine. This includes reinforcing discipline in my exercise (I continue to train during my fast days) as well as my work routine. Finally, after going through several hours of ‘feeling hungry’ on Monday and Thursday I feel immense gratitude when I break my fast.

I’ve found fasting to be super flexible (if I have work lunches I simply switch my fast days). It costs nothing and saves time as I can work through mealtimes on my fast days.

For busy entrepreneurs it’s not unusual to end up missing meals now and then but doing it purposefully and benefiting from regular fasting is an additional bonus. In fact, several of our portfolio founders and our team members have taken it up as well.

The hardest part was getting started and overcoming years of habitual eating but for me, since starting 4 years ago I’ve not looked back and have found fasting to be as necessary a part of the week as eating.

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Image Credit: vetre / 123RF Stock Photo

This article was first published on September 11, 2019.

The post Why fasting is the ultimate productivity hack for entrepreneurs appeared first on e27.

FishLog, an ecosystem enabler for Indonesia’s fisheries cold chain industry, has announced the completion of its pre-Series A extension round of funding.

The investors in this round include Mandiri Capital Indonesia, BNI Ventures, Accel Partners, Insignia Ventures Partners, and Saison Capital.

Also Read: How Fishlog aims to revolutionise Indonesian fisheries with cutting-edge tech solutions

The size of the deal has not been disclosed.

FishLog will use the capital to empower and elevate fisheries businesses and stakeholders to strengthen its cold chain ecosystem.

The startup also announced the appointment of finance veteran Dimas Wikan Pramudhito as its Chief Financial Officer. Pramudhito has a rich background in esteemed banking institutions such as Rabobank, Mitsubishi UFJ Financial Group (MUFG), Standard Chartered Bank, and NOBEL Capital Investment, including a notable stint as CFO at PT Antam Tbk from 2015 to 2019.

FishLog was established in 2020 by Bayu Anggara, Reza Fahlepi, and Abdul Halim to solve the fragmentation in cold chain fisheries in Indonesia. A seafood platform, FishLog enables the national fisheries cold chain network through community involvement. It empowers cold storage to increase its utility by connecting it with more fishermen, distributors, and buyers.

It offers FishLog Trace and FishLog Smart Contract, powered by blockchain technology. While FishLog Trace guarantees seafood comes from responsible sources, leveraging a traceable sourcing system and providing quality insurance coverage, FishLog Smart Contract handles financing, enhancing transparency.

A portion of the newly raised funds will be used to strengthen its traceable products in the US. FishLog distributes over 60,000 kg of seafood products and connects over 60 domestic and international buyers, helping them expand their businesses.

“The US is one of the largest markets in the world. Based on data from the US Department of Agriculture, US seafood imports exceed exports by US$20.3 billion in 2023. The latest data indicates that there is such a significant potential open for FishLog to strengthen its ecosystem in the US. This can accelerate the profitability of product distribution such as Blue Swimming Crab, Tuna, Shrimp, and many more as Indonesia imports products to FishLog’s B2B international buyers,” stated Bayu Mukti Anggara, co-founder and CEO.

Also Read: FishLog raises US$3.5M to empower cold storage warehouses in Indonesia to improve utility

Sustainability is also a key focus for FishLog as it claims to have achieved a 40 per cent increase in cold storage productivity through sustainable supply and technology, managing over 4,000 tons of seafood inventory per month.

Furthermore, FishLog has empowered over 800 workers, 38 per cent of whom are women. As part of its sustainability initiative, FishLog has recently closed a grant of US$100,000 with the United Nations Development Program (UNDP) and the Ministry of Finance of the Republic of Indonesia.

The company also collaborates with the BNI Xpora programme to support Indonesian seafood SMEs in expanding exports. FishLog has channelled around US$950,000 to empower export fisheries and business partners.

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