The US banking crisis is driving capital flows into Asian assets; analysts say investors are betting confidently on China and the region’s emerging economies. 

2023 is seen as the “winter” of capital raising for tech startups due to shifting preferences among international and Vietnamese venture capital funds (VC); however, the recent explosion in the popularity of artificial intelligence (AI) applications like Sora and Chat GPT has caused many experts and investors to reassess the technology’s development potential. 

Attractive Asia market

Furthermore, financial market indices throughout Asia, except Japan, continued to rise following Silicon Valley Bank’s (SVB) collapse on March 10. In the same time frame, this US bank index saw an almost 10 per cent decline.

Managing director and head of Citibank’s economic and market analysis for the Asia-Pacific region, Ms. Johanna Chua, stated: “We think Asia is still relatively well insulated from market shocks.” The USD will become less expensive as a result of the US fall, supporting capital flows in Asia more.”

The Asia-Pacific region also benefits from generally more flexible monetary policy, according to Bloomberg News. State banks in Australia, South Korea, Indonesia, and India have stopped the capital tightening cycle, in contrast to their counterparts in the West.

Investors take less risks

The general secretary of the Vietnam Bond Market Association, Mr. Do Ngoc Quynh, made it quite evident how the capital markets of established nations like the US and Canada as a whole differ from those of developing nations like Vietnam. 

Also Read: Crafting a winning healthtech pitch deck: The insider’s guide to attracting investors in 2024

Investors in sophisticated nations or countries are ready to invest heavily in research and development even when they have no idea how the final product will look. Funding research and development is a very costly and risky endeavour. It is not guaranteed that research products will be more optimised than existing ones, even with world-class experts.

On the contrary, one area where the Vietnamese financial sector is deficient is in venture capital funds and funding sources for early-stage companies. 

According to Mr. Quynh, the model is either seed (also known as a seed round) or pre-seed, which refers to early capital when the project has not yet been revealed and is used when investment funds are prepared to “put in” between thirty and fifty thousand USD. Few successful initiatives are all that are needed for hundreds of early startup ideas—which are deemed unprofitable—to break even or even turn a profit after a few years. Creating this kind of investor will be challenging in the current climate.

The trend of combining Blockchain and AI

The Decentralised Physical Infrastructure Network, or DePIN, is one area where blockchain and artificial intelligence interact. Big data (big data) is the source of knowledge that AI must acquire, yet this training is highly costly. 

Businesspeople will develop a market where people with unused video cards plug into the system for others who require that resource for training, even though industry giants like iCloud, Amazon, and others do not yet offer services. make AI. This is known as DePIN, and it’s going to catch on soon.

The combination of blockchain and AI will be very special. Some startups that combine blockchain and AI platforms have raised US$30 million, even $120 million, which is a very large sum at the moment, and there aren’t many funds that can disburse such a large amount of money.  

Also Read: Mastering the art of fundraising: Winning strategies to engage investors

Technology scientist Mr. Nguyen Trung Thanh, Chairman of the Web3 Committee, Vietnam Blockchain Association, discusses the initial investment of venture capital funds for projects on deep learning or neural networks, the early forerunners of artificial intelligence, in 2013.

At the time, these projects were not trending at all, and researchers were unable to respond to the trend. Similar to the questions that investment funds currently ask, what is the method of conducting business, or who are the clients? 

They continue to spend, though, and the outcome is the cutting-edge AI technology of today. As a result, there is always a high chance of new technology ventures succeeding and investors ready to contribute money.

It is crucial that the finished product genuinely adds long-term value to society; if we follow trends blindly, these projects will eventually fail financially. An example of this would be projects that exist and develop, such as AI technology, and ultimately fail.  

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Women have a knack for identifying the unaddressed aspects of the female experience that remain untouched by the patriarchal structures surrounding them—think of Grab, ShopBack, and Bumble, to name a few.

Meri Rosich, Board Committee member at SG Women In Tech, said:

“Women’s leadership in tech is crucial for driving innovation, fostering diverse perspectives, and creating products and services that cater to the needs of a broader audience. As technology continues to permeate every aspect of our lives, it is imperative that the individuals shaping these technologies reflect the diversity of the societies they serve.”

Yet, despite significant progress by women in technology and entrepreneurship, a concerning trend persists: a record number of talented women are leaving corporate leadership positions. In what can be termed a “Great Breakup,” where women leaders are demanding more from their work and are increasingly inclined to switch jobs to fulfil their needs, this exodus jeopardises diversity and innovation within organisations.

Identifying one of the most significant barriers to female leadership, Siew Ting Foo, who has been named one of Campaign Asia’s top 50 most influential marketers in Asia five times from 2018 to 2023, offers an insider perspective, stating,

“Often, females experience imposter syndrome, holding themselves back and engaging in self-doubt, believing ‘we are not good enough.’”

Building a sisterhood for success

Hosted by SmartOSC, in partnership with SG Women in Tech and Singapore Computer Society, the SheEO workshop addressed the specific challenges women face, including limited access to funding, underrepresentation in leadership roles, and myths that prevent women from thriving in the workplace.

Also Read: Invest in women, accelerate progress: Why gender equality matters now more than ever

When it comes to empowering women’s leadership, Mathilde Swierczynska, Co-Founder and Director at Inspiring Girls SG, in her talk at the SHEEO workshop, believes in promoting a sisterhood culture to uplift women in the workplace, often mentioning the famous quote:

“There’s a special place in hell for women who don’t help other women.”

Harvard Business Review research suggests that while successful men gain advantages from their connections to various influential individuals, women need more than just that to reach the highest echelons of executive positions. In addition to broad networks, women require a tight-knit inner circle of female contacts.

This is because women often encounter cultural and political barriers on their path to executive roles. Hence, they not only benefit from being central in the network but also from having a close circle of female contacts. These networks provide confidential insights into organisational attitudes toward female leaders, empowering women in their job searches, interviews, and negotiations.

Echoing this sentiment, Caitlin Nguyen, Head of Digital and Customer Engagement at Abbott, emphasises the importance of community and support networks in the She Empowers Others campaign at SmartOSC, asserting,

“The role of community and building support networks is not to be underestimated. Not only does it further empower women, but it also strengthens learning agility and fosters continuous improvement both professionally and personally.”

“We recognise access to networks as a significant barrier hindering women’s advancement,”

said Hanh Le, Deputy CEO of SmartOSC. “SheEO workshop aims to empower women to challenge stereotypes and pave the way for a more inclusive and equitable future.”

The SheEO workshop forms an integral part of SmartOSC’s Forward content ecosystem, comprising podcasts, events, and magazines, representing a crucial stride towards nurturing a more inclusive tech industry.

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Dear reader,

OpenAI chief Sam Altman-led Worldcoin cryptocurrency project has faced significant backlash in Hong Kong for violating privacy laws.

The city’s Privacy Commissioner for Personal Data (PCPD) criticised Worldcoin for its “unnecessary and excessive” collection of biometric data, including iris and face scans, labelling the practice as invasive and unjustified. This data collection aims to provide users with a unique digital identity, known as a “World ID,” but the approach has raised serious privacy concerns globally.

The PCPD’s investigation revealed that over 8,000 individuals in Hong Kong had their biometric data collected, a process lacking sufficient transparency and informed consent. The privacy watchdog’s enforcement notice demands an immediate halt to these activities, emphasising the severe potential consequences of data breaches.

Worldcoin’s operations in other countries, including Spain, Portugal, and Kenya, have similarly been suspended over privacy issues.

Despite Worldcoin’s claims of encrypted and secure data handling, the PCPD condemned the project’s prolonged data retention plans and highlighted the legal repercussions of non-compliance with their enforcement notice, which could include hefty fines and imprisonment.

This controversy underscores the critical importance of stringent data protection standards in the rapidly evolving digital landscape.

Sainul,
Editor.

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NEWS & ANALYSIS

Sam Altman’s crypto project halted in HK over privacy concerns
The Worldcoin cryptocurrency project, set up by the OpenAI chief, breached Hong Kong’s privacy laws by demanding “unnecessary and excessive” scans of users’ eyes and faces, the city’s privacy watchdog said Wednesday.

KKR, TPG said to weigh options for PropertyGuru including buyout
KKR and TPG own about 26.5% and 29.6% of PropertyGuru, respectively; Singapore-based PropertyGuru went public in New York in 2022 after a merger with the SPAC Bridgetown 2 Holdings Ltd.

Oyo, once valued at US$10B, shelves IPO plans for second time
Oyo had initially filed paperwork with SEBI in 2021 for a public listing but withdrew it and refiled it in 2023; India’s market regulator has yet to approve either of Oyo’s applications, which raises questions about its readiness to face public scrutiny.

Snowflake talks to acquire Reka AI fizzles with no deal
The details are not available; The deal would have helped boost Snowflake’s business, as it sees generative AI as a key growth driver for its cloud-based data analytics offerings.

Honest Bank extends Series B to US$21.5M with Rakuten, Jetha backing
In 2023, the financial services startup received ~US$19M from Japanese firm Orico in 2023 for the same round; Honest Bank’s core product is the Honest Card, a credit card available in both physical and digital form.

PropertyGuru Q1 loss narrows to US$4.6M
In comparison, the proptech firm recorded US$7.5M net loss in Q1 last year; Revenue for the quarter rose 11.9% to US$27M on the back of a strong growth in its Singapore marketplace segment.

Mighty Jaxx collects US$11M more in series A+ round to fuel US, Europe growth
Sunova Capital and East Ventures joined the new round; Mighty Jaxx creates limited-edition collectibles in partnership with well-known companies; It plans to scale up its business in the US and Europe this year.

Alibaba considers convertible bond sale, following JD.com
Alibaba aims to gain capital by buying back shares and boosting its growth strategies. However, the firm is hoping to get roughly US$5 billion – a lot more than the US$1.75 billion that rival JD.com recently announced.

Singapore-based ThinKuvate launches US$12M India-focused fund
ThinKuvate India Fund will look to invest in 12 to 15 startups annually with an initial amount of up to US$360K; ThinKuvate primarily invests in healthtech, fintech, IoT, AI-ML, consumer-tech, and martech.

Singapore’s warehousing automation firm XSQUARE lands US$7.8M in Series A financing
The investors are Wavemaker Partners, SEEDS Capital, and Goldbell; XSQUARE’s autonomous forklifts simplify warehouse operations without requiring extensive reconfiguration, thus saving time and costs.

Cocoon Capital invests in Bangladesh’s B2B job-tech platform Shomvob’s US$1M round
The startup also received a grant from the Bill & Melinda Gates Foundation; Since launch, Shomvob claims to have registered 600,000+ job seekers and 1,300+ companies, facilitating 12,000+ job placements.

Luxury resale marketplace PopChill bags US$3.1M for Singapore expansion
The investors include Top Taiwan Venture Capital, 500 Global, and Acorn Pacific; PopChill’s marketplace features over 100,000 items in partnership with three of the top ten luxury resellers in Japan and suppliers from Taiwan and Hong Kong.

Ray Dalio purchases two shophouses in Singapore for US$18.9M
This makes Dalio yet another billionaire to purchase shophouses in the city-state; Zhang Ying, spouse of Alibaba Group co-founder Jack Ma, spent US$33.3M for three connected shophouses on Duxton Road in February.

FEATURES & INTERVIEWS

HKSTP’s Derek Chim on the four skills required for startups to thrive in Hong Kong
Hong Kong has good researchers and scientists but in the innovation and tech sector, there is a particular need for skilled product managers, says the HKSTP’s Head of Incubation.

Right Choice Capital CEO on surpassing revenue milestones, future innovations
The fintech firm recently achieved 114% y-o-y revenue growth and crossed the US$7.4M revenue threshold while maintaining EBITDA; Since its inception eight years ago, the firm has raised over US$22M from private investors.

Nandina REM gives a second life to materials from retired aircrafts
The Singaporean firm builds an innovative approach to reclaiming precious materials from retired or end-of-life aircraft and reprocessing them to aviation specifications for use in new products, such as EV battery casings.

The Indonesian startup ecosystem is facing a Great Reset, but Nicko Widjaja remains a believer
As the market went halfway through 2024, BRI Ventures CEO Nicko Widjaja shared notable trends that he observed in Indonesia.

‘Deeptech startups require more support, but have sustained competitive advantages’
SDTA Founding Partner Luuk Eliens says the venture builder engages with corporates, investors, research institutions, and government agencies to pool resources and expertise for its ventures.

How Plixstar eases digital transformation for plastic manufacturers in Malaysia
Plixstar creates an online platform for plastic manufacturers, helping them undergo digital transformation and grow their business.

CONTRIBUTORY POSTS

From hustle to zen: Learning to pace myself in the startup world
Startup life burned me out, but breaks, box breathing, and writing became my reset button; LFG co-founder Darryl Han is sharing his story to help you avoid the same fate.

A new taste of capital investors for technology startups in Asia
The Asia-Pacific region benefits from generally more flexible monetary policy, according to Bloomberg News; State banks in South Korea, Indonesia, and India have stopped the capital tightening cycle, in contrast to their counterparts in the West.

AI infrastructure: The unsung hero of technological innovation
At a time when AI’s applications and ethical concerns are most discussed, it’s crucial to recognise that the underlying infra serves as a fundamental necessity and a strategic asset for technological advancements, presenting prime investment opportunities.

Uncharted collaborations: From little shiny red dot to startup hotspot
In moving from the ‘Little Red Dot’ to a global startup hotspot, Singapore must foster uncharted collaborations that redefine public-private partnerships.

ESG frameworks and standards: Cutting through the complexity for private markets
Having navigated ESG frameworks myself, I’ve created a concise guide with useful links to demystify these concepts for private markets.

10 decisive factors for choosing your startup’s tech stack in 2024
Crafting your startup’s tech stack requires careful planning to ensure success, considering factors like compatibility, scalability, future-proofing, maintenance, and support.

Building trust through partnership: How collaboration enhances reputation
Building your client base directly is one of the primary ways in which a strategic collaboration may help your company expand.

FROM THE ARCHIVES

Expert advice for crafting a winning deck, straight from the community
While there are many factors that contribute to the success of a fundraising process, you want to make sure that your pitch deck is spot on.

With STEPVR, making AI-generated videos is as easy as creating PowerPoint presentation
STEPVR was part of AI Trailblazers, Singapore’s first Generative AI Innovation Sandboxes established to accelerate AI solutions development.

How to build deep tech startups across borders
Deep tech entrepreneurial journey require both short-term, dynamic, and medium-term, trust-building types of interactions.

Hacking your way into angel impact investing with just US$10K
As the Head of Special Projects at Top Tier Impact, I will give you these much-needed tips on how to start angel impact investing.

Navigating global expansion: Essential tips for entrepreneurial success
For successful global expansion, entrepreneurs must consider these factors to navigate challenges and maximise benefits effectively.

Crowdfunding for startups: Where to begin and how to go about it
Crowdfunding changes the game by reducing dependence on conventional and sometimes exclusive means of financing.

Embracing AI’s promise: Navigating the future of marketing
In an era where AI is reshaping the marketing industry, we explore how marketers, particularly in Singapore, can unlock AI’s potential.

The climate change and gender equality connection: How to support underfunded women-owned business
While there is a distinct relationship between gender inequality and climate change, investment mandates rarely combine both of these lenses.

How is open-source collaboration empowering Asia’s fastest-growing markets?
From startups to multinational corporations, Asia’s businesses actively integrate open-source technologies into their operations.

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This week, Southeast Asian startups secured funding across various sectors including logistics, entertainment, sustainability and e-commerce.

Jalat Logistics, a Cambodian company, aims to revolutionise same-day delivery with its management portal, while Singapore-based Kasagi Labo focuses on bringing authentic Japanese anime content to a global audience.

In the sustainability sector, Humble Sustainability from the Philippines is promoting a circular economy by helping businesses sell used IT equipment. Investors also showed interest in BANIQL’s innovative technology for sustainable nickel and cobalt extraction in Indonesia.

This funding spree highlights the diverse and promising startup ecosystem in Southeast Asia.

Jalat Logistics (Cambodia)

Founded in 2021 by Sou Sethey, Sou Sreyphoung, and Ung Lylay, Jalat Logistics provides a management portal to streamline logistics operations and enhance service delivery. Phnom Penh-based startup ships inventory, optimises it intelligently across its networks, packs it according to brand identity, and delivers it to customers within four hours. According to Chairperson Sreyphoung, Jalat Logistics aims to introduce standard same-day delivery that is “reliable, convenient, and informative”.

Funding raised: Not disclosed
Round: Not specified
Investors: Satori Giants and X Venture Holdings

Kasagi Labo (Singapore)

Founded and helmed by anime enthusiast Kendrick Wong, Kasagi Labo delivers authentic Japanese anime content through a multifaceted approach encompassing IP licensing, distribution, and merchandising. The platform aims to unite the entire anime content creation ecosystem, from IP owners to artists and voice actors.

Singapore-based Kasagi Labo, a venture studio that brings authentic Japanese anime to a global audience, has secured US$12 million in a pre-Series A round of financing led by Burda Principal Investments, a division of Europe’s media and technology conglomerate Hubert Burda Media.

Funding raised: US$12 million
Round: pre-Series A
Investors: Burda Principal Investments, CMT Digital, SuperScrypt, Hashed, Sfermion, and Gold House Foundation.

BANIQL (Indonesia)

attracts US$1.6M for its innovative approach to nickel, cobalt extraction
Founded by Willy Halim (CEO), Eric Januar (COO), and Seung Wan, BANIQL has developed innovative technology to make the extraction of nickel and cobalt sustainable and environmentally friendly. Nickel and cobalt are essential components in electric vehicle (EV) batteries and renewable energy storage.

Funding raised: US$1.6 million
Round: Seed
Investors: BEENEXT, Seedstars International Ventures, A2D Ventures, Sopoong Ventures, and angels.

Humble Sustainability (Philippines)

Humble promotes a circular economy by helping businesses sell their old IT equipment instead of throwing it away, reducing electronic waste. It aids clients in reaching their Environment, Social and Governance (ESG) goals by reusing equipment. The company has an ambitious goal of making one billion items circular by 2030.

Funding raised: Undisclosed
Round: Not specified
Investors: Gobi-Core Philippine Fund, National Development Company, Double River Impact, Equitrust Holdings, and angels from XA Network.

PopChill (Hong Kong)

PopChill is a luxury resale marketplace for authentic second-hand fashion luxury items in Taiwan and Hong Kong. The marketplace features over 100,000 items in partnership with three of the top ten luxury resellers in Japan and suppliers from Taiwan and Hong Kong. Its most popular brands are Chanel, LV, and Hermes and they contribute to 60 per cent of the total revenues. Handbags constitute 80 per cent of sales, and PopChill plans to diversify into watches and jewellery in the next six to 12 months.

Funding raised: US$3.1 million
Round: Pre-Series A
Investors: Top Taiwan Venture Capital, 500 Global, Acorn Pacific, ITIC, AVA Angels Fund, Acorn Pacific Ventures, and Darwin Ventures.

XSQUARE (Singapore)

XSQUARE Technologies is an intelligent warehousing automation company. Started in 2019, XSQUARE provides intelligent warehouse solutions designed to address critical gaps arising from recurring labour shortages and the urgent need to automate and optimise operations in brownfield and greenfield environments. Its suite of autonomous forklifts and intelligent warehouse orchestrator software simplifies warehouse operations without requiring extensive reconfiguration, thus saving time and costs. It serves clients in a diverse range of industries, from pharmaceuticals to manufacturing.

Funding raised: US$7.8 million
Round: Series A
Investors: Wavemaker Partners, SEEDS Capital, and Goldbell Corporation.

Honest Bank (Singapore)

Founded in 2019, Honest Bank is a financial services startup focused on the Indonesian market. Its core product is the Honest Card, a credit card available in both physical and digital form. In Indonesia, the company is led by Dharu Estiningrum, who was previously an executive in the credit card division of state-owned Bank Mandiri.

Funding raised: US$2.5 million
Round: Series B
Investors: Rakuten Ventures and Jetha Global.

Mighty Jaxx (Singapore)

Founded in 2012 by Jackson Aw, Mighty Jaxx creates limited-edition collectibles in partnership with well-known companies such as Nickelodeon, Warner Brothers, and Netflix, among others. The design studio has customers in 90 countries.

Funding raised: US$11 million
Round: Series A+
Investors: Sunova Capital and East Ventures.

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The transformative impact of generative AI on company productivity has become clear over the past 12 months. According to Microsoft’s 2023 Work Trend Index, 70 per cent of people say they would delegate as much work as possible to AI to lessen their workloads. At the same time, however, 49 per cent of people worldwide fear that their jobs will soon be replaced by AI, with this percentage rising to 58 per cent in the APAC region.

The anxiety of job obsolescence remains palpable and ubiquitous, undercutting the excitement around the technology. Rather than view generative AI with fear and apprehension, however, I believe we should approach the issue with a more empowering mindset.

AI will replace tasks, not jobs

The first thing to remember is that a high level of fear-mongering that we will all soon lose our jobs to the AI revolution exists. The recent spree of highly publicised lay-offs in the tech industry has deepened the assumption that people are actively being replaced by their digital counterparts — a sentiment that started once the job market took a hit by COVID-19. In truth, many of these tech firms are attempting to right-size their headcount after over-hiring during the pandemic to meet the spike in digitalisation.

According to the 2023 Work Trend Index, most business leaders are looking to leverage AI to improve employee productivity, not reduce headcount. High on the list of priorities are automating repetitive yet necessary tasks, eliminating low-value activities, and augmenting the capabilities of existing talent to accelerate the pace and quality of their output. It is my firm belief that AI will be used to replace tasks and not jobs.

Upskilling up new generations

A study by Salesforce last year reported that while 65 per cent of generative AI users are Millennials or Gen Z, 68 per cent of non-users are Gen X or Baby Boomers. This reluctance to use AI can be attributed to unfamiliarity, perceived uselessness, and uncertainty about the benefits of its impact.

Also Read: A paradigm shift on the Z axis: How Gen Z is shaping the new work culture

However, with many generative AI integrations still requiring human involvement, the professional experience that Gen X and Baby Boomers have would give them an edge over Gen Zs as subject matter experts and enable them to exercise better judgment.

Singapore’s SkillsFuture (SSG) movement, a government initiative aimed at workforce upskilling, recently rolled out its LevelUp programme to encourage workers aged 40 and above to future-proof their careers by acquiring new skills. Upskilling in today’s competitive landscape, especially with the advent of new technologies, is no longer a luxury but an imperative to staying relevant in the workforce.

Orchestrating AI agents in an integrated workplace

Rather than having one job replaced entirely by one stream of AI, a person may have multiple AI agents performing specific tasks in different parts of their workflow. Where 2023 saw the introduction of AI apps to the public, enterprise applications have become a quickly developing area of demand that computing giants such as NVIDIA are keen to get ahead of. With the right training, I believe that workers who can codify their domain knowledge and processes into AI Agents for specific tasks will unlock tremendous productivity gains.

Upholding safety and security in the use of AI

As we integrate AI technology into businesses, there is growing attention to responsible practices and vigilant oversight so that sensitive and proprietary data are not compromised.

While regulators worldwide are drawing up guidelines on AI use, I think organisations should prepare by appointing a qualified Data and AI Governance officer, or team, to rollout AI in the organisation with robust frameworks to maintain staff compliance to evolving guidelines.

Also Read: 6 reasons why startups should invest in sustainability

Having an AI Usage Policy is a good starting point for governing how employees may utilise AI within ethical privacy guardrails, especially if general users in the company leverage public tools for specialised queries and document analysis or creation.

Adopt a co-intelligence mindset in using AI

Productivity and governance are two key themes in the era of enterprise generative AI adoption. While there is understandable apprehension surrounding job displacement, the reality remains that AI is more likely to replace tasks rather than entire roles.

Embracing this technology requires a shift in mindset towards continuous upskilling, ensuring that you have the relevant expertise and oversight to be the human-in-the-loop in an AI-enabled workforce.

As Ethan Mollick, Professor at the Wharton School and the author of Co-intelligence expressed, we should perceive AI as co-intelligence. It is my opinion that its benefits will allow workers to tap into heightened levels of productivity. I feel it would be a disservice to oneself to adopt a Luddite stance when the opportunities are here for the taking.

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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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The article was first published on April 30, 2024

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