Tribe and Digital Industry Singapore (DISG), a joint office of the Economic Development Board, Enterprise Singapore and Info-communications Media Development Authority, has collaborated with global chipmaker NVIDIA to launch a global AI startup accelerator in the island nation.

Called Ignition AI Accelerator, the initiative will focus on enhancing AI value discovery, creating a vibrant ecosystem for AI startups and pushing the boundaries of AI’s capabilities.

Also Read: AVPN, Google.org launch US$15M fund to equip workers in APAC with AI skills

With an initial combined investment of US$3 million, the four-month programme will launch with a cohort of 15 high-potential startups. It has been designed to prepare participating startups with the foundational capabilities to ensure their AI projects are launch-ready.

As part of Ignition AI Accelerator, NVIDIA and Tribe will collaborate with Enterprise Singapore to offer qualified AI startups funding support through the Startup SG Tech scheme. This collaboration will tap into Tribe and NVIDIA’s expertise to expediently assess selected high-quality AI startups that can leverage Startup SG Tech funding for technology development and business growth.

In addition, the initiative will provide a series of training workshops to help startups enhance their core AI-building capability. These workshops will cover the full AI stack, from GPU to application-layer development framework.

The programme will also provide opportunities to bridge the gap between startups and potential investors, including corporations, VCs, and private investors.

Additionally, NVIDIA and Tribe will assist them through the IMDA accreditation process to help them establish credentials and position themselves as qualified contenders for government projects and large enterprise contracts, ultimately accelerating their global market access.

Applications to the Ignition AI Accelerator are open for founders of new startups and for AI leads of existing startups.

Ng Yiming, CEO of Tribe, said: “The current surge in AI adoption reflects a strategic imperative for businesses across industries. Companies are leveraging AI to achieve operational excellence, reduce capital expenditures, and unlock new growth avenues. However, a proactive approach to fostering ground-up innovation becomes crucial to fully capitalise on these benefits and remain resilient in a volatile economic climate. Tribe is excited to embark on this journey with NVIDIA and DISG. Together, we believe we can channel resources to startups, accelerating the development of AI solutions and fostering deeper industry integration throughout the process.”

Also Read: From Amazon to AI: How GenAI Fund fuels innovation in SEA through a unique model

The AI market in Singapore is poised for significant growth, with projections indicating it will surpass US$1 billion by year-end 2024. This momentum is expected to continue, with a CAGR of 28.1 per cent, translating to a market volume of US$4.6 billion by 20301. The accelerator will capitalise on immense global opportunities within the AI landscape.

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Last year, the global lending industry incurred approximately US$800 billion in losses due to bad consumer loans. To put it in context, this is more than the GDP of many countries combined.

This incident indicates there are severe chinks in the armour of the traditional credit scoring models adopted by banks and other lenders.

“Traditional credit scoring models are not effective as they look only at the past transactions of the loan seeker, such as whether he defaulted on a loan or credit card payment 15-20 years ago. These models don’t take into account the individuals’ current situation,” says Vincent Choy, co-founder and Chief Business Development Officer of BizBaz. “We have developed a predictive AI solution that could effectively assess the creditworthiness of an individual and save banks from bad loans.”

Also Read: Unlocking the future of lending with risk-based pricing

Launched in 2020 by Choy and Hayk Hakobyan (CEO), BizBaz offers a SaaS solution to help lenders with credit scoring, especially for the unbanked and underbanked. It uses voice analytics to help establish a person’s creditworthiness based on behavioural patterns and claims it can predict his risk behaviour with 80 per cent accuracy.

Credit scoring depends heavily on transactional data. Unfortunately, about 2.4 billion people in the world don’t have transactional data or credit scores because they’re excluded from all forms of financial transactions. This means traditional models cannot be used to assess the creditworthiness of an unbanked individual.

“Unlike traditional credit scoring solutions, BizBaz can determine an individual’s creditworthiness from his 50-second speech or interview. Our proprietary AI solution can analyse whether an individual is genuine, emotionally and mentally stable, impulsive, conscientious, and worthy of a loan. We can then extract physiological biomarkers and biometric information from that voice to predict his behaviour,” he adds. “It means BizBaz can create creditworthiness for almost everyone, whether unbanked, underbanked or banked. ”

BizBaz works with banks, financial institutions, and buy-now-pay-later companies. The fintech startup has 22 clients in 10 countries, mostly in Asia and Southeast Asia, including Singapore. “With more than seven out of ten of Southeast Asia’s 680 million population unbanked and a huge 67 per cent mobile phone penetration rate, we can empower financial services providers by offering them comprehensive customer intelligence and risk assessment solutions and thus enabling them to acquire and serve unbanked and underbanked populations in the region whilst also allowing them to reduce their costs, Choy says.

BizBaz doesn’t restrict itself to the financial services industry. It also works with HR and recruitment companies to help them understand the psychometric analysis of a person being hired. The firm also looks for more use cases in matchmaking, mental wellness and monitoring industries.

In September 2022, BizBaz secured US$4 million in a seed funding round led by HSBC Asset Management, the investment arm of Britain’s HSBC Group. Vynn Capital, SOSV, and existing and new angel investors also participated.

The company is currently looking to raise pre-Series A funding for expansion. This year, BizBaz looks to foray into the Philippines and Indonesian markets. It also sees opportunities in Thailand, Vietnam, and Cambodia. “We will also enter the Latin America and African markets in the near future,” he says.

Also Read: Accelerating financial inclusion with AI: Unleashing potential with prudence

BizBaz was the winner in the fintech category at the Elevator Pitch Competition (EPiC) organised by the Hong Kong Science and Technology Parks Corporation (HKSTP) last month.

The significant losses faced by the global lending industry due to bad consumer loans underscore the critical need for more advanced and accurate credit scoring models. BizBaz, with its innovative AI-driven solution, offers a promising alternative to traditional methods by evaluating creditworthiness through voice analytics and behavioural patterns. This approach not only helps lenders make more informed decisions but also opens financial opportunities for the unbanked and underbanked populations worldwide.

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At the Asia Tech x Singapore (ATxSG) 2024 event today, Senior Minister of State for Communications and Information Tan Kiat How announced the Digital Enterprise Blueprint (DEB) aimed to accelerate digital transformation and empower Singaporean enterprises by leveraging emerging technologies such as Artificial Intelligence (AI).

According to a press statement, the DEB charts the next chapter in Singapore’s enterprise digitalisation journey amidst a rapidly evolving technological landscape and fast-growing digital economy.

“To establish the Republic as a nation of empowered enterprises and to elevate businesses and workers in the age of AI, the Blueprint will facilitate an environment for experimentation, encourage Small and Medium-sized Enterprises (SMEs) to harness technology to optimise the way they work, and strengthen digital resilience and cybersecurity across the ecosystem,” it stated.

50,000 SMEs are expected to benefit over the next five years from the new DEB through four key focus areas:

1. Empower enterprises to be smarter by adopting AI-enabled solutions
2. Enable enterprises to scale faster through cloud-based and integrated solutions
3. Equip enterprises to be safer through improved cyber resilience
4. Support enterprises to upskill workers to make full use of digital capabilities

Also Read: Tribe, DISG, NVIDIA join forces to launch AI accelerator in Singapore

Seven partners have already come on board to pledge their commitment to the DEB, including Singapore Business Federation (SBF), Singapore Computer Society (SCS), SGTech, Amazon Web Services (AWS), Google, Microsoft and Salesforce.

As part of DEB efforts to empower SMEs to be smarter by adopting AI, IMDA has worked with sector leads to co-develop Industry Digital Plans (IDPs), a roadmap for enterprises that highlights solutions that meet the sector’s specific needs.

ATxSummit, organised by the Infocomm Media Development Authority of Singapore, will occur from May 30 to 31 at Capella Singapore. This apex event of ATxSG comprises an invitation-only Plenary conference covering a range of topics, including Artificial Intelligence, Governance and Safety, Quantum Computing, Sustainability, and Compute.

ATxSummit also features the ATxAI and Women and Youth in Tech conferences, alongside exclusive G2G events for government officials to address common digital concerns and G2B closed-door roundtables to facilitate closer partnerships between the public sector and the digital industry.

The event also saw the launch of SGTech Apprenticeship, the Tech Apprenticeship Programme (TAP) to expand the career pathways of graduates by providing access to industry apprenticeships; the signing of an MOU between IMDA and the Singapore Academy of Law (SAL) to co-develop GPT-Legal; and the announcement Ignition AI Accelerator by Tribe and Digital Industry Singapore (DISG).

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The Innovate UK Global Incubator Programme, which aims to foster collaborations between UK companies and Singapore’s vibrant startup ecosystem, has returned to Singapore.

This year, the programme’s focus is sustainability and cleantech.

Innovate UK Global Incubator Programme is an initiative between Singapore Deep Tech Alliance (SDTA), Better Earth Ventures (BEV), and Innovate UK.

Also Read: Tribe, DISG, NVIDIA join forces to launch AI accelerator in Singapore

Eight UK-based startups have been selected for the programme. The 8-month incubation will feature two immersion visits to Singapore, one-on-one coaching, mentoring, and expert sessions focused on their product development and go-to-market strategy.

The participating startups will also get an opportunity to leverage SDTA’s and BEV’s professional networks and resources.

Jon Hazell, Partnership Manager – Global Incubator at Innovate UK, remarked: “As a hub of sustainability and innovation, Singapore offers a fertile ground for global ventures seeking to make a difference. Understanding the intricacies of the local business landscape is key to navigating not just Singapore but the broader ASEAN markets. Our collaboration with SDTA and BEV marks a pivotal milestone for UK deep-tech companies, facilitating a deeper understanding of Southeast Asia’s unique dynamics and fostering collaboration & innovation with fellow industry pioneers to drive impactful solutions and enrich the regional ecosystem.”

Below are the brief bios of the eight startups:

Compact Syngas Solution (CSS): A company that has developed a modular gasification technology for the production of hydrogen, power and heat from waste. CSS caters to waste management companies to help them reduce waste and convert waste into new valuable resources.

Molymem: A company that has developed a range of new nanofiltration ceramic products for water and wastewater applications through its proprietary coating technology.

FloatSync: FloatSync is developing a disruptive plastic recycling system that can process material. Its systems can be deployed at any location around the world, fitting a 20-foot shipping container tackling six plastic types.

Waterwhelm: Forward Osmosis technology water reuse and desalination, cutting electricity consumption by 80 per cent and capital costs by 35 per cent.

Persium: Air pollution analytics, simulation and solutions with IoT sensors, analysis platform, and global consultancy.

BioBright LTD: Merging monitoring tech with algae cultivation for real-time environmental monitoring and efficient carbon dioxide sequestration.

Water Offsets Ltd: Delivers circular water economies by integrating AI, smart water monitoring, water reuse and climate forecasting.

Volador Energy: Immersion-cooled battery tech, with a modular design and weld-free construction, enhances performance and efficiency by up to 40 per cent.

 

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In recent years, the startup ecosystem has captivated professionals from various industries, drawing them away from the comfort and stability of established corporations. The allure lies in the promise of innovation, the thrill of building something new, and the opportunity to make a tangible impact or disrupt the norm, they say.

This was precisely what drove me to join Hackuity, a burgeoning player in the cybersecurity space, after spending decades in large corporations like NCS, Singtel, Fortinet, and Thales.

Taking the leap: Motivation and background

Crossing into my mid-40s, I realised that if I ever wanted to experience the dynamic world of startups, the time was now. I had heard countless stories about the challenges and rewards of startup life, but I needed to experience it firsthand.

The desire to break free from the structured environment of big corporations and the urge to test my mettle in a more fluid and flexible setting were compelling reasons. Joining Hackuity allowed me to transition from a structured environment to a fluid greenfield with a fresh perspective.

Embracing flexibility and facing challenges

One of the most striking aspects of working in a startup is that you won’t always have resources at your beck and call. For example, I now have to plan our marketing efforts with a cost-conscious mindset as compared to previous jobs to ensure every investment we make has a business impact.

Also Read: Women and AI: How startups can prevent gender bias and promote responsible use of the tech

I have to read through legal documents when engaging with potential customers. Yes, we do have some flexibility in our working operations. However, this flexibility comes with its own set of challenges. The absence of a fixed structure meant that mistakes were inevitable, but each mistake was a learning opportunity to refine our operational process.

Additionally, without customer references in this region, every sales call was an uphill battle compared to my previous roles.

One great perk was that, being headquartered in France, Hackuity fully embraced the French work culture, valuing rest and respecting vacations and weekends. This approach not only fostered a healthy work-life balance but also instilled a sense of trust and autonomy among team members. Yet, when an urgent need arises, everyone still has their hands on the deck.

A day in the life: Responsibilities and roles

Running the Singapore operations meant heading up business development, expanding channel partners, and managing accounts. My primary focus was building new sales pipelines, developing channel partners to sell our SaaS platform, and driving business growth in APJ. This multifaceted role required a blend of strategic planning, relationship building, and hands-on execution.

Learning and growing: Key takeaways

Nearly two years into my journey with Hackuity, I have gained invaluable insights. Working in a startup means wearing multiple hats and being prepared to pivot as needed. I have learned the importance of asking for help from industry peers and accepting that making mistakes is part of the growth process.

Adapting our pitch and positioning to meet diverse customer challenges has been crucial, and practising active listening has proven to be the best way to engage potential clients. Maintaining transparency and effective communication with both teammates and headquarters in a different time zone has been vital in navigating the complexities of startup life.

Team dynamics and culture

Our APJ team, though small, is inclusive and collaborative. We share our workload and support one another while maintaining strong relationships with our colleagues at headquarters back in France through regular Slack communication and monthly meetings.

Also Read: How to build deep tech startups across borders

This close-knit environment has fostered a culture where we work hard and play hard. Organising social activities like eat-out sessions and KTV singing outings helps us relax and bond outside the pressures of work.

Advice for aspiring startup professionals

For anyone considering a startup, it’s essential to weigh the financial risks. Startups are inherently challenging, with the initial phase often requiring immense effort to build branding and credibility. The first ten accounts or opportunities in each region are critical and will take time to develop.

Patience is key. Leveraging your network to open doors is crucial, and maintaining good business relationships over the years can provide invaluable support. Ultimately, success in a startup depends on your dedication, adaptability, and willingness to learn and grow.

Conclusion: The future of startups

The startup ecosystem continues to thrive, offering unparalleled opportunities for innovation and personal growth. My journey with Hackuity has been a testament to the transformative power of startups. For those willing to embrace the challenges, the rewards are immense, both professionally and personally. As the startup landscape evolves, I remain optimistic about the future and excited about the possibilities that lie ahead.

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