At Creative for More, our digital marketing agency offers services ranging from social media marketing to content creation. Recognising the power of collaboration, we have actively expanded our network of partner agencies over the past two years to encompass areas outside our core expertise.

This strategy allows us to refer projects that don’t align with our specialities, ensuring clients receive the best possible service while we benefit from commissions through a structured referral system. This approach has not only broadened our service offerings but also redefined potential competitors as valuable collaborators, creating a sustainable advantage for all involved.

Initiating and strengthening the partnership

Our partnerships began with targeted cold outreach, followed by securing face-to-face meetings essential for building trust. We made a point of referring clients first to demonstrate our commitment to mutual success rather than just seeking benefits for ourselves.

We support our partners through regular communications, promoting both their services and ours via emails and social media. The primary challenges lay in establishing trust and ensuring consistent, open lines of communication—key factors in any successful partnership.

Key terms of our partnership agreements

Our partnership agreements are centred on mutual benefits: we negotiate commission rates for referrals and collaborate on marketing initiatives. These terms ensure that both sides are invested in each other’s success, fostering deeper commitment and enhancing collaborative efforts. We regularly review and adjust these terms to respond to changing market conditions and capabilities, keeping the partnerships dynamic and relevant.

Importance of partnerships in driving innovation and growth

Collaborative efforts allow for the sharing of knowledge and processes, which leads to mutual growth and innovation. This not only improves our offerings but also stimulates industry-wide advancement. In a field as dynamic as digital marketing, the ability to rapidly adapt and integrate new ideas is crucial, and collaborations facilitate this. 

A key takeaway has been the importance of seeing similar businesses as potential partners rather than competitors. This shift in perspective helps foster a positive internal culture and opens up new business opportunities. It has taught us the value of a flexible, open approach, which is vital for developing enduring collaborations. These experiences have encouraged us to actively seek and embrace new partnership opportunities, including with former team members who have started their own agencies.

Advice for startups based on our experience

• Begin with proactive outreach—identify and connect with companies that complement your services. 
• Personalise your communication to demonstrate a clear understanding and interest in their business. 
• Following initial contact, prioritise arranging a face-to-face meeting to solidify the relationship. 
• Demonstrating your commitment through actions, such as making the first referral, can lay a strong foundation for a successful partnership.

By leveraging these strategies, we have not only expanded our capabilities but also cultivated an ecosystem of mutual support and innovation, essential for sustained impact in our industry.

For startups looking to thrive in today’s dynamic markets, embracing such collaborations can be a decisive factor in achieving long-term success. This philosophy of openness and proactive partnership is not merely a strategy but a fundamental business practice that propels both our agency and our partners forward.

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Singapore-based online bookkeeping and accounting firm Osome has closed its over US$17 million Series B funding round from new and existing investors, including Illuminate, Ratio, Constructor Capital, and AltaIR.

With the new funding, Osome will enhance its product offerings for modern financial challenges, focusing on automation and AI components to better serve its customer base. The funds will also support marketing, customer service, and go-to-market efforts.

Founded in Singapore in 2017 by Victor Lysenko, Konstantin Lange, and Anton Roslo, Osome offers a full-fledged service that integrates software with the expertise of accountants, tax specialists, and corporate secretaries to handle financial administration. This way, it aims to disrupt the fragmented accounting and corporate services industry.

Also Read: Osome rakes in US$25M Series B to grow its accounting solutions beyond SG

The company claims to have increased its 2023 revenues while reducing its burn rate, moving closer to profitability. Osome reports commercial growth, serving over 13,000 SME customers and employing more than 400 staff across Singapore, Hong Kong, the UK, the Netherlands, the Philippines, and Malaysia. In 2023 alone, it claims to have helped over 2,500 new businesses go to market.

Lysenko, CEO and co-founder of Osome, said, “Asia’s seeing a funding winter, with companies carrying out mass layoff exercises and a much more challenging job environment. This means we’re seeing a record number of individuals turning to entrepreneurship. Osome truly believes the current downturn has catalysed more founders and entrepreneurs to realise their dreams of running their own businesses, and that’s what we are here for.”

In December 2022, the company raised US$25 million in a Series B round from investors, including Illuminate Financial, AFG Partners, and Winter Capital. This latest round brings Osome’s total funding since its 2017 founding to US$83 million.

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Image credit: Osome

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In recent years, the digitisation of payment methods worldwide has been rapidly growing, with an increasing number of people using virtual payment methods.

According to data provided by Statista, the total transaction value in the digital payments market is projected to reach US$287.20bn during this year. The total transaction value is expected to show an annual growth rate (CAGR 2024-2028) of 9.77 per cent, resulting in a projected total amount of US$417.00bn by 2028.

This article analyses how the digital payments ecosystem is growing in the SEA region, driven by various factors, and what are some of the most commonly used payment methods in the region.

The most common virtual payment methods in Southeast Asia

Each country within the Southeast Asia region has cultures and populations with different demographic characteristics. Even so, it is possible to analyse and understand what some of the most used virtual payment methods in the region are.

Mobile wallets

In recent years, the mobile wallet market segment has grown rapidly in the Southeast Asia region.

According to Investopedia, a mobile wallet can be defined as “a mobile wallet that stores credit or debit card information on a mobile device, such as a smartphone, tablet, or smartwatch. Mobile wallets are a convenient way for you to buy things online or in stores that are set up to take payments through the wallet. They may also be more secure than physical payment cards because of the technology they use to protect your account information.”

This is how various companies such as Lineman, GrabPay, and DOKU have begun to offer millions of users across the region the possibility of having virtual wallets.

Claudio Cossio, Co- Founder of Meta Pool, said “Southeast Asia had a first mover advantage in regards to Digital payments; the big opportunity is how blockchain protocols add value to the super apps and/or compete with mobile offerings such as Saga and Jambo phones.”

Virtual credit cards

It is increasingly common to find companies and financial institutions that offer virtual credit or debit cards. These allow users to make payments for goods and services online and also in various applications such as Grab and Food Panda, among others.

Also Read: The future of payments in Singapore: From outages to innovation with BaaS

Cryptocurrencies

When choosing methods to make virtual payments, cryptocurrencies have positioned themselves as a growing option.

In this sense, more and more companies have begun to allow the payment of goods and services with cryptocurrencies, with the recent example of Grab incorporating cryptocurrencies as a means of payment.

Within the crypto market, stable cryptocurrencies are usually the most used when making payments.

Pavel Zavadskii, founder of Biqutex, added, “Cryptocurrencies are definitely one of the fastest growing methods of paying for goods and services in Asia, mainly due to low transaction fees. Also, one of the success factors is the absence of unnecessary regulatory barriers and, accordingly, the opportunity for any business to quickly start accepting payments in crypto”.

What are the main factors behind the growth of the crypto ecosystem?

We can find various economic, technological, and cultural factors behind the growth of digital payment methods in SEA; some of the main factors behind the growth are:

New technologies and infrastructure

In recent years, new technologies have impacted populations in various countries of the SEA region. Thanks to the advancement of 5G mobile infrastructure and faster internet connections, there has been an impact on the advancement of the use of digital payments.

E-commerce growth

With a booming e-commerce sector, there is a greater need for digital payment solutions that facilitate online transactions.

Financial inclusion

There are large numbers of people in the SEA region who still do not have access to the traditional financial system. Digital payments offered by startups and crypto companies have contributed to increasing levels of financial inclusion in the region, increasing the use of virtual payments.

Also Read: Cross-border payments: Can incumbent banks compete with fintechs in Asia?

Government support

Governments and regulators are actively promoting digital payments to build the necessary infrastructure for a sustainable digital economy.

A growing demand for digital payments

There is an increasingly larger demand for people who prefer not to use cash and have more secure and efficient payment methods. In this sense, this growing demand has rapidly impacted the growth of virtual payments.

The surge of cryptocurrencies

In recent years, the cryptocurrency market has grown drastically, moving from a market of a few to a massive market.

In this sense, the surge of the crypto market has had a significant impact on the change in consumer preferences, opting more and more to operate with cryptocurrencies instead of cash.

We can conclude by understanding that there are various types of virtual payment methods in the SEA region, which are being driven by economic, cultural, and technological factors.

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Nintendo, Atlus, and Capcom are just a few of the many giants in the global gaming industry. While they each produce different titles and IPs, one thing remains consistent between them all: they were founded in Asia, are successful in Asia, and are successful worldwide.

Zooming into Web3, Asia stands as a formidable region for the sector, representing a staggering 35 per cent of all blockchain activity.

Across the region, gaming companies of all sizes exhibit a clear, forward-thinking attitude, actively embracing and launching new genres of gaming within the Web3 space. Unlike viewing Web3 gaming as a mere hedge, Asian game studios are boldly spearheading this new frontier, reminiscent of their pioneering spirit at the forefront of the free-to-play and mobile gaming categories.

This proactive approach, despite encountering initial resistance from players and the industry, reflects Asia’s unwavering commitment to pushing boundaries and shaping the future of gaming.

A thriving ecosystem

Behind this remarkable statistic lies a thriving ecosystem fueled by substantial investments, with a staggering US$14.6 billion injected into the sector. Notably, over half of this investment comes from Asian venture capital firms, signalling a robust confidence in the potential of blockchain gaming.

Leading the charge is the visionary firm Animoca Brands, among others, championing innovation and driving growth in the sector. In addition, traditional gaming companies have already experimented with Web3 or digital assets, with some building their capabilities through subsidiaries to hone their expertise. 

Also Read: All hands on deck: How Iron Sail strengthens blockchain gaming ecosystem through collaboration

For some, the technology isn’t fully refined enough to be integrated into the triple AAA studio titles we all know and love, and it’s clear that while the region is quite literally ahead of the game, some development is still needed. Thus, the reassurance for investors comes in the form of varying factors, with a major emphasis on the thriving ecosystem of connections and innovation that is brewing in the region.

Government support steadily building

The surge of investor confidence in Asian blockchain gaming ventures is further buoyed by the proactive stance of governments in the region. Countries like Malaysia, Japan, and Singapore have demonstrated a willingness to embrace blockchain technology, implementing policies aimed at fostering its expansion.

 In Japan, Prime Minister Fumio Kishida has even proclaimed web3 as the new form of capitalism, with NFTs being one of the five key areas of national business interest. This endorsement from the highest levels of government underscores the country’s commitment to fostering innovation in the blockchain gaming sector.

Additionally, Malaysia has spearheaded new initiatives, with organisations like the Malaysia Digital Economy Corporation (MDEC) collaborating with web3 gaming startups. This collaborative approach between government agencies and the private sector is instrumental in creating a conducive environment for the growth and development of the blockchain gaming industry in Malaysia.

Current state of play

Artificial intelligence (AI) and gaming-related Web3 protocols have emerged as the frontrunners, capturing the lion’s share of investments. This trend signifies a significant shift in venture capital sentiment, marking the first increase in investments in over a year.

The revival of enthusiasm among venture capitalists for Web3, particularly in AI and gaming, speaks volumes about the sector’s potential and the promising future it holds. In the first quarter of 2024, there has been a staggering 55 per cent increase in Web3 investment, with a 36 per cent increase in the number of venture deals.

As traditional gaming industries and tech sectors face layoffs and uncertainties, the rise of Web3 gaming emerges as a beacon of hope for talent worldwide. The allure of this burgeoning sector has indeed attracted top-tier professionals from diverse backgrounds, eager to contribute their expertise to its evolution and success.

One case study illustrating this trend is the rapid growth of talent acquisition in blockchain gaming companies such as Axie Infinity and Decentraland. These companies have successfully attracted top talent from traditional gaming giants like Electronic Arts and Ubisoft, as well as tech giants like Google and Facebook. This influx of talent not only brings diverse skill sets but also fosters a culture of innovation and collaboration within the Web3 gaming ecosystem.

Looking at 2024, the state of play could not be clearer given the recent layoffs in January and February, with game development talent not only exploring pivoting to Web3 studios but are rather pivoting to Asian Web3 game studios. The reason? The region, ecosystem and development of these studios far surpass those based in the West.

Also Read: Web3 gaming: The next big thing in online entertainment

Moreover, the rise of remote work and decentralised teams has further facilitated the recruitment of talent from across the globe. This enables Web3 gaming companies to tap into a global pool of talent, regardless of geographical boundaries. As a result, the Web3 gaming sector continues to attract skilled professionals, driving innovation and pushing the boundaries of what’s possible in blockchain gaming.

East vs West: What really matters?

Navigating the diverse consumer landscape in Asian countries presents a unique set of challenges and opportunities for blockchain gaming entities. Consumer tastes and preferences in regions like Japan, South Korea, and China diverge significantly from those in the West, necessitating a nuanced approach to game development and distribution. Understanding and catering to local tastes and preferences are critical for success in these markets.

One striking example of the importance of cultural adaptation is the success of Genshin Impact, developed by Chinese game developer miHoYo. Despite being a free-to-play game, Genshin Impact generated over US$1 billion in revenue within six months of its release, largely due to its appeal to both domestic and international audiences. The game’s art style, characters, and storytelling resonate with players worldwide, demonstrating the power of cultural relevance in game development.

In conclusion

As Asia’s dominance in the Web3 gaming sector continues to solidify, it is evident that the region plays a pivotal role in shaping the future of blockchain gaming on a global scale. With Web3 gaming representing a staggering 35 per cent of all blockchain activity, Asia stands as a formidable force in the sector, driving innovation and pushing boundaries.

With investor confidence reaching the heights of 2021 and the region propelling the industry’s trajectory, one thing is clear: Asia’s dominance in the Web3 gaming sector will continue to rise and potentially monopolise the market for years to come.

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Dear reader,

The recent lawsuit by TikTok creators against President Biden’s law to force TikTok’s divestiture or ban highlights a critical conflict between national security concerns and free speech rights.

These creators, spanning diverse backgrounds and professions, argue that TikTok is an essential platform for their livelihoods and a unique medium for expression and community building.

The law, signed in April, aims to address potential national security risks posed by TikTok’s Chinese ownership.

However, the creators’ suit contends that the law overreaches, threatening to shutter a vital communication platform that serves 170 million Americans. This legal battle underscores the broader tension between the U.S. and China over technology and data security.

While the government maintains that the law addresses legitimate security concerns, critics argue that the measures are speculative and unnecessarily broad. Previous attempts to ban TikTok under the Trump administration were blocked by courts, suggesting a complex legal landscape ahead.

As the US grapples with protecting national security without infringing on constitutional rights, this case could set significant precedents for the future of digital platforms and international tech policy.

The outcome will likely have far-reaching implications for tech regulation, user rights, and US-China relations.

Sainul,
Editor.

——-

NEWS

TikTok creators file suit to block US divestment or ban law
The TikTok users suing include a Texas Marine Corps veteran who sells his ranch products, a Tennessee woman selling cookies and discussing parenting, and a North Dakota college coach who makes sports commentary videos.

Uber Eats to acquire foodpanda delivery business in Taiwan for US$950M
Once completed, the foodpanda deal would be one of the largest international acquisitions in Taiwan outside the semiconductor industry; Separately, Uber will purchase US$300M in newly issued ordinary shares of Delivery Hero.

Grab records all-time adjusted EBITDA high for Q1
The firm hit US$62M in adjusted EBITDA, a US$129M improvement year on year; CFO Peter Oey said the company has repurchased US$97M worth of class A ordinary shares in March.

Golden Gate Ventures launches US$100M MENA fund in Qatar
Golden Gate Ventures sees an opportunity to drive a golden corridor of growth between SEA and MENA to help startups scale from one region to the other; The fund will invest in alternative energy, greentech, B2B AI, and energy-related deep tech.

Bookkeeping startup Osome closes US$17M Series B round
The investors are Illuminate, Ratio, Constructor Capital, and AltaIR. The startup will enhance its product offerings for modern financial challenges, focusing on automation and AI components to better serve its customer base.

Temasek-backed Allozymes secures US$15M for European expansion
The round was led by Seventure Partners and Xora Innovation; Allozymes is known for its enzyme screening platform, which can analyze over 20M variants a day; This tech allows the company to develop enzymes tailored for specific industrial applications.

Digital behaviour aggregator Sqreem acquires ad network for youth TotallyAwesome
Sqreem will integrate TotallyAwesome’s reach of over 900M users and human-curated whitelists with its proprietary AI technology to produce enhanced, precision-targeted web environments for young users and their families.

Solana-based decentralised exchange Zeta Markets scores US$5M funding
The investors are Electric Capital, with participation from DACM, Selini Capital, and Airtree Ventures; Zeta Markets aims to achieve the performance of a centralised exchange while maintaining the security and self-custodial nature of a decentralised exchange.

Global port operator PSA leads VFlowTech’s Series A extension round
VFlowTech will use the capital to expand into hybrid energy storage solutions, expand its manufacturing capacity and increase R&D activities; In addition to its current facility in Singapore, VFlowTech is also expanding its manufacturing capabilities in India.

SBI Ven Capital joins Singapore Web3 infra startup Chainstack’s strategic round
The other backers are Sygnum, Azimut Group, Unicorn Factory Ventures, and Ventech Ventures; Chainstack enables companies to cut down the time to market, costs and risks associated with creating and scaling decentralised applications.

OpenAI founding scientist Ilya Sutskever is leaving the firm
The announcement comes just a day after OpenAI unveiled GPT-4 omni (GPT-4o), the first version of its advanced AI model, which can accept input in any combination of text, audio, and image and respond using a combination of these media.

IPO-bound Indian insurtech firm Go Digit bags US$141M
The investors include Fidelity, Goldman Sachs, Morgan Stanley, and Abu Dhabi Investment Authority; Go Digit sells auto, health, travel, and accidental insurance; It has 43M+ customers and issued a total of 8M policies so far.

FEATURES

‘GovTech Edu wants to become a thinking partner of Indonesian government, not a feature factory’
The company goes beyond mere feature development and brings findings and recommendations for appropriate technology interventions based on an in-depth understanding of the problem space.

From Amazon to AI: How GenAI Fund fuels innovation in SEA through a unique model
GenAI Fund is a US$10M AI-focused fund based in Vietnam that aims to invest between US$50,000 and US$1M per startup.

How Philippines’s social media savvy population delivers growth for tech startup ecosystem
The startup ecosystem in the Philippines has shown signs of reaching maturity, especially when compared to seven to 10 years ago, with more corporations trusting startups to be their vendors or suppliers.

How Patsnap aims to lead the way in AI innovation with its in-house model development
Unlike many others, Patsnap develops its models rather than relying on external organisations such as OpenAI.

The next big things in AI: Why Enterprise GPT and inclusion are going to take centre stage
‘If you think about any business and divide it based on how much work is done by labour, machines, and systems, then you can find the right interventions to use Generative AI,” says Dr. Addo AI CEO Ayesha Khanna.

The future of fintech innovation will be a constant dance between progress and security: AND Global
AI enables real-time analysis and automated responses to potential fraud and it has the ability to adapt and learn from new fraud patterns continuously.

Navigating the gender divide in Southeast Asia’s fintech landscape
Women hold just 13 per cent of management, board, and investor roles across early-stage to public companies within the fintech ecosystem.

FROM OUR CONTRIBUTORS

What living with the Big C has taught me about Web3 (Part 1)
Discover the journey of resilience as a tech enthusiast navigates life with a rare diagnosis, uncovering insights from the world of Web3 and cancer survival along the way.

The art of AI integration: Growing your business with chatbots and human expertise
By learning how to balance AI integration and human touch, businesses will be able to handle complexities and be more customer-focused.

Why AI needs context and curiosity, not toxic positivity
Savvy data practitioners now realise that governance, while never sexy, has taken on a new and heightened importance in the age of AI.

Stronger together: How partnerships drive innovation, impact, and success
Partnerships can boost engagement, resulting in increased participation, funding, and overall success in achieving shared objectives.

Malaysia’s digital dilemma: Stuck in the past or embracing the future?
Malaysian businesses can emulate successful strategies from global rivals by integrating martech systems into their operations.

Strategies for Singapore businesses to thrive in the face of workforce and inflation
Singapore’s businesses can leverage the region’s youthful population, growing affluence, and rapid tech adoption for significant market opportunities.

Blockchain to the rescue: How tech can combat food waste and secure our food supply
Blockchain holds immense promise in revolutionising food production, consumption, and distribution, addressing critical industry challenges.

Crafting a winning healthtech pitch deck: The insider’s guide to attracting investors in 2024
To avoid missing your shot, take time to clean up your pitch deck of common mistakes and craft a powerful investment story.

With AI comes huge reputational risks: How businesses can navigate the ChatGPT era
Navigating the benefits of AI technology requires balancing its advantages with the need to mitigate reputational risks.

FROM THE ARCHIVES

Understanding the role of fintech, blockchain in transitioning to net zero
This includes the technological know-how that is believed to be “pivotal” in developing and funding innovations to support net-zero transition.

Cross-border payments: Can incumbent banks compete with fintechs in Asia?
Those who embrace next-gen technologies and allow evolution in the way they operate will be able to win the cross-border payments battle against fintechs.

Asia’s fintech frontier: Strategising the race to crown the next financial innovation capital
Competition in Asia’s fintech sector intensifies, highlighted by the dominance of the region’s megacities in global fintech rankings.

Fintech’s hidden power: Women leading the charge for a more equitable future
To unlock the economy’s full potential, financial services must cater to diverse needs, including those of women.

6 common questions about establishing a fintech company in Vietnam
Vietnam’s market is growing for business, here are some of the laws that companies need to follow while establishing their company.

Unlocking Southeast Asia’s financial potential with AI-powered fintech
Besides core financial services, SEA has experienced the rise of novel finance apps and new methods of generating online income.

After 17 years, DOKU aims to maintain relevance in the Indonesian fintech landscape
DOKU provides a complete suite of online and offline payment solutions, serving over 150,000 merchants across many industries.

Singapore Budget 2024: For startups, talents and funding remain key challenges this year
The Singapore Budget 2024 aims to “keep Singapore moving forward”. But what are the biggest concerns for the startup ecosystem today?

Demystify cybersecurity: EPP vs EDR vs MDR vs XDR
This article aims to simplify your cybersecurity understanding of these solutions using clear and relatable analogies.

Securing the future of IoT: Why attack surface management is key
Implementing an effective ASM strategy goes a long way to enabling firms to pursue ambitious IoT strategies without creating unnecessary risk.

—

The post Ecosystem Roundup: TikTok creators file suit to block US ban law | Grab records all-time adjusted EBITDA high for Q1 | Golden Gate launches US$100M MENA fund appeared first on e27.

When it comes to tackling challenges related to climate change, entrepreneurs in the climate tech space are aware of the uniqueness of the problem faced by each market in Southeast Asia (SEA).

In terms of funding, there are also more opportunities available for solutions that focus on risk mitigation.

“[Funding opportunities] talk about how we will solve this problem and build something to solve these problems. Now, speaking from the perspective of air pollution lens, solving the air pollution problem takes 10 to 30 years, even 40 to 60 years,” explained Piotr Jakubowski, Co-Founder & Chief Growth Officer nafas – Jakarta Air Quality, on the first day of Echelon X at Singapore Expo on May 15.

As a co-founder of a climate tech startup that helps detect the quality of air in major SEA cities such as Jakarta, Jakubowski stressed the importance of solving a problem in the long term. Still, there was also an urgency to tackle present-day problems—which he described as “what to do in between”—as the other solutions may take decades to develop and authorise.

“It is something that we need to think about. Our perspective is that we do not just need tomorrow’s solutions to solve today’s problems. We also need today’s solutions to solve today’s problems while we wait for tomorrow’s things to materialise,” he said.

Also Read: Eco-investing: Driving change through climate technology and strategic finance

Between impact and profit

In the panel discussion “Green Horizons: Climate Tech Innovations Solving Asia’s Challenges,” moderator Zal Dastur, Founder and Managing Director at Grange Management, asked the panellists—a mix of climate tech entrepreneurs and investors—how to balance making revenue and creating impact.

According to Ernest Xue, Investment Director at Eurazeo, climate tech investment has had its own ups and downs. In fact, for Eurazeo, there is only one company in the hydrogen space that they invested in that is growing well after the solar power boom in the 2010s.

“I think we are a lot more attuned to the operating and regulatory environment where the companies operate,” he said. We have become more attuned to unforeseen market forces.”

For Vertex Ventures Southeast Asia & India, which is not a climate or impact fund, investing in climate tech has its own meaning.

“We look across all sectors and its potential returns for our LPs. It is the ultimate north star. So, we will not underwrite any opportunity that we do not think can give us outsized returns,” said Pui Yan Leung, Partner at Vertex Ventures Southeast Asia and India.

Also Read: Beyond buzzwords: How climate tech startups can create an impact in green recovery

“What we have done over the years is integrate ESG practices into how we look at investment opportunity. So, for every single opportunity, whether it is climate impact or not, we apply the ESG view to ensure that there are no red flags concerning environmental, social and governance issues … We must believe that the go-to-market strategy is solid enough to capture that opportunity. We must believe that a founder has the right background and motivation to carry out the vision and that the competitive landscape is okay enough for a company to thrive.”

When it comes to the role of government in supporting climate tech investment, how far can entrepreneurs and investors expect help from them?

Nicole Ngeow, Director at Prudence Foundation, believed that, given the complexity of the issues being solved, entrepreneurs and investors simply could not remove the government from the equation.

“In my work experience, the government plays two roles. They could be concurrent roles, or they could be separate roles. The first role is to provide an enabling environment, whether it is through regulations or policies to encourage the green tech ecosystem,” Ngeow said.

“The other role they could play is the implementer because a government is the government; it governs the country. It implements many of the policies on the ground and in the public sector as well. There are things that the government does best, and there are things that the NGO or the private sector can do. But it has to come into a form of collaboration, partnership, and understanding.”

Echelon X was held on May 15-16 at Singapore Expo Hall 2. The event aims to empower startups, investors, corporates, SMEs, government institutions, and other ecosystem stakeholders with tools and insights. This year, it features 150 speakers and four stages.

The post Collaboration and a sense of urgency: What it takes to support climate tech startups in Southeast Asia appeared first on e27.

In the bustling tech landscape of Southeast Asia, startups and investment activities continue to drive innovation and economic growth.

This week, several significant developments highlight the region’s dynamic entrepreneurial spirit. Singapore-based Linnovate Partners secured a substantial US$40 million in funding from Seatown Private Capital Master Fund, fuelling its expansion in asset servicing and fintech solutions for alternative investments.

Indonesian carbon management platform Jejakin raised US$2.7 million to enhance R&D and market presence, while Uber Technologies inked a deal to acquire foodpanda’s delivery business in Taiwan for US$950 million. Singapore’s VFlowTech extended its Series A round to scale its vanadium-based redox flow battery operations, and Solana-based Zeta Markets closed a US$5 million funding round to enhance its decentralized exchange.

Other notable highlights include Sqreem Technologies’ acquisition of digital ad network TotallyAwesome, Chainstack’s strategic investment, and Golden Gate Ventures’s launch of a US$100 million MENA fund.

Join us as we delve into these transformative updates reshaping the Southeast Asian tech ecosystem.

Linnovate Partners bags US$40M funding

Singapore-based Linnovate Partners, an asset servicing and fintech company for the alternative investment industry, has received a US$40 million funding commitment led by Temasek-owned SeaTown Private Capital Master Fund.

This capital infusion will enable Linnovate to scale operations and drive innovation.

Founded in 2016, Linnovate Partners focuses on driving innovation in the alternative investments industry. Its private equity and venture capital clients leverage its technology-enabled asset servicing solutions to enhance their operations through its core services: fund administration, investor relations, regulatory compliance, portfolio monitoring, reporting services, and consulting services. These services are powered by its cloud-based platform RAISE.

Jejakin raises US$2.7M

Jejakin, an Indonesian-based carbon management platform, has secured US$2.7 million in a funding round from Bhinneka Power, Indogen Capital, SMDV, and East Ventures.

The capital will be mainly invested in R&D, technological improvement, and market growth.

Jejakin was founded in 2018 by Arfan Arlanda, Sudono Salim (CGO), Andreas Djingga (COO), and Haris Iskandar (Chief of Sustainability and Climate Change) with a mission to make a positive impact on the environment.

The startup offers AI and IoT-based solutions that help companies achieve zero emissions targets. The integrated Jejakin platform allows companies to carry out emission calculations from operational activities. It makes it easier to determine, execute, and report their sustainability plans, including nature-based and carbon-related projects, thus helping companies reduce their emissions.

Uber Eats to acquire foodpanda’s delivery biz in Taiwan

Global ride-hailing giant Uber Technologies has signed an agreement to acquire foodpanda’s delivery business in Taiwan from Delivery Hero for US$950 million in cash.

The deal is expected to close in H1 2025. Until then, Delivery Hero will continue to operate foodpanda Taiwan. The acquisition is subject to regulatory approval and other customary closing conditions.

The deal will combine Uber’s expertise in running a marketplace with foodpanda’s extensive coverage across Taiwan and its relationships with local brands.

VFlowTech secures Series A extension round

VFlowTech, a vanadium-based redox flow (VRF) battery company in Singapore, has extended its Series A round by raising investment from PSA Unboxed, the external innovation and corporate VC arm of global port operator PSA International.

The startup will use the capital to expand into hybrid energy storage solutions, expand its manufacturing capacity and increase R&D activities. In addition to its current facility in Singapore, VFlowTech is also expanding its manufacturing capabilities in India.

VFlowTech was established in 2018 by Kumar (CEO) and Dr Arjun Bhattarai (CTO) in collaboration with Entrepreneur First, with support from SG Innovate and the Nanyang Technological University, Singapore.

Zeta Markets closes US$5M funding round

Zeta Markets, a Solana-based decentralised exchange for on-chain perpetuals, has closed a US$5 million strategic funding round led by Electric Capital, with participation from DACM, Selini Capital, and Airtree Ventures.

Prominent angel investors also joined, including Anatoly Yakovenko of Solana, Mert Mumtaz of Helius, Richard Wu of Tensor, Marius Ciubotariu of Kamino, Stepan Simkin of Squads, Alex Smirnov of Debridge, Genia Mikhalchenko of Pyth, Nom of Bonk, and JMR Luna of Wintermute.

Zeta Markets claims to have seen significant growth, crossing US$6 billion in total trading volume and over 100,000 monthly active users.

“At Zeta Markets, our aim is to craft the ultimate one-stop trading platform, where users can benefit from the transparency of DeFi without having to sacrifice convenience and speed. This raise helps accelerate our current momentum and deliver an order of magnitude improvement via a ground-up redesign of our DEX,” said Tristan Frizza, Founder of Zeta Markets.

Sqreem acquires TotallyAwesome

Singapore-headquartered digital behaviour aggregator Sqreem Technologies has acquired TotallyAwesome, an advanced digital advertising network for kids, teens, and families.

The details of the transaction remain undisclosed.

Post-acquisition, Sqreem will integrate TotallyAwesome’s reach of over 900 million users and human-curated whitelists with its proprietary artificial intelligence (AI) technology to “produce enhanced, precision-targeted web environments” for young users and their families.

Chainstack rakes in strategic funding

Singapore-based Web3 infrastructure provider Chainstack has secured an undisclosed sum in strategic investment.

The investors are SBI Ven Capital, Sygnum, Azimut Group, Unicorn Factory Ventures, and Ventech Ventures.

Founded in 2018, Chainstack offers a suite of services connecting developers with Web3 infrastructure, powering applications in DeFi, NFT, gaming, and analytics. Chainstack enables companies (from startups to large enterprises) to cut down the time to market, costs and risks associated with creating and scaling decentralised applications.

Chainstack’s offerings encompass integrations with over 25 public blockchains, four consortium networks, four appchain protocols, and partnerships with all major cloud providers. It serves over 100,000 Web3 developers.

Golden Gate Ventures launches US$100M MENA Fund

Singapore’s leading VC firm, Golden Gate Ventures, has announced the first close of its inaugural MENA (Middle East and North Africa) fund at US$20 million.

The anchor investor is Al Khor Holding. Other Limited Partners are Al Attiya Group and former Qatar Prime Minister Sheikh Jassim Bin Jabor Al Thani.

The US$100-million Golden Gate Ventures MENA Fund I will focus on powering startups in key sectors such as alternative energy, greentech, B2B artificial intelligence, and energy-related deep tech, on top of fintech, healthtech, and edtech.

Osome closes US$17M Series B round

Singapore-based online bookkeeping and accounting firm Osome has closed its over US$17 million Series B funding round from new and existing investors, including Illuminate, Ratio, Constructor Capital, and AltaIR.

With the new funding, Osome will enhance its product offerings for modern financial challenges, focusing on automation and AI components to better serve its customer base. The funds will also support marketing, customer service, and go-to-market efforts.

Founded in Singapore in 2017 by Victor Lysenko, Konstantin Lange, and Anton Roslo, Osome offers a full-fledged service that integrates software with the expertise of accountants, tax specialists, and corporate secretaries to handle financial administration. This way, it aims to disrupt the fragmented accounting and corporate services industry.

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Singapore-headquartered digital behaviour aggregator Sqreem Technologies has acquired TotallyAwesome, an advanced digital advertising network for kids, teens, and families.

The details of the transaction remain undisclosed.

Post-acquisition, Sqreem will integrate TotallyAwesome’s reach of over 900 million users and human-curated whitelists with its proprietary artificial intelligence (AI) technology to “produce enhanced, precision-targeted web environments” for young users and their families.

Also Read: How TotallyAwesome helps brands engage kids and teens in a meaningful way

According to a statement, the pair will have a combined reach of over 2.4 billion consumers in 80 countries.

The acquisition allows Sqreem to navigate the complex landscape of ethical youth marketing, especially as global conversations increasingly emphasise the responsible use of AI in targeting vulnerable audiences.

The purchase also combines Sqreem’s advanced AI-driven behavioural database with TotallyAwesome’s understanding of youth audiences and their digital experiences across 14 key Asia-Pacific markets. This allows brands and agencies to reach millions of young consumers and parents safely and competently.

“Our combination of tech and expertise will demonstrate how brands can precisely tailor their engagement with kids, teens and families while prioritising safety and trust,” said Ian Chapman-Banks, CEO of Sqreem.

TotallyAwesome’s 100-member team across Singapore, Ho Chi Minh City, Melbourne and Sydney will merge with Sqreem’s global workforce.

“Sqreem’s acquisition of TotallyAwesome perfectly aligns with our strategy of curating high value audiences without cookies, drawing on our 9+ years of experience in marketing to kids, teens and families – and our more recent 18+ audience offering. With Sqreem’s cutting-edge AI technology solving the industry-wide challenge of activating against cookie-free intent-based audience segmentation, this union significantly strengthens both companies across all industry sectors,” added Raja Kanniappan, CEO of TotallyAwesome.

Also Read: Singapore’s digital behaviour aggregator Sqreem acquires Trade Indy

TotallyAwesome is a purpose-built media and content business, with one foot in media and engagement and the other in cyber safety. From a media perspective, it ensures brands engage kids and teens responsibly, acting like a youth safety insurance policy for brands. It counsels brands on how to move beyond an advertising play to one of utility and meaning.

Founded in 2010, Sqreeem develops AI solutions that match online behaviours with brands and publishers, identifying clients’ most valuable groups of customers and their behaviours. In March this year, Sqreem acquired Melbourne-founded, programmatic managed services company Trade Indy as part of its ongoing global expansion plans.

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Southeast Asia, a region experiencing phenomenal economic growth and rapid urbanisation, faces a mounting challenge: waste management. Traditional disposal methods are buckling under the pressure, leading to overflowing landfills, environmental pollution, and potential health risks.

According to a World Bank report, global waste generation is expected to surge dramatically by 2050, reaching a staggering 3.40 billion tons annually. This represents a significant increase from the current figure of 2.01 billion tons. Given its booming economy and growing population, Southeast Asia stands particularly vulnerable to this trend.

Emerging from this challenge is Blue Planet, a waste management company based in Singapore. Founded in 2017 by Madhujeet Chimni, Prashant Singh, and Bharadwaj Chivukula, the company is on a mission to lead the charge in sustainable practices and circular economy initiatives.

Blue Planet’s multi-faceted approach to waste management

“Through innovative technologies and collaborative efforts, we aim to transform discarded materials into valuable resources, such as renewable energy, recycled materials, and fertilisers. Our vision encompasses a future where resources are utilised efficiently, pollution is minimised, and communities flourish in harmony with nature,” said Prashant Singh, co-founder and CEO of Blue Planet, in an interview with e27.

With operations in Southeast Asia and the UK, Blue Planet leverages tech to address various facets of waste management. Its anaerobic digestion (AD) technology converts biomass, organic waste, and agricultural residues into biofuels. Additionally, through thermal catalytic depolymerisation (TCD) technology, thin plastics are transformed into fuel, offering alternatives to conventional waste disposal methods.

The company undertakes municipal waste management in waste-to-energy solutions, reducing reliance on landfills while generating energy. Its remediation and resource recovery efforts include techniques like landfill mining and extracting resources such as Refuse-Derived Fuel (RDF) to manufacture construction materials like pallets, boards, and lumber, fostering a circular economy.

Also Read: Unlocking hidden gold: How overlooked wet waste streams hold profit potential despite challenges

In e-waste management, Blue Planet employs proprietary hydrometallurgy technology to recover base metals and precious metals (PMR) from electronic waste, alongside battery recycling and industrial waste management services. The company also streamlines waste collection and processing by operating Material Recovery Facilities (MRFs) that process recyclable materials and convert construction and demolition (C&D) waste into geopolymer blocks, diverting waste from landfills.

Complementing these efforts, Blue Planet offers waste collection services for public and industrial sectors, including hazardous waste management, cleaning, and restoration services, along with social awareness initiatives and consulting services.

“In Southeast Asia’s climate tech landscape, opportunities abound in renewable energy, sustainable agriculture, waste management, and carbon offset projects. Blue Planet plans to leverage its expertise by offering tailored solutions such as recycling tech, waste-to-energy conversion, and organic waste management.

Integrating waste management with renewable energy projects and partnering with local entities will drive growth. Additionally, initiatives like carbon offsets and sustainability education will reinforce Blue Planet’s position as a trusted climate solutions partner in the region,” Singh shared.

The firm claims it manages 15,200 metric tonnes of waste daily and produces 10,000 normal cubic metres of biogas (as clean energy) each day from organic materials. It has recovered over 800 acres of land (legacy landfills) for the public. It claims to have processed 3.3 million metric tonnes of waste, reducing two million metric tonnes of CO2 emissions last year.

Building a sustainable business model

Blue Planet maintains financial sustainability through diversified revenue streams. It offers various revenue models tailored to different customers, including grants, user fees, fixed costs, or customised arrangements based on user requirements. The organisation also focuses on creating awareness through educational offerings such as courses and workshops while earning income through education and training programs.

Also Read: Singapore’s waste management firm Blue Planet gets Bintang Capital’s backing

Blue Planet has primarily been funded through private investments and partnerships. The latest investment, totalling US$35 million, came from The Investment Fund for Developing Countries. Before this, the venture secured investments from the Neev Fund, OSK Ventures International, Japan’s Mizuho Asia Partners, and Malaysian private equity firm Bintang Capital Partners.

Blue Planet has expanded its portfolio through the acquisitions of Vac-tech Engineering and Disaster Restoration Singapore in Singapore, Mahindra Waste to Energy Solutions and Xeon Waste Managers in India, and Qube Renewable and Recycle Force in the UK.

Looking ahead, Blue Planet aims to continuously innovate in waste management technologies, expand its global reach, and make substantial contributions to combating climate change for a more sustainable future. “By 2029, we aim to help reduce 40 million tons of CO2 emissions,” concluded Singh.

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Image credit: Blue Planet

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Senior Minister of State Tan Kiat How stated that the tech ecosystem cannot grow and flourish without the right people, skillsets, and opportunities.

Presenting his opening remarks on the first day of Echelon X today, the senior minister of state explained how Singapore has generated “good job opportunities” in the digital sector.

“Today we have around 210,000 tech professionals; an increase of over seven per cent over the last five years. Good opportunities and vibrant growth in our digital economy bring new jobs and innovation. This growth is not just in Singapore, but a reflection of the overall and broader growth in our region, Southeast Asia,” he said.

Tan presented the existing programmes that Singapore has run to support the tech ecosystem by investing in people. One such programme is the tech skills accelerator, which aims to help individuals who want to either transition into tech roles or upskill themselves to remain relevant.

“Specifically for AI, we started initiatives such as the AI Apprenticeship Programme under AI Singapore, which is bringing together different universities in Singapore to grow AI talent,” Tan said, adding that 80 per cent of participants have secured AI jobs before graduation.

“The future is here, and it’s exciting. We want to partner with all of you to grow the ecosystem in Singapore and support the broader growth of the digital economy in the region and beyond.”

Also Read: Is Vietnam Southeast Asia’s fastest-growing digital economy?

Building the tech ecosystem through partnerships

Thanks to its open markets and pragmatic regulatory environment, Singapore has long been recognised as a premier location for conducting business. These factors have consistently fostered business development and attracted global enterprises.

Last year, Singapore took a significant step forward by introducing its Digital Connectivity Blueprint. This initiative aims to guide the nation’s digital infrastructure and services investments, ensuring that Singapore remains at the forefront of technological advancements. Additionally, the country updated its National AI Strategy to harness the benefits of the latest wave of AI innovations locally and globally.

The government’s commitment to technological advancement is further evidenced by the upcoming launch of the Digital Enterprise Blueprint later this month. This new initiative will outline strategies and initiatives designed to help industries and enterprises adopt new technologies, driving the next phase of the digital economy.

Singapore aims to support small and medium-sized enterprises (SMEs) and bolster the economy by focusing on digital transformation. Such efforts are expected to maintain the nation’s competitive edge in the global market and stimulate further economic growth.

Collaborations with tech giants are a testament to Singapore’s proactive approach to innovation. For instance, a partnership with Google under the Google AI Trailblazers programme has developed over 100 AI use cases across both public and private sectors.

Furthermore, major tech companies are making significant investments, such as Amazon Web Services (AWS), which recently announced an additional investment of US$12 billion to expand its cloud infrastructure and services in Singapore over the coming years. These initiatives and investments underscore Singapore’s commitment to becoming a global digital innovation and enterprise leader.

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