BayaniPay, a payments process automation company based in the US and the Philippines, has secured US$3 million in fresh capital led by Wavemaker Partners, PTGB, and Talino Venture Studios.

This brings the fintech firm’s total Series A funding to US$9.6 million, which includes a US$6.6 million previously secured from Talino Venture Studios.

With the fresh investments, BayaniPay will start expanding its services worldwide, with the goal of capping 2024 with US$200 million in payments processed.

Also Read: BayaniPay nets US$4.5M to provide cross-border financial services to Filipinos in US

BayaniPay is a collaboration between Talino Venture Studios, The Asian Journal, East West Bank, and Wavemaker Partners. Its mobile-first service empowers global professionals working abroad to financially support their families and communities back home.

This month, BayaniPay will launch Bayani GlobalPay, an embedded banking service designed to enable businesses and major billing entities to reach their customers efficiently worldwide.

Bayani GlobalPay features two embedded banking solutions: GlobalPay, a white-label service that provides non-financial institutions with a custom payment platform, and GlobalPay Express, an all-in-one payment portal for payment management.

Bayani GlobalPay utilises payment gateways and payment automation technologies to reduce manual processes and provide “seamless” management and tracking of domestic and international payments. The payment methods include debit and credit cards, e-wallet, direct debit, and QRPH, which eliminates the need for a bank account to be able to pay or send money.

According to the Philippine Institute for Development Studies, personal remittances totalling US$37.2 billion accounted for 8.5 per cent of the Philippine GDP in 2023. BayaniPay aims to augment the economic impact of cross-border direct payments by making them frictionless and cost-effective. This helps Filipinos overseas save on fees and add more pesos to every dollar they send.

Also Read: Talino Venture Studios lands US$5M to bridge financial inclusion in emerging markets

“For years, we have been providing cross-border financial services to Filipino American communities in the US. Now is the perfect time for BayaniPay to unlock the infinite potential of international payments and provide accessible and affordable global financial services to Filipinos in every continent,” said BayaniPay CEO Winston Damarillo.

“Any local enterprise that provides products or services to Filipinos, such as property builders, insurance companies, hospitals, retailers, and schools can do business globally because they have a platform to get paid at the lowest possible cost. But more importantly, their customers enjoy the benefits of choosing the most cost-effective and convenient way to pay for such products or services,” said BayaniPay Chief Commercial Officer Dindo Marzan.

In 2022, bagged US$4.5 million in seed funding from East West Bank, Wavemaker Partners, and Talino Venture Labs.

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Image Credit: BayaniPay.

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The digital economy, characterised by the integration of digital technologies into all facets of economic life, faces several significant challenges. One of the primary obstacles is the digital divide, which manifests as unequal access to technology and internet connectivity among different regions and demographics. This divide hinders the participation of marginalised communities in the digital economy, limiting their access to economic growth and exacerbating existing inequalities.

Moreover, digital skills gaps among the workforce can impede the effective utilisation of digital tools and platforms, necessitating significant investment in several key areas including education and training. Addressing these challenges requires coordinated efforts from governments, businesses, and civil society to create an inclusive and secure digital ecosystem.

In Indonesia, pioneering and bolstering the digital economy is crucial to harnessing the potential of its burgeoning market. With a large and youthful population, high mobile penetration, and growing internet usage, Indonesia is well-positioned to become a significant player in the global digital economy. Investing in digital infrastructure, fostering innovation through supportive policies, and enhancing digital literacy are essential steps to leverage this potential. By addressing the challenges and embracing the opportunities of the digital economy, Indonesia can drive economic growth, create new job opportunities, and improve the quality of life for its citizens.

How knowledge sharing empowers the digital economy

To bridge gaps in the digital economy, robust knowledge sharing among key stakeholders—governments, corporates, startups, and industry leaders—is essential. Collaboration drives effective policies, innovative solutions, and best practices, addressing issues like the digital divide, cybersecurity threats, and regulatory challenges.

Governments can create supportive regulations, corporates can invest in infrastructure and security, startups can drive innovation, and industry leaders can provide expertise. This multi-stakeholder approach ensures diverse perspectives, efficient resource use, and collective action, fostering an inclusive, secure, and dynamic digital economy. Together, these efforts build a resilient ecosystem that supports sustainable growth and expands digital access.

Also read: 7 Thai startups wow at Echelon X through NIA

Seeking to fulfil this need and address gaps in the digital economy space is the OceanBase INFINITY 2024: “Pioneering Indonesia’s Digital Economy.” Happening on 26 June at the St. Regis Ballroom in Jakarta, this project serves as a platform to foster essential knowledge sharing among ecosystem stakeholders. This event offers an unparalleled opportunity for tech & fintech enthusiasts, CIO / CTO, Heads and Experts of Database Management, Engineering, Applications, Solution Architecture, and Infrastructure to gain insights and foster collaboration to drive technological advancement in Indonesia.

Moreover, the event is designed to explore the infinite possibilities of database modernisation, cloud migration strategies, and AI integration, which are critical components for advancing Indonesia’s digital infrastructure and capabilities. By bringing together top tech leaders, the event will provide invaluable insights through fireside chats and panel discussions, highlighting real-world use cases and innovative solutions that can be replicated and scaled across different sectors.

The interactive technical showcases will also allow participants to engage directly with cutting-edge technologies and methodologies, facilitating a deeper understanding of how to implement these solutions effectively. Networking opportunities over dinner will further encourage the exchange of ideas and experiences among diverse attendees, fostering collaborations that can drive collective growth.

Explore opportunities for learning

OceanBase INFINITY promises an immersive experience into the most pressing and innovative topics shaping the digital economy. At the event, attendees will have the opportunity to engage in a variety of insightful discussions and technical showcases designed to explore the frontiers of Indonesia’s digital economy.

Event highlights

Technology Showcase – OceanBase Pioneering Next-Gen Database Technologies: Featuring OceanBase’s product roadmap, with CTO Charlie Yang unveiling upcoming releases and updates. This session will focus on innovations in database management, optimisation, and analytics, offering technical insights into the scalability, performance, efficiency, and security enhancements of modern database technology. The showcase will set new standards for efficiency, reliability, and innovation in the digital age.

“Our commitment to innovation is reflected in OceanBase’s cutting-edge database management optimization techniques. By leveraging AI-driven analytics and other advanced database technologies, we provide enterprises with scalable and reliable solutions that meet the rigorous demands of the digital economy,” shared Charlie Yang, CTO of OceanBase.

Also read: Revolutionising the optical solutions space with Cloud Light, a Lumentum Company

Interactive Demo: A first-hand look at how OceanBase enables organisations to handle volatile workloads with ease. By demonstrating advanced database partitioning, dynamic load balancing, fault-tolerant design principles, and automatic failover mechanisms, this session will highlight OceanBase’s ability to maintain continuous operations and set new benchmarks for reliability and performance in database management. Participants will witness how these technologies ensure mission-critical applications remain uninterrupted, even during workload spikes.

Sessions of interest

Fireside Chat – Charting a Path for Innovation & Impact: This session will spotlight DANA’s impressive journey in transforming Indonesia’s digital payments landscape. With over 170 million users and the digitalisation of 550,000 MSMEs, DANA has become a benchmark for security and convenience in financial services. This session will delve into their innovative customer acquisition and retention strategies, plans for scaling partnerships, and their vision for financial inclusion. By examining the role of database management and cloud deployment in their success, participants will gain a comprehensive understanding of how DANA is driving interconnectivity within the ASEAN digital payments ecosystem.

Industry Panel – Indonesia’s Digital Landscape – Navigating Trends & Trade-offs in 2024: This session will provide a critical look at the tech investment climate and key trends shaping the upcoming year. The discussion will focus on the implications of generative AI and the necessity for AI oversight and strategic database management. Panelists will share their perspectives on the evolving tech ecosystem, reflecting on significant shifts observed over the past year. This session aims to debunk prevalent myths and offer actionable insights into the future of technology in Indonesia.

Big Data & Cloud Panel – Navigating Indonesia’s Cloud Journey – Building a Resilient Digital Infrastructure: Participants will explore the transformative potential of AI-driven insights and advanced Big Data analytics within a cloud infrastructure. This session will highlight how organisations can leverage this integrated ecosystem to enhance digital resilience, drive operational efficiency, and unlock new growth opportunities. By understanding the seamless migration to cloud infrastructure, attendees will gain valuable knowledge on building a robust and adaptable digital framework in Indonesia’s dynamic market.

Get to know top industry leaders at OceanBase INFINITY

Joining the event’s esteemed roster of industry leaders is Evan Yang, CEO of OceanBase. Evan Yang joined Alipay in 2009. He has been leading the middleware team of Ant Group. He has led the R&D and evolution of financial-grade distributed middleware platforms such as microservices, messaging, application containers, and development frameworks. Evan is now leading the OceanBase team in technology-driven innovation, to provide global enterprise customers with enterprise-level database services that feature high availability, high performance, high scalability, and low costs.

“Our mission at OceanBase is to drive innovation through our world-class database engineered for mission-critical workloads at scale. As we engage with Indonesia’s vibrant digital ecosystem, we are excited to showcase how our technologies can contribute to developing a resilient and inclusive digital economy,” explained Evan Yang, CEO of OceanBase.

Also read: XTransfer’s AI-driven Anti-Money Laundering technology empowers B2B international trade

Other notable names include Lillian So, ASEAN Fintech & Unicorn Leader representing AWS. Lillian So has been at Amazon Web Services (AWS) for 9 years, building out the Fintech ecosystem in Singapore for 6 years and working with key startups like Stashaway, Singlife, and Endowus. She expanded her coverage to Defi, Web3, and Crypto in 2021. Her work in 2024 now focuses on value creation for the region’s fastest-growing and top-funded startups across Southeast Asia, helping startups to accelerate expansion into new markets, and innovate with emerging technology.

They will also be joined by Eggy Tanuwijaya, Head of Solution Architect at Alibaba Cloud Indonesia. Eggy is an IT expert with over 20 years of experience as a tech expert in various industries. Eggy has a diverse skill set ranging from Software Development, Data Warehouse, Business Productivity, and IT infrastructure with cloud-based solutions. Eggy is not only adaptable but also eager to embrace new technologies and solutions. As one of the most senior local experts in Alibaba Cloud Indonesia, Eggy is well-equipped to tackle the challenges and opportunities presented by the ever-evolving landscape of information technology.

Other top leaders from across the digital ecosystem who will be at OceanBase INFINITY are Norman Sasono, CTO of DANA Indonesia, Aditya Chintawar, Chief Product & Technology Officer of Koinworks, Martijn Wieriks, Chief Data Officer of JULO, and Mohamad Triana Walujadjati, Chief of Enterprise for Infrastructure & Security at DOKU, among many others.

Learn the ropes around boosting Indonesia’s digital economy at OceanBase INFINITY happening on June 26 at the St. Regis Ballroom in Jakarta by signing up today.

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This article is produced by the e27 team, sponsored by OceanBase

We can share your story at e27, too. Engage the Southeast Asian tech ecosystem by bringing your story to the world. Visit us at e27.co/advertise to get started.

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matsuri technologies, the Japanese company behind StayX, a software solution that converts single-use rooms into multiple-use rooms, has closed its US$8.65 Series D round from new and existing investors, including Vertex Ventures Southeast Asia and India.

The company plans to use the new capital to enhance its software offerings, increase the number of facilities, and invest in talent, accelerating StayX’s business growth and enhancing the development of a tourism-oriented country.

Also Read: ‘SEA needs to grow together and produce more quality unicorns’: Vertex Ventures’s Carmen Yuen

In the near future, matsuri plans overseas expansion.

masturi was established in August 2016 in Shinjuku-ku, Tokyo, by CEO Keita Yoshida.

StayX maximises the value of unused space. A single space can be flexibly transformed to accommodate a variety of uses.

For example, a rental property that could only be rented out for two years can be transformed into a facility that can be operated on a one-night or one-month short-term rental basis.

Its software covers various business aspects, such as attracting customers via the Internet, real-time inventory management, price adjustments, and AI-based janitorial management, enabling unmanned facility operations.

StayX creates a new form of social infrastructure by using the power of software to solve labour shortages caused by a declining population and deliver necessary space to those who need it.

Nikhil Marwaha, Senior Executive Director, Vertex Ventures Southeast Asia & India shared: “matsuri technologies is an innovative company with a unique business model that meets B2B and B2C consumer needs, establishes longstanding relationships with supply chain partners, and is underpinned by a robust technology platform. By leveraging Vertex Ventures Southeast Asia and India’s deep network in SEA, we look forward to partnering with matsuri technologies to accelerate growth within Japan and the wider region.”

Also Read: Vertex Ventures SEA & India hits final close of Fund V at US$541M

Tourism in Japan is on track to recover to almost pre-pandemic levels as the number of inbound visitors increases significantly, reaching a total of 25 million in 2023. The tourism sector isn’t the only industry witnessing strong revival; the private accommodations space has been flourishing, too. Given these strong tailwinds, matsuri will utilise the newly acquired funds to enhance their software, increase the number of facilities, and strengthen recruitment to accelerate business growth and enhance the development of a tourism-oriented country.

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Arches, an expert knowledge-sharing platform based in Japan and Southeast Asia, has secured US$3 million in a funding round led by Tokyo-based VC firm KUSABI.

Visional Inc., SMBC Venture Capital, and several angel investors also participated, bringing Arches’s total funding to date to US$5 million.

This new funding will accelerate the development of its flagship Expert Knowledge Bank platform that transforms expert interviews into a searchable database of actionable insights.

Also Read: Vertex Ventures invests in Japanese firm StayX that converts single-use rooms into multiple-use rooms

“The Expert Knowledge Bank is more than a database; it’s the future of knowledge sharing,” said Hiroki Kato, CEO and co-founder of Arches. “We’re building a platform where anyone, anywhere, can tap into the collective wisdom of Asia’s brightest minds.”

Additionally, the startup will invest in new marketing strategies to reach a broader audience, including corporations and financial institutions seeking a competitive edge in an increasingly complex world.

Arches is a one-stop platform offering expert interviews, research, consulting, and talent placement. The platform connects decision-makers with vetted experts across Asia and beyond.

Clients gain discounted access to experts in exchange for contributing to the knowledge repository, democratising access to specialised information that was once the exclusive domain of a select few.

Also Read: Moving to Japan is a big step – but one that is getting smaller

According to Arches, its ‘Expert Matching’ service has connected over 300 clients in over 20 countries with a network of over 100,000 vetted experts.

It operates in five locations worldwide, including Singapore and Vietnam. Arches plans to expand its expert network to include Europe and the US.

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Image Credit: Arches.

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The majority of startups (98 per cent) across Southeast Asia and India agree that artificial intelligence (AI) is important in their future strategy, a new study commissioned by global CRM company HubSpot has revealed.

This sentiment is high, particularly in India and Indonesia, where as many as 73 per cent and 63 per cent of respondents, respectively, strongly agreed with this statement.

The study conducted by Milieu Insight explored the trends and innovations shaping the startup landscape in Southeast Asia and India.

According to this study, the emergence of AI is fundamentally transforming the startup landscape in the region, as it can automate repetitive tasks and create new roles that demand advanced skill sets.

Also Read: India beats Singapore, US to rank highest for AI project implementation

About 32 per cent of the startups surveyed see AI as a faster way to bring products to market, while 30 per cent believe it can help deliver products more quickly. As many as 30 per cent view AI as a tool to level the playing field against bigger competitors and incumbents.

“Today, AI is viewed as the single largest economic opportunity since the start of the internet, and data is the currency of AI,” said Laurence Butler, Global Senior Director of HubSpot for Startups. “By leveraging AI, startups can quickly identify gaps in their business models, better anticipate customer needs, and improve their overall ability to deliver highly personalised customer experiences.”

However, technological advancement comes with its own set of challenges, particularly in the area of talent acquisition. For non-go-to-market positions, AI and machine learning engineers top the list of hardest-to-hire roles (35 per cent), followed closely by experts in data analytics (33 per cent), product management (33 per cent), and industry-specific specialists (33 per cent). Software engineers also remain in high demand (32 per cent).

For go-to-market positions, marketing (46 per cent), customer success (40 per cent), and sales and business development (38 per cent) roles are the most difficult to hire

Cost and experience are identified as the primary shortcomings in the current talent pool across the region. Other challenges include a lack of soft skills among candidates and a mismatch of expectations regarding remote and hybrid working arrangements.

The talent landscape varies across different countries:

In Singapore, the lack of diversity in the talent pool (41 per cent) and the shortage of specialised technical skills (37 per cent) are significant challenges, alongside costs (37 per cent).

In India, limited experience in startup environments (49 per cent), expectations misalignment regarding remote/hybrid work (49 per cent), a general shortage of talent (48 per cent), lack of soft skills (47 per cent), and high turnover rates (41 per cent) are prevalent issues, with cost being a major factor (50 per cent).

Indonesia mirrors many of India’s trends, although the challenges related to soft skills, remote/hybrid working expectations, and turnover rates are less pronounced.

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

With the talent shortage showing no signs of easing, startups must rethink their talent strategies to overcome these hurdles. Solutions could include investing in upskilling and reskilling employees by tapping government-led talent initiatives such as Singapore’s SkillsFuture programme, leveraging remote work to access a broader talent pool, and fostering a culture that values diversity and continuous learning.

The HubSpot study further found that despite current global economic headwinds and private funding in the region declining to its lowest levels in six years, the startup ecosystem in Southeast Asia and India remains resilient, demonstrating significant signs of maturity.

On average, about half (53 per cent) of startups across the region found it easier to grow their businesses in the past year compared to previous years. Notably, startups recognise the need to balance growth and profitability, with most regional startups agreeing that a clear path to profitability (98 per cent) has become more important in the last year compared to the previous years.

This resilience is characterised by an interesting dichotomy: while geographical expansion presents challenges, with 23 per cent of startups finding it harder to enter new markets, customer acquisition and retention have become more manageable.

Also Read: Amazon to train 15K individuals in AI skills; to invest US$9B into cloud infra in Singapore

Although 18 per cent mentioned that acquiring customers has become more challenging, more than half (55 per cent) of startups report improvements in customer acquisition and retention.

Increased competition (31 per cent), stricter customer demands (31 per cent), and access to capital (29 per cent) were cited as the key challenges to customer acquisition among those who mentioned acquiring customers have gotten harder.

Amid ongoing economic uncertainties, the findings collectively suggest that the most successful startups will be those that adopt the relevant technologies to collect and leverage customer data, boosting their growth or expansion prospects.

These findings were based on responses from 600 startup founders and decision-makers across Singapore, Indonesia, the Philippines, and India from February to March 2024.

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Image Credit: 123RF

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Singapore-based startup offering payee verification and identification solutions, iPiD (International Payment Identity), has just announced closing its pre-Series A funding worth US$5.3 million.

The raise, led by Monk’s Hill Ventures and joined by Quona Capital, QED Investors, Jungle Ventures, 1982 Ventures, Saison Capital, and Resolution Ventures, will be used to develop new products. The startup also is eyeing expansion into Southeast Asia and Europe.

In this interview with e27, iPiD co-founder and CEO Damien Dugauquier discusses the products and business expansion.

Edited excerpts:

Can you explain iPiD’s underlying technology? How does iPiD’s approach to preventing payments-related fraud differ from existing solutions in the market, and what unique advantages does it offer?

iPiD is an API-first platform that exposes its API to customers worldwide. It connects to various bank account validation schemes globally and improves them through intelligent routing and mapping.

Our flagship offering, Validate, tackles the escalating issue of fraud and failed payments within the payment industry by confirming payee names and bank account details

Also Read: iPiD bags US$5.3M in pre-Series A financing for its payee verification, identification solutions

Our approach is unique; we add value when connecting to schemes and remove the pain of connecting to many different schemes globally. We translate everything into a single API, making integrating the various flavours of Verification of Payee globally much easier for PSPs.

On top of this, we are developing solutions that include risk ratings to support pre-payment validation and AI-enabled account and name matching: more to come on this in the next quarter.

With the recent US$5.3 million pre-Series A round, what strategic priorities has iPiD identified for deploying these new resources, particularly in the Asian and European markets?

The new funds will be used to develop new products that prevent payments-related fraud and intensify iPiD’s focus on strategic markets such as Asia, including Southeast Asia, where we already have a significant team presence and operations. This region is pivotal as one of the largest remittance-receiving regions supported by vibrant economies.

Additionally, this funding will support the commercial rollout of our solutions in Europe, particularly aiding financial institutions in complying with the upcoming Verification of Payee regulation, which will be enforced by 2025.

In light of the upcoming Verification of Payee regulation in Europe by 2025, how is iPiD preparing to support financial institutions in achieving compliance, and what challenges do you foresee in this regulatory landscape?

Our iPiD Node is fully ready and ensures compliance with both the European regulation, the EPC scheme, and the UK’s Confirmation of Payee scheme.

What specific measures is iPiD implementing to ensure the security and reliability of its payment validation technologies in regions with less robust financial infrastructure?

iPiD is ISO 27001-certified and, therefore, operates at the highest level of information security. We have a highly secured API infrastructure and encrypt data end-to-end. At the same time, we actively monitor flows on the platform to detect anomalies and act on them.

Also Read: Digital scams are on the rise – Is Asia ready for the fight?

Could you provide insights into the key milestones iPiD aims to achieve in the next 12 months following this funding round?

iPiD’s focus will triple in the coming 12 months: supporting Payment Service Providers in Europe to comply with Verification of Payee regulations, expanding our reach in Southeast Asia as a remittance-receiving region, and driving product development to prevent payment fraud from our development hubs in Singapore and Kuala Lumpur.

As iPiD expands its presence beyond Southeast Asia, what key factors will influence its entry strategy into new markets, and how will it adapt its solutions to meet the diverse needs of different regions?

iPiD is a global company able to serve PSPs in any region. Initially, iPiD will focus on regions where regulation is developed or in force regarding bank account validation and regions with high remittance flows.

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Image Credit: iPiD.

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With the recent trends of ‘Women in STEM’ booming on social media platforms, it is time to take a peek into the gender disparities of the tech sector in Singapore. With 60,000 coding professionals needed in Singapore over the next three years and a heavily documented tech-talent crunch, there is still a lack of women in this industry. 

Shockingly, women make up less than 50 per cent of the tech workforce in Singapore. This gender disparity underscores the need for change in the tech industry, with a call for initiatives that empower women to pursue careers in tech. Moreover, the reasons for this disparity lie in the lack of female mentors and role models, alongside other personal and familial responsibilities that are handed to women.

The importance of diversity in tech

Diversity is not just a buzzword; it’s a fundamental driver of innovation and progress in the tech industry. Research consistently shows that diverse teams outperform homogeneous ones, with gender-diverse teams being 15 per cent more likely to excel.

In Singapore, fostering gender diversity in tech is not only a matter of equity but also a strategic imperative for companies looking to remain competitive. Companies with more women in decision-making roles experience higher financial returns, demonstrating the tangible benefits of gender diversity in driving business success.

Also Read: The climate change and gender equality connection: How to support underfunded women-owned business

Trends and future of women’s participation in tech

The future of women in Singapore’s tech industry is promising, driven by a global movement towards greater gender inclusivity. As Singapore continues to position itself as a regional tech hub, there is increasing recognition of the importance of diversity in driving innovation and competitiveness.

Initiatives aimed at empowering women in tech, such as mentorship programs, networking events, and advocacy campaigns, are gaining traction. These efforts not only encourage more women to pursue careers in tech but also foster a supportive ecosystem where women can thrive and succeed.

While the tech industry is difficult to navigate, there are ample learning and networking opportunities for women who are now inspired to take a step towards tech. Some traditional tech roles, such as software engineering, stay ever-green and as lucrative as ever, with a starting salary of no less than SGD 40,000 for newcomers.

Ultimately, proactive outreach, networking, acquiring new skills through tech courses, and interacting with experts in the field is a great way to familiarise yourself with the industry, and the successful women that make a big part of it. 

An advice for women diving into the tech industry in the middle of their careers is to upskill in some of the growing tech departments, such as data analytics, web development, cybersecurity and python programming. Experts have shown that these four fields promise the best career opportunities in the upcoming years.

Advantages of upskilling in tech for women

Upskilling presents a transformative opportunity for women seeking to enter or advance in the tech industry. Nowadays, training programs in tech provide not only technical skills but also valuable mentorship, networking, and career support.

Through hands-on training and practical projects, women gain real-world experience that prepares them for success in tech roles. Furthermore, by acquiring in-demand skills such as data analytics, web development, cybersecurity, and Python programming, women can position themselves for diverse and rewarding career opportunities in Singapore’s thriving tech industry.

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

Beyond immediate career prospects, upskilling in tech empowers women to shape their own futures and contribute meaningfully to society. By investing in their education and professional development, women can break free from traditional gender roles, challenge systemic barriers, and inspire future generations of women in tech. Ultimately, the benefits of upskilling extend far beyond individual success, driving positive change and innovation throughout the tech industry and beyond.

Final thoughts

In conclusion, despite the gender disparities that persist within Singapore’s tech sector, there is cause for optimism. With continued efforts to promote diversity and inclusion, Singapore is poised to build a more vibrant, resilient, and innovative tech ecosystem that benefits everyone.

By supporting initiatives that empower women to upskill, pursue rewarding tech careers, and contribute to the industry’s growth, we can create a future where women are equally represented and celebrated in Singapore’s tech sector. Together, let’s seize the opportunities ahead and create a more inclusive and equitable future for all.

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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.

Join our e27 Telegram group, FB community, or like the e27 Facebook page.

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Singaporean businesses face a critical question in a world that is becoming increasingly Brittle, Anxious, Non-linear, and Incomprehensible (BANI): can we adapt and thrive in the era of Globalisation 4.0?

The answer is a resounding yes, but it requires a strategic shift towards regionalisation and internationalisation. We believe that Singapore is uniquely positioned to capitalise on these trends, but success hinges on a proactive and data-driven approach.  

This article dives into key takeaways from IndSights Business Leaders Forum Panel: “Growth Opportunities for Singapore Companies in Internationalisation and Regionalisation.” The forum panellists shared their expertise and experience, including what they thought were the essential pillars for Singaporean businesses to build a sturdy foundation for overseas success. 

Proactive growth: Owning the future in diverse markets

In today’s rapidly evolving global landscape, Singapore businesses are renowned for their adaptability and agility. Moving forward, success lies in proactive growth, where seizing opportunities and leveraging innovative technology is paramount.

The confluence of regionalisation and Globalisation 4.0 presents a unique opportunity for Singaporean businesses to flourish in the face of a BANI world. To stay ahead of the curve, Singaporean businesses must act decisively, take calculated risks and harness the potential of digital technologies.

Singapore businesses are well-positioned to thrive in the era of Globalisation 4.0. Through collaborative, data-driven strategies that prioritise trust, market insight, and digital transformation, Singapore companies can unlock the full potential of regionalisation and/or reinforce their positions as global frontrunners.

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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.

Join our e27 Telegram group, FB community, or like the e27 Facebook page.

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Digital tools are critical for boosting financial inclusion and cross-border connectivity.

Last year, the World Bank ticked off the third consecutive all-time high for international remittances. Despite global COVID-19 lockdowns ending less than two years ago, global remittances rose 3 per cent over the previous year to about US$860 billion in 2023. And a huge source of these came from Asian workers.

Millions of workers across Southeast Asia send money to their families and loved ones daily, with anticipated transaction value reaching US$8.07 billion by 2028. Forecasted to grow at an annual rate of 7.20 per cent, digital remittances have played a pivotal role in shaping national economies, most notably in the Philippines where they account for 2.2 per cent of gross domestic product (GDP). 

As a vital source of foreign capital, it is in every nation and business’s interest to facilitate easier management and transfer of international remittances. Historically, this would have involved long queues at brokers such as Western Union. However, thanks to emerging financial technology (fintech) players and digital access, sending money has become easier and quicker for workers from SEA. 

Nevertheless, a significant number of workers in SEA and abroad remain unbanked and reliant on the cash economy, especially in markets such as Vietnam. This presents a huge wealth of untapped opportunities to help SEA workers reap the benefits of digital finance and remittances.

A US$1 trillion opportunity 

SEA’s digital growth is one of its biggest success stories of the last decade. The region now boasts 460 million young, tech-savvy consumers and a digital market likely to reach US$1 trillion in value by 2030.

Also Read: Understanding the role of fintech, blockchain in transitioning to net zero

The COVID-19 pandemic dramatically increased digital inclusion within SEA, with 40 million people across Singapore, Malaysia, Indonesia, the Philippines, Vietnam and Thailand coming online for the first time in 2021. Today, the number of digital consumers in SEA stands at 460 million while Smartphone penetration among internet users ranged from 98.8 per cent in Thailand to a low of 81.7 per cent in the Philippines in 2022.

Amid this incredible digital growth is a rapid acceleration in the use of digital and smartphone payment platforms. Digital payments via eWallets totalled US$22 billion in 2019 and are forecasted to surpass US$114 billion by 2025.

Prominent eWallet providers such as GCash in the Philippines and TrueMoney in Thailand have incorporated remittance-specific services into their offerings. Even Grab, which has evolved from a ridesharing service to a multi-purpose application, is touting future Grab Wallet transfers between SEA nations. The surging popularity of these digital wallets is a driving force behind the expansion of digital remittance services in SEA, but they are currently only scraping the surface of the region’s potential. 

Given the number of unbanked workers in SEA and the rapid innovation in FinTech, there is an unparalleled opportunity to allow more people to reap the benefits of migrant work. However, better access to digital remittances necessitates good interoperability between banks and financial providers across SEA.

Regional cross-border payment interoperability has made strides in SEA over the last year. In June, a new regional cross-border payment system was launched, allowing residents of Malaysia, Thailand and Singapore to pay for goods overseas using a QR code. Part of this scheme includes setting up an ecosystem to better support remittance payments and other economic activities. 

Also Read: Navigating the gender divide in the Southeast Asia’s fintech landscape

The more banks, financial institutions and Fintech applications work towards creating pan-ASEAN interoperability, the better equipped they will be to capitalise on the region’s remittance economy.

The benefits to workers cannot be understated. Instead of days, relatives and other recipients can receive funds in seconds rather than days. The cost of sending will become cheaper; users will be able to send more money and view in real-time the journey of their funds. 

Meanwhile, by emphasising cross-border real-time payments, local currencies’ usage is promoted, fostering financial resilience and advancing regional economic integration, ultimately contributing to the cohesion and stability of ASEAN as a unified entity.

Looking ahead, ongoing innovation and technological advancements have created a positive outlook for digital remittances in SEA. Financial and technology players that look to capitalise on this potential can be optimistic, with enhanced convenience and accessibility looking promising for individuals and businesses alike.

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The post Unbanked and underserved: SEA’s vast digital remittances opportunity appeared first on e27.

Seaplane Asia, a seaplane and lifestyle company in Thailand, has closed its latest funding round led by TK & Partners.

Local VC firm and angel investing platform A2D Ventures and several other investors co-invested.

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The size of the deal remains undisclosed.

The new funds will bolster Seaplane Asia’s growth in Thailand and support further expansion across Southeast Asia.

Established in 2019, Seaplane Asia provides air charter and amphibious seaplane services to connect remote islands and coastal areas. Its services aim to enhance accessibility, reduce travel times, and minimise environmental impact.

Besides travel and tourism, Seaplane Asia’s seaplanes are equipped for medical evacuations, search and rescue operations, cargo and logistics, monitoring missions, and corporate charters. Its portfolio includes brands like Siam Seaplane and Siam Scenic in Thailand, Samra Seaplane in Cambodia, and the lifestyle brand Jetboard Asia, which exclusively distributes high-end electric-powered water sports and boats.

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Additionally, Siam Aero Services, a distributor for Bose Aviation, provides consultancy services to the region. Preparations are also ongoing to enter the Indonesian and Philippine markets.

TK & Partners is a private VC firm investing in Southeast Asia. Over the last three years, it has invested in 14 startups across the region.

A2D Ventures is an early-stage VC firm, angel syndicate, and angel investing platform. The firm invests in innovative and impactful companies across various sectors, with a focus on supporting entrepreneurs who are building the future of Southeast Asia.

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