As per the latest report by blockchain data platform Chainalysis, close to 68 per cent of public sector employees in Asia Pacific (APAC) see cryptocurrency as a vehicle mainly used by criminals and malicious actors.

The findings of the State of Cryptocurrency Investigative Report come as no surprise as the region’s crypto-friendly hub has become increasingly cautious following notable incidents of crimes.

The report specifically notes that Southeast Asia is becoming a fertile ground for criminals to exploit crypto for illicit activity and the rise in cyber threats and financial crimes contributed to a more pessimistic outlook on cryptocurrency.

In this interview, Hayato Shigekawa, Principal Solutions Architect at US-based blockchain analysis firm Chainalysis, discusses the findings of the report and trends in the cybercrime landscape in Asia Pacific and Southeast Asia.

Edited excerpts:

What are the key findings of the 2024 State of Cryptocurrency Investigative Report, and were there any surprising insights?

It is interesting to see that APAC respondents believe in cryptocurrency’s potential to enhance the global financial system, but they also acknowledge the growing abuse of crypto by criminals as adoption increases. The region also stood out in having a lower level of understanding of cryptocurrency; 42 per cent of respondents have no knowledge about cryptocurrency.

As cryptocurrency grows and becomes more entwined with the global economy, it’s increasingly used by good and bad actors. As such, we’re seeing it crop up in all forms of crime, not just crypto crime, such as ransomware and darknet markets. In this area, the APAC region mirrored global trends.

The three types of crime involving cryptocurrency are financial fraud, scams, and cybercrime. While APAC responses were mostly in line with those from other regions, a disproportionate share of respondents from the region named cybercrime and threat finance as forms of crime where they’ve encountered cases with a crypto nexus.

Also Read: Exploring the impact of organised cybercrime on small businesses

An interesting finding from our survey is that while all regions recognise the importance of addressing crypto-related crime, respondents from APAC and Latin America feel their agencies are not well-equipped for these investigations, citing a lack of staffing and technical resources.

Nearly half of APAC respondents said they were either extremely dissatisfied or somewhat dissatisfied with their agency’s staffing resources available for crypto investigation and the agency’s access to investigators that specialise in cryptocurrency. When it comes to technological resources available to adequately investigate crimes involving crypto, APAC had similar dissatisfaction rates levels to EMEA, but with more respondents being neutral, suggesting uncertainty or lack of access to adequate.

The report states that 67.7 per cent of respondents from APAC see cryptocurrency as a vehicle mainly used by criminals. What factors do you believe contribute most to this perception?

It is a common misconception that crypto is used primarily for illicit activity. Like with many new technologies, criminals were early adopters of cryptocurrencies, and their initial embrace has helped shape its overall reputation.

Although it is more well-known that cryptocurrency is traceable today, criminals still use it for the same reason people use crypto for legitimate purposes: it’s instantaneous, cross-border and liquid.

Chainalysis identifies Southeast Asia as a hotspot for crypto-based crime. Can you elaborate on the specific types of crime most prevalent in the region?

Southeast Asia is a hotbed for cryptocurrency activity, with many engaging in it at the grassroots level—four out of the top ten countries in our Global Cryptocurrency Index 2023 are in this region.

From everyday activities such as remittance payments to recreational online gaming, cryptocurrency is serving the various needs of users across a diverse region. While cryptocurrency adoption continues to grow, the risk of crime will, too, as bad actors find new technologies to exploit.

We are observing a distinct cybercriminal ecosystem develop in the region, including romance scams/pig butchering compounds and business conglomerates that operate different types of illicit services, including those that facilitate cybercrimes. (Romance or pig butchering scammers build a relationship over time with their victims and fatten up them to extract the most possible value).

How significant is the role of education and awareness in shaping public sector perceptions of cryptocurrency, and what steps can be taken to improve this?

To better investigate, resolve, and prevent cryptocurrency crimes, law enforcement agencies first need to understand them. Many people don’t understand that cryptocurrency is incredibly transparent—it operates on public immutable blockchain ledgers—and anyone could look up the entire history of transactions using a public block explorer. The problem is that it’s tough to read the blockchain. It looks like just a bunch of random numbers and letters transacting with a bunch of random numbers and letters, and that doesn’t mean very much to most people.

Also Read: What if cybersecurity included everyone it protects?

That’s where blockchain analysis comes in handy. Blockchain analytics tools such as Chainalysis map those random numbers and letters – cryptocurrency addresses – to their real-world services.

Education plays a critical role in shaping perceptions of cryptocurrency, and there are several platforms and forums for law enforcement agencies to be trained.

How can the APAC region balance the growth of its cryptocurrency economy with the need to prevent and combat crypto-related crimes?

Regulations will play a key role in enabling the responsible innovation and growth of the cryptocurrency economy. Greater regulatory clarity in the crypto space has fostered the responsible growth of the ecosystem by ensuring the presence of regulated players who innovate responsibly.

We are already seeing key markets in APAC, including Singapore, Hong Kong, Japan, South Korea, and Australia, work on their digital assets regulatory frameworks, providing greater clarity for the ecosystem and its players to innovate safely.

The industry players also have a role to play—public and private sector collaboration will be critical to combatting crypto crime. We have seen success when the public and private sectors have worked together through the use of blockchain analysis to take down crypto crime, and we hope to see many more such successes in the future.

Given the current trends, how do you see the perception and usage of cryptocurrency evolving in APAC over the next few years?

Asia is home to one of the fastest-growing cryptocurrency regions in the world and many of the top countries by grassroots crypto adoption— and we expect this trend to continue. For the cryptocurrency economy to continue to advance safely, it will be critical for public sector agencies to bridge the gap and invest in resources, expertise and training for law enforcement officials to combat these crimes as effectively and efficiently as any other form of crime, if not more so.

Looking ahead, what are some key steps that APAC governments and public sector institutions can take to improve their response to crypto-related crime?

In addition to educating law enforcement professionals, governments and public sector agencies can invest in blockchain analytics tools to effectively combat crypto crime. These tools help law enforcement progress investigations, apprehend criminals, present cases for prosecution, and prepare the way for the seizure and recovery of crypto funds to victims when possible.

Blockchain analytics also facilitates faster and more effective collaboration between law enforcement departments and government agencies during an investigation. Using the same dataset contributes to a shared understanding, which drives better investigative outcomes.

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

While blockchain intelligence helps fight crime, it can also help law enforcement proactively prevent crime. By analysing on-chain transaction patterns and relationships that could indicate criminal behaviour, illicit activity can be detected early on.

While blockchain analytics tools are incredibly useful, agencies also need to invest in human resources and expertise that know how to use them. As we’ve seen in our report, the blockchain industry is a fast-moving space, and law enforcement officials need subject matter experts to make the most of their investments in blockchain analytics tools.

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Image Credit: Chainalysis

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Singapore-based TASConnect, which offers a SaaS supply chain fintech platform, has acquired the Malaysian subsidiary of SOLV, a B2B online marketplace for micro, small and medium enterprises (MSMEs).

The terms of the deal remain undisclosed and are subject to regulatory approvals.

Also Read: Pilon rakes in US$5.2M to take its supply chain financing system beyond Singapore

TASConnect is also in the process of acquiring SOLV’s Vietnamese subsidiary.

The deals will enable TASConnect and the SOLVs to provide end-to-end supply chain financing solutions to multinational corporation anchor ecosystems, SMEs, and financing partners. In addition, the mergers will offer synergies in costs and operations.

Post-acquisition, SOLV Malaysia will be rebranded as TASConnect Malaysia.

Branding for SOLV Vietnam is under review.

Over 418,000 SMEs in Malaysia remain largely untouched by technology, while over 60 per cent of Vietnam’s 790,000 MSMEs have unmet financing needs.

TASConnect’s platform-as-a-service tool helps enterprises expand their scale and scope of supply chain financing without incurring high capital expenditure on IT or human resources. Once the acquisition is completed, TASConnect will leverage the SOLVs’ local sales teams to accelerate its go-to-market in Malaysia and Vietnam.

Also Read: AwanTunai raises US$20M debt funding to provide supply chain financing to micro-merchants in Indonesia

Both TASConnect and SOLVs were incubated by SC Ventures, the innovation, investment and ventures arm of Standard Chartered.

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Agri Sparta, an agritech startup supporting smallholder rice farmers in Indonesia, has announced a strategic partnership with the national rice agency Bulog.

This collaboration aims to significantly enhance rice farmers’ productivity and contribute to the country’s food security and self-sufficiency.

Also Read: Semaai looks to elevate agritech solutions, financial inclusion in Indonesian farming

Under this partnership, Bulog will provide financing to Agri Sparta and guaranteed harvest offtake. A portion of the financing will be allocated to high-quality inputs and provide modern farming services, such as transplanters, precision input via agricultural drones, and combined harvesters.

Agri Sparta will contribute by supplying its proprietary, high-yielding, drought-resistant seeds and essential agricultural inputs. Additionally, it will deploy AgriPlan, its agriculture-oriented enterprise resource planning (ERP) system specifically tailored to rice farmers’ needs.

Nganjuk in East Java and Klaten in Central Java have been selected as the initial areas for this collaboration. The partnership aims to scale up, ultimately targeting coverage of 500,000 hectares by 2030, representing over 10 per cent of the country’s total rice field acreage.

Also Read: The age of the super farmer: How technology is enabling the average farmer

Bulog is Indonesia’s national logistics agency responsible for ensuring the stability of rice prices and supply. Through its extensive network, it provides critical support to farmers and consumers, ensuring food security and economic stability nationwide.

Agri Sparta is an agritech startup whose proprietary seeds, inputs, and digital tools are designed to boost productivity, harvest quality, and yield resiliency. It is backed by Antler, WV, Seedstars, and Hustle.

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Image Credit: Agri Sparta.

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How can Artificial Intelligence (AI) promote greater access to information in healthcare? For Dr Reid Lim, a medical doctor and founder of the Health Expert Language Framework (HELF), the answer lies in using the technology to provide quick, accurate responses and insights into a wide range of medical queries and clinical scenarios.

HELF AI helps users—seasoned physicians, medical students, or healthcare professionals—with condition classification, evidence review, and much more.

“HELF AI offers numerous advantages, positioning itself as a medical superintelligence that seamlessly integrates as an AI backend. Its benefits include immediate access to medical insights, support for healthcare professionals by reducing their workload, enhanced accuracy in clinical decisions, guidance on complex ethical dilemmas, and decision support. Additionally, HELF extends its utility to public-facing roles in education and preventive health,” explains Dr Lim in an email interview with e27.

One month after its beta release, HELF has begun fostering partnerships with potential collaborators. It is launching pilot programmes that include integrating HELF into an Electronic Medical Records (EMR) system in a vast country with many unserved areas still relying heavily on paper records.

According to Dr Lim, it also has another pilot that involves the platform acting as the AI backend for a client-facing startup dedicated to promoting good sleep and healthy habits.

Also Read: Artificial intelligence and the art of building presentations

HELF is now available on both Google Play and the App Stores, and it will continue to be available for free for the general users. This is part of the platform’s commitment to democratising accurate healthcare information worldwide.

In this conversation, Dr Lim explains the problems that the platform aims to solve and his upcoming plans for it.

The following is an edited excerpt of the conversation.

Can you tell us more about what inspired you to build this solution? What was the development process like?

My drive to develop HELF is fueled by my keen awareness of the profound disparities in global healthcare. As a medical doctor, I personally witnessed these challenges. One of the most critical challenges, intensified by the COVID-19 pandemic and subsequent human burnout, is the severe shortage of healthcare manpower.

This issue is particularly acute in rural and underserved areas, where there simply aren’t enough medical professionals to meet the population’s needs. This shortage results in inadequate care and excessively long waits for medical attention, worsening health outcomes.

Additionally, the rising healthcare costs are becoming a crisis affecting both developed and developing nations. In countries such as the US, medical expenses are a leading cause of bankruptcy, placing enormous financial burdens on individuals and families. Even with insurance, the high costs of treatments and medications can lead to significant debt or deter people from seeking necessary care.

In Singapore, rising healthcare costs for our ageing population are a constant point of consternation. On the flip side, in many parts of the developing world, healthcare infrastructure is deficient or entirely non-existent, leaving populations vulnerable.

HELF acts as a medical superintelligence that transcends traditional boundaries within the healthcare landscape. HELF enhances these platforms’ capabilities by seamlessly integrating itself as the AI backend for solutions such as Electronic Medical Records and Hospital Informatics Systems.

Also Read: How Transparently.AI uses Artificial Intelligence to detect accounting manipulation, fraud

Additionally, it can adapt to various roles, serving as an AI assistant to doctors, nurses, and other healthcare professionals or offering expert insights for preventive health measures. It can also be used as a wellness assistant for the lay public, guiding the everyday person to better health.

Thus, HELF can significantly extend the reach of the existing medical workforce, compensating for manpower shortages. It acts as a force multiplier, taking on routine tasks to allow human healthcare professionals time and breath to concentrate on direct patient care.

Ultimately, HELF’s capacity to democratise access to quality healthcare information and expert guidance has the potential to make healthcare more equitable worldwide. It represents a significant step toward a future where quality medical care is a basic right accessible to everyone, regardless of geographic or economic barriers. For developed nations, HELF can help augment manpower, enhance efficiency, and reduce the overall cost burden.

The development process involves creating a compound AI framework comprising multiple components that work together to offer accurate insights based on any health-related queries. HELF can powerfully parse unstructured data to arrive at guidance for any clinical scenario.

Who are your users, and how do you acquire them?

HELF operates on both B2C and B2B fronts. Our primary B2C users include the general public who seek to educate themselves about health matters. They can easily access HELF through our website or by downloading our apps, where they can directly pose questions and receive answers. Basic usage will remain forever free.

On the B2B side, HELF is a SaaS platform offering plug-and-play APIs that can be seamlessly integrated into any project, whether it’s a new venture or established systems such as EMR or preventive health platforms. Therefore, our user base extends to healthcare students, professionals, and institutions eager to incorporate AI into their workflows.

Also Read: These Artificial Intelligence startups are proving to be industry game-changers

We acquire users through a strategic mix of partnerships, academic collaborations, and direct outreach to healthcare organisations. The proven accuracy and reliability of our platform enhance its credibility, fostering organic growth through user referrals and positive testimonials.

What is your business model? What is your strategy to become a sustainable business?

Our business model operates on two fronts: B2C and B2B. On the B2C side, we offer a subscription service where users can access different tiers of features based on their specific needs and usage thresholds. For the B2B segment, we generate revenue through API usage and also benefit from strategic partnerships based on a cost-sharing model.

To ensure sustainability and growth, we are committed to continuously innovating and expanding our AI’s capabilities to reach a broader market and scale our user base globally. Economies of scale will become increasingly advantageous as we expand. Furthermore, we seek partnerships with healthcare providers and insurers to integrate HELF more deeply into the healthcare ecosystem.

Have you raised any funding?

We have not yet raised funding, but we are actively looking to collaborate with strategic investors who share our vision of building a medical superintelligence that will serve as a cornerstone for the healthcare industry.

Also Read: Will China lead the Artificial Intelligence game by 2030?

This funding and partnership will bolster our research and development efforts and accelerate HELF’s deployment across broader markets.

What is your focus for 2024?

In 2024, our dual focus is on technological enhancement and expanding practical applications with partners.

Technologically, we are developing robust pipelines for continuous medical learning, ensuring that HELF remains abreast of the latest healthcare guidelines and events. This constant updating is crucial for maintaining the relevancy and effectiveness of our AI solutions.

On the business front, we aim to deepen market penetration and establish sustainable revenue streams through collaborative use cases with our partners. These initiatives are aimed at demonstrating the practical benefits of HELF in diverse healthcare settings and driving broader adoption of our technologies.

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Image Credit: HELF

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As we reach the midpoint of 2024, it’s an opportune moment to reflect on the transformative events and emerging trends that have shaped our perspectives. This year has been marked by significant changes and developments that have not only influenced our daily lives but also set the stage for the future.

Here are my insights on the current state of affairs as we approach the second half of the year.

Transformative events of 2024

One of the most impactful events of 2024 has been the ongoing advancements in artificial intelligence and machine learning. The integration of AI into various sectors has accelerated, leading to increased efficiency and new opportunities for innovation.

From healthcare to finance, AI-driven solutions are transforming how we approach problems and make decisions. This rapid adoption has underscored the importance of digital literacy and the need for robust ethical frameworks to guide AI development.

Another significant event has been the heightened focus on climate change and sustainability. Governments and businesses worldwide are intensifying their efforts to reduce carbon emissions and adopt greener practices.

Also Read: Driving innovation for a sustainable future: Top climate tech investments of H1 2024

The global push towards renewable energy sources, coupled with groundbreaking innovations in sustainable technology, has demonstrated a collective commitment to addressing the climate crisis. This shift has profoundly influenced my perspective on the urgent need for sustainable development and responsible resource management.

Standout emerging trends

Among the emerging trends this year, the rise of remote and hybrid work models stands out. The pandemic’s lasting impact has led to a permanent shift in how we perceive work and productivity.

Companies are increasingly adopting flexible work arrangements, recognising the benefits of improved work-life balance and access to a broader talent pool. This trend highlights the importance of adaptability and the need for robust digital infrastructure to support a distributed workforce.

Another notable trend is the growing emphasis on mental health and well-being. The challenges of the past few years have brought mental health to the forefront, prompting organisations to prioritise employee well-being.

Initiatives such as mental health days, wellness programs, and accessible support resources are becoming standard practice. This trend signifies a shift towards a more holistic approach to health, recognizing the integral role of mental well-being in overall productivity and happiness.

Insights on the direction of society and industry

The direction of society and industry in 2024 is increasingly characterised by a commitment to inclusivity, sustainability, and innovation. As technology continues to evolve, there is a growing recognition of the need to ensure equitable access and minimise digital divides. Industries are also focusing on creating sustainable business models that balance profitability with social and environmental responsibility.

In my industry, the emphasis on data-driven decision-making has intensified. Businesses are leveraging big data and analytics to gain deeper insights into consumer behaviour and market trends. This data-centric approach is driving more informed strategies and fostering innovation. However, it also underscores the necessity of data privacy and security, prompting companies to adopt stringent measures to protect sensitive information.

Also Read: Funding in SEA sees 65% plunge in H1 2024; late-stage deals worst-hit

Lessons learned for the rest of 2024

Reflecting on the first half of the year, several key lessons have emerged that will shape my approach moving forward. Firstly, the importance of agility cannot be overstated. The ability to adapt quickly to changing circumstances and embrace new technologies is crucial for staying competitive and resilient. This lesson reinforces the need for continuous learning and skill development.

Secondly, collaboration and partnerships are essential for driving progress. The complex challenges we face today require collective efforts and diverse perspectives. Building strong networks and fostering collaborative relationships can unlock new opportunities and drive meaningful change.

Lastly, prioritising sustainability and ethical practices is not just a moral imperative but a strategic advantage. Consumers and stakeholders are increasingly valuing organisations that demonstrate a commitment to social and environmental responsibility. Integrating these principles into business strategies can enhance brand reputation and long-term success.

As we navigate the remainder of 2024, these insights and lessons will guide my efforts to contribute positively to my industry and society. By embracing innovation, prioritising well-being, and committing to sustainability, we can create a future that is both prosperous and equitable.

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