Artificial Intelligence (AI) is transforming the business landscape in the Philippines, with many startups integrating this technology to drive innovation across various sectors. These companies leverage AI to solve complex challenges, enhance customer experiences, and improve operational efficiency, positioning the Philippines as an emerging hub for AI-driven solutions in Southeast Asia (SEA).

One notable example is Packworks, a Filipino B2B marketplace that has secured government backing to develop an AI-powered precision marketing model. This model is designed to offer sari-sari stores, small neighbourhood retail shops, customised recommendations and promotions from fast-moving consumer goods (FMCG) partners.

By utilising AI, Packworks aims to enhance the decision-making process for these small retailers, enabling them to offer more relevant products to their customers and optimise their inventory management. This initiative supports local businesses and strengthens the integration of AI in everyday commerce in the Philippines.

Another startup is Lhoopa, which leverages AI and data analytics to address the affordable housing crisis in emerging markets. With an impressive US$80 million in raised funds, Lhoopa has successfully sold over 2,500 affordable homes across 58 cities in the Philippines.

The company’s AI-driven approach helps streamline the housing development process, from site selection to pricing strategies, making affordable housing more accessible to low-income families. Lhoopa’s ambitious goal is to provide over 15,000 additional homes in the next three years, demonstrating AI’s significant impact on the region’s social and economic development.

Also Read: Will digital banks take off in the Philippines?

Beppo is another key player in the AI startup ecosystem in the Philippines. Recently, the company received pre-seed financing to acquire JuanTax and five bookkeeping firms. Through its AI-powered platform, Beppo focuses on automating accounting and tax compliance for Filipino businesses and self-employed individuals.

By simplifying complex financial processes, Beppo is helping small and medium-sized enterprises (SMEs) and freelancers in the Philippines to improve their financial management, reduce errors, and ensure timely compliance with tax regulations.

These startups exemplify the potential of AI to revolutionise industries in the Philippines, from retail and real estate to financial services. As more companies adopt AI technology, the Philippines is poised to become a key player in the global AI landscape, driving innovation and economic growth in the region.

The remaining challenges

While the prospect seems promising, what challenges do startups implementing AI in the Philippines face?

One significant obstacle is the lack of a robust infrastructure to support the development and deployment of AI technologies. Many AI applications require high-speed internet, advanced computing resources, and access to large datasets, which are still limited in many parts of the country. This infrastructure gap makes it difficult for startups to fully leverage AI’s potential, limiting their ability to innovate and scale solutions effectively.

Another challenge is the scarcity of skilled talent in AI and related fields. While the Philippines has a strong pool of IT professionals, there is still a shortage of AI, machine learning, and data science experts. This talent gap can slow down the development of AI technologies and make it harder for startups to attract the right people to build and grow their businesses. Additionally, the competition for AI talent is fierce, both locally and globally, which can drive up costs for startups already operating on tight budgets.

Also Read: Climate tech in the Philippines: Capitalising on emerging opportunities in the ecosystem

Funding is also a significant hurdle for AI startups in the Philippines. While investors have shown growing interest in AI, many startups still struggle to secure the necessary funding to develop their technologies and bring them to market.

Shaping the future of AI in the Philippines

So, how can we best support AI startups in the Philippines?

To find answers, join us at Echelon Philippines 2024 for a dynamic panel discussion titled “AI Leapfrog: Build an AI-first Tech Ecosystem for a Global Competitive Advantage”.

This session, taking place at the SMX Convention Center in Manila on 26-27 September 2024, will bring together industry leaders and innovators to explore how the Philippines can harness the power of AI to leapfrog traditional development stages and establish itself as a competitive force in the global tech landscape. It will delve into strategies for creating an AI-first ecosystem, addressing challenges such as infrastructure, talent development, and investment, while highlighting opportunities for growth and innovation.

Moderated by Mario Domingo, Global Chief Technology Officer at UBX Philippines Corporation, this panel will feature insights from prominent figures such as Charles Rim, General and Founding Partner at Access Ventures LLC, and Kevin Quah, CEO and Co-founder of Tictag. These experts will share their experiences and perspectives on building AI-driven businesses and ecosystems, providing valuable takeaways for entrepreneurs, policymakers, and tech enthusiasts alike.

Don’t miss this opportunity to engage with thought leaders and be part of the conversation shaping the future of AI in the Philippines and beyond.

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Beep, an IoT company that provides interoperable charging networks for businesses and drivers in Singapore, recently concluded a US$3.3 million pre-Series A round led by Granite Asia, Farquhar VC, SUTD Venture Holdings, and Wing Vasiksiri.

The startup plans to use the funds to accelerate its expansion in Thailand and Malaysia.

e27 spoke with Beep co-founder and CEO Kristoffer Jacek Soh to gain more insights into the company’s expansion plans.

Edited excerpts:

On Malaysia and Thailand expansion

We are on an ambitious path of expansion into Malaysia and Thailand. This new capital injection will fuel Beep’s growth, enabling us to solidify our partnerships and build a robust operational presence in these key markets.

We will also enhance our partnerships with major players in Malaysia and Thailand’s electric vehicle (EV) industry. These include Sharge and Evolt, two of Thailand’s largest EV charging operators, as well as KINETA, a subsidiary of Sime Darby, a leading charging operator in Malaysia.

This investment is also critical to attracting and expanding the company’s manpower to sustain regional operational growth.

On scaling the business

Our strategy is centred on continuous adaptation and innovation to scale our operations and remain competitive in the rapidly evolving IoT and e-mobility sectors. Beep consciously connects with regional partners to gain local insights and tailor our offerings to meet the specific needs of each market.

A key differentiator is our flexible approach to connecting charging partners to the platform. This allows for greater innovation without the constraints of rigid standards. This flexibility has enabled us to expand the depth and breadth of our service offerings, ensuring that Beep remains a valued player in the eMobility ecosystem.

Also Read: Beep secures US$3.3M to expand interoperable EV charging network in Thailand, Malaysia

One of our most innovative contributions to the EV industry is Voltality’s VoltNet platform, which is akin to a “Google Translate” for EV charging management systems. Inspired by the technical fragmentation in Southeast Asia’s charging infrastructure, the VoltNet platform addresses the challenge of standardisation by providing a software solution that allows charging operators to join Beep’s network with minimal cost and coordination.

This approach enables operators to innovate and adapt based on their roadmaps while maintaining the industry’s progress towards a seamless charging experience.

As Southeast Asia experiences a surge in electric car sales, we envision Voltality playing a pivotal role in shaping the future of e-mobility in the region. Voltality aims to make the transition from Internal Combustion Engine (ICE) vehicles to EVs as seamless as possible by integrating with ecosystem providers to offer a smart, seamless charging experience.

For example, by working with original equipment manufacturers (OEMs), Voltality can enhance charger discoverability and reduce range anxiety, making EV ownership more convenient for consumers and businesses alike.

On partnerships

Partnerships have been instrumental in Voltality’s growth and success. For example, we have partnered with companies such as Grab to onboard more charging operators onto the Beep platform. This partnership has been crucial in supporting Voltality’s regional expansion by tapping into Grab’s extensive experience and expertise across Southeast Asia.

Additionally, a collaboration with Huawei Consumer Cloud Service has streamlined the EV charging process for drivers, integrating Voltality’s data into Huawei’s Petal Maps and HMS for Car platforms. This allows users to access real-time information from over 5,000 charging stations, further enhancing the charging experience.

On challenges

The main challenges for Beep are building credibility and trust, especially when expanding beyond our home base in Singapore. We tackle these challenges by forging strong relationships with customers, often spending countless hours in their workshops to understand their needs and technical challenges.

This hands-on approach not only built trust but also proved invaluable during the COVID-19 pandemic when supply chain disruptions threatened the timely delivery of products. The trust Beep has cultivated with our customers allowed for extended delivery deadlines, a testament to the strong relationships they had built.

Also Read: The future of car-sharing industry will be shaped by trends like EVs, autonomous vehicles: SOCAR CEO

During the pandemic, we worked closely with the Singapore government and the Hong Kong Ministry of Health to enable cashless payments and minimise human interactions, which were crucial during the height of the pandemic. This collaboration paved the way for organic distribution channels and a robust referral system, which automated Beep’s sales processes and helped the company expand into new markets without a physical presence.

Convincing local partners in Singapore to pilot our new charging station technology required a year of dedicated research and development and another year of negotiations to secure proper contracts.

Singapore’s reputation for quality technological innovation helped establish initial trust with potential partners in neighbouring markets. However, this was not enough. We tapped into our investors’ networks and leveraged support from Enterprise Singapore and various accelerator programmes to forge deeper connections with key EV decision-makers, which facilitated our entry into new markets.

On future plans

In the near term, our focus is on solidifying Beep and Voltality’s positions as key ecosystem enablers in Malaysia and Thailand, supporting these countries’ rapidly growing EV populations.

In the long term, we aim to expand into other emerging EV markets in Southeast Asia, such as Indonesia and Vietnam.

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Image Credit: Beep

 

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When asked about the most important milestones that Kyrim has made recently, CEO Januar Parlindungan highlights the ISO/IEC 27001 certification and the PJP3 license from Bank Indonesia.

“Getting the ISO/IEC 27001 certification and the PJP 3 license from Bank Indonesia was something we aimed for from the start because we knew how important it is to build credibility in fintech. These certifications show that we meet top standards in data security and payment processing,” he reveals in an email to e27.

“They have helped us attract more clients, form solid partnerships with banks, and build lasting trust in our brand, which has been key to our growth.”

Founded in 2023, Indonesia-based Kyrim is a fintech service specialising in spend management for corporate finance teams. Focusing on helping B2B companies navigate the complexities of the spend management process, Kyrim empowers businesses to achieve sustainable growth in this competitive sector.

Currently, the Kyrim team comprises over 25 talented individuals with diverse expertise in compliance, finance, cybersecurity, product development, and client support.

As the company continues to grow, plans are underway to expand the team, particularly in business development and customer success. This strategic expansion aims to meet the increasing demands of Kyrim’s expanding client base, ensuring that the company can continue to deliver high-quality, tailored services to its clients.

Also Read: Jeffrey Liu: Transforming fintech and democratising access to capital

What else does the company have in store? Parlindungan reveals to e27 in this email interview.

The following is an edited excerpt of the conversation.

Your platform’s comprehensive payment management and AI and OCR technology are major selling points. Can you elaborate on how these technologies are integrated into your services and the benefits they offer to your clients?

At Kyrim, our goal has always been to converge technology with finance to make things easier and more efficient for our clients.

We are focused on using AI and OCR technology to streamline and automate payment management. With OCR, for example, we can automatically pull and process data from invoices and receipts, cutting down on manual work and mistakes. This speeds up the whole process, helps our clients save money, and improves accuracy in their financial operations.

With the release of your spend management platform, how has the market responded to these offerings? Have there been any unexpected challenges or successes? How do you tackle it?

The market has been pretty positive about our spend management platform, especially in industries that really need smooth vendor and payroll management. One challenge was the demand for more customisation to fit specific industry needs or to work with our clients’ existing systems.

To tackle these challenges, we are planning to invest in a more flexible platform that can easily adapt to existing platforms in Indonesia in a partnership and offer tailored solutions for our clients.

Kyrim has plans to expand into B2C solutions by 2025. What strategic considerations guide this expansion? How do you envision transitioning from a B2B-focused company to addressing B2C needs?

Our roadmap into B2C is all about meeting the growing demand for easy and transparent financial tools for everyday consumers.

Also Read: How fintech solutions can drive growth for Singapore’s traditional businesses

We plan to use our B2B know-how and infrastructure to create a B2C platform that’s just as secure and efficient. We will start by focusing on segments that are a natural fit for us, like small and medium business (MSME) owners and maybe cooperatives, and then gradually expand to a wider audience. This way, we can fine-tune our offerings as we grow.

Plus, having a solid B2B customer base gives us a built-in ecosystem to tap into.

With over 200 enterprise clients and 100,000 transactions achieved in 2024, what have been the key drivers behind this client acquisition success, and how do you plan to sustain this momentum?

We aim to reach over 200 enterprise clients and handle 100,000 transactions by the end of 2024. We understand it is a big target to reach, but we believe in our commitment to building a secure, user-friendly platform that solves spend management problems.

Plus, our certification in ISO 270001 and Bank Indonesia License has been a big help. To keep this momentum going and hit our targets, we are investing in R&D to keep improving, boosting our marketing to reach more people, and staying on top of customer feedback to make sure we are always meeting their needs.

Have you raised any external funding? Do you have any plans?

So far, Kyrim has been primarily funded through internal resources and revenue generated from our client base.

However, we are considering strategic external funding options as we look towards scaling our product offering and further enhancing our platform. These funds would help accelerate our growth trajectory, enable us to expand our team, and bring in additional expertise to support our ambitious goals.

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Image Credit: Kyrim

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Protos Labs, a cyber risk management startup in Singapore, has secured SGD 3 million (US$2.3 million) in oversubscribed seed funding.

The investors are A2D Ventures, BEENEXT, VinaCapital, Artem Ventures (in partnership with FWD Insurance), Plug and Play Silicon Valley, Investible, Gan Konsulindo, 1337 Ventures, and Gobi Partners.

Also Read: Quantifying cyber risk: Turning threat data into actionable intelligence

The company plans to use the funds to accelerate its regional expansion and product development.

Founded by ex-Booz Allen Hamilton experts Joel Lee and Simeon Tan, Protos Labs serves the intersection of insurance and cyber through its patented cyber risk management technology. The AI-driven platform enables enterprises and insurers to reduce cyber risk exposure better and underwrite and price cyber risks. Through its sister company, Protos Cover, it also offers cyber insurance directly to businesses in Singapore.

The startup’s clients include Lloyd’s of London and the Cybersecurity Agency of Singapore.

The funding comes on the backdrop of Protos Labs’s 3x year-on-year revenue growth.

Also Read: New-age internet platforms are breeding grounds for financial crimes. Here’s how to tackle them

Protos Labs CEO Joel Lee commented: “This funding allows us to accelerate our growth, advance our product development, and further strengthen our presence in key markets. As cyber threats evolve, our goal is to deliver holistic cyber risk solutions that combine both protective software and insurance for residual risk transfer.”

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Image Credit: Protos Labs.

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In today’s fast-paced world, it’s easy to feel overwhelmed by the sheer number of people and situations vying for our attention. As we age, our time and energy become increasingly valuable, and it’s essential to manage them wisely.

One of the most effective ways to do this is by pre-qualifying the people and opportunities you allow into your life. This guide will take you through a step-by-step process to help you protect your resources and maintain your well-being.

Step one: Recognise the value of your time and energy

Before you can effectively manage your time and energy, you need to understand just how valuable these resources are. Reflect on past experiences where you’ve felt drained or frustrated after investing in people or situations that didn’t reciprocate or appreciate your efforts. Acknowledge that your time and energy are finite and irreplaceable—this realisation is the foundation for making better decisions moving forward.

Key takeaway: Your time and energy are your most precious resources. Once spent, they can never be recovered, so it’s crucial to guard them carefully.

Step two: Identify your core values and priorities

To effectively pre-qualify people and opportunities, you need to be clear about your own values and priorities. Take some time to reflect on what truly matters to you. Is it personal growth, meaningful relationships, career success, or inner peace? Whatever your priorities may be, write them down and use them as a filter when deciding where to invest your time and energy.

Key takeaway: Knowing your core values and priorities helps you make decisions that align with your true self, leading to a more fulfilling life.

Step three: Assess people’s intentions and motivations

When someone new enters your life, or when you’re presented with a new opportunity, take a moment to assess their intentions and motivations. Are they genuinely interested in a mutually beneficial relationship, or are they looking for validation or attention? Do they share your values and respect your boundaries, or are they likely to drain your energy without giving anything in return?

Key takeaway: Understanding others’ intentions helps you avoid relationships and situations that could be draining or toxic.

Also Read: Mastering remote working: 8 essential steps for effective home-based productivity

Step four: Set clear boundaries

Once you’ve identified your values and assessed others’ intentions, it’s time to set clear boundaries. Communicate these boundaries openly and assertively. For example, if someone frequently asks for your time but doesn’t respect your schedule, let them know what times you’re available and stick to it. If a friend consistently brings drama into your life, make it clear that you’re not willing to engage in negative conversations.

Key takeaway: Boundaries are essential for protecting your time and energy. Setting them early on can prevent misunderstandings and resentment down the line.

Step five: Learn to say no

One of the most powerful tools in protecting your time and energy is the ability to say no. This can be challenging, especially if you’re used to pleasing others. However, saying no is not about being rude or unkind; it’s about prioritizing your well-being.

When you’re faced with a request or an opportunity, ask yourself if it aligns with your values and if you have the capacity to take it on. If the answer is no, then politely decline.

Key takeaway: Saying no is a form of self-care. It allows you to focus on what truly matters without becoming overwhelmed.

Step six: Observe actions, not just words

People often reveal their true priorities and intentions through their actions rather than their words. Pay attention to how people behave over time. Are they consistent? Do their actions align with what they say?

For example, if someone claims they value your friendship but repeatedly cancels plans or disrespects your time, it’s a sign that their words don’t match their actions.

Key takeaway: Actions speak louder than words. Observing how people behave can help you determine whether they’re worth your time and energy.

Step seven: Reflect and reassess regularly

As you continue to practice pre-qualification, it’s important to reflect on your experiences and reassess your approach regularly. Are there people or situations in your life that are still draining your energy? Are your boundaries being respected?

Use these reflections to make adjustments as needed. Remember, this is a continuous process that evolves as you grow.

Key takeaway: Regular reflection allows you to fine-tune your approach to managing your time and energy, ensuring that you stay aligned with your values and priorities.

Also Read: Is generative AI the game-changer for productivity?

Step eight: Trust your instincts

Finally, trust your instincts. If something or someone doesn’t feel right, there’s usually a reason for it. Your intuition is a powerful tool for pre-qualification.

If you sense that a person or situation is going to be more trouble than it’s worth, trust that feeling and act accordingly.

Key takeaway: Your instincts are a valuable guide. Trust them to help you make decisions that protect your time and energy.

To wrap up

I hope this reflection post has helped you in deciding who you allow into your life, and spend your time and energy on. We will never get back our time again, so let’s all spend this limited resource wisely and with meaning.

I wish you all the best and a great life ahead!

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic.

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