In today’s business landscape, Environmental, Social, and Governance (ESG) initiatives are no longer the domain of large corporations alone. Increasingly, small and medium-sized enterprises (SMEs) are recognising the importance of incorporating ESG principles into their operations.

For these smaller businesses, the benefits of embracing ESG are manifold, from enhancing brand reputation to attracting conscious consumers and investors.

Here’s how SMEs can champion ESG initiatives, even with limited resources, and make a meaningful impact.

Start with sustainable practices

SMEs can begin their ESG journey by adopting sustainable practices within their operations. This might include reducing energy consumption, minimising waste, and sourcing materials responsibly. Simple measures like switching to energy-efficient lighting, implementing recycling programs, or choosing suppliers with sustainable credentials can significantly reduce environmental impact.

For instance, a small café could opt for biodegradable packaging or a local clothing store could stock sustainably produced apparel. These changes may seem minor, but collectively, they contribute to a healthier planet.

Foster a positive workplace culture

The social aspect of ESG focuses on how businesses manage relationships with employees, suppliers, customers, and the communities where they operate. For SMEs, this can translate into fostering a positive workplace culture, ensuring fair wages, promoting diversity and inclusion, and supporting employee well-being.

A small business can implement flexible working arrangements, provide professional development opportunities, or establish an open-door policy for employee concerns. By prioritising their workforce’s needs, SMEs not only improve employee satisfaction and retention but also build a strong reputation as an ethical employer.

Engage with the community

Community engagement is another vital component of the social aspect of ESG. SMEs can make a positive social impact by supporting local communities, whether through charitable donations, volunteer initiatives, or partnerships with local organisations. For example, a neighbourhood bakery might donate unsold goods to a local shelter or sponsor a local sports team. These actions help build strong community ties and demonstrate a commitment to social responsibility.

Implement ethical governance practices

Governance refers to the systems and processes that ensure a company’s operations are ethical and transparent. SMEs can champion good governance by establishing clear policies and procedures, maintaining accurate financial records, and ensuring transparency in their business dealings.

Also Read: Why GoImpact believes that education is the key to promoting ESG investment

Even a small business can benefit from creating a code of ethics, conducting regular audits, and providing training on compliance and ethical conduct. Such practices not only mitigate risks but also enhance trust among stakeholders, including customers, suppliers, and investors.

Communicate your ESG efforts

Transparency is key when it comes to ESG. SMEs should communicate their ESG efforts to customers, employees, and other stakeholders. This can be done through regular updates on the company’s website, social media channels, or annual reports. By sharing their progress and challenges, SMEs can build trust and demonstrate their commitment to ESG values. Moreover, open communication can inspire others to adopt similar practices, amplifying the positive impact.

Seek collaboration and support

SMEs don’t have to go it alone. Many organisations and networks offer support and resources for businesses looking to implement ESG initiatives. For instance, SMEs can join industry associations that promote sustainable practices, participate in certification programs, or collaborate with other businesses on joint ESG projects. By leveraging these resources, SMEs can gain valuable insights, share best practices, and collectively work towards a more sustainable and equitable future.

How to champion ESG initiatives as a service business

If you are a service based business like ours and have no idea how you can champion ESG initiatives, even with limited resources, and make a meaningful impact, here’s how:

• Adopting sustainable practices: Service businesses or agencies like ours can reduce their carbon footprint by promoting remote work, using green web hosting, and prioritising digital over print materials to minimise waste.
• Fostering an inclusive workplace culture: Create an inclusive work environment through unbiased hiring, diversity training, and flexible work policies, ensuring employee well-being and a positive culture.
• Engaging with the community: Support local communities by offering pro bono services, participating in charitable activities, and collaborating with clients to promote social causes.
• Implementing ethical governance practices: Good governance involves establishing clear ethical policies, maintaining transparency in business practices, and prioritising data privacy and security.
• Promoting ESG in client campaigns: Encourage clients to incorporate ESG values in their marketing, highlighting sustainability initiatives and advocating for social responsibility.
• Continuous improvement and innovation: Stay informed about ESG trends, invest in training, and explore innovative solutions to continuously enhance their ESG alignment.

Also Read: ESG frameworks and standards: Cutting through the complexity for private markets

Continuously seek to improve and innovate. Stay informed about ESG trends and invest in relevant training. Remember, even small steps can lead to significant positive change.

Conclusion

For SMEs, embracing ESG initiatives is not just a trend but a strategic move that can lead to long-term success. While the challenges may seem daunting, especially with limited resources, small businesses can start with manageable steps that align with their values and capabilities.

By prioritising sustainability, fostering a positive workplace culture, engaging with the community, implementing ethical governance, and communicating their efforts, SMEs can make a big impact. Ultimately, these efforts contribute not only to the business’s success but also to the well-being of the wider community and the planet.

In a world where consumers and investors are increasingly looking for businesses that align with their values, SMEs that champion ESG initiatives will stand out. The journey may require time and effort, but the rewards—both tangible and intangible—are well worth it.

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The cleantech startup ecosystem in Southeast Asia is rapidly evolving, driven by a growing awareness of environmental issues, supportive government policies, and increasing investment interest.

This region, characterised by its rich biodiversity and vulnerability to climate change, presents a fertile ground for innovation in clean technologies. Startups in this space focus on renewable energy, waste management, water conservation, and sustainable agriculture, among other areas.

The regional cleantech startup ecosystem also sees significant investment from VC investors and impact investors, who increasingly consider the space as viable investment opportunities driven by the global push towards sustainable development.

We have compiled below a list of 30 fast-growing cleantech startups from across Southeast Asia:

Umitron

It has developed AI and IoT-based aquaculture solutions for farms to optimise their feeding practices, lowering their costs and preventing waste and environmental damage. Its technology stack includes solar-powered IoT devices deployed on aquaculture farms in the ocean to film fishes and measure patterns in their behaviour using computer vision.
Through machine learning algorithms, the solution can detect when fish are hungry and automatically release feed for them. It also leverages satellite imagery to augment these insights by providing information about the sea’s temperature.

Founding year:	2016
Total funding raised:	US$0.4 million
Investors:	ENEOS Group, QB Capital, Toyo Seikan Kaisha, Shoko Chukin Bank, Inter-American Development Bank, Mirai Creation Fund, INCJ, D4V, IDEO, SMBC Trust Bank, NCB Venture Capital

VFlow Tech

VFlowTech is vanadium-based redox flow (VRF) battery company. It claims to have developed “the cheapest and most efficient modular VRF batteries”, which deliver long-lasting, reliable energy storage solutions for renewable integration at an affordable price. VRF battery works through the continuous reduction and oxidation reaction between the vanadium redox couples with no detrimental issues and with the cross-mixing of the redox couples. VFlowTech’s storage solution has an expected life span of 25 years and is safe and environmentally friendly battery technology.

Also Read: Global port operator PSA joins VFlowTech’s Series A extension round

Founding year:	2018
Total funding raised:	US$13 million
Investors:	PSA International, Real Tech Holdings, Sing Fuels, Pappas Capital, Carbon Zero Capital, İnci Holding, Wavemaker Impact, SEEDS Capital, Entrepreneur First, TK & Partners, STI

SensorFlow

SensorFlow develops room automation and energy management systems focussed on the hospitality sector. It provides its solution on a subscription-based model. The product is built on top of a proprietary network stack which helps automate a building using a single gateway resulting in complex installations readily optimizing energy consumption. Its product line includes occupancy sensors, smart thermostats, door sensors, and split unit thermostats.

Founding year:	2016
Total funding:	US$11.6 million
Investors:	Openspace Ventures, GAW Capital Partners, Aurum Land, Cocoon Capital, 2be.lu, InSitu, Entrepreneur First, Playfair Capital, SGInnovate, SparkLabs Global Ventures, Tigris Capital, Cub Capital, Xpanasia, Plug and Play APAC

Barramundi

It is a producer of fish using sustainable aquaculture farming solutions. The company uses a Biofloc farming solution and offers different fish along with by-products, such as the swim bladder, head, bone, and scale.

Founding year:	2008
Total funding:	US$11.2 million
Investors:	UOB, Oceanus, Commonwealth Capital Ventures, CRISTA Ministries, Louis Dreyfus Company, Far East Ventures, Southern Capital, WarifTech, AMBRA Solutions, Hammarviken Business Development, RCL Partners, Temasek Life Sciences Accelerator

Unravel Carbon

Unravel Carbon helps companies track and reduce their carbon emissions. An AI-powered decarbonisation platform, Unravel Carbon converts any company’s accounting data into full supply chain carbon data in seconds, provides detailed emissions analytics, generates climate solutions, and auto-populates regulatory disclosure reports.

Founding year:	2021
Total funding raised:	US$8.8 million
Investors:	Surge, Alpha JWC Ventures, XA Network, Rebel Fund, Global Founders Capital, Amasia, Y Combinator

AirCarbon

It provides a blockchain-based carbon credits trading exchange. The trading platform is easy to use, frictionless, and charges a low commission fee.

Founding year:	2019
Total funding raised:	US$70 million
Investors:	Trirec, Mubadala, Banpu, PJSC, Deutsche Borse Group, Hub71

Green Li-ion

It provides a battery recycling service. Its modular hardware solutions convert spent batteries into cathode and anode materials, creating a circular economy for lithium-ion batteries.

Also Read: Battery recycling startup Green Li-ion secures US$20.5M pre-Series B funding

Founding year:	2020
Total funding raised:	US$41 million
Investors:	Twin Towers Ventures, Banpu NEXT, Trirec, Equinor, EDP, Envisioning Partners, SOSV, ERV, Entrepreneur First, LINICO Corp, DPI Energy Ventures, MB Energy Partners, EDP Ventures, Ilshin, GS Holdings, Ilshin Holdings, LINICO, HAX, TES-AMM

Apeiron Bioenergy

Apeiron Bioenergy collects and processes a range of renewable feedstocks, including used cooking oil (UCO) and palm oil mill effluent (POME), and acts as a critical exporter across the Asian market.

Over the past 15 years, Apeiron has built its presence in over ten countries and collected more than 500 million litres of UCO between 2017 and 2021, offsetting an estimated 1.5 million tonnes of carbon emissions.

Founding year:	2007
Total funding raised:	US$37 million
Investors:	CGIF, ASEAN, Proterra Investment Partners, Mitsui Chemicals

Nutrition Technologies

The startup provides insect-based products for agriculture and livestock. It develops its product using black soldier fly larvae and recycles nutrients from agricultural and food processing by-products. Nutrition’s product offerings include insect-based organic fertilisers for agriculture, protein feed for livestock, and also oil.

Founding year:	2016
Total funding raised:	US$34 million
Investors:	Bunge, PTT, Openspace Ventures, Hera Capital, Sumitomo, ING Bank, Mandala Capital, SEEDS Capital, Enterprise Singapore, Nullabor, Neptune, Alpha Founders Capital, Primex Capital

bbp

bbp is an energy efficiency company that enables businesses to achieve their carbon neutrality and sustainability goals. It claims to enable companies to achieve up to 40 per cent of energy and cost savings using patented HVAC optimisation technologies, IoT, proprietary software algorithms, and machine learning.

At present, bbp serves customers across Southeast Asia, China, India and Taiwan. Its customers include semiconductor manufacturers, Fortune 500 companies and real estate companies.

Founding year:	2012
Total funding raised:	US$33 million
Investors:	KKR, Tembusu Partners, Boltzmann Consulting, K3 Ventures, Red Maple Leaf Biotechnology

BoomGrow

Kuala Lumpur-headquartered BoomGrow is an indoor farming company operating in the vertical farming and precision farming space. It grows fresh, clean, hyperlocal produce such as butterhead, romaine, kale, Swiss chard, basil, and mint. These are otherwise imported from cold countries.

Founding year:	2015
Total funding raised:	Undisclosed
Investors:	Gobi Partners’s Dana Impak Fund, Big Sky Capital, Arch Free Ventures

Also Read: BoomGrow: Transforming Malaysia’s food landscape with hyperlocal indoor farming

NLYTech Biotech

NLYTech Biotech is a biotechnology manufacturer that focuses on the development of the environmentally friendly solution in replacing single-use plastic products.

It focuses on the research and development of biodegradable products made with 100 per cent natural ingredients (without polymer content) to replace fossil-based single-use plastic and paper products.

Founding year:	2018
Total funding raised:	US$2.5 million
Investors:	Undisclosed

EcoWorth Tech

The company turns cellulosic waste biomass into carbon fibre aerogel (CFA), a patented advanced material mainly used on transforming wastewater streams into waste-to-worth opportunities. Made from natural and sustainable material, CFA has a competitive advantage in being low-cost and non-toxic, with an extremely high absorbency and affinity for liquid organics, and actively repels water.

Founding year:	2016
Total funding raised:	US$700K
Investors:	Undisclosed angels

TrinityEco

Started by three partners, TrinityEco is focused on helping SMEs and investors meet increasing ESG demands through fintech and regtech, which enhances companies’ profiles and processes.

Founding year:	2019
Total funding raised:	Undisclosed
Investors:	Undisclosed

Cosmos Innovation

Cosmos Innovation is an AI-first company building next-generation perovskite silicon tandem solar cell technology. It AI platform — Mobius — can discovering the combination of materials, processes, and architectures that yields the most efficient solar cells.

Founding year:	2019
Total funding raised:	Undisclosed
Investors:	Innovation Endeavors, Xora Innovation, Two Sigma Ventures, ENI Next, WTI, Shinrai Investments, Demis Hassabis, Tomaso Poggio, Richard Socher, Arun Varma Penmetsa

Tigasfera

It has developed EcoSfera, a containerised, on-site waste conversion system to produce on-demand energy and valuable byproducts. It can turn organic and inorganic waste into combustible synthesis gas (syngas) to generate electricity and bio-carbon for agriculture and power plants. The system employs cutting-edge gasification and pyrolysis technology, cleaner than conventional incinerators and diesel generators.

Also Read: EcoSfera helps turn your household waste into energy in the comfort of your home

Founding year:	2014
Total funding raised:	Undisclosed
Investors:	PETRONAS’s FutureTech 3.0

Solar AI

The startup seeks to make rooftop solar accessible and hassle-free for smaller, underserved property owners by providing them with zero upfront cost.

Its primary product is its RTO solar programme, which enables customers to own a solar panel system with zero upfront cost, paying a flat monthly fee for installation, maintenance, servicing, and energy generation guarantee.

Compared to the traditional solar offer that demands an upfront cost of US$15,000 to US$50,000, the startup’s RTO model helps de-risk solar as a renewable energy solution, particularly in Southeast Asia, with a penetration rate of less than 1 per cent.

Founding year:	2020
Total funding raised:	US$1.5 million
Investors:	Earth Venture Capital, Undivided Ventures, Investible, David Pardo

Trash Panda

Trash Panda (Circula Recoon Systems) is a digitised waste recovery solution for communities, businesses, institutions, and industries. It collects a wider range of segregated recoverable waste and funnels cashback to customers and clients from waste buyers who recycle the collected waste into new consumer products.

Founding year:	2020
Total funding raised:	Undisclosed
Investors:	Undisclosed

Nibertex

Nibertex has developed 100 per cent PFAS-free, waterproof, breathable membranes. It utilises advanced polymer sciences to create films completely free from PFAS chemicals. These membranes eliminate the use of these harmful chemicals, significantly reducing environmental pollution and potential health hazards associated with traditional waterproof textiles. They can achieve “superior performance” using safer, compliant chemicals while offering enhanced breathability and durability.

Founding year:	2020
Total funding raised:	Undisclosed
Investors:	Foxmont Capital Partners, a consortium of Southeast Asian families

Carbon Balance

The startup leverages technology to achieve a balance between business growth and sustainability while promoting awareness of climate change. Its reporting and online tools are accessible for e-commerce businesses of all sizes. The solution is customisable for various e-commerce platforms, easy to implement, and visible throughout the entire online customer journey.

Founding year:	2023
Total funding raised:	US$125,000
Investors:	Antler

Hydroleap

Hydroleap provides innovative, chemical-free, high-performance, and modularised electrochemical technologies to replace conventional chemical and energy-intensive processes.

Hydroleap’s two core electrochemical technologies are electrocoagulation (Hl-EC) and electrooxidation (HL-EO). These technologies effectively reduce up to 95 per cent of pollutants found in wastewater, thereby facilitating water upcycling across numerous industries.

Founding year:	2016
Total funding raised:	US$4.4 million
Investors:	Real Tech Holdings, Mitsubishi Electric, Seeds Capital, Wavemaker Partners, New Keynes Investments, the State Government of Victoria

Agros

The startup provides sustainable agriculture solutions for small and medium-sized horticulture farmers across Asia. The company is helping horticulture farmers to decarbonise, whilst doubling their profit through a full-stack solution.

Its first two products – Agrosolar and Agrosoil – are solving major agriculture problems like fuel dependency and soil degradation. After switching to Agros’ ecosystem, farmers can double their profits from reduced input costs, improved yields, and higher prices from better-quality crops.

Founding year:	2019
Total funding raised:	US$2.83 million
Investors:	Gaia Impact Fund, Wavemaker Partners

FlyORO

FlyORO is a provider of last-mile sustainable aviation fuels (SAF) blending technologies. Its modular, on-demand blending service of SAF and jet fuel enables aviation on its emissions reduction journey. It enables flyers the flexibility to align their ESG targets per flight. With a small form factor of 40ft, it is space-efficient and portable and can be installed anywhere at or off the airport base. This solution allows airport fuel operators to serve flyers more effectively with a simplified supply chain.

Also Read: FlyORO wants to decarbonise aviation with its last-mile sustainable fuel blending tech

Founding year:	2021
Total funding raised:	US$1.6 million
Investors:	Audacy Ventures, Investible, unnamed private investors

Protenga

Protenga has developed a next-generation Smart Insect Farm system. Harnessing the power of Black Soldier Flies with its production technology, Protenga produces sustainable and high-quality protein, oil and frass products for feed and fertiliser.

Founding year:	2018
Total funding raised:	US$2 million
Investors:	SEEDS Capital

Waste Labs

Waste Labs is an AI startup that enables recycling and circular supply chains by optimising waste collecting. The platform gives data-driven insights and prescriptive recommendations to waste managers, allowing them to create and operate efficient waste collection systems anywhere in the globe.

The platform combines waste-specific data and optimisation algorithms developed over more than a decade of research and development, and it may serve a variety of business and sustainability goals.

Founding year:	2020
Total funding raised:	US$500,000
Investors:	Entrepreneur First, Fund4SE, strategic angels

Nanotronics

Nanotronics is a deeptech startup producing advanced and sustainable nanomaterials for various industrial applications enabling key industries to create innovative and breakthrough solutions.

Founding year:	2014
Total funding raised:	US$280,000
Investors:	Undisclosed

Allium Bio

Allium Bio is combining the strengths of microalgae and mycelium in a novel co-culture fermentation method to create a new plant-based protein that grows faster, is significantly cheaper to harvest, and has unique functional properties (emulsification, binding, etc.). It has secured pilot projects with multiple plant-based meat customers across APAC, and partnerships with leading microalgae and mycelium research labs.

Founding year:	2022
Total funding raised:	US$150,000
Investors:	Better Bite Ventures

Gree Energy

Gree Energy makes biogas projects financially viable by unlocking the full potential of carbon crediting programmes, renewable energy and green finance. It creates scalable solutions by leveraging the power of the global sustainability economy to rethink how food industries treat their waste in emerging countries.

Founding year:	2013
Total funding raised:	US$3.55 million
Investors:	Earthcare Group, Water Unite Impact

WasteX

The startup provides an end-to-end solution to farms and agricultural producers, helping them utilise biomass waste by converting it into biochar and then applying it in their operations for operational, financial, and environmental benefits. Its mission extends beyond immediate benefits to farmers.

Also Read: WasteX nets funding to help farm producers convert biomass waste into biochar

At the centre of WasteX’s biochar technology is its proprietary small-scale and semi-automated carboniser equipped with a unique dual-action burner. WasteX utilises both biomass fuel and captured syngas produced during biomass pyrolysis, enhancing energy efficiency. Furthermore, by recapturing and reutilising syngas for heat generation used in biochar production, WasteX minimises the potential for methane.

Founding year:	2022
Total funding raised:	US$450,000
Investors:	P4G Partnerships

Nika.eco

Nika.eco uses artificial intelligence (AI) to create advanced climate models for determining carbon credit issuance. It tracks forest carbon, conducts deep dives into geospatial data and analyses additionality, baseline, leakage and permanence data. Carbon project investors and developers can use this data to develop nature-based projects and reach their net zero goals.

Founding year:	2022
Total funding raised:	Undisclosed
Investors:	Silverstrand Capital, Timbul Ventures, DMV Investments, Orvel Ventures, and Ascend Network

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Image Credit: 123RF.

 

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As a PR professional in the heart of Vietnam and Southeast Asia, I’ve witnessed countless tech startups struggle to be heard. As an entrepreneur myself, I saw this frustration firsthand, and I understand that in the ever-evolving realm of tech startups, capturing attention and earning the trust of your audience can make or break your ventures.

Beyond press releases: Unveiling the power of PR

But how can this official definition apply to tech startups? Quite simply, it means crafting a narrative that resonates with your target customers, investors, employees, the media, and the public using various PR tactics to tell the story behind your brand and your products.

PR is more than just issuing press releases or holding press conferences. PR itself is about building a message, spreading it out to the public, and connecting the relationships with your target audience. In the day-to-day running of my own company, Ivy+Partners, I endeavour to showcase that PR encompasses a broad spectrum of activities.

From media interviews and influencer collaborations to launch events and community engagement initiatives, Ivy+Partners encompasses a diverse array of strategic endeavours aimed at fostering meaningful connections and communication.

I’ve heard many startup founders say that they want to “invest in building up the product first and spend money on PR and Marketing later” or “prioritise Marketing over PR because PR can not convert to sales.” But is this right?

Investing in PR shouldn’t be optional; it’s a necessity to carve a niche in the market. PR is a powerful tool that drives growth by enhancing brand visibility and fostering customer trust, which is essential for converting interest into loyal customers.

A positive and resilient brand image, cultivated through consistent PR efforts, acts as a buffer during crises, helping you manage setbacks effectively. Additionally, PR builds strong relationships with media and influencers, amplifying your reach and influence within relevant circles.

Also Read: PR’s unchanging essence: Human connections amidst AI and automation

PR myths debunked

Despite the undeniable advantages of engaging in PR activities, PR often falls prey to misconceptions that can deter tech startups from utilizing their full potential. Here are some of these myths, along with the truths behind them:

PR is only for big businesses and celebrities?

In fact, PR can be beneficial for startups at all stages, from pre-launch, launch, funding round, maturity — it can help you to:

• Build the right communication strategy for your product that can set you apart from competitors
• Connect, build, and manage your reputation as well as the relationship with key players such as investors, stakeholders, and partners.
• Build your employer branding that showcases your company culture and values, attracting top talent and fostering employee loyalty.
• Reach your community your target audience, and connect with them on an emotional level, creating a sense of brand loyalty and positive brand sentiment.
• Build brand awareness and a positive public image that increases recognition and trust over time.
• Prevent and solve the crisis.

By implementing a well-rounded PR and communications strategy, startups can achieve significant benefits in fundraising, recruiting, sales, and overall marketing efforts. It’s a strategic investment that pays off in the long run.

PR is the same as Marketing?

While PR and Marketing are different, they both support each other. Siloed PR and marketing efforts are a thing of the past. PR helps to build brand awareness and foster positive relationships, while marketing focuses on driving sales and lead generation. However, true success lies in the synergy between these two disciplines. This collaborative approach forms the foundation of Integrated Marketing Communication (IMC).

PR is expensive?

Budget is important, but it is not the deciding factor in the success of a PR campaign. Building the right story and choosing the right channels will help you do that. If you wanna do a budget-wise PR campaign, you can focus on leveraging all your own and earned media channels before thinking of paying media.

Your own and earned channels could be your company website and social media, your employees’ word of mouth or their social media channels, your partners, investors and stakeholder’s network, your media friends, and even your customers…

In conclusion, every startup needs PR at some point. The earlier you start, the better it is. Cause PR is a marathon, not a sprint run. You should be ready before you need it or it will be too late. And at the end of the day, PR thrives on a two-way street. Sometimes, you might not have complete control over the final public message, but you should know that’s the beauty of organic and authentic communication.

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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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Singapore’s work culture is globally known for its long hours, high pressure, and intensely competitive environment. Workers in the city-state regularly clock in 43-hour weeks, with unpaid overtime being a norm for many. However, this 60-year-old work tradition may be about to experience a dramatic shift.

Starting in December 2024, all employers will be required to have a formal process for employees to request flexible work arrangements. Employers must respond to these requests within two months, providing valid business reasons if they reject a request. This initiative aims to support a tight labour market and an ageing workforce, making it easier for caregivers and seniors to remain in the workforce.

These newly announced guidelines mean Singapore’s workers can request four-day work weeks, more work-from-home days, staggered work times, and flexible locations. The announcement mirrors measures by other governments relaxing employment arrangements to retain talent, such as the UK’s Flexible Working Bill and Australia’s ‘right to disconnect.’

Numerous global studies have revealed the benefits of shorter work weeks, namely four-day work weeks, for both productivity and employees’ well-being. The business world is increasingly embracing the ethos of work quality over work quantity, giving leaders a clear impetus to embrace more flexible and agile hiring models.

Our Talent-on-Demand report recently uncovered how these new models are being implemented across Southeast Asia (SEA). Regional business leaders reported scaling down fixed-cost and capability models in favour of flexible hiring and variable costs.

As such, the demand for highly skilled freelance talent across SEA has grown by 85% since last year. This trend is driven by the aforementioned factors and talent’s desire for a work-life balance that fits their personal needs.

Amid economic changes and advancements in technology, the worldwide flexible workspace market could exceed between US$35 million and US$50 million by 2030, reflecting the growing demand for flexible and agile work environments. Thus, the flexibility offered by adaptable workforce models will no longer be just a benefit but an expectation.

Autonomy through flexibility

Flexible working hours, or flexitime, is a work arrangement that allows employees to determine their work schedules with their employer rather than adhering to a strict nine-to-five schedule. Flexitime has become increasingly popular in modern workplaces, especially among working parents and younger professionals, who may have more individualised lifestyles and a fresh attitude toward their careers.

Also Read: Rethinking remote work: The engagement issue at the heart of work-from-home

From a hiring perspective, flexible working arrangements are a significant opportunity to attract new talent. Young talent may want the chance to work overseas temporarily or full-time, devote more time to personal growth and hobbies, and feel empowered by their company’s trust in them to set their own schedule. Flexible work is proven to bring increased job satisfaction and work-life balance, which lowers employee absenteeism, increases commitment, and reduces turnover.

For skilled freelance and independent consultants, flexible work presents a significant opportunity to gain work and experience with various organisations. Skilled freelancers value their independence, freedom of choice, and the chance to experience different company cultures. They have the autonomy to manage their personal needs and work life, choosing projects that fit their specific requirements.

The rise of independent talent aligns with organisations’ increasing pivots toward agile and flexible hiring models. Companies can tap independent professionals for their specialised skills to complete specific projects. Once the new capability has been implemented, both the employer and freelancer can move on to explore their next opportunity.

The right model

As Singapore’s flexible work arrangement (FWA) guidelines roll out, the next step for business leaders and human resources will be to determine which models best align with their operations. One popular option is a hybrid work arrangement that blends remote and in-office work.

The freeform hybrid model specifies a set number of required in-office days but allows employees to choose which days they come in. Alternatively, businesses may opt for an anchor model, which designates the required in-office days or weeks.

Spurred by these trends, businesses will be more likely to adopt compressed work weeks, flexitime, and reduced hours or part-time roles to offer greater schedule flexibility. These approaches help organisations expand their talent pool and promote work-life balance. As a result, they may see reduced overhead costs, lower turnover rates, a broader talent pool, and increased productivity and satisfaction.

With Singapore leading the way, the traditional nine-to-five model may soon be a thing of the past in Southeast Asia. Organisations need to evolve from previous rigid mindsets to retain a new generation of talent and stay competitive. The Singaporean Government has set the flexitime guidelines; now, businesses must make it the norm.

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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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Beep, an IoT company that provides interoperable charging networks for businesses and drivers in Singapore, has closed its US$3.3 million pre-Series A investment.

The round was led by existing investors Granite Asia (formerly GGV Capital), Farquhar VC, SUTD Venture Holdings, and Wing Vasiksiri, with participation from M7 Ace Neo, an M7 Company.

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

Also Read: Beep launches SEA’s largest eRoaming network with its seed funding round

Launched in 2018, Beep owns and operates Voltality, an integrated ecosystem of charging stations, payment services, and vehicles.

In June 2022, it launched an electric vehicle (EV) e-roaming network spanning over 1350 charge points with 11 operators in Singapore. As of 2024, Beep has partnered with operators with over 5,000 charging stations.

According to the startup, there is a massive demand for EVs in Southeast Asia, with total EV sales in the region experiencing 894 per cent year-on-year growth. The first expansion phase focuses on extending Voltality’s charging network in Thailand and Malaysia. The platform is live with its first partners in Malaysia and will launch in Thailand in Q3 2024.

In Thailand, Voltality has signed contracts with leading charging operators Sharge and Evolt together with WHA Group, a developer of fully integrated logistics, industrial estates, power and utilities and digital solutions, and EV rental and purchasing platform EVme. The agreement will enable connectivity for several thousand vehicles to over 1,600 charge points locally.

In Malaysia, contracts have been signed with several charging operators, including KINETA, a major player in the EV space, and ChargEV to accelerate EV charging and roaming innovation.

Voltality has also secured contracts with mobility partners to enable local and cross-border charging connectivity within H2, 2024.

Beep is also exploring expanding to other regional markets such as Indonesia, Vietnam and more for its second phase in 2025. To help navigate its continued regional expansion, Ming Maa, ex-Grab Group President, will also join Beep as an advisor, bringing significant operational expertise in market development and partnerships within Southeast Asia’s complex landscape.

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

On the commercial front, Voltality recently signed an MOU with Grab to collaborate on increasing the number of charging operators onboarded onto the network, and to support building an integrated charging platform for its driver-partners in the region. An initial closed-door pilot has also started with select driver-partners in Singapore.

Voltality signed an MOU with Huawei Consumer Cloud Service on the consumer front. This will improve the data on charging station locations when using Huawei’s Petal Maps and ‘Huawei Mobile Services (HMS) for Car’ across Southeast Asia. As a result, EV drivers using Petal Maps and HMS will receive a more accurate “smart” journey planner based on their EV’s battery life.

In 2023, Beep became one of the startups that won the Petronas FutureTech 3.0 accelerator programme.

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Image Credit: Beep.

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Decarbonising real estate is about more than aggregated data — it’s about targeting individual assets. A recently released whitepaper between BuildingMinds and GRESB reveals how granular data will mean greater sustainability and how focusing on individual assets has the greatest potential for improvement. Here we will delve into how a data-driven approach can optimise decarbonisation and help meet long-term ESG goals.

Boosting eco-credentials in real estate presents an array of opportunities with the easiest wins often found in the low-hanging fruit. But while the aggregated performance data of asset portfolios is a critical resource for investors looking to meet ESG goals, it is not remotely sufficient for meaningful portfolio decarbonisation. A typical office, industrial or retail portfolio average will mask the small number of high-consumption-intensity assets that can offer the greatest potential for overall improvement.

The value of granular data

A recently published whitepaper between BuildingMinds and GRESB is therefore destined to help the sector understand how delving into the granular data can be used to better inform sustainability initiatives. Boasting the world’s most comprehensive database of energy and greenhouse gas intensities of real estate assets, GRESB enables portfolio managers to more accurately compare their individual assets with others, while allowing investors to better study the performance of portfolios with diverse asset types and geographies.

Basing planning decisions on data collected from individual assets is crucial.

Actions such as fabric retrofits, eliminating on-site combustion, and on-site renewables and storage can only be optimised and tracked when asset-level performance data is available, allowing decarbonisation plans to become sufficiently granular and organised.

Also Read: Climate champions in the making: Meet Southeast Asia’s 30 rising starsin cleantech

This strategic use of asset-level data ensures that data collection efforts are focused where they will provide the most valuable insights, optimising resource allocation for informed decision-making. Rather than expecting initiatives to be somehow spread evenly across assets, with each progressing at the same pace towards an operational performance target, making the correct choice of interventions and the assets to which they’re applied – i.e. seizing the low-hanging fruit – will have the greatest impact on the achievement of long-term decarbonisation goals.

To demonstrate this, GRESB undertook a thought experiment using anonymised samples from its database. Taking the 15th percentile of energy use intensity (EUI) as the threshold for ‘currently green’ and the 85th percentile as the border of ‘currently brown’, nine pairs of synthetic portfolios were created, each consisting of 50 brown or green office, industrial or retail assets drawn from the entire spectrum of performance in the Americas, Europe and Asia. Each asset was then upgraded to a higher performance level at a similar financial investment: to the 5th percentile for already-green assets (20 kWh/m2) and to the median performance (140 kWh/m2) for brown assets.

The results: brown-to-green investment

In terms of absolute reductions in carbon, the difference was huge. The brown-to-green investment strategy resulted in a 10-to-30-fold greater reduction in energy consumption than was realised by improving already-green assets. In other words, focusing on improving high-consumption assets from otherwise average portfolios in any region has a much larger impact than investing in already-green assets from the same portfolio.

The logical culmination of using asset-level data to make real-world decisions about capital allocation is ESG-driven optimisation, perhaps using data-driven approximations. When sufficient data is available, for example, assets can be ranked in priority for intervention, and the evolution of their performance tracked over time relative to the market and other assets. Using multiple variables such as EUI, GHG intensity, and water and waste intensity makes it possible to interrogate assets and decarbonisation plans according to their impact on several metrics relevant to people and the environment.

The International Energy Agency (IEA) estimates that to meet global net-zero goals by 2050, US$573 billion will need to be invested in the energy efficiency of buildings in the rest of this decade alone. The time will no doubt come when the marginal gains concept has to be adopted to further enhance the highest-performing assets as a way of finally achieving that target. Until then, a granular approach targeting the assets that offer an easy win with the minimum outlay is definitely the route to success. 

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Thailand’s APX Logistics Solutions has secured an undisclosed amount in fresh investment from Japan’s SBI Ven Capital through its joint fund with NTU Singapore’s NTUitive and South Korea’s Kyobo Securities.

The logistics-tech startup, which expanded into Malaysia, Singapore, and Europe in 2024, is gearing up to extend its digital less-than-truckload (LTL) network into Vietnam by 2025.

The investment from SBI will provide APX with valuable expertise and industry connections, alongside support from its other investors, such as ORZON Ventures, a joint fund by Thailand’s PTT Group and 500 Global, the Asian Development Bank, and Wing Vasiksiri.

Also Read: APX wants to revolutionise logistics in SEA with ‘less-than-truckload’ innovation

“We’re on a mission to help businesses reimagine how transportation can be done in Southeast Asia with sustainability front and centre,” said Uwe Dettmann, CEO of APX Group. “We want to leverage our success and learnings in Thailand and expand to key markets across Southeast Asia, offering sustainable and seamless shipping services for businesses of all sizes.”

Founded in 2019 by Dettmann, Sorawit Tantrakulcharoen, and Sukanya Thamthada, APX provides door-to-door cargo transportation services through its network, with modern platforms for LTL and palletised cargo services. It aims to build a connected truck transport network in Thailand and the ASEAN region to improve logistic efficiency. It also reduces CO2 emissions and the number of trucks needed on the road in the long run; the system measures and tracks the emission impact within its overall network, actively making route recommendations to help reduce fuel consumption and carbon footprint.

At the core of APX’s green innovation is an AI-driven freight management system named Palli. The system uses proprietary data and algorithms to optimise truck-loading plans and coordinate the movement of assets across APX’s logistics partners in Thailand, Malaysia, Singapore, and Europe.

Also Read: APX gets ORZON’s backing to build a connected truck transport network in Thailand

APX’s customers can access solutions such as air and ocean freight management, customs clearance, warehousing and distribution, and specialised services such as fulfilment, kitting, and co-packing. Each solution is designed with sustainability in mind, aiming to reduce waste and enhance resource efficiency throughout logistics.

In July 2023, APX raised an undisclosed sum in pre-Series A funding led by ORZON Ventures.

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Image Credit: APX

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When seed-stage founders receive their first investor check, they invariably take one of several routes: 

• A) They rush to the tech press with their fundraising news. 
• B) They throw a WeWork-style party for all of their employees and stakeholders to celebrate the milestone. 
• C) They take to social media to boast of the achievements of their personal branding.

Based on my experience, the correct answer is actually D) none of the above. The founders who choose A, B, or C will inevitably fall by the wayside: Public relations, personal branding, and even company engagement should only come after what matters the most: customer retention and revenue optimisation.

The importance of retention and revenue optimisation

Upon receiving your first investment, founders should focus only on key performance indicators (KPIs) and metrics that help you understand your customers and, in turn, reduce churn while maximising revenue. This priority is built on a simple premise: You may have money now, but this will not always be the case.

For one, the investor dollars may dry up. In the past, you only needed a compelling story about your team’s growth, the product’s development, and an understanding of the market through the lens of your unique expertise. But times have changed: This narrative-driven approach to fundraising will not be enough to take a startup from seed to Series A.

Customer revenues may dry up just as fast. You may have cash in the back from users or clients, but because your startup is so young, there is little historical understanding of how soon or how fast these customers will leave you. You still only have a vague idea about your customer’s lifetime value.

In the face of these uncertainties, there is only one option that makes sense: You need to focus on driving two levers and two levers alone: reducing churn while increasing revenue. For example, a software-as-a-service (SaaS) company will need to figure out why enterprise customers are cancelling their contracts and, more importantly, determine how to thwart that. Their retention strategy may involve everything from key account management to offering automated discounts at the cancellation screen. The point is that they must understand and subsequently address the outflow of customers.

Also Read: Decoding PR: The essential tool for tech startup success

Some startups may be so early in their life cycle that customers are not yet churning, but they are not using the product. This sign is also a red flag: Your customers will soon be leaving out the door.

In addition, the business must optimise revenue. An e-commerce business, for example, can maximise revenue through cross-selling, upselling, and even greater personalisation—which can contribute to a revenue uplift of as much as 25 per cent, according to McKinsey. 

The efforts toward improved retention and revenue generation may not immediately lead to a hockey-stick graph, and that’s fine. Investors are not looking to evaluate you based on the current revenue generated by the dollar. Instead, they will evaluate you based on how well you have identified leaks and opportunities, which speaks to your startup’s aptitude and revenue for revenue growth in both the short- and long term.

Shifting the founder paradigm: Moving the goalposts for success

Retention and revenue optimisation is easier said than done because it requires such a deep paradigm shift. Founders are taught to sell, sell, and sell. They are hyper-focused on getting leads to sign across the dotted line or on getting customers to convert that there is considerably less thought on what happens afterwards.

Instead of looking at a finished sale as a “close” — of the natural endpoint of a process — founders must view it as only the first step in a much longer process of satisfying, keeping, and growing each customer. By moving the goalposts, founders stand a much greater chance of succeeding from seed to Series A: Their startup will rocket past competitors who mistakenly viewed the initial contract as the culmination of all business activity. 

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In Singapore, the medtech sector is booming. From just 59 in 2010, there are now more than 400 medtech companies. The Economic Development Board (EDB) estimates that the market  will hit US$225 billion by 2030 in Asia alone. 

However, this rapid expansion comes with its own set of challenges, mostly a compliance issue which has stifled innovation. 

Last year, the Health Sciences Authority (HSA) in Singapore intensified its efforts to crack down on the illicit trade of health products, resulting in the seizure of over 1.12 million units of illegal items and the removal of more than 12,000 listings from online platforms.

The majority of the removed listings were selling sexual enhancement or male vitality products, hair and beauty products such as anti-hair loss treatment, facial fillers and adulterated skin whitening products. 

What’s behind Singapore’s medtech boom

The growth in the medtech sector in Singapore in the past few years has been due to a few key reasons. 

The first being the support from the government, as they have been proactive in fostering a conducive environment for such companies. Initiatives like the Biomedical Sciences Industry Development Roadmap and funding support from agencies such as Agency for Science, Technology and Research (A*STAR) and Enterprise Singapore have been crucial.

Secondly, Singapore’s strategic location and connectivity make it an excellent base for companies to set up, thus providing easy access to the regional markets. 

Thirdly, HSA ensures that Singapore has a robust regulatory framework with high standards of safety, quality, and efficacy for medical devices. This reliability has bolstered confidence among global medtech firms.

Compliance: A double-edged sword

While HSA’s stringent regulations have enhanced the quality and safety of medtech products, they have also introduced significant compliance challenges. 

Also Read: The rise of generative AI in digital mental health solution

As artificial intelligence and digital health technologies evolve, protecting patient data and ensuring cybersecurity have become paramount. Medtech companies are now tasked with adhering to Singapore’s Personal Data Protection Act (PDPA) and implementing robust cybersecurity measures to safeguard sensitive information. This is no small feat and requires significant investment and ongoing vigilance.

Companies must comply with strict guidelines for labelling, advertising, and promotional activities. Ensuring that product claims are substantiated by clinical evidence and that all marketing materials comply with HSA guidelines is essential to prevent misleading information and maintain consumer trust.

Medtech companies cannot afford to be complacent. To stay ahead of regulatory changes, they must establish robust processes to monitor updates from authorities like HSA, the Food and Drug Administration (FDA), and the European Medicines Agency (EMA). Some of the critical steps they need to do is subscribe to regulatory newsletters, attend industry conferences, and engage with regulatory consultants.

Regulatory challenges can have both positive and negative impacts on innovation 

This focus on safety can enhance patient outcomes and increase trust in medtech products. 

An upside would be having a competitive advantage. Medtech firms that successfully navigate regulatory challenges and obtain approvals can gain a competitive advantage. 

Also, being compliant with rigorous regulatory standards can enhance a company’s reputation and credibility in global markets.

However, the cost and time spent complying with regulatory requirements, particularly for smaller medtech firms with limited resources, can be a huge issue. The investment in regulatory compliance may divert resources away from Research and Development (R&D) activities. 

Also Read: Solving multiple medtech problems with a single device powered by AI

Another downside would be risk aversion, wherein, in some cases, stringent regulations may discourage risky or novel innovations due to concerns about meeting regulatory standards. This could stifle breakthrough technologies that have the potential to revolutionise healthcare.

Advice for new entrants

For companies looking to enter the Singapore market, understanding regulatory requirements is paramount. Familiarising yourself with HSA’s regulations, including the classification of medical devices, setting up a Quality Management System (QMS), and navigating regulatory pathways for registration, importation, and market approval, is essential.

Another important piece of advice would be to understand the local market needs. The products should be tailored to the healthcare landscape and specific needs of the healthcare providers and patients in Singapore.

Future trends in regulatory requirements

As digital health technologies and AI applications in healthcare continue to evolve, regulatory frameworks must adapt to ensure safety, efficacy, and data privacy. This may involve introducing specific guidelines for digital health and AI-driven medical devices.

With the growing connectivity of medical devices and cybersecurity threats, future regulatory requirements may include stringent measures to ensure cybersecurity resilience. Compliance with data protection regulations, such as Singapore’s PDPA, will also be critical.

With the constant threat of global warming and climate change, regulatory frameworks may incorporate requirements related to the environmental impact of medical devices throughout their lifecycle. This could involve considerations such as eco-design principles, recycling and disposal requirements, and sustainable sourcing of materials.

As the sector evolves, so too must the regulatory frameworks, adapting to new technologies and emerging challenges to sustain Singapore’s position as a global medtech leader. The future of medtech in Singapore is bright, but only if we continue to innovate and adapt to the regulatory landscape.

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Fintech has revolutionalised the payments industry and apart from the grand global success, its presence in the Southeast Asian market has attracted many giants from all over the globe to invest and branch out to this region.

Online shopping, food ordering, online taxis, and even money lending are now powered through digital tools by fintechs. But, the most interesting part is the attraction of giants such asGojek, Uber, etcetera to invest in the fintech industries of Southeast Asian markets. 

As the digital financial services tend to generate annual revenue of US$38 billion in Southeast Asian markets by 2025, which is way more than the annual revenue of US$11 billion generated by far in 2019, I look at what led to its exponential growth.

Business models 

There are several vital business models being used by fintech companies in the Southeast Asian region. But, among all the business models the two highest-grossing business models are digital payments and digital lending services.

 

Digital lending services have already made a mark in the global markets and with the rise of digital lending in the Southeast Asian region, there have been new players emerging in the market infusing more capital. But, next to it is the most prolific business model for revenue– digital payments!

Also Read: Fintechs often encounter issues translating a POC into a production order, finds study

Digital payments have been the pioneer of all the digital financial services. It is set to cross the mark of US$1 trillion revenue by the year 2025 and this goes to show that the digital payments business model has been the prime focus for many new and old players in the Southeast Asian fintech industry.

New kids on the block

Fintech industry in this region is quite segregated and there has been no monopoly among the players. But, there has been a tight competition between the local and the global players. Some of the local players are gaining high due to the local presence over the years.

Top five fintech companies in Southeast Asia:

1. Tookitaki
   A Singapore-based enterprise fintech software solution provider.
2. Incomlend
   A Singapore-based online multi-currency invoice exchange platform.
3. Sunday INS Ltd.
   An AI-based insurance and claims solution provider.
4. Growpal
   An Indonesian funds distribution and funding management services provider.
5. Funding Societies
   A Malaysian finance and investment management provider for small businesses.

Consumer trends

As the fintech industry is rising to its peak, the Southeast Asian fintech market set a new annual record with US$701 million raised throughout the third quarter of 2019. Consumer trends have seen a fundamental shift in the adoption of new Fintech technologies.

With the digitisation of the fintech products and adoption of AI in the efficient management of financial services, it is creating new opportunities and new markets to be explored.

Also Read: Swiss fintech incubator F10 enters Singapore, soon to kick off accelerator programme

Many chatbots and AI-based startups are gaining traction and the most interesting part is the adoption and trust of consumers in these technologies for the management of their finances.

Innovative footholds

Innovations have found a new foothold in the fintech industry in the Southeast Asian region. The biggest innovative adoption for fintech in the region has been AI-based, machine learning and Natural Language Programming (NLP). 

Banks have the problem of storing BigData, process them and analyse them to design personalised financial products for their consumers, which can be delivered through highly reactive real-time apps developed through mobile app development. But, with the AI-based technologies and power of cognitive computing solutions, this has been achieved by several Southeast Asian banks and financial service providers.

Digital lending has been a popular innovation in the fintech industry. With modern technologies and innovations in data processing and predictive analysis, the digital lending paradigm has grown more personalised and custom-tailored for the Southeast Asian markets.

What does the future hold

The future of fintech evolution in the Southeast Asian markets lies in the innovations and development of some key factors. Connectivity is one of the important factors as the fintech industry is moving more towards digital expansion. In countries such as Indonesia, Philippines, Vietnam, and Thailand; rural areas have huge internet connectivity gaps.

Higher broadband access and digital literacy can change this scenario and bring in more users and consumers from rural areas. There are several other challenges to be overcome. Like the once where a centralised payment infrastructure is in need to reduce the hassles of cross-border payment regulations and issues.

Also Read: Strengthening its expansion into fintech, Grab introduces GrabPay Card

Countries such as Indonesia, Vietnam, and Myanmar need some data protection regulations. Though Singapore, Malaysia, and the Philippines do have data regulations for users. Other concerns over cross-border data flow and issues pertaining to the digital trade need to be addressed.

About 47 per cent of fintech Startups in the region depend upon the loans for funding and that is the key issue to be addressed for the fintech industry’s development in the region. This needs to be realised and more funding and venture capital should be infused into the startups and digital financial service providers.

So, if you are a financial startup, looking to storm into the fintech industry of the Southeast Asian market, then this the right time for you to cash in!

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This article was first published on December 20, 2019

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