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.

—

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.

—

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.”

—

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!

—

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 us on Instagram, Facebook, X, and LinkedIn to stay connected.

Image credit: Canva Pro

The post A step-by-step guide to protecting your time and energy: The art of pre-qualification appeared first on e27.

Dear reader,

The insurtech sector in Southeast Asia witnessed a remarkable surge in deal value in 2023, reaching US$2.35 billion despite economic headwinds.

This reflects a shift in investor sentiment toward established companies with proven track records, as evidenced by Sumitomo Life’s US$2 billion acquisition of Singlife and Bolttech’s US$246 million Series B round. The reduction in the number of deals, from 39 in 2022 to 27 in 2023, highlights a cautious approach, with investors favouring stability over risk.

As the market matures, there’s a growing emphasis on digital transformation, driven by both tech unicorns and traditional financial service providers aiming to enhance their offerings. This focus on innovation is crucial, given Southeast Asia’s underpenetrated insurance market, where regional expansion presents significant opportunities but also challenges, particularly in understanding local regulations.

The evolving landscape suggests a temporary pullback in deal velocity, with a strategic shift towards financial prudence and sustainable growth. This “healthier reset,” as EY describes it, could position insurtech firms to emerge more resilient, instilling greater confidence among investors and customers alike.

The continued dominance of Singapore-based companies, coupled with rising interest in markets like Indonesia, Thailand, and Malaysia, underscores the region’s growing insurtech potential.

Sainul,
Editor.

————-

NEWS & VIEWS

SEA insurtech deals jump 4x to US$2.35B in 2023: EY report
The majority of deal value in 2023 was driven by Japanese insurer Sumitomo Life’s US$2 billion acquisition of Singlife and Singapore-based insurtech company Bolttech’s US$246 million series B round.

MoneySmart rejects MoneyHero’s US$8M acquisition offer
“The manner in which the offer was made public, with no prior discussions with MoneySmart management, is highly unusual and has not engendered MoneySmart’s confidence in, or openness to, such discussions,” MoneySmart said.

Temasek’s SeaTown closes second private credit fund at over US$1.3B
Focused on providing highly tailored financing solutions and capturing proprietary performing credit opportunities in APAC, it aims to serve as an ideal building block to multi-asset portfolios seeking income, capital preservation and diversification.

Vietnam’s VinFast delays Thai dealerships amid slowdown in global EV sales
The outlook for the global EV market has deteriorated in the past year; Several of the world’s largest manufacturers, including Ford Motor, General Motors, Volkswagen and Tesla have dialled back their ambitions in recent months.

Farquhar VC deepens presence in South Korea with Catius, Twin Ventures deals
Farquhar’s partnership with Twin Ventures will enable and support cross-border startup collaborations between Southeast Asia and Korea.

Edutech firm BrightCHAMPS earmarks US$10M to double down on Vietnam
BrightCHAMPS Vietnam aims to run 20 offline hubs by May 2026, 10 each in Hanoi and Ho Chi Minh City; The company also announced closing the acquisition of English communications platform Schola.

Indonesian HR services startup Sarana AI raises funding
Fortress Data Services is the lead investor; Sarana AI provides a real-time pulse on organizational talent health with measurable metrics to improve employee retention and facilitate the rapid regeneration of workforce capabilities.

Uber fined US$324M over EU drivers’ data transfer breach
The penalty is related to transfers of personal data of drivers out of the European Union to the US, where Uber’s main business is located; The EU’s regulation GDPR allows for fines of up to 4% of global annual turnover to be levied for non-compliance.

Telegram founder Pavel Durov arrested in France
Durov’s arrest sparked widespread discussion and speculation on social media, including on Telegram itself, though news reports have been largely based on unnamed police sources.

FEATURES & INTERVIEWS

Mapping the future: 30 most exciting startups in the Philippines
We have compiled a list of the Philippines’s most exciting startups that have made their mark in their respective industries.

MangaChat helps children express their feelings better with AI-powered gamified CBT platform
MangaChat is designed to empower children by providing a safe, fun, and accessible online journaling experience.

Echelon X: How fintech companies can thrive in Southeast Asia’s dynamic market
The Echelon X panel underscored the need for a proactive and adaptive approach to navigating the region’s fintech landscape.

Echelon X: Harnessing Industry 5.0 for inclusive and sustainable growth
The Echelon X panel explored how organisations can leverage Industry 5.0 principles to drive innovation that benefits all stakeholders involved.

Unlocking marketing success for startups and small businesses: Strategies for excellence
When it comes to creating a marketing plan for startups and small businesses, there are unique approaches that founders need to keep in mind.

THOUGHT LEADERSHIP

Envisioning the future: The critical challenges and opportunities of AI investment
Successful AI investment needs capital, tech expertise, a sharp eye for innovation, and a strong AI community network.

Exploring Sri Lanka’s potential as a premier global IT hub
Sri Lanka offers some of the best talent you can find in the world, along with robust infrastructure to support it.

Challenges and opportunities in SEA’s fintech landscape
Southeast Asia offers immense opportunities for fintech companies, but the journey is fraught with challenges that demand careful planning and adaptability.

FROM THE ARCHIVES

How StartupX adapts to changes in the events industry during the pandemic
Durwin Ho of StartupX explains why the team always have the role of a “station master” in their every event.

5 things that will make you be remembered as a leader who mattered
If you do not do these five things for your team members, it is time to reconsider your approach as a leader.

What is keeping founders up at night?
Tied in first place are fundraising and execution risks. Talent risks came in third place; Let’s explore what these risks entail and what founders need to look out for.

5 growth hacking tips your business can never go without
Keeping track of your business is one of the key elements of growth hacking your business; Find out what else you can do.

Upturn shares investment philosophy as it debuts new accelerator programme
In this interview, Upturn Co-Founder and Partner Riswanto reveals how the firm is doing this differently in the Indonesian market.

Conscious consumption is driving the trend in foodtech: Study
In Asia, food delivery and online grocery sales are growing at a 24.4 per cent CAGR or 55 per cent share of the global market.

How the multi-metaverse can flourish by eradicating virtual boundaries
The next phase of Web3 is finding its roots to nurture cross-platform cooperation, also known as the multi-metaverse.

Why venture capital is going big with cloud mining
Cloud computing has been an innovation factor for digital transformation, converging with big data and AI to power business functions.

How to simplify the overcomplicated hiring process
How can employers strike a balance between streamlining the hiring process and capture significant assessments of the candidate without losing them?.

How does KK Fund evaluate an early-stage startup for investment?
‘The management team is the most important factor because we cannot change the management team once we invest in a company’.

The struggle to maintain accurate consumer insights with the new consumer
Industries had to remain relevant. That doesn’t negate the need to understand how customers interact with their products.

Are retail malls dead? Time for big tech to disrupt landlords at their own game
The retail mall of tomorrow will not succeed unless they have complete real-time data visibility and sharing, just like e-commerce marketplaces.

Know thy customer: The only rule for startups looking to build trust on social media
We explore the social media best practices that startups of all types can use as a guide to drive customer engagement and brand recognition.

What startups need to know about Claims Code, the new rulebook for making credible climate claims
The Claims Code is one way for startups to contribute to the goals of the Paris Agreement by taking additional mitigation measures.

How should non-tech companies approach AI?
Non-tech organisations often have a completely different set of conditions that call for unconventional strategies for AI deployment.

—

The post Ecosystem Roundup: SEA’s insurtech funding grows 4x to US$2.35B in 2023 | MoneyHero says no to MoneyHero’s acquisition offer appeared first on e27.

Echelon Philippines 2024, hosted by e27 in partnership with Brainsparks, is set to be the premier gathering of innovators, entrepreneurs, and investors in the Southeast Asian (SEA) tech startup ecosystem.

Scheduled to take place on September 26-27 at the SMX Convention Center in Manila, this event promises to be a dynamic platform where visionaries and industry leaders converge to shape the future of technology and business in the region.

A hub for innovation and collaboration

With the momentum of the global startup movement behind it, Echelon Philippines 2024 is designed to foster collaboration, spark innovation, and create new opportunities for growth.

The event will bring together over 2,000 attendees, representing a vibrant mix of corporates, SMEs, startups, and investors. Whether you are a startup founder looking to network with potential investors, a corporate executive seeking the latest in tech trends, or an investor scouting for the next big thing, Echelon Philippines 2024 offers a unique opportunity to connect with key players from across the SEA tech landscape.

An immersive experience: Keynotes, panels, and more

The event will feature over 30 stage sessions, with more than 80 speakers at the industry’s forefront. These thought leaders will share their insights on the latest developments in the Filipino and SEA startup ecosystems, providing attendees with a deep understanding of the trends and challenges shaping the region’s future.

Also Read: Echelon X: Why does tech matter in disrupting the creative industry in Indonesia?

From keynotes and panel discussions to fireside chats, the content is curated to inspire, educate, and drive meaningful conversations.

Exhibition Zone: A marketplace for innovation

The Exhibition Zone at Echelon Philippines 2024 will be a bustling marketplace where 50 companies will showcase their latest products, services, and innovations. This is more than just a display; it is an opportunity for attendees and exhibitors to engage in meaningful transactions that can lead to digital growth and new business opportunities.

The Exhibition Zone is designed to facilitate collaborations that can drive the ecosystem forward, making it an essential stop for anyone looking to stay ahead in the competitive tech world.

Roundtable Discussions: Tackling the big issues

At the heart of Echelon Philippines 2024 lies the Roundtable Zone, where 12 roundtable sessions will be held to discuss the pressing issues facing the tech ecosystem today. These intimate discussions are where the real work gets done—where challenges are addressed, solutions are brainstormed, and strategies are developed.

The Roundtable Zone offers a unique opportunity to engage with industry peers in a focused setting, making it a must-attend for those who want to contribute to solving the challenges facing the SEA tech landscape.

Spotlighting innovation: The Startup Pitch

One of the highlights of Echelon Philippines 2024 will be the Startup Pitch, where 20 of the most promising startups in the Philippines will have the opportunity to showcase their ideas to a panel of judges and an audience of potential investors. This competition is a key feature of the event, as it provides a platform for startups to gain visibility and offers attendees a front-row seat to witness the innovation that is driving the future of the Filipino startup ecosystem.

Also Read: Echelon X: Building a skilled AI workforce in Southeast Asia

Whether you are an investor looking for the next big opportunity or a startup seeking inspiration, the Startup Pitch is not to be missed.

Be part of the future

Echelon Philippines 2024 is more than just an event; it is a movement driving the growth of the tech startup ecosystem in SEA. Sponsored by leading organisations such as Gateway of Asia, AHG LAB, inDrive, KwikCare, Kickstart Ventures, NGCP, A2D, and TictTag, this event is backed by the very entities shaping the future of the region.

As the date approaches, the excitement is building, and the stage is set for an event that will define the future of technology and innovation in SEA. Do not miss the chance to be part of this transformative experience.

Whether you want to make connections, gain insights, or find your next investment opportunity, Echelon Philippines 2024 is the place to be. Join us at the SMX Convention Center in Manila on September 26-27 and be part of the delegation driving the future of the tech startup ecosystem in the Philippines and beyond.

The post What you can expect at the upcoming Echelon Philippines 2024 appeared first on e27.

SurplusLoop, a Malaysian startup focusing on surplus asset management for asset-heavy industries, has secured US$110,000 in pre-seed funding from Antler.

With the investment, SurplusLoop’s immediate priority is to test and validate its solution with current pilot partners and build the first iteration of the Minimum Viable Product (MVP). The funding will be crucial for developing its MVP’s technology and services components.

Also Read: Antler’s Southeast Asia focus: Nurturing the next wave of AI, fintech startups

SurplusLoop addresses challenges faced by companies in construction, manufacturing, and hospitality in liquidating surplus assets. The current process is often time-consuming and complicated by market fragmentation.

Companies frequently deal with brokers who buy low and sell high, resulting in an average recovery of only about 10 per cent of the asset’s market value. In cases where buyers cannot be found, surplus assets continue to incur warehousing costs and depreciate. They may eventually end up in landfills when they could be sold and utilized by other companies instead.

SurplusLoop aims to match buyers and sellers seamlessly. The platform uses predictive analytics, employing various statistical techniques and machine learning algorithms to connect a network of companies and accurately value assets like equipment and machinery.

This approach is intended to efficiently turn surplus assets into liquidity for companies to reinvest while providing buyers with better value.

The startup’s vision includes building integrated SaaS tools, fintech, and supply chain solutions to streamline the entire end-to-end liquidation and sourcing process for companies in the secondary market.

By approaching an enterprise partnership level and leveraging digital technology, SurplusLoop aims to streamline the entire surplus asset management process for companies.

Also Read: ByteGami gets Antler’s backing for its plug-and-play gamification platform

The startup aligns with the rising trend of the Circular Economy by extending the lifecycle of assets through circularity in the B2B world. This approach allows companies to acquire quality assets at favourable prices while reducing waste, contributing to sustainable growth and fostering a circular economy in the B2B sector.

By extending the lifecycle of assets through circularity, SurplusLoop empowers companies to acquire quality assets at good value while reducing the amount that ends up as waste.

The post SurplusLoop attracts funding to streamline surplus asset management process appeared first on e27.

As we pass the halfway mark of 2024, it is clear that this year has been a pivotal one for e27, marked by significant milestones that reflect our continued growth and innovation.

We continue to strengthen our commitment to the Southeast Asian (SEA) tech startup ecosystem by providing entrepreneurs with the tools to build and grow their companies, as reflected in our various products and services. We have also collaborated with various partners in the ecosystem to realise our common goals.

While this is a tad late, I am excited to share some key milestones and celebrate our incredible progress at e27!

Our company is in robust health

We proudly announce that H1 2024 has been our strongest financial performance to date, a clear testament to our products and services’ tangible impact across the tech ecosystem. This achievement underscores the value we bring to the community as we continue to empower innovation, growth, and collaboration across the region.

We concluded Echelon X 2024

Echelon X 2024 was our largest and most impactful conference yet, doubling the floor space from previous years and featuring 153 speakers, moderators, and facilitators across over 100 sessions on four stages, in private rooms, and round tables.

We were honoured to have Senior Minister of State Tan Kiat How to open the event, emphasising AI adoption, upskilling, and growth in Singapore’s digital economy.

With support from 150 sponsors and exhibitors and nearly 60 partners, we facilitated thousands of business-matching connections and meetings, creating new opportunities for collaboration and innovation across the tech ecosystem. We also showcased over 50 companies in our TOP100 programme this year, with multiple of them raising fundraising rounds and securing partnerships across the region.

We recorded all our content sessions, and you can access all the videos here with a Pro account.

Announced Echelon Philippines 2024 in partnership with Brainsparks

We are thrilled to witness the rise of the Philippines’ tech ecosystem. While e27 has held smaller events in the country over the years, I have personally engaged with the local community—speaking at events and mentoring numerous startups.

Today, we have over 1,000 companies from the Philippines in our database and nearly 350 investors on e27 expressing interest in investing in this vibrant market. The growth is undeniable, and we’re committed to deepening our involvement in the region.

We recently showcased a list of 30 exciting startups in the Philippines to give the community a sense of the kind of companies being built locally. Some of the Founders will speak at Echelon, so do check them out!

To give you a better sense of the opportunity, check out our interview with Foxmont Capital Managing Partner Franco Varona and Founding Partner Jelmer Ikink on the middle class population in the Philippines and our showcase of Cento Ventures’s report on investment flow in the region.

Join us for Echelon Philippines 2024 and be part of the rising local tech ecosystem.

Refreshed our homepage

While it may seem like a small update, refreshing our homepage was a thoughtful and user-centric effort to better serve the 450,000+ users we have welcomed over the past three months. We listened closely to user feedback to create a more holistic experience catering to our community’s diverse needs.

Whether you are diving into insightful articles, discovering startups, connecting with investors, or exploring job opportunities, our goal is to make e27 even more intuitive and engaging. With enhanced visibility and accessibility of content, revamped widgets for contributors, startups, investors, and jobs, and a spotlight on partner events, we’ve ensured that every user can seamlessly find value and stay connected to the ecosystem.

Privileged to have continued support from partners

Our partnerships have driven innovation and created meaningful opportunities across the region. We have had the privilege of working alongside visionary partners who share our commitment to fostering growth in the startup ecosystem.

A standout example is our collaboration on the Future of Capitalism Startup Competition, offering startups a unique chance to secure up to US$1 million in funding. Additionally, through the SAFE STEPS D-Tech Community Hub in partnership with the Prudence Foundation, we continue to help organizations scale their disaster tech operations globally.

H1 2024 also marked the beginning of our exciting new partnership with Oceanbase, where together, we took steps to empower Indonesia’s digital economy—projected to reach US$330 billion by 2030. These partnerships reflect the strength of our collaborative spirit and the collective impact we can make when we work together to support the tech community.

Introduced Contributor Dashboard for our Community

The one thing our community wanted to know was when their posts were getting published and how well they were doing. We decided to launch a dashboard to streamline  article management, monitoring, sharing, and writing and this has been a hit among our users.

Our team

None of this would have been possible without the dedication and brilliance of our amazing team. I want to thank every member of the e27 team for their relentless commitment and passion. You have driven innovation, navigated challenges, and worked tirelessly to push our mission forward.

Gratitude to our Community:

To our users, partners, and friends in the tech ecosystem, thank you for your unwavering support. Every interaction, partnership, and shared insight helps us grow and continue to deliver value to you.

We look forward to continuing this journey with all of you as we strive to create even more opportunities in the second half of 2024.

Here’s to the next chapter!

The post 🌟 H1 2024 was a remarkable first half for e27, but we have only just begun 🌟 appeared first on e27.

When you ask teens or young people in their 20s when they last stepped into a bank, you may hear “never” in response. However, ask them about their most recent wire transfer, and they’ll likely say, “Just a few minutes ago.” In today’s world, visiting a bank in person feels outdated.

The COVID-19 pandemic accelerated digitalisation, and young generations, as top consumers, are driving significant changes in the banking industry. Millennials and Gen Z are reshaping the financial landscape with their digital-first mindset and preference for convenience, accelerating financial inclusion globally.

Let’s explore three key ways they’re driving this change.

Embracing digital finance

Young people are digital natives who have grown up with technology at their fingertips. This has made them early adopters of digital financial services. Millennials (born 1981-1995) and Gen Z (born 1995-2010) are becoming central to all economies, including banking. Their preference for fintech platforms goes beyond simply fulfilling an unattended population’s needs. Unlike previous generations, today’s young individuals are more inclined towards embracing technological inclusion in the banking arena.

A June 2021 survey by EY found that 51 per cent of Gen Z consumers name a fintech company as their most trusted financial brand, while only 23 per cent name a national bank. According to The Wall Street Journal, three patterns explain why Gen Z leans toward fintech for managing their finances:

• A dislike of credit-card debt.
• An expectation that brands will reflect their values.
• A desire for community, networking, and self-education within financial services that invest in fun and recreational activities.

Fintech companies innovate by reflecting the values and addressing the social concerns of new generations—such as climate change, diversity, and inclusion—areas where traditional banks often fall short. Fintech presents itself as an easy, fun, and relatable alternative that speaks the same language and understands the needs of young consumers like no other business.

• Cryptocurrencies: While still a nascent asset class, cryptocurrencies have captured the imagination of many young people. Platforms like Coinbase and Binance have made it easier for individuals to buy, sell, and hold cryptocurrencies. While their role in mainstream finance is still evolving, cryptocurrencies have the potential to disrupt traditional banking systems and increase financial inclusion by providing an alternative to conventional financial institutions.
• Buy Now, Pay Later (BNPL): Gen Z is increasingly embracing BNPL for smaller ticket items (70 per cent use it for purchases of less than US$100). This seems driven by BNPL’s ease of use, availability, and attractiveness as an alternative to credit cards. Data shows nearly 32.8 million Gen Zers will use mobile wallets this year, and 43 per cent will use BNPL. Very few in this generation use physical cards.

Also Read: The synergy of AI and DeFi: Shaping the future of finance

Driving financial literacy

Younger generations are increasingly aware of the importance of financial literacy. They are more likely to seek out financial education and share their knowledge with peers. Millennials, also known as Generation Y, grew up amid rapid economic change, which gave them higher career expectations than previous generations.

They are poised to reshape the economy, having entered the workforce during economic instability and approaching critical financial decision-making points. Their high aspirations and the reliance on technology for information are shaping their financial behaviour, which will significantly impact the global economy.

• Social media and financial education: Platforms like TikTok and Instagram have become hubs for financial advice, with influencers sharing tips on budgeting, saving, investing, and more. Accounts dedicated to financial education are demystifying complex financial concepts and making them accessible to a broader audience.
• Demanding financial transparency: Young people are less likely to accept financial jargon and complex terms. They are driving a demand for clear and transparent financial products and services. Fintech companies that offer straightforward, no-nonsense products are gaining favour among these consumers.
• Entrepreneurship and financial innovation: Many young people are starting their own businesses and developing innovative financial solutions. This entrepreneurial spirit is contributing to a more inclusive financial ecosystem. Startups founded by younger entrepreneurs are often focused on solving specific financial inclusion challenges, such as providing micro-loans or building tools for underserved communities.

Shaping consumer behaviour

The spending habits and preferences of younger generations are influencing the financial industry.

• Contactless payments: Mobile wallets and contactless payments have become the norm for many young people. This shift is driving the adoption of new payment technologies and infrastructure. Services like Apple Pay, Google Pay, and Samsung Pay are seeing widespread adoption, pushing merchants to upgrade their payment systems to accommodate these preferences.
• Subscription economy: Younger generations are more comfortable with subscription-based services, leading to the growth of subscription-based payment options. This trend is influencing everything from entertainment (Netflix, Spotify) to software (Adobe Creative Cloud, Microsoft Office 365), and even physical products (subscription boxes, meal kits).
• Data privacy and security: This generation is more concerned about data privacy and security. Financial institutions must prioritise these concerns to build trust. Companies that demonstrate robust security measures and transparent data handling practices are more likely to earn the loyalty of younger customers.

Case studies and examples

• Kenya, M-Pesa: A mobile money service that has revolutionised financial inclusion by providing access to banking services for millions of previously unbanked individuals.
• China, WeChat Pay and Alipay: Mobile payment platforms that have transformed the payment landscape and contributed to a cashless society.
• United States, Chime: A digital bank offering no-fee banking and early direct deposit, appealing to younger consumers.
• Sweden, Klarna: A fintech company that popularised the “buy now, pay later” model, making it easier for consumers to manage their finances.
• India, Digital India: A government initiative to expand internet access and digital literacy, bridging the digital divide and promoting financial inclusion.
• Philippines, GCash: A digital wallet partnering with rural banks to provide mobile banking services to remote communities.

Also Read: Navigating the complexities of Southeast Asia’s fintech landscape: Challenges and opportunities

Addressing challenges and opportunities

While younger generations are driving financial inclusion, challenges such as the digital divide and the need for supportive regulations persist. By addressing these issues and leveraging the power of technology and innovation, we can create a more inclusive and equitable financial future for all.

By leveraging technology, prioritising financial education, and driving consumer behaviour change, younger generations are playing a pivotal role in expanding financial inclusion and creating a more equitable financial system. Their influence is driving innovation, transparency, and accessibility, ensuring that financial services are within reach for a broader segment of the global population.

As these trends continue, the financial landscape will undoubtedly become more inclusive and user-centric, benefiting not only younger generations but society as a whole.

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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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The post The 3 ways younger generations are boosting financial inclusion appeared first on e27.