Southeast Asian (SEA) insurtech company PasarPolis continues solidifying its regional presence with significant achievements in Vietnam and Thailand.

The company’s operations in these markets have flourished, driven by strategic partnerships and a strong customer-centric approach. These accomplishments underscore PasarPolis’ effective collaboration strategy with ecosystem partners for impactful market entry and expansion.

Building on its success, PasarPolis is now gearing up for its next major move: expansion into Singapore, seeking to further its profitable growth trajectory.

Since expanding into Thailand and Vietnam in 2019, PasarPolis has sold millions of policies, demonstrating its commitment to democratising insurance and utilising technology to meet the unique needs of local markets. Earlier this year, PasarPolis reported remarkable financial performance, with a 2x revenue growth since its last funding round in 2023 and a 250 per cent surge in Gross Written Premium (GWP).

In an email interview with e27, Brendan Batanghari, VP of Corporate Finance & Regional Partnership at PasarPolis, explains the company’s plan to continue expanding and the lessons they learn.

Also Read: Filipino insurtech startup Hive Health nets US$6.5M led by Gentree, BEENEXT

The following is an edited excerpt of the conversation.

The last time PasarPolis spoke to e27, we discussed selling insurance in a market like Indonesia, where buying insurance products is still considered a financial loss. Do you see any noticeable changes in user behaviour? If yes, how do you adjust your strategy to it?

Yes, we have observed a gradual shift in user behaviour in Indonesia. While insurance was traditionally viewed as a financial burden, we have seen an increasing awareness of its value, particularly in protecting against unexpected risks. This change has been driven by the rise of digital platforms, which make insurance more accessible and transparent, and by targeted education efforts that emphasise the importance of insurance as a financial safeguard.

One of the key factors in this shift is how easy it is to claim our insurance products. In some cases, claims are processed automatically and within minutes, which has transformed the experience of being insured.

Insurance is now viewed more positively, as customers enjoy the peace of mind that comes with daily protection, knowing that claims are easy and hassle-free.

At PasarPolis, we have focused on making the entire insurance purchasing and claiming process incredibly simple and user-friendly. Customers can now purchase and claim insurance with just a few taps, without filling out lengthy forms. We continue to prioritise making the insurance journey easier, simpler, and more affordable, ensuring our products are accessible and valuable to a broader audience.

Also Read: Insurtech shines amidst overall funding decline in Indonesia in H1

Are there any insights that you can share about Indonesian and SEA customers in general?

Indonesian and SEA customers are becoming increasingly digitally savvy, significantly influencing their purchasing behaviours. They prefer convenience and seamless experiences, so we focus on integrating our services into platforms they already use, such as e-commerce and ride-hailing apps.

In Indonesia, while insurance penetration remains relatively low at 1.4 per cent compared to neighbouring countries such as Singapore at 12.5 per cent and Thailand at 4.6 per cent, there is immense growth potential.

The increased digital literacy and the push towards digital financial services contribute to a steady rise in insurance adoption. The inclusion rate for insurance in Indonesia has also grown from 13.15 per cent in 2019 to 16.63 per cent in 2022, signaling a growing acceptance of insurance products.

Thailand and Vietnam similarly present vast opportunities. Despite Thailand’s higher penetration rate, there is still significant room for expansion, especially as more consumers become aware of insurance’s benefits and digital platforms make it easier to access these products.

In Vietnam, where insurance penetration stands at 2.2 per cent, the demand for insurance solutions is growing rapidly. This growth is driven by the country’s fast-paced economic development, increasing consumer awareness, and the rising middle class. As Vietnam continues to develop, we anticipate that insurance penetration will increase significantly, presenting a lucrative opportunity for expansion.

Overall, these markets are on the brink of a significant insurance boom. As we continue to innovate and tailor our products to meet the specific needs of customers in these regions, we are confident that insurance penetration will grow substantially. By simplifying the insurance purchasing and claiming processes, we aim to contribute to this positive trend, ensuring more people benefit from accessible and reliable insurance coverage.

Also Read: AI-powered insurtech startup Sunday acquires KSK Insurance Indonesia

Can you tell us about the user acquisition strategy you have been using in Vietnam and Thailand? What lessons have you learned from these markets?

Our user acquisition strategy in Vietnam and Thailand mirrors the approach we have successfully implemented in Indonesia.

We focus on partnering with insurance providers and ecosystem partners, such as e-commerce platforms and fintech companies, to embed our insurance products within the services that users already engage with daily. This approach allows us to reach a wide audience and seamlessly integrate insurance into their everyday experiences.

Localisation is crucial in ensuring our products resonate with local consumers and address their specific needs. One example of this localised strategy is introducing the nation’s first microinsurance product for digital electronic protection in Thailand. This product provides 12 months of coverage for new electronic goods against accidental damage and loss from theft or burglary. It can be purchased in just a few taps and easily claimed online, making it highly convenient and user-friendly.

By adapting our products to fit local demands and preferences, we have built trust and drive adoption more effectively in these markets. This localisation, combined with our partnership-driven approach, has been key to our success in Vietnam and Thailand.

What other plans do you have for these markets?

Moving forward, we plan to deepen our presence in Vietnam and Thailand by expanding our product offerings and forging new partnerships.

We are particularly interested in enhancing our digital insurance solutions to cater to the growing demand for convenient and accessible insurance products. Additionally, we aim to leverage data analytics to better understand customer needs and provide more personalised offerings.

Also Read: Thai SaaS insurtech startup Eazy Digital bags US$1M for Malaysian, Philippine expansion

We are also exploring opportunities to collaborate with local businesses to co-create insurance products that address specific market needs, further embedding ourselves in the local ecosystems.

Can you share more about your plan to expand to Singapore? What challenges or differences do you expect to encounter?

Our expansion to Singapore is a strategic move to solidify our presence in SEA’s insurtech landscape. Singapore, a highly developed and competitive market, presents opportunities and challenges. One of the main challenges we anticipate is the high level of customer expectations for seamless digital experiences and the need to differentiate ourselves in a market with established players.

We plan to leverage our experience from other markets to tackle these challenges, focusing on innovation and customer-centric solutions. A key aspect of our strategy will be emphasising the ease of purchasing and claiming insurance protection with just a few taps.

By offering a simple, fast, and convenient user experience, we aim to meet the high expectations of Singaporean consumers and stand out in a competitive landscape.

Additionally, we will consider forming strategic partnerships that can help us tap into existing networks and customer bases. We plan to emphasise compliance and adaptability to effectively navigate Singapore’s stringent regulatory environment.

By combining our strengths in digital innovation with a deep understanding of local market dynamics, we are confident in our ability to successfully expand into Singapore.

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Image Credit: PasarPolis

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Lamudi Indonesia, an online property marketplace owned and operated by Asutralia’s Digital Classifieds Group (DCG), has received an undisclosed amount in strategic financing from Living Lab Ventures (LLV), the corporate VC arm of Indonesia real estate development company Sinar Mas Land.

“This marks another milestone for LLV, as it reflects our strong belief in DCG and Lamudi’s capability to drive the largest tech-based ecosystem for the property technology industry in Indonesia, especially through strategic collaboration and integration within the Sinar Mas Land ecosystem,” said Bayu Seto, Partner of Living Lab Ventures.

Also Read: Aussie group DCG acquires Lamudi’s Indonesia, Philippine businesses

“This move will gain access to new avenues as we are expanding our reach into Australia and strengthening our muscles in the Asia-Pacific proptech industry,” he added.

Lamudi was founded in 2013, initially focusing on building dominant property classifieds in frontier markets. Over recent years, Lamudi has shifted from advertising to transaction-based business models to accelerate revenue and growth.

Currently, it provides services, such as omnichannel marketing solutions, for over 425 property projects. The firm works with over 30,000 real estate agents in the archipelago.

“With the backing of Living Lab Ventures, we are poised to expand our operations and solidify our position as the leading real estate marketplace in Indonesia. This investment will enable us to further develop our platform, improve user experience, and provide unparalleled value to our customers,” stated Mart Polman, CEO of Lamudi Indonesia.

DCG acquired Lamudi’s Indonesia and Philippine businesses from Dubizzle Group in October last year. The deal follows DCG’s acquisition of the leading Bangladeshi portal, Bproperty, in January 2023.

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Image Credit: Lamudi

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FinKnight, a Malaysian fintech startup providing accounting and professional services, has secured an undisclosed strategic investment from Gobi Partners Affiliate and First Move, an early-stage fund run by Fave founder Joel Neoh and its former executive Audra Pakalnyte.

This investment supports FinKnight’s mission to provide “comprehensive accounting and professional services”, including growth strategies, fundraising, bookkeeping, and data analytics.

In today’s fast-paced startup environment, traditional financial practices often fall short of meeting the unique needs of high-growth ventures. Moreover, startups and scaleups face increasing pressure to optimise costs while scaling operations, prompting many to relocate finance and back-office functions to more cost-effective locations.

Also Read: How Fave founder’s new VC firm helps Malaysian entrepreneurs make their First Move

FinKnight (formerly Beetle Knight Advisory) addresses these challenges by offering a new approach to startup finance.

The startup, The startup, founded by Chang Lih Yen and Chan Qi Yang (former CFOs of EasyParcel and Signature Market), claims to have impacted over 15 startups and scaleups in just one year, helping them navigate complex financial landscapes, optimise their operations, and achieve sustainable growth.

Its clientele ranges from pre-seed to growth-stage companies.

Also Read: Dream big, start small: Joel Neoh shares lessons from his years with Fave

Joel Neoh, Partner at First Move, said, “When I first met the FinKnight team, I was immediately struck by their deep understanding of the unique challenges startups face. It’s not just about providing financial services—it’s about being a partner in their growth journey. We’re thrilled to join FinKnight in their mission to empower startups and scaleups across Southeast Asia with the tools they need to succeed.”

Founded in 2023, First Move has backed ten Southeast Asian startups in first year. With an average investment size of US$100,000 per startup, the VC firm has invested in companies, including The Giggly Company, Evo Commerce, DeCube, Save Day, Koppiku, 3Cat, PayGap, and Collektr.

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Image Credit: FinKnight.

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Singapore-based startup FingerDance is on the way to revolutionise accessibility for the deaf and hard-of-hearing communities with their FingerDance AI Sign Language large models, offering 24/7 sign language translation services.

This innovation aims to enhance information and service accessibility, providing seamless communication support for those who rely on sign language.

“We are working with the Singapore Association for the Deaf (SADeaf) and the deaf communities during our product development,” FingerDance Co-Founder Gong He shares in an email to e27.

“For example, we invite deaf participants to attend our Singapore Sign Language data collection workshops.”

Operating on a B2B model, FingerDance aims to extend its reach by partnering with more organisations in the future. Their strategy focuses on expanding the deployment of their sign language translation technology across various service points, ensuring that deaf and hard-of-hearing individuals can navigate public spaces and access essential services effortlessly.

Currently, FingerDance is collaborating with partners such as SBS Transit and SADeaf to deploy their solution at the Chinatown MRT station, enabling the deaf community to easily access passenger services.

Also Read: Embracing neurodiversity: Hiring individuals with autism in Australian workplaces

Innovating for a difference

FingerDance is one of the seven innovative startups that have emerged from the inaugural cohort of the Technology for Sustainable Social Impact (TS2) accelerator programme, a collaborative initiative launched by NUS Enterprise, the entrepreneurial arm of the National University of Singapore (NUS), and the Singapore Centre for Social Enterprise, raiSE.

Announced on January 29, TS2 is a 10-week accelerator programme designed to empower tech startups that focus on creating human-centred social impact within Singapore. The programme is geared towards nurturing enterprises that are not only technologically innovative but also deeply committed to addressing pressing social challenges in the community.

How does participating in this programme help FingerDance’s business? Through TS2, FingerDance has received the guidance, resources, and network support necessary to refine and scale its solution, ensuring it can reach a broader audience and have a greater impact.

“TS2 programme provides various support, such as mentor services and weekly lessons. In addition, TS2 is a great platform to connect with like-minded entrepreneurs. We learned a lot during this journey,” Gong He says.

The FingerDance team consists of 10 members, including five co-founders. The company was part of Run 8 of the NUS Graduate Research Innovation Programme (GRIP).

Also Read: Inclusion matters: How GitHub enhances accessibility for individuals with disabilities

Launched in 2018, GRIP is a year-long venture creation initiative by NUS that supports post-graduate students, researchers, and alumni in transforming their research into successful deep tech startups. Through GRIP, FingerDance received crucial funding and guidance that have been instrumental in nurturing its early-stage venture from research commercialisation to market readiness.

For 2024 and beyond, FingerDance aims to keep on expanding its reach in Singapore.

“We aim to integrate sign language everywhere to benefit the deaf and hard-of-hearing communities. We look forward to working with more partners on this smart and inclusive journey,” Gong He closes.

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Image Credit: NUS Enterprise

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The cryptocurrency landscape is dynamic and ever-changing, requiring a keen understanding of many factors that influence the fair value of digital assets. As we delve into this world, it is crucial to separate the signal from the noise, focusing on long-term value rather than short-term hype.

By understanding price fluctuations and market patterns, individuals can make informed choices about buying, selling, or holding their crypto assets, just like any other asset class.

Factors influencing the fair value of digital assets

Supply and Demand: Similar to traditional currencies, goods, and services within an economy, the value of crypto assets like Bitcoin (BTC), Ethereum (ETH), etc., are shaped by perceived worth, as well as by the forces of supply and demand. When people believe that Bitcoin has significant value, they are more inclined to purchase it, particularly if they expect its value to rise. Bitcoin’s fixed supply of 21 million coins makes it inherently scarce.

This scarcity, combined with increasing demand, especially during periods of economic uncertainty or as a hedge against inflation, tends to drive up its price. Conversely, a decline in demand, possibly due to market corrections or the appeal of alternative investments, can cause Bitcoin’s price to fall.

Also Read: The rise of Web3 and crypto startups: Pioneering the decentralised future

For instance, in 2021, Bitcoin’s price surged by 10 per cent overnight after Amazon posted a job listing for a “Digital Currency and Blockchain Product Lead,”underscoring the impact of market demand on its value.

Investor sentiments

In the fast-paced world of digital assets, investor sentiment acts like a powerful headwind or tailwind in the market for crypto assets, causing significant price swings based on their mood and expectations. When positive news, such as institutional adoption or favorable regulatory announcement occurs, investors fear missing potential gains and jump in, further inflating Bitcoin’s price. Investors tend to seek information that confirms their existing beliefs.

If investors are bullish, their focus will be more inclined towards positive news, resulting in a buying spree of the underlying asset. Conversely, negative news, such as security breaches or regulatory crackdowns can trigger sharp declines. Even seasoned investors can find themselves swept up in waves of excitement or fear, leading to market frenzies or panics.

Understanding and managing these emotional dynamics is essential for investors aiming to thrive in this rapidly evolving landscape. By maintaining a disciplined, forward-thinking approach, investors can harness the power of sentiment while mitigating its potential pitfalls.

Regulations

Regulations significantly impact crypto assets’ market value. Favourable regulatory policies enhance market confidence and attract investors, while restrictive regulations can lead to market contractions. For example, in January 2024, after years of denials, the approval of Bitcoin Spot ETFs by regulators caused Bitcoin’s price to climb over the following months to exceed US$73,000.

Also Read: A fundraising guide for your crypto project

Regulatory news often has a direct and immediate effect on investor sentiment, influencing both short-term price movements and long-term market trends. However, since crypto asset regulations differ significantly around the world, investors must stay informed about the laws in their authority and comply to make sound investment decisions.

Overblown publicity and attention from the media

Media plays a crucial role in shaping public perception of cryptocurrency, moulding its narrative through news coverage. Positive media stories, such as endorsements by influential figures or announcements of major companies adopting Bitcoin, can spark excitement and draw new investors, thereby driving up prices.

For instance, in March 2021, when Elon Musk revealed Tesla’s investment in Bitcoin, prices surged due to heightened optimism about institutional adoption. However, when Musk later expressed concerns about Bitcoin’s environmental impact, prices plummeted amid negative sentiment and concerns over regulatory scrutiny.

As we explore the potential of cryptocurrencies, it is vital to approach investment in this exciting but volatile asset class with a clear, value-based strategy and not focus on short-term returns. For new investors, understanding these factors can help them navigate the complexities of the crypto market.

The cryptocurrency world is evolving, offering undeniable potential for investors and the months ahead will be critical in shaping the future of this innovative asset class. Understanding the macro picture is essential for navigating this new frontier.

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Staying Strong: A Closer Look at YouBiz and How They Compete in Southeast Asia’s Markets

Navigating the competitive landscape of Southeast Asia’s markets can be a daunting task for any business.

The Echelon X fireside chat titled ‘Staying Strong: A Closer Look at YouBiz and How They Compete in Southeast Asia’s Markets’ provided key insights into how to level up your game in this dynamic region. The session featured Caecilia Chu, Co-Founder and CEO of YouTrip, who shared her story and strategies for positioning YouBiz, a new product offering, in the SEA region.

Moderated by Lars Voedisch, Group CEO of PRecious Communications, the fireside chat offered a unique opportunity to learn from Chu’s extensive experience in product development strategies, customer acquisition tactics, and competing with other industry players. She delved into the challenges and successes of launching YouBiz in Southeast Asia, providing attendees with practical insights and actionable advice.

Fundraising or preparing your startup for fundraising? Build your investor network, search from 400+ SEA investors on e27, and get connected or get insights regarding fundraising. Try e27 Pro for free today.

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DiMuto, a global agrifood trade solutions company headquartered in Singapore, has closed its Series A funding round, securing US$5.9 million.

The Yield Lab Asia Pacific led this round. SiS Cloud Global Tech Fund 8, Gold Sceptre Limited, and Dave Chen participated.

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

Existing investors such as SEEDS Capital, SGInnovate, and Great Giant Pineapple participated. These firms earlier invested US$2.35 million in DiMuto’s in 2021.

Gary Loh (CEO) founded DiMuto in 2019 to digitize the global food supply chain by integrating advanced technologies such as AI, blockchain, and IoT.

The startup offers marketplace, trade management, and trade financing to support every aspect of agrifood trading.

The trade management platform digitizes every carton of agrifood products for quality assurance and data visibility, while its traceable marketplace connects verified buyers and suppliers to enhance transparency and trust. The Financial Services business provides post-shipment trade financing to address critical financial needs and drive business growth of agrifood companies.

Since its inception, DiMuto claims to have tracked and traced millions of pieces of produce and millions of dollars of trade value on its platform, working with a global portfolio of clients in over ten countries and five continents.

Also Read: DiMuto raises US$2.3M in Series A funding round to scale up product development

DiMuto will use the funds to broaden its marketplace arm and venture into greenhouse-based agriculture and climate-adaptive varietal development. This move will enhance year-round supply resilience and scale the company’s private label SoLuna Fresh.

SoLuna Fresh has marketed traceable fresh produce from Latin America into Asian markets, mainly tropical and berry products.

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This year, Malaysia-based edutech startup ReSkills celebrated its fourth anniversary and made strides towards its long-term goals: Announcing a plan to pursue a NASDAQ listing. This strategic move underscores ReSkills’ commitment to global scaling and adherence to the rigorous standards of international markets.

“The founding team is focused on building ReSkills into a leading unicorn startup in Malaysia, with no immediate plans for an exit. However, we are planning a NASDAQ listing as a key exit strategy to provide our angel investors—who have supported us from the beginning—with a clear and effective route to realise their returns,” explains founder Jin Tan in an email interview with e27.

“Looking beyond the initial exit, our long-term vision is to continue growing and to position ReSkills as a prominent player in the edutech industry. Our goal is to strive towards achieving decacorn status, reflecting a company valued at over US$10 billion. We are committed to maintaining our growth trajectory and reinforcing our leadership position in the market, ensuring that we remain at the forefront of educational innovation well beyond our initial exit.”

As ReSkills moves forward with its plan, Jin Tan reflects upon the early days of the startup and the differences in how they are running it today.

“In our early days, ReSkills focused on setting up our platform and managing operations with a small, agile team. Now, as a growth-stage startup, we have had to scale our systems and processes to support a larger user base. This includes improving our technology, refining our strategic planning, and expanding our team,” Jin Tan explains.

Also Read: Pintar snaps up Gredu, Kerja.io, Hiringmaps to enter trade-based education, labour placement sectors

“We have shifted from handling every detail ourselves to developing more structured processes and specialised roles. While our commitment to providing affordable, high-quality education remains the same, our approach to growth involves careful planning, enhanced customer support, and ongoing innovation to meet the evolving needs of our learners.”

Making education more accessible

Jin Tan’s passion for advancing entrepreneurship and economic growth in Malaysia and his 13 years of experience as a technopreneur, CEO, and venture capitalist inspired him to found ReSkills in 2020.

The online educational platform aims to make comprehensive learning solutions accessible and affordable worldwide, focusing on Professional Growth, Career Development, and Entrepreneurship. Under his leadership, ReSkills has consistently provided learners globally with convenient access to top-tier courses tailored to their needs and career aspirations.

ReSkills is implementing several business models, including a subscription-based model, B2B and institutional partnerships, content licensing, and white-label solutions.

ReSkills operates on a subscription-based model, offering users access to a vast library of live and recorded classes for just US$1 per month, making education affordable and accessible to a broader audience. By focusing on high volume and low margin, they aim to acquire a large global user base while generating substantial revenue through scale.

ReSkills also partners with businesses for corporate training solutions and collaborates with educational institutions to integrate their platform into existing curricula, enhancing revenue and brand visibility. Additionally, they license content to other platforms and offer white-label solutions, creating additional revenue streams and expanding their market reach.

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

Partnerships play a key role in the company’s user acquisition strategy. “We have established strategic partnerships with educational institutions, corporations, and government bodies, locally and internationally. These partnerships not only help in acquiring users but also in enhancing the credibility of our platform.”

Apart from that, ReSkills also implement targeted marketing campaigns and referral programmes, to name a few.

“We utilise data-driven marketing strategies to target specific demographics, ensuring that our outreach is both effective and efficient. Our campaigns are tailored to resonate with the needs and aspirations of our potential users,” Jin Tan explains.

“Word-of-mouth remains a powerful tool in our acquisition strategy. We incentivise current users to refer new members by offering referral rewards, discounts and exclusive content, creating a community-driven growth model.”

A future with AI

When asked about some of the company’s upcoming plans, Jin Tan mentioned ReSkills’s commitment to implementing AI technology into its products and services.

“At our June 2024 celebration, we proudly announced our commitment to AI technology, focusing on real-time verbal translation and lip-syncing. This advancement will help ReSkills break down language barriers and make our platform more accessible to a global audience,” he says.

The company’s plan to integrate AI across its platform enhances the learning experience by personalising learning paths, offering customised course recommendations, and adapting content based on user interactions.

According to Jin Tan, AI will also enable dynamic course content creation, ensuring relevance and engagement, while intelligent tutoring tools provide real-time assistance. Additionally, the technology will foster enhanced engagement through interactive, immersive experiences, including virtual simulations and gamified elements.

“We introduced AI-driven features to our platform, significantly improving user experience and learning outcomes. These innovations have positioned ReSkills as a frontrunner in the edutech industry, offering personalised learning pathways that cater to individual needs.”

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Image Credit: ReSkills

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As a nation highly vulnerable to the impacts of climate change, the Philippines cannot afford fragmented efforts to tackle the impact of climate change.

A collaborative approach is essential to safeguarding livelihoods, protecting natural resources, and ensuring a sustainable future for all Filipinos. The fight against climate change requires a unified effort from all sectors, including government, businesses, civil society, and local communities.

Tech startups in the Philippines are uniquely positioned to play a critical role in tackling the impact of climate change due to the country’s vulnerability to extreme weather events and its rich natural resources. With innovative solutions, these startups can drive sustainable practices across various industries, from agriculture to energy, by leveraging technology to optimise resource use, reduce carbon footprints, and enhance disaster resilience.

Furthermore, by addressing climate change, Filipino startups can tap into global markets increasingly prioritising sustainability, aligning with international standards, and attracting investors focused on impact-driven ventures.

However, these startups are not able to do it by themselves.

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

Investors need to actively support climate tech startups in the Philippines because these ventures are at the forefront of addressing the country’s most urgent environmental challenges while presenting significant growth opportunities. By investing in climate tech, investors contribute to mitigating climate change impacts, such as typhoons and rising sea levels, and tap into a rapidly expanding market driven by the global shift towards sustainability.

Supporting these startups can lead to developing scalable, innovative solutions that improve energy efficiency, reduce carbon emissions, and enhance disaster resilience. Moreover, investing in climate tech in the Philippines aligns with growing global investor demand for impact-driven portfolios, offering financial returns and meaningful contributions to the fight against climate change in one of the world’s most vulnerable regions.

Not a walk in the park

But investing in climate tech in the Philippines is not as easy as it seems.

Several challenges include regulatory uncertainties, infrastructure limitations, and market readiness. The regulatory landscape, while evolving, can be complex and may lack clear guidelines or incentives for climate-focused innovations, creating hurdles for startups seeking to navigate compliance and secure approvals.

Additionally, infrastructure in the Philippines, particularly in rural areas, may not be sufficiently developed to support deploying advanced climate technologies, which can slow down scaling efforts.

Market readiness is another concern, as both consumers and businesses may be slow to adopt new, sustainable technologies due to cost considerations or a lack of awareness.

Also Read: Echelon X: How climate tech is addressing Asia’s environmental issues

Furthermore, the availability of skilled talent and the need for significant capital investments in research and development add complexity to scaling climate tech solutions in the country.

To fully understand the opportunities in the climate tech sector in the Philippines, join us at Echelon Philippines 2024 for an insightful panel discussion titled “Climate Tech: Seizing Opportunities in an Emerging Ecosystem” on Friday, September 27, 2024, at 1:30 PM at Level 2, SMX Convention Center Manila.

Moderated by Katherine Khoo, Lead of Social Impact & Equity Action at Ayala Corporation, this session will feature key industry leaders, including Nicki Luy Sevilla, Co-founder of SACHI-Group, Inc., Priya Thachadi, CEO & Founder of Villgro, and Andy Othman, SVP, Chief Venture Officer & Managing Director of 1882 Energy Ventures.

Together, they will explore the burgeoning climate tech landscape in the Philippines, discussing the challenges and opportunities for innovation, investment, and sustainable growth.

Don’t miss this chance to engage with experts driving the future of climate technology in the region! Check out all the details about Echelon Philippines 2024 here.

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The digital landscape has continuously evolved, with each new phase bringing about profound changes to the way we connect, share information, and conduct business. The concept of Web3, often referred to as the decentralised web, has emerged as the latest evolution, driven by blockchain technology and the rise of cryptocurrencies.

In parallel, a multitude of innovative crypto startups have emerged, collectively shaping the trajectory of this decentralised future.

This article explores the multifaceted rise of Web3 and the impactful role crypto startups are playing in this transformative journey.

The essence of Web3: Decentralisation and empowerment

At its core, Web3 represents a paradigm shift from the centralised nature of the Internet as we know it (Web2) to a decentralised model where power, ownership, and control are distributed among users. This shift is made possible by blockchain technology, a distributed ledger system that ensures transparency, security, and immutability. Cryptocurrencies serve as the medium of exchange within these decentralised ecosystems, enabling trustless transactions and novel economic models.

Crypto startups: Catalysts of Web3 innovation

• Decentralised Finance (DeFi): Perhaps the most significant impact of Web3 has been witnessed in the domain of decentralised finance. DeFi startups have built platforms that allow users to engage in financial activities, such as lending, borrowing, trading, and yield farming, without intermediaries. These protocols are governed by smart contracts, enhancing transparency and reducing the need for traditional banks.
• Non-Fungible Tokens (NFTs): NFTs have revolutionized ownership and provenance in the digital realm. Crypto startups have capitalized on NFTs to enable artists, musicians, and creators to tokenize their digital works, making them unique and easily tradable. This innovation has extended beyond art to virtual real estate, collectibles, and even fractional ownership of real-world assets.
• Decentralized Applications (DApps): Web3 has spurred the development of DApps, applications that run on blockchain networks. These DApps offer new solutions in sectors such as supply chain management, identity verification, and content sharing. Crypto startups are instrumental in creating user-friendly DApps that enhance the usability and accessibility of blockchain technology.
• Blockchain infrastructure and scalability solutions: The scalability limitations of blockchain networks have prompted startups to explore innovative solutions. Layer 2 solutions, sharding, and interoperability protocols are being developed to address these challenges, making blockchain technology more efficient and sustainable.

Navigating challenges in the path to decentralisation

• Regulatory complexities: The decentralised nature of Web3 and the global reach of cryptocurrencies have led to complex regulatory landscapes. Crypto startups often find themselves in a balancing act, striving to innovate while ensuring compliance with evolving regulations in various jurisdictions.
• User adoption and education: Mainstream adoption of Web3 concepts and cryptocurrencies requires user-friendly interfaces and comprehensive education. Overcoming the technical barriers and clarifying the benefits of decentralisation are crucial for broader acceptance.

Also Read: Indonesia may have a bright future in Web3 space, but some homeworks remain

Envisioning the Web3 future

• Cross-industry disruption: The impact of Web3 and crypto startups goes beyond the technology sector. Industries like finance, supply chain management, healthcare, and even governance are being reshaped by the principles of decentralisation, transparency, and trust.
• Ownership and empowerment: Web3 has the potential to democratise access and ownership of digital assets. Individuals can regain control over their data, enabling a more equitable digital landscape.
• Collaborative governance: Decentralised Autonomous Organisations (DAOs) exemplify the collaborative spirit of Web3. These organisations operate on blockchain-based governance models, allowing stakeholders to collectively make decisions, allocate resources, and shape the direction of projects.

In summary, the rise of Web3 and the subsequent surge in crypto startups marks an era of unprecedented innovation and transformation. As blockchain technology and decentralised principles become more ingrained in our digital experiences, the collaborative efforts of crypto startups will play an instrumental role in reshaping industries, empowering individuals, and fostering a new era of internet sovereignty.

The journey to a decentralised future is underway, and the evolution of Web3 is set to redefine the way we connect, transact, and interact online.

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

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