Across the world, artificial intelligence’s (AI) rapid evolution has disrupted close to every industry. According to  IDC, AI spending In the Asia Pacific region is predicted to reach US$90.7 billion by 2027.

In fact, Singapore is leading the way for the region in view of its regional hub status, number of AI startups, top universities and government investments. While this expansion and growth are exciting, businesses must put secure data management and cybersecurity at the forefront of their AI journey.

In today’s hyper-connected digital landscape, the symbiotic relationship between data management, cybersecurity, and the success of artificial intelligence (AI) cannot be overstated. As organisations increasingly rely on AI to drive business, the importance of robust data management practices and stringent cybersecurity measures becomes even more critical.

In celebration of AI Appreciation Day, organisations should take the opportunity to acknowledge the vital role that continuous data management and cybersecurity developments play in ensuring sustained AI success. Enhancing data management and cybersecurity literacy across any workplace is also paramount to AI success – knowing what data you have, where it is, and how you’re using it is the first step to leveraging it.

Data management advancement

At the heart of AI lies data – vast quantities of it. From structured data housed in databases to unstructured data generated from various sources, datasets serve as the lifeblood of AI algorithms. These datasets are the foundation upon which AI systems learn and evolve, directly impacting the performance of AI algorithms.

High-quality, diverse and well-curated datasets underpinned by strong data management practices are the fuel that powers AI algorithms and successful AI implementation. Not only does it enable them to learn patterns from the behaviour of users and businesses, but also provides valuable insights for sustainable business growth by making accurate predictions.

According to a recent report, business leaders in Singapore cited security threats and lack of data harmonisation as the top challenges in extracting value from their data sources. Coupled with the growing volume of data that is created, captured and stored at an exponential rate, it is imperative for businesses to equip themselves with the relevant data management solutions to meet this rising tide.

Also Read: Why does cybersecurity training for employees in Malaysia matter and how to go about it?

A comprehensive data management system will lay a solid foundation for an effective data-driven decision-making environment. With an automated data management platform, business can ensure a reliable and strong data source, ingestion and storage. Without this foundation, AI initiatives risk being built on shaky ground, leading to inaccurate results, biased outcomes, and even missed opportunities.

Multi-layered cybersecurity approaches

In an era where businesses are becoming more AI-driven, sound cybersecurity systems are now must-haves for sustainable business success. AI systems often handle sensitive consumer and business data, making businesses without adequate protective measures lucrative targets for cyberattacks.

A layered cybersecurity system is critical when protecting AI assets from data breaches and model manipulation. Equipping an organisation with secure communication protocols, intrusion detection systems, and regular software updates should be prioritised. They are vital in ensuring the safety and integrity of autonomous systems, allowing business owners to re-focus their attention on other strategic ventures.

Cyberattacks pose a significant threat to organisations, with data breaches resulting in severe financial, reputational, and legal consequences. For AI systems to operate effectively, they must be trained on high-quality data free from manipulation or tampering. Encryption, access controls, and threat detection systems, are all important steps that can safeguard data integrity and confidentiality, instilling trust in AI-driven decision-making processes.

Furthermore, compliance with data protection regulations, such as the Personal Data Protection Commission (PDPC) In Singapore, is non-negotiable. Failure to comply not only exposes organisations to hefty fines but also erodes customer trust and undermines the credibility of the attached AI applications.

Moreover, the cyberthreat landscape is ever-changing, as malicious actors utilise advanced AI tools to increase the speed, scale, and sophistication of cyberattacks, with many focused on breaching AI databases to steal valuable sensitive information or poison the database itself. Thus, companies need to be in lockstep with them by always maintaining and updating their security protocols and systems.

Also Read: How SkorLife uses Gen AI to reduce customer service costs by 50 per cent

How should businesses fortify their cybersecurity?

As AI technology continues to evolve, data management and cybersecurity approaches must adapt to ensure a harmonious synergy that both maintains protection and fuels sustainable growth. But where should businesses start?

Embedding privacy-by-design principles into AI development processes and adopting privacy-enhancing technologies will help organisations navigate regulatory complexities while respecting individuals’ rights to privacy.

By viewing data as a strategic asset and prioritising its protection throughout its lifecycle, organisations can unleash the full potential of AI to drive innovation, enhance customer experiences, and gain a competitive edge in today’s data-driven economy.

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In the heart of Southeast Asia, Singapore’s skyline glistens with the promise of innovation and progress. Among the towering skyscrapers and bustling financial districts, a new breed of companies is quietly shaping the future. These are the fintech, blockchain, and SaaS startups—small yet mighty, daring to dream big even as the world around them grows increasingly uncertain.

But 2024 has been a challenging year. The global economy, once a powerful engine of growth, has hit a series of speed bumps—rising inflation, soaring interest rates, and persistent supply chain disruptions. For many startups, these challenges are not just numbers on a spreadsheet; they’re the hurdles that could make or break their businesses. Yet, in this storm, Singapore’s tech pioneers are not just surviving—they’re adapting, innovating, and finding new ways to thrive.

The winds of change: Economic challenges hit home

Imagine being a young fintech entrepreneur in Singapore. You’ve just secured your first round of funding, excitement is in the air, and you’re ready to scale. But then, out of nowhere, inflation starts creeping up. Suddenly, every dollar doesn’t stretch as far as it used to. The cost of hiring top talent has spiked, and your operating expenses are climbing faster than anticipated. At the same time, interest rates are rising, and what seemed like an affordable loan now feels like a ticking time bomb.

In the blockchain space, the scenario is no different. A startup working on a groundbreaking platform for secure digital identities finds itself in a bind as the cost of maintaining its infrastructure balloons. Global supply chain disruptions mean that the servers they rely on are delayed, causing project timelines to stretch thin, threatening to break promises to clients.

And then there’s the SaaS entrepreneur who thought they had it all figured out—a scalable product, a growing client base, and a clear path to profitability. But as clients start tightening their budgets, the once-steady stream of subscription renewals begins to waver. It’s a wake-up call that the road ahead won’t be as smooth as they once thought.

Rising above: How Singapore’s startups adapted

But if there’s one thing that defines Singapore’s startup ecosystem, it’s resilience. These entrepreneurs didn’t just sit back and let the challenges overwhelm them—they adapted, evolved, and found new ways to move forward.

Also Read: Why startups should prioritise brand reputation from day one

Take the fintech company, for example. Faced with rising costs and tighter margins, the founders decided to double down on automation. They streamlined their operations, cutting unnecessary expenses and speeding up processes that used to take days, if not weeks. But they didn’t stop there.

Seeing an opportunity in the chaos, they expanded their offerings, moving into cross-border payments—a service increasingly in demand as businesses scrambled to adapt to a disrupted global economy. This strategic shift not only stabilised their revenue but also positioned them as a key player in a critical market.

In the blockchain sector, the startup working on digital identities faced a tough decision. With supply chain issues delaying their infrastructure, they realised they needed a more sustainable solution. The answer came in the form of a partnership with a local tech firm that specialised in cloud computing. By moving part of their operations to the cloud, they not only sidestepped the supply chain problem but also reduced their operational costs. The move was a gamble, but it paid off, allowing them to keep their promises to clients and even attract new business in the process.

The SaaS startup, seeing the wavering commitment from its clients, knew it needed to act fast. They introduced a flexible subscription model, allowing clients to scale their usage up or down depending on their current needs. This approach was risky—after all, it meant potentially earning less in the short term.

But by showing that they were willing to work with their clients, the company built a stronger, more loyal customer base. They also started offering a modular version of their product, where clients could pick and choose which features they needed, ensuring that they got maximum value for their money.

Lessons in resilience: What Singapore’s startups have learned

These experiences have taught Singapore’s fintech, blockchain, and SaaS startups invaluable lessons. First and foremost, they’ve learned the importance of agility. The ability to pivot quickly in response to external pressures has been crucial in maintaining their momentum. They’ve also learned that in times of uncertainty, diversification is key. Whether it’s diversifying revenue streams, product offerings, or market segments, having multiple paths to success can make all the difference.

Perhaps most importantly, these startups have learned the value of customer-centricity. By listening to their clients, understanding their needs, and being willing to adapt their products and services accordingly, they’ve built stronger relationships that will carry them through even the toughest times.

Also Read: Understanding priced and unpriced funding rounds: A startup lawyer’s guide for startups

A new dawn: Looking forward with optimism

As the dust begins to settle, these startups are not just looking to survive—they’re planning for a future where they can thrive. They’re investing in technology that will make them more efficient, more agile, and more responsive to the needs of their customers. They’re building stronger financial foundations, with a focus on sustainable growth rather than rapid expansion. And they’re staying true to their core values, knowing that in the end, it’s their commitment to innovation and customer success that will see them through.

Words of wisdom: Advice for fellow entrepreneurs

For other startups facing similar challenges, the stories from Singapore’s tech ecosystem offer clear advice: Stay adaptable, be customer-focused, and don’t be afraid to innovate. Economic uncertainty may be inevitable, but with the right mindset and strategy, it’s possible not just to survive but to emerge stronger on the other side.

In the end, the journey of these Singaporean startups is a testament to the power of resilience. As they continue to navigate the unpredictable waters of the global economy, their stories serve as a beacon of hope and inspiration for entrepreneurs everywhere.

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Singapore-based electric vehicle (EV) charging operator Charge+ has received an undisclosed sum from TNB Aura to complete its US$8 million Series A round.

The startup, which operates over 2,000 EV charging points across Southeast Asia, will use the funds to expand its charging infrastructure.

The startup received an undisclosed sum in a Series A round led by TRIVE Venture Capital in October 2023.

Started in 2018, Charge+ is an integrated EV charging solution provider. Its solutions include a proprietary ultra-slim charger, smart charging software, and innovative business models. It has installed charging points in public housing, condominiums, shopping malls, commercial buildings and industrial facilities.

The International Energy Agency considers Southeast Asia the fastest growth area for EVs and charging infrastructure in 2023 and beyond. The government has announced a target of 60,000 EV charging points in Singapore by 2030. 

Initially, Charge+ will fulfil an ongoing tender contract awarded by the Singapore Land Transport Authority (LTA) to provide approximately 4,000 EV charging points in the carparks of HDB public housing.

In Indonesia, Charge+ is building an EV charging hub in Batang district in central Java to serve the traffic on the trans-Java highway, while in Thailand, it is the charging partner of the largest electric taxi operator Ch.Pattana.

In Vietnam, it is partnering with Porsche to build a ultra-fast charging network linking Hanoi in the north with Ho Chi Minh City in the south. In Cambodia, the company secured the rights to provide the charging infrastructure for the three largest ports in the country.

By 2030, the startup aims to deploy 30,000 EV charging points globally.

In addition to building its own infrastructure, the venture will partner with other regional EV charging operators to expand the network. Such roaming arrangements had been signed with Malaysia’s Tenaga Nasional Berhad (TNB) and ChargeSini, Thailand’s Electricity Generating Authority of Thailand (EGAT) and Indonesia’s PT PLN so that Charge+ app users can conveniently access a wider pool of EV chargers in the respective countries.

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Singapore’s home-grown online dating companies Lunch Actually and Paktor have announced a merger amidst declining dating app usage in the island nation.

Both brands will continue to operate independently after the merger, and the holding entity will be known as the Lunch Actually Paktor Group.

The new entity will expand its operations across six key Asian markets: Singapore, Taiwan, Hong Kong, Malaysia, Thailand, and Indonesia.

The merger comes amid a shift in Singapore’s dating patterns and mindsets. According to a new survey by Lunch Actually Paktor Group, there is dating app fatigue, with only about 50 percent of respondents reporting that they are currently using dating apps. Over the past year, more than a third of dating app users have reported a decline in usage. Over 350 participants aged between 18 and 65 and above participated in the survey.

Also Read: Kollective Ventures acquires Paktor Group from M17 Entertainment

The 15th edition of Singles Dating Survey 2024 further revealed that the percentage of respondents who did not use dating apps rose from 37 per cent in 2022 to 50 per cent in 2024. The key frustrations of the users include the superficial nature of the interactions (36 per cent), the prevalence of fake profiles or scams (23 per cent), and ghosting or lack of response (21 per cent).

Notably, most of the respondents associate dating apps with feelings of disappointment (66 per cent), followed by hopefulness (63 per cent) and boredom (53 per cent). Frustration, experienced by 48 per cent of the respondents, follows closely behind these top three emotions.

Additionally, 62 per cent feel that the effort they invest in these platforms rarely or never yields satisfactory outcomes.

Reflecting the fatigue and growing disillusionment with dating apps, a significant 88 per cent of the respondents have taken breaks from dating apps. The key reasons include the lack of authentic connections (63 per cent), the preference for more meaningful face-to-face interactions (56 per cent), and the overwhelming nature of constant swiping and chatting (51 per cent)

With the shift away from online dating, singles are showing a preference (81 per cent) for alternative ways to meet potential partners such as dating or matchmaking services.

“The findings of the latest Singles Dating Survey are in line with our experience that dating is largely an offline activity. It is heartening to know that singles who are looking to forge romantic connections remain hopeful on the dating apps while being open to different ways of meeting new people. The survey highlights a shift in dating preferences, and we will continue to support singles in finding their right match,” said Violet Lim, CEO and co-founder of Lunch Actually.

Lunch Actually and Paktor will offer a holistic suite of integrated online and offline dating services to help singles overcome hurdles, including difficulty putting themselves out on the dating scene and the desire to meet more eligible, quality singles. Existing clients will also benefit from a wider range of services and a larger pool of potential matches, enhancing higher chances of finding the right match.

Also Read: Paktor CEO on why online dating is better than a school or workplace romance

“We recognise the various pain points singles face in the digital dating scene, and Paktor has always strived to provide a safe platform for singles to connect meaningfully. Our strength lies in connecting people through technology and digital dating experiences. This merger is a timely one, enabling us to complement our online services with a wider range of offline services. We hope to offer singles fun and authentic dating experiences that lead to lasting romantic connections,” Alex Tam, Group CEO of Paktor.

Founded in July 2013, Paktor Group is owned by Kollective Ventures (KV), a capital advisory and investment firm based in Singapore, which it acquired from Taiwan-based M17 Entertainment in 2020. Paktor’s services include Down, Sweet, and Kickoff, In addition, it also runs offline matchmaking agency GaiGai and image and date coaching agency Fleek.

Paktor is backed by investors, including K2Global, Media Nusantara Citra, YJ Capital, Global Grand Leisure, Golden Equator Capital, and Sebrina Holdings Venture Capital.

Founded in 2004 by the husband-and-wife duo of Jamie Lee and Violet Lim, Lunch Actually Group helps singles meet compatible and like-minded singles through pre-screened, pre-matched, and pre-arranged one-to-one dates. With a presence in Singapore, Malaysia, Hong Kong, Indonesia, Thailand and Taiwan, the group claims to have arranged more than 160,000 dates and matched more than 4,500 married couples through its app, offline matchmaking and coaching services.

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It’s clear that Generative AI has reached a critical mass, representing one of the most profound technology revolutions of our time.   

With various accounts of people using ChatGPT for work hacks, from creative ideation, designing marketing collateral to generating slick videos, it’s evident AI is set to transform the way we work and live.   

If you’re of a certain vintage (like yours truly), you may even be brought back to the heady days when e-commerce and social media took off with the promise to deliver the innovations and experiences that we now take for granted.  

There’s no doubt that Generative AI is a game-changer for all industries, but also no guarantee that everyone will benefit equally from its full potential and impact.  

In March, MIT Technology Review Insights (MITTR) launched a research report in partnership with Telstra, which investigated how global organisations are implementing – or planning to implement – Generative AI technologies, along with the barriers to effective deployment.   

Over three-quarters of businesses surveyed (76 per cent) were already working with Generative AI, but only nine per cent had adopted the technology widely. The most common use case for Generative AI was automating non-essential tasks – a low-to-modest-gain but minimal-risk usage of the technology.   

Hype or reality? 

What should we make of this stark contrast between these findings and the exciting vision of an AI-powered world we hear so much about?  

History shows that any transformative technology takes time to bear fruit. Even the PC and the internet took more than a decade to fully drive the change and growth that was promised. This lag stems from the time needed for technologies to become truly pervasive across business and society.   

Also Read: The timeless wisdom of patience in investing: A conversation with Mohnish Pabrai

Generative AI will follow a similar path.  

Businesses are at the coalface of shaping technology adoption and will be pivotal in seeding AI’s potential throughout society. But to assume this role and unlock that potential requires them to be data-driven, AI-fuelled, as well as lead in terms of responsible AI adoption.  

The MITTR study highlights that a major mindset shift needs to happen for these factors to become the norm for business. In terms of IT, a significant perceptions gap exists today between early AI adopters and other respondents.  

Fewer than 30 per cent of respondents deemed their IT infrastructure to be conducive to the rapid and successful adoption of Generative AI. However, early adopters were found to have less confidence in their IT than other respondents, with more than six in 10 saying their available hardware was, at best, modestly conducive. This compared with 50 per cent of other respondents who answered similarly.   

The need for robust IT and data infrastructure 

The above finding suggests that a large proportion of businesses underestimate the requirements for the effective deployment of Generative AI. That’s a concern as these technology assets are necessary to develop and run the AI from which organisations seek to benefit.   

What do these requirements look like?   

While there is no one-size-fits-all solution, it’s clear that successful AI adoption requires a well-designed data architecture, sufficient computing power, and robust connectivity to nurture novel applications and business models that will improve efficiency and profitability.  

Companies need to understand the necessary IT requirements and accelerate the transformation of legacy tech infrastructures to address deficiencies, or risk falling short of their Generative AI ambitions.   

However, IT assets that support extensive, high-quality Generative AI tools and platforms remain rare. Appropriate hardware, either in-house or outsourced, is a prerequisite of extensive Generative AI adoption. The choices are complex and require planning. Executives, however, often fail to grasp the degree of the requirement.  

Good data is also an IT asset often in short supply but fundamental to enterprise deployment of Generative AI. Large volumes of quality data and storage remain basic requirements for effective deployment.  

Also Read: Want to build a sustainable startup? Solve for a problem for your customers

As the world becomes increasingly digitised and human-to-machine interactions flourish, being able to process data to drive informed, real-time or near real-time business decisions is paramount. When implemented successfully, this proficiency will be a game-changer for most organisations, and will distinguish leaders from followers.   

Responsible and ethical AI 

To balance leveraging AI’s potential while reducing its potential risks, organisations cannot overlook the responsible and ethical development and deployment of the technology. Principles such as privacy, security, contestability, and accountability are critical, and should be supported by other frameworks and controls.   

Becoming an AI-fuelled organisation is a whole-of-business approach and must be infused in the organisation’s culture. Organisations should ideally have a single, dedicated body representing different business functions to provide advice and approve measures relating to AI development and deployment.  

At Telstra, we take this very seriously and hold ourselves to a high bar. We’ve co-developed a series of ethics principles and standards with the Australian government, and partnered with other telcos and businesses around the world to establish ethics frameworks.    

Internally, we’ve also set up robust governance policies and guardrails, including the formation of a Risk Council for Data and AI (RCAID) from across Telstra’s business. Any AI systems (including third-party systems) with significant stakeholder impact must be reviewed and either approved by RCAID or escalated.   

To uplift our people’s understanding and skills, we’ve also set up a data and AI academy to create opportunities for them to learn and work with AI tailored to different cohorts: leaders, data professionals, and the broader business.   

Telstra is now using AI to improve half of our key processes, including to automatically detect and resolve fixed services faults, and to solve customer issues faster. Through Telstra’s Cleaner Pipes initiative in Australia, we’re blocking millions of calls, text messages and incoming scam and potentially unwanted emails from reaching our customers each month.  

As organisations accelerate their adoption of AI, the road ahead is unknown, but what’s clear is that this calls for a paradigm shift. Making the leap from early adoption to becoming truly AI-fuelled requires an unwavering conviction to doing what’s right, along with the agility to flex and seize opportunities as they arise.    

Organisations that master this will find themselves ahead of the curve as leaders in responsible AI adoption, unlocking better outcomes for their people, customers, and society.    

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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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