Arta Finance, a wealth management company headquartered in Singapore and the US, has received an undisclosed strategic investment from EDBI, the investment arm of the Singapore Economic Development Board.

The capital will support the growth and development of Arta Finance’s digital wealth platform. It is also preparing to expand internationally through Singapore later this year.

Also Read: Wealthtech, insurtech, SaaS fintech are the new hot verticals in Indonesia: AC Ventures report

Founded by ex-Google executives, Arta Finance enables people to access the financial tools and products of the ultra-wealthy. This helps address the growing wealth gap between the world’s wealthiest individuals (the 0.1 per cent) and the rest of the population.

Arta Finance does this by providing investment opportunities and financial strategies typically only available to the ultra-wealthy via family offices and private banks – but with a more intuitive user experience and at an approachable cost. It creates a personalised investment strategy for each member, applying the latest in artificial intelligence, technology infrastructure, and customised support to help members build their financial futures.

“Arta’s decision to establish its global headquarters and develop an AI-enabled fintech platform in Singapore underscores the country’s robust innovation ecosystem and advanced digital infrastructure, making it a prime destination for global founders to scale their businesses. The company is a valuable addition to our ecosystem and is set to create exciting job opportunities.”, said Paul Ng, CEO of EDBI.

Also Read: We want to treat our customers like educated LPs of a fund’: Michael Do of wealthtech startup 1Long

Over the past 18 months, Arta claims to have grown its customer base in the US, from first-time investors to those with deep investing experience.

Arta Finance’s list of investors also includes Peak XV, Ribbit Capital, and Coatue.

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With technological advancements in recent years, the Philippine healthcare system stands at a pivotal point in innovation, and it should expect continued and improved access to health and quality care. Even though there has been significant traction over time in terms of telehealth, the healthcare system needs to extend far beyond virtual consultations.

Current gaps in Philippine healthcare

Since the country is still facing deep-rooted challenges in terms of accessibility, affordability, and infrastructure, it is high time for some innovation and opportunities to reach rural areas. However, this can only be achieved with the collective effort of government, businesses, and civil society.

Till now, several cases have been recorded each year where many patients could not get access to treatment in time due to the long processes and the distance between rural areas and urban health centres.

Even though the telehealth solution emerged during COVID-19, the stark disparity in healthcare access is due to the complexity of telehealth, as it can not fully address the needs and changes in rural or isolated areas. This necessitates the need for a solution that would be more inclusive and can be integrated with digital health records, remote monitoring, and mobile health units to reach underprivileged populations.

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

There are still major gaps in healthcare innovation, which paves the way for opportunities to bring in solutions like digital health technologies to monitor patients remotely. Such innovations can be useful in ensuring continuity of care for individuals suffering from chronic diseases or who do not have access to immediate medical interventions during emergencies.

Further innovations can reduce the time needed to integrate patient data and the redundancy of the processes for improved services and coordinated processes.

A new dawn of innovation in Philippine healthcare

With digital platforms, AI-driven diagnostics, and other solutions, tech startups in the country can truly change the face of healthcare in the Philippines. However, scaling up and making a real impact will be difficult for these startups without support or funding.

Investors can help drive the growth of healthcare tech solutions, leading to better healthcare outcomes and aligning with global trends focused on digital health and impact-driven ventures.

To gauge the current challenges and the opportunities for innovation, join us at Echelon Philippines 2024 for a panel discussion on ‘Driving Innovation in Philippine Healthcare: Opportunities Beyond Telehealth’.

Scheduled for September 27, 2024 at Level 2, SMX Convention Center Manila, this session is set to explore innovative solutions that are not just limited to telehealth and extend to other opportunities in the healthcare sector while highlighting the need for collaboration between the public and private sectors.

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

The panel discussion will be moderated by Amanda Cua, Founder and CEO of BackScoop, and will feature thought leaders such as Ramesh Rajentheran, CEO and Founder of MiyaHealth; Arvind Appavu, Deputy Managing Director of Pulse 63 Healthcare Ventures; Jessica de Mesa-Lim, CEO and Co-Founder of Kindred; and Hamilton Angluben, Founder and CEO of Kwik.insure.

Be a part of the event to explore the innovations and possibilities in healthcare in the Philippines and the scope of growth and investments. With the industry leaders leading the panel discussion, the event provides the ideal chance for professionals and stakeholders who seek to understand the future of healthcare.

To learn more about the event, read the details about Echelon Philippines 2024 here.

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Maybank today announced an undisclosed strategic investment in Grup Modalku, an Indonesia-based digital financing platform for small- and medium-sized enterprises (SMEs) in Southeast Asia (SEA).

According to a press statement by the bank, Maybank intends to explore collaboration with Modalku to push for inclusivity and access to financing for the wider part of society.

The organisation also stated that this investment marks the first in Maybank’s recent foray into the regional digital space, focusing on SMEs in SEA. This aligns with the bank’s M25+ Maybank strategy, which aims to accelerate digitalisation through the management of the bank’s internal and external ecosystem

Maybank President & Group CEO Dato Khairussaleh Ramli said the investment highlights the bank’s commitment to opening access to financial inclusion. “By combining our expertise in banking with Modalku’s innovative digital platform, Maybank is committed to developing a resilient SME ecosystem and ensuring a brighter and more sustainable future for all.”

Also Read: P2P lending startup Modalku raises debt funding from Dutch VC firm to widen credit access in Indonesia

Founded in 2015, Modalku is a regional fintech company that focuses on SME financing. Also known as Funding Societies in the SEA market, Modalku has distributed IDR63 trillion (US$4 billion) to 100,000 businesses in Indonesia, Singapore, Malaysia, Thailand, and Vietnam.

Earlier this year, Funding Societies Khazanah and CGC Digital invest in Funding Societies announced an investment from Khazanah and CGC Digital.

Modalku Country Head Arthur Adisusanto commented on the funding, “This collaboration strengthens our commitment to expand credit access for underserved SMEs that are facing challenges in cash flow management, as part of our effort to support them in realising their business potentials.”

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Image Credit: Modalku

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A recent whitepaper from digital identity solutions provider VIDA revealed that 100 per cent of surveyed businesses in Indonesia are concerned about the growing threat of AI-generated fraud such as deepfakes. However, 46 per cent of these businesses admit to having limited understanding of how this technology works, making them particularly vulnerable and less equipped to implement effective countermeasures.

The survey dubbed this development as a “ticking time bomb.”

“It shows that despite widespread awareness, nearly half of businesses remain vulnerable due to insufficient knowledge. This blind spot is exactly what fraudsters exploit, using AI to bypass outdated security measures with ease,” it stated.

The paper also highlighted Surfshark’s latest finding, which put Indonesia in 13th place globally for data breaches—the highest in Southeast Asia (SEA). It stressed the “critical need” for improved cybersecurity.

Also Read: Embracing AI evolution: The crucial role of data management and cybersecurity in AI success

The whitepaper titled “Where’s The Fraud: Protecting Indonesian Businesses from AI-Generated Digital Fraud” outlines the rising threat of four key types of digital fraud affecting businesses in Indonesia: AI-generated fraud, social engineering, account takeovers, and document and signature forgery.

It delves into how these fraudulent activities impact various industries, including banking, fintech, consumer financing, insurance, and healthcare.

According to VIDA’s findings, identity fraud, particularly driven by AI and deepfakes, has affected 56 per cent of businesses in Indonesia. This fraud compromises data security and undermines customer trust, necessitating stronger preventive measures.

Social engineering fraud is also on the rise, with phishing, smishing, and vishing affecting 67 per cent, 51 per cent, and 47 per cent of businesses, respectively, revealing a need for heightened cybersecurity and public awareness.

Account takeovers have emerged as a critical concern, with 97 per cent of businesses reporting hacking attempts, particularly in finance and e-commerce sectors.

Document and signature forgery continues to cause reputational harm, with 96 per cent of businesses encountering fraudulent cases, leading to financial losses and decreased customer confidence. VIDA’s whitepaper emphasises the need for robust fraud detection and prevention systems to safeguard against these growing threats.

Also Read: Embracing AI evolution: The crucial role of data management and cybersecurity in AI success

“As technology becomes more sophisticated, businesses must proactively protect their customers, operations, and reputations in this rapidly changing digital environment. In a press statement, ” an integrated anti-fraud solution not only enhances security but also builds lasting customer trust,” said Niki Luhur, Founder and Group CEO of VIDA.

PT Indonesia Digital Identity (VIDA) is a leading electronic certification provider authorised by the Indonesian Ministry of Communication and Information Technology.

Established in 2018, VIDA offers various digital identity services, including electronic signatures, multi-factor authentication, and verified identity solutions, all supported by electronic certificates.

In response to the growing risks of digital fraud, VIDA has introduced its Identity Stack, a comprehensive solution to secure online transactions in Indonesia. This service aims to reduce identity fraud by up to 99.9 per cent, protecting businesses while maintaining a seamless user experience.

The Identity Stack supports business processes by integrating advanced identity verification and fraud detection tools.

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Image Credit: VIDA

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In today’s fast-paced work environment, stress and pressure have become unavoidable companions for many professionals. Whether it’s meeting tight deadlines, dealing with complex projects, or balancing personal and work responsibilities, the demands of modern workplaces can take a toll on mental health.

While occasional stress can push individuals to achieve better results, chronic stress often leads to more severe mental health issues if left unmanaged.

The connection between workplace stress and mental disorders

Workplace stress can trigger a variety of mental health conditions, including anxiety, depression, and burnout. Constant exposure to high-pressure situations leads to an overproduction of stress hormones like cortisol, which in turn disrupts emotional regulation, sleep, and overall well-being. Over time, this can evolve into chronic anxiety or depressive disorders, making it difficult for individuals to focus or perform optimally.

Recognising the early signs of stress-related mental health problems is crucial for intervention. Common symptoms include:

• Constant fatigue or insomnia
• Irritability and mood swings
• Difficulty concentrating or completing tasks
• Loss of interest in work or social activities
• Physical symptoms such as headaches, muscle tension, or digestive issues

Ignoring these warning signs can lead to more severe mental health conditions, including depression, anxiety disorders, and in extreme cases, emotional burnout.

Effective stress management techniques

To mitigate the harmful effects of stress and prevent the onset of mental health disorders, consider the following stress management techniques:

• Prioritisation and time management
  Learning to prioritise tasks and manage time effectively can reduce overwhelming feelings. Break large tasks into manageable chunks and tackle them one at a time.

Also Read: Thriving under pressure: Navigating tech teams through stress

• Mindfulness and relaxation techniques
  Practices such as deep breathing, meditation, and mindfulness help to calm the mind and refocus on the present, providing relief from stress.
• Regular physical activity
  Engaging in physical exercise has been proven to lower stress levels by releasing endorphins, the body’s natural stress relievers.
• Setting boundaries
  Establish clear boundaries between work and personal life. Taking regular breaks and ensuring that work does not spill into personal time can prevent burnout.
• Seek professional help
  If stress becomes overwhelming, consulting a mental health professional can provide valuable coping strategies and support. Early intervention often leads to better long-term outcomes.

The importance of a supportive work environment

Workplaces play a critical role in either contributing to or alleviating stress. Companies that promote a positive, supportive environment and encourage work-life balance can help reduce stress among employees. Open communication between management and staff, as well as providing resources like counseling or stress management workshops, can make a substantial difference.

While workplace pressure and stress are common, taking steps to manage them is vital to maintaining mental well-being. The mental health impact of stress is real and should not be ignored. By recognising early warning signs, employing effective stress management techniques, and creating supportive work environments, individuals can safeguard their mental health and thrive in their careers.

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