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Southeast Asia’s startup scene sees 59% drop in funding amid economic headwinds

Funding secured by startups in Southeast Asia in the first nine months of 2024 declined 59 per cent to US$2.3 billion from the US$5.7 billion raised in the same period last year, revealed a Tracxn report. The decline is a staggering 80 per cent compared to 2022.

According to Geo YTD Report: SEA Tech 9 M 2024, the ongoing funding winter, geopolitical headwinds, and global economic challenges impacted investment deals in the current year.

Also Read: Healthtech, edutech dominated SEA’s funding scene in past 5 years: Tracxn

Eearly-stage investments dropped 30 per cent to US$1.2 billion in 2024 year to date compared to the same period in 2023. Late-stage funding dropped 79 per cent to US$721 million, while seed-stage investments fell 39 per cent to US$341 million.

Only two US$100 million+ rounds (Ascend Money’s US$195 million and ANEXT Bank’s US$148 million) were recorded in 2024 compared to nine in 2023.

Fintech and enterprise applications were the top-performing sectors in 2024 so far. The fintech sector secured total funding of US$1.34 billion, an 11 per cent drop from US$1.51 billion raised in the same period in 2023. The enterprise applications segment raised US$606 million in funding, a 30 per cent decline from 2023.

The number of acquisitions observed in the region was 58 in the first nine months of 2024, similar to 57 recorded in 9M 2023 but far lower than 79 in 9M 2022.

Four IPOs were recorded in 2024 so far, as against ten and two in the first nine months of 2023 and 2022, respectively. GoHub, MaNaDr, RYDE, and Topindoku are the four companies from this space that have gone public in 2024.

Singapore retained its top position in terms of city-wise funding, attracting US$1.4 billion in 2024. Tech startups based in Jakarta and Bangkok raised US$313 million and US$265 million, respectively.

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

East Ventures, 500 Global, and Wavemaker Partners are the all-time top investors. While Antler, 500 Global, and East Ventures led seed-stage rounds, SEEDS Capital, Peak XV Partners, and Gobi Partners were the most active early-stage investors.

Southeast Asia’s tech startup landscape has raised more than US$85 billion to date and is home to 44 active unicorns.

Image Credit: 123RF.

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Meta launches AI Accelerator programme for APAC, announces Singapore incubator for 100 startups

Minister Josephine Teo, Nick Clegg and the Meta team with the top 5 finalists

Meta announced the launch of an AI Accelerator program for Asia Pacific (APAC) startups in its regional headquarters in Singapore on October 3, in conjunction with the Meta APAC AI Accelerator Finals.

The new long-term program, witnessed by Singapore’s Minister for Digital Development and Information Josephine Teo and Meta President of Global Affairs Nick Clegg, will empower innovative companies and developers to integrate Llama, Meta’s open-source AI model, into their products.

By providing access to the latest open-source models and resources in AI, Meta aims to support these organisations in creating pioneering solutions to help shape the next wave of innovation.

During the event, Clegg announced plans to launch a Singapore-focused incubator program that will support 100 enterprises in deepening their understanding of GenAI and Llama. The program will help connect 20 participants with technical and business experts who will mentor them as they develop, refine, and launch Llama-powered solutions for their businesses.

Digital Industry Singapore (DISG) supports the initiative, which is aligned with Singapore’s National AI Strategy 2.0 (NAIS 2.0) to promote the development and adoption of AI by businesses and startups.

Also Read: Using AI on e-commerce analytics: Data quality, availability remain critical obstacles

“Meta’s AI Incubator programme is a strong example of how Singapore continues to support businesses in embracing cutting-edge technologies such as Generative AI. By empowering local enterprises with both technical expertise and mentorship, this initiative fosters innovation and helps businesses unlock new opportunities through AI,” said Philbert Gomez, Executive Director, DISG.

“We are proud to collaborate with Meta in this programme, which aligns closely with our National AI Strategy 2.0 to deepen AI capabilities and ensure that Singapore remains a key hub for AI development in the region.”

According to Meta, over 720 companies and developers from across the region, including Singapore, submitted their projects showcasing impactful use cases of Llama to tackle challenges in education, public services and economic development.

The top finalists from 13 markets came together at Meta’s headquarters in Singapore to showcase their solutions and win a grant to further their work.

The event named Traversaal.ai from Pakistan, the winner of the regional finals, entitling the company to a US$100,000 grant for its innovative use of Llama to create a state-of-the-art Urdu Llama model aimed at connecting 250 million Urdu speakers worldwide.

The first and second runners-up from Indonesia and New Zealand also received grants of US$15,000 and US$10,000, respectively, to further develop their proposals.

Also Read: AI in journalism: Thai media show a 95 per cent adaptation rate despite concerns about overreliance

“We are beyond thrilled to be representing Pakistan at this level. It’s a great honour to be here in Singapore, the hub of technology, and we are extremely grateful to Meta for enabling us to convert our dreams into reality,” said Hamza Farooq, the founder of Traversaal.ai.

Supporting the ecosystem

Meta has been advancing AI innovation globally through partnerships with governments, AI associations, and incubators.

The company recently awarded Llama Impact Innovation Awards to startups that used Llama 2 or 3 to address social challenges. One recipient was AiSee by the National University of Singapore, which developed an affordable wearable assistive device using AI to help visually impaired individuals “see.”

At the event, Minister Teo and Clegg participated in a fireside chat, discussing responsible AI development, including generative AI, and how Singapore fosters AI innovation. Minister Teo highlighted Singapore’s collaborations with industry leaders such as Meta and the open-source community, noting their role in realising the nation’s vision of AI for the Public Good, which aligns with the refreshed Smart Nation strategy.

Clegg said, “It’s been incredible to see examples of the work that startups are doing with our Llama models to address major societal challenges within the Asia Pacific region. Open-sourcing AI helps ensure more people can access the opportunities that AI provides, and this is evident in the strong submissions that we have received. I’m very encouraged to see the vibrant developer community in APAC, how governments welcome AI innovation and the benefits it will bring to the region.”

Image Credit: Meta AI

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Ouch! nets US$1.2M to expand market share, drive insurance innovation

Ouch!, a Malaysia-based next-gen, tech-enabled insurance platform, has raised RM5 million (US$1.2 million) in strategic funding from PPB Ventures.

The startup will invest the money to expand its market share, enhance technology infrastructure, and drive product innovation.

Separately, Ouch! has received an additional one-year extension to operate under Bank Negara Malaysia’s (BNM) Regulatory Sandbox. It is now working to secure a DITO licence from BNM, which would enable it to close critical protection gaps for Malaysians, especially young families.

A small percentage of the new funds will also be earmarked as reserve capital for BNM’s Sandbox testing and support for the DITO licence process.

The company is planning to initiate a subsequent fundraising round later this year to meet the minimum capital requirements for the DITO licence.

Also Read: OUCH! secures funding to become a Shariah-compliant digital insurer in Malaysia

“The sandbox extension and DITO licence will both be major game-changers, enabling us to offer even more personalised and accessible Takaful solutions for Malaysians,” CEO Shazy Noorazman said.

Founded in September 2019, Ouch! utilises technology to make the insurance process pain-free—from plan purchasing to claims and policy management. It offers insurance solutions across life, home, travel, and motor, all powered by an app platform that makes the process and tracking easy and transparent.

As a Shariah-compliant one-stop platform, it aims to make family takaful more accessible to all Malaysians.

Last year, it secured an undisclosed sum in a pre-Series A investment round. Its other key investors are OSK Ventures, RHL Ventures, and Vynn Capital.

According to the Malaysian Takaful Association, the country’s family takaful gross contributions increased by 7.55 per cent, reaching almost RM9 billion.

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Southeast Asian startups secure US$202M across 12 rounds in September

Southeast Asian startups raised US$202 million across 12 rounds in September 2024, a 28.66 per cent rise over August, according to Tracxn.

On a yearly basis, the funding marked a 27.86 per cent decline from September last year.

The region witnessed seven seed-stage, six early-stage, and three late-stage funding rounds last month.

Also Read: Southeast Asia’s startup scene sees 59% drop in funding amid economic headwinds

The top deals of September were SDAX (US$50 million), Finture (US$30 million), and Momos (US$10 million).

Peak XV Partners, Gobi Partners, Craft Ventures, and The Rise Fund were the most active investors.

Check the infographic below for more details:

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The power of replication: Fintech success stories in Singapore and Indonesia

In a digital landscape dominated by innovation and competition, fintech and decentralised finance (DeFi) businesses are transforming how people manage money and how they market themselves. Copying competitors’ best content creation practices is a tactic that has helped many fintech companies in Singapore and Indonesia gain traction.

Let’s explore how most prominent fintech companies adopted this strategy, refined it, and created a significant impact on both their SEO performance and brand exposure.

Xfers (Singapore): Elevating SEO through strategic blog content replication

Xfers, a prominent Singapore-based fintech platform facilitating payment infrastructure, found success by mirroring content strategies of established payment platforms such as PayPal and Stripe. As the global fintech space became saturated with payment gateways, Xfers needed to differentiate itself but also ensure that it ranked highly on search engines.

The strategy

Xfers observed how its competitors, particularly Stripe, dominated search rankings by leveraging educational, keyword-optimised blog posts about fintech trends, payment APIs, and regulatory updates. Xfers meticulously studied the most shared and linked content from Stripe and then created similar articles tailored to the Asian market, particularly with a Southeast Asian regulatory focus.

Impact

By focusing on high-performing topics like “The Future of Payments in Southeast Asia” and “Understanding API Integrations for E-commerce Businesses,” Xfers quickly gained domain authority and enhanced its SEO. Within six months, their organic traffic increased by 60 per cenr, primarily from long-tail keywords that Stripe previously dominated.

Analysis

Xfers successfully adapted a strategy that wasn’t original but was contextualised. They took the framework of Stripe’s educational approach and localised it, thus creating a unique value proposition for regional businesses. This not only improved SEO but also increased brand credibility in a competitive landscape.

KoinWorks (Indonesia): Using competitor’s video content strategy to enhance brand awareness

KoinWorks, an Indonesian peer-to-peer (P2P) lending platform, initially struggled to capture the attention of the digital-savvy millennial generation. While its competitors, such as Akseleran, were rapidly growing their user base through YouTube content and influencer collaborations, KoinWorks decided to take a similar approach but with more refined targeting.

The strategy

After analysing Akseleran’s most viewed content, which focused on educating young Indonesians about the basics of P2P lending, KoinWorks adopted a more comprehensive video content approach. They not only replicated Akseleran’s educational videos but also added expert interviews, case studies, and in-depth tutorials on managing personal finances through P2P lending.

Impact

By mirroring this strategy and adding value to the content, KoinWorks’ YouTube subscriber base grew by 150 per cent over a year. Their videos were not only helping with brand awareness but also served as an effective SEO strategy as the videos ranked high for critical fintech-related search terms.

Analysis

This case demonstrates how KoinWorks didn’t merely copy a competitor’s video strategy but improved upon it. By providing additional layers of expertise and making their content more practical, they established themselves as thought leaders. This approach increased their credibility and enabled their content to be more shareable, which amplified both SEO and brand awareness.

Also Read: All you need to know about the fintech boom in Vietnam

Tokocrypto (Indonesia): Copying competitor’s content funnel for DeFi education

As one of the leading cryptocurrency exchanges in Indonesia, Tokocrypto faced the challenge of onboarding users in a market still unfamiliar with decentralised finance (DeFi). Binance, a global leader, offered a wealth of educational resources through its Binance Academy, helping new users understand the complex world of DeFi.

The strategy

Tokocrypto replicated Binance’s content funnel strategy by creating an “education-first” approach. Tokocrypto launched its version of an academy, which housed blog posts, e-books, and explainer videos that closely mirrored Binance Academy’s top-performing content. Topics like “What is DeFi?” and “How to Get Started with Cryptocurrency” were optimised with local language keywords to target Indonesian users specifically.

Impact

The results were staggering. Tokocrypto saw a 45 per cent increase in organic search traffic within the first quarter of launching their educational content. Their on-page time and user engagement metrics increased as well, signaling that users found the content both helpful and engaging. Brand loyalty also improved as customers appreciated the platform’s commitment to educating them.

Analysis

Tokocrypto’s ability to replicate Binance’s content funnel model shows that sometimes the key to success lies in the details. While the content was nearly identical, the localisation of language, regulation, and culture made Tokocrypto’s educational content resonate deeply with their target audience. This not only helped drive SEO but also strengthened the brand’s authority in the Indonesian crypto space.

Here are additional case studies for Singapore fintech companies that effectively copied competitor content creation strategies to boost their SEO and brand exposure:

Revolut (Singapore): Mimicking competitor landing pages for targeted SEO optimisation

Revolut, a global fintech company providing banking alternatives, sought to expand its user base in Singapore. However, the challenge lay in the saturated mobile banking space, with local competitors such as GrabPay and DBS Digibank dominating search rankings for personal finance and digital banking solutions. Revolut decided to adopt a tried-and-tested content strategy by analysing and replicating the top-performing landing pages of these competitors.

The strategy

Revolut identified GrabPay’s landing pages that targeted highly specific audiences, such as “personal savings accounts” and “multi-currency wallets.” They created similar landing pages but optimised them with content tailored to expatriates and international students in Singapore. By focusing on long-tail keywords related to “global transfers” and “multi-currency accounts,” Revolut differentiated their landing pages from competitors while using proven SEO tactics.

Impact

Within four months of implementing this strategy, Revolut saw a 50 per cent increase in conversions from organic search. Not only did they rank for key competitive search terms, but the highly targeted landing pages helped Revolut acquire users who found the platform’s global banking features more attractive than local solutions.

Analysis

Revolut didn’t just replicate GrabPay’s strategy—they improved it by addressing the needs of niche market segments like expatriates, who required global banking services. This not only improved SEO but also increased brand recognition in key demographic groups that were previously underserved by local competitors.

Also Read: South Asia, SEA rank high in potential for fintech lending in Asia: Study shows

Validus Capital (Singapore): Using competitor whitepapers and research reports to build authority

Validus Capital, a leading peer-to-business lending platform in Singapore, sought to boost its authority in the crowded SME lending space. Competitors such as Funding Societies had already established themselves by offering in-depth research reports and whitepapers on fintech lending trends, making it difficult for Validus to stand out.

The strategy

Validus adopted a similar approach by producing high-quality, research-driven whitepapers. They analysed the most downloaded and shared reports from Funding Societies, focusing on topics like “Fintech Lending for SMEs” and “Digital Transformation in Small Businesses.” Validus not only replicated the format but also added local data, customer success stories, and government policies affecting SMEs in Singapore.

Impact

These reports were widely shared, leading to a 30 per cent increase in backlinks from industry websites and news platforms, significantly improving Validus’s domain authority. Their SEO rankings surged for keywords related to SME lending, and their brand visibility increased among small businesses and financial analysts.

Analysis

By focusing on localised, research-driven content, Validus Capital effectively positioned itself as a thought leader in the fintech lending space. Replicating a competitor’s whitepaper strategy enabled them to reach a new audience while building trust with small businesses looking for capital solutions. The key was in the localisation of insights and the use of real-world case studies, which made their reports both more actionable and relatable.

Nium (Singapore): Replicating competitor case studies to target B2B clients

Nium, a global payments platform headquartered in Singapore, faced stiff competition from major fintech players like Payoneer and TransferWise in the B2B cross-border payment sector. These competitors were already dominating search rankings and thought leadership by using extensive client case studies to highlight how their services could reduce costs and improve operational efficiency for businesses.

The strategy

Nium decided to replicate this approach by creating a dedicated “Success Stories” section on their website. They analysed Payoneer’s most successful case studies, specifically those targeting industries like e-commerce and logistics. Nium then replicated this content by featuring detailed case studies from their own B2B clients in Southeast Asia, showcasing how their platform helped reduce payment processing times and costs.

Impact

Nium’s case studies were shared across industry forums, news outlets, and LinkedIn, contributing to a 40 per cent increase in B2B leads within six months. Their SEO rankings for key terms related to “cross-border payments” and “B2B payment solutions” improved dramatically, allowing them to compete directly with Payoneer and TransferWise for top positions on Google.

Analysis

The success of Nium’s strategy lies in the careful selection of case studies that resonated with their audience, particularly in industries that were underrepresented in competitor content. While the format of the case studies was similar, the focus on local and regional success stories made the content more relatable and valuable to their target clients.

StashAway (Singapore): Copying competitor email marketing campaigns to boost customer retention

StashAway, a robo-advisory platform, faced challenges in retaining customers in Singapore’s growing investment platform market, where players like Syfe and Endowus were gaining ground. StashAway noted that Syfe’s email marketing campaigns consistently focused on providing educational content such as “weekly market updates” and “investment tips.”

The strategy

StashAway analysed the structure and content of Syfe’s email newsletters and decided to replicate a similar campaign. They sent weekly investment insights, market trend analysis, and personalised portfolio recommendations based on user behavior. By integrating keywords related to “retirement planning” and “passive income” into their email content, StashAway ensured their emails contributed to both customer retention and SEO.

Impact

Within three months, StashAway reported a 25 per cent increase in customer engagement metrics, such as email open rates and click-through rates. Their SEO rankings for terms like “robo-advisory Singapore” also improved as customers began to engage more with the educational content shared in their emails.

Analysis

StashAway’s ability to replicate Syfe’s email marketing strategy while tailoring the content to the needs of different customer segments proved highly effective. By focusing on customer education and long-term financial planning, they built trust and loyalty among their user base. This case demonstrates how email marketing, while not directly influencing SEO, can have a significant impact on brand exposure and user retention, contributing to a company’s overall visibility.

These case studies of fintech companies in Singapore demonstrate how replicating the best content creation strategies of competitors—whether through landing pages, research reports, case studies, or email marketing—can drive significant improvements in both SEO and brand exposure. The key takeaway is that while these strategies may be modeled after successful competitors, the most impactful results come from localising, optimising, and enhancing the content to fit the specific needs of the target audience.

Also Read: How is fintech different in Asia

From imitation to innovation: How fintech leaders are shaping their success

The case studies of Xfers, KoinWorks, Tokocrypto, Validus Capital, Nium, and StashAway demonstrate how fintech and DeFi companies can leverage competitor content strategies to achieve remarkable outcomes. By analysing successful tactics from their peers, these firms refined their approaches to not only boost SEO but also enhance brand visibility and authority.

What stands out is that while mimicking competitors might seem like a straightforward strategy, the real impact comes from the ability to adapt and personalise content to fit local markets and address specific cultural and regulatory nuances. This thoughtful adaptation allowed these companies to move beyond simple imitation, transforming their strategies into powerful tools for innovation and leadership in their regions.

To effectively copy competitor strategies for your fintech brand, consider the following approaches:

  • Analyse competitor content: Dive deep into the content that performs well for your competitors. Examine which topics, formats, and styles resonate most with their audience. Look at engagement metrics like shares, comments, and likes to identify successful elements.
  • Benchmark best practices: Identify the standout practices employed by your competitors. This could include their SEO techniques, social media tactics, or content formats. Understand their approach to content distribution and audience engagement to gauge what might work for your brand.
  • Adapt and innovate: While it’s important to understand and leverage competitor strategies, it’s equally crucial to tailor these insights to your own brand’s unique voice and objectives. Customise their tactics to align with your brand’s identity and goals, and find ways to add distinctive value or innovative twists.
  • Monitor and measure: Implement the adapted strategies and closely monitor their performance. Utilise analytics tools to track key metrics such as engagement, conversion rates, and traffic. Use this data to refine and optimise your strategies continuously.
  • Leverage tools and analytics: Employ advanced tools to gain insights into your competitors’ digital presence. These tools can help you uncover trends, identify content gaps, and understand their audience’s preferences, providing a strategic advantage in shaping your content approach.

By following these strategies, fintech companies can not only emulate successful tactics but also carve out their own path to success in the competitive digital landscape.

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