Funding Societies (also known as Modalku in Indonesia), Southeast Asia’s leading digital finance platform for micro, small, and medium enterprises (MSMEs), has secured a third credit facility from HSBC under the bank’s ASEAN Growth Fund.

Also Read: Funding Societies raises US$7.5M debt financing from Norway’s state-owned Norfund

This transaction, which forms part of HSBC’s cumulative commitment of over US$100 million since their partnership began in 2022, will enhance the fintech lender’s capacity to provide financing to underserved MSMEs across the region.

“This funding enables us to explore scalable debt financing and foster financial inclusion for underserved SMEs across the region,” Kelvin Teo, Co-founder and Group CEO of Funding Societies, said.

Founded in 2015, Funding Societies claims to have disbursed over US$4 billion in financing to 100,000+ businesses in Singapore, Indonesia, Malaysia, Thailand, and Vietnam. In recent years, it made strategic milestones including its acquisition of regional digital payments platform CardUp and co-investment into Bank Index in Indonesia.

Also Read: Funding Societies hopes to move from alternative to mainstream financing one day

Early this year, Khazanah and CGC Digital announced a joint investment in Funding Societies. A few months earlier, the fintech lender secured US$7.5 million in debt funding from Norwegian government-owned development financial institution (DFI) Norfund.

Its other investors are SoftBank Vision Fund 2, SoftBank Ventures Asia, Sequoia Capital India, Alpha JWC Ventures, SMBC Bank, BRI Ventures, VNG Corporation, Rapyd Ventures, Endeavor, EBDI, SGInnovative, Qualgro, and Golden Gate Ventures.

Despite rapid digitalisation and economic growth, Asia-Pacific’s MSMEs still face a US$2.5 trillion credit access gap, accounting for over half of the global financing shortfall. In Southeast Asia, MSMEs represent 99.9 per cent of all enterprises and contribute 35-69 per cent of each nation’s GDP.

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In 2024, Southeast Asia’s venture capital (VC) landscape demonstrated a continued appetite for growth and resilience, attracting significant capital across diverse sectors despite global economic uncertainty. The region’s startups, particularly in fintech, cloud services, sustainability, and AI, have maintained strong investor interest.

The region’s unique mix of untapped markets, a young digital-native population, and supportive government policies have kept VC funding robust in 2024, positioning it as a prime hub for innovation.

Below is the list of 25 startups that raised the largest funding rounds in the current year so far:

Ascend Money

A financial services platform for individuals

Headquarters: Thailand
Founding year: 2013
Funding raised in 2024: US$195 million
Stage: Series D
Key investors: MUFG and Krungsri Finnovate
Total funding raised since inception: US$34 million.

Supabase

A cloud-based open-source application backend development platform

Headquarters: Singapore
Founding year: 2020
Funding raised in 2024: US$82.7 million
Stage: Series C
Key investors: Peak XV Partners, Craft Ventures, Avracapital, Coatue, Felicis Ventures, and Y Combinator
Total funding raised since inception: US$199 million.

Amity Corporation

A platform-as-a-service for enterprise-grade AI applications and AI agents

Headquarters: Thailand
Founding year: 2012
Funding raised in 2024: US$60 million
Stage: Series C
Key investors: Insight Capital, SMDV, and Gobi Partners
Total funding raised since inception: US$60 million.

Also Read: Who’s still investing? The 2024 power players in Southeast Asia’s venture capital

NIUM

A provider of cross-border money transfer solutions for businesses

Headquarters: Singapore
Founding year: 2014
Funding raised in 2024:US$50 million
Stage: Series E
Key investors: NewView Capital and Tribe Capital
Total funding raised since inception: US$312 million.

Qoala

A diversified internet-first insurance platform for individuals

Headquarters: Indonesia
Founding year: 2017
Funding raised in 2024: US$47 million
Stage: Series C
Key investors: PayPal Ventures, MassMutual Ventures, MUFG Innovation Partners, Flourish, Eurazeo, AppWorks, Ohana Holdings, and Omidyar Network
Total funding raised since inception: US$134.5 million.

k ID

An online compliance engine that processes for parents and game creators to protect kids and teens privacy and safety

Headquarters: Singapore
Founding year: 2023
Funding raised in 2024: US$45 million
Stage: Series A
Key investors: a16z, Lightspeed Venture Partners, Konvoy Ventures, Okta, Z Venture Capital, and TIRTA
Total funding raised since inception: US$51 million.

Peak3

A provider of cloud-based insurance platform

Headquarters: Singapore
Founding year: 2018
Funding raised in 2024: US$35 million
Stage: Series A
Key investors: Alpha JWC Ventures and EQT
Total funding raised since inception: US$35 million.

Finture

A credit card providing POS instalment payment solutions for consumers

Headquarters: Indonesia
Founding year: 2021
Funding raised in 2024: US$30 million
Stage: Series B
Key investors: Mindworks Capital, XVC, Antao Capital, SWC, and Richen Pioneer
Total funding raised since inception: US$50 million.

AwanTunai

A provider of supply chain digitisation by ERP systems with embedded financing

Headquarters: Indonesia
Founding year: 2017
Funding raised in 2024: US$27.5 million
Stage: Series B
Key investors: Norfund, MUFG Innovation Partners, and Finnfund
Total funding raised since inception: US$55.8 million.

Syfe

An app-based platform for trading in ETFs and stocks

Headquarters: Singapore
Founding year: 2017
Funding raised in 2024: US$27 million
Stage: Series B
Key investors: Valar Ventures and Unbound
Total funding raised since inception: US$85.6 million.

Also Read: AI gold rush: How OpenAI’s Singapore expansion could reshape the startup ecosystem

Salmon

A developer of a platform offering business and consumer loans

Headquarters: The Philippines
Founding year: 2022
Funding raised in 2024: US$25 million
Stage: Series A
Key investors: IFC and Northstar Group
Total funding raised since inception: US$55 million.

Broom

An online P2P marketplace for used cars

Headquarters: Indonesia
Founding year: 2021
Funding raised in 2024: US$25 million
Stage: Series A
Key investors: Openspace Ventures, AC Ventures, Quona, MUFG, and PKSHA Technology
Total funding raised since inception: US$50 million.

Xcelerate

A platform offering integrated GRc management solutions

Headquarters: Singapore
Founding year: 2021
Funding raised in 2024: US$25 million
Stage: Series B
Key investors: Federated Hermes, Altair Capital, and Exacta Capital Partners
Total funding raised since inception: US$36 million.

Oobit

A trading platform for cryptocurrencies

Headquarters: Singapore
Founding year: 2017
Funding raised in 2024: US$25 million
Stage: Series A
Key investors: Titan, 468 Capital, and Tether
Total funding raised since inception: US$25 million.

UnaBiz

A connectivity system for IoT applications

Headquarters: Singapore
Founding year: 2016
Funding raised in 2024: US$25 million
Stage: Series B
Key investors: KDDI and Kanade
Total funding raised since inception: US$85 million.

Capria

A provider of an online platform for payday loans

Headquarters: Indonesia
Founding year: 2019
Funding raised in 2024: US$23 million
Stage: Series A
Key investor: Wagely
Total funding raised since inception: US$37 million.

Honest

An online lending platform offering personal credit cards

Headquarters: Indonesia
Founding year: 2019
Funding raised in 2024: US$21.5 million
Stage: Series B
Key investors: Rakuten and Jetha Global
Total funding raised since inception: US$61.2 million.

Carsome

An app-based C2B marketplace for used cars

Headquarters: Indonesia
Founding year: 2015
Funding raised in 2024: US$21.4 million
Stage: Series E
Key investor: AmBank Group
Total funding raised since inception: U$S80.8 million.

Morph

A consumer-centric blockchain platform

Headquarters: Singapore
Founding year: 2023
Funding raised in 2024: US$19 million
Stage: Seed
Key investors: DRAGONFLY, Pantera Capital, Foresight Ventures, Spartan Group, Symbolic Capital, Publicworks, MH Ventures, and Every Realm
Total funding raised since inception: US$20.3 million.

Also Read: Soonicorns on the horizon: Unveiling Southeast Asia’s future leaders

Mystiko

A blockchain-based network for Web3 connectivity

Headquarters: Singapore
Founding year: 2021
Funding raised in 2024: US$18 million
Stage: Seed
Key investors: Peak XV Partners, Samsung NEXT, HashKey, CoinList, Tribe Capital, Morningstar Ventures, Mirana, and Signum Capital
Total funding raised since inception: US$18 million.

Biobot Surgical

A developer of surgical automation devices

Headquarters: Singapore
Founding year: 2010
Funding raised in 2024: US$17.9 million
Stage: Series B
Key investor: ZIG Ventures
Total funding raised since inception: US$17.9 million.

Amartha

A microfinance P2P lending platform

Headquarters: Indonesia
Founding year: 2010
Funding raised in 2024: US$17.5 million
Stage: Series C
Key investors: Accion, Maj Invest, and Womens World Banking
Total funding raised since inception: US$53 million.

Qapita

A cap table and equity management software for businesses

Headquarters: Singapore
Founding year: 2019
Funding raised in 2024: US$17.2 million
Stage: Series A
Key investors: East Ventures, MassMutual Ventures, Cercano Management, Nyca Partners,
Citi, Endiya Partners, and Analog Partners
Total funding raised since inception: US$39 million.

Osome

A provider of accounting services for small and medium-sized businesses

Headquarters: Singapore
Founding year: 2017
Funding raised in 2024: US$17 million
Stage: Series B
Key investors: Constructor Capital and Altair
Total funding raised since inception: US$75 million.

FlyORO

It offers fuel technology solutions for the aviation industry

Headquarters: Singapore
Founding year: 2021
Funding raised in 2024: US$16 million
Stage: Seed
Key investors: Audacy Ventures and Investible
Total funding raised since inception: US$16 million.

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e27 has proudly assumed the role of Regional Programme Partner in the newly launched Meta AI Accelerator Programme. This marks a significant milestone in fostering technological innovation across the Asia Pacific (APAC) region. e27’s involvement includes strategic planning, programme development, and proposal selection. In effect, this ensures startups receive the essential guidance to thrive in the competitive AI landscape. This collaboration builds on a five-year history of partnership with Meta, focused on various community initiatives that have established a robust relationship.

As part of its commitment to the Meta AI Accelerator Programme, e27 played a pivotal role in mentoring and judging 13 participating teams from diverse countries. e27 facilitated the careful curation of proposals. This ensured that only the most impactful ideas advanced. This also thereby highlighted innovations capable of transforming industries. 

The organisation orchestrated both online and hybrid pitch competitions. This offered a platform for emerging talents to showcase their innovations and fostered a sense of community among participants. During the pitch sessions, proposals demonstrated impressive use cases for Llama, Meta’s open-source AI model. This illustrated how AI can drive socio-economic change and tackle critical challenges in education, public services, and economic development. On pitch day, five mentors from e27’s leadership team provided invaluable feedback to refine proposals from a business perspective. This complemented the technical guidance from Deloitte and ensured comprehensive support for participants.

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

The AI Accelerator Programme launch

Meta officially announced the AI Accelerator Programme on 3 October 2024 during the Meta APAC AI Accelerator Pitch Finals held in Singapore. The programme aims to empower startups in the APAC region to integrate Llama into their products. This provides participants with access to cutting-edge open-source models. This also gives them resources to foster innovation that shapes the next wave of technological advancements.

The launch event featured notable figures, including Singapore’s Minister for Digital Development and Information, Josephine Teo, and Meta President of Global Affairs, Nick Clegg. Their presence underscored the importance of this initiative within the broader context of AI development in Singapore and beyond.

Looking ahead: Incubator programme for Generative AI

During the event, Clegg unveiled plans for a Singapore-focused incubator programme. The programme is aimed at supporting 100 enterprises in enhancing their understanding of Generative AI and Llama. It will connect 20 selected participants with experts who will mentor them throughout the development and launch of Llama-powered solutions.

Philbert Gomez, Executive Director of Digital Industry Singapore (DISG), emphasised the programme’s alignment with Singapore’s National AI Strategy 2.0, which promotes AI development among businesses and startups. He stated, “Meta’s AI Incubator programme exemplifies Singapore’s commitment to cutting-edge technologies and innovation.”

Also read: How e27 helped empower APAC communities through Meta

Celebrating innovation

The event showcased submissions from over 720 companies and developers across the region, highlighting impactful use cases of Llama. Among the top finalists was Traversaal.ai from Pakistan, which secured the title of winner at the regional finals and a grant of US$100,000 for its groundbreaking work in creating a state-of-the-art Urdu Llama model. This innovation aims to connect 250 million Urdu speakers worldwide, demonstrating the far-reaching impact of AI technologies.

Hamza Farooq, the founder of Traversaal.ai, expressed his excitement: “It’s a great honour to represent Pakistan at this level, and we are extremely grateful to Meta for enabling us to turn our dreams into reality.” His sentiment reflects the aspirations of many entrepreneurs eager to leverage AI to address real-world problems.

Supporting the AI ecosystem

Meta continues to advance AI innovation through partnerships with governments and AI associations. The company recently introduced the Llama Impact Innovation Awards, recognising startups that utilise Llama to tackle social challenges. A notable recipient was AiSee, developed by the National University of Singapore. AiSee created an affordable wearable device to assist visually impaired individuals. Thus, this exemplifies how AI can make a tangible difference in lives.

During the event, Minister Teo and Clegg engaged in a fireside chat discussing responsible AI development and Singapore’s role in fostering AI innovation. Minister Teo highlighted the importance of collaborations with industry leaders like Meta in realising Singapore’s vision of AI for the Public Good.

Clegg remarked on the vibrant developer community in APAC and the supportive government environment, emphasising the importance of open-sourcing AI to broaden access and opportunities. “Open-sourcing AI ensures more people can access the opportunities that AI provides, and this is evident in the strong submissions we have received,” he stated.

A commitment to innovation with the Meta AI Accelerator Programme

Through its partnership with the Meta AI Accelerator Programme, e27 reaffirms its commitment to fostering innovation and empowering the next generation of AI solutions across the Asia Pacific region. This initiative not only strengthens the ecosystem of startups but also sets the stage for a future where AI can address pressing societal challenges.

As the programme unfolds, e27 looks forward to witnessing the transformative impact of these innovative projects. It also looks forward to continuing its collaboration with Meta to drive the next wave of technological advancements in the region. Together, they are not just shaping the future of AI. They are empowering a generation of entrepreneurs to turn their ideas into reality.

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This article is produced by the e27 team.

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Bitcoin’s potential usage as a strategic reserve has signalled a new financial era. The introduction of Bitcoin and Ethereum ETFs and an influx of capital from the likes of Blackrock and Goldman Sachs further reinforce this shift. Furthermore, the Bank of England (BOE) and the UK’s Financial Conduct Authority (FCA) have proposed a Digital Security Sandbox (DSS), and Commissioner Hester Pierce of the US SEC has proposed a joint UK-US DSS.

The industry is waiting for Web3’s “section 230 moment” to scale up blockchain infrastructure and bring many POCs to production. With Web3 becoming mainstream and poised to challenge Web2, a question remains: is the blockchain ecosystem interoperable enough to cope with it?

The urgent need for improved interoperability

The entire blockchain ecosystem is still fragmented, and the infrastructure of different blockchains is largely incompatible. This is what complicates the movement of assets and data between chains.

Whilst incremental progress is being made to solve this issue from a retail perspective, reforming an entire financial system requires a different level of connectivity. Institutional investors obviously bring significant liquidity to the crypto ecosystem, but this liquidity is siloed in individual chains and protocols.

BTC alone has grown into a market capitalisation of US$1.2 trillion, which is currently inaccessible to most institutional Bitcoin holders. The volume of crypto transactions is rapidly increasing, but the infrastructure is not expanding at the same rate. This will lead to more of the same problems — operational delays and high execution costs — on a much larger scale.

A 2023 survey conducted by the Enterprise Ethereum Alliance on blockchain technology adoption showed that interoperability is a top take away for its members. Enterprises of various industries have shown interest in bringing their IT system infrastructure to
blockchain, optimistic that interoperability will help them reach out to other blockchains. Improving cross-chain interoperability should thus be a foremost consideration for traditional institutions.

Also Read: Green for tokens: How to use blockchain to promote a more sustainable lifestyle

Their growing acceptance, investment, enthusiasm and advocacy for crypto needs a clear and straightforward path to adoption. As a bare minimum, major TradFi players require seamless interoperability to embody their custodial responsibilities. They cannot afford to take risks when managing assets across multiple blockchains.

If individual traders are experiencing clunky inconveniences, imagine what those problems would look like at the enterprise level.
Without a drastically improved framework for interoperability and standardisation, they will not be able to access the full power of decentralisation.

The onus, then, lies with the Web3-native protocols, projects and ecosystems to actively work on introducing robust and scalable industry standards. With a unified blockchain ecosystem, institutions will be able to unlock liquidity pools, optimise their capital allocation and fully embrace decentralised systems. Emerging financial products such as crypto derivatives and tokenised assets will then be primed for longevity.

Sourcing standards

Developing and implementing universal standards and protocols is a critical step toward achieving the above. Projects like Cosmos’ Inter-Blockchain Communication (IBC) protocol and Polkadot’s relay chain are promising attempts. However, these efforts remain disjointed and competitive instead of prioritising the collaboration needed for a mutually beneficial outcome.

Open-source approaches, such as that adopted by the Ethereum Enterprise Alliance (EEA) to rollout their Distributed Ledger Technology Interoperability Specification, are more favourable. The EEA realised very early on that interoperability would be a prerequisite to widespread blockchain adoption and has made serious inroads to formalise best practices.

Similar work is also being conducted among more global trade associations and international organisations, such as the International Association for Trusted Blockchain Applications (INATBA), IETF, and the ISO. Whilst wheels are in motion,
practical application needs to be accelerated. A simple start would be determining fixed common interfaces and decoding functions to align across all ecosystems, reducing the need for custom implementations when verifying cross-chain messages.

Wall street must be educated

Secondly, Web3-natives must move boldly in educating major institutions on interoperability. In the same way bottom-up educational initiatives are needed to empower Web3 infrastructural developers, tailored initiatives must be made accessible
to parties from the top down. Once they understand the need for a widespread solution that will serve their long-term decentralised ambitions, they, too, can contribute relevant resources.

Also Read: 5 strategies to power possibilities and propel your global growth

Institutions need to understand the logistics of how cross-chain interoperability solutions will make their lives easier. Interoperability will impact the creation of sophisticated asset management tools and custodial services, determine capital allocation strategies, provide more scope for risk diversification, and, perhaps most pressingly, ensure that tokenised financial instruments can sustain themselves.

Evolution due, unification vital

Ultimately, without interoperability, institutional adoption will not achieve its intended impact. The clock is ticking. With increasing amounts of Web2 capital entering the crypto markets, it’s imperative that seamless cross-chain solutions are developed at a more efficient rate.

DeFi is due for its next phase of evolution, and interoperability should be a mandatory component. It’s unimaginable that the influx of institutional interest will fade completely, but it will face major barriers if the necessary solutions aren’t in place.

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The holiday shopping season is a crucial time for retailers in Singapore. It presents an opportunity to capture increased sales and drive brand visibility in a highly competitive market.

But why limit the benefits of the holiday rush to just one season?

Singapore’s diverse cultural landscape means there are many key celebrations and high-demand periods – such as Chinese New Year, Hari Raya and Deepavali – that continue to drive consumer spending throughout the year.

In fact, according to a recent whitepaper by global language AI company DeepL, artificial intelligence (AI) could be the solution that retailers need to unlock greater sales potential during these peak periods. With the busiest shopping moments of the year just around the corner, there is still ample time for retailers to implement AI strategies that can deliver immediate results. DeepL’s whitepaper shows that more than two-thirds (69 per cent) of retailers have reported an increase in annual revenue due to AI adoption, with those leveraging these technologies experiencing an impressive 2.3x growth in sales.

With these insights in mind, it’s clear that AI can play a vital role in helping Singapore retailers optimise their strategies during each festive season.

Here are five key ways AI can help retailers maximise their sales and enhance customer engagement throughout the year.

Speak your customers’ language – literally!

Research has shown that 75 per cent of shoppers are more likely to purchase if they can browse a website in their preferred language. Relying solely on English could inadvertently exclude a large segment of potential buyers. AI-powered tools can quickly convert product descriptions, checkout instructions and other website content to the desired language, providing a seamless shopping experience for diverse audiences.

For example, if you’re a retailer launching a holiday collection in Indonesia, you can utilise AI to translate your website into Indonesian and adjust the prices to reflect the local currency. These small adjustments can go a long way, creating a tailored experience for the Indonesian market, increasing engagement and boosting conversions.

Go global with customised marketing campaigns

While running ads and promotions on platforms like Instagram and Facebook is common, AI can help refine these campaigns further by localising content and tailoring it to specific audiences. It can help adapt seasonal social media posts, online ads and SEO keywords to resonate with different regions, ensuring that each campaign is relevant and impactful.

Also Read: How can businesses best capitalise on the holiday season?

Boost conversion by translating customer reviews

Did you know that by showing just ten reviews on a product page, you can grow conversions by an average of 53 per cent? Customer reviews are a powerful tool for building credibility and influencing purchase decisions. But if reviews are only shown in one language, they may not serve all potential customers effectively.

AI can address this challenge by translating reviews into multiple languages, allowing retailers to present user-generated content that is accessible to diverse shoppers. This approach not only broadens the appeal of the product but also fosters trust, as customers are more likely to rely on feedback they can understand.

Enhance customer support with multilingual capabilities

Providing exceptional customer service is paramount particularly during the holiday rush when customers have heightened expectations. Get it wrong, and it’s game over. In fact, more than three-quarters of shoppers say they have backed out of buying something due to poor customer service.

Using AI-powered translation tools, employees at retail companies are able to assist customers in multiple languages, not just English. A retailer wanting to reach the Chinese population can use AI to facilitate smooth communication between their team and Chinese speaking customers. This ensures that all queries, from complex product inquiries to simple shipping updates, are managed promptly, enhancing the overall customer experience.

Streamline international expansion with AI-driven language solutions

Although peak sale seasons may not be the ideal time for large-scale expansion, AI can facilitate smoother operations for retailers entering new markets. By automating the translation of legal documents, product labels and marketing materials – such as converting content from English to Japanese – retailers can navigate the complexities of international compliance and localisation. This proactive approach ensures that they are well-prepared to meet future high-demand periods with minimal disruption.

By implementing AI solutions that can quickly localise, translate and personalise experiences for both local and global customers, Singapore retailers can not only boost sales this holiday season but also set a strong foundation for long-term growth and success.

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