Fintech Frontiers: Uncovering Deeper Opportunities for Investment and Venture Creation

At Echelon Philippines 2024, the panel ‘Fintech Frontiers: Uncovering Deeper Opportunities for Investment and Venture Creation’ brought together industry experts to explore emerging trends, niche markets, and potential disruptions in Southeast Asia’s financial technology landscape and delved into the opportunities and challenges facing the fintech sector in the region.

Moderated by Naveen Asrani, Head of Strategic Growth at AWS for ASEAN, the panel featured Jeremy Young, Associate at Gentree Fund; Juancho Jimenez, Vice President at Openspace VC; Sevastian Romberg, Co-Founder and Managing Director at Premise; Luis Buenaventura, Assistant Vice President at GCash.

The panel explored fintech’s transformative impact on banking, payments, and insurance, highlighting the potential of AI-driven financial services, blockchain, and digital banking to reshape these sectors. Key areas of opportunity emerged in untapped markets where fintech innovations could address pressing needs in the region, such as enhancing financial literacy and developing tailored lending solutions for SMEs.

Also Read: Echelon Philippines 2024: The power of collaboration – corporates and startups join forces

Regulatory hurdles and the challenges fintech startups face as they scale were also a focal point, particularly in Southeast Asia, where navigating complex regulatory landscapes is essential for sustainable growth. Additional insights covered the region’s credit gap, rising opportunities in insurtech, and the growing demand for cloud-based payment infrastructures.

The session concluded with insights on how innovative financial technologies, like AI-driven services and blockchain, can transform Southeast Asia’s economy.

Watch the session video above to learn more about these insights and the strategies shaping the future of entrepreneurship.

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Dear reader,

Southeast Asia’s venture capital landscape in 2024 showcases the region’s resilience and its strategic potential. Amid global economic uncertainties, startups across diverse sectors—particularly fintech, AI, cloud services, and sustainability—continue to attract substantial funding.

This sustained interest underscores Southeast Asia’s role as a burgeoning innovation hub, supported by a young, tech-savvy population, and a growing digital economy. Countries like Singapore, Indonesia, Thailand, and the Philippines are home to some of the year’s largest funding rounds, as seen in companies like Ascend Money, Supabase, and NIUM, which are actively leveraging technology to address evolving consumer and business needs.

VCs are drawn to the region’s opportunities in areas such as financial inclusion, cloud infrastructure, and digital transformation, boosted by supportive government policies.

This trend is not only fostering economic growth but also driving a competitive environment where startups with disruptive solutions are thriving. As funding momentum continues, Southeast Asia could see a steady emergence of unicorns and “soonicorns,” especially as more investors look to capture the growth in these underserved markets.

The region’s entrepreneurial spirit and digital transformation initiatives highlight a promising trajectory, establishing Southeast Asia as a powerful player on the global startup stage.

Sainul,
Editor.

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NEWS & VIEWS

NTU, Walden International launch US$38M fund to support deeptech startups
Nanyang Frontier Fund will support deeptech spin-offs from Singapore’s Nanyang Technological University (NTU); It is the city-state’s first venture capital fund dedicated to a university.

Funding Societies expands financial reach with new HSBC credit facility
This transaction forms part of HSBC’s cumulative commitment of over US$100M since its partnership with Funding Societies that began in 2022.

SEA digital economy jumps from US$4B in 2022 to US$11B in 2024
Although the exit environment still poses difficulties, early-stage companies in SEA demonstrated impressive strides towards profitability, according to the e-Conomy SEA report.

SEA startup funding rebounds month-on-month but faces yearly decline
Startups in the region raised US$197 million in funding across 29 rounds in October 2024, down 74 per cent from the same period last year.

The Z Label raises US$11.4M to fuel Gen Z-inspired tech innovations in HK
Beyond Ventures is the lead investor; The Z Label is a tech-centric venture-building group focusing on the intersection of emerging technologies and GenZ consumer trends.

Capital C bags investment to build financial inclusion super app for SEA
The investors include Phillip Private Equity and Azure Capital; Capital C provides personal payday loans, business loans, partnerships, and acquisitions advisory through digital micro-financing and strategic planning.

CARDS raises funding to revolutionise school management in Indonesia’s smaller cities
The investors are Katha VC, DS/X Venture, and EduSpaze; CARDS is designed to digitise various operational functions of schools, ranging from administration and finance to digital payments.

Wavemaker Impact launches Numat to transform bamboo into sustainable products
Numat runs mobile bamboo processing units that convert bamboo poles at the harvest site into various pre-processed formats for processors worldwide.

Crypto CEO kidnapped in Toronto, released after paying US$1M ransom
WonderFi CEO Dean Skurka was reportedly shoved into a vehicle in downtown Toronto during rush hour, only to be released uninjured after electronically sending $1 million (presumably CAD) to his captors.

India raids Amazon, Flipkart over investment law breaches
The raids at 19 locations in New Delhi, Mumbai, and Bengaluru followed a report alleging violations of foreign investment rules by these e-commerce firms.

Dash Electric secures seed funding to scale EV-as-a-service across Indonesia
Radical Fund and Bali Investment Club are the lead investors; Dash Electric aims to accelerate the adoption of electric vehicles in Indonesia by providing green supply infrastructure to businesses.

Malaysia’s digital bank GXBank introduces new products & tech startup accelerator programme
The accelerator programme will provide personalised mentorship from industry leaders, alongside expert-led workshops on innovation, market entry, and securing investment.

Earth VC invests in Germany’s sustainable biomaterials startup Cambrium
Cambrium’s current focus includes precision-fermented, skin-identical collagen for personal care and plastic-free leather alternatives.

FEATURES & INTERVIEWS

From fintech to IoT: Southeast Asia’s standout startups with the largest funding rounds in 2024
Southeast Asia’s startups, particularly in fintech, cloud services, sustainability, and AI, have maintained strong investor interest.

DRVR-Sentiance combination plans to transform motorcycle safety in SEA with AI
DRVR and Sentiance will enhance on-device processing for faster, advanced motorcycle safety solutions tailored to the on-demand economy.

A closer look into the digital economies of Indonesia, Philippines in 2024
When it comes to the digital economy, both countries saw notable growth in e-commerce, with video commerce making shopping more interactive.

Path to profitability: How SEA startups are thriving in 2024’s digital economy
The emphasis on effective monetisation, operational efficiency, and adapting to consumer behaviour further supports the digital economy.

FROM THE ARCHIVES

All you need to know about debt and equity financing
This article examines the common forms of debt and equity financing adopted by private companies incorporated in Singapore to raise funds.

Governing your startup: What founders can learn from politics and vice versa
It would benefit the startup community to look at itself not only as a niche business ecosystem but as one woven into the fabric of society.

Breaking down geography-based salary for your global teams
Geography-based pay comprises many complex factors, which is why it is crucial to acknowledge various approaches to implement these policies.

What business owners should know before setting up foreign entities
If you are considering expanding your team overseas in the long run, it is more beneficial to establish a foreign entity.

Why SEA’s startup ecosystem is making a strong case for legaltech
Startups are seeking legal services which are more cost transparent, flexible and efficient, and legaltech is here to provide that and more.

Digital bank licences: Why does everyone want a slice of the unbanked?
Digital banks seek to improve digital literacy and to lessen financial inequality amongst the underbanked population.

Digital banking in Indonesia: Growing importance and future trends
Ivitech.Drive is spearheading advancements in Indonesia’s digital banking sector, paving the way for a robust financial future.

Do cards have the opportunity to flourish in Southeast Asia’s digital payment services landscape?
The advent of the pandemic has catalysed significant transformations within the payments landscape across Southeast Asia.

Ransomware wake-up call: Why Indonesian businesses need more than just antivirus
In today’s digital age, an antivirus alone is no longer sufficient; it’s time to bolster our defences and make cybersecurity a top priority.

Cracking the code: Decoding 4 myths in Indonesia’s startup realm
This article highlights four common misconceptions that founders might have that can either make or break a startup.

How to meet your customer expectations fluently with the power of business messaging
The conversational future is here, and businesses need to start exploring how to incorporate business messaging into their marketing strategy.

How does marketing agility fuel disruptive innovation?
Marketing agility enables the organisation to become more proactive, even in this era of fast-changing customer needs and wants.

Why content strategy is vital for your B2B startup’s long-term growth
Content is vital in generating leads, especially for B2B startups, and should be considered a long-term investment.

From automation to hyper-personalisation: Leveraging AI for smarter marketing
With AI increasingly being embedded into marketing technology and platforms, it is important to keep in mind that marketing still hinges on humanity.

THOUGHT LEADERSHIP

Launching a VC fund in Malaysia: A venture lawyer’s guide
Malaysia’s VC scene is booming as the government’s “fund of funds” program draws local and international VCs, spurring new fund launches.

5 AI strategies for Singapore retailers to sleigh holiday sales and beyond
While peak sales seasons may challenge large-scale expansion, AI can help retailers enter new markets more smoothly.

Institutional interoperability will usher in the next iteration of Web3
Decentralised finance looks set for its take-off season on a global level, but has blockchain interoperability matured enough?

The post Ecosystem Roundup: SEA’s largest funding rounds of 2024 | NTU, Walden launch US$38M deeptech fund appeared first on e27.

Dash Electric, an Indonesian electric vehicle (EV)-as-a-service startup, has closed an oversubscribed seed funding round.

The round, the details of which remain undisclosed, was led by The Radical Fund, with Bali Investment Club (BIC) as co-lead.

Gojek co-founder Kevin Aluwi, Schneider Electric Energy Access Asia (SEEAA), Aksara Ventures, and existing investor Antler also co-invested.

Dash Electric will use the funds for expansion, enabling it to increase driver onboarding, grow its EV fleet, and develop in-house software to enhance fleet management.

Also Read: Revolutionising urban commutes: Southeast Asia’s prominent electric two-wheeler startups

“Our mission is to make EV adoption effortless for both businesses and drivers,” said CEO and co-founder Aditya Brahmana. “With Dash, companies can focus on their core business while we handle the logistics.”

Launched in 2023 by Aditya Brahmana and Robert Mulianto, Dash Electric is a B2B platform building an EV fleet of on-demand delivery drivers. It helps businesses book, track, and manage deliveries at scale.

The company plans to build seamless API integrations with clients, optimising its service for greater operational efficiency.

Alina Truhina, CEO of The Radical Fund, praised Dash’s disruptive potential in Indonesia’s logistics sector. BIC’s Managing Partner, Nicolo Castiglione, highlighted Dash’s alignment with Indonesia’s EV goals and its commitment to sustainable growth. Founded in 2023 by Aditya Brahmana and Robert Mulianto, Dash Electric supports Indonesia’s 2040 target for 100% EV adoption, partnering with clients in logistics, e-commerce, retail, and food delivery to enable sustainable, seamless deliveries.

The post Indonesia’s Dash Electric closes seed financing round to grow its EV fleet appeared first on e27.

In today’s data-driven landscape, businesses face an overwhelming influx of information from every direction. This flood of data can obscure what truly matters for strategic decision-making, especially as companies navigate shifting consumer behaviours and heightened expectations for rapid, data-backed decisions. The pressure is on leaders to remain agile and informed, but limited time and resources often make it difficult to process data effectively and spot actionable insights quickly.

But this challenge can be tackled using AI as proposed by Singapore-based EVOV AI.

With its ability to process vast datasets quickly, AI can identify trends, offer predictive insights, and generate decision-ready recommendations. For marketers, this means moving from a reactive stance to one that is anticipatory and strategic.

“Our focus is on helping marketers and business owners get the most out of video content, which is becoming essential for brands across all industries. Many marketers struggle to understand what works, adapt to the rapid pace of trends, and accurately measure their campaigns’ impact,” says Dr Yi Chenyu, CEO at EVOV AI.

“Our platform is designed to address these issues by giving marketers real-time, cross-platform insights and recommendations they can act on. What makes EVOV AI unique is its multimodal AI engine, predictive modelling, and explainable recommendations.”

Also Read: How does marketing agility fuel disruptive innovation?

The team works with a diverse range of users, including marketing teams from established brands and smaller, emerging brands aiming to grow their online presence. To reach these audiences, they use a freemium model that allows users to try the platform with essential features before upgrading if they find value.

They also collaborate with marketing agencies and influencers to promote and showcase the benefits of EVOV AI. Digital marketing is another key part of their strategy, utilising SEO, SEM, and social media marketing to reach a wider customer base.

Executing their growth plan

The founding team of EVOV AI brings together expertise in AI, data science, and business. As the lead AI researcher, Dr Yi holds a PhD in deep learning and video analytics, while Chance Fu, the company’s tech lead and former tech lead at Thales, is a skilled full-stack developer with a strong background in big data.

Software architect Danny Zhang contributed to developing the TikTok Live Data Platform, and business manager Isaac Wu is a serial entrepreneur with experience in scaling tech companies.

Additionally, Prof. Li Haoliang, an AI expert, serves as an advisor. Currently, the team comprises eight passionate members across AI, engineering, and business.

Also Read: Tried-and-tested marketing strategies for startups across all stages in Singapore

The startup is currently self-funded by the founding team and supported by university and government grants. It is actively looking for a seed funding round to accelerate growth through product development, talent acquisition, and marketing.

EVOV AI is one of the startups that participated in the L’Oréal Big Bang Beauty Tech Innovation Program; Dr. Yi believes that the experience has been “incredibly beneficial” for the company.

“It has given us the chance to showcase EVOV AI’s capabilities to a broader audience in the beauty sector, which is a key market for us. We have also had the chance to connect with industry leaders and get direct feedback on our platform,” he says.

“Participating in this programme is a huge validation of what we are doing, and it is helping us build the credibility we need to approach the big brands. Our goal is to establish partnerships with more beauty brands and continue refining our solutions to fit industry-specific needs.”

When asked about their plans for 2025, Dr. Yi said that it would be “an ambitious” year.

“First, we are working on an AI-powered video marketing agent that will guide marketers from the idea stage all the way to execution, making the entire process easier and more efficient. We are also planning to expand into new industries such as F&B and e-commerce, which are a natural fit for our platform,” he explains.

Also Read: Tried-and-tested marketing strategies for startups across all stages in Singapore

“Geographically, we want to extend our reach into other parts of Asia, such as Hong Kong. We also plan to reach other markets in Oceania and North America. And, of course, as we grow, we will add to our team to ensure we can support our expanding client base. It’s going to be an exciting year!”

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Image Credit: EVOV AI

The post EVOV AI helps companies leverage AI to turn data overload into strategic insight appeared first on e27.

Statista reports that livestream e-commerce sales reached US$17 billion in 2022, with projections indicating this figure could triple by the close of 2026. The same prospect is seen in many markets in Southeast Asia (SEA). Still, in an interview with e27, BeLive Technology CEO Kenneth Tan explains that it cannot tackle the market with a “single regional strategy.”

“SEA is a highly diverse market, with each country having unique consumer preferences and cultural nuances. We do not approach the entire SEA with a single regional strategy, but rather adopt a hyperlocal approach,” he writes in an email interview.

“This approach also reflects our deep focus on working with technology and content partners, increasing the diversity of our offerings and capital efficiency.”

As a live streaming solutions provider, BeLive Technology leverages AI and machine learning specifically for live video analysis, live shopping, shoppable short videos, and interactive streaming.

Founded by Tan in 2017, before the COVID-19 boom in live streaming, BeLive has since thrived with a team of over eighty people, delivering 55 million hours of live video since 2019 across Singapore, Vietnam, and Shenzhen, and accumulating over US$10 million in total revenue.

Also Read: How AI, AR, and live streaming are changing the online shopping experience

In this interview, Tan explains how BeLive Technology seizes opportunities in this sector.

The following is an edited excerpt of the conversation.

With increasing competition in the livestreaming space, what unique strategies does BeLive Technology employ to maintain long-term profitability and customer retention?

We have deployed livestream and short video experiences at scale in many countries, often working with the region’s market-leading platforms. This allows us to obtain a deep understanding of consumer behaviours across regions and verticals, which informs our approach to developing new features that our customers can use to engage, retain, and convert their users.

We also invest deeply in personalised customer service and key account management. Livestream and shoppable video are still relatively new mediums for most brands.

What role does technology innovation play in driving cost-efficiency and sustainability for your platform, especially in the face of infrastructure and connectivity challenges in some SEA countries?

Our team works closely with our infrastructure partners to ensure high-quality, low-latency, and cost-effective video delivery. We have delivered vast quantities of real-time video at scale to Tier 2, 3, and 4 countries in Indonesia, India, South Africa, and Nigeria.

This is only possible with our continued investment in enhancing our products and using innovative solutions to deliver interactive video experiences.

As a technology-driven company, how does BeLive Technology contribute to fostering a sustainable content ecosystem for creators and users?

BeLive focuses on creating a balanced ecosystem where creators and users feel supported and engaged.

Also Read: Opportunities for the livestreaming industry in Asia

We actively develop tools enabling creators to connect deeply with their audiences, facilitating genuine interactions beyond simple engagement metrics.

Our SaaS platform is designed to provide monetization options tailored to creators’ unique needs, whether established influencers or emerging voices.

Our partnerships with content and tech leaders further enrich our ecosystem, allowing us to provide varied, engaging content that retains viewers and supports creators in their journey.

What are BeLive Technology’s future plans for expansion, and how do you see the livestreaming industry evolving in Southeast Asia over the next few years?

We are committed to investing in the future of video, as we believe we’re just beginning to uncover the full potential of the video revolution. This vision goes beyond technology; it includes building partnerships and ecosystems to deliver the best solutions that empower our customers to sell, engage, and retain audiences more effectively.

While platforms such as TikTok Live and Facebook Live continue to dominate the SEA landscape, we anticipate room for alternative platforms to emerge, especially with geopolitical tensions and potential regulatory changes, similar to what we have seen in Indonesia and India regarding TikTok.

This evolving landscape may allow SEA consumers to explore diverse platforms, each offering distinct experiences and ways to connect.

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Image Credit: BeLive Technology

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