Dear reader,

Grab’s return to profitability in Q3 marks a significant milestone for the company, underscoring its resilience and adaptability in Southeast Asia’s competitive tech landscape.

Turning a US$99 million loss last year into a US$15 million profit, Grab’s success can be attributed to a strong focus on operational efficiency and strategic investments in its core business segments.

The impressive 17% revenue growth to US$716 million not only surpassed analyst expectations but also highlights a robust demand for Grab’s on-demand services across the region.

The 224% increase in group-adjusted EBITDA to US$90 million demonstrates Grab’s ability to enhance profitability while scaling, especially by optimizing costs such as share-based compensation. CEO Anthony Tan’s comments reflect the company’s confident outlook as it anticipates further gross merchandise value (GMV) growth and raises its 2024 revenue forecast.

The surge in after-hours trading, with shares climbing over 12%, shows investor confidence in Grab’s growth potential, bolstered by Southeast Asia’s expanding digital economy and increasing consumer demand.

As Grab continues to invest strategically, it’s well-positioned to capitalize on long-term growth opportunities in the region, making this quarter a pivotal point in its journey toward sustained profitability and market leadership.

Sainul,
Editor.

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NEWS & VIEWS

Grab returns to profit in Q3, raises 2024 revenue forecast
It generated a profit of US$15M in Q3, a turnaround from a loss of US$99M the year before; The profit was due to improvements in group-adjusted EBITDA, as well as an increase in net finance income and lower share-based compensation expenses.

Philippine startup investments rebound to US$1B after a volatile 2023
It was driven primarily by a shift towards larger, growth-stage funding rounds rather than the survival-focused bridge rounds that dominated last year, says the ‘Philippine Horizons: Filipino Innovation in the ASEAN Landscape’ report.

Indonesia’s Intudo Ventures secures US$125M across two funds
Intudo Ventures IV will invest in 14 to 18 homegrown companies with initial cheque sizes ranging from US$1 million to US$10 million.

SoftBank projects US$1.87B profit, focuses on AI strategy
This increase is attributed to the successful public listings of its portfolio companies; Significant are SoftBank’s potential plans to develop AI chips, possibly in collaboration with Arm and newly acquired chip manufacturer Graphcore.

FTX files lawsuit against Binance, seeks US$1.8B recovery
The legal action seeks to recover the money, which FTX claims was improperly transferred by Sam Bankman-Fried; The lawsuit centres on a July 2021 share repurchase deal, where FTX alleges Binance received funds fraudulently.

Vendor seeks Qoo10 liquidation over US$54M debt
Korea Culture Promotion alleges Qoo10 owes them nearly USS$54.2M; The petition is supported by six other creditors, including SCI Ecommerce and Mister Mobile Trading.

Vietnam to block Shein, Temu if no November registration
The action depends on the companies’ failure to register with Vietnam’s trade ministry by November’s end; The industry and trade ministries will work with other agencies to block access if the companies do not comply.

Swiggy’s public debut will test India’s appetite for US$1B+ IPOs
The Indian company will enter a public market where large tech companies’ stocks have struggled historically; Three years after its US$2.5B offering, Paytm is still trading 47% below its IPO price.

There’s still growth potential in SEA e-commerce: Shopee’s Li
Forrest Li emphasized the role of emerging technologies like AI and blockchain in enhancing consumer experiences; Despite post-pandemic challenges in the tech sector, including layoffs, he pointed to the promise of tech-driven solutions.

Caroline Yap of Google Cloud: AI transformation at scale requires people as much as technology
The true success of AI adoption lies in how organisations balance technological advancement with human-centric considerations.

Indonesia’s Dash Electric closes seed financing round to grow its EV fleet
Lead investors are The Radical Fund and Bali Investment Club (BIC); Dash Electric is a B2B platform for on-demand delivery drivers and helps businesses book, track, and manage deliveries at scale.

FEATURES & INTERVIEWS

How WaveScan’s smart sensors and AI are shaping predictive maintenance
With robotics-enabled automated scanners, WaveScan has reduced the setup and asset inspection times and made the holistic scanning of entire assets viable.

Echelon Philippines 2024: Growsari’s ER Rollan on transforming the country’s retail landscape
The Echelon Philippines fireside chat explored how Growsari uses technology to digitise and empower small retailers for sustainable growth.

Report: New fintech talents emerge as GenAI becomes increasingly popular in Singapore
This new report by SFA and Accenture also points out how today’s fintech businesses can respond to this new kind of emerging talent.

Echelon PH 2024: Uncovering deeper opportunities in Southeast Asia’s fintech landscape
The Echelon Philippines panel explored emerging trends, niche markets, and potential disruptions in Southeast Asia’s financial technology landscape.

EVOV AI helps companies leverage AI to turn data overload into strategic insight
The founding team of EVOV AI brings together expertise in AI, data science, and business to develop this solution.

For BeLive, the hyperlocal approach is the way to win livestreaming in SEA
While TikTok Live and Facebook Live continue to dominate the SEA landscape, BeLive Technology anticipates room for alternative platforms.

FROM THE ARCHIVES

Bear necessities: Navigate the downturn with innovation
In a bear market, resilience is tested, offering opportunities for those with true staying power to shine as downturns reveal authenticity.

Our workplaces have changed a lot recently: Now here is the problem
The concept of work is blurring, it may seem like a minor issue, but it’s just the tip of the iceberg as we herald in the new normal.

Exploring the creator economy in gaming
Since gaming professionals are eager to create, gaming platforms must provide them with the tools and monetisation opportunities to do so.

The future of gaming is female and mobile
There is global consensus that the year ahead will be challenging, but emerging trends have suggested bright spots for gaming businesses.

Long-duration energy storage: Key driver for region’s net-zero goals
Individuals and companies are becoming more empowered to join the net zero fight as sophisticated energy storage solutions become increasingly accessible.

Is data latency the new currency in town?
Employing a distributed infrastructure with various providers and redundant pathways ensures resilience for critical applications and data.

How Alternō’s vision is changing the energy landscape with sand batteries
Alternō’s innovative sand battery technology is shaping the green energy sector, contributing to a more sustainable future.

Is India on the verge of shifting gears to EVs?
To emerge as a leader in the global space for electric vehicles, India should chart a plan to manufacture every sub-system required by EVs.

Climate conferences won’t save us: How to start taking action all year round
This article explores how any business can reduce its own emissions while accelerating the transitions of companies around them.

Thinking out loud: Are electric vehicles as sustainable as we believe?
It seems likely that automotive OEMs will continue to develop batteries with hybrid models instead of a full transition to EVs.

Empowering the future of Singapore: The need for SMEs to embrace renewable energy solutions
The adoption of renewable energy solutions is fast becoming a necessity rather than a choice for SMEs and bigger enterprises within Singapore.

Why agritech startups will call for the next e-commerce revolution
Innovation via technology and digitalisation are seen as pragmatic solutions to help address some of the greatest challenges facing the global food system.

How to build a strong farmer engagement model for your agri e-commerce startup
Agri e-commerce is still in infancy in Southeast Asia. What should SMEs keep in mind while engaging the farmers to adopt the online platform.

Why offshoring your data parsing processes could be your legal tech startup’s secret weapon
Legal tech companies often deal with unstructured documents, where the essential data points do not adhere to a predefined data model.

All that you need to know about the term sheet for approaching investors
In this article, we shed some light on the term sheet for Singapore startups looking to secure equity financing from external investors.

Unlocking agritech’s potential: Can Southeast Asia rise to the challenge?
In an era where agriculture both drives and bears the brunt of climate change, digital technologies offer a path to empowerment.

Can alternative proteins help build a more secure and sustainable food system?
The current food system –struggling to keep up with the demand from a growing global population– has been criticised as part of the problem.

How gaming innovations in Web3 are rewriting entrepreneurial playbooks
Web3 gaming seamlessly incorporates digital assets and NFTs, paving the way for innovative monetisation avenues.

THOUGHT LEADERSHIP

Generative AI in daily life: A practical guide
From transforming creativity to enhancing productivity, generative AI allows individuals and businesses to push boundaries and explore new avenues.

Cultural intelligence (CQ): The key to unlocking success in global workspaces
CQ is the cornerstone of this ability, helping us lead, connect, and collaborate with people who bring diverse perspectives to our teams.

Singapore’s green future – Are homes and condominiums ready for EVs?
As the adoption of electric vehicles (EVs) accelerates, Singapore’s homes and condominiums must prepare for this shift.

The rise of crypto ETFs: A new dimension in investing
This article outlines the key features of ETFs and crypto ETFs, their advantages, and the potential risks investors should consider.

The post Ecosystem Roundup: Grab returns to profit in Q3 | Philippine startup ecosystem rebounds | Intudo closes US$125M across 2 funds appeared first on e27.

Disrupt Health Impact Fund, a Thailand-based venture capital fund focused on healthcare innovation, has announced its first investment in DiaMonTech, a German deeptech startup specializing in non-invasive glucose monitoring.

The fund will provide DiaMonTech connections with healthcare experts in the public and private sectors across Southeast Asia and facilitate its entry into the region. It will also accelerate the startup’s ability to reach a wider audience and make its technology accessible to more needy people.

Thorsten Lubinski, co-founder and CEO of DiaMonTech, said: “This support will enable expansion and connection to meaningful opportunities that positively impact people living with diabetes and those monitoring their blood sugar for preventive healthcare throughout Southeast Asia, including Thailand.”

Also Read: 500 TukTuks, ORZON Ventures execs launch Disrupt Health Impact Fund in Thailand

DiaMonTech has developed technology that measures blood glucose levels without the need for painful finger pricking. This empowers individuals to take control of their diabetes management and make more informed decisions about their health.

Its non-invasive approach offers a “significant advantage” over traditional blood glucose monitoring methods, which require frequent finger pricking and can be inconvenient and painful for patients.

The device uses a spectroscopic method to measure glucose levels through the skin, providing a reading in just 30 seconds.

The technology could also be used for preventive healthcare, enabling early detection of prediabetes and potentially delaying or preventing the onset of type 2 diabetes.

The investment in DiaMonTech aligns with Disrupt Health Impact Fund’s focus on investing in five key areas: Self-care, preventive care, silver age, holistic wellness, and Smart Hospital.

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E-commerce Evolution: Success Stories from the Philippines and the Next Horizon for Entrepreneurs

The Echelon Philippines 2024 panel titled ‘E-commerce Evolution: Success Stories from the Philippines and the Next Horizon for Entrepreneurs’ featured Phoebe Fontanilla, Senior Associate at Gobi-Core Philippine Fund (Gobi Partners), as moderator, with key insights from panellists Macy Castillo, CEO and Co-Founder of Enstack; Vishal Salunkhe, Vice President and Head of Commercial at Carousell; and Dennis Velasco, CEO and Founder of Prosperna.

The discussion offered a comprehensive look at the evolution of e-commerce in Southeast Asia and the unique opportunities emerging in the Philippines.

The panelists shared insights into growth strategies that have propelled startups in the region, emphasising the rising importance of direct-to-consumer (D2C) models, live streaming, and social commerce in capturing new audiences. With the e-commerce sector still far from saturated, the speakers identified promising areas for growth, particularly as digital solutions evolve to meet the unique needs of local markets.

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

Key challenges in logistics, payment gateways, and customer acquisition were also addressed, with the panel agreeing on the importance of an integrated approach to payments and shipping for smoother consumer experiences.

The discussion closed with forward-looking perspectives on how AI and automation could further reshape e-commerce in the Philippines, creating new efficiencies and opening up additional pathways for growth. The consensus was that while obstacles remain, the sector is on a strong trajectory, offering ample room for new entrepreneurs to enter and thrive.

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

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At the opening of Singapore Week of Innovation and Technology (SWITCH) 2024, Founders Factory announced the launch of a new deep tech venture studio in Singapore. This expansion is set to accelerate venture building and investment activities across Southeast Asia (SEA) in deep tech and climate tech.

The announcement, made by Singapore’s Deputy Prime Minister Heng Swee Keat on October 28, marks another step in Singapore’s ambition to be a global leader in innovation, particularly in fields such as AI, quantum computing, robotics, and climate tech.

George Northcott, President of Founders Factory, explains to e27 that this new venture studio is part of the company’s broader ambition to transform early-stage tech ecosystems globally. “Our deep tech studio in Singapore will partner with scientists, technologists, and experienced operators to build new ventures in collaboration with world-leading organisations across SEA, focusing on cutting-edge sectors like AI, quantum computing, robotics, and climate tech.”

The new studio, supported by Enterprise Singapore (ESG), aims to translate research into tangible outcomes and attract international startups to Singapore’s expanding deep tech ecosystem. ESG, a statutory board under Singapore’s Ministry of Trade and Industry, has played a key role in supporting deep tech innovation and catalysing startup activity in the region, particularly in technology-driven sectors.

Founders Factory’s new initiative promises to foster deep connections with ESG and other local enterprises and government agencies to help startups commercialise and scale their technologies.

Also Read: The role of corporate pathfinders and activators in deep tech

Building on momentum in the APAC region

Founders Factory is no stranger to the Asia Pacific (APAC) landscape. The organisation has already built a significant presence in the region, collaborating with Pico in Singapore and with Rio Tinto and the Government of Western Australia in Perth, Australia. These partnerships have allowed Founders Factory to expand its venture-building capabilities across multiple sectors and gain invaluable insights into the local tech ecosystems.

“Our Singapore hub will support Singapore-based deep tech startups with global commercial opportunities through our international partner networks,” Northcott noted.

He added that the venture studio would also provide Southeast Asian access for Founders Factory’s existing portfolio of over 300 startups, further accelerating the exchange of ideas and innovation between markets.

As part of the launch, Founders Factory will make an initial two hires in Singapore to jumpstart its operations, with plans to bring in experienced team members from other markets to apply their expertise in venture building on the ground. This initial team will support the development of a venture studio dedicated to designing, building, and launching new companies.

A unique venture-building approach

What sets Founders Factory’s deep tech venture studio apart is its focus on partnering with leading scientists, technologists, and experienced operators to create high-impact ventures in collaboration with world-class organisations across SEA.

The studio will also launch corporate venture studios in the region, enabling large-scale corporate involvement in deep tech innovation and creating further venture-building pathways for entrepreneurs.

Also Read: Uncovering the rise and challenges faced by deep tech startups in Singapore

This new venture studio in Singapore is a key component of Founders Factory’s global climate and deep tech platform, which supports early-stage deep tech ventures through capital investment, operational support, and a vast network of corporate partners, government agencies, and academic institutions.

“This platform allows us to create unique opportunities for entrepreneurs working on frontier technologies,” Northcott shared, adding that the Singapore hub will expedite global market access for these ventures.

Supporting breakthrough tech and startups

The venture studio in Singapore will work with startups pushing the frontiers of technology, including those exploring AI, biotech, and materials science.

Founders Factory’s portfolio already includes companies like Monolith, which developed a machine-learning tool for accelerating engineering design processes for complex products like rockets and jet engines, and Peptone, a biotech startup using AI to develop new medicines.

In the materials science field, Cambridge University spinout Materials Nexus has created an AI-powered platform to design new materials with rare earth metal-like properties.

Climate tech innovations are also well-represented within Founders Factory’s portfolio, with startups like Jeevan Climate Solutions developing cost-effective carbon capture technologies and DRIFT Energy working on unmanned vessels that convert wind energy into clean hydrogen.

The Singapore hub will help these startups access broader SEA markets and global networks, enhancing their commercial viability.

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Image Credit: Founders Factory

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Your business needs video production, whether you know it or not. The way customers learn and decide about brands these days is far more driven by video than ever before. 68 per cent of YouTube users, for example, are watching videos to help them make purchase decisions. Meanwhile, Instagram recommends that brands post 3-5 times per week to maintain visibility or 5-12 times per week if they have a larger following (more than 10,000 followers). That’s a lot of content!

In addition to that, bear in mind Instagram reels (i.e. videos) outperform image posts (i.e. non-moving images) quite significantly, gaining twice the reach and 1/3 more comments per post. Hence, if you’re a brand (either B2C or B2B) thinking you probably ought to be making more video content — you’re on the right track. But where do you start? 

When it comes to producing all this content, even production houses like ours (who have all the gear and the professional expertise on-hand and “ready to roll”) can find ourselves turning to technology to help either lighten the workload or enhance the quality of the final product. But you must know what you’re doing. Some of the new technologies coming online are very powerful but should be approached with caution!

As an old-fashioned example, let’s take the now ubiquitous “steadicam” (first used professionally back in 1976). It’s a piece of equipment we quite often use on larger video shoots, but you always hire both the steadicam (a bit of kit) and the steadicam operator (a skilled human being who knows how to operate it). There’s no point having one without the other and that same general principle applies to much of the most eye-opening video production tech that’s newly emerging now.

Let’s have a look at some of that tech.  

Virtual production and LED stages 

Being a filmmaker, this is the tech that excites me the most at the moment. Technologies like Unreal Engine and advanced LED stages (used in shows like The Mandalorian) allow filmmakers to create realistic virtual environments in real-time. If you can possibly visit one of these studios, I recommend it – the other day I was standing at the foot of the Eiffel tower, watching the sun set behind it, from downtown Bukit Merah.

Of course it’s easy to be wowed by this technology because it’s “life-size” rather than something you hold in your hand, but from the point of view of creative inspiration, you can’t help but imagine all the possibilities for shooting scenes all over the world (or even on other planets) without having to leave the studio.

Also Read: The rise of video games: Popular genres, global trends, and emerging technologies

It’s an amazing experience for actors, especially in comparison to green screen, because you can really feel yourself “there” rather than having to imagine, and it’s fantastic for lighting cameramen and colour grading because the “spill” of light onto your set and performers is also not green screen but an accurate colour, taking away that “fake” feeling you can sometimes get from green screen. This tech is best, really, for those with a big budget and large-scale ambition. Where it comes into its own is on saving the cost of travelling round the world, but it’s also incredible for “playing with time”.  

I have a “sustainable energy” client whose vision is to play their part in creating a greener world. I was talking to them about creating a film in which their CEO talks to the camera about the difference green energy choices can make and around him I can have the world either decay into a post-apocalyptic hellscape of fire and black smoke, or into a lush green paradise, all within the time it takes him to read a few lines of script.

Equally you can slow down time and hold what filmmakers call the “magic hour” (as the sun goes down, the light is warmer and the shadows are longer) to become a magic 24 hours, or even a magic fortnight! My advice, though, would be to do a set build as well. Just having your characters in front of an LED backdrop is a bit “plain”.

If you can build some tangible “foreground” from having sand and a few real palm trees in front of the paradise island backdrop to having a burned-out car chassis in front of the futuristic city ghetto – that foreground will add a lot of value, and depth, to your shot. Though of course it adds more expense too.   

Automated editing and video summarisation 

I admit, I haven’t really tried this yet, but I have a social content production division of my business called SoVo and this technology would be an amazing opportunity for SoVo, if it can do what it promises. The gist of it is that AI and machine-learning algorithms can automatically edit videos based on predefined rules or patterns, such as creating summaries of long footage, detecting key moments in events, or even generating highlight reels for sports or presentations.

Because AI tools can now analyse raw footage, suggest edits, create effects, and even generate deepfake-like virtual actors, my hope for this is that my team can focus on creating really inventive and creative “templates” for social video, and then we can train the AI to apply (and adapt) these templates to fresh incoming footage from new clients. If it works, it will be amazing. But the devil, as they say, will be in the detail.  

Cloud-based video production 

A phrase like “cloud computing” can be daunting, nevertheless from what I can make out, it boils down to all those platforms that allow several people in different places (or even different parts of the world) to work on the same document or project at the same time.

Also Read: The secret sauce of how brands and creators use video for growth and success

We use Adobe Creative Cloud with our creative teams, and we share work with our clients over Frame.io (on which they can pause videos at any moment and make comments). I’m sure many people are familiar with this already so it’s hardly “new” but, as opposed to some of the AI technology which still has a bit of a “coming soon” feel to it, these cloud-based tools are immediately useful.  

AI voice-over technology 

You’ve probably noticed that most newspaper articles now offer you the opportunity to listen to the article. That’s a remarkable new AI-enabled change that seems to have happened almost overnight. Transformers architecture (used in models like GPT-3) has made it easier to generate not only written but spoken language with contextually accurate inflection and tone, leading to more human-like audio.

Deep learning and neural networks have drastically improved the quality of AI-generated voices. Models like Google’s Tacotron 2 and WaveNet (developed by DeepMind) use neural networks to generate speech that is almost indistinguishable from human voices. These systems can now produce nuanced, natural-sounding speech with appropriate intonation, stress, and rhythm.

This is wonderful news in terms of accessibility (think of partially sighted people who can now listen to newspaper articles). But obviously one can’t help but wonder what will happen to “the voice over artist”. When it comes to the power of AI, I suppose creative people like me should not ask for whom the bell tolls. 

Coming back to content creation for brands and businesses today, I mentioned before the example of the Steadicam (technology) and Steadicam Operator (skilled technician to operate the technology). More broadly when it comes to enlisting technology to support your content creation efforts, it’s very important to remember that technology, while valuable as a means of enabling your brand to express itself, should not be the tail that wags the dog. Any brief that begins with “How can we use VR technology?” (for example) doesn’t feel like a brief that’s starting in the right place, in my opinion.

A brand should surely begin by understanding its objectives, being aware of what their competitors are saying and the media through which they are saying it, as well as (last but certainly not least) knowing their audience and what’s on their minds. The work that happens “earlier” (or further upstream) is the most important. Because, when it comes to technology, you can’t pick your weapons unless you really know what kind of battle you’re going into.  

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