While Singapore and Indonesia have historically been the dominant markets, Vietnam and the Philippines are rapidly gaining ground, attracting significant seed funding and fostering a thriving ecosystem, according to a new report by Jungle Ventures.

The ‘The First Cheque Report 2024’, which analyses seed investment rounds between 2021 and Q3 2024, shows that Singapore continues to lead in terms of deal count, capturing 54.4 per cent of all seed deals in Southeast Asia. This is largely attributed to the country’s favourable policies for entrepreneurs, attracting businesses targeting markets beyond Singapore’s borders.

Also Read: How corporate innovation in Vietnam is fledgling the B2B startup ecosystem

Indonesia holds the second position with 19.2 per cent of seed deals. However, the report highlights a significant trend: other Southeast Asian markets, particularly Vietnam and the Philippines, are catching up.

In the first half of 2024, Vietnam and the Philippines, along with other emerging Southeast Asian markets, collectively surpassed Indonesia in capital deployed for the first time. This signifies a shift in investor focus and highlights the growing potential of these emerging markets.
Several factors contribute to the rise of Vietnam and the Philippines.

Vietnam’s robust economic growth, coupled with a young and tech-savvy population, makes it an attractive destination for startups. The government’s proactive measures to support the startup ecosystem, including funding initiatives and incubator programs, further fuel this growth.

The Philippines, with its large English-speaking population and a burgeoning digital economy, offers a fertile ground for startups. The country’s growing middle class and increasing smartphone penetration present a vast market opportunity.

Also Read: Startup funding in SEA falls 65% to US$4.3B in 2023: Tracxn

The report acknowledges the role of local seed funds, micro-VCs, angel groups, and corporate investors in driving the growth of the startup ecosystem across Southeast Asian countries. This diversification of funding sources is indicative of a maturing entrepreneurial landscape.

The emergence of Vietnam and the Philippines presents a compelling narrative of the evolving startup landscape in Southeast Asia. As these markets continue attracting investment and nurturing innovation, they are poised to reshape the region’s economic future.

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In an era where sustainability is a pressing global priority, intlife Smart Home, a Malaysia-based green tech startup, is making waves with its energy-efficient solutions.

At the helm is Kok Huang, CEO and Co-Founder, whose mission is to combat energy wastage in residential and commercial properties. Speaking to e27, Kok Huang reveals how intlife is transforming spaces with cutting-edge technology and a vision for a greener tomorrow.

“Energy wastage is a significant issue, particularly in residential spaces,” Kok Huang shares. Initially focused on developing small home ecosystems, intlife equipped properties with IoT sensors and mobile app controls. This revealed an alarming trend: rooms often consumed excessive energy, even when unoccupied.

Armed with this data, the company transitioned to AI-driven energy management systems. “By analysing usage patterns, such as when a room is too cold or empty, we optimise energy consumption,” he explains. This approach delivers a holistic solution, cutting energy costs while reducing carbon footprints.

Working primarily with property developers, intlife integrates its systems into new homes and office spaces, reaching end users—homeowners and property managers—who experience improved energy efficiency.

“So far, we’ve implemented our solutions in about 3,000 homes, primarily in Kuala Lumpur and Johor Bahru,” Kok Huang notes.

Also Read: As the demand for energy soars, climate tech is here to save the day

Despite its potential, green tech adoption faces challenges. According to Kok Huang, a lack of awareness and the perception of high costs hinder its uptake. “People think it is expensive, but with maturing tech and cheaper sensors, these systems are now more affordable. The return on investment can be achieved in less than three years.”

Residential energy consumption ranks as the third-largest globally, making it a critical sector for sustainability efforts. “If we don’t address this, achieving net-zero goals becomes impossible,” he stresses.

intlife’s data-driven approach proves that energy efficiency is not just attainable but essential for sustainable living.

intlife’s user acquisition strategy centres on partnerships with property developers. By embedding its systems into showrooms, potential buyers can experience the benefits firsthand. “It is a seamless process. Existing properties can upgrade within four hours,” Kok Huang says, highlighting the accessibility of their solutions.

The company’s participation in the UOB FinLab Green Tech Accelerator has further sharpened the company’s focus.

“We’ve evolved from offering energy-saving solutions to integrating carbon credit calculators and green financing options, like reduced-interest green home loans,” he reveals. These enhancements not only improve customer offerings but also amplify intlife’s environmental impact.

Scaling up for 2025 and beyond

Looking ahead, 2025 promises to be a pivotal year for intlife. The company plans to expand into commercial and existing buildings, aiming to create sustainable workspaces and living environments.

Also Read: Founders Factory launches in Singapore to bolster SEA deep tech, climate tech ecosystem

“We are launching EMS 2.0, which will analyse energy consumption down to individual appliances,” Kok Huang shares. This granular insight enables users to manage their energy usage with unprecedented precision.

Intlife also aims to grow its user base to 4,000 property owners and introduce a dedicated customer care service. On a broader scale, the company aligns with Malaysia’s pledge to achieve net-zero emissions by 2050. “Our solutions contribute to saving 20 per cent energy in residential and 23 per cent in commercial spaces,” Kok Huang notes.

With plans to expand into Southeast Asia (including Singapore, Vietnam, and the Philippines), intlife is positioning itself as a regional leader in energy efficiency. “Our plug-and-play solutions can easily adapt to different markets, amplifying our impact on net-zero missions across the region.”

Intlife Smart Home exemplifies the power of technology to drive sustainable change. By addressing energy inefficiencies with IoT and AI, the company aims to reshape how homes and offices operate.

As awareness grows and technology becomes more accessible, intlife’s solutions intend to pave the way for a future where smart homes are not just a luxury, but a necessity for sustainability.

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Image Credit: intlife

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Singapore-based digital bank GXS Bank has announced plans to roll out its business banking services in the first quarter of 2025. The launch will begin in Singapore, Malaysia, and Indonesia, with progressive expansion planned throughout the year.

In Singapore, GXS Bank will prioritise sole proprietorships and micro-businesses, addressing unmet financial needs such as access to expansion loans. These businesses often struggle with limited options from traditional banks.

“2025 will be the year of significant scaling up for the digital banks in the GXS Group,” said Muthukrishnan Ramaswami, Group CEO of GXS Bank, in a statement.

To prepare for the launch, the bank has been running a pilot programme in Singapore with selected sole proprietorships within its ecosystem, co-creating and refining its offerings. Half of the country’s sole proprietorships are either served by or partnered with Grab and Singtel, both stakeholders in the bank.

The pilot will soon expand to include businesses outside this network.

Key products under the new business banking suite include the GXS Biz Account and GXS FlexiLoan Biz. These solutions mirror the innovative features of GXS Bank’s retail offerings, such as daily interest crediting for deposits, no early repayment fees, and interest savings for early loan repayments.

Also Read: A new blueprint for modernising Southeast Asian banking for the digital future

Eligible businesses will also gain access to unsecured credit lines to support their growth.

At a media luncheon on Wednesday, November 20, GXS announced that its growth rate from January to September 2024 has doubled compared to the same period last year.

The group now serves over three million customers regionally through its Singapore-based GXS Bank, Malaysia’s GXBank, and Indonesia’s Superbank.

In Singapore, four out of five customers are underserved, including gig workers, entrepreneurs, and young professionals under 30. Notably, 25 per cent of GXS FlexiLoan users had no or limited credit history at the time of application, but have since demonstrated strong financial discipline.

At the same event, GXS also stated that 20 per cent of GXS FlexiLoan users and nearly 60 per cent of the loan book’s total value were of the so-called affluent customers.

This dual strategy has contributed to steady loan growth, with GXS Bank doubling its personal loan portfolio to 200,000 in just six months, making it one of Singapore’s top six personal loan providers.

“Our business banking solutions are well underway and will be rolled out in the three markets in the near future. We are well-positioned to grow our business and serve even more customers in the coming year,” said Ramaswami.

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Image Credit: GXS

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Female startup founders remain underrepresented in India and Southeast Asia, yet those who secure seed funding raise significantly larger rounds, according to First Cheque Report 2024 by Jungle Ventures.

In India, female founders comprised only 12 per cent of all seed-funded founders in 2024 year-to-date (YTD), a moderate increase from 7 per cent in 2021. However, companies with at least one woman founder raise median round sizes that are 114 per cent higher than the overall median.

Also Read: Funding into SEA’s female-led startups falls 42% to US$480.8M in 2023: Tracxn

The median round size for companies with at least one woman founder is US$1.05 million. This is 114 per cent higher than the overall median round size of US$0.49 million.

The average round size is also higher for Indian companies with female founders. The average for companies with at least one female founder is US$1.74 million. The overall average is US$1.08 million.

In Southeast Asia, female representation is even lower, at 9 per cent of seed-funded founders in 2024 YTD. While such companies raised only 1.3 per cent more on average than the overall average, their median round size is significantly higher.

Also Read: Shifting tides: Vietnam and Philippines challenge Singapore and Indonesia in startup investment

The median round size for Southeast Asian companies with at least one woman founder is US$2.2 million, which is 29 per cent higher than the overall median of US$1.70 million.

While the report doesn’t explain the reasons behind these funding disparities, data suggests that female founders may face greater difficulty securing seed funding.

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As we delve into the transformative journey of digital payments in rising markets, a powerful wave of innovation and inclusion is reshaping how people and businesses engage in these economies. While the global payments landscape often features broad themes of digitisation, some regions are experiencing accelerated, distinct evolutions within this movement.

Latin America, Africa, and India each present unique narratives in the shift toward digital commerce, with local payment methods like Pix, UPI, PSE, and mobile money making seismic impacts.

In this exploration, I’ll touch on key innovations that we at EBANX, a global technology company specialising in payment services for rising markets, see as vital to the growth and development of these regions.

Localised payment innovation: more than just alternatives

As new payment technologies evolve, the need to adapt to specific markets has become non-negotiable for global businesses. The one-size-fits-all model no longer holds for payment systems. Each region — indeed, each country – has unique user habits, regulatory environments, and cultural preferences that demand tailored solutions.

In Latin America, Pix in Brazil and PSE in Colombia demonstrate how tailored digital payments can make digital commerce more accessible and inclusive. Pix, introduced by Brazil’s Central Bank in 2020, has expanded dramatically, growing to nearly half of Brazil’s digital payment transactions in just a few years and being part of the daily lives of 90 per cent of the adults in the country.

According to Payments and Commerce Market Intelligence (PCMI) data analysed by EBANX, Pix is set to surpass credit cards as the most widely used payment method in Brazilian digital commerce by next year. The projection for 2025 estimates that Pix will account for 44 per cent of all value transacted in online purchases in Brazil, an increase of four percentage points, while cards will have a 41 per cent share.

Additionally, data from the Brazilian Central Bank indicates Pix has integrated 71.5 million users into the financial system in the first two years of operation. This is a potent example of how a payment method can drive financial inclusion and consumer convenience through seamless, quick, and free transfers.

Similarly, in Colombia, PSE (Pagos Seguros en Línea) is a preferred gateway for many people, especially those new to digital commerce. We see its wide use in retail as well as by new consumers venturing into e-commerce. This is not merely about introducing a different payment option; it’s about creating a payment experience that meets people where they are, encourages trust, and simplifies their journey into digital engagement.

Internal data from EBANX show that companies accepting Pix in digital commerce experience a 16 per cent increase in revenue and a 25 per cent growth in the number of clients. In Colombia, PSE brought in more than half of the new customers for two of EBANX’s online retail merchants over a three-year period. These figures highlight the importance of global companies having tailored payment strategies for each region.

With expertise in those local solutions, our operation includes over 200 payment methods, having connected more than 150 million consumers to global brands. Within the Pix system alone, we currently process payments for over 33 million users, 20 per cent of all Pix users in the country.

How “digitised cash” is driving digital and financial inclusion globally

In regions like Africa, mobile money has become a cornerstone of digital finance, leapfrogging traditional banking infrastructure and providing millions with instant access to digital commerce. According to the last EBANX annual study, Beyond Borders 2024, since 2007, Kenya has been at the forefront of mobile money innovation.

This platform allowed people, for the first time, to transfer funds using a basic mobile phone without requiring a bank account or internet access, thanks to SIM card-based technology. Today, more than 90 per cent of Kenyan adults have a mobile money account, according to a GSMA consumer survey, underscoring this technology’s widespread adoption and impact over the past 15 years.

Also Read: Do cards have the opportunity to flourish in Southeast Asia’s digital payment services landscape?

With nearly half of digital commerce in Kenya relying on mobile money, the implications for increased access are profound. This shift has provided an economic lifeline for those previously excluded from financial services, especially in rural areas where banking infrastructure is limited or nonexistent.

In Egypt, cash remains the dominant transaction method, accounting for a large portion of the digital commerce volume: 73 per cent of Egyptians are unbanked, and only 22 per cent have a credit or debit card, making the country heavily reliant upon cash transactions, based on Beyond Borders 2024.

However, innovative solutions like QR code-based payments and cash vouchers are paving the way for more inclusive digital finance. The hybrid approach, digitising cash transactions and ensuring that consumers can participate in digital commerce even without bank accounts, is a significant step toward financial inclusion. The continued push to blend cash-based solutions with digital technology signals a path forward for Egypt and other cash-reliant economies in Africa and beyond.

India’s digital payment evolution: from cash to UPI

India’s journey in digital payments has been equally transformative. Over the past decade, UPI (Unified Payments Interface) has shifted the nation’s payment culture from predominantly cash-based to digital-first. With UPI adoption growing exponentially since its introduction in 2016, India has emerged as a leader in real-time digital payments, outpacing traditional cards and attracting a wide range of businesses.

Currently, UPI represents 64 per cent of all digital payments in India, and the share is growing. From April 2022 to March 2023, payments in retail through UPI amounted to US$1.6 trillion, the Beyond Border 2024 report shows. In a market where nearly half of consumers lacked banking access just a few years ago, UPI now drives over 55 per cent of digital commerce, according to PCMI, transforming consumer habits and the business landscape.

An important factor is India’s successful integration of various payment methods within a single platform. UPI’s ability to merge credit cards, debit cards, and bank accounts into one payment system is a powerful example of hybrid payment solutions that adapt to the consumer’s needs.

As more consumers engage with digital transactions and become financially included, the future of UPI—and by extension, India’s digital economy—holds vast potential. We see the potential for similar solutions in other rising markets, where diverse payment methods are united under a single, consumer-centric platform.

Blending old and new: hybrid payment models and digital wallets

In many rising markets, particularly those transitioning from cash-based economies, hybrid payment models bridge the gap between traditional and digital payment systems. The integration of alternative payment methods (APMs) with credit and debit cards allows consumers to move between digital and physical transactions seamlessly.

In Latin America, credit cards still hold a strong place, especially in SaaS, streaming services, and other subscription-based industries. However, hybrid models—where cards and instant payments coexist—have found their sweet spot. For instance, in Tanzania, mobile money services like M-Pesa now integrate with Visa, providing a virtual card for digital commerce, while in India, UPI enables credit card payments within an instant payment framework.

For global companies entering these markets, such hybrid models present a compelling strategy to cater to a diverse range of consumer habits. Whether it’s enabling instalment payments, auto-renewals, or other flexible models, hybrid solutions create a pathway for people at varying stages of financial inclusion to participate in the digital economy. The flexibility to use a familiar method, like mobile wallets or credit cards, in combination with instant payment options, meets consumers where they are and builds trust.

The hybrid aspect is also evident in how cards and alternative payment methods adopt each other’s features. For example, Pix Automático is incorporating recurring payment capabilities, a feature initially associated with cards. Set to launch in June 2025,  Pix Automático aims to bring recurring payment options to all users in Brazil, enabling them to use Pix for subscriptions to streaming services, SaaS products, and other subscription-based offerings.

Enabling global growth through local payment expertise

Emerging markets across Latin America, Africa, and India are not only rising but defining new standards in global commerce. These regions offer a vast, eager customer base for digital commerce—one that is often overlooked due to perceived complexities around local payments and regulatory hurdles.

Also Read: Building bridges to close gaps in cross-border payment

For example, the e-commerce market in Latin America is expected to grow 20 per cent in volume between 2023 and 2027, with a projected volume of more than US$1 trillion, according to PCMI data analysed by EBANX. Our experience in these markets tells us that while the pathways to growth are unique and sometimes intricate, the payoff is considerable. Businesses that invest in understanding local payment ecosystems and work with experienced partners can achieve lasting success in rising markets.

For global businesses, understanding these payment trends and customising their approaches is crucial for growth. Payment methods are no longer simply transactional tools; they have become strategic enablers of customer engagement and retention. Take Brazil, for example, where Pix is rapidly becoming the default choice for online purchases.

The simplicity and speed of Pix encourage more frequent purchases, and many merchants now offer discounts to consumers who pay with Pix, further incentivising its use. In India, the integration of UPI with various banking and credit systems facilitates broad, deep engagement with customers, boosting their loyalty and willingness to transact digitally.

At the heart of this payment evolution lies a powerful message: payment preferences matter. Local payment methods are not “alternative” —they are mainstream. And as businesses look to grow globally, an understanding of local payment trends is as essential as understanding local languages or cultural norms.

Toward an inclusive, connected digital economy

The rapid evolution of payment landscapes in Latin America, Africa, and India speaks to a broader, hopeful vision of digital financial inclusion. The varied ways that people pay—and the increasing ease with which they can do so—point toward a connected digital economy that embraces both the banked and unbanked, narrowing socio-economic gaps. Payments are no longer a passive component of commerce; they are now active agents in societal transformation.

In this new global landscape, businesses willing to adapt and innovate can drive more than just revenue growth—they can foster a more inclusive economy. The journey of rising markets is complex and, at times, unpredictable, but it’s also a story of resilience, opportunity, and the power of technology to bridge divides.

As we look to the future, the challenge remains for global companies to embrace this diversity in payments with agility and respect. The rewards—both financial and societal—are immense. The future of payments in Latin America, Africa, and India is not just a shift in numbers but a pathway to progress itself. And for those who are ready to engage thoughtfully, it offers a chance to be part of a profound, positive transformation that is redefining the world’s digital economy.

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