The new Chancellor of the Exchequer, Rachel Reeves, stood up in the House of Commons in late October and made the annual Autumn Budget announcement to the UK. It was accompanied by a full statement from the Office for Budget Responsibility (OBR).

Among other important finance-related announcements, such as the increase in employer National Insurance (NI) contributions and pension funds soon being subject to Inheritance Tax, the Chancellor also made it clear that the tax-free Annual Individual Savings Account (ISA) Allowances will remain the same until April 2030. 

The Annual ISA Allowance freeze will impact investors across the UK. Luckily, this article will explore what the freeze means for investors and what the allowances would have been now if they rose in line with the UK’s inflation rate.

What does the freeze mean for my ISA?

The 2024 Autumn Budget, announced on the 30th of October, highlighted that Annual Allowances for all ISAs will remain the same. This keeps the limit for Cash ISAs and Stocks and Shares ISAs at £20,000 (US$25,400), Lifetime ISAs at £4,000 (US$5,080), and Junior ISAs at £9,000 (US$11,430). 

The Annual ISA allowance limits how much investors can put into their ISA accounts in one tax year, which runs from the 6th of April to the 5th of April the following year. The Annual Allowance for Cash ISAs and Stocks and Shares ISAs can be paid into one account or split the allowance across multiple accounts. However, investors can only pay into one Lifetime ISA in a tax year.

Unfortunately, the government’s decision to freeze the Annual ISA Allowances until April 2030 means that the limit is not rising with inflation, which is currently at 2.30 per cent.

On the one hand, investors can be relieved that the Chancellor of Exchequer didn’t announce a cut to the tax-free Annual ISA Allowance or impose a lifetime cap on how much can be accumulated in tax-free accounts. 

However, now that investors have been given a clear indication that the tax-free Annual Allowance will not rise for another six years, they might wonder what it means for their ISA accounts.

Also Read: How to revolutionise the banking and finance industry with Robotic Process Automation

According to HMRC figures, around 16.9 per cent of ISA holders reached their total tax-free limit between 2021 and 2022. So, let’s explore what the Annual ISA Allowances would be now if they had risen in line with inflation:

• The annual allowance for Cash ISAs and Stocks and Shares ISAs was raised to £20,000 (US$25,400) in April 2017. Today, the tax-free allowance would be £26,082 (US$33,138) if it had risen in line with inflation.
• The Junior ISA annual allowance increased from £4,368 (US$5,547) to £9,000 (US$11,430) in April 2020. However, if the tax-free allowance had continued to rise with inflation, it would be £11,277 (US$14,321) today.
• The Lifetime ISA annual allowance has remained at £4,000 (US$5,080) since its launch in April 2017, but it would be £5,216 (US$6,624) today if it had risen with inflation.

Investors with bigger pots that are more likely to reach the £20,000 (US$25,400) limit could lose out on up to £56,500 (US$71,755) due to the freeze. This is because if the Annual Allowance increased in line with inflation, they could have invested more tax-free money each year.

Is the government introducing a new ISA?

During the 2024 Spring Budget in March, the now-former Chancellor of the Exchequer, Jeremy Hunt, spoke about plans to introduce a new type of ISA called the British ISA. This gives investors an additional £5,000 (US$6,350) allowance – on top of their existing £20,000 (US$25,400) – to invest in UK shares. It would also come with the same tax advantages as other ISAs.

However, the Autumn Budget confirmed that the government would not be introducing the British ISA due to mixed responses to the consultation launched shortly after its announcement in March. 

Exploring the history of annual allowances

To conclude, it’s important to understand that there is no set method for how much and when annual ISA allowances should increase. In fact, the tax-free limit for ISAs has been frozen for significant periods in previous years. 

The Annual ISA Allowance was frozen at £7,000 (US$8,890) from its launch in 1999 until 2007 when it increased by £200 (US$248). It then went to £15,000 (US$18,600) in 2014 and finally to £20,000 (US$25,400) in 2017, where it has remained.

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As 2024 comes to a close, it’s time to reflect on the stories that captured the tech world’s attention. The startup ecosystem, especially in Southeast Asia, proved to be a hotbed of innovation, resilience, and growth, offering up a steady stream of fascinating news.

From groundbreaking funding announcements to industry-shifting partnerships, these stories not only defined the year but also hinted at the future of tech and entrepreneurship.

This feature spotlights the 20 most-read tech startup news articles of the year, a curated list that reflects the trends, challenges, and triumphs shaping the innovation landscape.

In this roundup, we celebrate the entrepreneurs, investors, and visionaries who pushed boundaries, weathered uncertainties, and redefined what’s possible in a world increasingly reliant on tech-driven solutions. These are the stories that sparked conversations, inspired action, and kept us all clicking, scrolling, and sharing.

So, let’s revisit the headlines that mattered most in 2024’s vibrant and dynamic startup scene.

measurable.energy raises funding for SEA expansion

UK-based measurable.energy, which designs and manufactures AI-powered plug sockets that reduce electricity costs, secured £4 million (US$5.2 million) in October.

Vertex Exploratory Fund, a fund under Vertex Holdings (a wholly-owned subsidiary of Temasek), co-led the round along with existing investor and UK-based cleantech VC firm Clean Growth Fund.

The investment is used to accelerate the company’s growth in the UK and international markets ahead of its anticipated Series B fundraising in 2025.

Also Read: Cutting carbon at the socket: measurable.energy’s smart solution to plug power waste

Vertex Exploratory Fund will help measurable.energy expand its presence overseas, particularly in Southeast Asia.

Former Peak XV MD launches Kenro Capital

Piyush Gupta, the former managing director of Peak XV Partners (formerly Sequoia Capital), launched Kenro Capital in November. The VC firm specialises in secondary transactions, facilitating the exchange of shares between investors without introducing new capital or issuing additional shares.

Kenro Capital aims to target growth companies in India and Southeast Asia. It plans to deploy US$20-30 million per investment, with flexibility for larger amounts through co-investment opportunities.

MediConCen bags US$6.85M

In February, Hong Kong-based MediConCen, a startup automating insurance claims using AI and blockchain, raised US$6.85 million in a Series A round. HSBC Asset Management led this round, with support from existing investors G&M Capital and ParticleX and new investor Wings Capital Ventures.

This brings MediConCen’s total raise to US$12.7 million.

The capital is being used to expand into the Middle East and Southeast Asia.

Yoshiaki Murakami’s daughter launches Kadan Capital

In September, Rei Murakami Frenzel, the second daughter of Yoshiaki Murakami, founder of Japan’s Murakami Family Foundation, teamed up with Felix Frenzel (former Investment Manager at Antler) to launch Kadan Capital in Singapore.

Kadan, which means ‘decisive, determined’ in Japanese, seeks to invest in early-stage companies in Asia with sufficient evidence of product-market fit and significant rapid growth potential.

The target verticals are fintech, SaaS, and Artificial Intelligence across Southeast Asia (mainly Singapore and Indonesia), Japan, and the Middle East (primarily the UAE and Saudi Arabia).

The ticket size is US$500,000 to US$1 million.

Zora Health raises US$740K

In January, Zora Health launched its integrated fertility care and financing platform in Singapore, with S$1 million (US$740,000) in funding.

With initial backing from venture capital firm Antler, this funding round includes the participation of angel investors such as Cheryl Goh (Founding CMO of Grab), Prajit Nanu (CEO of Nium), Alan Jiang (CEO of Beam), and Lisa Enckell (Venture Partner, Antler), along with Asa Liden (former COO of Pitch.com).

Zora Health said that 55 per cent of its investor lineup consists of women.

Ai Palette nets US$5.8M funding

Ai Palette, a Singapore-incorporated startup enabling consumer packaged goods (CPG) companies to create products using AI and machine learning technologies, bagged US$4 million in equity financing from Tin Men Capital in March.

This brought the capital raised by the AI startup in the Series A extension round to US$5.8 million.

With the fresh funds, Ai Palette is expanding further into the beauty & personal care and nutraceutical categories, which began development in November 2023. The injection is also being used for global expansion in North America, Europe and the APAC regions and supercharge its Generative AI capabilities.

Telkomsel Ventures leads Tictag’s Series A

In July, Singapore-based data and AI-as-a-service company Tictag completed its Series A round with undisclosed funding led by Telkomsel Ventures.

Existing investors M Venture Partners, East Ventures, and Investible participated. SBI Ven Capital, a subsidiary of Japan’s SBI Holdings, joined the round through its joint fund with South Korea’s Kyobo Securities and NTU Singapore’s NTUitive.

Operating in Singapore, South Korea, Indonesia, Malaysia, and Hong Kong, the company will use the funds to engage more businesses and expand its presence in Indonesia and the rest of Asia.

Singapore surpasses US in AI investment: Study

A September survey revealed that Singapore’s Artificial intelligence (AI) investment rate has outpaced the US by 16 per cent per thousand $GDP.

This is despite the US being the largest investor in AI, with US$328,548 million spent in the last five years.

Although being placed tenth in the amount of money spent, Singapore invested an amount equivalent to 1.5 per cent of its GDP in 2022, according to the AI statistics report curated by AIPRM.

As of 2023, the AI market size was valued between US$136.55 billion and US$454.12 billion. The largest share is in North America, with an estimated value ranging from US$87.18 billion to US$167.3 billion, accounting for more than a third (36.84 per cent) of the global AI market share.

Pixelmon secures US$8M seed funding

In February, Pixelmon, a decentralised web3 gaming IP company, raised US$8 million from investors, including Animoca Brands, Delphi Ventures, Amber Group and Bing Ventures.

Bitscale Capital, Cypher Capital, Foresight Ventures, Mechanism Capital, Sfermion, Spartan Labs, and VistaLabs also participated.

The startup is using the funding to continue developing its differentiated portfolio of casual and mid-core games.

Mober raises US$2M seed financing

Mober, an electric vehicle (EV) logistics startup in the Philippines, received US$2 million in seed financing in February. The round was led by local family business RT Heptagon Holdings.

The company is using the funds to accelerate the integration of electric vehicles (EVs) into its fleet. Mober has already expanded its EV fleet to 60 vehicles.

Also Read: Securing bank financing for scaling our EV fleet is hard in Philippines: Mober CEO

Established in July 2015, Mober aims to drive the transition to green deliveries in the Philippines. The firm has developed a Transport Management System (TMS) to optimise delivery efficiency and track the CO2 savings achieved through EVs.

Xalts acquires Contour Network

Xalts, a Singapore-based fintech platform for financial institutions and businesses to build and manage digital finance applications, acquired Contour Network, which connects global banks with global businesses, in February.

The initial focus for Xalts is embedded solutions for trade and supply chain finance. These will enable banks, logistics companies and technology companies to offer integrated solutions to businesses using a single platform.

Contour was started in 2017 as a pilot by eight global banks, including HSBC, Standard Chartered and BNP, focusing on digitising trade. Over 22 banks, including HSBC, BNP, Citi, DBS, and ING, and 100 international businesses like Tata Group and Rio Tinto, use Contour for digital trade finance solutions.

Xalts was founded in 2022 by Ashutosh Goel and Supreet Kaur, former senior executives at HSBC and Meta. Backed by Accel Partners and Citi Ventures, Xalts is used by institutions to build multi-party applications for digitisation and tokenisation.

Hubble nets US$5M funding

Hubble, a Singaporean startup that aims to transform progress and payments in the built environment industry, closed a US$5 million funding round in June. Asia-focused private credit financier AlteriQ Global led the round.

The funding is used to accelerate the expansion and growth of its financial services division Hubble.Financial into new industries and beyond Singapore.

Founded in 2016, Hubble digitises and automates site processes to track and expedite progress and enable on-demand liquidity through early payment solutions based on verifiable progress data. Its full-stack progress-to-payment platform synergises the progress data insights from Hubble.Build (its construction management division) with early payment solutions from the financial services division.

PopChill bags US$3.1M for Singapore expansion

PopChill, a luxury resale marketplace in Taiwan and Hong Kong, secured US$3.1 million in a pre-Series A extension funding round in May.

The investors included Top Taiwan Venture Capital, 500 Global, Acorn Pacific, ITIC, AVA Angels Fund, Acorn Pacific Ventures, and Darwin Ventures.

The startup is using the fresh capital to reach break-even in Taiwan by the end of this year and expedite growth in the Hong Kong market. It is also expanding into a new market, with Singapore as the primary target, within this year.

Vertex Growth leads Elice’s US$15M round

Elice, an AI-powered educational platform company based in South Korea, raised KRW 20B (approximately US$15 million) in a Series C funding round led by Vertex Growth in January.

The company is using the funds to expand into Asia Pacific, such as Singapore, the US, and Japan and strengthen its AI research capabilities by building a large-scale AI Data centre in Busan, leveraging its experience building PMDC (Portable Modular Data Centre). The centre aims to recruit technology talent with aspirations to hire a large-scale AI workforce in Busan.

Founded in 2015, Elice focuses on delivering an integrated B2B and B2G educational platform and content for institutional clients, specialising in technical skills upgrades to enhance organisational digital transformation. Elice leverages AI to offer specialised tech skill development and a customised learning experience across coding environments via personalised tutoring, live classes, testing/assessment, learning management systems and customer management systems.

Amazon to train 15K individuals in AI skills in Singapore

Global tech giant Amazon plans to develop innovative AI solutions and support Singapore’s Smart Nation and National AI Strategy 2.0 (NAIS 2.0) goals, it announced at the 10th AWS ASEAN Summit in the island nation on June 30.

Furthermore, the company’s cloud business unit, Amazon Web Services (AWS), said it plans to invest an additional S$12 billion (US$9 billion) into its existing cloud infrastructure in Singapore from 2024 to 2028. AWS invested S$11.5 billion in the Asia Pacific (Singapore) region through 2023. With the new tranche, the total planned investment into its existing cloud infrastructure is set to double to more than S$23 billion by 2028.

For the AI initiative, Amazon has partnered with SEA-LION, GovTech Singapore’s Analytics.gov, the Maritime and Port Authority of Singapore’s Maritime AI-ML Digital Hub, the National Library Board’s StoryGen, and Synapxe for this initiative, named AWS AI Spring for Singapore.

Surge leads Brainfish’s US$2.5M seed round

In May, Brainfish, an AI-powered self-service customer support platform for businesses, raised US$2.5 million in seed funding.

The round was led by Peak XV’s Surge, with participation from Macdoch Ventures, Black Sheep Capital, existing angel Justus Hammer (CEO MadPaws), and new angels.

Brainfish is using the new funds to double down on product innovation and accelerate international expansion.

Growsari lands US$5M investment

Growsari, a B2B marketplace for sari-sari stores (neighbourhood stores) in the Philippines, closed a US$5 million investment round from global investor Oppenheimer Generations Asia in August.

The e-commerce startup is using the capital to support its three business lines and provide liquidity to employees and early-stage investors.

Also Read: Echelon X: Gullnaz Baig and Shiv Choudhury on Growsari’s approach to non-technical customers

Launched in 2016 by ER Rollan, Shiv Choudhury, Andrzej Ogonowski, and Siddhartha Kongara, Growsari provides growth tools to 100,000 sari-sari stores in 400 municipalities nationwide. Its three business lines are B2B e-commerce (SariMart), MSME financial services (SariPay), and last-mile logistics (Tranko).

Silence Laboratories raises US$4.1M

Silence Laboratories, a Singapore-based cybersecurity startup focusing on Web3 technologies, secured US$4.1 million in funding in February.

The round was led by Pi Ventures and Kira Studio, along with contributions from several prominent angel investors.

The fresh funds is being used to scale the company’s tech and business teams and enrich the company’s R&D pipeline.

Founded in 2021 by Dr Jay Prakash, Dr Andrei Bytes, and Dr Tony Quek, Silence Laboratories focuses on privacy-enhancing technologies through a fusion of cryptography and security engineering for enterprises. It aims to create a global infrastructure that enables privacy-compliant collaboration and exchange, eliminating single points of failure.

AgriG8 gets Better Bite Ventures’s backing

In June, AgriG8, a Singapore-based startup that aims to decarbonise rice production, secured an undisclosed investment from Better Bite Ventures, a local early-stage VC firm, and The Trendlines Group of Israel.

Co-founded by Chen and Joshua Tan, AgriG8 supports smallholder farmers in rice-growing Asian countries and helps them adopt practices that can reduce methane emissions.

Its digital platform allows access to finance and incentivises methane-reducing farming practices, while the gamified smartphone app CropPal helps them report emissions-reducing practices they have implemented.

MAVCAP invests in Vynn Capital’s mobility fund

Venture capital firm Malaysia Venture Capital Management Berhad (MAVCAP), with a portfolio nearing MYR5 (US$1.25) billion, invested as a limited partner in Vynn Capital’s latest Mobility and Supply Chain Fund.

The Mobility and Supply Chain Fund, with a targeted size of US$30 million, aims to innovate Southeast Asia’s technology landscape in the mobility and supply chain sector.

Malaysian venture capital firm Vynn Capital established a fund to tackle challenges and opportunities in Southeast Asia’s mobility and supply chain sectors. The fund is directed towards early-stage startups in the region raising Seed to Series A rounds.

 

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Over the last ten years, India’s real estate industry has experienced a substantial change, emerging as a prominent source of job opportunities and one of the fastest-growing sectors contributing to the country’s GDP.

A joint report by real estate consultancy Anarock and the National Real Estate Development Council (NAREDCO) revealed that real estate employment has surged from 4 crore (US$588,000 approximately) in 2013 to 7.1 crore (US$978,000 approximately) in 2023, marking a significant increase. The industry’s role in economic growth has become crucial due to rapid urbanisation, changing demographics, and a rise in investment prospects, leading to employment generation across multiple sectors.

With such growth being registered, the empowerment of the early-stage mortgage workforce is imperative for fostering resilience and sustaining growth. In a field where knowledge becomes outdated rapidly, proactive learning and skill development are essential for staying relevant. Continuous education empowers mortgage professionals to anticipate future trends and adapt accordingly.

Whether attending workshops on digital mortgage platforms or enrolling in risk management courses, investing in ongoing development equips individuals with the tools needed to navigate industry shifts and seize new opportunities.

Staying ahead of the curve: Up-skilling for real estate professionals

According to a SBI report, India’s housing loan market is predicted to double within the next five years. India’s housing loan market has witnessed substantial growth, propelled by increasing urbanisation, rising disposable incomes, and government initiatives promoting affordable housing.

Over the past decade, there has been an enduring need for housing, despite fluctuations. Notably, there have been substantial new housing projects introduced and successful sales recorded. Moving forward, the real estate industry is expected to experience continuous expansion, with forecasts suggesting a market worth US$1 trillion by 2030, as per the Anarock and the NAREDCO report.

With these forecasts in mind, there is an urgent necessity for up-skilling to meet the growing demands of the sector.  India’s skilling landscape too has undergone significant changes, with the Central Government launching numerous specific initiatives and programs.

These initiatives have been designed to foster a nationwide culture that recognises and prioritises skill development. It is evident that achieving the Government’s objectives, such as “AtmaNirbhar Bharat” and “Skill India Mission,” requires a competent and empowered workforce capable of tackling the evolving challenges in the real estate sector, particularly in BFSI.

Also Read: Affordable housing conundrum: Navigating India’s real estate challenges with innovative financing

Each year, a considerable number of individuals join the mortgage sector. By offering them training and opportunities for skill development, we can make a meaningful contribution to the advancement of India. This includes utilising digital tools and online platforms to equip individuals with practical expertise and knowledge, thereby improving scalability and preparing them for upcoming technologies.

Role of mentorship: Inspiring the future generation of mortgage professionals

Mentorship can play a crucial role in providing guidance and assistance to young graduates who aspire to build a career in the BFSI industry. The significance of mentoring goes beyond offering just technical guidance; it creates a sense of belonging within the industry and imparts lessons in mastering the basics, networking effectively, enhancing communication skills, and embracing technology.

This can be achieved through programs that involve expert-led sessions conducted by industry leaders, where they provide valuable insights and practical advice that contribute to the development of skills and instill confidence in the industry. By combining classroom and hands-on training, mentors have the opportunity to share their knowledge and experiences, shaping the next generation of industry leaders and fostering a culture of collaboration and support.

Building a resilient future

As per the January 2024 economic review conducted by the Department of Economic Affairs (DEA), there has been a remarkable improvement in the employability of graduating and penultimate-year students. The percentage of these students deemed employable has surged from 33.9 per cent in 2014 to 51.3 per cent in 2024.

Also Read: Singapore beats Korea, UK to emerge global leader in AI infrastructure

As the mortgage industry continues to evolve, empowering early-stage professionals is paramount. By embracing adaptability, proactive learning, mentorship, and diversity, organisations can navigate challenges, seize opportunities, and drive innovation.

Through our skill development venture, we aim to up-skill early-stage professionals by offering them mentorship and collaborating with them for career advancement in the BFSI industry. Our focus will be on providing training to graduates residing in tier 2 and 3 cities, to subsequently place these aspiring individuals in our parent organisation or its affiliated banks.

To achieve sustainable development, a comprehensive approach to workforce skilling and up-skilling is essential, ensuring the availability of qualified professionals equipped with technical expertise and ethical practices.

As we strive towards a 5 trillion economy, the real estate sector’s contribution is crucial. Eventually, organisations that prioritise and facilitate continuous learning create a culture of innovation and agility, positioning themselves at the forefront of industry advancements.

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AI search engines have evolved beyond knowledge retrieval, now providing real-time financial guidance in response to growing demands for personalisation. The financial industry’s AI spending is projected to grow substantially, with estimates reaching US$97 billion by 2027, reflecting a compound annual growth rate (CAGR) of 29 per cent.

The early role of AI search engines

Whether users are seeking basic scientific facts or complex legal definitions, AI has provided an accessible, efficient resource for information in the context of search queries. However, early tools had clear limitations, delivering static information without the depth or adaptability needed for critical decision-making.

The rapid and sometimes unpredictable nature of financial markets revealed the limitations of AI’s initial approach, which struggled to keep pace with market demands. This led to a push for more adaptable AI capabilities, marking its progression into a specialised tool that responds to unique needs for timely, actionable information.

Wharton professor Chris Geczy emphasised this dual-edged potential of AI, saying, “The current state of artificial intelligence puts us at the edge of something wonderful, something terrible, or both. Developers, regulators, and other stakeholders are responsible for guiding the further development of AI in socially and economically beneficial ways.”

Transition to personalised AI for financial decision-making

AI search engines have evolved to cater to nuanced use cases such as tailored financial guidance. From delivering market forecasts to investment strategies, AI has transitioned into a role once filled by human advisors. In 2023, around 40 per cent of financial institutions used generative AI to enhance efficiency, customer service, and decision-making processes. As of November 2024, approximately 43 per cent of financial institutions have integrated generative AI into their operations, reflecting a growing trend in the sector.

AI’s capacity to assess dynamic financial data and offer personalised recommendations has significant appeal, including data-driven advice on high-potential assets, optimal portfolio distribution, or hypothetical investment outcomes.

Also Read: How to use AI to reduce startup employee turnover

By incorporating real-time event monitoring, natural language processing (NLP), and multi-source data integration, AI enhances its ability to deliver timely, comprehensive, and user-friendly insights, making it an invaluable tool for financial planning and decision-making.

Real-world examples of AI-driven financial assistance

ChatGPT

Known for its advanced conversational abilities, ChatGPT can be an insightful tool for finance. Users can ask complex financial questions, such as finding the high-potential tech stocks for 2025 or understanding how inflation trends affect their investment portfolio. While ChatGPT has not yet integrated real-time data, it excels in scenario-based analysis based on provided numbers and uploaded images of market price action movements.

According to a report from Demand Sage, ChatGPT boasts over 200 million weekly active users as of November 2024, reflecting its widespread adoption. The report also says that more than 92 per cent of Fortune 500 companies utilise ChatGPT.

Perplexity

An AI search engine designed to answer queries with a high degree of contextual relevance, Perplexity offers immediate and relevant responses that aid in financial decision-making. Its large language model (LLM) provides targeted answers that combine context-based insights with a wide data scope. Users can ask for insights on economic trends and shifts or sector-specific market dynamics.

Perplexity can then provide a response that combines current and historical data. Furthermore, it allows users to probe deeper into financial topics, offering follow-up answers and clarifying explanations.

It is finalising a US$500 million funding round led by Institutional Venture Partners, valuing the AI-powered search company at US$9 billion.

Node Search

Node Search is a decentralised search engine designed by Nodepay to deliver highly accurate, real-time results tailored to the Web3 domain. Powered by a Retrieval-Augmented Generation (RAG) infrastructure, it combines data from web crawling, real-time updates, and indexed Web3 knowledge bases to ensure users receive the most relevant and up-to-date information. By integrating LLMs, Node Search handles complex queries, providing precise insights on token prices, sentiment analysis, project updates, and blockchain advancements.

Node Search processes queries through a multi-step system: web crawling via bandwidth nodes and APIs, integration of real-time data, and enhancement with vectorised knowledge bases. Advanced AI models analyse the information to deliver precise, data-backed insights.

With Nodepay having over 885,000 active participants, 750,000 nodes across 180 countries, and partnerships with firms like Mirana Capital, NGC Ventures, and Animoca Brands, Node Search supports blockchain investors by providing secure, transparent information tailored for digital asset management. This setup appeals to users who want to prioritise reliability and innovation when navigating the Web3 landscape.

Also Read: Failing the Olympic hurdle: Is it the beginning of the end for the Airbnb boom?

Users actively contribute to powering Node Search by operating bandwidth nodes, which facilitate web crawling and process real-time data. These participants are rewarded with digital assets, creating a decentralised ecosystem that emphasises user ownership and community-driven innovation.

Conclusion

AI search engines have rapidly evolved from basic repositories of general information into sophisticated financial advisors. Today’s tools offer real-time insights, personalised financial advice, and enhanced user engagement.

This progression aligns with the growing demand for individualised decision-making support. AI search engines are becoming invaluable in personal financial planning, offering tools that align with the needs of both novice and advanced users’ financial objectives.

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In October this year, the Department of Youth Affairs of the Taoyuan City Government hosted Taoyuan Start Gate at Messe Taoyuan in collaboration with Plug and Play and Asia Bridge. The event brought together resources from seven regions in Taiwan and attracted participation from Visa, Citi, and Realtek, alongside startup teams from Singapore, Japan, South Korea, and other countries.

The event centred on four core themes: AI, smart cities, smart manufacturing, and sustainable development.

e27 spoke with Director-General Hou Chia-Ling of the Department of Youth Affairs, Taoyuan City Government, to learn about Taoyuan Start Gate and its long-term goals.

Edited excerpts:

What inspired the collaboration between the Taoyuan City Government, Plug and Play, and Asia Bridge for the Taoyuan Start Gate event?

The collaboration stems from Taoyuan’s vision of becoming a global innovation hub and addressing the increasing need for smart solutions among its thriving industrial and manufacturing sectors. With over 12,000 factories and industrial output exceeding NTD 4 trillion (US$122 billion), Taoyuan recognises the urgency for digital transformation, especially in sectors like manufacturing, logistics, and smart cities.

Also Read: Why Taiwan’s tech ecosystem is ASEAN’s next big growth driver

Plug and Play is a globally renowned accelerator with a proven track record of nurturing over 2,000 startups, while Asia Bridge is a regional network of innovation enablers. By partnering with them, Taoyuan has created an international platform to facilitate collaboration between startups and corporations. This initiative not only supports local SMEs’ digitalisation but also connects global innovation resources, international talent, and investment to foster a forward-thinking startup ecosystem.

How does Taoyuan’s strategic location enhance its appeal as a hub for international startups?

As Taiwan’s transportation and industrial hub, Taoyuan boasts unparalleled connectivity:

• Proximity to Taiwan’s largest international airport makes Taoyuan a natural gateway to the Asia-Pacific region.
• The development of the Taoyuan Aerotropolis, a major infrastructure project, enhances access to logistics, supply chains, and international markets.
• Its strong industrial foundation provides startups with unique opportunities to integrate into supply chains and collaborate with established manufacturers and logistics companies.
• These factors position Taoyuan as a prime launchpad for startups seeking regional and global expansion.

What specific measures is the Department of Youth Affairs taking to support startups entering global markets?

The Department of Youth Affairs is actively supporting startups through:

• Strategic partnerships: Collaborating with global accelerators like Plug and Play to provide mentorship, funding, and international market connections.
• Events like Taoyuan Start Gate: Creating platforms for startups to showcase their solutions to international investors and corporate partners.
• Innovation bases: Developing nine innovation and startup hubs that provide startups with workspaces, resources, and tailored programs.
• Targeted programmes and subsidies: Offering funding support, business matching, and incentives to help startups expand into global markets.

Can you elaborate on how Taoyuan plans to sustain momentum as a key entrepreneurial hub in the Asia-Pacific region?

Taoyuan’s plans for sustaining its entrepreneurial momentum include:

• Strengthening partnerships: Deepening collaborations with global accelerators like Plug and Play and international enterprises to drive innovation.
• Focus on key sectors: Promoting AI, smart manufacturing, smart cities, and sustainable development to attract innovative talent and solutions.
• Leveraging infrastructure: Utilising projects like the Taoyuan Aerotropolis to create innovation clusters that serve as collaborative hubs for startups and industry.
• Hosting global events: Continuously organising events like Taoyuan Start Gate to foster knowledge exchange, business networking, and international partnerships.

Also Read: Minister Kuo: Taiwan must boost software innovation to stay competitive globally

What unique opportunities do you see for startups in Taoyuan compared to other startup hubs in Asia?

Taoyuan stands out as a startup hub due to:

• Integration with supply chains: As Taiwan’s largest industrial city, Taoyuan provides direct access to global supply networks, enabling startups to scale efficiently.
• Collaborative ecosystem: The government’s initiatives and global partnerships offer strong support, resources, and mentorship for startups.
• Focus on innovation: Dedicated zones for AI, smart cities, IoT, and sustainable development provide a tailored environment for sector-specific innovations.

What role do AI, smart cities, smart manufacturing, and sustainable development play in shaping the future of Taoyuan’s entrepreneurial landscape?

These sectors are central to Taoyuan’s growth strategy:

• AI: Drives automation and enhances smart solutions for industries and urban life.
• Smart cities: Supports Taoyuan’s vision of improving urban governance, efficiency, and quality of life through technology.
• Smart manufacturing: Builds on Taoyuan’s industrial strengths to promote high-tech, precision production, and digital transformation.
• Sustainable development: Aligns with global ESG trends, promoting green innovation and fostering environmentally conscious startups.

How has participating in Taoyuan Start Gate helped startups in terms of visibility and networking?

Taoyuan Start Gate has significantly boosted startup visibility by:

• Providing opportunities to present their innovations to global corporations such as Visa, Citi, and Realtek.
• Facilitating networking with investors, policymakers, and industry leaders from across the globe.
• Enhancing brand exposure through media coverage and direct engagement during the event will open doors to further partnerships and market expansion.

How does the involvement of global companies like Visa, Citi, and Realtek impact the startup ecosystem in Taoyuan?

The participation of these global corporations has a profound impact:

• Driving innovation: Startups gain insights into market needs, emerging trends, and technology requirements.
• Fostering partnerships: Collaboration opportunities enable startups to develop real-world solutions and scale effectively.
• Boosting credibility: Recognition and validation from major players enhance startup reputations and attract further investment.

What strategies are in place to encourage ongoing collaboration between Taiwanese startups and international enterprises?

Also Read: Southeast Asia: The next stop for top tech startups from Taiwan

Taoyuan is implementing several strategies to ensure ongoing collaboration:

• Global accelerator programmes: Connecting startups to international mentorship, funding, and partnerships.
• B2B matchmaking: Organising targeted networking events to facilitate meaningful collaborations.
• Incentives for collaboration: Offering financial subsidies and policy support for joint ventures between local startups and international enterprises.

How will Taoyuan Start Gate evolve to address the changing needs of startups and the global market?

Moving forward, Taoyuan Start Gate will:

• Expand focus: Include emerging technologies like Web3, blockchain, and biotech.
  Strengthen cross-border collaboration: Attract diverse talent and global resources.
• Develop sector-specific programmes: Address the unique needs of industries such as AI, smart manufacturing, and sustainability.
• Create new innovation hubs: Establish platforms to ensure startups receive continuous support for growth and scalability.

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At AWS re:Invent 2024 in Las Vegas this December, climate tech startups Unravel Carbon and Coastal Carbon showcased how they harness Generative AI to tackle pressing environmental challenges. Speaking to e27 on the sidelines of the event, representatives from both companies shared insights into their innovative approaches and the critical role technology plays in addressing climate change.

Despite the ongoing debate about AI’s environmental footprint, both Unravel Carbon and Coastal Carbon are proving their potential for good. Coastal Carbon, known for pioneering work mapping underwater ecosystems, leverages AI to make large-scale environmental monitoring cost-effective and efficient.

Meanwhile, Unravel Carbon, a Singapore-based company, stood out as the sole representative of its country in the prestigious Unicorn Pitch Tank. The startup has gained recognition for its cutting-edge use of Generative AI to provide data-driven solutions for decarbonisation, empowering businesses to meet sustainability goals.

These companies highlight the duality of AI’s impact: while it has its challenges, its capabilities in accelerating climate action are undeniable.

Unravel Carbon: Bridging global gaps in sustainability with AI

Unravel Carbon is pioneering the integration of artificial intelligence in addressing complex challenges tied to sustainability and decarbonisation. Recently, the company achieved a significant milestone with the launch of its International Sustainability Standards Board (ISSB)-certified reporting module at the Singapore Stock Exchange (SGX).

Also Read: Amasia introduces impact assessment framework for climate tech companies

“We are the world’s first AI-assisted reporting module for this framework,” said Grace Sai, CEO of Unravel Carbon. The module, designed in alignment with the ISSB, aims to streamline corporate climate disclosures. “It helps enterprises break down the framework, understand it, and respond effectively,” Sai explained.

The new product leverages AI for peer benchmarking and automation, offering businesses insights into their climate performance. “Our tool turns company data into emissions data, providing a clear picture of hot spots and potential future states,” Sai added.

Unravel Carbon’s innovations have propelled its global footprint, with its solutions now used in over 50 countries and available in more than 70 languages. This year, the company marked its entry into the US, United Arab Emirates, and Thailand, proving its adaptability across markets. “We are growing two times year on year,” Sai noted, underscoring the commercial success of their technology.

Despite these achievements, challenges remain. Sai highlighted the need for greater urgency among business leaders to prioritise sustainability.

“A courageous, forward-thinking approach is essential, especially as the world transitions to a lower-carbon economy,” she stated.

Unravel Carbon’s future plans include expanding into Japan and the US in early 2025, with support from partners such as AWS. The company remains committed to helping businesses decarbonise and automate sustainability processes, setting a new standard in climate technology.

Coastal Carbon: Transforming ecosystem monitoring with AI

Coastal Carbon, a geospatial tech company co-founded by Thomas Storwick and Kelly Zheng, aims to push the boundaries of ecosystem monitoring through innovative applications of Generative AI. Established two years ago, the company has carved out a niche in mapping and monitoring underwater and coastal ecosystems, tackling complex challenges that conventional methods struggle to address.

Also Read: How VFlowTech plans to power Pulau Ubin towards a sustainable future with its batteries

“We started in underwater and coastal ecosystems because this was a particularly hard problem,” said Storwick, the company’s COO. “We could prove our models were not only technically challenging but also novel, valuable, and far more cost-effective than existing techniques.”

Storwick recounted a project where divers manually mapped seagrass over 10 square kilometres, a process that took months and cost hundreds of thousands of dollars. “The capability to monitor these ecosystems at scale did not exist, which is why we chose coastal and underwater ecosystems as our first focus,” he said.

While the company began with seagrass, kelps, and mangroves, it has since broadened its scope. Leveraging its Generative AI foundation models, Coastal Carbon now monitors diverse ecosystems and physical assets such as forests, buildings, and roads.

For clients with extensive geospatial expertise, Coastal Carbon offers tools to manage vast data pipelines and customise models for specific needs. However, it also caters to less specialised organisations, creating tailored solutions to provide critical insights. “For example, we have worked with solar panel investors to ensure their projects are on schedule and in compliance with agreements,” Storwick explained.

The company’s work has also extended to blue carbon credit organisations and conservation groups. It helps assess ecosystem threats, estimate carbon sequestration, and measure the impact of conservation efforts. Its Generative AI models allow it to map mangrove forests across hundreds of kilometres to the individual tree level. This technology is particularly valuable in regions such as Southeast Asia (SEA), where ecosystems often span borders and are difficult to monitor comprehensively.

“There is a huge kelp, seagrass, seaweed, and mangrove ecosystem in SEA that is very hard to manage,” Storwick noted. “We have not done mangrove mapping there yet, but we would love to, given the challenges of obtaining holistic data in the region.”

Also Read: Amasia introduces impact assessment framework for climate tech companies

When asked about the company’s upcoming plans, Storwick emphasised the company’s focus on meaningful collaboration. “It’s very important to us to work with clients we can truly help,” he said. “Many of our clients are trying to understand the world using language models, but those weren’t built for this data. Instead, we use large world models to give them the breadth and scope of data they need.”

Coastal Carbon’s credibility has been bolstered by milestones such as participating in the HF Zero accelerator and winning Amazon’s Compute for Climate Fellowship. These achievements provided significant resources, enabling the team of 15 across Canada and the US to scale its ambitions.

With its foundation model set to launch on AWS JumpStart, Coastal Carbon is inviting the geospatial community to explore its tools. “We are excited to see what can be built,” said Storwick. “Come try our models, and let us see what is possible.”

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Southeast Asia is a fintech powerhouse. ASEAN’s fintech startups raised over US$1.4 billion in 2024 amidst the global economic challenges, marking only a marginal per cent YoY decline. In comparison, global fintech funding fell by 28 per cent YoY to US$39 billion in the first nine months of the year.

Home to a diverse and rapidly growing population of over 680 million people, Southeast Asia presents fertile ground for fintech solutions addressing financial inclusion, digital payments, lending, and wealth management.

The burgeoning middle class, coupled with high smartphone penetration and increasing internet connectivity, has driven significant adoption of digital financial services. Countries such as Indonesia, Vietnam, and the Philippines are emerging as hotspots for fintech investment, fuelled by a growing appetite for financial democratisation and tech-enabled solutions.

This feature highlights the most notable funding rounds of 2024, spotlighting the startups that not only secured record-breaking investments but are also shaping the future of financial services in the region.

Mynt

Mynt provides a digital wallet and lending platform for consumers and businesses. The platform, Fuse Lending, partners with banks to provide consumer and business loans. It also owns GCash, a mobile wallet that can be used for remittance service, bill payment, online shopping, and more.

Country: The Philippines
Founding year: 2015
Funding raised in 2024: Undisclosed
Total funding raised since inception: US$475 million
Investors: Mitsubishi Corporation, Warburg Pincus, Insight Partners, Bow Wave Capital Management, Amplo, Ayala,
Ant Group, and Globe Telecom.

Also Read: Fintech investments in SEA see record drop in Q3: Tracxn

Akulaku

Akulaku is an online marketplace for point-of-sale financing. It provides financing for multiple online and offline products, including mobiles, laptops, electrical household appliances, and more. The company enables users to make instalment payments via credit/debit cards.

Country: Indonesia
Founding year: 2014
Funding raised in 2024: US$100 million
Total funding raised since inception: US$430 million
Investors: HSBC, MUFG, Lend East, Siam Commercial Bank, Silverhorn, Ant Group, FinUp, Blue Sky Alternative Investments, Qiming Venture Partners, Peak XV Partners, Square Peg Ventures, MDI Ventures, Atami Capital, Jungle Ventures, Alpha JWC Ventures, GMO Venture Partners, 500 Global, Eight Roads Ventures, DCM Ventures, China Growth Capital, IDG Global Solutions, IDG Capital, Shunwei Capital, Arbor Ventures, Innoven Capital, Capria, Weiguang Ventures, and January Capital.

Ascend Money

Ascend Money is a financial services platform for individuals. Its product includes True Money, an app-based wallet for money transfers and online payments, Ascend Wealth for mutual funds, Ascend Nano for consumer and business loans, and more.

Country: Thailand
Founding year: 2013
Funding raised in 2024: US$195 million
Total funding raised since inception: US$345 million
Investors: MUFG, Krungsri Finnovate, Bow Wave Capital Management, Charoen Pokphand Group, and Ant Group.

NIUM

NIUM provides cross-border money transfer solutions for businesses. It offers remittance-as-a-service technology to businesses in the fintech, travel, e-commerce, and banking sectors. NIUM also offers APIs to support reporting, tracking, bookkeeping, reconciliation, invoicing, and compliance solutions.

Country: Singapore
Founding year: 2014
Funding raised in 2024: US$50 million
Total funding raised since inception: US$312.5 million
Investors: NewView Capital, Tribe Capital, Operator Stack, Vertex Growth, Riverwood Capital, RocketCapital Investment, Beacon VC, Visa, Temasek, GIC, Atinum Investment, BRI Ventures, Vertex Ventures, GSR Ventures, MDI Ventures, GSR Ventures, Rocket Internet, SBI Ven Capital, Vertex Holdings, Fullerton Financial Holdings, Global Founders Capital, European Union, Ripple, CreedCap Asia Advisors, Innoven Capital, Flexcap Ventures Management, Ncore Ventures, API-First Index, and CapitalSG.

Funding Societies

Funding Societies or Modalku is a P2P marketplace for business loans. It offers multiple loan products including invoice financing, micro-financing, term financing, and more. Modalku features an app-based platform for SMEs to apply for loans and investors to invest in business loans. Investors are offered ROI for the invested funds based on investment tenure and interest rates.

Country: Singapore
Founding year: 2015
Funding raised in 2024: Undisclosed
Total funding raised since inception: US$216.5 million
Investors: Maybank Philippines, Khazanah Nasional Berhad, Cgcdigital, Norfund, Alteriqcapital, Aument Capital, Orange Bloom, HSBC, SoftBank Vision Fund, VNG, Rapyd, EDBI, Indies Capital Partners, K3 Ventures, BRI Ventures, Peak XV Partners, Ascend Vietnam Ventures, 500 Global, Helicap, Social impact bond, Lendahand, Samsung Venture Investment, AMTD, SGInnovate, Qualgro, Endeavor, SBVA, Golden Gate Ventures, Alpha JWC Ventures, Line Ventures, National University of Singapore, Flybridge Capital Partners, SixThirty, Sumieo Mitsui Banking Corporation, Triputra Group, 1337 Accelerator Fund, Innoven Capital, FinTech SuperCharger, RB Investments, The Graduate Syndicate, PacificBridge Capital, Sea Dragons, SPH Ventures, Sinergi Satu Media, Blue7, Iris Capital Partners, Vulpes Ventures, United Family, Mahanusa Capital, Ajex Investment Limited, and Funding Investment Holdings.

Atome

An online marketplace offering multi-category products on purchase finance. The platform offers solutions for buy now, pay later, and consumer financing. The product catalogue includes beauty, fashion, home decor, baby care, and electronics.

Also Read: Atome Financial secures access to US$200M credit facility to drive SEA expansion

Country: Singapore
Founding year: 2016
Funding raised in 2024: Undisclosed
Total funding raised since inception: US$170 million
Investors: EvolutionX, Temasek, DBS, HSBC, Advance Intelligence Group, and JDAC Capital.

Sygnum

Sygnum offers banking solutions for digital assets. It offers multiple solutions, such as custody, brokerage, tokenization, asset management, lending, B2B Banking, and more. The firm also offers venture capital funds for digital asset companies.

Also Read: a

Country: Singapore/Switzerland
Founding year: 2017
Funding raised in 2024: US$40 million
Total funding raised since inception: US$160 million
Investors: Azimut, Sun Hung Kai & Co, META Group, Animoca Brands, WeMade Entertainment, SBI Group, SCB 10X,
SBI Digital Asset Holdings, Singtel Innov8, Swiss Founders Fund, BitRock Capital, Ternary Fund Management, Wille Finance, and Mutschler Ventures.

Validus

Validus provides a P2P lending platform for business loans. The marketplace connects borrowers with lenders for multiple business loan products including invoice financing, purchase order financing, working capital loans, and enterprise financing schemes. It also provides financial news and a loan calculator.

Country: Singapore
Founding year: 2015
Funding raised in 2024:US$50 million
Total funding raised since inception: US$108 million
Investors: HSBC, Lendable, 01Fintech, NongHyup Financial Group, The Norinchukin Bank, Aizawa Asset Management, Vertex Ventures, Vertex Growth, VinaCapital, FMO, Lotte F&L Singapore, Fasanara, Openspace Ventures, AddVentures, The Orion Fund, Banyan, Rising Straits, East Advisory, Adiara Pte Ltd, Cargo, Cathay Holdings, Cathay Financial Holdings, A1 Capital, Nuvo Capital, EDBI, Global Brain, K3 Ventures, Ephesus Capital, Do Ventures, Sea Frontier Fund, Capital V, and CapitalSG.

LinkAja

LinkAja is an app-based mobile payment platform for consumers. The fintech startup supports QR code and NFC-based payments. Services offered include money transfers, data top-ups, bill payments, purchase of game vouchers, and donations. Users can make payments using a token code at LinkAja merchants.

Country: Indonesia
Founding year: 2019
Funding raised in 2024: Undisclosed
Total funding raised since inception: US$100 million
Investors: Mitsui, Gojek, Grab, Telkomsel, BRI Ventures, and Mandiri Capital.

Partior

Partior is a blockchain-based clearing and settlement network. The network allows banks and payment service providers to access real-time, cross-border, multi-currency clearing and settlement

Country: Singapore
Founding year: 2021
Funding raised in 2024: US$60 million
Total funding raised since inception: US$91 million
Investors: Peak XV Partners, Valor Capital Group, Jump Trading, Temasek, J P Morgan, Standard Chartered, Deutsche Bank, and DBS Bank.

Syfe

Syfe is an app based on trading in ETFs and stocks. It allows users to buy, sell, and trade ETFs and stocks through app-based platforms. Syfe features a digitised wealth manager for risk assessment, tracking investment performance, customizing investment portfolios, and accessing recommendations & insights for users.

Country: Singapore
Founding year: 2017
Funding raised in 2024: US$27 million
Total funding raised since inception: US$85.6 million
Investors: Valar Ventures, Unbound, Presight Capital, Apeiron Investment Group, Unbound, AmpVentures, Shubham Global Ventures, Tona Investment, SBM Ventures, CVP, J B Ventures, Rawlinson & Hunter, Moon Land Holding, Pitanga Invest, GE32, ICOA Ug, and Altruistas.

Osome

Osome is a software-based accounting service for small and medium-sized businesses. fintech firm offers services for accounting, taxation, bookkeeping, business reporting, and payroll management.

Country: Singapore
Founding year: 2017
Funding raised in 2024: Undisclosed
Total funding raised since inception: US$75 million
Investors: Constructor Capital, Altair, Illuminate Financial, AFG, Rockstone Ventures, Target Global, Altair Capital, Phystech Ventures, s16vc, ACE & Company, HS Investments, Terra VC, LVL1 Group, Masik Enterprises, AltaClub, Bon Vivant Holdings, Berryfield Ventures, Pagil, Adru Tech, Elliott Trade and Investment, Cognitum, Banean, Digital Direction Singapore Services, XA Network, 10 Square Capital, Altair Capital, AdFirst, Ad.ru, INVESTORO, and GLOBAL ACCELERATION ACADEMY.

Honest

Honest is a provider of an online lending platform offering personal credit cards. It offers a digital credit card called Honest Card. The cards can be used to buy in conventional retail and e-commerce transactions and bill payments.

Country: Indonesia
Founding year: 2019
Funding raised in 2024: US$21.5 million
Total funding raised since inception: US$61.2 million
Investors: Rakuten, Jetha Global, Orient, Insignia Ventures Partners, Better Capital, XYZ Venture Capital, Alumni Ventures, Digital Horizon, GMO Venture Partners, Odyssey Venture Partners, Enovate Capital, South Quad, Klever Internet, Village Global, AdFirst, Broadhaven Ventures, and Launchbay Capital.

AwanTunai

AwanTunai provides supply chain digitisation by ERP systems with embedded financing. Its ERP infrastructure captures proprietary transaction data that fuels the inventory purchase embedded financing. The firm serves traditional suppliers with an ERP system and traditional micro-merchants with an Android app. Both suppliers and merchants are able to access embedded financing to purchase inventory.

Country: Indonesia
Founding year: 2017
Funding raised in 2024: U$S27.5 million
Total funding raised since inception: US$55.8 million
Investors: Norfund, MUFG Innovation Partners, Finnfund, IFC, Global Brain, Insignia Ventures Partners, OCBC NISP Ventura, Battery Road Digital, Atlas Pacific Capital, BRI Ventures, Accial Capital, AMTD Group, Pegasus Tech Ventures, PayPal Innovation Lab, Tembusu Partners, and Inclusive Fintech 50.

Salmon

Salmon offers a platform that enables customers to access financial products from partners registered with the Securities and Exchange Commission (SEC) in the Philippines.

Country: The Philippines
Founding year: 2022
Funding raised in 2024: U$S30 million
Total funding raised since inception: US$55 million
Investors: IFC, Lunate, Northstar Group, Argentem Creek Partners, TNB Aura, and DisruptAD.

Capital C

Capital C provides financial solutions for lending management. The fintech venture provides users with loans for individuals, including emerging financial products like earned wage access and business loans and lending products for SMEs.

Also Read: Capital C bags investment to build financial inclusion super app for SEA

Country: Singapore
Founding year: 2011
Funding raised in 2024: Undisclosed
Total funding raised since inception: US$53.7 million
Investors: Phillip Private Equity, Azure Capital, Phillip Capital, Luminor Capital, Paradise Group, and Citystate Group.

Amartha

Amartha is a P2P lending platform that connects micro-entrepreneurs and SMEs with investors. It allows individual and institutional investors to invest on its platform. The borrowers post a listing on the platform specifying the amount and tenure of the loan. The lenders can browse and choose the desired listings.

Country: Indonesia
Founding year: 2010
Funding raised in 2024: US$17.5 million
Total funding raised since inception: US$53 million
Investors: Accion, Maj Invest, Women’s World Banking, Community Investment Management, Norfund, MDI Ventures, Mandiri Capital Indonesia, UOB, Lendable, Line Ventures, Bamboo Capital Partners, Beenext, MidPlaza, Lynx Asia Partners, The Graduate Syndicate, SBI Investment, and Z Venture Capital.

Finture

Finture provides POS financing with instalments, tracking expenses, bill payment reminders, and shopping payments.

Country: Indonesia
Founding year: 2021
Funding raised in 2024: US$30 million
Total funding raised since inception: US$50 million
Investors: Mindworks Capital, XVC, Antao Capital, SWC, Richen Pioneer, Tortola Capital, and BitRock Capital.

UNO Digital Bank

UNO offers a personal digital banking platform. It provides users with a digital bank that offers a range of banking services and products to customers. The platform also offers a comprehensive and convenient banking solution for its customers, emphasising accessibility, security, and financial growth opportunities.

Country: The Philippines
Founding year: 2020
Funding raised in 2024: US$32.1 million
Total funding raised since inception: US$47.5 million
Investors: Gateway Partners, Creador, and NextInfinityTech.

Ayoconnect

Ayoconnect offers a platform that provides open banking API solutions. Customised APIs offer solutions to direct debit by collecting recurring and one-off payments directly from customer bank accounts, recurring payment management for revenue operation with subscription billing solutions, virtual card numbers, and more.

Country: Indonesia
Founding year: 2016
Funding raised in 2024: US$2.5 million
Total funding raised since inception: US$40.5 million
Investors: Mandiri Capital Indonesia, SIG Venture Capital, CE Innovation Capital, PayU, Prosus, Tiger Global Management, AltoPartners, Patamar Capital, Taurus Ventures, Colopl Next, Grayscale Ventures, and per cheque.

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Data Credit: Tracxn
Image Credit: 123RF.

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Want to tackle climate change from home? Take a look in your cupboard. Where are you buying your products from and how are they produced?

It is hard to reimagine our supply chains today as the average consumer is spoilt for choice when it comes to their shopping habits. Taking a closer look at our consumption habits means being conscious about buying behaviour and understanding the socio-economic and environmental impact of the products we consume.

Let’s take tea as our example which is almost a staple in every household. In late Autumn many plants around us are beginning their descent for Winter but tea leaves are still shining bright. Tea leaves aka Cameillia Sinensis are renowned for their glossy beauty and resilience. The cultivation and distribution of the second most loved drink in the world offers an interesting use case for blockchain technology.

The journey of tea

Tea cultivation began in China around 350 CE. In 780 CE, Lu Yu published one of the first books about tea, detailing tea leaf shapes and ceremonies. By the early twelfth century, merchants had introduced tea to the Muslim world, where it was consumed in place of wine and other forbidden stimulants. It would take almost another 500 years for tea to become a global powerhouse. There is a message here about never giving up but this is not the focus of our article today.

The colonial impact and tea’s global spread

Although a lot of our colonised past is tainted with invasion, injustice and systemic racism, the awareness of many global plants and products must be attributed to this time also. In the nineteenth century, the British, addicted to tea, began cultivating native varieties in India, relying on indentured Central Indian labourers. By the late 1880s, British imports of tea from India and Ceylon surpassed those from China, embedding tea deeply into British culture and identity.

Using blockchain to track sustainable consumption

Eco-conscious consumers today are fed up with brands that over-promise in regard to their green objectives. Greenwashing, where companies falsely claim to be environmentally friendly, is still commonplace but as consumers have more places to vent online, brands need to act ethically to avoid new levels of backlash.

The demand for transparency when it comes to production and distribution is surging. Blockchain technology offers a new means to verify and validate the sustainability of tea production and consumption, providing transparency from farm to cup.

Also Read: Understanding the role of fintech, blockchain in transitioning to net zero

By integrating Internet of Things (IoT) sensors in the supply chain, data on energy consumption, water usage, and carbon emissions can be recorded on the blockchain. This data is transparent and tamper-proof, allowing consumers to trust the sustainability claims of their favourite tea brands.

Ensuring ethical sourcing

Blockchain can track tea leaves from their origin in fields to the final product. This traceability ensures that tea is sourced ethically, fair wages are paid, and sustainable farming practices are adhered to. Consumers can scan a QR code on their tea packaging to see the entire journey of their tea, guaranteeing its authenticity and ethical production.

Supply chain transparency

Enhancing supply chain efficiency blockchain technology improves the efficiency of tea supply chains by reducing paperwork, lowering costs, and speeding up transactions. Smart contracts automate payments and agreements, ensuring that farmers receive timely payments and reducing the risk of fraud.

This increased efficiency can lower the cost of tea production, benefiting both producers and consumers. Morpheus Network leverages technology to optimise and automate supply chains. By providing end-to-end visibility and ensuring compliance with regulatory requirements, they can help businesses track their products transparently from origin to destination.

Supporting small farmers

Blockchain can also facilitate financial inclusion for small tea farmers. ReFi DAO focuses on regenerative finance, aiming to build financial systems that prioritise environmental sustainability and social equity. By integrating blockchain technology, ReFi DAO creates transparent and accountable financial ecosystems that support sustainable agricultural practices and fair trade, benefiting small tea farmers and the environment.

Furthermore, Decentralised finance (DeFi) platforms can offer microloans to farmers, using their blockchain transaction history as a form of credit scoring. This access to capital allows farmers to invest in better farming practices, increasing their yield and income.

EthicHub connects small farmers with global investors through a blockchain-based crowdlending platform. By providing micro-loans and ensuring fair interest rates, EthicHub empowers farmers to improve their agricultural practices and achieve financial stability. Their successful model in the coffee industry demonstrates the potential for similar applications in the tea sector.

Blockchain technology has the potential to revolutionise the tea industry by ensuring ethical sourcing, combating greenwashing, enhancing supply chain efficiency, and supporting small farmers. Embracing this technology can build trust with consumers, enhance environmental credibility, and contribute to a more sustainable future for the world’s second-most loved beverage.

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This article was first published on June 25, 2024

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Innovation in the financial sector has always pushed boundaries, with major leaps of advancements in the integration of technology and services. Some of such notable innovations that have vastly improved financial efficiencies include internet banking displaced paper statements and servicing at bank branches, and in most recent years, tokenised payments through mobile phones that displaced the need for physical cards.

One of the most significant shifts in the past decade has been the rise of ‘Open Banking’, where banks and financial firms share consumer data with third parties through APIs. This proliferation of Open Banking across major financial cities began with the European Union (EU) introducing the world’s first Open Banking regulations in 2015, followed closely by a ruling for the nine biggest UK banks to allow licensed start-ups direct access to their data in 2016.

Since then, other major financial hubs including Hong Kong, Japan, Australia and Singapore successively introduced similar regulations, resulting in a global boom of fintech activities that dramatically disrupted traditional financial systems, benefiting consumers and businesses alike.

Today, fintechs are set to continue displacing traditional banks. In 2021, 41 per cent of retail consumers surveyed by McKinsey said they planned to increase their fintech product exposure. In 2022, 35 per cent of the small and medium-sized enterprises (SMEs) in the United States considered using fintechs for lending, better pricing, and integration with their existing platforms while in Asia, 20 per cent of SMEs leveraged fintechs for payments and lending.

According to McKinsey’s analysis, fintechs accounted for five per cent (or US$150 billion to US$205 billion) of the global banking sector’s net revenue in 2022.  They estimate this share could increase to more than US$400 billion by 2028, representing a 15 per cent annual growth rate of fintech revenue between 2022 and 2028, three times the overall banking industry’s growth rate of roughly six per cent.

To capitalise on this demand, fintechs will need to rapidly launch relevant products and services to stay ahead of competition. However, ensuring that such products remain compliant and efficient operationally requires acute expertise and significant resources.

The details: The future of fintech with ‘as-a-service’ models

This marks the start of an accelerated adoption of ‘as-a-service’ models – an approach that allows businesses to integrate solutions without the complexity of building from the ground up. By tapping into established financial infrastructures, fintechs can create and launch customer-first products and services faster and at a fraction of the time and cost, democratising access to regulatory controls, technology and applications.

Also Read: The future of payments in SEA: Regional cooperation remains critical in pushing for progress

The initiation of ‘as-a-service’ models in the financial industry started with BaaS (or Banking-as-a-Service). Following the growth of Open Banking, fintechs were able to tap into APIs to access foundational banking products such as virtual bank accounts and local networks for collections and payments. Soon, other new constructs started getting into the market including Cards-as-a-Service, Payments-as-a-Service etc to facilitate quicker access to myriad payment platforms.

DCS Innov is set to revolutionise this space with InstaWally, one of the world’s first ‘Wallet-as-a-Service’ (WaaS) solutions that offers access to an instant mobile wallet app with embedded financial services.  As a start-up spun out from a 50-year-old financial institution that issued the first charge cards in Singapore, it leverages a set of strong core advantages that optimises fintech enablement.

InstaWally provides a mobile-first customer engagement platform, intersecting brand loyalty with payments. Besides saving on development time and resources, it further removes the burden on regulatory licences, end user onboarding and operations and maintenance of payment systems. It delivers a mobile app designed with a user interface that is constantly optimised against industry benchmarks in terms of payments experience and services.

As such, fintechs and businesses can channel limited resources towards scaling their core services and improving customer engagement while generating new revenue streams from payment solutions and increased loyalty.

Without the prerequisite of payments expertise and yet be able to incorporate related products and services into their customer platforms, businesses across industries, from retail and travel to tech and web3, will be able to easily adopt such ‘as-a-service’ models making the future of payments more inclusive, flexible, and accessible across the globe.

Also Read: How local payments are unlocking digital commerce’s potential in Latin America, Africa, and India

A future-ready, global payment ecosystem

As digital payments become the norm, businesses must be equipped to meet changing consumer preferences and expectations. More importantly, payments must also be connected globally as businesses scale and expand beyond their own shores.

Payments-as-a-service is the key to empowering fintechs and non-financial companies to access such services to complement or complete their overall customer journeys. By leveraging this model, companies can innovate faster, offer more customised payment services, and unlock the full potential of the digital economy.

The future of payments is not just about providing access—it’s about empowerment. With the right infrastructure, businesses can meet the demands of the digital-first consumer while fuelling their own growth. The message is clear: any brand is now empowered to build the next super app with financial services. Be ready to ‘bank’ with your favourite brand, very soon.

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