Digital finance platform Funding Societies | Modalku (Funding Societies) today announced that it has raised US$25 million in equity investment from Japan’s sovereign wealth fund Cool Japan Fund (CJF), marking the fund’s first investment into a fintech company in Southeast Asia (SEA).

The company said it will funnel the investment to deepen its core business in SME financing across its five markets (Singapore, Indonesia, Malaysia, Thailand and Vietnam) whilst further expanding its payments business since embarking on it in 2022.

In a press statement, Funding Societies said it will focus on helping businesses get paid faster through innovative receivables and financing solutions. It will also leverage technology and AI to digitise and automate lending origination processes.

“These initiatives and synergies between payments and lending align with the company’s objectives of achieving growth and profitability.”

The investment also cemented a partnership between Funding Societies and CJF to provide financial services to support Japanese companies.

Also Read: FlyORO soars into green skies with its sustainable aviation fuel blending solutions

President and CEO of Cool Japan Fund, Kenichi Kawasaki, said, “We are excited to be backing Funding Societies through this investment. Their track record of supporting SMEs in SEA places them well in helping Japanese companies overcome challenges when entering new overseas markets – particularly in this region. With the shift of interest from Japanese firms steering towards Southeast Asia, we believe our partnership with Funding Societies through this investment will grow the overseas demand for Japanese products and services, in turn, benefitting Japan’s economy as well as the local SMEs doing business with Japanese companies.”

Annually, Japanese direct investment in the ASEAN region averaged about US$18.6 billion, with approximately 15,000 business establishments set up by Japanese companies in the region, according to data presented at the ASEAN-Japan Commemorative Summit in 2023.

Funding Societies said it has achieved over US$4 billion in business financing, serving about 100,000 SMEs. It has processed an annualised payments gross transactions value (GTV) of over US$1.4 billion since expanding into its payments business in 2022.

Previously, the company raised a strategic equity investment from Maybank and a third annual credit facility from HSBC’s ASEAN Growth Fund, part of an accumulative commitment of over US$100 million credit facility with the bank.

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Image Credit: Funding Societies

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How can we use artificial intelligence (AI) to improve the lives of marginalised communities, particularly people with disabilities? This question was at the forefront during AWS re:Invent 2024 in Las Vegas earlier this month, where innovative solutions for inclusivity were spotlighted.

At the event, e27 witnessed product demonstrations from two global startups dedicated to empowering people with disabilities. The first, Romania-based .lumen, has developed an AI-powered device to enhance mobility for blind individuals.

The second, US-based Sign-Speak, is working to bridge communication gaps for American Sign Language (ASL) speakers. Their AI tool provides live translations, enabling ASL users to interact seamlessly with a broader audience.

These startups exemplify how AI can be leveraged to address challenges marginalised communities face. Through groundbreaking technology, they aim to foster greater independence and inclusion.

Check out their stories to learn more about the transformative potential of AI in creating a more accessible world.

Guide dogs for the AI age

Cornel Amariei, the CEO of Lumen, has embarked on an ambitious journey to transform mobility for visually impaired individuals. Drawing from his personal experiences growing up in a family where everyone but himself had a disability, Amariei sought to leverage cutting-edge technology to fill the longstanding gaps in assistive tools for the visually impaired.

Also Read: What this digital shift means for people with disabilities in SEA

“If you think of visual impairment right now, over 300 million people worldwide are affected, and this number is expected to reach half a billion by 2050,” Amariei stated in an interview with e27.

Yet, the solutions available have remained static for centuries, limited to guide dogs and white canes. “Last year, we spent over US$500 million training just 2,000 guide dogs globally,” he noted.

With only 28,000 guide dogs available worldwide for over 300 million visually impaired individuals, Amariei recognised the need for scalable alternatives.

In 2020, amidst the challenges of the pandemic, Amariei founded .lumen, aiming to bring the sophistication of autonomous driving technology to pedestrian navigation. The result is a wearable device resembling a virtual reality headset.

“It’s a self-driving car for pedestrians,” he explained. The glasses employ AI-powered haptic feedback to guide users, effectively mimicking the functions of a guide dog without requiring internet connectivity. “If a guide dog pulls your hand to direct you, our device pulls your head,” Amariei said, underscoring the innovation’s intuitive design.

.lumen’s development journey has involved over 300,000 hours of research and testing with more than 400 visually impaired individuals. The device is slated for a European launch in early 2024 and will enter the US market by year-end.

Affordability and accessibility are central to .lumen’s strategy. In Europe, many countries offer reimbursement or subsidies for assistive technologies. Amariei highlighted a recent initiative in Romania where the glasses could be free to eligible individuals. “We’re working to ensure that the end user pays little to nothing,” he said.

Also Read: Inclusion matters: How GitHub enhances accessibility for individuals with disabilities

Similar efforts are underway in the US and Japan, where .lumen has partnered with the Toyota Mobility Foundation to bring the product to market.

Amariei emphasised that Lumen’s goal is not to replace guide dogs but to complement them. “We aim to provide the same features as a guide dog to the tens of millions of people who cannot access one,” he said.

Looking ahead, Amariei envisions significant improvements in subsequent device iterations, including reduced size and weight. Reflecting on .lumen’s journey, Amariei described founding the company as the “best and worst decision” of his life.

“Quitting a well-paid corporate job to launch a startup during a pandemic was a gamble, but it’s paying off,” he said. The company’s recent milestone includes becoming the first Romanian startup to join the European Union’s deep tech accelerator programme, coupled with the closure of a substantial investment round.

Connecting ASL speakers to the world

In a panel discussion at AWS re:Invent 2024, Nikolas Kelly, Chief Product Officer of Sign-Speak and a member of the deaf community, demonstrated the groundbreaking potential of his company’s AI-powered sign language interpretation technology.

Using the very tool his team developed, Kelly shared the inspiration and mission behind Sign-Speak, highlighting its dual focus on addressing everyday communication challenges and providing scalable solutions for organisations.

“I had everyday frustrations in my communication that led to miscommunications, breakdowns, and awkward social experiences,” Kelly explained. “So my team got together and started Sign-Speak.”

Also Read: Rayo: Transforming web accessibility worries into confidence for people with disabilities

Sign-Speak’s core innovation is its automated sign language recognition technology, which combines AI-generated avatars with human interpreters. This hybrid approach offers deaf individuals the autonomy to choose between machine-generated translations and human assistance. Kelly emphasised this flexibility as a critical aspect of the platform, particularly in the US, where interpreter shortages persist.

During the presentation, Kelly showcased the platform’s capabilities using a laptop featuring an AI-generated image of a young man, representing his virtual “translator.”

As Kelly communicated in American Sign Language (ASL), the system translated his signs into spoken words in real time, supported by closed captioning for accessibility. “Deafness comes in a spectrum,” Kelly noted, underscoring the platform’s inclusive design.

Sign-Speak’s application extends beyond individual users. The company has developed an API enabling organisations to integrate technology into various industries, from retail to banking. “We wanted to build something for the enterprise level,” Yami Payano, CEO of Sign-Speak, explained at the same event. “In the US market, accessibility is typically provided by organisations, not the deaf consumer.”

Already, the technology is being piloted in settings such as banks and smart TVs, where deaf customers can interact seamlessly with tellers or access digital interfaces. Payano saw this as a step toward broader adoption: “We’ve created B2C products to help deaf consumers get comfortable with the technology at home.”

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Image Credit: .lumen, Sign-Speak

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The global eSIM market was valued at US$1.22 billion in 2023 and is projected to grow to US$6.29 billion by 2032, indicating a robust compound annual growth rate (Fortune Business Insights).

In Singapore, the eSIM market is experiencing significant growth, driven by the increasing adoption of connected devices and the demand for seamless connectivity. This growth is supported by collaborations among device manufacturers, mobile operators, and eSIM solution providers, all contributing to the dynamic and competitive eSIM industry landscape.

Jetpac Global, launched in November 2022 under digital telco Circles.Life, is a travel eSIM provider. The company claims to have achieved its target of 15 per cent conversion shortly after its inception. Singapore Institute of Technology. As the market expands, the Jetpac looks to be a leading player in the coming years.

We spoke with Aditya Goyal, Jetpac’s CEO, to learn more about its offerings and the competition in the space.

Edited excerpts:

Could you provide a brief history of Jetpac and the inspiration behind launching an eSIM?

One of the key consumer insights we observed post-COVID-19 was that per capita data consumption had increased significantly (almost 2X) due to people engaging much more with social media/games, etc., during COVID-19 days. This created an opportunity for the travel segment, where the cost of data is very high, as international roaming is exorbitant and 10X vs. local data costs easily.

What makes your eSIM unique in a rapidly growing industry, and how does your company differentiate itself from other providers?

Jetpac is a tech solution for customer convenience, and eSIM is part of the overall proposition. Unlike other players, who offer a simple vanilla eSIM, we offer end-to-end travel convenience solutions, including travel eSIM, free lounge access, VPN services, and fast-track passes.

Also Read: Switchless travel: How Truely’s innovative eSIM tech sets it apart from the likes of Airalo

Jetpac uses multi-IMSI technology that allows seamless migration from one country to another, depending on the customer’s location. You don’t have to buy a separate eSIM for each country you go to! This results in Jetpac being able to serve 150+ destinations with one eSIM versus having to download multiple SIM cards or eSIMs for different regions/locations like several other competitors. This enables our customers to use one eSIM and one app to download, purchase, and activate their packs seamlessly wherever they are.

What types of eSIM plans (local, regional, global) do you offer, and what are the most popular among your users? Who are your primary target customers, and how have you seen demand for eSIMs shift over recent years?

Our primary target customers are travellers who travel more than three times a year, are digitally savvy and want to prioritise convenience when they travel. They do not want the hassle of physical SIM cards or even having to purchase multiple eSIMs on the go.

We offer one eSIM that covers all types of packs, from global to local data packs. This unique feature allows our customers to add whatever packs they want from the app at any time without hassle.

How do you determine which regions or countries to cover, and are there regions where your service is especially popular?

There are two main drivers for us to offer a plan: 1) significant demand for those travel corridors and 2) reliable partners who can offer superfast, seamless, and reliable service. We want our customer experience to be top-notch, and thus, this is super important for us before we launch.

eSIM technology is constantly evolving. How is your company incorporating the latest technological advancements into its platform?

We work with multiple partners specialising in telco technology, specifically eSIMs, IoT, etc., and we collaborate with them to bring the latest tech advancements. Our latest launch is a tech called “Geo APN.” One of the key issues is latency problems for eSIMs, which aren’t local. For example, if you bought a Japan pack and the data server is in Europe, then the speed experienced by the customer will be very slow despite the 5G connection.

So, we launched this technology in November 2024. For most of our portfolio markets, Jetpac will automatically pick up the nearest routing location (e.g., Singapore for Japan) and decrease the latency substantially, giving an amazing customer experience!

Can you share any AI or analytics-driven insights used to improve or personalise services for your users?

We currently gather a few analytics-driven insights, such as summarising customer support tickets to better understand customer pain points and then develop product features to improve the overall customer experience. We are also able to detect our customers’ travel patterns based on their purchases and usage, which allows us to provide the best rates for popular destinations to our customers based on the data collected.

How are your eSIM plans priced, and what factors influence the pricing strategy for various regions?

It’s pretty straightforward in our case. Our packs across the regions are priced to meet customer affordability. Even when some market players (e.g., Airalo) charge 20 per cent of the average market price, we are very reluctant to raise our prices to ensure affordability for our customers.

In your view, how does your company’s service compare to other eSIM providers in the market, like Airalo and Holafly, both locally and globally?

Our key differentiation factors are 1) Affordability, 2) end-to-end travel convenience, and 3) award-winning customer service.

Airalo is mostly priced higher than other market players and thus isn’t as affordable as Jetpac. Our pricing is much cheaper for customers overall.

Also Read: Use Airalo eSIM and stay connected wherever you go in the world

Holafly mostly provides an unlimited data plan, wherein a fair usage Policy governs data usage. If data speed is throttled after a certain daily consumption, this may lead to a poor customer experience. The plan may also have limits on device tethering/hotspotting!

Our plans are fixed data plans, and we don’t throttle customers’ data speeds, ever! Plus, you can hotspot as many devices as you want.

We bring award-winning customer service from our parent company, Circles.Life, wherein we are available to our customers via WhatsApp, App chat, Email, etc. Our customers constantly talk about how excellent and empathetic our customer service is, and that sets us apart from our competitors!

How do you see the eSIM landscape evolving over the next few years, and what role does your company plan to play in shaping it?

I expect the following for the eSIM market.

• Travel eSIM business will continue to grow ~10 per cent every year.
  eSIM and eSIM-enabled handset penetration will grow substantially in the next four to five years.
• We will see many new travel eSIM players enter the market, and many will go out of business or shut down shop.
• We expect to see a lot of consolidation and mergers in the travel eSIM space. Specifically, multiple smaller players will be acquired by mid- to large-sized players.

How do you envision the future of eSIM technology impacting travel and connectivity?

Simple. No more physical SIM cards, no more hunting for WiFi spots; the eSIM technology will eventually allow all travellers to feel like they are roaming at home because the strength of the connectivity will be the same, if not better, wherever they go.

Lastly, what is the most exciting trend or challenge in the eSIM industry right now?

For the eSIM industry, I think the IOT space is super exciting, specifically what you can do in M2M (machine-to-machine).

For example, you can set up vending machines in remote areas because they can connect to the Internet via eSIMs and don’t need WiFi anymore. This can fundamentally change distribution POS. The potential and opportunity in IOT are really huge!

The key challenge is the low barrier to entry, which can lead to quality deterioration. Many players need more tech know-how and/or a focus on customer experience and service. This is a cause of grave concern because it can impact customers’ perceptions of eSIMs, which will be very difficult to change. Still, I am very hopeful about the future of the eSIM space, specifically Jetpac!

The post Jetpac looks to change the global eSIM game with an innovative approach appeared first on e27.

With Singapore’s security sector facing a long-term manpower crunch, which has been exacerbated by the COVID-19 pandemic, many security officers are feeling blunted with the increasing hours on the job and performing duties beyond the usual scope, such as facilities management.

This is coupled with misconceptions that the security role is merely a watchman’s job traditionally meant for low-skilled workers.

Steve Tan, Executive Secretary at the Union of Security Employees (USE), estimates that there is currently a shortfall of 10,000 to 15,000 security officers in Singapore. With the evolving global concern for safety and terrorism, the demand for security officers has also grown.

This manpower crunch translates to a situation where existing security officers are taking on additional responsibilities to cover the shortfall.

Outcome-based contracts and optimising resources through technology

To discuss potential solutions to the manpower crunch, we take a look at the approach adopted by the industry. There has been a push by the Ministry of Home Affairs (MHA) for organisations to adopt outcome-based contracts (OBC), wherein service buyers are required to specify contract requirements in terms of expected performance levels rather than output levels.

The government has taken the lead on this front by making the adoption of security service OBCs mandatory from May 2020. Compared to the traditional output-based contracts, where fixed amounts of resources such as manpower and equipment that the service provider needs to supply are specified, an outcome-based contract allows providers to propose innovative security solutions that optimise resources to meet desired security outcomes by taking advantage of technology and redesigning work processes.

According to MHA, outcome-based contracts promote cost-effectiveness while reducing reliance on manpower. Given the rise in manpower costs, such contracts are more sustainable for both providers and customers in the long run.

Considering the sustainability of outcome-based contracts, this model presents the opportunity to nurture future ‘security technologists’ to be part of a skilled workforce, thus helping to increase cost efficiency and improve productivity.

As uncovered in NTUC LearningHub’s  (NTUC LHUB’s) Industry Insights report on Security, Singapore’s security sector will be transformed when workers are equipped with the relevant skills to execute cutting-edge technology solutions at buildings and facilities.

The report, which explored the industry landscape and trends in Singapore’s private security sector, is based on in-depth interviews with experts from NTUC LHUB, Union of Security Employees, CBM Security, and Apollo Global Academy.

Leveraging on technology to improve delivery outcomes

In 2018, Cisco conducted the Asia Pacific Security Capabilities Benchmark Study, and it found budget constraints as one of the key attributes leading to the slow adoption of technology.

Also Read: How businesses should navigate the Singapore Budget 2022

Fast forward to today, technological advancements allow security operations to be performed efficiently by integrating them into facilities management while harnessing Artificial Intelligence (AI) and Robotics. To better support building owners and developers in adopting smart infrastructure technologies such as sensors and intelligent building management systems, the government has allocated US$30 million to help them defray costs in adopting these technologies.

Security companies can therefore achieve better outcomes with less manpower, presenting potential opportunities for security officers to upskill and take on more meaningful roles enabled by technology.

With technological tools, security officers can increase accuracy, productivity and efficiency using biometric readers, surveillance robots and smart access cards. In addition to these technological tools, there are also digital solutions to potentially alleviate headcount issues in the security industry.

To optimise headcount in the manpower-scarce industry, companies can also consider the Security Technology Management system, which integrates AI into operations, allowing security officers to be more productive.

There are four aspects that security officers need to be familiar with, namely:

• Access control management
• Alarm system management
• Robotics and automation application
• Security surveillance management

Digital skills and critical core skills go hand-in-hand

While technology is here to improve work systems for more efficient deployment of manpower, these solutions also require the support of skilled security officers. This reiterates the importance of upskilling the workforce alongside advancements in technology.

Also Read: Why Singapore’s traditional sectors need a digital makeover

For instance, SkillsFuture Singapore has outlined the Skills Framework for Security to promote skills mastery and lifelong learning as an integral part of the transformation in the security industry. The Framework outlined two broad skills classifications: Technical skills and competencies and critical core skills, that security officers must acquire to perform the various tasks.

The former comprises technical skills and competencies that cover occupation-specific knowledge, such as contract management, incident response, threat observation and robotics and automation application.

The latter comprises transferrable skills that enable individuals to be employable, facilitate their career mobility and enable the acquisition of technical skills. In fact, critical core skills such as digital fluency, problem-solving, adaptability and community are key for security professionals, either if they are branching out through horizontal skills or keeping pace with the changes in technology.

As the security industry in Singapore takes on brave strides in leveraging technology to enhance the delivery of services, there will be lower dependence on manpower to perform manual work such as patrolling and CCTV monitoring.

Instead, there will be more job opportunities arising from the new need for backend support in security technology management. Therefore, security officers must master technology to better meet the demands of this sector, and upskilling is crucial for the industry’s shift toward digital solutions.

Upskilling as the way to thrive in the domain

It is observable that the upskilling of security officers and the adoption of technology solutions are in tandem. In fact, technology does not replace the role of security officers, and critical core skills are still vital for security officers to keep up with technological changes in the industry.

A human element in the security industry is increasingly crucial even as AI capabilities and applications continue to advance. This means that in addition to upskilling to take on more meaningful roles in the advent of new technological solutions, we also need to develop core skills of security officers, such as digital fluency, problem-solving, adaptability and communication.

Security officers who want to thrive in the domain should open up to the concept of reskilling or upskilling. Otherwise, they risk being left behind. Therefore, we need to revamp and focus on the adoption of technology while acknowledging the human aspect of the job that goes hand-in-hand with the use of technology.

With that in mind, NTUC LHUB is dedicated to helping close the skills gap and creating career opportunities to achieve higher productivity in the wake of the manpower crunch. We believe that equipping these officers with the relevant knowledge to increase efficiency and improve productivity for companies through relevant upskilling is the solution.

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

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Image credit: Canva Pro

This article was first published on September 2, 2022

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The kitchen has long been the heart of the home, but in recent years, startups have transformed it into a hub of innovation. From cutting-edge appliances to apps that simplify meal preparation, these companies are redefining how we cook, eat, and even think about food.

This shift, often called “Cooking 2.0,” highlights the role of technology and creativity in modernising culinary experiences.

Smart appliances: The engine of innovation

One of the most obvious changes is the rise of smart kitchen appliances. Companies are creating tools that connect to apps, gather data, and simplify cooking. Smart ovens now recognise recipes, adjust the temperature, and tell you when your dish is done. These innovations save time and give you consistent results so everyone can cook like a gourmet.

For example, a smart blender can recommend recipes based on ingredients you have or dietary restrictions. This kind of convenience wasn’t possible 10 years ago. These appliances let you play in the kitchen without feeling overwhelmed.

Apps for cooking and meal planning

Beyond hardware, apps have changed the way we think about food. Meal planning has been reimagined by startups who offer personalised solutions. Now platforms give you tailored grocery lists based on your preferences and even suggest substitutes for missing items. Some apps even track your food inventory to reduce waste.

Another way tech helps is by simplifying measurements while cooking. Conversions can be a pain, but tools like this 8 tablespoons to cups converter make it easy to get instant results. Little things like this make cooking fun even for kitchen newbies.

Also Read: Brewing success: A comparative analysis of Kopi Kenangan and Kopi Janji Jiwa coffee chains in Indonesia

Subscription services redefining ingredients

Startups in the food subscription space are also making waves. These services deliver pre-portioned ingredients with step by step recipes, so you don’t have to guess what to cook. They solve the shopping and meal prep time and encourage you to try dishes you wouldn’t have otherwise.

Beyond convenience, many of these services are also focused on sustainability. Some partner with local farms to ensure ingredients are fresh and responsibly sourced. Others use compostable packaging. By baking these values into their business model they attract eco-conscious consumers and set new industry standards.

AI and data to reduce food waste

Startups are using artificial intelligence to tackle food waste in new ways. Apps can now analyse your purchase history and suggest recipes based on what’s in your fridge. Smart trash cans are being developed to track what you throw away and give you insights into your wasteful habits and how to change them.

AI is also helping restaurants and big kitchens optimise inventory so they only order what they need. This may not be visible to the average home cook but has a trickle down effect that benefits everyone by making the food system more efficient and sustainable.

Startups are catering to diverse diets

Another area where startups are making a difference is dietary diversity. As more people adopt specific diets – whether for health, ethical or cultural reasons – the demand for solutions grows. Startups are answering by creating products like plant-based meats, gluten-free baking kits and apps that help users navigate allergens.

Also Read: You are what you eat: Opportunities in Southeast Asia’s agri-food sector

For example, recipe platforms now allow users to filter by diet type, ingredient or cuisine. So even niche diets are catered to without compromising on variety or flavour. Cooking at home is now a more inclusive space for everyone.

The future of cooking 2.0

Looking forward we have so much more disruption to come. 3D food printing, AI recipe creators and zero waste meal systems are already in development. Startups that put the user first and sustainability second will be the ones to watch.

For the home cook this means less stress, more creativity and a greater appreciation for cooking. Whether you’re a seasoned pro or a beginner trying a simple recipe the tools and platforms emerging today will make the kitchen a more fun and inclusive space.

In conclusion, startups are revolutionising the way we interact with food, blending technology and tradition to create smarter, more sustainable kitchens. By embracing innovation and addressing the needs of modern cooks, these companies are paving the way for a culinary future that is efficient, inclusive, and inspiring. Cooking 2.0 is here, and it’s changing the way we think about the kitchen forever.

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