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.

 

The post The year in clicks: 2024’s top 20 startup headlines appeared first on e27.

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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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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