In today’s fast-paced and interconnected world, embracing diversity and fostering inclusion are not just buzzwords; they are essential components of a thriving workplace. At ArmourZero, these principles aren’t mere aspirations but form the very foundation of our corporate culture.

In this article, we’ll explore how ArmourZero has successfully implemented and celebrated diversity and inclusion (D&I), highlighting the positive impact it has had on our organization.

Company’s goals and principles

At ArmourZero, our commitment to diversity and inclusion is not just a statement on paper; it’s a living, breathing reality. Our company’s goals are centred around creating an environment where individuals from various races, religions, and backgrounds not only coexist but thrive together. We firmly believe that our differences make us stronger, fostering creativity, innovation, and a sense of community.

Also Read: Buy from her: Elevating women’s entrepreneurship

Real-life examples

The positive impact of our D&I initiatives is evident in the vibrant tapestry of experiences and celebrations within our workplace. Regardless of cultural or religious differences, ArmourZero employees come together to celebrate various festivals, such as Chinese New Year, breaking fast during Ramadan, and exchanging gifts during Christmas. These events go beyond mere observance; they are opportunities for us to learn from one another, share our unique traditions, and strengthen our bonds as a team.

In addition to cultural celebrations, ArmourZero acknowledges and appreciates the contribution of women in the workplace. Every International Women’s Day, we dedicate time to recognize and celebrate the achievements of the women within our organization.

Furthermore, on Father’s Day, we extend our appreciation to the super dads among us, breaking away from traditional gender norms to celebrate the diverse roles individuals play in both their professional and personal lives.

Celebrating diversity and inclusion at ArmourZero goes beyond policies and initiatives; it’s a daily practice embedded in our workplace culture. By fostering an inclusive environment, we not only celebrate our differences but also leverage them to drive innovation, creativity, and success.

As we continue to grow and evolve, our commitment to diversity and inclusion remains unwavering, shaping ArmourZero into a workplace where everyone is not just welcome but truly valued.

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The Indonesian startup sector witnessed a 36 per cent funding decline in Q1 2024 (till March 15, 2024), reveals a Tracxn report. Startups in the archipelago raised US$91.7 million this quarter compared to US$143 million in Q1 2023 and US$440 million in Q4 2023.

Also Read: Sharp decline in late-stage deals hits Q1 funding in SEA: Report

In Q1 2024, late-stage investments saw the most significant drop (99 per cent), which stood at US$5.2 million in Q1 2024 v/s US$381 million in Q4 2023 and US$25.3 million in Q1 2023.

On the other hand, early-stage funding grew 26 per cent to US$74 million in Q1 2024 from $58.9 million in Q4 2023. However, early-stage investments dropped 30 per cent from Q1 last year.

Seed-stage funding also grew 7 per cent to US$12.5 million in Q1 2024 from US$11.7 million raised in Q1 2023.

There were no seed-stage rounds recorded in Q4 2023.

Fintech (US$55 million), enterprise applications (US$28.8 million), and real estate & construction tech (US$15 million) were the highest-performing sectors.

In terms of exits, only two acquisitions took place in Q1 2024; Topindoku went public during the quarter.

Also Read: Startup investments in Vietnam see 39% drop in Q1: Report

East Ventures, AC Ventures, and Alpha JWC Ventures are the most active investors in Indonesia. Antler, BRI Ventures and 500 Global were the top investors in seed-stage rounds in Q1 2024, while Peak XV Partners, Shunwei Capital, and Openspace Ventures were the most active investors in early-stage rounds.

—

X marks Echelon. Join us at Singapore EXPO on May 15-16 for the 10th edition of Asia’s leading tech and startup conference. Enjoy 2 days of building connections with potential investors, partners, and customers, exploring innovation, and sharing insights with 8,000+ key decision-makers of Asia’s tech ecosystem. Get your tickets here.

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The Taipei City Government launched the “Global Pass” at a press conference held on March 27th. Mayor Chiang Wan-an highlighted that this initiative marks a pivotal moment for Taipei’s startup ecosystem. Taipei City invited the friendly city Fukuoka and sister city Manila to Taipei to roll out the “Global Pass” program. 

The “Global Pass” is a program set to provide substantial support for startups by offering subsidies to facilitate the utilisation of overseas coworking spaces. Applications for the program are now open. 

Expanding Horizons: Coworking Space Networks

The Department of Economic Development stated that the Global Pass has partnered with six international shared coworking space brands, including The Flexi Group, JustCo, One & Co., FUTRWORKS, CIC Tokyo, and CEO SUITE, spanning 9 countries and 19 cities, offering over 90 locations for startups to utilise. Taipei Startups who are registered within 12 years, can apply for the Global Pass Program.

Also read: What is Remote? Meet this top global HR platform at Echelon X!

The city government will cover 80% of the coworking space cost, up to $2,000 USD, allowing startups to flexibly utilise shared offices, meeting rooms, or event spaces. In addition to reducing the cost of overseas market expansion for startups, these shared spaces will provide assistance such as local entrepreneurial community information, business matchmaking or consultation, and introductions to local enterprises. This financial support aims to alleviate the financial burden on startups venturing into overseas markets while facilitating access to vital resources and networking opportunities.

Startup Partnerships

Samantha Wordsworth, head of the group’s Asia Pacific Marketing and Communications at The Flexi Group, expressed her enthusiasm for supporting Taipei’s startups in their international endeavours.

To further solidify Taipei’s ties with the global startup community, the city has initiated collaborations with international organisations from sister cities and friendly cities. Manila, Philippines, and Fukuoka, Japan, are among the cities that have already joined the “Urban Startup Partnerships,” offering Taipei’s startups invaluable access to international business networks and resources.

Also read: Gateway to global innovation: Tokyo Innovation Base

Representatives from the Manila Economic and Cultural Office and TechShake, along with officials from the Fukuoka City Government and Fukuoka Growth Next (FGN), were present at the press conference to demonstrate their commitment to fostering cooperation with Taipei.

Mayor Chiang Wan-an emphasised that Taipei’s internationalisation within the startup ecosystem is not only inevitable but also a promising trend. He reiterated the city government’s dedication to transforming Taipei into a “Founder Friendly City” and an “AI Driven Smart City”. He stresses the significance of the “Global Pass” as this program offers startups access to international coworking spaces, connections with local resources, networking opportunities, and forging partnerships in key global hubs. 

The launch of the “Global Pass” initiative represents a significant milestone in Taipei’s journey towards becoming a global powerhouse in innovation and entrepreneurship. As the program gains momentum, Taipei is poised to attract top-tier talent and solidify its position as a leading destination for startups worldwide.

– –

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Dear reader,

The downfall of Sam Bankman-Fried, once hailed as a billionaire wunderkind in the cryptocurrency world, reached its climax with a 25-year prison sentence for defrauding customers of his now-defunct FTX exchange. Bankman-Fried’s dramatic plunge from grace, as recounted in a Manhattan court, underscores the perils of unchecked power and financial malfeasance in the burgeoning crypto markets.

Despite Bankman-Fried’s protestations of innocence and claims that FTX customers didn’t suffer monetary losses, Judge Lewis Kaplan’s verdict reflects the severity of the crimes committed. With billions lost and a trail of deceit exposed during the trial, the sentencing sends a clear message that financial crimes in the cryptocurrency realm will be met with severe consequences.

Bankman-Fried’s journey, from a celebrated tech entrepreneur to a convicted felon facing decades behind bars, serves as a cautionary tale in an industry often characterized by rapid wealth accumulation and regulatory uncertainty. As US authorities continue to crack down on cryptocurrency-related fraud, Bankman-Fried’s case stands as a stark reminder of the potential pitfalls of unchecked ambition and the pursuit of power and influence at any cost.

Sainul
Editor.

===

NEWS

Bankman-Fried sentenced to 25 years for multi-billion dollar FTX fraud
US District Judge Lewis Kaplan handed down the sentence at a Manhattan court hearing after rejecting Bankman-Fried’s claim that FTX customers did not actually lose money and finding that he lied during his trial testimony.

Sharp decline in late-stage deals hits Q1 funding in SEA: Report
Late-stage deals stood at US$175M compared to US$860M in Q4 2023; The region’s startup ecosystem received its highest quarterly funding in Q4 2021, after which there has been a steady decline.

Late-stage investments in Indonesia plummet to US$5.2M in Q1
Late-stage investments dropped 99 per cent to US$5.2M in Q1 2024 from US$381M in Q4 2023 and US$25.3M in Q1 2023; Fintech (US$55M), enterprise applications (US$28.8M), and real estate & construction tech (US$15M) were the highest-performing sectors.

Crypto firms must face sandbox evaluation before operating: Indonesian govt.
The sandbox will ensure the safety and reliability of crypto services before firms receive full regulatory approval; The move comes as OJK prepares to take over crypto supervision from the Commodity Futures Trading Supervisory Agency in Jan 2025.

Adam Neumann eyes WeWork buyback with US$500M bid: report
Neumann raised WeWork to be the most valuable US startup, worth US$47B, before his pursuit of expansion at the expense of profit and revelations about his eccentric behaviour led to his ouster in 2019 and derailed its IPO.

Startup investments in Vietnam see 39% drop in Q1
Vietnam’s startups raised US$35.7M in Q1 2024 compared to US$58.6M in Q1 2023 and US$6.3 million in Q4 2023; Autotech (US$31.2M), edutech (US$2.5M), and enterprise applications were the top-funded verticals in Q1 2024.

Byju’s founder floats share offer to make peace with estranged investors
In an email to shareholders Friday morning, Byju Raveendran said the startup’s board is considering making the offer despite the “animosity” displayed by some of the investors who are pursuing “uncalled-for legal actions.”

ByteDance has no intention to sell TikTok in the US amid scrutiny: report
US is mulling a ban on the app unless it splits from its Chinese parent firm ByteDance; In the worst-case scenario, TikTok may have to abandon the US market, leading to a probable decrease in ByteDance’s value as well as an increase in investor pressure.

ByteDance slashes 1,000 jobs from workplace collaboration unit Feishu
China’s Big Tech firms, which once provided plenty of well-paid jobs for young talent, have cut back on hiring and even started slashing jobs amid an economic slowdown and regulatory uncertainty.

Alibaba calls off IPO of its logistics subsidiary Cainiao IPO
Alibaba has proposed to purchase all of Cainiao’s outstanding shares and, in turn, increase synergies between logistics and its main e-commerce business; The news comes a few months after Alibaba shelved IPO plans for its grocery arm Freshippo.

StealthMole nabs US$7M to shield SEA with ‘dark web intelligence’
The investors are Korea Investment, Hibiscus Fund, and Smilegate Investment; StealthMole’s AI platform analyses over 255B data points from the dark web, deep web, and hidden sources to enable early threat detection, criminal tracking, and cyber incident response.

Chemical-free babycare e-commerce platform Applecrumby raises US$4.2M
The investor is 500 Global; Applecrumby will use the capital to grow its global footprint, expand its distribution channels, and develop new products under the PureBasics range.

Vietnam’s B2B food sourcing platform Kamereo lands US$2.1M funding
The investors are Reazon Holdings, Quest Ventures, and Thoru Yamamoto; Kamereo intends to use the funding to strengthen its sales team, increase the range of products and private brands, and expand its warehouse network.

VinFast charges into Thailand with 15 dealer partnerships
Thailand accounts for 58% of the total electric vehicles sold in Southeast Asia; This development follows the company’s expansion into Indonesia in February 2024, where it partnered with five local dealers.

Wavemaker Impact backs Elevate Foods that combats food loss and waste
Elevate Foods creates a sustainable and traceable solution for agri-produce buyers while working with farm-gate manufacturers to upgrade their operations.

Apple CEO Tim Cook to visit Indonesia for potential investments
In 2017, Apple invested US$44M in Indonesia; At that time, the investment was made through the construction of the Apple Academy located in BSD City in the Banten province.

TGV promotes Beatrice Lion to CEO
Lion’s role at TGV covers diverse areas of fund management, including formulating exit strategies, fundraising, sourcing deals, and enhancing value; Frank Desvignes and Kelly Choo have been appointed as TGV’s executive directors.

FEATURES & INTERVIEWS

‘Stablecoins could make trade finance more appealing’: says LC Lite co-founder
LC Lite’s Jean-Charles Devin also adds integrating Web3 technology into Incomlend’s platform will democratise asset class creation within invoice financing.

Edutech war: How NativeX is taking on the likes of ELSA, Duolingo in Vietnam
NativeX wants to collaborate with global and regional edutech leaders to curate and deliver their content to our local audience seamlessly.

How Skor empowers Indonesians to take control of their financial well-being
This Indonesian startup empowers people to take control of their financial well-being by improving and managing their credit health. It leverages analytics to enhance the customer experience of using credit cards.

How Zed aims to set itself apart in the Philippines with its credit-led neobank
Spearheaded by Danielle Cojuangco Abraham and Steve Abraham, Zed aims to tackle the problem of credit product access for Filipino Gen Zs.

Everywhere aims to support ID’s content creators through “creator-sharing” concept
With Play Everywhere, you can now enjoy the performance of your favourite local band at the bar—without them having to be in location.

How utu aims to boost tourism by transforming the traditional VAT refunds system
utu has introduced utu Privileges, which allows tourists to upsize their tax refunds by up to 110 per cent of the GST paid on their purchases.

CONTRIBUTORY ARTICLES

AI is not almighty: Why the ‘magic tool’ still needs human help
Despite AI’s advancements, this article explores why collaboration is key and why AI shouldn’t replace human roles just yet.

Securing Singapore’s leadership in AI Innovation
Singapore fosters an ecosystem promoting experimentation, investment, and knowledge exchange, enabling AI technologies to flourish.

Stay smart, scalable and sustainable: 2024 SME trends in Southeast Asia
Looking ahead to 2024, there are several emerging SME trends that can help these companies to unlock their potential further.

FROM THE ARCHIVES

Fundraising 101: How to approach investors
The VC financing landscape is constantly evolving so new businesses must know how to approach investors while fundraising successfully.

Pitch deck for dummies: A compilation of top tips and advice from the community
While there are many factors that contribute to the success of a fundraising process, you want to make sure that your pitch deck is spot on.

The slow death of financial flexing and the rise of financial fundamentals in the startup world
Below are five common startup accounting mistakes and how founders can avoid them while running their companies.

Change is hard, so here are the 8 steps to make sure you’ll succeed
When you’re clear about your desire, when you’re in a state of confidence (or fake confidence) and when you believe you deserve what you want; your actions carry a different level of magnitude.

Artificial intelligence and the art of building presentations
Although the art of giving presentations has remained largely unchanged since the early incarnations of Microsoft PowerPoint hit our computers back in 1987, the likes of AI and machine learning have begun to make their marks on the industry.

Climate change and gender equality: How to support underfunded women-owned business
While there is a distinct relationship between gender inequality and climate change, investment mandates rarely combine both of these lenses.

—

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Artificial intelligence is bucking all trends right now. People think of it as a universal tool for solving all sorts of tasks — but this is far from true. Let’s look at why we shouldn’t expect AI to turn our world upside down (at least for a couple of years). 

Why the world is going crazy on AI 

When AI was first introduced, it really did seem like magic — you write a query, and they do the task for you. AI is improving and getting smarter. Now, it can even make colourful video ads for you or generate high-quality content for social media. But it’s still not enough — and AI cannot function effectively without human intervention.

At IVITECH.Drive we are using AI on many occasions: processing and sharing documents, gathering information and its analysis, building strategies and more. For example, we use AI in our sales department, and we created and trained a bot that can immediately react to new leads and incoming requests from our clients. If our bot is lacking the information, it transfers the request to one of our managers. As a result, NPS (Net Promoter Score) grew. 

We plan to test new possibilities offered by AI for content generation, especially for our social media. It is capable of analysing trends and creating effective content for lead generation. Also, we want to involve AI in creating offers for our clients based on their needs.

Also Read: Reports of the death of tech jobs by AI are greatly exaggerated: Ying Cong Seah of Glints

What seems to be the problem 

However, any person who has ever tried to delegate voluminous and difficult tasks to AI should have noticed that it doesn’t handle them well. It is important to note that we encourage our staff to use AI, but we want them to do it thoughtfully and carefully without taking it as a magic pill. 

While it may seem that we have already mastered effective collaboration with AI, that is not the case. The widespread integration of AI has the potential to enhance the long-term customer experience, increase profits, and reduce costs.

However, in this race for technology, we must not forget about those for whom these technologies exist – the people. The implementation of AI poses the risk of job cuts, consequently reducing purchasing power. In theory, this could lead to a contraction in the market, rendering our developments obsolete.

Are we ready for such global changes if AI is trained enough to enter all the processes? Even though we are sceptical as of now, we are looking for it with optimism, and we are ready to encourage more people to adapt to this new reality. 

—
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Asia’s core strengths in innovation stem from its rich tapestry of diverse cultures, vast human capital, and rapidly advancing technological landscapes. With countries and regions like China, India, and Japan, leading the charge in various fields such as technology, manufacturing, and life science, Asia has proven to be a powerhouse of innovation, creativity, and entrepreneurial spirit.

For any leader in education, research, and innovation, fostering broad and deep coverage across Asia is imperative. By tapping into the collective knowledge, resources, and expertise of different Asian nations and imparting a vast array of experiences, leaders can harness the region’s immense potential to drive groundbreaking advancements and address complex challenges in Asia. Building a nexus and network across borders not only enriches the collaborative learning experience but also promotes cultural exchange, mutual understanding, and innovation ecosystems that transcend geographical boundaries.

Embracing transnational collaboration empowers stakeholders to tackle complex issues such as climate change, public health crises, and economic disparities with collective strength and resilience, paving the way for a more interconnected and prosperous future for all.

Also read: What is Remote? Meet this top global HR platform at Echelon X!

As such, Nagoya University (NU) has taken the mantle of pioneering efforts to build extensive nexus and network with transnational partnerships across Asia. By setting up Nagoya University Global Campus Ltd in Singapore as a legal entity in November 2023 and placing full-time faculty in Singapore, Nagoya University has emerged as the leading national university in Japan, actively and broadly establishing numerous extensive offices and rolling out various programs deeply rooted in Asia.

This strategic initiative not only strengthens academic ties with institutions across Asia but also facilitates collaborative research, student exchanges, industry-academia collaboration and joint initiatives to address regional and global challenges. Through these partnerships, Nagoya University is contributing to the advancement of education, research, and innovation while fostering mutual understanding and cooperation among diverse cultures and societies in Asia and beyond.

Leveraging the momentum of Nagoya University’s extension across Asia, the Global Multi-Campus Strategy demonstrates the university’s significant stride towards fostering global perspectives in Education, Research, and Innovation. 

Asia’s extensive network of offices, centres, and programs 

Nagoya University has established its offices and centres across Asia, with 11 major cities in 10 countries: Cambodia, China, Indonesia, Laos, Mongolia, the Philippines, Singapore, Thailand, Uzbekistan, and Vietnam.

Nagoya University stands out among its peers for its proactive approach to rolling out various programs in Asia, particularly in fields like agriculture, entrepreneurship, law, medicine, and international development, garnering commendation both domestically and internationally.

Notably, the Center for Asian Legal Exchange (CALE) offers “Japanese Legal Education in Japanese.” At the same time, the Young Leaders Program (YLP) focuses on training administrative officers in medical education, among other initiatives. These programs play a pivotal role in nurturing future national leaders and expanding Nagoya University’s human and intellectual networks. Strengthening these connections, the university has established 15 overseas alumni chapters, primarily comprised of graduates from these programs. Through such endeavours, Nagoya University aspires to evolve into a hub university, actively engaging with the dynamic landscape of Asia.

Building upon its successful track record and extensive network in human resource development across Asia, the Asian Satellite Campuses Institute (ASCI) has been established. In close collaboration with six graduate schools at Nagoya University, ASCI coordinates the delivery of the Transnational Doctoral Programs for Leading Professionals in Asian Countries. In a nutshell, ASCI collaborates with partners, such as country governments and universities to implement the “National Core Human Resource Development Program in Asia.” This initiative aims to provide high-quality doctoral education both at Nagoya University and its satellite campuses.

Also read: 21 more industry leaders will be taking the Echelon X stage!

Presently, NU’s satellite campuses are operational in six countries—Cambodia, Mongolia, Vietnam, Laos, Uzbekistan, and the Philippines—encompassing disciplines such as Education, Law, Medicine, Bioagriculture, International Development, and Environmental Studies through a variety of PhD programs available. This is a hybrid doctoral program which provides opportunities for individuals, who already have a master’s degree, to deepen their knowledge and experience and work towards a doctoral degree at one of Japan’s top universities without having to take time out from their career.

Through these strategic partnerships and educational initiatives, Nagoya University is fostering academic excellence and contributing to the talent pool in Asia.

Solving Asia’s challenges through Asian ideas

One of the major pillars of Nagoya University’s international programs is the impetus to solve Asia’s challenges using collaborative solutions born out of knowledge-sharing. As such, the Nagoya University Global Environmental Leadership Program (NUGELP) aims to cultivate professionals capable of making international contributions to solving global environmental challenges while supporting the endeavours of its alumni. The program primarily targets students from Asian and African countries, as well as individuals with professional experience in government agencies and corporations. Eligible candidates are enrolled in the master’s program within the Department of Civil Engineering, Graduate School of Engineering, where they receive education centred on collaborative learning approaches.

Covering challenges and issues in the social sciences, Nagoya University also offers the Applied Social System Institute of Asia, a platform dedicated to interdisciplinary research spanning five key fields within the social sciences. Its primary objective is to address shared issues within the international community, particularly in Asia, by swiftly generating research outcomes that contribute to resolving these challenges.

All these things prove Nagoya University’s commitment to fostering shared learning and becoming a catalyst for collaboration and co-creation that yields innovative solutions to address pressing global problems in Asia

Nagoya University has taken a significant step forward in its Asia expansion endeavours by establishing a legal entity in Singapore known as Nagoya University Global Campus Ltd, operating under the Global Multi-Campus Strategy. With this development, the university now possesses a robust platform to facilitate world-class international joint research initiatives, promote brain circulation, foster international joint study programs, and enhance innovation activities throughout Asia on a university-wide scale. Nagoya University is known for its notable educational and research system, accomplishing high research quality of international standards that have yielded six Nobel Laureates.

The university boasts an extensive array of faculties, graduate schools, and research institutes spanning various disciplines including Humanities, Education, Law, Economics, Informatics, Science, Medicine, Engineering, and Agriculture. Furthermore, Nagoya University has rolled out graduate programs in fields such as Humanities, Education and Human Development, Law, Economics, Informatics, Science, Medicine, Engineering, Bioagricultural Sciences, International Development (GSID), Mathematics, Environmental Studies, and Pharmaceutical Sciences.

Also read: Gateway to global innovation: Tokyo Innovation Base

Across its faculties, graduate schools, and research centres, Nagoya University has been actively engaging in Asia activities. The establishment of Nagoya University Global Campus Ltd in Singapore marks a pivotal moment, fostering increased interaction and alignment among them, effectively coordinating them under the banner of one unified Nagoya University presence in Asia, operating at a university-wide scale.

Looking ahead, leveraging the strategic hub of Singapore in Asia for education, research, and innovation, Nagoya University is poised to strengthen its leading role in Asia even further. This move underscores the university’s commitment to fostering global collaboration and advancing knowledge exchange across borders.

– –

This article is produced by the e27 team, sponsored by Nagoya University

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Startups in Vietnam secured a total of US$35.7 million in funding in Q1 2024 (till March 15, 2024), a 39 per cent decline from US$58.6 million raised in the same period in Q1 2023, according to a report.

However, this is a 467 per cent surge compared to the US$6.3 million raised in Q4 2023.

Also Read: Sharp decline in late-stage deals hits Q1 funding in SEA: Report

The Tracxn Geo quarterly report found that early-stage investments in Q1 2024 stood at US$31.2 million, 47 per cent lower than the US$58.6 million raised in Q1 2023. There were no early-stage rounds recorded in Q4 2023.

Seed-stage funding was US$4.5 million in Q1 2024, 29 per cent lower than the US$6.3 million raised in the same period in Q4 2023. No seed-stage investments were observed in Q1 2023, and no late-stage funding for three quarters in a row.

Be Group, an app-based aggregator that offers booking services for motorbikes, cars, air tickets, passenger cars, and fast delivery, raised the largest round of funding (US$31.2 million) in Q1 2024.

Autotech (US$31.2 million), edutech (US$2.5 million), and enterprise applications were the top-funded verticals in Q1 2024.

No new unicorns emerged in Q1 2024, similar to Q1 2023. There was hardly any activity in terms of exits, with only two acquisitions and no IPOs.

Also Read: Vietnam’s B2B food sourcing platform Kamereo lands US$2.1M funding

CyberAgent Capital, Nextrans, and Vietnam Silicon Valley are the all-time most active investors in this space. Northstar Ventures, Monk’s Hill Ventures, and R2 Venture Partners were the top seed-stage investors in Q1 2024.

In Southeast Asia, Vietnam ranks third in funding raised in Q1 2024, after Singapore and Indonesia. This is a positive change from Q4 2023, when Vietnam had ranked fourth among the SEA countries based on tech startup funding.

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X marks Echelon. Join us at Singapore EXPO on May 15-16 for the 10th edition of Asia’s leading tech and startup conference. Enjoy 2 days of building connections with potential investors, partners, and customers, exploring innovation, and sharing insights with 8,000+ key decision-makers of Asia’s tech ecosystem. Get your tickets here.

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In today’s economic climate, a strong financial reputation is essential. This reputation, built on creditworthiness and responsible financial management, significantly impacts access to loans, interest rates, and overall financial opportunities. It can ultimately shape the course of an individual’s financial journey and future prospects.

That’s where Skor steps in. This Indonesian startup empowers people to take control of their financial well-being by improving and managing their credit health. It leverages analytics to enhance the customer experience of using credit cards.

Building credit confidence: How Skor empowers Indonesians

On a mission to bridge the trust gap, the fintech company, co-founded by Ongki Kurniawan and Karan Khetan in 2022, brings transparency to the lending process, fostering a smoother journey between consumers and financial institutions.

“Skor wasn’t an idea; it was a discovery. It all started with gold lending. The idea was to digitise gold lending in Indonesia. We spent months validating this idea only to realise that that idea was not viable. We managed to interview 100+ customers, and it was in those conversations we realised that digitisation was not a business, but this led us to the idea of SkorLife. We found that almost all the people in Indonesia were uncertain about their ‘creditworthiness’. As human beings, we hate uncertainty. This was a problem worth solving. With our background as operators, we have navigated many challenges to conceive and launch Skor, starting with Skorlife,” said Kurniawan.

Skor currently operates two distinct business units:

• SkorLife
• Skorcard

SkorLife

A credit builder, SkorLife offers users guidance to manage and strengthen their creditworthiness, facilitating access to ‘fair’ credit. Its mission is to enhance financial literacy and inclusion across the nation. The app has clocked over one million downloads.

Also Read: SkorLife secures US$4M to allow Indonesians access their credit scores, reports instantly

Skorcard

Skorcard assists banks in developing credit card offerings. The recently introduced Mayapada Skorcard, is designed for Indonesia’s experience-seeking, mass-affluent segment. This co-branded credit card targets an estimated 25 million individuals in a country where credit card penetration remains below three per cent in a population exceeding 270 million.

The Mayapada Skorcard addresses the need for credit access and an enhanced card experience for prospecting cardholders. It offers users control over their spending, including categorisation of spending and management of personal budgets. It also introduces a hyper-personalised reward engine with gamification elements, making financial management both rewarding and engaging.

“SkorLife allows people to manage their creditworthiness. This entailed accessing and understanding their credit information and analysing it to provide advice for improving their creditworthiness. This helps boost financial literacy and enables fair credit access by educating the market on responsible borrowing practices. Skorcard is an extension of that mission. Users who show good credit standing and work to improve their creditworthiness can access Skorcard. The Mayapada Skorcard is a state-of-the-art credit card made for the country’s ‘experience’ generation,” added Kurniawan.

Skor’s investor base includes prominent institutions such as QED, Hummingbird, Saison Capital, and AC Ventures.

The company noted that Southeast Asia’s burgeoning technological landscape presents a significant opportunity to educate consumers on responsible borrowing practices. While it remains selective in the technologies it integrates into the products, it is enthusiastic about emerging trends such as digital banking, AI-driven personal finance management tools, and the potential of blockchain to create secure and transparent credit scoring systems.

Looking ahead, Skor aspires to empower all Indonesians with the knowledge and tools to build a strong credit history, ultimately enabling them to access fair and transparent credit opportunities.

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Image credit: Skor

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Zed, which describes itself as a credit-led neobank, has unveiled the Philippines’ inaugural credit card devoid of foreign transaction fees, interest charges, and annual fees. The announcement has been accompanied by the initiation of an early access programme through a waitlist, which has already garnered over 20,000 sign-ups within just two weeks.

Spearheaded by Danielle Cojuangco Abraham and Steve Abraham, alumni of Y Combinator and engineers hailing from Stanford, Zed aims to tackle the problem of credit product access for Filipino Gen Zs. A recent study conducted by TransUnion Philippines revealed a significant gap between the perceived importance of credit among this segment and their access to credit products. Despite 94 per cent acknowledging the significance of credit in achieving financial objectives, only 35 per cent reported adequate access to such services.

Zed aims to bridge this disparity by crafting a next-generation credit card tailored for Southeast Asia, catering specifically to young individuals with substantial incomes but limited credit histories, thus addressing a pertinent need within the region’s financial landscape.

With a team of 10 spread across San Francisco and Manila, Zed strategically divides its focus between product, engineering, and design in San Francisco. In contrast, the Manila team prioritises operations, customer success, and marketing.

The startup has secured US$6 million in funding, primarily led by Peter Thiel’s Valar Ventures.

Also Read: UNOAsia secures US$32.1M to provide digital banking services in Philippines

So, what sets Zed apart from other digital banks in the region, particularly in the Philippines? Co-Founder Danielle Cojuangco Abraham reveals the details in this email interview with e27.

The following is an edited excerpt of our interview with Abraham.

What specific problem do you aim to tackle for your customers?

If you talk to any Filipino, there is still significant frustration with the complexity, lack of transparency, and bureaucracy embedded in financial services. Only eight per cent of Filipinos own a credit card, largely because it is incredibly difficult to get one if you don’t already have one.

Complicated application processes, tedious documentation, and arbitrary underwriting methods are among the challenges that disproportionately impact young people when applying for their first credit card accounts. Those lucky to get approved face high Annual Percentage Rates (APRs), punitive fees, and a broken customer experience in return. Zed is bringing a differentiated experience to our customers that is simple, transparent and skips all the layers of bureaucracy.

While digital banks in the region have focused their efforts on the unbanked, we are focusing on already banked customers who are tired of facing arbitrary hurdles and friction and are overpaying in fees and APRs when it comes to credit cards. And since we’re truly an independent technology company from day one–not a subsidiary or otherwise tied up with a traditional brick-and-mortar financial institution—we are not carrying costly overhead like physical branches or bloated headcounts.

We’re able to pass these savings on to customers in the form of no revolving interest, no fees, and excellent customer service.

Also Read: BRI Agro CEO Kaspar Situmorang: Why tapping into the ecosystem is key to a digital bank’s success

What is your user acquisition strategy? Is there any insight that you can share about what makes the young professional segment in the Philippines unique?

Almost 30,000 people have signed up organically for our waitlist since we announced it four weeks ago. We have not spent money on marketing or user acquisition to date. This is a testament to how hungry this market is for a financial services company obsessed with the customer experience.

Young professionals are the backbone of the rapidly growing economy, but despite their rising incomes, they are still undervalued by financial institutions. A recent study by TransUnion Philippines showed that 94 per cent of Filipino Gen Zs see the importance of credit and lending products to reach their financial goals. Still, only 35 per cent report having sufficient access to such products.

The failure to access credit cards and build a credit history early ultimately suppresses the next generation’s ability to access more sophisticated, wealth-building financial services in the long term, such as home loans and business loans.

What other product innovations do you have in the pipeline?

Our goal is to reimage what a credit card could be–smarter underwriting, groundbreaking features, no fees, and a revenue model that does not rely on a customer’s failure to pay down their balance.

As we build a credit card for the next generation, we think it is important to create a clean separation between everyday spending and long-term financing activity. Right now, our focus is on building the best possible everyday spending credit card. We will be rolling on long-term financing options later, where customers will be able to opt into financing for specific purchases and receive simple and transparent terms.

We see a significant opportunity in credit cards and will be focused on our single product for the foreseeable future. But obviously, our approach of being obsessed with the customer experience and leveraging technology for young, prime equivalent customers can be extended to other products in financial services.

Also Read: Securing tomorrow’s finances: Navigating the rise of digital banks with cybersecurity

What is your major plan for 2024?

While we are optimistic about the market, our plans still revolve around our customers – we will continue to listen to the pain and frustration that our customers face in their financial services experiences and focus our resources on delivering the best possible credit card experience for young, urban Filipinos.

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Image Credit: Zed

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Applecrumby, a babycare brand and e-commerce platform in Malaysia, has raised US$4.2 million in growth investment from 500 Global.

The funding will allow Applecrumby to grow its footprint globally, expand its distribution channels, and develop new products under the PureBasics range.

Also Read: Looking abroad: Capturing the e-commerce opportunity in SEA

“We believe parents should have access to affordable, toxin-free babycare products, regardless of where they are based. Applecrumby has been bringing moms and dads peace of mind since 2012, and the new capital boost will allow us to broaden our impact, ensuring more families can give their child a healthier and happier start in life,” said co-founder and CEO Sean Tan.

Founded in 2012 by the husband-wife duo of Sean and Jesmine Tan, Applecrumby provides affordable, chemical-free baby care products, including skincare essentials, cleaning detergents formulated with organic-certified ingredients, and wipes.

According to the founders, the startup’s patented chlorine-free, mass-market diaper range PureBasics — made of biodegradable pulp, plant-based super soft back sheet and top sheet — ensures optimal dryness, quick absorption and efficient moisture lock-in.

Launched at the end of 2023, PureBasics was sold over 250,000 packs.

Applecrumby’s products are available in 11 countries today, including Malaysia, South Korea, Thailand, Vietnam, Singapore, the Philippines and China. Its retail partners include Shopee, Lazada, TikTok Shop, Dagee Baby, Mothercare, MedPLus Pharmacy, and Little Genius Baby.

Applecrumby plans to expand into 20 countries through regional distributors by the end of 2024. The brand will be available in nearly 2,000 retail locations in Malaysia this year.

Also Read: How to attract the first thousand users to your marketplace

Jesmine Tan, co-founder and COO at Applecrumby, added: “The rising cost of living is placing a strain on families everywhere, but access to essentials to care for one’s child should not be a privilege. We believe that every parent, regardless of their budget, deserves the peace of mind and confidence that comes with using safe and effective products for their precious little ones, and PureBasics by Applecrumby embodies our core value of ‘Applecrumby For All’.”

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The post Chemical-free babycare e-commerce platform Applecrumby raises US$4.2M from 500 Global appeared first on e27.