Visit Echelon X to learn more about the program. Get your tickets here!

In our increasingly globalised world, physical borders are becoming less relevant as communication and collaboration technologies advance. This trend has been accelerated by the COVID-19 pandemic, which forced many businesses to adopt remote work practices rapidly and has led to the growing prominence of building remote teams, where individuals from different corners of the globe come together virtually to work towards common business goals.

As such, the proliferation of digital tools and platforms has also made it easier than ever to assemble teams comprised of talent from diverse backgrounds, cultures, and skill sets. This shift in the way teams are structured has opened up unparalleled opportunities for companies to tap into a vast pool of talent, regardless of geographical constraints.

Working remotely offers a myriad of advantages for both employers and employees. For companies, remote teams can reduce overhead costs associated with maintaining physical office spaces, while also allowing access to a wider talent pool without the limitations of location. Additionally, remote work fosters a culture of flexibility, empowering employees to better balance their personal and professional lives. From the perspective of employees, remote work eliminates commuting time and expenses, leading to increased productivity and job satisfaction. Furthermore, remote work often enables individuals to create customised work environments that cater to their specific needs, ultimately enhancing creativity and innovation.

Challenges of managing remote teams

The shift towards remote teams represents a significant evolution in how work is conducted, offering benefits that extend beyond traditional office-bound arrangements. However, expanding operations globally also presents a myriad of challenges for companies, particularly in the realms of onboarding, paying, and managing employees and contractors across different countries.

Onboarding processes can become complex due to varying legal requirements, cultural nuances, and language barriers, making it essential for companies to navigate these differences effectively to ensure smooth transitions for new hires. Moreover, compliance with local labour laws and regulations poses significant hurdles, as companies must stay abreast of constantly evolving legal frameworks in each jurisdiction where they operate to avoid potential legal pitfalls and liabilities.

Paying employees and contractors across borders introduces additional layers of complexity, including currency exchange rates, tax obligations, and diverse payment methods. Managing payroll across multiple countries requires meticulous attention to detail to ensure accurate and timely payments while adhering to local tax laws and regulations. There are also cultural differences in expectations around compensation and benefits that can complicate matters, necessitating flexible approaches to meet the diverse needs and preferences of employees and contractors worldwide.

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

All of these challenges highlight the importance of robust systems, resources, and expertise to navigate the complexities of international operations successfully. As such, the most effective approach to tackling them is through a comprehensive HR platform that serves as a centralised hub for all related processes.

By leveraging a one-stop HR platform, companies can streamline and automate tasks related to onboarding, payment, and management of employees and contractors across different countries, thereby reducing administrative burdens and ensuring compliance with local regulations. Such a platform enables seamless integration of payroll systems, facilitates cross-border payments, and provides tools for managing diverse workforce needs efficiently. By offloading these tasks to a single platform, companies can redirect their focus towards finding and retaining the best talent, confident in the knowledge that their HR operations are handled efficiently and compliantly on a global scale.

Remote: Your all-in-one platform for all HR needs

With the mission of addressing challenges faced by companies building their global teams, Remote is revolutionising the way a global workforce is managed with its all-in-one HR platform, designed specifically for companies embracing remote talent. By eliminating barriers to international hiring, Remote empowers companies to connect with top talents worldwide, ensuring that great companies can work with great people, regardless of their location.

With Remote, companies can seamlessly navigate the complexities of global HR operations, running HR processes like a local in every country they operate in, from approving payroll to managing their team and finding qualified candidates, all within a single, user-friendly platform.

Also read: Empowering innovators: Prudence Foundation tackles disaster challenges

Remote simplifies the entire HR process by offering comprehensive features for finding, hiring, paying, and managing employees and contractors across multiple countries. From connecting with top jobseekers worldwide to adding new employees swiftly and compliantly, Remote streamlines the entire onboarding process, providing a centralised platform for managing everything from offer to onboarding. Additionally, Remote enables companies to run payroll confidently across different countries, ensuring compliance with local laws without the need for spreadsheets

With Remote, companies can store employee data, simplify expenses and time off, and consolidate all HR tools, allowing them to complete their HR tasks efficiently and effectively without toggling between multiple tabs. With Remote, managing a global team has never been easier, allowing companies to focus on delivering an exceptional experience to their global workforce while Remote takes care of the rest.

Get to know Remote at Echelon X!

Aligned with Remote’s commitment to bridging global talent together to empower startups and corporates, Echelon X will be joined by Remote at the Singapore EXPO! Echelon X will bring together industry leaders, visionary entrepreneurs, and groundbreaking startups from all corners of the region for two packed days.

Happening on May 15 to 16 at the Singapore EXPO, Echelon X will feature dedicated content stages, exhibitions, panel discussions, and more — all to support and empower the tech startup ecosystem with actionable insights through a series of knowledge-sharing activities.

Also read: Sustainable development through empowering commerce in Indonesia

Whether you’re eager to expand your knowledge, network with key players from the tech startup scene, or showcase your innovative ideas, Echelon X offers an unparalleled experience. Join us as a participant or an official partner by securing your spot now on our official page. Together, let’s embark on a journey to shape the future and create a lasting impact.

Join us at Echelon 2024, where innovation knows no limits, and the possibilities are endless!

– –

Photo by Helena Lopes from Pexels

The post What is Remote? Meet this top global HR platform at Echelon X! appeared first on e27.

NativeX Edtech, an English learning app in Vietnam, recently announced that it secured US$4 million in total funding from investors, including Ansible Ventures, Blueprint Ventures, Northstar Ventures and angels. The edutech startup plans to use the capital to help the 10 million working professionals in the country learn English before moving to other Southeast Asian markets.

In this interview, co-founders Trang Ly (Head of Growth & Engagement) and Ai Chau (Head of Academic), discuss the motivation to start NativeX, the initial challenges the company faced, and the competition in the market.

Excerpts:

What motivated you to start NativeX?

Trang Ly: NativeX was founded by five seasoned tech professionals. Our motivation stemmed from a collective concern about the readiness of our local workforce to adapt to global advancements.

In Vietnam, despite its remarkable economic growth over the past decade, only less than 5 per cent of the population is proficient in English. Our journey began with creating a premier English learning platform tailored to Vietnam’s busy working professionals.

Also Read: ELSA to expand its AI English pronunciation assistant globally with a US$15M Series B financing

Our ambitions extend far beyond English proficiency, though. We aspire to become the “Airbnb of education.” This entails collaborating with global and regional edutech leaders to curate and deliver their content to our local audience seamlessly. We aim to simplify the discovery process and empower individuals to focus solely on learning, thus ensuring they remain competitive in a rapidly evolving global landscape.

How and where did the founders meet, and when did they decide to take the entrepreneurial plunge?

Trang Ly: The founders previously had the opportunity to meet and work together at a big edutech company in Vietnam. During our time there, we developed a shared vision and passion for education, specifically focusing on addressing the needs of working adults in Vietnam. As we continued to engage in discussions and nurture their shared aspirations, we began to recognise the potential impact we could make by starting our own venture.

How hard were the initial days of setting up the company? What were your significant hurdles, and how did you tackle them?

Trang Ly: We encountered several challenges

Financial constraints: Limited funds posed challenges covering initial expenses such as office space, technology infrastructure, and hiring talent. We invested our personal savings to fund the early stages. We also explored options like seeking funding from angel investors or edutech VCs.

Establishing a customer base: Since NativeX was a brand-new player in the market, building a customer base could have been a major hurdle. To tackle this challenge, we adopted low-cost marketing strategies, such as utilising digital marketing tools (social media, content marketing, and targeted online advertising) to reach the target audience cost-effectively. We also relied on personal relationships and networks to facilitate word-of-mouth marketing, referrals, and partnerships, which can be powerful tools for gaining initial traction in the market.

How challenging was it to find your first employees? How did you convince them to join you?

Trang Ly: Finding our first employees posed a significant challenge, but we were fortunate to have a vast network to leverage to identify potential candidates. However, convincing individuals to join our fledgling company was more challenging. However, we highlighted the advantages of joining our team and emphasised the mutually beneficial nature of the opportunity.

Also Read: How Carrots&Cake fixes kids’ screen time dilemma with learn-first-play-later approach

Moreover, we emphasised the purposeful nature of our business. NativeX brings tangible value to working professionals in Vietnam, and we deeply recognise the impact and significance of the platform we are building. By emphasising the value and sense of belonging that our employees would experience by being part of NativeX, we were able to attract and convince talented individuals to join our team.

You operate in a market dominated by the likes of ELSA and Duolingo. How do you differentiate yourself?

Ai Chau: Although ELSA, Duolingo, and others are prominent players in the language learning app market, NativeX distinguishes itself by offering a tailored approach specifically designed for working professionals seeking professional English proficiency.

NativeX stands out in several key areas:

Flexible scheduling and online learning with teachers: Unlike platforms like ELSA, where learners primarily study independently, NativeX offers flexible scheduling and live online classes with foreign teachers. This has proven effective, with over 70 per cent of monthly active users remaining on the platform after seven months, dedicating approximately 10-15 hours a month to learning English.

Personalised learning path: Each learner receives a customised learning path based on their proficiency level, enabling them to progress at their own pace without waiting for others. This personalised approach enhances engagement and maximises learning outcomes.

Content-led model: NativeX ensures consistent quality across classes by providing instructors with pre-designed lesson content. Additionally, we’ve successfully shifted 40 per cent of classroom learning to outside the classroom, allowing users to practice independently, including utilising speech recognition technology for pronunciation practice. Furthermore, we integrate relevant workplace scenarios into our curriculum, enhancing the practical aspect of English proficiency.

Knowledge breakdown and ’20-touch’ method: NativeX adopts a pedagogical approach that breaks down knowledge into manageable lessons and encourages repeated interactions to facilitate long-term retention. Compared to traditional learning/teaching methods, our approach could reduce teacher-led hours by more than 50 per cent and prompt users to spend more time on self-learning, resulting in an expected 30 per cent increase in learning efficiency.

Can you discuss your first meeting with investors such as Ansible? How did you convince them to invest in you?

Trang Ly: Our initial meetings with investors like Ansible presented challenges, particularly due to the lack of success stories in our niche market of online English learning tailored specifically to working adults. However, as the discussions progressed, we effectively conveyed the compelling investment opportunity our business presents.

Also Read: Edutech startup VUIHOC lands US$6M to integrate AI to serve 1.1M K-12 students in Vietnam

Some key factors that resonated with investors like Valerie Van, Founding Partner at Ansible included:

Strong team dynamics: We entered the investment discussions with a highly competent and cohesive team, eliminating the need for significant new hires in the foreseeable future. This minimised the inherent risks associated with team dynamics and instilled confidence in our ability to execute our business plan effectively.

Untapped market potential: We highlighted the substantial growth opportunity presented by the underserved market of working adults seeking flexible and specialised English language learning solutions. Just for Vietnam, we are targeting 10 million busy white-collar professionals who recognise the need for English proficiency, with Vietnam boasting the highest propensity to spend on education in the SEA region.

Relevant personal experience: Sharing anecdotes such as Valerie’s personal struggle with learning Chinese despite trying various traditional and digital learning methods resonated strongly with investors. This helped us illustrate the relatability of our platform’s design principles to the challenges typical learners face, particularly in the Vietnamese market.

What are the current challenges faced by NatieX?

Ai Chau: There are mainly two challenges.

Deploying a freemium strategy: Implementing a freemium strategy to reduce reliance on paid digital marketing involves several major developments, including gamifying the app further and making it easier to acquire free users. This strategy aims to allow users to explore the program without live classes initially and then upsell them to full live tutoring packages. To accomplish this, NativeX must develop app features comparable to popular language learning apps like ELSA and Duolingo to attract a large user base that can be monetised later on.

Building high-level content: Developing upper-level English learning content, specifically for intermediate and advanced levels, is crucial for package renewal. Currently, NativeX’s foundation programme is designed for only 18 months for beginners. Users have already purchased 10-12 months’ worth of the programme in their initial purchase order, given their different starting levels of English proficiency. Expanding the content to cater to intermediate and advanced learners will be essential to retaining users and encouraging them to renew their subscriptions.

Do you see opportunities beyond Vietnam? Do you plan to take the product to other markets?

Trang Ly: At present, our primary focus is on Vietnam. However, we see opportunities beyond Vietnam. Our plans include expanding to other markets in SEA as our next step. By strategically expanding our presence in the SEA region, we aim to tap into the growing demand for online learning and capitalise on the potential for our products and services in those markets.

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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.

Want more from your Echelon experience? Be an Echelon X sponsor or exhibitor. Send enquiry here.

The post Edutech war: How NativeX is taking on the likes of ELSA, Duolingo in Vietnam appeared first on e27.

Previously known as GoPlay, a livestreaming platform owned by Indonesian tech giant Gojek, Everywhere introduced its new identity in September 2023 with the launch of its new O2O live streaming platform, Play Everywhere.

“It is quite rare to have the opportunity to purchase a company that is doing very well from a much bigger group, so we are grateful for that,” explains Edy Sulistyo, Chief Everywhere Officer of Everywhere, at an interview with e27 in Singapore recently.

“There is no doubt about the benefits of being part of a larger ecosystem of companies. But the bigger the company, the more complex its bureaucracies; the more we must be mindful of our decisions. By being independent, we can move faster and more fearlessly, with a heavier focus on customer satisfaction.”

The company’s latest innovation, Play Everywhere, is a platform Sulistyo describes as a “live, digital jukebox that visitors can interact with.” Installed at venues such as cafes, restaurants, and shopping malls, the platform consists of a screen and a playbox. It allows venue owners to hire content creators across Indonesia to perform live for their visitors—from the comfort of their homes.

The content creators that venue owners can hire range from singers to comedians, and one creator even has the opportunity to perform live at different venues simultaneously with the livestreaming platforms. It is like going to a bar to see the live performance of your favourite local band, but the band does not have to be in location.

Also Read: From bedroom demos to studio dreams: Why brands ditch influencers for high-production livestreams

By implementing a concept called “creator-sharing”, Everywhere aims to connect creators to their stages.

“It is a magical experience,” Sulistyo says. “You can walk into a restaurant, and the performer on screen can greet you and even send you greetings or song requests from other visitors.”

He further explains that live performances are critical factors for cafes or restaurants in Indonesia in attracting visitors, as 97.8 per cent of surveyed visitors claimed that they choose venues to visit based on the quality of the live performances. With Play Everywhere, venue owners can choose the content creators they need to perform live for their visitors.

“We tell our content creators to take these gigs seriously, like a professional performer. They can’t just perform in bed, wearing singlets, with their kids jumping in the background,” Sulistyo says. “This is why we also employ a team that can help them learn how to perform in a professional capacity.”

Play Everywhere is now available in 60 locations in eight cities across Indonesia, with the goal of reaching 200 locations by the end of the year.

As a B2B service, Play Everywhere aims to help venue owners procure live performers at an affordable cost. It gains its users from word-of-mouth.

“Back when we were livestreaming on GoPlay, we witnessed how it can help content creators from all over Indonesia make a living, especially during the pandemic. After the pandemic, we notice a shift in the trends: Online activities remain strong, and people continue to be ready to broadcast from home, but the offline component is also becoming prominent. With this O2O approach, they can reach out to a wider audience, including those offline,” Sulistyo explains.

Also Read: How Kumu uses virtual gifting to make revenue as a livestreaming app

Expanding the influence(rs)

Since its launch, Everywhere has been able to share some insights about the users of its platform, who are mostly the younger generations–Gen Zs and younger Millennials. According to Sulistyo, these audiences love interacting with the Play Everywhere device.

“It is true that Gen Zs are the antisocial generations,” he explains. “Requests for songs (to creators) increased by 40 times since the introduction of the machine. They do prefer to interact through machines. With increased engagements, there are also increases in time spent and, eventually, revenue.”

When asked about the company’s major plan for the near future, Sulistyo points out that this phenomenon of Gen Zs being “antisocial”–preferring to interact with machines–is a global one.

As a platform, Everywhere already has a presence in one location in Taiwan and Japan; it has also been in talks with the Ministry of Foreign Affairs to install Play Everywhere at the Indonesian embassies and consulate generals to introduce Indonesian talents to potential visitors.

But now, Everywhere wants to focus on the local market, which Sulistyo sees as having “amazing” potential.

Product-wise, the company aims to remain versatile. “What we have now is the Version 1.0 of the Play Everywhere device. Many venues already have their own videotrons and screens, so we are developing a mini playbox that they can plug into their own devices and use their own screens.”

Run by a team of 50 in Jakarta and other cities in Indonesia, Everywhere is currently self-funded, but it is open to fundraise to scale once it is ready.

“When the time comes, we will look for strategic investors to help us expand,” Sulistyo closes.

—

Image Credit: Everywhere

The post How Everywhere aims to support content creators in Indonesia through “creator-sharing” concept appeared first on e27.

Startups in the Southeast Asian region secured US$816 million in funding in Q1 2024 (till March 15), a 40 per cent decline cent from the previous quarter’s US$1.36 billion and a 13 per cent drop from the US$935 million raised in Q1 2023.

The drop is primarily attributed to an 80 per cent decline in late-stage deals, which stood at US$175 million compared to US$860 million in Q4 2023, reveals a report by startup data research platform Tracxn.

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

The region’s ecosystem received its highest quarterly funding in Q4 2021, after which there has been a steady decline.

In Q1 2024, seed-stage funding stood at US$115 million, a 36 per cent decrease from US$173 million recorded in Q4 2023 and 48 per cent lower than the US$220 million raised in the same period last year.

However, early-stage investments surged 60.86 per cent to US$526 million in Q1 2024, as against US$327 million in Q4 2023 (till December 15, 2023).

No big investment deals (worth US$100 million+) were reported in Q1. Only three Singapore-incorporated companies (DCS Card Centre, Capillary, and Motorist) raised over US$50 million each during the quarter.

Fintech, enterprise applications, and retail were the top-performing sectors in Q1 2024.

An uptick was observed in the number of acquisitions: 21 in Q1 2024 compared to 16 in Q4 2023 and 12 in Q1 2023.

Also Read: Startup investments in SEA see 44% monthly rise in February: Tracxn

Yet again, Singapore (US$604 million) took the lead among Southeast Asian cities in terms of startup funding, followed by Jakarta (US$85.7 million) and Ho Chi Minh City (US$33.2 million).

East Ventures, 500 Global, and Wavemaker Partners are the all-time most active SEA investors overall. Antler, HashKey Capital, and 500 Global were the top investors in seed-stage investors in Q1 2024, while UOB, Peak XV Partners, and Openspace Ventures were the most active investors in terms of early-stage investments.

Avataar Ventures and Filter Capital were the top late-stage investors in Q1 2024.

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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.

Want more from your Echelon experience? Be an Echelon X sponsor or exhibitor. Send enquiry here.

The post Sharp decline in late-stage deals hits Q1 funding in SEA: Report appeared first on e27.

From the death of cookies to the ‘Privacy Sandbox’, Southeast Asian advertisers are gearing up for some major changes from Google in 2024. After four years of chatter, the global technology giant is finally ready to sunset third-party cookies within months.

Dubbed the ‘cookie apocalypse’, the user privacy-led shift has left many in the marketing and publishing communities understandably worried about the future of their programmatic campaigns and their ability to effectively plan, target and measure.

Driving without fuel

Google’s third-party cookie, a unique code that tracks users’ browsing habits, has underpinned digital advertising since the early 2000s. In the past two decades, the cookie has been instrumental in enabling advertisers and publishers to build highly targeted and personalised digital campaigns using programmatic buying.

Programmatic advertising’s growth and value cannot be underestimated. In Asia Pacific in 2021, the spending on programmatic stood at US$147.5 billion. This is expected to increase to US$262.13 billion by 2026. As one of the fastest-growing ad types, programmatic has become a staple in any marketer’s toolbox.

Third-party cookies provide the data that allow marketers to target audiences with highly personalised ads on any site or platform. So, running a programmatic campaign without this data may initially appear to be like trying to drive a car without fuel. 

But this is not a new challenge. Privacy regulations such as GDPR requiring explicit consent and changes to operating systems like the Apple iOS introducing ITP in 2017 have meant that third-party cookies have long since been redundant across nearly half of all internet usage.

Working with an agnostic programmatic partner can help marketers run cookieless campaigns with confidence, ensuring exceptional performance regardless of what happens in the future, with or without cookies.

At Crimtan, we’re not only following Google’s Privacy Sandbox, but we’re also working to ensure that our approach works alongside identity technologies such as LiveRamp and advances in AI to afford more real-time signals to effectively plan, measure and target, such as probabilistic matching.

Also Read: Navigate in a cookie-less world, leverage AI and think community-first

And, although not all these initiatives have been welcomed by the advertising industry (the Privacy Sandbox’s current state clearly leaves room for scepticism), APAC marketers have reason to be optimistic. The United States and the United Kingdom have already witnessed a pullback in the use of cookies to track and identify customers as a result of legislation and big tech firm initiatives.

Indeed, around 28 per cent of US mobile browsers and 20 per cent of UK mobile browsers are now cookieless. A Yahoo study meanwhile revealed that over 90 per cent of the same reach can be achieved without cookies. 

As such, there is reason to hope for cookieless programmatic advertising campaigns that are accurate and still generate a high return on investment. Here’s how to achieve this.

Wider reach with consent 

The first key to a successful post-cookie campaign is to switch up the data. Marketers may no longer have the same access to third-party data, but they have treasure troves of their own – known as first-party data.

Marketers will need to get their data in order: document it, assess its value and ensure it complies with the relevant privacy regulations. Once this is in place, they should work with multiple technology partners to analyse their first-party data, create lookalike audiences, personalise content and find target audiences online.

First-party data allows marketers to identify the right customer at the right time and place and with the right messaging. Testing and analysing first-party data will enable marketers to customise advertising strategies and reach customers most efficiently.

Using cookieless connected platforms can help marketers identify high-value customers, find similar audiences and group them into target segments. Platforms such as Crimtan’s ArchiTECH help marketers serve personalised messages through dynamic creative optimisation (DCO), allowing them to leverage a single template to curate many different, highly relevant variations of an ad to connect with different audience segments throughout the customer lifecycle journey.

This was seen through Crimtan’s partnership with JTB Communication Design (JCD), which operates Joshitabi, an entertainment news, lifestyle and travel information site targeting Japanese women, boasting over 3.4 million users. The partnership combined Crimtan’s programmatic solutions with Joshitabi’s first-party data, enabling targeted advertising across the entire travel journey – without the aid of cookies.

Also Read: We can no longer adopt a cookie-cutter approach to marketing: Gunalan Ram of CINNOX

Through this collaboration, advertisers could gain exclusive access to real-time traveller intent signals from Joshitabi’s audience, providing a new opportunity for brands to expand beyond their current reach, revolutionising advertising for Japanese outbound travel and enhancing overall marketing performance.

Having an agnostic solution that can pick the best option, either persistent ID or probabilistic, that doesn’t rely on third-party cookies is crucial for effectively retargeting existing and new customers.

Crimtan’s cookieless connected platform underpinned by its agnostic ActiveID, combines deterministic data with probabilistic and signal data to produce a robust option to more effectively plan, target and measure your marketing campaigns. This translates to achieving a wide reach of your target audience with consent.

The end of cookies does not mean the end of successful programmatic advertising. Taking an agnostic approach will help marketers navigate whatever changes lay ahead, while by using well-managed first-party data and technology, they can still enjoy the rewards of precise, compliant and high-return programmatic campaigns.

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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

Join our e27 Telegram group, FB community, or like the e27 Facebook page

Image credit: Canva

The post What the post-cookie era means for programmatic marketing appeared first on e27.

Advances in artificial intelligence (AI) in the last few years have made AI a buzzword in everyday life. AI cameras watch as you purchase in the self-checkout lane, notifying associates if you don’t ring up an item. Companies even utilise AI in their human resources (HR) departments, writing job descriptions and scanning job applications to locate the most qualified people for open positions.

However, AI algorithms are only as unbiased as those creating the programs. It still offers promising possibilities to remove preconceived notions when utilised correctly.

How to use AI to remove hiring bias

One might think a computer is immune to bias, but the opposite is sometimes true. While AI might remove it, it could also unintentionally embrace past outcomes and duplicate biases. Adding a human component to the selection process is crucial to avoid discrimination.

Here are some ways HR and company leadership can tap into the power of AI to remove hiring bias: 

List future skills

A survey on how people view AI found that 69 per cent of people from Thailand felt it would replace their jobs, and 62 per cent from Malaysia and Indonesia felt the same. As the world shifts to a machine learning mode, people will need to have or develop new skills in their industries.

Things are likely to become more automated, so learning, growing and adapting are as crucial as any book knowledge. AI can help HR teams create job descriptions that list current and future skills necessary to excel in the field.

Use broad datasets

When training AI models, it’s crucial to pull from the wider population, other countries, different socioeconomic levels and various cultures. If you wish to utilise AI to remove bias against age, gender, race and other demographic factors, you must train it from a vast pool of thoughts.

Also Read: How AnyMind Group achieved profitability through its approach to human resource and leadership

It’s wise to speak with diverse members of the team for programming. If your company isn’t yet diverse, you may want to pull in data from larger enterprises to avoid programming inherent bias into the selection process.

Improve onboarding

One thing that can prevent your team from being diverse is losing people shortly after hiring them. Approximately 33 per cent of new hires quit within three months. Use AI onboarding to ensure your training process removes unfairness and is accessible to all employees.

Since computers look at step-by-step processes, AI is a great way to build out your training modules. You can even run simulations to see how a specific persona might react to training.

Be transparent

One way AI helps remove bias in the hiring process is by showing the outside world your efforts to remain diverse and unbiased. Be open about your policies and how your algorithms work. Tell potential employees which parts of the hiring process tap into AI to gather candidates and share what you’re looking for. Explain how the computer sorts resumes with certain skills listed.

You can never totally remove bias, even with a computer. However, trying to do so will reward your brand with a nice mix of staff members with various backgrounds and knowledge to share.

Reduce research time

Data analytics is a top use of AI in business because computers are adept at sorting through tons of information and spitting out results. HR departments can utilise automation to sift through hundreds of applications and select only those with the qualifications most necessary to fill the position.

The machine doesn’t look at gender, age or race but only at the applicant’s skills. By letting it do the initial sorting, those who have a lot to offer but might fall outside the hiring norm still have a chance to gain a face-to-face interview and wow leaders.

Give humans the final say

Yes, humans suffer from their own biases. Some prefer those who are familiar with what they’ve always known. Others grew up in a non-diverse environment and may not fully understand another culture. Some prefer a certain level of education or gender. AI data sorting removes bias, but you don’t want a computer to decide about someone you must interact with daily.

Also Read: Why we need to embrace HR tech adoption stat

The best way to remove bias after AI does its work and humans take over is to train leadership and HR teams to be aware of their personal preferences and fight against them. Show the benefits of a diverse workforce in solving problems.

Feed the machine

AI gets better over time via machine learning. Take the time to feed the machine new data as you learn excellent techniques. If you notice the computer is biased in one area, retrain it to remove that preference.

Can AI make hiring bias worse?

AI is valuable in finding and training new employees to your standards, but it isn’t perfect. The best thing you can do is utilise it to remove as much bias as possible in the early stages of recruitment. Take the time to look for and be aware of biases, as it’s the first step to removing discrimination.

—

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

Join our e27 Telegram group, FB community, or like the e27 Facebook page

Image credit: Canva

The post Does AI remove hiring bias — or make it worse? appeared first on e27.

Dear reader,

The Securities and Exchange Commission (SEC) of the Philippines is intensifying its efforts to block access to crypto exchange platform Binance, citing concerns over the security of Filipino investors’ funds.

With approval from the National Telecommunications Commission (NTC), the SEC aims to restrict local access to Binance’s main website and affiliated platforms. Emilio Aquino, SEC chairperson, emphasised the perceived threat posed by Binance’s unlicensed services, including crypto savings accounts and leveraged trading products.

Despite the SEC’s warnings, data suggests a substantial crypto user base in the Philippines, ranking 7th globally with over 9.3 million owners.

The SEC’s scrutiny of Binance dates back to November 2023, coinciding with legal issues faced by Binance’s former CEO.

While Binance’s operations in the Philippines underwent leadership changes, the SEC remained resolute in its stance against the platform, underscoring regulatory challenges in the rapidly evolving crypto landscape.

Sainul,
Editor.

========

NEWS

Philippines to move ahead with Binance ban
The Securities and Exchange Commission chairperson Emilio Aquino said in a letter to the National Telecommunications Commission that Binance is a “threat to the security of the funds of investing Filipinos”.

Indonesian lending platform Akulaku secures US$100M from HSBC
The proceeds will be used to settle some of Akulaku’s debts; Akulaku has a presence in the Philippines, Malaysia and Thailand, plus Indonesia, its major market for the company.

Bukalapak posts 23% revenue growth in 2023, nearly hits EBITDA breakeven in Q4
The company logged adjusted EBITDA for Q4 2023 at negative US$2.9M, improving by 80% y-o-y; A factor in Bukalapak missing this milestone is its investment in Allo Bank, which dragged down the e-commerce firm’s performance.

Japan’s GMO Financial Gate infuses capital into Soft Space
This alliance, coming before Soft Space’s planned Series C funding round, aims to provide cashless payments across various industries in Japan, including transportation, hospitality, and the extensive F&B sector.

Ant Group pumps US$148M into SG digibank unit Anext Bank
This follows the US$188M that the digibank received from Ant in March last year; The bank focuses on local and regional MSMEs, especially those dealing with cross-border transactions.

Reddit co-founder’s VC firm eyes Japan for AI chip investments
Named ‘Seven Seven Six’, the VC firm will focus on startups designing and manufacturing processors centred around AI development; Seven Seven Six currently handles US$970M in assets under management.

Crowd Credit to pump US$50M into SEA via Helicap tie-up
Helicap will connect potential Southeast Asian borrowers with Crowd Credit and help nurture the latter’s relationship with financial institutions in the region; Crowd Credit will also link investment opportunities in Japan to Helicap.

A judge just killed Elon Musk’s lawsuit against anti-hate research org
X sued the CCDH last year, accusing the group of spreading misleading claims after it published a series of unflattering reports about hate and extremism on the platform; In the lawsuit, X claimed that it lost “tens of millions of dollars” as a direct result of the CCDH’s research.

Bankrupt FTX sells stake in hot AI startup Anthropic
The shares in Anthropic were considered plum assets in the remains of the FTX empire that collapsed in late 2022 when revelations showed occurrences of massive fraud by Bankman-Fried and his close associates.

Zomato CEO has a warning for startup founders on how businesses may disappear
Deepinder Goyal warns that startups will need to innovate to create long-lasting businesses as the rapid evolution of technology will make current business models irrelevant in the years to come.

FEATURES

The rise and fall of Sam Bankman-Fried: an unrepentant ex-mogul faces down decades in prison
Bankman-Fried, who founded the cryptocurrency exchange FTX, was found guilty on 2 November 2023 of seven counts of wire fraud and conspiracy to launder money.

‘We want to treat our customers like educated LPs of a fund’: Michael Do of 1Long
‘We frequently update their portfolio holdings and our investment decisions while sharing resources that an investor relations department typically offers’, says 1Long CEO.

Building Tokocrypro taught me the power of community: Untukmu’s Pang Xue Kai
Operating in the crypto space taught me the importance of navigating regulatory landscapes adeptly, says the Untukmu.AI founder and CEO.

CONTRIBUTORY ARTICLES

Is Web3 just another ‘hype’ or will it unlock a multi-trillion dollar opportunity in fintech?
The blend of traditional finance and digital Web3 fintech presents a promising opportunity for a more efficient and connected financial ecosystem.

Rethinking DEI: A founder’s perspective
The current lack of trust is hindering our progress in DEI. DEI is not a zero-sum game; By unlocking the potential of women, minorities, and marginalised communities, we can create a better world for everyone.

What the post-cookie era means for programmatic marketing
After Google phases out third-party cookies, how can brands ensure consistent planning, activation, and measurement in their programmatic advertising campaigns?

FROM THE ARCHIVES

Women and AI: How startups can prevent gender bias and promote responsible use of the tech
Gender bias within AI is quite a complex topic in and of itself, but startups can play a more active role in preventing that.

Pitching 101: Questions that VCs will ask you during a pitch session
Even during the pandemic, opportunities to attend a pitching session with a potential investor remain abundant.

What metrics to monitor as a B2B SaaS company?
What are the key metrics you should be tracking to ensure the right understanding of your business and the sustained longevity of your company?

Pitching from home: How to get investors’ attention in a virtual world
Golden Gate’s Vinnie Lauria shares his quick advice on getting a “yes” to an investor meeting and making it a home run.

Bukalapak spills the secrets of building a high-performing mobile development team
A Bukalapak engineer should never hesitate to share his knowledge with fellow industry players, and help them achieve success.

5 legal mistakes startups make after inception and how you can avoid them
Yes, so much is said about law and lawyers that you may feel a bit intimidated by their presence or maybe even apprehensive; But as a startup, one of the grave mistakes you can make is not to have a lawyer you can consult from the initial stages of your business.

ECHELON

21 more industry leaders will be taking the Echelon X stage!
Get to know our second set of key innovators who will be speaking at Echelon X to discuss trends and insights on the latest!
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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.

Want more from your Echelon experience? Be an Echelon X sponsor or exhibitor. Send enquiry here.

The post Ecosystem Roundup: Binance faces ban in Philippines | Akulaku secures US$100M from HSBC appeared first on e27.

Singapore’s tourism sector is showing signs of recovery following the COVID-19 pandemic, with 2023 tourism receipts reaching approximately US$24.5 to US$26 billion, surpassing earlier forecasts.

However, this still represents only 88 per cent to 94 per cent of pre-pandemic levels recorded in 2019. Despite the positive trajectory, socio-economic factors are expected to temper the pace of recovery. One such factor is the current process of GST refunds for tourists, where refunds are only processed upon their departure from Singapore, potentially resulting in revenue leaving the country.

Recognising the disconnect between the intended purpose of tax-free shopping and the tourist experience, utu, a Singapore-based company, seeks to revolutionise the tax-free shopping experience. By offering tourists the option to upsize their GST refunds instantly, utu aims to provide immediate value that can be used for additional purchases in-store. This approach addresses the limitations of traditional VAT refunds, allowing tourists to unlock the full potential of their refunds before leaving the country.

Partnering with retailers, travel rewards programmes, and exploring duty-free collaborations, utu aims to enhance tourists’ shopping experiences while benefiting local businesses and economies.

“We understand traditional VAT refunds can be limiting for tourists. That’s why we empower them to unlock the full potential of their refunds right away before leaving the country. We transform their VAT refunds into instant rewards – tourists still follow the regular tax-refunding procedures, but utu adds that extra layer of excitement,” says co-founder Ameer Jumabhoy in an email to e27.

Also Read: Zero-Error Systems: Safeguarding space travel from satellite collisions and debris

Transforming GST refund with utu

In recent years, utu has made several notable milestones, starting with its ability to weather through the COVID-19 pandemic, which affected the travel and tourism industries significantly. It has partnered with brands such as Qatar Airways, Singapore Airlines, and Accor.

utu has also introduced utu Privileges, a programme that allows tourists shopping in Singapore to upsize their tax refunds by up to 110 per cent of the Goods and Services Tax (GST) paid on their purchases. According to the company, this upsized refund can be used immediately to offset purchases at participating retailers, boosting sales and keeping tourist dollars circulating within Singapore’s economy.

“We’re still in the early stages, but utu Privileges has the potential to be game-changing. It’s designed to generate additional tourist spending, and retailers are seeing the value proposition. This product signifies a shift in how tax-free shopping can benefit everyone involved,” Jumabhoy explains.

“We built this model with a win-win mentality. I, like most people, am totally over subscription fatigue – my streaming bills alone are scary! With utu Privileges, we’re performance-based. We only earn a fee when our technology drives an additional sale for a merchant. No subscriptions, just a focus on boosting their bottom line.”

utu defines its primary users as everyday shoppers wanting to stretch their tax-free refunds further. “We focus on typical purchases – maybe a nice handbag, a wallet, or a pair of shoes – that represent the majority of tax-free spending,” explains Jumabhoy.

Also Read: Will climate change force us to re-imagine travel in the future?

The company has two main focuses for its user acquisition strategy: Collaborating with Travel Partners and Retail Partners to offer utu Privileges to their customers.

“We collaborate with major airlines such as Etihad, EVA Airways, and THAI, as well as hotel groups like Accor, to onboard their members onto the utu
platform. This lets them boost their refunds with miles or rewards points,” the CEO says. “Our retail partners such as La Martina and Coccinelle directly promote utu Privileges to tourists in their stores.”

Jumabhoy also stresses that while utu tracks its user acquisition, its true success measure is the transactions it drives. “That is when we know we have helped tourists get more from their shopping experience.”

Empowering travellers with AI

utu is currently run by a team of 50 from its offices in Singapore, Bangkok, Hyderabad, and Milan. According to Jumabhoy, the company’s global presence allows it to tap into unique perspectives and better understand the needs of its international partners.

It also counted SC Ventures as one of its key investors.

Also Read: RedDoorz: Post-pandemic, we observed a behaviour shift among Indonesia’s Gen-Z travellers

When asked about their major plan this year, Jumabhoy hints about introducing a new AI-based tool to support its Privileges programme.

“This year, we’re focused on revolutionising the way tourists experience tax-free shopping. We’re about to launch a cutting-edge AI tool that will transform how our utu Privileges programme is used, making it even more seamless and rewarding. While we’re not primarily an AI company, we recognise the power of this technology to drive exceptional user experiences,” Jumabhoy closes.

“Additionally, we have several major partnerships in the pipeline that will extend the benefits tourists can enjoy with utu. Our goal is to create a truly connected journey, from the moment they shop to the moment they depart. Keep a close eye on our announcements – exciting things are on the horizon!”

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Image Credit: utu

The post How utu aims to boost tourism by transforming the traditional VAT refunds system appeared first on e27.

Last month, Singapore-based global invoice financing marketplace Incomlend announced the acquisition of LC Lite, a specialised Web3-powered trade finance marketplace, for an undisclosed amount. The deal will empower Incomlend to operate through a new fintech platform, reaching crypto and fiat investors through trade finance.

In this interview, LC Lite co-founder Jean-Charles Devin discusses the acquisition and how digital currencies can improve financial inclusion.

Excerpts:

What synergies do you envision between the two companies?

The acquisition will benefit both companies. Firstly, Incomlend gains access to a new platform that reaches crypto and fiat investors in trade financing. This will help it to expand its customer base.

Similarly, LC Lite’s Web3 focus enables Incomlend to explore the expanding Web3 technology domain and potentially add capabilities such as stablecoin transactions in the future. It will also help Incomlend expedite its Middle Eastern expansion aspirations.

Also Read: Invoice financing marketplace Incomlend acquires LC Lite to reach crypto, fiat investors

Overall, the acquisition provides Incomlend with new technology, a larger investor base, and the possibility to enter a new market.

Could you elaborate on how the new fintech platform resulting from the acquisition will facilitate trade finance, particularly in the Middle East, and what advantages it brings to the table?

The new fintech platform will revolutionise trade finance, particularly in the Middle East, by leveraging advanced technologies to streamline processes and mitigate risks. The acquisition will allow Incomlend to offer a new strategy that combines the reliability of receivables financing with the growth potential of digital assets. This could be particularly attractive to investors in the Middle Eastern region.

By incorporating LC Lite’s fintech, Incomlend will also reach a wider pool of investors, including crypto and fiat investors interested in trade finance. This can increase the liquidity in the marketplace, which will also benefit the broader UAE economy.

LC Lite’s technology also paves the way for Incomlend to support future stablecoins transactions. Stablecoins are cryptocurrencies pegged to real-world assets, reducing the price volatility often associated with other cryptocurrencies. This could make trade finance more appealing to a wider range of participants in the Middle East.

Overall, the acquisition is part of Incomlend’s plan to accelerate its growth in the Middle East. By offering a wider range of trade finance options, we will cater to the needs of a growing market.

With the integration of Web3 technology into Incomlend’s platform, how do LC Lite foresee this transforming the landscape of asset class creation within invoice financing?

Integrating Web3 technology into Incomlend’s platform will democratise asset class creation within invoice financing by introducing DeFi principles. It will increase accessibility by facilitating transactions and creating new avenues for liquidity provision and investment diversification.

Could you explain how the use of digital currencies could streamline and enhance the efficiency of invoice financing processes, both for businesses and investors?

Digital currencies can streamline and enhance the efficiency of invoice financing processes by eliminating intermediaries, reducing transaction costs, and enabling real-time settlement. Smart contracts can automate various aspects of the invoice financing process, such as invoice authenticity verification, payments and return distribution.

In what specific ways can fintech firms like Incomlend leverage digital currencies to improve financial inclusion, especially in regions where traditional banking infrastructure may be lacking?

Besides lowering transaction costs and enabling instant settlement, Web3 technology can streamline remittance services and cross-border payments in regions with high fees and limited access to banking services, consequently improving global liquidity.

As a blockchain expert, what challenges do you foresee in integrating digital currencies into invoice financing, and how do you plan to address them?

Not many businesses, particularly small ones, are familiar or comfortable with digital currencies yet. We might encounter some roadblocks on the adoption side. LC Lite will provide educational materials and clear communication about the benefits and procedures for adopting digital currencies in invoice financing. We will also collaborate with industry players to raise awareness and drive adoption.

Also Read: Incomlend raises US$20M Series A for Asia, Europe expansion

Another concern might be security. Digital currencies are subject to hacking and fraud, meaning businesses must ensure their cash is secure. We strive to implement strong cybersecurity measures and collaborate with trustworthy custodians of digital assets, prioritising safe storage and transaction mechanisms.

By addressing these issues, Incomlend and other stakeholders can pave the way for a more efficient and equitable invoice financing environment that fully realises the potential of digital currencies.

What are some potential risks associated with using digital currencies in invoice financing, and how does Incomlend mitigate these risks to ensure the security of transactions?

Besides the security risk, Incomlend must ensure that there is sufficient liquidity available to facilitate invoice financing, maintain adequate reserves of digital assets, and establish partnerships with liquidity providers to mitigate the liquidity risk. On the regulatory side, Incomlend has already implemented strong AML/KYC procedures.

—

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.

Want more from your Echelon experience? Be an Echelon X sponsor or exhibitor. Send enquiry here.

The post ‘Stablecoins could make trade finance more appealing’: says LC Lite co-founder appeared first on e27.

Today, the question of Diversity, Equity, and Inclusion (DEI) still looms large. But how well are we really doing, and why should founders take note?

Surprisingly, the social sector (which is my sector) scores lower than expected in DEI. According to Forbes, 3.7 per cent of US nonprofits are transparent about their diversity data. This lack of openness raises questions, especially since the DEI concept has been around since the 1960s. No one, it seems, can truly claim to be leading the way in DEI.

The consequences of getting DEI wrong can be severe

Google Gemini AI’s mistake resulted in a black George Washington and a US$90 billion loss in market value. 

And that is the entire GDP of Luxembourg!

This example highlights that DEI missteps are not only detrimental to company culture but can also have significant financial repercussions.

As founders, we should care about DEI for several reasons. It’s not just about doing the right thing; it’s also about building a successful business. I am an eternal optimist and believe that everyone wants to do the right thing. 

Change requires trust

And the current lack of trust is hindering our progress in DEI. DEI is not a zero-sum game. 

By unlocking the potential of women, minorities, and marginalised communities, we can create a better world for everyone. 

Also Read: Invest in women, accelerate progress: Why gender equality matters now more than ever

Here are three key steps to consider:

• Build trust: Trust is the foundation of any successful DEI initiative. As leaders, we must foster an environment where everyone feels valued and heard. This means being transparent, open to feedback, and committed to continuous improvement.
• Embrace the truth: Acknowledging the hard truths about our biases and systemic inequalities is crucial. We must be honest about where we stand and where we need to go. This honesty will guide our actions and help us make meaningful progress.
• Catch our own biases: We all have biases, but recognising and addressing them is key. By being aware of our own biases, we can make more inclusive decisions and create a more equitable environment for everyone.

DEI is not about one group losing for another to win. It’s about creating a world where everyone can thrive together.

As founders, we have a unique opportunity to lead by example and make a lasting impact. Let’s embrace DEI not just as a moral imperative but as a strategic advantage for a better future.

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The post Rethinking DEI: A founder’s perspective appeared first on e27.