Having worked with small businesses for seven years, it’s clear something is different this year. AI is transforming how founders go digital. 91 per cent of those who integrated AI report experiencing growth. Founders are streamlining operations (82 per cent) and effectively controlling costs (69 per cent). 

While leaders in large corporations may emphasise similar AI advantages, what sets SMBs apart is their distinct approach to incorporating AI into their business journey.

Personal touch, powered by algorithms

Remember the friendly barista who knew your name and coffee order? AI is reviving that personal touch. Today’s AI is not just helpful but also warm and personable — by analysing the sentiment of a customer’s text, capturing customers’ preferences, and dynamically generating real-time responses, making each interaction special and boosting sales along the way.

Building their online store for free

One in three small business owners do not have a website. Founders just don’t have the time, marketing dollars, and know-how to get started. Now, AI is transforming this struggle by enabling the creation of online stores within minutes, at no cost. HitPay’s online store builder is a great example — free, user-friendly, and AI-powered. It addresses a core challenge for most SMBs, allowing them to kickstart their online presence without the burden of a US$50 monthly fee.

Also Read: New year, new funding strategies: Powering up sustainability tech startups

Making it easy and free to create a website also allows for more traditional businesses or institutions to offer incremental value. For example, the North Jakarta Intercultural School in Indonesia uses their website not just for regular educational services but also lets parents book school field trips directly, making it more convenient for busy parents to access new services.

Designers 2.0

Canva has always been popular among SMBs because of how easy it is to pick up and the abundance of free assets to use. Now, with AI integrated into design software like Figma and Canva, small business owners are not just picking existing designs; they’re creating new, unique ones. Using prompts, AI helps their design truly reflect their brand ideas. In fact, 80 per cent of founders state they have integrated AI into their creative process. 

This mix of AI and design tools is bringing in a new creative era. It means small businesses can stand out visually without big investments.

Social media management

Running a small business means promising customers that we’re always around and ready to do more. However, managing content, comments, and messages on social media can pose challenges, especially while busy running a full-time business.

AI tools, like scheduling posts and automated responses, assist small businesses in creating delightful digital experiences. Take Leon’s story, for instance. While overseeing his family’s goat dairy business, he nurtured a close-knit online community by consistently sharing engaging daily content about the farm.

Go global like a local

With AI, small businesses are now going toe-to-toe with the big players. As they grow across borders, local businesses can translate their website, videos, and ads while maintaining great translation quality and a voice that sounds like their brand. This is something they would have had to pay a translation agency for previously.

As we look at the road ahead, one word stands out: Self-reliance. With no-code tools, payment technology, and export-ready solutions, it’s never been easier to get started. This might just be what the internet promised — giving everyone the power to do more than we ever imagined.

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Launched in 2012, TOP100 began as an initiative aimed at identifying the most promising startups in the region, solely focused on securing funding and investment opportunities. Over the years, we witnessed remarkable growth stories like Gojek, Carousell, Carro, 99.co, and numerous others, nurtured through our program. Now, as the Southeast Asian ecosystem matures and welcomes a new generation of startups, the TOP100 program has adapted to address their evolving needs.

TOP100 is a curated startup growth program that gives Southeast Asia startups regional visibility, funding opportunities, mentorship, and access to business matching programs. Selected from a pool of impressive applicants, the first 25 startups highlighted in this listicle are poised to reshape industries and leave a lasting mark on the Southeast Asian startup landscape.

Also read: Evolving startup growth: TOP100 in 2024 is tailored to your growth journey 

Get ready for a glimpse into the future of innovation in the region. Meet the first 26 startups participating in the TOP100 Growth Program (in no particular order).

1. Careera (Singapore)

Careera is reshaping job search and recruitment. Their innovative approach eliminates traditional job applications, offering a cutting-edge assessment tool for job seekers to authentically showcase skills. For hiring companies, Careera goes beyond a job board, providing an end-to-end solution to streamline recruitment. With a mission to enhance the hiring experience, Careera pioneers a future where job matching is efficient and tailored for everyone.

2. TalentHero (Singapore)

TalentHero is Asia’s fastest growing Employer of Record (EOR) platform that builds global teams with 840 contractors in the Philippines, expanding to Vietnam, Thailand, Cambodia. Their all-encompassing Tech Ecosystem streamlines offshore experience for business worldwide by taking care of  hiring, payroll, workspace, advertising and more.

3. ArmourZero (Singapore)

ArmourZero simplifies cybersecurity, integrating services for seamless risk management and enhanced productivity. Through SECaaS, ArmourZero offers certified professionals, cutting-edge tech, and streamlined processes on a subscription model. Committed to hassle-free automation, they empower businesses to navigate the evolving cybersecurity landscape.

4. Pawnec (Philippines)

Pawnec is a pet tech innovator that empowers the pet lovers’ community with smart ID collars and a rescue platform. Born from a pet accessories company, Pawnec blends fur-focussed care with cutting-edge tech. As pet parents first, technologists second, Pawnec’s inclusive technology creates safe havens for pets worldwide, fostering a global community of pet lovers.

5. Max (heymax.ai) (Singapore)

Max is a dynamic financial technology company that offers a cutting-edge solution to managing credit card rewards. Their mission is to simplify and optimize credit card usage, ensuring users gain maximum benefits from their transactions. With products like the Max Card that seamlessly integrates all your cards and automatically routes all your transactions to the best card to use for any transactions, Mex ensures a hassle-free approach to managing credit card rewards.

6. The Mango Jelly (India)

The Mango Jelly simplifies Marketing Analytics and Automation with Generative AI. Addressing data challenges, it is a collaborative workspace empowering marketing teams to converse with data effortlessly. Incubated at Berkeley SkyDeck, The Mango Jelly is your copilot for actionable insights, eliminating the need for technical expertise.

7. PriyoShop (Bangladesh)

PriyoShop is a B2B e-commerce marketplace that digitally transforms unorganised retail in Bangladesh. Connecting small-scale retailers directly with manufacturers, its app empowers them to source inventory at competitive rates. Focussed on 5 million retail shops, PriyoShop dominates 97% of the country’s retail sector, with 54K micro-merchants on its platform.

8. Mascon Technologies (Singapore)

Mascon Technologies drives swift digital adoption at sea, fostering a smart maritime industry. Their platform allows seamless onboard collaboration, enabling third-party app deployment without managerial hassle. With default features to digitise daily workflows, Mascon aims to pioneer digitalisation, transparency, and management in merchant ships.

9. Rewardly (Singapore)

Rewardly turns first-time shoppers into lifelong customers. With LoyaltyOS, CommerceOS, and PaymentOS, it’s your all-in-one solution for building a thriving brand. From solo entrepreneurs to bustling cafes, Rewardly empowers businesses to thrive in an increasingly competitive world with personalised loyalty programs and seamless shopping experience.

10. Match.Asia (Singapore)

Match.asia is a M&A marketplace that connects sellers and buyers, with thousands of successfully closed deals on th their platform. Positioned as the region’s top company matching platform, Match.asia simplifies M&A for businesses of all sizes, leveraging 30 years of expertise and technology.

11. StoreWise (Singapore)

StoreWise is an AI-powered collaboration platform that elevates in-store customer experiences. The AI Retail CoPilot, akin to a virtual assistant, streamlines operations, provides real-time insights, and facilitates paperless workflows. StoreWise aims to help businesses enhance productivity, maintain data privacy, and deliver exceptional customer experience.

12. Klink.cloud (Singapore)

Klink.cloud is a B2B SaaS for contact center teams streamlining customer service with an omnichannel cloud platform. It simplifies operations, enabling global brands to launch call centers seamlessly. Serving Southeast Asian markets, it’s cost-effective, efficient, and hassle-free.

Also read: TOP100: Empowering startups through ideas and insights

13. EDGE Tutor (Philippines)

EDGE Tutor disrupts global education, providing high-dosage tutoring at 30-60% less cost. Empowering licensed teachers in emerging markets, their hybrid system boosts income and quality of life. With a technology-integrated approach, they collaborate globally, prioritizing established solutions for joyful learning experiences.

14. Smilie (Singapore)

Smilie fosters authentic connections through meaningful corporate gifts. Founded to simplify the gifting process, they blend technology with human thoughtfulness, revolutionizing how businesses connect. Smilie aims to make creating lasting impressions effortless and authentic, one considerate gift at a time.

15. NirogStreet (Singapore)

NirogStreet is a B2B trust-based platform for streamlining the supply chain for Ayurvedic medicine, transforming it into a proper healthcare system by engaging, empowering and aggregating fragmented Ayurveda doctors and clinics. Offering certifications, inventory tools, and quality medicines, NirogStreet builds patient trust in Ayurveda.

16. Enjinstarter (Singapore)

Enjinstarter is a Web 3 launchpad specialising in gaming, entertainment, AI, and metaverse ventures. With a track record of 80+ investments in 2 years, they fund projects and facilitate capital raising through Tokens and NFTs.

17. Carching (Malaysia)

Carching is a tech-driven solution company targeting car inefficiencies. Addressing financial, productivity, and environmental challenges, they innovate to maximise value from each drop of petrol. Primarily focusing on M40s and upper B40s, Carching aims to empower these segments with tailored technology and services, starting in Malaysia.

18. Friz (Singapore)

Friz serves as an AI Social Media Manager for direct-to-consumer brands. It streamlines social media tasks, saving users half their management time and leading to a 20% reduction in advertising costs without compromising performance. Friz employs intelligent targeting strategies, organically growing the audience by 15%, contributing to business growth.

19. FINA (Laos)

FINA is Laos’s pioneering digital bank that targets the 70% unbanked population. Focussed on digital service adoption, it aims to broaden access via strategic partnerships and digital infrastructure development. Prioritizing SMEs, youth, women-led businesses, and ethnic minorities, FINA aspires to impact millions of Laotians.

20. MakeTimePay (Malaysia)

MakeTimePay aims to play a crucial role in empowering individuals across Malaysia and the region to secure employment, increase earnings, and contribute to national economic recovery. By embedding sustainability measures, it assists businesses in mitigating financial losses caused by the pandemic. The vision is to create an ideal online platform fostering a shift in talent and employer mindset towards on-demand, fractionalised tasks.

21. Dentall (Taiwan)

Dentall is a Taiwan-based dental platform that is reshaping the local dental landscape. Offering material purchasing, courses, clinic management consulting, and dentallHiS cloud system, it aims to meet dentists’ specific needs. As of 2022, Dentall has amassed almost 100 million in yearly revenue, with 8,000 dentists and 1,300 clinics joining as platform members and customers.

Also read: Longan Group named as winner of 2023 TOP100

22. AIPath (Singapore)

AIPath is an AI-CoPilot SaaS for small teams that offers a reliable process for refining startups against market response, automating marketing assets, and achieving product-market fit. AIPath.one, the first SaaS tool for founders, develops fundraising assets and deepens product strategy, ensuring a top-tier accelerator graduation or successful independent fundraising with enterprise-grade venture building.

23. Kucing (Singapore)

Kucing is Singapore’s groundbreaking no-agent platform, revolutionising property transactions. With advanced digital tools, Kucing makes real estate transactions fast, secure, and commission-free, redefining how homeowners and seekers connect, converse, and conclude deals for the future of property dealing.

24. Finiac (Singapore)

Finiac introduces a portable life-saving head scanner for early diagnosis, ushering in a new era of brain imaging with accurate and prompt insights that pave the way for timely medical interventions.. Tailored for ambulances, family clinics, nursing homes, and home care, this non-invasive, non-ionizing device ensures safety for pregnant women, kids, and infants.

25. Shoppable business (Philippines)

Shoppable business is the pioneering SaaS-enabled B2B marketplace in the Philippines, digitising procurement and building Southeast Asia’s largest supply of branded products. Committed to innovating eCommerce, they prioritise accessibility, convenience, and customer satisfaction, empowering sellers and buyers through their cutting-edge platform and logistics infrastructure.

26. HeyRoomie (Philippines)

Hey Roomie is the mobile app for vibrant communities that consolidates all activities in one accessible space. Ideal for fan clubs, hobbyists, school orgs, and online groups, it simplifies official announcements, event planning, lifestyle sharing, and secure communication. Launched in July 2022, Hey Roomie already hosts top Philippine fan clubs like Popsters, DonBelle Official, BTS Noona, SwiftiesPH, and FanbAces in their own passcode-protected virtual HQ for a secure and thriving community.

 

These startups will take part in the TOP100 Growth Program beginning March 2024, where they get access to various mini events, mentorship, workshops, and the 800+ investors on e27 PRO Connect platform. 

You will also get the chance to meet and connect with these startups at Echelon X, where they will have their own exhibition booth, as well as have the chance to be selected to showcase their startup on the Pitch Stage. 

Echelon X will be held at Singapore EXPO on May 15-16. Get your tickets here.

The post The first 26 trailblazing startups of the TOP100 Growth Program 2024 appeared first on e27.

In a revolutionary move, Singapore said it would invest over US$743 million into the artificial intelligence industry over the next five years to boost the country’s AI capabilities further. In his Budget speech last week, Deputy Prime Minister Lawrence Wong also said the island nation would work with leading companies to set up AI centres of excellence to spur innovation.

With this tech taking centre stage and changing the digital landscape, many Southeast Asian countries are closely monitoring the developments in the industry and considering policies to regulate its use.

Against this backdrop, e27 spoke to Fred Wang, General Manager (Southeast Asia) at iFLYTEK, an open AI platform for mobile internet and intelligent hardware developers.

Below are the edited excerpts:

How has AI adoption evolved in Southeast Asia over the past decade, and what factors have contributed to the region’s increasing prominence in the global AI landscape?

The year 2023 was a transformational period for AI technology, altering how we live. The adoption in the region has grown significantly over the past decade.

The factors that contributed to the region’s increasing prominence in the global AI landscape are:

Digital transformation: We have seen a significant increase in using digital technology in areas like finance, e-commerce, and healthcare. This change has made a lot of data available, giving AI more chances to grow and do well.

Also Read: Small business, big impact: How AI is democratising entrepreneurship

Cost-effectiveness and error reductions: AI-driven robotics and automation systems have streamlined production processes, increasing throughput and reducing operational costs for manufacturing companies.

Support from governments: Governments throughout Southeast Asia acknowledge the pivotal role of AI in stimulating economic growth and fostering innovation. As such, numerous countries in the region have enacted AI-centric policies, initiatives, and investment strategies to propel the advancement and integration of AI technologies.

Growth of tech hubs: Cities like Singapore, Jakarta, Bangkok, and Ho Chi Minh City have become tech hubs, leading to the attraction of talent and investment and showing a keen interest in advancing AI development. These hubs provide funding opportunities and push the ecosystem for AI startups and enterprises.

Could you provide insights into the key industries within the region that are driving the growth of AI applications and how these advancements are reshaping traditional business models and strategies?

As the world strides ahead, Southeast Asia keeps pace close behind. Several key industries, including finance, healthcare, and e-commerce, are driving the growth of AI applications and reshaping traditional business models and strategies in significant ways.

In finance, many fintech companies use it to support customer services, including chatbots and voice recognition. An example would be OCBC Bank, which has introduced a chatbot called Emma to provide customers with personalised financial advice, recommendations, and assistance on various banking products and services.

In the healthcare sector, AI is driving innovation in medical diagnostics. For example, Thai startup Perceptra is leading the change with its artificial intelligence-powered diagnostic medical imaging service.

MiyaHealth, a Singapore-based company, offers AI-driven health tech solutions to enhance patient engagement and optimise healthcare outcomes.

Also Read: How should non-tech companies approach AI?

In e-commerce, many companies, for example, Lazada, use artificial intelligence to power recommendation engines or personalised marketing campaigns.

What are some notable success stories or case studies showcasing the transformative impact of AI in Southeast Asian countries, both in terms of economic growth and societal development?

There are a couple of notable success stories and case studies that highlight the transformative impact of artificial intelligence in Southeast Asian countries, contributing to both economic growth and societal development. They’re not just important for economic growth but also for making people’s lives better.

For example, there’s a startup called Ricult in Vietnam. It uses artificial intelligence and IoT to help farmers grow crops better, deal with pests, manage crops, and get bigger yields. Then there’s DoctorOnCall, a Malaysian startup offering online doctor consultations using telemedicine. It uses AI to help figure out what’s wrong with the patients and decide how urgent it is.

How are governments and regulatory bodies in Southeast Asia responding to the rise of AI, and what policies or initiatives are being implemented to foster innovation while ensuring ethical and responsible AI deployment?

Due to the rise of artificial intelligence, governments are taking steps to foster innovation and ensure responsible deployment, especially investing in AI research and development and regulatory framework. A significant aspect of this effort involves substantial investments in R&D. These investments aim to bolster the respective countries’ capabilities in this domain. Funding initiatives, grants, and partnerships with academia and industry are pivotal in fostering AI innovation and nurturing talent.

Additionally, regulatory frameworks tailored to artificial intelligence technologies are being established. These frameworks address critical issues such as data privacy, transparency, accountability, and bias mitigation. Countries such as Singapore, Thailand, and Malaysia have either enacted or proposed laws and guidelines to regulate AI usage across various sectors.

In what ways are Southeast Asian startups and tech companies leveraging AI to address local challenges and cater to the diverse needs of the region’s populations, including those in rural and underserved areas?

Southeast Asian startups and tech companies are leveraging artificial intelligence in various ways to address local challenges and cater to the diverse needs of the region’s populations, including those in rural and underserved areas, such as language and cultural diversity, as well as transportation and logistics.

Also, AI technologies are being used to eliminate language barriers by offering translation services, chatbots, and personalised content, which help bridge communication gaps and cultural differences. In the transportation and logistics sectors, artificial intelligence algorithms come into play to optimise transportation routes, taking into account factors like traffic conditions, road quality, and delivery schedules.

How do cultural and societal factors influence AI’s adoption and acceptance in Southeast Asia, and how are companies navigating cultural nuances to ensure successful integration and adoption?

Cultural and societal factors influence the adoption and acceptance of artificial intelligence technologies in Southeast Asia. Many individuals worry that AI advancements could disrupt manufacturing and agriculture by replacing human workers. Companies should emphasise how AI can enhance human abilities rather than completely replacing jobs.

Also Read: Unlocking Southeast Asia’s financial potential with artificial intelligence-powered fintech

To navigate these cultural nuances and ensure the successful integration and adoption of AI technologies, Southeast Asian companies prioritise ethical considerations and social responsibility in designing, developing, and deploying AI technologies. This involves ensuring fairness, transparency, and accountability in algorithmic decision-making processes.

What are the implications of Southeast Asia’s growing AI capabilities on the global stage, particularly in terms of competitiveness, innovation, and collaboration with other AI powerhouses?

Southeast Asia’s growing AI capabilities carry significant implications on the global stage across various domains; AI ethics & policy are one of the domains. With the rise of AI, Southeast Asia faces important ethical and policy considerations that have implications beyond the region.

Issues such as data privacy, making sure algorithms don’t unfairly favour certain groups, and what happens to jobs when artificial intelligence takes over tasks – all these things need careful thought and discussion. And it’s not just a local issue but affects the rest of the world. That’s why Southeast Asia must work together with other countries to tackle these challenges. By teaming up and coming up with solutions together, Southeast Asia can play a major role in shaping how AI is used responsibly around the globe.

Looking ahead, what trends do you anticipate in the continued evolution of AI in Southeast Asia, and what opportunities do you foresee for further growth, expansion, and impact on the global AI landscape?

There are several trends anticipated in the continued evolution of AI in Southeast Asia, including the adoption of AI solutions and a focus on ethics in artificial intelligence. As the use of AI rises in Southeast Asia, we are creating awareness of and promoting its benefits. However, with growing concerns, we are also facing the ethical implications of artificial intelligence, particularly regarding the transparency and accuracy of the information we receive from AI.

Regarding opportunities for further growth, expansion, and impact on the global AI landscape, collaborating with international partners will help Southeast Asian companies stay competitive on the global stage and contribute to advancing the global AI landscape.

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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 iFLYTEK exec on why SEA is crucial for the development of global AI landscape appeared first on e27.

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

The transaction details remain undisclosed.

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

Also Read: Report: Singapore businesses remain open to implement embedded finance, Web3 in 2023

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

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

Currently, with a team of over 50 across offices in Singapore, Hong Kong, India, the UAE and the UK, Xalts counts large financial institutions, regulatory bodies and technology companies as its clients.

The startup plans to leverage Contour’s workflows and integrations to facilitate communication and transactions between businesses and financial institutions in the network.

Ashutosh Goel, CEO of Xalts, said: “We want to create a Plaid for Trade. Our vision is to expand the scope of Contour’s network which is trusted by banks and corporates and build it into a rail that enables businesses to access digital solutions for trade and supply chain finance offered by banks, fintechs and technology partners. Combining our platform with Contour’s Network will allow participants to develop and deploy customised solutions quickly”.

Also Read: Banking on a green future of finance: How to bridge sustainability and profitability

“Our platform also enables institutions to build new innovative applications and products by leveraging blockchain and tokenisation. We partner with leading blockchains and integrate with multiple infrastructure providers to help our clients build tokenisation applications,” said Supreet Kaur, COO of Xalts. “Contour will also enable network members to work with us to launch applications in this space”.

In 2023, global trade reached over US$30 trillion. However, according to QED Investors, the digitisation of global trade remains relatively minuscule, with less than 1 per cent currently conducted digitally. Due to the complexities and regulations involved in cross-border trade, a single transaction may require up to 50 sheets of paper that are exchanged with up to 30 stakeholders, including importers, exporters, banks, logistics companies and customs.

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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 Xalts acquires Contour Network to offer embedded fintech solutions for trade, supply chain finance appeared first on e27.

Malaysia’s pension fund Kumpulan Wang Persaraan (Diperbadankan) [KWAP] has invested RM100 million (US$21 million) in two local startups and VC firms each under its Dana Perintis strategy.

The startups are Bateriku and Lapasar. Bateriku is an automotive service provider with a network of partners nationwide, providing job opportunities and increasing financial inclusion. Lapasar, on the other hand, is an online wholesale marketplace that focuses on meeting the needs of the FMCG industry, accelerating the adoption of digitalisation throughout the economy.

Also Read: Lapasar offers a B2C-like e-commerce experience to corporate procurement in Malaysia

The capital will support the growth and expansion plans of both firms.

The two VC funds that KWAP invested in are Vynn Capital and Antler. Vynn Capital is a home-grown fund that invests from the seed stage, focusing on the mobility and supply chain sectors.

Antler is an early-stage VC firm headquartered in Singapore, investing from pre-seed to Series A and beyond. It recently expanded its flagship residency programme to Malaysia, designed to support founders get their startups launched and funded.

These four are the first in a portfolio of fund investments from KWAP that will be carefully curated to inject capital into sections of the local ecosystem that most require it.

Launched in September 2023 with a targeted total deployment of RM500 million (US$104 million), Dana Perintis is designed to accelerate the development of the country’s early-stage ecosystem whilst generating strong returns for beneficiaries via investments in startups and VC funds.

Also Read: Antler partners with Khazanah, to invest in 30+ Malaysian startups over next three years

The four investments align with Dana Perintis’s six focus areas: digital economy, financial inclusion, food security, education, silver economy, and climate change.

The Chief Investment Officer of KWAP, Hazman Hilmi Sallahuddin, said, “We are confident in the prospects and potential of the investment in these four entities and look forward to working closely with them; adding value and lending KWAP’s support to ensure their success. There will be more investments and announcements to come, as KWAP continues its rollout of Dana Perintis.”

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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 Malaysia’s pension fund KWAP invests in Antler, Lapasar, Vynn Capital, Bateriku appeared first on e27.

PriyoShop, a B2B retail marketplace for MSMEs in Bangladesh, has completed its US$5 million pre-Series A round of financing led by Century Oak Ventures.

Evolution Ventures, Iterative, SOSV (Orbit Startups), GFR Fund, BonBillo, Accelerating Asia, South Asia Tech Partners, and Voltity also participated.

Also Read: How PriyoShop is revolutionising the B2B procurement process

With this financing, PriyoShop plans to enhance its technology infrastructure while expanding its geographical reach and market penetration. “The capital will be strategically deployed to enhance our technology infrastructure, expand our reach, and introduce innovative solutions, including our financing services, helping us better serve MSMEs and retail partners,” said Founder and CEO Asikul Alam Khan. “At present, we have roughly 55,000 merchants on our platform, and we expect to impact over one million merchants in the coming year positively.”

Launched in July 2021 by Khan and Dipty Mandal (CMO), PriyoShop works with small retail shops and major brands to transform and modernise the retail supply chain industry. Through its asset-light marketplace model, PriyoShop helps small businesses efficiently source goods, access consistent and competitive prices, and rapidly receive goods through next-day delivery. This helps MSMEs increase their business margins.

Through the company’s partnership with the digital financing platform LankaBangla Financing, PriyoShop can help MSMEs scale up their businesses further through tailored credit facilities and access to supply chain financing options.

PriyoShop offers partnerships with brands and suppliers, helping them digitalise logistics support, streamline operations, expand nationwide access throughout Bangladesh, and adopt full-stack digital infrastructure to manage their supply chains. Partner brands and suppliers can utilise PriyoShop Distribution Services to handle various products, including consumer goods, electronics, fashion items and more.

Also Read: Accelerating Asia on building a company culture that fosters innovation and inclusion

To date, PriyoShop has partnered with over 200 brands, including Pusti, Rupchanda, Teer, New Zealand Dairy, Pepsico, and Coca-Cola. The company is also expanding into the food & beverage industry, streamlining supply chains for hotels, restaurants and cafes.

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The post Accelerating Asia, Iterative back B2B retail marketplace PriyoShop’s US$5M round appeared first on e27.

[This is the first article from e27‘s Key Opinion Leader (KOL) Series]

In my ten years of growing theAsianparent (TAP) — from running bootstrapped operations to fundraising to creating platforms from scratch to entering markets across continents — I thought I had cleared my hurdles in this Olympic test of leadership, only to face the next leg of the race: pole vault in the form of a pandemic.

Putting a screeching halt to my momentum, I stop to take a slow, deep and steadying breath. I didn’t train for this. The bar is too high. But if I don’t clear it, everything comes tumbling down.

This is the situation every leader came face to face with this year.

Also Read: 5 actions to consider for your startup as the economy reopens

Yes, it didn’t come with a pole. And no, it’s not the fear of the unknown that’s paralysing. We are neither strangers to fear, nor the unknown.

It’s volatility that’s the enemy — charting a path knowing the wind or ground could shift anytime. Yet what’s demanded of leaders is the opposite: stability, dependability, certainty. Tough to be in these times.

With TAP spanning 13 countries — lockdowns and re-openings happening at different dates with different measures — planning has suddenly become such a tall order; and the team must grapple with frustration in a way they never had to.

While this particular stress is new to us, being a cross-cultural company is not. The success of TAP has long relied on localised strategies, so we applied this internally.

We reviewed the needs and targets of each office, and of course, no ‘one-size-fits-all’ roadmap emerged. But those roadmaps became our lifeline.

Another thing that wasn’t new to us is remote work. Many in our team are mums and dads who thrive in flexible setups. When homeschooling was thrown into the mix, we translated our office daycare services into online tutoring. That was the obvious move.

Also Read: The future of remote work is happening now, here’s how to make it work for you

Then we realised that with both parents working from home, Monday to Friday office hours would be chaotic. So we offered 4-day work weeks (any four days of the week) at staggered work hours (any eight of the day). I think I heard a collective sigh of relief when it was announced.

Because we all need to breathe.

After we established protocols against COVID-19 to safeguard everyone’s physical health, mental health was our next priority. Part of this was holding company-wide meditation, yoga, fitness, Bollywood dancing, and art workshops.

These early pivots set the tone for how we, as a company, would be overcoming the challenges presented by the new normal — first, by acknowledging that the situation we’re all in is hard, but work need not make it any harder. And second, by making lemonade (because if 2020 were a fruit, it would be a lemon).

The team has squeezed out a lot of creative solutions, and one I found particularly sweet was our leadership team ‘offsite’.

We usually fly people in to one country, which means spending a lot of time and money on logistics. An online offsite requires much much less, so this year we were able to double our participants from 15 to 30. Some of the hotel savings even went to a fantastic lucky draw for the attendees: the latest Samsung Flip phone.

We were also able to have amazing guest speakers dial in from across the region for the seminar: From Beijing (Jeff Tiong, CEO of PatSnap), from Malaysia (Cheryl Goh, Founding CMO of Grab), and from Singapore (Happy Marketer’s Managing Partner Prantik Mazumdar, and Rotimatic CEO Rishi Israni).

What I’ve learned from all this?

While product pivots are the way for companies to find success, if not survival, in the roughest waters we’ve seen for a while, getting the team on board with new plans amidst a very palpable crisis requires shifts in culture.

Also Read: The new communications playbook for the new normal

Leaders have to dig deeper, communicate more clearly, and care more concretely than ever before.

In this pandemic, I’ve stopped taking our numbers at face value. There is a story to every drop or surge in sales, to the varying productivity rates across markets, to an uptick in traffic in certain categories over others.

And as CEO, my first job is to listen. And before that, to be willing to listen, so we can uncover these stories and learn from the truths they hold. And then act.

That’s our 14-foot pole.

That’s why no leader is unequipped to clear that bar, to weather this storm. A seasoned one will have years of hard-earned wisdom like the rings you’ll find in the trunk of an old tree. A young one will have the flexibility of bamboo, bending in the wind but not breaking.

Whichever one you are, listen to your team. Before that, ask. And then act.

Remember that pole vaulting isn’t a top-down leap. Bottom-up is the way to go, if you want to make it clear to the other side.

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Image Credit: Frans Vledderon Unsplash

This article was first published on September 15, 2020

The post Pivoting beyond product: You need to look at your company/work culture, too appeared first on e27.

In October 2023, the Singapore Police Force reported a series of renovation scams in which victims suffered collective losses exceeding SGD198,000 (US$147,000). The individual behind the crime vanished after receiving payments.

It was not a one-off incident; in fact, there have been 3,385 reported complaints in the city-state since 2021. In H1 2023 alone, the Consumers Association of Singapore received 631 complaints about delays and substandard workmanship within the renovation contractor industry. These incidents occur when interior designers face their own challenges, including clients withholding payments.

Also Read: Pivoting beyond product: You need to look at your company/work culture, too

“There was an immediate need for a secure and accountable payment system for the renovation industry,” David Ng, an entrepreneur with 30 years of experience in f&b, logistics, tech, gaming, e-commerce, AI, and blockchain, told e27. “The absence of such a system makes it challenging for homeowners to hold interior design firms accountable for their work and has led to instances of homeowners withholding payments. We realised that an escrow payment system could fix this problem.”

That was how HomePay was born.

Headquartered in Singapore, HomePay aims to address pertinent issues in the home renovation industry, specifically the lack of an escrow payment system and defined milestones. The escrow payment system provides a safeguard that releases funds only upon the homeowner approves completed milestones.

“By implementing an escrow model, the HomePay app ensures that funds are held securely in escrow in a DBS custodian account and renovation milestones are established, creating a transparent framework for both homeowners and IDs,” explained Ng.

How it works

Homeowners can pay their chosen interior design firm according to their pre-agreed progressive payment tranches using the Monetary Authority of Singapore (MAS)-approved HomePay wallet. Half of each tranche’s funds are held in escrow in a DBS custodian account and are only released upon the homeowner’s approval of works completed for that milestone and tranche. This is aimed at providing an additional layer of security and transparency.

Furthermore, homeowners can provide feedback and approve or deny completed work before payment release, enhancing their control over the renovation process.

The app comes with a HomeProtect feature, which ensures homeowners that their renovations will be completed according to plan, even in the worst-case scenario of a sudden closure of the interior design firm. “HomePay will find an alternative firm or vendor to complete the job at no additional cost to the homeowner,” shared Ng, who is also a venture partner at Mocha Ventures and TNB Aura.

HomePay also benefits interior design firms as they can assure their customers that by signing their renovation contract, they have extra protection from an external party throughout their whole renovation and are certain to carry out their job scopes properly.

In addition, the HomePay app empowers interior designers with efficient workflow management and streamlined project management capabilities. Interior designers and homeowners can conveniently set terms of the project timeline and progressive payment schedules and sign contracts remotely through the app.

The fintech startup is considering enabling cross-function capabilities with interior design firms’ existing accounting software.

According to Ng, HomePay is open to working with any interior design firm — big or small — but especially those that want or prefer giving their clients additional confidence throughout the renovation. “We look into the history and background of the interior design firms’ directors. We ensure that all firms pass a strict Know Your Business process and are MAS-compliant,” he added.

The monetisation model

The company charges a per-project admin fee of SGD200 for the platform to secure large renovation amounts and be assured under HomeProtect. For interior design firms, the transaction fee is 1.5 per cent to 1.9 per cent of the total fees.

Also Read: How to craft your startup’s financial projections

The startup currently operates in Singapore. Ng said that as payment gateway solutions, such as VISA and Mastercard, are universally needed, HomePay’s model can be applied and scaled to other markets in the renovation context.

However, the initial plans are to expand regionally in Southeast Asia (particularly Malaysia and Thailand) before going global.

HomePay emerges as a potential solution to the rampant issues plaguing the Singaporean renovation industry. HomePay aims to modernise and secure the renovation process by empowering both homeowners and interior designers, offering peace of mind and a smoother experience for all.

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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 HomePay aims to fix home renovation woes in Singapore with escrow system, completion guarantee appeared first on e27.

In 2018, the Ministry of Finance Malaysia set up Futurise to lead the National Regulatory Sandbox (NRS) initiative to provide solutions to regulatory challenges that can potentially hinder tech and innovation from operating efficiently in the market.

The NRS initiative addresses industry and investor concerns that innovation can face challenges when deployed in a market with outdated (or lacking) regulatory frameworks.

“If I could put it in simpler terms, we pave the ground for new and innovative ideas to operate in the market by safely testing regulations and policies in a secured environment called a sandbox. The NRS brings together different groups like corporate organisations, government bodies, academia and entrepreneurs to solve regulatory challenges faced by innovation,” said Futurise CEO Rosihan Zain Baharudin in a press statement.

“The top-down approach used in yesteryears when prescribing regulatory frameworks may not be conducive to innovation. Futurise acts like a bridge, connecting different parts of the ecosystem – from regulators, industry players, organisations and relevant bodies. It is all about collaboration and ensuring that everyone can contribute to building a more innovative and advanced Malaysia.”

As the global economy continues to face uncertainties this year, Futurise aims to continue fostering conversations and collaborations in tech innovation with various parties. The organisation stated that more stakeholders have approached to present regulatory challenges that they faced.

Also Read: Malaysia’s pension fund KWAP invests in Antler, Lapasar, Vynn Capital, Bateriku

“We have seen innovation remain persistent in both favourable and tough conditions. It’s been seen that challenging market situations can give rise to new technology-driven solutions, products or ways business is conducted,” Baharudin said.

In this interview, e27 aims to understand more about the work of Futurise and how they aim to make a difference in Malaysia’s innovation. Here is an edited excerpt of the conversation:

How does Futurise differ from Malaysia’s previous effort to promote digital innovation? In what way is it better to respond to the industry’s needs?

The Government of Malaysia has mandated Futurise to drive the National Regulatory Sandbox, an initiative to facilitate the collaboration between industries and government to develop progressive regulatory frameworks for the Future Economy. Through the National Regulatory Sandbox, Futurise enables innovation and adaptive policy-making to accelerate lab-to-market adaptation for local technology solutions.

In promoting and supporting digital innovation in the country, Futurise has been working on various initiatives. Amongst them are: For Online Healthcare Services, we have established testing guidelines enabling health workers and practitioners to assess their online healthcare offerings under the oversight of the Malaysian Health Ministry.

We have also established regulation guidelines for Mobile Childcare Services, regulating safety and compliance under Jabatan Kebajikan Masyarakat (JKM). Concurrently, our ‘Insights for Impact’ Industry Study focuses on freelance educators in the gig economy and aims to develop policies that enhance resilience amid economic uncertainties, particularly in the wake of the COVID-19 pandemic.

Also Read: ChargeSini aims to revolutionise Malaysia’s EV landscape with smart charging solutions

What are the most valuable lessons that Futurise learned from its recent milestones?

Futurise’s involvement in regulatory sandboxes is a dynamic platform, fostering an environment ripe for learning, innovation, and advancement amidst the intricate maze of regulations. This strategic engagement empowers stakeholders to navigate the complexities of regulatory frameworks while upholding stringent legal standards.

Drawing upon the wealth of insights from these experiences, Futurise emerges as a catalyst for industry players, steering them towards sustainable growth and igniting a culture of innovation. Through collaborative efforts with diverse stakeholders—including regulators, industry peers, consumers, and relevant entities—Futurise not only cultivates effective stakeholder engagement but also forges robust partnerships.

This collaborative ethos nurtures a climate of trust and transparency, propelling positive outcomes for consumers and
society at large.

What are Futurise’s thoughts on AI? Does it plan to respond to the growing interest in AI implementation in Southeast Asia?

Futurise is actively engaging with the rising interest in AI by teaming up with the Department of Personal Data Protection (JPDP) to launch the Data Protection & Privacy Regulatory Sandbox.

Recognising that data is the lifeblood of AI, driving its learning and performance, this collaboration is pivotal. Access to diverse, high-quality data is paramount for AI systems to thrive across various sectors.

In the sandbox, Futurise will craft seven guidelines under the Personal Data Protection Act 2010 (Act 709). These guidelines encompass critical aspects such as Notification of Data Breach, Data Protection Officers, Data Portability, Cross Border Data Transfer, Data Protection Impact Assessment, Privacy by Design, and Profiling and Automated Decision Making.

Also Read: Artem Ventures: Malaysia is a fantastic starter market, but startups need help to scale internationally

Additionally, Futurise will play a key role in enhancing the existing Personal Data Protection Standard established in 2015, ensuring comprehensive standards and guidelines are in place to navigate the evolving AI landscape.

In 2023, Futurise collaborated with the Civil Aviation Authority of Malaysia (CAAM) to introduce the Unmanned Aircraft System (UAS) certification (C-UAS) and Manned Electric Vertical Take-Off and Landing (eVTOL) aircraft national regulatory sandbox. In the same year, it also introduced the MyAutonomous Vehicle 5.0 Guideline and the National Drone Sports Strategic Roadmap (NADSAR) 2023-2027. Is there any reason why air mobility is such a significant focus?

Advanced Air Mobility (AAM) plays a vital role in shaping the modern world by facilitating rapid transportation, connecting distant locations, supporting economic growth, and addressing various societal challenges.

Many countries worldwide are accelerating the adoption of AAM as various regulators are warming up to the potential of this aerospace technology. In fact, the commercialisation of AAM is likely to take place in 2026. Thus, ambitious countries are racing to ensure the necessary infrastructure and, most importantly, the AAM regulatory framework is ready ahead of the take-off.

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Image Credit: Futurise

The post How Futurise supports tech innovation in Malaysia through policy-making appeared first on e27.

In the ever-evolving landscape of financial markets, understanding and managing trading psychology has long been a formidable challenge for retail traders and investors. Despite the availability of resources on fundamental and technical analysis, over 85 per cent of retail traders continue to incur losses, indicating the existence of other contributing factors.

However, a groundbreaking solution has emerged, promising to revolutionise the way we perceive and navigate the complexities of trading psychology.

Hoc-trade, an innovative AI-driven platform, represents a significant advancement in trading psychology on multiple fronts. It transforms previously qualitative applications of trading psychology into quantitative insights, providing traders and investors with a deeper understanding of the impact of their emotions on performance.

At its core, Hoc-trade provides comprehensive analysis that outlines identified trading behaviors, severity levels, performance impacts, and underlying contexts. Leveraging AI, Hoc-trade bridges the gap between behavioural finance concepts and trading decisions, empowering traders with actionable insights and education.

Also Read: How should non-tech companies approach AI?

Hoc-trade has conducted a study with the ultimate dataset encompassing 2.75 million trades of in total 6.5 thousand traders trading real funds. The data collection criteria stipulated that traders must have a minimum total of 50 trades, including at least 10 trades identified as having an issue.

The determination of whether a trade was categorised as having an issue or not hinged on surpassing a specified threshold of detrimental behavioural issues within a singular trade. These behavioral issues were discerned exclusively from the trade history of the user up to the point of deciding the subsequent trade issues.

The result is eye-opening! Through over two million trades of data, Hoc-trade AI categorises trades into two distinct possibilities:

• Those exhibiting behavioural issues
• Those that do not

Statistically, more than 90 per cent of traders lose in FX trading. This is confirmed in the study when a trade is classified as having an issue. The average performance of such trade is -1.15 per cent of the traders’ balance.

However, when AI technology is introduced, the average performance shows an improvement at -0.43 per cent. While a trade without issues has not yet reached a profitable outcome, there is already a significant uplift in performance of up to 63 per cent!

The impact of Hoc-trade AI has been demonstrated across millions of trades, highlighting its potential to address the persistent underperformance experienced by retail traders and investors. Recognising the significance of trading behaviors and psychology in shaping market outcomes, the team at Hoc-trade embarked on a mission to develop an AI-powered trading analytics tool designed to monitor and mitigate detrimental trading behaviors.

The results of Hoc-trade’s analysis underscore its efficacy in identifying destructive behaviors and predicting underperformance in trades. Trades free from issues demonstrate significantly better performance, reaffirming the pivotal role of trading psychology in shaping trading outcomes. While AI has yet to optimise for all potential behavioural issues, its impact on enhancing traders’ performance has already demonstrated significance.

Also Read: The AI revolt: How our love affair with technology could turn into a hate story

Looking ahead, Hoc-trade envisions a future where AI-driven insights revolutionise retail trading and investments. By providing personalized insights, establishing causality, and quantifying issues, Hoc-trade paves the way for unprecedented opportunities for learning and improvement.

With the capacity to identify negative trading behaviors, filter out undesirable trades, and alert traders to emotional decisions, Hoc-trade AI heralds a new era of user protection and empowerment.

In conclusion, Hoc-trade AI offers a distinctive opportunity for brokers, exchanges, and other entities within the trading industry to integrate groundbreaking technology that delivers tangible benefits to their traders. As the retail trading landscape continues to evolve, Hoc-trade remains at the forefront, driving innovation and transforming the way we approach trading psychology.

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