Dear reader,

In 2023, Grab solidified its dominance in Southeast Asia’s food delivery market, capturing a remarkable 55% of the gross merchandise value, as reported by Momentum Works. While Grab witnessed a robust 6.8% y-o-y GMV growth, competitors Foodpanda and Gojek faced a decline of 12.9% and 10%, respectively. Despite Grab serving only 5% of the region’s 600 million population as monthly transacting customers, the report emphasises an extensive untapped user base for food delivery apps in Southeast Asia.

The region’s food delivery expenditure reached a noteworthy US$17.1 billion, with a 5% y-o-y increase. Vietnam emerged as the growth leader, boasting a substantial 28% GMV surge, followed by Malaysia, Thailand, and Indonesia, while Singapore’s growth stagnated.

F&B spending rebounded beyond pre-pandemic levels, but the report linked closures and cost-cutting among premium brands to macro uncertainties. Amid this landscape, companies are diversifying strategies, with consolidation remaining a common thread.

Notably, Chinese F&B brands like Luckin Coffee and Cotti Coffee are entering the region, anticipating further growth opportunities. Jianggan Li, CEO of Momentum Works, sees ample room for expansion in Southeast Asia’s food delivery sector, citing robust F&B consumption, low delivery penetration, and ongoing consolidation as key growth drivers.

Sainul,
Editor.

NEWS ARTICLES

Grab captured 55% of SEA’s food delivery market in 2023: report
While Grab grew 6.8% year on year in terms of GMV in 2023, its closest competitors, Foodpanda and Gojek, declined by 12.9% and 10% year on year, respectively; Overall, SEA’s food delivery expenditure topped US$17.1B, growing by 5% y-o-y.

SoftBank Ventures Asia changes name to SBVA after closing US$150M fund
The new Alpha Korea Fund’s LPs include Korea Development Bank, SoftBank Group, and Hanwha Life; This comes after Singapore-based The Edgeof acquired SoftBank Ventures Asia last year.

Vertex Growth leads Korean startup Elice’s US$15M funding round
Elice will use the capital to expand into APAC and strengthen its AI research capabilities by building a large-scale AI Data centre in Busan; Elice focuses on delivering an integrated B2B and B2G educational platform and content for institutional clients.

InnoVen Capital launches second China fund, aiming for US$250M
The company said it has already secured around half of this amount; This adds to InnoVen’s increased efforts in expanding outside Singapore and India, where the venture debt firm also has offices.

Singapore’s university launches US$3.2M micro-innovation fund for students
The programme, which got its name from the award-winning reality television series Shark Tank, will encourage students to incubate new ideas and innovate through design; Every student team stands to receive US$4,475 as part of the initiative.

Singapore healthtech startup Mesh Bio raised funding
East Ventures is the investor; Mesh Bio will use the funds to expand its services in Indonesia, Malaysia, and the Philippines; It runs a health intelligence platform called Dara, which provides real-time patient data such as health history, lab tests, and medical images.

Flipkart co-founder Binny Bansal leaves board
Binny Bansal, who reserved the right to stay on the board for as long as he preferred, cited a conflict of interest with his new venture as the reason for the move; Sachin Bansal, Flipkart’s other co-founder, left the board in 2018 after scuffling with the investors.

Singapore, Google launch initiatives to foster local AI tech scene
One of these initiatives is the second edition of AI Trailblazers, which provides organisations with access to Google Cloud’s unified AI stack and its Innovation Sandbox programme to create and implement their own generative AI solutions.

ChatGPT is violating Europe’s privacy laws, Italian DPA tells OpenAI
The firm has been told it’s suspected of violating EU privacy, following a multi-month investigation of ChatGPT by Italy’s data protection authority; OpenAI has been given 30 days to respond with a defence against the allegations.

Byju’s cuts valuation ask by 99% in rights issue amid cash crunch
The startup is looking to raise US$200M in the rights issue ‘essential to prevent any further value impairment’; If it succeeds in raising US$200M, its post-money valuation will be in the range of US$220M to US$225M.

CONTRIBUTORY ARTICLES

How to embrace a product mindset for digital success
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From greenwashing to green living: A guide for startups on sustainable marketing
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From behind a women’s lens: Establishing a footing in the male-dominated VC industry
Women have different life experiences than men, which translates into unique perspectives on business and decision-making processes.

The growth of business messaging: How it’s improving business performance in SEA
Business messaging fosters personalised one-on-one connections, enhancing valuable conversations and driving business performance.

How express delivery services can become a key differentiator for e-commerce businesses
MSMEs invest in infrastructure and services to support time-definite cross-border e-commerce delivery, amid rising e-commerce and supply chain capabilities.

Embracing workplace flexibility: The new era begins
People love their flexibility and its benefits: improved work-life balance, productivity, diversity, and more.

Exit thinking: One key mindset change to gear up and scale
Exit thinking typically suggests that you have some basic business planning skills every partner expects to find.

In the age of AI, which human skills increasingly stand out?
AI has its limitations and likely for decades, it will not be able to compete with a few critical human skills.

Tried-and-tested marketing strategies for startups across all stages in Singapore
For startups or emerging brands, marketing matters more than ever to ensure that they stand out and succeed in their respective markets.

Financial literacy in Southeast Asia is set to match industry growth
Financial literacy in the region hardly corresponds to the development of the industry, however, there is a good chance to balance the situation.

FEATURES

Silicon Box’s Business Head on how chiplet architecture transforms semiconductor scalability
In a detailed interview, Silicon Box’s Head discusses how chiplet architecture transforms semiconductor scalability, fosters industry collaboration, and fuels global expansion.

How Tyme Group plans to further strengthen its position in Philippines, SEA
Tyme Group wants to replicate its success in South Africa to Southeast Asia. After the Philippines, the digital bank is looking at Vietnam.

FROM THE ARCHIVES

The biggest disruption in blockchains and cryptocurrencies is yet to come
Singapore is expected to be a hub for a lot of crypto activity and company creation, given the perceived ease of doing business.

Why BRI Agro targets gig workers as their audiences
CEO Kaspar Situmorang says digital bank positioning in Indonesia will remain slightly complicated in the coming years.

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The post Ecosystem Roundup: Grab dominated SEA’s food delivery market in 2023 | SBVA closes new US$150M fund appeared first on e27.

During her inaugural Committee of Supply (COS) speech in Parliament on March 4, 2022, Josephine Teo, the Minister for Communications and Information and Minister-in-Charge of Cybersecurity, announced the enforcement of increased maximum financial penalties for data breaches by organisations, as outlined in the 2020 amendments to the Personal Data Protection Act 2012 (PDPA). These changes are scheduled to be effective from October 1, 2022.

According to the updated regulations, organisations with an annual turnover in Singapore exceeding SG$10 million may face a maximum financial penalty of 10 per cent of their annual turnover, while in other cases, the maximum penalty is set at SG$1 million.

To provide context, the Personal Data Protection (Amendment) Bill was passed in Parliament on November 2, 2020, following its introduction for the first reading on October 5, 2020. The Personal Data Protection (Amendment) Act 2020 (“Amendment Act”) was gazetted on December 10, 2020. The Amendment Act commenced partially on February 1, 2021, implementing mandatory data breach notification requirements and introducing offences related to the mishandling of personal data. Provisions concerning data portability, higher financial penalties, and certain consequential amendments are set to take effect at a later date.

After this amendment, other ASEAN countries in the region have followed suit.

In August 2022, Malaysia announced that it would be introducing a New Cybersecurity Bill in development by the National Cyber Security Agency (NACSA) to be tabled in early 2024.

In September 2022, after a series of high-profile data breaches in recent months, Indonesia enacted the Personal Data Protection Law (PDP Law). The PDP Law places responsibility on both domestic enterprises and global corporations for mishandling the information of Indonesian customers.

Also Read: Holiday cybersecurity: Safeguarding businesses amidst increased cyber threats

Companies can be subject to a corporate penalty amounting to a maximum of two per cent of their annual revenue in the event of data breaches. Furthermore, individuals may be fined up to IDR6 billion (equivalent to US$400,000) for contravening the provisions outlined in the PDP Law.

Proactive measures for businesses

The announced increase in maximum financial penalties for data breaches by countries across ASEAN can have significant implications for businesses in the region, and they must respond proactively to ensure that they are sufficiently protected.

Here are key considerations and actions that businesses should take:

• Review data protection policies: Businesses should review and update their data protection policies and procedures to ensure alignment with the amended PDPA regulations. This includes incorporating measures to prevent data breaches and outlining procedures for handling and reporting incidents.
• Reassess cybersecurity measures: Evaluate and strengthen security measures within the organisation. This may involve implementing endpoint protection, email protection, patch management, and other safeguards to protect sensitive information. Conduct regular security audits and assessments to identify and address vulnerabilities.
• Data breach response plan: Develop or update a comprehensive data breach response plan. This plan should outline the steps to be taken in the event of a data breach, including notification procedures, communication strategies, and coordination with regulatory authorities.
• Employee training: Provide training to employees on data protection best practices and updated regulations. Employees should be aware of their roles in preventing data breaches and understand the importance of promptly reporting any potential security incidents.
• Conduct risk assessments: Regularly assess the risks associated with the processing of personal data within the organisation. This includes identifying and addressing potential vulnerabilities in systems, processes, and third-party relationships that could lead to data breaches.

In Conclusion

The consequences of a cyber data breach are no longer just a ‘slap on the wrist’ but have significant financial, reputation, and business continuity consequences. By taking a proactive approach to cybersecurity and user compliance, businesses can reduce the risk of data breaches, demonstrate accountability, and minimise the potential consequences.

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Food waste in Singapore accounts for approximately 11 per cent of the total waste generated. In neighbouring Malaysia, a staggering 8.3 million metric tonnes of food waste is generated annually. This is alarming and causing severe damage to the planet we live in.

Two Malaysian entrepreneurs are trying to address this problem with direct-to-consumer vacuum-packed, ready-to-cook meals for individual and business customers.

Launched in 2020 by Brandon Lim and Khiara Mia, Meals in Minutes aims to simplify cooking for individuals leading busy lives, offering them the opportunity to enjoy high-quality, clean, and nutritious meals without the associated hassle and requisite culinary skills.

“Our mission is to become a global household meal kit brand,” states Lim.

Meals In Minutes enables consumers to prepare a gourmet dining experience in 15 minutes or less, said Lim. Each meal is meticulously flash-frozen, ensuring optimal freshness while conveniently portioning and a long freezer shelf life to minimise potential food waste.

Also Read: Fixing food waste problem means less hungry people and a great economy

The meals contain no genetically modified ingredients or artificial additives. “Furthermore, we hold HACCP, HALAL and ISO 22000 certifications, guaranteeing the highest standards of food safety and adherence to Islamic dietary guidelines and international-level food compliance,” he claimed.

To place the order, customers can visit its website and pick and choose from a variety of proteins and staples like brown rice or quinoa, or they can order a side to come with the meal. The meal kit is delivered directly to their doorstep.

“It only takes less than 15 minutes to prepare a gourmet meal using our meal kit. All they have to do is either ‘sous-vide’ or microwave our individually packed meals, or go ‘Chef Mode’ by removing it from the vacuum pack and pan-frying, putting it into the oven, steaming or adding other ingredients to the mix,” said Mia.

Tackling food wastage

All the meals are flash-frozen at their freshest point and are stored in a frozen state until ready to be consumed. This enables Meals In Minutes to achieve a shelf life of 18 months from production, reducing food wastage and maintaining its freshness.

Moreover, the meals are individually packed, meaning individuals can better control their portion sizes, resulting in less leftover food that would otherwise go to waste. “By serving our portioned meals, restaurants can more accurately estimate the food needed for each order, minimising excess production and subsequent waste. Furthermore, individually packed meals allow for better inventory management, as leftovers can be easily repurposed or donated, reducing food waste even further,” Lim elaborated.

Relying on a changing food habit

With more Singaporeans prioritising healthy food choices and F&B businesses adding healthy menu options, Meals In Minutes sees massive growth opportunities.

“While manpower shortages remain a challenge in Singapore for F&B businesses to scale and improve, consumers are demanding higher quality and consistency in the meals provided to them. This is also similarly witnessed by their neighbouring country, Malaysia,” said Mia.
“We will see an upward trend in our B2B consumers where more restaurants or cafe owners will approach us to supply them with our advanced meal kit that is healthy, quick and easy to prepare, addressing the challenging demands of the Singapore and Malaysian markets.”

Also Read: MAEKO converts food waste into compost. Greta Thunberg should feel happy

The firm plans to maximise the accessibility of Meals in Minutes in Malaysia and Singapore. This involves expanding into additional stores and establishing a more substantial presence in various regional food outlets. It will also reach out to the hospitality and healthcare industries. The company recently received US$1.5 million in funding from an undisclosed investor to work toward this mission.

In addition to Singapore and Malaysia, Meals In Minutes also targets the UK market for expansion. The UK is a more mature market for ready-to-cook food, with 29 per cent of consumers consuming ready-to-eat meals at least once per week. The meal kit market is worth approximately one billion pounds annually and is forecast to grow by 8 per cent yearly.

Meals in Minutes Co-Founders Brandon Lim (L) and Khiara Mia

However, a recent study found that purchasing ready meals is more expensive and unhealthy than cooking from scratch due to the added ingredients or preservatives, which can deter consumers from purchasing such meals. “Hence, for the UK, providing high-quality, healthy and easy-to-prepare meal kits are the key factors startups looking to reap the opportunities in this market should consider,” she stated.

“Our strategic plan includes launching distributor markets and strategically positioning Meals In Minutes for broader availability and influence. The UK market serves as our initial entry point into the broader European market, marking the beginning of our journey to introduce the convenience and excellence of Meals in Minutes to an international audience,” Lim said.

Singapore has a thriving F&B sector. The city-state experienced a notable surge of 13.6 per cent in annual growth between 2022 and 2023. Despite the challenges, mainly driven by the lack of manpower and increased competitiveness, the F&B industry is expected to generate a CAGR of 4.56% between 2023-2028.

“These challenges can be overcome through Artificial Intelligence and logistics delivery. Self-ordering kiosks are becoming increasingly popular, and QR code mobile ordering is also gradually becoming the norm in restaurants, all of which are targeted to overcome manpower shortages,” noted Lim.

Addressing plastic waste problem

Meals In Minutes has collaborated with Geman firm CleanHub to address environmental concerns. “Through this collaboration, we take proactive measures to tackle the issue by collecting plastic waste for each product sold,” Mia revealed. “Our brand also champions a minimalist packaging approach to diminish unnecessary waste and mitigate environmental impact significantly.”

Having said that, all our packaging will be fully recyclable, and in the coming months, we will launch the UK market with these materials. “As we move into the future, we are constantly looking for new innovative & sustainable materials to incorporate into our business to widen our impact,” Mia concluded.

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We often see AI and blockchain portrayed as competitors for the spotlight and investor funds. Yet, it’s more fitting to see them as partners in innovation. When these two groundbreaking technologies come together, they have the potential to create a powerful synergy, overcoming some of the inherent limitations in their respective paths. 

Watching AI and blockchain develop is like watching the popular kids in school. Both have significantly influenced our vision of the future and have been trying to outshine each other since the start of the year. Blockchain, despite being in the limelight for over a decade and promising financial empowerment to individuals, has faced challenges, including unfulfilled promises and numerous hacks.

On the other hand, AI, the newer star of the class, has attracted billions in investments and is growing in popularity, but it has its bag of issues, such as concerns about its impact on our lives and the difficulty of distinguishing real from AI-generated content. 

Some have argued cryptocurrency is yesterday’s news and AI is the next big thing. But instead of putting them in a face-off, it’s evident when delving into their core capabilities that they can enhance each other’s strengths and offset limitations. Together, they lay the foundation for a secure and efficient digital realm.

AI’s rapid rise and its trust challenges

AI, once just a futuristic concept, rapidly rose to dominance with ChatGPT hitting 1 million daily users in just five days and a projected over 8.4 billion AI devices globally by 2024.

However, this rapid ascent caught many unprepared. With AI’s increasing use, people often question if the content they encounter is genuine or AI-generated, leading to widespread distrust in online information, with over 75 per cent expressing concerns about misinformation.

Also Read: AI in mobile advertising: Transforming relevance, efficiency, and immersive experiences

Recently, governments worldwide are rapidly developing AI regulations, with China setting security standards for AI-powered services and the EU focusing on rules for AI use in biometric surveillance and systems like ChatGPT.

The AI landscape faces another critical challenge: centralisation in development. This is a cause for concern because it could lead to a situation similar to what happened with search engines and social media, where large companies Microsoft, OpenAI, and Google ended up controlling the vast amounts of user data that had been accumulated.

Relying on centralised models widens the gap between resource-rich companies and the broader market. Consequently, this not only perpetuates a ‘rich get richer’ cycle, where these companies have the resources and expertise to reap AI rewards, but it also places too much power and control in the hands of a few. All of these trends combined are causing a growing distrust in AI. 

Blockchain can help

People should be able to use AI tools without worrying about encountering fakes, scams, or data accuracy issues. AI tools should be easily comprehensible, impartial, unbiased, and transparent. Blockchain technology can make this happen. 

Blockchains, rooted in cryptography and security, establish trust through a decentralised, immutable, and continuously growing digital ledger. This ledger comprises ordered records (blocks) linked with cryptographic hashes, timestamps, and transaction data. Altering any part of it requires changing all subsequent blocks and gaining network consensus.

Similar to how a certificate authority verifies website security, blockchain can serve as a certifying agent for digital creations in real-time, providing assurance in a world where authenticity is crucial. 

In the 2016 US presidential election, X (formerly Twitter) bots disseminated false information by targeting influential users. Centralised websites also posted articles that weren’t fact-checked and were vulnerable to hacking and misinformation.

However, blockchain can effectively address this problem. For example, in 2020, the Associated Press used blockchain oracles to track US presidential election race calls on the chain for the first time. The AP published election results on Ethereum, creating an unhackable and permanent record of state-by-state results.

Also Read: How the blockchain could change the way the government works

On top of that, it released the smart contract address to allow readers to use block explorers like Etherscan to track results in real-time. This approach will become even more critical as AI now makes it easier to spread misinformation and attempt hacking.

Furthermore, blockchain can address AI’s centralisation issue, as seen in projects like Ocean Protocol, which utilise blockchain and tokens along with its compute-to-data technology. It enables data providers to monetise their data while maintaining privacy and control and for consumers to purchase previously inaccessible data. This decentralises AI workflows, as AI and its machine learning algorithm need data to work.

Blockchain needs AI for an accessibility upgrade

AI technology has risen to prominence for good reasons. AI tools, such as ChatGPT, are user-friendly, with no downloads or signups required. Also, developers find it accessible through APIs from major players like Google and AWS.

On the flip side, the blockchain world seems like it’s still finding its way, with a notable gap between hype and reality. Its intricate user interface poses difficulties in welcoming new users, while those already involved must navigate through untested products and over-optimistic business models. This situation exposes them to public scrutiny and encourages criticism and scepticism. 

Imagine if the integration of AI into blockchain projects could facilitate the onboarding of the next wave of users, offering a simplified user experience, a clearer understanding of projects, and a more developer-friendly environment.

AI can simplify user experiences in the Web3 space by assisting in understanding crypto-specific terms like “smart contracts,” “seed phrases,” and “wallets”. Blockchain projects are able to deploy virtual AI assistants trained on Web3 knowledge and built-in search prompts to guide users through actions and explanations.

Additionally, AI can analyse on-chain data for optimal strategies. Instead of sifting through resources like CoinGecko and DeFiLlama, AI tools can provide quick access to information like Bitcoin’s highest price this month or top-performing tokens with a market cap of over US$100 million. This speeds up individual research to the level of larger teams with bigger resources and budgets for more hires. 

Also Read: SGTech launches GenAI jobs and skills guide in response to Singapore’s National AI Strategy 2.0

Similarly, developers who often have to deal with a scattered assortment of technical resources will also find AI advantageous for streamlining product development. For instance, AI can look at blockchain transaction movements and assist in comprehending the flow of funds, especially following security breaches. 

Looking ahead

Recently, we’ve witnessed significant progress in recognising and implementing collaborative blockchain and AI solutions: Congressman Tom Emmer has acknowledged the role of blockchain in content authentication, and Microsoft partners with Aptos to deploy AI and blockchain offerings. From politicians to major tech companies, there’s growing recognition, and more efforts are being made to bring AI and blockchain closer together.

The symbiotic relationship of AI and blockchain is not a matter of “if” but “when.” As our reliance on AI continues to grow, so does the need for trust in digital information. Blockchain is an effective solution to address the trust challenges in the digital age. Its ability to securely record data origins provides the much-needed proof of authenticity required in the era of AI.

Simultaneously, AI can enhance blockchain with user-friendly interfaces and streamline technical resources for developers. We’re optimistic about this fusion and its potential to shape a more transparent and reliable Web3 future.

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

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Prompt: Create an image that blends the innovative use of AI in business with a vibrant, Gen Z-inspired aesthetic. Picture a dynamic, colourful workspace filled with young professionals engaged in creative brainstorming, surrounded by holographic displays of AI interfaces, emoji-filled chat bubbles, and playful data visualisations. Add elements like quirky desk decorations, trendy tech gadgets, and a backdrop of digital art, all under a neon glow. The scene should buzz with energy and a sense of fun, reflecting a workspace where work and play merge seamlessly, embodying the spirit of Gen Z’s approach to productivity and innovation.

I remember this time last year, I was fascinated with the new world of AI. Like many of us, I learned how to use ChatGPT, and I was already super excited with the answer it gave me by what was then ChatGPT 3.5. Fast forward a year later, and we’ve seen so many AI tools in the market and so many new innovations. But how do we know which AI tools to use and which will be useful for our business?

The right questions to ask as a leader: What are the immediate AI use cases to unlock creativity and free up resources? How can I use AI to focus on my genius zone and delegate dreadful parts of my tasks? How can I use AI to be a better leader?

As a Partner and CMO of Remote Skills Academy, I run this non-profit organisation that focuses on empowering individuals with digital skills to allow them to work remotely and live life on their own terms. I’m not only overseeing marketing but also managing the organisation’s day-to-day operations, including building the team. We’re a lean team of five people, and half of them are not full-time. We will need all the extra help to do our work in an effective and efficient way.

Also Read: The rise of generative AI in digital mental health solution

Prompting principles

Understanding how to prompt is crucial in using generative AI. The quality of your output is as good as the quality of your input. Some of the things I make sure are there while prompting with ChatGPT or other generative AI tools:

• Context: Give ChatGPT context by providing details about yourself or your business. This can be your business goals, target audience, etc., condensed into paragraphs.
• Roleplay: You can ask ChatGPT to act as a subject expert to give you more precise results
• Iteration: Working with ChatGPT is all about iteration. If ChatGPT give answers you’re not satisfied with, ask it to:
  • Add more explanations
  • Provide feedback on what you like
  • Tell it what you didn’t like about the results
  • And what do you want to see instead
• Training: LLMs (Large Language Models) such as ChatGPT are powerful because they can provide responses without needing specific examples (zero-shot prompt), but you can also give examples of similar content that you love so they can use the reference (one-shot prompt), or you can provide multiple examples (multiple shots prompt). This is the game-changing part.

Use cases

After understanding the prompting principles, we’re already halfway there to reach our goal. I’ll show you the ways I use AI tools in my daily operations.

Ask AI to write like me

In my job, I write a lot, especially to build thought leadership and attract inbound leads through content creation on LinkedIn. To save time, I train ChatGPT to understand my writing style. I gave some examples of my writing and asked them to remember my writing in Lia Sadia’s style. Then I will ask it to write a post for me. Usually, it will be a great foundation that I can edit, work on, and add stories and a human touch to it.

Content editing and repurposing

In the world of digital marketing, content is king, but it’s not just about creating new content—it’s about making the most of what you already have. That’s where content repurposing comes in, and AI plays an important role in speeding up this process.

By leveraging AI tools, I’ve been able to take our existing content and transform it into various formats suitable for different platforms and audiences. For instance, an audio/video interview with a media can be turned into a detailed blog post, a series of social media posts, or even a short TikTok video. You can even ask AI to suggest hooks you can use to capture your audience’s attention in five seconds.

Some of the tools I use for this are Capsule and Otter.

Create stock photos for social media

Finding the right visuals for social media can be a daunting task, especially when you’re looking for something very specific, like stock photos with Indonesian faces and certain hand gestures. This is where AI tools like Midjourney help.

Also Read: How AI and blockchain collaborate for a transparent Web3 future

By inputting detailed descriptions, I can generate custom stock photos that meet our exact needs, all within a minute. This capability not only saves time but also enhances the authenticity and relatability of our social media content, making it resonate more with our target audience.

Chat with your emails and your documents

With Bard, you can now connect it to your Gmail and Google Drive. You can chat and ask questions about your email and documents, summarise email threads, and draft responses. This not only streamlines our workflow but also ensures that we can focus more on strategic tasks rather than getting bogged down by administrative duties.

Create presentation visuals in minutes

Creating compelling visuals for presentations is crucial for engaging our audience, whether it’s for internal team meetings or external stakeholder engagements. With AI-powered presentation tools, like Gamma.app, we can generate stunning presentations in a matter of minutes, tailored to the theme and content of our presentation. These tools understand the context and suggest designs that enhance our message, making our presentations more impactful and memorable.

Give insights from your data

Data is at the heart of informed decision-making, but analysing vast amounts of data is not easy, especially if we’re not familiar with the process. AI tools excel in sifting through data to provide actionable insights, whether it’s identifying trends in our marketing campaigns or uncovering efficiency gaps in our operations. We can make data-driven decisions quickly, ensuring that our strategies are aligned with our goals and the market’s demands.

Be careful not to give too much context on your data when you’re asking for insights because most of the existing AI tools are designed for personal use. Research more to get a corporate package of the tools, which will give you a feature to protect your data.

Help automate your process

Efficiency is key in running a lean team, and process automation is a game-changer. AI tools can automate repetitive tasks, in our case, from events management to the student enrolment process. We use the Zapier plugin at ChatGPT, which can give ideas on how to set up the automation and then actually create automation for us.

Fast learning with YouTube summary

The wealth of knowledge available on YouTube is incredible, but sitting through long videos to find relevant information can be time-consuming. AI tools have revolutionised the way we learn by providing concise summaries of lengthy YouTube videos.

I used Glasp YouTube Summary to capture the transcription and asked ChatGPT to provide the summaries. I can also immediately share this information with our team, who can quickly grasp the key points of a video, which is particularly useful for staying up-to-date with the latest trends and skills in digital marketing and remote work. This accelerated learning process ensures that we remain agile and informed, ready to adapt to new challenges and opportunities.

Also Read: Rewriting the creation process of ad creatives using generative AI

Strategic business partner

Beyond just a tool for operational tasks, AI has become a strategic business partner. I will have self-reflection conversations with ChatGPT, solving problems and challenges within the organisation and giving me ideas to better recognise the needs of my team and fulfil them. AI helps me to dream and broaden my vision.

What are we going to do with our free time?

These AI automation have freed up our team’s time, allowing us to focus on creative and strategic tasks that require a human touch. By integrating AI into our processes, we’ve not only increased our productivity but also improved our job satisfaction, as we’re able to dedicate more time to more impactful work. We also have time to not only do deep work but also deep learning. Deciding a topic that we wanted to dive into, and become the best at it to serve the organisation and community.

I can feel it has already enhanced the quality of life at work and made our time more fulfilling. Now, it’s your turn. How have you been using AI tools in your business operations?

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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

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I’ve always been deeply fascinated by psychology — the scientific exploration of the human mind and its influence on behaviour. This fascination also encompasses affective computing, a field that merges insights from computer science, psychology, and cognitive science.

The increasing burden of mental health issues, along with advancements in technology and a deeper understanding of the biopsychosocial model of health, has spurred interdisciplinary research to enhance our understanding of mental health disorders, which have profound effects on our communities globally.

The global mental health landscape

According to the World Health Organisation:

• Mental, neurological, and substance use disorders account for over 10 per cent of the global disease burden (approximately 280 million people have depression globally)
• In countries with low to middle-income levels, a staggering 85 per cent of individuals suffering from mental health conditions go untreated.
• The lost productivity resulting from depression and anxiety, two of the most common mental disorders, costs the global economy US$1 trillion each year. 

The China Brain Project, a 15-year project targeting major scientific discovery and technological development for early diagnosis and intervention of brain diseases and brain-machine intelligence technology by 2030, estimates that if no effective treatments for brain diseases emerge in the coming decades, the global medical care system is likely to collapse by 2050.

Also Read: Strengthening mental healthcare in Asia through local data that enhances efficacy

This intersection where technology meets healthcare is where its disruptive nature transforms into a lifeline for humanity. Technological advancements, particularly in AI, neuroscience, and psychology, are not just reshaping industries; they’re pioneering the development of innovative diagnostic tools and treatment methods for brain diseases. These tools include obtaining data on emotions at scale through apps to mapping and coding out brain activity using AI devices.

My journey and explorations

As someone who has worked in high-growth tech startups for over a decade, my journey mirrors this larger narrative of technology’s capacity to both disrupt and heal. Growing a tech startup is all about relentless execution, and it came at the expense of my mental health.

Despite the constant challenges, this experience has led me on a lifelong path of personal growth and reinforced my commitment to contributing to solving some of humanity’s global mental health burden with technologically sustainable solutions, both personally and professionally.

Beyond my work in tech startups, I embarked on both an academic and practicum path by pursuing a Professional Diploma in Psychotherapy, Counseling and Positive Psychology with The School of Positive Psychology (TSPP), taking night classes every weeknight after work for two years.

Deep down, I want to explore how I can consciously evolve into the best version of myself as a human being and how people can engage with me on a new level of openness and emotional vulnerability with my personal growth work and mental health advocacy through technology. 

During the COVID-19 lockdown, I co-founded a startup called Ministry For Good, which seeks to raise awareness of mental health issues and how technology can be used to improve access to mental health care and help scale other social impact causes. Our first project was raising awareness of the symptoms of dementia and exploring how AR/VR technology can help with reminiscence therapy.

In the broader spectrum of my tech roles, I became a super user of digital mental health solutions, testing out current product offerings in the market on myself, which extended to generative AI solutions. Although generative AI models cannot experience emotion as humans do, these models can be programmed to recognise emotional cues from text, speech, or facial expressions and adjust their responses accordingly, mimicking how emotions affect human thought and behaviour.

This is often used in fields like affective computing, where AI is designed to detect and respond to human emotions, enabling an empathetic response from a chatbot to potential early detection of mental health issues.

Also Read: From chatbots to therapists: How AI break ground in bridging the mental health care divide

Rana El Kaliouby, CEO and Co-founder of Affectiva, an emotion AI startup, writes in her book Girl Decoded, “I was also struck by the vital role of emotion in enabling people to make sound decisions. At the time, I believed that the best decisions were based on cold, calculated logic that didn’t let feelings get in the way. In fact, as I learned, decades of neuroscience showed just the opposite to be true. Your “feelings” don’t get in the way. They improve your thought processes.”

AI in mental health: Enriching emotional intelligence

This understanding underscores the potential for AI to not just automate tasks but to enrich our emotional intelligence. In this light, digital mental health solutions emerge as conduits between the analytical capabilities of AI and the nuanced realm of human emotions, fostering an environment where technology supports and enhances mental well-being.

I envision a collaborative future where digital mental health solutions evolve to become more empathetic, advanced, and interactive, revolutionising mental health care. In the future, mental health professionals leverage the efficiency of AI in routine tasks such as diagnostics, monitoring, and research, thereby enhancing their productivity.

This allows them to dedicate more time to activities that truly set them apart from machines: their emotional intelligence, creativity, and deep interpersonal connections. Meanwhile, individuals can engage with AI-powered tools like chatbots or virtual assistants, which offer simulated scenarios to encourage positive thought patterns and behaviours.

However, the integration of AI into mental health care requires ethical, practical, and clinical considerations. It is crucial that governments intervene with well-thought-out mental health policies that ensure the ethical application of AI while fostering innovation, ensuring a balance that benefits all stakeholders in the mental health ecosystem.

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Homam Alghorani, Co-Founder and Chief Executive Officer of Carbon Balance

The researchers estimate that the world’s emissions of carbon dioxide will exceed 40 billion tons in 2023, including nearly 37 billion tons from fossil fuels. Overall emissions are up 1.1 per cent compared to 2022 levels and 1.5 per cent compared to pre-pandemic levels, continuing a 10-year plateau as reported by the Global Carbon Project.

To tackle the ongoing climate crises, a Singapore-based climate-tech startup, Carbon Balance, is aiding e-commerce companies by leveraging technology for a balanced approach to business growth and sustainability. The company focuses on cutting emissions and funding initiatives that absorb more carbon than produced. The goal is to make sustainability accessible for businesses and consumers, fostering a more responsible and environmentally conscious digital marketplace.

Carbon Balance’s tech-driven approach to climate crises

Carbon Balance aims to transform the e-commerce sector by aiding brands in measuring, reducing, and offsetting their carbon footprint. Employing an AI-driven approach, the company estimates the carbon footprint of e-commerce transactions by analysing product details. It provides free integration with platforms such as Shopify and WooCommerce, simplifying online store setup in under five minutes and eliminating manual data input for brands.

Upon integration, consumers at the checkout page receive a transparent insight into the carbon footprint linked to their purchases. A quick glance allows them to understand the environmental impact and, with a single click, choose to offset this footprint.

“My journey to founding Carbon Balance combines my computer science background with a deep concern for contrasting environmental attitudes. I noticed a clear divide: on one side, a group indifferent to their ecological footprint focused solely on consumption and profit; on the other, eco-extremists advocating for impractical bans on essentials like oil, plastic, and meat without considering the economic implications. Believing in a more pragmatic approach, Carbon Balance was born,” said Homam Alghorani, Co-Founder and Chief Executive Officer.

Alghorani is joined in this mission by his co-founders, Vikash Bengani and, later, James Connell (now advisor), who shared similar concerns about climate change and its current approaches.

Also Read: Why these startups focus on informal plastic waste workers in the fight against climate crisis

While many SMEs in the region are just beginning to recognise the importance of sustainability, Carbon Balance stands out by targeting larger corporations and empowering SMEs to embark on their sustainability journey amid increasing governmental push towards regulations and ESG requirements.

“Starting with e-commerce, we plan to broaden our reach across related sectors like logistics, delivery, shipping, packaging, and eventually into hospitality and events. We aim to make sustainability accessible and practical for businesses of all sizes,” said Alghorani.

The primary revenue stream for the company is a commission model, charging a 20-30 per cent fee on carbon offsets made through its platform. In the future, Carbon Balance plans to offer advanced features and a comprehensive footprint calculator for logistics and other sectors, transitioning to a subscription-based model for a steady revenue stream and continuous service enhancements.

“The combination of these revenue streams allows us to invest in research and development, ensuring we stay at the forefront of innovation in the climate tech sector,” said Alghorani.

Overcoming challenges in client focus and strategy

At Carbon Balance, the primary target clients are brands in the lifestyle consumer product sector, specifically those with monthly sales surpassing US$50,000 and a consumer base predominantly consisting of Gen Z and Millennials.

“Our solution is uniquely designed to resonate with this demographic. By integrating Carbon Balance, brands enable their consumers to participate actively in environmental sustainability. Each purchase becomes more than a transaction — it becomes a step towards a greener future. This feature particularly appeals to younger consumers who are increasingly conscious of their ecological impact and the ethical practices of the brands they support,” said Alghorani.

Also Read: Founders are pessimistic about Philippines’ funding climate in 2024: study

Addressing challenges in the climate tech sector, Alghorani stated, “Getting into the climate tech sector in Southeast Asia has brought its share of challenges, particularly regarding SME awareness. Many SMEs in the region are unfamiliar with sustainability-focused products like ours. They often prioritise immediate operational needs over sustainability and typically adopt eco-friendly practices only when they lead to cost savings.”

To tackle these challenges, Carbon Balance has adopted a strategic two-pronged approach. First, the company has ensured its solution is easy to integrate and free, removing barriers to adoption, which is crucial for businesses new to sustainability or reluctant to adopt new technologies. Second, Carbon Balance is dedicated to educating these businesses on the value of sustainability, extending beyond environmental benefits to emphasise how sustainable practices can enhance their business model.

Funding journey and future plans

Carbon Balance secured a pre-seed round from Antler, whose support has been crucial in the early stages. The company is currently in the process of raising its seed round.

“Our aim with this funding is ambitious yet clear — we intend to offset 34,000 tonnes of CO2 and remove 800 tonnes of plastic while generating US$1 million in revenue by the end of 2024. To reach these goals, we’re looking for the right venture capital institute for our seed round or an angel investor who resonates with our mission and can provide the necessary boost to enter the seed round confidently,” Alghorani.

The company’s long-term vision is centred on providing easy-to-implement sustainability options for businesses of all sizes.

“In the coming years, we aim to expand our reach across various industries, enhancing our technological capabilities to support a wider range of businesses in their sustainability journey. A key milestone we’re targeting is the widespread adoption of our integrations, leading to a measurable impact on global carbon reduction efforts,” said Alghorani.

Carbon Balance’s approach to e-commerce sustainability, coupled with its strategic vision and commitment to addressing challenges, positions it as a key player in the climate tech sector.

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Image credit: Carbon Balance

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Dear reader,

The Competition and Consumer Commission of Singapore (CCCS) has initiated a phase two review of Grab’s proposed acquisition of Trans-cab, signalling a deepening scrutiny into potential antitrust issues.

The move comes after the regulator rejected Grab’s initial commitments to address competition concerns raised during the phase one review. The CCCS highlighted that the proposed actions did not sufficiently address the risk of Grab leveraging its ownership of Trans-cab to influence driver behaviour in favour of its ride-hailing platform over competitors. The watchdog expressed dissatisfaction with the proposed two-year commitment duration, deeming it insufficient for addressing long-term market structure changes.

Additionally, CCCS found Grab’s self-policing monitoring mechanism lacking. The in-depth review, which commenced on January 25, allows Grab to submit revised commitments. The acquisition, announced in July 2023, would provide Grab control over 2,200 taxis and 300 private-hire vehicles. CCCS had raised competition concerns in October, citing potential barriers for Grab’s competitors.

This intensified regulatory scrutiny echoes past antitrust challenges surrounding Grab’s acquisition of Uber’s Southeast Asian business in 2018, reinforcing the regulator’s commitment to fair market competition.

Editor,
Sainul.

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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: Grab-Trans-cab deal is under further scrutiny; GoTo-TikTok Shop Indonesia merger complete appeared first on e27.

Pixelmon, a decentralised web3 gaming IP company, has raised a seed investment of US$8 million from investors, including Animoca Brands, Delphi Ventures, Amber Group and Bing Ventures.

Bitscale Capital, Cypher Capital, Foresight Ventures, Mechanism Capital, Sfermion, Spartan Labs, and VistaLabs also participated.

The startup will use the funding to continue developing its differentiated portfolio of casual and mid-core games.

Also Read: How AI and blockchain collaborate for a transparent Web3 future

Founded by Giulio Xiloyannis, Pixelmon delivers ownership of IP and in-game assets through its fractionalised IP ecosystem Mon Protocol. Developed by LiquidX Studios, Pixelmon features mysterious creatures called Pixelmon. Taking place in the mythical world of Nova Thera, Trainers — the creature companions — must lead their team of Pixelmon to victory. Pixelmon incentivises players with NFTs with fractional IP benefits, where holders of these NFTs have ownership rights over a portion of an item’s or a character’s IP.

The funding follows the launch of Kevin the Adventurer (KTA), Pixelmon’s first hypercasual game. A second hypercasual game, PixelPals, which features pet and habitat management blended with trading card mechanics, is set to launch on Mantle this first quarter of 2024.

Pixelmon’s regular hypercasual releases have kept the community engaged while the team focuses on its major release for the core Pixelmon IP, including a rebuild of its free-to-play desktop title, Arena, to introduce survival-based horde gameplay, new Pixelmon abilities, and core game loops, targeting a 2024 release.

Further, Hunting Grounds, an open-world adventure game with RPG elements and PvP autobattler tournaments, is set for an open beta in 2024 and a full release in early 2025, with three distinct modes: combat, social hub/metaverse, and exploration.

Also Read: How to launch collaborations that grow communities: A guide for Web3 founders

Pixelmon plans to grow its decentralised IP across verticals, including merchandise, trading card games (TCG), animated series, comic books, and more, via franchises, sublicenses and joint ventures.

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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.

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On Wednesday, Indonesian digital ecosystem giant GoTo Group announced the completion of its merger with TikTok Indonesia, the e-commerce arm of the global entertainment platform TikTok. As part of the deal, TikTok will invest over US$1.5 billion in the enlarged entity over time to provide future funding the business requires without additional dilution to GoTo.

This was the latest update on the problem that TikTok has been facing in Indonesia since October last year, when the government abruptly banned online sales through social media channels, including TikTok Shop. The ban was made to protect small- and medium-sized businesses in the country, which is said to be threatened by the influx of cheap products from China.

While the more nationalistic amongst us might welcome this with excitement, some of us might wonder about many things.

There are indeed several things to worry about.

In an opinion piece, TEMPO points out the familial relations between GoTo shareholder Garibaldi Thohir and State-Owned Enterprises Minister Erick Thohir.

Also Read: Ecosystem Roundup: Grab-Trans-cab deal is under further scrutiny; GoTo-TikTok Shop Indonesia merger complete

Apart from that, there is also a concern about consumer data protection.

“In addition to the matter of protection of small and medium enterprises not yet being clear, TikTok Shop’s transactions with Tokopedia could lead to a problem with consumer data protection. The government must consider the warning signs from several European nations that previously banned TikTok Shop from operating because of doubts about its data security system,” TEMPO writes.

“There must be clear regulations concerning this because there have been many leaks of personal data using various fraudulent methods. The ease of social media transactions must not be allowed to cause problems for people.”

All of these are certainly worrying enough. But personally, I would like to get back to the basics: What does this mean for the Indonesian e-commerce landscape in general?

Who is the last one standing?

The easiest answer to that question would be TikTok, GoTo, and all of its shareholders. As elaborated by The LowDown, the deal is a masterstroke on ByteDance’s part.

“By taking over Tokopedia at no cost (to the contrary, GoTo pays TikTok US$340 million), TikTok Shop will gain full operational control, legitimacy of operating e-commerce and some useful local allies,” it wrote.

Also Read: Merchants selling via TikTok could be harming Indonesian economy: AC Ventures

As for Tokopedia, “This deal will save the company from the seemingly irreversible decline until now … Tokopedia will remain a going concern, and probably will thrive with TikTok now as the biggest shareholder.”

We are clear about TikTok and Tokopedia. But what about their main competition in Indonesia, Shopee?

This deal is certainly a major blow for the company, and it would be interesting to see what strategy it is going to come up next. There is no sign of any upcoming merger or acquisition on the horizon for Shopee; on the other hand, we also do not see them returning to the old days of burning cash to acquire customers.

Indonesian customers are also expecting different things from the existing e-commerce players today. Back in the day, it was all about accessibility. Can I pay using cash? How soon can this be delivered? But as Indonesians grow more accustomed to digital payments, they begin to expect something different.

If anything, Shoppe (and SEA in general) need to work from the different lines of business that they have in order to win Indonesia.

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Image Credit: Achmad Al Fadhli on Unsplash

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