The landscape of mental health, especially in Southeast Asia is complex, with burnout on the rise, nuanced and sensitive cultural needs, and limited treatment options that address those cultural needs. Employees in Asia are under significant mental health strain, with 82% having a moderate to high risk of developing mental health issues, according to a recent report. This has placed local employers in unfamiliar territory, with a workplace mental health crisis they have not been prepared for, and with a mandate to act.

For many local employers, it is their first time implementing mental wellbeing programmes for their employees. For international employers, some resources are available but those resources are often designed for Western users and don’t comprehensively address the needs of employees in Asia. Infrastructure needs to be built from the ground up, hence, ThoughtFull was created to transform this landscape and bring about much-needed positive change.

Also read: Omnichat hit a record-high of 10x revenue growth in the SEA market

Based in Singapore with operations across Asia, ThoughtFull’s vision is to make mental health services seamless, accessible, and affordable in Asia. ThoughtFull partners with corporations, insurers, and healthcare providers to offer proactive and coordinated end-to-end mental healthcare. Thoughtfull connects with employees via a mobile application, ThoughtFull Chat, providing access to the largest network of mental healthcare professionals in the region.

Since its inception in 2020, ThoughtFull has grown rapidly to serve a range of corporate employees across the region, working in partnership with local clients such as Starhub, regional insurance providers such as AIA and FWD, and international clients such as Mattel.

Regional-first studies disrupt how data is used in creating wellness solutions

Understanding that actionable, localised data is necessary to create relevant, in-market solutions for employees, ThoughtFull works with a range of leading regional institutions, insurers and corporations, collaborating on research and development, efficacy studies, and technological advancements.

ThoughtFull’s most recent research achievement is a regional-first study across multiple demographics, conducted in partnership with International Medical University (IMU). It demonstrated the improvement of self-reported symptoms of depression, anxiety, and stress, particularly among corporate staff and females, whilst using ThoughtFull Chat. In addition to randomised control trials which are considered the gold standard for measuring the effectiveness of new interventions, ThoughtFull also emphasises the analysis of real-world evidence (RWE) obtained from programmes conducted with their corporate clientele.

Also read: Empowering businesses: Lalamove’s impact on local enterprises

As Joan Low, Founder and CEO of ThoughtFull, recently shared at the Third Singapore International Public Health Conference, “Real-world outcomes drive mental health equity. However, paradigm shifts are required to effect positive change and healthcare problems need localised solutions. Our starting point for change is understanding the real-world experience of real people. To effect this change, the ecosystem must come together. Through the depth of work that ThoughtFull continues to spearhead across Public-Private Partnerships, Research and Database building, we will focus on Real-World Evidence (RWE) and Randomised Controlled Trials (RCT) to drive better equity for all.”

Developing seamless and affordable end-to-end mental healthcare in Asia

Outcomes show this approach outperforms the industry standard. With Employee Assistance Programmes (EAPs) averaging one to three per cent as an industry benchmark, ThoughtFull’s average engagement rate hovers at just above 40%

Corporate client success cases include StarHub, one of Singapore’s major telecommunication companies, where ThoughtFull equipped 1,700 employees with end-to-end mental health support. StarHub’s leadership team was looking for a quality and impactful Employee Wellbeing Programme to equip their employees with the necessary resources and support to deal with issues of burnout, stress, and feelings of being overwhelmed.

In response, ThoughtFull provided StarHub employees with a holistic end-to-end mental health solution, including unlimited 1-on-1 coaching with a certified professional, curated wellness resources, and wellbeing trackers and assessments. Its accessibility allowed StarHub’s employees to access personalised support whenever they needed it. Beyond that, ThoughtFull also curated personalised activation programmes to help educate and empower StarHub employees with the skills they need to thrive in both their personal and professional lives.

As a testament to ThoughtFull’s services, Catherine Chia, who served as the Chief Human Resources Officer for StarHub at the time, praised the company’s dedication to its vision. “ThoughtFull is not just a business, platform, or proposition; it is a cause and purpose that the founder and team are driving — that is very compelling to us because we want to bring that same spirit to our employees. We didn’t want to introduce a well-being programme because it was a fad or because others were doing it, but because we genuinely care.”

Also read: Echelon X: 10 years of empowering the SEA startup ecosystem

As a result of this programme driven by personalised, quality care, positive behavioural changes were apparent among StarHub employees. There was a 14% average reduction in stress, anxiety, and depression levels. By combining evidence-based approaches with the accessibility and personalisation made possible by advanced technology, ThoughtFull ensures that StarHub employees have easy access to a variety of care. Since launching, 28% of StarHub employees have adopted the ThoughtFullChat app, nine times higher than traditional Employee Assistance Programmes (EAPs).

Understanding that affordability at scale also remains an issue for employers and employees alike, ThoughtFull became the first mental health company in the region to give corporate customers access to mental health support via insurers, partnering with AIA Malaysia in 2022. It also launched a similar partnership with FWD, a leading multinational insurance company based in Hong Kong, to provide access to affordable mental healthcare to employees in Hong Kong, Vietnam, and Thailand.

The app — which can be found globally on the Apple App Store and the Google Play Store — is available in 12 languages: English, Bahasa Malaysia, Bahasa Indonesia, Simplified Chinese, Traditional Chinese, Cantonese, Tagalog, Thai, Vietnamese, Khmer, Japanese, and Korean. Moreover, there is a wide variety of ThoughtFull Professionals working within the platform that speak over 22 languages and dialects through the “Chat” and “Video Therapy” features.

For more information and updates on their programmes and leading developments in the mental wellbeing space, visit their website www.thoughtfull.world or follow the company on Facebook/Instagram (@athoughtfullworld).

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This article is produced by the e27 team, sponsored by ThoughtFull

We can share your story at e27, too. Engage the Southeast Asian tech ecosystem by bringing your story to the world. Visit us at e27.co/advertise to get started.

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A recent report by the United Nations Office on Drugs and Crime (UNODC) has warned that Tether, one of the world’s most traded cryptocurrencies, has become a key tool for criminals, money launderers and scammers in East and Southeast Asia.

The report claims that Tether’s stability, ease of use, anonymity and low transaction fees have made it the preferred choice for fraudsters and money launderers alike and that its popularity is illustrated by the surging volume of cyber fraud, money laundering and underground banking cases involving the stablecoin.

However, some crypto enthusiasts and experts have challenged the validity and accuracy of the UN report, arguing that it is based on flawed assumptions, incomplete data and biased analysis. They contend that Tether is not the most preferred currency for illicit activities, that it is not as anonymous and untraceable as the report suggests, and that bad actors can use other cryptocurrencies and techniques to evade detection and regulation.

In this article, I will examine both sides of the debate and offer my own opinion on the matter.

What is Tether, and why is it popular?

Tether is a company that runs a blockchain platform and issues digital tokens pegged to real-world currencies with the backing of its own financial reserves, most notably USDT, or tether, which is tied to the US dollar one-for-one. Tether claims that its tokens are fully backed by fiat currency and other assets and that they provide a stable and transparent alternative to volatile and unpredictable cryptocurrencies.

Also Read: From potential to prosperity: Blockchain’s role in reshaping Southeast Asian economies

Tether’s main appeal lies in its ability to bridge the gap between the traditional and the crypto worlds, offering users the benefits of both. Tether users can enjoy the speed, security, low cost and global reach of blockchain transactions while also maintaining the stability, liquidity and familiarity of fiat currencies.

Tether also enables users to access various crypto platforms and services, such as exchanges, wallets, lending, gaming and gambling, without having to deal with the complexities and risks of converting between different currencies and tokens.

According to CoinMarketCap, Tether is the world’s third-largest cryptocurrency by market capitalisation, behind only Bitcoin and Ethereum, with a market cap of over US$95 billion as of January 16, 2024.

Tether also has the highest daily trading volume of any cryptocurrency, surpassing even Bitcoin, with an average of over US$100 billion traded per day. Tether is widely accepted and supported by hundreds of crypto platforms and service providers, as well as some regulated entities, such as banks and payment processors.

What are the allegations against Tether?

Despite its popularity and success, Tether has also been plagued by controversies and criticisms, ranging from its lack of transparency and accountability to its involvement in market manipulation and fraud to its vulnerability to hacking and theft. Tether has faced several lawsuits, investigations and regulatory actions from various authorities and stakeholders, both in the US and abroad, over its business practices, operations and compliance.

The most recent and alarming accusation against Tether comes from the UNODC report, which alleges that Tether has quickly become the platform of choice for money laundering and fraud operations across East and Southeast Asia.

The report cites intelligence from law enforcement and financial authorities in the region, who report that Tether ranks among the most popular cryptocurrencies used by organised crime groups, especially those operating online casinos, which have emerged as among the most popular vehicles for cryptocurrency-based money launderers.

The report also details how Tether is used to facilitate various schemes, such as “sextortion”, a form of blackmail threatening to post sexual content or information about a person, and “pig butchering”, a socially engineered romance designed to “fatten up” targets before extracting money. It claims that Tether’s appeal to criminals lies in its speedy and irreversible transactions, its low detection and traceability, and its ability to bypass regulatory and legal barriers.

Also Read: Understanding the role of fintech, blockchain in transitioning to net zero

The same report also highlights the role of “motorcades”, which are sophisticated, high-speed money laundering teams that specialise in Tether transactions. These teams advertise their services on social media platforms, such as Facebook, TikTok and Telegram, and offer to exchange Tether for fiat currency or other cryptocurrencies for a percentage of the total laundered and transferred funds. It says that these teams have seen a rapid uptick in recent years and that they pose a serious challenge to law enforcement and financial authorities.

What are the counterarguments to the UN report?

In my humble opinion, the UN report has been met with scepticism and criticism, and some other experts also question its methodology, data, and conclusions. They argue that the report is based on anecdotal evidence, selective cases and biased sources and that it does not provide a comprehensive and accurate picture of the crypto landscape and the role of Tether in it. I want to also point out the flaws and limitations of the report and offer alternative explanations and perspectives on the issue.

One of the main counterarguments to the UN report is that Tether is not the most preferred currency for illicit activities and that other cryptocurrencies, such as Bitcoin, Ethereum, and BNB, are perhaps more widely used and more suitable for such purposes.

It is cited in various studies and reports that show that the majority of crypto transactions are legitimate and legal and that only a small fraction of them, around one per cent, is associated with criminal and illicit activities.

I would also argue that Tether is not as anonymous and untraceable as the report suggests and that it is possible to track and monitor Tether transactions using blockchain analysis tools and techniques. They point out that Tether transactions are recorded on public ledgers, such as the Bitcoin, Ethereum and Tron blockchains, and that they can be linked to real-world identities and entities using various methods, such as IP addresses, wallet addresses, exchange accounts, KYC information and network activity.

It also contends that bad actors can use other cryptocurrencies and techniques to evade detection and regulation and that Tether is not the only or the best option for them. They mention the use of privacy coins, such as Monero and Zcash, which offer enhanced anonymity and obfuscation features, such as stealth addresses, ring signatures, zero-knowledge proofs and confidential transactions.

They also mention the use of crypto mixers, such as Tornado Cash and Wasabi, which offer decentralised and trustless solutions for mixing and tumbling coins, making it harder to trace their origin and destination.

What is my opinion on the matter?

Based on my research and analysis, I think that the UN report has some merit and validity, but it also has some flaws and limitations. I think that Tether is indeed a popular and convenient tool for some criminals, money launderers and scammers, especially in East and Southeast Asia, where there is a high demand and supply for crypto services and products and where there is a lack of effective and consistent regulation and enforcement.

I think that Tether’s features and benefits, such as its stability, ease of use, low cost and global reach, also make it attractive and useful for such actors, who can exploit its loopholes and weaknesses to their advantage.

However, I also think that the UN report is not conclusive and definitive and that it does not capture the whole and true picture of the crypto landscape and the role of Tether in it. I think that Tether is not the only or the most preferred currency for illicit activities and that other cryptocurrencies and techniques are more widely used and more suitable for such purposes.

I think that Tether is not as anonymous and untraceable as the report suggests and that it is possible to track and monitor Tether transactions using blockchain analysis tools and techniques. I think that the UN report is based on anecdotal evidence, selective cases and biased sources and that it does not provide comprehensive and accurate data and analysis on the issue.

To stay within my argument, here is some food for thought — Tether has conducted the biggest-ever USDT freeze of US$225 million linked to a human trafficking syndicate. They worked hand in hand on this occasion with leading crypto exchanges, OKX and DOJ. This shows Tether’s willingness to help the industry and, to a certain extent, stay accountable and transparent.

Therefore, my opinion is that it is not fair or accurate to label it as the crypto of choice for criminals. I think that Tether has a legitimate and valuable role and function in the crypto ecosystem and that it provides a stable and transparent alternative to volatile and unpredictable cryptocurrencies.

I think that Tether also has a lot of room and potential for improvement and innovation and that it can address and resolve its controversies and criticisms by enhancing its transparency and accountability, complying with relevant laws and regulations, and cooperating with authorities and stakeholders.

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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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A year ago, we highlighted the importance of businesses focusing on managing cloud costs for better profitability and sustained unit economics. Recently, we surveyed over one hundred customers and noticed a growing awareness of FinOps.

This mirrors the increased availability of literature, tools, and services in the market. Notably, Google Cloud introduced its FinOps hub, and early-stage FinOps startups globally raised over US$200 million to support growth.

At Searce, we’ve experienced a rise in demand for our FinOps services, managing cloud spending exceeding US$300 million as part of our managed services portfolio. Through our consulting services, we’ve noticed some emerging trends, and we’re excited to share them in this article.

In the above quadrant, marked in blue and orange, FinOps 101 addressed both low and high-effort, along with low savings areas:

• Achieving these often involves one-time activities and consulting, but we’ve identified a gap in sustaining overall estate optimisation.
• Our recommendations include implementing automated triggers, custom dashboards, or utilising tools like CoreStack and Ternary to ensure ongoing compliance.
• Additionally, the infographic above effectively addresses the need to enable a culture of cost consciousness throughout the solution creation process.

Application modernisation

Companies often migrate to the cloud without adapting their applications to be cloud-native, which results in them missing out on huge benefits. To unlock high-impact savings, a prime focus should be modernising application architecture. This involves an initial investment and requires a thorough discovery process with a solid business case.

Also Read: Debunking misconceptions about FinOps and cloud spending reduction

The option here can be:

• Refactoring: making small to medium-level application architecture changes using the current code base (e.g., transitioning from monolith to microservices, adopting a cloud-native API gateway, or utilising modern stacks like Firestore and Supabase).
• Redevelopment: Sometimes, the business case supports the redevelopment of the entire application due to a change in business requirements or technical debt accumulated. While this requires high upfront investment, it drives the best outcomes and can be done in phases. For example — we redeveloped a customer-facing application for a large telco, leading to an 80 per cent reduction in cloud storage cost.
• Challenges in modernising legacy applications arise because they rely on third-party vendors. There is an opportunity here involving pushing the vendor for updates or considering better cloud-native alternatives.

Automation: Infrastructure, deployment, testing, platform

Did you know that 60 per cent of any organisation’s IT budget goes into paying people and service vendors to get the work done? Surprisingly, when companies look into exploring FinOps, they often overlook this critical component in their cost structure. While digital native companies excel in this due to their cloud-native application development, enterprises find it challenging.

This can be curbed by using:

• Using Terraform to reduce infrastructure deployment time, making time to market faster.
• DevOps automation to bridge the gap between the development and infrastructure management teams. This means more releases, fewer weekend toils for developers, and lower costs for issue resolution.
• Testing automation to speed up the testing process with improved accuracy, reliability and overall quality. Testing automation reduces the time to run repetitive tests from days to hours, which translates directly into significant cost savings. Another major advantage includes an early identification of issues to avoid last-minute surprises. Overall, this helps reduce the time to market for any new or updated services in an optimised way.
• Platform and DevTooling — In large enterprises, tech teams often spend a lot of time developing components that other teams in different units have already developed.

The problem? Low reusability of code and tools. But, with cloud technology, platform engineering steps in to maximise business value. This reduces redundancy in development, enhances the developer experience, and handles overall technology debt. Take Spotify, for instance, which has developed Backstage.io, an open-sourced platform engineering approach for anyone to adopt easily.

It’s clear from our observations that mastering FinOps isn’t a destination. It’s a transformation journey powered by modernised applications and automated processes. Embrace continuous optimisation, unlock hidden savings, and watch your cloud become a cost-cutting superpower, propelling you to new heights of profitability and agility.

This article has been co-authored by Varun Mahajan, Marketing Business Partner at Searce. 

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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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Genetic Design and Manufacturing Corporation (GDMC), a design and manufacturing organisation focusing on next-generation advanced genetic therapies, has secured US$21 million in Series A funding.

Asian private equity firm Celadon Partners led the round, which also saw participation from WI Harper Group, SEEDS Capital, and NSG Ventures.

The funds will be used to accelerate novel technology and process efficiency improvements to drive greater manufacturing cost reductions for partners who aim to advance medicines through clinical trials and towards commercialisation.

Also Read: How NSG BioLabs aims to nurture biotech innovation in Singapore and beyond

CEO and Co-Founder Michael Koeris said: “With our recent funding, we aspire to cultivate stronger collaborations with more partners in the US and APAC region, working hand in hand to improve the state of healthcare and treatment for patients.”

Established in 2021 by Koeris, GDMC focuses on manufacturing advanced therapy modalities, including customised mRNA, plasmid DNA, AAV and Lentiviral Vectors. It has developed a Partnership for Drug Manufacturing Organisation model, offering support to companies, including startups, from drug design to being the one-stop shop for innovators from design and manufacturing to quality assurance and regulatory support for eventual market entry.

It has initiated construction on a 155,000 sq ft pre-clinical, clinical, and commercial facility supporting Cell, Gene, and Nucleic Acid Therapies (CGNT). It can help generate purpose-developed technologies to accelerate next-generation medicine design tools while leveraging Machine Learning to generate novel toolkits to overcome current challenges in manufacturing.

Also Read: Biotech is set to push new frontiers in precision oncology therapeutics

GDMC’s partnership approach is centred on improving genetic medicine design and development through synthetic biology and focusing on three market-relevant pillars: success-based partnerships with sponsors, technical innovation, and significantly lower cost of goods.

The team has already signed its first clients and is taking reservations for the clinical and commercial facilities expected to open in a staggered format from 2024 to 2027.

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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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As Indonesia stands on the precipice of the crucial presidential and parliamentary elections on February 14, 2024, safeguarding our democratic process is not just about securing ballot boxes but also about protecting our digital landscape.

In an era dominated by technology, the looming threat of cyberattacks poses a significant challenge, demanding our attention and collective vigilance. This article aims to unravel the intricacies of cyber threats, shedding light on potential risks, sharing real-life examples, and offering practical tips to fortify our digital democracy.

Demystifying a spectrum of cyber threats

Digital disinformation campaigns

Beyond spreading false narratives, cyber attackers may orchestrate sophisticated disinformation campaigns to sway public opinion. Manipulative content can surface across various online platforms, making it essential for citizens to critically evaluate information and distinguish fact from fiction.

Phishing expeditions

Phishing attacks extend beyond deceitful emails to include fraudulent websites and malicious messages. As the election season unfolds, cybercriminals may exploit the excitement, sending phishing lures that mimic official communication. Vigilance and scepticism are crucial to thwart these digital fishing expeditions.

Ransomware strikes

The threat of ransomware is not confined to encrypting files; it extends to disrupting critical systems integral to the election process. A well-timed ransomware attack could cripple election infrastructure, highlighting the importance of robust cybersecurity measures to ensure the integrity of the electoral system.

Deepfake manipulation

Deepfake technology allows malicious actors to create realistic yet entirely fabricated audio and video content. During the election, politicians and public figures could be targeted with manipulated media, leading to misinformation and potential reputational damage. Awareness and media literacy are vital defences against this evolving threat.

Denial-of-Service (DDoS) attacks

Imagine a traffic jam on the digital highway. DDoS attacks can overwhelm online platforms, rendering them inaccessible. Political party websites, news outlets, or election commission portals may become targets, disrupting the flow of information. Ensuring the resilience of digital infrastructure is essential to counter these virtual traffic jams.

Also Read: Two decades of digital defence: Why cybersecurity must remain a top concern for everyone

Real stories, real lessons

The social media storm (2016 US election)

The 2016 US presidential election showcased the potency of disinformation campaigns on social media platforms. Understanding the impact of such campaigns emphasizes the need for a digitally literate electorate.

NotPetya’s ripple effect (2017)

The NotPetya ransomware attack in Ukraine demonstrated the interconnected nature of cyberspace. It underscored the importance of securing critical infrastructure against ransomware threats to protect national interests.

Practical steps for digital democracy

Media literacy education

Equip citizens with the skills to critically evaluate information, identify manipulated content, and discern the credibility of sources. Media literacy is a powerful tool against the spread of disinformation.

Enhanced cyber hygiene

Elevate cybersecurity practices by regularly updating software, employing robust antivirus solutions, and securing networks. A well-protected digital environment is more resilient against various cyber threats.

Multi-Factor Authentication (MFA)

Implement MFA across platforms to add an additional layer of protection against unauthorised access. This simple step can significantly enhance the security of personal and official accounts.

Collaborative threat intelligence

Foster collaboration between government agencies, political entities, and cybersecurity experts to share threat intelligence. Proactive information sharing can strengthen defences against evolving cyber threats.

Final thoughts

In the delicate dance between democracy and technology, comprehending the spectrum of cyber threats is imperative. By promoting digital awareness, enhancing cybersecurity practices, and fostering a resilient and vigilant digital community, Indonesia can navigate the cyber seas with confidence.

Let the 2024 elections stand as a testament to our commitment to a fair, transparent, and secure democratic process, both in the physical and virtual realms. Together, let’s fortify the heart of our democracy.

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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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In April this year, novice investors experienced the first crypto scare of their lives as prices of the biggest altcoins fell from the sky. Ether, the flagship token of the Ethereum platform, was down more than 56 per cent from its all-time high of nearly US$4,400 just earlier in the month.

This recent scare has spooked seasoned and amateur investors alike and sparked furious speculation on whether the price decline sign that digital currency has entered the bear market prematurely.

While many market gurus agree that the incident is a “healthy correction” and have expressed unwavering confidence in the continuous upward trend of the crypto market, amateur investors like myself are still understandably nervous.

What can we do better to cushion ourselves from violent swings like this in future?

Diversification is key when it comes to altcoins

You’ve probably heard of the saying, “Never put all of your eggs in one basket”. This simple nugget of wisdom was born from acknowledging the concept of risk in everyday life.

Just like how humans can never predict events in this world with a hundred per cent certainty, all investments, no matter how “stable” or “legitimate” they are, cannot be divorced from risk. Diversification is a simple strategy that seeks to mitigate risk by balancing your investment portfolio across different assets.

Also Read: Bitcoin vs Altcoins: Which is the better investment?

The fundamental logic of diversification applies to every level of your investment portfolio. First and foremost, it is only wise to spread your investments across different asset categories, such as stocks, bonds, cryptocurrency, and cash. The specific asset mix that works for you is highly personal, depending on your risk appetite and time horizon.

To determine your mix, it is best to consult investing materials online and maintain an organised Excel sheet to get a good view of your current investments.

Are you diversifying?

Once you have balanced your investment portfolio across asset categories, the same must be done within each category. This is especially critical for cryptocurrencies because of their greater market volatility.

A quick search on YouTube will return tons of “how-to” videos teaching novice investors how to balance their crypto portfolios across bigger coins like ETH and altcoins, which require careful management.

These gurus claim that by investing in 10 different coins, you diversify your investments and reduce the risk of completely wiping out your portfolio from an unexpected market dip.

The recent incident should have poked holes into this investing tip. Across the board, prices for most coins fell drastically. My portfolio, which I believed was “diversified” across six different coins, lost more than thirty per cent of its value overnight.

While the coins varied in their percentage dips, spreading my investments across different coins did little to cushion the impact.

With an almost dizzying array of cryptocurrencies running on different blockchain networks and boasting various capabilities, it’s normal to think that these currencies are starkly other than one another. However, even though these coins grow at different rates, analysts have found that prices of the top 30 cryptocurrencies are strongly correlated with one another.

Also Read: Mobee launches crypto exchange in Indonesia, secures funding

There is also evidence that some lower-ranked altcoins are affected by the prices of larger coins. This means that when the price of one coin increases (especially the big ones), it is highly likely that the price of other coins will increase as well.

Sadly, the opposite is true, so you are not diversifying if most of your portfolio is only spread across the top coins.

If even buying altcoins does not work, does this mean we must make a foray into the world of “shitcoins” to diversify our portfolio truly?

DeFi investment projects

Fortunately, there is a smarter way to go about this. Rather than taking considerable risks to buy “shitcoins” that may or may not be fake, the recent explosion of decentralised finance (DeFi) projects present many exciting opportunities to diversify and grow your crypto portfolio.

Some of these projects are excellent candidates for diversification because they are stable and generally unaffected by the crypto market. Let’s take a closer look at one such durable DeFi investment product — real-world asset-based loans.

A real asset-based loan is a loan offered to the borrower based on their tangible assets’ values. Assets that businesses can use as loan collateral include equipment, inventories, and account receivables.

In case of a loan default, loaners will liquidate these assets to recover the loans they provided.

Because asset-based lending is based on the value of collateralised assets, asset values are usually stable and do not respond to market swings, even throughout fluctuating economic cycles.

Since interest rates are generated from real-world businesses and assets, investors in such DeFi projects can receive fixed-rate interest from their investments independent of market changes in the crypto world.

Traditionally, real-asset based lending is mostly available exclusively for hedge funds or private equity firms. However, DeFi technology has now made real asset-based loans available as an attractive option to investors who wish to reduce the risk of overexposing their portfolios due to market volatility in the crypto space.

#Tokenizetheworld

When it comes to investing, maintaining a diversified portfolio is half the battle won. Unfortunately, many of us fall into the trap of believing that our portfolios are diversified simply because of our different bear names’ cryptocurrencies.

It is essential that we do our homework and read more widely to rebalance our investment portfolio from time to time.

If you’re not careful, a single tweet from Elon Musk could wipe out your hard-earned investments just like that.

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

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

Image credit: CNET

This article was first published on December 1, 2021.

The post You’re not really diversifying your investments by buying altcoins appeared first on e27.

e27 has been dedicated to nurturing a supportive ecosystem for entrepreneurs since its inception. Our Contributor Programme offers a platform for sharing unique insights.

As part of our ‘Contributor Spotlight’, we shine a spotlight on an outstanding contributor and dive into the vastness of their knowledge and expertise.

In this episode, we feature Geraldine Pang, the Founder of Creative For More, a digital marketing agency using analytical solutions to solve business problems. She has a passion for AI and digital marketing, having worked with brands such as Popeyes, Maplestory SEA, Baskin Robbins, California Raisins, and TCC in Singapore.

Pang shares her personal and professional journey in this episode of Contributor Spotlight.

Thoughts, goals, and journey

Embarking on a freelancing journey, Pang gained hands-on experience in diverse digital marketing projects. Recognising the field’s immense potential, the seamless integration of tech, design, and writing became her passion, and the perpetual learning and adaptability in the industry kept her engaged.

“The ability to constantly learn and adapt on the job is what truly keeps me engaged and motivated. As my workload grew, I saw the necessity to scale my operations, leading to establishing my digital marketing agency, Creative For More,” she explained.

Looking ahead, Pang’s professional goals involve expanding and refining the services offered by her agency to better cater to the evolving needs of businesses in the digital landscape. She also aims to continue sharing her expertise and insights with a broader audience.

Also Read: Daan van Rossum: an advocate of remote and hybrid workplaces

Personally, she aspires to maintain a work-life integration that allows her to seamlessly blend her professional responsibilities with her personal life, fostering a holistic approach where her work and personal passions harmoniously coexist.

The driving force

Pang’s interest in becoming a contributor was piqued during Lynda’s PR course, where she gained valuable skills in storytelling and effective communication of her mission and ideas. She joined our Contributor Programme in 2022, publishing eight articles with over 8,000 content views.

She expressed her passion for writing: “During my time as an English literature major, I used to write extensively. Unfortunately, I had to put that passion on hold when I started working. Joining e27 as a contributor allows me to reignite my love for writing and share my insights and experiences with a broader audience. This is a fantastic opportunity to contribute to the e27 community, develop my storytelling abilities, and engage with a diverse audience.”

 On evolving industry trends

Pang specialises in end-to-end funnel management, focusing on assisting small business owners. Her expertise includes establishing and optimising digital presence through effective marketing strategies, conversion-focused websites, and automation in social media campaigns and email marketing.

She notes, “One industry trend that I’ve been closely following is the increasing reliance on AI tools to enhance workflows, especially in content and image generation. AI-driven technologies like Midjourney and ChatGPT have revolutionised how businesses create and manage content, making it more efficient and cost-effective. For instance, AI-driven content generators can create blog posts, product descriptions, and social media captions, saving businesses valuable time and resources. Similarly, AI-driven image generation tools can help create custom visuals and graphics for marketing campaigns, reducing the need for expensive design work.”

Advice for budding thought leaders

For aspiring thought leaders, Pang’s top advice is to tailor content to the platform’s focus and audience. Thoroughly researching and ensuring contributions align with the platform’s interests and goals is crucial, as relevance is key to capturing attention.

Also Read: Sapna Chadha: Navigating Southeast Asia’s tech landscape and AI trends

“Utilise AI tools such as ChatGPT to fact-check spelling and grammar, ensuring that your writing is error-free and polished, which enhances your credibility as a communicator. Consistency, relevance, and attention to detail are key factors in establishing yourself as a thought leader and successful contributor,” she adds.

Juggling too many things?

Balancing the demands of work, managing diverse businesses, and nurturing the personal life can be challenging, admits Pang.

“To be honest, I don’t think I’ve fully figured this out yet. It is still a work in progress! That said, to manage a delicate balance, I prioritise work-life integration, which allows me to seamlessly intertwine my professional responsibilities, contributing efforts, and personal pursuits. This approach enables me to find harmony in my daily routine while pursuing personal and professional growth simultaneously,” she said.

Staying in the loop

To stay informed, Pang actively engages in networking on platforms such as Launchpad, learns from thought leaders via YouTube and Masterclass, and subscribes to marketing and business news sources and webinars for weekly updates.

For those seeking insights into digital marketing and entrepreneurship, Pang recommends The Brand Gap by Marty Neumeier for brand strategy and design insights and Profit First by Mike Michalowicz for practical financial strategies.

“Stay curious and adaptable in the ever-evolving world of digital marketing and entrepreneurship. Embrace change, seek knowledge, and be open to new perspectives — these qualities will empower you to thrive in the dynamic landscape of our industry,” she concludes.

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The post Geraldine Pang: Mastering digital success through expert marketing and AI insights appeared first on e27.

In the process of creating and launching innovative products, building brand image and expanding market share, SMEs and entrepreneurs often have no time to take into account intellectual property rights. However, intellectual property rights are crucial for SMEs and entrepreneurs to protect innovations, consolidate market positions and bring business value.

The importance of intellectual property:

• Protect ideas: Intellectual property protection ensures that your ideas and innovations are legally protected against infringement by others.
• Market competition: Having valid intellectual property rights can give you a competitive advantage in the market and protect your business and products.
• Return on investment: Effective intellectual property rights can bring you more investment opportunities and potential benefits and enhance the value of your enterprise.

Failure to fully protect and manage intellectual property rights in a timely manner may lead to risks such as intellectual property infringement, leakage of trade secrets, and brand damage. In order to build a company’s intangible assets, we need to deeply understand these pitfalls and explore effective solutions to ensure the safety and effective use of intellectual property.

Below are six common intellectual property traps for SMEs and entrepreneurs. In response, I have shared the management plan for IP protection in different stages of development, hoping to help SMEs and entrepreneurs build up the intangible assets of their enterprises and realise sustainable development and competitive advantages.

Mistake 1: Failure to protect intellectual property rights in a timely manner

• Patents: Ignoring patent protection can result in innovations being copied by competitors and losing your market share.
• Trademarks: Unregistered trademarks can make your brand susceptible to imitation, causing confusion and reputational damage.
• Copyright: Failure to protect your copyright may allow others to use your work without authorisation and damage your creative rights.
• Domain name: Unprotected domain name. It may lead to increased search costs for consumers and confusion about the brand. You will also lose traffic and customers that originally belonged to you, resulting in business losses.
• Trade secrets: Ignoring trade secret protection may lead to core trade secrets being leaked to competitors, weakening the company’s competitiveness. It may even undermine customer trust, causing the relationship to suffer.

Also Read: Set sail with intellectual property: Your business’s journey to success

Mistake 2: Failure to use intellectual property rights appropriately

• Innovation and protection: Combining innovation with intellectual property protection to promote business development and sustained growth.
• Branding and marketing: Use intellectual property to create unique brands and marketing strategies to attract more target customers.
• Failure to identify existing intellectual property: Most startups and SMEs often fail to recognise the valuable assets that exist within the business. Startups should regularly ask themselves: “What do we do better than everyone else?” The answer likely points to intangible assets worth protecting.

Mistake 3: Not monitoring competitors’ intellectual property

Market competitive intelligence can be accomplished through patent landscape analysis, trademark or domain name Whois searches. The information thus obtained not only allows early identification of possible infringements but also enables appropriate legal action to be taken to protect your intellectual property rights.

It can also be used as an early warning tool for competitors who are about to introduce new technologies or products to the market so that the company can make strategic responses through active R&D or marketing activities.

Mistake 4: Not properly managing intellectual property

• Records management: Establishing systematic records management to ensure the security and easy access of critical documents and evidence.
• Update and maintain: Regularly update and maintain your intellectual property to maintain its effectiveness and authority.
• Risk assessment: Evaluate potential risks and threats and develop appropriate strategies and measures to protect your intellectual property and reduce future intellectual property issues.

Mistake 5: Not establishing clear IP ownership provisions in employment agreements or with third-party vendors

Depending on state jurisdiction, the work product of employees or independent contractors may not belong to the Company. Companies may find themselves unable to use the results of projects they fund because intellectual property ownership may be unclear or belong entirely to third parties.

It is recommended to introduce IP ownership clauses in employee agreements to identify IP ownership between co-founders and be cautious about outsourcing critical work to external partners.

As a corollary, the startup should be the ownership holder of the intellectual property, rather than the startup founder himself.

Mistake 6: Not protecting in the correct jurisdiction

Intellectual property rights are national and protected in the jurisdiction in which they are granted.

Entrepreneurs must be careful to protect innovation in the right jurisdiction. It’s a balancing act because the more jurisdictions you add to the application process, the higher the cost.

Typically, entrepreneurs seek to protect innovations where the startup has a market and/or competition. This is a strategic decision that requires understanding the intellectual property protection process, obtaining market information, and budget management.

The following is divided into the basic version of the early stage of entrepreneurship, the entrepreneurial startup defensive version and the advanced version of the monetisation of intellectual property rights in three phases to give some program recommendations in the hope of helping small and medium-sized enterprises and entrepreneurs to protect and utilise intellectual property rights effectively.

Intellectual property protection in the early stages of starting a business

In the early stages of your business, you need to establish a solid intellectual property foundation to ensure that your innovations are properly protected:

Understand the types of intellectual property rights

Learn about the different types of intellectual property, including patents, trademarks, copyrights, domain names, and trade secrets. Clarify which types of intellectual property rights your innovations are applicable to so that they can be protected in a targeted manner.

Conduct a risk assessment

Assess whether your products or services are at risk of infringement, understand your competitors’ intellectual property rights, and whether your innovation is worth protecting.

Protect core technologies or ideas, register trademarks and domain names

If your business involves critical technology or ideas, consider applying for a patent to protect your invention or innovation.

Also Read: The best new year resolutions for startup founders: Offering ESOPs that actually work

Also, make sure your trademarks and domain names are unique and available. Register trademarks to protect your brand identity and domain names to prevent others from taking them.

Establish trade secret protection measures

Take appropriate measures to protect trade secrets, such as signing nondisclosure agreements, controlling access to knowledge and protecting confidential company information.

Use non-compete and confidentiality agreements

When working with suppliers, partners or contractors, make sure you have appropriate non-compete and confidentiality agreements in place. These agreements can limit access to and use of your intellectual property and ensure that partners will not disclose or exploit your intellectual property.

Intellectual property protection in the early stages of starting a business

In the early stage of starting a business, you will face more market competition and business challenges. You not only need to manage your own intellectual property rights but also learn to defend yourself:

Monitor market infringements

Regularly monitor the market for infringements, including trademark, patent and domain name infringements. Use trademark monitoring services, patent search tools, and domain name alert services to identify infringements promptly.

Maintain and manage existing intellectual property rights

Ensure that protection measures for patents, trademarks and domain names are implemented.

For patents, annual fees must be paid regularly, and the disclosure and use requirements stipulated in the patent law must be complied with.

For trademarks, it is necessary to maintain the validity of the registered trademark and renew the trademark registration certificate in a timely manner to avoid trademark infringement by others.

Also Read: Neuroscience to the rescue: How startups can dodge burnout

For domain names, regularly check and update domain name registration information to ensure the accuracy and completeness of the information. At the same time, renew your domain name in time to avoid losses caused by domain name expiration.

Strengthen awareness of intellectual property protection

Train employees and partners to increase awareness of intellectual property protection. Make sure they understand the importance of intellectual property and take appropriate steps to protect the business’s intellectual property.

Handling infringements

If infringement is discovered, take prompt legal action. Seek help from a professional intellectual property lawyer to develop appropriate response strategies, which may include sending an infringement notice, taking legal action, etc.

Look for licensing and licensing opportunities

Explore opportunities to commercialise intellectual property. Look for licensing and licensing opportunities related to your intellectual property, such as authorising others to use your patented technology or trademarks to generate revenue and expand market influence.

Intellectual property in the entrepreneurial development stage

At the development stage, where you are striving for commercialisation and monetisation of intellectual property, you need to convert intellectual property into commercial value. The following are key takeaways for commercialising intellectual property:

Intellectual property evaluation and management

Evaluate your intellectual property, determine its commercial value and develop a management strategy accordingly. Consider the market demand, competitive environment, and business model of intellectual property to maximise its commercialisation benefits.

Drive marketing and sales

Incorporate intellectual property into marketing and sales strategies. Utilise intellectual property advantages such as brand trademarks and patented technologies to publicise and promote to the market to attract the attention of customers and partners.

Intellectual property transactions or financing

Appropriately consider selling, transferring or financing part of the intellectual property. Negotiate with potential buyers, sign contracts, and ensure the transaction process is legal, transparent, and in your favour. Intellectual property financing not only obtains financial support but also fully proves that the company has valid intellectual property rights. Help enterprises improve their commercial value and market position.

Licensing and cooperation

Actively seek intellectual property licensing and cooperation opportunities, establish cooperative relationships with other companies or institutions, and jointly develop and commercialise intellectual property to achieve a win-win situation.

Continuous monitoring, updating and risk management

Continuously monitor market and technology changes to adjust and update your intellectual property strategy in a timely manner. Maintain an awareness of competitors and emerging technologies to protect and optimise the commercialisation value of intellectual property.

At the same time, in the process of intellectual property commercialisation, attention must be paid to risk management to prevent intellectual property rights from being abused or infringed.

The original intention of sharing this article is to help small and medium-sized enterprises and entrepreneurs avoid the most common pitfalls of intellectual property rights. But this article describes not all situations.

Many factors may influence the relevance of a listing to a particular company, depending on the state and nature of the technology or innovation developed by the business, the target market, the competitive landscape and even the jurisdiction.

Every business will face unique business challenges that require a tailored IP strategy. It is recommended that you make corresponding adjustments and supplements according to your own specific situation and needs. At the same time, it is also very important to consult a professional intellectual property lawyer or consultant to ensure that your intellectual property strategy is legal and effective.

The content and opinions expressed above are my own and are not financial advice or legal advice.

—

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Dear reader,

An AIPRM study reveals Singapore’s AI investment outpacing the US by 16% per thousand $GDP, showcasing the nation’s strategic commitment to technological advancement.

Despite the US leading in AI investment with US$328,548 million spent over five years, Singapore’s investment, equivalent to 1.5% of its GDP in 2022, signals notable dedication. This positions Singapore as a significant player in the global AI landscape, with the Asia Pacific contributing substantially.

The data highlights the global economic impact of AI investments, projecting a market size exceeding US$2.5 trillion by 2032. Workplace applications, notably email spam filters and chatbots for customer service questions, underscore the integration of AI into business operations.

Singapore’s ascent in AI investment emphasises its strategic position in evolving technological innovation and economic growth.

Sainul,
Editor.

News

Singapore surpasses US in AI investment: Study
A new study has revealed that Singapore’s Artificial intelligence (AI) investment rate has outpaced the US by 16 per cent per thousand $GDP; This is despite the US being the largest investor in AI, with US$328,548 million spent in the last five years.

Xendit lays off hundreds of workers
The move is part of its efforts to streamline its business; This marks the second round of job cuts for the company, following a retrenchment in August 2023 that affected a “small number” of employees from its product team.

AC Ventures Fund V hits final close at US$210M
Key investors are IFC and prominent financial institutions from the US, the Middle East, and North Asia; AC Ventures has already started deploying the capital from this fund in Indonesian electric vehicle manufacturer MAKA Motors and sustainable farming startup Koltiva.

MAVCAP invests in Vynn Capital’s US$30M mobility fund
Malaysia’s Vynn Capital established a fund to tackle challenges and opportunities in Southeast Asia’s mobility and supply chain sectors; The fund is directed towards early-stage startups in the region raising Seed to Series A rounds.

SG agency launches US$22.4M initiative for green computing research
Under the Green Computing Funding Initiative (GCFI), researchers from institutes of higher learning can collaborate with industry players to maximize the energy efficiency of computing infrastructure and software.

GDMC nets US$21M Series A for its next-gen advanced genetic therapies
Investors include Celadon Partners, WI Harper Group, SEEDS Capital, and NSG Ventures; GDMC focuses on manufacturing advanced therapy modalities, including customised mRNA, plasmid DNA, AAV and Lentiviral Vectors.

SEAbridge execs launch new platform to bring M&As online
Match.asia is a marketplace aiming to tackle common challenges in traditional M&A processes – such as inefficiency, limited outreach, low success rates, and high costs – through a data-driven matching system.

Despite slowdown, SEA sees potential in Vietnam, Philippines in H1 2023
A Cento Ventures report revealed that in 2023, SEA startups received “tepid response” from investors, logging a 54% y-o-y drop in volume; However, the decline is likely ending as the appetite for fresh investments slowly picks up.

Khazanah Nasional eyes leading Oyo’s US$400M round
Amid its delayed IPO, the Indian hospitality and travel company is looking to raise funds to reduce its debt and support expansion plans; In FY2023, Oyo’s revenue grew 14.3%, while losses were down 34%.

SGTech launches jobs and skills guide as part of National AI Strategy
This resource aims to provide business owners and employees with an overview of GenAI and its expected impact on businesses, particularly on jobs and skills; It is designed as a practical guide for business leaders who are looking to prepare their companies and employees for the GenAI world.

AI automation software firm Bluesheets raises US$6.5M Series A
The investors include Illuminate Financial, JP Morgan, Citi, SGX, and Barclays; Singapore-based Bluesheets leverages financial data points to train AI models for process automation across various industries.

On-chain financial platform VETA Finance secures US$2.85M
VETA Finance allows investors to buy structured products by pledging assets like BTC and ETH and earn from both the collateral and the structured products while holding onto their assets.

MoneyHero’s revenue jumps 50% in Q4 2023
The fintech firm posted revenue of around US$35M for Q4 2023; MoneyHero provides a personal finance aggregation and comparison platform; It rebranded from Hyphen Group and merged with Bridgetown Holdings in May 2023.

Tokopedia, NCS among companies in pilot run of AI language model for SEA
Dubbed Sea-Lion – short for Southeast Asian Languages in One Network – it will be trained to understand and generate output that incorporates the region’s diverse languages and cultures.

Digital banking meets hard realities in SEA’s emerging markets
Digital banks hoping to thrive in emerging markets will have to partner with ecosystems to bring customer acquisition costs down and to get access to data for credit scoring.

Arkadiah secures seed funding for AI-driven nature restoration solution
The investors are Golden Gate Ventures, The Radical Fund and HIRAC FUND; Arkadiah’s proprietary platform leverages AI, LiDAR, and satellite imagery to offer transparent and verifiable data.

From our contributors

Fighting the chaos of growth: 5 practices to improve corporate governance beyond the board
In this article are five key learnings on how to build a company’s corporate governance muscle and reduce “governance debt” early on.

Mastering FinOps: Focus on application modernisation and automation
mastering FinOps isn’t a destination, it’s a transformation journey powered by modernised applications and automated processes.

Tether under scrutiny: A deep dive into cryptocurrency crime allegations
Despite its success, Tether faces controversies due to transparency issues, alleged market manipulation, fraud involvement, and susceptibility to hacking.

Conversational AI in governance: Redefining citizen experiences
Conversational AI is providing an unprecedented opportunity to scale operations and automate tasks by bringing human-in-the-loop.

How to launch collaborations that grow communities: A guide for Web3 founders
To build a successful Web3 business, founders must not only create products that meet the needs of their customers but also foster a sense of community and engagement.

Why brands ditch influencers for high-production livestreams
Finding the sweet spot between polished production and genuine connection will be the key to ruling the future of online sales.

Not if but what and how: Navigating the complexities and ethical use of AI in PR
A hybrid human/AI approach can bring about substantial time-saving solutions for creatives in the public relations industry.

What businesses should take note of before taking the M&A leap
Prior to entering into M&A negotiations, it is critical that you are clear on your objectives and the key terms of the deal.

Achieving product-market fit: The ultimate guide to growth, strategy and positioning
Without product-market fit, your growth will be limited, no matter how effective your marketing and sales efforts are.

Our voyage of innovation: Reshaping global maritime logistics
AELER’s approach to maritime logistics responds to the evolving needs and challenges of the global trade and transportation sector.

Safeguarding Indonesia’s democracy in the 2024 elections
In the delicate dance between democracy and technology, comprehending the spectrum of cyber threats is imperative.

Empowering businesses: Lalamove’s impact on local enterprises
How Lalamove’s customised services help empower local businesses as the global market experiences increasing demands in the logistics space.

Contributor spotlight

Geraldine Pang: Mastering digital success through expert marketing and AI insights
Explore Pang’s insights into leveraging AI tools, achieving digital success, and balancing work-life integration.

From the archives

How to fundraise for Series A from a position of strength
Yuen says the secret to Series A fundraising is the right timing, positioning, capacity-building plans and market expansion.

Collaboration with startups begins with speaking their language: Amanda Murphy of HSBC
According to the Head of Commercial Banking, South and Southeast Asia at HSBC, there is no one-size-fits-all solutions to supporting startups.

Bitcoin and Ethereum simplified for a five-year-old
This and the following few essays are my attempt to simplify what I have learned about Web3 so far, starting with Bitcoin and Ethereum.

You’re not really diversifying your investments by buying altcoins
As altcoins owners, what can we do to better cushion ourselves from violent swings in cryptocurrencies in future?

Features

‘Impact capital can help address bottlenecks in agri productivity, bioenergy, healthcare in SEA’
China and India continue to hold massive potential for impact outcomes in healthcare and education, says Tan Shao Ming of Chief ABC Impact.

Shedding light on Singapore’s software development landscape: How collaboration drives innovation
Another detail that the report revealed is the programming language dominates Singapore’s software development community.

After 17 years, DOKU aims to maintain relevance in the Indonesian fintech landscape
DOKU provides a complete suite of online and offline payment solutions, serving over 150,000 merchants across many industries.

—

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: Singapore surpasses US in AI investments | New round of layoffs at Xendit| appeared first on e27.

This week has been eventful from a Southeast Asian startup standpoint.

Indonesian VC firm AC Ventures secured a substantial US$210M for its fifth fund, while MAVCAP invested in Vynn Capital’s Mobility and Supply Chain Fund.

Singapore surpassed the US in AI investments, showcasing its strategic commitment. GDMC raised US$21M for advanced genetic therapies, and Bluesheets secured US$6.5M Series A to expand its AI automation solutions.

Vizzio saw leadership change as CEO Jon Lee stepped down amid controversy. Vietnam’s VNG withdrew its US IPO application, hinting at a potential future filing.

In a cost-cutting move, Xendit laid off hundreds of employees, emphasising the importance of aligning resources with business strategy.

Here is a snapshot of all the major developments from across the region:

AC Ventures closes US$210M Fund V

Indonesian VC firm AC Ventures announced the final close of its fifth fund, totalling US$210 million.

ACV Capital V LP is backed by global LPs, of which 90 per cent are institutions, with returning investors making up over 50 per cent of the capital.

Key investors backing the fund include the IFC and prominent financial institutions from the US, the Middle East, and North Asia.

AC Ventures has already started deploying the fund in companies, including MAKA Motors and Koltiva.

MAVCAP invests in Vynn Capital fund

Venture capital firm Malaysia Venture Capital Management Berhad (MAVCAP), with a portfolio nearing MYR5 (US$1.25) billion, has invested in Vynn Capital’s latest Mobility and Supply Chain Fund.

The fund, targeted at US$30 million, aims to innovate Southeast Asia’s technology landscape in the mobility and supply chain sector.

Vynn Capital established a fund to tackle challenges and opportunities in Southeast Asia’s mobility and supply chain sectors. The fund is directed towards early-stage startups in the region raising Seed to Series A rounds.

Singapore pips out US in AI investments

Singapore’s Artificial intelligence (AI) investment rate has outpaced the US by 16 per cent per thousand $GDP, as per a new study.

This is despite the US being the largest investor in AI, with US$328,548 million spent in the last five years.

Although being placed tenth in the amount of money spent, Singapore invested an amount equivalent to 1.5 per cent of its GDP in 2022, according to the AI statistics report curated by AIPRM.

As of 2023, the AI market size was valued between US$136.55 billion and US$454.12 billion. The largest share is in North America, with an estimated value ranging from US$87.18 billion to US$167.3 billion, accounting for more than a third (36.84 per cent) of the global AI market share.

GDMC raises US$21M in Series A

Genetic Design and Manufacturing Corporation (GDMC), a design and manufacturing organisation focusing on next-generation advanced genetic therapies, has secured US$21 million in Series A funding.

Asian private equity firm Celadon Partners led the round, which also saw participation from WI Harper Group, SEEDS Capital, and NSG Ventures.

The funds will be used to accelerate novel technology and process efficiency improvements to drive greater manufacturing cost reductions for partners who aim to advance medicines through clinical trials and towards commercialisation.

Bluesheets secures US$6.5M Series A

Singapore-based AI automation software company Bluesheets announced securing US$6.5 million in a Series A funding round led by Illuminate Financial.

The company’s early investors, such as 1982 Ventures and Insignia Ventures Partners, and new investor Antler Elevate Fund participated.

Thge funding will play a crucial role in advancing Blusheets’s exclusive AI capabilities, enabling them to assist a broader range of clients in digitalising and automating their processes, ensuring competitiveness in the AI-driven era.

The Series A funding will be utilised to deepen existing coverage in their core client segments of banking, insurance, supply chain, procurement, and finance and accounting services.

Vizzio CEO Jon Lee steps down

Vizzio Technologies announced the appointment of CMO David Lee as its interim CEO after incumbent Jon Lee stepped down. Jon’s current role in the startup is unclear.

“We will do better and are confident that this leadership enhancement, along with our commitment to robust governance, positions Vizzio for a strong future,” the company said.

The development comes after an exposé on Jon, who admitted to lying about his PhD in computer science from the University of Cambridge.

VNG drops US listing plan

Vietnam-based tech giant VNG has withdrawn its application for an IPO in the US, ending speculations around its highly anticipated stock market debut.

However, in a filing with the US Securities and Exchange Commission, VNG said it “intends to file a new registration statement in the future.”

The company filed for an IPO on the Nasdaq Global Select market in August 2023, aiming to raise US$150 million.

Xendit lays offs hundreds of staffers

Indonesia-based Xendit has laid off hundreds of employees as part of its efforts to streamline its business.

“This exercise was difficult, but we found it necessary to align resources with business strategy, optimize the efficiency of our team, and ensure that we are best positioned to pursue new growth opportunities,” Mikiko Steven, the fintech firm’s managing director, said in an official statement.

This marks the second round of job cuts for the company, following a retrenchment in August 2023 that affected a “small number” of employees from its product team.

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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 Startup snapshot: Key developments in Southeast Asia this week appeared first on e27.