Earlier this week, Indonesian fintech startup DOKU announced the launch of its Wallet-as-a-Service (WaaS) offering, a
complete e-wallet infrastructure APIs, which allows businesses to add e-wallet capabilities within their ecosystem and offer embedded wallets for their customers.

In introducing this service, the company teams up with Tomoro Coffee and Coda, which already use WaaS services in their routine operations.

DOKU provides a complete suite of online and offline payment solutions, serving over 150,000 merchants across many industries, including TikTok, Google, Garuda, Prudential, and Traveloka. As one of Indonesia’s oldest-running fintech startups, the company has seen it all. Established in 2007, it entered the market when cash was the most popular payment method in the country.

But today, digital payments have become an integral part of the lives of Indonesians. How did DOKU adjust to the changes in the market, and what plan do they have to stay relevant amidst tight competition?

In this email interview with e27, DOKU Co-Founder & COO Nabilah Alsagoff reveals them all. The following is an edited excerpt of the interview:

After years in the industry, what valuable changes have your company gone through? What is the most important milestone that you have achieved?

We will proudly celebrate our 17th anniversary in the Indonesian fintech landscape in early April of this year. Our journey began with a mission to assist international tourists in making digital payments for hotel bookings, aimed at contributing to the recovery of Bali’s tourism following the 2005 bombing incident.

Also Read: DANA Indonesia advocates fintech companies’ vital role in advancing financial inclusion

Over the past 17 years, we have evolved from being a payment gateway to establishing ourselves as a prominent fintech payment company to over-industry solution products, serving a diverse clientele of over 150,000 merchants ranging from enterprises to SMEs.

We earned trust and received challenges from our merchants. As we committed to bringing solutions for payment fintech challenges, we came up with solutions, which is why we have a wide range of products and services. Of course, this is followed by the comprehensive licenses. Our merchants’ pain points actually helped us shape our product strategy over time as we witnessed the fintech industry evolve in Indonesia.

On top of that, our mission remains the same: to make payments easy for everyone by streamlining complex enterprise payment processes and making them more efficient.

In addition to launching this wallet-as-a-service product, what other strategy do you use to adapt to changes in the local market?

Indonesia’s market is very fragmented, and people have different behaviours related to payments according to their needs and surroundings.

Moreover, merchants’ business requirements change dynamically; thus, we believe the industry would need a scalable payment infrastructure that can grow together with their business. DOKU offers a single payment platform with a complete range of payment products that can easily be mixed and matched by various businesses from different categories and scales for a smoother payment experience.

What valuable lessons have you learned from operating in Indonesia?

Our industry is regulated by Bank Indonesia (BI, the Indonesian central bank). Hence, it is important that we pay attention to all the guidelines, especially when releasing new services. We are expected to innovate fast to keep pace with the market demands, and it is necessary for us to balance this with compliance requirements. There is no shortcut to it.

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

What do you think will be the most important fintech trend in Indonesia this year?

BI foresees a continual surge in digital banking transactions, with projections indicating a 23.2 per cent growth in 2024 and 18.8 per cent in 2025.

Open Banking will start to be mainstream, as it gives customers more control over their financial data, enabling them to access a wider range of products and services. This drives innovation for new players such as digibank or even the smaller banks to enter the market and compete.

Another notable trend is QRIS payments, especially now with the option of cross-border acceptance. We will see many merchant apps embedding QRIS in their ecosystem, whether online or offline, for a seamless and customised checkout experience.

What other innovation do you plan to launch in 2024?

As DOKU moves towards payment fintech solutions, we will still focus on providing merchant-facing solutions beyond payments. For example, there will be more products and services designed ‘as a service’ to support the backroom operation of a company, on top of our bread-and-butter ‘accept payment’ solutions.

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Image Credit: Doku

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Dear reader,

Terraform Labs’s recent Chapter 11 bankruptcy filing adds a new chapter to the saga of the 2022 collapse of stablecoin TerraUSD. The Singapore-based company, now navigating legal complexities in both the US and Singapore, lists assets and liabilities between US$100 million and US$500 million.

Despite the financial turmoil, Terraform Labs commits to honouring obligations to employees and vendors without seeking additional funding. The filing aims to facilitate the execution of the company’s business plan amid ongoing legal battles, including litigation involving the Securities and Exchange Commission.

The SEC’s civil case, tied to the collapse of TerraUSD and Luna, postponed due to co-founder Do Kwon’s extradition proceedings, underscores the global impact of the alleged US$40 billion cryptocurrency fraud.

Terraform Labs faces a challenging road ahead, balancing legal obligations while planning the expansion of Web3 offerings.

Sainul,
Editor.

=====

News

Terraform Labs files for bankruptcy protection in US
The firm behind the stablecoin TerraUSD, which collapsed and roiled cryptocurrency markets in 2022, filed for Chapter 11 bankruptcy in the US; Singapore-based Terraform Labs listed assets and liabilities in the range of US$100-500M.

Clime Capital raises US$127M in first close of new greentech fund
Key investors include Allied Climate Partners, Australian Development Investments, and the Global Energy Alliance for People and Planet; The fund will be putting money into renewable energy, energy efficiency, electric mobility, and electrical grid businesses.

Insignia backs US$6M round of SG bookkeeping startup Bluesheets
Bluesheets helps businesses process financial data through automated workflows; As of mid-2022, Bluesheets had over 10,000 corporate clients, including Fidelis Capital, Guzman y Gomez, and Osome.

French digital asset firm Flowdesk raises US$50M to secure licenses in SG, US
Investors are Cathay Ledger Fund, Eurazeo, ISAI, Speedinvest, BPI, and Ripple; Flowdesk offers services such as market making as a service (MMaaS), OTC trading, and treasury management.

TikTok usage is starting to slow — is TikTok Shop to blame?
While TikTok’s growth remains positive, that growth is decelerating; In 2022, TikTok’s MAUs grew an average of 12% y-o-y per quarter, but this figure fell to 3% y-o-y per quarter in 2023.

FinAGG raises US$11M to expand MSME financing in India
Lead investors are BlueOrchard and Tata Capital; Founded in 2019, FinAGG has reached over 85K borrowers in 100 Indian cities, disbursing over US$629M to date; The firm also provides loan management systems customised to the needs of local and international financial institutions.

Hackers breached Microsoft to find out what Microsoft knows about them
The firm said the hacking group, Midnight Blizzard, widely believed to be sponsored by the Russian government, hacked some corporate email accounts, including those of the company’s senior leadership team and employees in its cybersecurity, legal, and other functions.

Animoca partners with Honda to co-develop vehicle-related gameplay
Honda and Darewise (an Animoca subsidiary) will co-develop new gameplay and game assets for Life Beyond, including in-game items, activities, and Ordinals featuring Honda.

Razer Fintech taps BillEase for BNPL
Through the partnership, clients of Razer Merchant Services will be able to offer BillEase’s BNPL services to their customers; These include card-free installment options that enable users to pay within 10 to 20 days or over the course of several months.

From our contributors

Empowering women at work: Pre-hiring stage is the key
The greatest push for gender equality at work starts from the very beginning of the funnel: even before the hiring stage.

From potential to prosperity: Blockchain’s role in reshaping Southeast Asian economies
Blockchain integration in nations like Malaysia marks a transformative era, addressing real-world challenges; a robust solution, not just a trend.

The rise of unlicensed money lenders and their impact on Malaysian society
The issue of unlicensed money lending casts a long shadow over Malaysian society, causing immense harm to individuals and communities.

Why investing in women entrepreneurs is a smart move for the future
We should take a moment to salute the rising number of successful businesswomen in Asia who have shown remarkable passion, resilience, and belief.

Hacking your way into angel impact investing with just US$10K
As the Head of Special Projects at Top Tier Impact, I will give you these much-needed tips on how to start angel impact investing.

The great EV transition: Is Asia ready?
As the EV market matures, we can expect a surge in innovation with insights and experiences from one influencing the other regional markets.

How to revolutionise the banking and finance industry with Robotic Process Automation
Unlock efficiency, save time and costs, and ensure regulatory compliance — just a glimpse of RPA’s myriad benefits in banking.

From the archives

Having the right team is the single biggest determinant of your success: 123RF Co-founder Stephanie Sitt
123RF co-founder Stephanie Sitt strongly encourages young entrepreneurs to be opportunists and approach as many investors as possible.

Startup funding rounds: A handbook from seed to exit
Funding rounds mark important milestones for a private business as it often comes up with a new valuation of the firm in the market.

‘SEA needs to grow together and produce more quality unicorns’: Vertex Ventures’s Carmen Yuen
‘The purpose of a business is to achieve profitability. This is a discipline that all companies should have, regardless of macroeconomic conditions.’

3 things I have learned about the SEA startup ecosystem in the last 8 years
One of them includes refraining from doing harm. Because, in this close-knit startup ecosystem, someone will always find out.

Move fast, save things: How StartupX adapts to changes in the events industry during the pandemic
Durwin Ho of StartupX explains why the team always have the role of a “station master” in their every event.

Features & Interviews

‘Young, tech-savvy population contributes to cryptocurrency growth in Vietnam’
Cryptocurrencies have found more takers in Vietnam because nearly 70% of adults lack access to formal financial services, says Nicegram CPO.

SEA startups secure millions in funding, unveiling diverse innovations
The surge in funding signals a collective belief in the potential of the startups to drive innovation and address pressing challenges.

—

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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Will AI add to creativity and productivity, or will it unleash destructive forces that will decimate jobs and industries as we know it? Amid the polarising debates, there is no question that  AI technology already has and will alter how we work across sectors – including the Public Relations profession.

Industries need to get proactive about AI guidelines

With regulatory responses lagging behind technological advances, it falls on individual sectors to determine how to use AI. At Milk & Honey, we have spent time understanding the specific uses of AI technology within the PR industry. We have also studied important topics of compliance and strategies for agency self-regulation. These have been documented in our newly launched AI Ethical Playbook.

Yes, AI can solve pain points for the PR industry

A hybrid human/AI approach can bring about substantial time-saving solutions for creatives in the public relations industry. For example,

• Generate initial ideas for design: this type of AI solution can create a starting point, encompassing colour and brand language to create a range of visual identities. This would not replace a designer; instead, it would support them in delivering early mock-ups. We see this as speeding and reducing the cost of the design process — with benefits for the agency, its designers and clients.
• Content summary: this type of AI solution allows an agency to rapidly summarise large text sections without employing significant human resources. This capability can help teams quickly get to grips with an issue and identify salient points – again reducing agency resources and cost to the client without compromising quality.
• AI transcription tools: an agency pain point is often deploying many team resources in, for example, a client meeting or story mining session. The ability to cut down on the number of human attendees will reduce costs to the client – removing the need for a dedicated human note-taker brings benefits to both parties. An added benefit of an AI transcription tool is that it doesn’t miss anything being discussed – which humans often understandably do.
• Writing support tools: The most obvious example of these is ChatGPT, but we would only use this technology in very specific circumstances – where it adds and does not detract. These circumstances could include providing initial ideas to a human writer (e.g., suggesting story angles), assisting in research or the early stages of brainstorming.

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

The human differentiator in PR remains critical

The fundamentals of good PR are rooted in human context, understanding and empathy. At the moment, AI-generated content is only “virtually indistinguishable” from human outputs and, even then, only at “first glance”. Very soon, the hype will die down, and people will be able to differentiate between the human and AI.

If brand storytelling, a thought leadership article, or a social post is left to a machine, imagine how our clients would feel if they realised an algorithm led the thinking. Would they think their agency is taking them for granted and doesn’t care about thoughtful output? If clients feel that all PR is now sounding the same — relying on the same algorithms that scrape the same content from the same sources — why would a client retain a PR partner?

They could easily cut out the middleman and access technologies directly. For the public relations profession to provide true value to clients, we at Milk & Honey believe that human-led PR is the differentiator — a symbol of excellence, engagement and respect.

Businesses are excited yet cautious and challenged about AI adoption

Based on a survey conducted with Milk & Honey’s global clients, we found that 9 in 10 companies said it is extremely or fairly important that their PR agency stays up to date with and adopts AI tools. At the same time, 83 per cent expressed concerns about data security, over 65 per cent were worried about potential errors, and over 40 per cent were concerned about the lack of regulation in this space.

Research suggests that Asia Pacific will see significant adoption of generative AI to enhance productivity in 2024. However, due to risk-averse corporate cultures and insufficient data management capabilities, only 30 per cent of companies will be able to leverage AI’s advantages. Challenges exist for APAC firms needing help to operationalise customer trust via their marketing and sales functions.

Trust by design

As regulation races to catch up, PR agencies need to set up safeguards to lessen the risk of misuse — both intentional and unintentional. Milk & Honey sees the Warsaw Principles as comprehensive and indicative — and they inform our ongoing work in AI:

• Transparency, disclosure, and authenticity: mandating clear disclosure when generative AI is employed, especially when crafting reality-like content.
• Accuracy, fact-checking and combating disinformation: highlighting the need for rigorous fact-checking, given AI’s potential for disseminating misinformation and producing disinformation.
• Privacy, data protection, and responsible sharing: prioritising data protection, compliance and dissemination.
• Bias detection, mitigation, and inclusivity: advocating for the detection and correction of biases in AI-driven content and the promotion of inclusivity.
• Intellectual property, copyright compliance, and media literacy: stressing the respect for intellectual property and copyright laws.
• Human oversight, intervention and collaboration: reinforcing the necessity of human oversight in AI-powered processes.
• Contextual understanding, adaptation, and personalisation: encouraging tailored content approaches for different audience channels.

Also Read: ‘AI is a race for innovation; regulation will only develop effectively once winners are announced’

Responsible use of AI needs to be the norm

As an agency, we believe in embracing AI responsibly. The Milk & Honey AI Ethical Playbook serves as a guide towards human-centric use of AI in the realm of Public Relations. The Asia Pacific region has unique cultural, social and economic contexts. As brand communicators serving local and global clients in Asia, a human-led AI approach is essential in ensuring authentic, trusted and culturally nuanced messaging.

The AI Ethical Playbook, with a foreword from Dr. Christian Stiegler, an award-winning researcher and internationally renowned expert on emerging technologies, including XR, AI, technology ethics and the metaverse, is available here.

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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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Remember the grainy days of influencers hawking products from their cluttered bedrooms? Yeah, that quaint trend faded faster than a filter trend. Forget messy backdrops and mumbled pitches — think catwalks bathed in neon, celebrity chefs whipping up magic in futuristic kitchens, and a whole lotta production polish. Welcome to the future of online sales, where high-impact, brand-controlled ‘livestreams’ are beaming straight from the runway (or the lab) to your phone.

Take Zara’s recent Douyin debut. Five hours of pure fashion bliss hosted by a supermodel, not just showcasing clothes but taking viewers on a sensory journey through design studios, fitting rooms, and even the camera crew. No pushy sales pitches, just an immersive brand experience. And guess what? It snagged over a million viewers — a far cry from your average bedroom-based influencer haul.

So, why the shift? Why ditch the “influencer BFF” routine for the slick production dance? Here’s the decoder ring:

Control is king (and queen)!

Influencers, for all their charm, come with baggage. Brand messages get diluted, competitor products sneak in, and let’s face it, not every bedroom screams chic fashion haven. Livestreams give brands the reins. They curate the story, highlight their aesthetic on their terms, and build a direct connection with the audience. It’s the difference between renting someone else’s apartment and throwing a rager in your own mansion, complete with velvet ropes and laser light shows.

Production value matters

Sure, authenticity resonates, but let’s be real — polished visuals are like dopamine drips for our eyeballs. High-quality productions grab attention, elevate brand perception, and create a buzz that bedroom banter rarely can. Think fashion film meets interactive shopping spree, and you’ve got the picture.

Building brand identity is paramount and permanent

Influencer collaborations are cool, but they’re like yesterday’s hashtag – fleeting and often forgettable. Livestreams let brands tell their own story, showcase their values directly, and forge lasting connections with consumers. It’s not just about selling a dress; it’s about making viewers feel like they’re part of the Zara world like they’re invited to the exclusive backstage after-party.

Brand safety becomes a nightmare. Influencers are influencers because of their followers; one wrong word about the brand and the brand is doomed. There are too many examples of this to fill up a listicle.

Also Read: Why live commerce is here to stay in Asia

However, before we crown the high-production emperor, let’s consider the dark side:

Cost can be galactic if done one brand at a time

Building a production studio / VR studio, hiring special effects wizards, and luring celebrity chefs isn’t exactly pocket change. This high-gloss approach might leave smaller brands feeling like they’re stuck with a flip phone in a smartphone world.

Authenticity fatigue comes too quickly

Can too much polish backfire? Overproduced streams might feel sterile, lacking the genuine spark that draws viewers to influencers. Finding the balance between brand control and relatable charm is key. Imagine a fashion show where the models recite pre-scripted lines — it’s just not the same. A baby care product livestream need not be just about polish. It can be about a young mother who is a stand-up comedian alongside a specialist. Done well, the game changes.

Influencers bring personality, humour, and relatable quirks

Can pre-scripted streams, however dazzling, ever truly replace that organic connection? The challenge lies in weaving brand narrative with personality to keep viewers engaged. Think witty hosts, surprise guest appearances, or interactive polls — anything to keep the human element alive in the digital stream.

In conclusion

High-production livestreams are the new playground for brands across industries. They offer unparalleled control, build deeper connections, and create an immersive experience that bedroom vlogs can’t match. But it’s not a one-size-fits-all solution.

Finding the sweet spot between polished production and genuine connection will be the key to ruling the future of online sales. So, brands, put down the influencer contracts and hit the runway (or the holodeck) — it’s showtime!

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

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

Image credit: Canva

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Today, Indonesia-based venture capital firm AC Ventures announced the final close of its fifth investment fund ACV Capital V LP (ACV Fund V), totalling US$210 million. This also included co-investment funds.

In a press statement, the firm stated that the fund is backed by global limited partners, 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 World Bank’s IFC and prominent financial institutions from the US, the Middle East, and North Asia.

AC Ventures has already started deploying and announcing investments from the fund, including leading rounds in Indonesian electric vehicle manufacturer MAKA Motors and sustainable farming startup Koltiva.

Also Read: AC Ventures aims to drive positive societal change, economic impact in SEA

“With ACV Fund V, we are not just investing in companies with significant financial upside, but in a future where economic success and societal impact go hand in hand,” explained Founder and Managing Partner Adrian Li.

“Our focus on financial returns and sustainability is not only a reflection of what is trending in the market. It is a fundamental cornerstone of our long-term investment philosophy to create significant value for all stakeholders.”

AC Ventures stated that it has increased its emphasis on sustainable impact alongside high financial returns in approaching its investment by prioritising companies that deliver strong economic value and environmental and social impact.

The firm stated that its third fund delivered an overall net impact ratio of +37 per cent as measured by The Upright Project in Finland. “This ranks the firm and its portfolio above the Nasdaq Small Cap Index (NQUSS) average of +29 per cent by a significant margin.”

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

It also stated that within the firm, 50 per cent of senior leadership roles are filled by women with 41 per cent C-level female leadership in their portfolio companies.

AC Ventures aims to differentiate itself in Indonesia by providing hands-on value-creation services to its portfolio companies, which include functional support in business development and strategic partnerships, talent advisory, government relations, financial planning, and fundraising.

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Image Credit: AC Ventures

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

The Mobility and Supply Chain Fund, with a targeted size of US$30 million, aims to innovate Southeast Asia’s technology landscape in the mobility and supply chain sector.

Malaysian venture capital firm 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.

YAM Tunku Ali Redhauddin ibni Tuanku Muhriz, Partner at Vynn Capital, commented, “As one of the most experienced venture backers in the region, MAVCAP will continue to provide us access to institutional networks, allowing us to provide better support to our portfolio companies. This is especially important in the world of constantly changing market dynamics.”

Also Read: DANA Indonesia advocates fintech companies’ vital role in advancing financial inclusion

With the backing of experienced partners, startups can access essential resources and expertise to drive innovative solutions for the future of vehicle and transport infrastructure. The Mobility and Supply Chain Fund also aims to address current challenges in fostering a more sustainable and greener environment through technological solutions. This positions Malaysia at the forefront of fostering innovation in the mobility industry and promoting regional collaboration by strategically investing in companies targeting the broader Southeast Asia market.

“This collaboration aligns with our mission to catalyse innovation and growth in Malaysia and across Southeast Asia,” said Shahril Anas bin Hasan Aziz, Chief Executive Officer of MAVCAP.

With support from Sime Darby Berhad, the Fund is also enabling greater private partnerships and encouraging industry players to invest in technology companies, thereby enhancing the future of mobility across Southeast Asia.

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Image credit: Canva

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Vietnam was recently ranked top in the Global Cryptocurrency Adoption Index by Chainalysis, thanks to its high purchasing power and population-adjusted adoption of various cryptocurrency tools, including DeFi and P2P platforms. A case study showed 200,000 web3-focused groups with a 70 per cent open rate, indicating a significant audience for web3 marketers.

However, the challenge for marketers is the lack of a seamless interface to engage with this audience. Nicegram is a messenger app providing an interface for direct engagement with the crypto community. The app claims to have 25 million users worldwide, of which 3.6 million are from Vietnam.

In this interview, Sergey Sheleg, Chief Product Officer at Appvillis (parent of Nicegram), discusses the increasing crypto community engagement in Vietnam and how the app drives engagement through web3-specific features.

Excerpts:

What are the factors contributing to the growth of cryptocurrency in Vietnam?

Vietnam is blessed with a young and tech-savvy population, nearly 25 per cent of which is aged 17-35. It has undoubtedly helped emerging technologies, such as blockchain, AI, and cryptocurrency, thrive.

A potential reason why cryptocurrencies have found more takers is the fact that nearly 70 per cent of adults lack access to formal financial services. This makes crypto a potential alternative for wealth creation and payments. The strong indicators on the demand side are complemented by a futuristic startup ecosystem, enabling technological innovations in security and user experience to flourish.

Also Read: Vietnam’s Web3 revolution: Beyond Axie Infinity, unveiling the rise of diverse crypto startups

The result is there to see as regional and global blockchain startups compete to influence the payments sector positively for over 5.5 million crypto users.

As the Appvillis CPO, what role do you believe innovative technology plays in supporting the growth of the Web3 community in Vietnam and globally?

Consistent innovation is a cornerstone in nurturing the growth of the Web3 community, both in Vietnam and on a global scale. It’s about leveraging technology as a tool and an ecosystem enabler to foster connectivity and creativity.

With a burgeoning interest in digital innovations, technologies like blockchain and AI are pivotal in demystifying Web3 concepts in Vietnam and making them accessible to a broader audience. Globally, these technologies serve as a bridge, bringing together diverse communities under the umbrella of Web3, facilitating seamless interactions, and driving forward the digital economy.

The role of innovative technology is also crucial in fostering an environment of trust and security, which are fundamental in the Web3 space. By continually adapting and evolving our technologies at Appvillis, we aim to stay at the forefront of this digital revolution, empowering users and communities to explore and embrace the vast possibilities of Web3.

How has Nicegram managed to facilitate a high engagement rate, and what strategies or features have contributed to this success?

Nicegram’s significant traction in Vietnam hinges on our ability to blend advanced messaging features with deep community engagement. This synergy has resonated strongly in a market traditionally known for its community-centric values.

Central to our success has been a strategically designed referral programme that harnesses the power of community networks, amplifying our reach and impact. Furthermore, the anticipation and excitement among our Vietnamese users for our upcoming Web3 and SocialFi developments have significantly bolstered our position. This keen interest clearly indicates our alignment with the evolving digital needs and aspirations of users in the region.

Could you share insights into the challenges faced by marketers targeting the Web3 community and how Nicegram addresses these challenges to enhance user engagement?

In the Web3 space, community managers face several challenges in educating and speeding up adoption among target consumers. Nicegram has largely managed to overcome this issue as a community-focused messenger interface. Our approach enables community managers to access tools encompassing AI, analytics, advertising, monetisation, engaging mechanics, educational content, gamification, and blockchain integration to achieve their key user engagement objectives.

Also Read: Visionaries clash over idealism while tech industry embraces Web3’s game-changing potential

Integrating these tools into Nicegram allows for continuous education and engagement within a familiar environment, making it easier to grow, nurture, and maintain interest among communities in decentralised projects.

Nicegram’s AI assistant is popular among Telegram community administrators because it streamlines content management within Messenger. We also focus on developing tools for growth, monetisation, and promotion of communities.

Conversely, features such as community reputation systems and token-gated access ensure access to credible data to assess the value of various communities. An initiative we are invested in is creating a hub for Telegram communities, which will function like a launchpad for communities. This hub will provide all the necessary tools for growth and development in one place and drive greater ROI for marketers.

Considering the increasing popularity of DeFi platforms, how does Nicegram incorporate features that cater specifically to the DeFi community within its user base?

SocialFi epitomises the seamless integration of DeFi into social networks. At Nicegram, we’ve been actively exploring how to maximise this integration’s impact on our platform and deliver the greatest value to our users. We believe that SocialFi is the most fitting and forward-looking direction for the evolution of a messaging app, a belief supported by our internal surveys indicating that about 70 per cent of Nicegram users are already engaged with cryptocurrency or decentralised/crypto services.

Integrating blockchain technology, DeFi and cryptocurrency into messaging apps is a fundamental shift that brings new opportunities for users and creators.

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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 ‘Young, tech-savvy population contributes to cryptocurrency growth in Vietnam’ appeared first on e27.

The Crypto Wealth Report revealed a surprising increase in global crypto adoption in 2023. 

Malaysia ranked 10th in the report, surpassing expectations in high-income countries such as Singapore and the US. This achievement, particularly in ‘Innovation for Technology’ and ‘Economic Factors’ metrics, not only highlights Malaysia’s growing crypto community but cements its position as a formidable crypto hub contender in Southeast Asia. 

These findings showcase the versatile and universal impact of blockchain technology across various economic strata, from upper-middle-income to well-established economies. Malaysia has actively embraced blockchain technology, using it as a tool for innovation, overcoming infrastructural challenges and fostering solutions that address real-world challenges. 

The growth of local Malaysian crypto communities, spearheaded by a new wave of developers and entrepreneurs, is not just about technological advancement. It is the nation’s commitment to leverage advanced technologies like blockchain to uplift communities.

Financial inclusion through blockchain

In contrast to higher-income countries, a significant portion of the population in upper-middle-income economies remains unbanked or underbanked. In Malaysia, approximately eight per cent of the population is unbanked, while over 55 per cent are underbanked. Despite these challenges, the country’s high internet penetration rate, at 97.3 per cent, presents a unique opportunity for financial inclusion through blockchain technology. 

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

Blockchain-powered financial services offer a gateway for individuals to access essential services like banking, remittances, and microloans. This advancement is particularly crucial in bridging the gap for those traditionally excluded from the financial system. 

A testament to this potential is the partnership between Acxyn and MDEC. Acxyn, the world’s first IP tokenisation platform, revolutionises the concept of asset ownership. By converting intellectual property into tradeable digital assets, it enables individuals to invest in diverse commodities such as digital art, game assets, and software. More than asset tokenisation, this innovation also democratises investment opportunities for the broader population, given they have access to a smartphone and internet connectivity. 

Initiatives like this, when supported by the government, are instrumental in driving economic growth from the grassroots level. They not only validate the transformative potential of blockchain technology but also underscore the government’s commitment to fostering innovation, bringing these solutions to the market, and positively impacting communities.

Real problems, real solutions

One of the most significant advantages of blockchain technology is its ability to address real-world problems. This is particularly evident in the strategic partnerships between government entities and emerging tech startups. These collaborations are crucial in harnessing innovation and new technologies to create fresh opportunities within the economy. 

A prime example is the recent partnership between Quurk and MDEC, a game-based learning company. Quurk is pioneering the first open-world learning game in the Web3 space, offering a unique platform where students can learn to code. More than just an educational tool, this initiative leverages blockchain technology to make education more accessible and engaging. Young developers not only learn how to code but also develop skills which are becoming increasingly relevant, thereby futureproofing the next generation of leaders.

Such public-private partnerships, particularly within the blockchain ecosystem, are important in upskilling the next generation. They play a pivotal role in increasing educational accessibility, thereby preparing young individuals for a rapidly evolving digital world. Beyond the economic space, blockchain technology’s societal impact is also profound.

Also Read: Exploring blockchain’s potential impact on the education sector

It extends to job creation, attracting foreign investment, and community education. By fostering educational opportunities and nurturing the next generation of entrepreneurs, these initiatives enable societies to reskill and upgrade, positioning themselves competitively on the global stage. 

To sum it up

In conclusion, the integration of blockchain technology in developing nations like Malaysia marks a transformative era. This integration goes beyond being a trend, emerging as a robust solution to address real-world challenges.

By enabling access to banking investment services, blockchain technology plays a crucial role in narrowing the financial inclusion gap, democratising financial opportunities and bringing economic empowerment to those previously excluded, particularly the unbanked and underbanked populations. 

Furthermore, the blockchain is also a catalyst for creating new opportunities. It stimulates investments and nurtures a new generation of entrepreneurs. The commitment of local communities, when combined with strategic collaborations and support from governments, is pivotal in driving this transformative change. 

As upper-middle-income societies begin to embrace blockchain technology, they are provided with the opportunity to adapt and thrive. This adoption is key to bridging the development gap with more affluent Western nations, positioning these societies at the forefront of the global innovation landscape.

More than a technological advancement for upper-middle-income nations, blockchain technology represents the cornerstone of a more inclusive future, set to pave the way for equitable growth and shared prosperity.

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Darewise Entertainment, a Web3 game technology company and subsidiary of Animoca Brands and the company behind Life Beyond (gaming metaverse), and Animoca Brands Japan have joined hands with Honda Motor to co-develop transportation and vehicle-related gameplay in Life Beyond

The collaboration will see Honda’s innovation and craftsmanship integrated into Life Beyond “to usher in a new era of transportation” on the world of Dolos, the planet where Life Beyond (the upcoming AAA science fiction destination) takes place.

Also Read: ‘Young, tech-savvy population contributes to cryptocurrency growth in Vietnam’

Honda and Darewise will co-develop new gameplay and game assets for Life Beyond, including in-game items, activities, and Ordinals featuring Honda.

Benjamin Charbit, CEO of Darewise, said: “In addition to adding to in-game utility and style, we think that the ideation and innovation generated by this collaboration will enhance the game experience tremendously.”

Darewise Entertainment is a Web3 game technology company founded by veterans of the AAA games industry that is currently developing the sci-fi MMO Life Beyond. It has offices in Paris, Barcelona, and London.

Also Read: Animoca Brands Japan secures US$45M from parent, Mitsubishi

Life Beyond is a gaming metaverse where players embark on a journey to build a new civilisation on Planet Dolos. In this sci-fi world powered by a player-driven tokenised economy, player-citizens can decide who they want to become and the role they want to play in Life Beyond’s complex and many-layered society. The project embraces the open metaverse philosophy to create immersive experiences.

Last October, Animoca Brands announced a strategic partnership with NEOM Company, the company behind Saudi Arabia’s iconic project NEOM City, to drive regional Web3 initiatives in line with the Kingdom’s Vision 2030 plan. Animoca Brands will work with NEOM on building Web3 enterprise service capabilities with global commercial applicability, which will be deployed to support technology advancements in Riyadh and the NEOM region.

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How hard is to build a global tech company without taking VC money?

“Quite hard”, admits Stephanie Sitt, Co-founder and CEO of Inmagine Group, parent of well-known stock images site 123RF.com.

Andy Sitt and his wife Stephanie Sitt started Inmagine in 2000 when ‘startup’ was still an alien word in most parts of the world. Today, with over 350 employees across 44 offices worldwide and with a content portfolio of over 100 million unique files, Inmagine owns and operates a number of companies across stock libraries of images, vectors, audio, footage, design elements, templates and editing tools to cater to multiple clientele, geography and partner.

Its business units also include CraftBundles, Designs.net, EasyDesign, LoveSVG, TheHungryJPEG (which it acquired in March 2017), Pixlr, SoundBounce, StockUnlimited, Story & Heart, and Vectr acquired in November 2017).

In an email interaction with e27, Stephanie Sitt talks about the group’s growth, challenges, acquisitions and future goals.

Below are the edited excerpts from the interview:

Inmagine Group was started in 2000. Had the founders imagined the company to become global when they started?

Having run a bootstrapped startup for 19 years, it has definitely been a rewarding journey. We always ensure that our goals are placed at every milestone and hire the right talent to grow and become a global, holistic creative ecosystem.

Additionally, we strive to always stay ahead of the curve and be consistent year-on-year growth by being a fluid and dynamic organisation that responds to customers and acclimatizes towards market conditions.

Also Read: AI has the potential to perpetuate harmful biases, says Inmagine CEO

Only a few tech companies in the world have conquered great heights without raising external investment. How did Inmagine manage to grow big without funding? Did it have any VC investment offers during its more than 18 years of existence? 

We are proud to be 100 per cent bootstrapped, and our growth has historically been funded through internally generated funds. There were offers of investments in the past, but generally, it’s all about having the right fit at the right time where the factors are aligned with our vision.

Your business is centred around designs and digital pics. Are all your business units profitable already? What are the new products in the pipeline? Do you have plans to venture out to any other verticals moving forward?

While our core business focuses on offering world-class content stock libraries and editing tools to cater to multiple clientele, geography, and partners, we are more than just a content company. As a global key player, one of the elements that sets us apart from our competition is our blend of creativity and technology. And so, apart from possessing a wealth of stock content at our fingertips, we offer a more complete solution specifically catered to our customer’s needs using Artificial Intelligence, content and data, and Machine Learning.

Inmagine has acquired several companies, mostly in the US. Have you ever looked at any Asian/Southeast Asian companies for acquisition?

We do not determine our acquisitions based on location. We have acquired companies in the US, the UK, Canada, and Taiwan and have joint venture partnerships as well as investments in others. Many investments and acquisitions are strategic and meant to complement our creative ecosystem.

We analyse the current market opportunities and gaps within our current portfolio and move forward with identifying and determining the right organization to fill those gaps.

Have you ever been approached by any MNCs to buy you out? 

No comments.

Also Read: How Inmagine is Googlising its workplace to foster an inclusive and collaborative work culture

Do you have plans to launch an IPO or get any other forms of exit in the near future?

We are always open to different strategic options at a corporate level.

Which of the business units is your key revenue generator, and which is your largest target market — Asia, Europe or America?

It goes without saying that historically, most of the revenue has come from 123RF.com, our hero brand. Nonetheless, as our portfolio gradually strengthens, we are noticing that the spread of revenue is becoming uniform across the business units – especially Pixlr, TheHungryJPEG, etc.

Regarding geographies, we have a very evenly split across North America, Europe and Asia. Although we are an Asian-based company, we are still recognised as a global player, with revenue coming in from more than 40 locations that we operate in.

As of today, we have hundreds of customers across the globe, ranging from small SMEs looking for simple solutions on branding and creativity to large enterprise clients utilising multiple services of ours to help create engaging brand experiences and stories. Our client reach is across every market segment, encompassing of media and publications, advertising and creative agencies, travel and transpire, eCommerce and Internet, etc.

Can you share your FY18-19 revenue details? 

No comments.

There have been a handful of free stock image sites in the market. Does this affect the revenues of 123RF?

Although there is a certain market segment for free sites, companies such as Inmagine Group focus on quality assurance and authority. As mentioned, while we focus on offering micro stock content and editing tools to various clients and consumers, we are more than just a content licensing company.

Also Read: Astrology-agnostic? Wait. Here’s a startup that can predict whether your startup will fail or not

Apart from having a platform with over 120 million content, we offer a holistic solution tailored to customers’ needs using AI, content and data, and Machine Learning.

There are quite a few stock image firms across the globe. How tough is the competition? 

With large organisations like Shutterstock, Adobe Stock and Getty, one can affirm that we’re in a highly competitive market space. However, we like to differentiate ourselves based on our ability to consider our customers’ demands and feedback, needs and requirements, and anticipate challenges ahead of the curve by delivering quality solutions. We have an increasingly varied portfolio of products and services, especially in the SaaS space, which differentiates us from the rest.

How have your acquired companies been getting along? Are they adding real value to your businesses?

Yeah, without a shadow of a doubt!

Our acquisitions have been thought about long and hard and have been hand-selected on our ability to predict market and customer requirements. All acquisitions fit into fulfilling our mission of empowering creative professionals.

Have you ever thought of integrating cutting-edge technologies like blockchain to your products? 

We were entertaining the idea but have decided that it is not an area of focus for now as it’s still in the early stages due to market fragmentation.

What are your long-term goals? Where do you want to see Inmagine, say, ten years down the line?

World domination!

While we pride ourselves on being a leading global creative ecosystem, we are moving forward to strengthen the duality of being a creative tech company, especially on the technology-driven aspect that involves AI, content and data, and Machine Learning. This will allow Inmagine Group to serve startups, freelancers, agencies and enterprises better.

Also Read: Malaysia’s stockphoto darling 123RF gets capital injection via venture debt

How are you contributing to the Malaysian startup industry? Do you have plans to launch, say a VC fund for startups? 

We occasionally invest in startups and businesses relevant to our industry, but there are no plans to set up a VC fund. As mentioned above, our investments are not restricted to Malaysia as most of the players in the creative industry serve the international and global markets.

How hard was it to start and build the company without taking external financing when the Malaysian startup ecosystem was still in the early stages? What were the major challenges the company faced back then? What would be your advice for young entrepreneurs who are always hungry for VC funding?

Nineteen years ago, I co-founded Inmagine Group to build a better creative ecosystem for tomorrow so we can help individuals and businesses tell their stories using creative imagery, sounds and motion contributed by talents from around the world.

Today, we’ve amassed 115 million online content across all media types, with 10 million to 12 million visitors monthly. Considering only about half of businesses survive five years, my advice is to reach out and network with the right circle as well as acknowledge your startup’s greatest asset — people.

It was a lonely journey during the initial years because not many were ready to take the same leap of faith as yourself to go on an entrepreneurial venture. However, corporates today are keener to invest for ideas that have the potential to be ahead of the curve in the market. And so, I strongly encourage young entrepreneurs to be opportunists and approach as many investors as possible, and then make the effort to socialise, especially at entrepreneurial events.

At first, a startup is a collection of people. Having the right people on your team, especially early on, is the single biggest determinant of your success. So, find the best people and invest in them. When you’re a startup, they’re likely the only real assets you have.

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Image Credit: Inmagine

The article was first published on February 18, 2019.

The post Having the right team is the single biggest determinant of your success: 123RF Co-founder Stephanie Sitt appeared first on e27.