Singapore’s iconic public housing flats, enduring symbols of unity, are undergoing pivotal changes for greater inclusivity and equity. But Prime Minister Lee Hsien Loong’s recent National Day Rally also touched on another vision: We need to empower more Singaporeans to build our digital domain to forge our economic future.

For most Singaporeans, investing in a Housing and Development Board (HDB) flat is tantamount to securing a financial safety net for retirement, a means of owning an appreciating asset class, and a stake in the long-term future of the nation.

In our globalised, capital-driven economy, it’s evident that salaries often lag the gains seen in capital investments. From 2017 to 2022, the median monthly household income of employed resident households saw a real increase of just 0.6 per cent per annum.

However, a silver lining exists for Singaporeans: around 90 per cent are property owners, and around 80 per cent own their HDB flats. Their HDB properties, appreciating in tandem with the nation’s economic growth, stand as robust assets that bolster their financial security.

Furthermore, their appreciation isn’t solely a product of market dynamics. Government initiatives, such as the introduction of new amenities, MRT line extensions, and other developments, amplify their worth.

When juxtaposed against skyrocketing real estate prices in other major cities, Singaporeans are assured of access to these flats that hover on average at around only 4.5 times the median annual income. This isn’t merely an economic transaction; it symbolises a reciprocal pact between the state and its citizens, built by the government on land owned by the government.

Also Read: Why the growing UHNI population in Singapore is good news for Indian startup ecosystem

At this year’s National Day Rally, Prime Minister Lee Hsien Loong announced the next evolution in Singapore’s public housing system: a new classification framework making access to HDBs more equitable, fair, and integrated with prime locations across the city-state. This resonates deeply with many Singaporeans because, more than bricks and mortar, it’s a cherished piece of the Singaporean social compact.

But while our homes anchor us, they’re just a chapter in our larger, unfolding Singapore story. Another one is unfolding – one that’s written in code, not concrete.

A new playbook for talents to build Singapore’s digital domain

The rapid digitisation of the world is not a distant headline; it’s Singapore’s new heartland. The World Bank notes that the digital economy contributes over 15 per cent to the global GDP, growing at a rate 2.5 times faster than the physical economy in the past decade.

Additionally, the World Economic Forum anticipates that, with the swift digital transformation of the global economy, around 70 per cent of the new value in the upcoming decade will stem from digital platform business models. While we’ve made great strides in physical infrastructure, our next task is to bridge digital divides.

Singapore’s Communications and Information Minister Josephine Teo underscored that, even amidst global political uncertainties and the lingering effects of the pandemic, technology remains a cornerstone of economic growth. She further highlights the rising demand for tech-savvy professionals not just in traditional tech areas but also in sectors like banking, hospitality, supply chain, and retail.

As Singapore becomes a digital economy, this talent gap becomes more critical. With both local businesses and government bodies ramping up their digital initiatives, the need for skilled tech professionals is more pronounced than ever.

In tandem with his speech about augmenting Singapore’s HDB policy, PM Lee spoke about opportunities and challenges in the digital domain, emphasising at the National Day Rally that while technology offers new opportunities, it also presents the potential risk of job displacement due to AI and automation.

He acknowledged the difficulties many may encounter when trying to reskill and transition to new professions, especially amidst financial burdens and familial obligations. In response, the government intends to roll out short-term financial aid for those seeking to upskill after layoffs, he announced. So, what might these career transition paths look like?

In April 2021, Temasek, in strategic partnership with UST, established Temus, a digital transformation services firm to help public and private sector organisations become ready to thrive in an AI and digitally-driven future.

Temus’ flagship digital career conversion program, Step IT Up, has successfully ‘placed and trained’ two successful cohorts. Launched last year, Step IT Up’s training not only imparts technical competencies but also paves the way for good career advancement.

Imagine individuals who just a few months prior had no formal background in IT transforming into proficient software developers and digital business analysts within merely three to four months.

The growing anticipation for Step IT Up’s forthcoming third batch speaks volumes about the initiative’s profound influence on Singapore’s broader effort to help more people have a stake in the nation’s digital future. Since its inception, approximately 40 graduates – affectionately dubbed in the firm as ‘Temus Transformers’ – have benefited from Step IT Up.

Among them are brothers Christopher and Eric Tan. While Christopher formerly practised optometry, Eric was engaged as an offshore marine research engineer. Their simultaneous enrolment in the program was serendipitous.

At 38, Christopher, having previously supported his siblings’ university education, found Step IT Up the perfect avenue to realise his aspiration of transitioning to a tech-centric role, one that not only offered a competitive stipend but also assured a permanent coding position post-completion. Presently, the siblings are contributing to distinct projects within the insurance and healthcare domains.

Another notable alumnus is Soh Wen Ming, a Berklee College of Music graduate, who transitioned from being a session musician and seasoned operations manager to exploring the tech realm. As a father to two young children, Wen Ming perceived the expansive growth opportunities in tech, as undeterred by the potential challenges of switching careers midway.

During his graduation, he was honoured with a class award, a recognition of his embodiment of core values centred around collaboration and empowerment. After graduation, Wen Ming became a key member of Temus’ low-code team, making impactful contributions to major Singapore-based enterprises, such as Starhub.

Also Read: Singapore’s food services in 2023: Trends, challenges & opportunities

Today, Temus Transformers are at the forefront of solving technical challenges, steering digital projects for Temus’ clientele across diverse sectors, from environmental intelligence to digital telcos PE investments to insurance and healthcare. But the central appeal of Step IT Up lies in its ethos of inclusivity: Whether you’re a platform delivery rider or a chef, there’s room for you in Singapore’s digital future.

Onward as one Singapore, in both bricks and bytes

In a recent podcast, Professor Karim Lakhani, co-founder and chair of Harvard’s Digital, Data, and Design (D^3) Institute, along with Srijay Ghosh, a founding member of Temus, delved into the essence of a genuinely digital company.

They described it as “digital to the core” and “human on the edge,” emphasising fully automated processes powered by digital machines, all of which are conceptualised, programmed, and governed by humans.

As the push for digital transformation intensifies, it’s essential to remember the value of staying “human on the edge.” At this critical juncture in Singapore’s history, a dual narrative emerges. One highlights our unwavering commitment to enduring values, reinforcing pillars such as public housing that have been our society’s bedrock. Concurrently, we need to boldly prepare and empower locals to lead Singapore’s digital journey, ensuring wider participation in our digital workforce.

Having a stake in building Singapore’s digital future isn’t just for a select group of tech trailblazers or policymakers. Taking Singapore forward is a shared mission involving employers, individuals, and the government. Echoing PM Lee’s clarion call, let us remember that every Singaporean holds a key role in moulding our digital domain and unlocking value in our economic and societal future.

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This article was first published on September 5, 2023

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Saad Ahmed, Head of Asia Pacific at Gemini, says Southeast Asia’s (SEA) digital asset landscape offers diverse opportunities shaped by unique regulatory frameworks and use cases.

Unlike the US’s unified market, SEA is a collection of distinct ecosystems. Singapore stands out with clear regulations and a sophisticated investor base that integrates digital assets into portfolios. In contrast, stablecoins are popular in the Philippines as a hedge against inflation, while Vietnam thrives as a hub for gaming and GameFi innovation.

Gemini’s focus in the region is on enabling access to these evolving opportunities. “Whether it’s meme tokens, gaming tokens, or AI tokens, Gemini provides the infrastructure to support the community,” Ahmed explains.

Operating primarily in Singapore, which holds in-principle regulatory approval, Gemini benefits from established payment systems that ease user onboarding and trading. However, inconsistent regional regulations pose challenges, particularly in markets lacking local payment rails, such as the Philippines and Vietnam.

As a result, Gemini’s growth outside Singapore relies on organic user discovery rather than targeted marketing. Despite this, the platform attracts users across the region, including from Taiwan, Hong Kong, and Australia.

Also Read: Embracing AI and cryptocurrency: Is Hong Kong too ambitious?

In an interview with e27, Ahmed discussed Gemini’s milestones in Singapore and what the company has in store for SEA.

The following is an edited excerpt of the conversation.

How do you approach the different regulatory frameworks in the countries in which Gemini operate?

To be fair, it is a challenge, right? Unlike Europe, where there is one regulatory framework.

In a market like Asia, there are two things [that you need]: Number one, clarity around regulation. I think that makes it much easier for us to operate, having clear ground rules on what exchanges need to do or what any Web3 firm needs to do.

Number two, there are differences in nuance in what the regulations in each market apply. It is a challenge, not just for us but for the industry as a whole. That means we need to really pick and choose our focus markets which is exactly what we are doing in Singapore.

Gemini has been able to build a strong ecosystem here in Singapore. We are actually figuring out an expansion to other parts of the region, and we will be able to share more about that in due time.

As a player in this industry, do you have any aspirations about where regulation and policy should be headed?

If I had a magic wand, I would want consistent regulation across all markets. This would make it easier for global players to operate. We would not have to set up operations in specific countries and comply with just that particular market or customise products for one set of users here and another set there.

If governments and regulators across the region could come up with one regulatory framework, I think that would be much better for the industry and ecosystem as a whole.

Also Read: Institutional players set sights on crypto: What lies ahead?

In the past year, traditional banks are finally embracing digital assets. What are your thoughts about this trend?

What has happened over the last year has been a significant shift in how digital assets are perceived by the traditional finance industry. And I think the catalyst for some of that would have been the Bitcoin ETF approval [by SEC] in January.

You have players such as BlackRock and corporations that have been around for decades entering the space, and it lends credibility to the asset class. It means the asset classes are here to stay.

It is much more compelling as an asset class for them to stand behind, and with their relationships and power, I think we will see this asset class continue to grow.

The other thing that has happened with ETFs is that there used to be a more complex undertaking for financial institutions. They had to find an exchange or an OTC desk where they would buy the asset. Then, they had to find a way to custody the asset, but that has changed.

How exactly does Gemini work with the different players in this ecosystem to build a healthy and robust ecosystem for digital assets?

Our primary business in Singapore is the exchange.

We have relationships with market makers and trading firms that trade on our exchange. We also have a huge retail community that trades on the exchange. We work with financial institutions and banks providing the on- and off-ramps to our customers. What we have not done enough in the past, but we are starting to change, is to work with builders and list projects with a lot more velocity than we have previously.

There have been some challenges with that, but now that is changing. You might have seen that we listed three new tokens last week. This week, we are going to list another.

Also Read: Cross-chain interoperability: The key to unlocking crypto’s true potential

We will continue to engage with the community of builders here to determine what they are building and how we can list them on the exchange to give them access to our customer base. Obviously, they have to go through the due diligence and assessment process to ensure that the projects we are listing are the kinds of projects that we want our customers to have access to.

So, after all these years in Singapore, what are the most important milestones that Gemini has achieved?

From the time we started out, we obviously have had ups and downs,, as any crypto firm would. At the end of the day, the market cycle drives a lot of the momentum for a company like ours.

However, my personal focus over the last year has been threefold. Number one would be building a leadership team for Asia, which we did not have before. In the last six months or so, we brought on a new head of compliance, a general counsel, a head of consumer growth, a head of strategy, a head of institutional sales, a head of trading and then, folks on the marketing team. So, that has been something that I have focused on: to build a core leadership team here that is going to help build a strong foundation for us to grow in the rest of Asia.

The second has been international expansion. Due to historical reasons, a lot of our business is concentrated in Singapore. But over the last few months, we have been identifying the markets that we want to enter. We are establishing and incorporating entities in a couple of new markets as we speak.

Lastly, one of my other objectives was to make sure we are driving our licensing process forward. You might have seen the announcement, we received our in-principle approval from the MAS, and we are confident that we will be able to drive towards a license from the MAS within the next few months.

Also Read: Banking meets digital assets: Coinbase’s take on Southeast Asia’s thriving crypto landscape

Given the regulatory limitations on marketing your platform in Singapore, are you going to use a new approach for your upcoming initiatives?

In Singapore, we have started looking at other ways of engaging customers that we can do within the regulatory guidelines. This includes hosting events with customers and engaging our VIP customers by having account managers, reaching out to customers and figuring out how we can help them.

We are exercising our growth muscle in those areas within the constraints that we have to work within. But in some of the new markets we are launching, we do not have some of those restrictions, and we will be able to consider doing more ATL or performance marketing in those markets.

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Image Credit: Gemini

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Piyush Gupta, the former managing director of Peak XV Partners (formerly Sequoia Capital), has started a new investment firm, Kenro Capital. The firm will specialise in secondary transactions, facilitating the exchange of shares between investors without introducing new capital or issuing additional shares.

Kenro Capital, co-founded by Gupta and Norbert Fernandes, a seasoned private equity professional with experience at Temasek, IvyCap Ventures, and TR Capital, aims to target growth companies in India and Southeast Asia.

The firm plans to deploy US$20-30 million per investment, with flexibility for larger amounts through co-investment opportunities.

Kenro Capital aims to acquire minority stakes in growth-stage companies across diverse sectors that have achieved revenue scale, are profitable or nearing profitability, and possess key attributes positioning them for a potential public listing within 2 to 3 years of investment.

Also Read: Partior adds Deutsche Bank as strategic investor in US$80M fundraise

Leveraging its industry expertise and strong relationships with founders and venture capital funds, the firm provides liquidity solutions to stakeholders in late-stage, venture-backed companies.

Gupta highlighted a secondary market opportunity exceeding US$100 billion in India from venture-backed companies, noting that 2023 recorded a milestone US$13.5 billion in secondary transactions, up from US$9.1 billion in 2022.

“We are bridging a critical gap in the market to provide liquidity solutions to stakeholders. With impressive growth in venture capital in India and Southeast Asia over the past 15 years, VCs are focused on increasing the pace of distributions to their limited partners and that’s where Kenro Capital will play a key role,” said Gupta.

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Image credit: Piyush Gupta

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How often do startups come up with a business plan only to find themselves in a tough spot, thinking, “I should have researched more!”? 

In today’s age, skipping on any kind of market intelligence can deal serious blows to brand perception. According to Deloitte, companies that embrace a customer-centric approach are 60% more profitable than those that don’t.

Investing in market research isn’t just a nice-to-have; it’s a must-have for startups aiming for sustainable growth. By dedicating time and resources to understanding their target market, validating business ideas, identifying and analysing competition, and spotting emerging trends, startups can make strategic decisions that foster growth and profitability. 

Market research can help mitigate risks, optimise strategies, and increase the chances of success in a competitive landscape.

Market research is more than just identifying trends

In the past, it would take ages to painstakingly gather all insights from focus groups or do interviews on the streets to understand the market landscape. Startups often relied on limited data and anecdotal evidence to come up with a survey, risking costly misjudgments. 

Gone are the days of fragmented processes and delayed insights. Things have changed now in 2024. Businesses can easily access always-on audience data that deliver a wealth of insights and conduct entire research projects on a single, unified platform — from survey design and scripting to distribution, fieldwork, and real-time analysis. This empowers organisations to monitor responses instantly across various quotas and distribution segments, enabling agile decision-making and strategic pivots based on real-time consumer sentiments.

As we navigate this new era of market intelligence, companies that leverage these advanced tools will undoubtedly gain a competitive edge, transforming raw data into actionable insights with unprecedented speed and precision. For example, if you’re a startup developing a new fitness app, data intelligence could reveal valuable insights.

You might discover a rising trend in at-home workouts, learn the times when users typically exercise, understand how much they’re willing to invest in their health, and analyse their behaviour patterns. This insight could influence the app’s features, marketing strategy, and even pricing model.

Market research goes beyond just identifying trends. It also helps in understanding market size, potential growth, and segmentation. Startups can pinpoint niche markets that are underserved or identify broader market opportunities that are ripe for disruption.

It’s all about blending audience intelligence with market trends

Knowing your audience is only the beginning. The next step is to combine this understanding with broader market research to validate and refine your business idea.

Also Read: New research report: The nexus between elite university education and startup funding

With comprehensive real-time audience intelligence, startups can gather demographic and psychographic data to better understand their consumers’ interests, behaviours, and economic context. For example, demographic data on age, wealth, and lifestyle preferences can highlight key opportunities and limitations for reaching potential customers.

Beyond understanding who your audience is, it’s vital to answer important market questions:

• Demand: Is there a desire for your product or service?
• Market size: How many people would be interested in what you’re offering?
• Economic indicators: What is the income range and employment rate in your target market?
• Location: Where do your customers live, and how far can your business reach?
• Market saturation: How many similar products or services already exist?

By blending audience intelligence with these broader economic insights, startups can make informed, data-driven decisions that reduce risks and improve their chances of success.

Risks of product failure are much lower

Innovation is the lifeblood of startups, and data intelligence plays a pivotal role in driving product development. With proper market research, you’re creating a feedback loop on understanding what consumers want, what they don’t like, and what they’re willing to pay for. 

This information is golden for startups who need to constantly refine their products and developing features that address real customer pain points.

Market research helps leaps and bounds when testing product concepts and prototypes before a full-scale launch. You save time and most importantly upfront costs. Startups can gather feedback from focus groups or conduct surveys to gauge consumer reactions. 

This iterative process minimises the risk of product failure and ensures that the final product aligns with market demands.

Pricing is a critical element for startups

Pricing is a critical element for startups, influencing both profitability and market positioning. 

For instance, if you’re a fitness app startup, begin by analysing competitor pricing and conducting targeted customer surveys. This research will help determine how much your target audience is willing to pay (e.g., THB299 (US$8.25) per month) based on your unique selling points and the value your subscription offers.

Tools such as competitive analysis platforms and market research reports can provide real-time insights, helping startups adjust their pricing to stay competitive and appeal to their target audience. 

This data-driven approach ensures that pricing decisions are informed and strategically aligned with market demands.

Finding up-to-date information

The biggest issue with most startups is finding relevant and up-to-date information which can be tough depending on the industry or target market. 

Startups often face the challenge of accessing reliable data sources, especially when operating in niche or rapidly changing markets. 

Traditional market research methods, such as surveys and focus groups, can be time-consuming and may not always capture the latest trends. 

Also Read: Effective marketing strategies to win over Gen Z for your startup

To overcome this, startups can leverage digital tools like AI survey assistants and platforms that provide real-time insights. From social media analytics to industry reports, and AI-powered data platforms – a combination of this can provide valuable, up-to-date information, enabling startups to make informed decisions swiftly. 

This proactive approach not only helps in staying ahead of the competition but also in anticipating market shifts and customer needs effectively.

A startup that’s data-driven

In today’s fast-paced and ever-changing business environment, startups cannot afford to fly blind. Data intelligence is super important if startups want to make informed and strategic decisions. 

Traditional market research methods frequently struggle with scalability and speed, often failing to effectively connect with decision-makers.

If you are a thriving startup, you need to actively track your customer sentiments. This can be achieved by getting access to a centralised dashboard featuring market research tools, methodologies, and advanced processes designed to extract actionable insights from a unified, reliable source. 

This is the only approach to excel in 2024 as it guarantees that you as a business can stay agile and responsive, capable of navigating rapid changes and seizing emerging opportunities effectively.

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Pi-xcels, an interactive e-receipt innovator based in Singapore, has announced the close of its second funding round, raising US$2.7 million.

Led by Headline Asia, the round included ongoing support from Wavemaker Partners, Hustle Fund, and angel investors, alongside new contributors such as Shizen Capital and Seedstars International Ventures.

Also Read: Uplifting the underserved and women in fintech: Retail technology on the frontier of equality

The new funding will propel Pi-xcels’s global expansion, including strengthening operations in Europe, Japan, and Southeast Asia, and entering the US market. The capital will also support scaling its technology, fostering strategic partnerships, and enhancing its proprietary NFC platform.

This funding builds on the retail tech firm’s US$1.7 million seed round raised in August 2023.

Pi-xcels’s app-free, NFC-enabled e-receipt technology offers merchants an alternative way to enhance customer engagement and access actionable insights. The solution allows customers to receive digital receipts with a simple tap, replacing traditional paper receipts with an eco-friendly, interactive alternative.

Akio Tanaka, Founding Partner at Headline Asia, stated: “Pi-xcels is redefining retail tech by turning basic transactions into valuable customer touchpoints. Their proven success in Asia positions them perfectly for international expansion, aligning with our mission to support scalable, impactful solutions globally.”

Jackson Loo, Principal at Headline Asia, added: “As the software layer on payment terminals, Pi-xcels is primed for global distribution. E-receipts are just the starting point.”

Also Read: Pi-xcels raises US$1.7M funding to take its interactive e-receipt solution to Europe

With demand surging, the Singaporean startup aims to establish a new standard for digital receipts, driving the retail industry towards a paperless, data-rich future.

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Polymatech is India’s first semiconductor manufacturing company. From humble beginnings as a producer of mobile keypads and automotive polymer products in 2007, the company pivoted to focus on opto-semiconductors in 2016, becoming the sole commercial producer of these advanced components in the country.

Polymatech’s commitment to innovation extends to its use of sapphire materials in high-power applications, energy-efficient manufacturing processes, and ambitious plans for global expansion.

In this interview, Polymatech MD & CEO Eswara Rao Nandam sheds light on its transformative journey, overcoming industry challenges, and leveraging Japanese technology to deliver world-class products.

Excerpts:

Polymatech has been at the forefront of semiconductor innovation in India since 2007. Could you share your journey and the challenges faced in establishing the country’s first semiconductor manufacturing company?

Polymatech started as a manufacturer and supplier of mobile keypads for brands like Nokia and Sony Ericsson, alongside polymer products for the automotive industry. However, as mobile keypads transitioned to softkeys, we pivoted to focus on new product lines.

This shift coincided with a change in management, which brought a fresh vision to enter the semiconductor industry, specifically in opto-semiconductors. Since 2016, we’ve been manufacturing a range of opto-semiconductor products, overcoming significant challenges to become the only company in India producing opto-semiconductors commercially.

Also Read: Driving semiconductor innovation: AMD’s vision for AI and sustainability in Singapore

Both the Tamil Nadu State government and the central government have been instrumental in supporting our journey, enabling us to build a robust foundation for our operations.

Polymatech specialises in ultraviolet (UV) and infrared (IR) spectrum technologies. How do these solutions directly improve human lives, and what are some real-world applications of your products?

The UV spectrum (10–400 nanometers) has diverse applications across industries:

• Healthcare & medicine: Disinfecting and sterilising medical equipment and surfaces.
• Electronics: Photolithography for electronics manufacturing and curing resins in industrial processes.
• Environmental monitoring: Enhancing sustainability initiatives.
• Security & forensics: Advanced detection technologies.
• Arts & entertainment: Specialised lighting effects.

Similarly, the IR spectrum plays a vital role, particularly in fibre optics. Infrared light, with wavelengths of 800–1600 nanometers, ensures efficient long-distance data transmission through glass optical fibres, thanks to its low absorption rates. This technology forms the backbone of telecommunication systems, enabling seamless global communication.

Polymatech’s products integrate Japanese technology into manufacturing. What unique advantages does this bring to your production process, and how does it set your products apart?

Our collaboration with a renowned Japanese scientist in opto-semiconductors has been a cornerstone of our success. From the outset, we adopted Japanese work culture and quality standards, ensuring precision and excellence in every product.

We’ve invested significantly in automation, with robots playing a key role in reducing human intervention. Our goal is to achieve zero manpower in certain verticals, setting us apart as a leader in efficiency and innovation.

Sapphire materials are an essential part of your offerings. Can you explain their role in high-power applications and the advancements Polymatech is driving in this area?

Sapphire wafers are a critical component in high-power applications due to their exceptional thermal stability and conductivity. At Polymatech, we focus on using C-plane sapphire wafers in biomedical devices for their biocompatibility and resistance to biological degradation. These materials are also integral to power amplifiers, transistors, and other high-power electronics.

How does Polymatech prioritise sustainability and energy efficiency within your manufacturing processes and product lifecycle?

Sustainability is at the core of Polymatech’s mission. Our products are designed to be over 50 per cent more energy-efficient, and we ensure that our raw materials are environmentally friendly, posing no harm to the ecosystem. This commitment has made our products highly sought after in environmentally conscious markets like the EU and the USA, driving consistent export growth.

With the rising global demand for semiconductors, how does Polymatech approach scaling production while maintaining quality and innovation?

We’ve structured our operations into four key verticals: design, wafer fabrication, semiconductor building, and packaging and assembly. Our in-house design team collaborates with top universities and agencies to innovate and develop new products.

Also Read: SEA’s role in the global semiconductor supply chain is poised to strengthen: GlobalFoundries’s Siah Soh Yun

To meet global demand, we are strategically expanding our operations to regions like the US, France, the UK, Bahrain, and Scandinavia. Each location is chosen based on the availability of critical resources like uninterrupted power, raw materials, and market demand. Over the next five years, we aim to significantly scale our portfolio through targeted investments in these regions.

What are Polymatech’s primary goals in terms of research and development, and are there specific areas of innovation you are particularly excited about?

Our R&D is heavily focused on healthcare and agriculture products, areas where we’ve already seen market success. Looking ahead, we’re venturing into data receipt, analysis, and transmission technologies for telecommunications, satellite communications, computing, and mobile applications.

We’ve also partnered with leading institutions to develop several innovative products, which we will announce as they progress. Our commitment to innovation ensures that Polymatech remains a leader in shaping the future of semiconductor technology.

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The global payments landscape is transforming, driven by demands for greater efficiency, speed, and transparency in cross-border transactions.

To shed light on these exciting developments, The Digital Monetary Institute recently launched the Future of Payments report, highlighting innovative approaches and persistent challenges in reshaping global payment systems.

Based on a survey of central banks across different markets, the report revealed that high transaction costs and inefficiencies have long plagued cross-border payments, with 68 per cent of central banks surveyed identifying these as significant concerns.

Traditional correspondent banking systems often struggle with high fees, slow transaction times, and limited transparency, hindering global commerce and financial inclusion. Central banks worldwide are exploring various solutions to modernise these systems, including tokenisation, multi-currency central bank digital currency (CBDC) platforms, and interlinked instant payment systems (IPS).

Among these, IPS interlinking stands out as the most promising avenue, with 47 per cent of central banks supporting it as a viable solution. Projects like Nexus, spearheaded by the Bank for International Settlements (BIS), aim to create a globally interoperable IPS network using a hub-and-spoke model.

Meanwhile, multi-currency CBDC platforms, such as Project mBridge, offer alternatives to traditional banking systems but face challenges related to liquidity and governance.

Also Read: Banks must solve their core banking conundrum – or fail

Notably, Southeast Asia (SEA) emerges as a leader in addressing these challenges through its progressive adoption of digital payment solutions and cross-border payment initiatives. The region’s proactive efforts in these areas highlight its critical role in advancing global payment systems, serving as both a testing ground and a model for innovation.

Pioneering payment innovations in SEA

SEA has demonstrated remarkable leadership in modernising payment systems, particularly through IPS interlinking. The region achieved a significant milestone in 2021 with the successful linkage of Singapore’s PayNow and Thailand’s PromptPay.

This initiative paved the way for Project Nexus, which seeks to connect IPS globally. The BIS has since collaborated with five SEA countries—Indonesia, Malaysia, the Philippines, Singapore, and Thailand—to implement the Nexus model, underscoring the region’s commitment to advancing cross-border payments.

Thailand’s PromptPay and India’s Unified Payments Interface (UPI) illustrate the transformative potential of IPS. PromptPay, launched in 2016, has driven financial inclusion and reduced transaction costs in Thailand, while UPI now facilitates over 75 per cent of digital payments in India.

These successes highlight how efficient IPS implementations can reduce reliance on cash and enhance financial access, creating a more inclusive financial ecosystem.

While SEA has made significant strides, several challenges remain in modernising cross-border payments. Governance frameworks must be robust and equitable, ensuring all participants, regardless of economic size, have an equal voice. Regulatory inconsistencies across jurisdictions further complicate seamless cross-border transactions, requiring harmonised approaches to oversight.

Interoperability also remains a critical issue. Ensuring that new payment technologies integrate with existing systems is essential to creating a cohesive global payment infrastructure.

Also Read: Echelon Philippines 2024: Funding strategies for startups in emerging sectors

SEA’s role in shaping the future

As previously mentioned, one of SEA’s key strengths is its regional cooperation in payment system innovation. Central banks and system operators in the region have collaborated extensively to implement IPS linkages and explore new technologies like CBDCs.

The region’s emphasis on addressing user needs and practical challenges has been critical. For example, linking PromptPay with PayNow addressed specific pain points such as high costs and lack of transparency, bringing informal payment channels into the formal financial system.

The insights from the Future of Payments report suggest that SEA is well-positioned to shape the future of global payments. Its early adoption of IPS interlinking and commitment to collaborative innovation provide valuable lessons for other regions. By addressing governance, interoperability, and liquidity challenges, SEA can further solidify its role as a global leader in payment modernisation.

Furthermore, the region’s success with IPS demonstrates the transformative impact of digital payments on financial inclusion.

SEA’s experience offers several lessons for countries seeking to modernise their payment infrastructure. First, regional cooperation is crucial. By working together, SEA countries have achieved significant progress in interlinking IPS and exploring new technologies.

Second, addressing practical challenges should be a priority. SEA’s focus on reducing costs and improving transparency has been instrumental in its success, ensuring that payment innovations meet users’ needs.

Finally, robust governance frameworks and scalable solutions are essential. SEA’s support for the Nexus hub-and-spoke model reflects its understanding of the need for equitable and sustainable governance in cross-border payment systems.

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Deutsche Bank has joined Partior’s Series B funding round as a strategic investor, bringing its total investment to US$80 million.

This round follows an initial investment led by Peak XV Partners in July 2024, which included participation from JP Morgan, Jump Trading Group, Standard Chartered, Temasek, and Valor Capital Group.

Also Read: How Partior leverages blockchain to offer faster, cheaper cross-border payments

Deutsche Bank plans to utilise the Partior platform for Euro and US dollar settlements. The partnership will enable the bank to provide its clients with “real-time, secure, and scalable settlement solutions.” The move complements Deutsche Bank’s recent launch of dbX, an advanced correspondent banking platform.

Partior was founded in 2021 by DBS Bank, JP Morgan, Standard Chartered, and Temasek. The company enables real-time clearing and settlement of payments, increasing liquidity and transparency while reducing the security risks and delays associated with traditional systems.

Its blockchain-based network aims to address the inefficiencies inherent in traditional payment systems, including delays, lack of transparency, and high operating costs. By eliminating intermediaries, Partior streamlines clearing and settlement processes for participants in the global financial market.

It offers 24/7 operation and integrates with local currency payment systems worldwide, facilitating direct and indirect settlement flows.

The platform currently supports USD, EUR, and SGD, with plans to add other currencies, including AED, AUD, BRL, CAD, CNH, GBP, JPY, MYR, QAR, and SAR.

Also Read: Evaluating the spread of blockchain technology in the financial sector

Partior is actively expanding its network across the Americas, EMEA, and Asia, working with prominent banks, central banks, and fintech companies to drive adoption.

According to the company, it has processed over US$1 billion in transactions since inception.

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We all love our food, especially here in Southeast Asia. We care, not only how our food tastes, but also how it is distributed, sourced and even cultivated. Food has evolved from something we merely eat into a reflection of our values and identity. With issues such as food security, unsustainable farming practices and climate change, impact on crops becoming increasingly severe, solutions to address these issues become critical and with that, provides a large market opportunity to tap into.

The agri-food sector contributes more than 25 per cent of ASEAN’s GDP, denoting its potential to drive economic empowerment. Academic, private, and government-led incubation hubs have established test bed environments to help scale agri-food products toward commercialisation, while large corporations provide strategic and financial support for startups in the space.

Among ASEAN markets, Singapore has become the agri-food innovation hub, leading in regulatory frameworks, ease of doing business, and programmes and incentives to tackle food security needs. Singapore is the largest ecosystem in the region based on both the number of agri-food tech fundraises and funds raised — accounting for 38 per cent of total ASEAN funding. Indonesia comes in second with 71 fundraises and 30 per cent of total funding, followed by Vietnam with 15 fundraises and 12 per cent of total funding.

The agri-food supply chain starts upstream with the provision of inputs and production. This is where companies normally recognised as “agritech startups”, provide services and technology to improve farming efficiency, sustainability and introduce novel farming systems. The next stage is transformation, where innovations focus on new food processing techniques or enhancing ingredient functionality. Some companies opt to create entirely new types of food and beverages, with a well-known example of this being plant-based meats. 

Further downstream to distribution and consumption, solutions centre around transporting/delivering the finished food products to consumers. This can take the form of marketplaces or apps where consumers are able to discover, order and receive food, as well as technology to help businesses become more efficient in preparing and delivering food to their customers.

There is also food safety and traceability technology that covers the entire supply chain that helps sanitise food processing equipment, assess product freshness and increase their shelf-life. After consumption, then comes the question of how to handle surplus food and reduce food waste to further improve efficiency in the supply chain.

The momentum in the agri-food space has facilitated the establishment of a vast array of startups in the space across the entire supply chain. With over 270 agri-food tech startups in Southeast Asia, this ecosystem reflects the region’s dynamic and technology-driven approach to addressing food security, sustainability, and efficiency challenges (Forward Fooding, 2023). This growth is supported by a favourable mix of academic, corporate, and government initiatives, enabling these startups to access the resources needed for commercialisation and scaling. 

However, challenges remain as recent years have seen VC funding slowing; for example, vertical farming economics are challenging and often less appealing than their traditional peers. Alternative protein startups have to offer more than a great consumer ‘green’ brand to rival the traditional meat brands. In agritech, there is an increasing number of ventures, leveraging the model and riding on the success of eFishery.

Sector	Startup Count	Funding since 2013	CAGR 2019-2022	Most funded companies
Agritech	62 (22%)	US$636 million	92%	eFishery (July 2023), Series D of US$235 million
Next-gen food and drinks	70 (25%)	US$352 million	192%	nextGen (Feb 2022), Series A of US$154 million
Food delivery	65 (24%)	US$1.75 billion	81%	Line Man Wongnai (Sept 2022), Series B of US$265 million
Consumer app and service	18 (7%)	US$486 million	-71%	Trax (April 2021), Series E of US$640 million
Restaurant tech	21 (8%)	US$144 million	9%	Rotimatic (April 2018), Series C of US$30 million
Food processing	15 (5%)	US$42 million	11%	Seppure (Feb 2023), Series A of US$12 million
Food safety and traceability	4 (1%)	US$3 million	NA	DiMuto (Sep 2021), Series A of US$2.4 million
Surplus and waste management	21 (8%)	US$331 million	9%	RWDC Industries (Nov 2021), Series B of US$257 million

Source: Forward Fooding (2023)

Also Read: Can alternative proteins help build a more secure and sustainable food system?

By taking a deeper look, we have observed two promising agri-food tech verticals that present significant market potential:

Agritech

Agritech startups have gained prominence, given the need for independent sovereign food security in times of global conflict and an impending EU carbon tax. The problems this space aims to tackle can be broken down to those of farmers and consumers:

Farmers

• Lack the knowledge and support to farm efficiently, resulting in lower yields
• Utilise environmentally unsustainable practices
• Lack access to affordable inputs and profitable markets

Consumers

• Want fresher high-quality produce
• Want more consistent quality
• Want produce to be cultivated in an environmentally sustainable way

Our observations of the SEA agritech space in the past 10 months have revealed a wide variety of interesting innovations in this space to tackle the aforementioned issues:

• Crop monitoring technology: Utilise IoT/satellite/drone technology to monitor farming environment & crop health
• Produce and/or inputs marketplace: Online marketplaces to provide easier access for consumers/businesses to buy their produce or for farmers to buy their inputs
• Sustainable farming methodology and inputs: Implementation of sustainable farming practices & provision of more sustainable inputs which may also include financing
• AI/ML powered data-driven smart farming: Predictive analytics of weather patterns, supply/demand and crop yields for better resource planning and management
• Renewable energy resources: Shifts to more environmentally friendly energy sources for farming processes, such as solar or other renewables. 

That being said, some challenges still remain:

• Limited education and technology skills among smallholder farmers: Smallholder farmers frequently have. limited experience with technology, which can pose challenges in adopting new technologies and modern farming practices.
• Financing default risk: Many startups who provide financing for farmers face a significant default risk due to fraud and lack of a reliable credit scoring mechanism.
• Vulnerability to macroeconomic and environmental factors: Macroeconomic factors such as volatile price of commodities and natural disasters such as typhoons can instantly damage an agricultural business after which it is hard to recover.

Seeing is believing. In our landscaping through Southeast Asia, our team has had the opportunity to see how businesses operate on-site. One aquaculture startup implements proprietary technology to ensure efficiency in fish farming, affording farmers with higher yields hence reducing losses and wastage. Another Indonesian startup focuses on hydroponic indoor farming and implements a proprietary scheduled planting algorithm to maximise crop yields and align supply and demand to reduce wastage. 

Next-gen food and drinks

The growth of Next-gen food and drinks’ is far ahead of any other vertical, mainly driven by Singapore, acting as a catalyst for alternative protein development in recent years.

Also Read: The realities of scaling food tech in today’s resource-strapped world

The problems that these innovations aim to solve centre around changing customer need and culture, mainly:

• Demanding more healthy and novel food options (that still tastes good!)
• Accommodating dietary restrictions such as veganism or lactose intolerance 
• Demanding food that is sourced sustainably with lower carbon footprint

As such we have seen the following innovations within this space:

• Alternative food ingredients: Developing new proteins using alternative materials or fermentation methods, acting as a more sustainable food ingredient

• Alternative ready-to-eat/drink F&B: Creating new food items using alternative materials such as plant-based meat/milk or even insect-based chips

However, there are several key challenges in the agritech space that need to be addressed:

• R&D investment: New ingredients require extensive R&D, which can extend the timeline to commercialisation and demand substantial resources.
• Regulatory approvals: New food ingredients must secure approval from local regulatory authorities, such as the Food & Drug Administration, which can be a lengthy process in certain markets.
• Capital expenditures: Manufacturing and distribution often entail significant capital investment, which may impact the scalability and attractiveness of the venture.
• Product-market fit: Products must align with the taste preferences of local markets to ensure acceptance, avoiding overly novel profiles that may deter consumers.

The Radical team has been deeply engaged with next-gen food and beverage ventures across the region, recently investing in a stealth startup at the forefront of strain engineering and precision fermentation. This innovative company is also advancing downstream processes to produce high-value palm oil derivatives like high-purity oils, fatty alcohols, and fatty acids—all valorised from agricultural waste. Demand for these sustainable, high-quality alternatives is increasing (with interest across Asia, US and Europe), indicating strong potential to disrupt this industry.

Agritech and next-gen food and drinks present a myriad of great opportunities for founders to tap into, and addressing the above challenges can help establish strong differentiation.

These sectors remain relatively nascent but present significant opportunities:

• Food processing: Although capital-intensive, the upcoming EU carbon tax is likely to incentivise large corporations to adopt these solutions, positioning them to benefit from economies of scale.
• Food safety and traceability: Advancements in this area rely on increasingly complex regulatory frameworks, with initiatives like the EU’s digital food passports setting the groundwork.

In closing, agriculture, food, and climate are deeply interconnected. Smart farming practices reduce waste and leverage sustainable inputs, benefiting the environment. Certain crops aid in carbon sequestration, and transitioning to renewable energy can further lower emissions, presenting a strong climate mitigation pathway. Simultaneously, the need for soil resilience and disaster management creates critical opportunities for climate adaptation.

The Radical Fund is seeking business models that are capital-light while delivering a twin strategy of scaled commercial and climate impact. Please reach out to us for feedback or comments to share regarding the agri-food tech industry in Southeast Asia.

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Since its founding in 2009, Rouge Ventures has maintained a consistent focus on investing in innovations that address long-term challenges rather than fleeting trends.

Managing Director Desmond Marshall reflects on this philosophy, noting, “It’s not about one-time fads or tech that no one uses.”

While their core principles remain steadfast, Marshall acknowledges the transformative role of technological advancements in shaping viable solutions. Rouge Ventures was among the first to explore blockchain technology, and early encounters emphasized the importance of discerning genuine innovation from unnecessary complexity.

Rouge Ventures’ investment philosophy extends across diverse industries, supporting both established enterprises and startups. This pragmatic yet forward-thinking approach underscores the venture capital firm’s reputation as a pioneer in recognising transformative opportunities.

One such initiative is the Sustainability Innovations Research Center (SIRC) in Thailand, where Rouge Ventures has converted traditional rice fields into a testing ground for agritech startups. Currently hosting over 60 startups, this platform offers real-world conditions for innovation and access to investors and business clients. By providing this free resource, Rouge Ventures demonstrates its commitment to fostering meaningful advancements while addressing critical global challenges, further solidifying its legacy of impactful investment.

Also Read: Why agritech startups will call for the next e-commerce revolution

In an email interview, Marshall shares insights about the Southeast Asian (SEA) tech startup ecosystem and what is coming up in the industry, particularly the agritech space.

The following is an edited excerpt of the conversation.

What are your thoughts on the current state of the SEA tech startup ecosystem, and how do you see it evolving over the next few years?

It is getting better [with] better education, bigger support by communities and government.

The startups will, of course, have their own niche in SEA, focusing on local needs like farming or tourism. The solutions should be enhanced dramatically in the next few years, but I see now that it is still very premature, even for local markets.

If they needed funding, scalability in terms of size and adaptability needed to be addressed. How each country partners with which organisations is also very critical. SEA is prone to natural disasters, which affect humans and crops. SEA startups in this area could and should stand out with better credibility.

Could you share Rouge Ventures’ strategic plans for SEA in the coming years? Are there specific sectors or markets you are particularly interested in?

Farming, especially for SEA, is an important commerce and export.

Indoor farming does not work; investors are pulling out in droves. We still need horizontal outdoor farming to feed the masses because everyone is wasting food and demanding cheaper prices. This means that climate change, droughts, floods, typhoons, etc., are all big factors that new tech needs to address.

Also Read: Unlocking agritech’s potential: Can Southeast Asia rise to the challenge?

Or else there will be famine or, even worse, riots due to high food prices. That is why we converted our own real rice farm in Thailand into an agritech accelerator, where we allow international agritech startups to come, test, and showcase in a real environment in front of clients and investors.

With the launch of your accelerator, agritech has become a focal point for Rouge Ventures. What motivated this shift towards agritech, and what potential do you see in this sector?

I have always been a supporter of sustainability-related projects, assuming they were not scams. Farming is one of them, but the fact we own a real rice farm means I get to know what is really going on.

Thailand is susceptible to extreme climates these days, from extreme sun to extreme floods and rain, making it impossible to grow full harvests. This means other locations around the world are facing similar issues. And with people demanding cheaper food, we have to ensure that there are enough quantities of produce grown. Tech really needs to be involved, or it cannot sustain itself for long.

The accelerator offers tech startups a unique opportunity to test their innovations in a real-life environment. How has the global tech community received this initiative, and what innovations have you seen emerge from it so far?

We have seen many satellite imagery startups doing farm predictive analytics. Most farmers are clueless about this area, as they rely on local weather reports. AI advancements are speeding this process up and making it more accurate, while at the same time showing how serious climate change is in the SEA area.

Startups are very receptive; how often do you have some venture capitalist telling you they own a real farm and that they could join this community for free and showcase and demo in real life in front of clients and investors?

Not many, if not none, around the world.

Also Read: What can food-agritech startups and SMEs do for business continuity amidst the pandemic?

What trends do you foresee in agritech investment in 2024, especially in the context of SEA? Are there any emerging technologies or startups that you’re particularly excited about?

AI is definitely a game changer in terms of doing analysis. I would see that more tech [are building solutions to] predicting the weather, but more importantly, building new innovations to protect crops from extreme weather.

We are seeing many new developments in fertilisers, soil enhancement, and seed grains, but I do not support these things as much as noninvasive, non-DNA-changing methods.

I look forward to faster farming processes using robotics, such as faster and safer harvesting methods, and certainly any new innovation that shields crops from extreme weather.

What do you believe are the biggest challenges and opportunities for agritech startups in SEA, and how is Rouge Ventures positioned to support them?

Agritech startups face a universal problem in that they position themselves as scientists and work in a lab or office. That is what the vertical farming startups did. You need a real farm to feel the weather, break your back in growing crops, and get your hands dirty.

And no, investors will not fund you millions of dollars just by reading your PowerPoint.

They all need a real farm to track and collect valuable data to improve and showcase to potential clients. Our Agtech Accelerator is doing just that, and the startups can collect valuable Asian data to do analysis. That is critical for any farming business, as SEA is critically dependent on farm produce.

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Image Credit: Rogue Ventures

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