Khazanah and CGC Digital have announced a joint investment in Southeast Asian MSME digital finance platform Funding Societies (Modalku in Indonesia).

With this new investment, Funding Societies aims to expand its Malaysian coverage to areas beyond Kuala Lumpur, Selangor, Penang, and Johor. By the end of 2025, it targets to serve more than 25,000 MSMEs across Malaysia, thereby improving MSMEs’ access to financing, growth, and scalability while fostering job creation and income development for those employed by these businesses.

Also Read: Funding Societies raises US$7.5M debt financing from Norway’s state-owned Norfund

The investment follows the inking of CGC Digital’s partnership with Funding Societies earlier this year, where a new guarantee product was developed via a pilot programme. The product provides Credit Guarantee Corporation Malaysia’s guarantee at the transactional level of Funding Societies’s digital supply chain financing, thereby directly supporting the business activities of MSMEs and advancing financial inclusion.

Established in 2015, Funding Societies provides financing to micro, small and medium enterprises (MSMEs), especially micro and small businesses currently unserved by existing financial institutions. Since its inception, it claims to have disbursed over US$3.5 billion in business financing through five million transactions, positively impacting over 100,000 businesses across Malaysia, Singapore, Indonesia, Thailand, and Vietnam.

Also Read: Funding Societies hopes to move from alternative to mainstream financing one day

In Malaysia, Funding Societies aims to address the RM90 billion2 (US$19 billion) funding gap for MSMEs. Moreover, it intends to widen the reach of its Islamic financing solutions introduced earlier this year. Since its launch in May 2023, it has disbursed over RM100 (US$21) million in Shariah-compliant financing in Malaysia.

Khazanah’s investment in Funding Societies is made alongside CGC Digital, by which the government hopes to create a more significant impact on the Malaysian MSME ecosystem. CGC Digital aims to advance financial inclusion by developing innovative digital guarantee products and its own guarantee credit scoring model that can close the gap and address the pain points in micro and small businesses demand for financing.

It will continue to collaborate with CGC Digital to provide digital guarantee products on its platform, which will further aid Malaysian micro and small businesses in getting financing in the long term. A digital-first approach through its digital guarantee product leveraging alternative data will allow micro and small enterprises to have broader and more affordable access to financing.

Also Read: SME lender Funding Societies nets US$27M debt funding

In November 2023, the fintech lender secured US$7.5 million in debt funding from Norwegian government-owned development financial institution (DFI) Norfund.

While MSMEs represent 97 per cent of business establishments in Malaysia and contribute 38 per cent to the GDP, this group still faces significant challenges in obtaining credit, as evidenced by Malaysia’s RM90 billion financing gap.
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(This article was first published on February 27, 2023)

William Temple and Zhou Ziling researched wireless sensor networks, energy management, and industrial cybersecurity at Singapore’s Advanced Digital Sciences Center from 2012 to 2013.

They both had a commercial mindset and saw an opportunity to leverage their experience with emerging digital technologies to be an early mover in Asia’s smart building market, valued at US$20 billion in 2021 and projected to reach US$91 billion by 2031. 

That was the beginning of Ampotech in 2014.

The company was started by Temple (CEO) and Ziling (CTO) as a spin-off of A*STAR and the University of Illinois research institute.

Temple has a Bachelor’s degree in Mechanical Engineering from Tufts University and a Master’s degree in Mechanical Engineering from Cornell University. His business partner Ziling has a Master’s in Electrical Engineering from the National University of Singapore (NUS) and a Bachelor’s degree from Shanghai Jiao Tong University (SJTU). He was pursuing a PhD in Computer Science at NUS before joining Ampotech.

Based in Singapore, Ampotech uses the Internet of Things (IoT) and edge computing technology to help energy, operations, and facilities managers improve the performance of their buildings. 

Also Read: Building energy management startup Ampotech raises US$1.3M led by Earth VC

Its proprietary device AmpoHub becomes the brain of an electrical panel, logging usage data and detecting anomalies for specific equipment like air conditioners and motors. The data are transmitted securely to AmpoCloud over a WiFi network, where they can be analysed, downloaded, or shared via API. 

From solar inverters to HVAC, refrigeration and lighting systems, the AmpoHub and AmpoCloud can deliver real-time insight that is easy to integrate with third-party software like enterprise IoT data platforms or cloud-based building management systems. 

“We help businesses collect, analyse, and integrate building and machine electricity usage data for sustainability reporting, benchmarking automation, and facilities management,” Temple explained.

From a customer perspective, the startup helps smart building solution vendors reduce project delivery time and cost with its wireless devices and edge computing. 

For building owners, Ampotech breaks down data siloes to integrate their building or process energy consumption with carbon accounting software, facility management software, or other software tools and platforms they may be using.

“We have a full technology stack approach — from electronics design and firmware development to the cloud platform and AI applications for equipment identification and state detection. This helps us deliver better data quality and security than off-the-shelf systems while providing a single point of contact for support,” Temple claims.

Ampotech follows a B2B model, typically selling to energy services or energy solution companies, such as solar developers, utility companies, or system integrators that implement building management systems or industrial IoT projects. 

It also sells to industrial companies that are owners/operators. “Our products can be applied in any building, so we have worked with office buildings, shopping malls, factories, and residential developments.”

The firm has three revenue streams: selling connected devices, SaaS, and engineering services related to solution delivery.

“Globally, the built environment is responsible for around 37 per cent of carbon emissions. If you look only at the operation of buildings for things like air conditioning, lighting and plug loads, the figure is around 27 per cent. So this is a sizeable global problem, and our products can be applied worldwide,” Temple says.

The startup focuses on Southeast Asia, an underserved market with high growth potential.

Excluding the customers of its distributors and resellers, Ampotech works with over 60 organisations, including MNCs — all in Asia.

The startup plans to open an office in Vietnam, its first location outside its Singapore headquarters. It will also look to expand into Indonesia, where its existing investor Prasetia Dwidharma is based.

“Now that we have established ourselves in Singapore, our challenge is international growth. We will tap into the network of customers and partners we have established in Singapore and market our business more actively abroad,” Temple shares.

Early this month, the energy management company secured S$1.78 (US$1.3) million in pre-Series A funding led by Earth VC, with participation from KSL Maritime Ventures, the VC arm of The Kuok Maritime Group, and Silicon Solution Ventures and SEEDS Capital.

Ampotech plans to raise a larger Series A round in H2 this year. “We are looking for investors that can bring us into new markets or, in the case of a corporate VC, bring an existing customer base or complementary solution capabilities,” Temple says.

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Now that the metaverse has firmly established itself as a term worth noting, it is time to discover the future trends that will have an impact on many of our hybrid lives. From headsets to NFTs, the metaverse is blurring the lines of virtual and physical entertainment. What was once deemed only tangible in reality is transformed into a digital asset with real-world value using the most advanced technology. 

Let’s discover future trends that demonstrate the value in a convergence of realities. Immersive interactions in decentralised worlds have the potential to transform the internet as we know it.

Here are five metaverse trends to watch out for in 2024. 

Our social evolution 

In 2023, digital creatives embraced all things visual, from bite-sized snippets to in-depth vlogs. In 2024, will they move towards virtual? An ever-growing cohort of users is stepping beyond the two-dimensional screen to experience a virtual reality where social interactions transcend the constraints of pixels and text. 

Our connection to online social entertainment has shifted dramatically in the last ten years as we moved from text to video to virtual spaces. Social digital entertainment consumption is transitioning from 2D to 3D. Moving from Zoom calls to virtual meetings with avatars is no longer the seismic shift that it used to be.

Technology has brought us closer to newer forms of content consumption. Why read the paper when you can watch the news in real-time? YouTube Live has pushed the boundaries here. Do you watch live videos online? Moving into immersive landscapes of the metaverse is a natural progression and, certainly, a trend to keep a close eye on. 

Music festivals, fashion shows, and more will have digital twins and virtual expansions. Welcome to the age where the journey from text to video seamlessly evolves into an exploration of immersive digital environments.

Gaming entrepreneurs

Game within game economies is a novel concept in digital media. Although gaming is said to hold the key to the mass adoption of Web3 technologies, it is also difficult to create a game from scratch and attract the existing gaming market, which has sunk its teeth into their favourites.

Also Read: The XR revolution: A glimpse into the immersive Metaverse of education and beyond

With 214 million monthly active players in Roblox and 231 million monthly active players in Fortnite, they certainly stand out from the pack and have created attractive environments for wide cohorts of gamers. 

However, there are platforms creating easy-on ramps and tools that can add new economic value to existing games while also allowing gamers to create new assets to be shared amongst the gaming community. Upland, Illuvium and The Sandbox are pushing the boundaries with new business models, ownership of digital assets and creative ways to allow players to create revenue opportunities from the time they spend gaming.

Both Upland and the Sandbox are positioning their metaverse platforms for game creators. Allowing them to carve out space within their virtual worlds to bring gaming communities together. 

“We have seen a growing number of players create their own side hustles within Upland. These can be divided into three main categories: entrepreneurs, creators and developers. Through our entrepreneur hub, Metaventures, we encouraged the growth of niche economies within the platform, but we never imagined the pace of the uptake. We’ve seen over US$850,000 FIAT sales from metaventures in addition to over US$1.3 million in UPX transactions,” says Danny Brown Wolf, Chief of Staff at Upland. 

“Developers use Upland as a layer1 metaverse or GameFi Platform, where they connect to existing games, services and experiences to a Upland structure and enjoy access to its community, payments infrastructure and dev tools. Since the Upland Developer network was made publicly available in June, there have been over 20 different applications, and their economic activity surpassed US$400k. When you give players the space and tools, it is fascinating to see how imaginations catch fire and breathe life into new games on top of existing ones,” she continues. 

Industry-led platforms for experimentation 

Research and training have already proved themselves to be valuable use cases in the metaverse. From emergency scenario training to architecting future cities, virtual landscapes are inspiring industry leaders to discover new opportunities and ways of working. 

Also Read: Navigating the evolving landscape of blockchain regulation in the metaverse era

No longer confined to the realms of gaming and entertainment, the metaverse is evolving into a multifaceted space where industries harness virtual environments to innovate, collaborate, and push the boundaries of possibility. From architecture firms envisioning futuristic cityscapes to healthcare pioneers conducting groundbreaking simulations, these industry-led platforms serve as crucibles of innovation. 

As sectors come together to discover opportunities in the metaverse, a playground of innovation is created. One example of this is via the Neoki Metaverse platform. They are focusing on bringing the world of design into the metaverse, enabling them to experiment, create new revenue streams and adopt the technology that brings virtual realms to life. 

“Industry leaders must accept they’re not just playing around – they’re getting a front-row seat to what the next-gen crowd really wants. These digital natives are more than just users; they’re shaping their own worlds online. By taking a step into web3 and virtual environments, they’re doing more than just keeping up – they are getting an insider’s look at their world. It’s like learning a new language, one that’s all about what they value and dream about.

“So, they are not just building cool virtual experiences; they are tuning into the heartbeat of a generation that’s rewriting the rules of the game. The metaverse? It’s our way of staying connected, relevant, and totally in sync with what the future holds,” said Zara Zamani, Co-Founder of Neoki. 

The virtual self

What does my avatar look like? What does it wear? Where do I hang out? As we slowly immerse ourselves in virtual environments, we begin to create digital versions of ourselves. The metaverse is proving to be an innovative place for acquiring new skills.

A study by the University of Bath found that in virtual reality (VR) learning environments, the customisation of virtual instructors to resemble the learner enhances the learning experience significantly, even with minimal adjustments.

This finding aligns with the growing trend of leveraging immersive technologies across various industries for staff training, especially in situations where in-person training is impractical, such as in hazardous environments or health and safety scenarios.

In 2024, more skills will be tested in the metaverse, and traditional training processes will be adapted to include metaverse features. Perhaps the metaverse will house the classrooms of the future. 

Now for the boring bit, policy considerations for the future of the metaverse.

Metaverse policy and regulation

In a leak earlier this year, it was unveiled that Meta has successfully distributed nearly 20 million Quest headsets. With such an impressive adoption rate, it brings us closer than ever to the seamless integration of our virtual and physical lives. A heightened policy debate becomes inevitable as the metaverse becomes more intertwined with our daily lives.

As users navigate these new landscapes, new policies will be shaped to ensure safety, security and privacy are factored into all usage. As more people spend time in the metaverse, the discussion around policies governing these immersive devices is going to intensify.

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Startups have always been at the cutting edge of innovation, and in the age of Generative Artificial Intelligence (Generative AI), they are poised to harness the technology to transform customer experiences and the way we work like never before. Investors recognise their value and potential, and have poured US$21.4 billion into Generative AI startups since the start of this year through September 30, 2023, up from US$5.1 billion in 2022, according to PitchBook data.

Today, more than 5,000 Generative AI startups are building their solutions on AWS. These scrappy but nimble innovators are disrupting industries with new ideas, developing locally relevant solutions, and introducing new ways of using AI. The achievements of these startups are commendable given the challenge of navigating a rapidly evolving technological space.

Culturally aware AI

Generative AI technology has captured the world’s attention for its ability to learn and apply knowledge – powered by foundation models (FMs) that are pre-trained on vast volumes of data. However, models are only as good as the data they are trained on. For instance, when Large Language Models (LLMs) pre-trained in English are tasked with non-English queries, they can produce errors and misinterpretations.

This is particularly important to the Asia Pacific region, where the population speaks about 2,300 languages. To cater to the region’s diverse ways of working, cultures, and languages, there is an urgent need to train LLMs on culturally diverse data to build a more nuanced understanding of human experiences and complex societal challenges. The creation of more culturally aware and localised AI will increase the accessibility of AI technology, impacting countries, communities, and generations to come.

Also Read: How Transparently.AI uses Artificial Intelligence to detect accounting manipulation, fraud

Startups are leading the way in training models with data that represents local text, imagery, audio, video, and other datasets. One such example is Stockmark, a Japanese startup that leverages AWS’s infrastructure to train Stockmark-13B, an LLM using 13 billion parameters that was trained on over 220 billion tokens of Japanese text, one of the largest datasets of its kind.

To develop culturally aware AI, AWS has invested US$6 million in Japan and US$5 million in South Korea to help startups, enterprises, and developers build FMs and LLMs trained on local data.

Innovation across industries

Startups play an important role across the entire spectrum of Generative AI innovation, ranging from establishing the foundational frameworks with FMs to developing practical real-world applications. To date, startups using Generative AI have already transformed a wide variety of industries such as healthcare, financial services, media and entertainment, education, and gaming. By automating tasks, enhancing decision-making processes, and personalising user experiences, Generative AI continues to revolutionise how businesses and organisations of all sizes operate.

In the medical arena, AI-assisted training tools can create personalised and real-time training to medical professionals at scale to help address the current talent crunch. Australia-based startup SimConverse uses Generative AI for simulated roleplay training for over 300,000 healthcare professionals in over 150 organisations in Australia and New Zealand. The company has used Amazon compute services to train their AI models on over 1,000 scenarios, ranging from simple communication tasks like basic history-taking to linguistically complex de-escalation and the delivery of bad news.

Another industry evolving with AI is the media and entertainment sector, where companies are using Generative AI to automate content production, reduce costs, and increase output. South Korea-based startup Toonsquare is pioneering innovations in the webtoon industry with their novel AI-driven generative webtoon production tool Tooning, powered by AWS. With Tooning, tasks that previously took 60 hours in a week can now be finished in just six hours.

Also Read: Will China lead the Artificial Intelligence game by 2030?

Broadening access to AI

Startups have undeniably played a pioneering role in propelling the generative AI technology revolution from its inception to adoption across industries. As startups continue to drive innovation, they are also facing significant hurdles that encompass resource limitations, ethical and regulatory complexities, integration obstacles, and the absence of in-house expertise or technical proficiency.

To overcome these hurdles, startups need access to cloud resources that level the playing field. AWS recently unveiled technology enhancements at all layers of the Generative AI “stack” to make it even easier, cheaper, and faster for startups to build, train, and scale their Generative AI innovations.

At the infrastructure (bottom) layer, this includes pushing the envelope on price performance with the next generation in AWS-designed ML chips, such as Trainium2, and introducing new capabilities to accelerate model training and inference with Amazon SageMaker.

For startups looking to experiment with existing models at the tools (middle) layer, Amazon Bedrock offers expanded choice of leading models, customisation features, agent capabilities, and enterprise-grade security and privacy in a fully managed experience.

At the application (top) layer, startups can transform how they work through applications such as Amazon Q, a new type of Generative AI-powered assistant that is specifically for work and can be tailored to a customer’s business. Another application is Amazon CodeWhisperer, an AI-powered productivity tool for the integrated development environment (IDE) and command line. AWS is also helping to plug the AI skills gaps for startups by providing free AI training programmes all across the region.

Scaling innovation

While building is the first step to the Generative AI revolution, going global is equally critical in driving widespread adoption of startup-driven Generative AI adoption across industries. India-based startup Yellow. AI, a leading conversational AI solutions provider, has listed its generative AI customer service solution on AWS Marketplace, a curated digital catalog with over 330,000 active customer subscriptions. Today, India-based Yellow.AI handles over 12 billion conversations across more than 85 countries annually.

AWS has an established track record in supporting startups – over US$1 billion in AWS credits has been provided to startups over the past decade through the AWS Activate programme – to experiment in emerging fields and building the innovations of tomorrow. We are excited to support startups to build an AI-assisted future world with fresh perspectives and inventive solutions that will drive positive impact for all.

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Dear reader,

In 2023, the Web3 space faced a significant threat, with US$1.8 billion lost to hackers and scammers, as revealed by a report from Immunefi. The Lazarus Group, linked to North Korea, accounted for 17% of these losses, highlighting the persistent cyber threats faced by the crypto ecosystem. The largest breach targeted peer-to-peer trading platform Mixin Network, resulting in over US$200 million in losses. Euler Finance and Multichain followed closely with US$197 million and US$126 million losses, respectively.

Law enforcement identified US$309 million associated with Lazarus Group, indicating the magnitude of cybercriminal activity tied to North Korea. Notably, hacks outweighed fraud schemes, constituting over US$1.6 billion in losses compared to US$103 million from identifiable fraud.

Surprisingly, decentralised protocols, claiming to enhance security, incurred the majority of losses at US$1.3 billion, while centralised finance protocols faced US$409 million in losses. The reported $1.8 billion loss reflects a notable decline from the previous year, signalling an evolving landscape in Web3 security.

Sainul,
Editor.

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US$1.8B was lost to Web3 hackers and fraudsters in 2023: Immunefi
Over the year, Mixin Network, Euler Finance, Multichain and other protocols were drained of hundreds of millions of dollars in assets; The biggest hack of the year in terms of losses was P2P trading platform Mixin, which resulted in over US$200M of losses to crypto investors.

South Korean crypto venture Hashed invested US$28.44M in blockchain globally
Blockchain infra, gaming, and finance each commanded 21% of the investments, while IP and content-related startups secured 15% of the allocations; Korea dominated the investment landscape with a 38% share, followed by North America at 21%, and Europe at 7%.

Chinese Web3 VC to launch US$10B accelerator fund: Report
The GBA Capital Web3 Fund will invest in startups focusing on virtual reality, the metaverse and nonfungible tokens and transform the Guangdong-Hong Kong-Macao economic area into the world’s “meta-asset capital.”

No need for a second trial of FTX’s founder Sam Bankman-Fried: Prosecutors
Bankman-Fried, 31, who has been incarcerated since several weeks before his trial, was convicted in early November of seven counts, including wire fraud, wire fraud conspiracy and three conspiracy charges. He could face decades in prison.

Facing roadblocks, China’s robotaxi darlings apply the brakes
Despite years of hype and progress in self-driving technologies, the widespread availability of robotaxis remains a distant reality; That’s due to a confluence of challenges, including safety, regulations and costs.

Zoomcar closes SPAC deal, eyes immediate trading on Nasdaq
The Indian car-sharing platform has completed its merger with IOAC; The new entity Zoomcar Holdings will trade under the ticker symbol ZCAR; The SPAC deal will help Zoomcar pursue growth initiatives in emerging markets.

Baidu announces 100M users have used its AI chatbot
ERNIE Bot has surpassed the number four months after the AI bot got the green light for a mass launch from regulators; The chatbot had generated 3.7B words of text in workplace scenarios and written 300M lines of code.

How India will navigate EVs in 2024
The country plans to add thousands of battery-operated auto-rickshaws and e-buses to electrify public transportation across states in the coming months; Likewise, it looks to offer EV charging stations at various local gas stations.

Everything you should know about Web3 games in 2024
As blockchain becomes more widely adopted and user-friendly, we can expect to see a surge in the popularity of web3 games; With the potential for real-world earnings and a more immersive gaming experience, web3 games are likely to attract a wider audience.

Remembering the startups we lost in 2023
The story of most startup failures is far less exciting; The timing isn’t right, funding dries up, runways run out; Of late, a lot of macroeconomic factors have come into play, as well.

Chinese VC titans eye robust investments amidst economic challenges
Amid a changing global tech landscape and economic challenges in China, major Chinese VCs set sights on SEA’s thriving startup ecosystem.

How climate tech companies in Asia measure the impact of their work
To answer this big question, we reached out to climate tech companies in the Asia Pacific and get them to explain the details.

How Asia Pacific startups propel the evolution of Generative AI
The achievements of these startups are commendable given the challenge of navigating a rapidly evolving technological space.

What metaverse trends should you keep an eye on in 2024?
In 2024, more skills will be tested in the metaverse, and traditional training processes will be adapted to include metaverse features.

Creativity at the heart of business growth
The future holds opportunities for businesses, and the fusion of content and creativity is the key for those aiming to stand out and grow.

How is open-source collaboration empowering Asia’s fastest-growing markets?
From startups to multinational corporations, Asia’s businesses actively integrate open-source technologies into their operations.

The quiet giants of 2024: Celebrating the success of ‘boring’ businesses
As we move towards 2024, the business landscape will likely continue to value and reward these ‘boring’ businesses.

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.

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Singaporean foodtech startup Life3 Biotech (Life3) has partnered with solar energy system developer Union Solar to launch a low-carbon facility that integrates the ‘farm to factory to consumer’ concept.

Called Life3 Urban Sustainability Hub (LUSH), the facility is located at Sims Avenue in the island nation and will open around the second quarter of 2024.

LUSH’s Hydroponics Integrating MicroAlgae and Solar Energy System (HIMASS) feature harnesses solar energy and water-upcycling to produce plant-protein and leafy vegetables sustainably in a closed-loop symbiotic system.

Also Read: Foodtech transformation in Philippines: Cloud kitchens and online delivery reshape eating habits

The facility will also have a food processing and innovation area, for post-harvest MicroAlgae biomass to be processed into Algoprotein which can be added into food products.

LUSH will also have a tech experiential area for the public to engage in site visits, workshops and courses to learn about sustainability and healthy living.

In partnership with Union, HIMASS will be equipped with solar panels to convert solar energy into other forms of energy for MicroAlgae production. To keep carbon emissions low for logistics, LUSH’s solar panel system will also power up its EV chargers, which in turn charge up the electric trucks that will complete the last-mile delivery to commercial partners or consumers directly.

HIMASS will use a hydroponics and water-upcycling process, for wastewater to be upcycled, minimising water consumption via a circular economy approach. During this process, bio-fertiliser is produced as a byproduct to be used later in hydroponics.

Ricky Lin, CEO of Life3 Biotech, said: “HIMASS is a game-changing technology and a critical piece of the puzzle to complete our Life3 Urban Sustainability Hub where we can demonstrate how a smart, end-to-end food production system can be deployed sustainably in urban cities; starting from upstream cultivation to midstream processing and packaging, and lastly, to meet downstream consumers’ need for affordable and healthy food products, all made possible in Singapore with lower-carbon footprint.”

“LUSH will be used to engage and empower local communities such as children, youths and seniors through upskilling classes, site tours and workshops for residents to embrace a more sustainable and healthier lifestyle. We will continue to work closely with leading industry players in the private and government sector, like the Public Utilities Board (PUB) and Singapore Food Agency (SFA), to cement Singapore’s position as a leader in food innovation,” Lin added.

Also Read: Embracing sustainability: A circular design perspective on e-waste

Another feature of HIMASS is the proprietary AI software that was created to oversee the growing protocol, which includes monitoring, quality control at microscopic resolutions and maximising the growing and harvesting cycle. AI-enabled IoT through Digital Twin’s technology will transform and enhance productivity through predictive simulation, operational control, and real-time optimisation.

Life3 and Union Solar will collaborate with tertiary institutions Nanyang Polytechnic and ITE to spark interest and inspire youths to pursue their interest in Science, Technology, Engineering, Arts and Mathematics (STEAM) via the route of Applied Learning in Variable Environment (ALIVE); while co-creating solutions towards achieving two key pillars of the SG Green Plan – building a resilient future and living more sustainably.

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In the dynamic world of commerce, the entry or transition from online to in-store operations presents a lucrative yet challenging frontier for startups. With a market where 81% of global retail sales still occur in-store compared to 19% e-commerce, the potential for growth and expansion in this arena is immense. 

This shift, fueled by technological advancements and evolving consumer behaviours, offers startups specialising in payments and commerce or related services like embedded finance, delivery, insurance, and loyalty or rewards, among others, an opportunity to scale and innovate.

Despite its complexities, the in-store landscape offers startups higher conversion rates, less competition than the saturated online market, and a chance to enhance customer experience through tangible interactions.

StartupIN Program: Opening opportunities in in-store commerce

For startups, venturing into in-store payments means tapping into an established market with high visibility and consumer reach. 

Ingenico, a global payment industry leader, stands at the forefront of this space, offering a comprehensive suite of in-store payment solutions. Their extensive global footprint and 42 years of innovation and expertise in the in-store payments market provide startups with a reliable platform to expand their services. Ingenico’s smart POS terminals, managed services, and cloud-based orchestration platforms provide an omnichannel solution, bridging the gap between online and physical commerce. 

The StartupIN program by Ingenico is particularly instrumental, offering startups the tools, business connections, and guidance needed to navigate the in-store landscape successfully.

Mickael Joye, Startup Integration Lead at Ingenico, elaborated on the company’s role in fostering startup growth: “Ingenico isn’t just a facilitator — we’re a driving force for innovation and expansion. Our StartupIN program’s mission is to equip startups with various resources, expert guidance, and pivotal opportunities for scaling their solutions within the in-store payments and commerce sector.”

Joye added, “More importantly, our global expertise and presence provide these emerging companies with comprehensive support in navigating the intricate maze of regulations and protocols. By doing so, we help to streamline their journey, easing the often time-intensive assessments and integrations, and facilitating a smoother and more efficient entry into the market.”

Mickael Joye’s insights into Ingenico’s commitment to enabling startup growth in the in-store payments sector set the stage for understanding these startups’ specific challenges. The journey from concept to market is paved with obstacles and the StartupIN program can provide the solutions that will be integral to their success.

The challenges and solutions

1. Understanding POS terminal hardware: Startups transitioning to in-store spaces must navigate the world of payment terminals. With Android open OS terminals, developers can transform these devices from simple payment tools to comprehensive commerce solutions.
2. In-store entry costs: One of the primary barriers for startups moving into in-store environments is the initial investment in POS terminal hardware. Ingenico’s StartupIN program directly addresses this challenge by providing startups with the necessary hardware for their proof of concept, free of charge. It reduces the financial burden on startups but also allows them to experiment and innovate with their in-store solutions without the concern of upfront hardware expenses.
3. Microservice architecture & API-driven solutions: Microservice architecture can help build in-store solutions that complement online products. This approach allows startups to maintain agility and resilience without compromising their core online solutions.
4. Scalable infrastructure: In contrast to online shopping, where delays are often tolerated and transactions can be revisited, the in-store experience demands immediate and seamless transactions. Delays or inefficiencies in physical stores can lead to instant customer dissatisfaction as shoppers are unlikely to wait and may leave without purchasing. Therefore, robust and scalable infrastructure, supported by cloud technology with auto-scaling and regional deployment, is essential in ensuring swift, reliable transactions and upholding service-level agreements in the in-store environment.
5. Automation & merchant onboarding: Startups need to streamline the integration of their solutions into the diverse frameworks of merchants, especially those associated with Ingenico’s customers. Dedicated merchant management APIs can significantly ease this integration process and ensure efficient adaptation and service delivery within the in-store commerce sector.
   
   Gokula Krishna, Chief Technology Officer, Anycover highlights the impact of such integration: “Integrating with Android Open OS terminals has been a game-changer for us, bridging the gap between digital convenience and in-store personalisation. The API-driven architecture not only simplifies retailer onboarding but also empowers us to innovate rapidly, ensuring our in-store solutions are as dynamic and user-friendly as our online presence. This has been instrumental in enhancing the shopping experience for our customers and has given us a significant edge in the competitive retail landscape.”
6. Customer experience at Point-of-Sale: Enhancing the in-store experience involves incorporating POS terminals and mobile-centric elements for a user-friendly journey. Technologies like QR codes and NFC are vital in optimising data capture for efficiency and loyalty programs.
7. Navigating ECRs and payment device integration: The diversity in Electronic Cash Registers (ECR) protocols poses a significant challenge due to regional variations and legacy issues. Each integration must be approached individually, requiring thorough assessment and time investment.
8. Security in in-store transactions: Ensuring security in in-store transactions is paramount. Startups must comply with PCI DSS, encrypt data in transit and at rest, and maintain stringent access controls to protect customer data and uphold credibility.

Unlocking growth opportunities

While the in-store payments landscape presents challenges, it is also abundant with opportunities for forward-thinking startups. With the right strategies, such as leveraging microservices architecture, scalable cloud infrastructures, and robust security protocols, startups can overcome the hurdles of infiltrating this space.

The advantages of higher conversion rates, a less competitive environment than online commerce, and innovation potential make the in-store space attractive. Ingenico’s support through the StartupIN program further empowers startups to capitalise on these opportunities, paving the way for a successful foray into in-store commerce. While complex, this journey is a promising avenue for startups to expand their footprint and impact in the evolving world of commerce.

If you are an early startup that is an in-store native or have plans to enter the in-store space, visit the StartupIN Program website to find out how Ingenico’s innovations can help your business pursue in-store commerce success.

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

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Where high-flying startups and cutting-edge technologies frequently grab headlines, the true potential of ‘boring’ businesses often goes unnoticed. As we set our sights on 2024, it’s these very companies, typically defined by their commitment to fundamental, everyday services and products, that are increasingly emerging as market leaders. This shift towards valuing stability and reliability is not just a speculation but a visible trend in the current market climate. 

Mundane as they may seem, these businesses have consistently demonstrated resilience, profitability, and quiet innovation, often in sectors that lack the glamour and allure of their high-tech counterparts. Their success underscores a crucial business truth: in a world constantly chasing the next big thing, there’s enduring strength and value in the basics.

The understated power of niche focus

A prime example of this is Bored Security, a security management education project. Their recent achievement in negotiating the safe return of stolen NFTs following a significant hack underscores the growing importance of cybersecurity in the increasingly digital economy.

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

In an industry often dominated by high-stake heists and spectacular breaches, Bored Security’s focus on education and prevention might seem unexciting, but it is undeniably crucial. Their success not only highlights the necessity of robust security measures in the crypto world but also illustrates how a business focusing on fundamental, often overlooked aspects can achieve significant impact and recognition.

Another example is NewCampus, which offers management training for tech companies. In the fast-paced world of tech, where innovation and disruption are constantly sought after, the idea of management training might seem mundane.

However, NewCampus has shown that even in a sector driven by innovation, the fundamentals of good management are indispensable. As tech companies grow and evolve, the need for effective leadership and management becomes ever more critical. NewCampus taps into this need, providing an essential service that supports the sustainable growth and development of tech companies.

The triumph of ‘boring’ businesses is not limited to education and security management. Consider the success of companies in industries like waste management, supply chain logistics, or even utility services. These sectors may lack the allure of AI, VR, or blockchain, but they are fundamental to the functioning of both the economy and daily life.

Businesses that excel in these areas often enjoy stable demand, clear business models, and steady revenue streams – attributes that can be particularly appealing in times of economic uncertainty or market volatility.

The 2024 outlook: Stability and reliability

As we move towards 2024, the business landscape will likely continue to value and reward these ‘boring’ businesses. The reasons are manifold. Firstly, in an increasingly complex world, there is a growing appreciation for simplicity and reliability. Consumers and companies alike are seeking stability and predictability, qualities that these businesses often provide.

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

Secondly, the economic climate, marked by fluctuations and uncertainties, may prompt investors and stakeholders to favour businesses with proven, sustainable models over those with higher risk, even if they promise higher returns. The appeal of a steady, reliable business becomes even more pronounced in this context.

Lastly, the evolving societal and environmental challenges will further elevate the importance of businesses that address fundamental needs and services. Whether it’s sustainability, security, or efficient resource management, companies that can offer solutions to these perennial challenges will be well-positioned for success.

Embracing the ‘boring’ brilliance

While the allure of the next big thing will always be a driving force in the business world, captivating the imagination of entrepreneurs and investors alike, the quiet power of ‘boring’ businesses should not be underestimated.

As we look ahead to 2024, it is these companies – with their focus on essential services, stable business models, and consistent value delivery – that are likely to emerge as the true champions in an increasingly volatile market. They represent the backbone of the economy, providing the necessary services and products that maintain the daily rhythm of life and business.

For entrepreneurs, investors, and consumers alike, there’s a growing recognition that sometimes, the most dependable and necessary businesses are those that don’t make headlines for being flashy but for being fundamentally sound and reliably excellent. Their ability to weather economic storms, adapt to changing market needs, and provide consistent value makes them not just safe bets but wise choices for long-term investment and patronage. 

Where sensationalism often overshadows substance, these ‘boring’ businesses stand as testaments to the enduring power of practicality, efficiency, and unwavering commitment to serving fundamental human needs. As such, they are not just likely to survive but thrive in the upcoming years, proving that in the world of business, sometimes the tortoise does indeed beat the hare.

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In a world dominated by digital transformation, Asia’s fastest-growing markets are leveraging open-source collaboration to unprecedented heights. To fully grasp this dynamic, it’s essential first to understand the basics and power of open-source software, so let’s do that and then pick apart this topic in more detail.

A swift explainer on open-source collaboration

Open-source collaboration can be a gateway to innovation. It provides a platform where individuals and organisations collaborate to create, develop, and improve software freely shared among users. For example, consider popular platforms like Linux or WordPress; they’ve allowed endless customisation opportunities on a global scale.

Open source is not just about the software we create but also about how we work. This highlights the level of cooperation required in successful open-source projects that turn a profit. So, to understand why Asia’s fastest-growing markets tremendously benefit from this model, you must first grasp the basics of open-source collaborations.

The power of open-source software

Open-source software holds transformative power. Not only does it support technological progress, but it also facilitates democratic participation by enabling everyone to contribute and benefit from community-driven projects.

One direct example is the wide range of applications of the pipe command in Unix operating systems, which showcases how users can create complex commands out of simpler ones with impressive efficiency.

The power emerges when we collaborate on open-source standards to make ordinary technologies accessible and universally compatible. This underscores how collaboration through open source fosters learning, flexibility and innovation, and that’s precisely what Asia’s rapidly growing markets are leveraging today to drive digital development forward at a record-setting pace. 

Therefore, appreciating the potency behind this model assists in comprehending its massive success across Asian economies.

Asia’s fastest-growing markets analysed

As technology evolves, Asia’s fast-paced markets are embracing innovation. Countries like China, India, and Indonesia are investing considerably in the tech industry as a primary driving force.

Also Read: Open source: The secret to boosting Singapore’s startup ecosystem

According to research by McKinsey, while Silicon Valley may stand undefeated as the most prominent name for tech entrepreneurship, Chinese cities Beijing and Shanghai are quickly ascending global rankings. These rapidly developing areas have built thriving digital solutions, from ride-hailing services to e-commerce giants, so they’ve undeniably left a significant imprint on our digital landscape.

In this context, digital transformation is no longer an option but a must-do for Asian economies and the organisations that occupy them. The regions harnessing innovative technologies tend to experience accelerated growth rates. Understanding these pulsating dynamics of Asia’s fastest-growing markets lets us begin recognising how open-source collaboration is crucial in this narrative.

How Asia embraces open-source methods

From startups to multinational corporations, Asian businesses actively integrate open-source technologies into their operations. By reducing costs and promoting innovation, these methods allow for rapid advancement in the market.

Experts believe that open-source software is welcomed in this part of the world because it supports advanced functionalities without significant initial investment. This shows that with open-source tools, companies can accelerate technological development while managing risks and scaling operations cost-effectively.

Also Read: SMEs and startups must make open source security a collective responsibility

Moreover, examples of community-based collaborations indicate their growing preference towards shared intellectual resources. The methodologies encouraged by such organisations primarily manifest how open-source principles seep deeply into Asia’s fast-paced markets. It signifies a collective pursuit to create solutions together instead of individually – thus fostering immense growth opportunities.

Open source and market empowerment connection

The connection between open-source collaboration and market empowerment is incredibly strong. Participating actively in countless open-source projects portrays a company’s employee development, innovation levels, and overall reputability.

For instance, Alibaba Cloud leverages Apache Flink, an open-source system for the fast processing of significant data streams. Their commitment shows how businesses can use these ecosystems to their advantage while contributing to the community.

Furthermore, in this borderless era where information flows freely, Asia has dramatically benefited by integrating best-in-class global technologies with local customisation. Herein lies the immense potential linking open source collaborations with institutional success — with such easily accessible knowledge resources, it becomes significantly easier for Asian markets to expand rapidly while adapting smoothly to technological transformations.

The bottom line

Collaboration is the cornerstone of good business, and the open source epoch has catalysed and enabled this on scales hitherto unseen. Asia’s expanding markets typify this, and it presents a positive outlook for the future of this region.

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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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