In an era where environmental concerns are at the forefront of consumer consciousness, startups have a unique opportunity to align their marketing strategies with sustainable practices. This not only appeals to a growing demographic of eco-conscious consumers but also sets a precedent for responsible business operations.

Here, we explore how startups can integrate sustainability into their marketing efforts effectively.

Understanding the eco-conscious consumer

The first step in sustainable marketing is understanding the eco-conscious consumer. This demographic values transparency, authenticity, and ethical practices. They are more likely to engage with brands that demonstrate a genuine commitment to environmental stewardship rather than those who merely engage in greenwashing.

The PwC Global Consumer Insights Pulse Survey from June 2021 highlights a significant global shift towards eco-friendliness, with half of the consumers surveyed adopting greener practices. This trend is particularly strong in the Asia-Pacific region and the Middle East, with countries like Indonesia, Vietnam, the Philippines, Egypt, and the UAE showing high rates of eco-friendly behaviour.

Millennials, especially those aged 27 to 32, are at the forefront of this shift, prioritising sustainability in their purchasing decisions more than other age groups, including Generation Z. This change in consumer behaviour indicates a growing global emphasis on environmental responsibility.

Also Read: Coffeefrom: Brewing sustainability from bean to product

For more detailed insights, the survey results are discussed in the original article on Strategy + Business, which can be accessed here.

Crafting a genuine, sustainable brand story

Your brand story is pivotal. It should authentically represent your company’s commitment to sustainability. This involves more than just stating your eco-friendly practices; it’s about weaving your environmental ethos into the very fabric of your brand narrative. Share your sustainability journey, challenges, and successes. This transparency builds trust and credibility.

Essential components for compelling sustainable narrative

• Being genuine: Embrace authenticity in portraying your commitment to sustainability, steering clear of any semblance of greenwashing.
• Clarity: Illuminate not only your triumphs but also the hurdles encountered on your sustainability path.
• Engagement: Develop narratives that resonate with your audience, motivating them to make a difference or reconsider their decisions.

Some examples of sustainable brands that created a sustainable narrative

Patagonia

Patagonia stands as a beacon of environmental stewardship and ethical business practices in the apparel industry. Renowned for its unwavering authenticity, the company goes beyond mere lip service, actively engaging in fair labour practices and utilising recycled materials.

The firm is not only committed to producing high-quality outdoor clothing but also to inspiring a culture of repair and recycling among its customers. With a transparent approach, Patagonia sets a high standard by openly sharing intricate details of its supply chain and the environmental impacts of its products. 

This transparency is coupled with engaging storytelling campaigns, like the “Worn Wear” initiative, which invites customers to share their experiences with their durable Patagonia gear, thereby emphasizing the value of responsible consumption and deepening the bond between the brand and its community.

• Authenticity: Patagonia is known for its genuine commitment to environmental causes. It actively promotes fair labour practices, uses recycled materials, and encourages customers to repair and recycle their clothing.
• Transparency: The company is transparent about its supply chain and environmental impact. It openly shares information about the materials used in its products and the steps it has taken to reduce its carbon footprint.
• Engagement: Patagonia engages its audience through storytelling campaigns, highlighting the importance of responsible consumption. Their “Worn Wear” initiative encourages customers to share stories about their well-worn Patagonia gear, fostering a sense of connection and sustainability.

Tesla

Tesla, under the visionary leadership of Elon Musk, embodies the spirit of innovation in the pursuit of a sustainable future. At its core, Tesla’s mission revolves around transitioning the world to sustainable energy, primarily through its cutting-edge electric vehicles. This authenticity in its commitment to eco-friendly transportation sets the company apart.

Also Read: How consumers are prioritising sustainability beyond the single lens of eco-friendly products

Tesla maintains a strong stance on transparency, openly sharing details about its carbon footprint and ongoing efforts to minimise environmental impact. The brand excels in engaging with its audience, not just by selling cars but by showcasing the latest advancements in electric vehicle technology and renewable energy. This approach not only demonstrates Tesla’s technical prowess but also motivates consumers to reconsider their transportation choices in favour of a greener, more sustainable future.

• Authenticity: Tesla’s commitment to sustainable transportation is evident in its electric vehicles. Elon Musk’s vision for a sustainable future is a driving force behind the company’s mission.
• Transparency: Tesla is transparent about its carbon impact, continuously working to reduce it. The company’s reports on energy usage and environmental impact contribute to its transparent image.
• Engagement: Tesla engages with its audience by showcasing the technological advancements in electric vehicles and renewable energy. The brand inspires consumers to rethink their transportation choices for a greener future.

Ecoalf

Ecoalf emerges as a pioneering force in the sustainable fashion landscape, driven by a genuine commitment to environmental responsibility. This innovative brand distinguishes itself by transforming recycled materials, such as plastic bottles and abandoned fishing nets, into high-quality, fashionable apparel.

Ecoalf’s approach is grounded in transparency, providing clear insights into their recycling processes and the origins of the materials used in their creations. It ensures that consumers are aware of the environmental benefits derived from their choice of recycled materials.

Engaging actively with its audience, Ecoalf leads impactful campaigns that shed light on the environmental repercussions of conventional fashion practices. Doing so inspires a shift towards more sustainable choices, underlining the positive change that can be achieved through responsible fashion choices.

• Authenticity: Ecoalf is a fashion brand that focuses on creating sustainable and recycled clothing. It uses materials like recycled plastic bottles and discarded fishing nets to produce high-quality, stylish apparel.
• Transparency: Ecoalf is transparent about its recycling processes and the origin of materials. It provides detailed information on the environmental benefits of using recycled materials in their products.
• Engagement: The brand engages its audience through campaigns that emphasize the environmental impact of traditional fashion and the positive change that can result from choosing sustainable alternatives.

These examples showcase how authenticity, transparency, and engagement can be effectively integrated into sustainable storytelling by different brands.

In addition to the strategies mentioned above, there are several other avenues through which you can start embracing eco-conscious practices. These approaches not only align your business with sustainability but also resonate with the growing demographic of environmentally conscious consumers.

Ways to make your startup more eco-friendly

Let’s explore some additional ways to make your startup more eco-friendly and connect with a broader audience of eco-conscious individuals.

Leveraging digital platforms

Digital marketing is inherently more sustainable than traditional print marketing, as it reduces paper waste and the carbon footprint associated with physical distribution. Utilise social media, email marketing, and your website to communicate your sustainable practices and products. Engaging content like behind-the-scenes videos of your sustainable processes can be particularly effective.

Eco-friendly packaging and merchandising

Packaging is a critical component of your product that speaks volumes about your sustainability stance. Opt for materials that are recyclable, biodegradable, or made from recycled content. Moreover, ensure that your merchandising – whether in-store or at events – aligns with your sustainable values.

Sustainable service presentation and branding

For service-based or tech businesses, the concept of packaging takes a different form. It’s about how you present your services and brand in a way that reflects your commitment to sustainability. Instead of physical packaging, focus on digital materials and communication strategies that are eco-friendly. Use digital brochures, e-catalogues, and online portfolios that reduce paper waste.

Also Read: Unlocking a sustainable future: A new model for green building management

When participating in events or trade shows, opt for digital displays and electronic promotional materials. Ensure that all aspects of your service presentation, from your website to your email signatures, embody your sustainable values. This approach not only minimises environmental impact but also resonates with eco-conscious consumers who value digital efficiency and reduced waste.

Collaborating with sustainable influencers

Partner with influencers who are known for their commitment to sustainability. These collaborations can amplify your message and lend credibility to your brand. Ensure that these partnerships are authentic and align with your brand values to avoid accusations of greenwashing.

Sustainable event marketing

If your startup participates in or hosts events, make them as green as possible. This can include digital ticketing, eco-friendly venues, minimising waste, and using sustainable materials for any displays or merchandise.

Measuring and communicating impact

Quantify your environmental impact and share these metrics with your audience. This could include the amount of waste reduced, energy saved, or contributions to environmental causes. Regularly reporting on these metrics not only demonstrates your commitment but also encourages consumer trust and loyalty.

Challenges and opportunities

While integrating sustainability into your marketing strategy presents challenges, such as potentially higher costs and the need for continuous innovation, the opportunities are vast. Brands that successfully adopt sustainable marketing practices can enjoy increased brand loyalty, a positive brand image, and alignment with global environmental goals.

Final thoughts

Sustainable marketing is no longer just a niche strategy; it’s a necessity for startups looking to resonate with modern consumers. By authentically integrating sustainability into your marketing efforts, you not only contribute to a healthier planet but also build a stronger, more resilient brand. As the world becomes increasingly eco-conscious, those brands that act now will be the leaders of tomorrow.

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

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The Singapore University of Technology and Design (SUTD) has launched the Baby Shark Fund, a micro-innovation programme aiming to encourage student-led innovation, design thinking, and risk-taking.

The programme, which got its name from the award-winning reality television series Shark Tank, will encourage students to incubate new ideas, innovate through design and dare to venture into uncharted grounds beyond the classroom.

Every student team stands to receive SGD6,000 (US$4,475) as part of the initiative.

Also Read: How this 12-day programme by SMUA equips you to detect potential FTX-like scams in future

It will complement the existing funding options already available to students wishing to pursue more advanced innovation projects, culminating in the formation of startup companies.

The ideology behind the Baby Shark Fund is to upend the way innovation has traditionally been viewed: grandiose, complex and unattainable.

To qualify for the funds, SUTD students in either the undergraduate or masters programmes must form teams of at least two members and present their ideas and projects to a panel comprising faculty as well as industry.

The projects will be evaluated based on the level of innovation and their potential to impact the world.

SUTD President Chong Tow Chong said: “With the new Baby Shark Fund, we hope to provide every student with the opportunity to engage in bottom-up innovation by experimenting continuously. This will hopefully spur them to embark on a lifelong innovation journey of continuous experimentation and risk-taking, and in so doing, champion and lead innovation for society in years to come.”

There will be multiple submission windows throughout the year for students to submit their applications, ensuring that teams are given ample opportunities to seek funding for their projects.

The Baby Shark Fund will be administered by the SUTD Venture, Innovation and Entrepreneurship Office, which has been facilitating entrepreneurial efforts within the university. Project mentors will be appointed to each team, which will also receive venture support and resources as they progress in their innovation journey.

Also Read: Protégé Ventures launches Fund II to support student-led startups in Singapore

Underlying the micro-innovation programme will be a roadmap for SUTD students to gain innovation tools and knowledge from every aspect of their time in the university – known as the SUTD Innovation Journey.

With SUTD Innovation Journey, students can elect to pursue innovation inside and outside their classes, exchange programmes, internships, student life activities and beyond.

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X marks Echelon. Join us at Singapore EXPO on May 15-16 for the 10th edition of Asia’s leading tech and startup conference. Enjoy 2 days of building connections with potential investors, partners, and customers, exploring innovation, and sharing insights with 8,000+ key decision-makers of Asia’s tech ecosystem. Get your tickets here.

Want more from your Echelon experience? Be an Echelon X sponsor or exhibitor. Send enquiry here.

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Elice, an AI-powered educational platform company based in South Korea, has raised KRW 20B (approximately US$15 million) in a Series C funding round led by Vertex Growth, a growth-stage VC fund anchored by Vertex Holdings (a subsidiary of Temasek).

Altos Ventures also participated.

Also Read: In this age of digitalisation, is edutech a bane or boon for educators?

The company will use the funds to expand into Asia Pacific, such as Singapore, the US, and Japan and strengthen its AI research capabilities by building a large-scale AI Data centre in Busan, leveraging its experience building PMDC (Portable Modular Data Centre). The centre aims to recruit technology talent with aspirations to hire a large-scale AI workforce in Busan.

Founded in 2015, Elice focuses on delivering an integrated B2B and B2G educational platform and content for institutional clients, specialising in technical skills upgrades to enhance organisational digital transformation. Elice leverages AI to offer specialised tech skill development and a customised learning experience across coding environments via personalised tutoring, live classes, testing/assessment, learning management systems and customer management systems.

Existing key clients include Samsung, Hyundai Motors, SK Group, LG Group and Seoul National University.

Also Read: The future of edutech: Personalising learning for all

Elice claims it serves over 1,800 globally and counts among its clients South Korea’s major conglomerates, top universities, and government ministries. Its AI-based practice-oriented education platform, EliceLXP, has accumulated more than 1.3 million users.

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X marks Echelon. Join us at Singapore EXPO on May 15-16 for the 10th edition of Asia’s leading tech and startup conference. Enjoy 2 days of building connections with potential investors, partners, and customers, exploring innovation, and sharing insights with 8,000+ key decision-makers of Asia’s tech ecosystem. Get your tickets here.

Want more from your Echelon experience? Be an Echelon X sponsor or exhibitor. Send enquiry here.

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GitHub, the world’s leading software development and version control platform, has recently released an updated version of its Innovation Graph.

Launched in September last year, the GitHub Innovation Graph serves as a comprehensive source of data visualisations that shed light on global developer activity. The most recent update, incorporating data from Q3 2023, offers valuable insights for policymakers and researchers, emphasising the nuances of cross-country collaboration in the realm of software development.

This report reveals some intriguing findings regarding Singapore’s vibrant software development scene.

With over 1,020,000 developers and 54,300 organisations actively contributing to GitHub, Singapore has established itself as a key player in the global coding community. The sheer scale of participation is reflected in the fact that Singaporean developers uploaded code to GitHub more than 1.5 million times, collectively owning a staggering 3.7 million repositories.

Another detail that the report revealed is that the programming language dominates Singapore. When it comes to the languages shaping Singapore’s coding landscape, JavaScript emerges as the undisputed leader. Based on the number of unique developers contributing code, JavaScript takes the top spot, followed closely by Python and Shell.

Also Read: Circulate Capital joins bio-based plastic developer Algenesis’s US$5M seed round

This hierarchy not only reflects the preferences of Singaporean developers but also aligns with global trends, highlighting the versatility and widespread use of these languages in contemporary software development.

What this means for policymakers and researchers

Apart from revealing details about the software developer community in a particular market, including Singapore, the GitHub Innovation Graph also sheds light on cross-country collaboration–particularly how developers in different markets are working together with each other.

By measuring git pushes sent and pull requests opened from one economy to another, the graph provides a nuanced perspective on the global interconnectedness of software development efforts. The statistics paint a picture of a highly active and collaborative ecosystem, where over a million developers and tens of thousands of organisations contribute to the collective repository of code.

For Singapore, the top three collaborators were the US, Hong Kong, and China. This underscores the importance of international cooperation in driving innovation and advancing the software development landscape.

What does this knowledge about Singapore’s software development landscape mean for policymakers and researchers? It started by enabling an understanding of the dynamics of global software development.

Also Read: Empathetic software development: Creating accessibility-first apps for greater inclusivity

By delving into the specifics of Singapore’s involvement, authorities can tailor policies that foster local innovation while leveraging international collaborations. Additionally, researchers gain a deeper understanding of the trends shaping the coding landscape, enabling them to identify areas for potential growth and investment.

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Image Credit: Arif Riyanto on Unsplash

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

What is Tether, and why is it popular?

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

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

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

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

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

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

What are the allegations against Tether?

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

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

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

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

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

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

What are the counterarguments to the UN report?

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

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

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

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

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

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

What is my opinion on the matter?

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

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

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

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

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

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

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

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

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

Image courtesy of the author

The post Tether under scrutiny: A deep dive into cryptocurrency crime allegations appeared first on e27.

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

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

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

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

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

Application modernisation

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

Also Read: Debunking misconceptions about FinOps and cloud spending reduction

The option here can be:

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

Automation: Infrastructure, deployment, testing, platform

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

This can be curbed by using:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Demystifying a spectrum of cyber threats

Digital disinformation campaigns

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

Phishing expeditions

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

Ransomware strikes

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

Deepfake manipulation

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

Denial-of-Service (DDoS) attacks

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

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

Real stories, real lessons

The social media storm (2016 US election)

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

NotPetya’s ripple effect (2017)

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

Practical steps for digital democracy

Media literacy education

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

Enhanced cyber hygiene

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

Multi-Factor Authentication (MFA)

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

Collaborative threat intelligence

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

Final thoughts

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

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

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

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

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

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

Diversification is key when it comes to altcoins

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

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

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

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

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

Are you diversifying?

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

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

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

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

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

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

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

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

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

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

DeFi investment projects

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

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

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

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

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

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

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

#Tokenizetheworld

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

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

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

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

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This article was first published on December 1, 2021.

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