Dear reader,

The startup ecosystem in Southeast Asia is undergoing a significant transformation, as highlighted in Jungle Ventures’ The First Cheque Report 2024. While Singapore and Indonesia have long dominated the region’s seed investment landscape, Vietnam and the Philippines are emerging as dynamic new players. This shift is a testament to the evolving priorities of investors and the growing maturity of these markets.

Singapore retains its lead, accounting for over half of Southeast Asia’s seed deals, thanks to its business-friendly policies and strategic positioning as a gateway for regional expansion. Meanwhile, Indonesia, the region’s largest economy, holds second place but now faces stiff competition.

Vietnam and the Philippines, fueled by economic growth, young and tech-savvy populations, and supportive government initiatives, collectively surpassed Indonesia in capital deployed during the first half of 2024. Their rise reflects broader trends in Southeast Asia, including increasing local investor activity and the adoption of cutting-edge technologies.

As Vietnam and the Philippines continue attracting investments and fostering innovation, they signal a new era for the region’s startup ecosystem—one defined by diversity, resilience, and untapped potential.

Sainul,
Editor.

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NEWS & VIEWS

Vietnam and Philippines challenge Singapore and Indonesia in startup investment
In H1 2024, Vietnam and the Philippines, along with other emerging Southeast Asian markets, collectively surpassed Indonesia in capital deployed for the first time.

Atome Financial secures access to US$200M credit facility to drive SEA expansion
HSBC led this round through its ASEAN Growth Fund; The funding will primarily be used to expand Atome’s existing profitable portfolio and products, with a focus on lending and the pay-later-anywhere card.

Singapore’s Podium raises US$15.2M in Series A-1 round led by Autodesk
The cloud-based digital platform will use the money to accelerate growth in key markets, including Singapore and Australia, where it’s in advanced discussions with property developers, design consultants, supply chain partners and government agencies.

Zepto raises another US$350M amid retail upheaval in India
Indian family offices, wealthy individuals, and asset manager Motilal Oswal invested in the round, which maintains Zepto’s US$5B valuation; Quick-commerce sales in India are set to surpass US$6B this year.

FTX CTO Gary Wang avoids prison time
U.S. District Judge Lewis Kaplan today. Judge Kaplan praised Wang’s cooperation with federal authorities; Wang testified against former FTX founder and CEO Sam Bankman-Fried at his trial last fall; Wang pleaded guilty to four felony counts of fraud and conspiracy.

India’s Arzooo, once valued at US$310M, sells in distressed deal
The deal comes after Arzooo engaged with several startups exploring potential merger opportunities; Arzooo provided a digital bridge to India’s small electronics retailers so they could compete with e-commerce giants and large retail chains.

SEA’s BNPL boom: Gen Z, digital payments drive a US$53B market by 2027
Indonesia is projected to lead the market with US$16.8 billion in BNPL transactions by 2027, a 209 per cent increase from 2024.

Smaller in numbers, bigger in impact: Female founders secure larger seed rounds
While female-founded firms in SEA raised only 1.3% more on average than the overall average, their median round size is significantly higher.

Locad scores US$9M funding to scale AI-driven logistics and expand to Middle East
Lead investors are Global Ventures and Reefknot Investments; Locad enables e-commerce brands to grow their omnichannel business and automatically store, pack, ship, and track orders across their distribution channels.

Alibaba merges domestic, global e-commerce units
The new e-commerce group will integrate existing Alibaba operations such as Taobao and Tmall Group, Alibaba International Digital Commerce, 1688 Marketplace, and Idle Fish.

GXS Bank set to launch business banking services in 2025
The launch will begin in Singapore, Malaysia, and Indonesia, with progressive expansion planned throughout the year; GXS announced that its growth rate from January to September 2024 has doubled compared to the same period last year.

Oneteam nets US$2.6M funding to revolutionise SME succession planning in Singapore
Wavemaker Ventures led the round; Oneteam’s solution involves acquiring businesses from retiring owners and gradually transitioning them into employee-owned entities.

LINE Thailand launches scale-up programme to support local, global startups
The LINE SCALE UP programme will provide startups with resources and tools from the messaging giant’s ecosystem, valued at up to US$115,000 per team.

FEATURES & INTERVIEWS

Driving semiconductor innovation: AMD’s vision for AI and sustainability in Singapore
‘We’re driving open-source innovation for AI ecosystems because we feel that is the best path forward for the industry,’ says AMD’s Peter Chambers.

TRIREC Founder Melvyn Yeo: Bifurcation of investments will continue to happen in 2025
TRIREC has achieved the first close of a new fund targeting energy access for underserved rural communities in Africa, India, and SEA.

Echelon Philippines 2024: How Angkas is changing the urban mobility landscape
The Echelon Philippines session explored how Angkas is transforming urban mobility and empowering motorcycle riders in the Philippines.

How intlife is helping Malaysia combat energy wastage at home
Initially focused on developing small home ecosystems, intlife-equipped properties with IoT sensors and mobile app controls.

FROM THE ARCHIVES

Beyond the union: Understanding the complexities and impacts of M&As
More often than not, M&A between organisations involves more stakeholders and impacts more people than a marriage between two families.

A guide on the go-to-market models that startups use
It’s important to remember that when you do have a go-to-market strategy, it will need to evolve with your startup.

Streaming the dream: How live streaming technology can increase access to brands
Live streaming is a valuable technology because it has the capacity to offer immediate feedback to questions posed by a consumer.

Pre-launch marketing is a tease that works, how to get it right?
Here’s how pre-launch marketing for alternative proteins during the R&D phase helped create a massive demand for the product.

Data-driven financial services, a bigger imperative in a post-pandemic world
Becoming data-driven is imperative for any business of today and proves to be especially so for financial firms in the post-pandemic world.

To Voice AI or not – The changing face of customer experience
To remain competitive and relevant in an increasingly digital world, it is necessary for brands to stay open to the immense potential of voice technology.

Fundraising with a purpose: Why bootstrappers’ mindset matters
The bootstrappers’ mindset consistently proves its value, integrating profitability, resource optimisation, and fiscal responsibility.

Financial literacy in Southeast Asia is set to match industry growth
Financial literacy in the region hardly corresponds to the development of the industry, however, there is a good chance to balance the situation.

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

THOUGHT LEADERSHIP

Indonesia’s economic struggle and resurgence: A nation poised for sustainable growth
Despite challenges, Indonesia’s growth remains strong, aiming to be a top 10 economy by 2045 with investment and digital focus.

Unlocking Malaysia’s data centre potential: The critical role of ecosystem partnerships
Malaysia’s data centre expansion can help to spearhead its ICT growth and attract more companies to setup their offices locally.

5 essential strategies for AI-powered hyper-personalisation in marketing to drive business growth
Deep market understanding and leveraging AI to create personalised experiences will drive business growth in the future.

Decoding B2B buyer intent: The 3 questions every tech startup marketer needs to address
Understanding buyers’ true needs, their purchasing journey, and the signals of their readiness to engage is essential.

Bridging the digital divide: Addressing Malaysia’s skills gap
Uncover the digital skills gap in Malaysia and its impact on the country’s technological and economic growth.

Financial models for Web3 startups: Guiding principles for success
By comprehending the dynamics of the Web3 landscape, startups can leverage the power of decentralised technologies in their financial models.

Temu takes on Vietnam: The impact on domestic manufacturing and marketing
Explore Temu’s global expansion and its impact on Vietnam, highlighting opportunities and challenges for the local industry.

How local payments are unlocking digital commerce’s potential in Latin America, Africa, and India
Payments are no longer a passive component of commerce; they are now active agents in societal transformation.

The post Ecosystem Roundup: Vietnam, Philippines lead SEA’s next growth wave | Atome secures US$200M credit facility | FTX CTO Gary Wang avoids prison time appeared first on e27.

Seed capital deployment in India and Southeast Asia (SEA) has stabilised at around US$1.5 billion per year, reveals a Jungle Ventures report released on Thursday.

This follows a period of significant growth, with deployment reaching US$1.9 billion per year previously and a peak of US$3.2B in 2022.

This stabilisation is occurring despite a drop in deal count to 1,200 annually. This is down from 1,700 deals in the previous year and a peak of 2,600 in 2021.

Also Read: Smaller in numbers, bigger in impact: Female founders secure larger seed rounds

Jungle Ventures’s First Cheque Report 2024 further reveals that seed investment amounts and deal counts in India have been decreasing since 2022 but are showing early signs of stabilising. The decline in both deal count and funding amount has slowed considerably in the first half of 2024 compared to previous years.

Notably, deal counts continue to decrease while investment amounts are nearing stabilisation. Median round sizes have increased significantly, reaching US$0.78 million in 2024 year to date, surpassing 2021 and 2022 levels. The median round size has seen a 56 per cent increase from 2023 to 2024 YTD.

In Southeast Asia, the overall deal count is stabilising at levels similar to 2020. Invested capital remains high, with 2023 levels significantly exceeding pre-exponential growth periods.

Funding decline is slowing, with a considerable reduction in the rate of decline between H1 2023 and H1 2024. The decline in funding amount slowed from 60 per cent between H1 2022 and H1 2023 to just 6 per cent between H1 2023 and H1 2024. This suggests that Seed investment deployment is stabilising, though deal counts may continue to decrease.

Median round sizes have reached a new high of US$2.2 million in 2024, exceeding the levels of 2021 and 2022.

Capital flowing to new markets:

In India, the deal count remains highly concentrated in Tier 1 cities. However, there is a slight decrease in the concentration since 2023, as more deals flow into Tier 2 and Tier 3 cities.

In SEA, Singapore continues to dominate, accounting for 54.4 per cent of seed deals. Indonesia holds the second largest share but is being challenged by other SEA markets, particularly Vietnam.

Also Read: Shifting tides: Vietnam and Philippines challenge Singapore and Indonesia in startup investment

H1 2024 has been especially exciting, with other SEA countries collectively surpassing Indonesia in capital deployed for the first time. This is attributed to ongoing efforts to support Seed funding in a traditionally underserved ecosystem.

Rishab Malik, Partner at Jungle Ventures, attributes the increase in median round sizes to investors deploying capital more selectively, choosing to “double down” on strong business models.

The report suggests a maturing seed investment landscape in India and Southeast Asia. While overall investment levels are stabilising, capital is increasingly spreading to new markets, which broadens opportunities for startups across the region.

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Image Credit: 123RF.

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Singapore has positioned itself as a leader in artificial intelligence (AI), fostering innovation across sectors through ambitious policies and strategic partnerships. Yet, as the global AI race accelerates, the city-state faces a critical challenge that could undermine its status as a regional hub: a persistent talent shortage.

Rachel Chng, Director of The Ignition AI Accelerator and Head of Accelerator & Partnerships at Tribe, sees Singapore’s potential but emphasises that success hinges on developing and retaining talent.

“While Singapore has made significant progress in establishing itself as a global AI hub, the talent gap is an issue we cannot ignore. Attracting and nurturing skilled AI practitioners will be key to sustaining our growth,” she says in an email interview with e27.

Singapore’s National AI Strategy (NAIS 2.0) aims to triple the number of AI practitioners to 15,000 by 2030. However, demand for AI expertise is outpacing supply, and competition for talent remains fierce globally. The shortage of AI practitioners is particularly acute for roles requiring deep technical expertise, such as data scientists and machine learning engineers.

“Upskilling and reskilling programmes are crucial to address this gap,” says Chng.

While Singapore has implemented initiatives to bolster its workforce, such as partnerships with educational institutions and AI-focused training courses, Chng argues that these efforts must scale up significantly. “We also need to create more opportunities for international talent to contribute to Singapore’s AI ecosystem.”

Rapid advancements in AI technologies further compound the talent issue. Emerging fields such as generative AI and AI ethics require new skill sets, so staying ahead in the talent game demands constant adaptation.

Also Read: How to scale talent in Southeast Asia during unprecedented times

Attracting global talent is a delicate balancing act for Singapore. While the city-state offers a vibrant ecosystem for innovation, competing hubs such as the US and China boast larger markets and deeper talent pools.

Singapore must differentiate itself through its reputation for ethical AI development, advanced infrastructure, and quality of life.

“Public-private collaboration is essential,” Chng notes.

Industry leaders and startups must work together to create a thriving environment that appeals to top talent. Initiatives such as AI Singapore’s SEA-LION project, which focuses on models tailored to Southeast Asian (SEA) contexts, showcase Singapore’s ability to pioneer unique solutions.

These projects also demonstrate the value of working with diverse talent to address regional challenges.

Beyond talent: Addressing structural challenges in AI industries

While talent remains the focal issue, other barriers could hinder Singapore’s ambitions. Scaling AI innovations beyond research to real-world applications requires stronger partnerships between academia, startups, and enterprises.

“Singapore has proven itself as an excellent testbed for AI technologies, but we need to move beyond pilots,” Chng explains. Commercialising innovations and encouraging adoption across industries will solidify the nation’s reputation as a global AI hub.

Another challenge is Singapore’s limited domestic data pool. Effective development often relies on vast datasets, and Singapore’s smaller population size can restrict data diversity.

Also Read: Managing talent in an economic downturn

Regional collaboration, particularly within SEA, is a promising solution. By forming data-sharing alliances, Singapore can access broader datasets while fostering collective AI adoption in the region.

Despite these challenges, Singapore’s efforts to position itself as a global AI hub are noteworthy. Robust infrastructure, including advanced data centres and high-performance computing, underpins its ambitions. Policies such as the Model AI Governance Framework provide clear ethical guidelines, bolstering Singapore’s reputation as a trusted leader in responsible AI development.

But Chng believes talent is the linchpin for long-term success in AI development. “Infrastructure and policies are essential, but without the right people, it’s impossible to translate these into meaningful outcomes,” she asserts.

To address this, Singapore must focus on technical skills and cultivate expertise in adjacent areas such as ethics, policy, and deployment. Chng highlights the importance of fostering collaboration between academia and industry to ensure that research translates into practical applications.

The private sector also has a pivotal role to play. By investing in research, development, and training, companies can contribute to the growth of Singapore’s AI ecosystem. Global partnerships with organisations such as NVIDIA and OpenAI further reinforce Singapore’s position as a hub for innovation.

Singapore’s aspirations to lead in AI hinge on its ability to bridge the talent gap. This requires bold action: expanding education and training initiatives, creating pathways for global talent, and ensuring that careers in the industry are appealing and sustainable for the local workforce.

Also Read: Report: New fintech talents emerge as GenAI becomes increasingly popular in Singapore

Chng remains optimistic. “Singapore has a strong foundation in place. By prioritising talent development and embracing regional collaboration, we can not only maintain our leadership but redefine what it means to be a global AI hub.”

As the global race heats up, Singapore’s success will depend on how effectively it addresses its talent challenges. With the right strategies, the city-state can secure its future as a leader in one of the most transformative technologies of our time.

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Image Credit: Tribe

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Singapore-based digital healthcare provider WhiteCoat Global recently announced its expansion into Indonesia by acquiring telemedicine company Good Doctor Indonesia. According to WhiteCoat founder and CEO Bryan Koh, this union will enable the firm to serve as the first and single touchpoint for all regional health needs.

In an interview with e27, Koh shares more insights into the deal and Southeast Asia’s healthtech sector.

Excerpts:

Indonesia is the largest economy in Southeast Asia. What specific challenges and opportunities do you anticipate in expanding WhiteCoat’s operations in such a dynamic and diverse market?

Indonesia is a vast and complex market, offering tremendous opportunities for growth alongside significant challenges. The country’s large and young population is increasingly tech-savvy, which aligns well with WhiteCoat’s digital healthcare services.

However, Indonesia’s geography presents obstacles to accessing healthcare in remote and rural areas. This creates opportunities for platforms like ours to bridge the gap, providing medical consultations and medication fulfilment to underserved regions.

WhiteCoat has a strong omnichannel healthcare model. How do you plan to balance the expansion of both digital and in-person services as part of your regional growth strategy?

Our strategy revolves around seamless and borderless access to care, both digitally and in person.

Telemedicine offers unparalleled accessibility and convenience. However, certain cases require in-person visits and physical examinations. To address this, our digital platform serves as the first point of contact, with conditions managed remotely online. Cases requiring in-person care are triaged to our network of physical providers, such as clinics and hospitals.

Also Read: One doctor for every family: Good Doctor wants to make healthcare accessible for all Indonesians

In markets like Indonesia, where healthcare access is a challenge, we are expanding our physical network through partnerships with brick-and-mortar providers. This approach allows us to scale rapidly and meet the health and wellness needs of our users more effectively.

You’ve highlighted WhiteCoat’s commitment to technology-driven care. How do you see advancements in AI, data analytics, and telemedicine shaping the future of your healthcare offerings?

AI and data analytics are poised to revolutionise healthcare delivery, enabling a more personalised and proactive approach to patient care.

At WhiteCoat:

• AI-driven diagnostics and decision-support tools will integrate care models across digital and in-person channels, providing practitioners with real-time insights to inform clinical decisions.
• Data analytics allows us to harness patient data (with strict privacy controls), identify healthcare trends, and tailor our services to meet the specific needs of various populations.

These technologies will enable us to address current healthcare demands and anticipate future ones, ensuring we remain at the forefront of healthcare innovation.

Now that you’re working with over 130 insurers and 7,500 corporate partners, how do you plan to leverage these partnerships to scale WhiteCoat’s services and improve accessibility?

Our partnerships provide direct access to a diverse population base across Southeast Asia. We leverage these relationships by:

• Developing targeted healthcare plans for underserved communities.
• Offering affordable telemedicine services as part of corporate wellness programs, reducing costs for employers while improving access for employees.
• Introducing microinsurance policies to make preventive and medical care more affordable.

Additionally, we work with insurers to encourage regular health screenings, followed by virtual consultations that empower users to manage their health proactively and efficiently.

The recent funding round led by Raffles Family Office and participation from MDI Ventures and The SoftBank Vision Fund is a significant boost. How do you plan to allocate these funds to strengthen WhiteCoat’s regional presence?

Also Read: WhiteCoat closes a tranche of Series B round, poised to break even in Singapore

The funds will be used to:

• Accelerate growth in existing markets such as Singapore, Indonesia, Vietnam, and Malaysia.
• Enter at least two additional markets through partnerships and selective M&A opportunities.
• Invest in technology, including GenAI for preventive diagnostics and treatment, upgrading digital health infrastructure, and expanding data analytics capabilities.

What initiatives are you planning to increase access to affordable healthcare for uninsured communities in Southeast Asia?

We’re focusing on:

• Creating low-cost telemedicine plans with our payer partners.
• Collaborating with NGOs and local governments to provide subsidised telemedicine consultations.
• Working with insurers to pass on cost savings to the broader public, making healthcare services more affordable and accessible.

WhiteCoat’s partnerships with insurers and corporates have been key to your success. How do you plan to evolve your B2B strategy post-acquisition?

Our B2B strategy focuses on:

• Deepening relationships with partners by offering customised wellness solutions and value-added services.
• Expanding into new care verticals to drive user volume efficiently.
• Using AI and data analytics to enhance our Think Well mental wellness program and other insurance products, ensuring partners and members derive maximum value.

As the healthcare industry undergoes rapid transformation post-pandemic, what trends do you see emerging in Southeast Asia’s healthcare landscape, and how is WhiteCoat positioning itself?

Key trends include:

• Increased adoption of digital health solutions for primary care, specialist care, and wellness.
• A growing emphasis on preventive care and mental wellness.
• Demand for integrated healthcare ecosystems, providing a seamless experience across digital and physical touchpoints.

WhiteCoat is capitalising on these trends by expanding our digital-first platform, incorporating mental wellness solutions, and ensuring comprehensive care across both digital and physical channels.

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While Singapore and Indonesia have historically been the dominant markets, Vietnam and the Philippines are rapidly gaining ground, attracting significant seed funding and fostering a thriving ecosystem, according to a new report by Jungle Ventures.

The ‘The First Cheque Report 2024’, which analyses seed investment rounds between 2021 and Q3 2024, shows that Singapore continues to lead in terms of deal count, capturing 54.4 per cent of all seed deals in Southeast Asia. This is largely attributed to the country’s favourable policies for entrepreneurs, attracting businesses targeting markets beyond Singapore’s borders.

Also Read: How corporate innovation in Vietnam is fledgling the B2B startup ecosystem

Indonesia holds the second position with 19.2 per cent of seed deals. However, the report highlights a significant trend: other Southeast Asian markets, particularly Vietnam and the Philippines, are catching up.

In the first half of 2024, Vietnam and the Philippines, along with other emerging Southeast Asian markets, collectively surpassed Indonesia in capital deployed for the first time. This signifies a shift in investor focus and highlights the growing potential of these emerging markets.
Several factors contribute to the rise of Vietnam and the Philippines.

Vietnam’s robust economic growth, coupled with a young and tech-savvy population, makes it an attractive destination for startups. The government’s proactive measures to support the startup ecosystem, including funding initiatives and incubator programs, further fuel this growth.

The Philippines, with its large English-speaking population and a burgeoning digital economy, offers a fertile ground for startups. The country’s growing middle class and increasing smartphone penetration present a vast market opportunity.

Also Read: Startup funding in SEA falls 65% to US$4.3B in 2023: Tracxn

The report acknowledges the role of local seed funds, micro-VCs, angel groups, and corporate investors in driving the growth of the startup ecosystem across Southeast Asian countries. This diversification of funding sources is indicative of a maturing entrepreneurial landscape.

The emergence of Vietnam and the Philippines presents a compelling narrative of the evolving startup landscape in Southeast Asia. As these markets continue attracting investment and nurturing innovation, they are poised to reshape the region’s economic future.

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In an era where sustainability is a pressing global priority, intlife Smart Home, a Malaysia-based green tech startup, is making waves with its energy-efficient solutions.

At the helm is Kok Huang, CEO and Co-Founder, whose mission is to combat energy wastage in residential and commercial properties. Speaking to e27, Kok Huang reveals how intlife is transforming spaces with cutting-edge technology and a vision for a greener tomorrow.

“Energy wastage is a significant issue, particularly in residential spaces,” Kok Huang shares. Initially focused on developing small home ecosystems, intlife equipped properties with IoT sensors and mobile app controls. This revealed an alarming trend: rooms often consumed excessive energy, even when unoccupied.

Armed with this data, the company transitioned to AI-driven energy management systems. “By analysing usage patterns, such as when a room is too cold or empty, we optimise energy consumption,” he explains. This approach delivers a holistic solution, cutting energy costs while reducing carbon footprints.

Working primarily with property developers, intlife integrates its systems into new homes and office spaces, reaching end users—homeowners and property managers—who experience improved energy efficiency.

“So far, we’ve implemented our solutions in about 3,000 homes, primarily in Kuala Lumpur and Johor Bahru,” Kok Huang notes.

Also Read: As the demand for energy soars, climate tech is here to save the day

Despite its potential, green tech adoption faces challenges. According to Kok Huang, a lack of awareness and the perception of high costs hinder its uptake. “People think it is expensive, but with maturing tech and cheaper sensors, these systems are now more affordable. The return on investment can be achieved in less than three years.”

Residential energy consumption ranks as the third-largest globally, making it a critical sector for sustainability efforts. “If we don’t address this, achieving net-zero goals becomes impossible,” he stresses.

intlife’s data-driven approach proves that energy efficiency is not just attainable but essential for sustainable living.

intlife’s user acquisition strategy centres on partnerships with property developers. By embedding its systems into showrooms, potential buyers can experience the benefits firsthand. “It is a seamless process. Existing properties can upgrade within four hours,” Kok Huang says, highlighting the accessibility of their solutions.

The company’s participation in the UOB FinLab Green Tech Accelerator has further sharpened the company’s focus.

“We’ve evolved from offering energy-saving solutions to integrating carbon credit calculators and green financing options, like reduced-interest green home loans,” he reveals. These enhancements not only improve customer offerings but also amplify intlife’s environmental impact.

Scaling up for 2025 and beyond

Looking ahead, 2025 promises to be a pivotal year for intlife. The company plans to expand into commercial and existing buildings, aiming to create sustainable workspaces and living environments.

Also Read: Founders Factory launches in Singapore to bolster SEA deep tech, climate tech ecosystem

“We are launching EMS 2.0, which will analyse energy consumption down to individual appliances,” Kok Huang shares. This granular insight enables users to manage their energy usage with unprecedented precision.

Intlife also aims to grow its user base to 4,000 property owners and introduce a dedicated customer care service. On a broader scale, the company aligns with Malaysia’s pledge to achieve net-zero emissions by 2050. “Our solutions contribute to saving 20 per cent energy in residential and 23 per cent in commercial spaces,” Kok Huang notes.

With plans to expand into Southeast Asia (including Singapore, Vietnam, and the Philippines), intlife is positioning itself as a regional leader in energy efficiency. “Our plug-and-play solutions can easily adapt to different markets, amplifying our impact on net-zero missions across the region.”

Intlife Smart Home exemplifies the power of technology to drive sustainable change. By addressing energy inefficiencies with IoT and AI, the company aims to reshape how homes and offices operate.

As awareness grows and technology becomes more accessible, intlife’s solutions intend to pave the way for a future where smart homes are not just a luxury, but a necessity for sustainability.

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Image Credit: intlife

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Singapore-based digital bank GXS Bank has announced plans to roll out its business banking services in the first quarter of 2025. The launch will begin in Singapore, Malaysia, and Indonesia, with progressive expansion planned throughout the year.

In Singapore, GXS Bank will prioritise sole proprietorships and micro-businesses, addressing unmet financial needs such as access to expansion loans. These businesses often struggle with limited options from traditional banks.

“2025 will be the year of significant scaling up for the digital banks in the GXS Group,” said Muthukrishnan Ramaswami, Group CEO of GXS Bank, in a statement.

To prepare for the launch, the bank has been running a pilot programme in Singapore with selected sole proprietorships within its ecosystem, co-creating and refining its offerings. Half of the country’s sole proprietorships are either served by or partnered with Grab and Singtel, both stakeholders in the bank.

The pilot will soon expand to include businesses outside this network.

Key products under the new business banking suite include the GXS Biz Account and GXS FlexiLoan Biz. These solutions mirror the innovative features of GXS Bank’s retail offerings, such as daily interest crediting for deposits, no early repayment fees, and interest savings for early loan repayments.

Also Read: A new blueprint for modernising Southeast Asian banking for the digital future

Eligible businesses will also gain access to unsecured credit lines to support their growth.

At a media luncheon on Wednesday, November 20, GXS announced that its growth rate from January to September 2024 has doubled compared to the same period last year.

The group now serves over three million customers regionally through its Singapore-based GXS Bank, Malaysia’s GXBank, and Indonesia’s Superbank.

In Singapore, four out of five customers are underserved, including gig workers, entrepreneurs, and young professionals under 30. Notably, 25 per cent of GXS FlexiLoan users had no or limited credit history at the time of application, but have since demonstrated strong financial discipline.

At the same event, GXS also stated that 20 per cent of GXS FlexiLoan users and nearly 60 per cent of the loan book’s total value were of the so-called affluent customers.

This dual strategy has contributed to steady loan growth, with GXS Bank doubling its personal loan portfolio to 200,000 in just six months, making it one of Singapore’s top six personal loan providers.

“Our business banking solutions are well underway and will be rolled out in the three markets in the near future. We are well-positioned to grow our business and serve even more customers in the coming year,” said Ramaswami.

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Image Credit: GXS

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Female startup founders remain underrepresented in India and Southeast Asia, yet those who secure seed funding raise significantly larger rounds, according to First Cheque Report 2024 by Jungle Ventures.

In India, female founders comprised only 12 per cent of all seed-funded founders in 2024 year-to-date (YTD), a moderate increase from 7 per cent in 2021. However, companies with at least one woman founder raise median round sizes that are 114 per cent higher than the overall median.

Also Read: Funding into SEA’s female-led startups falls 42% to US$480.8M in 2023: Tracxn

The median round size for companies with at least one woman founder is US$1.05 million. This is 114 per cent higher than the overall median round size of US$0.49 million.

The average round size is also higher for Indian companies with female founders. The average for companies with at least one female founder is US$1.74 million. The overall average is US$1.08 million.

In Southeast Asia, female representation is even lower, at 9 per cent of seed-funded founders in 2024 YTD. While such companies raised only 1.3 per cent more on average than the overall average, their median round size is significantly higher.

Also Read: Shifting tides: Vietnam and Philippines challenge Singapore and Indonesia in startup investment

The median round size for Southeast Asian companies with at least one woman founder is US$2.2 million, which is 29 per cent higher than the overall median of US$1.70 million.

While the report doesn’t explain the reasons behind these funding disparities, data suggests that female founders may face greater difficulty securing seed funding.

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As we delve into the transformative journey of digital payments in rising markets, a powerful wave of innovation and inclusion is reshaping how people and businesses engage in these economies. While the global payments landscape often features broad themes of digitisation, some regions are experiencing accelerated, distinct evolutions within this movement.

Latin America, Africa, and India each present unique narratives in the shift toward digital commerce, with local payment methods like Pix, UPI, PSE, and mobile money making seismic impacts.

In this exploration, I’ll touch on key innovations that we at EBANX, a global technology company specialising in payment services for rising markets, see as vital to the growth and development of these regions.

Localised payment innovation: more than just alternatives

As new payment technologies evolve, the need to adapt to specific markets has become non-negotiable for global businesses. The one-size-fits-all model no longer holds for payment systems. Each region — indeed, each country – has unique user habits, regulatory environments, and cultural preferences that demand tailored solutions.

In Latin America, Pix in Brazil and PSE in Colombia demonstrate how tailored digital payments can make digital commerce more accessible and inclusive. Pix, introduced by Brazil’s Central Bank in 2020, has expanded dramatically, growing to nearly half of Brazil’s digital payment transactions in just a few years and being part of the daily lives of 90 per cent of the adults in the country.

According to Payments and Commerce Market Intelligence (PCMI) data analysed by EBANX, Pix is set to surpass credit cards as the most widely used payment method in Brazilian digital commerce by next year. The projection for 2025 estimates that Pix will account for 44 per cent of all value transacted in online purchases in Brazil, an increase of four percentage points, while cards will have a 41 per cent share.

Additionally, data from the Brazilian Central Bank indicates Pix has integrated 71.5 million users into the financial system in the first two years of operation. This is a potent example of how a payment method can drive financial inclusion and consumer convenience through seamless, quick, and free transfers.

Similarly, in Colombia, PSE (Pagos Seguros en Línea) is a preferred gateway for many people, especially those new to digital commerce. We see its wide use in retail as well as by new consumers venturing into e-commerce. This is not merely about introducing a different payment option; it’s about creating a payment experience that meets people where they are, encourages trust, and simplifies their journey into digital engagement.

Internal data from EBANX show that companies accepting Pix in digital commerce experience a 16 per cent increase in revenue and a 25 per cent growth in the number of clients. In Colombia, PSE brought in more than half of the new customers for two of EBANX’s online retail merchants over a three-year period. These figures highlight the importance of global companies having tailored payment strategies for each region.

With expertise in those local solutions, our operation includes over 200 payment methods, having connected more than 150 million consumers to global brands. Within the Pix system alone, we currently process payments for over 33 million users, 20 per cent of all Pix users in the country.

How “digitised cash” is driving digital and financial inclusion globally

In regions like Africa, mobile money has become a cornerstone of digital finance, leapfrogging traditional banking infrastructure and providing millions with instant access to digital commerce. According to the last EBANX annual study, Beyond Borders 2024, since 2007, Kenya has been at the forefront of mobile money innovation.

This platform allowed people, for the first time, to transfer funds using a basic mobile phone without requiring a bank account or internet access, thanks to SIM card-based technology. Today, more than 90 per cent of Kenyan adults have a mobile money account, according to a GSMA consumer survey, underscoring this technology’s widespread adoption and impact over the past 15 years.

Also Read: Do cards have the opportunity to flourish in Southeast Asia’s digital payment services landscape?

With nearly half of digital commerce in Kenya relying on mobile money, the implications for increased access are profound. This shift has provided an economic lifeline for those previously excluded from financial services, especially in rural areas where banking infrastructure is limited or nonexistent.

In Egypt, cash remains the dominant transaction method, accounting for a large portion of the digital commerce volume: 73 per cent of Egyptians are unbanked, and only 22 per cent have a credit or debit card, making the country heavily reliant upon cash transactions, based on Beyond Borders 2024.

However, innovative solutions like QR code-based payments and cash vouchers are paving the way for more inclusive digital finance. The hybrid approach, digitising cash transactions and ensuring that consumers can participate in digital commerce even without bank accounts, is a significant step toward financial inclusion. The continued push to blend cash-based solutions with digital technology signals a path forward for Egypt and other cash-reliant economies in Africa and beyond.

India’s digital payment evolution: from cash to UPI

India’s journey in digital payments has been equally transformative. Over the past decade, UPI (Unified Payments Interface) has shifted the nation’s payment culture from predominantly cash-based to digital-first. With UPI adoption growing exponentially since its introduction in 2016, India has emerged as a leader in real-time digital payments, outpacing traditional cards and attracting a wide range of businesses.

Currently, UPI represents 64 per cent of all digital payments in India, and the share is growing. From April 2022 to March 2023, payments in retail through UPI amounted to US$1.6 trillion, the Beyond Border 2024 report shows. In a market where nearly half of consumers lacked banking access just a few years ago, UPI now drives over 55 per cent of digital commerce, according to PCMI, transforming consumer habits and the business landscape.

An important factor is India’s successful integration of various payment methods within a single platform. UPI’s ability to merge credit cards, debit cards, and bank accounts into one payment system is a powerful example of hybrid payment solutions that adapt to the consumer’s needs.

As more consumers engage with digital transactions and become financially included, the future of UPI—and by extension, India’s digital economy—holds vast potential. We see the potential for similar solutions in other rising markets, where diverse payment methods are united under a single, consumer-centric platform.

Blending old and new: hybrid payment models and digital wallets

In many rising markets, particularly those transitioning from cash-based economies, hybrid payment models bridge the gap between traditional and digital payment systems. The integration of alternative payment methods (APMs) with credit and debit cards allows consumers to move between digital and physical transactions seamlessly.

In Latin America, credit cards still hold a strong place, especially in SaaS, streaming services, and other subscription-based industries. However, hybrid models—where cards and instant payments coexist—have found their sweet spot. For instance, in Tanzania, mobile money services like M-Pesa now integrate with Visa, providing a virtual card for digital commerce, while in India, UPI enables credit card payments within an instant payment framework.

For global companies entering these markets, such hybrid models present a compelling strategy to cater to a diverse range of consumer habits. Whether it’s enabling instalment payments, auto-renewals, or other flexible models, hybrid solutions create a pathway for people at varying stages of financial inclusion to participate in the digital economy. The flexibility to use a familiar method, like mobile wallets or credit cards, in combination with instant payment options, meets consumers where they are and builds trust.

The hybrid aspect is also evident in how cards and alternative payment methods adopt each other’s features. For example, Pix Automático is incorporating recurring payment capabilities, a feature initially associated with cards. Set to launch in June 2025,  Pix Automático aims to bring recurring payment options to all users in Brazil, enabling them to use Pix for subscriptions to streaming services, SaaS products, and other subscription-based offerings.

Enabling global growth through local payment expertise

Emerging markets across Latin America, Africa, and India are not only rising but defining new standards in global commerce. These regions offer a vast, eager customer base for digital commerce—one that is often overlooked due to perceived complexities around local payments and regulatory hurdles.

Also Read: Building bridges to close gaps in cross-border payment

For example, the e-commerce market in Latin America is expected to grow 20 per cent in volume between 2023 and 2027, with a projected volume of more than US$1 trillion, according to PCMI data analysed by EBANX. Our experience in these markets tells us that while the pathways to growth are unique and sometimes intricate, the payoff is considerable. Businesses that invest in understanding local payment ecosystems and work with experienced partners can achieve lasting success in rising markets.

For global businesses, understanding these payment trends and customising their approaches is crucial for growth. Payment methods are no longer simply transactional tools; they have become strategic enablers of customer engagement and retention. Take Brazil, for example, where Pix is rapidly becoming the default choice for online purchases.

The simplicity and speed of Pix encourage more frequent purchases, and many merchants now offer discounts to consumers who pay with Pix, further incentivising its use. In India, the integration of UPI with various banking and credit systems facilitates broad, deep engagement with customers, boosting their loyalty and willingness to transact digitally.

At the heart of this payment evolution lies a powerful message: payment preferences matter. Local payment methods are not “alternative” —they are mainstream. And as businesses look to grow globally, an understanding of local payment trends is as essential as understanding local languages or cultural norms.

Toward an inclusive, connected digital economy

The rapid evolution of payment landscapes in Latin America, Africa, and India speaks to a broader, hopeful vision of digital financial inclusion. The varied ways that people pay—and the increasing ease with which they can do so—point toward a connected digital economy that embraces both the banked and unbanked, narrowing socio-economic gaps. Payments are no longer a passive component of commerce; they are now active agents in societal transformation.

In this new global landscape, businesses willing to adapt and innovate can drive more than just revenue growth—they can foster a more inclusive economy. The journey of rising markets is complex and, at times, unpredictable, but it’s also a story of resilience, opportunity, and the power of technology to bridge divides.

As we look to the future, the challenge remains for global companies to embrace this diversity in payments with agility and respect. The rewards—both financial and societal—are immense. The future of payments in Latin America, Africa, and India is not just a shift in numbers but a pathway to progress itself. And for those who are ready to engage thoughtfully, it offers a chance to be part of a profound, positive transformation that is redefining the world’s digital economy.

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Transforming Urban Mobility: How Angkas is Navigating Regulatory Challenges and Redefining Transportation Solutions

As part of Echelon Philippines 2024, the fireside chat titled ‘Transforming Urban Mobility: How Angkas is Navigating Regulatory Challenges and Redefining Transportation Solutions in the Philippines’ explored the company’s innovative strategies for addressing transportation issues in urban areas. Moderated by Arthur Adrian Lopez, Co-Founder of Brainsparks and NextPay, the discussion featured insights from Angeline Tham, CEO and Co-Founder of Angkas.

The session highlighted Angkas’ efforts to overcome regulatory challenges and transform urban mobility. Angkas aims to provide a safer and more efficient commuting experience while fostering dignified livelihoods for motorcycle riders. Despite navigating cultural stigmas and legal obstacles, the company has achieved a safety rating of 99.997 per cent. Angkas also integrates financial literacy initiatives and enables access to government services such as Social Security System (SSS) and PhilHealth for its riders.

Also Read: Echelon Philippines 2024: Expanding Web3 applications for real-world challenges

Key innovations discussed included the integration of technology to enhance customer experiences and operational efficiency. Angkas’ future plans involve expanding services to additional cities, introducing Angkas Cars, and committing to sustainability by transitioning to electric vehicles. The chat underscored how Angkas is not just redefining mobility but also shaping market dynamics and consumer behaviour in the Philippine transportation sector.

Watch the session video above to learn more about these insights and the strategies shaping the future of entrepreneurship.

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