Without a doubt, leaders who prioritise “people and culture” at the heart of their strategies consistently build organisations that are both admired and exceptionally successful. Some business leaders, however, may find the idea of focusing on people or culture nebulous compared to driving their businesses through sales or other metrics alone because the impact of culture on tangible metrics like revenue and profit can be harder to quantify.

Sales figures provide immediate, concrete data that directly reflects business performance, whereas the benefits of a strong culture—such as improved employee engagement, retention, and innovation—manifest potentially over a longer period and are less directly measurable.

Additionally, leaders with a traditional mindset may view cultural initiatives as “soft” or secondary to the “hard” numbers-driven strategies of sales, potentially underestimating the profound influence that a positive, well-managed culture can have on long-term business success.

One question I would ask in these more traditionally driven companies is whether there is a clearly articulated go-to-market vision and sales plan anywhere because culture building requires the expression of a clear vision that binds all, usually emphasising in the most successful organisations, where and how to win in the market. The traditionally lead organisation, usually, in comparison, is one where focus on the current financial year, with attendant feast and famine, is the primary experience.

Culture building in organisational terms can be misunderstood. In what ways then, can a people first cultural building approach to organisational leadership help to transform not only the enterprise but it’s financial results?

Increased morale and engagement

When employees feel that their well-being and needs are a top priority, they are more likely to be authentically engaged and motivated. They feel valued, appreciated, and invested in. This in turn builds morale and commitment to the team and the organisation. An organisation which does not communicate well, and which lives month by month, quarter by quarter on the other hand, does not build long-term employee loyalty.

Also Read: Are you a human resource?

Stronger team cohesion

A people-first culture fosters a sense of belonging and camaraderie across team members and across organisational functions. When individuals feel supported, cared for, and heard, they are more likely to collaborate effectively and build stronger relationships within and across teams. Values such as “better together”, ensure ultimately that the customer is the winner, because cross functional priorities and goals are better aligned in the pursuit of stickier customer relationships.

Enhanced communication

Open and honest communication is a hallmark of people-first cultures. Team members are encouraged to express and share their ideas, concerns, and feedback without fear. Such transparency leads to better communications within the team, closely aligned to the goals of the company. Emphasis on creating a ‘psychologically safe’ space thereby enhances the productive bonding of diverse and passionate individuals towards one aligned goal of winning for the organisation and it’s clients in the market.

Improved retention and talent acquisition

Organisations that prioritise their employees’ well-being tend to have lower turnover rates, as people who feel that their personal and professional needs are being met, have less reason to look elsewhere. It also helps to attract new talent through personal recommendations and good reviews (such as Glassdoor), in the market. Remember, in sales, your folks have developed networks and it is highly likely that they will frequently meet the competition across the course of a year at various events. Become the workplace your competitors want to work at.

Higher productivity and creativity

Employees in people-first cultures are more likely to bring their full selves to work, which leads to greater creativity and innovation. They are also more bonded to the mission, meaning they are more likely to go that extra mile in achieving team and organisational goals.

Also Read: Why HR tech will make Asia’s next unicorns

Better problem solving

In an environment where team members are valued and encouraged to be heard, problem solving becomes more effective. Diverse opinions are welcomed, often leading to more comprehensive and creative solutions, usually and critically, with more widespread buy-in. This also ensures that good ideas are encouraged, and can come from anywhere in the organisation, as all have a unified understanding and mission around winning in market.

Reduced stress and burnout

Prioritising the well-being of the team can help to reduce stress and prevent burnout. When backed by resources and support, they will also feel better equipped to manage the challenges of their roles.

Positive impact on performance metrics

Organisations with a people-first culture often see great improvements in key performance metrics such as customer satisfaction, sales, profitability, and great places to work surveys.

In conclusion, embracing a people-first, culture-driven approach to leadership can profoundly transform an organisation and its outcomes. While traditional metrics like sales figures provide immediate, quantifiable results, the long-term benefits of a strong, positive culture—enhanced morale, team cohesion, communication, retention, productivity, problem-solving, and overall well-being—are invaluable.

These elements collectively drive sustainable success, fostering an environment where employees feel valued and motivated to contribute their best. By prioritising people and culture, leaders not only build admired organisations but also achieve exceptional and lasting business results, proving that the most successful enterprises are those that invest in their people.

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In today’s digital age, where personal development content is just a scroll away, women face a new challenge: AI influencers. Platforms like Instagram and TikTok are already crowded with influencers showcasing perfect lives, triggering cycles of comparison that leave many feeling inadequate.

Now, AI influencers for good add a new layer of complexity, bringing an emotional dilemma to the forefront — can a virtual being meaningfully contribute to deeply human conversations and needs? This is the struggle women face with AI, a technology that’s both promising and unsettling.

AI and the human experience

At the heart of this dilemma is the tension between trust and authenticity. By its nature, AI lacks the human touch—lived experiences, unique creativity, and authentic expression that shape our perspectives. Yet, at Taara Quest, we set out to challenge this notion with the introduction of ‘Taara’, a virtual influencer designed not just to promote beauty or luxury but to address real issues like anxiety, workplace harassment, and career struggles.

Despite these noble intentions, the reception of AI influencers like Taara has been mixed. When we launched her in July 2024, we felt a deep responsibility to create something that truly resonates with women globally. “We wanted Taara to be a source of strength for women, especially those working in tech who feel unheard and unseen.” However, our initial study — surveying 400 women across 41 countries — revealed deep skepticism. Women are asking: How can an AI possibly understand the complexities and struggles of our lives?

The emotional dilemma

This skepticism stems from the emotional core of human experience. While AI influencers can process vast amounts of data and offer personalised content, the question remains: Can they genuinely connect with the way we think and feel? In social media spaces, where authenticity is highly valued, many women find themselves torn between appreciating the efficiency of AI-driven content and resenting its inability to truly connect on an emotional level.

Also Read: Decoding Generative AI success with the AI PaaS from DataStax

For instance, in Indonesia, Taara’s message of empowerment resonates, but trust issues persist due to recent technological breaches. In parts of Africa, the concept of an AI influencer is often misunderstood, with some mistaking Taara for financial tools or automated customer service bots. These gaps in AI literacy highlight a broader issue — regional and cultural contexts significantly influence how AI is perceived, and trust remains a considerable hurdle.

The search for authenticity

A deeper issue arises when AI influencers, despite their non-human nature, start to embody unrealistic human ideals. We spent six months developing Taara’s appearance in collaboration with women from all over the world. Despite our best efforts, she still reflects an idealised image of femininity — perfect skin, symmetrical features — qualities that many women already struggle to achieve in a world dominated by unrealistic beauty standards.

As much as we strove to create an imperfect, relatable appearance for Taara as a mature woman in her 30s, the inherent biases in AI image models were difficult to overcome. No matter how we prompted her, she would always appear slightly too thin, reveal more skin than intended, and look closer to 20 than 30.

Only when we prompted her as a 50-year-old did we start to see signs of aging. The technology behind AI models is still largely trained on data that reflects filtered, sexualised imagery. “Creating a virtual woman who embraces imperfection is an uphill battle we’re determined to fight.” 

A double-edged sword

For women, AI influencers represent both promise and peril. On one hand, they offer scalable solutions for spreading messages of empowerment, especially in regions where women might face social or political restrictions or repercussions advocating for their rights or minority issues. With the power of scale and possibility draw from existing knowledge and experience as data, AI influencers can serve as thought leaders, spokespersons, mentors and educators to underserved and underrepresented communities. 

On the other hand, AI’s potential to add to economic divides and societal polarisations cannot be ignored. As AI becomes more entrenched in digital spaces, it risks becoming a tool for manipulation and propaganda. The ethical implications are vast—how do we ensure AI is used for empowerment rather than exploitation? How do we deal with data going into the models behind the virtual persona? These are the questions we must navigate as AI influencers like Taara continue to evolve​.

Also Read: If there is one thing investors are afraid of, it is lack of commitment from founders

Navigating the future of AI influencers

So, where do we go from here? The future of AI influencers lies in a careful balance and radical transparency. AI can amplify voices, raise awareness, and shed light on stigmatised topics. But to truly serve as advocates for women, they need to be more than just digital avatars.

They must evolve to reflect the diverse, complex realities of the women they aim to empower. At Taara Quest, we’ve learned that collaboration—between developers, advocacy groups, and women themselves—is key. AI influencers should not be created in isolation. They must be shaped by the communities they serve, ensuring they resonate with lived experiences and diverse perspectives​. 

AI as a bridge, not a barrier

The journey with AI influencers is just beginning, and their role in shaping the future of women’s empowerment depends on how we guide them. AI has the potential to be a powerful ally, amplifying voices and creating spaces where real human stories are heard and addressed.

But to truly succeed, AI must evolve beyond the technical and into the profoundly human. It must move past perfection and instead embrace the imperfections and complexities that define real-life experiences.

As we continue to innovate, the question is not whether AI can understand us, but how we, as creators and advocates, can ensure that it serves as a bridge—helping women feel seen, heard, and valued in ways that foster real change. AI might not be human, but with the right guidance, it can become a catalyst for a more inclusive and empowered world.

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Southeast Asia has witnessed a remarkable rise in high-growth technology startups, often referred to as “soonicorns.” These startups, valued between US$50 million and $1 billion, are poised to become the next generation of unicorns.

Strong economic growth, favourable government policies, increasing VC investment, and technological advancements drive the soonicorn boom.

While the future looks bright for Southeast Asia’s soonicorns, they face several challenges, including intense competition, regulatory hurdles, and talent shortages. However, the region’s vast market potential and supportive ecosystem present significant opportunities for these startups to achieve sustainable growth and become global leaders.

Below is Southeast Asia’s list of prominent soonicorns:

SiCepat

SiCepat is an app-based provider of e-commerce delivery services. It offers same-day, on-demand, multi-modal, and international shipping services. The company enables users to track packages, check shipping costs and check receipts.

Headquarters: Indonesia
Founding year: 2014
Total funding raised: US$323.5 million
Investors: MDI Ventures, Daiwa Securities Group, DEG, Indies Capital Partners, Pavilion Capital Partners, Kejora Capital, Trihill Capital, Falcon House Partners, Tokopedia, Barito Pacific, InterVest.

TNG Digital

An app-based mobile wallet startup. TNG’s services include online shopping, travel booking, bill payments, money transfer, toll payments, and QR transit. Users can reload the wallet via online banking, credit or debit cards, or purchase Touch ‘n Go Reload PIN (soft pins) at the Customer Experience Centre. It also allows users to keep track of their expenses.

Also Read: Malaysian e-wallet firm TNG Digital scores US$168.3M financing led by Lazada

Headquarters: Malaysia
Founding year: 1997
Total funding raised: US$168.3 million
Investors: Lazada, AIA.

Mirxes

It is a developer of miRNA-based tests for the detection of cancer. The company’s core technology is a highly specific RT-PCR primer that imposes a conformational restriction on miRNA for efficient binding to mature, but not precursor miRNAs, coupled with optimised RT-PCR reagents. These primers confer high specificity, sensitivity, and enhanced signal-to-noise ratio in amplification reactions. Mirxes also manufactures miRNA detection and quantification kits for research and is developing miRNA-based liquid biopsy kits for gastric cancer, lung cancer, and breast cancer detection.

Headquarters: Singapore
Founding year: 2014
Total funding raised: US$207 million
Investors: EDBI, Mitsui, nhhventures.com, Rock Springs Capital, CCB International, Kaixuan Venture Capital, Zhengda Life Science Fund, Tenda Capital, Charoen Pokphand Group, Keytone Ventures, Venturecraft, Gaorong Capital.

AscendEX

AscendEX is an online trading and exchange platform for cryptocurrencies. It provides solutions such as cash and margin trading, futures and copy trading, staking and yield farming of digital assets, and more. AscendEX also enables users to purchase cryptocurrencies by making fiat payments.

Founding year: 2018
Total funding raised: US$50 million
Investors: Polychain, Hack VC, Jump Capital, Alameda Research, Uncorrelated Ventures,
AcheronTrading, Nothing Research Ltd, Eterna Capital, Palm Drive Capital, SkyGate Digital, AlphaCoin Fund, Varys Capital, Evernew Capital, Marshland Capital.

BandLab

BandLab is a cloud-based music creation startup. It features a digital audio workstation for users to compile music. The chat feature built into the platform helps users to communicate with other users.

Headquarters: Singapore
Founding year: 2014
Total funding raised: US$143 million
Investors: Cercano Management, Prosus, K3 Ventures, Vulcan Capital, Caldecott Music Group.

M-DAQ

M-DAQ is a platform offering trade management solutions for investors. It assists users in making cross-border investments in exchange-traded products. The firm also offers cross-border trading, broker services, and solutions to enable inbound and outbound trades.

Also Read: M-DAQ acquires Malaysia’s Easy Pay Transfers for ASEAN expansion

Headquarters: Singapore
Founding year: 2010
Total funding raised: US$252 million
Investors: Affinity Equity Partners, Alternatives.pe, Samsung Venture Investment, Ant Group, EDBI, GSR Ventures, Vickers Venture Partners, NTT Communications, Murano Corp, Citi Ventures, GSR Ventures, Shinhan Financial Group, Aetius Capital, Voveo Capital, Amand Ventures, assets-inc.com.

MatchMove

MatchMove offers businesses a white-label wallet that can be used for online and offline purchases. It also provides a virtual card that can be linked to the wallet. The wallet facilitates QR-based payments and can be integrated into websites for accepting online payments.

Headquarters: Singapore
Founding year: 2009
Total funding raised: US$15,60,00,000
Investors: Nityo, Singapura Finance, Vickers Venture Partners, Iconic World, NTT Docomo Ventures, PT Kresna Graha Investama, GMO Venture Partners, Credit Saison, RMA, Crystal Loft, Plug and Play APAC, KFC Ventures.

aCommerce

The platform offers end-to-end e-commerce solutions for brands. Its services include website development, performance marketing, warehousing, fulfilment, shipping, and delivery. Its product offerings also include multi-channel management, inventory management, logistics management, custom integration, and more.

Headquarters: Thailand
Founding year: 2013
Total funding raised: US$118.8 million
Investors: Indies Capital Partners, Emerald Media, Blue Sky Alternative Investments,
DKSH, Sinar Mas, January Capital, MDI Ventures, Inspire Ventures, Ardent Capital, Sumitomo, JL Capital, APD, CyberAgent Capital, Ntt Docomo Ventures, Asia Pacific Digital, GMO Venture Partners, Ideosource, Alpha JWC Ventures, Maloekoe Ventures

Aerodyne

It is a provider of SaaS and AI-based drone analytics startup. The data collected by drones is processed by AI-based proprietary software in order to offer actionable insights. Its nested drones return to automated stations for data download and autonomous recharging for subsequent missions.

Headquarters: Malaysia
Founding year: 2014
Total funding raised: US$86 million
Investors: PETRONAS, Kumpulan Wang Persaraan, Realtech Fund, KOBASHI HOLDINGS,
Autonomous Control Systems Laboratory, North Summit Capital, ARC Ventures, Gobi Partners, Indorama Group Investments, 500 Global, Maples Group, Leave a Nest Capital, Leave a Nest, VentureTECH, InterVest, Kejora Capital, Drone Fund, Mavcap, Intres Capital Partners, Plug and Play APAC.

ADA

A provider of digital analytics and artificial intelligence services. The company provides business insights, data enrichment, advanced analytics, understanding the consumer mindset, and executing end-to-end digital marketing solutions. It also offers integrated digital, analytics, marketing, and e-commerce solutions.

Headquarters: Singapore
Founding year: 2018
Total funding raised: US$140 million
Investors: Mitsui, SoftBank, Sumitomo.

Cialfo

A cloud-based platform offering school management software, the platform offers various features, including a database of postsecondary schools, reports and insights, sharing of electronic documents, personalised college recommendations, and tracking of completion.

Also Read: Edutech firm Cialfo raises US$20M more to extend its Series B round to US$60M

Headquarters: Singapore
Founding year: 2012
Total funding raised: US$77 million
Investors: Tiger Global Management, DLF Venture, Lim Teck Lee, January Capital, Vulcan Capital, SEEK Investments, SIG Venture Capital, Square Peg Ventures, Bisk Ventures, Alto Partners, Enterprise Singapore, Seed Capital, YK Capital, Govin Capital, DBS Bank, Singapore Airlines, Singapore Health Management, Sycamore Partners, Arcus Invest, George Street Capital, WATIGA, Dragonfly Education Group, B Capital, Cowrie Capital, Blowfish Ventures, Great Noble International, DIVINE BLESSING INVESTMENTS, Gracejoy Liquids, SEEDS Capital.

SOCAR

SoCar is an app-based car rental platform. The app enables users to search, compare, and book car rentals on the platform after providing relevant details. Its features include a keyless/app-controlled lock system, complimentary parking passes & insurance, and online payments among others. It also offers door delivery and pick-up for rental services.

Headquarters: Malaysia
Founding year: 2017
Total funding raised: US$73 million
Investors: EastBridge Partners, Sime Darby, Eugene, KH Energy.

Syfe

An app-based for trading in ETFs and stocks. It allows users to buy, sell, and trade ETFs and stocks through app-based platforms. It features a digitised wealth manager for risk assessment, tracking investment performance, customising investment portfolios, and accessing recommendations and insights for users.

Headquarters: Singapore
Founding year: 2017
Total funding raised: US$85.6 million
Investors: Valar Ventures, Unbound, Presight Capital, Apeiron Investment Group, Unbound, AmpVentures, Shubham Global Ventures, Tona Investment, SBM Ventures, CVP, J B Ventures, Rawlinson & Hunter, Moon Land Holding, Pitanga Invest, GE32, ICOA Ug, Altruistas.

StashAway

StashAway is an app-based robo advisor and savings platform for individuals. The startup offers money management solutions to consumers, portfolio management, and options to invest in ETFs. It also assists with risk management and retirement planning to help with personal finance management.

Headquarters: Singapore
Founding year: 2016
Total funding raised: US$75.3 million
Investors: Eight Roads Ventures, Peak XV Partners, Square Peg Ventures, Burda Principal Investments, ACA, Community Holdings, United Networks Limited, Summit Partners, SEA Dragon Venture Platform, Sprint Time Investment, Sprint Time, Fidelity International Strategic Ventures.

OY!

An app-based messaging and payment solution for businesses. Apart from the basic features of the messenger app, the app also lists local businesses, including contact details, location, and other relevant information. Its payment solutions include payment gateways, bulk payments, invoice payments, and more. Businesses listed include restaurants, healthcare service providers, government services, retail, and other professional services.

Headquarters: Indonesia
Founding year: 2017
Total funding raised: US$75 million
Investors: MDI Ventures, Pavilion Capital Partners, AC Ventures, Central Capital Ventura, Orion, Saison Capital, Wavemaker Partners, SBVA, Alfamart.

Osome

Osome provides software-based accounting services for small and medium-sized businesses. It offers services for accounting, taxation, bookkeeping, business reporting, payroll management, and more. Additionally, it enables users to share documents in any format with service providers.

Headquarters: Singapore
Founding year: 2017
Total funding raised: US$75 million
Investors: Constructor Capital, Altair, Illuminate Financial, AFG, Rockstone Ventures,
Target Global, Altair Capital, Phystech Ventures, s16vc, ACE & Company, HS Investments, Terra VC, LVL1 Group, Masik Enterprises, AltaClub, Bon Vivant Holdings, Berryfield Ventures, Pagil, Adru Tech, Elliott Trade and Investment, Cognitum, Banean, Digital Direction Singapore Services, XA Network, 10 Square Capital, Altair Capital, AdFirst, Ad.ru, INVESTORO, GLOBAL ACCELERATION ACADEMY.

Zipmex

An app-based exchange platform for cryptocurrencies. The startup allows users to create personalised investment portfolios to start investing in multiple digital assets. Zipmex also provides real-time transactions with multi-layer authentication and also supports margin trading on a selected range of cryptocurrencies.

Headquarters: Singapore
Founding year: 2018
Total funding raised: US$62.9 million
Investors: Krungsri Finnovate, Mindworks Capital, Master Ad, TNB Aura, B Capital, Plan B Media, Jump Capital, Krungsri, V Ventures, Thoresen Thai Agencies, Infinity Blockchain Ventures, Segway Ventures, Aura Ventures.

Moladin

An online listing platform for used cars. Buyers can search for cars on the platform and get the contact details of the owners. Car owners can also advertise their cars on the platform.

Headquarters: Indonesia
Founding year: 2016
Total funding raised: US$146 million
Investors: Ascend Capital Group, DST Global, East Ventures, Northstar Group, Peak XV Partners, Global Founders Capital, K3 Ventures, CyberAgent Capital, Berjaya, TH Capital.

Shipper

Shipper is a web-based online platform offering shipping solutions. The platform aggregates various shipping providers, enabling users to find, compare, and place shipping orders. It offers features like order management, pickup scheduling, international and express deliveries, returns management, etc. In addition, it provides an API to integrate with e-stores and customised checkout options.

Headquarters: Indonesia
Founding year: 2016
Total funding raised: U$S132 million
Investors: DST Global, Prosus, Floodgate, Lightspeed Venture Partners, AC Ventures,
Y Combinator, Insignia Ventures Partners, Peak XV Partners, Naspers, Convergence Ventures, Endeavor, Indogen Capital, Digitaraya, NOMD, Alter.

Fazz

Fazz provides SaaS-based accounting and finance management solutions. It offers solutions for bill payments, money transfers, inventory management, loans and cards.

Headquarters: Indonesia
Founding year: 2016
Total funding raised: US$155 million
Investors: Fintech MUFG, Tiger Global Management, DST Global, Insignia Ventures Partners, ACE & Company, EDBI, InterVest, Ilham, Y Combinator, B Capital, Lendable, Quiet Capital, BRI Ventures, Tiger Global Busines, Vertex Ventures, Convergence Ventures, MDI Ventures, Indigo, GMO Venture Partners, Insignia, Vis Capital, Magic Fund, Partech Partners, AC Ventures, Rancilio Cube SICAF.

Mekari

Mekari provides an HR management and accounting solution startup. It offers talent for HR and payroll management, Jurnal for accounting and bookkeeping solutions, Klikpajak for online tax payment and reporting, and Sleekr, an employee administration solution.

Headquarters: Indonesia
Founding year: 2015
Total funding raised: US$71 million
Investors: Money Forward, MidPlaza, East Ventures, Mandiri Capital Indonesia, PT Prasetia Dwidharma, Beenext.

Pintu

An app-based platform for storing, buying, and selling digital assets and cryptocurrencies. The startup offers a deposit account, exchange platform, digital wallet for storing and receiving digital assets, and more.

Headquarters: Indonesia
Founding year: 2016
Total funding raised: U$S154 million
Investors: Pantera Capital, Northstar Group, Lightspeed Venture Partners, Intudo Ventures, Alameda Research, Blockchain, Castle Island Ventures, ventures.coinbase.com,
Coinbase, Fifth Down Capital.

PropertyGuru

A provider of an online property listing platform to buy or sell residential properties. The platform enables users to specify their requirements and search for the properties by applying the filter based on location.

Also Read: EQT Private Capital Asia to acquire PropertyGuru for US$1.1B

Headquarters: Singapore
Founding year: 2007
Total funding raised: US$690 million
Investors: KKR, TPG, Square Peg Ventures, Emtek, REA Group.

Flash Coffee

It is a tech-enabled coffee chain that offers caffeine products. The startup offers a variety of coffee and non-coffee products, including snacks, seasonal specials, flash combos, essentials, flavoured lattes, flavoured Americanos, tea-based drinks, frappes, and refreshers.

Headquarters: Indonesia
Founding year: 2019
Total funding raised: U$S65 million
Investors: White Star Capital, Delivery Hero Ventures, Geschwister Oetker, Conny & Co, Citadel, Vulpes Ventures, Al-Dhow Engineering General Trading & Contracting, OurCrowd, Global Founders Capital, Dxventure, Digital Rain Venture, Flash Ventures, minimal vc, 3 Peaks Ventures.

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Image Credit: 123RF.

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Sleek.com, an online platform that provides company registration, compliance, and financial services to small and medium-sized enterprises (SMEs), has secured US$5 million in a debt financing round led by Singapore-based Fintech Nation Fund.

Sleek intends to allocate the funds to bolster its growth initiatives, thereby solidifying its market position in Singapore, Hong Kong, Australia, and the UK.

Also Read: Soonicorns on the horizon: Unveiling Southeast Asia’s future leaders

Co-founder Julien Labruyere said, “The funds will be allocated to accelerating our growth in a sustainable manner, as we have done throughout the past years, driving 30 per cent growth year on year while decreasing our cash burn dramatically and improving our customer satisfaction metrics.”

The startup also announced that its Singapore unit has achieved profitability in Q2 and aims for group profitability by the end of this year.

Founded in 2017 by Labruyere and Adrien Barthel, Sleek is a back-office operating system for SMEs that provides company registration, accounting, tax, payroll, and a neobank business account, all built in-house. The AI-powered platform automates repetitive and manual tasks coming with company admin, allowing its staff to focus on value-added services.

Present across Singapore, the UK, Australia, and Hong Kong, Sleek claims it has served over 450,000 clients across 110 countries and processed millions of bookkeeping transactions digitally.

Founded in 2020 by Varun Mittal, Fintech Nation has evolved from a grassroots platform to an ecosystem builder comprising an investment platform and a think tank. The investment platform arm invests in early-stage fintech and embedded finance companies in Southeast Asia and offers a range of investment vehicles to suit every requirement.

Also Read: 6 common questions about establishing a fintech company in Vietnam

The think tank arm aims to use advocacy and access as its two pillars to bring startups, financial institutions, and investors’ aspirations and motivations to policymakers, regulators, and other official development institutions. The ecosystem builder arm focuses on recognising emerging and existing industry leaders and organising meetups and masterclasses.

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In the fiercely competitive global digital landscape, APAC is recognised as a cradle of technology, with new innovations being adopted every day. Following the technological innovation explosion in 2023, this trend shows no sign of slowing down; instead, it has paved the way for the next stage of technological advancements.

While the pursuit of innovation is essential, there’s growing concern about the risks of aimless innovation. Nguyen Thai Son, CEO of SmartOSC, warns against the pitfalls of “unchecked innovation,” where technology is applied with a lack of an overarching strategy, leading to long-term scalability issues and security risks. “Every business leader wants innovation as it is, after all, crucial to building a moat around your organisation,” he says. “But the savvy leader also sees the dangers posed by unchecked innovation”.

APAC’s business leaders in various domains are taking proactive measures to avoid this trap.

Embrace a comprehensive and balanced approach

In a highly regulated industry like banking, AI and the latest technological innovations are seen as both disruptors and enablers.

Regulatory compliance, data dependency, security risks, and technology understanding are some of the primary challenges related to AI implementation. To navigate these, Dennis Trawnitschek, Chief Officer Technology at SCBX — the mothership of the financial technology business group pursued a comprehensive strategy backed by a robust compliance framework and literacy, helping SCBX become a pioneer in transformation within the industry.

A balanced approach that integrates both top-down and bottom-up strategies is considered a go-to strategy for C-level executives when adopting AI. While high-level teams oversee AI tool integration, bottom-up involvement fosters a culture of experimentation and innovation. As Trawnitschek puts it, “AI is a team sport. While leaders need to walk the talk, everyone should embrace the change and be encouraged to start experimenting.”

To achieve this, increasing AI literacy across the organisation is a key goal, promoting a culture where employees are encouraged to understand and experiment with AI applications. This comprehensive approach to AI education is essential for embedding AI into the company’s strategic initiatives. 

Another critical area for leaders to focus on is data infrastructure and regulatory compliance, particularly in tightly regulated industries like banking and financial services. SCBX addresses this through a subsidiary dedicated to managing data and AI initiatives. By ensuring that AI technologies are both effective and compliant, organisations could navigate the complexities of regulatory requirements, which is vital for sustaining long-term growth and innovation.

Adopt the scalable tech and flexible mindset

Amid the global hype surrounding technological advancements, adopting a scalability mindset when evaluating new technologies can help leaders stay focused and optimise their tech stack. Andy Chang (Nay Lin Zaw), Head of Marketing Technology, Engagement Solutions at Electrolux Group, advocates for this approach, believing that selecting scalable technology plays a crucial role in avoiding the costly mistake of starting from scratch.

Also Read: 8 ways to utilise customer data to retain loyalty during economic challenges

It is recommended that technology needs be evaluated holistically from the outset. Leaders should consider not only immediate requirements but also the long-term objectives of the organisation. The company favours a modular approach to technology adoption, selecting fit-for-purpose solutions that can be easily replaced or upgraded as the organisation grows.

It’s also important to remember that expensive technology doesn’t guarantee success. Many companies choose the most costly options but still fail—and in those cases, it’s not a technology problem.

By avoiding monolithic systems that attempt to do everything but often fall short, the enterprise could ensure flexibility in its tech stack, enabling it to adapt efficiently to changing demands.

Have a customer-centric gene in digital transformation 

Digital transformation was once viewed as a strategic move for businesses to gain a competitive edge. However, as it has become widespread, digital transformation alone no longer guarantees differentiation. To truly stand out in the sea of sameness, enterprises must go beyond mere digitisation and embrace a customer-centric approach that drives innovation and delivers unique value.

It’s important to avoid the common pitfall of overextending resources by chasing multiple innovations simultaneously without a clear customer focus. Instead, efforts should concentrate on areas that directly impact customer experience and hold high commercialisation potential, such as AI, customer behaviour analytics, and IoT.

One effective strategy is illustrated by a recent example from the retail sector, where a leading APAC retailer replaced its outdated system with a new, supplier-focused platform for updating and managing data. Designed with a customer-centric approach, the platform enhances business analytics and reporting for suppliers, while improving security and streamlining user management. By providing real-time data on sales and inventory, it enables brands to make more informed, customer-driven decisions.

“Building a thriving innovation ecosystem requires more than just technological advancements,” Son adds. “A customer-centric approach, combined with a skilled workforce, robust infrastructure, and a supportive research environment, is crucial. Investing in these areas will ensure that brands can fully harness the potential of their innovation efforts and create long-lasting value for customers.”

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In today’s complex geopolitical landscape, businesses are increasingly at the intersection of international relations and economic interests. Historically, companies have played crucial roles in easing political tensions and fostering deeper ties between nations. However, as political sensitivities escalate—particularly where national security concerns overlap with economic objectives—businesses are facing greater scrutiny and challenges.

The proposed acquisition of US Steel by Nippon Steel, Japan’s largest steel producer and one of the world’s leading steel companies, exemplifies these modern complexities. Despite business leaders advocating for decisions grounded in economic and legal standards rather than political considerations, influential stakeholders—including labour unions and government officials, especially in pivotal US presidential election states—are shaping the outcome. This scenario mirrors earlier times when businesses served as stabilisers in international relations, notably before the intensification of tensions between the U.S. and China.

How businesses stabilised US-China relations — Once upon a time

Before tensions between the US and China heightened, businesses played a key role in building economic interdependence, fostering cultural exchange, acting as corporate diplomats, and integrating supply chains that tied both nations to a shared destiny.

Economic integration: Building interdependence

For decades, businesses from the US and China fostered mutual economic reliance. When China joined the World Trade Organisation (WTO) in December 2001, it opened up new avenues for American companies to enter China’s growing market.

Between 2001 and 2018, US exports to China grew by 527 per cent, from US$19 billion to US$120 billion, according to the Office of the United States Trade Representative. Meanwhile, Chinese manufacturers became essential to US supply chains, with imports increasing from US$102 billion in 2001 to US$540 billion in 2018.

A prime example is Apple Inc., whose relationship with China—particularly its partnership with Foxconn, also known as Hon Hai Precision Industry Co.—became central to its global success. As of 2020, Apple generated approximately 15 per cent of its revenue from Greater China, amounting to US$44 billion, as reported in Apple’s 2020 Annual Report. Foxconn employed over one million workers in China by 2019, contributing significantly to local employment and economic growth.

Similarly, Chinese companies like Lenovo, which acquired IBM’s personal computer division for US$1.75 billion in 2005, benefited from collaborations with US businesses. By 2013, Lenovo became the world’s largest PC vendor by unit sales, showcasing how Chinese manufacturing and American innovation could coexist for mutual benefit.

Cultural exchange: Enhancing mutual understanding

Brands acted as cultural bridges, facilitating mutual understanding between American and Chinese societies. American brands like Nike and Coca-Cola became symbols of modernity and Western culture in China. Nike entered the Chinese market in 1980 and, by 2021, reported revenue of US$8.3 billion from Greater China, accounting for 17 per cent of its total revenue. Coca-Cola, reintroduced in China in 1979 after a 30-year hiatus, now operates 45 bottling plants and employs over 50,000 people in the country.

Also Read: Innovation hubs – the next craze for investment opportunities

On the other hand, Chinese brands like Haier established a presence in the US by aligning their messaging with quality and innovation. Haier opened its first US manufacturing facility in South Carolina in 2000 and, in 2016, acquired GE Appliances for US$5.6 billion, preserving 6,000 American jobs. These cultural exchanges humanised both sides and demonstrated that cooperation could yield positive outcomes, providing a stabilising force.

Corporate diplomacy: Navigating political tensions

Businesses also acted as corporate diplomats, smoothing over political friction. During trade disputes, corporate leaders from both the U.S. and China stepped in to advocate for continued cooperation. The US-China Business Council (USCBC) represents over 200 American companies and facilitates dialogues to address concerns and promote mutual economic interests.

Companies like Walmart, the largest importer of Chinese goods in the US, played key roles in building strong trade relations. As of 2020, Walmart sourced approximately US$49 billion worth of goods from China annually. By providing affordable products to American consumers and supporting Chinese manufacturing, Walmart helped maintain a business environment where both countries benefited, even amid political conflicts.

Supply chain integration: Creating global systems of cooperation

US and Chinese companies, particularly in tech and manufacturing, became integral parts of a shared global supply chain. General Motors (GM) invested over US$16 billion in China and, by 2021, operated 11 joint ventures with local automakers like SAIC Motor. In 2020, GM sold more vehicles in China (2.9 million units) than in the US (2.5 million units), highlighting China’s significance to its global strategy.

Meanwhile, Chinese tech companies like Alibaba and Tencent integrated into global tech markets. Alibaba’s 2014 IPO on the New York Stock Exchange raised US$25 billion, the largest in history at that time. Tencent invested in US companies like Tesla, acquiring a five per cent stake worth US$1.78 billion in 2017, fostering cross-border technological collaboration.

These interwoven supply chains ensured that both nations had a vested interest in maintaining stability. If one side suffered, the other would too, making economic collaboration a buffer against political tensions.

The realist perspective: Can businesses truly stabilise geopolitics?

It is important to acknowledge the Realist school of thought in international relations, which argues that hard power—such as military strength and escalation dominance—is the primary stabilising force between states. Realists assert that states, driven by national interests and power competition, will ultimately prioritise hard power over economic cooperation when security concerns arise.

Also Read: Is Down Under on your investment bucket list yet?

However, soft power and hard power often work hand in hand in maintaining global stability. According to the Soft Power 30 index by Portland Communications in 2019, the US ranked first, highlighting its cultural and economic influence. China’s Belt and Road Initiative, with investments exceeding US$1 trillion across 138 countries by 2020, showcases its use of economic soft power. Clearly, both the US and China exhibit robust capacities for soft power.

While hard power addresses immediate security concerns and deters potential threats, soft power—including cultural influence, diplomacy, and economic interdependence—helps build long-term relationships, foster mutual trust, and promote cooperation. Together, they create a more balanced approach to international relations, where force and persuasion complement each other in achieving a less tenuous modus vivendi between states.

As seen in the period of economic integration between the U.S. and China, business-driven cooperation created mutual dependencies that helped temper geopolitical conflicts for years. For example, bilateral trade between the two countries reached US$659 billion in 2018, illustrating the depth of their economic ties.

Lessons for the Nippon Steel Deal

The challenges facing the proposed acquisition of U.S. Steel by Nippon Steel echo the tensions that emerged in U.S.-China relations. The Committee on Foreign Investment in the United States (CFIUS) would likely review such an acquisition, and political factors—including opposition from labor unions and electoral considerations—are influencing the process.

Nippon Steel, with revenues of approximately US$46 billion in fiscal year 2022, is a major player in the global steel industry. Acquiring US Steel, which reported revenues of US$12.2 billion in 2022 and employs over 23,000 people, could lead to significant technological advancements, capital investment, and potential job growth in the United States.

However, concerns over national security and domestic job protection could lead to political resistance. The U.S. steel industry is considered critical for national defence and infrastructure projects. Labor unions might fear job losses or changes in labor practices, while government officials could be wary of foreign ownership of key industrial assets.

In this context, business diplomacy is crucial. Nippon Steel can engage with U.S. stakeholders to emphasise the mutual benefits of the acquisition:

• Job preservation and creation: Commit to maintaining current employment levels and potentially creating new jobs through expansion and investment.
• Technological innovation: Invest in research and development to enhance steel production technologies, benefiting the US manufacturing sector.
• Economic growth: Contribute to local economies by investing in infrastructure and community development projects.
• Transparency and compliance: Ensure compliance with US regulations and maintain transparent operations to build trust with government entities and the public.

The business of upholding a rules-based order

As geopolitical challenges continue to evolve, the role of businesses and brands as stabilising forces remains essential. According to the World Trade Organisation, global trade reached US$22 trillion in 2021, underscoring the interconnectedness of economies. By fostering dialogue, promoting economic interdependence, and acting as mediators, companies can navigate political complexities and help maintain global cooperation in an increasingly interconnected world.

Their involvement not only benefits their own interests but also contributes to a more stable and collaborative international community. Historical precedents show that when businesses engage constructively across borders, they can mitigate tensions and promote mutual prosperity, even in the face of political headwinds.

In conclusion, while businesses alone may not completely stabilise geopolitical tensions, they have historically played significant roles as economic integrators, cultural ambassadors, corporate diplomats, and builders of global supply chains within a rules-based international order.

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It takes courage to go against the status quo.

My name is Yvonne Lan. I’m a 23-year-old entrepreneur, born and raised in Germany, with a Taiwanese mother from Taipei and a Chinese father from Shenzhen. I’m currently studying at NTU and recently launched my app, Livingo. The app aims to simplify the process of finding roommates and shared housing in Asia’s fast-paced real estate market.

The idea came to life during my gap year in Asia in 2019. I noticed that finding housing in Asia was challenging, and there was no easy way to approach shared living. I studied fashion design as an undergraduate, and I have zero background in tech.

In 2023, I made a surprising leap into the tech world, hoping to challenge the status quo of the traditional rental living market. I finally decided to pursue my dream by moving to Singapore and studying for an MSc TIP (Master of Science Technopreneurship and Innovation) program at NTU while turning my startup idea into reality.

A shift from fashion to tech

Just a year ago, I was only 22 and with a promising career trajectory in fashion design in Berlin. Due to my passion for entrepreneurship,  I boldly chose to pivot to tech—a novel field where I truly saw the potential to make a real impact.

Declining an offer from the University College London (UCL), I flew halfway across the world to Singapore—a country where I had never lived before—to pursue my dream of creating a real estate app that would address the housing challenges faced by many in Asia.

The transition from fashion to tech was more than just a career change for me —it was the beginning of a mission to make co-living a lifestyle, targeting this generation, which has different plans than the status quo. I was deeply inspired by the co-living culture in Berlin, where people of all ages live together.

This led me to envision a platform that would not only allow users to easily find their home but also make meaningful connections along the way. This vision became the driving force behind my Livingo.

I have to say the journey to building Livingo was far from easy. With no prior experience in tech and zero initial funding, I solely relied on my sheer willpower to bring this vision to life. In just one week, I conceptualised Livingo and sketched every page and design of the app on Figma.

After classes, I interviewed 164 applicants for the full stack positions, I eventually hired two; However, they left after just one month. I had to start over. During that period, I felt like a heartbreak. Nevertheless, I kept going, I didn’t want to give up so easily and worked on Livingo non-stop from that point.

Luckily, I hired a team, and within six months, we built the app and successfully launched it after being rejected by the App Store and Google Play 25 times!

Also Read: Equity harmony: Strategies for fair founder equity distribution without discord

The hard work eventually paid off. In less than a year, I also won the NTU x Babson College Student Innovation and Entrepreneurship Challenge and secured first-round funding from the NTUitive NEST Program. As a solo female founder in the male-dominated tech industry, I want my journey to be more than just building an app— I know this is about inspiring other young women to take risks, challenge the status quo, and believe in their ability to create change regardless of their background.

Addressing Asia’s housing crisis

According to the Asian Development Bank, the South East Asia region needs to build 13 million new affordable housing units by 2030 to meet the growing demand. Housing costs have surged to exorbitant levels, with a 35 sqm condominium costing six to 30 times the average annual income in Asia.

In Singapore, homeownership exceeds 80 per cent, yet housing prices exceed eight times the average annual income. More important than ever, addressing the issue of affordability by tapping into the spirit of digital nomadism and the shared economy—concepts that are becoming increasingly relevant in today’s globalised world.

Livingo hopes to challenge the financial and societal pressure of home ownership by offering an alternative and accessible way of living. 

Fostering community through co-living

Beyond housing, Livingo addresses another crucial issue: social isolation. Urbanisation in Asia has led to a rise in loneliness and mental health challenges, particularly in densely populated cities.

Livingo aims to counter this by encouraging meaningful connections between flatmates, making the co-living experience fun and interactive. Users can connect with like-minded individuals, expanding their social circles and creating supportive communities within their living spaces.

Also Read: Is co-living a good opportunity for property owners?

The platform is designed to make housing searches seamless across different regions, overcoming language barriers and legal complexities. This focus on simplicity and community might be the right recipe for a great co-living life in a new city, especially for young professionals who are seeking not just a place to live but a sense of belonging.

Scaling up and expanding horizons

Currently, Livingo operates in Singapore, Shenzhen, and Taipei, with plans to expand further into Asia. In its hometown of Singapore, Livingo already has established strategic partnerships with multiple major co-living space operators such as Isa Appartments, Helloaya, Suitetogether, Comfyrooms, Westwood Hostel, and more.

Within 3 weeks Livingo already has over 500 active listings and garnered significant user interest, with over 10,000 impressions just within a short pre-launch period, and it supports crucial localisation features like WeChat Pay and Gaode Maps for Mainland China users, ensuring usability across different regions.

Livingo is ambitious. I truly see the app not just as a tool for finding housing, but as a platform that will revolutionise the way people live and connect globally.

With co-living on the rise, Livingo is well-positioned to lead this shift toward a more flexible and community-centered way of life. I want Livingo to be more than just an app—I want it to be a movement for sustainable living.

 

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Three years ago, El Salvador made history as the first country to adopt Bitcoin as a legal tender to boost financial inclusion and drive economic growth. While the country’s government and major financial institutions benefited from this, smaller businesses and retail users have faced challenges. This is mainly due to Bitcoin’s volatility and the complexity of applying its underlying technology to their day-to-day business operations. 

Around 70 per cent of the population does not have a bank account — a problem that El Salvador President Nayib Bukele sees as a way to provide more financial inclusivity for his people.

As cryptocurrency adoption among Southeast Asian countries likewise grows, we can learn many important lessons from El Salvador and use this as a case study of how emerging technologies can overcome such obstacles and unlock new opportunities for startups and small businesses.

Bitcoin as legal tender — a good idea?

El Salvador’s Bitcoin law addressed critical economic issues affecting the nation, such as high remittance fees and financial exclusion. Remittances represent nearly 24 per cent of the country’s GDP, and the use of Bitcoin was intended to provide a more affordable and efficient way to transfer money across borders. 

However, while the government launched the Chivo Wallet and set up over 200 Bitcoin ATMs, small businesses and casual users struggled with the volatility of Bitcoin as a means of storing value. 

To illustrate, a National Bureau of Economic Research (NBER) study found that only 20 percent of small businesses in El Salvador used Bitcoin regularly. In comparison, 80 percent of citizens who downloaded the Chivo Wallet abandoned it after receiving their initial US$30 incentive.

These challenges are also relevant to Southeast Asia. Micro, small and medium-sized enterprises (MSMEs) form the backbone of the economies in the region, where MSMEs account for at least 97 per cent of business transactions, employing around 67 percent of the workforce.

Layer 2 solutions can make bitcoin more accessible for small businesses

In Southeast Asia, the cryptocurrency and blockchain market is growing, expected to reach US$1.79 billion this year and will grow at a CAGR of 8.75 per cent to US$2.50 billion by 2028. For startups in countries like Indonesia, Vietnam, and the Philippines, where financial inclusion remains challenging, enhancing access to fintech solutions that leverage cryptocurrencies will be transformative.

Also Read: Global Web3 companies on why Asia Pacific is the future of the industry

However, one of the main reasons MSMEs struggle with adopting cryptocurrencies like Bitcoin is the complexity of transacting directly on the Bitcoin network. Its relatively slow transaction times and high fees make it less practical for everyday transactions, especially for small, frequent payments like microtransactions and retail payments. This is where Layer 2 solutions come into play.

Layer 2 technologies offer a blockchain-based scaling solution that complements or integrates with Bitcoin’s existing blockchain. They provide faster, cheaper, and more efficient transactions without compromising Bitcoin’s security. For example, instead of waiting 10 minutes for a Bitcoin transaction to settle, Layer 2 technologies can finalise transactions in mere seconds, similar to current online payment services like Visa and Mastercard.

Addressing the challenge of volatility

While Bitcoin is a secure and decentralised asset, its volatile value can fluctuate wildly, which is not ideal as a regular mode of payment. Stablecoins offer a solution to this problem, pegged to stable monetary assets like the US dollar or other national currencies. PayPal’s PYUSD, for instance, is a USD-backed stablecoin that has reached US$1 billion in market value.

Financial institutions and technology companies are now able to build upon Layer 2 networks to come up with their own solutions for addressing the payment needs of MSMEs and end consumers. Bitfinity Network’s BitFusion Bridge SDK leverages Chain Key Technology to enable the decentralised bridging of assets from any blockchain, such as Bitcoin, to cheaper and faster Layer 2 networks, enabling developers to integrate fintech apps with the Bitcoin network. This also allows businesses to transact in ckBTC, a 1:1 equivalent of Bitcoin that can be transferred for a fraction of the price and time compared to native Bitcoin transactions. 

As another variant, Coinbase introduced cbBTC, a 1:1 equivalent to Bitcoin, enabling users to seamlessly convert BTC to cbBTC when transferring to the Base or Ethereum blockchains. 

Also Read: The rise of Web3 and crypto startups: Pioneering the decentralised future

Such bridge protocols allow faster go-to-market strategies for emerging fintechs looking to implement secure, scalable, and interoperable blockchain solutions. And for end consumers to utilise BTC as micropayments, it solves the initial challenges faced by merchants and consumers in El Salvador. 

For example, a small business using such a solution could accept payments in Bitcoin but immediately convert those into stablecoins, reducing the risk of holding a volatile asset. This means businesses can still take advantage of Bitcoin’s global reach and liquidity without being exposed to its price swings.

Leading Southeast Asia’s next generation of fintech adoption

The future of Bitcoin and stablecoins in Southeast Asia holds enormous potential, particularly for smaller players. Small businesses, which account for a significant share of the region’s economy, stand to benefit immensely from these innovations. By adopting Layer 2 solutions and leveraging stablecoins, small businesses and their customers can access cheaper, faster, and more secure financial services.

Using lessons from El Salvador, Southeast Asia’s startups have an opportunity to build innovative, scalable solutions that bring millions of unbanked individuals and small businesses into the global digital economy. By addressing these pain points, SEA can pave the way for a more inclusive and accessible financial future.

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The first-ever Echelon Philippines 2024, organised by e27 in partnership with Brainsparks, has kicked off today at SMX Convention Center Manila, setting a high benchmark for tech and startup events in Southeast Asia. The event welcomed over 2,000 attendees, featured 90 insightful speakers, hosted 40 exhibitors and 15 startup showcases, and delivered 38 content sessions over two action-packed days. Supported by 10 sponsors and 55 partners, Echelon Philippines sets to be a remarkable platform for innovation, collaboration, and growth in the Philippine tech ecosystem, all aligned with Echelon’s goal to support and empower the fastest emerging tech market in the world.

Attendees have the opportunity to hear from influential speakers, including Angeline Tham, CEO and Co-Founder of Angkas; Danielle Cojuanco-Abraham, Co-Founder and CEO of Zed; and ER Rollan; CEO and Co-Founder of Growsari. Their insights focused on digital transformation and the future of the Philippine tech ecosystem, highlighting key areas for investment and growth. These discussions made for dynamic and impactful sessions, showcasing where the next big opportunities lie for startups and investors.

Also Read: Echelon X: Leveraging Web3 technologies for business growth in SEA

As this momentum continues, Echelon Singapore 2025 is gearing up for its own milestone, taking place on June 18-19, 2025. For the first time ever, the event will be hosted at the iconic Suntec Singapore Convention and Exhibition Centre in the heart of Singapore’s Central Business District. This new venue offers unmatched accessibility, convenient transport links, a wide array of accommodations, and everything attendees need within walking distance.

The move to Suntec represents a major leap forward for Echelon Singapore, providing a larger, more dynamic space for exhibitions, networking, and content sessions. Following the incredible success of Echelon Philippines, Echelon Singapore 2025 will feature specialised zones, including AI, SaaS, Fintech, and more, creating an unparalleled opportunity for startups, investors, and tech leaders to engage and scale globally.

Join us at Echelon Singapore 2025! For partnership and exhibition opportunities, visit the Echelon Singapore 2025 site or contact us here.

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Now more than ever, data has become paramount. Every organisation, no matter the size, needs to generate timely insights to achieve its business objectives. Those that utilise and act on this information can gain a competitive advantage, tailoring offerings according to customer data to get ahead of the game.

According to a forecast by Forrester, insights-driven companies are projected to earn US$1.8 trillion by 2021 and grow at least seven times faster than the global GDP. Today, with the advent of the cloud and new and emerging technologies that allow firms to accumulate and analyse big data efficiently, companies that are not fostering a cadre of data-savvy employees are not only at a disadvantage. Simply put, they are not going to survive.

But survival does not only rest on the shoulders of a company’s engineers, data analysts and scientists. It is a responsibility shared with every member of the organisation, including creatives, writers and facility managers. With insights from data at the heart of every business decision, top-to-bottom integration of data must be embedded in the very culture of an organisation. All employees must think like data scientists. And companies have to equip them with the right tools, knowledge and support to build a data-centric environment that they can keep learning from, and allows them to experiment.

How we are doing it

At gojek, we have been reaping the benefits of being a data-driven business since day one. We grew along this axis by storing, organising, and utilising our data to power our growth and improve our apps. We have integrated automation, and are leveraging tools and emerging technologies to ensure easy access to data in a centralised, organised manner that enable us to make informed decisions. A decade –and counting– of harnessing the potential of data has led us to adopt a unique approach to wielding it that is built on three key principles.

First, we analyse. After gathering a wealth of information from different data sources, almost daunting in its magnitude, we need to make sense of the data. Uncovering insights then will enable us to make critical business and product decisions. It also helps us identify trends that will allow us to thrive in the future–or threaten to make us irrelevant. Second, we infuse our super app offerings with machine learning and AI to revolutionise the way we price, match, recommend, and even fight fraud on our platform, all in real-time. Then, finally, we go further and deeper than using data for problem-solving. We are futureproofing the business by making ambiguous decisions using automation and machine learning, among other statistical techniques, to tell us whether we should steer right or left.

While we have years of experience on our side, companies that have yet to make the leap can first take these initial but significant steps towards creating a data-driven environment.

Also Read: How this Tokyo-based startup is revolutionising the restaurant industry with AI and big data

Adopting a more data-centric mindset

• Be obsessed with customer experience. 

The rise of the user is upon us –if not already here. What the user needs is influencing not just engineers’ thinking and priorities, but the whole organisation’s strategy in terms of what they can offer to each and every one of them. Every member of a company should anticipate customer needs, aiming to surprise and delight them through personalisation, as well as removing pain points. This ranges from designing personalised homepages to customising search and communication features.

For example, our marketing team has been using data to experiment with creative assets and design campaigns. They would display different marketing banners on the gojek platform to see which ones users most interacted with, and then adapt their initiatives to cater to what customers care most about. The team would also use data to distinguish food consumption behaviour –an activity they conducted to differentiate various districts in Ho Chi Minh City, so as to customise marketing communications for each district based on consumer patterns and preferences.

It is then all about encouraging employees–not just data scientists –to intimately know and meet every user’s need.

• Invest to unearth data and crucial insights. 

All companies, regardless of the industry, should continually sharpen the tools at their disposal and incorporate new technologies to get additional useful insights from data. You can tap into emerging technologies such as machine learning (ML), biometrics, 5G, augmented reality, and AI/Robotics to improve the customer experience. These allow employees to have easier access to data and insights.

We have benefitted from investing in this tech ourselves. For instance, customer feedback is one of the most important sources of information a company should capitalise on. But a constant challenge has always been its unstructured text format and how it tends to focus on a particular side of the business. So we developed natural language processing tools to gather and provide an understanding of our users’ or driver-partners’ main concerns via various channels, ranging from customer care platforms to app reviews. Listening carefully using various machine learning techniques enables us to disseminate feedback to multiple and the correct businesses and product teams in a structured and systematic manner. It also enables us to detect new issues being raised by users, as well as monitor the improvement on frequently-encountered issues.

We also use machine learning to power the search experience. One of our ML models understands the customer’s intent. This allows us to look at a customer’s past transactions, behaviour, preferences, location, time of day and various other signals to delight them with a great, customised experience that reduces the time it takes for them to find a cuisine, restaurant, or dish.

Also Read: WhatsApp takes a U-turn in its data privacy. Is it time to switch to alternative platforms?

• Build a data-centric culture that starts and ends with the right people. 

All the tech and tools in the world are no good without the right team to spearhead it. Hire the right people across all departments, with the mindset to learn and appreciate data for what it can give. Train, encourage, and empower all employees to utilise technology to gain insights from data and make decisions backed by data.

The adoption of a data-driven culture will be a long and steady learning process for everyone, so let employees experiment and even fail, to gain the lessons that will allow them to progress. After all, data is always intimidating at first. But once you take the time to know it, organisations, their employees and customers, can reap the rewards.

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This article was first published on March 3, 2021

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