Momos, a Singapore- and California-headquartered AI-powered customer platform for multi-location brands globally, has announced a US$10 million Series A funding round led by 645 Ventures.

Existing investors Alpha Wave Global and Peak XV and new backers Soma Capital, FJ Labs, Taurus Ventures, and Correlation Ventures also participated.

This round brings the startup’s total investment raised to date to US$17 million.

Founded in 2021 by Sai Alluri and Andrew Liu and a team from Uber, Grab, Microsoft, and Intuit, Momos provides a vertical SaaS platform to power the customer lifecycle for thousands of businesses globally and automates everything with AI.

Also Read: Momos rakes in US$6.5M financing to grow its F&B SaaS platform beyond Singapore

The team sensed an opportunity to use AI to help brands manage their customers seamlessly across multiple locations and partnered with OpenAI. Its platform features customer service, customer experience, and marketing solutions to enable brands to drive insights and elevate customer experiences throughout the customer lifecycle.

“Momos’s partners have millions of customers across their brick-and-mortar locations. They have too many touchpoints and before Momos’s AI, it was impossible to manage the m across channels. Momos brings everything in and automates the entire customer lifecycle at each location so our partners can save time and drive more repeat customers,” said co-founder and CEO Sai Alluri.

Momos works with thousands of businesses globally, including Shake Shack, Baskin Robbins and Guzman y Gomez, and is live in 10 countries across North America, APAC, and the Middle East. Its partners range from local brands with a few outlets to multinational businesses with thousands of locations.

“There are millions of brick-and-mortar businesses globally, but existing tools are just not built to solve problems at each location,” said Mendy Yang, Senior Associate at 645 Ventures. “Momos has built this true ‘compound startup’ and is the all-in-one customer platform for multi-location brands.”

In 2021, Momos raised US$6.5 million in a seed funding round co-led by Peak XV and Alpha Wave Incubation.

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Dear reader,

The complex case of Shinhan Securities’s investment in fake WeWork shares raises significant questions about transparency and accountability in global finance. What began as a seemingly straightforward transaction evolved into a web of fraud allegations, opaque offshore entities, and missing individuals.

At the heart of the case is the failure of due diligence—not just by Shinhan but by multiple parties involved. The use of British Virgin Islands shell companies, nominee directors, and a second escrow agreement all point to the risks posed by a lack of transparency in offshore financial dealings.

While the bank claims to be a victim of a sophisticated scheme, the lawsuit reveals the extent to which basic verification steps were missed. The ongoing legal battle against Benjamin Lee and others highlights the blurred lines between high-stakes financial deals and alleged fraudulent schemes.

This case serves as a reminder of the importance of rigorous due diligence, particularly when offshore entities are involved, and illustrates how high-level financial missteps can spiral into costly legal battles.

Sainul,
Editor.

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NEWS & VIEWS

A major Korean bank bought US$14M in WeWork shares. They were fake
In June 2019, Shinhan Securities, the brokerage and investment arm of a South Korean Big Five bank, transferred US$14.2M to Aurora Grand in exchange for WeWork shares; However, it turned out that Aurora did not actually own any WeWork shares.

Investors aware of TransTrack CEO’s guilty verdict before funding
In 2020, CEO Meisesari was found guilty of fraud by an Indonesian court for her actions between 2016 and 2017. The case centres on a software investment deal in which the plaintiff, Rudolf Naibaho, was promised a “significant profit.”

GoTo partners Alibaba to grow digital economy in Indonesia
The collaboration will leverage Alibaba Cloud’s technologies to support GoTo’s extensive ecosystem; GoTo will utilise the services of Alibaba Cloud for a five-year period.

Momos secures US$10M to power customer lifecycle for global brands using AI
The investors include 645 Ventures, Alpha Wave Global, and Peak XV. The Momos platform features various solutions to enable brands to drive insights and elevate customer experiences throughout the customer lifecycle.

MEXC Ventures, Foresight Ventures, Mirana Ventures establish fund
This fund will target promising projects built on the Aptos platform by providing resources for the development of critical Web3 use cases that utilise Aptos’s infrastructure.

Navigating the shifting landscape of Southeast Asian funding: An analysis of H1 2024 trends
The decline in funding and deal flow is a reminder of the regional venture capital landscape’s vulnerability to broader economic trends.

CarbonEthics nets US$2.1M to restore natural ecosystems using tech
Intudo Ventures is the lead investor; CarbonEthics blends environmental impact and commercial impact to restore natural ecosystems, help businesses on their decarbonisation journey, and create new revenue sources.

Wavemaker infuses US$1.6M into NZ’s pre-employment screening startup Checkmate
Wavemaker Partners is the lead investor: The capital will fuel Checkmate’s expansion into Australia, the US, and Southeast Asia, specifically the Philippines.

Amazon taps long-time exec to lead India business as competition intensifies
Samir Kumar has been with the e-commerce giant for 25 years; As the country manager, he will oversee Amazon’s consumer operations in the Middle East, South Africa, and Turkey.

Fintech firms Lightnet, WeLab partner to build Thailand’s virtual bank
They have submitted an application for a Virtual Banking licence with the Bank of Thailand. The consortium aims to empower Thailand’s financial future by revolutionising banking services and delivering an AI-powered intelligent experience.

YouTube, Shopee partner in Southeast Asia e-commerce tie-up
Under the YouTube Shopping tie-up, people will be able to purchase goods viewed on YouTube through links to Shopee; They plan to expand the service to Thailand and in Vietnam in a few weeks.

FEATURES & INTERVIEWS

Re-awakening Sri Lanka’s legacy of innovation: The story of TRACE
With a philosophy centred on nurturing ideas and transforming them into tangible realities, TRACE is building the foundation for a knowledge-driven economy.

Beyond 3PL: BBTruck’s 5PL solution for a smarter, greener global supply chain
CEO Steven Chou said BBTruck plans to enter Southeast Asia, such as Vietnam, Malaysia, Singapore, Thailand, and Indonesia by 2025.

CARDS by Cazh aims to transform school management in Indonesia with integrated solutions
CARDS by Cazh is a comprehensive SaaS platform designed to streamline educational institutions’ operational and academic systems.

Businesses explore use cases of AI in creative, sports industries despite feeling “overwhelmed”
Marketers are utilising AI for various purposes from market research, competitive analysis, social media management to content creation.

KINTO boosts brand engagement and ROI with Omnichat
Omnichat is preparing for a Series B funding round next year to drive its growth, enhance AI capabilities, and expand into new markets.

A new dawn in the post-2G era: How cloud technology can propel the telco industry to new heights
Cloud-based services offer higher margins compared to traditional voice and data plans, positioning telcos for long-term success.

Real-world challenges: How Filipino startups can drive success through innovation and empathy
Identifying societal problems requires startups to have a deep understanding of the pain points of specific communities.

AI-powered recruitment: Revolutionising hiring in Southeast Asia
As AI evolves, we can expect more sophisticated tools that further streamline hiring and uncover hidden talent.

THOUGHT LEADERSHIP

Balancing trust and verification: Navigating the rise of AI
To effectively leverage generative AI while mitigating risks, organisations should equip their teams with appropriate tools and training.

Fostering a thriving workplace with shared values through E&C training
Outdated E&C training leaves companies and their employees vulnerable to lapses, penalties, lawsuits, and blowbacks.

Overcoming the digital divide: Enhancing SME financial operations and digital transformation in APAC
The future of SMEs in Asia hinges on their ability to digitally transform, with ongoing innovation and support from fintech providers.

Bridging the access gap to intermediary technologies could help countries escape the ‘middle income trap’
Even the most successful companies in emerging markets face an access gap to new technologies, keeping them behind competitors.

FROM THE ARCHIVES

7 ways to optimise your product page to attract more sales
Before you start optimising your page, you need to pay attention to your site’s overall performance; For starters, use a web crawler tool to find all pages in a website and analyze them thoroughly from different SEO aspects.

If there is one thing investors are afraid of, it is lack of commitment from founders
Founders and investors are coming to the table from different perspectives; Nevertheless, the first starting point will be to enhance their understanding of each other, with the working assumption that I cannot change him or her.

How to build deep tech startups across borders
For those Singapore-based founders embracing the arduous deep tech path, there is no choice but to build themselves a central position in a deeply interconnected mesh of global players.

Crowdfunding for startups: Where to begin and how to go about it
The bad news is that you won’t get funds for your business from anyone who doesn’t believe in your concept; There are a few typical sources of seed funding that can help you kick-start your business.

Zespri wants to work with agritechs to improve kiwifruit production and distribution
In November, Zespri launched ZAG, the Zespri Innovation Fund, a US$2 million annual fund dedicated to accelerating sustainable innovation.

Indonesian gaming powerhouse Agate unveils strategy to conquer the global arena
Gaming companies provide development services for businesses or create their content, but Agate combines both aspects in its revenue model.

For Indonesia’s 2nd generation unicorns, international expansion is the name of the game
When it comes to producing unicorn startups, Indonesia has done a phenomenal job in a relatively short time.

Balancing revenue, impact remains the top challenges faced by social impact startups
For these social impact startups, cross-party collaboration can be a key to tackling these unique challenges.

Why Liminal sees compliance as the way to go for the crypto industry
Liminal aims to build an efficient and compliant wallet operating system where users can with various digital assets and blockchains securely.

Connectivity, infrastructure are key barriers for fund managers to adopt tokens: Calastone
How can we eliminate this barrier? According to Ross Fox of Calastone, adoption is a key challenge for tokenised investments.

The post Ecosystem Roundup: How Shinhan fell for fake WeWork shares | Momos secures US$10M | Shopee partners with YouTube in SEA appeared first on e27.

Lighthub Asset and WeLab, both fintech platforms in Thailand and across Asia, have jointly submitted an application for a Virtual Banking license to the Bank of Thailand (BOT).

The result of the application is expected to be announced in the first half of 2025.

The consortium plans to introduce AI-powered banking services to enhance Thailand’s financial sector. Drawing on their combined experience, they aim to improve financial inclusion by offering localised digital banking services, focusing on underserved groups such as solopreneurs and Micro, Small, and Medium Enterprises (MSMEs) with unstable income and limited access to financial services.

A large portion of their existing 46 million customers falls within these underserved categories.

Also Read: Unlocking green fintech prosperity in Asia: Navigating the top 4 challenges

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MEXC Ventures, Foresight Ventures, and Mirana Ventures today announced that they have jointly launched a fund to support projects launching in the Aptos ecosystem.

This fund will target promising projects built on the Aptos platform by providing resources for developing critical Web3 use cases that utilise Aptos’ infrastructure, innovations such as Block-STM, and seamless interoperability with key EVM ecosystems.

The fund underscores strong confidence in Aptos’s technological innovations and potential, contributing to the acceleration of ecosystem projects. It reflects the increasing recognition of the potential for protocols, platforms, and decentralised applications (apps) deployed on Aptos.

Tracy Jin, Vice President of MEXC, said in a press statement, “With the upcoming MOVE2 update, Aptos’ tech stack remains innovative, and its low latency and high throughput performances have been battle-tested. The upcoming integration of USDT and the promise of Aptos Ascend will further enhance Aptos DeFi. We look forward to advancing blockchain innovation and promoting a sustainable, scalable future for the industry.”

Also Read: Lighthub Asset, WeLab partner to form new digital bank in Thailand

MEXC Ventures, Foresight Ventures, and Mirana Ventures also announced that they are supporting Aptos Code Collision, the flagship hackathon programme of the Aptos ecosystem.

MEXC Ventures is a comprehensive fund under MEXC Group which supports innovation in the cryptocurrency field via strategic investment, M&A, FOF, and project incubation.

Foresight Ventures is a crypto VC firm with offices in the US and Singapore. Its focus is on crypto investment and incubation. The firm has its own media network that includes TheBlock, Foresight News, BlockTempo, and Coinness.

Mirana Ventures is a global investment fund that provides long-term capital and strategic partnerships to visionary founders and fund managers in the Web3 space. It leverages partnerships with Bybit, Mantle and a broad network of portfolio companies and funds on supporting companies.

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Image Credit: © rawpixel, 123RF Free Images

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Companies are looking to differentiate themselves from the competition in an impactful way. Before the Internet and cloud computing, beating the competition often meant out-advertising and outspending rivals to reach critical demographics first. Today, profitability is often achieved by leveraging data to engage with customers in meaningful, real-time, and contextually relevant ways.

Unlike traditional AI, Generative AI (Gen AI) utilises both structured and unstructured data to enable applications to perform tasks that mimic human behaviour. By delivering human-like responses, Gen AI allows users to significantly reduce the need for direct human interaction in the digital space. This transformation streamlines workflows, automates processes, and enhances the personalisation of user experiences.

While the possibilities are endless, creating and scaling sophisticated AI applications requires time and resources. When deploying enterprise-grade Gen AI applications, CTOs, CIOs, and enterprise architects often struggle to choose the right architectural elements to succeed.

At DataStax, their agent-first approach to Gen AI includes assembling the functionalities and tools developers need to quickly build Gen AI applications at scale. 

Gen AI leaders shaping their industries

DataStax helps developers and companies successfully create a bold new world through Gen AI. They offer an AI PaaS (AI Platform as a Service) with everything needed for a faster and easier path to production for relevant and responsive Gen AI applications. DataStax delivers a RAG-first developer experience, with first-class integrations into leading AI ecosystem partners, so it works with developers’ existing stacks of choice. And, DataStax supports integration with LangChain, Vercel, GitHub Copilot, and AI ecosystem leaders.

With DataStax, anyone can quickly build intelligent, high-growth AI applications on any cloud on an unlimited scale. Hundreds of the world’s leading enterprises, including Audi, Bud Financial, Capital One, SkyPoint Cloud, VerSe Innovation, and many more, rely on DataStax. 

Also Read: These 12 companies are ready to wow at Echelon Philippines

DataStax’s pricing is simple and transparent, based on the volume of data and the number of operations. Their platform allows auto-scaling based on actual usage, enabling users to size their database to match the application workload automatically. Engineering and product operations are streamlined, saving significant effort spent on sizing, provisioning, monitoring and tuning data. This prevents developer teams from being overwhelmed by the maze of tools for building apps, as the Astra Starter Pack gives companies what they need to start building and get into production—fast.

Empowering force for regional developers to leverage Gen AI’s potential fully

DataStax believes in empowering regional by building real-time AI that is done right. With the right stack and abstractions, a real-time AI solution that combines large-scale data with integrated machine learning holds immense potential to power fun, innovative applications that enable more precise business decisions, predictive operations, and richer, more engaging consumer experiences.

Southeast Asia is one of the hubs DataStax is looking to tap into. With Echelon Philippines, they hope to drive awareness and engage startups and enterprises interested in building and partnering with DataStax. Participants can look forward to technical insights and success stories on cutting-edge Gen AI, vector search, and real-time data innovations during the conference proper.

DataStax is among the many dynamic industry leaders joining us for Echelon Philippines 2024. Alongside them will be other key leaders, visionary entrepreneurs, and innovative startups from across the region. They will converge for an action-packed two-day event on September 26-27 at Level 2, SMX Convention.

Echelon Philippines 2024, hosted by e27 in partnership with Brainsparks, offers dedicated content stages, exhibitions, panel discussions, and much more — all designed to support and empower the regional tech startup ecosystem with practical insights through various knowledge-sharing activities.

Whether you’re looking to expand your expertise, connect with influential figures in the tech startup world, or present your groundbreaking ideas, Echelon Philippines 2024 presents an unmatched experience sure to give you and your company a boost. Secure your spot now on our official page and join us as a participant or an official partner. Together, we can shape the future and create a lasting impact.

Join us at Echelon Philippines 2024, where innovation knows no boundaries and the possibilities are limitless!

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AI has gone from being a flashy buzzword to being the next technological phenomenon, making significant strides across various industries – and software development is no exception. In Asia Pacific, software revenue for generative AI is estimated to reach US$3.4 billion by the end of 2024 and is projected to exceed US$18 billion by 2028.

At the same time, however, businesses are still trying to navigate the integration of AI into their operations amidst scepticism and concerns about its risks. When it comes to software development, for instance, businesses can’t rely fully on what AI coding assistants produce at face value.

Even so, it’s critical that caution doesn’t inhibit progress and momentum. Those leveraging AI have a responsibility to incorporate the right guardrails and mechanisms to ensure the effective use of the technology and avoid falling behind the competition, especially as emerging innovations like AI coding assistants progress rapidly.

To achieve that, there is already a blueprint to guide them on their journey – and it lies in the form of a “trust, but verify” approach. This involves the employment of AI with the verification of its output through human review, allowing businesses to take advantage of the technology without excessive risk. Organisations – from tech giants to governments – are already adopting a similar framework.

In Singapore, for instance, the government has developed “AI Verify”, a testing framework and software toolkit for responsible AI use.

Anticipating and managing the risks of AI

It’s no surprise that AI will herald a new era of productivity, removing the burden of mundane, repetitive tasks. This frees up employees’ time to collaborate, to be creative, and to think outside the box. With 83 per cent of developers experiencing burnout due to an increased workload, AI coding tools can potentially offer much-needed relief and raise job satisfaction.

However, AI can also create a gap between individuals who leverage it for productivity and those who use it merely because it is available. This can fracture teams and lead to misalignment in output and accountability challenges (i.e., code ownership).

If AI is not leveraged properly, the potential risks can extend beyond individuals and teams to their organisations and the business at large. While the use of AI coding tools is rising, companies are innovating and competing on a foundation of software. Unfortunately, software can be plagued by bad code, which contributes heavily to technical debt that is difficult and costly to address. Bad code in itself is a trillion-dollar problem. AI could exacerbate the issue by accelerating software development without regard for quality.

Also Read: AI-powered recruitment: Revolutionising hiring in Southeast Asia

A recent study from Microsoft Research found that 22 coding assistants often falter beyond functional correctness, hinting at fundamental blind spots in their training setups. Like human-generated output, AI-produced code can have security, reliability, and maintainability issues. No matter how code is developed it should be reviewed for quality and security.

This fact will remain true for the foreseeable future: all code, whether human-written or AI-generated, must be properly analysed and tested before being put into production. While developers can turn to AI to produce more lines of code quickly, the right checks should still be in place to ensure their code remains a foundational business asset. This means taking the necessary steps to ensure that the AI-generated code is clean.

AI guardrails: Ensuring safe and trustworthy AI

According to a 2024 study by Microsoft and LinkedIn, more than eight out of 10 knowledge workers in APAC are embracing AI tools. Now, more than ever, it’s essential that business leaders understand where and how AI is being used in their organisations. Whether the use of AI is approved or not, individuals are already leveraging the technology. Organisations must think through their investments and what governance they need to put in place to protect the business while enabling teams to innovate.

Successful AI adoption requires CIOs and leaders to create an AI culture rooted in good guardrails and promote usage that leads to actual productivity. While it can sound like a daunting and nebulous task, the starting point is actually much more accessible than one might think. For starters, organisations can consider trusted software development frameworks, such as NIST’s Secure Software Development Framework, and certify a list of approved AI tools.

It should be stipulated especially what reviews should look like for different AI use cases to ensure that anything being released or put into production is quality and secure. For example, when it comes to AI coding assistants, code analysis tools like Sonar can integrate with popular coding environments and CI/CD pipelines for in-depth insight into the quality, maintainability, reliability, and security of Gen AI code.

Also Read: How are the companies you invest in leveraging AI? 

More importantly, the use of AI also needs to be considered holistically, and not siloed to a specific department. While CTOs and CIOs/CISOs must set the direction, all internal stakeholders must be allowed to weigh in.

Coding responsibly

The mindset of “move fast and break things” isn’t effective when you consider the potential cost of needing to fix any output generated by AI, but it’s also not possible to slow down the pace of innovation. And there’s no doubt that AI can provide businesses with a competitive edge.

Organisations must remain proactive in their holistic evaluation of risk and have proper governance in place. They also must invest in the right tools to support different teams in taking advantage of generative AI without increasing risk.

Taking a “trust but verify” approach is important across the spectrum of AI use. Whether in software development or other aspects of business operations, teams must ensure they are not blindly accepting what is generated by the technology. Everything needs to be considered in the business and societal context, and that shouldn’t be lost amid the hype of AI.

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

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Sri Lanka, a beacon of technological progress two millennia ago, has faced daunting challenges in recent years. From high inflation to budget deficits and a declining economy, the island nation has struggled to find its footing in the modern world.

However, a bold initiative aims to rekindle the country’s once-glorious legacy of innovation and technological excellence—TRACE (Technologically Re-Awakening Culture of Excellence).

“TRACE is more than just an organisation; it’s a vision-driven movement that aims to make Sri Lanka a globally recognised innovation hub. By fostering collaboration, technological advancements, and entrepreneurial spirit, TRACE is charting a course for the nation to reclaim its position on the global innovation map,” says Executive Director Heminda Jayaweera.

Also Read: Small market, big dreams: Meet the 30 Sri Lankan startups that are punching above their weight

With a philosophy centred on nurturing ideas and transforming them into tangible realities, TRACE is building the foundation for a knowledge-driven economy.

A historical legacy, a modern mission

Sri Lanka’s past is one of technological brilliance, but recent economic hardships have obscured that legacy. Yet, TRACE is determined to rewrite the narrative.

“Emerging from a simple concept, it has evolved into a powerful movement grounded in the belief that Sri Lanka can lead in technological innovation again,” Jayaweera added.

“TRACE’s mission is the belief that innovation, creativity, and collaboration can drive national progress. Developing innovative products and services across various industries provides Sri Lanka with the tools to thrive in the global economy, attracting local talent and much-needed foreign remittance despite the country’s economic struggles,” he shared.

The birth of TRACE Expert City

One of TRACE’s most iconic achievements is the development of TRACE Expert City, an ecosystem for innovation housed in the former Tripoli Market Premises in Colombo.

Born from a public-private partnership with Sri Lanka’s Urban Development Authority (UDA), TRACE Expert City took underutilised urban spaces and transformed them into powerful engines of growth.

Since opening its doors in 2014, TRACE Expert City has flourished into a critical part of the national economy, generating over 150 million Sri Lankan rupees (~US$500,000) in annual rent revenue for the UDA and creating over 2,500 high-skill jobs.

More importantly, the City has become the “Silicon Valley of Sri Lanka,” housing cutting-edge technological innovations and entrepreneurial ventures and hosting events that promote a knowledge-based economy.

Also Read: From civil war to innovation: nVentures’s Chalinda on the rise of Sri Lanka’s entrepreneurship

With over 100,000 square feet of developed infrastructure, TRACE Expert City seeks to foster the next generation of entrepreneurs and position Sri Lanka as a global player in technology.

Extending innovation beyond Colombo

TRACE’s impact extends beyond the borders of Colombo. In 2018, it launched the TRACE BREAD Centre, a food-tech incubator in Makandura that supports food innovators and entrepreneurs.

Although COVID-19 disrupted operations, TRACE took over the centre’s management in 2023, and by early 2024, the initiative had bounced back, with exports resuming in full force.

In Ratnapura, the TRACE Creators Space offers a vibrant platform for co-working, entrepreneurship, and creativity training. Nurturing innovation in this historically rich region unlocks the hidden potential of areas outside the capital and ensures that opportunities for growth and innovation are available across the nation.

Education and workforce transformation

The TRACE Theory to Trade (T2T) programme is another cornerstone of TRACE’s mission, bridging the gap between academia and industry. This programme equips students with the hands-on skills and experience they need to succeed in the rapidly evolving world of information technology.

By offering career guidance, industry-expert instruction, and certification, T2T is creating a future-ready workforce to drive Sri Lanka’s next phase of economic growth.

Like Sri Lanka’s National Apprentice and Industrial Training Authority (NAITA), T2T started focusing on IT, but TRACE has ambitious plans to expand into other sectors. Operating on a fee-based model, it ensures both sustainability and a high-quality learning experience for students who leave the programme well-prepared to meet the demands of the global economy.

Cultivating the innovators of tomorrow

TRACE’s vision extends beyond higher education and entrepreneurship—it reaches into the classrooms and minds of young people.

“The ‘TRACE Journey’ initiative is designed to inspire the next generation, from school-aged children to young adults, encouraging them to dream big and realise their potential,” stated Jayaweera. “Through company visits, career talks, and hands-on opportunities, we bridge the gap between education and the professional world, giving young Sri Lankans a roadmap to success.”

Empowering Startups through TRACE Open Pitch

For budding entrepreneurs, TRACE Open Pitch provides mentorship, networking opportunities, and access to potential investors, helping visionaries realise their ideas.

Also Read: Exploring Sri Lanka’s potential as a premier global IT hub

Through the TRACE Open Pitch platform, entrepreneurs gain access to a thriving ecosystem of like-minded individuals, industry experts, and key resources that can propel their ventures forward. It’s not just about starting a business—it’s about building something that can impact the world.

Bridging gaps through TRACE Ventures

TRACE Ventures builds on the original concept of TRACE by expanding into high-tech industries, market access, and diaspora engagement. By reinforcing partnerships with research and development centres and focusing on product engineering, TRACE Ventures is opening new avenues for growth, providing opportunities for startups, and strengthening Sri Lanka’s position as a player in the global innovation economy.

A bright future for Sri Lanka

The story of TRACE is one of hope, innovation, and the belief that a small island nation can once again lead the world in technological excellence. Through its diverse initiatives—TRACE Expert City, the BREAD Centre, T2T, and TRACE Ventures—the organisation is building a future where Sri Lanka can compete and thrive globally.

With each new venture, TRACE lays the groundwork for a knowledge-driven economy that will benefit all Sri Lankans, whether they live in bustling Colombo or the rural heartlands.

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Image Credit: TRACE

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Earlier this year, live commerce made a substantial impact on the global market, with some countries even seeing it account for as much as 40 per cent of gross merchandise value (GMV).

In the Philippines, the e-commerce landscape has seen a notable transformation with the launch of TikTok Shop in April 2023. Now the second-largest platform by GMV, it has prompted competitors such as Shopee and Lazada to intensify their focus on video content and live streaming.

The rapid growth and profitability of live commerce have driven brands to seek innovative ways to maintain a competitive edge. In this atmosphere, Artificial intelligence (AI) emerges as a transformative tool, particularly in enhancing content creation.

Yet, this only scratches the surface of AI’s potential to tackle broader challenges faced by brands eager to capitalise on this growing trend, according to Intrepid Philippines CEO Pierre Faucer.

“Moving forward, I foresee a growing convergence between traditional e-commerce and live commerce, as live commerce content continues to scale across platforms and increasingly integrates into the broader online shopping experience,” he says in an email interview with e27.

Also Read: Why fintech companies should learn about customer retention from e-commerce companies

In this interview, we explore strategies to utilise AI to enhance live commerce for businesses in Southeast Asia (SEA).

The following is an edited excerpt of the conversation.

AI is seen as a transformative tool in content creation for live commerce. Can you share how brands are currently using AI to enhance this?

AI is revolutionising e-commerce by significantly boosting efficiency for designers, videographers, and merchandisers and deeply changing how content is generated.

It streamlines creative tasks, allowing brands to scale content production at unprecedented speeds while maintaining high quality. AI also enhances content customisation and personalisation, helping brands deliver tailored experiences to individual customers.

As generative AI technologies evolve, dynamic content like videos and personalised live streams will replace static visuals, further engaging customers and driving sales. This transformation positions AI as a key enabler of more impactful and interactive e-commerce strategies.

Content creation is just one aspect of AI’s potential in live commerce. What other areas do you think AI can address to solve broader brand challenges?

AI in live commerce can address several broader challenges beyond content creation.

For customer engagement, AI can personalise real-time interactions, such as recommending products during live streams based on viewer behaviour and preferences.

In logistics, AI can optimise inventory management, ensuring product availability aligns with live stream promotions, and streamline delivery operations. Additionally, AI-driven analytics can provide brands with deeper insights into audience behaviour, campaign performance, and product demand, helping them make data-driven decisions to improve the effectiveness of their live commerce strategies.

Also Read: 3 ways voice assistants are going to change the game for e-commerce

Given the profitability of live commerce, what key strategies would you recommend for brands looking to maximise their returns while adopting AI-driven technologies?

Live commerce is often perceived as an expensive endeavour where scale is crucial. Brands can leverage AI-driven technologies to affordably scale personalised content effectively and enhance customer engagement and conversion.

AI can assist in automating video editing, managing live stream quality, and even generating real-time subtitles in local languages such as Tagalog and Cebuano. For instance, brands could use AI-powered tools to automatically edit and enhance live stream footage, ensuring high production value without expensive equipment or extensive post-production work.

AI-driven tools can create highly personalized content tailored to Filipino consumers’ preferences and behaviours. For example, AI can analyze data from local social media trends and consumer purchasing behaviour to offer customised product recommendations and promotions during live streams. Platforms like Shopee and Lazada have successfully adopted similar strategies.

We can implement AI-driven chatbots to engage with viewers in real-time during live commerce events. These chatbots can answer questions, provide additional product information, and offer personalised discounts based on user interactions. A notable example is how Globe Telecom uses chatbots on its live commerce platforms to handle customer inquiries and provide instant support.

We can also utilise AI to forecast demand and manage inventory more efficiently. By analysing data from live events and historical sales, brands can better predict which products will be popular and adjust their inventory accordingly.

Incorporating AI-driven interactive features such as virtual try-ons, gamification elements, and augmented reality (AR) experiences is also recommended. These tools can enhance the shopping experience and make live commerce events more engaging. For example, beauty brands can use AR to allow viewers to virtually try on makeup products during a live stream, increasing the likelihood of purchase.

Also Read: As spending becomes realistic, SEA e-commerce is now driven by consumers’ choices instead of supplies

How does Intrepid Philippines plan to position itself in the evolving landscape of live commerce and AI adoption, and what specific goals do you have in terms of helping brands capitalise on these opportunities in 2024 and beyond?

We aim to position ourselves as a comprehensive end-to-end e-commerce service provider across SEA’s six major markets. Our strategy enables brands to partner with a single provider for all their e-commerce and live commerce needs, including strategy development, content production, performance marketing, customer service, warehousing, and fulfilment.

This integrated model provides several key advantages: Holistic market overview, seamless coordination, enhanced efficiency, and leveraging AI

Our goal for 2024 and beyond is to empower brands to thrive in the dynamic e-commerce environment by providing them with a strategic, coordinated, and technologically advanced service offering. By doing so, we aim to drive significant growth and success for our clients in the evolving landscape of live commerce and AI.

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The financial services market is undergoing a significant shift with embedded finance, altering the dynamics of when, where and how individuals engage with such services. This transformation has opened substantial avenues for both financial and non-financial entities to cater to a broader market. 

Businesses integrating innovative financial solutions into their product offerings note a boost in customer engagement and find it instrumental in acquiring new customers. In a report done by PwC in 2023, the market’s rapid growth is projected to increase 5 times in 10 years — from US$54.3 billion in 2022 to US$248.4 billion by 2032.

While embedded finance has been around for decades in the form of white-labelled car rental insurance or apps with 1-click payment gateways, online embedded banking is gaining traction, with e-commerce merchants providing banking services directly on their websites and eliminating the need to redirect customers to a separate platform.

PriyoShop, in its endeavour to empower Micro, Small and Medium Enterprises (MSMEs), has collaborated with Mastercard Bangladesh and LankaBangla Finance PLC to incorporate embedded finance solutions into its platform. This integration aims to elevate the purchasing capabilities of MSMEs, fostering their empowerment and growth.

Empowering MSMEs in their bid to digitalise

MSMEs are the lifeblood of any economy. In the vibrant landscape of Bangladesh’s economy, where more than five million retailers play a crucial role contributing over 30 per cent to the country’s GDP, empowering MSMEs has become of paramount importance. 

The adoption of a wider base includes making concessions to meet customer needs. Many small businesses face challenges in acquiring sufficient funds to purchase necessary items, hindering their ability to serve clients effectively. Similarly, being able to access data and record each financial purchase can lead smaller retailers to make better predictions and thus improve their overall offerings.

This is a strategic opportunity for financial services and products to integrate into the digital experience of a non-financial service or good. The benefits of doing so include improving user experience, facilitating scalability, diversifying revenue streams, and democratising access to financial products. At the heart of its principles, embedded finance models aim to service customers with a wider network that contributes value simultaneously.

This increasingly data-driven and tech-enabled world has forced traditional businesses to begin the integration process and PriyoShop is leading the charge in creating a responsible digital world for these MSME owners.

Leveraging their strong expertise to unlock the potential of MSMEs

PriyoShop is a Bangladesh-Singapore-based on-demand B2B marketplace that empowers retailers by connecting them directly to suppliers to fix the fragmented supply chain. PriyoShop is a pure tech-driven B2B marketplace connecting retailers directly to suppliers (e.g. product manufacturers or wholesalers). Just recently, PriyoShop announced its successful Pre-Series A US$5 million funding round to impact more customers with embedded finance and expand their territory across Bangladesh.

Their mission is to empower small retailers by providing a digital platform that is backed by a full-stack solution. This way, PriyoShop can help independent business owners grow their livelihoods without having to make any additional investments. 

This strategic collaboration between PriyoShop with Mastercard Bangladesh and LankaBangla Finance PLC, a renowned financial institution in Bangladesh known for its innovative financial solutions, marks an important milestone in the realm of digital commerce and financial services within the country. It signifies a convergence of expertise, resources, and networks aimed at enhancing the accessibility, convenience, and security of online transactions for consumers, while also fostering the growth and development of the digital economy ecosystem in Bangladesh. Recognising that the ability to procure goods is a fundamental aspect of MSME operations, PriyoShop has strategically addressed the finance problem to help them unleash their full potential.

The partnership seeks to improve MSMEs’ purchasing power by providing them with financial assistance through credit cards, enabling them to purchase goods and replenish their inventory without facing capital constraints. LankaBangla is committing to inject the funds and provide tailor-fitted solutions that cater to the unique needs of MSMEs, ensuring flexibility and affordability.

Beyond financial assistance, the partnership aims to empower MSMEs through capacity-building initiatives, providing them with the knowledge and skills needed to navigate the evolving business landscape. While LankaBangla provides financial expertise and resources, PriyoShop continues with its promise of creating a digitalised economy in B2B retailers.

This partnership not only underscores the commitment of these industry leaders to drive forward the digital transformation agenda but also sets a precedent for future collaborations that leverage technology and financial ability to unlock new opportunities and empower businesses and individuals across the nation.

From traditional banking models to ecosystem-based approaches

This partnership would help MSMEs upgrade by creating more synergies within a tight ecosystem. As an e-commerce platform, access to embedded finance would empower MSMEs through simplified access to financial services, streamlined operations, and enhanced growth prospects. 

The financing gap for retailers and MSMEs in Bangladesh is significant. According to various reports, including data from the International Finance Corporation (IFC), the financing gap for MSMEs in Bangladesh is estimated to be around US$3.5 billion. 

MSMEs face difficulties accessing formal credit due to insufficient collateral, lack of financial history, and limited access to banking services. Addressing this gap is critical for empowering these businesses and enhancing their contribution to the economy.

Traditionally, when a bank aims to introduce a novel product, such as a unique investment option or a different type of loan, the process involves months, if not years, of development, construction and launch efforts. However, PriyoShop now enables LankaBangla to seamlessly incorporate the latter’s offerings to a broader market typically overlooked by traditional banking processes.

This strategic partnership holds the potential to revolutionise the MSME sector in Bangladesh. By addressing the finance problem, PriyoShop and LankaBangla aim to unlock the buying capability of MSMEs, fostering their growth and contributing to the overall economic development of the country. The impact is expected to ripple across various sectors, leading to job creation, increased productivity, and a more resilient and dynamic business environment.

In a concerted effort to empower Bangladesh’s MSMEs, PriyoShop’s collaboration with LankaBangla Finance PLC marks a significant milestone. By tackling the finance problem head-on, this partnership is poised to breathe new life into the MSME sector. As these businesses gain access to the necessary financial support, the entire economy stands to benefit from their enhanced buying capability, ultimately propelling Bangladesh towards a more prosperous future.

For more information, visit www.priyoshopretail.com.

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

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Picture this: You are on a road trip in your high-tech, self-driving car. The onboard AI is handling the route while you relax, maybe even catching up on a podcast. Suddenly, your car’s dashboard flashes with an alert.

Before you know it, you’ve lost control, and your personal data—location, payment information, and even private conversations—have been stolen by a hacker. This is not a scene from a dystopian future but a real threat in today’s world of connected cars.

As vehicles have evolved to be smarter and more autonomous, they’ve become more susceptible to cyberattacks. In one notorious case from 2015, two security researchers remotely hacked into a Jeep Cherokee, taking control of the vehicle from miles away.

Their experiment, intended to expose vulnerabilities, caused Fiat Chrysler to recall 1.4 million vehicles for security upgrades. This was a wake-up call for the entire auto industry.

More recently, Tesla has faced multiple security challenges. In 2020, a cybersecurity researcher uncovered a vulnerability in the Tesla Model 3’s keyless entry system, allowing a hacker to unlock the car and start it without the owner’s knowledge.

These incidents underline a critical issue: as cars get smarter, they also become prime targets for cybercriminals.

The rise of decentralised security in mobility

With these growing threats, the traditional ways of securing vehicles are being rethought. Centralised systems, where all the data is stored and managed in one place, are increasingly seen as too vulnerable. If a hacker breaches the central system, they can access a treasure trove of sensitive data. To counter this, a new approach is gaining traction: Decentralised Physical Infrastructure Networks, or DePIN.

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

DePIN shifts the focus from centralised to decentralised security, using blockchain technology to distribute and secure data across a network. This decentralised approach means the overall system remains secure even if one part of the network is compromised. It is like adding multiple locks to every door in a building rather than relying on just one main entrance. This also means adding extra layers of security, providing much-needed additional defense so malicious attackers do not just breach easily.

Industry solutions: Beyond just one player

Several companies are pioneering this decentralised approach to automotive cybersecurity. One example is Helium, which is known for creating a decentralised wireless network that could be leveraged for secure vehicle communications. Their network, which relies on thousands of small, independent nodes rather than a single central point, exemplifies the potential of DePIN in securing data exchanges between vehicles and infrastructure.

Moving forward, companies like Soarchain are also stepping into this arena, utilising blockchain to create a decentralised network for mobility. By securing real-time data transactions across vehicles, infrastructure, and service providers, Soarchain is helping to lay the groundwork for a safer, more interconnected automotive ecosystem.

While their approach might not make headlines daily, it is part of a broader movement toward securing the future of mobility through decentralisation.

Soarchain’s blockchain-based infrastructure is designed to enable secure, real-time data transactions between vehicles, infrastructures, and service providers within the mobility ecosystem. The company is partnering with major industry leaders such as Suzuki, Maruti, and Ford, including active collaborations with Hyundai and Volvo. Soarchain is working closely with Maruti Suzuki to develop advanced road monitoring systems, leveraging real-time data to improve road safety and enhance mobility solutions.

“Soarchain utilises the vehicle data to create an appstore of mobility. It would provide a number of different applications like vehicle predictive maintenance, green drive, pay how-you-drive vehicle insurances, ride hailing, road monitoring and traffic flow management, emergency roadside assistance, smart parking etc,” said Kerem Ozkan, Co-Founder of Soarchain.

Also Read: Navigating the future of Web3: Top trends shaping blockchain careers in 2024/25

This network addresses key challenges in modern mobility by providing a decentralised platform that ensures data integrity, transparency, and privacy, which is crucial for the seamless functioning of connected vehicles and smart infrastructure.

Looking forward: A safer road ahead

As the automotive industry continues to innovate, the importance of cybersecurity cannot be overstated. Vehicles are no longer just modes of transportation; they are data hubs on wheels. Protecting the information they generate is crucial not only for personal privacy but also for public safety.

The shift towards decentralised security models like DePIN represents a significant step forward. By distributing data across a network rather than centralising it, companies are making it harder for hackers to find a single point of attack. This doesn’t mean the threat will disappear overnight, but it creates a more resilient system to better protect against breaches—adding multiple layers of defensive walls before the attacker can successfully break in.

In the coming years, as more companies adopt decentralised approaches, we can expect to see a transformation in how vehicle security is handled. Whether through Helium’s network or Soarchain’s blockchain-based solutions, the future of mobility security is moving towards a more decentralised and ultimately safer model.

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