As we approach the latter half of 2024, the cryptocurrency landscape is poised for significant transformation. Among the myriad of emerging trends, one stands out as particularly revolutionary: the intersection of artificial intelligence (AI) and blockchain technology. This convergence promises to redefine the crypto ecosystem, offering unprecedented opportunities and challenges.

In this opinion piece, I will delve into why this trend is set to dominate the crypto space, backed by data, expert insights, and a personal perspective on its potential impact.

The convergence of AI and blockchain: A new frontier

The integration of AI and blockchain is not merely a speculative trend; it is a burgeoning reality that is already beginning to reshape various sectors. AI, with its ability to process vast amounts of data and learn from it, complements blockchain’s decentralised, transparent, and secure nature. Together, they form a powerful synergy that can address some of the most pressing issues in the digital world.

One of the most compelling aspects of this convergence is its potential to revolutionise smart contracts. Traditional smart contracts, while innovative, are limited by their static nature. AI can enhance these contracts by making them dynamic and adaptive, capable of learning from past transactions and optimising future ones. This could lead to more efficient and secure decentralised finance (DeFi) applications, reducing the risk of bugs, hacks, and errors that have plagued the sector.

Market data and expert insights

The market’s response to the integration of AI and blockchain has been overwhelmingly positive. According to a report by Gemini, AI-related tokens have seen a notable surge in prices, signalling growing interest and confidence in this emerging trend. This is further corroborated by data from CoinMarketCap, which highlights a significant increase in institutional investments in AI and blockchain projects.

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

Experts in the field are equally optimistic. Scott Tripp, CEO of Neurai, an AI Startup based in Singapore, notes that the combination of AI and blockchain is leading to innovative projects that merge web3 monetisation, provenance tracking, and digital content attributions. He predicts that AI agents will soon handle most on-chain payments, interfacing with blockchain’s user experience and presenting transactions in a human-friendly manner.

Anndy Lian, a best-selling book author, echoes this sentiment, emphasising the potential of AI and blockchain to create decentralised compute protocols and marketplaces for AI outputs. He believes that while early activity may be driven by hype, the long-term promise of this combination is immense.

Real-world applications and use cases

The practical applications of AI and blockchain are vast and varied. One of the most promising areas is in the realm of secure data solutions. AI can enhance blockchain’s ability to provide secure, transparent, and tamper-proof records, making it ideal for industries such as healthcare, finance, and supply chain management.

In healthcare, for instance, AI can analyse patient data stored on a blockchain to provide personalised treatment plans, predict disease outbreaks, and streamline administrative processes. This not only improves patient outcomes but also reduces costs and inefficiencies.

In finance, AI-powered blockchain platforms can offer more accurate risk assessments, fraud detection, and automated compliance, making financial services more secure and accessible. The integration of AI can also enable more sophisticated trading algorithms, leading to better investment strategies and higher returns.

Supply chain management is another area where AI and blockchain can have a transformative impact. By combining AI’s predictive analytics with blockchain’s transparency, companies can optimise their supply chains, reduce waste, and ensure the authenticity of products. This is particularly important in industries such as pharmaceuticals and luxury goods, where counterfeiting is a major concern.

The role of regulation and security

As with any emerging technology, the integration of AI and blockchain is not without its challenges. One of the primary concerns is regulation. The decentralised nature of blockchain and the autonomous capabilities of AI pose significant regulatory hurdles. Governments and regulatory bodies will need to develop new frameworks to address issues such as data privacy, security, and ethical considerations.

Also Read: Boosting efficiency and care: How AI is transforming medical records

Security is another critical concern. While blockchain is inherently secure, the addition of AI introduces new vulnerabilities. AI algorithms can be manipulated, and the data they rely on can be corrupted. Ensuring the security and integrity of AI-powered blockchain systems will require robust encryption, continuous monitoring, and advanced threat detection mechanisms.

The future of AI and blockchain

Looking ahead, the future of AI and blockchain appears bright. The potential for these technologies to transform industries and create new economic opportunities is immense. However, realising this potential will require collaboration between technologists, regulators, and industry stakeholders.

One of the key drivers of this trend will be the development of AI-powered decentralised applications (dApps). These applications can leverage the strengths of both AI and blockchain to offer innovative solutions in areas such as finance, healthcare, and supply chain management. For instance, AI-powered dApps can provide personalised financial advice, automate complex supply chain processes, and offer real-time health monitoring and diagnostics.

Another important aspect of this trend is the role of AI in enhancing blockchain’s scalability. One of the main challenges facing blockchain technology is its limited scalability, which restricts its ability to handle large volumes of transactions. AI can help address this issue by optimising transaction processing and improving consensus mechanisms, making blockchain more efficient and scalable.

Personal perspective

From a personal perspective, the convergence of AI and blockchain represents a significant leap forward in the evolution of technology. As someone who has closely followed the development of both AI and blockchain, I am excited about the possibilities that this integration offers. The potential to create more secure, efficient, and transparent systems is truly transformative.

However, it is important to approach this trend with a balanced perspective. While the potential benefits are immense, there are also significant challenges that need to be addressed. Ensuring the security and integrity of AI-powered blockchain systems, developing appropriate regulatory frameworks, and addressing ethical considerations will be critical to the success of this trend.

In conclusion, the intersection of AI and blockchain is set to be the standout trend in the crypto space in the latter half of 2024. This convergence promises to revolutionise industries, create new economic opportunities, and address some of the most pressing issues in the digital world.

By leveraging the strengths of both technologies, we can create more secure, efficient, and transparent systems that have the potential to transform our world. As we move forward, it will be essential to address the challenges and ensure that this trend is developed in a responsible and ethical manner.

—

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

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

Image courtesy of the author.

The post The emerging crypto trend of 2024: The intersection of AI and blockchain appeared first on e27.

As artificial intelligence (AI) continues to revolutionise industries worldwide, Southeast Asia (SEA) finds itself at a critical juncture.

A recent study by Deloitte states that developing economies in the APAC region are actively implementing generative AI at a faster pace, with a 30 per cent higher share of gen AI users embracing AI with more enthusiasm compared to developed nations with more digitally native workers.

The report cautions that businesses that fail to adopt AI will feel the impact; CEOs and senior leaders should not only focus on integrating generative AI to enhance efficiency but also reconsider their processes to adapt to the AI surge and avoid disruption. 

Interestingly, despite the increased usage of generative AI by employees, businesses may not be maximising the full benefits of their investments in AI. In fact, only half of surveyed employees felt they were fully utilising the potential of generative AI. Out of Searce’s 200+ customers in South East Asia, only five per cent of them have Gen AI use cases deployed in production. 

With companies jumping onto the AI bandwagon, it’s imperative that they are clear on their strategies for AI, maximising their investments to achieve business results and to generate revenue. 

We’ve observed  four categories of companies on the AI journey:

• AI-Explorers: Companies exploring initial use cases with varying degrees of data readiness to harness the power of AI and machine learning (ML) 
• AI-Augmented:  Companies seeking to drive operational efficiencies, using AI & ML to support their operations, with AI secondary to go-to-market (GTM) strategies
• AI-Powered: Companies utilising AI for competitive advantage, using large language models (LLM) to power their primary GTM offerings with products/services seamlessly embedded with AI
• AI-Disrupters: Companies creating new markets, producing LLMs or core AI products for external parties to utilise

We observe that many enterprises fall under the AI Explorer category while most of the investment is going to AI Disrupter organisations. This has created an immediate urgency for organisations to adapt to products/services built by AI Disrupters, but there is a lack of clarity on impactful use cases. 

Adoption framework

To drive the strategic adoption of  AI amongst our clients, we have been deploying the above framework to drive the strategic adoption of AI in businesses. The journey begins with the Discovery phase, where organisations define use cases, conduct design thinking workshops, and create innovation prototypes. This lays the groundwork for understanding how AI can address specific business needs.

Also Read: Transforming customer service: AI’s ‘artificial empathy’ holds the key

The second phase focuses on establishing a solid data foundation and building a compelling business case. This involves checking and upgrading the data infrastructure, calculating ROI, defining expected outcomes, and establishing AI foundations.

The third phase is about execution, with MVP launches, A/B testing, and business case validation. Finally, the framework culminates in scaling and optimising AI solutions, building machine learning operations (MLOps) end-to-end, and scaling business cases.

By following this structured approach, companies can mitigate risks, align AI initiatives with business objectives, and avoid costly missteps in their AI adoption journey.

Cost levers during adoption

The adoption of AI and machine learning technologies involves several key cost levers that organisations must consider for effective budgeting and implementation. 

Technology Costs encompass the core infrastructure needed to run AI systems. This includes expenses for LLMs, CPUs, GPUs, and SaaS subscriptions. 

Additionally, organisations need to factor in costs for API gateways, data acquisition, storage, and processing. The implementation of testing frameworks and MLOps pipelines also falls under this category. Security and Compliance form another crucial cost centre, covering data privacy measures, regulatory approvals, and potential issues such as legal pushback and litigation.

This area also includes the development of ethical and explainable AI systems, which is becoming increasingly important. Lastly, organisational costs involve addressing the skills gap through training, managing change within the company, facilitating cultural shifts, and adapting business models and GTM strategies.

By understanding and planning for these diverse cost levers, organisations can create a comprehensive framework for assessing and managing the financial implications of AI adoption, ensuring a more strategic and cost-effective implementation.

Measuring the ROI 

The framework presented in this image outlines a systematic approach to calculating the ROI of AI adoption, which can be crucial for understanding and managing the costs associated with implementing AI solutions. 

The journey begins with reimagining existing processes through an AI lens, identifying key impact KPIs and their current costs, and mapping out potential business cases for the project. This lays the foundation for a comprehensive understanding of where AI can add value. The identified KPIs and associated costs will anchor the overall ROI calculations. 

Also Read: These Artificial Intelligence startups are proving to be industry game-changers

The second step involves selecting appropriate technologies, and benchmarking KPIs with AI to create best and worst-case scenarios, which may involve proofs of concept, pilots, or high-impact, low-effort (HumanInTheLoop) initiatives. Partnering with the right set of consulting organisations and using the right technology vendor has a significant impact. 

The third step focuses on mapping costs across all three cost levers, identifying both one-time and recurring expenses, and validating the business case by mapping these costs to an ROI model benchmarked against the identified KPI costs.  

The final step is about execution with tight governance, continuous monitoring of benchmarked KPIs, and leveraging MLOps to improve metrics continually. This structured approach ensures that organisations not only understand the full spectrum of costs associated with AI adoption but also have a clear path to measuring and optimising their return on investment.

Overall, the adoption of AI should ideally lead to lower operations costs, increased revenue, or innovation that supports growth metrics for the organisation. 

Managing your AI deployments 

AI adoption involves more than just initial implementation — ongoing management is crucial for maintaining performance and value. AI models, once trained, remain static, but they operate in a dynamic world where reality continuously diverges from the initial training data. This mismatch leads to a gradual decrease in model accuracy over time. To counter this, periodic retraining becomes necessary to maintain performance levels.

Effective AI management requires continuous monitoring and reinforcement. Organisations need to regularly assess model outputs, collect new data, and prepare it for model updates. This ongoing process is essential for keeping AI solutions relevant and accurate.

These guidelines emphasise the importance of viewing AI adoption as a continuous journey rather than a one-time deployment. By recognising the need for persistent maintenance and adaptation, companies can better prepare for the long-term commitment required to maximise the benefits of their AI investments.

The path forward

For SEA businesses, the path forward involves embracing AI not just as a tool but as a strategic asset. This requires a commitment to continuous learning and adaptation. Companies must invest in training their workforce, ensuring they have the skills and knowledge to harness AI’s full potential. This investment pays off in the form of increased efficiency, innovation, and competitive advantage.

—

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

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

Image credit: Canva Pro

The post Embracing AI in Southeast Asia: The strategy for avoiding cost overruns appeared first on e27.

In today’s rapidly changing business environment, having a dynamic and engaged workforce is more critical than ever. One way to achieve this is by delegating authority and empowering employees. 

Delegating authority involves entrusting specific tasks and responsibilities to your team members, while empowerment consists of giving them the autonomy and authority to make decisions and take ownership of their work.  

But it can be scary

Delegation and empowerment can be scary if you are used to being in control of every aspect of running your business. But failing to delegate only holds back your business’s potential. 

However, if you are not ready to delegate work entirely, you could follow the concept significant businesses rely on, such as leveraging business software. However, you will want to pick an industry-specific solution to ensure you get the most out of your investment. 

For example, if you are in the brewery business, a tool like Ollie can help you delegate some of your operations. This way, your employees will have some form of autonomy while maintaining some level of control by limiting their autonomy through the tool. 

Importance of delegating authority and empowering employees

Better time management

Delegating authority to your team members can help you manage your time more effectively. Better time management becomes possible because you can get some tasks off your hands so you can focus on tasks and activities that matter the most. 

Moreover, when you delegate authority, everyone on the team will have to handle what they can, which means you will have more work done within a specific time rather than having one or a few people doing all the hard work.

Improved team morale

Delegating authority and empowering employees can also positively impact team morale. When team members are given a sense of ownership and responsibility for their work, they feel more invested in their jobs. 

When employees feel empowered, they are more likely to communicate with their colleagues, share their ideas and expertise, and work together to achieve common goals, leading to a more cohesive and effective team.

Also Read: The unsung hero: Why every CEO needs a strong second-in-command

Increased productivity

Improved team morale helps create a sense of ownership and responsibility. In other words, your employees start looking at your organisation’s success as their own, ultimately leading to increased productivity. 

Empowered employees are also more likely to take risks and be innovative. They are not afraid to try new approaches and experiment with different methods, which can lead to better outcomes, improved processes, and more effective solutions.

Better decision making

When team members feel empowered, they will be more eager to share their minds with you, leading to a culture of collaboration and shared decision-making where everyone’s perspectives and expertise are valued.

Having more than one or just a few people involved in decision-making benefits from diverse perspectives and insights, leading to better decisions, improved problem-solving, and more innovative approaches to business challenges. 

You do not always have to go with all the decisions your team shares, but you will definitely find ideas you may never have thought about on your own occasionally.

Skill development

Empowering employees allows them to develop new skills and take on new challenges. This, in turn, helps build their confidence and expertise and can benefit your organisation in the long term.

Employees want to work in an organisation where they feel their careers are advancing. This can lead to higher job satisfaction and lower turnover rates. You could also consider coupling delegation and empowerment with training to make your employees more effective at their responsibilities and further promote job satisfaction.

Succession planning

Delegating authority and empowering employees can also be crucial in succession planning. By developing your team members’ skills and providing them with opportunities to grow, you can ensure that your organisation is well-prepared for future challenges and transitions.

This can lead to a smoother transition and a more stable leadership team. It also helps to retain institutional knowledge and expertise.

—

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

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

Image credit: Canva Pro

The post Boost your business: How delegation and empowerment lead to success appeared first on e27.

Dear reader,

The turmoil at Indonesia-based waste management startup Octopus highlights the severe consequences of financial mismanagement and poor leadership.

The company, led by CEO and co-founder Moehammad Ichsan, has failed to pay employee salaries for months, leading to widespread distress among its staff. Despite assurances of forthcoming payments, Ichsan has remained unresponsive since mid-May. This lack of communication has exacerbated the crisis, leaving over 100 employees owed approximately 7 billion rupiah (US$428,800) in unpaid wages.

The company’s downfall was marked by significant financial missteps, including excessive hiring and overcompensation, which rapidly drained its resources.

After securing US$5 million in a July 2022 funding round, Octopus faced immediate cash-related troubles, ceasing payments to vendors and employees. This financial strain led to the termination of partnerships with high-profile clients and left the company non-operational.

Efforts to sell assets and explore mergers have not alleviated the financial woes, with proceeds from asset sales covering only a fraction of the debts. The lack of formal bankruptcy declaration further complicates the resolution of financial obligations. Employees, driven to desperate measures to survive, are now seeking legal action against Ichsan and the company.

The situation at Octopus serves as a stark reminder of the critical importance of transparent financial management and responsible leadership in maintaining business sustainability and employee welfare.

Sainul,
Editor.

========

NEWS

Octopus sinks amid unpaid staff wages, stalled acquisition talks
The Indonesia-based waste management startup has not paid employee salaries for months, and it has been exploring M&A and the sale of its assets to settle outstanding wages.

SoftBank acquires UK AI chipmaker Graphcore
Graphcore has devised a new kind of processor dubbed an “intelligence processing unit”, distinct to the kinds of graphics processing units developed by the likes of Nvidia.

Temasek returns to black in FY 2024
Temasek turned in a one-year total shareholder return of 1.6% for the financial year ended March 31, reversing the previous year’s negative showing. However, the recovery was hampered by the weak China market.

Grab’s Trans-cab buy would significantly reduce competition, watchdog says
The Competition & Consumer Commission of Singapore said that rival ride-hailing platforms, such as Comfortdelgro will be deprived of drivers who work for Trans-cab if the deal goes through.

Nika.eco bags funding to develop AI-powered climate data and insights platform
The investors are Silverstrand Capital, Timbul Venture, DMV Investments, Orvel Ventures, and Ascend Network; Nika.eco tracks forest carbon, conducts deep dives into geospatial data and analyses additionality, baseline, leakage and permanence data.

Singapore gets Net Zero-X exchange for investors to invest in climate tech projects
Open to institutional and accredited investors, Net Zero-X enables sustainability-minded investors to identify and support vetted green, clean, and climate tech projects.

Filipino B2B marketplace Packworks gets government backing to develop AI feature
Packworks will develop an AI-powered precision marketing model to offer sari-sari stores customised recommendations and promotions from FMCG partners.

Tesla reportedly delays ‘robotaxi’ event to October
The company reportedly needs more time to build the prototypes; It had been aiming for an August 8 event; Just a few weeks after Musk announced the robotaxi event, he slashed more than 10% of Tesla’s global workforce.

X is building a ‘dislike’ button for downvoting replies
The latest tests indicate that X is only considering allowing downvotes on replies, to help showcase the better replies at the top of a long thread while moving less-liked replies further down the thread.

FEATURES

AI powerhouses: Unveiling Singapore’s top 30 funded innovators
Singapore’s AI landscape flourishes with top-funded companies revolutionizing finance, healthcare, e-commerce, and more.

Amidst funding slowdown, these 5 Vietnamese tech startups inspire hope for the rest of the year
Categories such as e-commerce, fintech, and related services remain the most popular verticals for investors in Vietnam.

Rey seeks to redefine health insurance in Indonesia with a Netflix-style subscription model
CEO Evan Tanotogono discusses Rey’s unique value proposition, regulatory navigation, and expansion plans within Southeast Asia.

Anchanto CEO on why human resource is essential for a growth stage startup
Vaibhav Dabhade shares that human resources account for around 80 per cent of the company’s costs as a growth-stage startup.

Sustaining the work: How businesses can take a step forward in their move towards net zero
As tackling the impact of climate change becomes more urgent, the next critical decade must focus on pathways.

These 5 companies showcase the power of martech in driving efficient, personalised marketing strategies
One critical advantage of martech is its ability to provide valuable insights into customer behaviour and preferences.

Choco Up, Set Sail AI forge partnership to help businesses grow through Gen AI adoption
The collaboration will allow Set Sail AI’s customers to access Choco Up’s revenue-based financing platform.

FROM OUR CONTRIBUTORS

Embracing AI in Southeast Asia: The strategy for avoiding cost overruns
As companies embrace AI, they must clarify their strategies to maximise investments and generate revenue while managing costs.

The emerging crypto trend of 2024: The intersection of AI and blockchain
AI’s ability to process and learn from vast data complements blockchain’s decentralized, transparent, and secure nature.

Can you build an app without coding? My experiment might surprise you
Creating a kids’ meditation app with AI and no-code tools provided a rewarding challenge, allowing me to develop a valuable resource for my children.

Skill-based hiring vs industry-based hiring: How should one decide?
Before an employer starts the hiring process, it is imperative to note the pros and cons of both to proceed.

In Tokyo, DAOs aren’t the future – They’re the present
Tokyo’s strategic emphasis on DAOs contrasts starkly with stricter regulatory climates observed in Western jurisdictions.

Asia’s tech potential: How self-taught education is shaping the next generation of developers
One crucial factor that drives self-learning efforts for beginner developers is schools catching up on the latest development technologies.

Boosting efficiency and care: How AI is transforming medical records
The combination of medical expertise and AI points to a future where technology and human touch redefine healthcare excellence.

Beyond the hype: Taking Gen AI mainstream with next-level automation
Generative AI can enhance decision-making processes by providing easier access to vast amounts of data and enabling efficient and in-depth analysis.

FROM THE ARCHIVES

The journey of Alternō: A tale of innovation, sustainability, and friendship
Alternō envisions a world where sustainable energy is accessible and affordable for all, heralding a new era of eco-conscious living.

The future of mobility is in public-private collaboration
Foxconn-initiated MIH Consortium and Techstars are paving the way as they expand their reach and engage startups in Southeast Asia and globally.

How Radiant1 helps hotels optimise room rate pricing in real time, maximise revenue
Radiant1’s USP lies in its ability to synthesise multiple datasets and turn those into actionable recommendations and automated action.

5 things to consider before launching a business in Taiwan
Here are some things to think about before you begin mapping out your path to launching a business in Taiwan.

‘HUGgy’ng innovation: Dolbomdream’s tech vest aims to bridge mental healthcare gap
Dolbomdream’s HUGgy vest provides a calming effect for those with developmental disabilities, aiming to improve access to mental healthcare.

The case for coexistence on the journey to core modernisation
The coexistence approach offers banks the opportunity to blend legacy systems with modern tech for a balanced transition.

Beyond Singapore and Indonesia, SEA startups are working their way out of global crises
Singapore and Indonesia continue to top startup funding list despite ongoing slowdown. What does this mean for the rest?

Why the right framework creates impactful apps
While this leap to a new framework might seem daunting at first, this article explores why it can be worth making that change.

Why these startups focus on informal plastic waste workers in the fight against climate crisis
In many parts of Asia, plastic waste is commonly processed by informal workers who are part of the marginalised society.

How to hack product growth and user acquisition in Thailand
This article covers key trends for targeting Thai users and converting business strategies into product growth hacking methods.

The post Ecosystem Roundup: Indonesia’s Octopus in dire straits | Grab, Trans-cab asked to address competition concerns appeared first on e27.

Recently, Discovery/Shift announced the launch of DSLaunchpad AI, which is dubbed Indonesia’s first and biggest AI startup incubator.

The organisation has opened registration for the six-week programme, which seeks AI startups with less than US$500,000 in funding and fewer than 10 employees, at least one Indonesian citizen in its team, and working on ideas using technologies such as Machine Learning, Deep Learning, Robotics, Computer Vision, or Generative AI.

These startups will have the opportunity to gain mentorship from notable names in the Indonesian tech startup ecosystem, including On Lee (CEO at GDP Labs), Risman Adnan (Digital Tech Director at Kalbe), Andrias Ekoyuono (Chief of AI at kumparan), and Hokiman Kurniawan (CEO at Meeting.ai).

According to Discovery/Shift Managing Partner Rama Mamuaya, in a call with e27, the first advantage of the programme is the mentors involved in it.

“We are extremely picky with our mentors. We want someone who has achieved something, not just someone who is good with storytelling and public speaking despite the importance of these skills. We try to implement a very high standard,” he says.

Also Read: Artificial intelligence and the art of building presentations

Discovery/Shift, which is a boutique research, consultancy, and advisory firm that started out in 2008 as tech media DailySocial, has invested in one startup and intends to use the programme to help it search for more.

“We see a lot of opportunities in early-stage startups. Very similar to our investment thesis, we also aim to be industry-agnostic. We see that the demand for AI-enablement is cross-sectoral in nature,” Mamuaya says.

In the near future, Discovery/Shift plans to continue working with organisations that are relevant to the growth of AI, from venture capital firms and cloud hosts to chipset manufacturers.

“We strongly believe that AI implementation in the next year will not be anything ‘special’; everyone will be using it. Just like the mobile app when it was first introduced.”

Corporations lead the AI revolution

When asked about significant trends in the AI segment today, Mamuaya begins by pointing out that unlike previous trends in the tech industry, such as Web3, corporations are leading the movement towards AI adoption.

In Indonesia, the banking industry is at the forefront of AI adoption, as reflected in DiscoveryShift’s experience with its clients. The media and entertainment industries followed suit.

Also Read: These Artificial Intelligence startups are proving to be industry game-changers

“In the past, we may have seen the banking industry discussing incorporating blockchain and coins into their system, but we did not see that happening,” he explains.

“What makes AI really stand out is actually corporations’ response to it. In fact, in the banking industry, they have implemented AI since the 1990s for credit scoring, ATM, load balancing their tech stack … So, for them, it’s not a new concept.”

Another notable trend, which Mamuaya believed might sound surprising, is that “no one seems to be investing in AI.”

“Investments in AI companies remain very small because the market continues using products by companies such as OpenAI and Anthropic. The smaller, more applicate, app-level companies do not receive that much amount of money,” he elaborates.

“We did some research and learned that the valuation has not come down that much because these smaller companies are still building on top of the existing LLMs provided by the larger companies, including in Indonesia, even though there are parties that are working LLMs in local and regional languages.”

Indonesia and AI

What are the hurdles that businesses in Indonesia face in terms of AI adoption? According to Mamuaya, some corporations do not understand their own business processes, which prevents them from knowing how to properly implement AI in the right places.

Also Read: Ethics and Artificial Intelligence: Is the technology only as good as the human behind it?

“We often tell them, ‘Sir, you can’t use AI in this business process because your process goes like this,’ and their reaction would be, ‘Oh, so that’s how our business process works!’” Mamuaya says.

“As for companies who already understand AI, their middle-level managements are more detailed with the implementation and in identifying where can automate or augment or eliminate.”

Is there any talent issue in Indonesia? According to Mamuaya, it depends on the focus and skill level.

“If you need data scientists or any level that requires a PhD, of course, [there is an issue]. But like many large markets outside of the US, China, and Europe, we are not developing hardcore, paradigm-shifting core technology,” Mamuaya closes.

“We are only doing this on the applicative level, so we are not facing a problem with talents … even though there is a good argumentation for organisations and even the government to have a sovereign AI.”

—

Image Credit: Discovery/Shift

The post Launching Indonesia’s first AI incubator, DiscoveryShift bridges corporate-startup collaboration appeared first on e27.

Partior, a blockchain-powered fintech company for real-time payment clearing and settlement, has hit the first close of its over US$60 million Series B funding round.

Peak XV Partners led the round, which included participation from Valor Capital Group, Jump Trading Group, J.P. Morgan, Standard Chartered, and Temasek.

This new round of funding will enable it to advance new capabilities like Intraday FX swaps, cross-currency repos, Programmable Enterprise Liquidity Management, and Just-in-Time multi-bank payments.

Also Read: Evaluating the spread of blockchain technology in the financial sector

The investment will also support Partior’s international network growth and the integration of additional currencies, including AED, AUD, BRL, CAD, CNH, GBP, JPY, MYR, QAR, and SAR, into its network. Partior is currently live with USD, EUR and SGD.

Founded in 2021, Partior aims to address the operating inefficiencies experienced by industry players, including settlement delays, limited transaction transparency and high operating costs, by facilitating the movement of liquidity for financial institutions and their customers.

The firm’s unified ledger enables global financial market participants, including banks and payment service providers, to join its network and access real-time, cross-border, multi-currency clearing and settlement.

Its 24×7 blockchain network can interoperate with real-time local currency payment and RTGS systems globally and facilitates both direct and indirect settlement flows with market players.

Partior’s shared ledger also enables transfers with real-time settlement finality, offering instant liquidity and transparency and overcoming shortcomings associated with sequential processing in legacy payment systems.

Additionally, it is exploring new services, including intra-day swaps, Delivery versus Payments (DvP) settlement and enterprise solutions.

Licenced by the Monetary Authority of Singapore, Partior counts DBS, JP Morgan, Standard Chartered, and Temasek among its founding shareholders.

Also Read: ASEAN explores dropping US dollar: A shift towards CBDC and blockchain technology

DBS, JP Morgan, and Standard Chartered use Partior to facilitate customer payments. Companies, including Siemens and iFAST Financial, use Partior for better access and control of their working capital, 24×7 availability, and faster, more seamless payment flows.

The post Blockchain-powered fintech firm Partior hits first close of US$60M round appeared first on e27.

e27 has been nurturing a supportive ecosystem for entrepreneurs since its inception. Our Contributor Programme offers a platform for sharing unique insights.

As part of our ‘Contributor Spotlight’, we shine a spotlight on an outstanding contributor and dive into the vastness of their knowledge and expertise.

In this episode, we delve into the journey of Darryl Han, CEO and co-founder of LFG, a new travel discovery engine. Leveraging his extensive global experience, Han drives the startup’s early stages.

With over seven years of leadership experience, he has successfully led teams, managed operations, and implemented transformative solutions across multinational corporations and tech giants like BHP, Grab, and Quqo, spanning Australia, Singapore, and Vietnam.

Thoughts, goals, and journey

Han started his career in Australia, advancing from a mining engineer to a production supervisor and coordinator. Amidst the challenges of COVID-19, he made a pivotal career shift from mining to the tech sector in Asia, inspired by Grab’s transformative impact on the economy.

Relocating to Singapore, he pursued a Master’s degree in Management of Technology (MOT, akin to an MBA with a tech focus) while concurrently securing a role at Grab. While completing his studies, he contributed to strategic operations for GrabPay and GrabFood, marking his entry into the tech industry.

“I’ve always been interested in startups, so I took an extended leave from my Master’s programme to dive into them. I joined a Vietnamese startup as an intern through the NUS Overseas College programme and quickly became one of the CEO’s right-hand men. This journey taught me a lot about building a startup from the ground up,” Han said.

Also Read: Experience over expense: How Gen Z and Millennials are redefining travel

Meanwhile, he co-founded LFG with a partner, dedicating nights and weekends to its development. In 2024, they made the leap to work on LFG full-time, launching on Product Hunt and joining Antler Vietnam. They are currently focused on building the next iterations of LFG, guided by user insights and their vision to revolutionise how next-generation travellers discover and plan trips.

Looking ahead, Han’s professional goal is to launch and grow his own venture successfully. Personally, he aims to share his experiences through writing, contribute to thought leadership, and even explore writing fictional short stories.

The driving force

Han’s motivation to contribute began with a desire to share thought leadership and industry insights from his time at a Vietnamese eB2B business, which focused on digitising traditional trade channels in Southeast Asia. His first article centred around that experience.

He joined the e27 contributor community in December last year and has written articles on topics such as recent market trends, the travel sector, entrepreneurship, and more.

“As I kept writing, it became a way to exercise my brain and find clarity in my own thoughts and ideas. I found some of these insights pretty interesting, so I thought, why not share them with others who might be navigating similar challenges? That’s what motivated me to become an e27 contributor — to connect, inspire, and hopefully make a positive impact on others in the startup community,” he said candidly.

Advice for budding thought leaders

Han stresses the importance of diving into writing without hesitation. “Just start writing. Get your thoughts out there, even if they’re rough at first. Tools like ChatGPT and Meta AI can help polish your initial thoughts but don’t rely on them too heavily. Use them to kickstart ideas, then refine your points in your own voice,” he advises.

Also Read: Travel revival: Asia-Pacific on the rise!

“Personally, I find it effective to write like I’m sharing a story, as it makes my writing more engaging and relatable. As an engineer, I always back up my ideas with data and quotes from experts, which adds credibility and strength to what you have to say.”

Juggling too many things?

Han believes that balancing work, contributing, and personal life is all about doing what you love each day, focusing on the crucial 20 per cent that yields 80 per cent of the results and making time for what matters most. “Many have heard this advice before, but it truly works,” Han remarks.

“Self-reflection is key for personal and professional growth. At the end of each year, I review my life like chapters in a book, learning from past experiences to shape the next chapter. I manage my time with tools like iPhone reminders, Google Calendar, and Monday.com for work and life admin tasks. When it comes to leisure, I plan day by day, keeping things flexible and spontaneous (in LFG fashion, of course).”

Staying in the loop

Han stays updated by using LinkedIn for news and announcements. Additionally, he subscribes to articles from e27, Skift, and Phocuswright, as well as Techzi, Strategy Breakdown, Tech in Asia, and TechCrunch. These resources offer him general tech industry updates, trends, and thought leadership columns. For general news, he follows stories from the New York Times and Bloomberg.

To stay updated with the travel industry, he suggests checking out Travel Massive, Skift, and Phocuswright for the latest updates, insights, and community engagement.

As a movie buff, Han finds movies about finding passion, self-discovery, and personal growth particularly inspiring for entrepreneurs. Films like Whisper of the Heart, Good Will Hunting, Dead Poets Society, and The Pursuit of Happyness are his go-to choices for motivation on this winding journey.

“Finding passion isn’t hard. The hard part is having the courage to follow it,” he concludes.

—

Are you ready to join a vibrant community of entrepreneurs and industry experts? Do you have insights, experiences, and knowledge to share?

Join the e27 Contributor Programme and become a valuable voice in our ecosystem.

The post From mining engineer to travel tech visionary: Darryl Han transforms trip discovery appeared first on e27.

Pandemic changed how companies hire — it moved from looking for specific skills rather than proven competencies in a particular industry as companies saw the gap in their skill pool. The pandemic also saw people actively reskilling and upskilling themselves as they realised the need for more tech knowledge and digital know-how, as remote work became a norm.

Consider this, PWC’s The Future of Work report highlights that two out of five people around the world believe that traditional employment won’t be around in the future. Instead, people will have their own ‘brands’ and sell their skills to those who need them. In fact, people are more likely to see themselves as members of a particular skill or professional network than as an employee of a particular company.

Skill-based hiring versus industry-based hiring

Skill-based hiring looks at a candidate’s holistic skill set, which transcends across verticals and industries. Industry-based hiring, as the name suggests, depends on a particular industry experience, last job title, and educational or vocational degree of a candidate.

Ideally, a hire should demonstrate a healthy mix of skills and industry-based learning, but the need also depends on which role you are hiring. For a tech-based job, skills matter more than educational qualifications and past experience, but for a creative job, past experience and mettle matter more.

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

Employers, increasingly, are leaning towards hiring on the basis of skills and competencies rather than focusing on advanced degree completion as a prerequisite. This has resulted in cross-industry hiring and filling in-demand roles more effectively. However, this has also led to people being unemployed because their experience doesn’t account for much anymore if they don’t have the prerequisite skills.

Before an employer starts the hiring process, it is imperative to note the pros and cons of both, skill-based hiring and industry-based hiring, to proceed.

Do you want a diverse talent pool?

The companies, with or without tech at its core, now seek talent that is resourceful, adaptable and resilient. Tech skills are in demand, and easily transferable across sectors and industries, whereas experience in the same industry needs upskilling in most cases.

For HR to evaluate people on their skill sets instead of work experience helps create a diverse pool of talent within an organisation, which leads to better problem-solving in a crisis, bringing and implementing fresh ideas.

Considering people with the same industry experience remains important when seeking top candidates in a company, for they know the pitfalls and how to avoid roadblocks, how to motivate the team members and bring soft skills to the table such as communicating efficiently and quickly, ability to work with various teams, and prioritise.

Do you have the bandwidth to train?

According to an HBR article, JPMorgan Chase added US$350 million to their US$250 million plan to upskill their workforce. Amazon is investing more than US$700 million to provide upskilling training to their employees. PwC is spending US$3 billion to upskill all of its 275,000 employees over the next three to four years.

Digital transformation, tighter budgets, and rising inflation have led companies to cut down drastically on budgets that were previously kept for training their existing workforce. With the demand to ‘hit the ground running’, HR is looking for people who come with the required skills when joining a company.

Also Read: Are you a human resource?

However, many organisations are still making an effort to train their existing workforce, for they have the industry know-how and are equipped to translate a crisis into a win-win when equipped with better skills. This also ensures a good career progression for the employees as well, apart from them being loyal to your organisation.

Which skills are important for your organisation?

On LinkedIn, one can see an increase of 21 per cent in job postings that now advertise skills and responsibilities rather than just listing out qualifications and industry-specific requirements. However, the Future of Work Trends 2022 report says that 69 per cent of companies value a person’s curiosity and willingness to learn more than their degree and experience. Though technical know-how is valued more now, it is important to gauge whether an organisation wants to hire on the basis of foundational and transferable skills as well.

While evaluating applicants, companies are now increasingly focusing on degree and industry-based experience as hygiene instead of hiring on the basis of skills and competencies.

With people increasingly switching from their core industry to an unchartered territory, it has become imperative to assess candidates on the basis of skill sets more than ever. While experience trumps for the top and middle order, companies are relying on people with required skills especially at the junior level.

Going forward, it is a given that skill-based hiring will overtake industry-based hiring, but it will also lead to more upskilling of the resident talent within a company.

—

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

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

Image credit: Canva Pro

The post Skill-based hiring vs industry-based hiring: How should one decide? appeared first on e27.

As a Mobile Marketing Director with over a decade of experience in both startups and large companies, I am well-versed in mobile marketing but lack knowledge in coding and no-code tools. However, I decided to take on the challenge of creating a kids’ meditation app for several reasons.

Firstly, my children’s favourite meditation app vanished. This app was unique as it prioritised addressing feelings before diving into meditations. I wanted to recreate this valuable resource, mostly for selfish reasons, so my children could have a tool to help them manage their emotions.

Additionally, the ease of creating apps, as advertised by various platforms, intrigued me. The world of AI also fascinates me, and this project seemed like a perfect opportunity to explore its capabilities.

After a few weeks, I successfully created the first draft of Mini Meditators. Contrary to the advertisements, the process wasn’t as straightforward as the no-code app builders suggested and definitely took longer than five minutes to create.

Here’s how my journey unfolded:

Initial attempts

•  I started by building a mockup on Canva, hoping to find a tool that could transform it into an actual app. Unfortunately, there wasn’t one.
• Next, I tried using templates from Figma to create the app, but this approach failed to yield any tangible results.
• I then explored Bubble, utilising a free meditation template I found online, but progress remained elusive.

Breakthrough with Bubble

Purchasing the InnerSpace Bubble template marked a turning point. Customising the template was relatively straightforward, and my Canva designs provided a solid starting point. This phase is where AI became instrumental.

Leveraging AI for design and content

ChatGPT helped me create a fun logo and various headers for each meditation. By establishing brand guidelines, ChatGPT generated cohesive images that perfectly matched my vision.

Also Read: Artificial intelligence and the art of building presentations

For the meditations themselves, I provided ChatGPT with a template based on my kids’ favourite meditations and ideas they gave me for new meditations to try out. AI expanded this into full scripts, and after experimenting with several tools, I found Play.ht to be ideal for voice generation.

Integration and monetisation

 To convert my Bubble project into a native app, I chose Natively for its native capabilities and integration with RevenueCat, to ensure I can monetise my app. Natively, it also includes basic analytics and OneSignal for notifications.

While setting up, I encountered some challenges and hired an Upwork developer for US$50 to add a feelings page and resolve a few bugs.

This project has been an exciting opportunity to learn new skills and delve into a new domain. My next steps involve converting the app to iOS, integrating RevenueCat and paywalls, and then promoting it before adding more features for future versions. 

I’ve already shown the app to my main target audience, my children, and they love it. Seeing their excitement and approval of something I built from scratch specifically for them has been incredibly rewarding and was my main KPI for this project. The cost wasn’t US$0, but it was low enough that I would encourage anyone with an idea to experiment with the new AI tools available and see what cool app they can create.

—

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

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

Image courtesy of the author.

The post Can you build an app without coding? My experiment might surprise you appeared first on e27.

Packworks, a B2B marketplace for fast-moving consumer goods (FMCG) targetting sari-sari stores (neighbourhood mom-and-pop stores) in the Philippines, has received US$60,000 in research funding from the Department of Science and Technology (DOST).

The funding was channelled through the DOST-Philippine Council for Industry, Energy and Emerging Technology Research and Development (PCIEERD) Startup Grant Fund (SGF) Program.

Also Read: How soonicorn GrowSari plans to expand its reach to 300K sari-sari stores in Philippines

The money will help Packworks develop a machine-learning-powered precision marketing model. This model will offer sari-sari stores customised recommendations on sellable items and promotions from its FMCG partners. The feature will be launched as an in-app service on the startup’s Sari.PH Pro app and is expected to benefit its network of over 270,000 stores nationwide.

The aim is to equip over 1.3 million micro-retail stores in the country with data-driven inventory management tools to enhance business growth. “Through this AI-powered model we will develop in partnership with DOST, we aim to equip small entrepreneurs with data-driven insights and targeted strategies for enhanced business success and expansion,” said Packworks Chief Data Officer Andoy Montiel.

Sari-sari stores are part of micro, small, and medium-sized enterprises (MSMEs) in the Philippines, which account for an overwhelming 99.5 per cent of all business establishments. Around 500,000 are in the wholesale and retail industry.

Despite serving as the primary source of daily essentials for around 94 per cent of Filipinos, Sari-sari stores often face challenges such as inadequate financial management, lack of actionable customer insights, and ineffective promotional campaigns.

Furthermore, the lack of a streamlined approach to receiving high-quality promotions, such as discounts or personalised item packages from FMCG manufacturers, restricts store owners from effectively enticing and retaining customers.

Launched in 2018 as a solution for multinational companies with only a handful of sari-sari store partners, Packworks has expanded as a B2B platform that enables growth and success throughout all stakeholders in the supply chain ecosystem, from small sari-sari store owners to wholesalers, distributors, and renowned FMCG companies and brands. Through the Sari.PH Pro app, sari-sari store owners can access pricing tools, inventory management, sales and revenue tracking, and working capital loans.

Also Read: Packworks bags US$2M to launch m-ERP platform for Filipino sari-sari stores

In July 2022, Packworks raised US$2 million in seed investment led by Fast Group and global PE firm CVC Capital Partners, with participation from ADB Ventures, Arise, Techstars, and IdeaSpace Foundation.

In 2022, the startup launched Sari IQ, a business intelligence tool offering real-time and historical consumer expenditure data to help retailers and brands gain visibility into sari-sari stores and expand their reach to more customers. Analysis through the platform also helps them make data-driven decisions to boost the sales of sari-sari store owners by understanding and predicting consumer demand within their area.

—

Image Credit: Packworks.

The post Filipino B2B marketplace Packworks gets government backing to develop AI feature appeared first on e27.