As internet use integrates deeper into daily life, organisations such as nonprofits must adapt to capitalise on its transformative power. Globally, 54% of donors now prefer online giving, a trend that has seen significant growth year over year. In 2020, online donations surged by 21%, marking a 32% increase over the past three years.

The benefits of online fundraising are compelling: it saves resources, enhances donor relationships, and expands outreach, enabling broad participation in charitable missions. Leveraging digital platforms and social media, fundraisers can efficiently raise funds and amplify their impact. This efficiency is evident in the substantial 40% growth in online donations observed in recent years. Real-time updates on campaign progress further engage donors, fostering transparency and trust throughout the donation journey.

For nonprofits, embracing online fundraising isn’t just about keeping pace; it’s about harnessing digital tools to drive meaningful change and sustainability in their missions. Adapting to these trends not only increases operational efficiency but also broadens the reach and impact of their charitable endeavours in an increasingly connected world.

Kitabisa’s journey: Bridging the gap in the online donations space

Recognising the importance of online donation and the lack of a reliable online donation platform in Indonesia, Kitabisa (meaning “We Can”) was founded in 2013 in Jakarta to bridge this gap and connect people with causes they care about.

With a mission to create a kinder world, by enabling you to channel kindness at scale, Kitabisa has experienced remarkable growth, it has evolved into an impactful ecosystem enabler, amassing a user base of over 10 million users, collectively raising over 850 billion Indonesian Rupiah (US $52 million) annually for more than 1,000,000 campaigns, 3500+ NGOs and social institutions, and 400 CSR initiatives, supporting a wide array of social causes.

Also read: Asia’s climate tech: Communicating solutions and avoiding greenwashing

The platform empowers individuals, communities, non-profits, and companies to raise funds by creating personalised fundraising pages for various social, personal, and creative endeavours, fostering a culture of giving and community support across Indonesia.

In its early days, Kitabisa focused on building a reliable and user-friendly platform that would simplify the process of fundraising and donating for social, personal, and creative endeavours. To stay on this path and serve as a bridge for goodness and a forum for mutual cooperation for the Indonesian people, it seeks to encourage users to donate more via the app, through personalised and data-driven engagement.

Challenges faced by Kitabisa: User activation and retention

As Kitabisa grows, it has achieved significant milestones and has become Indonesia’s largest and most trusted donation platform. However, this growth was not without its challenges. One major hurdle was user activation and onboarding. Many users struggled with the initial steps of registration and understanding how to use the platform effectively. This was compounded by the difficulty of implementing marketing automation at scale, which is crucial for maintaining user engagement and encouraging repeat usage.

Additionally, Kitabisa faced struggles with user retention, experiencing high drop-off rates after app installation. Statistics revealed that over 50% of users did not proceed to register or pledge after their first launch of the app. This highlighted the importance of the first-time user experience (FTUE) in determining app success.

To address these challenges, a seamless and engaging FTUE is essential for retaining users and ensuring they understand the value of the platform, ultimately leading to higher registration and pledge rates.

Harnessing CleverTap’s solutions to overcome challenges

Founded in 2013, CleverTap is an all-in-one customer engagement platform that unifies people, processes, and technology. Designed for real-time scalability, it helps businesses convert customers into lifelong patrons through in-moment experiences. CleverTap provides analytics to understand user behaviour, segmentation tools, and automated marketing campaigns for personalised interactions. Leveraging machine learning and predictive analytics, CleverTap enhances user engagement, retention, and long-term customer loyalty.

Also read: Travel made easy with azgo: Making your journeys smarter

Implementing CleverTap’s solutions, Kitabisa utilises analytics features such as funnels and cohorts to understand user journeys, identify friction points, and track churn trends. This data-driven approach enhances marketing campaigns by creating actionable segments and delivering relevant messages across preferred channels, such as in-app notifications for new users.

By leveraging CleverTap’s Journeys, Kitabisa orchestrates omnichannel marketing campaigns at scale, eliminating the need for extensive coding and reducing reliance on the development team.

This strategic use of segmentation improves campaign relevance and click-through rates (CTR), ultimately boosting week-over-week retention rates and increasing the lifetime value (LTV) of users. Funnels provide insights into user behaviour throughout the donation process, while cohort analysis informs effective win-back campaigns, ensuring that Kitabisa maximises engagement and support for social causes.

Kitabisa’s success with CleverTap

Kitabisa’s adoption of CleverTap has become one of the biggest factors in helping the company yield significant outcomes, including increased user engagement, retention, and lifetime value (LTV). Specific success metrics include a 33% rise in the median number of donations per user, a 10% increase in average click-through rates (CTR) for push and in-app notifications, and a 5% boost in user stickiness. These achievements underscore CleverTap’s impact in enhancing Kitabisa’s operational effectiveness and fostering sustained growth.

Looking ahead, Kitabisa is poised to capitalise on further growth opportunities, encouraging other tech startup entrepreneurs to harness similar solutions to drive their success in the competitive digital landscape.

Also read: Echelon Philippines opens growth opportunities in the Philippines and beyond

“CleverTap has enabled us to take an integrated approach whereby we can track user interactions and tap insights to better understand user behaviour. This equips us to deliver prompt nudges and highly relevant communication across various channels, based on the user’s behaviour. Further, we are even able to predict future intent and tailor our communication appropriately,” shared Denny Yusuf, Product Lead at Kitabisa.

Tech startup entrepreneurs can explore CleverTap’s transformative solutions to propel their ventures by visiting their official site.

– –

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

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

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Fintech funding in Southeast Asia significantly declined in the first half of 2024, making it the least funded half-year in the past three years, reveals a Tracxn report.

The highest half-yearly funding was recorded in H2 2021, after which it significantly dropped, thanks mainly to the current macroeconomic conditions and geopolitical issues.

According to Tracxn’s Geo Semi-Annual Report: SEA FinTech H1 2024, fintech companies in Southeast Asia secured a total of US$899 million in H1 2024, which is 25 per cent lower than the US$1.2 billion raised in H1 2023 and 31 per cent lower than the US$1.3 billion in H2 2023.

Also Read: SEA startups raised US$371M across 42 rounds in March: Tracxn report

This downward move was driven by declines in seed and late-stage investments.

Late-stage investments fell 47 per cent to US$338 million in H1 2024 from US$632 million in H1 2023. Seed-stage investments stood at US$42.5 million in H1 2024, a 53 per cent decrease from US$90 million in H1 2023.

However, early-stage funding rose 17 per cent to US$519 million in H1 2024 from US$443 million in H1 2023.

Only two US$100 million+ rounds were reported in H1 2024, as against four each in H1 2023 and H2 2023: ANEXT Bank’s US$148 million Series D round and GuildFi’s US$140 million Series A round.

Investment tech, alternative lending, and banking tech are the top-performing segments based on funding in the H1 2024 fintech sector.

The investment tech segment secured US$216 million in H1 2024, an increase of 666 per cent compared with the US$28.2 million in the first six months of 2023.

The alternative lending segment raised US$206 million in H1 2024, a drop of 59 per cent compared with US$502 million raised in H1 2023.

Banking tech companies raised US$186 million in H1 2024, a growth of 59 per cent from the US$117 million raised in H1 2023.

No fintech companies went public in the first six months of 2024. However, the number of acquisitions increased– to 16 in H1 2024 from 11 in H1 2023 and 13 in H2 2023.

Also Read: Top 10 startup investment deals in June in Southeast Asia

Singapore dominated the fintech funding scene, accounting for more than half of the total investments. Fintech companies in the city-state raised US$518 million in H1 2024, while those based in Bangkok and Jakarta raised US$140 million and US$128 million, respectively.

East Ventures, Y Combinator, and 500 Global are the all-time top investors in this space. Antler, Hashed, and AppWorks were the top investors in seed-stage rounds in H1 2024, while MassMutual Ventures, Illuminate Financial, and Nyca Partners were the top early-stage investors. MUFG Innovation Partners and NewView Capital were the top investors in late-stage rounds during the period.

Despite certain challenges, significant optimism exists for this region’s long-term growth. Factors such as the young population, large consumer base, reliance on informal financial and commercial systems, and government initiatives are expected to accelerate growth in this region.

The post Southeast Asia’s fintech funding hits a 3-year-low in H1 2024 appeared first on e27.

Dear reader,

The first half of 2024 witnessed a significant decline in fintech funding across Southeast Asia, reaching its lowest point in three years, as per a Tracxn report.

Total funding dropped to US$899 million, a 25% decrease from H1 2023. The macroeconomic and geopolitical challenges led to a sharp decline in seed and late-stage investments, with late-stage funding plummeting by 47% and seed-stage investments falling by 53%.

However, early-stage funding saw a 17% increase, indicating sustained investor interest in emerging ventures. Notably, investment tech surged by 666%, raising US$216 million, while banking tech funding grew by 59%.

Singapore remained the dominant hub, attracting over half of the total investments. Despite no fintech IPOs, the number of acquisitions rose to 16, reflecting ongoing industry consolidation.

Top investors like East Ventures and Y Combinator continue to play a crucial role.

Looking ahead, the region’s young population, extensive consumer base, and supportive government initiatives are poised to drive long-term fintech growth despite current setbacks.

Sainul,
Editor.

—

NEWS

Fintech funding in Southeast Asia hits a 3-year-low in H1 2024
The highest half-yearly fintech funding was recorded in H2 2021, after which it significantly dropped, thanks to the current macroeconomic conditions and geopolitical issues.

Ninja Van slashes more tech roles in second round of layoffs
A source said that the headcount in all tech departments would be slashed; This is the Singapore-based logistics startup’s second round of layoffs following an internal review; In April, the company laid off about 10% of its tech division.

Indian social network Koo is shutting down as buyout talks collapse
Despite securing over US$60M in funding from Accel, Tiger Global, etc., Koo faced significant challenges in expanding its user base and generating revenue over the past two years; Koo positioned itself as a competitor to Elon Musk’s X.

Investing GIC funds ‘not the solution’ to boost SG equity market: minister
This would compromise the government’s intention in setting up the sovereign wealth fund, said Chee Hong Tat, Singapore’s second minister for finance; This will not benefit Singapore and Singaporeans.

Meta plans to bring generative AI to metaverse games
According to a job listing, Meta is seeking to research and prototype “new consumer experiences” with new types of gameplay driven by generative AI, like games that “change every time you play them” and follow “non-deterministic” paths.

Bitcoin slides to four-month lows, ether sinks 8%
Bitcoin is on course for its worst weekly performance in a year, hurt by uncertainty over whether Joe Biden will remain the Democrats’s US presidential candidate and by worries about potential increases in crypto supply.

China’s BYD opens EV factory in Thailand, first in Southeast Asia
The BYD plant is part of a wave of investment worth more than $1.44 billion from Chinese EV makers who are setting up factories in Thailand, helped by government subsidies and tax incentives.

Spenmo parent launches new brand after rocky 2023
‘Summit’ offers two products for clients: a vendor invoice management tool and an employee expense management solution; Summit will be another name under Digital Services SG Five, marking the company’s new multibrand approach.

TASConnect acquires B2B marketplace SOLV’s Malaysia, Vietnam units
The deals will enable TASConnect and the SOLVs to provide end-to-end supply chain financing solutions to multinational corporation anchor ecosystems, SMEs, and financing partners. In addition, the mergers will offer synergies in costs and operations.

ESB gets funding from LX Ventures, SAIC Capital to develop EV infrastructure
ESB is a clean energy company focused on providing infrastructure for EVs players in Indonesia; Through its subsidiary PT Volta Indonesia Semesta, ESB manufactures electric motorcycles under the brand name Volta.

Petronas subsidiary partners with Virta to expand EV charging network in SEA
Over 2.4K charging points are already available in the region with a target to onboard another 2K points by the end of 2024.

Singapore, Jakarta continue to climb top startup ecosystem ranking
The Singapore startup ecosystem created US$144 billion in ecosystem value from July 2021 to December 2023, according to the new report.

Google: AI products, solutions to contribute US$146B to Singapore’s economy by 2030
The report also emphasises Singapore’s strategic positioning within the region to harness AI for economic growth.

Agri Sparta partners with national rice agency to empower rice farmers in Indonesia
The agritech firm will provide high-quality inputs and provide modern farming services, such as transplanters, precision input via agricultural drones, and combined harvesters.

FEATURES

APAC’s public sector sees crypto as a vehicle for cybercrimes: Chainalysis
The rise in cybercrimes contributed to a more pessimistic outlook on cryptocurrency in Southeast Asia, says Chainalysis exec.

How HELF uses AI to tackle the severe shortage of healthcare manpower
As a medical doctor, HELF AI founder Dr Reid Lim saw how the pandemic and subsequent human burnout led to a healthcare manpower shortage.

Top 10 startup investment deals in June in Southeast Asia
With 11 deals, seed-stage rounds dominated the overall startup funding scene in June, followed by 10 early-stage deals and four late-stage ones.

FROM OUR CONTRIBUTORS

Otoklix CEO on Indonesia’s upcoming EV aftermarket
Indonesia’s ambitious EV adoption plan underscores the critical need for robust nationwide charging and battery-swapping infrastructure.

Halfway through 2024: Reflections and insights
As we navigate the remainder of 2024, these insights and lessons will guide my efforts to contribute positively to my industry and society.

AI at work: Moving forward with employee engagement
While AI can revolutionise employee engagement, it requires thoughtful implementation, ethics, and a human-centric approach.

Asia’s climate tech: Communicating solutions and avoiding greenwashing
Examining the role of effective communication in bolstering climate tech solutions and critically unpacking cross-industry greenwashing.

Revolutionising domestic payments: MAS’s pilot program for wholesale CBDCs
MAS’s pilot of wholesale CBDCs reflects global central banks’ shift to digital currencies, balancing benefits and mitigating cryptocurrency risks.

Funding your startup journey: A step-by-step guide to VC rounds
By aligning goals with investor expectations at each stage, startups can improve their chances of securing the funding for long-term success.

FROM THE ARCHIVES

Tokens 101: How they work and where they provide value
Crypto tokens can be fungible and non-fungible and understanding the difference is crucial to navigating the blockchain.

Experts advocate thoughtful regulation for the rapid rise of Generative AI
Southeast Asia’s AI leaders discuss Generative AI’s rise, emphasising responsible innovation, ethical governance, and the urgent need for thoughtful regulation.

How Futurise supports tech innovation in Malaysia through policy-making
Futurise has been mandated to drive the National Regulatory Sandbox, facilitating collaboration to develop progressive regulatory frameworks.

‘GovTech Edu wants to become a thinking partner of Indonesian government, not a feature factory’
GovTech Edu prioritises user needs, conducts in-depth research, and focuses on teacher training to build tech solutions and make an impact.

Superlative Secret Society, the community behind Indonesia’s first offline NFT gallery
Superlative Secret Society launches an offline gallery to educate the wider public and local artists community about the advantages of NFTs.

Book Excerpt: How I survived an elevator pitch session with Tim Draper
In this book, Zopim Founder Royston Tay shares his experience pitching his startup idea to legendary investor Tim Draper.

Women as a focus of impact investment: Does it bring more harm than good?
One panellist argues that putting women at the centre of impact investment is counterproductive to the goal of promoting gender equality.

3 things I have learned about the SEA startup ecosystem in the last 8 years
One of them includes refraining from doing harm. Because, in this close-knit startup ecosystem, someone will always find out.

Can free-to-play models ignite new player interest in Web3 gaming?
As opposed to only playing for fun, Web3 gaming via P2E takes it one step further through rewards that can be converted into local currency.

7 trends changing the reality of immersive gaming
Immersive gaming is now a profession for competitive e-sports organisations and players of all backgrounds.

From zero to 90M downloads: Strategies for growing an audience in global markets
We talk about Zenhom’s strategies for entering new markets and why there’s no such thing as “over-communication” in a remote workplace.

Book Excerpt: In this digital age, customer journey as we know it may no longer exist
In his upcoming new book, JC Sum stresses why changes are inevitable –and that they do not discriminate between small or big firms.

Pivoting beyond product: You need to look at your company/work culture, too
During a crisis, getting the team on board with new plans amidst a very palpable crisis requires shifts in culture.

The post Ecosystem Roundup: Fintech investments down in H1 2024 | Ninja Van slashes more jobs | Koo is shutting down appeared first on e27.

Singapore-based SAFVR, a provider of workplace safety training for organisations using advanced technologies, has secured US$125,000 in pre-seed funding from global early-stage investor Antler.

The startup, which claims to have grown to US$1 million in revenue, will use the fresh capital to launch a new pilot programme, expand its customer base, and form strategic partnerships to accelerate product development and market penetration.

Also Read: Can co-working spaces change Malaysia’s work habits?

SAFVR offers mobile gamified training and advanced VR hazard simulations to engage employees and boost safety protocol retention.

By merging innovative technology with training methods, SAFVR empowers organisations to create safer work environments and reduce incidents. At the heart of its offering are immersive training modules designed to enhance knowledge retention and practical skills. The platform goes beyond just training; it integrates streamlined incident reporting through AI technology and provides detailed learning analytics.

The company’s EHS (environment, health, and safety) reporting and compliance platform ensures that organisations adhere to global standards, such as OHSAS 18001 and ISO 45001, which are benchmarks for occupational health and safety management systems.

Also Read: Navigating the future of work: How upskilling shapes tomorrow’s leaders

The startup has collaborated with prominent entities, such as the European Parliament, the Ministry of Transport of Germany, the Ministry of Health of Italy, and the Aditya Birla Group.

—

Image Credit: SAFVR.

The post SAFVR bags funding from Antler to create safer work environment using AI, VR appeared first on e27.

Taiwan-based WhatsApp conversational sales platform Cooby has closed a US$1.75 million seed funding round.

The investors are Shilling VC (Europe), Peak XV’s Surge, and Pear VC. Cooby was part of Surge’s sixth cohort.

Also Read: Transforming commerce: The promising future of conversational interfaces

“This funding will enable us to enhance our platform and continue innovating to develop tools that help sales teams boost their current CRMs to nurture close customer relationships. We want to target the recruitment sector, among others, in Europe and Latin America, helping them stay ahead of the curve and enhancing their competitive advantage,” said Wen Shaw, CEO and co-founder of Cooby.

The new round brings the startup’s total investment raised to date to US$4.75 million.

Cooby aims to fill a gap in the current CRM toolkit for sales teams and empower them worldwide to use WhatsApp for customer outreach. Through a unified interface, it enables them to drive shorter sales cycles and foster more hyper-personalised interactions at scale.

The platform integrates directly with major CRMs like HubSpot and Salesforce and other commonly used productivity tools like Zapier and Webhook, enabling teams to communicate at scale through an organised WhatsApp inbox.

Also Read: How Bangkok Bank worked with Pand.ai to develop a conversational AI engine to better service customers

Teams can also collaborate through Cooby Workspace for data flow, information, and feedback.

Since its launch in late 2022, Cooby claims to have served over 600 customers across 15-plus countries and has expanded sixfold over the past 18 months.

—

Image Credit: Cooby.

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Venture capital (VC) funding is a critical component of the startup ecosystem, providing the necessary financial resources for companies to innovate, grow, and scale. Understanding the different stages of VC funding can be crucial for entrepreneurs looking to secure investment.

This guide will walk you through the various rounds of venture capital funding, explaining the key characteristics, objectives, and considerations for each stage.

Pre-seed funding

Objective

The pre-seed stage is often where the initial idea takes shape. The goal is to validate the concept, build a prototype, and establish a founding team.

Investors

Typically, pre-seed funding comes from the founders themselves, friends, family, and sometimes angel investors. Incubators and accelerators may also provide pre-seed funding along with mentorship and resources.

Amount

Funding at this stage is usually relatively small, ranging from US$50,000 to US$500,000, depending on the industry and the needs of the startup.

Considerations

At this stage, investors are primarily betting on the founders’ vision and potential. Therefore, having a clear and compelling vision, a capable team, and a basic understanding of the market is crucial.

Example

Airbnb received pre-seed funding from Y Combinator, an accelerator that provides initial capital and mentorship to early-stage startups.

Also Read: From classrooms to boardrooms: How we landed our first deal as student VCs

Seed funding

Objective

Seed funding aims to develop the product further, conduct market research, and gain early traction. It’s about turning a validated idea into a viable product.

Investors

Seed funding is typically provided by angel investors, seed-stage venture capital firms, and early-stage VCs. Crowdfunding platforms can also be a source of seed funding.

Amount

Seed rounds usually raise between US$500,000 and US$2 million, though the amounts can vary widely.

Considerations: Investors will look for evidence of market validation, such as initial user feedback, early adopters, and a scalable business model. A strong pitch deck and a solid business plan are essential to attract seed funding.

Example

WhatsApp secured US$250,000 in seed funding from Sequoia Capital, which helped them develop and refine their messaging app.

Series A funding

Objective

Series A funding is focused on scaling the product, expanding the team, and entering new markets. The goal is to build a strong foundation for future growth.

Investors

This round is typically led by venture capital firms specialising in early-stage investments. These firms provide not only capital but also strategic guidance and industry connections.

Amount

Series A rounds typically raise between US$2 million and US$15 million.

Considerations

At this stage, startups need to demonstrate a clear path to profitability. Investors will scrutinise the company’s business model, market opportunity, and competitive landscape. Strong traction, revenue growth, and a solid team are critical factors.

Example

Slack raised US$42.75 million in its Series A round led by Andreessen Horowitz, which enabled it to expand its team and accelerate product development.

Series B funding

Objective

Series B funding is about scaling the business significantly. This includes expanding the market reach, enhancing product offerings, and potentially exploring new revenue streams.

Investors

Series B rounds are usually led by venture capital firms that participated in earlier rounds, along with new investors who specialise in later-stage investments.

Amount

Series B rounds typically raise between US$10 million and US$50 million, though this can vary.

Considerations

Investors at this stage look for companies that have demonstrated product-market fit, sustainable revenue growth, and efficient operational processes. The focus is on scaling the business rapidly while maintaining a competitive edge.

Example

Pinterest raised US$27 million in its Series B round led by Andreessen Horowitz, which helped the company expand its platform and user base.

Also Read: Funding winter is the best time to build a startup

Series C funding and beyond

Objective

Series C and subsequent rounds are aimed at further scaling the company, entering new markets, acquiring other businesses, and preparing for an initial public offering (IPO) or acquisition.

Investors

Late-stage venture capital firms, private equity firms, hedge funds, and investment banks are common investors in these rounds.

Amount

Series C rounds and beyond can raise anywhere from US$50 million to hundreds of millions of dollars.

Considerations

Companies at this stage must have a proven track record of revenue and growth. Investors will look for strong financial performance, market leadership, and a clear path to liquidity. Due diligence processes are rigorous, and the stakes are higher.

Example

Uber raised US$1.2 billion in its Series C round led by Benchmark Capital, which facilitated its rapid global expansion.

The role of Special Purpose Vehicles (SPVs) and angel investors

In addition to traditional venture capital firms, SPVs and angel investors play a crucial role in funding rounds, particularly in the early stages.

Special Purpose Vehicles (SPVs)

Objective

SPVs are legal entities created for a specific investment purpose. They pool capital from multiple investors to invest in a single company or a single investment round.

Function

SPVs are often used to facilitate larger investments from a group of investors who might not have the resources or risk appetite to invest individually. They can also simplify the cap table by consolidating multiple smaller investments into one entity.

Advantages

For startups, SPVs provide access to a larger pool of capital without having to manage numerous small investors. For investors, SPVs offer a way to diversify their investments and participate in deals they might not otherwise have access to.

Example

Robinhood, a fintech startup, used an SPV to raise US$280 million from a group of investors led by Sequoia Capital, allowing the company to efficiently manage its cap table and secure significant funding.

Also Read: How to spot the hidden gems: A guide for savvy angel investors

Angel Investors

Objective

Angel investors are typically high-net-worth individuals who provide early-stage capital to startups, often in exchange for equity or convertible debt.

Function

Angels often invest in the pre-seed and seed stages, bridging the gap between friends and family funding and institutional venture capital. They bring not only capital but also valuable experience, mentorship, and industry connections.

Advantages

Angel investors can be more flexible and willing to take on higher risks compared to institutional investors. They often invest in startups they are passionate about or in industries where they have expertise. Their involvement can also add credibility to the startup, making it easier to attract further investment.

Example

Jeff Bezos, founder of Amazon, acted as an angel investor in Google’s early days, providing crucial early-stage funding and support that helped the company grow.

Key takeaways

Understanding the different stages of venture capital funding is crucial for entrepreneurs. Each stage has distinct objectives, investors, and considerations. Successfully navigating these rounds requires not only a great idea and a strong team but also a clear strategy, market validation, and scalable growth potential.

By aligning their goals with the expectations of investors at each stage, startups can increase their chances of securing the funding needed to achieve their vision and drive long-term success.

Special Purpose Vehicles (SPVs) and angel investors add significant value to the funding ecosystem. SPVs enable the aggregation of capital from multiple investors, providing startups with substantial funding while maintaining a streamlined investor structure.

Angel investors bring early-stage capital, mentorship, and valuable connections, often acting as a critical bridge to more significant institutional investments. By leveraging the strengths of both traditional VC firms and alternative funding sources like SPVs and angel investors, startups can optimise their fundraising strategy.

—

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.

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In a significant leap towards the future of digital finance, the Monetary Authority of Singapore (MAS) has announced the launch of a pilot program for the issuance of wholesale Central Bank Digital Currencies (CBDCs).

This initiative, set to go live in 2024, aims to enhance the efficiency and security of domestic payment systems and has the potential to revolutionise the broader financial infrastructure of Singapore.

Alongside this, MAS has also approved the issuance of regulated stablecoins, further solidifying Singapore’s position as a global leader in financial innovation.

Understanding wholesale CBDCs

Wholesale CBDCs are digital currencies intended for use by financial institutions rather than the general public. Unlike retail CBDCs, which cater to everyday transactions, wholesale CBDCs are designed to facilitate large-scale interbank transactions, making them a critical component in the financial infrastructure.

The MAS’s decision to pilot wholesale CBDCs reflects a broader trend among central banks worldwide, as they seek to harness the benefits of digital currencies while mitigating the risks associated with cryptocurrencies.

The MAS has been at the forefront of CBDC research and development since 2016, beginning with Project Ubin, which explored the use of blockchain technology for clearing and settling payments and securities. The results of these experiments have paved the way for the current pilot, which will see “live” wholesale CBDCs used for settling payments between local banks.

Also Read: SCB 10X backs rendering tool for interior designers Spacely AI

The role of regulated stablecoins

In tandem with the wholesale CBDC pilot, MAS has also given the green light for the issuance of regulated stablecoins. Stablecoins, which are digital currencies pegged to stable assets such as fiat currencies, offer the benefits of cryptocurrency without the volatility. This regulatory approval includes issuers like StraitsX SGD Issuance and Paxos Digital Singapore, ensuring that these stablecoins comply with the upcoming regulatory framework​.

The integration of stablecoins into the financial system is expected to broaden the applications of digital money, providing a reliable and efficient medium for transactions both within Singapore and across borders. This move aligns with the MAS’s strategy to create a robust and versatile digital financial ecosystem.

Infrastructure and implementation

The MAS has laid out a comprehensive technological framework for implementing these digital currencies, which is detailed in the Orchid Blueprint. This document outlines the necessary infrastructure, including a settlement ledger for recording digital money transfers, a Tokenisation Bridge to connect traditional and digital systems, and a Programmability Protocol to define conditions for digital money use. These components are designed to ensure seamless integration and interoperability within the existing financial system.

One of the key advantages of using wholesale CBDCs is the ability to streamline the clearing and settlement process. Currently, clearing and settlement often occur on different systems, leading to delays. With wholesale CBDCs, these processes can be combined into a single step, enhancing efficiency and reducing the risk of errors.

Implications for the financial sector

The introduction of wholesale CBDCs and regulated stablecoins is poised to bring several benefits to Singapore’s financial sector. Firstly, it will enhance the speed and security of domestic payments, making transactions between banks faster and more reliable. Secondly, it will facilitate the development of new financial products and services, driving innovation in the fintech industry.

Also Read: CBDCs in Asia: An opportunity and a challenge

Moreover, the use of wholesale CBDCs can significantly reduce the costs associated with cross-border transactions. According to the Atlantic Council’s CBDC tracker, 130 countries, representing 98% of global GDP, are exploring CBDCs. This global trend underscores the potential of CBDCs to improve the efficiency and cost-effectiveness of international payments.

The MAS’s initiative also positions Singapore as a leader in the adoption of digital financial technologies, setting a benchmark for other nations. By leveraging the benefits of CBDCs and stablecoins, Singapore aims to create a more inclusive and resilient financial system.

The future of digital finance in Singapore

As the MAS embarks on this ambitious pilot program, the implications for the future of digital finance in Singapore are profound. The successful implementation of wholesale CBDCs and regulated stablecoins will not only enhance the domestic payment infrastructure but also provide a model for other countries to follow. For those interested in how to trade online, the integration of these digital currencies could offer new opportunities for trading and investment, further broadening the scope of Singapore’s financial markets.

MAS’s pilot program for wholesale CBDCs and the approval of stablecoins mark a pivotal moment in the evolution of digital finance in Singapore. By embracing these technologies, Singapore is set to revolutionise its financial infrastructure, fostering innovation and ensuring its continued leadership in the global fintech landscape.

—

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

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Across Asia, a burgeoning climate tech sector is brimming with innovation. From intelligent grid management systems in Singapore to vertical farming ventures in China, these advancements offer significant potential to address pressing environmental concerns. However, a critical question emerges from a communication perspective: how effectively is Asia’s climate tech sector translating its solutions into a clear, trustworthy narrative?

The power of communication in climate action

Climate tech thrives on transparent and targeted communication for impactful environmental change. Here’s how effective communication strategies can empower climate action:

• Cultivating Public Support: Strategic social media campaigns and data-driven messaging can educate the public on environmental issues and the efficacy of climate tech solutions. Engaging infographics, explainer videos, and influencer partnerships can translate complex scientific concepts into easily digestible content, fostering a sense of urgency and inspiring public support.
• Empowering Sustainable Choices: Educational mobile applications and digital platforms can empower individuals to make environmentally conscious decisions in their daily lives. Gamified features and personalised recommendations within these platforms can encourage users to adopt sustainable practices, like utilising energy-efficient appliances or tracking their carbon footprint. This fosters a sense of agency and promotes long-term behavioural change.
• Facilitating Stakeholder Collaboration: Communication platforms can bridge the gap between businesses, governments, and non-governmental organisations (NGOs). This fosters the development and implementation of climate-friendly policies and practices. Online forums, industry conferences, and knowledge-sharing initiatives can encourage collaborative problem-solving and accelerate the scaling of effective climate tech solutions.

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Distinguishing green solutions from greenwashing

The communications landscape can unfortunately be susceptible to greenwashing, a deceptive practice where companies make unsubstantiated claims about their environmental sustainability. Here’s how to cut through the green and identify genuine climate tech:

• Transparency is Key: Legitimate climate tech companies prioritise transparency regarding their technology’s environmental impact. They readily provide life-cycle assessments, detailed reports on materials sourcing and manufacturing processes, and lucid explanations of their solutions. Look for companies that publish sustainability reports and make data accessible on their websites.
• Focus on Measurable Outcomes: Greenwashing often relies on ambiguous terms like “sustainable” or “eco-friendly.” Genuine climate tech showcases quantifiable environmental benefits. Look for metrics like reductions in carbon emissions, improvements in water efficiency, or increased use of recycled materials.
• Independent Verification Bolsters Trust: Seek independent certifications or awards that validate a company’s green credentials. Reputable organisations like LEED (Leadership in Energy and Environmental Design) or B Corp (Benefit Corporation) have established sustainability standards.

Building a sustainable future through communication

Effective communication is an essential pillar in Asia’s journey towards a greener future. By prioritising transparency and demonstrating tangible impact, we can build trust, accelerate the adoption of effective solutions, and promote a culture of environmental responsibility.

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Here are some key considerations for fostering a robust communication strategy within Asia’s climate tech sector:

• Compelling Narratives Drive Change: Climate tech needs compelling narratives that resonate with the public. Highlighting real-world success stories and the human impact of these solutions can significantly drive positive change. Showcase how climate tech is not just about environmental benefits, but also about creating a healthier future for communities and improving livelihoods.
• Holding Companies Accountable: Consumers and media have a critical role to play in holding companies accountable for their green claims. Fact-checking and demanding evidence are essential to prevent greenwashing. Investigative journalism and advocacy campaigns can expose unsubstantiated claims and promote transparency within the climate tech sector.
• Collaboration is Key: Open communication and collaboration among stakeholders are fundamental. Sharing data, best practices, and challenges will accelerate the development and implementation of effective climate solutions. Industry associations, research institutions, and NGOs can work together to establish communication standards and promote knowledge-sharing initiatives.

By harnessing the power of clear and responsible communication, not only can Asia’s climate tech sector address environmental concerns, but it can also cultivate a culture of transparency and accountability, paving the way for a more sustainable future.

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This article is sponsored by PRecious Communications

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Startups based in Southeast Asia secured US$213 million across 25 funding rounds in June 2024, according to a report by Tracxn. This is a decline of 57.14 per cent compared to the same month in the previous year but close to a 48 per cent increase over the previous month.

With 11 deals, seed-stage rounds dominated the overall startup funding scene in June this year, followed by 10 early-stage deals and four late-stage ones.

NewView Capital, Square Peg Ventures, EQT, and Lightspeed Ventured were the most active investors in June 2024.

Below are the top startup funding deals of June 2024:

Nium (Singapore)

Nium is a real-time, cross-border payment company. It offers payment infrastructure for banks, fintech firms, and businesses everywhere to collect, convert, and disburse funds instantly across borders. The fintech company claims its payout network supports 100 currencies and spans 220-plus countries. Funds can be disbursed to accounts, wallets, and cards and collected locally in 35 markets. Nium holds regulatory licences and authorizations in more than 40 countries.

Amount raised: US$50 million
Investors: A Singapore-based sovereign wealth fund, BOND, NewView Capital, and Tribe Capital.

k-ID (Singapore)

k-ID aims to simplify online safety and privacy management for game developers, parents, kids, and teens. Founded by Kieran Donovan, Timothy Ma, Julian Corbett, and Jeff Wu, k-ID is a cross-platform, instant sign-on solution for kids and teens. It has been built as an all-in-one answer for solving the complex issue of privacy and online safety for young players globally.

Amount raised: US$45 million
Investors: Andreessen Horowitz (a16z), Lightspeed Venture Partners, Konvoy, TIRTA, Okta, and Z Venture Capital.

Peak3 (Singapore)

Formerly known as ZA Tech, Peak3 offers modular and comprehensive insurance core and distribution systems. It collaborates with global insurers and digital platforms to enhance its insurance offerings through embedded insurance solutions. The firm has operations spanning Europe, Asia, and North America.

Amount raised: US$35 million
Investors: EQT and Alpha JWC Ventures.

Particle Network (Singapore)

Particle Network is a modular Layer 1 blockchain focused on chain abstraction technology, which simplifies developer and user experiences. Its key offering is “universal accounts,” which allow users to use funds from any chain to transact across the blockchain ecosystem. Universal accounts are supported by two underlying functionalities — universal liquidity and universal gas — which enable users to spend their tokens across any chain and pay for gas or transaction fees in any of their tokens.

Amount raised: US$15 million
Investors: The Spartan Group, Gumi Cryptos Capital, SevenX Ventures, Morningstar Ventures, Flow Traders, and HashKey Capital.

McEasy (Indonesia)

Founded in 2017 in Surabaya (East Java) by Hendrik Ekowaluyo and Raymond Sutjiono, McEasy aims to transform Indonesia’s transportation and supply chain ecosystem. The mission is to create an end-to-end digital ecosystem that integrates and streamlines logistics operations.

Its McEasy Platform (MEP) offers a suite of solutions to address challenges in the nation’s logistics ecosystem, including IoT mobility for fleet management, end-to-end logistics delivery solutions, and vehicle spare parts and maintenance solutions.

The startup claims it has partnered with 1,500 companies over the past 18 months.

Amount raised: US$11 million
Investors: Granite Asia and East Ventures.

Mober (the Philippines)

Mober is a green logistics company in the Philippines. It aims to drive the transition to green deliveries in the Philippines. It helps businesses decarbonise their delivery processes with solutions that avoid upfront costs, promoting a future where business meets sustainability.

To support its long-haul operations, Mober plans to place pocket charging points across Luzon’s northern and southern regions.

Amount raised: US$6 million
Investors: Clime Capital and Southeast Asia Clean Energy Facility II (SEACEF II).

REVOX (Singapore)

REVOX aims to construct a modular AI Agent network and decentralised applications, providing users with fair and efficient information across Web3 and other broad sectors. Through decentralised AI infrastructure, REVOX is set to revolutionise the creation of decentralised AI applications, becoming the go-to platform for Web3 AI developers and users.

REVOX’s flagship applications, ReadON DAO and TON application ShareON, boast over 4 million users with more than 400,000 daily active users on-chain.

Amount raised: US$6 million
Investors: SevenX Ventures, Arweave SCP Ventures, Cointelegraph Acceleration, Skyland Ventures, Taisu Ventures, 0x Consulting, and 7upDAO.

iPiD (Singapore)

iPiD (International Payment Identity) offers payee verification and identification solutions. Founded in 2021 by a team of former Swift executives, iPiD is a fintech company aiming to enhance the security and convenience of global payments. Its flagship offering, Validate, tackles the escalating issue of fraud and failed payments within the payment industry by confirming payee names and bank account details. This solution enhances customer experience and combats authorised push payment (APP) fraud.

Amount raised: US$5.3 million
Investors: Monk’s Hill Ventures, Quona Capital, QED Investors, Jungle Ventures, 1982 Ventures, Saison Capital, and Resolution Ventures.

Botsync (Singapore)

Botsync is a robotics startup that develops integrated automation solutions. Founded in 2019, the startup streamlines manufacturing operations through system-agnostic no-code integration solutions (syncOS) and a suite of autonomous MAG Mobile Robots, integrating cross-platform operations from different automation systems all on one platform.

Through its flagship syncOS Integrator platform, Botsync also integrates different automation systems. It features pre-built integration with major robotic and automation products, allowing users to easily connect different robotic systems without having to write any integration code.

MAG Mobile Robots replace forklifts, trolleys, pallet trucks, and other equipment to eliminate manual operations between machines and automate intralogistics operations.

Amount raised: US$5.2 million
Investors: Capital 2B, Betatron Venture Group, IvyCap Ventures, AppWorks, Iterative, Wong Fong, ZB Capital, Nalin Advani, and Ascend Angels.

Hubble (Singapore)

Hubble aims to transform progress and payments in the built environment industry. Founded in 2016, Hubble digitises and automates site processes to track and expedite progress and enable on-demand liquidity through early payment solutions based on verifiable progress data. Its full-stack progress-to-payment platform synergises the progress data insights from Hubble.Build (its construction management division) with early payment solutions from the financial services division.

Since its inception in mid-2023, Hubble.Financial claims to have demonstrated 655 per cent growth to reach over US$20 million across its projects. This number is expected to more than double in 2024 and beyond.

Amount raised: US$5 million
Investor: AlteriQ Global (lead).

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PT Energi Selalu Baru (ESB), a subsidiary of PT NFC Indonesia Tbk (IDX: NFCX), which is part of MCASH Group, today announced that it has raised “substantial investments” from LX Ventures and SAIC Capital during its pre-Series A funding round.

Previously, ESB has secured funds from Rigel Capital and Twin Towers Ventures.

In a press statement, ESB announced that this strategic collaboration will enhance the company’s infrastructure development and market expansion, aligning with the shared vision of a sustainable future.

“The infusion of capital will be instrumental in accelerating product development, expanding market reach, and enhancing technological capabilities. ESB plans to leverage these investments to spread its Volta electric fleet, expand its battery swapping infrastructure, and explore innovative solutions in electric vehicle technologies,” the company said.

Also Read: Asia’s climate tech: Communicating solutions and avoiding greenwashing

ESB is a clean energy company focused on providing infrastructure for electric vehicle (EV) players in Indonesia. Through its subsidiary PT Volta Indonesia Semesta, ESB manufactures electric motorcycles under the brand name Volta.

Additionally, ESB provides a Battery Swap System which allows electric motorcycle users to swap their batteries easily, enhancing user convenience. Its battery swap stations and Volta dealerships are currently located throughout Indonesia.

By providing essential infrastructure, ESB aims to contribute to the transition to clean energy and sustainable transportation in the country.

Okie Octavia Kurniawan, Director of NFCX, called the investment a “game-changer” for the company.

“It will significantly accelerate our efforts in expanding our EV fleet and battery swapping infrastructure. With their support, we are poised to deliver more innovative and sustainable mobility solutions to our customers, reinforcing our commitment to transforming the EV landscape.”

LX Ventures, the corporate venture capital of LX group, previously from the LG Group, concentrates on advancing solutions in renewable energy, manufacturing and logistics automation, eco-friendly materials, and semiconductor technology. By investing in ESB, LX group said that it aims to expand its portfolio with a company dedicated to progressing renewable energy.

Also Read: How HELF AI uses the technology to tackle the severe shortage of healthcare manpower

On the other hand, SAIC has been venturing into futuristic technology such as autonomous driving and new energy (electricity and hydrogen). Adding a comprehensive ecosystem with electric motorcycles and a battery-swapping infrastructure perfectly aligns with its mission to support innovative mobility solutions.

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Image Credit: ESB

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