Ready. Set. Respond.

These are the actions that individuals take when faced with the need to help and support vulnerable communities affected by natural disasters or calamities in today’s world. It is these same actions that guide the values and beliefs of the SAFE STEPS D-Tech Community Hub.

The current generation is met with numerous challenges and problems produced by dynamic and changing climate conditions. According to the Centers for Disease Control and Prevention, there are approximately 400 natural disasters that happen annually as a result of climate change. Additionally, as reported by The Zebra, there are an estimated 218 million people impacted yearly by these calamities.

It is due to such statistics that the SAFE STEPS D-Tech Community Hub is born. Driven by the belief that everyone should always prepare for natural disasters — as well as that it is better to collaborate to address these problems than work alone — the hub is the first globally accessible platform for stakeholders in disaster tech and sustainability to work together towards a more resilient future.

Also read: Check out these key highlights from Echelon X!

To emphasise the need for more collaborative efforts against natural calamities, the hub organised at Echelon X a pavilion exhibit and showcase of its member startups from its community who have established themselves in the space of disaster risk management and reduction in Southeast Asia.

Meet the 8 startups championing various initiatives to address the world’s disasters

1) Wateroam

Co-founded by David Pong, Chong Tee Lim and Vincent Loka, Wateroam is a water innovation company that creates portable water filters to deliver safe drinking water to communities in rural and disaster-affected areas. 

Wateroam has collaborated with organisations such as Red Cross, World Vision and Mercy Relief to provide safe drinking water to 100,000 people in 38 countries. Wateroam has also been recognised as a United Nations Young Leader for Sustainable Development Goal 6 – ensuring safe water and sanitation for all.

2) Castomize

Built by founders Abel Teo and Jia Yee Teo, Castomize is an innovative med-tech startup that employs advanced manufacturing techniques to produce orthopaedic casts that are durable and easy to wear.

The company’s dream is to build a world where everyone – regardless of financial or social status – can access the healthcare needed to live life to the fullest.

3) StratifiCare Pte Ltd

StratifiCare specialises in the development and manufacturing of in-vitro diagnostic (IVD) assay solutions for personalised medicine. It is a business primarily led by Anthony Chua and Tiffany Fan Lin.

With over 50 years of combined experience in biomedical research and technology commercialisation, the company is committed to supporting physicians in making informed decisions for individual patient care, thereby enhancing clinical and socioeconomic outcomes.

4) Solnovation Analytics Sdn. Bhd.

Located in Malaysia, Solnovation leverages technology to enable customers to make informed decisions and improve lives in a universally connected ecosystem. It achieves this by providing an industrial IoT platform, visual AI image tools and algorithms to empower those in the sectors of agriculture, commerce, logistics and the like to create data-driven decisions.

Created by Cyril Mathias and Devan Rajam, the goal of Solnovation is to help organisations improve business yield, productivity and efficiency through the use of technology.

Also read: Break boundaries with Ideathon: 2040 Extended Intelligence

5) Usher Technologies

Usher Technologies is a startup based on the values of innovation and social responsibility. The business – which is located in the Philippines – focuses on providing products and services that reinforce the safety and resilience of buildings and similar infrastructures against seismic events such as earthquakes.

Under the leadership of Dr. Francis Uy, Usher Technologies uses structural monitoring and condition-based maintenance to protect urban communities from natural disasters.

6) Bike Scouts

Myles Delfin initiated the Bike Scouts project in the Philippines in 2013. To date, it is the only Volunteer Bicycle Messenger service catering to disaster response at the frontlines of most natural disasters in the communities where the project is based.

The Bike Scouts group believes in using bicycles and social teamwork to deliver help, hope, and courage wherever they operate.

7) TAPP! Global

Established by Ryan Chan and Ee Jayden, TAPP! Global is a company that envisions itself to be the gateway to enhanced networking. It hosts a suite of professional solutions – such as NFC business cards for exchanging of contact information, an AI-powered messaging service for follow-ups of conversations, and a comprehensive analytics dashboard providing networking insights.

TAPP! Global also takes pride in its user-centric design and functionality that help to contribute to a greener planet.

8) Alerto PH

Seeing the need for local government units (or LGUs) in the Philippines to transition towards building smart cities, Cristina Macaraig founded Alerto PH.

Cristina’s startup aims to work closely with the Philippine government to adopt AI-powered IoT technology and digitally transform it to provide safer communities for Filipinos through innovative solutions.

Also read: Taiwanese startups join forces with Southeast Asia to venture into Tokyo, Japan

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To learn more about the D-Tech Community Hub and its member startups, you can visit this link. You can also register here to officially join the community.

The SAFE STEPS D-Tech Community Hub is an initiative by the Prudence Foundation, in partnership with e27, Amazon Web Services (AWS) and the International Federation of Red Cross (IFRC).

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Investors are placing big bets on Southeast Asia’s burgeoning startup scene! This week saw funding flow across various sectors, highlighting the region’s diverse innovation.

Singapore’s Marketnode, aiming to build a multi-asset digital marketplace, secured backing from giants like Temasek and HSBC. Proptech platform WeSale in Vietnam is leveraging AI and automation to streamline real estate transactions.

In the Philippines, Beppo is making accounting and tax compliance a breeze for businesses with its AI-powered solution.

Meanwhile, India is witnessing a surge in electric vehicle (EV) startups. Zypp Electric’s US$15 million Series C funding fuels its mission for carbon-free last-mile delivery, while Turno, an EV financing and distribution platform, secured US$6 million to expand its reach.

This funding spree reflects the immense potential of Southeast Asia’s startups to disrupt industries and create a more sustainable future.

Marketnode (Singapore)

Marketnode is a digital market infrastructure operator aiming to develop a multi-asset ecosystem starting in Asia Pacific. Since 2020, HSBC and Marketnode have been developing a digital market infrastructure that spans credit, funds and structured products.

Funding: Undisclosed
Stage: Series A
Investors: Temasek and HSBC

WeSale (Vietnam)

WeSale is a proptech platform connecting partners, individuals and organisations to project owners and developers. By applying WeCRM technology, real estate transaction tools, and generative AI, WeSale aims to improve the quality of consulting and transparent and effective real estate transactions for members, brokers, business partners and project development units.

Funding: Undisclosed
Round: Seed
Investor: Hitseries Capital (lead).

Beppo (Philippines)

Beppo automates accounting and tax compliance for Filipino businesses and the self-employed. Its AI technology uses OCR (optical character recognition) software to capture data from receipts and categorise transactions, saving time and reducing errors. JuanTax’s acquisition will help Beppo become a one-stop shop for Filipino businesses to manage their finances and navigate tax filing requirements.

Funding: Undisclosed
Round: Pre-seed
Investor: Wavemaker Partners.

Zypp Electric (India)

Founded in 2017 by Akash Gupta and Rashi Agarwal, Zypp is an EV-as-a-service platform aiming to make India carbon-free by leveraging EVs and EV-based technology for sustainable last-mile logistics. Its business model prioritises carbon-free delivery services for local merchants, e-commerce giants, and delivery executives, reducing both delivery costs and pollution.

Funding: US$15 million
Round: Series C
Investors: ENEOS, 9unicorns, IAN fund, venture catalysts, and WFC.

Turno (India)

Set up in April 2022 by former Zoomcar’s C-level executives Hemanth Aluru and Sudhindra Reddy, Bengaluru-based Turno offers financing solutions to SMEs, distributors, logistics firms, and e-commerce operators that plan to buy commercial three-wheeler electric vehicles (EVs).
Buyers can access an array of top original equipment manufacturer (OEM) brands, EV models, and financing solutions on its EV sales platform, which features both online and physical stores.

Funding: US$6 million
Round: Series A+
Investors: B Capital, British International Investment (BII), Quona Capital, and Stellaris Venture Partners.

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The Economic Impact Report 2024, commissioned by Google, highlights significant potential benefits from AI adoption in Singapore. Launched during the Google AI Connect Summit, as part of the recent ATx Summit in Singapore, the report estimates that AI-powered products and solutions could contribute S$198.3 billion (US$146 billion) to Singapore’s economy by 2030, nearly 30 per cent of the country’s 2023 GDP.

This projection underscores the importance of effective partnerships with private sector leaders to maximise AI’s economic impact. The report also emphasises Singapore’s strategic positioning within the region to harness AI for economic growth, supported by governmental initiatives to nurture local AI talent and promote adoption across key sectors.

One of the report’s critical findings is the potential to prevent S$18.5 billion (US$13.6 billion) in cybercrime losses by deploying AI-powered cybersecurity measures.

As AI evolves, so do cybercriminals’ tactics. They increasingly use AI to enhance their attacks’ scale, speed, and sophistication. AI’s dual-edged nature necessitates parallel investments in robust cybersecurity infrastructure. Singapore aims to bolster its defences against cyber threats by leveraging AI and aligning its AI development with comprehensive cybersecurity strategies.

Singapore is one of the first countries to introduce a National AI Strategy (NAIS) in 2019 and is investing S$1 billion (US$700 million) to support AI development.

Also Read: Unleashing the power of specialised AI startups in the era of generative AI

Complementing these AI initiatives are efforts to enhance cybersecurity skills and tools. Recognising the increasing threat of AI-enhanced cybercrime, the government is investing S$50 million (US$36 million) to strengthen its cybersecurity workforce. This investment aims to develop a more robust digital ecosystem, equipping professionals with the skills needed to combat sophisticated cyber threats.

Driving AI adoption in Singapore

The report also revealed that AI adoption in Singapore is driven by strong public interest. Seventy-eight per cent of Singaporeans are keen to learn more about the technology, and more than half are already using Generative AI.

This widespread engagement reflects a robust enthusiasm for AI technologies, though a significant emphasis is on responsible AI development. A survey by Ipsos revealed that 38 per cent of Singaporeans prioritise ‘responsible’ AI development, a higher percentage compared to other developed markets such as the UK (29 per cent) and the US (33 per cent).

In the report, Google explains its role in promoting AI adoption in Singapore through collaboration with the Singapore government. This partnership aims to facilitate broader access to AI technologies. For example, Google’s AI system, Gemini, is integrated into popular products such as Gmail, Docs, and Slides.

The economic impact of AI in Singapore is substantial. In 2023, Google said that its AI-powered products and solutions contributed S$14.7 billion to the economy.

Also Read: Unleashing the power of specialised AI startups in the era of generative AI

This significant financial benefit underscores the potential of AI to drive economic growth and improve efficiency across various sectors in Singapore, highlighting the tangible advantages of integrating advanced AI technologies into everyday activities and business operations, the report stressed.

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Image Credit: Google

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In the wake of the FTX collapse in late 2022 and subsequent crypto contraction, The Atlantic boldly published a think piece titled “You Can Forget About Crypto Now.” Sure enough, the doom and gloom outlook on digital assets was palpable for more than a year thereafter

Meanwhile, AC Ventures Founding Partner Pandu Sjahrir asserted on an episode of Indonesia Digital Deconstructed that crypto “remains intact as an asset class.” Fast forward 15 months. Jesse Choi of the Indonesian crypto exchange Reku, backed by ACV, recently joined the podcast to report that his company has become profitable.

“I’m pleased to share that the first quarter of 2024 has been our strongest in the last two and a half years, both in terms of trading volume and financial outcomes. Not only was it our best quarter for volume, but it was also exceptionally profitable. Our profit margins exceeded 50 per cent, which marks a significant achievement for us. We are incredibly pleased with these results,” said Choi, who co-founded the exchange and serves as co-CEO. 

Scheduled halving and the BlackRock effect

The significant resurgence in the crypto market in 2024, particularly with Bitcoin reaching all-time highs, can be primarily attributed to two major factors: the Bitcoin halving event and the legitimisation of the crypto sector at large via the introduction of BlackRock’s Bitcoin ETF.

The Bitcoin halving, a scheduled event that reduces the reward for mining new blocks by half, occurred earlier in the year. This reduction in the rate at which new Bitcoins are introduced led to an increase in price, as the reduced supply with steady or increasing demand tends to push prices higher. The market has closely watched this halving and is seen as a bullish event for Bitcoin’s value.

In parallel, the launch of BlackRock’s Bitcoin ETF has played a critical role in legitimising crypto within the institutional financial landscape. The ETF allows for more institutional and retail investment exposure, increasing Bitcoin’s liquidity and integrating it into the broader financial market. 

Also Read: 5 dimensions of responsible AI: Enhancing societal needs with blockchain

BlackRock’s move has been particularly potent due to its stature as the world’s largest asset manager, adding a layer of credibility and stability to the crypto market that was previously perceived as too volatile and risky for most investors. The ETF not only simplifies investment in Bitcoin but also promises more accurate price tracking and potentially lower fees relative to other investment methods.

These developments have collectively spurred a bullish sentiment across global crypto markets, leading to increased adoption and investment, both from institutional investors and retail traders, thereby driving the price of Bitcoin to new heights.

When asked what these things mean for exchanges like Reku, Choi said, “Significant price movements in Bitcoin often lead to increased overall market activity, which is generally positive for us at Reku. This has been particularly evident in the last two quarters—Q1 of 2024 and Q4 of 2023—where we experienced some of the highest trading volumes in our history. As an exchange operating on a volume-based revenue model, these periods of heightened activity have contributed substantially to our financial performance, making these quarters very successful.”

Regulatory and institutional legitimisation

Choi went on to address regulatory trends in the digital assets market, highlighting the evolving landscape across various jurisdictions, with a particular focus on Southeast Asia. He noted that while the US tends to lead in the formulation and implementation of digital asset regulations, other regions are also making strides. According to Choi, most countries are moving toward more positive regulatory frameworks, which not only foster adoption but also further enhance the legitimacy of the crypto space.

He specifically mentioned Hong Kong’s proactive efforts to establish itself as an Asian crypto hub, which is indicative of the region’s forward-thinking regulatory approach. Meanwhile, in Indonesia, regulatory responsibilities are soon transitioning from the Commodity Futures Trading Regulatory Agency (BAPPEBTI) to the Financial Services Authority (OJK). This shift signals a recognition of crypto as a legitimate financial instrument in the archipelago and indicates a move toward stricter regulation – which Choi confirms is a good thing for Reku.

Also Read: To leverage Web3 technologies, Web2 companies may start by building the right culture

The move is part of a broader trend where governments are increasingly affirming their stance on digital assets, often with a collaborative and open approach to regulation and innovation. For instance, the inauguration of Indonesia’s “Crypto Literacy Month” by the government, featuring prominent figures from the community, underscores the market’s commitment to educating the public and integrating digital assets into the mainstream financial ecosystem.

A hedge against inflation

This regulatory progression is critical, as it not only shapes the operational landscape for companies like Reku but also affects the broader adoption and integration of crypto into global systems.

Choi reflected on the evolution of Bitcoin’s role and perception in the financial landscape, noting clear shifts in how it is viewed and utilised, suggesting that Bitcoin is now often compared to gold – seen as a hedge against inflation. 

He said, “As we consider the trajectory of Bitcoin, it’s clear that the narrative surrounding its purpose has evolved. Initially regarded as a form of decentralised money, Bitcoin’s role has increasingly come to be defined as a store of value rather than a medium for transactions. With its integration into more formal financial structures, such as the emergence of ETFs, and its broader acceptance by various governments and global institutions, Bitcoin is demonstrating that it can be a resilient and valuable asset class, even in the face of economic fluctuations.”

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

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Image credit: AC Ventures

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Last year, Singapore-based Saison Capital, the early-stage VC arm of Japan’s financial services giant Credit Saison, launched a token fund to accelerate Web3 investments in Southeast Asia and India. The fund, Saison Crypto, follows a unique structure and draws down capital from its Japanese parent.

Saison Crypto prioritises DeFi and Real World Assets (RWA) and has already invested in over 50 projects. We spoke with its Partner, Qin En Looi, about the fund’s philosophy, focus areas, and the Web3 industry.

Edited excerpts:

What inspired Saison Capital to launch Saison Crypto and focus on accelerating Web3 investments in Southeast Asia and India, especially when the Web3 market is down globally?

Saison Capital launched Saison Crypto because we believe the next internet revolution and financial services will be built on the blockchain. Web3, underpinned by the blockchain, presents a radically different way for ownership of digital assets and money movement.

Launching Saison Crypto reflects our beliefs and convictions. Even though Saison Crypto was launched in the funding winter, we know one thing about “seasons”—they come to an end. And through the various seasons, what matters most is our ability to ride through them and emerge stronger.

How does the permanent capital entity structure of Saison Crypto differ from traditional General Partner/Limited Partner structures in terms of investment strategy and flexibility?

Saison Crypto is an evergreen investment entity, meaning we aren’t subject to the usual investment deployment and payback periods like most General Partner/Limited Partner structures. In other words, we are patient capital.

Also Read: Saison Capital rolls out new token fund to accelerate Web3 investments

We are not in a hurry to deploy capital and can be selective about the right investments. Similarly, we are not in a hurry to exit our investments and can be the anchor partner to our portfolio companies through the different seasons.

Can you elaborate on the specific advantages of drawing capital from Credit Saison’s sizeable AUM for your investment activities?

Credit Saison has a deep legacy in traditional finance, but innovation is part of the group’s DNA, and evolution is necessary to keep thriving. As a result, Saison Crypto enjoys the full support of Credit Saison.

Beyond patient, evergreen capital from Credit Saison, we have the opportunity to be a role model for other Asian financial institutions. Talk is cheap. It is common for large institutions to declare their interest in digital assets and then go silent. Saison Crypto is the evidence that we are not “talk-only.”

What types of projects or companies does Saison Crypto prioritise for investments within the Web3 space, and why?

DeFi and Real World Assets (RWA) are the two sectors that we focus on. We believe the financial world is the first to be transformed by Web3.

DeFi remains Web3’s largest use case and has demonstrated its ability to be resilient, inclusive, and efficient. We are always looking for innovative use cases that can create composable money, programmable assets, and trustless transactions.

Real World Assets (RWA) is forecast to hit US$16 trillion by 2030, and we believe that this innovation will be driven by both institutions (like Credit Saison) and startups. RWA is built on the premise that the blockchain presents a radically different way for money to move. We no longer need to rely on the financial infrastructure that has been around for decades but, in line with our company’s mission, play a pivotal role in ensuring the progress and transformation of the financial ecosystem to create more opportunities for business and people,

Could you share more details about the first token-only investment that Saison Crypto is planning to make?

We have already made over 50 early-stage investments and deployed over US$20 million in the Web3 space. Some of our portfolio companies have recently launched their tokens successfully.

With an average ticket size between US$200,000 and US$500,000, how does Saison Crypto ensure adequate follow-on support for portfolio companies?

As Saison Capital is not a typical fund, we pursue an active fund-of-funds mandate. In addition to direct investments, we are active LPs in several crypto-native funds. This ensures that our portfolio companies have strong follow-on support.

Furthermore, our support is more than just financial. Often, we are the first institutional customer, partner, or liquidity provider in our portfolio companies. For our portfolio companies, being able to show that a US$30 billion AUM financial institution is participating in their products and services speaks volumes.

What are the significant gaps in Web3 infrastructure that Saison Crypto aims to address through its investments, particularly in the context of accelerating mainstream adoption?

Firstly, scalability remains a concern, with current blockchain networks struggling to handle high transaction volumes efficiently. Our investments focus on scalable solutions, including Layer 1 and Layer 2 blockchains and the protocols built atop them.

Also Read: Vietnam’s Web3 revolution: Beyond Axie Infinity, unveiling the rise of diverse crypto startups

Secondly, interoperability between different blockchain platforms and off-chain systems is crucial for seamless user experiences. We look for interoperable protocols and bridges that reduce the friction in exchanging assets and data.

Finally, user experience and accessibility are paramount for mass adoption. We support projects that improve user interfaces, enhance user onboarding processes, and create intuitive experiences that rival centralised alternatives.

How does Saison Crypto identify and partner with experienced founders and operators with long-term views of Web3 innovations?

We embrace the Web3 ethos of openness, collaboration, and transparency, and we seek like-minded partners and changemakers committed to providing greater financial access to more people through web3. As such, we are able to identify founders through our extensive networks of founders, investors, industry leaders and institutions.

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Turno, an Indian EV distribution and financing company, has received US$6 million in extended Series A funding.

British International Investment (BII), Quona Capital, Stellaris Venture Partners, and B Capital co-led the round.

This brings its total funding to US$22.9 million.

Also Read: B Capital closes US$750M Opportunities Fund II, to back later-stage firms in its portfolio

This funding will be used to grow the startup’s existing business and launch new business lines to improve commercial EVs’ access and infrastructure.

“We are committed to democratising EV technology through innovative business models that drive down ownership costs. With this funding, we aim to accelerate the adoption of EVs for a wider audience”. said Hemanth Aluru, co-founder and CEO of Turno.

Set up in April 2022 by former Zoomcar’s C-level executives Hemanth Aluru and Sudhindra Reddy, Bengaluru-based Turno offers financing solutions to SMEs, distributors, logistics firms, and e-commerce operators that plan to buy commercial three-wheeler electric vehicles (EVs).

Buyers can access an array of top original equipment manufacturer (OEM) brands, EV models, and financing solutions on its EV sales platform, which features both online and physical stores.

Turno also provides customers with guaranteed buyback value on used EV batteries. The startup claims it offers the lowest total cost of ownership and a guaranteed buyback within three years.

Also Read: B Capital believes in startups, corporates collaboration to bring decarbonisation efforts forward

Abhinav Sinha, Managing Director and Head of Technology and Telecoms at BII, said: “Backing local entrepreneurs to solve development challenges, including the impact of climate change is a key priority for BII in India. Turno’s innovative business model, lower cost offering and novel efforts at repurposing EV batteries will help attract more people and businesses to adopt commercial EVs.”

The Indian EV market is projected to grow from US$3.21 billion in 2022 to US$113.99 billion in 2029, growing at a compound annual growth rate of 66.52 per cent.

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Disrupt Technology Venture, a startup ecosystem builder in Thailand, has launched a new healthcare fund.

Disrupt Health Impact Fund aims to provide Thailand’s healthcare sector with access to world-class deep-tech solutions and improve healthcare services for the local people.

The fund is backed by prominent Thai businesses, including Digital Health Ventures, Thana Asset Company Limited, Saha Pathana Inter-Holding Public Company, and Sripatum University.

Also Read: Thai oil firm OR, 500 TukTuks launch US$50M mobility and lifestyle fund ORZON Ventures

Disrupt Health Impact Fund seeks to invest in five key areas: self-care, preventive care, silver age, holistic wellness, and smart hospital. It plans to invest in 15 deep-tech ventures, domestically and internationally, within the next three to five years.

The initial investment typically ranges from US$500,000 to US$2 million per company.

The fund targets world-class innovations that are either in the market commercialisation stage or undergoing clinical trials to seek approval from the Food and Drug Administration (FDA).

In addition to providing investment, the fund aims to support the business expansion of deeptech companies in the healthcare sector by leveraging healthcare expertise from both the public and private sectors. This includes networking opportunities in pharmacy, product distribution, and in-depth research and studies through the Disrupt ecosystem platform.

Disrupt Health Impact Fund is managed by an experienced team that oversees over six leading funds, which have invested in 134 companies across 16 countries.

The global healthtech market is expected to grow by 10 per cent annually, driven by various supportive factors.

Also Read: From chatbots to therapists: How AI breaks ground in bridging the mental health care divide

Krating Poonpol, Chairman of Disrupt Health Impact Fund, 500 TukTuks Fund and ORZON Ventures, said: “Thailand, like many countries, is transitioning to a fully aging society where the number of elderly people surpasses the number of newborns. Meanwhile, global life expectancy continues to increase, boosting the demand for public health services. With its significant potential to become a hub for various industries, including health and public health, Thailand is poised to lead Southeast Asia.”

“Disrupt Health Impact Fund and its partners aim to drive the growth of the HealthTech industry both nationally and globally. It is committed to accelerating the positive impact on health and public health within society, especially in Thailand, through investments and collaborations with joint venture partners in this initial round,” he added.

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In the fast-paced landscape of the economy of Malaysia, the demand for skilled talent is ever-increasing. Yet, the persistent skills gap poses a significant challenge to both companies and individuals striving for success. In such a scenario, the importance of skills training cannot be overemphasised. It’s not merely about acquiring knowledge but about equipping individuals with the capabilities to thrive in a competitive environment and drive innovation.

Understanding the skills gap in Malaysia

Recent research has revealed Malaysia’s continuing skills gap, including studies from prestigious publications such as The Economist and insights from Randstad. Surprisingly, according to the research, approximately 24 per cent of Malaysians do not have access to adequate training opportunities to further their professions. This disparity not only affects individuals but also stifles the nation’s overall economic progress.

Consequences of the skills gap

The consequences of the skills gap extend beyond the immediate challenges faced by businesses. It leads to the underutilisation of talent, where individuals are unable to fully leverage their capabilities due to a lack of relevant skills. This not only stifles individual career growth but also impedes overall economic development.

Moreover, in an era where digital transformation is imperative, companies failing to bridge this gap risk falling behind their competitors.

The role of skills training

Skills training serves as the cornerstone for addressing this challenge. By investing in training programmes, companies empower their workforce with the necessary competencies to excel in their roles. From technical skills to soft skills like communication and problem-solving, comprehensive training ensures holistic development.

Also Read: Artem Ventures: Malaysia is a fantastic starter market, but startups need help to scale internationally

Unlocking potential

Enterprises seeking to bolster their workforce’s skills can explore various options available in the market. While some platforms offer tailored training solutions, the emphasis should be on finding the right fit for the organisation’s needs. Customised training modules designed to address specific skill gaps within an organisation can significantly contribute to bridging the skills divide.

Driving innovation and efficiency

Embracing skills training isn’t merely a reactive measure; it’s a proactive strategy to foster innovation and drive efficiency. Companies that prioritise training create a culture of continuous learning where employees are encouraged to explore new ideas and methodologies. This culture not only fuels innovation but also enhances employee engagement and retention.

Building a talent pipeline

Another key benefit of skills training is its role in building a robust talent pipeline. By investing in the development of their workforce, companies not only retain valuable employees but also attract top talent in the industry. A reputation for prioritising employee growth and development can significantly enhance an organisation’s employer brand, making it a magnet for skilled professionals.

The path forward

As Malaysia continues its journey towards economic prosperity, bridging the skills gap remains a pressing priority. Companies must recognise the importance of investing in their workforce through comprehensive training programs. By partnering with platforms like Goflex Events, which offer customised solutions to address specific skill gaps within an organisation, companies can unlock the full potential of their employees, driving success and innovation in the dynamic Malaysian market.

In conclusion, the significance of skills training cannot be overstated in the context of Malaysia’s evolving economy. By addressing the skills gap head-on, companies not only empower their workforce but also lay the foundation for long-term success and competitiveness on a global scale.

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

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

Image credit: Canva

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Tribe and Digital Industry Singapore (DISG), a joint office of the Economic Development Board, Enterprise Singapore and Info-communications Media Development Authority, has collaborated with global chipmaker NVIDIA to launch a global AI startup accelerator in the island nation.

Called Ignition AI Accelerator, the initiative will focus on enhancing AI value discovery, creating a vibrant ecosystem for AI startups and pushing the boundaries of AI’s capabilities.

Also Read: AVPN, Google.org launch US$15M fund to equip workers in APAC with AI skills

With an initial combined investment of US$3 million, the four-month programme will launch with a cohort of 15 high-potential startups. It has been designed to prepare participating startups with the foundational capabilities to ensure their AI projects are launch-ready.

As part of Ignition AI Accelerator, NVIDIA and Tribe will collaborate with Enterprise Singapore to offer qualified AI startups funding support through the Startup SG Tech scheme. This collaboration will tap into Tribe and NVIDIA’s expertise to expediently assess selected high-quality AI startups that can leverage Startup SG Tech funding for technology development and business growth.

In addition, the initiative will provide a series of training workshops to help startups enhance their core AI-building capability. These workshops will cover the full AI stack, from GPU to application-layer development framework.

The programme will also provide opportunities to bridge the gap between startups and potential investors, including corporations, VCs, and private investors.

Additionally, NVIDIA and Tribe will assist them through the IMDA accreditation process to help them establish credentials and position themselves as qualified contenders for government projects and large enterprise contracts, ultimately accelerating their global market access.

Applications to the Ignition AI Accelerator are open for founders of new startups and for AI leads of existing startups.

Ng Yiming, CEO of Tribe, said: “The current surge in AI adoption reflects a strategic imperative for businesses across industries. Companies are leveraging AI to achieve operational excellence, reduce capital expenditures, and unlock new growth avenues. However, a proactive approach to fostering ground-up innovation becomes crucial to fully capitalise on these benefits and remain resilient in a volatile economic climate. Tribe is excited to embark on this journey with NVIDIA and DISG. Together, we believe we can channel resources to startups, accelerating the development of AI solutions and fostering deeper industry integration throughout the process.”

Also Read: From Amazon to AI: How GenAI Fund fuels innovation in SEA through a unique model

The AI market in Singapore is poised for significant growth, with projections indicating it will surpass US$1 billion by year-end 2024. This momentum is expected to continue, with a CAGR of 28.1 per cent, translating to a market volume of US$4.6 billion by 20301. The accelerator will capitalise on immense global opportunities within the AI landscape.

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Last year, the global lending industry incurred approximately US$800 billion in losses due to bad consumer loans. To put it in context, this is more than the GDP of many countries combined.

This incident indicates there are severe chinks in the armour of the traditional credit scoring models adopted by banks and other lenders.

“Traditional credit scoring models are not effective as they look only at the past transactions of the loan seeker, such as whether he defaulted on a loan or credit card payment 15-20 years ago. These models don’t take into account the individuals’ current situation,” says Vincent Choy, co-founder and Chief Business Development Officer of BizBaz. “We have developed a predictive AI solution that could effectively assess the creditworthiness of an individual and save banks from bad loans.”

Also Read: Unlocking the future of lending with risk-based pricing

Launched in 2020 by Choy and Hayk Hakobyan (CEO), BizBaz offers a SaaS solution to help lenders with credit scoring, especially for the unbanked and underbanked. It uses voice analytics to help establish a person’s creditworthiness based on behavioural patterns and claims it can predict his risk behaviour with 80 per cent accuracy.

Credit scoring depends heavily on transactional data. Unfortunately, about 2.4 billion people in the world don’t have transactional data or credit scores because they’re excluded from all forms of financial transactions. This means traditional models cannot be used to assess the creditworthiness of an unbanked individual.

“Unlike traditional credit scoring solutions, BizBaz can determine an individual’s creditworthiness from his 50-second speech or interview. Our proprietary AI solution can analyse whether an individual is genuine, emotionally and mentally stable, impulsive, conscientious, and worthy of a loan. We can then extract physiological biomarkers and biometric information from that voice to predict his behaviour,” he adds. “It means BizBaz can create creditworthiness for almost everyone, whether unbanked, underbanked or banked. ”

BizBaz works with banks, financial institutions, and buy-now-pay-later companies. The fintech startup has 22 clients in 10 countries, mostly in Asia and Southeast Asia, including Singapore. “With more than seven out of ten of Southeast Asia’s 680 million population unbanked and a huge 67 per cent mobile phone penetration rate, we can empower financial services providers by offering them comprehensive customer intelligence and risk assessment solutions and thus enabling them to acquire and serve unbanked and underbanked populations in the region whilst also allowing them to reduce their costs, Choy says.

BizBaz doesn’t restrict itself to the financial services industry. It also works with HR and recruitment companies to help them understand the psychometric analysis of a person being hired. The firm also looks for more use cases in matchmaking, mental wellness and monitoring industries.

In September 2022, BizBaz secured US$4 million in a seed funding round led by HSBC Asset Management, the investment arm of Britain’s HSBC Group. Vynn Capital, SOSV, and existing and new angel investors also participated.

The company is currently looking to raise pre-Series A funding for expansion. This year, BizBaz looks to foray into the Philippines and Indonesian markets. It also sees opportunities in Thailand, Vietnam, and Cambodia. “We will also enter the Latin America and African markets in the near future,” he says.

Also Read: Accelerating financial inclusion with AI: Unleashing potential with prudence

BizBaz was the winner in the fintech category at the Elevator Pitch Competition (EPiC) organised by the Hong Kong Science and Technology Parks Corporation (HKSTP) last month.

The significant losses faced by the global lending industry due to bad consumer loans underscore the critical need for more advanced and accurate credit scoring models. BizBaz, with its innovative AI-driven solution, offers a promising alternative to traditional methods by evaluating creditworthiness through voice analytics and behavioural patterns. This approach not only helps lenders make more informed decisions but also opens financial opportunities for the unbanked and underbanked populations worldwide.

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