On the first day of Echelon X, notable investors and entrepreneurs from the Philippines spoke about why the country is the next big thing in the regional tech startup ecosystem, starting from the progress that it has made recently.

The startup ecosystem in the Philippines has shown signs of reaching maturity, especially when compared to seven to 10 years ago, with more corporations trusting startups to be their vendors or suppliers.

“We have set the groundwork for a lot of companies to thrive,” said Caela Tanjangco, Director of Endeavor Catalyst, Endeavor, at a panel discussion on Growth Stage.

To complement that, Vince Yamat, Managing Director at 917Ventures, highlighted the role that social media plays driving the success of tech platforms in the Philippines. More than a decade ago, social networking site Multiply even had to pivot to social commerce after more and more Filipinos used the platform to sell and buy things, instead of social networking activities.

Echelon X was held on May 15-16 at Singapore Expo Hall 2. The event aims to empower startups, investors, corporates, SMEs, government institutions, and other ecosystem stakeholders with tools and insights. This year, it features 150 speakers and four stages.

Also Read: How Tyme Group plans to further strengthen its position in the Philippines—and Southeast Asia

The panel discussion on the Philippines and its prospects featured speakers such as Wirin Eiamphoklarp (Vice President at Gentree Fund); Yamat, Tanjangco, and Iannis Hanen (CEO of iScale Solutions).

It was held following e27‘s announcement of an upcoming Echelon Philippines event in Manila in September

Popular sectors in the Philippines

When asked about popular and promising sectors in the Philippines and the Southeast Asian (SEA) region, Tanjangco said that SEA is the only region in the world where the B2C sector performs better, compared to anywhere else in the world where the unicorns tend to be B2B companies.

“We are in the beta phase where it is very easy for startups to create consumer brands and companies,” said Tanjangco.

Interestingly, the population’s social media savvy-ness plays a crucial role in helping these B2C companies reach out to their audiences and grow their business.

“Because Filipinos can now afford to be monetisable, we are seeing a lot more companies being built, because it is a lot easier now for people to build these types of companies. It’s very easy for them to find a payment gateway for their products and utilise social media to market their products. So. I would say, the Philippines specifically are very positive on consumer-facing companies,” she said.

Yamat mentioned popular sectors such as healthcare that he viewed as ready for disruption. But based on his personal observation, Filipinos would support a startup or company that they trust. “For example, when we entered the fintech space, we knew that we should leverage on Globe, the largest mboile operator in the country,” he said.

“Therefore, we built G-Cash on top of that one, and right now, you can literally accelerate to more than 90 million users and expanding into its adjacencies.”

The post More fun in the Philippines: How its social media savvy population delivers growth for the tech startup ecosystem appeared first on e27.

GovTech Edu is a private organisation aiming to make an impact in Indonesia by building user-centred, high-quality technology. It partners with the government to develop and deliver solutions to transform various industries, starting with the education sector.

According to GovTech Edu, it goes beyond mere feature development and brings findings and recommendations for appropriate technology interventions based on an in-depth understanding of the problem space. The goal is to holistically improve the archipelago’s education system, which impacts millions of students, teachers, schools, and universities.

In this interview with e27, GovTech Edu COO Kevin Emeraldi and CPO Prayudi Utomo share insights into the organisation’s working model, long-term objectives, and the impact it has made in the education sector.

Excerpts:

Can you provide examples of how GovTech Edu has partnered with the Indonesian government to develop and deliver technology solutions for nationwide transformation in the education sector?

Emeraldi:

1. Mindset changing: Becoming a tech development partner for the government is not just about developing the tech/platform itself but building and sharing an understanding of the importance of a user-centric mindset and delivering the tech properly. We need to change the Ministry’s mindset in building tech products by inviting them to understand the needs of their users instead of directly executing the Ministry’s requests. We want to become a thinking partner, not a feature factory.
2. Iterative process: We transform the working process from a linear process to an iterative process — Discover, Deliver, Distribute:

• Discover: We gather insights into the problem through various methodologies and user research. This process informs the initial design of the product, ensuring its relevance to the users’ needs. For example, during the development of one of our platforms, Rapor Pendidikan, a dedicated Design & Research team is responsible for feedback from the field directly with the school principals, teachers, and operators, using these insights as a foundation for product and feature development with the Ministry team.
• Deliver: After discovering the actual needs of our users in the field, we work closely with the Ministry team to develop and build the product based on the agreed scope and workflow. We also iteratively manage the content production process and quality control to ensure quality and scalability.
• Distribute: After the public launch, the product will be monitored continuously to anticipate the need for improvement. We oversee content contributors, curate materials, and engage with local government and user communities as part of our retention strategy to maximise socialisation and implementation in the field.

How does GovTech Edu go beyond feature development to bring findings and recommendations for appropriate technology interventions, and how does this approach contribute to solving complex problems in the education space?

Emeraldi:

The scope of the problems handled by the ministry is always on a national scale, involving millions of people: here, it is about three to four million education actors, from teachers to school principals and local governments with diverse backgrounds. Meanwhile, the nature of regulation development is top-down, where a ministry will create a regulation based on its consolidated vision.

Also Read: From gold rush jeans to digital skills: Edutech’s Levi Strauss moment

This is where a user-centric mindset, bringing findings and recommendations from direct users, becomes important to fill the gap between the top-down regulation from the ministry and the bottom-up needs of the user.

For example, the evolution of Platform Merdeka Mengajar (PMM) — a mobile app aiming to empower K-12 teachers — triggered hockey-stick adoption. In the early age of PMM development, we found that teachers’ nature in upskilling themselves is by learning from their peers/community-driven. Hence, we grew the platform from a prescriptive to a collaborative platform. We experienced a drastic growth by considering users’ feedback and adding more relevant features. As of today, PMM has been used by 3.5 million teachers and 3 million monthly active users and supports over 100k organic learning communities organised by teachers on the platform.

Another example is the development of the Rapor Pendidikan platform, which provides a data-driven report and recommendations for the government, school principals, and teachers. When our research team conducted research and a visual audit together with the users, we found a gap in the school principals’ ability to read and analyse data. This insight changed the design strategy from the original brief to creating a data visualisation for national assessment to providing school improvement recommendations that triggered real action.

What are GovTech Edu’s future plans and initiatives for further enhancing the education system in Indonesia through technology, and how does it continue making a positive impact on millions of students, teachers, and educational institutions?

Emeraldi:

Currently, we focus on providing more access to quality training and teaching materials so that teachers can share their best practices in the classroom with peers.

User adoption is growing not only for teachers in the first-tier city but also for teachers in rural areas. The tech platform also helps to open access to quality training, teaching materials, and peer learning.

Earlier this year, we integrated all those functions with teacher’s career development and progression. Previously, a teacher’s career progression, especially the teachers with civil servant status, was a bureaucratic process. This new function will help to simplify the bureaucracy and improve the fairness of their career advancement process with its online nature. We need to ensure that all the activities in the platform that help teachers become better teachers integrate into the teacher’s career development and progression, so not only that the platform helps them to access quality teaching materials, but also to document their improvements and contribute to their career progression, as well as help them to get the appreciation they deserve.

What specific methodologies does GovTech Edu employ to conduct field research across Indonesia and gain a deep understanding of the challenges faced by users in the education system?

Utomo:

We focus on having a first-principle understanding of the problem faced by citizens (our users) and the Ministry (as the regulator).

As Emeraldi pointed out, we are the ministry’s thought and development partner. Thus, the main methodologies are conversations and joining the echelons and their teams to understand the problems they face. This defines the Ministry’s strategic vision and mission.

Also Read: Bold moves: Capitalising on market dips in edutech

For citizens, we use design research methodologies such as design sprints, qualitative interviews, and quantitative surveys to really understand our users. We encourage everyone on our team to participate to gain direct exposure to our user problems and challenges. User-centricity is the core value and mindset we want every team to have.

Could you elaborate on the co-design process GovTech Edu undertakes with relevant stakeholders to ensure that its products meet the diverse needs of the Indonesian education ecosystem?

Utomo: We believe that users’ presence is essential in the product design process, as they provide insight into what they really need and what works best for them. An example of the co-design process was during the development of the Rapor Pendidikan (the education report card) platform, which aims to provide school principals and teachers with an action-oriented report on schools’ literacy, numeracy, character traits, and school environment.

The brief, research, and findings: There was a gap between the regulation and the ministry’s request regarding the condition on the ground. This was proven when our team conducted the research with direct users before developing Rapor Pendidikan. They found a gap in the school principals’ ability to read and analyse data, which changed the design strategy from the original brief (to create a data visualisation for national assessment) to school improvement recommendations that triggered real action.

The co-design process or visual audit with the Ministry’s counterpart: After evaluating school principals’ ability to read and analyse data, we mapped out which visuals are familiar and can aid in the absorption of information and data through our product together with. The process includes determining which colours are needed to use their language within the platform so that the platform can be more easily understood by them, especially when they want to evaluate the school’s condition and make improvements in the future.

The implementation and product refinement: From these processes, we understand that data should not only be presented comprehensively but also require a specific narrative and curation so that school principals know what action recommendations need to be taken for school improvements. The next step was to iteratively design the product and produce the platform to find the right model to present the national assessment results that would trigger real action on the ground. In the process of finding the right product solution, we ensure close alignment with Minsitry’s counterpart, too.

The result: Rapor Pendidikan has released its second version due to this iterative process and is now available to the general public (as the previous version was only available for school principals). Additionally, the platform has become the single source of truth for discussing school improvements and triggering actionable steps. School principals can now engage in discussions with local governments and other institutions to support improvements within their schools using Rapor Pendidikan data.

Can you explain how GovTech Edu develops a robust adoption strategy for its technology solutions and what factors are considered to ensure successful implementation and usage?

Utomo:

a) When we release a product, we ensure that our users will have support from a holistic ecosystem, such as the community and customer ops team. The goal is to assist them so they can experience the product’s benefits in their daily lives.

For example, we provide:
Local and grassroots community activation: For context, K-12 education is under the purview of the local government with a high level of variation from one state to another. To ensure meaningful implementation by regularly socialising with local government and direct users such as teachers, school principals and operators. We believe that clear communication can reduce the learning curve. Therefore, we make sure that we use the right language in communicating any material related to our platforms, such as the benefits of the technology, how to use it, address any concerns or questions that arise from users, etc. The communication team also has a pre-mortem session with the customer operations team to mitigate any potential misconceptions & risks during the implementation process.

Responsive customer operations system with proper SLA (customer’s issues are responded to within four hours and resolved before 12 hours) to serve or answer feedback, questions, and complaints from nationwide users. We want to make sure that our system can address user’s feedback and complaints in a timely and satisfactory manner, improving user experience and satisfaction.

Alignment and coordination with the policy and transformation team to ensure that relevant regulations are aligned with the development of tech solutions. They also oversee the socialisation process to ensure that users and stakeholders understand our innovation and its compliance with regulations.

Also Read: Following investment from NBA star Jeremy Lin, BINAR aims to reach profitability through new innovations

b) Numbers and beyond: Numbers are inevitably one of the necessary factors in measuring a successful implementation; for example, Play Store rating—Platform Merdeka Mengajar was rated 4.9, the highest rating amongst Indonesian government apps. One of the resulting examples of our holistic adoption strategy is when we improved the Platform Merdeka Mengajar (super app for teachers) based on direct feedback.

By adding learning community features in the app, teachers can now connect with over 100,000 cross-regional communities across nations through PMM, allowing them to seek inspiration and share best practices not only with teachers in their own areas but also nationwide.

However, we don’t see our users merely as statistics; instead, we focus on the transformative journey or paradigm shift that serves as a testament to Indonesia’s commitment to fostering a robust foundation.

One of the real examples would be the rise of the self-learning culture amongst active PMM users: where upskilling activities used to be limited and a top-down instruction, now it’s accessible for everyone, everywhere, and the active users are choosing their learning materials at their own pace. Another example is a shift in how school principals plan school improvements—which used to be based on assumptions, and now it’s based on valid data from Rapor Pendidikan.

How does GovTech Edu ensure the impact of its technology solutions on improving student learning outcomes, teaching capabilities, and career growth opportunities within the Indonesian education system?

Utomo:

Inclusive access: Prioritising inclusive access to quality education would thereby unlock the potential of millions of teachers previously marginalised by bureaucratic barriers.

Inclusive access is very important because previously, teacher training was centralised only in the big cities and Java island, and reached only 20 per cent of all teachers in Indonesia.  This was because of Indonesia’s vast demographics, resulting in very limited access to training from the central government.

Now, training participation has increased 7x or reached 80 per cent of all teachers in Indonesia with our technology (through the Merdeka Mengajar Platform) compared to 2019. High-quality teacher training can now be easily conducted online and can be tailored to the needs of each teacher and school.

Promotion of lifelong learning: After the learning access is opened and more equal, we empower educators to be lifelong learners by providing what their needs are through our tech, so the usage of our platform becomes more natural and sustainable.  On the other side of the same coin, we use technology to reduce the administration and reporting of our educators by doing business process transformation, through simplification of business processes, improvement of user interface, and automation of the processes.

Policy and technology that complement each other: The long-term goal is for policy and technology to work side by side, even influencing each other. Thus, when there is a paradigm or cultural shift, the system and regulations can also change to become more relevant to users to support irreversible transformation through tech.

Can you share any challenges GovTech Edu has encountered during its end-to-end development process and how these challenges were addressed to ensure the success of its products?

Utomo:

An old legacy system that has been deeply rooted for years: Previously, working with the government involved a top-down culture within the policy-maker in designing solutions, therefore we actively engage in the ideation process right from the start, ensuring that our developments align with the ministry’s objectives rather than just adhering to specifications, as well as to influence the systemic changes while still pursuing quick wins that must be achieved.

Massive and diverse ecosystem: Indonesia has a massive educational ecosystem with approximately 3.5 million teachers and 400,000 schools scattered nationwide, with a wide distribution and varying geographical conditions and technological readiness. Another significant challenge is the persistently low educational quality due to the limitation of infrastructure and inequality of access, which hinders improvement. These challenges require the technology team to deliver inclusive and reliable technology products in most circumstances.

For example, the size of the teacher’s super app, Platform Merdeka Mengajar, is only around 6 MB, and it has become an inclusive product for teachers in a diverse environment.

Also Read: Empowering education with AI: Practical use cases from Solve Education!

Decentralised regulation spanning 38 provinces and 514 cities and regencies: The nation’s decentralised regulation presents a huge challenge in tech implementation. For example, when we launched the Talent Management feature in Platform Merdeka Mengajar, one of the main challenges was that every local government had their own application to manage teachers’ teaching performance in the region, hence presenting greater resistance to the use of the integrated system we offer on the platform.

Therefore, we have a dedicated team that works closely with both the central and local governments, involving them during the iterative process to close the gap between top-down regulation and bottom-up solutions. This helps them better understand the benefits of our platform compared to previous applications.

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Singapore’s leading VC firm, Golden Gate Ventures, has announced the first close of its inaugural MENA (Middle East and North Africa) fund at US$20 million.

The anchor investor is Al Khor Holding. Other Limited Partners are Al Attiya Group and former Qatar Prime Minister Sheikh Jassim Bin Jabor Al Thani.

The US$100-million Golden Gate Ventures MENA Fund I will focus on powering startups in key sectors such as alternative energy, greentech, B2B artificial intelligence, and energy-related deep tech, on top of fintech, healthtech, and edtech.

Also Read: Innovation on the rise: Southeast Asian startups secure impressive funding rounds

It is the first international VC fund to be established and managed in Qatar. Partner Michael Lints, who has moved there, will lead the operations of Golden Gate Ventures MENA Fund I.

In recent years, Qatar has been building its startup ecosystem with a supportive government, a strong push for economic diversification, a pro-business environment, and heavy investment in the startup space.

“MENA is emerging as a growing innovation hub, with Qatar rising as a beacon of progress. We see a real opportunity to drive a golden corridor of growth between Southeast Asia and MENA to help startups scale from one region to the other,” said Vinnie Lauria, Founding Partner at Golden Gate Ventures.

SEA has seen tremendous growth across these sectors and has launched several high-profile IPOs in the last decade. MENA’s trajectory is expected to follow that of SEA’s, and the connection of both regions is expected to have a multiplier effect on their growth.

Some high-profile startups in Golden Gate Ventures’s portfolio, namely CodaPay, Stripe, and Multiplier, have expanded to the Gulf.

Golden Gate Ventures’s SEA-MENA connection was established in the early days with QInvest, a Qatar-linked state fund as an LP in its Asia fund. Looking ahead, the firm expects to see more activity between the regions as the SEA ecosystem matures and the MENA ecosystem levels up as a global contender.

“Golden Gate Ventures has spent close to a decade curating our networks in MENA and building up our long-term strategy for the region – with the view of growing both SEA and MENA together – synergistically. We have connected the SEA and MENA startup ecosystems and hope to increase this manifold. There are opportunities for startups to scale between the regions and so many common areas of growth like climate tech, health tech and edtech,” said Lints.

Also Read: ‘Want VC funding? Your startup needs to be valued at least US$700M in 10 years’: Jeffrey Paine

At the announcement of the Golden Gate Ventures MENA Fund I, the firm also announced the launch of its Qatar startup ecosystem primer entitled ‘Qatar Rising: Where Ambition and Capital Converge’. It provides an insightful look at how different factors – its robust economic policy, investment landscape, startup ecosystem, talent pool and cultural influence – have converged in the last decade to position the Gulf state as a progressive global economy.

In the last two years, Golden Gate Ventures has expanded its presence by establishing its Vietnam operations in 2022, launching an office in Saudi Arabia in 2023 to tap into opportunities in the Middle East—Southeast Asia corridor, and adding a New York presence in recent months.

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At Creative for More, our digital marketing agency offers services ranging from social media marketing to content creation. Recognising the power of collaboration, we have actively expanded our network of partner agencies over the past two years to encompass areas outside our core expertise.

This strategy allows us to refer projects that don’t align with our specialities, ensuring clients receive the best possible service while we benefit from commissions through a structured referral system. This approach has not only broadened our service offerings but also redefined potential competitors as valuable collaborators, creating a sustainable advantage for all involved.

Initiating and strengthening the partnership

Our partnerships began with targeted cold outreach, followed by securing face-to-face meetings essential for building trust. We made a point of referring clients first to demonstrate our commitment to mutual success rather than just seeking benefits for ourselves.

We support our partners through regular communications, promoting both their services and ours via emails and social media. The primary challenges lay in establishing trust and ensuring consistent, open lines of communication—key factors in any successful partnership.

Key terms of our partnership agreements

Our partnership agreements are centred on mutual benefits: we negotiate commission rates for referrals and collaborate on marketing initiatives. These terms ensure that both sides are invested in each other’s success, fostering deeper commitment and enhancing collaborative efforts. We regularly review and adjust these terms to respond to changing market conditions and capabilities, keeping the partnerships dynamic and relevant.

Importance of partnerships in driving innovation and growth

Collaborative efforts allow for the sharing of knowledge and processes, which leads to mutual growth and innovation. This not only improves our offerings but also stimulates industry-wide advancement. In a field as dynamic as digital marketing, the ability to rapidly adapt and integrate new ideas is crucial, and collaborations facilitate this. 

A key takeaway has been the importance of seeing similar businesses as potential partners rather than competitors. This shift in perspective helps foster a positive internal culture and opens up new business opportunities. It has taught us the value of a flexible, open approach, which is vital for developing enduring collaborations. These experiences have encouraged us to actively seek and embrace new partnership opportunities, including with former team members who have started their own agencies.

Advice for startups based on our experience

• Begin with proactive outreach—identify and connect with companies that complement your services. 
• Personalise your communication to demonstrate a clear understanding and interest in their business. 
• Following initial contact, prioritise arranging a face-to-face meeting to solidify the relationship. 
• Demonstrating your commitment through actions, such as making the first referral, can lay a strong foundation for a successful partnership.

By leveraging these strategies, we have not only expanded our capabilities but also cultivated an ecosystem of mutual support and innovation, essential for sustained impact in our industry.

For startups looking to thrive in today’s dynamic markets, embracing such collaborations can be a decisive factor in achieving long-term success. This philosophy of openness and proactive partnership is not merely a strategy but a fundamental business practice that propels both our agency and our partners forward.

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Singapore-based online bookkeeping and accounting firm Osome has closed its over US$17 million Series B funding round from new and existing investors, including Illuminate, Ratio, Constructor Capital, and AltaIR.

With the new funding, Osome will enhance its product offerings for modern financial challenges, focusing on automation and AI components to better serve its customer base. The funds will also support marketing, customer service, and go-to-market efforts.

Founded in Singapore in 2017 by Victor Lysenko, Konstantin Lange, and Anton Roslo, Osome offers a full-fledged service that integrates software with the expertise of accountants, tax specialists, and corporate secretaries to handle financial administration. This way, it aims to disrupt the fragmented accounting and corporate services industry.

Also Read: Osome rakes in US$25M Series B to grow its accounting solutions beyond SG

The company claims to have increased its 2023 revenues while reducing its burn rate, moving closer to profitability. Osome reports commercial growth, serving over 13,000 SME customers and employing more than 400 staff across Singapore, Hong Kong, the UK, the Netherlands, the Philippines, and Malaysia. In 2023 alone, it claims to have helped over 2,500 new businesses go to market.

Lysenko, CEO and co-founder of Osome, said, “Asia’s seeing a funding winter, with companies carrying out mass layoff exercises and a much more challenging job environment. This means we’re seeing a record number of individuals turning to entrepreneurship. Osome truly believes the current downturn has catalysed more founders and entrepreneurs to realise their dreams of running their own businesses, and that’s what we are here for.”

In December 2022, the company raised US$25 million in a Series B round from investors, including Illuminate Financial, AFG Partners, and Winter Capital. This latest round brings Osome’s total funding since its 2017 founding to US$83 million.

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Fundraising or preparing your startup for fundraising? Build your investor network, search from 400+ SEA investors on e27, and get connected or get insights regarding fundraising. Try e27 Pro for free today.

Image credit: Osome

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In recent years, the digitisation of payment methods worldwide has been rapidly growing, with an increasing number of people using virtual payment methods.

According to data provided by Statista, the total transaction value in the digital payments market is projected to reach US$287.20bn during this year. The total transaction value is expected to show an annual growth rate (CAGR 2024-2028) of 9.77 per cent, resulting in a projected total amount of US$417.00bn by 2028.

This article analyses how the digital payments ecosystem is growing in the SEA region, driven by various factors, and what are some of the most commonly used payment methods in the region.

The most common virtual payment methods in Southeast Asia

Each country within the Southeast Asia region has cultures and populations with different demographic characteristics. Even so, it is possible to analyse and understand what some of the most used virtual payment methods in the region are.

Mobile wallets

In recent years, the mobile wallet market segment has grown rapidly in the Southeast Asia region.

According to Investopedia, a mobile wallet can be defined as “a mobile wallet that stores credit or debit card information on a mobile device, such as a smartphone, tablet, or smartwatch. Mobile wallets are a convenient way for you to buy things online or in stores that are set up to take payments through the wallet. They may also be more secure than physical payment cards because of the technology they use to protect your account information.”

This is how various companies such as Lineman, GrabPay, and DOKU have begun to offer millions of users across the region the possibility of having virtual wallets.

Claudio Cossio, Co- Founder of Meta Pool, said “Southeast Asia had a first mover advantage in regards to Digital payments; the big opportunity is how blockchain protocols add value to the super apps and/or compete with mobile offerings such as Saga and Jambo phones.”

Virtual credit cards

It is increasingly common to find companies and financial institutions that offer virtual credit or debit cards. These allow users to make payments for goods and services online and also in various applications such as Grab and Food Panda, among others.

Also Read: The future of payments in Singapore: From outages to innovation with BaaS

Cryptocurrencies

When choosing methods to make virtual payments, cryptocurrencies have positioned themselves as a growing option.

In this sense, more and more companies have begun to allow the payment of goods and services with cryptocurrencies, with the recent example of Grab incorporating cryptocurrencies as a means of payment.

Within the crypto market, stable cryptocurrencies are usually the most used when making payments.

Pavel Zavadskii, founder of Biqutex, added, “Cryptocurrencies are definitely one of the fastest growing methods of paying for goods and services in Asia, mainly due to low transaction fees. Also, one of the success factors is the absence of unnecessary regulatory barriers and, accordingly, the opportunity for any business to quickly start accepting payments in crypto”.

What are the main factors behind the growth of the crypto ecosystem?

We can find various economic, technological, and cultural factors behind the growth of digital payment methods in SEA; some of the main factors behind the growth are:

New technologies and infrastructure

In recent years, new technologies have impacted populations in various countries of the SEA region. Thanks to the advancement of 5G mobile infrastructure and faster internet connections, there has been an impact on the advancement of the use of digital payments.

E-commerce growth

With a booming e-commerce sector, there is a greater need for digital payment solutions that facilitate online transactions.

Financial inclusion

There are large numbers of people in the SEA region who still do not have access to the traditional financial system. Digital payments offered by startups and crypto companies have contributed to increasing levels of financial inclusion in the region, increasing the use of virtual payments.

Also Read: Cross-border payments: Can incumbent banks compete with fintechs in Asia?

Government support

Governments and regulators are actively promoting digital payments to build the necessary infrastructure for a sustainable digital economy.

A growing demand for digital payments

There is an increasingly larger demand for people who prefer not to use cash and have more secure and efficient payment methods. In this sense, this growing demand has rapidly impacted the growth of virtual payments.

The surge of cryptocurrencies

In recent years, the cryptocurrency market has grown drastically, moving from a market of a few to a massive market.

In this sense, the surge of the crypto market has had a significant impact on the change in consumer preferences, opting more and more to operate with cryptocurrencies instead of cash.

We can conclude by understanding that there are various types of virtual payment methods in the SEA region, which are being driven by economic, cultural, and technological factors.

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

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Nintendo, Atlus, and Capcom are just a few of the many giants in the global gaming industry. While they each produce different titles and IPs, one thing remains consistent between them all: they were founded in Asia, are successful in Asia, and are successful worldwide.

Zooming into Web3, Asia stands as a formidable region for the sector, representing a staggering 35 per cent of all blockchain activity.

Across the region, gaming companies of all sizes exhibit a clear, forward-thinking attitude, actively embracing and launching new genres of gaming within the Web3 space. Unlike viewing Web3 gaming as a mere hedge, Asian game studios are boldly spearheading this new frontier, reminiscent of their pioneering spirit at the forefront of the free-to-play and mobile gaming categories.

This proactive approach, despite encountering initial resistance from players and the industry, reflects Asia’s unwavering commitment to pushing boundaries and shaping the future of gaming.

A thriving ecosystem

Behind this remarkable statistic lies a thriving ecosystem fueled by substantial investments, with a staggering US$14.6 billion injected into the sector. Notably, over half of this investment comes from Asian venture capital firms, signalling a robust confidence in the potential of blockchain gaming.

Leading the charge is the visionary firm Animoca Brands, among others, championing innovation and driving growth in the sector. In addition, traditional gaming companies have already experimented with Web3 or digital assets, with some building their capabilities through subsidiaries to hone their expertise. 

Also Read: All hands on deck: How Iron Sail strengthens blockchain gaming ecosystem through collaboration

For some, the technology isn’t fully refined enough to be integrated into the triple AAA studio titles we all know and love, and it’s clear that while the region is quite literally ahead of the game, some development is still needed. Thus, the reassurance for investors comes in the form of varying factors, with a major emphasis on the thriving ecosystem of connections and innovation that is brewing in the region.

Government support steadily building

The surge of investor confidence in Asian blockchain gaming ventures is further buoyed by the proactive stance of governments in the region. Countries like Malaysia, Japan, and Singapore have demonstrated a willingness to embrace blockchain technology, implementing policies aimed at fostering its expansion.

 In Japan, Prime Minister Fumio Kishida has even proclaimed web3 as the new form of capitalism, with NFTs being one of the five key areas of national business interest. This endorsement from the highest levels of government underscores the country’s commitment to fostering innovation in the blockchain gaming sector.

Additionally, Malaysia has spearheaded new initiatives, with organisations like the Malaysia Digital Economy Corporation (MDEC) collaborating with web3 gaming startups. This collaborative approach between government agencies and the private sector is instrumental in creating a conducive environment for the growth and development of the blockchain gaming industry in Malaysia.

Current state of play

Artificial intelligence (AI) and gaming-related Web3 protocols have emerged as the frontrunners, capturing the lion’s share of investments. This trend signifies a significant shift in venture capital sentiment, marking the first increase in investments in over a year.

The revival of enthusiasm among venture capitalists for Web3, particularly in AI and gaming, speaks volumes about the sector’s potential and the promising future it holds. In the first quarter of 2024, there has been a staggering 55 per cent increase in Web3 investment, with a 36 per cent increase in the number of venture deals.

As traditional gaming industries and tech sectors face layoffs and uncertainties, the rise of Web3 gaming emerges as a beacon of hope for talent worldwide. The allure of this burgeoning sector has indeed attracted top-tier professionals from diverse backgrounds, eager to contribute their expertise to its evolution and success.

One case study illustrating this trend is the rapid growth of talent acquisition in blockchain gaming companies such as Axie Infinity and Decentraland. These companies have successfully attracted top talent from traditional gaming giants like Electronic Arts and Ubisoft, as well as tech giants like Google and Facebook. This influx of talent not only brings diverse skill sets but also fosters a culture of innovation and collaboration within the Web3 gaming ecosystem.

Looking at 2024, the state of play could not be clearer given the recent layoffs in January and February, with game development talent not only exploring pivoting to Web3 studios but are rather pivoting to Asian Web3 game studios. The reason? The region, ecosystem and development of these studios far surpass those based in the West.

Also Read: Web3 gaming: The next big thing in online entertainment

Moreover, the rise of remote work and decentralised teams has further facilitated the recruitment of talent from across the globe. This enables Web3 gaming companies to tap into a global pool of talent, regardless of geographical boundaries. As a result, the Web3 gaming sector continues to attract skilled professionals, driving innovation and pushing the boundaries of what’s possible in blockchain gaming.

East vs West: What really matters?

Navigating the diverse consumer landscape in Asian countries presents a unique set of challenges and opportunities for blockchain gaming entities. Consumer tastes and preferences in regions like Japan, South Korea, and China diverge significantly from those in the West, necessitating a nuanced approach to game development and distribution. Understanding and catering to local tastes and preferences are critical for success in these markets.

One striking example of the importance of cultural adaptation is the success of Genshin Impact, developed by Chinese game developer miHoYo. Despite being a free-to-play game, Genshin Impact generated over US$1 billion in revenue within six months of its release, largely due to its appeal to both domestic and international audiences. The game’s art style, characters, and storytelling resonate with players worldwide, demonstrating the power of cultural relevance in game development.

In conclusion

As Asia’s dominance in the Web3 gaming sector continues to solidify, it is evident that the region plays a pivotal role in shaping the future of blockchain gaming on a global scale. With Web3 gaming representing a staggering 35 per cent of all blockchain activity, Asia stands as a formidable force in the sector, driving innovation and pushing boundaries.

With investor confidence reaching the heights of 2021 and the region propelling the industry’s trajectory, one thing is clear: Asia’s dominance in the Web3 gaming sector will continue to rise and potentially monopolise the market for years to come.

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The post Why Asia is dominating the fight for Web3 gaming appeared first on e27.

Dear reader,

The recent lawsuit by TikTok creators against President Biden’s law to force TikTok’s divestiture or ban highlights a critical conflict between national security concerns and free speech rights.

These creators, spanning diverse backgrounds and professions, argue that TikTok is an essential platform for their livelihoods and a unique medium for expression and community building.

The law, signed in April, aims to address potential national security risks posed by TikTok’s Chinese ownership.

However, the creators’ suit contends that the law overreaches, threatening to shutter a vital communication platform that serves 170 million Americans. This legal battle underscores the broader tension between the U.S. and China over technology and data security.

While the government maintains that the law addresses legitimate security concerns, critics argue that the measures are speculative and unnecessarily broad. Previous attempts to ban TikTok under the Trump administration were blocked by courts, suggesting a complex legal landscape ahead.

As the US grapples with protecting national security without infringing on constitutional rights, this case could set significant precedents for the future of digital platforms and international tech policy.

The outcome will likely have far-reaching implications for tech regulation, user rights, and US-China relations.

Sainul,
Editor.

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NEWS

TikTok creators file suit to block US divestment or ban law
The TikTok users suing include a Texas Marine Corps veteran who sells his ranch products, a Tennessee woman selling cookies and discussing parenting, and a North Dakota college coach who makes sports commentary videos.

Uber Eats to acquire foodpanda delivery business in Taiwan for US$950M
Once completed, the foodpanda deal would be one of the largest international acquisitions in Taiwan outside the semiconductor industry; Separately, Uber will purchase US$300M in newly issued ordinary shares of Delivery Hero.

Grab records all-time adjusted EBITDA high for Q1
The firm hit US$62M in adjusted EBITDA, a US$129M improvement year on year; CFO Peter Oey said the company has repurchased US$97M worth of class A ordinary shares in March.

Golden Gate Ventures launches US$100M MENA fund in Qatar
Golden Gate Ventures sees an opportunity to drive a golden corridor of growth between SEA and MENA to help startups scale from one region to the other; The fund will invest in alternative energy, greentech, B2B AI, and energy-related deep tech.

Bookkeeping startup Osome closes US$17M Series B round
The investors are Illuminate, Ratio, Constructor Capital, and AltaIR. The startup will enhance its product offerings for modern financial challenges, focusing on automation and AI components to better serve its customer base.

Temasek-backed Allozymes secures US$15M for European expansion
The round was led by Seventure Partners and Xora Innovation; Allozymes is known for its enzyme screening platform, which can analyze over 20M variants a day; This tech allows the company to develop enzymes tailored for specific industrial applications.

Digital behaviour aggregator Sqreem acquires ad network for youth TotallyAwesome
Sqreem will integrate TotallyAwesome’s reach of over 900M users and human-curated whitelists with its proprietary AI technology to produce enhanced, precision-targeted web environments for young users and their families.

Solana-based decentralised exchange Zeta Markets scores US$5M funding
The investors are Electric Capital, with participation from DACM, Selini Capital, and Airtree Ventures; Zeta Markets aims to achieve the performance of a centralised exchange while maintaining the security and self-custodial nature of a decentralised exchange.

Global port operator PSA leads VFlowTech’s Series A extension round
VFlowTech will use the capital to expand into hybrid energy storage solutions, expand its manufacturing capacity and increase R&D activities; In addition to its current facility in Singapore, VFlowTech is also expanding its manufacturing capabilities in India.

SBI Ven Capital joins Singapore Web3 infra startup Chainstack’s strategic round
The other backers are Sygnum, Azimut Group, Unicorn Factory Ventures, and Ventech Ventures; Chainstack enables companies to cut down the time to market, costs and risks associated with creating and scaling decentralised applications.

OpenAI founding scientist Ilya Sutskever is leaving the firm
The announcement comes just a day after OpenAI unveiled GPT-4 omni (GPT-4o), the first version of its advanced AI model, which can accept input in any combination of text, audio, and image and respond using a combination of these media.

IPO-bound Indian insurtech firm Go Digit bags US$141M
The investors include Fidelity, Goldman Sachs, Morgan Stanley, and Abu Dhabi Investment Authority; Go Digit sells auto, health, travel, and accidental insurance; It has 43M+ customers and issued a total of 8M policies so far.

FEATURES

‘GovTech Edu wants to become a thinking partner of Indonesian government, not a feature factory’
The company goes beyond mere feature development and brings findings and recommendations for appropriate technology interventions based on an in-depth understanding of the problem space.

From Amazon to AI: How GenAI Fund fuels innovation in SEA through a unique model
GenAI Fund is a US$10M AI-focused fund based in Vietnam that aims to invest between US$50,000 and US$1M per startup.

How Philippines’s social media savvy population delivers growth for tech startup ecosystem
The startup ecosystem in the Philippines has shown signs of reaching maturity, especially when compared to seven to 10 years ago, with more corporations trusting startups to be their vendors or suppliers.

How Patsnap aims to lead the way in AI innovation with its in-house model development
Unlike many others, Patsnap develops its models rather than relying on external organisations such as OpenAI.

The next big things in AI: Why Enterprise GPT and inclusion are going to take centre stage
‘If you think about any business and divide it based on how much work is done by labour, machines, and systems, then you can find the right interventions to use Generative AI,” says Dr. Addo AI CEO Ayesha Khanna.

The future of fintech innovation will be a constant dance between progress and security: AND Global
AI enables real-time analysis and automated responses to potential fraud and it has the ability to adapt and learn from new fraud patterns continuously.

Navigating the gender divide in Southeast Asia’s fintech landscape
Women hold just 13 per cent of management, board, and investor roles across early-stage to public companies within the fintech ecosystem.

FROM OUR CONTRIBUTORS

What living with the Big C has taught me about Web3 (Part 1)
Discover the journey of resilience as a tech enthusiast navigates life with a rare diagnosis, uncovering insights from the world of Web3 and cancer survival along the way.

The art of AI integration: Growing your business with chatbots and human expertise
By learning how to balance AI integration and human touch, businesses will be able to handle complexities and be more customer-focused.

Why AI needs context and curiosity, not toxic positivity
Savvy data practitioners now realise that governance, while never sexy, has taken on a new and heightened importance in the age of AI.

Stronger together: How partnerships drive innovation, impact, and success
Partnerships can boost engagement, resulting in increased participation, funding, and overall success in achieving shared objectives.

Malaysia’s digital dilemma: Stuck in the past or embracing the future?
Malaysian businesses can emulate successful strategies from global rivals by integrating martech systems into their operations.

Strategies for Singapore businesses to thrive in the face of workforce and inflation
Singapore’s businesses can leverage the region’s youthful population, growing affluence, and rapid tech adoption for significant market opportunities.

Blockchain to the rescue: How tech can combat food waste and secure our food supply
Blockchain holds immense promise in revolutionising food production, consumption, and distribution, addressing critical industry challenges.

Crafting a winning healthtech pitch deck: The insider’s guide to attracting investors in 2024
To avoid missing your shot, take time to clean up your pitch deck of common mistakes and craft a powerful investment story.

With AI comes huge reputational risks: How businesses can navigate the ChatGPT era
Navigating the benefits of AI technology requires balancing its advantages with the need to mitigate reputational risks.

FROM THE ARCHIVES

Understanding the role of fintech, blockchain in transitioning to net zero
This includes the technological know-how that is believed to be “pivotal” in developing and funding innovations to support net-zero transition.

Cross-border payments: Can incumbent banks compete with fintechs in Asia?
Those who embrace next-gen technologies and allow evolution in the way they operate will be able to win the cross-border payments battle against fintechs.

Asia’s fintech frontier: Strategising the race to crown the next financial innovation capital
Competition in Asia’s fintech sector intensifies, highlighted by the dominance of the region’s megacities in global fintech rankings.

Fintech’s hidden power: Women leading the charge for a more equitable future
To unlock the economy’s full potential, financial services must cater to diverse needs, including those of women.

6 common questions about establishing a fintech company in Vietnam
Vietnam’s market is growing for business, here are some of the laws that companies need to follow while establishing their company.

Unlocking Southeast Asia’s financial potential with AI-powered fintech
Besides core financial services, SEA has experienced the rise of novel finance apps and new methods of generating online income.

After 17 years, DOKU aims to maintain relevance in the Indonesian fintech landscape
DOKU provides a complete suite of online and offline payment solutions, serving over 150,000 merchants across many industries.

Singapore Budget 2024: For startups, talents and funding remain key challenges this year
The Singapore Budget 2024 aims to “keep Singapore moving forward”. But what are the biggest concerns for the startup ecosystem today?

Demystify cybersecurity: EPP vs EDR vs MDR vs XDR
This article aims to simplify your cybersecurity understanding of these solutions using clear and relatable analogies.

Securing the future of IoT: Why attack surface management is key
Implementing an effective ASM strategy goes a long way to enabling firms to pursue ambitious IoT strategies without creating unnecessary risk.

—

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When it comes to tackling challenges related to climate change, entrepreneurs in the climate tech space are aware of the uniqueness of the problem faced by each market in Southeast Asia (SEA).

In terms of funding, there are also more opportunities available for solutions that focus on risk mitigation.

“[Funding opportunities] talk about how we will solve this problem and build something to solve these problems. Now, speaking from the perspective of air pollution lens, solving the air pollution problem takes 10 to 30 years, even 40 to 60 years,” explained Piotr Jakubowski, Co-Founder & Chief Growth Officer nafas – Jakarta Air Quality, on the first day of Echelon X at Singapore Expo on May 15.

As a co-founder of a climate tech startup that helps detect the quality of air in major SEA cities such as Jakarta, Jakubowski stressed the importance of solving a problem in the long term. Still, there was also an urgency to tackle present-day problems—which he described as “what to do in between”—as the other solutions may take decades to develop and authorise.

“It is something that we need to think about. Our perspective is that we do not just need tomorrow’s solutions to solve today’s problems. We also need today’s solutions to solve today’s problems while we wait for tomorrow’s things to materialise,” he said.

Also Read: Eco-investing: Driving change through climate technology and strategic finance

Between impact and profit

In the panel discussion “Green Horizons: Climate Tech Innovations Solving Asia’s Challenges,” moderator Zal Dastur, Founder and Managing Director at Grange Management, asked the panellists—a mix of climate tech entrepreneurs and investors—how to balance making revenue and creating impact.

According to Ernest Xue, Investment Director at Eurazeo, climate tech investment has had its own ups and downs. In fact, for Eurazeo, there is only one company in the hydrogen space that they invested in that is growing well after the solar power boom in the 2010s.

“I think we are a lot more attuned to the operating and regulatory environment where the companies operate,” he said. We have become more attuned to unforeseen market forces.”

For Vertex Ventures Southeast Asia & India, which is not a climate or impact fund, investing in climate tech has its own meaning.

“We look across all sectors and its potential returns for our LPs. It is the ultimate north star. So, we will not underwrite any opportunity that we do not think can give us outsized returns,” said Pui Yan Leung, Partner at Vertex Ventures Southeast Asia and India.

Also Read: Beyond buzzwords: How climate tech startups can create an impact in green recovery

“What we have done over the years is integrate ESG practices into how we look at investment opportunity. So, for every single opportunity, whether it is climate impact or not, we apply the ESG view to ensure that there are no red flags concerning environmental, social and governance issues … We must believe that the go-to-market strategy is solid enough to capture that opportunity. We must believe that a founder has the right background and motivation to carry out the vision and that the competitive landscape is okay enough for a company to thrive.”

When it comes to the role of government in supporting climate tech investment, how far can entrepreneurs and investors expect help from them?

Nicole Ngeow, Director at Prudence Foundation, believed that, given the complexity of the issues being solved, entrepreneurs and investors simply could not remove the government from the equation.

“In my work experience, the government plays two roles. They could be concurrent roles, or they could be separate roles. The first role is to provide an enabling environment, whether it is through regulations or policies to encourage the green tech ecosystem,” Ngeow said.

“The other role they could play is the implementer because a government is the government; it governs the country. It implements many of the policies on the ground and in the public sector as well. There are things that the government does best, and there are things that the NGO or the private sector can do. But it has to come into a form of collaboration, partnership, and understanding.”

Echelon X was held on May 15-16 at Singapore Expo Hall 2. The event aims to empower startups, investors, corporates, SMEs, government institutions, and other ecosystem stakeholders with tools and insights. This year, it features 150 speakers and four stages.

The post Collaboration and a sense of urgency: What it takes to support climate tech startups in Southeast Asia appeared first on e27.

In the bustling tech landscape of Southeast Asia, startups and investment activities continue to drive innovation and economic growth.

This week, several significant developments highlight the region’s dynamic entrepreneurial spirit. Singapore-based Linnovate Partners secured a substantial US$40 million in funding from Seatown Private Capital Master Fund, fuelling its expansion in asset servicing and fintech solutions for alternative investments.

Indonesian carbon management platform Jejakin raised US$2.7 million to enhance R&D and market presence, while Uber Technologies inked a deal to acquire foodpanda’s delivery business in Taiwan for US$950 million. Singapore’s VFlowTech extended its Series A round to scale its vanadium-based redox flow battery operations, and Solana-based Zeta Markets closed a US$5 million funding round to enhance its decentralized exchange.

Other notable highlights include Sqreem Technologies’ acquisition of digital ad network TotallyAwesome, Chainstack’s strategic investment, and Golden Gate Ventures’s launch of a US$100 million MENA fund.

Join us as we delve into these transformative updates reshaping the Southeast Asian tech ecosystem.

Linnovate Partners bags US$40M funding

Singapore-based Linnovate Partners, an asset servicing and fintech company for the alternative investment industry, has received a US$40 million funding commitment led by Temasek-owned SeaTown Private Capital Master Fund.

This capital infusion will enable Linnovate to scale operations and drive innovation.

Founded in 2016, Linnovate Partners focuses on driving innovation in the alternative investments industry. Its private equity and venture capital clients leverage its technology-enabled asset servicing solutions to enhance their operations through its core services: fund administration, investor relations, regulatory compliance, portfolio monitoring, reporting services, and consulting services. These services are powered by its cloud-based platform RAISE.

Jejakin raises US$2.7M

Jejakin, an Indonesian-based carbon management platform, has secured US$2.7 million in a funding round from Bhinneka Power, Indogen Capital, SMDV, and East Ventures.

The capital will be mainly invested in R&D, technological improvement, and market growth.

Jejakin was founded in 2018 by Arfan Arlanda, Sudono Salim (CGO), Andreas Djingga (COO), and Haris Iskandar (Chief of Sustainability and Climate Change) with a mission to make a positive impact on the environment.

The startup offers AI and IoT-based solutions that help companies achieve zero emissions targets. The integrated Jejakin platform allows companies to carry out emission calculations from operational activities. It makes it easier to determine, execute, and report their sustainability plans, including nature-based and carbon-related projects, thus helping companies reduce their emissions.

Uber Eats to acquire foodpanda’s delivery biz in Taiwan

Global ride-hailing giant Uber Technologies has signed an agreement to acquire foodpanda’s delivery business in Taiwan from Delivery Hero for US$950 million in cash.

The deal is expected to close in H1 2025. Until then, Delivery Hero will continue to operate foodpanda Taiwan. The acquisition is subject to regulatory approval and other customary closing conditions.

The deal will combine Uber’s expertise in running a marketplace with foodpanda’s extensive coverage across Taiwan and its relationships with local brands.

VFlowTech secures Series A extension round

VFlowTech, a vanadium-based redox flow (VRF) battery company in Singapore, has extended its Series A round by raising investment from PSA Unboxed, the external innovation and corporate VC arm of global port operator PSA International.

The startup will use the capital to expand into hybrid energy storage solutions, expand its manufacturing capacity and increase R&D activities. In addition to its current facility in Singapore, VFlowTech is also expanding its manufacturing capabilities in India.

VFlowTech was established in 2018 by Kumar (CEO) and Dr Arjun Bhattarai (CTO) in collaboration with Entrepreneur First, with support from SG Innovate and the Nanyang Technological University, Singapore.

Zeta Markets closes US$5M funding round

Zeta Markets, a Solana-based decentralised exchange for on-chain perpetuals, has closed a US$5 million strategic funding round led by Electric Capital, with participation from DACM, Selini Capital, and Airtree Ventures.

Prominent angel investors also joined, including Anatoly Yakovenko of Solana, Mert Mumtaz of Helius, Richard Wu of Tensor, Marius Ciubotariu of Kamino, Stepan Simkin of Squads, Alex Smirnov of Debridge, Genia Mikhalchenko of Pyth, Nom of Bonk, and JMR Luna of Wintermute.

Zeta Markets claims to have seen significant growth, crossing US$6 billion in total trading volume and over 100,000 monthly active users.

“At Zeta Markets, our aim is to craft the ultimate one-stop trading platform, where users can benefit from the transparency of DeFi without having to sacrifice convenience and speed. This raise helps accelerate our current momentum and deliver an order of magnitude improvement via a ground-up redesign of our DEX,” said Tristan Frizza, Founder of Zeta Markets.

Sqreem acquires TotallyAwesome

Singapore-headquartered digital behaviour aggregator Sqreem Technologies has acquired TotallyAwesome, an advanced digital advertising network for kids, teens, and families.

The details of the transaction remain undisclosed.

Post-acquisition, Sqreem will integrate TotallyAwesome’s reach of over 900 million users and human-curated whitelists with its proprietary artificial intelligence (AI) technology to “produce enhanced, precision-targeted web environments” for young users and their families.

Chainstack rakes in strategic funding

Singapore-based Web3 infrastructure provider Chainstack has secured an undisclosed sum in strategic investment.

The investors are SBI Ven Capital, Sygnum, Azimut Group, Unicorn Factory Ventures, and Ventech Ventures.

Founded in 2018, Chainstack offers a suite of services connecting developers with Web3 infrastructure, powering applications in DeFi, NFT, gaming, and analytics. Chainstack enables companies (from startups to large enterprises) to cut down the time to market, costs and risks associated with creating and scaling decentralised applications.

Chainstack’s offerings encompass integrations with over 25 public blockchains, four consortium networks, four appchain protocols, and partnerships with all major cloud providers. It serves over 100,000 Web3 developers.

Golden Gate Ventures launches US$100M MENA Fund

Singapore’s leading VC firm, Golden Gate Ventures, has announced the first close of its inaugural MENA (Middle East and North Africa) fund at US$20 million.

The anchor investor is Al Khor Holding. Other Limited Partners are Al Attiya Group and former Qatar Prime Minister Sheikh Jassim Bin Jabor Al Thani.

The US$100-million Golden Gate Ventures MENA Fund I will focus on powering startups in key sectors such as alternative energy, greentech, B2B artificial intelligence, and energy-related deep tech, on top of fintech, healthtech, and edtech.

Osome closes US$17M Series B round

Singapore-based online bookkeeping and accounting firm Osome has closed its over US$17 million Series B funding round from new and existing investors, including Illuminate, Ratio, Constructor Capital, and AltaIR.

With the new funding, Osome will enhance its product offerings for modern financial challenges, focusing on automation and AI components to better serve its customer base. The funds will also support marketing, customer service, and go-to-market efforts.

Founded in Singapore in 2017 by Victor Lysenko, Konstantin Lange, and Anton Roslo, Osome offers a full-fledged service that integrates software with the expertise of accountants, tax specialists, and corporate secretaries to handle financial administration. This way, it aims to disrupt the fragmented accounting and corporate services industry.

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