When I first began experiencing hair loss as a university student, I found myself frustrated with the lack of accessible, effective solutions for precise scalp analysis and personalised hair care. That personal struggle became the spark that led to the creation of Lushair Scalp Explorer, an AI-powered device that I hope will transform the way people care for their hair and scalp.

My journey started while I was still a student at Zhejiang University in China. Together with two classmates, I began working on an ambitious idea: developing a device that could offer highly accurate diagnostics and tailored recommendations for scalp health. Our academic backgrounds in biology, AI, and engineering came together perfectly for this project, but translating that knowledge into a working device was anything but simple.

After graduating, I moved to Singapore and launched Genpulse, the company behind Lushair. With the support of the Graduate Research Innovation Programme by NUS Enterprise, my team and I embarked on a two-year development process that was as challenging as it was rewarding.

One of our biggest hurdles was sourcing the right data to train our AI algorithms; a diverse set of scalp images was essential for accuracy. Partnering with Hangzhou First People’s Hospital and over 200 salons in China, we gathered more than 22,000 scalp images, which allowed us to fine-tune our technology to deliver results that align with clinical standards.

Also Read: How mental health startup Intellect’s founder catalysed his personal battle with anxiety

In April 2024, we launched Lushair Scalp Explorer in Singapore, and the response has been beyond our expectations. Within two months, we broke into the Asia-Pacific market, received orders from the United States, and achieved over US$10,000 in revenue.

Priced at US$129, the device is available online, allowing users to access a professional-grade scalp analysis experience from the comfort of home. Lushair analyses 16 different metrics in just four seconds, providing insights into follicle density, white hair ratio, damage state, and more.

But my vision for Genpulse extends beyond hair care. We’re now developing diagnostic tools and treatments for other skin conditions, including acne and eczema, with plans to expand into the North American market. I’m inspired by the idea that advanced diagnostics should be accessible to everyone, empowering individuals to take control of their skin health with tailored solutions.

This journey hasn’t been easy, but it’s taught me the power of perseverance and resilience. I often think of Elon Musk’s words, “When something is important enough, you do it even if the odds are not in your favour.” Despite the obstacles, I am committed to bringing Lushair to as many people as possible, inspiring other young innovators along the way.

With Lushair, I want to change the way people approach hair and skin care, making it accessible, personalised, and backed by science. This is just the beginning of what I hope will be a transformative journey for beauty and health care worldwide.

—

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I discussed the perils of implementing a Lift and Shift approach in a recent article about “Cloud Value Realisation (CVR)”. Increasing cloud infrastructure costs due to monolithic applications being unable to leverage cloud-native scaling is one of the biggest challenges technology executives face.

FinOps has been posited as a white knight to solve this problem and has resulted in a myth that implementing FinOps automatically reduces cloud infrastructure costs.

This article breaks this myth and makes a case for leveraging FinOps to understand cloud spending and how to profit by deriving business value from cloud investments instead of focusing on reducing costs.

Implementing FinOps may increase cloud infrastructure costs, but it provides tremendous benefits such as revenue growth, understanding where investment dollars are spent, and matching investments to direct business outcomes.

Problem statement

Technology executives are facing the following three big challenges in managing cloud costs:

• Lack of governance: Having no link between cloud infrastructure and business outcomes creates a challenge to justifying cloud investments.
• Overspending: Technical resources spin up infrastructure which is difficult to track because hyper-scalers have thousands of SKUs with constant changes in pricing models.
• No single pane of glass: Technology executives find it very difficult to budget, forecast, monitor, and control consumption because it is a big challenge to create a single dashboard by consolidating information from different hyper-scalers. This problem is exacerbated because each hyper-scaler has variable pricing models, there is no standardisation of billing models, and tagging/ allocating costs internally implies the need to navigate through internal organisational dynamics.

FinOps is an evolving cloud financial management discipline and cultural practice that enables organisations to get maximum business value by helping engineering, finance, technology and business teams to collaborate on data-driven spending decisions.

Also Read: Exploring the rise of finance-as-a-service in APAC

The most important goal of FinOps is to bring accountability to cloud spending by providing information to business and engineering teams for making investment trade-offs between time to market, quality, and costs.

Steps to implement FinOps

Based on discussions with numerous C-level executives, I recommend that organisations start with the following three steps to implement FinOps:

Step 1: Create and empower a core team

A cross-functional team comprised of business leaders, finance team members, IT/engineering team, and FinOps practitioners must lead the way to derive business value from cloud investments. This cross-functional group is responsible for calculating cloud costs, tagging cloud resources, monitoring where cloud investments are focused, mapping investments to business outcomes, and, most importantly, breaking down silos to get a unified perspective.

Step 2: Shift the mindset of business and technology teams

During a lift & shift exercise, IT teams may focus on the speed of delivery and leveraging cloud computing but ignore cost-related matters, such as the impact a product enhancement or modification might have on cloud investment. Similarly, business teams may not be keen to understand the cost of implementing new functionality because they want a faster time to market.

Mindsets must be shifted for business, IT, and finance teams to design and develop software with costs in mind and tie these costs to business objectives. The cross-functional team must be able to justify the business benefits of adding a new product feature when compared to additional cloud infrastructure costs needed to implement the functionality.

The team can then properly make the necessary trade-off decisions ensuring business value is created daily.

Step 3: Create a framework to understand cloud investments

The cross-functional FinOps team must create a framework to understand cloud infrastructure spending and determine whether cloud resources are being used cost-effectively to derive business value. FinOps presents a big data challenge because there is a huge amount of data to reconcile across multiple hyper-scalers.

Each hyper-scaler creates a unique line-item charge every second a cloud service runs, resulting in a bill with more than a million line items. The core team must dive into these large data sets, reconcile them, and understand cloud costs and business benefits. The results of this framework should be shared as regular reports which are easy to understand by business, technology, and finance teams to make the right decisions.

How FinOps enables “money-making” instead of focusing on “cost savings”

FinOps provides organisations with tools and data to leverage the cloud for increasing business value via a real-time account of which cloud investments are delivering the biggest business results.

It also highlights areas that can do a better job of optimising cloud resources, such as shutting down idle resources or infrastructure not yielding forecasted revenue growth/profits. Cloud consumption then becomes more efficient and creates a mindset that extra consumption is tied to revenue generation, adding more customers, or increasing customer satisfaction.

Also Read: Bridging the gender gap and boosting women entrepreneurship with embedded finance

FinOps also democratise information and gives power to the team working at the ground level to make decisions about whether provisioned resources are producing sufficient business value and adjust those resources for an immediate financial impact.

Teams can measure the impact of that spending and take corrective actions such as improving time to market, adding new functionalities with existing resources, or leveraging hyper-scaler innovation to build new products.

Call to action

Create a centralised team to drive FinOps

The FinOps core team must be cross-functional, consisting of leaders from finance, business, and IT to drive best practices through the creation of easy-to-use reports that map cloud investment to any business value created.

They also focus on rate optimisations through commitment-based/ enterprise discounts and by shutting down idle resources that are not delivering business value.

Drive decisions by the business value of the cloud

A FinOps practice maximises the impact of cloud investments on business outcomes. This may result in spending more to drive innovation by leveraging hyper-scalers. It is critical to deliberately decide on increasing cloud spending instead of allowing spending to creep up slowly with an engineering team that may create more cloud resources that do not deliver business value.

FinOps reports providing enough data to make informed decisions on how to optimise cloud spending for various business priorities.

Create a framework providing timely and accessible FinOps reports

Today, cloud vendors provide cost data on a real-time basis using per-second compute resource billing. Business and engineering teams need self-serve access to cloud usage reports to understand the impact of infrastructure decisions.

This leads to an “ownership mindset” where everyone is accountable for deriving business value from cloud spending.

—

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Image credit: Canva Pro

This article was first published on June 12, 2023

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This article reflects my time as an Entrepreneur in Residence at Digital Dialogue Company Limited. I’ve been privileged to participate in the creation of an innovative business platform designed to tackle the pain points associated with fragmented carbon data analysis.

Our mission is to provide organisations with the predictive big data analytical tools they need to accurately quantify their carbon emissions, enabling stakeholders to develop effective ESG strategies for reducing their carbon footprints and transitioning towards renewable energy sources globally. 

In an era where climate change poses an existential threat, accurately tracking carbon emissions has become paramount for businesses worldwide. Organisations are striving to understand and mitigate their environmental impact, yet fragmented data analysis continues to be a significant hurdle. Recognising this pressing challenge, Digital Dialogue Company Limited is developing a robust platform to revolutionise carbon emission accounting.

Understanding the role of GHG accounting

Greenhouse Gas (GHG) accounting is a critical component of the global carbon accounting system, providing a framework for measuring and managing emissions. This process involves quantifying emissions from various sources, including direct emissions from owned or controlled sources (Scope 1), indirect emissions from the generation of purchased electricity (Scope 2), and all other indirect emissions that occur in a company’s value chain (Scope 3). Accurate GHG accounting is essential for identifying emission hotspots, setting reduction targets, and tracking progress over time.

The imperative of accurate carbon accounting

Carbon accounting is a systematic approach to measuring and managing GHG emissions. Carbon accounting—a systematic approach to quantifying carbon emissions—is essential for organisations aiming to understand and mitigate their environmental impact.

It serves as the foundation for developing effective strategies to reduce carbon footprints. It is the foundation for organisations to identify emission hotspots, set reduction targets, and monitor progress over time. Despite its importance, carbon accounting faces significant challenges:

• Data fragmentation: Emissions data often come from diverse sources and formats, leading to inconsistencies.
• Scope 3 emissions complexity: Tracking indirect emissions across supply chains is intricately daunting. According to a Sphera Scope 3 Global Survey Report 2024, 59 per cent of companies struggle with external data quality, and 43 per cent find it challenging to quantify these emissions accurately.
• Resource intensiveness: Collecting and standardising extensive data can be resource-heavy and time-consuming.

Rising emissions amid global goals

The annual Global Carbon Budget report projects that carbon dioxide emissions from fossil fuels will reach a record 37.4 billion metric tons in 2024—a 0.8 per cent increase from the previous year. When including emissions from land-use changes, total emissions are estimated to rise to 41.6 billion metric tons. This trend jeopardises global targets established by the 2015 Paris Agreement to limit global warming.

Also Read: As the demand for energy soars, climate tech is here to save the day

The role of big data and machine learning

To address the complexities of carbon accounting, integrating advanced technologies is essential:

• Big data analytics: Harnessing vast volumes of data allows for real-time, auditable emissions tracking. Big data facilitates the development of robust carbon markets, projected to save an estimated US$250 billion annually by 2030 in climate action implementation.
• Machine learning algorithms: These tools can identify patterns and drivers of carbon emissions, processing factors like economic activities, policy interventions, and external influences. For instance, machine learning models have outperformed traditional methods in predicting emissions in 254 Chinese cities from 2011 to 2020 (Scientific Reports volume 14, Article number: 23609).

This synergy between big data and machine learning enhances the precision and reliability of emissions data, contributing to more effective climate change mitigation strategies. The effectiveness of green finance hinges on high-quality emissions data. Accurate carbon accounting is crucial for building stakeholder trust and attracting green investments with best practices in reporting standards.

Green finance: Catalysing sustainable transition

Green finance plays a pivotal role in advancing renewable energy projects by providing essential funding mechanisms:

• Green bonds: Effective in financing large-scale renewable projects in emerging markets, green bonds reduce reliance on fossil fuels. In E7 countries, these bonds have facilitated investments in solar, wind, and hydroelectric power.
• Economic resilience: By encouraging environmentally friendly investments, green finance fosters new markets and job creation, contributing to financial stability.

By prioritising data sustainability, organisations can significantly improve the integrity of their carbon accounting processes. Ensuring that emissions data is accurate, reliable, and consistent over time allows businesses to make informed decisions to reduce their carbon footprints effectively. Robust data management practices and advanced analytics provide actionable insights, enabling companies to optimise their sustainability strategies and contribute meaningfully to global climate goals.

Enhancing data sustainability is critical for effective carbon accounting:

• Accuracy and reliability: Implementing robust data management ensures that emissions calculations are consistent over time.
• Advanced analytics: Leveraging analytics provides actionable insights, enabling companies to make informed decisions to reduce their carbon footprints.

By prioritising data sustainability, organisations can improve the integrity of their carbon accounting processes.

Driving change through transparency

Corporate climate disclosures are becoming both regulatory requirements and strategic tools:

• Building trust: Transparent reporting of GHG emissions and reduction initiatives enhances reputation and stakeholder confidence.
• Strategic alignment: Disclosures offer insights into climate-related risks and opportunities, allowing companies to align business strategies with global sustainability goals.

Also Read: Balancing economic growth and climate action: Decarbonising SEA’s built environment

At Digital Dialogue, we’re addressing the fragmentation in carbon emission data analysis by developing a platform that leverages:

• Centralised data integration: Our platform consolidates data from various sources, providing a holistic emissions overview.
• Advanced analytics and machine learning: We utilise these technologies to identify emission patterns, predict trends, and optimise reduction strategies.
• User-friendly interface: The platform is designed for ease of use, enabling organisations to track and manage emissions effortlessly.
• Regulatory compliance support: We ensure that companies meet international standards and best practices in GHG accounting.

Renewable energy: A beacon of hope and challenge

The International Energy Agency’s (IEA) Renewables 2024 Report offers a promising outlook, projecting a 2.7-fold increase in global renewable capacity by 2030. The significant growth is propelled by the cost-competitiveness of renewables and supportive policies in over 140 countries.

However, financial barriers, especially in developing nations, could impede the widespread adoption of renewable technologies.

Similarly, the UN Environment Programme’s Climate Technology Progress Report emphasises the need to triple renewable energy capacity and double energy efficiency by 2030. Achieving these ambitious goals requires overcoming significant challenges, including technology development and global transfer.

Overcoming the challenges of fragmented data in carbon emission accounting is crucial for achieving global sustainability goals. By harnessing big data and machine learning, we can significantly improve emissions tracking and reduction efforts.

At Digital Dialogue, our commitment is to empower organisations with Big Data tools and AI for Enterprise insights needed for this journey. Through innovation and collaboration, we aim to facilitate the transition to a low-carbon economy for the stakeholders and drive meaningful progress toward a sustainable future for the global industries.

—

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 us on Instagram, Facebook, X, and LinkedIn to stay connected.

Image courtesy of the author.

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At Echelon Philippines 2024, Sabrina Tan, Co-Founder of Lhoopa, joined Adriel Yong of Ascend Network for an insightful fireside chat titled ‘Beyond Walls and Roofs: Lhoopa’s Journey of Empowering Individuals and Transforming Lives’. The session highlighted Lhoopa’s efforts to revolutionise homeownership in emerging markets.

Lhoopa’s mission is to make affordable housing accessible while creating economic opportunities for brokers and contractors. With over 3,000 homes sold, the company uses innovative technology to decentralise real estate operations, empowering local partners to scale their businesses and achieve financial independence.

Also Read: Echelon Philippines 2024: The funding landscape for Filipino startups

During the discussion, Tan outlined Lhoopa’s approach to balancing profitability with social impact. The company tackles challenges such as regulatory compliance and technology adoption, all while staying true to its core values of providing quality housing solutions to underserved communities.

She also emphasised the importance of mental health support for founders, suggesting peer-to-peer networks and coaching as crucial tools to manage the pressures of leading a mission-driven venture.

The fireside chat underlined Lhoopa’s broader vision: not just building homes, but fostering community transformation and empowering lives. This conversation demonstrated the critical role startups like Lhoopa play in addressing systemic challenges in emerging markets, proving that purpose and profit can coexist.

Watch the session video above to learn more about these insights and the strategies shaping the future of entrepreneurship.

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The post Echelon Philippines 2024: Sabrina Tan on Lhoopa’s mission to make housing accessible appeared first on e27.

Dear reader,

GCash’s reported plans for a US$1 billion to US$1.5 billion IPO could mark a pivotal moment for the Philippines’ fintech sector, potentially becoming the largest IPO in the country’s history. As the dominant fintech platform serving 94 million Filipinos, GCash has transformed how the nation manages money, from bill payments to peer-to-peer transfers.

The move toward public listing signals the company’s confidence in its sustained growth and strategic ambitions, bolstered by investments from major players like Mitsubishi Corp and MUFG, which value GCash at US$5 billion.

The IPO aligns with a broader regional trend of fintech companies seeking to capitalise on their robust user bases and expanding service ecosystems. However, market conditions and investor sentiment will heavily influence the offering’s success.

If GCash achieves its target, it could not only redefine the Philippine IPO landscape but also solidify the country’s position as a burgeoning hub for fintech innovation in Southeast Asia.

Sainul,
Editor.

—-

NEWS & VIEWS

GCash said to weigh record Philippine IPO of up to US$1.5B
The Filipino fintech giant intends to list in the second half of next year; An IPO of that size would likely make it the biggest ever in the country.

Figma sues Singapore rival for copyright infringement
The case’s outcome could throw Motiff – a startup that was established just over two years ago – off its brief growth trajectory; Like Figma, Motiff offers collaborative UI/UX design tools for product teams and software developers to build digital products.

Partior adds Deutsche Bank as strategic investor in US$80M fundraise
The fintech startup’s blockchain-based network aims to address the inefficiencies inherent in traditional payment systems, including delays, lack of transparency, and high operating costs.

ByteDance sues intern over AI sabotage claims
ByteDance claims that the former intern with the surname Tian tampered with code, disrupting the training of an LLM and allegedly led to substantial resource wastage.

Amazon Japan raided by anti-monopoly authorities
The e-commerce giant is under suspicion of inappropriately urging vendors to lower their prices on its online shopping platform in return for better product placement.

Pi-xcels secures US$2.7M to lead retail’s shift to paperless transactions
The investors include Headline Asia, Wavemaker Partners, and Hustle Fund; Pi-xcels allows customers to receive digital receipts with a simple tap, replacing traditional paper receipts with an eco-friendly, interactive alternative.

Former Peak XV MD Piyush Gupta launch Kenro Capital for investments in India, SEA
Kenro Capital plans to deploy US$20-30M per investment, with the flexibility to invest larger amounts through co-investment opportunities.

SGX-listed 17LIVE acquires Japanese VTuber company mikai
This strengthens 17LIVE’s virtual IP business, enhancing its platform with mikai’s well-established virtual influencer portfolio; With this, 17LIVE will accelerate its V-liver business by integrating mikai’s strong brand and expanding its portfolio.

AI helps India’s Meesho cut some customer call costs by 75%
The Softbank-backed online shopping site has rolled out a GenAI-powered voice bot among Indian e-commerce firms for customer support; The AI bot currently handles 60,000 customer calls daily in English and Hindi.

TikTok Shop to launch in Spain
ByteDance, the parent company of TikTok, aims to increase its presence in the ecommerce sector by inviting store owners in Spain to join the platform since August.

FEATURES & INTERVIEWS

How tech is transforming the pet care market in Asia, Oceania, and Africa
Machine learning, AI, and computer vision are all emerging technologies that are used by startups to solve pet owners’ pain points.

How Polymatech advances semiconductors with sustainability at the core
Polymatech has invested significantly in automation, with robots playing a key role in reducing human intervention, and its goal is to achieve zero manpower in certain verticals.

Following MAS’s in-principle approval, Gemini flexes its growth muscle in Asia
Outside of Singapore, Gemini’s growth relies on organic user discovery rather than targeted marketing exercises.

Echelon Philippines 2024: Funding strategies for startups in emerging sectors
The Echelon Philippines session brought together key investment leaders to discuss opportunities and challenges in the Philippine market.

The future of payments in SEA: Regional cooperation remains critical in pushing for progress
Southeast Asia’s early adoption of IPS and commitment to collaborative payments innovation provide valuable lessons for other regions.

Rouge Ventures: To succeed, agritech startups need to go out, experience field work, and produce data from it
Rouge Ventures MD Desmond Marshall notes that agritech founders often position themselves as “scientists working in the lab”.

FROM THE ARCHIVES

What I learned after launching a successful business in Asia
Learn from Statrys’ founder as he shares practical advice on entrepreneurship, including risk-taking, timing, location choice, and performance measurement.

Leadership is key in promoting data literacy, governance in organisations: Qlik’s Geoff Thomas
The most pressing issue that companies are facing today is finding balance between protecting data and using innovative tools.

Data-driven healing: The potential of analytics and AI in advancing mental health
I presented three ‘calls’ that are thematics of what will drive real-world application in mental health and here are some examples of global innovators that showcase these themes.

How data centres adapt to shortages with advanced tech solutions
Data centres harness advanced tech for global demand with hyperscale tech, AI integration, and sustainable growth strategies.

How to stay creative in the age of Generative AI and Web3
Amid an avalanche of technology news in creative industries, we navigate an unprecedented era of fear of being left behind.

Beyond blocks, we need builders for Singapore’s digital domain too
We need to boldly prepare and empower locals to lead Singapore’s digital journey, ensuring wider participation in our digital workforce.

Breaking into the data centre sector: Beyond technical expertise
Data centres are complex projects, and the exponential growth of demand in this sector infers tight design and construction program timelines.

Connecting clouds in SEA: How to ensure interoperability in the hybrid and multi-cloud context
Understanding the importance of direct connections to clouds empowers Asian companies in their digital transformation journeys.

The future of startup fundraising in Singapore
Taking a deeper look into Singapore’s startup ecosystem by exploring some of the more popular means for startup fundraising.

Banks must solve their core banking conundrum – or fail
While the prospect of modernising a bank’s core may seem daunting, the right roadmap can indeed pave the way for lasting success.

Holding tight or letting go: A paradox I face as a father and a corporate venture builder
The age-old parenting paradox of holding tight and letting go holds true for corporate venture builders aligning corporates and ventures.

Money talks: How tech can boost Filipinos’ financial literacy
With parents and schools silenced by cultural taboos, money management apps are filling the gaps in Filipino youths’ financial knowledge.

The evolution of investing: How fintechs and neo-brokers are empowering retail investors
Fintechs and neo-brokers have made stock trading more accessible & affordable for retail investors, empowering them to take control of their financial futures.

THOUGHT LEADERSHIP

My journey with Lushair: Bringing AI-powered scalp diagnostics to life
Despite the obstacles, I am committed to bringing Lushair to as many people as possible, inspiring other young innovators along the way.

How does audience intelligence help startups make informed decisions?
Startups can use real-time audience intelligence to gather demographic and psychographic data, improving consumer insights.

Showcasing the future of healthcare, the Estonian way
Estonia’s healthtech ecosystem is focusing on integrating AI and machine learning, particularly in preventive care and early diagnosis.

You are what you eat: Opportunities in Southeast Asia’s agri-food sector
Explore the agri-food market potential in Southeast Asia, where startups leverage test beds and corporate support to scale products.

AI isn’t magic: Why smart marketers should be skeptical of the hype
Discover why AI isn’t a silver bullet in marketing and how to harness its power while keeping human elements central to effective strategies.

Save and invest as you shop: The triple ‘A’ of financial accessibility
The post-pandemic financial challenges Malaysians face are undoubtedly formidable, yet we now have potent tools to shape our financial futures.

Mastering the VC pitch: Crafting your winning exit strategy
Crafting a compelling exit strategy is not only about securing investment but also about setting a strong foundation for your business’s future.

The entrepreneur’s dilemma: Fundraising or taking a loan?
This article will break down all the pros and cons so that any entrepreneur deciding between the two may make a more informed decision.

Ethiopia: A haven for Bitcoin miners?
Ethiopia is becoming a Bitcoin mining hub due to its abundant renewable energy, low electricity costs, and improved regulations.

The post Ecosystem Roundup: GCash said to weigh IPO of up to US$1.5B | Figma sues Singapore rival | 17LIVE acquires Japan’s mikai appeared first on e27.

Singapore’s venture capital (VC) market is declining, reflecting a global trend of reduced investment activity.

This downturn, often referred to as a “funding winter,” has been observed across major startup ecosystems worldwide, including Silicon Valley, London, and New York City.

This trend is evident in Singapore’s decline in deal volume and value in the first nine months of 2024.

Also Read: The future of startup fundraising in Singapore

Data from Enterprise Singapore and PitchBook reveals that venture funding deal volume by Singapore-headquartered firms has decreased steadily since 2022. In the first nine months of 2022, there were 518 deals, dropping to 410 in the same period in 2023 and further down to 369 in 2024.

Similarly, the deal value has also fallen from US$8.5 billion in the first nine months of 2022 to US$4 billion in the corresponding period of 2024.

This decline can be attributed to various factors, including:

• Global economic uncertainty: Rising interest rates and inflation have made investors more cautious, leading to a pullback in venture capital investments globally.
• Extended fundraising timelines: Startups face longer fundraising timelines as investors conduct more comprehensive due diligence and seek more favourable valuation targets.
• Emphasis on profitability: Investors increasingly prioritise companies with a clear path to profitability, making it more challenging for early-stage startups to secure funding.

The decline in Singapore’s VC market is particularly pronounced in the deep tech sector, characterised by longer funding cycles and higher capital requirements. Deep tech venture activity has experienced a steeper downward trend than general tech, indicating investors are becoming more selective in their deep tech investments.

However, despite the current downturn, Singapore remains a prominent player in the Southeast Asian VC landscape. The country leads in ASEAN deal activity, accounting for 58 per cent of deal volume and 68 per cent of deal value in the first nine months of 2024.

Moreover, the island nation remains among the top five global startup ecosystems, demonstrating its strong foundation and attractiveness to investors.

The Singapore government is actively addressing the challenges posed by the funding winter and remains committed to fostering innovation and growth, particularly in the deep tech sector.

Key initiatives include:

• Increased funding for deep tech startups: The government has allocated an additional SGD440 million to the Startup SG Equity scheme, expanding the total pool of government funding to over SGD 1 billion. This will enable the government to co-invest with global and local VCs in Singapore-based deep tech startups, supporting their growth and global expansion.
• Support for early- and early growth-stage startups: In 2025, two government-backed investor arms, SEEDS Capital and EDBI, will merge to form SG Growth Capital. This merger will expand the funding range to cover both early-stage and early growth-stage startups, providing more comprehensive support throughout their development.
• Collaboration with venture builders: The government is strengthening its partnerships with local and global venture builders, leveraging their expertise and proven business models to bring impactful technologies from lab to market.
• Launch of Stage One: A multi-agency initiative led by Enterprise Singapore and the Economic Development Board, Stage One will be a one-stop platform to support startups throughout their journey, from setting up in Singapore to scaling globally. This platform will connect local and global startup communities, fostering collaboration and growth.

The report also includes insights from prominent figures in Singapore’s VC ecosystem, who offer a mix of caution and optimism for the future. While acknowledging the challenges of the current funding environment, these industry leaders emphasise the long-term potential of deep tech investments and the opportunities for Singapore.

Also Read: Shifting tides: Vietnam and Philippines challenge Singapore and Indonesia in startup investment

Overall, while the current funding winter presents challenges, Singapore’s venture capital market remains resilient, supported by a strong foundation, government initiatives, and a vibrant startup community.

The country’s strategic focus on deep tech and its commitment to fostering innovation position it well to emerge stronger from this downturn and capitalise on technology’s transformative power.

The post Singapore’s VC market cools down in 2024, mirroring global trend appeared first on e27.

In the evolving landscape of Asian fintech, super apps are proving pivotal in advancing artificial intelligence (AI) innovation. With their all-encompassing functionality and deep integration into daily life, these platforms have become more than just conveniences. They are catalysts for transforming financial services, particularly in regions where traditional banking infrastructure falls short.

Prevalent in markets such as China, Indonesia, and India, super apps thrive in a context where users expect a single platform to handle multiple aspects of their lives. This ecosystem presents fertile ground for AI innovation, offering practical applications such as chatbots, data-driven personalisation, and advanced analytics.

Scarlett Sieber, Chief Strategy & Growth Officer at Money20/20, tells e27 that the prevalence of super apps in Asia provides unique opportunities for AI use cases that are less common in Western markets.

For instance, AI-powered chatbots in Asia are significantly more advanced compared to their counterparts in the US or Europe. They not only address customer inquiries but also support sales and collections processes. Sieber points to examples such as DANA in China, where in-branch AI assistants deliver real-time, avatar-based customer support. These innovations enhance operational efficiency while also creating new revenue streams.

Regional variations in adoption

Asia’s diverse economies exhibit varied rates and methods of AI adoption. According to Sieber, a joint study by Money20/20 and Acrew Capital found that 80 per cent of leading financial institutions in Asia are already implementing AI initiatives, outpacing Europe and matching strides with the US.

However, the type of adoption differs. Markets such as Japan and South Korea leverage AI for high-tech applications within banking, while Indonesia’s super app ecosystem caters to a mobile-first, geographically dispersed population.

Also Read: How to revolutionise the banking and finance industry with Robotic Process Automation

Indonesia serves as a prime example. With its younger demographic and mobile-first (often mobile-only) users, super apps dominate as the primary interface for financial and non-financial interactions. The blurring lines between B2B and B2C services within these apps further underscore their role as a testing ground for AI-driven innovations.

Super apps have also emerged as crucial tools for addressing financial inclusion in underbanked regions. Many users in Asia interact with financial services through consumer platforms they already trust, such as ride-hailing or e-commerce apps. This inherent trust allows super apps to integrate AI-based financial tools seamlessly, reducing barriers for first-time users.

AI’s ability to analyse vast datasets becomes particularly valuable in these contexts. By examining users’ spending patterns, these systems can recommend financial products tailored to individual needs.

Sieber explains how AI could highlight better financial choices for users, such as optimising credit card rewards, a seemingly small change that can have substantial impacts for underbanked populations over time.

On efficiency and revenue generation

While efficiency remains a core objective of AI adoption in financial services, Asian institutions are increasingly exploring revenue-generating opportunities. Approximately 50 per cent of AI initiatives focus on creating new income streams, particularly in wealth management and customer support.

This dual focus enables financial service providers to not only cut costs but also expand their offerings, making them more competitive in a crowded market.

Super apps amplify these benefits by serving as integrated platforms where AI can be deployed at scale. From managing loan applications to offering personalised investment advice, these apps demonstrate the scalability and versatility of AI technologies.

Also Read: Debunking misconceptions about FinOps and cloud spending reduction

A broader perspective on innovation

The rise of AI in Asian fintech also reflects a broader commitment to innovation. Institutions such as Indonesia’s Mandiri Capital are combining financial services with sustainability initiatives, demonstrating a multi-tiered approach to driving economic and technological growth. By investing in regional startups and fostering AI development, they aim to bridge gaps in financial accessibility while accelerating technological adoption.

China, meanwhile, continues to lead in the development of AI technologies, especially in banking. From customer service innovations to AI-driven branch technologies, Chinese companies exemplify how super apps can redefine traditional banking operations. Their influence extends beyond national borders, serving as models for neighbouring countries and beyond.

Despite its successes, AI integration into financial services via super apps is not without challenges. Regulatory frameworks across Asia vary widely, posing hurdles for consistent implementation. Moreover, ensuring data privacy and building consumer trust remain critical issues, particularly as these apps handle sensitive financial information.

The future of AI in Asian fintech is undoubtedly tied to the evolution of super apps. These platforms, with their unparalleled reach and versatility, provide a robust foundation for AI-driven innovation. As the region continues to embrace AI at scale, the potential for creating more inclusive, efficient, and customer-centric financial ecosystems becomes increasingly apparent.

In this dynamic environment, super apps do more than serve consumers—they shape the future of financial services. By leveraging AI to enhance user experiences and drive business growth, they exemplify the transformative power of technology in one of the world’s most vibrant fintech landscapes.

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Image Credit: Money20/20

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Estonia stands at the forefront of healthcare innovation, exemplifying a digital-first approach that has transformed its national health system. With nearly all healthcare services digitalised, Estonians benefit from secure, comprehensive access to their medical records. By leveraging robust infrastructure, data-driven insights, and one of the world’s largest biobanks, Estonia has become a model for personalised, predictive healthcare solutions. 

Estonia has set a groundbreaking example in digitalising healthcare, with 99 per cent of its healthcare system implemented digitally. Since 2008, when the government opened the Estonian National Health Information System (HIS), all healthcare operations across the nation have been stored within this system, ensuring patients’ health data is securely protected.

The system covers visit summaries, treatment plans, prescription medicine, referrals, diagnostics, analyses, dental records, medical procedures, discharge details, information about vaccinations, and a log-book overview, allowing patients to see who has accessed their data.  

All previously mentioned activities are digitalised, including an e-prescription system and a medical digital image bank. Estonia has designed its system with an opt-out model, meaning the patient has full access to their medical data and can control who sees it. As citizens own their health data, they have the right to question officials about viewing it for appropriate purposes. Patient records are only accessible to the healthcare professionals directly involved in their care. 

How does Estonia have the ability to build the world’s most advanced digital society? 

Estonia has a digital-first approach — all of our nationally provided services are digitally run and connected through central systems, allowing Estonian citizens to access them digitally, regardless of their location. Since 2001, the government has been developing X-road, a distributed data exchange layer for registers and information systems.

It is the backbone of e-Estonia, enabling Estonia’s public and private sector information systems to link and operate seamlessly. As a result, 99 per cent of public services are accessible online, 24/7.  

Also Read: How home-based care is changing the face of the health sector

The success of digital nation lies on the strong infrastructure Estonia has built, which supports different sectors — health, finance, education, defence, industry, environment, energy, and more. To support business growth, attract new entities and bring in new talent, Estonia launched the e-residency program in 2014 — being the first digital nation for global citizens.

Estonian unicorns also support the growth of new digital services, such as the remote verification system for notaries launched in 2020 in partnership with Veriff to securely enable remote authentication. The only thing not yet digitalised in Estonia is filing for a divorce, although it is likely to soon shift to a digital format as well. 

Technological advancements in Estonian Healthtech 

Estonia has made significant advancements in telemedicine, personalised medicine, and data-driven healthcare. Various telemedicine solutions are being used to reach patients in remote areas to provide equal and timely access to healthcare services.  

Estonia has one of the largest population-based biobanks in the world, consisting of the data of more than 200 000+ individuals, which is more than 20 per cent of adult population. This valuable resource enables the development of precision medicine solutions tailored to individuals’ genetic needs.

The primary goal is to design patient-centric systems by using genome data for predictive analysis, based on secondary data usage. In June 2024, Estonia launched My Gene Portal for genome donors, offering personalised genome information related to specific diseases, medication suitability and genetic background. 

Artificial intelligence (AI) is also gaining large interest in the field of Estonian healthtech, with companies exploring AI-driven diagnostics and treatment recommendations. The government actively supports the adoption of new AI technologies to streamline processes and improve diagnostic accuracy.

Also Read: How I nurtured and scaled a mental health ecosystem during the pandemic

Key trends in Estonia focus on the use of AI in clinical decision support systems, early detection of cancerous cells in the human body, elderly care solutions that help predict and enhance safety in environments like hospitals, antiviral drug discovery platforms, mental health support tools, and more. 

Future plans for Healthtech 

Estonia’s healthtech ecosystem is focusing on integrating AI and machine learning, particularly in preventive care and early diagnosis. There is a strong interest in developing solutions that predict emerging health risks, enabling more proactive management of the growing number of multimorbid conditions. This is closely linked to using genetic information for predictive activities’ secondary data applications. 

Another priority is enhancing cross-border healthcare collaboration. Estonia has already established partnerships with 13 EU countries to exchange e-prescriptions, with a broader focus on cross-border health data sharing. This initiative was launched in 2017 by European countries to sustainably facilitate health data exchange across Europe.

The aim is to strengthen regional hub, e.g. Tehnopol HealthTech activities to foster healthtech innovation that benefits from the collective expertise and resources of multiple nations. 

Additionally, cybersecurity in healthcare is a top priority. As healthcare becomes increasingly digitalised, so do the risks of data breaches and cyber-attacks. In 2023, according to one of the top telecommunication providers, Estonia experienced a 2600 per cent surge in cyber-attacks compared to the previous half year, with healthcare being the second most targeted sector.

In response, we need to actively design, implement and integrate safe and secure systems. Estonia is investing heavily in secure digital infrastructure to protect patient data, while also exploring new ways to safeguard health technology solutions against emerging cyber threats. 

Conclusion 

Estonia’s healthtech ecosystem serves as a model for how digital innovation can transform healthcare. With strong government support, a commitment to data-driven solutions, and a clear vision for the future, Estonia has reached the top of global healthtech advancements.

The country’s focus on AI, personalised medicine, and international collaboration provides a solid foundation for developing the next generation of healthcare technologies and alleviating healthcare challenges.  

While technology cannot replace healthcare professionals, it can effectively support them in precision medicine, clinical decision-making, diagnosis and treatment, leaving the final judgement for the healthcare professional. This support helps to save valuable time and also lives across the globe. 

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Singapore’s iconic public housing flats, enduring symbols of unity, are undergoing pivotal changes for greater inclusivity and equity. But Prime Minister Lee Hsien Loong’s recent National Day Rally also touched on another vision: We need to empower more Singaporeans to build our digital domain to forge our economic future.

For most Singaporeans, investing in a Housing and Development Board (HDB) flat is tantamount to securing a financial safety net for retirement, a means of owning an appreciating asset class, and a stake in the long-term future of the nation.

In our globalised, capital-driven economy, it’s evident that salaries often lag the gains seen in capital investments. From 2017 to 2022, the median monthly household income of employed resident households saw a real increase of just 0.6 per cent per annum.

However, a silver lining exists for Singaporeans: around 90 per cent are property owners, and around 80 per cent own their HDB flats. Their HDB properties, appreciating in tandem with the nation’s economic growth, stand as robust assets that bolster their financial security.

Furthermore, their appreciation isn’t solely a product of market dynamics. Government initiatives, such as the introduction of new amenities, MRT line extensions, and other developments, amplify their worth.

When juxtaposed against skyrocketing real estate prices in other major cities, Singaporeans are assured of access to these flats that hover on average at around only 4.5 times the median annual income. This isn’t merely an economic transaction; it symbolises a reciprocal pact between the state and its citizens, built by the government on land owned by the government.

Also Read: Why the growing UHNI population in Singapore is good news for Indian startup ecosystem

At this year’s National Day Rally, Prime Minister Lee Hsien Loong announced the next evolution in Singapore’s public housing system: a new classification framework making access to HDBs more equitable, fair, and integrated with prime locations across the city-state. This resonates deeply with many Singaporeans because, more than bricks and mortar, it’s a cherished piece of the Singaporean social compact.

But while our homes anchor us, they’re just a chapter in our larger, unfolding Singapore story. Another one is unfolding – one that’s written in code, not concrete.

A new playbook for talents to build Singapore’s digital domain

The rapid digitisation of the world is not a distant headline; it’s Singapore’s new heartland. The World Bank notes that the digital economy contributes over 15 per cent to the global GDP, growing at a rate 2.5 times faster than the physical economy in the past decade.

Additionally, the World Economic Forum anticipates that, with the swift digital transformation of the global economy, around 70 per cent of the new value in the upcoming decade will stem from digital platform business models. While we’ve made great strides in physical infrastructure, our next task is to bridge digital divides.

Singapore’s Communications and Information Minister Josephine Teo underscored that, even amidst global political uncertainties and the lingering effects of the pandemic, technology remains a cornerstone of economic growth. She further highlights the rising demand for tech-savvy professionals not just in traditional tech areas but also in sectors like banking, hospitality, supply chain, and retail.

As Singapore becomes a digital economy, this talent gap becomes more critical. With both local businesses and government bodies ramping up their digital initiatives, the need for skilled tech professionals is more pronounced than ever.

In tandem with his speech about augmenting Singapore’s HDB policy, PM Lee spoke about opportunities and challenges in the digital domain, emphasising at the National Day Rally that while technology offers new opportunities, it also presents the potential risk of job displacement due to AI and automation.

He acknowledged the difficulties many may encounter when trying to reskill and transition to new professions, especially amidst financial burdens and familial obligations. In response, the government intends to roll out short-term financial aid for those seeking to upskill after layoffs, he announced. So, what might these career transition paths look like?

In April 2021, Temasek, in strategic partnership with UST, established Temus, a digital transformation services firm to help public and private sector organisations become ready to thrive in an AI and digitally-driven future.

Temus’ flagship digital career conversion program, Step IT Up, has successfully ‘placed and trained’ two successful cohorts. Launched last year, Step IT Up’s training not only imparts technical competencies but also paves the way for good career advancement.

Imagine individuals who just a few months prior had no formal background in IT transforming into proficient software developers and digital business analysts within merely three to four months.

The growing anticipation for Step IT Up’s forthcoming third batch speaks volumes about the initiative’s profound influence on Singapore’s broader effort to help more people have a stake in the nation’s digital future. Since its inception, approximately 40 graduates – affectionately dubbed in the firm as ‘Temus Transformers’ – have benefited from Step IT Up.

Among them are brothers Christopher and Eric Tan. While Christopher formerly practised optometry, Eric was engaged as an offshore marine research engineer. Their simultaneous enrolment in the program was serendipitous.

At 38, Christopher, having previously supported his siblings’ university education, found Step IT Up the perfect avenue to realise his aspiration of transitioning to a tech-centric role, one that not only offered a competitive stipend but also assured a permanent coding position post-completion. Presently, the siblings are contributing to distinct projects within the insurance and healthcare domains.

Another notable alumnus is Soh Wen Ming, a Berklee College of Music graduate, who transitioned from being a session musician and seasoned operations manager to exploring the tech realm. As a father to two young children, Wen Ming perceived the expansive growth opportunities in tech, as undeterred by the potential challenges of switching careers midway.

During his graduation, he was honoured with a class award, a recognition of his embodiment of core values centred around collaboration and empowerment. After graduation, Wen Ming became a key member of Temus’ low-code team, making impactful contributions to major Singapore-based enterprises, such as Starhub.

Also Read: Singapore’s food services in 2023: Trends, challenges & opportunities

Today, Temus Transformers are at the forefront of solving technical challenges, steering digital projects for Temus’ clientele across diverse sectors, from environmental intelligence to digital telcos PE investments to insurance and healthcare. But the central appeal of Step IT Up lies in its ethos of inclusivity: Whether you’re a platform delivery rider or a chef, there’s room for you in Singapore’s digital future.

Onward as one Singapore, in both bricks and bytes

In a recent podcast, Professor Karim Lakhani, co-founder and chair of Harvard’s Digital, Data, and Design (D^3) Institute, along with Srijay Ghosh, a founding member of Temus, delved into the essence of a genuinely digital company.

They described it as “digital to the core” and “human on the edge,” emphasising fully automated processes powered by digital machines, all of which are conceptualised, programmed, and governed by humans.

As the push for digital transformation intensifies, it’s essential to remember the value of staying “human on the edge.” At this critical juncture in Singapore’s history, a dual narrative emerges. One highlights our unwavering commitment to enduring values, reinforcing pillars such as public housing that have been our society’s bedrock. Concurrently, we need to boldly prepare and empower locals to lead Singapore’s digital journey, ensuring wider participation in our digital workforce.

Having a stake in building Singapore’s digital future isn’t just for a select group of tech trailblazers or policymakers. Taking Singapore forward is a shared mission involving employers, individuals, and the government. Echoing PM Lee’s clarion call, let us remember that every Singaporean holds a key role in moulding our digital domain and unlocking value in our economic and societal future.

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This article was first published on September 5, 2023

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Saad Ahmed, Head of Asia Pacific at Gemini, says Southeast Asia’s (SEA) digital asset landscape offers diverse opportunities shaped by unique regulatory frameworks and use cases.

Unlike the US’s unified market, SEA is a collection of distinct ecosystems. Singapore stands out with clear regulations and a sophisticated investor base that integrates digital assets into portfolios. In contrast, stablecoins are popular in the Philippines as a hedge against inflation, while Vietnam thrives as a hub for gaming and GameFi innovation.

Gemini’s focus in the region is on enabling access to these evolving opportunities. “Whether it’s meme tokens, gaming tokens, or AI tokens, Gemini provides the infrastructure to support the community,” Ahmed explains.

Operating primarily in Singapore, which holds in-principle regulatory approval, Gemini benefits from established payment systems that ease user onboarding and trading. However, inconsistent regional regulations pose challenges, particularly in markets lacking local payment rails, such as the Philippines and Vietnam.

As a result, Gemini’s growth outside Singapore relies on organic user discovery rather than targeted marketing. Despite this, the platform attracts users across the region, including from Taiwan, Hong Kong, and Australia.

Also Read: Embracing AI and cryptocurrency: Is Hong Kong too ambitious?

In an interview with e27, Ahmed discussed Gemini’s milestones in Singapore and what the company has in store for SEA.

The following is an edited excerpt of the conversation.

How do you approach the different regulatory frameworks in the countries in which Gemini operate?

To be fair, it is a challenge, right? Unlike Europe, where there is one regulatory framework.

In a market like Asia, there are two things [that you need]: Number one, clarity around regulation. I think that makes it much easier for us to operate, having clear ground rules on what exchanges need to do or what any Web3 firm needs to do.

Number two, there are differences in nuance in what the regulations in each market apply. It is a challenge, not just for us but for the industry as a whole. That means we need to really pick and choose our focus markets which is exactly what we are doing in Singapore.

Gemini has been able to build a strong ecosystem here in Singapore. We are actually figuring out an expansion to other parts of the region, and we will be able to share more about that in due time.

As a player in this industry, do you have any aspirations about where regulation and policy should be headed?

If I had a magic wand, I would want consistent regulation across all markets. This would make it easier for global players to operate. We would not have to set up operations in specific countries and comply with just that particular market or customise products for one set of users here and another set there.

If governments and regulators across the region could come up with one regulatory framework, I think that would be much better for the industry and ecosystem as a whole.

Also Read: Institutional players set sights on crypto: What lies ahead?

In the past year, traditional banks are finally embracing digital assets. What are your thoughts about this trend?

What has happened over the last year has been a significant shift in how digital assets are perceived by the traditional finance industry. And I think the catalyst for some of that would have been the Bitcoin ETF approval [by SEC] in January.

You have players such as BlackRock and corporations that have been around for decades entering the space, and it lends credibility to the asset class. It means the asset classes are here to stay.

It is much more compelling as an asset class for them to stand behind, and with their relationships and power, I think we will see this asset class continue to grow.

The other thing that has happened with ETFs is that there used to be a more complex undertaking for financial institutions. They had to find an exchange or an OTC desk where they would buy the asset. Then, they had to find a way to custody the asset, but that has changed.

How exactly does Gemini work with the different players in this ecosystem to build a healthy and robust ecosystem for digital assets?

Our primary business in Singapore is the exchange.

We have relationships with market makers and trading firms that trade on our exchange. We also have a huge retail community that trades on the exchange. We work with financial institutions and banks providing the on- and off-ramps to our customers. What we have not done enough in the past, but we are starting to change, is to work with builders and list projects with a lot more velocity than we have previously.

There have been some challenges with that, but now that is changing. You might have seen that we listed three new tokens last week. This week, we are going to list another.

Also Read: Cross-chain interoperability: The key to unlocking crypto’s true potential

We will continue to engage with the community of builders here to determine what they are building and how we can list them on the exchange to give them access to our customer base. Obviously, they have to go through the due diligence and assessment process to ensure that the projects we are listing are the kinds of projects that we want our customers to have access to.

So, after all these years in Singapore, what are the most important milestones that Gemini has achieved?

From the time we started out, we obviously have had ups and downs,, as any crypto firm would. At the end of the day, the market cycle drives a lot of the momentum for a company like ours.

However, my personal focus over the last year has been threefold. Number one would be building a leadership team for Asia, which we did not have before. In the last six months or so, we brought on a new head of compliance, a general counsel, a head of consumer growth, a head of strategy, a head of institutional sales, a head of trading and then, folks on the marketing team. So, that has been something that I have focused on: to build a core leadership team here that is going to help build a strong foundation for us to grow in the rest of Asia.

The second has been international expansion. Due to historical reasons, a lot of our business is concentrated in Singapore. But over the last few months, we have been identifying the markets that we want to enter. We are establishing and incorporating entities in a couple of new markets as we speak.

Lastly, one of my other objectives was to make sure we are driving our licensing process forward. You might have seen the announcement, we received our in-principle approval from the MAS, and we are confident that we will be able to drive towards a license from the MAS within the next few months.

Also Read: Banking meets digital assets: Coinbase’s take on Southeast Asia’s thriving crypto landscape

Given the regulatory limitations on marketing your platform in Singapore, are you going to use a new approach for your upcoming initiatives?

In Singapore, we have started looking at other ways of engaging customers that we can do within the regulatory guidelines. This includes hosting events with customers and engaging our VIP customers by having account managers, reaching out to customers and figuring out how we can help them.

We are exercising our growth muscle in those areas within the constraints that we have to work within. But in some of the new markets we are launching, we do not have some of those restrictions, and we will be able to consider doing more ATL or performance marketing in those markets.

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Image Credit: Gemini

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