Cento Ventures, in a recent report, stated that though investment flow has slowed, the Philippines saw increased activity from local conglomerates and multiple capital-intensive business models.

“The Philippines market has seen a surge of activity from multiple local conglomerates and the emergence of multiple capital-intensive business models, mirroring Indonesia’s trajectory in 2017-2019. These developments, however, are meeting with the near absence of later-stage capital to power them further,” the report explained.

Investing in startups in the Philippines has become increasingly attractive due to the country’s rapidly growing economy and youthful, tech-savvy population. With one of the youngest populations in Southeast Asia, the Philippines offers a large pool of emerging talent eager to innovate and disrupt traditional industries. This demographic trend, combined with the country’s rising middle class, has led to a surge in consumer demand for digital services, creating fertile ground for startups across various sectors, including fintech, e-commerce, and health tech.

Moreover, the Philippine government’s supportive policies and initiatives to foster entrepreneurship have further bolstered investor confidence. Programmes such as the Philippine Startup Development Program and the Innovative Startup Act offer incentives such as tax breaks and grants to startups and their investors. Additionally, the country’s improving infrastructure, particularly internet connectivity and mobile penetration, provides a solid foundation for tech-driven businesses to thrive.

Also Read: A fundraising guide for your crypto project

The Philippines is also strategically positioned as a gateway to the larger Southeast Asian market. Investors recognise the advantage of backing startups that can expand beyond the Philippines into neighbouring countries, leveraging the regional similarities in culture and consumer behaviour.

This regional scalability, combined with the relatively lower operational costs in the Philippines compared to more established startup hubs like Singapore, makes investing in Filipino startups appealing.

Founders seizing opportunities in the Philippines

So how can startup founders in the Philippines tap into this opportunity and score promising collaborations with investors? What opportunities are available for them to seize?

Find the answers at Echelon Philippines 2024! Join us on September 26-27 at the SMX Convention Center Manila for the panel discussion “Navigating the Funding Maze: Exploring Startup Funding Options for Filipino Founders.”

In partnership with Brainsparks, this event will give Filipino founders a unique chance to hear from industry leaders about the various funding opportunities available in the local ecosystem. Joan Yao, Vice President of Kickstart Ventures, will moderate the panel, ensuring a well-rounded and engaging discussion.

Also Read: Do you need to rethink your startup fundraising strategy?

The panel features an impressive lineup of speakers, including Paulo Campos III, Founding Managing General Partner of Kaya Founders, John Aguilar, Founder and Host of The Final Pitch, and Ankit Upadhyay, Founder & General Partner of A2D Ventures.

These experts will share their experiences and insights, offering practical advice on navigating the complex funding landscape in the Philippines. Whether you’re a startup founder looking for your next funding round or simply interested in learning more about the startup ecosystem, this discussion is a must-attend event at Echelon Philippines 2024. Find out more about it here.

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Singapore-based student-led VC fund Protégé Ventures (PV) has invested S$25,000 (US$19,000) in rocket propulsion and space launch startup Equatorial Space Systems (ESS).

Founded in 2017 by National University of Singapore alumni Simon Gwozdz and Praveen Ganapathi Perumal, ESS provides space access at reduced risk, cost, and environmental impact. In December 2020, the startup successfully launched a commercially built prototype rocket test flight from Malaysia, and it will begin orbital launch services in 2026.

Also Read: Protégé Ventures backs food order, delivery automation startup ZOLO

ESS’s patent-pending eco-friendly technology is a fuel formulation known as “HRF-1” that can eliminate up to 90 per cent of costs and 69 per cent of greenhouse gas emissions compared to traditional liquid propulsion systems. HRF-1 is manufactured in Singapore and is a safer option than other fuel formulations because of its non-explosive nature, which means it can be stored and transported safely.

In December 2020, ESS launched a Low Altitude Demonstrator prototype space rocket from Malaysia. In 2022, ESS created a rocket that was launched in Tamil Nadu by Indian aerospace company Space Zone India.

Established in 2017 by the Singapore Management University (SMU) ‘s Institute of Innovation & Entrepreneurship (IIE), Protégé Ventures is a nationwide training programme and student VC fund. The programme aims to nurture the next generation of venture capitalists and tech and entrepreneurial leaders, empowering youth to fund the future they believe in.

PV has invested over S$300,000 in 12 student startups since its launch. This is its 12th investment in a student-founded startup and the first investment from its second fund, PV Fund II.

Also Read: Protégé Ventures launches Fund II to support student-led startups in Singapore

Launched in September 2023, PV Fund II is a sector-agnostic fund with a S$500,000 corpus and was contributed by David Su, Founding Managing Partner of Matrix Partners China (MPCi).

Student-led startups who are interested in seeking investments from PV can visit here.

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Echelon Philippines 2024 is a premier tech event in the Southeast Asian startup scene. Happening on September 26-27 at the SMX Convention Center Manila, this gathering is designed to bring together entrepreneurs, investors, and industry leaders to drive innovation and growth in the tech sector. With a robust lineup of speakers, workshops, and networking opportunities, the event aims to accelerate the development of local startups and enhance their visibility on the global stage.

The event provides a dynamic environment for knowledge exchange, where participants can engage in meaningful discussions and gain insights into the latest trends and challenges in the tech industry. Beyond just networking, Echelon Philippines 2024 offers opportunities for collaboration, allowing startups to connect with potential investors, mentors, and partners who can help accelerate their growth. The event also emphasises the importance of scaling, with a focus on strategies to take local innovations to a global audience. By fostering these connections, Echelon aims to position the Philippines as a leading hub for technology and entrepreneurship in Southeast Asia.

Also read: OceanBase INFINITY: Empowering Indonesia’s digital economy

Among the event’s highlights, a dynamic group of startups, corporates, and investors will also be exhibiting their groundbreaking solutions, showcasing the dynamic innovation within the Philippines. Get to know the first 12 exhibitors who will be showcasing their innovations at Echelon Philippines!

Meet 12 of the Echelon Philippines exhibitors

• Secuna

Secuna is the Philippines’ first and only vulnerability coordination platform, dedicated to bolstering the security infrastructure of organisations. By enabling cybersecurity professionals to collaborate and manually identify vulnerabilities, Secuna plays a crucial role in preventing potential threats before they can be exploited by malicious actors. This proactive approach helps businesses stay ahead of cyber threats, ensuring their systems and data remain secure.

• XFLO

XFLO is a B2B SaaS company specialising in AI-powered workflow automation, offering businesses a powerful tool to enhance efficiency. Their platform integrates large language models (LLMs) and third-party applications, allowing for the creation of customisable, automated workflows that streamline various processes. By automating data processing and other critical tasks, XFLO enables companies to increase productivity, reduce errors, and stay competitive in their respective industries.

• Brankas

Brankas provides cutting-edge open finance technology that facilitates digital transformation for financial institutions and tech companies across Southeast Asia. Their APIs support a wide range of financial services, including instant payments, credit scoring, and bank account opening, which are crucial for increasing financial inclusion, particularly in emerging markets. Brankas’ solutions empower businesses to launch new financial products quickly, contributing to greater accessibility and innovation in the finance sector.

• Founders Launchpad

Founders Launchpad is a dynamic early-stage startup accelerator that provides more than just funding—it offers comprehensive operational support and expert mentorship. By working closely with high-potential startups, the accelerator helps them overcome initial challenges and scale their businesses effectively. Founders Launchpad’s industry-agnostic approach means it nurtures innovation across a wide range of sectors, making it a vital player in the startup ecosystem.

• Plug and Play

Plug and Play is a global innovation platform with a mission to accelerate technological advancement by connecting startups with the resources they need to succeed. With a presence in over 50 locations worldwide, Plug and Play provides accelerator programs, corporate innovation services, and venture capital support. Their extensive network of corporate partners and investors has made them a cornerstone of the global startup ecosystem, helping companies scale from Silicon Valley to markets around the world.

• Zoho

Zoho Corporation is a global leader in software development, offering a suite of over 55 applications across key business functions such as sales, marketing, and customer support. Unlike many tech giants, Zoho operates without an ad-revenue model, focusing instead on privacy and user empowerment. With more than 100 million users worldwide, Zoho continues to revolutionise how businesses operate, providing tools that are both powerful and user-centric.

• Smile API

Smile API is a revolutionary platform that streamlines access to verified data sources, playing a critical role in industries where data accuracy and reliability are paramount. Their suite of APIs allows businesses to retrieve and validate user information in real time, significantly reducing the risk of fraud and enhancing decision-making processes. By integrating data from government databases, gig economy platforms, and more, Smile API provides a comprehensive solution for secure and efficient data management.

• InsightGenie

InsightGenie harnesses the power of AI, data analytics, and behavioural science to revolutionise decision-making processes across various industries. Their platform is designed to provide organisations with tailored, data-driven insights that enhance efficiency and effectiveness in operations. Whether in finance, healthcare, or other sectors, InsightGenie’s solutions are customised to meet the unique needs of each client, enabling smarter, more informed decisions that drive business success.

• BuildHub

BuildHub is an innovative online B2B construction marketplace that bridges the gap between hardware stores and suppliers in the Philippines. The platform streamlines the construction value chain by simplifying the processes of product canvassing, procurement, and delivery. By addressing challenges in fulfilment and financing, BuildHub facilitates smoother transactions and stronger connections within the construction industry, paving the way for more efficient and collaborative project management.

• A2D Ventures

A2D Ventures is committed to democratising venture capital across Southeast Asia, enabling broader access to early-stage startups to create positive social impact. By supporting job creation, promoting inclusion, and fostering sustainable growth, we empower individuals and communities. Our participation in Echelon Philippines aligns with our mission to support Filipino entrepreneurs and startups that embody these values, driving a more inclusive entrepreneurial landscape.

• KwikCare

KwikCare provides affordable, monthly-billed HMO plans tailored for individuals and small groups, ensuring accessible health coverage. Our comprehensive plans include check-ups, tests, hospitalisations, and emergency care, offering peace of mind at a competitive price. We aim to make essential healthcare services more accessible to a broader audience.

• Gateway of Asia

Gateway of Asia is dedicated to forming exceptional partnerships by meticulously addressing every detail essential for your business success. We offer tailored solutions in Accounting, Tax, Regulatory Compliance, Singapore Incorporation, and Corporate Secretarial Services, ensuring your business reaches its full potential. With us, you’re not just working with a service provider; you’re partnering with a team that shares your vision for extraordinary achievements.

Meet these 12 organisations at Echelon Philippines!

At Echelon Philippines, these exciting and diverse organisations will be joined by key leaders, visionary entrepreneurs, and innovative startups from across the region. They will converge for an action-packed two-day event on September 26-27 at Level 2, SMX Convention.

Also read: Unlock the secrets to IP success at IP Week @ SG 2024

Echelon Philippines 2024, hosted by e27 in partnership with Brainsparks, offers dedicated content stages, exhibitions, panel discussions, and much more — all designed to support and empower the regional tech startup ecosystem with practical insights through various knowledge-sharing activities.

Whether you’re looking to expand your expertise, connect with influential figures in the tech startup world, or present your groundbreaking ideas, Echelon Philippines 2024 presents an unmatched experience sure to give you and your company a boost. Secure your spot now on our official page and join us as a participant or an official partner. Together, we can shape the future and create a lasting impact.

Join us at Echelon Philippines 2024, where innovation knows no boundaries and the possibilities are limitless!

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In an interview with e27, Huanbo Luan, CEO and Founder of 6Estates, highlights a significant skill mismatch as one of the primary challenges faced by artificial intelligence (AI) leaders in Singapore.

“Rapid new technological advancements in recent years have contributed to a gap between the workforce’s skills and industry needs,” he notes.

As AI technology continues to evolve at a breakneck pace, the skills required by industries are shifting, often leaving professionals struggling to keep up. This gap poses a serious challenge to developing a robust talent pool in Singapore.

Another challenge identified by Luan is the highly competitive market for AI talent. He explains that top talent is often drawn to more attractive opportunities in other regions with more mature and well-funded ecosystems, such as the US and China. Additionally, Big Tech companies offer lucrative packages that can be difficult for local firms to match.

To address these challenges, Luan emphasised the importance of upskilling programmes. “We believe that a key part of the solution is to provide high-quality AI upskilling programmes, focusing on both technical and commercial elements, in collaboration with academia and industry,” he says.

Also Read: “Talents tend to overlook imperfect company cultures if salary meets their expectations”

Luan also stresses the need for companies to offer clear career pathways and opportunities for advancement within organisations. This would help retain top talent and motivate professionals to continue developing their skills.

Finally, Luan underscores the role of the public sector in fostering the growth of the ecosystem in Singapore. Supportive policies and regulations that promote AI adoption, development, and funding are crucial to strengthening companies’ ability to compensate and retain talent.

Building an AI career in Singapore

When asked about building a career in AI in Singapore, Luan stresses that it demands more than technical proficiency; it requires a blend of skills and qualities that align with the field’s fast-paced, innovation-driven nature.

A continuous learning mindset is one of the most crucial qualities of AI talent in Singapore. The landscape is rapidly changing, with significant developments happening more frequently than ever before.

“Where once we might have seen major advancements on a quarterly or yearly basis, today’s AI professionals must stay up to date with new breakthroughs that can occur almost monthly. This constant evolution means that AI talent must be committed to lifelong learning, always seeking to expand their knowledge and skillset to keep pace with the latest trends and technologies,” he explains.

Another essential quality is alertness to advancements in key markets, particularly the US and China. These countries are at the forefront of AI research and application, and innovations often emerge from these regions before spreading globally. This awareness allows them to identify cutting-edge technologies and applications that can be adapted and implemented locally, ensuring Singapore remains competitive globally.

Also Read: Infrastructure, talents are some of the challenges finance industry faces in adopting AI: Provenir

In addition to staying informed, AI professionals must focus on practical applications. The technology’s true value lies in its ability to solve real-world problems and transform processes within specific industries.

“In our experience as an Enterprise AI specialist in this region, customers aren’t interested in purchasing fundamental models; instead, they want business-ready, LLM/AI-powered applications.”

Lastly, strong interpersonal skills are essential for AI professionals in Singapore. Successful implementation requires collaboration across various sectors, including academia, industry, and government. Understanding the diverse needs and motivations of different stakeholders is crucial for effectively applying AI in ways that benefit all parties involved.

As advice to aspiring AI talents in Singapore, Luan advises them to continuously update their knowledge on both academic advancements in LLMs and the latest commercial applications of GenAI. “Pay attention to developments in Singapore and abroad.”

He also suggests talents to build a strong network by attending AI-related groups, events and conferences.

“This will improve your understanding of the landscape,” he closes. “Seek internships, projects, and real-world applications to build hands-on experience.”

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Image Credit: 6estates

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The healthtech, edutech, and blockchain verticals dominated Southeast Asia’s startup funding landscape in the past five years, according to Tracxn research.

The healthtech sector garnered US$1.5 billion in investments, contributing more than 87 per cent of the total funds raised to date in this space. Halodoc (which secured US$245 million), Doctor Anywhere (US$172.3 million), and HealthifyMe (US$105 million) led the pack.

After the COVID-19 pandemic, healthtech financing rose sharply, reaching a peak of US$515 million in 2023, primarily driven by an increase in early-stage investments, which attracted US$308 million.

Also Read: Funding into SEA’s female-led startups falls 42% to US$480.8M in 2023: Tracxn

Insurtech also gained significant momentum in the last five years, driven by ongoing digital transformation initiatives. The sector has amassed US$1.8 billion to date, 80 per cent of which (US$1.47 billion) came in the past five years. Key insurtech players driving this growth included Bolttech, Singlife, and Qoala.

The edutech sector also maintained a high overall contribution, accounting for 94.5 per cent of the total funding. However, there has been a sharp decline since 2021 as the demand for remote learning solutions waned.

The edutech vertical experienced its peak investments in 2021, with a total of US$0.98 billion raised. This aligns with global trends, as the pandemic accelerated the adoption of edutech solutions.

However, 66 per cent of the edutech funding raised in 2021 was thanks to a significant US$650 million funding round by Emeritus. Additionally, 88 per cent of the funding in 2021 was raised by just three companies: Emeritus, Ruangguru, and Lingoace. Notably, none of these companies have managed to raise equity funding post-2021.

Also Read: Startup funding in SEA falls 65% to US$4.3B in 2023: Tracxn

Blockchain technology in the region also witnessed its peak investments in 2022, with US$2.3 billion raised. Although funding declined sharply in 2023, this year so far has seen a notable recovery with US$463 million raised, already exceeding the total funding of 2023.

Amber Group led the blockchain sector, with US$628 million in funding, followed by Sky Mavis (US$311 million).

Other notable sectors that performed well in the past five years include energy tech and gaming.

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Image Credit: 123RF.

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MADCash, a Malaysia-based fintech startup led by CEO Nuraizah Shamsul Baharin, aims to empower women entrepreneurs through innovative financial solutions.

The company primarily focuses on women running nano and micro businesses—often solo entrepreneurs who manage operations from their homes or roadside stalls near their residences. These women, while earning a daily income, face significant challenges due to their vulnerability to economic fluctuations, climate impacts, and the lingering effects of the pandemic. Moreover, many of them are either underbanked or have poor credit histories.

Recognising this gap, MADCash has developed a unique approach to micro-funding that differentiates it from competitors. “Compared to our competitors who charge an interest or management fee, we provide zero per cent interest loans,” says Baharin.

She emphasises that MADCash is not in the business of simply giving out loans. Instead, the company is committed to working with these women for a year, helping them grow their businesses and break free from the cycle of debt. The loans offered by MADCash do not require collateral, guarantors, or group loans.

This approach is complemented by MADCash Academy, which offers a robust support network of mentors and peers to guide these entrepreneurs. “This merger of zero per cent micro-funding with entrepreneurship development and 12 months of handholding is what makes us stand out,” Baharin adds.

Also Read: The climate change and gender equality connection: How to support underfunded women-owned business

The company’s journey began with a focus on profiling the women it aimed to support and tracking metrics related to its business growth. Over the past three years, MADCash has expanded its tools to improve profiling and measure more impact metrics.

Its recent expansion into Tajikistan prompted further innovation, including the modularisation of its programmes and the addition of multi-language options to better support the region. “Our product development process is driven by what our funders need and balanced with what our beneficiaries need to build better businesses,” Baharin explains.

MADCash making impact internationally

MADCash’s business model revolves around strategic partnerships with banks and corporations, which provide Corporate Social Responsibility (CSR) funds to support underserved communities. These funds are received as donations and distributed either as grants or zero-percent-interest loans, depending on the region.

In addition to these financial contributions, funders allocate separate funds for MADCash’s entrepreneurship programme, which is a key revenue source for the company, helping it acts as an incubator.

Participating in the Technology for Sustainable Social Impact (TS2) programme has been immensely beneficial for MADCash. The mentorship from individuals such as Joe Rouse has been particularly impactful, helping the company align its next steps and apply critical insights to maintain its mission-focused approach. Additionally, the programme offered unique content delivered by excellent professors and trainers who provided valuable lessons on balancing social impact with business objectives.

The programme has also played a crucial role in introducing MADCash to potential collaborators, significantly extending their networks as they work towards expanding their reach both in Singapore and globally.

“We are looking forward to running our first pilot run in Singapore in August 2024 while working on onboarding 1,000 women in Malaysia. We have signed an LOU with a partner in Dhaka, Bangladesh, and look forward to working on our pilot project in 2025,” Baharin closes.

“We are also building more business, financial and mental health content for MADCash Academy.”

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Image Credit: NUS Enterprise

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In today’s digital age, the ticketing industry faces numerous challenges, with scams and counterfeit tickets being among the most significant. Traditional methods, like QR codes, are increasingly vulnerable to fraud. Blockchain technology presents a promising solution, not by simply patching these vulnerabilities but by fundamentally transforming how tickets are managed and distributed.

Eliminating QR codes: A step toward security

QR codes, while convenient, have become a common target for scammers. Blockchain offers a way to remove the reliance on QR codes altogether. By leveraging decentralised ledgers, each ticket can be issued as a unique digital asset that is virtually impossible to counterfeit. Unlike a static QR code that can be duplicated, a blockchain-based ticket is a dynamic entity with a secure, traceable history.

Enhanced data for organisers: A new level of insight beyond security

Blockchain enables event organisers to gain unprecedented insight into the secondary ticket market. Each transaction, transfer, or resale of a ticket is recorded on the blockchain, providing a transparent and tamper-proof trail. This means organisers can monitor ticket movement, identify scalpers, and even set parameters on resale prices or conditions. The result is a more controlled and fair marketplace that benefits both the organisers and the fans.

Timing is everything: Why blockchain’s moment has finally arrived

Five years ago, the idea of using blockchain for ticketing was in its infancy. The world was just beginning to explore the potential of this technology, but it was too early for widespread adoption. At that time, there were significant barriers: no integration with mainstream payment options, a lack of user-friendly interfaces, and the high cost of minting tickets on the blockchain made it impractical for the average consumer. The infrastructure simply wasn’t ready.

Also Read: Transforming the ticketing industry: Tessera’s vision for fair access and innovation

Today, however, the landscape has changed. We now have blockchain platforms that are more efficient, cost-effective, and, crucially, better integrated with existing payment methods. This evolution allows us to harness the power of blockchain without the drawbacks that once held it back. The timing is perfect for us at Tessera to leverage blockchain in a way that enhances ticketing without disrupting the user experience.

Seamless user experience: Technology behind the scenes

While we recognise the power of blockchain, our primary focus is on the user experience. We believe that technology should work behind the scenes, enabling innovation without complicating the user’s journey. For the end customer, buying a ticket should be as simple as ever. Whether purchasing through Apple Pay or using any other familiar payment method, the process remains intuitive and straightforward. The blockchain’s complexity is abstracted away, ensuring that users are not burdened with understanding or managing the technology.

Blockchain as a tool, not the solution

It’s essential to emphasise that blockchain is a technology, not the solution itself. The solution lies in how we use this technology to address real-world problems. We view blockchain as a tool to enhance security, transparency, and data accessibility without compromising the simplicity and ease of the ticketing process. Our goal is to ensure that end users experience all the benefits of blockchain without needing to interact with it directly.

In conclusion, blockchain has the potential to revolutionise the ticketing industry by eliminating outdated methods like QR codes and providing organisers with more control and insight into the ticket market. At the same time, Tessera is committed to ensuring that this technological advancement enhances, rather than complicates, the user experience. After all, the best technology is the kind that users don’t even realise is there.

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Artificial Intelligence (AI) is transforming the business landscape in the Philippines, with many startups integrating this technology to drive innovation across various sectors. These companies leverage AI to solve complex challenges, enhance customer experiences, and improve operational efficiency, positioning the Philippines as an emerging hub for AI-driven solutions in Southeast Asia (SEA).

One notable example is Packworks, a Filipino B2B marketplace that has secured government backing to develop an AI-powered precision marketing model. This model is designed to offer sari-sari stores, small neighbourhood retail shops, customised recommendations and promotions from fast-moving consumer goods (FMCG) partners.

By utilising AI, Packworks aims to enhance the decision-making process for these small retailers, enabling them to offer more relevant products to their customers and optimise their inventory management. This initiative supports local businesses and strengthens the integration of AI in everyday commerce in the Philippines.

Another startup is Lhoopa, which leverages AI and data analytics to address the affordable housing crisis in emerging markets. With an impressive US$80 million in raised funds, Lhoopa has successfully sold over 2,500 affordable homes across 58 cities in the Philippines.

The company’s AI-driven approach helps streamline the housing development process, from site selection to pricing strategies, making affordable housing more accessible to low-income families. Lhoopa’s ambitious goal is to provide over 15,000 additional homes in the next three years, demonstrating AI’s significant impact on the region’s social and economic development.

Also Read: Will digital banks take off in the Philippines?

Beppo is another key player in the AI startup ecosystem in the Philippines. Recently, the company received pre-seed financing to acquire JuanTax and five bookkeeping firms. Through its AI-powered platform, Beppo focuses on automating accounting and tax compliance for Filipino businesses and self-employed individuals.

By simplifying complex financial processes, Beppo is helping small and medium-sized enterprises (SMEs) and freelancers in the Philippines to improve their financial management, reduce errors, and ensure timely compliance with tax regulations.

These startups exemplify the potential of AI to revolutionise industries in the Philippines, from retail and real estate to financial services. As more companies adopt AI technology, the Philippines is poised to become a key player in the global AI landscape, driving innovation and economic growth in the region.

The remaining challenges

While the prospect seems promising, what challenges do startups implementing AI in the Philippines face?

One significant obstacle is the lack of a robust infrastructure to support the development and deployment of AI technologies. Many AI applications require high-speed internet, advanced computing resources, and access to large datasets, which are still limited in many parts of the country. This infrastructure gap makes it difficult for startups to fully leverage AI’s potential, limiting their ability to innovate and scale solutions effectively.

Another challenge is the scarcity of skilled talent in AI and related fields. While the Philippines has a strong pool of IT professionals, there is still a shortage of AI, machine learning, and data science experts. This talent gap can slow down the development of AI technologies and make it harder for startups to attract the right people to build and grow their businesses. Additionally, the competition for AI talent is fierce, both locally and globally, which can drive up costs for startups already operating on tight budgets.

Also Read: Climate tech in the Philippines: Capitalising on emerging opportunities in the ecosystem

Funding is also a significant hurdle for AI startups in the Philippines. While investors have shown growing interest in AI, many startups still struggle to secure the necessary funding to develop their technologies and bring them to market.

Shaping the future of AI in the Philippines

So, how can we best support AI startups in the Philippines?

To find answers, join us at Echelon Philippines 2024 for a dynamic panel discussion titled “AI Leapfrog: Build an AI-first Tech Ecosystem for a Global Competitive Advantage”.

This session, taking place at the SMX Convention Center in Manila on 26-27 September 2024, will bring together industry leaders and innovators to explore how the Philippines can harness the power of AI to leapfrog traditional development stages and establish itself as a competitive force in the global tech landscape. It will delve into strategies for creating an AI-first ecosystem, addressing challenges such as infrastructure, talent development, and investment, while highlighting opportunities for growth and innovation.

Moderated by Mario Domingo, Global Chief Technology Officer at UBX Philippines Corporation, this panel will feature insights from prominent figures such as Charles Rim, General and Founding Partner at Access Ventures LLC, and Kevin Quah, CEO and Co-founder of Tictag. These experts will share their experiences and perspectives on building AI-driven businesses and ecosystems, providing valuable takeaways for entrepreneurs, policymakers, and tech enthusiasts alike.

Don’t miss this opportunity to engage with thought leaders and be part of the conversation shaping the future of AI in the Philippines and beyond.

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Beep, an IoT company that provides interoperable charging networks for businesses and drivers in Singapore, recently concluded a US$3.3 million pre-Series A round led by Granite Asia, Farquhar VC, SUTD Venture Holdings, and Wing Vasiksiri.

The startup plans to use the funds to accelerate its expansion in Thailand and Malaysia.

e27 spoke with Beep co-founder and CEO Kristoffer Jacek Soh to gain more insights into the company’s expansion plans.

Edited excerpts:

On Malaysia and Thailand expansion

We are on an ambitious path of expansion into Malaysia and Thailand. This new capital injection will fuel Beep’s growth, enabling us to solidify our partnerships and build a robust operational presence in these key markets.

We will also enhance our partnerships with major players in Malaysia and Thailand’s electric vehicle (EV) industry. These include Sharge and Evolt, two of Thailand’s largest EV charging operators, as well as KINETA, a subsidiary of Sime Darby, a leading charging operator in Malaysia.

This investment is also critical to attracting and expanding the company’s manpower to sustain regional operational growth.

On scaling the business

Our strategy is centred on continuous adaptation and innovation to scale our operations and remain competitive in the rapidly evolving IoT and e-mobility sectors. Beep consciously connects with regional partners to gain local insights and tailor our offerings to meet the specific needs of each market.

A key differentiator is our flexible approach to connecting charging partners to the platform. This allows for greater innovation without the constraints of rigid standards. This flexibility has enabled us to expand the depth and breadth of our service offerings, ensuring that Beep remains a valued player in the eMobility ecosystem.

Also Read: Beep secures US$3.3M to expand interoperable EV charging network in Thailand, Malaysia

One of our most innovative contributions to the EV industry is Voltality’s VoltNet platform, which is akin to a “Google Translate” for EV charging management systems. Inspired by the technical fragmentation in Southeast Asia’s charging infrastructure, the VoltNet platform addresses the challenge of standardisation by providing a software solution that allows charging operators to join Beep’s network with minimal cost and coordination.

This approach enables operators to innovate and adapt based on their roadmaps while maintaining the industry’s progress towards a seamless charging experience.

As Southeast Asia experiences a surge in electric car sales, we envision Voltality playing a pivotal role in shaping the future of e-mobility in the region. Voltality aims to make the transition from Internal Combustion Engine (ICE) vehicles to EVs as seamless as possible by integrating with ecosystem providers to offer a smart, seamless charging experience.

For example, by working with original equipment manufacturers (OEMs), Voltality can enhance charger discoverability and reduce range anxiety, making EV ownership more convenient for consumers and businesses alike.

On partnerships

Partnerships have been instrumental in Voltality’s growth and success. For example, we have partnered with companies such as Grab to onboard more charging operators onto the Beep platform. This partnership has been crucial in supporting Voltality’s regional expansion by tapping into Grab’s extensive experience and expertise across Southeast Asia.

Additionally, a collaboration with Huawei Consumer Cloud Service has streamlined the EV charging process for drivers, integrating Voltality’s data into Huawei’s Petal Maps and HMS for Car platforms. This allows users to access real-time information from over 5,000 charging stations, further enhancing the charging experience.

On challenges

The main challenges for Beep are building credibility and trust, especially when expanding beyond our home base in Singapore. We tackle these challenges by forging strong relationships with customers, often spending countless hours in their workshops to understand their needs and technical challenges.

This hands-on approach not only built trust but also proved invaluable during the COVID-19 pandemic when supply chain disruptions threatened the timely delivery of products. The trust Beep has cultivated with our customers allowed for extended delivery deadlines, a testament to the strong relationships they had built.

Also Read: The future of car-sharing industry will be shaped by trends like EVs, autonomous vehicles: SOCAR CEO

During the pandemic, we worked closely with the Singapore government and the Hong Kong Ministry of Health to enable cashless payments and minimise human interactions, which were crucial during the height of the pandemic. This collaboration paved the way for organic distribution channels and a robust referral system, which automated Beep’s sales processes and helped the company expand into new markets without a physical presence.

Convincing local partners in Singapore to pilot our new charging station technology required a year of dedicated research and development and another year of negotiations to secure proper contracts.

Singapore’s reputation for quality technological innovation helped establish initial trust with potential partners in neighbouring markets. However, this was not enough. We tapped into our investors’ networks and leveraged support from Enterprise Singapore and various accelerator programmes to forge deeper connections with key EV decision-makers, which facilitated our entry into new markets.

On future plans

In the near term, our focus is on solidifying Beep and Voltality’s positions as key ecosystem enablers in Malaysia and Thailand, supporting these countries’ rapidly growing EV populations.

In the long term, we aim to expand into other emerging EV markets in Southeast Asia, such as Indonesia and Vietnam.

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Image Credit: Beep

 

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When asked about the most important milestones that Kyrim has made recently, CEO Januar Parlindungan highlights the ISO/IEC 27001 certification and the PJP3 license from Bank Indonesia.

“Getting the ISO/IEC 27001 certification and the PJP 3 license from Bank Indonesia was something we aimed for from the start because we knew how important it is to build credibility in fintech. These certifications show that we meet top standards in data security and payment processing,” he reveals in an email to e27.

“They have helped us attract more clients, form solid partnerships with banks, and build lasting trust in our brand, which has been key to our growth.”

Founded in 2023, Indonesia-based Kyrim is a fintech service specialising in spend management for corporate finance teams. Focusing on helping B2B companies navigate the complexities of the spend management process, Kyrim empowers businesses to achieve sustainable growth in this competitive sector.

Currently, the Kyrim team comprises over 25 talented individuals with diverse expertise in compliance, finance, cybersecurity, product development, and client support.

As the company continues to grow, plans are underway to expand the team, particularly in business development and customer success. This strategic expansion aims to meet the increasing demands of Kyrim’s expanding client base, ensuring that the company can continue to deliver high-quality, tailored services to its clients.

Also Read: Jeffrey Liu: Transforming fintech and democratising access to capital

What else does the company have in store? Parlindungan reveals to e27 in this email interview.

The following is an edited excerpt of the conversation.

Your platform’s comprehensive payment management and AI and OCR technology are major selling points. Can you elaborate on how these technologies are integrated into your services and the benefits they offer to your clients?

At Kyrim, our goal has always been to converge technology with finance to make things easier and more efficient for our clients.

We are focused on using AI and OCR technology to streamline and automate payment management. With OCR, for example, we can automatically pull and process data from invoices and receipts, cutting down on manual work and mistakes. This speeds up the whole process, helps our clients save money, and improves accuracy in their financial operations.

With the release of your spend management platform, how has the market responded to these offerings? Have there been any unexpected challenges or successes? How do you tackle it?

The market has been pretty positive about our spend management platform, especially in industries that really need smooth vendor and payroll management. One challenge was the demand for more customisation to fit specific industry needs or to work with our clients’ existing systems.

To tackle these challenges, we are planning to invest in a more flexible platform that can easily adapt to existing platforms in Indonesia in a partnership and offer tailored solutions for our clients.

Kyrim has plans to expand into B2C solutions by 2025. What strategic considerations guide this expansion? How do you envision transitioning from a B2B-focused company to addressing B2C needs?

Our roadmap into B2C is all about meeting the growing demand for easy and transparent financial tools for everyday consumers.

Also Read: How fintech solutions can drive growth for Singapore’s traditional businesses

We plan to use our B2B know-how and infrastructure to create a B2C platform that’s just as secure and efficient. We will start by focusing on segments that are a natural fit for us, like small and medium business (MSME) owners and maybe cooperatives, and then gradually expand to a wider audience. This way, we can fine-tune our offerings as we grow.

Plus, having a solid B2B customer base gives us a built-in ecosystem to tap into.

With over 200 enterprise clients and 100,000 transactions achieved in 2024, what have been the key drivers behind this client acquisition success, and how do you plan to sustain this momentum?

We aim to reach over 200 enterprise clients and handle 100,000 transactions by the end of 2024. We understand it is a big target to reach, but we believe in our commitment to building a secure, user-friendly platform that solves spend management problems.

Plus, our certification in ISO 270001 and Bank Indonesia License has been a big help. To keep this momentum going and hit our targets, we are investing in R&D to keep improving, boosting our marketing to reach more people, and staying on top of customer feedback to make sure we are always meeting their needs.

Have you raised any external funding? Do you have any plans?

So far, Kyrim has been primarily funded through internal resources and revenue generated from our client base.

However, we are considering strategic external funding options as we look towards scaling our product offering and further enhancing our platform. These funds would help accelerate our growth trajectory, enable us to expand our team, and bring in additional expertise to support our ambitious goals.

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Image Credit: Kyrim

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