Dear reader,

In 2023, the Web3 space faced a significant threat, with US$1.8 billion lost to hackers and scammers, as revealed by a report from Immunefi. The Lazarus Group, linked to North Korea, accounted for 17% of these losses, highlighting the persistent cyber threats faced by the crypto ecosystem. The largest breach targeted peer-to-peer trading platform Mixin Network, resulting in over US$200 million in losses. Euler Finance and Multichain followed closely with US$197 million and US$126 million losses, respectively.

Law enforcement identified US$309 million associated with Lazarus Group, indicating the magnitude of cybercriminal activity tied to North Korea. Notably, hacks outweighed fraud schemes, constituting over US$1.6 billion in losses compared to US$103 million from identifiable fraud.

Surprisingly, decentralised protocols, claiming to enhance security, incurred the majority of losses at US$1.3 billion, while centralised finance protocols faced US$409 million in losses. The reported $1.8 billion loss reflects a notable decline from the previous year, signalling an evolving landscape in Web3 security.

Sainul,
Editor.

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US$1.8B was lost to Web3 hackers and fraudsters in 2023: Immunefi
Over the year, Mixin Network, Euler Finance, Multichain and other protocols were drained of hundreds of millions of dollars in assets; The biggest hack of the year in terms of losses was P2P trading platform Mixin, which resulted in over US$200M of losses to crypto investors.

South Korean crypto venture Hashed invested US$28.44M in blockchain globally
Blockchain infra, gaming, and finance each commanded 21% of the investments, while IP and content-related startups secured 15% of the allocations; Korea dominated the investment landscape with a 38% share, followed by North America at 21%, and Europe at 7%.

Chinese Web3 VC to launch US$10B accelerator fund: Report
The GBA Capital Web3 Fund will invest in startups focusing on virtual reality, the metaverse and nonfungible tokens and transform the Guangdong-Hong Kong-Macao economic area into the world’s “meta-asset capital.”

No need for a second trial of FTX’s founder Sam Bankman-Fried: Prosecutors
Bankman-Fried, 31, who has been incarcerated since several weeks before his trial, was convicted in early November of seven counts, including wire fraud, wire fraud conspiracy and three conspiracy charges. He could face decades in prison.

Facing roadblocks, China’s robotaxi darlings apply the brakes
Despite years of hype and progress in self-driving technologies, the widespread availability of robotaxis remains a distant reality; That’s due to a confluence of challenges, including safety, regulations and costs.

Zoomcar closes SPAC deal, eyes immediate trading on Nasdaq
The Indian car-sharing platform has completed its merger with IOAC; The new entity Zoomcar Holdings will trade under the ticker symbol ZCAR; The SPAC deal will help Zoomcar pursue growth initiatives in emerging markets.

Baidu announces 100M users have used its AI chatbot
ERNIE Bot has surpassed the number four months after the AI bot got the green light for a mass launch from regulators; The chatbot had generated 3.7B words of text in workplace scenarios and written 300M lines of code.

How India will navigate EVs in 2024
The country plans to add thousands of battery-operated auto-rickshaws and e-buses to electrify public transportation across states in the coming months; Likewise, it looks to offer EV charging stations at various local gas stations.

Everything you should know about Web3 games in 2024
As blockchain becomes more widely adopted and user-friendly, we can expect to see a surge in the popularity of web3 games; With the potential for real-world earnings and a more immersive gaming experience, web3 games are likely to attract a wider audience.

Remembering the startups we lost in 2023
The story of most startup failures is far less exciting; The timing isn’t right, funding dries up, runways run out; Of late, a lot of macroeconomic factors have come into play, as well.

Chinese VC titans eye robust investments amidst economic challenges
Amid a changing global tech landscape and economic challenges in China, major Chinese VCs set sights on SEA’s thriving startup ecosystem.

How climate tech companies in Asia measure the impact of their work
To answer this big question, we reached out to climate tech companies in the Asia Pacific and get them to explain the details.

How Asia Pacific startups propel the evolution of Generative AI
The achievements of these startups are commendable given the challenge of navigating a rapidly evolving technological space.

What metaverse trends should you keep an eye on in 2024?
In 2024, more skills will be tested in the metaverse, and traditional training processes will be adapted to include metaverse features.

Creativity at the heart of business growth
The future holds opportunities for businesses, and the fusion of content and creativity is the key for those aiming to stand out and grow.

How is open-source collaboration empowering Asia’s fastest-growing markets?
From startups to multinational corporations, Asia’s businesses actively integrate open-source technologies into their operations.

The quiet giants of 2024: Celebrating the success of ‘boring’ businesses
As we move towards 2024, the business landscape will likely continue to value and reward these ‘boring’ businesses.

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

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Singaporean foodtech startup Life3 Biotech (Life3) has partnered with solar energy system developer Union Solar to launch a low-carbon facility that integrates the ‘farm to factory to consumer’ concept.

Called Life3 Urban Sustainability Hub (LUSH), the facility is located at Sims Avenue in the island nation and will open around the second quarter of 2024.

LUSH’s Hydroponics Integrating MicroAlgae and Solar Energy System (HIMASS) feature harnesses solar energy and water-upcycling to produce plant-protein and leafy vegetables sustainably in a closed-loop symbiotic system.

Also Read: Foodtech transformation in Philippines: Cloud kitchens and online delivery reshape eating habits

The facility will also have a food processing and innovation area, for post-harvest MicroAlgae biomass to be processed into Algoprotein which can be added into food products.

LUSH will also have a tech experiential area for the public to engage in site visits, workshops and courses to learn about sustainability and healthy living.

In partnership with Union, HIMASS will be equipped with solar panels to convert solar energy into other forms of energy for MicroAlgae production. To keep carbon emissions low for logistics, LUSH’s solar panel system will also power up its EV chargers, which in turn charge up the electric trucks that will complete the last-mile delivery to commercial partners or consumers directly.

HIMASS will use a hydroponics and water-upcycling process, for wastewater to be upcycled, minimising water consumption via a circular economy approach. During this process, bio-fertiliser is produced as a byproduct to be used later in hydroponics.

Ricky Lin, CEO of Life3 Biotech, said: “HIMASS is a game-changing technology and a critical piece of the puzzle to complete our Life3 Urban Sustainability Hub where we can demonstrate how a smart, end-to-end food production system can be deployed sustainably in urban cities; starting from upstream cultivation to midstream processing and packaging, and lastly, to meet downstream consumers’ need for affordable and healthy food products, all made possible in Singapore with lower-carbon footprint.”

“LUSH will be used to engage and empower local communities such as children, youths and seniors through upskilling classes, site tours and workshops for residents to embrace a more sustainable and healthier lifestyle. We will continue to work closely with leading industry players in the private and government sector, like the Public Utilities Board (PUB) and Singapore Food Agency (SFA), to cement Singapore’s position as a leader in food innovation,” Lin added.

Also Read: Embracing sustainability: A circular design perspective on e-waste

Another feature of HIMASS is the proprietary AI software that was created to oversee the growing protocol, which includes monitoring, quality control at microscopic resolutions and maximising the growing and harvesting cycle. AI-enabled IoT through Digital Twin’s technology will transform and enhance productivity through predictive simulation, operational control, and real-time optimisation.

Life3 and Union Solar will collaborate with tertiary institutions Nanyang Polytechnic and ITE to spark interest and inspire youths to pursue their interest in Science, Technology, Engineering, Arts and Mathematics (STEAM) via the route of Applied Learning in Variable Environment (ALIVE); while co-creating solutions towards achieving two key pillars of the SG Green Plan – building a resilient future and living more sustainably.

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In the dynamic world of commerce, the entry or transition from online to in-store operations presents a lucrative yet challenging frontier for startups. With a market where 81% of global retail sales still occur in-store compared to 19% e-commerce, the potential for growth and expansion in this arena is immense. 

This shift, fueled by technological advancements and evolving consumer behaviours, offers startups specialising in payments and commerce or related services like embedded finance, delivery, insurance, and loyalty or rewards, among others, an opportunity to scale and innovate.

Despite its complexities, the in-store landscape offers startups higher conversion rates, less competition than the saturated online market, and a chance to enhance customer experience through tangible interactions.

StartupIN Program: Opening opportunities in in-store commerce

For startups, venturing into in-store payments means tapping into an established market with high visibility and consumer reach. 

Ingenico, a global payment industry leader, stands at the forefront of this space, offering a comprehensive suite of in-store payment solutions. Their extensive global footprint and 42 years of innovation and expertise in the in-store payments market provide startups with a reliable platform to expand their services. Ingenico’s smart POS terminals, managed services, and cloud-based orchestration platforms provide an omnichannel solution, bridging the gap between online and physical commerce. 

The StartupIN program by Ingenico is particularly instrumental, offering startups the tools, business connections, and guidance needed to navigate the in-store landscape successfully.

Mickael Joye, Startup Integration Lead at Ingenico, elaborated on the company’s role in fostering startup growth: “Ingenico isn’t just a facilitator — we’re a driving force for innovation and expansion. Our StartupIN program’s mission is to equip startups with various resources, expert guidance, and pivotal opportunities for scaling their solutions within the in-store payments and commerce sector.”

Joye added, “More importantly, our global expertise and presence provide these emerging companies with comprehensive support in navigating the intricate maze of regulations and protocols. By doing so, we help to streamline their journey, easing the often time-intensive assessments and integrations, and facilitating a smoother and more efficient entry into the market.”

Mickael Joye’s insights into Ingenico’s commitment to enabling startup growth in the in-store payments sector set the stage for understanding these startups’ specific challenges. The journey from concept to market is paved with obstacles and the StartupIN program can provide the solutions that will be integral to their success.

The challenges and solutions

1. Understanding POS terminal hardware: Startups transitioning to in-store spaces must navigate the world of payment terminals. With Android open OS terminals, developers can transform these devices from simple payment tools to comprehensive commerce solutions.
2. In-store entry costs: One of the primary barriers for startups moving into in-store environments is the initial investment in POS terminal hardware. Ingenico’s StartupIN program directly addresses this challenge by providing startups with the necessary hardware for their proof of concept, free of charge. It reduces the financial burden on startups but also allows them to experiment and innovate with their in-store solutions without the concern of upfront hardware expenses.
3. Microservice architecture & API-driven solutions: Microservice architecture can help build in-store solutions that complement online products. This approach allows startups to maintain agility and resilience without compromising their core online solutions.
4. Scalable infrastructure: In contrast to online shopping, where delays are often tolerated and transactions can be revisited, the in-store experience demands immediate and seamless transactions. Delays or inefficiencies in physical stores can lead to instant customer dissatisfaction as shoppers are unlikely to wait and may leave without purchasing. Therefore, robust and scalable infrastructure, supported by cloud technology with auto-scaling and regional deployment, is essential in ensuring swift, reliable transactions and upholding service-level agreements in the in-store environment.
5. Automation & merchant onboarding: Startups need to streamline the integration of their solutions into the diverse frameworks of merchants, especially those associated with Ingenico’s customers. Dedicated merchant management APIs can significantly ease this integration process and ensure efficient adaptation and service delivery within the in-store commerce sector.
   
   Gokula Krishna, Chief Technology Officer, Anycover highlights the impact of such integration: “Integrating with Android Open OS terminals has been a game-changer for us, bridging the gap between digital convenience and in-store personalisation. The API-driven architecture not only simplifies retailer onboarding but also empowers us to innovate rapidly, ensuring our in-store solutions are as dynamic and user-friendly as our online presence. This has been instrumental in enhancing the shopping experience for our customers and has given us a significant edge in the competitive retail landscape.”
6. Customer experience at Point-of-Sale: Enhancing the in-store experience involves incorporating POS terminals and mobile-centric elements for a user-friendly journey. Technologies like QR codes and NFC are vital in optimising data capture for efficiency and loyalty programs.
7. Navigating ECRs and payment device integration: The diversity in Electronic Cash Registers (ECR) protocols poses a significant challenge due to regional variations and legacy issues. Each integration must be approached individually, requiring thorough assessment and time investment.
8. Security in in-store transactions: Ensuring security in in-store transactions is paramount. Startups must comply with PCI DSS, encrypt data in transit and at rest, and maintain stringent access controls to protect customer data and uphold credibility.

Unlocking growth opportunities

While the in-store payments landscape presents challenges, it is also abundant with opportunities for forward-thinking startups. With the right strategies, such as leveraging microservices architecture, scalable cloud infrastructures, and robust security protocols, startups can overcome the hurdles of infiltrating this space.

The advantages of higher conversion rates, a less competitive environment than online commerce, and innovation potential make the in-store space attractive. Ingenico’s support through the StartupIN program further empowers startups to capitalise on these opportunities, paving the way for a successful foray into in-store commerce. While complex, this journey is a promising avenue for startups to expand their footprint and impact in the evolving world of commerce.

If you are an early startup that is an in-store native or have plans to enter the in-store space, visit the StartupIN Program website to find out how Ingenico’s innovations can help your business pursue in-store commerce success.

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

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

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Where high-flying startups and cutting-edge technologies frequently grab headlines, the true potential of ‘boring’ businesses often goes unnoticed. As we set our sights on 2024, it’s these very companies, typically defined by their commitment to fundamental, everyday services and products, that are increasingly emerging as market leaders. This shift towards valuing stability and reliability is not just a speculation but a visible trend in the current market climate. 

Mundane as they may seem, these businesses have consistently demonstrated resilience, profitability, and quiet innovation, often in sectors that lack the glamour and allure of their high-tech counterparts. Their success underscores a crucial business truth: in a world constantly chasing the next big thing, there’s enduring strength and value in the basics.

The understated power of niche focus

A prime example of this is Bored Security, a security management education project. Their recent achievement in negotiating the safe return of stolen NFTs following a significant hack underscores the growing importance of cybersecurity in the increasingly digital economy.

Also Read: Exploring blockchain’s potential impact on the education sector

In an industry often dominated by high-stake heists and spectacular breaches, Bored Security’s focus on education and prevention might seem unexciting, but it is undeniably crucial. Their success not only highlights the necessity of robust security measures in the crypto world but also illustrates how a business focusing on fundamental, often overlooked aspects can achieve significant impact and recognition.

Another example is NewCampus, which offers management training for tech companies. In the fast-paced world of tech, where innovation and disruption are constantly sought after, the idea of management training might seem mundane.

However, NewCampus has shown that even in a sector driven by innovation, the fundamentals of good management are indispensable. As tech companies grow and evolve, the need for effective leadership and management becomes ever more critical. NewCampus taps into this need, providing an essential service that supports the sustainable growth and development of tech companies.

The triumph of ‘boring’ businesses is not limited to education and security management. Consider the success of companies in industries like waste management, supply chain logistics, or even utility services. These sectors may lack the allure of AI, VR, or blockchain, but they are fundamental to the functioning of both the economy and daily life.

Businesses that excel in these areas often enjoy stable demand, clear business models, and steady revenue streams – attributes that can be particularly appealing in times of economic uncertainty or market volatility.

The 2024 outlook: Stability and reliability

As we move towards 2024, the business landscape will likely continue to value and reward these ‘boring’ businesses. The reasons are manifold. Firstly, in an increasingly complex world, there is a growing appreciation for simplicity and reliability. Consumers and companies alike are seeking stability and predictability, qualities that these businesses often provide.

Also Read: Holiday cybersecurity: Safeguarding businesses amidst increased cyber threats

Secondly, the economic climate, marked by fluctuations and uncertainties, may prompt investors and stakeholders to favour businesses with proven, sustainable models over those with higher risk, even if they promise higher returns. The appeal of a steady, reliable business becomes even more pronounced in this context.

Lastly, the evolving societal and environmental challenges will further elevate the importance of businesses that address fundamental needs and services. Whether it’s sustainability, security, or efficient resource management, companies that can offer solutions to these perennial challenges will be well-positioned for success.

Embracing the ‘boring’ brilliance

While the allure of the next big thing will always be a driving force in the business world, captivating the imagination of entrepreneurs and investors alike, the quiet power of ‘boring’ businesses should not be underestimated.

As we look ahead to 2024, it is these companies – with their focus on essential services, stable business models, and consistent value delivery – that are likely to emerge as the true champions in an increasingly volatile market. They represent the backbone of the economy, providing the necessary services and products that maintain the daily rhythm of life and business.

For entrepreneurs, investors, and consumers alike, there’s a growing recognition that sometimes, the most dependable and necessary businesses are those that don’t make headlines for being flashy but for being fundamentally sound and reliably excellent. Their ability to weather economic storms, adapt to changing market needs, and provide consistent value makes them not just safe bets but wise choices for long-term investment and patronage. 

Where sensationalism often overshadows substance, these ‘boring’ businesses stand as testaments to the enduring power of practicality, efficiency, and unwavering commitment to serving fundamental human needs. As such, they are not just likely to survive but thrive in the upcoming years, proving that in the world of business, sometimes the tortoise does indeed beat the hare.

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

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

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In a world dominated by digital transformation, Asia’s fastest-growing markets are leveraging open-source collaboration to unprecedented heights. To fully grasp this dynamic, it’s essential first to understand the basics and power of open-source software, so let’s do that and then pick apart this topic in more detail.

A swift explainer on open-source collaboration

Open-source collaboration can be a gateway to innovation. It provides a platform where individuals and organisations collaborate to create, develop, and improve software freely shared among users. For example, consider popular platforms like Linux or WordPress; they’ve allowed endless customisation opportunities on a global scale.

Open source is not just about the software we create but also about how we work. This highlights the level of cooperation required in successful open-source projects that turn a profit. So, to understand why Asia’s fastest-growing markets tremendously benefit from this model, you must first grasp the basics of open-source collaborations.

The power of open-source software

Open-source software holds transformative power. Not only does it support technological progress, but it also facilitates democratic participation by enabling everyone to contribute and benefit from community-driven projects.

One direct example is the wide range of applications of the pipe command in Unix operating systems, which showcases how users can create complex commands out of simpler ones with impressive efficiency.

The power emerges when we collaborate on open-source standards to make ordinary technologies accessible and universally compatible. This underscores how collaboration through open source fosters learning, flexibility and innovation, and that’s precisely what Asia’s rapidly growing markets are leveraging today to drive digital development forward at a record-setting pace. 

Therefore, appreciating the potency behind this model assists in comprehending its massive success across Asian economies.

Asia’s fastest-growing markets analysed

As technology evolves, Asia’s fast-paced markets are embracing innovation. Countries like China, India, and Indonesia are investing considerably in the tech industry as a primary driving force.

Also Read: Open source: The secret to boosting Singapore’s startup ecosystem

According to research by McKinsey, while Silicon Valley may stand undefeated as the most prominent name for tech entrepreneurship, Chinese cities Beijing and Shanghai are quickly ascending global rankings. These rapidly developing areas have built thriving digital solutions, from ride-hailing services to e-commerce giants, so they’ve undeniably left a significant imprint on our digital landscape.

In this context, digital transformation is no longer an option but a must-do for Asian economies and the organisations that occupy them. The regions harnessing innovative technologies tend to experience accelerated growth rates. Understanding these pulsating dynamics of Asia’s fastest-growing markets lets us begin recognising how open-source collaboration is crucial in this narrative.

How Asia embraces open-source methods

From startups to multinational corporations, Asian businesses actively integrate open-source technologies into their operations. By reducing costs and promoting innovation, these methods allow for rapid advancement in the market.

Experts believe that open-source software is welcomed in this part of the world because it supports advanced functionalities without significant initial investment. This shows that with open-source tools, companies can accelerate technological development while managing risks and scaling operations cost-effectively.

Also Read: SMEs and startups must make open source security a collective responsibility

Moreover, examples of community-based collaborations indicate their growing preference towards shared intellectual resources. The methodologies encouraged by such organisations primarily manifest how open-source principles seep deeply into Asia’s fast-paced markets. It signifies a collective pursuit to create solutions together instead of individually – thus fostering immense growth opportunities.

Open source and market empowerment connection

The connection between open-source collaboration and market empowerment is incredibly strong. Participating actively in countless open-source projects portrays a company’s employee development, innovation levels, and overall reputability.

For instance, Alibaba Cloud leverages Apache Flink, an open-source system for the fast processing of significant data streams. Their commitment shows how businesses can use these ecosystems to their advantage while contributing to the community.

Furthermore, in this borderless era where information flows freely, Asia has dramatically benefited by integrating best-in-class global technologies with local customisation. Herein lies the immense potential linking open source collaborations with institutional success — with such easily accessible knowledge resources, it becomes significantly easier for Asian markets to expand rapidly while adapting smoothly to technological transformations.

The bottom line

Collaboration is the cornerstone of good business, and the open source epoch has catalysed and enabled this on scales hitherto unseen. Asia’s expanding markets typify this, and it presents a positive outlook for the future of this region.

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

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

Image credit: Canva

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Southeast Asia has seen a heightened demand for observability within enterprises. As digital infrastructure becomes more complex, various industries now rely on observability tools to get a connected, real-time view of all IT performance data to troubleshoot and resolve problems faster.

However, prevailing economic conditions and constrained IT budgets pose challenges in achieving comprehensive, end-to-end observability across the entire technology stack.  C-suite leaders are focused on strategic investments to ensure the best possible business value without sacrificing the customer experience.

The tangible business advantages of technology are often elusive, particularly when communicated to executives who may view it as just another item in the annual budget. In the current climate of cost-cutting pressures, leaders with less technical acumen may not readily understand the merits of observability.

C-suites in favour of observability

The key to making the business case for observability lies in recognising its central role in fueling digital transformation and steering the customer experience.

According to New Relic’s 2023 Observability Forecast, ASEAN organisations record a higher return on investment (ROI) on observability when compared to global peers. Indonesia and Singapore both had the highest median annual ROI of 167 per cent. The median annual ROI in Malaysia was above average at 133 per cent, while Thailand broke even. The median annual ROI across all respondents globally was 100 per cent.

Also Read: How can you build a living, thriving community around your SaaS product?

The study also found that the majority of C-suite leaders are strong proponents of the value of observability – this includes both technical-focused C-suites (82 per cent) and less technical-focused C-suites (74 per cent). The majority of the C-suite respondents (85 per cent) see observability as a key enabler to achieving core business goals to some degree.

However, despite its strong ROI value, more than a third (36 per cent) planned to reduce spending across the board next year.

Unlocking the full business potential of observability

While CTOs and CIOs are inclined to prioritise observability, there’s a need for other C-suite executives to flip the conversation on ROI to fully appreciate the diverse benefits that observability offers.

Observability’s connected overview of data from various sources in a unified platform enables proactive problem-solving. It helps IT teams actively prevent issues, ensure operational efficiency, and facilitate the development of high-quality software to enhance both customer and user experiences.

By providing comprehensive visibility to different teams and functions, observability empowers them to scale systems effectively in response to shifting traffic patterns, all without compromising performance, cost, or end-user satisfaction.

It establishes a singular source of truth grounded in real-time data, bolstering system resilience and optimising performance during peak demand. This, in turn, expedites application modernisation efforts and elevates the overall user experience.

Demonstrating the benefits of observability

Here are key factors to consider when articulating the ROI of observability to the business.

Foster data sharing

Observability encourages teams and business leaders to openly share data and insights. This practice elevates best practices throughout the organisation, enabling the development of benchmarks to compare the relative performance of various units and platforms.

Also Read: Unlocking green fintech prosperity in Asia: Navigating the top 4 challenges

Superior customer experience

Observability’s dashboards focus on metrics that are crucial to customer experience, enabling teams to pinpoint and address performance issues proactively, preventing any potential impact on customers. A superior customer experience not only enhances the bottom line but also aligns with leadership priorities.

According to research on the Observability Forecast, 54 per cent of respondents noted that observability contributes to improved revenue retention, while 41 per cent highlighted its role in supporting business and revenue growth.

Connect KPIs to business impact

While IT Ops teams traditionally gauge observability performance using metrics like uptime and mean-time-to-repair, it’s crucial for business leaders to witness a direct influence on the company’s overall success, including insights into customer satisfaction and financial metrics. Align users’ key performance indicators (KPIs) with these business-related objectives to ensure the direct link between observability data and the bottom line.

Developer efficiency matters

While organisations typically assess the value of enterprise software based on its impact on operational performance and quality, it’s essential to also consider whether it contributes to more efficient goal achievement by developers. Data indicates that full-stack observability yields positive business outcomes, including enhanced operational efficiency and increased productivity.

Providing a view of the genuine business value of observability demands dedicated time and collaborative efforts across the organisation. By presenting a compelling high-level case that aligns with the language and key performance indicators (KPIs) prioritised by a CFO or CTO, IT teams advocating for observability can not only deliver financial gains but also contribute to the continuous enhancement of the software and services delivered to customers.

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

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

Image credit: Canva

The post Why all leaders need to understand the impact of modern observability appeared first on e27.

Dear reader,

This is the last working day of 2023. We hope that you get to tie up all loose ends beautifully in your work, before going off to spend the New Year weekend with your loved ones.

In the last week of 2023, we published a compilation of our achievements this year with the e27 Contributor Programme. We also introduced a Startup Ecosystem Roundup that presents a snapshots of the startup ecosystem in 2023 in five Southeast Asian (SEA) countries. Our contributors also give the final kick with their thought leadership pieces on strategic transformation, reviving a failing startup, and the impact of modern observability.

The startup ecosystem remains active. One of the funding news that companies announced is US$8.3 million in Pre-Series B funding round for LiveIn, who plans to accelerate its regional expansion.

It has been a busy and colourful year, and we are grateful to have you in our community. We are looking forward to seeing you again in 2024.

Happy New Year.

Anisa,
Editor.
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e27 launches Startup Ecosystem Roundups for 2023
e27 presents snapshots of the startup ecosystem in 2023 for the following countries: Philippines, Singapore, Indonesia, Vietnam and Thailand

e27 Contributor Programme in 2023: A thrilling journey through growth and innovation
Dive into the journey of the e27 Contributor Programme in 2023, celebrating growth and anticipating exciting innovations for the year ahead

Atomionics champions a more sustainable energy exploration through its virtual drilling innovation
With its Gravio technology, Atomionics captured gravity data to identify potential energy and mining resources underground

Tech revolution unleashed: Navigating emerging trends for strategic transformation
In the tech landscape, our shared responsibility is to ensure inclusivity, leaving no one behind in the transformative journey ahead

LiveIn secures US$8.3M in Pre-Series B funding to accelerate regional expansion
The funding round will be used to fuel the Malaysia-based LiveIn’s expansion into other key cities across the region

Reviving a failing startup: Financial strategies for long-term success
This article explores strategies to rescue struggling startups from bankruptcy, guiding them towards financial stability and long-term success

Startup Genome: Singapore remains top startup ecosystem for clean tech, blue economy
In the Cleantech ecosystem categories, Singapore moved up an impressive 18 places, from number 26 to eight

Navigating the AI landscape in 2024: Why there is an urgency for enhanced governance
There are two points that stand out in 2024, starting with how AI will experience a shift from a “nice-to-have” to “must-have”

Propelling SG businesses towards sustainable future: How to inspire emissions plan creation
There are several steps to encourage businesses to develop emission plan, starting with involving CFOs and finance teams

Tristan Chiappini: A decade of excellence in fintech and digital payments
Explore Chiappini’s journey in fintech, gaining insights on payments, locally preferred methods, and the dynamic industry landscape

Why all leaders need to understand the impact of modern observability
Providing a view of the genuine business value of observability demands dedicated time and collaborative efforts across the organisation

IPO-bound Indian unicorn FirstCry targets US$218M raise
Brainbees disclosed that certain investors are poised to divest up to 54.4 million shares

Indonesia startup shakeout leaves tech firms facing hard choices
Despite setbacks, industry insiders remain optimistic for 2024

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Image Credit: RunwayML

The post Ecosystem Roundup: A snapshot of SEA startups in 2023; LiveIn gets US$8.3M in Pre-Series B appeared first on e27.

“How long have you been working with e27?”

This is, honestly, my favourite question. I tend to receive them whenever I attend a networking event or meet a work partner in real life for the first time. I love the reactions it triggers; most of them are pleasantly surprised by the fact that I have been working here for eight years. Joining the company in 2015 as a junior correspondent in Jakarta, I am now overseeing the e27 content team from Singapore.

(In case you have been in touch with “Mbak Anisa from e27” in Jakarta and wondered where I have been in the past few years.)

My introduction to the Southeast Asian startup ecosystem began with my work at e27. Throughout the years, I have seen many things going on. Take the example of tech giants such as Gojek. I was there when they first introduced their IDR10,000 flat rate; I was also there when Nadiem Makarim was appointed Minister of Education and when the company went public.

Also Read: What the SEA startup ecosystem needs to know about COP28

In these eight long years, are there lessons about the startup ecosystem (and life in general) that I have learned? Absolutely. They can be separated into three points:

Changes are constant

Phew. What can I say about this one? In the startup ecosystem, changes happen so rapidly that often, the things that are relevant in January may not be cool anymore in … November. It got to the point that sometimes, industry players do not dare to predict more than six months in advance. In 2022, blockchain was all the rage until a major shift happened in November—the launch of ChatGPT was just one of the triggers. After that, we are all eyeing a different innovation, pondering the ways it can affect our lives, and pouring money into it.

After moving to Singapore, I returned to Indonesia for a holiday, and the market was unrecognisable after just a few years. But often, this is a good thing. It shows the market’s ability to adapt to changes and eventually solve problems, opening opportunities for the rest of us.

Community is strength

Unfortunately, life in the startup ecosystem is not always fun, especially if you are a minority. But I learned that one can always lean on the community whenever something bad happens. In terms of business, we may be competitors against each other, but when it comes to safety, there is strength in numbers.

Also, don’t be a [redacted]. People will always find out.

Don’t take yourself too seriously

Last but not least, don’t take yourself seriously. Seriously. This may sound odd. But in an environment where changes happen constantly, you might notice that failures tend to happen more often. You might be so certain that one solution will work until it does not. Being able to laugh at yourself is immensely helpful to get through all the challenges you might find in this ecosystem.

Also Read: Startup Genome: Singapore remains top startup ecosystem for clean tech, blue economy

As we enter a new year, we tend to look back on the things that we have done and what we can carry into the next stage of our lives. As long as I am working in this ecosystem, these are the three things I plan to carry with me.

Let us see if they continue to be relevant next year.

See you in 2024.

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Image Credit: RunwayML

The post 3 things I have learned about the SEA startup ecosystem in the last 8 years appeared first on e27.

Man has evolved from taking months or weeks to send a single letter via hand or messenger pigeon to speeding up the process with the invention of the telegraph, then the telephone, and finally, the smartphone of today. This transformation is one of many that underscore how emerging technologies have always been catalysts for global change, shaping our future in unprecedented ways.

As we study the impact, opportunities, and challenges presented by these transformative forces, we must also aim to steer these same forces and their resultant trends to our entrepreneurial advantage. These innovations are more than just novelties; they are the driving forces behind a global transformation.

At this point, it is important to note that change, especially transformational change, is often triggered by a crisis or key events. When we talk about crises in this context, we are not referring to global issues like the pandemic; instead, we are referring to the introduction of disruptive technologies within a company’s ecosystem. Disruptive technologies, such as artificial intelligence, can swiftly propel a company from one state to another, necessitating a transformation.

This transformative journey involves corporate restructuring, human capital transformation, and continuous learning. Corporate restructuring addresses financial crises, while human capital transformation focuses on changing mindsets and cultural elements.

This includes the incorporation of continuous learning as a part of the ongoing process aimed at making companies better at what they do. The evolution toward organisational learning and development is critical for sustained success.

Also Read: How digital payments are transforming the travel experience

Considering the untapped potential stemming from empowered new markets, revolutionised customer experiences, and leapfrogged production efficiencies, the unprecedented growth opportunities for a business are immense — but so are the challenges. In a world now characterised by Volatility, Uncertainty, Complexity, and Ambiguity (VUCA), navigating the technological landscape and its trends demands a strategic approach.

In fact, ignoring or delaying involvement with these advancements is not viable in today’s competitive landscape, if only because of how untenable this approach is in the long run. Companies that do not embrace these changes risk falling behind and facing regulatory issues. They also are in danger of being overshadowed by more tech-savvy and adaptable competitors and of compromising their global competitiveness in an interconnected, tech-driven economy.

Also, the dark side of disruption presents ethical, legal, and societal challenges that require responsible implementation. For example, companies will find themselves grappling with dilemmas related to privacy, data usage, and the potential consequences of their innovations on individuals and society.

At the same time, addressing these challenges is paramount to ensuring that technological progress aligns with ethical standards, legal frameworks, and positive societal outcomes. Naturally, balancing innovation and stability becomes a delicate act in this rapidly evolving technological environment.

Notably, the technology sector’s impact on global Gross Domestic Product (GDP) further serves as a testament to its relevance in the largest economies worldwide. For instance, in the United States, a whopping 24 per cent of economic growth comes from the technology sector.

This trend is not exclusive to developed countries; the tech sector contributes a whopping 16.34 per cent to the GDP of China. Even in countries like Singapore, where the economy is mostly service-based — i.e. more dominated by people than tech — technology continues to play a vital role.

The implications of this are profound. For industrialised first-world economies, technology is a major player, driving growth and innovation. However, for countries aspiring to develop similarly, access to importing or acquiring technology is the crucial factor. The ability to even enter the market for the adoption of new technologies can be a make-or-break factor for economic development.

Also Read: Why Singapore’s traditional sectors need a digital makeover

Delving into trend analysis is then pivotal for organisations, serving as a cornerstone in understanding the evolving narratives of emerging technologies and laying the groundwork for strategic planning.

Organisations armed with this analysis can, therefore, derive strategic responses, and engaging in trend analysis goes beyond staying current; it becomes a proactive initiative that empowers organisations to capitalise on opportunities and prepare for challenges associated with rapid technological adoption.

This awareness is not just for the corporate boardrooms; it is a call to action at the grassroots level, particularly within educational institutions. As we step into a future defined by emerging technologies, equipping the workforce with the knowledge and skills to adapt becomes paramount, too.

Colleges and educational institutions must curate awareness around these technologies, fostering an environment where future professionals are not just prepared for change but actively driving it.

In the grand tapestry of technological evolution, the narrative is not solely written by CEOs and executives; it is co-authored by the workforce, the students, and the educators.

The transformative potential of technology is a shared responsibility, and as we navigate this tech revolution, let us ensure that no one is left behind. Only a collaborative effort, fuelled by awareness and education, will truly unlock the global change promised by emerging technologies.

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The post Tech revolution unleashed: Navigating emerging trends for strategic transformation appeared first on e27.

e27 has been dedicated to nurturing a supportive ecosystem for entrepreneurs since its inception. Our Contributor Programme offers a platform for sharing unique insights.

As part of our newly introduced ‘Contributor Spotlight’, we shine a weekly spotlight on an outstanding contributor and dive into the vastness of their knowledge and expertise.

In this episode, we feature Tristan Chiappini, VP and Head of Partnerships, APAC at PPRO, leveraging a decade of payments industry experience to enhance PPRO’s global digital payments platform in the APAC region.

A valued contributor since 2020, he has published 10 articles with over 10,000 views. “I have spent many years in the payments industry, and e27 is a fantastic resource for both sharing that knowledge and furthering my own,” he said candidly.

Chiappini shares his personal and professional journey in this episode of Contributor Spotlight.

Thoughts, goals, and journey

Chiappini, whose career in merchant acquiring began with a spontaneous interview at American Express Merchant Services, shares the amusing start. Recruited over lunch, he swiftly learned Excel essentials, passing the test with flying colours and setting the stage for a successful payment industry journey.

“Professionally, 2023 has been a fantastic year for me at PPRO, with more to come in 2024. In terms of personal goals, on top of being the best possible husband and father I can be, I have a few triathlons, cycling events and an ultramarathon planned — I’m always looking for the next challenge. Roll on 2024!”

Also Read: ‘Tis the season to be shopping: Can businesses still capitalise on sales events in APAC?

With over a decade in the fintech industry, particularly at PPRO, he emphasises the importance of catering to locally preferred payment methods. Recognising the impact on conversion rates, user recognition, and trust, he observes this trend unfolding online and in physical stores.

“Seeing Alipay+, WeChat Pay, JCB, and very soon Unified Payments Interface (UPI) in-store these days is common practice. Speaking of UPI, this is a fascinating one, locally in India. In just seven years, it has become the preferred method of digital payment in India, with 230 million active users (40 times the population of Singapore) transacting more than 10 billion in monthly transactions. According to some, UPI is expected to reach a billion transactions a day by 2026-2027,” he said.

He continued, “2024 will be the year UPI goes cross-border both for online, allowing Indian consumer to pay using UPI at global merchants, as well as in-store where Indian travellers can by pay for their duty-free at airports, at hotels and restaurants and tourist attractions using UPI. At the same time, UPI is also connecting inter-regionally into other national real-time payment rails, for example, PayNow here in Singapore and PromptPay in Thailand. This will be a fascinating one to watch next year.”

Advice for budding thought leaders

Chiappini advises budding thought leaders, echoing Moffat Machingura’s wisdom that “the first step is the hardest.” He emphasizes that committing to sharing knowledge initiates an enjoyable process, leading to a deeper understanding of the chosen subject and continuous learning.

Juggling too many things?

“The eternal balancing act! It really comes down to priorities. Spending time alone in silence with your thoughts each day helps you balance all the pressures of the work-life balance. It will always be something you have to work on, along with your own personal development, which in today’s hectic lifestyle often gets neglected,” Chiappini said.

Also Read: What the payments industry should consider when preparing for the holiday season

He underscores that dedicating at least 10 minutes daily to personal and professional growth enriches oneself and contributes positively to one’s company, family, and friends. He also suggests reframing the commitment in this broader perspective for effective prioritization in the future.

Staying in the loop

“Payments and fintech are moving and changing so fast that often books become out of date so quickly that things would have moved on by the time you reach the last page. Committing to spending a couple of minutes a day scanning and reading through the media to keep your knowledge fresh is something I’ve done for years and would always recommend,” Chiappini said.

In his role at PPRO, Chiappini benefits from valuable interactions with experienced industry professionals. With daily readings from various sources and active participation in major trade shows, his genuine interest in the field facilitates easy and comprehensive staying up-to-date on relevant information.

“The payments industry, and fintech in general, continues to be a fascinating and ever-changing industry to work in. There are ups and downs, as we have seen with the mass-scale restructuring projects over the last few years from all of the industry’s largest players, but payments are central to our everyday lives. If we, as payments professionals, can make it simpler and easier for people to transact online, our work is touching and improving the lives of millions, even billions of people — that makes it worthwhile,” he concluded.

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The post Tristan Chiappini: A decade of excellence in fintech and digital payments appeared first on e27.