Dear reader,

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

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

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

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

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

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

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

Sainul,
Editor.

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NEWS

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

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

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

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

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

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

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

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

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

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

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

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

FEATURES

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

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

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

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

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

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

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

FROM OUR CONTRIBUTORS

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

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

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

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

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

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

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

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

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

FROM THE ARCHIVES

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

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

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

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

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

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

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

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

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

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

—

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

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

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

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

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

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

Between impact and profit

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Linnovate Partners bags US$40M funding

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

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

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

Jejakin raises US$2.7M

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

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

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

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

Uber Eats to acquire foodpanda’s delivery biz in Taiwan

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

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

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

VFlowTech secures Series A extension round

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

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

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

Zeta Markets closes US$5M funding round

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

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

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

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

Sqreem acquires TotallyAwesome

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

The details of the transaction remain undisclosed.

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

Chainstack rakes in strategic funding

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

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

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

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

Golden Gate Ventures launches US$100M MENA Fund

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

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

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

Osome closes US$17M Series B round

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

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

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

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

The details of the transaction remain undisclosed.

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

Also Read: How TotallyAwesome helps brands engage kids and teens in a meaningful way

According to a statement, the pair will have a combined reach of over 2.4 billion consumers in 80 countries.

The acquisition allows Sqreem to navigate the complex landscape of ethical youth marketing, especially as global conversations increasingly emphasise the responsible use of AI in targeting vulnerable audiences.

The purchase also combines Sqreem’s advanced AI-driven behavioural database with TotallyAwesome’s understanding of youth audiences and their digital experiences across 14 key Asia-Pacific markets. This allows brands and agencies to reach millions of young consumers and parents safely and competently.

“Our combination of tech and expertise will demonstrate how brands can precisely tailor their engagement with kids, teens and families while prioritising safety and trust,” said Ian Chapman-Banks, CEO of Sqreem.

TotallyAwesome’s 100-member team across Singapore, Ho Chi Minh City, Melbourne and Sydney will merge with Sqreem’s global workforce.

“Sqreem’s acquisition of TotallyAwesome perfectly aligns with our strategy of curating high value audiences without cookies, drawing on our 9+ years of experience in marketing to kids, teens and families – and our more recent 18+ audience offering. With Sqreem’s cutting-edge AI technology solving the industry-wide challenge of activating against cookie-free intent-based audience segmentation, this union significantly strengthens both companies across all industry sectors,” added Raja Kanniappan, CEO of TotallyAwesome.

Also Read: Singapore’s digital behaviour aggregator Sqreem acquires Trade Indy

TotallyAwesome is a purpose-built media and content business, with one foot in media and engagement and the other in cyber safety. From a media perspective, it ensures brands engage kids and teens responsibly, acting like a youth safety insurance policy for brands. It counsels brands on how to move beyond an advertising play to one of utility and meaning.

Founded in 2010, Sqreeem develops AI solutions that match online behaviours with brands and publishers, identifying clients’ most valuable groups of customers and their behaviours. In March this year, Sqreem acquired Melbourne-founded, programmatic managed services company Trade Indy as part of its ongoing global expansion plans.

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Southeast Asia, a region experiencing phenomenal economic growth and rapid urbanisation, faces a mounting challenge: waste management. Traditional disposal methods are buckling under the pressure, leading to overflowing landfills, environmental pollution, and potential health risks.

According to a World Bank report, global waste generation is expected to surge dramatically by 2050, reaching a staggering 3.40 billion tons annually. This represents a significant increase from the current figure of 2.01 billion tons. Given its booming economy and growing population, Southeast Asia stands particularly vulnerable to this trend.

Emerging from this challenge is Blue Planet, a waste management company based in Singapore. Founded in 2017 by Madhujeet Chimni, Prashant Singh, and Bharadwaj Chivukula, the company is on a mission to lead the charge in sustainable practices and circular economy initiatives.

Blue Planet’s multi-faceted approach to waste management

“Through innovative technologies and collaborative efforts, we aim to transform discarded materials into valuable resources, such as renewable energy, recycled materials, and fertilisers. Our vision encompasses a future where resources are utilised efficiently, pollution is minimised, and communities flourish in harmony with nature,” said Prashant Singh, co-founder and CEO of Blue Planet, in an interview with e27.

With operations in Southeast Asia and the UK, Blue Planet leverages tech to address various facets of waste management. Its anaerobic digestion (AD) technology converts biomass, organic waste, and agricultural residues into biofuels. Additionally, through thermal catalytic depolymerisation (TCD) technology, thin plastics are transformed into fuel, offering alternatives to conventional waste disposal methods.

The company undertakes municipal waste management in waste-to-energy solutions, reducing reliance on landfills while generating energy. Its remediation and resource recovery efforts include techniques like landfill mining and extracting resources such as Refuse-Derived Fuel (RDF) to manufacture construction materials like pallets, boards, and lumber, fostering a circular economy.

Also Read: Unlocking hidden gold: How overlooked wet waste streams hold profit potential despite challenges

In e-waste management, Blue Planet employs proprietary hydrometallurgy technology to recover base metals and precious metals (PMR) from electronic waste, alongside battery recycling and industrial waste management services. The company also streamlines waste collection and processing by operating Material Recovery Facilities (MRFs) that process recyclable materials and convert construction and demolition (C&D) waste into geopolymer blocks, diverting waste from landfills.

Complementing these efforts, Blue Planet offers waste collection services for public and industrial sectors, including hazardous waste management, cleaning, and restoration services, along with social awareness initiatives and consulting services.

“In Southeast Asia’s climate tech landscape, opportunities abound in renewable energy, sustainable agriculture, waste management, and carbon offset projects. Blue Planet plans to leverage its expertise by offering tailored solutions such as recycling tech, waste-to-energy conversion, and organic waste management.

Integrating waste management with renewable energy projects and partnering with local entities will drive growth. Additionally, initiatives like carbon offsets and sustainability education will reinforce Blue Planet’s position as a trusted climate solutions partner in the region,” Singh shared.

The firm claims it manages 15,200 metric tonnes of waste daily and produces 10,000 normal cubic metres of biogas (as clean energy) each day from organic materials. It has recovered over 800 acres of land (legacy landfills) for the public. It claims to have processed 3.3 million metric tonnes of waste, reducing two million metric tonnes of CO2 emissions last year.

Building a sustainable business model

Blue Planet maintains financial sustainability through diversified revenue streams. It offers various revenue models tailored to different customers, including grants, user fees, fixed costs, or customised arrangements based on user requirements. The organisation also focuses on creating awareness through educational offerings such as courses and workshops while earning income through education and training programs.

Also Read: Singapore’s waste management firm Blue Planet gets Bintang Capital’s backing

Blue Planet has primarily been funded through private investments and partnerships. The latest investment, totalling US$35 million, came from The Investment Fund for Developing Countries. Before this, the venture secured investments from the Neev Fund, OSK Ventures International, Japan’s Mizuho Asia Partners, and Malaysian private equity firm Bintang Capital Partners.

Blue Planet has expanded its portfolio through the acquisitions of Vac-tech Engineering and Disaster Restoration Singapore in Singapore, Mahindra Waste to Energy Solutions and Xeon Waste Managers in India, and Qube Renewable and Recycle Force in the UK.

Looking ahead, Blue Planet aims to continuously innovate in waste management technologies, expand its global reach, and make substantial contributions to combating climate change for a more sustainable future. “By 2029, we aim to help reduce 40 million tons of CO2 emissions,” concluded Singh.

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Image credit: Blue Planet

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Senior Minister of State Tan Kiat How stated that the tech ecosystem cannot grow and flourish without the right people, skillsets, and opportunities.

Presenting his opening remarks on the first day of Echelon X today, the senior minister of state explained how Singapore has generated “good job opportunities” in the digital sector.

“Today we have around 210,000 tech professionals; an increase of over seven per cent over the last five years. Good opportunities and vibrant growth in our digital economy bring new jobs and innovation. This growth is not just in Singapore, but a reflection of the overall and broader growth in our region, Southeast Asia,” he said.

Tan presented the existing programmes that Singapore has run to support the tech ecosystem by investing in people. One such programme is the tech skills accelerator, which aims to help individuals who want to either transition into tech roles or upskill themselves to remain relevant.

“Specifically for AI, we started initiatives such as the AI Apprenticeship Programme under AI Singapore, which is bringing together different universities in Singapore to grow AI talent,” Tan said, adding that 80 per cent of participants have secured AI jobs before graduation.

“The future is here, and it’s exciting. We want to partner with all of you to grow the ecosystem in Singapore and support the broader growth of the digital economy in the region and beyond.”

Also Read: Is Vietnam Southeast Asia’s fastest-growing digital economy?

Building the tech ecosystem through partnerships

Thanks to its open markets and pragmatic regulatory environment, Singapore has long been recognised as a premier location for conducting business. These factors have consistently fostered business development and attracted global enterprises.

Last year, Singapore took a significant step forward by introducing its Digital Connectivity Blueprint. This initiative aims to guide the nation’s digital infrastructure and services investments, ensuring that Singapore remains at the forefront of technological advancements. Additionally, the country updated its National AI Strategy to harness the benefits of the latest wave of AI innovations locally and globally.

The government’s commitment to technological advancement is further evidenced by the upcoming launch of the Digital Enterprise Blueprint later this month. This new initiative will outline strategies and initiatives designed to help industries and enterprises adopt new technologies, driving the next phase of the digital economy.

Singapore aims to support small and medium-sized enterprises (SMEs) and bolster the economy by focusing on digital transformation. Such efforts are expected to maintain the nation’s competitive edge in the global market and stimulate further economic growth.

Collaborations with tech giants are a testament to Singapore’s proactive approach to innovation. For instance, a partnership with Google under the Google AI Trailblazers programme has developed over 100 AI use cases across both public and private sectors.

Furthermore, major tech companies are making significant investments, such as Amazon Web Services (AWS), which recently announced an additional investment of US$12 billion to expand its cloud infrastructure and services in Singapore over the coming years. These initiatives and investments underscore Singapore’s commitment to becoming a global digital innovation and enterprise leader.

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Day 1 of Echelon X has finally wrapped up and as we gear for an exciting Day 2, we wanted to spoil you with a glimpse into some of the highlights from today’s sessions and exhibitions. Without further ado, we give you key highlights from Echelon X Day 1 in photos.

Welcome Remarks by Mr Tan Kiat How, Senior Minister of State of the Ministry of Communications and Information of Singapore

“The future is here, and it’s exciting. We want to partner with all of you to grow the ecosystem in Singapore and support the broader growth of the digital economy in the region and beyond.”

Senior Minister of State Tan Kiat How joined Echelon X and presented the initiatives and partnerships that Singapore has done to support the tech ecosystem. Mr Tan also took time to go around the conference hall, visiting the AI Zone and the e27 pavilion.

4 keynotes, 13 panel discussions, and 7 fireside chats across 3 stages

Four keynote sessions were held at the Future Stage where our speakers shared insight on various aspects of AI and how it affects the future of life and work.

We kicked off with Dr Ayesha Khanna, Co-Founder and CEO of Addo AI, as she walked us through the ways businesses in Southeast Asia are leveraging generative AI technologies to drive digital transformation.

Thirteen panel discussions happened across 3 stages where our panellists dove into various topics like healttech, sustainable hustling, and SEA VC landscape.

One of the most well-attended is Sustainable Hustling and Resilience for Startup Entrepreneurs: Tactics Founders Have Implemented to Reduce Burn Out and Play the Long Game When Building their Startups where panellists Joan Low, Founder and CEO of Thoughtfull; Jx Lye, Founder and CEO of Acme Technology; Even Heng, Founder and CEO of Zenith Learning Group; and Henry Motte de la Motte, Founder and CEO of EDGE Tutor; with moderator Terence Chia, Co-Founder of Folklory talked about how companies can balance growth and impact.

TOP100 startups left it all on the Pitch Stage

The Pitch Stage saw 32 startups showcasing their tech on Day One — from the most promising startups of Vietnam brought to you by JDI, Plug and Play’s program startups and their disruptive solutions, and the life-saving startups of SAFE STEPS D-Tech Community.

Exhibitors showcased their products and solutions

Echelon X featured a series of roundtables, EC Connect sessions, and Speakzone presentations

Hundreds flocked to join the roundtable sessions and workshops that happened throughout Echelon X. With topics ranging from data-driven growth to understanding the needs and challenges of product leaders, attendees engaged in lively discussions for collective insights and growth.

Meanwhile, EC Connect saw 64 connections made between TOP100 startups and investors. The meetings were facilitated by the e27 team as part of the 2024 TOP100 Growth Program.

For Day 2, Remote, a global HR solutions and employment tool for distributed teams (and bringer of good coffee at Echelon X), will be showcasing! Head there at 1:30 PM!

Mohan Belani, CEO and Co-Founder of e27, unveiled the first edition of Echelon Philippines happening this year in partnership with Brainsparks

“I’m happy to announce that we’re launching our first ever Echelon Philippines later this year in September.”

During his welcome remarks, Mohan Belani, CEO and Co-Founder of e27, announced the launch of Echelon Philippines, highlighting the country as a prime market for startups and emphasising it’s significant market potential and abundant funding opportunities.

Join us for Day 2 of Echelon X

Join us today, 16 May, for Day 2 of Echelon X to witness history unfold as we gather more of the top industry leaders from across Southeast Asia to hash out some of today’s most exciting trends and insights.

See you at the Singapore EXPO, Hall 2, for more exciting learning, networking, and collaboration opportunities.

The post IN PHOTOS: Highlights from the Echelon X Day 1 appeared first on e27.

A great number of Malaysian companies’ systems are outdated. Their dependence on legacy systems is causing severe problems in their daily business operations. Legacy systems are costly to maintain, and one of the reasons is that legacy systems need niche talents to fix their issues.

Hence, corporations allocate more than 55 per cent of their IT budget to maintain existing mainframe legacy systems. Legacy systems are also often rigid and inflexible, incapable of adapting to the market dynamic. Their inability to integrate with modern systems poses a problem for modern problem-solving. 

Consequently, this causes an inefficiency in performance, being much slower in comparison to its modern counterparts. These outdated systems are still being used by Malaysian companies, even Fortune 5000 companies, due to the companies’ inaction towards digitalising their business processes. This is evident when 68 per cent of companies mentioned that legacy systems are a significant barrier to digital transformation to provide modern solutions.

This article highlights the reasons why Malaysian companies still rely on legacy systems and are unable to modernise their business systems. Furthermore, a potential solution may be introduced to be used to overcome the conversion from legacy systems to modern systems.

The slow technological adoption rate of Malaysian companies

Malaysian companies have always been considered the late majority in the technology adoption life cycle. This is evident when 79 per cent of companies in Malaysia are still lagging in digital agility. The low adoption rate for new technologies is caused by a lack of talent acquisition and talent retention, affecting the top management of the company and company readiness, causing the companies to be heavily unadaptable.

The lack of focus on digital literacy by companies leads to sluggish technology adoption and an unprepared workforce, resulting in the employees’ inability to familiarise and adapt to technological changes.

Also Read: Shaping Malaysia’s digital future: The imperative of reduced latency

In addition, there is an absence of an in-house innovation driver or champion on the company’s side that can consolidate internal challenges and work together with solution providers, which can be attributed to the lack of talent in the industry. Malaysian companies also have concerns about the transition between legacy to modern systems, with problems including:

• Perceived high transition time required
• Fears of failure
• High retraining costs

The incapability of legacy systems to adapt to modern systems

Compatibility issues

Legacy systems face compatibility issues since they are traditionally not built to function with modern systems, applications, or platforms with more storage and faster processing speeds. This leads to potential data loss and system failures.

The interoperability between systems may also prove to be a barrier to modernisation. This is due to legacy systems requiring proprietary protocols and interfaces that may not align with the communication standards and protocols used in modern systems.

As a result, this leads to potential issues such as communication and data exchange failure. Due to the nature of legacy systems, procuring compatible software that aligns with an outdated legacy system poses challenges and limits the range of options accessible to your business.

Security concerns

A major problem with legacy systems is that they lack security updates and features, causing businesses to be vulnerable to potential security breaches. For example, in July 2019, credit-reporting company Equifax had to pay up to US$750 million for a 2017 data breach that compromised the personal information of approximately 147 million people.

Outdated software components, inadequate encryption methods, and the absence of modern security controls make legacy systems prime targets for exploitation by cybercriminals. Furthermore, the security patches of legacy systems are no longer available as software vendors may have discontinued the support for these systems.

High-cost considerations

Maintaining and supporting legacy systems can be costly, as it may require specialised knowledge and expertise. As software or hardware ages and experts diminish, the costs of support and modernisation for legacy systems rise, making them less profitable and potentially leading to customer dissatisfaction and reduced sales.

Moreover, the process of modernising and replacing legacy systems can involve extensive reengineering, redevelopment, and testing efforts, requiring a substantial amount of allocated resources. Consequently, straining organisational budgets and workforce resources.

Lack of scalability and integration capabilities to other systems

The legacy system is unable to scale up or down to meet changing business needs, hindering growth and flexibility. This limitation contrasts with the scalability offered by cloud-based solutions, impacting a company’s ability to adapt to market demands.

Also Read: The rise of unlicensed money lenders and their impact on Malaysian society

Application and data integration acts as the nervous system in the modern business body, ensuring a seamless flow of information and data storage. Achieving synergy between the divergent methods of both legacy and modern systems necessitates complex synchronisation, ensuring data consistency without sacrificing speed or accuracy.

How do we solve the issue of modernising legacy systems?

Incorporating martech solutions to digitalise businesses

Addressing the limitations of adapting to newer technologies, the Marketing Technology (martech) industry has emerged as a solution provider, offering a more convenient and accessible outcome.

Martech companies are experts in scaling brands and providing a solution that helps digitalise businesses. Incorporating martech solutions can significantly contribute to business success in several ways:

• Improved marketing efficiency
• Improved business management
• Agile campaign management
• Cost efficient

By utilising proper martech and solutions, companies can have an easier time converting their legacy systems to modern systems. This not only eases the employees’ adoption of modern technology but also saves costs and time to implement, leveraging on our digital solutions.

However, it is undeniable that every business has its own requirements for a solution. The solutions that martech provides are not only personalised but also customisable to the organisations’ wants and needs. Martech solutions is able to cover the following services: digital marketing, data management and analytics, tech integration and development, and marketing automation.

In conclusion

Malaysian businesses possess ample opportunities to transform and compete effectively with established digitalised enterprises. By integrating martech systems into their operations, Malaysian businesses can proactively adapt to market dynamics and capitalise on trends that have proven successful for foreign competitors. This strategic approach not only facilitates digital transformation but also positions Malaysian businesses to be able to compete with other successful companies. 

Therefore, the adoption of modern systems and the discarding of legacy systems by Malaysian companies require an effective approach. Martech solution providers, such as OpenMinds, show a practical and realistic way of destroying legacy systems by converting them into a more digital and modern approach. It is crucial for Malaysian businesses to transition towards a digital framework to stay competitive and relevant in today’s rapidly evolving business landscape.

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The post Malaysia’s digital dilemma: Stuck in the past or embracing the future? appeared first on e27.

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

The deal is expected to close in H1 2025. Until then, Delivery Hero will continue to operate foodpanda Taiwan. The acquisition is subject to regulatory approval and other customary closing conditions. The deal will combine Uber’s expertise in running a marketplace with foodpanda’s extensive coverage across Taiwan and its relationships with local brands.

Also Read: How a great back-end tech helped GrabFood capture half of SEA’s food delivery pie despite being a latecomer

Once completed, it would be one of the largest international acquisitions in Taiwan outside the semiconductor industry. Post-closing, foodpanda’s local consumers, merchants, and delivery partners will be transitioned to Uber Eats.

Separately, the companies have also entered into an agreement for Uber to purchase US$300 million in newly issued ordinary shares of Delivery Hero.

Pierre-Dimitri Gore-Coty, Senior Vice President of Delivery at Uber, said: “Bringing together our distinct customer bases, merchant selections, and geographic footprints will allow us to deliver more choices and the best prices for “consumers, stronger demand for restaurants, and more earnings opportunities for delivery partners. Taiwan is a fiercely competitive market, where online food delivery platforms today still represent just a small part of the food delivery landscape.”

Also Read: How foodpanda CTO approaches hiring and retaining the best tech talent

Delivery Hero is a leading local delivery platform, operating its service in over 70 countries across Asia, Europe, Latin America, the Middle East and Africa. Headquartered in Berlin, Germany, Delivery Hero has been listed on the Frankfurt Stock Exchange since 2017 and is part of the MDAX stock market index.

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The post Uber Eats to acquire foodpanda delivery business in Taiwan for US$950M appeared first on e27.

We are 1 day away from Echelon X! Visit Echelon X to learn more about the program. Get your tickets here!

All companies can attest to the headaches HR management brings. 

That’s why HR software is an absolute game-changer — it enables you to offload tedious yet impactful admin processes, and by leveraging automation for repetitive tasks, it frees up your time for more strategic initiatives. Automation also helps to reduce the likelihood of human errors through standardised workflows and data management, improving accuracy and compliance. 

As the world of work evolves with new ways of working, utilising HR software enables remote collaboration, facilitating seamless communication and coordination among team members. They also come with plenty of features that empower you to boost employee engagement and satisfaction, through structured one-on-ones, company-wide surveys, and reward and recognition tools.

Also read: The Future of CRM: Transforming customer experience with Gen AI

Enter Employment Hero — the smarter way to manage people, payroll and productivity for small and medium businesses with big ambitions. They’re giving businesses the tools they need to make work more productive, engaging and rewarding than ever before, no matter the distance, timezone or location. 

Built by employment experts for business owners

Employment Hero is the world’s leading HR, payroll and employee engagement platform. It empowers over 300,000 businesses across Singapore, Malaysia, the UK, New Zealand and Australia with a suite of powerful employment features, making employment easier and more valuable for everyone.

Their end-to-end HR and payroll platform includes:

• Applicant Tracking System — Helps organisations streamline their hiring process and talent acquisition tasks, such as job postings, resume screenings, interview schedules, and communication with job seekers.
• Global Teams — Employment Hero acts as the legal employer of record (EOR) or as a professional employment organisation (PEO), so businesses can hire employees based outside markets they already operate in.
• Learning Management System — Employers have the option to build custom learning pathways and upload their own content, while employees get access to self-paced learning where their progress can be tracked and tested. 
• Swag — The world’s first employment superapp, created by the Employment Hero team. Employees get access to a self-service digital HR hub with the Swag app, accessible on mobile from anywhere in the world. They can submit leave requests, view payslips, update personal details, give peer shoutouts and stay across company news all in one place.

Also read: Break boundaries with Ideathon: 2040 human-machine integration

Employment Hero provides a library of up-to-date and compliant contracts, policies and HR documents to help businesses ensure they’re doing the right thing by their employees and stakeholders. They’ve also got all kinds of useful resources from employment law updates to thought leadership reports, to help you stay across the latest employment changes in Singapore.

Making employment easier and more rewarding for everyone

Employment Hero is one of the many exciting industry leaders from across the Southeast Asian region who will be joining us for Echelon X. Joining them are other key leaders, visionary entrepreneurs, and groundbreaking startups from all corners of the region who will be gathering together for two packed days. Echelon X will feature dedicated content stages, exhibitions, panel discussions, and more — all to support and empower the tech startup ecosystem with actionable insights through a series of knowledge-sharing activities.

Also read: The Future of CRM: Transforming customer experience with Gen AI

Whether you’re eager to expand your knowledge, network with key players from the tech startup scene, or showcase your innovative ideas, Echelon X offers an unparalleled experience. Join us as a participant or an official partner by securing your spot now on our official page. Together, let’s embark on a journey to shape the future and create a lasting impact.

Join us at Echelon 2024, where innovation knows no limits, and the possibilities are endless!

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Photo by Product School via Pexels

The post Optimising workplace engagement in the digital era of productivity appeared first on e27.