As the world moves toward a cashless society, the digital payments revolution is reshaping how businesses and consumers interact. Southeast Asia (SEA), with its digital economy projected to hit US$100 billion and its young, tech-savvy population, stands at the forefront of this transformation.

By 2030, SEA’s consumer base is expected to grow to 623 million, becoming the fourth-largest economy worldwide. This demographic shift, coupled with increasing digital adoption, has created an ideal environment for the growth of digital payment solutions.

Yet, for these services to reach their full potential, payment service providers must prioritise accessibility, ease of use, affordability, and trustworthiness. Understanding these factors—and the broader global trends reshaping the payments industry—will allow businesses to adapt and thrive in an ever-evolving digital market.

The growing importance of digital payments for local and global users

Re-globalisation and the rise of digital financial services, such as digital wallets, are among the drivers of the digital economy’s growth. The world is generally moving towards re-globalisation, which has helped emerging markets step into the spotlight as global trade and digital commerce become more inclusive. Countries in Southeast Asia that were previously underserved or had underdeveloped payment infrastructures are now playing an increasingly important role in the global economy.

Simultaneously, domestic payment schemes ((like Indonesia’s DANA e-wallet)) have taken off in Southeast Asia over the past two or three years, with most being spearheaded by government initiatives such as unified QR payment codes to boost financial inclusion and reduce dependency on international payment systems. Within the past few months alone, payment systems in Vietnam, Cambodia, and Malaysia have announced new linkages to enhance cross-border capabilities. The rationale for developing local payment networks is to boost financial inclusion within the country as well as reduce dependency on international payment systems.

Also Read: Navigating fintech innovation: The role of regulatory sandboxes in APAC

In a globally connected economy, businesses expanding into new markets need flexible, seamless digital payment solutions to cater to local and international users. Cross-border transactions, once complex and costly due to currency conversion and regulatory compliance, are now simpler through platforms designed for real-time payments.

Challenges in implementing digital payment systems

As digital payments grow, so does the risk of cybercrime.  SEA has witnessed a significant increase in online scams, with companies in the regional reporting a 28 per cent rise in cyber threats. Cybercriminals are targeting digital transactions at an unprecedented rate, highlighting the urgent need for robust cybersecurity measures.

Payment platforms must employ advanced security protocols, such as biometric authentication and encryption, to safeguard against fraud. These measures not only protect users but also build trust, a critical factor for driving further adoption of cashless solutions.

Digital payments often span multiple jurisdictions, each with its regulatory requirements. Ensuring compliance across borders can be complex, and businesses must navigate these intricacies without compromising security or efficiency. Strong compliance frameworks within payment platforms allow for seamless cross-border transactions, ensuring that businesses operate within the law while maintaining smooth payment experiences for their customers.

To ensure seamless and compliant payment processing, businesses must prioritise a payment service provider with strong local payment capabilities, encompassing licenses, comprehensive payment method support, and in-depth local expertise.

Addressing these challenges requires a robust digital payment infrastructure that integrates advanced security and compliance features, creating a system that is resilient and capable of supporting sustainable growth.

Integrating value added services to enhance core competitiveness

Many companies expanding into new markets face challenges in navigating the local landscape. These challenges include understanding market dynamics, competitive landscapes, and complex regulatory environments, including entity setup, data privacy, and regulatory bodies. The need for a reliable payment partner becomes crucial.

Also Read: Innovating for impact: A better solution for household water treatment

To provide comprehensive solutions for businesses venturing into global markets, cross-border payment companies can expand their offerings beyond core payment services. By integrating value-added services such as risk management, foreign exchange (FX) management, payment marketing, and finance and tax support, these can empower their clients to navigate the complexities of emerging markets with ease.

Given the current global economic uncertainties, keeping a close eye on foreign exchange and risk management are critical especially in emerging markets. The heightened volatility of exchange rates presents a substantial hurdle for businesses. For example, the ongoing depreciation of the Rupiah in 2024, driven by geopolitical tensions and the strength of the US dollar, has created a challenging operating environment for businesses.

To address these challenges, payment platforms should offer robust exchange rate solutions to help clients mitigate potential losses arising from fluctuations. By providing regular market updates and accurate currency forecasts, these platforms can empower businesses to assess risks and implement proactive strategies to safeguard their financial health.

Meanwhile, payment platforms can proactively assess risks, classify preferences, and implement tailored risk mitigation strategies for different industry clients. PayerMax, for example, employs a robust anti-fraud system that operates across the entire transaction lifecycle, from initiation to completion.

This system leverages advanced AI and data analytics to identify and mitigate fraudulent activities, particularly in emerging markets prone to black market operations. By utilising sophisticated correlation analysis techniques, the payment platform can accurately pinpoint and control risks, safeguarding both businesses and consumers.

As businesses embrace the cashless revolution, secure, scalable, and flexible payment infrastructures will be key to staying competitive in the global digital economy. Integrating advanced technologies, maintaining compliance, and offering a seamless user experience will position businesses for success in the future of digital payments.

By investing in adaptable and trustworthy payment solutions, businesses in SEA and beyond can confidently navigate the complexities of the cashless economy and unlock new opportunities in an increasingly digital world.

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HiFeed, a startup focused on reducing the carbon footprint of cattle farming, has closed its pre-seed funding round, led by climate-tech venture builder Wavemaker Impact (WMi).

The investment aims to accelerate HiFeed’s innovative solutions designed to decarbonise cattle farming and transform livestock production into more sustainable and eco-friendly industries.

Also Read: SEA startup funding sees mixed results in December 2024

HiFeed operates on the principle that agricultural innovation is crucial in tackling climate change. The company is developing cutting-edge technologies and strategies to reduce the environmental impact of cattle farming, particularly addressing greenhouse gas emissions, with a focus on methane.

According to the company, livestock farming, particularly cattle farming, accounts for 9 per cent of global greenhouse gas emissions and is a major source of methane. HiFeed aims to significantly reduce methane emissions from cattle, improve feed efficiency and promote sustainable farming practices.

HiFeed’s approach is based on three core pillars: methane mitigation technologies, sustainable feed solutions, and carbon insetting solutions. The company is developing innovative feeds with anti-methanogenic properties and other technologies to enhance digestion and reduce methane emissions.

The startup is also investing in research to create nutrient-rich, eco-friendly feed options that lower the carbon intensity of cattle farming.

In addition, HiFeed provides tools that enable farmers to measure and reduce their carbon emissions, helping them to achieve net-zero targets while improving profitability.

Ihsan Akhirulsyah, founder and CEO of HiFeed, stated: “Cattle farming is a vital part of the global food system, but it also has a major environmental impact. Thanks to Wavemaker Impact’s support, we’re closer to revolutionising the industry with solutions that enable farmers to cut emissions while improving productivity. Our goal is to make decarbonisation not only accessible but also scalable and profitable for farmers worldwide”.

Also Read: What Asia’s smallholder farmers really need and why startups should lead this uncontested race

Wavemaker Impact shares HiFeed’s mission to drive sustainability in agriculture. Guillem Segarra, Principal at Wavemaker Impact, said, “Early results from HiFeed’s pilot projects have demonstrated promising outcomes—feed costs for farmers have lowered, alongside improved cattle growth rates. With Ihsan’s experience and passion for agritech, we’re confident in HiFeed’s potential to transform food systems in Southeast Asia and beyond.”

HiFeed plans to expand its research and development efforts, enhance its technology infrastructure, and scale its solutions to reach farmers in key regions.

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In the early days of the internet, known as Web1, users could only read the information presented on websites. This changed with Web2, where users could create content, but it was stored on platforms owned by major companies. Now, with the rise of Web3, users can both read and write content that they truly own, gaining control over their digital assets.

As the Web3 ecosystem expands, everyone — users, creators, builders, and investors — stands to gain. This sense of ownership encourages more people to engage with and invest in alternative cryptocurrencies or altcoins, which are becoming crucial to this new digital landscape.

Why is there confusion in the world of altcoin?

However, the world of altcoin might leave investors confused. Altcoins are largely unregulated and poorly understood. At the same time, they might be scared due to past incidences in the altcoin scene. For example, the OneCoin altcoin crypto scam between 2014 and 2017 duped investors of over SG$5 million (US$3.66 million).

Alternatively, investors might be worried of its volatility, as the price of Ether, the digital currency of Ethereum (ETF)’s blockchain network, plunged over 50 per cent in 2021 when it had seemed to be doing well.

The confusion on altcoins is apparent with studies such as the S. Rajaratnam School of International Studies’s “Altcoins: Hidden Gems or Outright Scams?” as recent as July 2021. This in turn has led to altcoin market capitalisation (SG$77.5 million) being only
4.31 per cent of BTC’s market capitalisation (SG$1.8 trillion), highlighting the lack of appetite for altcoins in comparison to Bitcoin.

How can we understand the value of altcoins?

Many investors still struggle to see the broader value of cryptocurrencies. While some institutions recognise Bitcoin as a hedge against inflation, many in the general public only view it as a speculative asset driven by memes. Bitcoin is certainly a store of value, but the real potential of cryptocurrencies lies in their ability to support on-chain applications and verify data assets.

Each cryptocurrency has a specific role to play. Bitcoin mainly acts as a store of value, and we’re seeing more countries and companies start to hold it as a reserve asset.

Meanwhile, ETH powers smart contracts, NFTs are transforming the art market, and stablecoins are bridging gaps in traditional finance. Decentralised Autonomous Organisations (DAOs) offer a new way for groups to govern themselves democratically. Yet, many aspects of currency remain untapped, pointing to a bright future for altcoins.

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

Why has there been a change of attitudes towards altcoins in recent times?

Recent trends suggest a shift in perspectives towards altcoins. This may be driven from investors realising the market potential that altcoins have. The potential for growth in the altcoin market stems largely from the fact that many altcoins are still untapped. The growth rate of the altcoins’ mining market is also faster than Bitcoin’s as new projects continue to emerge in the Proof of Work (PoW) space, and with a significant number of unmined altcoins still available, there is considerable room for expansion.

At the same time, we have seen over the last decade that the proportion of Bitcoin’s market cap in the total crypto market has been declining, which indirectly highlights the market potential of altcoins. Indeed, we have seen that in the first half of 2024, the market cap of altcoins increased by 77 per cent.

Key milestones of positive reception of altcoins in recent times

This change of attitudes towards altcoins has led to the US Securities and Exchange Commission (SEC) approving the first ever spot ETF Exchange Trade Funds (ETF) in July 2024. We also saw that ETF providers on the exchange, such as Blackrock, saw net inflows on their ETF of over SG$460 million (US$337 million) in just three days from the ETF ETH approval.

Furthermore, experts feel that the approval of ETH ETFs can lead to a boom in the performance of altcoins. It allows everyday investors to dip their toes into the altcoin market for the first time by legitimising ETF as an investment asset.

It can also drive substantial capital flow and alter the mindset of traditional finance players who are now looking at launching another altcoin ETF, the Solana ETF. Intchains Group Limited (ICG), as a scarce publicly listed company focused on mining chip development can share some tips on how to seize the opportunity.

Researching altcoins

Miners should start by learning about the new narratives and watching the dynamics of  KOLs in the cryptocurrency industry. For example, meme coins such as Dogecoin that once saw a huge rise of 30 per cent in October 2024 after being mentioned by Elon Musk on X.

It is also important to keep an eye on emerging technologies such as Zero-Knowledge Proofs (ZKP) and Homomorphic Encryption (HE) in altcoins. ZKP and HE enhance privacy, security, and scalability by enabling confidential transactions. At the same time, they help to strike a balance between confidentiality and verification requirements in digital interactions. Having an understanding of such emerging technologies enables you to identify opportunities and make informed investment decisions.

Legal and tax considerations are equally important. Regulations vary widely by country, with some nations imposing strict bans on cryptocurrencies. For example, Denmark plans to tax unrealised gains on digital assets starting in 2026. Staying updated on legal
frameworks can help miners avoid pitfalls.

Researching on altcoins can sound daunting. Seasoned investors rely on trusted sources such as crypto news sites and follow KOLs on platforms like Telegram and X. As a prominent player in the blockchain scene, ICG also often shares industry insights on its social media channels to help investors remain informed on the latest development trends of altcoins.

Selecting the right mining hardware

Choosing the right mining hardware is critical for success in altcoin mining. Different cryptocurrencies use various algorithms, so it’s vital to select ASIC (ApplicationSpecific Integrated Circuit) hardware that matches the chosen altcoin’s algorithm.

It is perfectly normal to seek expert advice on software and hardware selection. ICG, a designer of altcoins ASICs and a corporate accumulator of ETH, frequently shares insights to help customers align their mining hardware with their altcoin strategies, focusing on aspects like mining power and energy efficiency.

Also Read: The rise of crypto ETFs: A new dimension in investing

Setting up a secure wallet and network

Mining can be done through solo or pool mining. Solo mining has the potential for higher rewards but also carries significant risks. In contrast, pool mining combines computational power, offering more consistent returns. When it comes to securing assets, cold wallets are typically the safest option. Distributing funds across multiple wallets and pools can also enhance overall security.

Maximising mining rig performance

To boost mining efficiency, miners should consider focusing on altcoins that haven’t yet achieved high network hash rates but show promise. Upgrading from GPUs to dedicated ASIC chips, choosing energy-efficient hardware, and operating in areas with favourable electricity costs can all lead to better performance.

Investing in altcoins is like panning for gold; it requires a deep understanding of emerging technologies and crypto applications. With clearer regulations, positive market trends, and a wider range of altcoins, there’s substantial growth potential ahead.

In conclusion, as we step into 2025, the world of altcoins invites those willing to look beyond Bitcoin. By understanding the unique features of altcoins and taking a strategic approach, investors can seize the opportunities that lie ahead in this dynamic crypto landscape.

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Global employment solutions provider Employment Hero has announced the acquisition of Humi, a leading Canadian employment platform, in a deal estimated to be worth over CAD100 million (US$69.6 million).

This acquisition marks a significant step in Employment Hero’s global expansion strategy, specifically in the Canadian market.

The deal will combine Employment Hero’s global innovation and Employment Operating System (eOS) with Humi’s deep understanding of the Canadian market. This partnership aims to create a localised solution for Canadian businesses.

Also Read: Employment Hero rakes in US$167M to accelerate global expansion

Thousands of Humi’s small and medium-sized enterprise (SME) customers will gain access to an all-in-one platform for payroll, HR, and benefits specifically designed for the Canadian business landscape. The companies aim to double their customer base in the near future, solidifying their position as a leader in employment management solutions within the region.

Canada, with over one million SMEs, represents a significant opportunity for improved productivity amongst employees and employers. This partnership is expected to fuel further product innovation as Humi grows to meet the evolving needs of Canadian businesses.

Humi has been developing employment solutions for almost a decade, focusing on valuing, supporting, and inspiring employees based on the idea that businesses thrive when they prioritise their people.

Ben Thompson, CEO and co-founder of Employment Hero, said: “The Humi team has a deep knowledge of Canadian employment and an impressive track record of supporting businesses in Canada. Humi will remain Canadian-operated, and their team will continue to serve the unique needs of local businesses.”

Employment Hero’s eOS integrates HR, payroll, recruitment, and employee engagement tools. Serving over 300,000 businesses and managing over 2 million employees worldwide, Employment Hero aims to reduce administrative burdens, allowing businesses to focus on growth and employee engagement.

In October 2023, Employment Hero secured SGD229 million (~US$167 million) in a Series F growth round of financing for global expansion in 2023. Led by global growth fund TCV, the round also saw participation from existing backers Insight Partners, AirTree, Seek, and OneVentures.

Also Read: When your employer is quietly quitting you: The untold perspective

Since its inception in Australia in 2014, Employment Hero has expanded to New Zealand, the UK, Malaysia, and Singapore

Humi is known as a comprehensive employment platform for Canadian businesses, focusing on providing a unified payroll, HR, and benefits solution.

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Indonesian e-commerce platform Bukalapak has announced a significant strategic shift, moving away from the sale of physical products to concentrate on its virtual offerings.

The company, which has been evolving since 2021 into a broader e-commerce platform, will gradually discontinue physical product sales starting in February 2025.

It is not immediately clear what virtual products the company plans to sell. We have reached out to the company seeking details.

This move is part of a broader transformation that has seen Bukalapak expand into areas such as virtual products, gaming, retail, investment, and Mitra Bukalapak services. The company stated that this pivot is essential to ensure long-term sustainability and competitiveness, noting changes in market dynamics and industry competition.

This plan was initially disclosed in an Information Disclosure announcement in late October 2024.

Also Read: Bukalapak spills the secrets on building a high-performing mobile development team

According to an official statement, the discontinuation of physical product sales will not materially impact revenue, as these sales account for less than 3 per cent of the company’s total revenue. Instead, the company views this change as a way to achieve positive EBITDA and maintain a healthy and profitable business.

Bukalapak will continue to operate its marketplace platform, including its app, website, and Mitra Bukalapak services, for its existing services.

The company believes that this strategic focus on virtual products will strengthen its position in the digital ecosystem. Bukalapak has also been developing new business lines such as Mitra Bukalapak, Gaming, Investment, and Retail over the past few years, which are seen as having positive business prospects.

Bukalapak has emphasised its strong financial standing, reporting cash reserves of IDR 19 trillion as of Q3 2024. These funds will be used to support the growth of the company and its subsidiaries.

The e-commerce firm will support its sellers by providing various guides and resources to ensure a smooth transition. The company also assures that customer rights will be upheld throughout the transition process.

Bukalapak’s decision reflects a significant shift in its business strategy to focus on higher growth potential areas within the digital ecosystem. The move signals the company’s intention to remain a key player in the industry by focusing on virtual products and services rather than physical goods.

Since its inception in 2010, Bukalapak has raised US$584 million in venture funding from over two dozen investors, including Microsoft, GIC, Emtek, SC Ventures, NAVER, BRI Ventures, Mandiri Capital Indonesia, Bank Rakyat Indonesia, Mirae Asset Global Investments, Ant Group, and Endeavor.

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Visiting a friend with younger children, I had the excruciating moment of re-discovering stepping on a LEGO block. As I gouged out this little red block of sharp angles and contemplated it, I realised this toy and brand have been with me my entire life, and it looks exactly the same as when I played with it (which is definitely a few years ago).

It is such a simple design and idea, and yet it has persisted as one of the largest toy companies in the world. As I googled, I saw this Danish company’s US$9.7 billion revenue had “out-paced” the toy industry.  I also realised it had been around since the 1930s.  The actual patent expired in 1989.

So how has such a simple, aged toy maintained such a dominant position in the “Plastic Construction Toy” category?   And how has a Danish company with a small domestic market driven this global success?

Take a step back and ask where you have seen LEGO recently. As a Star Wars kit? As an amusement park experience (LEGOLAND)? At the Levi’s store, embedded into a jean jacket? At a retail mall with models on display? As a combined online and offline interaction? The answer is correct for all. And it is only the tip of the iceberg of where and how LEGO shows up in its ecosystem.

LEGO is not just plastic construction toy, it is an entire experience around their key sub-brand “Bricks World”, enabled primarily via a clear and compelling Ecosystem Strategy.

Think about the LEGO joint branding and marketing deals with the biggest brands out there. They don’t go small with their marketing alliances. It’s Disney (including Star Wars and Marvel Comics), Warner Studio (which also includes DC comics), Adidas, IKEA, or Levi’s. They do deals with governments for LEGOLAND (Malaysia, Dubai, USA, Germany, Japan). It’s education-oriented, similar to NASA or the Museum of Modern Art (MOMA).

But it’s also the huge digital component of the experience.   It’s offline but online as well, with over 180 video games released.  It’s “LEGO Star Wars: The Video Game”, but it’s the fluid experience across physical (retail, community, leisure park), online, and physical home-play.

“The entire Lego ecosystem is actually, I think, only at the beginning. So, it’s less about just creating an e-commerce store or an online store. It is really about this entire digital ecosystem and creating that future,” said LEGO CEO Niels B. Christiansen.

Also Read: Lead, don’t follow: The essential guide to category creation and market domination

It is clear that LEGO is executing an experience ecosystem strategy. They are the orchestrators for this and have a clear strategic intent to continue evolving this experience and ecosystem and to continue dominating the Plastic Construction Toy category.

From blocks to chips

Let’s shift our thinking from plastic interconnecting blocks to the more complex semiconductor chips.  Whether you know it or not, the smartphone device you currently have in your hand or beside you invariably has most of its chips linked to the company Advanced RISC Machine (ARM).

In fact, 90 per cent of smartphones produced globally have ARM designs in them (and thus pay royalties to ARM). For “higher-end smartphones”, the market penetration and share are an astounding 99 per cent.

As a global success story, driven by a UK based company, it has been largely driven by an ecosystem strategy, but one with a very different nuance than LEGO’s.

This category and ecosystem of “Processor IP” has brought together silicon, system and software companies to ship more than 250 billion ARM-based chips to date.  These players are often ruthless competitors (Apple and Samsung for example), but participation in the ecosystem means “the sum is greater than the parts” and specific benefits arise. Joint research into chip design benefits all players involved, even though they also compete with each other.

This is a design ecosystem that was built by ARM and continues to dominate.

“Ecosystem strategy” is eclipsing “platform as a strategy”

The above ecosystem examples go beyond the traditional model of a business network of suppliers, partners and customers. However, it also goes beyond the more recent models around a managed platform of products and services.

In both the LEGO and ARM cases, the domestic market and country of origin have not held back the success of the company but have, in fact, induced a “think different” approach around their category and ecosystem.

Also Read: Leading the category, then losing it all: What WeWork can teach us

Don’t find your tribe, build it

So, how do I get started with this design thinking and strategy?

Start with the category you are in or want to be in. What problem are we solving? What entire experience are we delivering? How can we tell a great point of view that leads with this perspective (and doesn’t immediately lead with your product or company)?

A category (or ecosystem) cannot exist as one company. Categories and ecosystems feed off of each other. Visualise (draw) the ecosystem with your company as one slice of it, but what other players/components/influencers are there?  Does this visualisation truly describe both the category and ecosystem?

What role will you play in the ecosystem? Will you be the instigator? Or do you believe you can be the orchestrator? Think carefully—the resourcing required to truly be the orchestrator and to maintain that role is substantial.

How will information and knowledge sharing occur and be managed across the ecosystem? Can you add this to the visualisation?

How do data, transactions, or the experience flow?  Will there be transaction and data sharing?

How will business and technology innovation occur via the ecosystem?

By designing and catalysing this category and symbiotic ecosystem, how big does it get?  What new economics are created (beyond the basic TAM (Total Addressable Market) of the existing market)?  How do participants in the ecosystem benefit?

Admittedly, these are rudimentary questions that require a lot of thought and delivery on very complex issues.  But start there and do not let your geo, market, or thinking hold you back.  It is about designing a category, ecosystem, and global levels!

Lead, don’t follow!

It has been my  privilege to work in, and with, companies who are truly designing and dominating their category, with the ecosystem strategy at its very heart.  Carpe Diem!

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This article was first published on July 30, 2024

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Corporate buyers, much like individual consumers, now expect quicker decision-making and tailored solutions that address their immediate needs. With more stakeholders and complex requirements involved, the B2B sales process has become longer and more intricate, making it essential for businesses to adapt to these shifting expectations.

In the security technology industry, AI-powered surveillance systems are gaining significant traction. In 2023, the demand for these systems saw a spike, with businesses increasingly adopting them to enhance both their operational and security needs.

Companies like i-PRO, a provider of advanced AI-powered surveillance solutions, have witnessed this shift firsthand. To meet this growing demand for more efficient, data-driven security, they are leveraging edge AI processing in CCTV cameras to enable real-time data analysis.

This approach reduces reliance on cloud-based systems and addresses businesses’ needs for quicker, more accurate security measures. It also highlights the growing pressure on suppliers to adapt to evolving demands, such as clients seeking more tailored solutions.

However, this shift has also led to a growing involvement of multiple decision-makers in the procurement process, resulting in longer closing cycles. Aligning the interests and balancing the requirements of various stakeholders often delays decision-making.

Companies are now challenged with securing deals in an environment where each stakeholder has differing views on a technology’s capabilities and requirements. As a result, companies are finding it increasingly difficult to navigate these complexities while staying competitive.

The need for new strategies

Technological advancements have changed the way sales strategies work: you can now reach a wider audience at a faster rate. The adoption of AI technology in retail, such as sales automation, has streamlined processes, benefitting both customers and companies alike. Companies must therefore continuously innovate to remain competitive, learning to balance advancing technology with the practical, often immediate, needs of buyers.

Given the challenges in the B2B sales environment, staying adaptable is crucial in response to shifting buyer behaviour, technological advancements, and longer decision cycles. Therefore, it is important to align business strategies with these evolving market demands and technological trends.

Also Read: The long and winding road to e-commerce profitability

This is where education and upskilling comes in.

For students at PSB Academy, access to information on emerging trends like AI, digital marketing, and data analytics is vast. Courses such as Global Business (Top-up) are designed for professionals aiming to start a career in management, covering areas like strategy, marketing, project management, and entrepreneurship.

More importantly, for established professionals in the industry looking to enhance their skills, the course prepares them to address the complexities of modern B2B sales. By learning from real-life case studies and industry experts around the world, PSB Academy helps adapt their approach to meet the needs of diverse stakeholders and ever-changing demands.

Staying adaptable in a rapidly evolving market means providing learners with growth and security in their careers.

As the demands for personalised, efficient, and data-driven solutions continue to grow, companies that fail to innovate risk falling behind. The key to success lies in continuous adaptation and a commitment to understanding and addressing the complexities of today’s B2B buying environment.

Businesses must embrace adaptability, invest in digital sales and marketing tools, and prioritise ongoing employee training to keep up with these changes. This means staying ahead of technological advancements, aligning with diverse stakeholder interests, and maintaining a customer-first approach to sales.

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We are navigating through a period marked by multiple challenges. The pandemic, followed by ongoing geopolitical tensions worldwide and the growing impact of climate change, is changing how we live. 

While these issues have impacted the lives of many people, crisis preparedness has also strengthened. With each crisis, consumers are responding quicker and are more efficient in securing essential goods to tide them through with as little impact on their daily lives as possible.   

Barriers to accessing food and groceries 

As consumers prepare for a crisis, some are facing increased difficulties in accessing items like food and groceries due to physical barriers and psychological stress.

Long lines at supermarkets, limited product availability in stores, and transportation issues can make shopping a hassle. At times, consumers may find it hard to get everything they need and end up purchasing unnecessary items or stockpiling more than necessary.

Supermarkets may face temporary disruptions in their supply chains while adjusting to the spike in demand. We saw similar behaviour during the early days of the pandemic, with consumers buying large quantities of toilet paper, which briefly created shortages in stores worldwide.

Additionally, consumers may feel added pressure to prepare quickly, especially when faced with the uncertainty of crises. Recent events like fast-approaching natural disasters have shown that this behaviour tends to intensify during such times.

These challenges signal a growing need for a more efficient system — one that offers convenience, safety, and most importantly a peace of mind. 

Also Read: The long and winding road to e-commerce profitability

Preparing for crisis in comfort

In Southeast Asia, mobile and internet connectivity has grown rapidly, making access to quick commerce platforms like foodpanda easier. With tech-enabled quick commerce, consumers can prepare for crises without having to leave their homes.

Quick commerce offers convenience, safety and speed. With just a few clicks, consumers can have food and groceries delivered to their doorsteps, avoiding the chaos of crowded stores and ensuring access to the products they need. Another key advantage is the speed of delivery — essential goods can be ordered and delivered within the hour, ensuring that consumers are well-prepared even when time is limited. 

For example, during the recent pre-typhoon season in Taiwan, foodpanda shops saw a significant surge in order volumes — an increase of 45 per cent in daily orders — particularly for essential items as consumers prepared for the storm. Popular items ordered include: vegetables, dairy products, frozen food, canned products and instant meals.

As customers prepare to stay indoors for extended periods during the typhoon, convenient meals rose to one of the top items ordered on shops, indicating a shift towards items with longer shelf life and easy to prepare foods. 

A similar trend was also observed in Bangladesh. During the riots in July, Bangladesh saw continued demand in quick commerce orders amidst curfews and internet shutdowns. However, contrary to Taiwan, Bangladesh actually saw an increased demand for fruits. In this case, consumers prioritised ordering perishable but essential items, which could be difficult to procure as people could not leave their houses. 

Also Read: Why e-commerce startups will revolutionise the supply chain in Southeast Asia

Shaping the future of crisis preparedness in Asia

The Sustainable Development Goal (SDG) 2 by the United Nations Development Programme (UNDP) aims to end hunger, achieve food security, improve nutrition, and promote sustainable agriculture. In the context of emergency food aid, this translates to ensuring access to sufficient, safe, and nutritious food for all people, particularly during times of crisis such as natural disasters, conflicts, and other emergencies.

With Asia considered the world’s most disaster-affected region in 2023 and climate change exacerbating the frequency and severity of these events, consumers need to be well-prepared with a robust emergency preparedness plan. Quick commerce, which involves the instant delivery of essential goods and services, will be more important than ever as crises hit the region with shorter lead times. 

In addition to improving rapid response in crisis situations, quick commerce will also help drive efficiency throughout the supply chain, from inventory management and order processing to last-mile delivery. It allows businesses to reach more customers in a shorter amount of time. In a crisis situation, where every minute matters, that is critical.

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Dear reader,

Bukalapak’s strategic pivot away from physical product sales to focus on virtual offerings marks a bold evolution in its business model. As competition intensifies in Indonesia’s e-commerce landscape, this decision underscores the platform’s commitment to long-term sustainability and adaptability.

By discontinuing physical goods, which contribute less than 3 per cent to its revenue, Bukalapak is redirecting efforts towards virtual products, gaming, retail, and investment services – sectors it identifies as high-growth opportunities.

This transition is further bolstered by the company’s robust financial health, with IDR 19 trillion in cash reserves, signalling ample capacity to invest in innovation and scale its digital ecosystem.

However, the specifics of Bukalapak’s virtual product offerings remain unclear, leaving questions about how it plans to differentiate itself amidst established digital players. The emphasis on virtualisation aligns with industry trends but necessitates a precise execution strategy to retain relevance and user trust.

Bukalapak’s assurances to support sellers and uphold customer rights are prudent, yet the success of this transition hinges on maintaining seamless user experiences.

As it advances into uncharted territory, Bukalapak’s ability to innovate and deliver value will determine whether this strategic gamble secures its position as a leader in Indonesia’s evolving digital economy.

Sainul,
Editor.

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NEWS & VIEWS

Bukalapak to shift focus from physical goods to virtual products in strategic overhaul
Bukalapak, which has been evolving since 2021 into a broader e-commerce platform, will gradually discontinue physical product sales starting in February 2025 | This pivot is essential to ensure long-term sustainability and competitiveness.

O’Leary, McCourt team up to acquire TikTok
This initiative aims to secure ownership and has reportedly secured verbal commitments up to US$20B | This comes as TikTok faces a potential US ban on January 19, 2025, unless its Chinese parent company, ByteDance, sells the app.

Ex-Terraform Labs CEO Do Kwon to face fraud trial in 2026
The charges against Kwon relate to the collapse of Terraform Labs’ algorithmic stablecoin, TerraUSD, which resulted in estimated losses of US$40B and a wider crisis in the cryptocurrency industry in 2022.

SEA startup funding sees mixed results in December 2024
Startups in the region raised a total of US$210M across 15 rounds | While this represents a 44.59% increase compared to November 2024, it also marks a 142.21% decrease compared to December 2023.

Employment Hero expands to Canada with US$69.6M acquisition of Humi
Thousands of Humi’s SME customers will gain access to Employment Hero’s all-in-one platform for payroll, HR, and benefits | Employment Hero’s eOS integrates HR, payroll, recruitment, and employee engagement tools.

Endowus secures US$17.5M for AI investments, market expansion
The investors include Prosus Ventures, UBS, and MUFG | The digital wealth advisory firm said that client assets under its management recently surpassed US$7B across its operations in Singapore and Hong Kong.

Integra, USAID partner to invest in women-led early-stage startups
The programme will target companies that are “offering inclusive digital finance and other essential services supporting traditionally underserved consumers and small businesses”.

bukaPO secures seed funding to empower Indonesia’s home chefs
Bali Investment Club and elea Foundation for Ethics in Globalisation co-led round | BukaPO is an online platform that connects home-based culinary businesses with individual and corporate clients in Indonesia.

Vietnamese edtech platform Kyna English secures Series B
The investors are Asia Business Builders and DTP Education Group | The investment will enable Kyna English to expand its operations to countries such as Thailand, Indonesia, and Laos.

Former Toplyne CEO Rishen Kapoor rejoins Peak XV Partners
Kapoor co-founded Toplyne in 2021 | The AI-powered platform helped product-led businesses convert free users into paying customers, with clients like Canva, Grafana, and BrowserStack.

Dubai crypto platform Backpack Exchange acquires FTX EU for US$32.7M
The acquisition includes managing US$55M in approved FTX bankruptcy claims for affected FTX EU customers | This deal follows FTX EU’s resale to its original co-founders, Patrick Gruhn and Robin Matzke, during bankruptcy settlements.

HiFeed aims to revolutionise cattle farming with pre-seed funding
Wavemaker Impact is the investor | HiFeed aims to significantly reduce methane emissions from cattle, improve feed efficiency and promote sustainable farming practices.

Woori Venture invests in Singapore wireless charging firm Xnergy
Xnergy is a provider of high-power wireless charging solutions for all autonomous, electrified mobility | The firm’s products are sold in nearly 40 countries across Europe, America and Asia.

FEATURES & INTERVIEWS

East Ventures: SEA can expect a “significant surge” in AI-first startups in 2025
According to East Ventures, this figure is expected to double by 2027, reflecting the rapid pace of AI integration across industries | Approximately 25 per cent of businesses are projected to adopt Generative AI (GenAI) and AI agents by 2025.

Why fintech companies should learn about customer retention from e-commerce companies
For fintech companies, strategies for promoting products and services must be creative, responsive, and relevant in order to attract customers who aren’t actively looking for new offerings.

Komerce claims 25% revenue growth in 2024 amidst challenges, eyes AI future
The company plans to introduce AI-powered tools to automate repetitive sales and operational tasks, especially for SMEs that rely on WhatsApp for customer communication | Komerce is currently in talks to raise US$1-1.5M in a pre-Series A round.

FROM THE ARCHIVES

Indonesia’s antivirus reliance: A cybersecurity blindspot
It’s crucial for individuals to understand that relying solely on antivirus software leaves them vulnerable to other types of cyber threats.

APAC businesses promoting a culture of sustainability
As the market is looking for more green businesses, incorporating sustainability into a startup’s mission statement can help people notice it.

How e-commerce brands can tap into US$600B social commerce market potential
As the modern-day consumer becomes more reliant on their mobile devices, promptness is valued above all else when it comes to social commerce.

Empathetic software development: Creating accessibility-first apps for greater inclusivity
Building accessibility-first apps spur diversity, equity and inclusion initiatives and empower users by levelling the usability playing field.

Should people be more wary of AI or is AI more threatened by human misuse?
This article explores whether people should fear AI or if AI is at greater risk from human misuse, discussing the potential threats posed by both.

PR’s unchanging essence: Human connections amidst AI and automation
While technological advancements streamline PR, it can’t replace human PR professionals’ emotional intelligence and nuanced understanding.

Ethical implications of using AI in hiring
AI is being used to determine who fits into a certain job description and several companies are trying to make this process unbiased.

Bridging the financial inclusion gap in Asia: The role of fintech
The future of fintech in Asia is bright, driven by innovation and financial inclusion, as tech companies play a crucial role in the shift away from cash.

Fintechs targeting the next billion users are living a pipe dream. Here’s why
The future belongs to those who keep their feet firmly planted on the ground | This also applies to fintech companies.

How AI and automation can shape the future of farms
Developing an AI platform in the farming system reduces the time needed to conduct experiments and get results quicker.

Digital transformation and AI revolution: Shaping Singapore’s F&B industry with Korean restaurant tech
It’s time for Singapore’s F&B industry to embrace this transformation and serve up a future that’s as exciting as it is delicious.

Multimodal AI: Reshaping search and discovery in retail and travel
Multimodal AI lets consumers use natural language, images, and videos to search and buy clothes, accessories, and beauty products, transforming shopping.

THOUGHT LEADERSHIP

How can we truly tap into the blue ocean of altcoins as we step into 2025?
Investing in altcoins is like panning for gold; it requires a deep understanding of emerging technologies and crypto applications.

Bitcoin’s US$100K Rally: Southeast Asia’s growing crypto revolution
By responsibly embracing the potential of crypto, Southeast Asia can become more prosperous, economically flexible, and accessible to all residents.

Weathering the storm with quick commerce
Quick commerce, which involves the instant delivery of essential goods and services will grow crucial as crises hit the region with shorter lead times.

Adapting to the new B2B sales landscape: AI and beyond
B2B buyers are increasingly adopting consumer-like behaviours, demanding instant information and personalised experiences.

Building an anti-scam ecosystem is the key to a safer digital future
By investing in strategic partnerships and innovative technologies, we can outpace scammers and create a safer digital environment for all.

August Widmer of Paxful on how P2P crypto trading empowers the underbanked
Widmer shared insights into how this model reshapes financial accessibility, particularly for those traditionally left out of mainstream banking systems.

Can AI serve as your business mentor?
Using AI alongside traditional mentorship blends technology with personalised guidance, offering the best results for growing your company.

Flexible work arrangements: Are companies missing the mark on the future of work?
When the power shifts back to employees, companies that adapt early to flexible work arrangements will have a competitive advantage.

The post Ecosystem Roundup: Bukalapak to shift focus to virtual products | O’Leary, McCourt team up to acquire TikTok | Ex-Terraform Labs CEO to face fraud trial in 2026 appeared first on e27.