As the dreary funding winter continues to soar, at e27, we are kickstarting a new article series called: Line of Hire to understand an organisation’s culture and hiring philosophies to empower tech workers with the right growth tools and enable business owners to attract talent.

Richard Yan is the Vice President, Global Head of Talent and Organisational Development at Airwallex. In this role, he is responsible for building a global talent management ecosystem that includes attracting top talent, fostering professional development, and developing teams.

Yan joined Airwallex from Agoda, where he led several People and Talent teams and drove the company’s global growth 4x to more than 6,000 globally. He has had the opportunity to wear multiple career hats, from working in M&A and as an investor to launching products for companies with successful exits and now as a talent/HR leader.

He has experience working across Singapore, Bangkok, San Francisco, and New York.

Yan discusses his company’s culture and hiring philosophies in this candid interview.

What personality traits/qualities do you look for in potential employees?

One of the key reasons I joined Airwallex in late 2022 was the people I met throughout my interview process, and I’m glad it holds true, as I’ve met many others since I started. We have individuals from so many backgrounds, cultures, and identities across our 10+ global hubs; with that, one of the most consistent parts I’ve found is the people.

One of the key reasons why I joined Airwallex is the people. They care deeply about what they do and take pride in their work. Two of the company’s values are “Craftsmanship” and “Make Impact”.

Since joining, I have seen the people at Airwallex live by those values every day worldwide. The great thing is that on top of the drive each person has, there is a genuine sense that we are having fun and are in it together.

Another thing is that we could succeed as a global business because of the different views, perspectives and ideas that people bring. And this is because the team Airwallex has built combines individuals from different backgrounds, cultures, and identities. 

If you are open to a fun and challenging environment and want to be part of the Airwallex journey, we are always open for a chat!

How do they fit into your company culture? Tell us a little more about your company culture at Airwallex.

Our culture is embodied by six core values that shape the way we work:

• Customers First
• Intellectual Honesty
• Obsessive Curiosity
• Craftsmanship
• Inspire and Be Inspired
• Make Impact.

However, what is different about our culture is how we encourage our teams to apply it and implement those values daily. This is what we call our winning mindset and differentiates ourselves as a company as we continue to grow and be competent in the market.

How do you foster transparency and encourage achievement at Airwallex?

Transparency is a two-way engagement. There needs to be a constant flow of conversations about where we are, where we’re going, and how we will get there. This two-way engagement is even more heightened and necessary in a global business like Airwallex.

Also Read: A tech worker should be all about improving customer experience: Kim Nguyen of Recruitery

At Airwallex, we are a globally distributed team but quite connected. Working across borders is part of the company’s DNA. Our customer value proposition is built on our ability to support businesses anytime and anywhere worldwide.

I also see how seamlessly our teams work and exchange ideas with colleagues from different offices. From regular, global all-hands meeting with management and fireside chats featuring various leaders to team meetings and 1:1s, whether virtual or in-person, there’s a huge appetite and eagerness to learn from other colleagues, connect, and connect and be a part of an international team.

In Singapore, we host our monthly town halls (called Singapore Symposium). I love hearing about our wins and new member intros (often happening as we continue to grow!). I recently learned we have a serious crossword (Sunday NY Times difficulty) player in our Singapore team and some triathletes in training!

Do you have a mental health policy? What does that look like?

As we grow, we are finding ways to support employees the best we can. That includes empowering our managers, people partners, and health and wellness service partners to support their teams.

WFH or WFO, or hybrid?

We are a rapidly growing company in a very dynamic business, so as we resume normal with various aspects of our lives, we’re predominantly in a work-from-office arrangement.

We just moved into a new office space in the heart of Tanjong Pagar with plenty of meeting rooms and many activities planned to bring people together to nurture our “Singapore team” culture. That’s how I discovered we have a world-class ping-pong player in our ranks. I wouldn’t have known if we didn’t have our office ping pong tournament!

After years of COVID-19 and WFH, people are yearning for that connection, and it’s inspiring to see our Singapore team bond and proactively find ways to engage with each other, which now include weekly after-work run clubs and spinning sessions.

How should a tech worker prepare for the funding winter?

In one of my past professional lives, I worked as an investor in New York during the Global Financial Crisis. Many friends who worked in various industries, storied banks, law firms, and consulting firms were impacted.

They worked hard and were intelligent, but the situation was beyond their control. So I feel for many of those now whose jobs were impacted. What is happening now in the tech space is not something new, and I can assure you that it is not personal, and you will rebound.

Individually, I think about what one can control and encourage everyone to think about embracing new skills and challenges. It’s up to us to keep learning, challenging ourselves and to keep looking ahead.

Also Read: No achievement is too small, no individual is too junior to be highlighted: Zelia Leong of PraisePal

Another angle I think about is to think like an owner, and as an owner, you sometimes need to make tough decisions to last another day/month/year. 

I find the book The Hard Thing About Hard Things by Ben Horowitz relevant now.

I think this can apply to our personal lives and the companies we may be working at. These cycles happen across different industries occasionally, so it’s up to us to keep learning, growing, and building relationships.

How do you measure the performance of your employees?

To avoid going into specifics, I ensure we are aligned on where we are going and what we want to achieve. The objective and key results (OKR) movement has permeated tech, and we employ them across the company. This ensures we are all focused towards achieving the same goals.

The OKR model might not be something every person is familiar with — I’ve been in organisations where we’ve shifted into the OKR mode, and it had caused some to feel unsettled and a bit scary. But that’s a healthy feeling when we’re trying to achieve new and exciting goals.

When hiring, will you consider a moderately skilled person with great honesty or a highly skilled person with less honesty?

This is an easy one, and I can’t compromise on this when it comes to talent — great honesty and highly skilled. We work in fintech, and there is no room for evil behaviour.

Airwallex deal with our customers’ funds, and they trust us to do what we say we will do, so there is a clear standard. We have to be trustworthy to succeed in this space, not to mention the regulatory and compliance considerations we must meet.

Do you encourage ‘intrapreneurship’ in your organisation?

Yes! It’s a given that being part of a growing organisation presents many opportunities to innovate, whether externally or internally. One of our key values is “Inspire and Be Inspired”, and because we are so diverse and multicultural, we only flourish through the ingenuity of our people.

What we’re doing is innovative, and I’ve seen a lot of great innovation for our internal tools, from our tech teams to being resourceful in driving our customer growth, finding new customers, and building our global hubs.

How do you support upskilling for your employees?

Given our growth and journey — and I think this is similar to many companies in our stage — upskilling and growth occur naturally through one’s journey here. Airwallex is growing rapidly, and I think upskilling happens by being resourceful and identifying voids one can fill.

I’ll admit that we’re early in our journey of building out a learning & development capability, but we have a lot of bright people who help coach and teach daily.

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Malaysia-based affiliate marketing platform Involve Asia has raised over US$10 million.

Bintang Capital Partners, the PE arm of Affin Hwang Asset Management Berhad, led the round. 500 Global, Orbit Capital Malaysia, and Monumental Productions also participated.

Involve will use the new funds to acquire complementary tech companies and invest in enhancing its platform and team across the region. 

The company plans to deploy solutions to increase the avenues for advertisers to leverage influencers and their highly engaged audience.

Also Read: Proglix secures US$1.35M to make raw material procurement easy for Indonesian SMEs

Founded in 2014, Involve Asia provides a platform for advertisers to measure, manage and scale their marketing partnerships by automating workflows and giving attribution to marketing campaigns.

It has a presence across Southeast Asia — Malaysia, Indonesia, Philippines, Singapore, Thailand, and Vietnam.

“We’ve been growing revenue at 132 per cent CAGR since inception while staying profitable. Despite the recent economic headwinds facing global markets and the tech sector, there is still room for growth in digital advertising across APAC, especially with our performance-led approach,” said Jimmy How, CEO and Co-Founder of Involve.

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Echelon Asia Summit 2023 brings together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here. Echelon also features the TOP100 stage, where startups can pitch to 5000+ delegates, among other benefits like a chance to connect with investors, visibility through e27 platform, and other prizes. Join TOP100 here.

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Treasury management is a crucial aspect of any financial management strategy as it plays a vital role in ensuring the financial stability, longevity and success of a project or organisation.

In the ever-changing and volatile crypto market, treasury management can prove to be a lifesaving strategy for crypto projects, enabling them to navigate through bear markets and maintain their financial stability. However, this solution is often neglected as many do not consider treasury management seriously.

Failure to properly manage treasury operations can lead to cash flow problems, exposure to foreign exchange risk, and decreased returns on investments, all of which can have significant negative impacts on a project’s financial health.

An efficient treasury management involves proactively managing a range of financial risks and liquidity, and involves activities such as cash management, foreign exchange management, debt management, and investment management. The proper management of these areas helps to mitigate potential financial risks, ensure sufficient cash flow, and maximise returns on investments.

Efficient management of cash flow

By closely monitoring cash inflows and outflows, projects can make informed decisions about when to spend and when to save. This helps to maintain a positive cash flow and provides a buffer against economic uncertainty. Moreover, maintaining sufficient cash reserves is critical for crypto projects, especially during uncertain economic times.

Treasury management helps to ensure that a project has adequate cash reserves to meet its financial obligations or any potential financial shocks, maintain stability, ensuring financial strategy meets business strategy. Sometimes also raising capital for the business if needed.

Also Read: Why it’s better for Web3 to just disappear

This helps to avoid running out of funds, which can have serious consequences for a project’s long-term success.

Risk management of foreign exchange

Foreign exchange risk is a significant challenge for crypto projects that operate in multiple countries or deal with customers or suppliers in different currencies. Treasury management can help mitigate this risk by hedging against currency fluctuations.

This helps to reduce the impact of currency fluctuations on the project’s financial performance and provide stability during times of economic uncertainty.

By implementing effective foreign exchange management strategies, crypto projects can ensure that they are protected against currency fluctuations and maintain their financial steadiness. This is particularly important during periods of economic uncertainty, when currency fluctuations can have a major impact on a project’s financial performance.

Strategising investments

Projects that have invested in digital assets such as Bitcoin or Ethereum need to be able to effectively monitor and manage these investments to maximise their returns. Treasury management can help with this by providing tools and strategies for effectively monitoring the performance of digital asset investments and maximising yield.

This helps to minimise the risks associated with these investments and ensure that the project is maximising its returns. By utilising investment management strategies, crypto projects can ensure that they are making informed decisions about their investments and are able to maximise their returns in the long run.

Advantages of working with an experienced institution 

Working with an experienced and licensed institution is crucial for crypto projects looking to manage their financial risks and maintain liquidity in uncertain times. Such institutions are reputable and reliable and provide assurance to projects that their financial needs are in good hands. They also help crypto projects navigate the bear market and maintain stability during economic turbulence.

When it comes to asset management, not all institutions are suitable for working with crypto projects. In order to manage their treasury effectively, crypto projects need fund managers who understand the complexities of the crypto ecosystem and can bridge the gap between traditional finance and digital assets.

The bridging of the gap also enables crypto projects to diversify into better risk free investments, especially since short-term US treasuries are currently yielding 4.9 per cent p.a.

Licensed institutions that specialise in digital assets offer a range of financial management solutions for crypto projects, including portfolio and asset management, bespoke yield generation strategies, cash flow planning, and fiat liquidity management solutions. These institutions can provide the expertise and experience necessary to minimise investment risks and maximise returns.

Also Read: Into the metaverse: When Web3 and virtual worlds collide

The process of working with an experienced institution typically starts with a deep dive into the company structure, business model, and financial drivers of the crypto project. This helps the institution to understand the client’s financial and operational requirements, as well as regulatory, tax, accounting, and legal needs.

Based on this information, the institution will propose a bespoke financial management strategy and asset allocation. The client can then leverage the institution’s solutions and network of institutional counterparties, including custodians, exchanges, market makers, and selected DeFi solutions. Crypto projects may also leverage on the institution’s balance sheet to lower their trade execution costs.

Regular reporting, analysis, and quarterly strategy reviews and adjustments ensure that the solution evolves with the client’s needs as the business grows. By working with a licensed institution, crypto projects can benefit from the expertise and experience of seasoned professionals, as well as the assurance of a strong partner who can grow with the business.

Consequences of neglecting treasury management

Neglecting treasury management can have serious consequences for crypto projects. Poor treasury management can result in increased financial risks, such as the risk of running out of cash, exposure to currency fluctuations, and unprofitable investments.

A project that does not maintain adequate cash reserves may face liquidity problems and difficulty meeting its financial obligations. Additionally, without effective investment management, a project may make poor investment decisions that result in low returns or significant losses.

The negative impact on the project’s reputation can also lead to difficulty attracting investment and retaining customers. It is essential for crypto projects to manage their finances effectively and stay on top of their treasury management to minimise these risks and ensure their success.

Engaging an experienced fund manager for treasury management can help make the process much easier. Not only will they bring the expertise and experience necessary to manage your finances effectively, but they can also provide peace of mind knowing that your financial needs are in good hands.

Additionally, an experienced fund manager can help you navigate the complex and ever-changing world of digital assets, making sure that you are making informed decisions about your investments. They can also provide access to a network of institutional counterparties, including custodians, exchanges, market makers, and selected DeFi solutions, giving you a comprehensive financial management solution.

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Indonesia-based fintech Ledgerowl today announced the successful completion of its pre-seed funding round, led by Init6 and Investible, for an undisclosed amount.

The investment will allow Ledgerowl to further develop its product and accelerate growth.

“We are grateful for the support of both investors and the confidence they have shown in our team and technology,” said Ledgerowl CTO & Co-Founder Adrian Yasin. “With their guidance and funding, we can now accelerate our growth and accelerate our products to market faster. We’re excited to work with our new investors and look forward to helping SMBs across Southeast Asia add efficiency to their back-office operations.”

The company said that since its inception, it has been bootstrapping and reinvesting profits into the company and technology. During the pandemic, the number of customers grew significantly as the demand for more flexible accounting and remote services soared. 

“While we’ve successfully bootstrapped to date, we realised how an injection of capital will add fuel to scale and grab this fast-growing market,” said Ledgerowl CEO & Co-Founder Rey Kamal.

Also Read: How Vietnam is climbing to the throne of fintech among Asia Pacific countries

Ledgerowl’s AI-powered platform leverages machine learning to automate many of the tasks involved in bookkeeping, such as data collection, data entry, reconciliation, and classification of transactions. The startup aims to empower business owners to maintain accurate financial information, reducing the need for hiring internal accounting staff, reducing the cost of bookkeeping, and improving their financial decision-making.

In a statement, Ledgerowl explains that it was born out of a passion when Co-Founder Rey Kamal began managing bookkeeping for his friend’s small business as a side hustle. Late nights crunching numbers and generating financial reports made him realise that much of the process was repetitive and could benefit from automation.

Co-Founder Adrian Yasin later joined and the brand was officially launched in 2019.

In 2020, Ledgerowl welcomed its first strategic partner, Umawar Investment Group. According to the startup, the family group supercharged Ledgerowl’s growth leveraging their vast ecosystems, experience, and business contacts to help validate the idea.

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Echelon Asia Summit 2023 is bringing together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here. Echelon also features the TOP100 stage, where startups get the chance to pitch to 5000+ delegates, among other benefits like a chance to connect with investors, visibility through e27 platform, and other prizes. Join TOP100 here.

Image Credit: Ledgerowl

 

 

 

 

 

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Singapore-based carsharing platform GetGo Technologies has secured an SGD20 million (US$15 million) investment from Treïs, a family-backed investment group.

This will enable GetGo to accelerate the growth of its electric fleet with a target of 10,000 greener vehicles by 2030 and to strengthen its technology and operational platform.

Also Read: Is Singapore ready for the EV revolution?

Launched in February 2021, GetGo operates over 2,100 vehicles across 1,400 locations, serving over 50,000 users and making over 150,000 bookings monthly. With no deposit or membership fees, users can flexibly book a car for as short as an hour and as long as five days.

GetGo cars are typically used to take children and the elderly to activities, to go out with family and friends, or to transport bulky items.

The service’s cost is based on duration and distance, with fuel, maintenance, and insurance costs all included.

Toh Ting Feng, CEO and Co-Founder of GetGo, said: “We believe that sustainable and efficient carsharing has a critical role to play in the government’s vision of a green and car-lite society. It is especially important in Singapore, where we have a world-class public transportation system and the world’s highest cost of car ownership.”

Also Read: Goldbell acquires BlueSG, to invest US$52.3M in the e-car sharing firm over the next 5 years

“Treïs’ investment allows us to continue our push towards electrification and extend our technology leadership. By 2030, we aim to serve more than a million households in Singapore, greatly reducing the need for car ownership and realising a significant part of Singapore’s Green Plan 2030,” he added.

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Echelon Asia Summit 2023 brings together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here. Echelon also features the TOP100 stage, where startups can pitch to 5000+ delegates, among other benefits like a chance to connect with investors, visibility through e27 platform, and other prizes. Join TOP100 here.

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Over the last few years, the global tech startup ecosystem found itself at a standstill.

Having to cope with a global pandemic, many startups had to pivot their products and services in order to address unpredictable market demands. Some companies struggled more than others and one of the biggest hurdles we faced was the inability to connect and engage with the community, learn from each other’s best practices, and figure out together what works and what doesn’t.

When it comes to connecting with other startups, networking with corporates and investors, and engaging with the larger tech startup ecosystem, it has been a particular struggle for many. While webinars and conference calls proved to be useful, there seemed to be no perfect way to replicate the authentic experience of engaging each other in real life.

Thankfully, things are much different now and as economies continue to open up, we finally have opportunities to reconnect with our communities.

Exciting things to look forward to at Echelon Asia Summit 2023

Echelon Asia Summit comes back this year to help spark impactful conversations and create meaningful connections among startup founders, corporates, investors, and other members of the community. Guided by its theme, “Building towards a sustainable and impactful tech ecosystem”, Echelon Asia Summit 2023 is bringing back its top-notch features to enable a truly connected global startup ecosystem.

Also read: Should customer journey be personalised in the age of automation?

It has always been Echelon’s longtime commitment to be an ecosystem enabler, facilitating connections and partnerships to help startup founders with exciting and innovative ideas reach their best potential. In keeping with tradition, the 2023 edition of Echelon comes back in full swing, bringing with it a slew of features that can enable collaborations among today’s most compelling innovators.

Here are the following features that you can enjoy at Echelon Asia Summit 2023:

• Content Stages – This is a dedicated feature designed to help inform and inspire business leaders and future founders with stories about how some of today’s key industry leaders navigate the complex startup world. Here, you will hear from the best of the best as they share tips, tricks, and best practices to help young founders learn the ropes around building and scaling a company.
  
  Learn from top founders and thought leaders from Asia sharing their origin stories, future strategies, lessons learned, and advice on starting up, growth, and scaling. 
• TOP100 Finals – Having been participated in by countless startups across Echelon’s history, the TOP100 Programme is an exciting opportunity for any founder to showcase their bright new ideas to a crowd of industry giants, corporates, and investors. Echelon Asia Summit features the TOP100 finals to offer startup founders a platform to pitch their innovations on stage to some of today’s most influential business figures in the Asia Pacific.
  
  Witness the crowning of the grand winner of e27’s regional startup competition as they pit against 100 other up-and-coming startups. 
• Business Matching – Like all past editions of Echelon, one of the most sought-after features is business matching. Through this, startup founders stand the unique chance of directly engaging with other ecosystem stakeholders to explore opportunities together that can help both parties grow their businesses and reach new heights.
  
  Business matching is here to kickstart discussions between startups and potential investors and corporate partners to facilitate favourable business outcomes.

Also read: Explore the global market with JETRO x Techstars Startup City Acceleration Program

• Roundtable Discussions and Workshops – With all the great startups representing a diverse range of industries, it is important to learn from experts according to your specific needs. Thus, Echelon Asia Summit proudly offers roundtable discussions and workshops to participants where they can learn trends and insights about today’s market, as well as access trade secrets that can help them improve the way they run their companies.
  
  This feature offers closed-door, exclusively themed events dedicated to exploring new opportunities, initiating discussions, and knowledge-sharing amongst a curated audience and selected companies. 
• Special Partnered Programs – If there is one thing Echelon Asia Summit is known for, it is for connecting industry stakeholders to help them enrich their professional circles and network with potential collaborators.
  
  The Special partnered programs provide endless opportunities to network, explore business opportunities, and discover new revolutionary startups with partner programs like SAFE STEPS D-Tech Awards. 
• 100+ Exhibitions – What’s better than hearing from the best innovators the world has to offer? Witnessing those innovations firsthand. At Echelon Asia Summit 2023, we are showcasing over a hundred exhibitors who will be demonstrating their products and services to Echelon attendees — the perfect event for innovative startups to dazzle the crowd.
  
  Meet Asia’s top companies and growing startups to discover new solutions, potential partners, and investment opportunities.

Don’t miss the chance to take part in Echelon Asia Summit 2023 

While there are different ways to achieve business success, Echelon Asia Summit is offering six ways you can start that journey. Focusing on the subjects of sustainability and profitability, the team behind Echelon Asia Summit 2023 is doubling down its efforts in order to provide the tech startup ecosystem with the best possible experience for its participants.

Also read: UNL: Driving business success with new-generation micro-location mapping

Echelon Asia Summit 2023 is also going to zoom in on six key themes and tracks for startup founders to explore. Namely, Web 3.0, Soonicorns and Future Change Makers of Southeast Asia, Future Sectors and Investment Trends, Investments and M&A, Sustainability growth and climate, as well as Growth and Scaling. All of these and more are waiting for you at this year’s Echelon so be sure to drop by!

To learn more about Echelon Asia Summit 2023 and sign up for the event, visit the official page here.

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‘Why is 3D content creation still challenging, time-consuming and expensive, even in this technologically advanced era?’

This question troubled CJ Looi, who loved animations and art in video games, when pursuing his career in robotics, 3D, and computer vision.

He discussed this with Cyril Nie, his friend who shared a similar passion and decided to develop a solution.

That’s how PixCap was born.

The startup was launched by the duo in Singapore in January 2022. Looi previously held computer vision and graphics roles at Shenzhen-based robotics company Dorabot. Nie, an MSc in Computer Science from University College London, worked as a software engineer building cloud-native apps.

PixCap is an online platform to empower anyone to find, create and export 3D designs in minutes.

In other words, it lets users tap on 3D assets and templates, from simple to professional, and access everything through a browser-based interface.

World is moving from 2D to 3D

Globally, the transition from 2D to 3D has been very prominent in the past two years. Major consumer e-commerce and tech brands increasingly incorporate 3D elements into their logos, ads and landing pages to better engage their users and stand out.

However, editing in 3D is challenging as it requires deep expertise and domain knowledge, which many designers lack. Eventually, they choose to create in 2D, limiting their creativity and design potential.

Also Read: Into the metaverse: When Web3 and virtual worlds collide

“With PixCap, marketers, designers, and everyday users like you and I can create beautiful 3D designs in minutes using simple, curated templates,” CEO Looi shared.

Currently, many designers are choosing to create 3D visuals with alternative common stock platforms. However, these are uneditable and have shorter longevity when brands need to update colours, lighting, shadows, and camera angles to align with brand guidelines.

PixCap is intuitive and easy to use, allowing designers to choose from thousands of templates. “They can simply drag and drop 3D assets, edit colours, lighting, shadows, adjust camera angles and more to create a beautiful 3D design in minutes,” he explains.

From graphic design, UI/UX design, and animating virtual worlds and avatars for the metaverse to marketing, everyone can create unique designs with PixCap, Looi claims.

The platform’s free version includes features such as video export, image, or GIF (watermark) and export in GLTF and FBX. Users can also access its creative library and make real-time comments with their project partners.

With the Pro Plan, starting from US$9 per month, users can access everything in the free plan plus exporting without a watermark and access to premium 3D models and animation.

Eyeing global market

PixCap targets global brands, marketers and graphic designers, UI/UX designers, and 2D and 3D illustrators with its platform. “These individuals are usually interested in 3D and want to learn and try it. More often than not, the steep learning curve and time constraints inhibit them from pursuing it further,” he adds.

The firm has won over 30,000 users across the US, India, the UK and Southeast Asia.

According to Looi, the startup is constantly looking for new ways to improve its products to fulfil the needs of marketers and designers today.

PixCap recently bagged US$2.8 million in seed funding led by Sequoia Capital India and Southeast Asia’s Surge. The capital will allow it to expand its engineering and marketing teams and invest in product development and community building as it expands globally.

“We are expanding our engineering teams to bring in better-looking 3D models, scenes and animations. We are also building an extensive library and community to showcase creative work by PixCap’s users. By doing so, we hope to cultivate a group of 3D design enthusiasts that will inspire one another to push the boundaries of creativity,” he notes.

“Ultimately, we want to become the Canva for 3D designs,” he concludes.

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Echelon Asia Summit 2023 brings together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here. Echelon also features the TOP100 stage, where startups can pitch to 5000+ delegates, among other benefits like a chance to connect with investors, visibility through e27 platform, and other prizes. Join TOP100 here.

The post Singaporean startup PixCap wants to be the Canva of 3D designs appeared first on e27.

The Asian Development Bank (ADB) has stated that with the existing foundations of the startup ecosystem in general and the technology industry in particular, Vietnam may appear as a new technology unicorn in the future.

The Vietnamese government’s initiatives to advance the growth of fintech

The Vietnamese government has acknowledged that technology firms are the nation’s new source of growth.

The Government of Vietnam’s long-term objective in this sector, according to ADB, is to attract knowledge, businesses, people, and entrepreneurs to engage in economic development and the formation of successful start-ups.

An example of government support is Project 844, intending to develop 600 businesses by 2025, and 100 of them will be able to call for investment capital with a total value of at least VND 2 trillion (about US$85.44 million).

This goal is supported by the National Fund for Technological Innovation and two new projects called “Supporting students and students to start a business by 2025” and “Supporting women to start a business in the period 2017-2025”.

The next generation of Vietnamese startup unicorns will be developed and built, according to Aimee Hampel-Milagrosa, an economist at ADB and one of the report’s primary authors, who claimed that the government has started to put together crucial components, such as financial and policy incentives, to facilitate this process.

Also Read: How Koina uplifts lives of Vietnamese farmers through its data-driven agritech platform

The license for the cryptocurrency and e-commerce segment was developed in 2021. There are many financial and fintech projects being heated, such as creating an Open Banking framework and Data Protection. (Data Protection) and Security Roadmap/Strategy, National Strategy for Financial Inclusion 2022. 

Vietnam supports the position of fintech with hard data

The top five startup industries in Vietnam in years recently are financial technology, or fintech (26.6 per cent), e-commerce (20.3 per cent), educational technology or edutech, medical technology or healthtech, and service software (6.3 per cent).

Health technology and agricultural technology or agritech are two fields with strong social impact and promise to support more fair and sustainable development, according to ADB.

By the end of 2021, Vietnam had added MoMo and Sky Mavis to the list in addition to the two unicorns that had previously appeared, VNG (2014) and VNLIFE (2019). Vietnam comes in third place in the area for the number of technology unicorns, behind Singapore and Indonesia. And set a record investment capital of US$1.4 billion.

And companies that are considered “near” technology unicorns and promising startups that create a unique business model or competitive advantage can go as far as Tiki, Economical Delivery, Trusting Social, Kyber Network Amanotes, KiotViet: Fast Delivery.

Vietnamese talks about fintech companies with the best growth in Vietnam

Currently, over 70 per cent of the fintech companies in Vietnam are startups. In general, 48 per cent of businesses are involved in the payment industry and offer online payment services or digital payment solutions to consumers and merchants, including 2C2P, VTPay, OnePay, VTCPay, BankPlus, VinaPay, VNPay, and Senpay.

First, one of the first financial tech companies to mention is online mobile services Joint Stock Company operating under the MoMo brand. Vietnamese citizens have grown to rely on MOMO as their trustworthy e-wallet aide. MOMO solidifies its position in the Vietnamese fintech market with user-friendly features. 

Also Read: How corporate innovation in Vietnam is fledgling the B2B startup ecosystem

Ms. M, a 30-year-old Hanoi resident, describes how satisfied she is with MOMO wallet, “I appreciate that MOMO accepts payments through IOS or Facebook for foreign service packages since it makes it easier for me to send money fast to others”

No Vietnamese person who is addicted to online shopping on e-commerce sites is unaware of Shopee and the ShopeePay e-wallet. With ShopeePay e-wallet products, users will enjoy countless exclusive promotions from Shopee.

ShopeePay e-wallet has changed its name twice, formerly TopPay, then changed to the new name AirPay. The second name change from June 8, 2021, Airpay has linked with Shopee and changed its name to ShopeePay. 

“It’s fantastic that the online store you use has its own e-wallet integrated. I can use Shopee to pay for orders, get cinema tickets, and top off my e-card addition to paying for orders. phone, many advantages,” 25-year-old Ho Chi Minh City resident Mr. H shared.

Vietnam’s fintech industry aspires to the top spot

Vietnam’s population is large and young, with a high percentage of Smartphone users, reaching 72 per cent, along with the rapidly growing trend of the e-commerce industry. Government support in promoting mobile payments, the percentage of young people that are dominant in a country with a large population like Vietnam will create a huge potential demand for fintech.

The demand for personal finance in Vietnam is expected to continue to grow shortly. Also, according to the SBV’s forecast, by 2025, personal credit will account for about 24 per cent of the technology application market in financial services. This shows that the Vietnamese market has a high potential for development, which can become a very attractive market for fintech products.

The year 2021 has given the global digitalisation process pace thanks to COVID-19’s extensive effects, confirming a strong basis for the global fintech sector’s recovery. This year also saw Vietnam’s fintech market see exceptional growth, as evidenced by the rise in foreign currency investments, the adoption of digital financial services, and favorable government regulations. As a result, with more varied and improved products, Vietnam emerges as a key location for fintech growth.

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Benedict Tan joined Vertex Ventures in 2020 to focus on opportunities in Southeast Asia across the fintech and property tech sectors. Before Vertex, he worked at North Ridge Partners, a boutique investment bank focusing on tech opportunities in Southeast Asia.

Tan graduated from Singapore Management University with a Bachelor’s Degree in Business Administration.

He regularly contributes articles for e27 (you can read his thought leadership articles here).

In this candid interview, he talks about his personal and professional life.

How would you explain what you do to a five-year-old?

We team with smart people to help them “grow” new and exciting ideas to solve some of the region’s most significant problems, ranging from mobility to gaining unprecedented access to business capital. Think of it like planting a seed and giving it the water, sunshine and love it needs to grow into a big, beautiful plant!

What has been the biggest highlight/challenge of your career so far?

People may think that, like stock investing, venture investing is simply just injecting capital into a company and hoping it will multiply. However, that is not the case at Vertex Ventures Southeast Asia & India, where we take an active, hands-on approach to grow the company alongside the founders.

Also Read: Continue to push boundaries and create value: Jolene Lum of Nurasa

My biggest challenge was coming in as a greenhorn to the industry with which my portfolio founder is associated, as I knew no one and needed to figure out where to start. Thanks to my colleagues and network’s help, I overcame it and found my way around.

I enjoy helping founders with a wealth of experience in each industry find the missing piece of the puzzle, whether searching for a new C-suite member or introducing them to new investors.

How do you envision the next five years of your career?

I often think deeply about this question. I have always had a voracious appetite for learning about entrepreneurship, new business models, paradigms, and the major industries of the future.

Naturally, staying in the startup scene is a no-brainer for me! While I’m nowhere near the end of my VC learning curve, I would love to venture into starting up my own business in the future.

What are some of your favourite work tools?

Medium, market intelligence sites, and news aggregators are great for keeping a pulse on the latest developments in today’s fast-paced market.

I am late to the party, but I recently fell in love with Notion for note-taking. Its collaborative features are convenient when working with colleagues across four countries!

As part of my VC role, I have been introduced to some exciting new tools. Has anyone been just as obsessed over ChatGPT as me?

What’s something about you or your job that would surprise us?

Only a few people know this, but my home is like a mini-zoo. Growing up, my family used to keep parrots, lovebirds, arowanas, chickens, terrapins, frogs, rabbits, hamsters, chinchilla dogs, and more. I still find it strange when I step into my friends’ homes and do not see any pets roaming around!

Do you prefer WFH or WFO, or hybrid?

After experiencing all three stages in the past two years, hybrid arrangements work best for me. The nature of VC work requires me to be on the go constantly, be it meeting up with founders or collaborating with my teammates in person.

Also Read: Be hungrier and bolder to explore a variety of industries: Sharina Khan of Thoughtworks

But downtime is also essential, enabling me to strike a good balance and catch some quiet time to think more deeply and reflect on making the best decisions possible.

What would you tell your younger self?

You are ready as you’ll ever be. Be bold to try new things, take risks and trust yourself. (And, probably, don’t study too hard!)

Can you describe yourself in three words?

Pragmatic, outgoing, open-minded

What are you most likely to be doing if not working?

I enjoy the process of cooking and would probably be whipping up a mean steak! Lately, I’ve started collecting coffee beans in my travels around the region and have been experimenting with various brewing methods to perfect the extraction process.

What are you currently reading/listening to/ watching?

I am halfway through reading The unintended consequences of technology solutions breakthroughs and the restart we need by Chris Ategeka. The book talks about how technology has altered our world in both positive and negative ways.

As for podcasts, I am a huge fan of business podcasts such as The Memo by Howard Mark, 20VC, and if you have yet to listen, Hard truths by Vertex!

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Edutech startup Strive recently raised US$1.3 million in seed funding round from from notable investors such as Goodwater Capital, an early investors in Facebook and Spotify; and angels such as the president of MasterCard Asia and the Founder of Sequoia India.

Started out in Singapore, Strive is an online coding school for kids ages 8-16. It aims to ignite kids’ passion for coding and pave the way for a career in technology. In live 1-on-1 online classes, students work with a passionate teacher to code games and apps in Python.

Coding has become a key skill for businesses across all industries, but Strive sees that there have not been enough resources available for teaching children how to code. Its apps offer a unique approach to teaching kids to code.

“We wanted Strive to be everything the other coding platforms aren’t. We started with a student-centric approach that focuses on active learning. This process involves students engaging with the curriculum through problem-solving, discussion, and applying their skills to visual-coding projects. This was simply because it’s not just what you learn; it’s how you learn. Most coding schools focus on instructing kids to build specific projects they can show their parents and friends, but that approach doesn’t lead to mastery of coding. Kids learn rotely and only develop skills that can be applied in the classroom,” Strive CTO Tamir Shklaz explains in a statement.

Also Read: Southeast Asia is in plastic waste crisis, and these 16 sustainable startups strive to turn things around

He also explains how Strive chooses the teachers for their platform.

“They obviously needed to be coding experts to be credible educators. Still, we know that the most ‘qualified’ educators and not necessarily the most effective. Even for kids who like the idea of coding, it can still be daunting. We wanted to ensure that our teachers had exceptional EQ and understood how to engage with a kid on an emotional level too. It was important that our students loved our teachers because we believed it would be a crucial way to get them to commit to their coding education.”

The company will use the money to:

– Develop a coding editor (IDE) specialised for empowering teachers to teach and students to learn to code.

– Create engaging coding content for kids of different ages, levels, and interests.

– Explore novel ways of assessing kids’ mastery of coding, not just their ability to pass a test.

– Develop its teacher training.

“However, most importantly, our latest funding round gives us the resources to continue our mission. To make education for kids joyful and meaningful.” says Shklaz.

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Echelon Asia Summit 2023 is bringing together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here. Echelon also features the TOP100 stage, where startups get the chance to pitch to 5000+ delegates, among other benefits like a chance to connect with investors, visibility through e27 platform, and other prizes. Join TOP100 here.

Image Credit: Strive

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