Standard Alpha is on a mission to put Indonesia on the global Web3 map. Since 2017, this Jakarta-based Web3 venture builder has been growing crypto audiences across web, social and events through its media arm, Indonesia Crypto Network (ICN).

Standard Alpha is the company behind the annual offline event Coinfest Asia, and it also represents Coindesk in Indonesia.

e27 Co-Founder and Head of Platform and Memberships Thaddeus Jit Siong Koh met and spoke with Steven Suhadi, Founder of Standard Alpha and ICN, at Coinfest Asia 2022 in Bali.

Edited excerpts:

Tell us more about what you do and your mission at Standard Alpha and ICN.

Standard Alpha is a digital asset and Web3 venture builder and VC based in Jakarta. We started as a blockchain consultancy business back in 2016. When we started, the crypto market was really hot globally but an infant in Indonesia.

We ended up getting a lot of inquiries from people who needed help to penetrate this market. So, on the side, we started building ICN and kept growing ICN even as the crypto market subdued in 2018-2019.

We are not a VC-backed business and just run a cash flow-positive business. It was tough for the first three years as the industry was tiny, but the focus and grit have helped put us in the leading position we are in now.

ICN is the holding company for all of our media assets. So the most well-known one in Indonesia is Coinvestasi, the organiser of Coinfest Asia. Along with owning Coindesk Indonesia, we also run a variety of communities within the archipelago under different brands. This makes us the largest cross-channel crypto/web3 focused media and agency in Indonesia.

Also Read: ‘Democratising ownership models is the most significant opportunity in Web3’: Infinity Ventures Crypto’s Brian Lu

Our original blockchain consultancy business, Standard Alpha, will soon shift into a Web3 VC. We’re operators first and foremost, so beyond our media arm and funding, we can provide tangible value to projects at a product and operational level.

Leveraging our time in the market and a good grassroots understanding. We can hopefully offer our portfolio a strong feedback loop and help our founders get to product market fit as quickly as possible.

How is Indonesia’s cryptocurrency scene faring? Where do you see its potential?

Indonesia is the largest market in Southeast Asia; it’s home to 280 million people. We already have regulations about crypto in Indonesia, while some other markets in the region don’t have clear regulations yet.

So we see the cryptocurrency scene is growing rapidly. For example, before the regulation was introduced, there were only two exchanges when we started Standard Alpha and ICN. And now, we have 25 registered exchanges. So the ecosystem is growing. We’re also speaking to a lot of institutions. Not only a lot of Web2 companies are starting to say, ‘okay, how do we get into Web3’, but many institutions from traditional finance are also saying, ‘we need to participate in this’.

At Coinfest Asia, we saw attendees from various banks and traditional institutions starting to scout and research. I think there’s going to be a convergence. Web3 is not a silo, and there needs to be a transition from Web2 to probably Web2.5. And then the Web3 guys cannot be idealistic and say they’re Web3. They are gonna have to trickle down to 2.5. So I think that’s where the convergence will happen.

Do you think it will happen soon?

It is already happening. There are powerful unicorns and decacorns in attendance at Coinfest Asia. Some of their senior people are here, and they’re already starting to look and explore. So I think it will not take as long as the internet or P2P boom. It will happen quite quickly because we already have these baselines in place.

How is the Web3 space growing in the archipelago?

We, Standard Alpha, leverage experts in the space. But, this space is growing so fast that I don’t think the word ‘expert’ is accurate. I’ve been in this space, and I know this space is very transient. We have gone through many market cycles or the user experience, but no one’s an expert. The word DeFi didn’t exist three years ago, the word GameFi didn’t exist two years ago. If you say the word ICO now, you’re instantly outdated.

So we’re still in the sort of dotcom phase of Web3 where it’s quite euphoric. But that’s where a lot of the experimentation happens. That’s where the bursts of innovation could also start happening.

You also mentioned you have a regional presence in Bali. Can you share a little bit more about it? And why Bali?

It is easy to get people to Bali. If you tell people to come to Jakarta, they’re like, ‘Oh, I’m gonna sit in traffic for two hours’.

Besides that, Bali has a community of digital nomads with a high appetite for crypto. All the founders or workers of big crypto companies live here.

By doing Coinfest Asia, we wanted to bring the stuff happening in Jakarta to this community and show this community to the region as basically getting that spectrum of learning. We have 52 different nations represented here. So sharing insights and networking are the goals that prompt people throughout Asia to come to Bali and network casually.

Also Read: Web3 games should aim to have sustainable tokenomics, ecosystems: Froyo Games’s Douglas Gan

Many digital nomads from overseas are here; on average, they stay here between six months to two years. We see a lot of Web2 companies. For example, the talent shortage at a senior level in Indonesia and Jakarta allows people to work remotely.

So a natural choice for them would be, ‘okay, I’m earning a decent salary in Jakarta, and I get to spend two weeks in Bali’. That kind of culture is also akin to the building culture of crypto, where it’s quite decentralised.

All the regulations happen in Jakarta, the capital city, but Bali has a thriving community. And even the Jakarta players start to have offices in Bali either to give their teams a work-life balance or they want to tap into the local community here — expert developers or different sorts of conceptual thinking, people experimenting. They want to merge that and fuse that with the knowledge and bring that relevant skills back to Jakarta.

Do you have plans to grow beyond Indonesia?

We look to grow Standard Alpha and ICN beyond the borders of Indonesia. It’s been a tough journey, and we ran out of cash several times. And in 2018-19, we almost closed a few times. It’s just because of sheer belief in the industry that we just kept going and kept beating the crap.

Now we’re fortunate enough to have networks hopefully that we can start forming synergies. I wouldn’t say if we venture outside of Indonesia, we would do it 100 per cent on our own. You need product market experts. It is the same as when most companies come to Southeast Asia or Europe. They are like, ‘Oh, it’s one size fits all’.

So it’s not just product market fit, there’s cultural fit that needs to happen. We want to work with partners who can also know that stuff in that country or the region we’d like to expand into.

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Echelon 2022 aims to provide intimate and focused discussions on key topics and business matching services to facilitate business-driven connections during the two-day event. e27will curate and invite key stakeholders of startups, investors, corporates, and ecosystem enablers to drive towards fruitful business outcomes at Echelon.

The 2022 Echelon edition will be co-located with SWITCH at Resorts World Sentosa from 27 to 28 October 2022. Learn more here. 

The post We’re still in the dot-com phase of Web3: Steven Suhadi of Standard Alpha appeared first on e27.

Digital solutions help increase convenience and redefine our lifestyle on a daily basis. But with the advantages also comes a slew of associated risks. 

The growing prominence of digital IDs makes these solutions more valuable, as we shift towards performing transactions that involve sensitive information online. As more business and consumer transactions are being mainstreamed into the digital space, user identification and verification are expanding their role as critical components to legitimate transactions, ultimately fostering business success. 

From opening bank accounts to purchasing goods and services online, having the comfort and safety of security solutions in the digital stack is crucial. It expands the practice of trustworthy online transactions through the protection of sensitive data and maintaining the privacy of key information, thereby shielding businesses and users from the threats associated with data theft.

For businesses, it is important to place this identification layer through trusted solutions during the digital customers’ onboarding process. This goes hand in hand with providing a seamless user experience, enabling convenience and minimising friction for customers. 

As such, delivering a quality user experience for customers can be achieved too. Opting into digital ID solutions also provides ease by streamlining the information input process through digital identity storage and making it usable across different web platforms. Essentially, this makes it easier for users to fill out forms, submit documents, and log into web accounts using one’s sensitive user data.

The first and leading digital identity and signature startup in Indonesia

A pioneer of digital trust in Indonesia, Privy is the country’s first and leading digital identity and signature startup with its own Digital ID solution. 

Aiming to deliver a new and seamless application process for both merchants and their customers, Privy has been trusted by over 30 million verified individual users, enabling each to prove their identity as they register for public services. This encompasses various services such as banks, financial services, healthcare systems, offices, public transport, gyms, etc. — all of which are using their Privy ID both online and offline.

Over 1,700 enterprises also benefit from the solutions of Privy’s provision of a more robust digital security layer, including industries such as banking, fintech, healthcare, insurance, education, and enterprise-facing businesses. 

Privy has come a long way since it was founded in 2016, garnering multiple awards and certifications that validate its provision of trust and security. It is listed in Indonesia’s Financial Service Authority (“OJK”) as an e-KYC (electronic Know Your Customer) provider and is licensed as a Certificate Authority by the Indonesian Ministry of Communication and Information. 

Privy also has a Cooperation Agreement with the Directorate General of Population & Civil Registration (Dukcapil), being the only digital signature provider that succeeded in passing the regulatory sandbox program of Bank Indonesia, the Indonesian Central Bank. It is also ISO-certified for its Information Management Security.

Privy has fortified its place as the go-to digital security solution for digital businesses and customers in Indonesia. 

Privy’s suite of products

Specifically, Privy offers different products to enable digital security for businesses and individual users. Privy has an enterprise suite that enables businesses to manage end-to-end verification, document production, templates, storage, workflows, approvals, signatures, and reminders that can be accessed across various digital operating systems.

The application also has an API that enables an integration for a better customer experience through streamlined user registration and document signing which can be embedded into the client or merchant’s own application. Even companies who do not use cloud or SaaS solutions as part of their IT security policy can still benefit from Privy’s security innovations through their Privacy Middleware software application — ensuring that relevant digital information remains on-premise.

PrivyPass is another solution that can be embedded in one’s business website and app, leveraging on the 30 million existing verified Privy users with their Privy IDs, allowing businesses to deliver frictionless user onboarding.

Proven track record

More businesses are gaining business confidence online through Privy. Organisations like AXA, Allianz, Telkom Indonesia, XL Axiata, Manulife, Generali, QNB, Bank BRI, Bank Mandiri, GoTo Financial, BliBli, JD.ID, Kredivo, Akulaku, WWF, Rohto are all part of the company’s growing list of enterprise customers. Supply chain financing service AwanTunai also uses Privy to sign over a thousand documents monthly with an added layer of trust. Its COO, Windy Natriavi, recommends Privy’s products to others.

Privy CEO Marshall Pribadi is confident in Privy’s ongoing mission to expand a trustworthy, secure and convenient experience online. He shared that over the last 5 years, Privy continues to show massive and positive growth despite the pandemic where enterprise customers grew 17.5x to more than 1,700 as of this writing. The team has onboarded more than 30 million individual users and the number of signed documents using Privy grew by 58x to more than 80 million.

On top of the existing industry verticals they are serving, they are also developing solutions for industries like tourism where Privy’s digital identity can be used for check-in at airports, hotels, and registration at tourist attractions. 

“In the healthcare sector, we are also developing collaborations with hospitals so that all patient registrations to the signature process can be done with Privy”, Pribadi shares.

Anyone in Indonesia can register for Privy by downloading the Privy app, enabling consumer convenience by skipping repetitive registration processes across digital platforms. Entities can also register for their EnterpriseID. For more information about Privy’s various solutions and use cases, visit https://privy.id/.

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

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

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Singapore-based wellness startup Moom Health recently announced a S$1.2 million (US$855,000) seed funding round led by DSG Consumer Partners with the participation of women-focused business incubator Nuguru and fashion e-commerce platform Love, Bonito.

In a press statement, the company stated that it plans to invest in product development and supply chain transparency, increase its retail presence, grow its team, and expand internationally. It had bootstrapped its business for over a year since its launch in June 2021.

“Our vision is to really bring wellness into the everyday lives of the modern Asian woman, so expanding internationally is extremely important for us to be able to do that,” Moom co-founder Mili Kale writes to e27 in an email.

“We have just started shipping to Malaysia and are looking to further contextualise Moom to the Malaysian market and increase our local presence. We are a community-driven brand … and want a strong community presence in each market we go to. We plan on focussing heavily on Malaysia over the next several months, as well as, eventually, the rest of the region!”

Founded by sisters Mili and Maya Kale, Moom was inspired by the co-founders’ struggle with women’s health issues such as PCOS and hormonal acne, and their dissatisfaction with the existing solutions.

Also Read: Through their new company Evo, these ex-Grab executives want to help you deal with hangover better

Its product offerings included a personalised supplement range curated via an expert-backed quiz, set of packs curated for specific women’s health concerns such as hair health and sleep support and a line of products that provide targeted relief in under 60 minutes such as bloating and digestive relief.

The company works with a panel of women’s health specialists in the fields of naturopathy, nutrition, dermatology, gynaecology, sexual health, and traditional medicine, as well as an R&D team on product formulations and curation, quiz recommendation logic, and educational content.

But in its product development process, Moom puts emphasis on the role of its community.

“Our product development begins with our community. We are a brand created by Asian women, for Asian women, and rely heavily on not only our experts but also our community. First and foremost we look to our community to understand what they need and what they want in a product. We then work closely with our expert board to formulate products that work to fill the gaps our community has pointed out, as well as our manufacturer and R&D team to source the highest quality ingredients that ‘fit the bill’,” says Mili Kale.

“Our experts are practitioners from various different fields that relate to women’s health – so we only realise products that every single one of them agrees on, which you can imagine takes time! After that, everything undergoes months of consumer testing (led by Moom and our experts), and finally, the formulation is third-party tested by one of the largest labs in the world, Eurofins.”

Also Read: How ZaZaZu aims to empower women by starting conversation about sexual wellness

Bringing it back to the community

When asked about the role of its community in its customer acquisition strategy, Kale stresses the importance for Moom to put itself in the mindset of its customers.

“Traditionally, supplements are sold at pharmacies and health stores, with little to no education on ingredients, formulations, supply chain, or the actual human beings behind the brand. Consumers aren’t responding to the traditional marketing strategies or retail experiences that have always existed, and ‘demand’ a more informed, educated, and contextualised experience- especially in an industry as confusing as supplements!” she explained.

“We pride ourselves on being extremely transparent with our community … as well as sharing women’s stories and experiences on the plethora of health issues we face. We want to start a conversation around the ‘guesswork’ we have to do, and when we share our content, it’s so that Asian women can look at others and think ‘I’ve been through that too, maybe this will work for me!’”

But this was not without its own unique challenge.

“I think it’s really the tough thing about this space in general – Asian women are not used to sharing our stories and the work we do behind the scenes to even start to understand our bodies. At Moom, we’ve found that we really have to break things down for our audience, because how else can we expect our consumers to trust our brand? Our community has pushed us to think harder and smarter about what we do, what we say, and more importantly how we say it so that it’s easy to understand what we’re really here for,” she continues.

Also Read: This app helps Indian millennials enhance their mind and soul wellness

In addition to this specific challenge, the women’s wellness segment is a competitive space in general. So how does Moom plan to stand out from the rest?

“Creating for the modern Asian woman is what drives us and is our priority. Additionally, our focus on transparency, quality, and community are what truly sets us apart. Our product pipeline is conceptualised by our community and formulated entirely by a world-class team of experts spanning naturopathy, sexual health, gynecology, dermatology, and nutrition, all specialising in women’s health. We are here to disrupt the traditional supplement aisle in Asia,” Kale closed.

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Fundraising or preparing your startup for fundraising? Build your investor network, search from 400+ SEA investors on e27, and get connected or get insights regarding fundraising. Try e27 Pro for free today.

Image Credit: Moom

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Fazz, a digital financial services group dual-headquartered in Singapore and Indonesia, has announced a US$100 million Series C funding round.

The round comprises US$75 million equity and a US$25 million debt facility.

The equity investors are Tiger Global, DST Investment, B Capital, Insignia Ventures Partners, and ACE & Company. llham Ltd (which is associated with EDBI), InterVest, Michael Seibel (Managing Director of Y Combinator), and Hans Tung (Managing Partner of GGV Capital) also participated.

The debt facility came from Lendable.

Fazz will use the funds to grow the business and expand its teams in Singapore, Indonesia, Malaysia, Vietnam and Taiwan from 800 to 1,400.

Also Read: Payfazz invests US$30M into Xfers; join hands to form Fazz Financial Group

Fazz (earlier known as Fazz Financial Group and founded in 2016) was launched following a merger between PayFazz and Xfers, two Y Combinator alumni based in Southeast Asia. Its mission is to enable financial access for every business in Southeast Asia, where many MSMEs and the population are still underserved.

The firm offers Fazz Agen, an agent-based financial application serving micro and small businesses in Indonesia. Fazz Business is a business account to help startups, MSMEs, and large corporations build, run, and grow their businesses across Southeast Asia by providing the ability to pay and receive payments, grow capital, and get funding.

Its Modal Rakyat is a P2P lending and borrowing service for MSMEs, while StraitsX offers payment infrastructure for digital assets.

Fazz claims it saw US$10 billion in annualised transaction volumes over the past year. It is looking to double its transaction volumes in the next 12 months.

“Many businesses in Southeast Asia are still underserved, and some have been heavily affected by the pandemic. Fazz is stepping in to help them recover and grow back stronger. We invest a lot in the tech side of our business to ensure that any business, from small family shops to big enterprises, can access financial tools to build their business.

More importantly, we want to provide the same benefits that big companies have to small businesses and warung owners. This round of funding will enable us to build this technology edge for our users,” said CEO Hendra Kwik.

Also Read: How blockchain-powered fintech services can improve financial inclusion

Lack of access to equitable technology tools and bank financing are key challenges for MSMEs in Southeast Asia, with the funding gap currently reaching US$300 billion.

The changing business environment during the pandemic has placed MSMEs at an even bigger disadvantage due to the lack of access to funding, technology and network.

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Last year, 450 million Asia Pacific gamers aged under 18 loaded up numerous virtual worlds right under the noses of brand marketers. Youngsters can spend hours immersed in games. Why? Because they are a safe space for kids to experiment with their identity, practise their social skills and discover their potential and capabilities.

Yet despite its incredible popularity, gaming is still regarded as a niche form of entertainment, meaning marketers are missing out on a tremendous opportunity to reach APAC’s younger audiences. 

If marketers wish to reach a highly-engaged audience of under-18s, then games are the place to be. However, this unique digital-age group requires a re-think of marketers’ age-old strategies, as these will simply not work.

Instead, here are five simple strategies to ensure any gaming campaigns are on-target, effective and highly age-appropriate:

Understand the value exchange

It is important to understand that, for under-18s, the traditional value exchange has changed. Instead of the familiar transactional environment, the value exchange for youths is linked to the play experience, especially in digital worlds.

Young gamers are challenged constantly and have the creativity and liberty to decide how they want to look and be in the digital world. Brands have the chance to enter and be part of a highly personalised world where they can have both a more meaningful relationship with their target audience and one with greater utility.

Also Read: What does blockchain gaming need to succeed in the long haul?

Engagement methods can include interactive experiences that help players cultivate their identities or in-game purchases such as avatars or skins. However, one size does not fit all. With any under-18s advertising, marketers should have the courage to be playful too.

The golden rules of winning in-game

By 2022, you would expect marketers to have moved beyond the gamer stereotype of young, socially-awkward males. However, many still fail to recognise gaming as a multi-faceted and diverse medium. Like social media, television and print, marketers must apply the creative thought process of speaking to different audience groups.

Knowing these different audiences is the first step to winning the under-18s market. The next is to ensure any strategy is mobile-first. In 2022, smartphones will be a ubiquitous part of teenagers’ lives. 

Mobile provides scale and multiple means of entry for this digitally-engaged demographic. Understanding in-app advertising will also help brands integrate better with the overall ecosystem of gaming.

Once marketers have nailed their audience and the platform, then comes the content. Gaming provides an opportunity for creative experimentation that is inherently brand safe and fits with the play environment.

Encourage positive play

In-game advertising necessitates creating experiences that augment play positively, environments that are inclusive and engaging for all in that particular age category.

It should be noted, though, that APAC’s youngest generation leads the way into a digital and behavioural unknown. At a time of intense scrutiny over online data privacy, internet usage by under-18s now accounts for 40 per cent of all daily traffic. As always, where the eyeballs go, the brand safety risk follows, and naturally, this has become pertinent within the gaming ecosystem.

However, brands can create a safer gaming environment by encouraging positive play. This required adopting an unbiased marketing strategy that’s backed by science, and that’s audience-safe. Brands can take safety and make it a utility.

Marketers and their creative agencies have a responsibility to ensure that their assets are safe for and relevant to their young audience. Any missteps will tarnish a brand’s reputation both in the eyes of young consumers and their parents.

Amplify beyond the game

Today, gaming experiences exist far beyond the premise of the game itself. Instead, they reach deep into the lives of under-18s, with entire sub-cultures, fandoms and online communities dedicated to any particular game. 

Amplifying any marketing content should therefore consider the whole cycle of the gaming experience: in-game, around the game, and beyond the game.

Also Read: Exploring the creator economy in gaming

With in-game, brands are limited to animated gifs or in-game billboards, or occasionally, a sponsored game-within-a-game, as used by French developer Gameloft.

Around the game, meanwhile, marketers can leverage model avatars, virtual reality games and holographic concerts. When used successfully, these can be inspirational; they can show a world of endless possibilities that amplify a game’s endorphin rush.

Last but not least, there are brand experiences beyond the game. These can capitalise on gaming’s cultural force, as seen through online communities and real-world conventions.

In addition, as eSports becomes a cultural force of its own, brands can become part of tournaments, leagues and teams, some of which carry multi-million-dollar sponsorship deals.

Fans of eSports can include players, viewers, live streamers and even people who follow its stars on social media. ESports titles have communities and different platforms they engage in. For brands, this means activating a campaign based on each niche community and integrating wisely.

Capture the metaverse

Despite assumptions that it is little more than a fad, the metaverse will be game-changing for advertisers. In 2021, venture capital investment in the metaverse reached US$40-60 billion. So far, in 2022, it’s already at US$120 billion, and by 2030 is expected to hit US$5 trillion. 

Although the metaverse is still being defined, both literally and figuratively, it could soon impact everything from employee engagement, customer experience, omnichannel sales and marketing, product innovation and community-building. APAC is expected to be the fastest-growing region in the metaverse market, while three-quarters of young Singaporeans are interested in a virtual 3D space.

The metaverse is the next frontier to be captured. Marketers willing to cross this frontier must dream big and apply the same ethos of adopting an unbiased approach backed by science.

They must align their brand with the right game, entertainment and social community while investing in activation and amplification beyond sponsorship.

And finally, they must be prepared to test and learn within the community and understand what value the brand can bring. Most crucially of all, marketers must be committed to safe, community-first experiences where their authentic selves are always at play.

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From articles highlighting the region’s growing startups and the latest news and activities in the community to insightful articles shared by hundreds of our community members, the e27 platform has provided open access to content that brought visibility and connection to startups, funds, and other key players in the tech ecosystem.

Apart from the content that is freely accessed by thousands of readers monthly, our growing community of e27 Pro members also benefits from our member-exclusive content; the Ecosystem Roundup is our twice-weekly rundown of news items curated from over 150 sources that include general tech media and hyperlocal channels, with the aim of helping our members cut through the noise and focus on relevant news that helps them make informed business decisions. 

The Ecosystem Roundup started as a way for us to help our members focus on information that is relevant to their decision-making. Making informed business decisions is crucial to the survival and growth of companies – more so now as we face economic challenges.

Also read: Better browsing experience begins at home(page)

Aligned with that, you can now access the Ecosystem Roundup and other e27 Pro premium content through an e27 Pro plan that may be more relevant to your current needs.

Expanding e27 Pro Memberships

The e27 Pro membership has grown significantly in the last two years, with thousands of startups becoming members and making 15,000+ startup-investor connections via Pro Connect. 

But with the e27 Pro Connect primarily focused on connecting startups with investors for fundraising,  mentorship, and network-building,  among others, how about the startups who do not have these goals in mind but would like to access insightful content that is part of the e27 Pro Connect membership?

Enter e27 Pro Content.

The e27 Pro Content is a new membership plan that lets you access premium content that was previously only available to e27 Pro Connect members.

This membership plan will include our twice-weekly Ecosystem Roundup, Editor’s Special, Contributor’s Special, and Meet the VC series. Included in this is access to seasonal series of articles produced by the e27 editorial team that reflects the current state of the ecosystem and where is it going.

Since the beginning of this quarter, as an example, the editorial team has been producing deep dives with select investors in the region to provide insights and knowledge about the current state of the ecosystem. The series aims to help more entrepreneurs and ecosystem stakeholders adapt and thrive in this challenging environment.

This array of curated content will be regularly published and is going to be available to members with Pro Content subscriptions. 

For startups, investors, and others who wish to build their networks with startups on e27, the e27 Pro Content membership also includes access to Startup Connect.

Get it for 50 per cent off today

For the US$9.90 monthly, the e27 Pro Content gives you access to all e27 Pro premium content and Startup Connect.

You can avail of a 50 per cent discount for your first month on the e27 Pro Content membership if you sign up today until 31 December 2022. 

Got questions? We’re happy to provide you with answers. Drop us a message here.

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Fundraising or preparing your startup for fundraising? Build your investor network, search from 400+ SEA investors on e27, and get connected or get insights regarding fundraising. Try e27 Connect for free today.

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Cybercriminals appear to no longer distinguish between big businesses and fledgling startups. Based on recent events, everyone is now a potential target, which means that a multi-layered approach to cybersecurity should no longer be an afterthought. 

The 2022 Global Threat Report by CrowdStrike Intelligence records an 82 per cent increase in ransomware-related data leaks in 2021, with 2,686 attacks in December, up from 1,474 in 2020.

Here in Southeast Asia, our home base, the Philippines, has recorded the highest number of phishing attacks, with nearly seven out of 10 targeting finance-related transactions. A separate study suggests that cybersecurity crime can severely impact the Philippine economy by as much as 1.1 per cent of total GDP, which would be approximately US $3.5 billion.

But other SEA economies can’t breathe a sigh of relief either, as they are equally in danger. One AV company found that Indonesia saw a 65.90 per cent increase in phishing attempts, followed by Singapore with 55.67 per cent, Thailand with 55.63 per cent, Malaysia with 50.58 per cent, and Vietnam with 36.12 per cent.

The outlook doesn’t look too bright with the quantum of ransomware and social engineering attacks set to escalate drastically.

Increased demand for cybersecurity innovation

Cybercriminals are striking with increasing frequency and audacity at companies of all sizes, targeting numerous individuals, too. With cybercrime becoming more organised and rampant, the trickle-down effect is declining trust in companies and systems. 

Also Read: Strengthening cybersecurity measures in the face of Web 3.0

With the increasing numbers of companies focused on seizing bigger opportunities in cloud and mobile computing, they also assume risks in varied measures. The key risks include significant financial loss, plummeting customer satisfaction and market reputation and severe job loss across disciplines. There are also direct financial losses associated with the crime like loss of productivity, fines, and remedial action.

It can’t be underlined enough that cybersecurity must become a strategic business priority, a board-level issue for organisations. It is vital that businesses become proactive when it comes to cybersecurity instead of just reacting to security breaches.

Experts believe that cybersecurity should never be an afterthought but should be integrated into its growth strategy at the very earliest. Another key recommendation in combating cyber threats is investing in training and developing a pipeline of cybersecurity professionals. Cybersecurity awareness has to be part of the company’s DNA across all levels in an organisation.

A multi-layered approach to cybersecurity

With cybersecurity costing companies millions of dollars, it is vital that companies adopt multi-layered cyber protection. This is particularly important as cybercrime can occur from within and outside the organisation, with employees being a major cause of security breaches.

For instance, while remote and hybrid work offered business continuity amid a global health crisis, numerous endpoints and devices became more vulnerable to attack. 

It’s a harsh reality, but today’s cybercrime masterminds have both the expertise and technical capabilities that are on par with their cybersecurity counterparts. In this precarious scenario, organisations should gauge the gravity of the situation and implement immediate and resilient cybersecurity measures. 

Artificial intelligence and machine learning

These extremely versatile technologies have proven prowess in detecting and arresting various types of cyberattacks efficiently. Kickstart Ventures recently invested US$3M in SlashNext, a computer and network security company specialising in cybersecurity, cyberattack detection, and IT solutions.

Its database, AI and ML algorithms can scan and detect zero-hour phishing threats across multiple endpoints in real-time, with six times better phishing threat detection and three times greater spear phishing detection.

Also Read: How can lean startups build a resilient cybersecurity posture

These two technologies are powerful weapons that can be used to pre-empt cyberattacks, as they are programmed to look for anomalies. AI can augment the two-factor authentication and be further deployed to rapidly check additional layers of genuineness. Machine learning can be used to quickly analyse vast amounts of data to identify different types of cyber threats and fraud.

Behavioural analytics

Data can be mined for behaviour analysis, which helps identify patterns and activities to detect potential and real-time cyber threats. An abnormal increase in data transmission from a user device could signal a cyberattack. Behaviour analytics is increasingly being tapped for developing better cybersecurity technologies.  

Embedded hardware authentication

Embedded authenticators are emerging technologies to verify a user’s identity. Powerful user authentication chips are embedded into hardware and are designed to revolutionise “authentication security”. These chips employ multiple levels and methods of authentication working in tandem.

Blockchain cybersecurity

Working on the basis of identification between the two transaction parties, blockchain is fast gaining ground and recognition. Every member of a blockchain is responsible for verifying the authenticity of the data added. Moreover, blockchains create a near-impenetrable network for hackers and are perfect for safeguarding data from getting compromised. So, the use of blockchain, coupled with AI, can establish a robust verification system to eliminate cyber threats.

Zero-trust model

This model works on the assumption that a network is already compromised. Believing that one cannot trust the network, both internal and external securities are scaled up. It includes identifying business-critical data, mapping the flow of this data, logical and physical segmentation, and control enforcement through automation and constant monitoring.

A strategic priority

Cybersecurity is a critical component for ensuring the unimpeded growth of any company. Organisations across disciplines and sizes must treat cybersecurity as an essential strategic priority. Thankfully, while threats continue to evolve, so do the means to deter their potential damage to any organisation’s data, reputation, and growth.

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Globally, transportation accounts for about 24 per cent of the global CO2 emissions, which is expected to reach 27 per cent by 2050 as fossil fuel use continues. Aeroplane emissions are rising rapidly, which increased by 32 per cent between 2013 and 2018. 

While electric vehicles (EVs) are gradually replacing fossil fuel-powered vehicles in the land transportation sector, the aviation industry has not made much headway on this front. Solar-powered planes are also being tested — a long-haul solar-powered flight (Solar Impulse 2) was tested in 2016 — but it doesn’t appear to have made much progress either.

All this means chances of decarbonising aviation are remote. 

What can we do to reduce CO2 emissions in the aviation sector, then?

This Singaporean entrepreneur has an answer. 

“We wanted to find alternatives that could help reduce flight emissions,” says Jonathan Yeo, Co-Founder and CEO of FlyORO, a provider of last-mile sustainable aviation fuels (SAF) blending technologies. “And it has to start today.”

FlyORO was founded in Singapore by Yeo, Joe Ng (CTO), and Genevieve Toh (CMO)  — all avid travellers. 

Yeo is a chemical engineer with a track record in developing energy and chemical businesses. Ng has previously led high-profile global supply chain, engineering, plant construction, expansion and production, and industrial automation projects across oil majors. Toh has a business management background and experience in banking and finance at JP Morgan & HSBC.

Tackling a Barrier to Flying Green

According to the startup, it is tackling one of the barriers to flying green by providing last-mile sustainable aviation fuel (SAF) blending and distribution directly at airports. The bespoke modular biofuel blending technology can be integrated with existing airport infrastructure so that airports can provide SAF blends readily to airlines.

“SAF is the most viable alternative to conventional jet fuel, but our supply chain model has to be better integrated to support an efficient distribution of SAF. We are on a mission to enable the accessibility and availability of SAF to airports anywhere,” Yeo tells e27.

Also Read: The Capture app enables you to track, reduce and offset carbon emissions from everyday life

SAF is a synergistic blend of conventional jet fuel and biofuel. Biofuel, derived from biomass-based feedstock like animal waste and algae, is a lower-carbon aviation fuel alternative. 

“We partner with airports by deploying our modular assets for easy tie-in with existing fuel storage tanks. We convert existing airports into SAF-friendly at zero CAPEX. We also partner with fuel service operators to provide airlines with a seamless operational process of into-plane services,” Yeo boasts. 

Flights are allowed to fly with up to a maximum of 50 per cent blend, reducing lifecycle carbon emissions by up to 80 per cent in neat form. “The SAF industry builds upon a holistic ecosystem, meaning a rigorous relationship between all stakeholders is necessary. FlyORO liaises directly with fixed base operators (FBOs), which are involved in the final distribution of the blended SAF,” Yeo shares.

(FBO is an organisation granted the right by an airport to operate at the airport and provide aeronautical services, such as fueling, hangaring, tie-down and parking, aircraft rental, aircraft maintenance, and flight instruction)

FlyORO has raised SGD500,000 (US$354,000) from unnamed angels for its innovative solution.

Getting an Entry into Aviation

Aviation is a highly capital-intensive and regulated industry. The founders of FlyORO realised early on that entering this sector was hard. So they kickstarted their projects with companies in the oil sector.

“Oil companies have ambitions towards cleaner fuels in the energy transition. Based on this, we started working with them to understand more about the massive carbon polluters, including aviation fuel emissions,” Yeo reveals. 

This experience helped FlyORO understand the aviation sector and its requirements better and get an entry into the sector.

Yeo acknowledges that biofuels and other lower-carbon alternative fuels are already available for the aviation industry. SAF is blended in different types and ratios due to varying airline commitment, processing technology and market legislations. Adding to this complexity, SAF is currently processed at refineries of fixed geographies depending on the origin, requiring additional logistics cost, time and carbon footprint. This makes it costly, less accessible, and available only to a few airports.

“So, blending products with existing ATF is a more commercially acceptable solution. Then again, supply chain and distribution are a challenge. We fulfil the role as a last-mile blending provider for SAF and are in a unique position to accelerate the offtake of SAF blends to airlines,” he shares.

A key metric in airline operations is a fast turnaround and refuel time. The company claims it enables this with rapid order-to-fulfilment, with on-demand blending, certification and distribution within a 20 minutes window without disrupting the existing into-plane services for airlines.

Also Read: Why the Carbon tax is just a step forward and not a solution

As FlyORO grew, its aviation fuel partners connected it with more airports and airlines. FlyORO has so far received interest from 11 airlines and 16 airports and is currently working on three active projects in Singapore, the US and Europe.

It also has partnerships with the International Air Transport Association (IATA), International Civil Aviation Organization (ICAO), Joint Inspection Group (JIG), and Defence Standard (DefStan).“We are working with these groups to align our solution with current regulations and participate in active discussion for future changes in supply chain operation standards,” Yeo says.

FlyORO charges a blending fee of US$0.03-0.10 per litre.

According to Yeo, the market opportunities for FlyORO are enormous. The jet fuel blending segment itself is US$250 million, and it has barely scratched the surface.

But the startup has to tackle some challenges to scale up and grow. “Since we are an innovator, there is bound to be some resistance to change, which means a longer lead time to conversion. It took months for us to sell our story and could reach the right stakeholder only after four months of the discovery process.”

How long would it take for FlyORO to sell its stories to more flight operators and fly high? Its ability to create awareness and convince more stakeholders is the answer.

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The number of smartphone subscriptions worldwide now stands at more than six and a half billion. This figure is expected to increase by hundreds of millions in the next few years, according to Statista. I find this figure staggering and a massive overall percentage if we consider that the world’s population is approaching eight billion people.

Southeast Asia has over 400 million internet users, with the penetration rate at over 70 per cent in all countries in the region apart from Laos, Myanmar, and Timor-Leste. The number of smartphone users in Southeast Asia will reach 326.3 million in 2022 and will increase at a steady rate until the year 2026.

The unparalleled rise

The vast majority of these (almost nine out of ten) internet users in the region will use smartphones in 2022. Therefore, brands that have moved or are moving from offline to online have consumers in the palm of their hands, as geographical boundaries between customers and brands simply no longer exist.

Any user with internet access can now engage directly and in real-time with a brand through live streaming via its social media platforms or website.

I certainly think it’s true that such simple daily access to different and innovative technologies makes adopting them a foregone conclusion. Access to brands is now much more seamless, making the customer experience straightforward and more enjoyable.

In addition, live streaming allows brands to create entertaining, memorable, and meaningful content with the bonus of instant access and engagement for online users. It also helps a brand to look more honest and trustworthy in its customer’s eyes as it’s fully live.

Consumer data is key to building client profiles to detect a pattern of spending behaviour. If a consumer is inclined towards a particular price point or product, a brand’s marketing team can more easily target this individual with personalised messages as part of its marketing strategy.

Also Read: The rise of live commerce in Asia and adoption of BeLive by retailers

This is especially valuable if a brand is launching a new product to the market via live streaming. Customers who have shown prior loyalty to the brand have instant access to the new product and can also ask questions and have them answered to their satisfaction. This gives a new meaning to the term ‘first in line’.

If we look at live streaming e-commerce when compared to ‘traditional’ e-commerce, the two keywords that spring to mind are immediacy and interactivity. Live streaming is a valuable technology because it has the capacity to offer immediate feedback to questions posed by a consumer.

Interactive technologies such as surveys, trivia games, and polling allow brands to interact with consumers through a live stream with a possible added incentive of prizes for participants. These added layers expand the consumer experience, as they can be fun, relaxed, and informative. The interaction is therefore more memorable. This would not be possible through a traditional e-commerce store. 

E-commerce revolutionised

E-commerce has undoubtedly revolutionised the retail industry, particularly during the pandemic, as millions of people were confined indoors during lockdown periods. Live streaming technology allowed this to happen as consumers looked for ways to shop without leaving the comfort of their homes.

This was particularly the case for more introverted shoppers as no physical, social interaction, intimidating large crowds or sales assistants formed part of the process. The availability of various payment options also helped a boom in online sales.

Affordable prices and shipping costs, ease of search, and convenience all made shopping for brands online an attractive proposition. COVID-19 has proven a desire for live streaming solutions among people working remotely with companies investing more than ever in online platforms. 

E-commerce was one of five specified sectors (the others being financial services, online travel, online media & transport and food) in a 2021 report by Google, Temasek, and Bain & Company on Southeast Asia’s ‘economy’.

This highlighted that the region is on its way to becoming a $US 1 trillion digital economy by the decade’s end. Southeast Asia’s e-commerce market GMV is projected to reach US$142.70 billion in 2022. This is expected to exhibit a Compound Annual Growth Rate (CAGR) of 15.08 per cent in the next three years, meaning a projected market value of US$217.50 billion by 2025.

With the growth of e-commerce as an industry at such significantly high levels, several government bodies have begun to regulate laws and regulations to elevate e-commerce business. They have provided the right conditions to allow this to happen.

Also Read: Why live commerce is here to stay in Asia

A cross-border e-commerce initiative was launched in June 2022 by the Vietnam E-commerce and Digital Economy Agency under the Ministry of Industry and Trade. It intends to help the country to nurture an e-commerce workforce over the next five years to allow more export opportunities for local enterprises. 

Retention is the new acquisition

An appropriate industry saying for 2022 could be ‘Retention is the new acquisition’. Brands are finding it challenging to retain consumers in an era where access to virtually every possible brand is as convenient as clicking a button. The strategy of building a brand community then becomes key.

Through this, interaction and constant engagement to build loyalty become a de-facto strategy for many brands. The personification of a brand can also be amplified with content that is authentic as well as highly visual through the use of live streaming technology. 

Live streaming commerce is still in its relatively early stages. I would be confident that the technology behind it will continue to evolve while being successfully adopted by brands globally. It currently can collect key information about customers in real-time.

This dictates the kind of messaging the brand should get across during a live stream. This could be in the form of the type of product on offer, price, or what specifically needs to be shown to convert a casual ‘viewer’ into a ‘paying customer’.

I can undoubtedly see Augmented Reality (AR) and Virtual Reality (VR) technology having a strong influence on the sector. A potential customer having the ability to virtually ‘try on’ a product during live streaming is undoubtedly something we will witness in the near future.

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

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

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The post Streaming the dream: How live streaming technology can increase access to brands appeared first on e27.

Fazz secures US$100M Series C to grow its lending services, expand team in SEA
The investors include Tiger Global, DST Investment, B Capital, Insignia, and Lendable; Fazz claims it saw US$10B in annualised transaction volumes over the past year and looks to double the volumes in the next 12 months.

Vietnamese proptech startup Propzy to shut down
In an internal email, co-founder and CEO John Le said that the company’s efforts to grow the business amid the pandemic resulted in significant losses that it could not recover due to continued lockdowns in Vietnam.

AC Ventures reaches first close of US$250M fund
The fund raised 65% of its capital target, but it has already invested in five startups; These include SkorLife’s US$2.2M round, Ideal’s US$3.8M fundraise, and Atma’s US$5M deal.

Sea to forgo leadership salaries amid cash flow struggles
This comes after Sea ended operations in four Latin American markets and trimmed staff across its divisions; The Singapore-based company has lost nearly US$170B in market value since peaking in October.

TikTok Shop has set SEA on fire within months
The short-video giant has moved quickly and aggressively in the region to roll out new features, offer incentives, and seal new partnerships with e-commerce enablers and logistics partners.

SG digibank Trust hits 100K customers within 2 weeks of launch
Backed by a partnership between Standard Chartered Bank and Fairprice Group, Trust offers a range of products and services, including credit cards, savings accounts, and family personal accident insurance.

Taiwan’s TNL Media acquires recipe-sharing social platform iCook
TNL Media looks to grow its readership, launch new products, and expand the group’s paid subscription business; With 7M monthly unique visitors, the integration with iCook will bring TNL’s total readership to 25M MUV and 100M monthly views.

Sequoia Surge backs US$14.3M series A of Vietnam’s Virtual Internships
The firm offers access to digital internships for individuals pursuing higher education across 100 countries; It also trains students before and during their work experiences.

Glife Technologies raises US$3M Series A+ from Tin Men Capital
Glife aggregates demand for food produce from restaurants and match it with suppliers; Glife will use the fresh funds to accelerate the launch and operations of its digital marketplace for F&B suppliers and merchants in Q42022.

Hybrid work technology startup FlexOS secures US$1M
The investors include Do Ventures, VIK Partners, Vulpes Ventures, Hustle Fund, and Play Ventures; FlexOS offers gamified office check-ins, desk and meeting room bookings, and up to 10 monthly events and activities tailored to employees’ unique interests.

Indonesian kids food startup Grouu raises funding
The investors include Teja Ventures, Arkana Ventures, and Javas Capital; Grouu delivers meals to users’ houses every day; It offers meals for kids between one to 10 years old; It has also added non-MSG options to its menu.

Web3

Arrest looms for Terraform Labs founder as Seoul court issues warrant
A court in Seoul issued a warrant against Do Kwon and five other individuals for violating South Korea’s capital markets laws; The warrant comes after the Terra crashed in May, resulting in global losses of over US$40B.

Indonesian crypto exchange Reku bags US$11M funding
The investors include AC Ventures, Coinbase Ventures, and Skystar Capital; Last year, crypto transactions in Indonesia reached US$60B, with Reku processing US$3B of the total amount.

Cake DeFi launches global research hub in Singapore
Called Birthday Research, the centre will focus on developing blockchain and digital-asset technologies; Cake DeFi has committed to investing US$50M into R&D over the next four years.

Blockchain data firm Thirdwave launches with US$7M raise
The investors include Framework Ventures, Animoca Brands, Play Ventures, and Shima Capital; Thirdwave provides Web3 companies, projects, protocols, and DAOs with blockchain data.

Multi-chain DeFi services platform Krystal raises US$6.6M led by Hashed
Krystal will add more blockchains and improve access to passive income by allowing users to securely do staking, manage liquidity pools, and yield farming.

IDG Capital Vietnam invests in blockchain firm Metain
Metain is a blockchain-empowered co-investment platform focusing on real estate; It makes investing in income-producing assets affordable, convenient, safe, and transparent for middle-income customers.

Sender nets US$4.5M led by Pantera Capital to expand its crypto wallet ecosystem
The investors include Pantera Capital, Crypto.com Capital, Jump Capital, SevenX Ventures, and D1 Ventures; Sender is a third-party wallet in the NEAR ecosystem with built-in functions such as staking, swap, and NFT showcase.

Ex-Binance exec’s Web3 platform Playground bags pre-seed capital
The lead investors are East Ventures and Mirana Ventures; On Playground, users can interactively discover all aspects of trusted Web3 entertainment projects and be kept abreast of updates and milestones for new and existing projects.

Features

FlyORO wants to decarbonise aviation with its last-mile sustainable fuel blending tech
FlyORO’s technology can be integrated with existing airport infrastructure so that airports can provide sustainable aviation blends readily to airlines.

How Moom taps into the power of community in product development, user acquisition
When asked about the role of its community in its customer acquisition strategy, Moom stresses the importance of putting itself in the mindset of customers.

What makes Bee Kheng Tay a remarkable leader
Bee Kheng Tay, President of Cisco Systems in ASEAN, looks at how she’s taking the enterprise technology industry to new heights.

Authored articles

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

Avoiding costly mistakes: How cognitive biases can affect entrepreneurs
How exactly do cognitive biases and noise affect entrepreneurs, and how can we reduce decision-making errors within the business landscape?

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