It’s a milestone that’s been on global cryptocurrency enthusiasts’ minds for many years. Bitcoin’s recent rally to a value of US$100,000 has helped uncover Southeast Asia’s sky-high enthusiasm for crypto adoption and development.

The scale of Bitcoin’s ongoing rally is the topic of much debate, but its resonance in Asian economies appears assured regardless of the direction that the coin takes in the months ahead. 

According to the 2024 Global Crypto Adoption Index, Central & Southern Asia and Oceania (CSAO) lead the world in crypto adoption with seven of the top 20 most active nations for both centralised and decentralised finance (DeFi) protocols. 

At the forefront of this growth was Indonesia, which surpassed US$30 billion (IDR 475.13 trillion) in cryptocurrency transactions between January and October 2024, representing a growth of 352.89 per cent in comparison to the same period in 2023. 

However, we’re also seeing widespread change at an institutional level, which could see significant growth in the number of cryptocurrency use cases in 2025 and beyond throughout the region. With interest in crypto reaching new levels in Southeast Asia, Bitcoin is becoming more accessible than ever before. 

Proliferation of crypto services

Bitcoin’s recent growth has brought a series of watershed moments for Asian adoption of crypto. In November, ZA Bank, Hong Kong’s first and largest digital bank, became the continent’s first institution to offer cryptocurrency trading services directly to retail investors. 

With ZA Bank’s app, it’s possible for users to frictionlessly trade cryptoucrrencies like Bitcoin and Ethereum without the need for switching platforms in the process. 

In November 2024, Japanese firm AEON announced the launch of a QR code payment system on Binance’s BNB Chain with Terminus, helping to scale crypto payment accessibility in Southeast Asia. 

The tools are intended to make cryptocurrency payments a seamless experience for users and merchants, and the initiative could help leverage more offline cryptocurrency payments throughout the region. 

Cryptocurrency payments have been identified as a leading payment trend due to their flexibility and security qualities, and opening the door to making purchases with coins like Bitcoin represents a major step toward acceptance.

Opportunities in investing

We’re also seeing Asian firms making strides in expanding investment opportunities at an institutional level. 

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

Focused on leveraging Bitcoin as a primary reserve asset to optimise financial strategies and drive stakeholder value, Sora Ventures has launched a US$150 million fund to grow Bitcoin-focused investment strategies among listed companies throughout Asia. 

Targeting companies listed on major stock exchanges throughout Japan, Hong Kong, Thailand, Taiwan, and South Korea, the move is a conscious effort to replicate the success of MicroStrategy’s Bitcoin reserve model in the United States. 

In the month following the US Presidential election which saw both Wall Street and cryptocurrency markets embark on a rally off the back of Donald Trump’s victory, Bitcoin’s 30% growth eclipsed the 14 per cent experienced by the Roundhill Magnificent Seven ETF (MAGS), an exchange-traded fund that focuses on Wall Street’s seven largest companies by market capitalisation. 

The expansion of investment options for Southeast Asia’s largest firms can open the door to better-managed growth, and the ability to embrace the historical outperformance of cryptocurrencies like Bitcoin fully. 

The world’s developer capital

It’s also important to highlight Southeast Asia’s invaluable role among crypto developers, with the continent surpassing North America in recent years to attain a strong market share. 

Since 2015, Asia’s share of global cryptocurrency developers has rallied from just 13 per cent to 32 per cent, while North America’s market share fell from 44 per cent to 25 per cent over the same period. 

While India has been a driving force in Asia’s newfound crypto dominance, nations like China, Japan, Hong Kong, and Singapore have all helped to build a conducive infrastructure for crypto developers. 

According to Singapore-based fund manager, Anndy Lian, the emerging markets of India and Southeast Asia where traditional banking infrastructure can be less accessible, cryptocurrencies like Bitcoin have helped to democratise financial services to residents. 

It’s this necessity for innovation that appears to be positioning Southeast Asia at the forefront of crypto innovation, and the benefits are being reaped by retail investors and institutions alike. 

According to a recent National Thailand report, nations like Thailand, Indonesia, and the Philippines possess high smartphone penetration rates, making cryptocurrency far more accessible during its ongoing market rally. As a result, we could see far more sustained adoption rates for crypto and DeFi services developed locally. 

Challenges remain

Despite clear indications that Southeast Asia is embracing the ongoing cryptocurrency rally more enthusiastically than ever before, a number of challenges remain. 

Cryptocurrency is famously volatile and open to exploitation among unwitting users. With Bitcoin’s historical bull runs giving way to substantial losses, both retail and institutional adopters will need to be wary of buying into crypto. 

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

Southeast Asia is also contending with cryptocurrency crime which could become more widespread as adoption grows. 

Forbes recently reported that addresses in China received more than US$37.8 million in cryptocurrency between January 2018 and April 2023, with links being made to illegal fentanyl sales being made using crypto payments on a major scale. 

This may call for regulatory oversight capable of rapidly adapting to an industry that’s famous for its unpredictability. 

Riding the crypto boom

For all its problems, Bitcoin’s recent surge beyond US$100,000 serves as a reminder of the vast potential of the cryptocurrency industry. By responsibly embracing the potential of crypto, Southeast Asia can become more prosperous, economically flexible, and accessible to all residents. 

Despite its famous volatility and concerns over misuse, the long-term potential of cryptocurrency is bright. Southeast Asia is well-positioned to become a world leader in crypto innovation as a result. 

—

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 us on Instagram, Facebook, X, and LinkedIn to stay connected.

Image courtesy: Canva Pro

The post Bitcoin’s US$100K Rally: Southeast Asia’s growing crypto revolution appeared first on e27.

Dear reader,

Soul Parking’s latest funding round underscores the growing importance of smart infrastructure in tackling Indonesia’s urban challenges. With its focus on innovative parking solutions, the startup is not just addressing the perennial issue of space scarcity but also aligning with broader trends such as electrification and sustainable urban development.

The company’s Compact Motorcycle Storage and cloud-based Soul Parking Operating System highlight a forward-thinking approach to optimising limited resources. The ability to increase parking capacity up to eightfold in densely populated areas could be transformative, especially in cities like Jakarta, where congestion and illegal parking remain pressing issues.

Furthermore, the strategic pivot towards electric vehicle (EV) infrastructure is a savvy move. As EV adoption accelerates, establishing parking facilities as multi-functional hubs with charging or battery-swapping capabilities positions Soul Parking as a key enabler of Indonesia’s green mobility transition.

However, the startup’s success will depend on its ability to scale operations effectively while maintaining service quality. Partnerships with property owners and EV industry stakeholders will be crucial, as will public awareness campaigns to drive adoption of its cashless, tech-enabled offerings.

By merging technology, sustainability, and practicality, Soul Parking exemplifies the type of innovation needed to future-proof urban infrastructure in Southeast Asia’s rapidly growing cities.

Sainul,
Editor.

—-

NEWS & VIEWS

Soul Parking raises Series A+ funding to expand and explore opportunities in EV space
The investors include AC Ventures, AppWorks, Taiwan Mobile, and Wavemaker | The parking tech startup says its vertical parking system, along with real-time tracking, optimises land use and enhances parking efficiency.

Crypto investments hit US$44B record net inflows in 2024
The start of 2025 looks promising with US$585M in net inflows so far, though the last week of 2024 experienced US$75M in outflows | The approval and launch of US spot Bitcoin and Ethereum ETFs were pivotal in 2024, contributing US$44.4M in inflows.

Z Venture Capital launches US$190.8M fund for global tech growth
ZVC Fund II will focus on high-growth industries, including its parent Line Yahoo Corp’s core sectors of media, commerce, fintech, and AI, along with emerging deeptech fields such as space technology and robotics.

GoTo CEO Patrick Walujo commits to stay until 2029
Under Walujo’s leadership, GoTo has seen improvements in financial performance | In Q3 2024, its core gross transaction value rose by 74% y-o-y to US$4.4B.

Alibaba buys back US$1.3B in shares, focuses on core business
The transactions occurred in the US market as part of the firm’s ongoing share repurchase programme | The e-commerce company disclosed that it spent US$9.9B on stock buybacks during the six months ending Sept. 30, 2024.

Indian SaaS startups funding rebounds to US$2.1B in 2024
According to the Indian Tech Startup Funding Report 2024, this rebound comes after funding dropped to US$1.6B in 2023, returning to 2019 levels | The number of deals increased modestly, rising by 5% y-o-y to a total of 207.

India’s e-commerce funding declines 42% in 2024
This comes as India’s broader startup ecosystem saw US$12N raised in the same year, which increased by 20% | D2C startups dominated with US$840M, followed by B2C at US$492M and B2B at US$127M.

OpenAI forecasts US$5B loss as US$200 ChatGPT Pro struggles
These challenges arise from operational expenses, including staffing, office costs, and AI infrastructure | Operating ChatGPT at peak usage costs around US$700K daily.

Vietnam to fund half of US$118M in semiconductor, AI sectors
Developers must allocate US$39M within three years of investment approval, and projects should positively impact the innovation ecosystem | The funding also extends to other high-tech initiatives – including talent training, infrastructure, and production.

OpenAI is turning its attention to ‘superintelligence’
Superintelligent tools could massively accelerate scientific discovery and innovation well beyond what we are capable of doing on our own and, in turn, massively increase abundance and prosperity, says CEO Sam Altman.

FEATURES & INTERVIEWS

The future is virtual: Inside 17LIVE’s plans for avatars and immersive experiences
The rise in virtual live streaming can be attributed to technological advancements, particularly in AR and VR, says 17LIVE’s Jiang Honghui.

Can Southeast Asia really pull off an EV revolution?
The nascent state of the EV sector means adoption rates will inevitably shift with technological, regulatory, and social developments | But for SEA to achieve its EV goals, further investments in infra and affordable alternatives are essential.

FROM THE ARCHIVES

Half of Indonesia’s financial institutions plan to deploy GenAI for everyday tasks
About 44% of local leaders acknowledge GenAI’s potential to revolutionise risk assessment in microlending via analytical models.

Mastering legal nuances: How Bering Lab balances AI and human expertise
While Gen AI tools have been getting much attention, customers quickly realize there’s no one-size-fits-all solution, says Bering Lab co-founder.

YouApp, the app that helps users find their match using AI and astrology.
This amalgamation of ancient wisdom and contemporary psychology enables YouApp to deliver compatibility predictions in seconds, sparing users the time-consuming task of manual evaluation.

Crypto-AI startups making waves in Asia: The future is here
Asia is emerging as a hub for crypto-AI innovation, where AI and blockchain are merging to create new possibilities and transform industries | Countries like Singapore, South Korea, and China have embraced the potential of blockchain and AI.

Envisioning the future: The critical challenges and opportunities of AI investment
Successful AI investment needs capital, tech expertise, a sharp eye for innovation, and a strong AI community network | Investment decisions in AI are made only when there is consensus on the startup’s potential.

The new era of computing: Single board computers for home automation and AI
Single-board computers (SBCs) are shifting from industrial use to mainstream hobbyist applications in home automation, personal servers, and AI.

Filling the leadership gap: Why you cannot delegate responsibility
Peter Drucker, the modern-day Aristotle for the business community, argues that management lacks power but only wields responsibility | He was right in pointing out that leaders must demonstrate responsible behaviour for their subordinates and themselves.

Is a career in biotech right for you?
You might imagine your life in biotech in a lab, working by yourself all day | But the truth is that many projects in biotech require teamwork, including operations, production, marketing, and R&D.

THOUGHT LEADERSHIP

How AI makes investing and trading safer and more accessible
By making investing safer and more approachable, AI is helping to democratise access to wealth-building opportunities for a broader audience across various levels of expertise.

Low-code and no-code website builders: Do we still need developers to craft the ‘perfect’ websites?
Unlike no-code platforms, low-code solutions offer greater flexibility | They combine drag-and-drop simplicity with the ability to write custom code, enabling developers to build scalable, feature-rich websites without starting from scratch.

Why antivirus won’t save us in 2025: Indonesian companies, wake up!
Antivirus was a lifesaver in the early 2000s when threats were simpler: file-infecting viruses, worms, and spyware | But today’s hackers have moved on | They’re armed with AI, automation, and a new playbook of tricks.

Navigating fintech innovation: The role of regulatory sandboxes in APAC
Sandboxes allow businesses to experiment with their new products, services, or business models | This gives them the ability to test things out in the real world under the supervision of regulatory authorities for a limited period of time.

The post Ecosystem Roundup: Crypto investments hit US$44B record net inflows in 2024 | Soul Parking raises Series A+ | OpenAI is turning its attention to ‘superintelligence’ appeared first on e27.

Southeast Asia’s startup ecosystem experienced a varied funding landscape in December 2024, with a total of US$210 million raised across 15 rounds, as per the latest report by Tracxn.

While this figure represents a 44.59 per cent increase compared to the previous month (November 2024), it also marks a 142.21 per cent decrease compared to the same month last year (December 2023).

Also Read: Healthtech, edutech dominated SEA’s funding scene in past 5 years: Tracxn

This indicates a fluctuating investment environment in the region.

Key trends:

Overall funding: Total funding reached US$210 million in December 2024, distributed across 15 rounds.

Month-on-month growth: There was a substantial increase in funding from November 2024 (44.59 per cent ), suggesting a recovery in investment activity towards the end of the year.

Year-on-year decline: Despite the month-on-month growth, funding was significantly lower compared to December 2023, with a 142.21 per cent decrease. This highlights a possible overall slowdown in yearly investment.

Active VC firms: Several venture capital firms were active during the month, including Inspire, B Capital, Picus Capital, and Mitsubishi UFJ Capital.

Notable deals: Kamereo and Eureka Robotics secured funding rounds, with Kamereo attracting investment from Mitsubishi UFJ Capital.

Also Read: 2024 fintech highlights: The startups dominating Southeast Asia’s financial landscape

Analysis: The data reveals a complex picture of Southeast Asia’s startup funding. While the increase in funding from the previous month offers a positive sign, the significant drop compared to last year points to a larger trend of reduced investment in the region. December 2023 has been a powerful month by comparison. The presence of active VCs such as Inspire, B Capital, Picus Capital, and Mitsubishi UFJ Capital suggests ongoing confidence in specific startups and sectors.

—

Data courtesy: Tracxn

The post SEA startup funding sees mixed results in December 2024 appeared first on e27.

The partnership between e27 and MoEngage stands as a testament to the power of collaboration in fostering technological innovation and strengthening the startup ecosystem. As a trusted program partner, e27 played an instrumental role in amplifying MoEngage’s mission to empower businesses with advanced customer engagement strategies. Through targeted outreach and strategic initiatives, e27 helped MoEngage connect with a broader audience of industry leaders, innovators, and decision-makers. This reinforces the shared vision of driving digital transformation in the region.

MoEngage has long prided itself on empowering startups and enterprise companies to drive meaningful customer engagement and achieve sustainable growth. Beyond offering scalable marketing automation and engagement solutions, MoEngage actively supports the ecosystem through initiatives such as its #GROWTH community. This initiative features mentorship, live workshops, and cohort-based learning programs like the Customer Engagement Learning Program (CELP). It is designed to enhance expertise in mobile marketing, analytics, and engagement strategies.

At the core of the collaboration between e27 and MoEngage was the MoEngage Growth Summit 2022. It was an invite-only conference crafted to inspire marketing and product leaders from consumer brands. This summit provided a platform for exchanging ideas, networking, and learning from industry veterans who are setting new benchmarks for growth and engagement in a digital-first world. Together, e27 and MoEngage successfully showcased the transformative potential of innovation, creating a thriving ecosystem for both startups and established businesses.

Read also: e27 and Meta partner to inspire youth-led e-waste solutions in Singapore with YEAP

Amplifying awareness: e27’s support for Growth Summit 2022

To ensure the MoEngage Growth Summit 2022 reached its intended audience, e27 conducted a comprehensive media campaign. It leveraged its extensive platform and trusted reputation within the startup ecosystem. e27 worked strategically to amplify awareness about the invite-only event. It also ensured it captured the attention of industry leaders, innovators, and decision-makers.

One key aspect of this effort was the announcement bar featured prominently on e27’s website. It served as a constant reminder of the event for site visitors. Complementing this was a series of newsletter promotions. These utilized e27’s established communication channels to directly reach a targeted audience of marketing and product professionals. Additionally, sidebar widget placements on high-traffic pages of the e27 platform provided consistent visibility. This reinforced the event’s presence across the site.

These initiatives formed the backbone of e27’s media campaign, successfully raising awareness and driving engagement for the Growth Summit 2022. The collaborative effort highlighted the strength of the partnership and its ability to create impactful outcomes for MoEngage and its audience.

#GROWTH Summit 2022: Connecting leaders and driving engagement

MoEngage Growth Summit 2022 was tailored for marketing and product professionals from leading consumer brands. It was designed to foster knowledge sharing and inspire innovation. The summit provided a platform for top industry leaders to share their growth stories, strategies, and experiences. With a focus on actionable insights and innovative approaches to customer engagement, the summit equipped attendees with practical solutions to address critical challenges in engagement and retention within a digital-first landscape.

A key factor in the summit’s success was MoEngage’s collaboration with e27, which played a vital role in elevating the event’s impact. MoEngage Senior Marketing Director Baradhwaj R highlighted the significance of this partnership: “At MoEngage, we partner with the best of the best to provide a great learning scope to our community of startups and enterprise brands, and e27 has definitely been one of those partners.” By leveraging e27’s expertise and extensive network, MoEngage was able to broaden its reach and connect with marketers and product owners across industries in the SEA region.

The invite-only format ensured an environment rich with high-quality discussions and meaningful interactions among thought leaders. With e27’s support, MoEngage successfully engaged top industry veterans and speakers, adding tremendous value for attendees. Baradhwaj noted, “This not only helped us further our mission and vision of adding maximum value to our #GROWTH community members but also provided them with great networking opportunities to learn and implement those learnings in their day-to-day activities.”

By creating a space for networking, knowledge sharing, and collaboration, the Growth Summit 2022 underscored MoEngage’s mission to drive growth and innovation while setting new benchmarks in customer engagement. Together, MoEngage and e27 showcased the transformative potential of partnerships in fostering meaningful connections and actionable outcomes for professionals in the digital-first world.

Empowering platforms: e27’s broader role in ecosystem development

As a leading platform for startup and innovation ecosystems, e27 plays a crucial role in supporting companies like MoEngage that specialize in customer engagement platforms. By leveraging its extensive network and media assets, e27 helps these companies amplify their reach. It also empowers them to connect with their target audience, and highlight their solutions to pressing industry challenges. This partnership with MoEngage for the Growth Summit 2022 is a prime example of e27’s commitment to empowering platforms that drive innovation and provide value to businesses navigating the complexities of a digital-first world.

Collaborations like these are pivotal in building a stronger startup ecosystem. By connecting innovators with opportunities, resources, and communities of decision-makers, e27 fosters an environment where ideas can thrive and scale. Such partnerships do not only elevate individual companies but also create a ripple effect. They also strengthen the broader ecosystem by enabling knowledge sharing, fostering connections, and driving progress across industries. Through its ongoing efforts, e27 reaffirms its dedication to supporting innovation and ensuring the success of ecosystem players like MoEngage.

Read also: Google Cloud and e27 collaborate to shape the tech ecosystem

Looking ahead: Building on success and driving future innovation

Over time, MoEngage has aided in accelerating 500+ startups by onboarding over 120 VC partners. They have also enabled more than 20 Soonicorns and Unicorns. Their community initiatives go above and beyond to provide marketers and product owners with access to a revolutionary customer data and engagement platform. This platform is equipped with state-of-the-art marketing automation functionalities. They aim to support the ecosystem with tailored customer support in local time zones. They also provide the opportunity to learn from 10,000+ like-minded members. Further, they have cohort-wise onboarding, adoption, and retention workshops, and networking with founders through in-person meet-ups and mixers.

Following the success of the Growth Summit 2022, MoEngage is committed to expanding its initiatives to empower businesses in their growth journeys. It plans to introduce more targeted events, thought leadership content, and innovative solutions. In doing so, MoEngage aims to address emerging challenges in customer engagement and retention while fostering a culture of innovation. It is also building on the insights and connections forged during the summit. MoEngage seeks to strengthen its role as a trusted partner for consumer brands navigating the ever-evolving digital landscape.

e27 remains steadfast in its commitment to supporting innovation and the startup ecosystem. It acts as a bridge between transformative platforms like MoEngage and the broader community of innovators and decision-makers. This collaboration highlights the potential of partnerships to create lasting impact, driving growth and progress across industries. Looking ahead, e27 invites readers to anticipate more groundbreaking initiatives that not only nurture startups but also redefine the standards of excellence in customer engagement and digital innovation. Together, e27 and MoEngage continue to pave the way for a brighter, more connected future.

—

This article is produced by the e27 team

We can share your story at e27, too. Engage the Southeast Asian tech ecosystem by bringing your story to the world. Reach out to us here to get started.

The post How e27 and MoEngage drive innovation in customer engagement together appeared first on e27.

Kuala Lumpur, Malaysia – TikTok is set to host an exclusive, high-impact event aimed at helping brands tap into the immense potential of the Ramadan season. Join Ramadan Ready for SMBs: Elevate Your Brand’s Story on TikTok on 16 January 2025 at Hotel Maya in Kuala Lumpur! This special event promises to equip marketers, advertisers, and business owners with actionable strategies, insights, and tools to maximize their TikTok presence during Ramadan and beyond.

As Ramadan approaches, brands are increasingly looking for ways to connect authentically with the diverse and engaged TikTok audience. This event will feature expert speakers, such as TikTok SMB Account Managers Michelle Lau and Eric Chen. They will share in-depth strategies on how brands can drive awareness, engagement, and sales. Specifically, they will show how to do this through TikTok’s innovative ad formats and creative solutions. Ramadan Ready for SMBs is sponsored by Digitor and WORQ.

Also read: A new insights attitude for SMEs in the era of the ‘insights engine’

What to expect at TikTok’s Ramadan Ready for SMBs

Attendees will gain exclusive insights into how Ramadan is a cultural moment beyond its religious significance. Experts will explore how values like reflection, generosity, and community shape consumer behavior during this season and how brands can authentically connect with audiences. The event will also cover proven campaign strategies for each phase of Ramadan. Specifically, these phases are Pre-Ramadan, Ramadan, Hari Raya, and Post-Raya. Speakers will show you how to tailor content to engage your audience using tools like countdown stickers and festive videos.

Real-world success stories will demonstrate how brands have leveraged TikTok’s innovative advertising tools to boost results. As a result, they were able to improve bidding efficiency and expand reach. Interactive sessions and workshops will help you optimize your campaigns and measure success through key performance indicators (KPIs). This is an unmissable chance to build a comprehensive roadmap to enhance your TikTok presence, particularly during Ramadan.

Harnessing the cultural power of Ramadan: Insights from Nestlé and Applecrumby

RSVP now to gain access to an exclusive panel discussion featuring experts from Nestlé and Applecrumby as they dive into how Ramadan represents a powerful cultural moment for brands. Discover how aligning your brand’s messaging with the values of reflection, community, and generosity can create lasting, meaningful connections with your audience.

This is your chance to learn how Ramadan influences consumer behavior. The session will also feature success stories from brands that have effectively tapped into the spirit of Ramadan, offering valuable insights on how to drive engagement and build stronger relationships with your audience during this season.

Also read: 3 easy tips for SMEs to build overseas customer loyalty

Must-attend event for SMBs, marketers, and creators

This event is a must-attend for anyone looking to elevate their brand’s digital presence and engage with the rapidly growing TikTok community during the Ramadan season. Whether you’re in FMCG, fashion, beauty, or any other commerce/non-commerce sector, the insights shared at this event will provide you with a competitive edge for the upcoming Ramadan campaign and beyond.

Seats are limited, and it is expected to fill up quickly. Don’t miss your chance to gain exclusive knowledge and network with industry professionals at this one-of-a-kind event.

Ready to make this the best Ramadan ever for your business? REGISTER HERE.

—

This article is produced by e27

We can share your story at e27 too! Engage the Southeast Asian tech ecosystem by bringing your story to the world. Reach out to us here to get started.

About TikTok

TikTok is a global platform that allows users to create, share, and discover short-form videos. With over 1 billion active users worldwide, TikTok has become a leading platform for brands to engage with diverse audiences in an authentic, creative way. During cultural moments like Ramadan, TikTok provides brands with unique opportunities to connect with users through engaging and meaningful content.

The post Exclusive event alert for SMBs: Be Ramadan ready with TikTok! appeared first on e27.

Why are you looking out?

Candidate: My company mandated everyone to go back to the office five days a week.

Over the last few days, we’ve spoken with not one but three candidates who cited the same reason for exploring new opportunities.

If more and more employees value hybrid working arrangements, are companies getting it wrong?

As of 1 December 2024, Singapore now requires companies to accept formal Flexible Work Arrangement (FWA) requests. Employees can submit these requests detailing:

• The date of request
• The type of FWA they are seeking, including frequency and duration
• The reason for the request
• Start and end dates for the FWA, if relevant

But here’s the question: Will employees feel confident submitting these requests? Or will they worry about how it might impact their performance reviews, bonuses, or even their job security?

Would they risk asking for flexibility—or simply choose to look elsewhere?

The current job market

The job market in 2023 and 2024 has been challenging. Global economic uncertainties, inflation, and consecutive wars have kept unemployment rates high. It’s an employer’s market right now, where candidates are often compelled to take what they can to make ends meet.

But this won’t last forever.

When the market improves, the power will shift back to employees. If employers don’t treat their teams fairly now, they risk losing talent later. Studies consistently show that recruitment costs are high, and the last thing any company wants is significant attrition during a bull market.

Also Read: 5 lucrative strategies Gen Z investors use to empower themselves financially

What the younger generation wants

For Gen Z, flexible work arrangements often outweigh pay and benefits. If employers mandate a five-day return to office, these employees won’t hesitate to leave. And they’ll likely have no trouble finding opportunities elsewhere.

Employers must understand that retaining top talent requires adapting to what the workforce values most—flexibility.

The workplace trade-off

However, the workplace is more than just a job—it’s where employees build the most valuable asset of their careers: relationships. For younger employees, particularly those working remotely most of the time, how can they develop strong bonds, gain mentorship, and build trust with colleagues and senior leaders?

Employers need to rethink their approach to FWAs, but employees should also consider what they might lose by prioritising remote work: opportunities for learning, networking, and sponsorship that come with face-to-face interaction.

The inevitable shift

When the power shifts back to employees, companies that adapt early to flexible work arrangements will have a competitive advantage. Those that resist change risk losing their best people—and finding replacements won’t come cheap.

Here’s our take:

• Employers: Embrace flexibility now, while you still hold the power. Let employees prove themselves with the freedom you offer. If they don’t deliver, you’ll know whether they’re the right fit.
• Employees: Flexibility is earned, not owed. If you’re not showing up (virtually or in person), putting in the work, and making a difference, someone else will. Opportunity doesn’t wait, and luck won’t always be on your side.

—

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 us on Instagram, Facebook, X, and LinkedIn to stay connected.

Image courtesy: Canva Pro

The post Flexible work arrangements: Are companies missing the mark on the future of work? appeared first on e27.

In recent years, Asia has emerged as a global hub for innovation, especially at the crossroads of cryptocurrency and artificial intelligence (AI). The combination of these two powerful technologies is reshaping industries, creating new opportunities, and driving the future of tech. From finance to healthcare, Asian startups are leading the charge in this exciting space.

This article explores the rise of crypto-AI startups in Asia, their disruptive innovations, the potential for future growth, investment opportunities, and their challenges.

The rise of crypto-AI startups in Asia

Asia’s rapid adoption of digital technologies has created an environment ripe for innovation. Governments in countries like Singapore, South Korea, and China have embraced the potential of blockchain and AI, creating supportive ecosystems for startups. As a result, crypto-AI startups in Asia have been growing at an unprecedented rate, leveraging the region’s advanced digital infrastructure, large pool of tech talent, and growing consumer base.

One of the main reasons for this boom is the forward-thinking approach of Asian governments. For instance, Singapore has created a regulatory environment that encourages innovation while ensuring consumer protection. Meanwhile, China has made massive investments in AI and blockchain technology, pushing the boundaries of what’s possible.

This combination of government support, a thriving tech ecosystem, and a large, eager market has laid the foundation for the rapid rise of crypto-AI startups in the region.

Disrupting the tech scene: Crypto-AI innovations

When you combine AI’s ability to analyse and predict with blockchain’s transparency and security, you get a powerful mix driving innovation across multiple industries. These startups are not just improving existing processes; they’re creating entirely new ways of doing business.

For example, in the financial sector, AI-powered crypto trading platforms are changing how assets are traded. These platforms use advanced algorithms to process vast amounts of data, predict market trends, and execute trades with incredible accuracy.

Also Read: Blockchain technology: Revolutionising global payment solutions and cross-border remittance

In supply chain management, companies combine blockchain and AI to create more transparent and efficient systems. Imagine being able to track a product from its origin to its final destination, verifying every step of the way to ensure it’s authentic and safe. This is especially important in industries like pharmaceuticals, where product integrity is critical.

Exploring the future: Asia’s leading crypto-AI startups

Some of the most exciting developments in the Crypto-AI space are coming from Asia. Here are a few startups that are leading the way:

• SingularityNET (China): SingularityNET is creating a decentralised marketplace where AI developers can share and sell their AI solutions. This open marketplace is not only fostering innovation but also making advanced AI technologies accessible to a broader audience.
• Fetch.ai (Singapore): Fetch.ai is building a decentralised digital economy powered by autonomous software agents. These agents can handle tasks like optimising energy grids or managing supply chains, all without human intervention, thanks to the combination of AI and blockchain.
• Perlin (Singapore): Perlin focuses on integrating blockchain technology with AI to provide secure and efficient enterprise solutions. Their platform helps businesses leverage AI insights while ensuring that the data used is secure and trustworthy.
• DeepBrain Chain (China): DeepBrain Chain is developing a decentralised AI computing platform that uses blockchain to manage and allocate resources. This makes AI training more efficient and cost-effective, which is crucial for startups and smaller companies.

These startups are just the tip of the iceberg, but they showcase the creativity and innovation that’s driving the crypto-AI sector in Asia.

Investment opportunities in crypto-AI ventures

As a venture builder with over 20 years of experience, I’ve seen many technological trends come and go. However, the convergence of cryptocurrency and AI is different. It’s not just a trend; it’s a paradigm shift. In Asia, where innovation is a way of life, crypto-AI startups are at the forefront of this shift, creating solutions that have the potential to change the world.

The future is here, and it’s being built in Asia. Whether you’re an investor, an entrepreneur, or simply a tech enthusiast, now is the time to pay attention to the crypto-AI revolution. The startups emerging from this region are not just shaping the future of technology; they’re shaping the future of our world.

The rapid growth of crypto-AI startups in Asia presents a wealth of investment opportunities. As these technologies continue to evolve, early investments in promising startups could lead to significant returns. Venture capitalists and investors are already taking notice, with substantial funding being directed toward these ventures.

What makes these startups particularly attractive is their potential to scale and disrupt traditional industries. The integration of AI and blockchain opens up new possibilities, from revolutionising financial services to creating more efficient supply chains. For investors, the key is to identify startups that not only have innovative technology but also a clear plan for turning their ideas into profitable businesses.

Government support and grants for AI startups

As the crypto-AI sector continues to gain momentum in Asia, several countries are offering financial support in the form of grants to encourage further innovation. These grants are designed to nurture the growth of AI startups, enabling them to develop cutting-edge technologies and compete on a global scale.

For instance, Singapore has launched various initiatives to support AI-driven innovation. Through programs like the AI Singapore initiative, the government has committed over SG$500 million (approximately US$370 million) to fund AI research, development, and startup incubation. These funds provide crucial support for startups, offering not only financial aid but also access to resources and mentorship.

In South Korea, the government has pledged over KRW 2.2 trillion (approximately US$1.9 billion) by 2025 to develop AI technologies. A significant portion of this funding is allocated to grants for AI startups, particularly those integrating blockchain into their operations, thereby positioning the country as a leader in the AI-blockchain fusion.

Japan is also investing heavily in AI, with the government committing over JPY 220 billion (approximately US$2 billion) towards AI research and development by 2025. Grants are available for startups focused on applying AI across various industries, from healthcare to manufacturing, driving innovation and ensuring Japan’s competitiveness on the global stage.

Meanwhile, China continues to be a major player in AI and technology development. The Chinese government plans to increase its spending on science and technology significantly, with a planned investment of 371 billion yuan (approximately US$52 billion) in 2024. This represents a 10 per cent rise from the previous year and is the largest increase in five years.

Also Read: Leveraging AI, big data and blockchain to build your dream home

These grants and government-backed initiatives are pivotal in the rapid advancement of AI technology in Asia. They not only provide much-needed capital for startups but also foster an environment of collaboration and innovation, further driving the growth of the crypto-AI sector.

The impact of blockchain technology on AI development in Asia

Blockchain technology is playing a crucial role in advancing AI development across Asia. The decentralised nature of blockchain allows for secure data sharing, which is essential for training AI models that require large datasets. By ensuring that the data used is accurate and tamper-proof, blockchain technology enhances the reliability of AI applications.

In financial services, AI-driven crypto platforms analyse trends, predict prices, and execute trades autonomously. DeFi platforms use AI to create efficient financial products, disrupting traditional institutions in Asia’s markets.

In supply chain management, AI predicts disruptions, while blockchain enhances transparency across logistics processes. This combination is especially vital in pharmaceuticals, ensuring product authenticity and preventing counterfeits.

In healthcare, AI analyses patient data, while blockchain secures sensitive information, improving personalised treatments. AI accelerates drug discovery, analysing data rapidly, while blockchain ensures a transparent development process.

These innovations are reshaping industries, driving efficiency, security, and innovation through AI-blockchain synergy.

Moreover, blockchain enables the creation of decentralised AI marketplaces, where developers can share their work and collaborate on projects. This is democratising AI development, making it accessible to more people, and speeding up innovation.

Conclusion

Asia is rapidly becoming the centre of innovation for crypto-AI startups, where the fusion of AI and blockchain is creating new possibilities and transforming industries. From finance to healthcare, these startups are not only disrupting traditional business models but also paving the way for the future.

For investors, entrepreneurs, and tech enthusiasts, the opportunities in this space are immense. While there are challenges, the potential rewards far outweigh the risks. As we look to the future, it’s clear that the integration of AI and blockchain will continue to drive innovation, with Asia leading the charge. The future is here, and it’s being built by the creative, ambitious minds behind Asia’s Crypto-AI startups.

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Image credit: Canva Pro.

This article was first published on August 20, 2024.

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In November 2024, SGX-listed live-streaming honcho 17LIVE Group announced the acquisition of 100 per cent of the outstanding shares of Japan-based N Craft Co to bolster the group’s V-Liver business segment.

Per a statement, both entities will collaborate to enhance the IP talent business, implement innovative initiatives, and jointly develop a new V-Liver production brand.

In this interview, 17LIVE CEO and Executive Director Jiang Honghui discusses more about the deal, the virtual live-streaming industry, and the group’s diversification of revenue streams.

Edited excerpts:

Virtual live streaming is a relatively recent phenomenon. How does it differ from traditional live streaming, and what factors have contributed to its popularity?

Virtual live streaming differs from traditional live streaming primarily in using avatars, digital characters, and immersive virtual environments.

Traditional live streaming typically involves streamers broadcasting in front of a camera, engaging directly with their audience through physical appearance, setting, and personality.

In contrast, virtual live streaming allows content creators to embody digital avatars that interact with the audience in a fully immersive and imaginative manner. This enables streamers to transcend physical limitations and create more dynamic interactions.

Also Read: 17LIVE acquires Japan’s N Craft to enhance virtual talent and content creation

The rise in virtual live streaming can be attributed to technological advancements, particularly in augmented reality (AR) and virtual reality (VR), which have enhanced the immersive experience.

Additionally, the increasing popularity of virtual influencers and gaming culture has significantly made virtual content more appealing to a broader audience.

High-quality content creators are an integral part of your business. What are the primary barriers to entry for new content creators looking to establish themselves in the live-streaming industry? How does 17LIVE work to reduce these barriers and ensure the right quality of content creators comes out on top?

New content creators often face significant barriers when entering the live-streaming industry. These include:

• The need for specialised equipment, such as high-quality cameras, microphones, and lighting.
• Technical skills required for streaming and content creation.
• The challenge of building an audience from scratch in a competitive space.

17LIVE works to reduce these barriers by offering an easy-to-use, technologically advanced platform.

For example, our “V-Mode” allows creators to use virtual avatars with minimal setup, eliminating the need for complex technical configurations.

Additionally, we provide extensive support through content creator development programmes, helping streamers build skills, grow their audiences, and enhance content quality. Through talent nurturing initiatives and strategic marketing, we ensure that high-potential creators can succeed and thrive on our platform.

One of the strategic pillars in your Forward Strategy is revenue diversification. Can you elaborate on the potential revenue streams under development outside of live streaming?

Revenue diversification is a critical component of our long-term strategy and a key pillar of our 17LIVE Forward Strategy. It enables us to build a sustainable business model beyond a single source of income.

One focus area is virtual IP and talent management. We are expanding our virtual influencer business through acquisitions like N Craft and Mikai. This includes creating and managing digital characters, known as V-Livers, who engage with audiences on multiple platforms.

Revenue opportunities include performance events, merchandise sales, and licensing of virtual characters for entertainment and commercial use. For instance, N Craft has over 100 V-Livers in its IP portfolio, while Mikai has 17 high-quality VTubers with millions of subscribers.

Could you elaborate on how you achieved operational efficiencies in the first half while pursuing revenue diversification? Could 17LIVE sustain these operational adjustments moving forward?

In the first half of 2024, we achieved operational efficiencies by streamlining internal processes, integrating advanced technology to automate key functions, and optimising content production. This approach reduced operational costs while allowing us to scale our operations.

Also Read: Streaming the dream: How live streaming technology can increase access to brands

The integration of acquisitions such as N Craft and Mikai has enhanced our content production capabilities and talent management processes, ensuring we can scale quickly and efficiently.

As part of our revenue diversification strategy, we invested in live commerce and virtual IP, requiring efficient operations to ensure profitability. Moving forward, we are confident these efficiencies can be sustained by leveraging technology and automation. Additionally, maintaining focus on high-impact revenue streams will help ensure a strong and sustainable financial position.

Live commerce is a growing segment of your business. Can you talk more about the potential you see in this segment? How much does it contribute to 17LIVE’s revenue in the coming year?

Live commerce combines live streaming with e-commerce, enabling creators to sell products directly to their audiences in real-time.

One key initiative is HandsUP Crossborder, a matchmaking service connecting key opinion leaders (KOLs) with merchants across different markets.

For example, Taiwanese KOLs collaborate with Japanese merchants to sell products to Taiwanese audiences. This cross-border approach expands market reach and creates new revenue streams for KOLs and merchants.

As we continue to expand and refine our live commerce offerings, we anticipate significant revenue contributions from this segment, capitalising on the growing trend of interactive online shopping.

There is a growing trend of Japanese virtual live-streaming platforms expanding globally. How does 17LIVE plan to differentiate its virtual live-streaming offering from competitors in Japan and Asia?

17LIVE stands out by integrating live streaming with virtual IP management. Unlike pure virtual IP houses that focus solely on developing and managing digital characters, we operate as both a live-streaming platform and a hub for V-Livers. This dual capability provides an ecosystem where content creators and virtual IPs thrive together.

Also Read: How AI, AR, and live streaming are changing the online shopping experience

Our platform enables Livers to build virtual identities while benefiting from our growing IP portfolio. Additionally, our offline events allow V-Livers to connect with audiences and celebrities, further elevating their stature. This comprehensive ecosystem positions 17LIVE uniquely in the market.

With a strong cash balance, what are the company’s topmost priorities for cash deployment?

With a strong cash position and zero debt, our top priorities include:

• Expanding virtual IP and talent management businesses, leveraging acquisitions like N Craft and Mikai.
• Enhancing our technology platform to stay at the forefront of live streaming innovation.
• Growing our live commerce initiatives, a major driver of future revenue.
• Pursuing regional and global expansion, particularly in Southeast Asia, where demand for virtual live streaming and live commerce is rising.

These investments align with our 17LIVE Forward Strategy to drive long-term value and sustained growth.

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Soul Parking, an Indonesian parking technology company, has secured an undisclosed amount in a Series A extension round co-led by AC Ventures and AppWorks.

The round also saw participation from Taiwan Mobile, USPACE, and Wavemaker Ventures.

With the newly acquired funds, the startup plans to expand into new geographical areas and cities with high population densities, recruit new talent, enhance its product offerings, and invest in marketing to boost brand visibility and attract more users.

Also Read: For Soul Parking, fixing Indonesia’s two-wheeler parking issue is a walk in the park

The company intends to deepen its market coverage in existing areas and explore opportunities in the electric vehicle (EV) space.

“Soul Parking is actively collaborating with players in the EV industry to establish partnerships. The aim is to transform our parking locations into key infrastructure hubs for EVs, such as charging stations or battery swap facilities. This initiative aligns with the growing adoption of EVs in Indonesia and seeks to provide value-added services at our sites, ensuring convenience for EV users while supporting the country’s transition to sustainable mobility solutions,” co-founder Kenneth Darmansjah told e27.

Soul Parking aims to revolutionise traditional parking systems with its technology and provide a digital experience to property owners and drivers.

The startup offers various solutions, including Compact Motorcycle Storage (CMS), which provides portable, multi-level parking for two-wheeled vehicles, and the Soul Parking Operating System (OS), a cloud-based software that digitises existing parking structures. This OS provides real-time data analytics for both two- and four-wheeled vehicles.

The firm claims its technology can significantly increase parking capacity—by up to eight times—in dense areas, addressing a critical challenge in Indonesia’s urban centres.

In addition to optimising space, Soul Parking’s solutions also generate new revenue streams for property owners while ensuring that every parked vehicle is covered by insurance and each parking area is monitored by CCTV. Cashless payment options are available.

Ultimately, Soul Parking aims to contribute to the archipelago’s sustainable urban development by reducing congestion, lowering emissions, and enhancing the overall parking experience for drivers. It is also working towards addressing the widespread issue of illegal parking due to the shortage of spaces, which causes traffic congestion and economic losses.

The company says its vertical parking system, along with real-time tracking, optimises land use and enhances parking efficiency across Indonesia.

According to a press release, the company has already made significant inroads, with over 100 partners including property owners and management companies. It claims to process over 20 million parking transactions annually, and over two million vehicles have used Soul Parking’s systems since its inception.

Also Read: Indonesian smart motorcycle storage startup Soul Parking raises seed funding co-led by AC Ventures, Agaeti

The solutions are currently being used in diverse locations such as apartments, hospitals, commercial centres, recreational areas, and residential complexes.

Michael Soerijadji, founder and Managing Partner at AC Ventures, noted: “Through its innovative solutions, Soul Parking offers cost-efficient and accountable solutions to property owners, while providing a seamless experience to parking customers… Soul Parking operates at scale and is well-positioned to compete effectively in this growing market.”

 

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The Asian tech startup ecosystem is booming. Countries across the region are actively fostering innovation, cultivating talent, and encouraging the growth of new ventures. As these startups scale, many of them aim to establish a foothold in neighbouring markets with strong innovation hubs, such as Hong Kong. Known for its sophisticated financial systems, strategic location, and pro-business environment, Hong Kong serves as a gateway for tech startups seeking to expand across the Asia-Pacific (APAC) region and beyond. 

For ASEAN startups, entering a new market like Hong Kong presents an exciting opportunity but also comes with challenges. These include a lack of local market insights, achieving product-market fit, insufficient funding or business networks, and navigating regulatory and compliance hurdles. 

Recognizing these challenges, the Hong Kong Science and Technology Parks Corporation (HKSTP) launched the HK Sandbox Programme. Notably, it aims to help foreign startups seamlessly expand their businesses in Hong Kong and mainland China. It has also partnered with renowned universities in Hong Kong. Through it, the Programme provides startups with business consultation, critical resources, networking opportunities, and access to strategic partners. This enables them to scale, adapt, and thrive in Hong Kong’s vibrant ecosystem and the Greater Bay Area (GBA).

This initiative not only provides startups with invaluable insights and resources but also offers students hands-on learning experiences that can ignite their entrepreneurial spirit. Moreover, the programme aims to enhance Hong Kong’s innovation and technology (I&T) ecosystem through international collaborations. By creating a triple-win scenario, the Programme is poised to elevate the entire community, driving growth and innovation in the region.

Read also: Elite Global Inno Day: A game-changing launchpad for health innovation

ASEAN tech startups are exploring Hong Kong

Thailand, in particular, has emerged as a rising star within Southeast Asia. This is thanks to a combination of young entrepreneurs, government support, and increasing venture capital interest. Today, 16 Thai startups joined the Programme to strive to expand beyond their local border. In late October, 13 of them travelled to Hong Kong and had a week-long “Market Exploration Tour.” It provided networking opportunities and insights into scaling their businesses. They also participated in StartmeupHK Festival events organised by Invest Hong Kong (InvestHK).

Significantly, the programme works with universities to bridge the gap between the Thai startups and the dynamic Hong Kong environment. It partnered with two Hong Kong universities, The Hong Kong University of Science and Technology (HKUST) and The University of Hong Kong (HKU). Through this collaboration, the Thai startups will be receiving support from students on market entry strategies and recommendations. The end goal of the programme is to propel their entry into the Hong Kong market. Joseph Koc, advisor to Thailand Science Park, remarked, “The HK Sandbox Programme creates a mutually beneficial platform for both regions.” He also serves as Adjunct Associate Professor at the Department of Management, School of Business and Management of HKUST.

Koc elaborated that Thai startups receive quality recommendations from consulting teams made up of students from HKUST of local and international background to assess and better understand the Hong Kong market as part of a market entry strategy recommendations. “Reciprocally, this arrangement will bring to Hong Kong entrepreneurs fresh ideas and diverse perspectives when they settle in at HKSTP. By fostering this one-of-a-kind cross-border collaboration, this partnership will not only fuel innovation but also enhance the global competitiveness of both Thailand and Hong Kong,” he added.

Universities weigh in on the Sandbox Programme

According to Joseph Chan, Associate Director of the Centre for Innovation and Entrepreneurship of HKU Business School, “This collaboration between HKU and HKSTP through the Sandbox programme is a significant achievement. While the concept of academia, research, and industry collaboration is often discussed, this programme truly brings it to life.” He continued that engaging students in market validation and business strategic planning facilitates the commercialization of products and services developed by Thai startups to be implemented in HK and subsequently the GBA.

Chan added, “This initiative bridges geographic and cultural gaps, providing valuable practical training in design thinking for students, namely empathy, cross-disciplinary innovation, and iteration.  It establishes a solid foundation for their future endeavours in corporate settings or startups, enriching the innovation and entrepreneurship ecosystem in HK.”

Meanwhile, Joon Nak Choi, Adjunct Associate Professor, Department of Management, School of Business and Management of HKUST, noted the programme’s value for both startups and students, offering strategic advice to startups and hands-on experience for students, ultimately strengthening Hong Kong’s entrepreneurial ecosystem.

Choi said, “Startups receive strategic and tactical advice from our top students, which can be crucial for successful market entry. Meanwhile, students gain hands-on experience by working on real projects, motivating them to achieve more than they thought possible. This collaboration fosters Hong Kong’s entrepreneurial ecosystem and equips the next generation of professionals with essential skills for success.”

Two startups in Cohort 2, Chosen Digital and Swees Plant, aim to scale their greentech solutions to this larger market.

Advancing Innovative Energy Solutions

Chosen Digital focuses on providing innovative energy solutions, particularly in the electric vehicle (EV) and energy management sectors. According to Worapoj Chosen, Founder and CEO of Chosen Digital, “Hong Kong is a promising market for EVs as 50% of new cars are already electric. However, while Thailand is made up of mostly houses and villages, Hong Kong has more high-rise buildings. That is why we need to study the market and customise our solutions.”

Chosen Digital offers EV charging solutions compatible across ASEAN and AI-driven energy load management to prevent infrastructure overload. Its entry into Hong Kong and the GBA will mean making a positive environmental impact in one of the world’s busiest regions. In fact, Worapoj’s participation in the HK Sandbox Programme is driven by the passion to bring about a more sustainable future. This is true not just for Thailand but also for the rest of Asia.

“I don’t see it as a competition, I see it as a collaboration. There are many startups in this space and green is for everyone so we must work together,” he emphasises. Worapoj believes that the networking and market research opportunities provided by the programme will be instrumental in encouraging more businesses and even countries to make the switch to EVs.

Mainstreaming Plant-Based Non-Dairy Products

Swees Plant, another Cohort 2 participant, specialises in producing plant-based, dairy-free cheese. Positioned at the intersection of agritech and greentech, it is a leader in Thailand’s growing plant-based food sector. In fact, CEO Nicolas Frauenfelder shares that their products are available in all major supermarkets with over 250 outlets nationwide. They are working on making non-dairy products even more accessible by expanding their product lines and partnering with fast food chains. And now, they are hoping to replicate their success in Hong Kong and the GBA.

“We are already the leading manufacturer of plant-based cheese in Thailand. Our vision is to become the leader in this category in APAC,” shares Frauenfelder. He further explains that Swees Plant was attracted to Hong Kong for a number of reasons. First, there is a significant portion of the population who either practice vegetarianism full time or adopt a plant-based diet at least once a week. Second, younger generations are looking for healthier and more sustainable food alternatives. And third, it is a unique market with high spending power that also serves as a gateway to mainland China.

For Frauenfelder, HKSTP’s HK Sandbox Programme offers an exciting opportunity to build valuable local connections and gain critical market insights. It presents numerous avenues for growth, which the company is eager to pursue. Through this collaboration, the company aims to establish a solid presence in Hong Kong, foster strong relationships with HKSTP and other key stakeholders, and achieve a successful product launch by early 2025.

Read also: Transforming traditional business models with HKSTP’s Elite Programme

HKSTP is Empowering Tech Startups and Beyond

Chosen Digital and Swees Plant are just two of 16 ventures currently participating in Cohort 2 of HKSTP’s HK Sandbox Programme. Originally launched in 2023, the Programme was designed to help Thai startups explore growth opportunities in Hong Kong. In its first cohort, eight Thai startups joined HKSTP’s Ideation programme, where they engaged in activities to facilitate their entry into the Hong Kong and Greater Bay Area (GBA) markets. As a result, all eight successfully registered their businesses in Hong Kong.

The Programme draws overseas startups by offering end-to-end support as both a validation and landing partner throughout their entrepreneurial journey. This comprehensive support helps startups establish a foothold in Hong Kong’s dynamic ecosystem. As a result, they can navigate the local market with greater ease. The programme also includes project-based learning opportunities for university students. This gives them hands-on experience with real-world case studies. It also creates pathways to potential jobs within the innovation and technology (I&T) sector.

The programme’s impact so far proves that HKSTP’s holistic approach benefits startups, students, and the broader I&T community alike. It attracts tech startups and talents with high potential to join Hong Kong’s largest I&T ecosystem. Further, it reinforces the city’s role as a regional innovation hub. And it will continue to do so as applications for the next cohort are open until 15 January 2025.

“The HK Sandbox Programme utilises the local academic community to assist overseas startups in exploring markets in Hong Kong and the mainland, it is also designed to create a triple win for startups, students, and Hong Kong’s I&T ecosystem. The third cohort of the HK Sandbox Programme is now open for application, we welcome startups from Malaysia and Indonesia to collaborate with the top business students in the city, join our vibrant ecosystem, ignite collaborations and use Hong Kong as a springboard for accelerated growth,” concluded HKSTP Head of Startup Ecosystem and Development Derek Chim. 

For more information on how to apply for the HKSTP Sandbox Programme, visit this website.

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

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Featured Image Credit: HKSTP

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