Indonesia’s startup ecosystem tends to be described with words such as “emerging”, “nascent”, and “potential”. But are these words still apt for a nation that clinched 70 per cent of total VC funding in Southeast Asia last year?

The question on everyone’s lips is whether 2021 could be the breakout year for Indonesia’s startup economy. What would it take for the narrative to shift from ‘emerging’ to ‘established’ or ‘globally competitive?

A tale of two valleys

The answer lies in looking at another startup ecosystem that has followed a similar trajectory to what we’re now seeing in Jakarta. 

São Paulo in Brazil could provide strong indicators for this pathway and is a strong example to follow –it is currently ranked in the top 20 cities for startups, the highest-ranked city in all of Latin America (LatAm).

It is a sprawling city of 12 million that rivals Jakarta’s 10 million, but the two cities have more in common than just population numbers. Both have a tech-forward population.

Internet penetration in Indonesia stood at 73.7 per cent in January 2021, compared to Brazil’s 75 per cent. Social media users in Indonesia are equivalent to 73.7 per cent of the total population, compared to 70.3 per cent in Brazil. 

Both markets are also seeing strong growth in the middle class, with an associated rise in overall spending power. Brazil’s middle class comprises more than 113 million people, up 40 per cent since 2003.

Indonesia’s middle class now numbers more than 52 million. This is the fastest-growing population segment, rising 10 per cent annually, and now accounts for close to half of national consumption.

Also Read: Everything from soup to nuts: Meet the 27 ghost kitchen startups in Southeast Asia

The ingredients for startup ecosystem maturity

With such foundational similarities in market conditions, the factors that have propelled São Paulo into the world’s top 20 startup cities are of particular relevance to Jakarta, in particular:

• It has become LatAm’s home of innovation and has seen an associated rise of unicorn businesses. Today, São Paulo is home to eight unicorn businesses, compared to Jakarta’s five.
• It has seen strong government commitment to grow the ecosystem in recent years, such as the launch of a new legal framework for startups. There is also InovAtiva Brasil, a public programme considered the largest acceleration program in Latin America and supported startups by connecting them to market and investment opportunities.
• It has built a strong international reputation, rather than just local. It is a regional decision-making hub for 65 per cent of Fortune 500 companies and large global tech companies such as Google, Amazon, and Netflix (as well as Stripe, of course!).

These three indicators  –innovation, public-private collaboration, and internationalism– could be the three things Indonesia needs to measure itself on to gauge its progress in following in the footsteps of São Paulo and achieve the goal of startup haven status.

Innovation: The rise of invention and reinvention in the Indonesian economy

The recent merger of Gojek and Tokopedia to form the GoTo Group demonstrates the emergence of two of Indonesia’s most innovative digital startups onto the global stage.

However, one of the most exciting elements of Indonesia’s ecosystem is the ground-up innovation we are now seeing across the board. Creative and ambitious people are driving ideas and growth. If necessity is the mother of invention, then ambition is the mother of reinvention. 

Traditionally offline industries such as education, retail and health sectors see an injection of innovation from entrepreneurs looking to bring these services online and available across the archipelago.

For instance, Kiddo is re-energising the education sector with a marketplace where parents can book online and offline activities for their children.

Also Read: Capturing the next frontier opportunities in the Indonesian e-commerce landscape

In retail, Utas is a website builder that brings Indonesian companies into the e-commerce space. The company recently struck a partnership with the Ministry of SME and Gojek.

And in health services, startup Riliv offers online counselling and mental wellness services. Powered by Stripe, the Surabaya-based startup has seen an 85 per cent increase in demand for online counselling and subscriptions since the COVID-19 pandemic began and acquired 230,000 users.

The timing of these success stories isn’t coincidental– in the past, any of these startups would have trouble converting their great idea into a revenue-generating business online. Now, the infrastructure is becoming available across the nation to democratize opportunities for budding entrepreneurs.

Government impetus

Alongside this ground-up innovation, the public-private collaboration also has an increasingly influential role in pushing its startup economy forward.

From Kemkominfo’s Aptika Directorate-General for Digital Innovation Hub programme to Bank Indonesia’s Sandbox 2.0, the government is putting the growth of the startup economy very high on the agenda.

These initiatives put a strong emphasis on ensuring all elements of the innovation economy in Indonesia – government, VCs, corporates and startups –are working together effectively.

Stripe is also partnering with several venture capitalists and accelerators like Alpha JWC, AC Ventures and SMDV to support startup growth, from on-the-ground community learning sessions to free processing credits to early access beta programmes. 

This private-public collaboration in Indonesia is key to fostering a conducive environment for startups to flourish, not just through policies and initiatives but also through real-world learning. 

The crucial next step: Internationalism

So while Indonesia is making strong strides in innovation capability and public-private collaboration, perhaps the biggest gap that needs to be overcome in the coming years is building a stronger international reputation and a more international mindset. 

While Indonesia’s domestic market is strong, the startup economy cannot hit full maturity until it begins to see a more regular pipeline of Indonesian startups expanding beyond national borders and attracting more outside investment from the rest of the world.  

With the scale of the domestic market, it is unsurprisingly that the vast majority of new startups in Indonesia are not born with global ambitions. While this works for the short-term – considering the scale and untapped potential internally – to realize their full potential, Indonesian startups must eventually look outwards.

Also Read: The 27 Indonesian startups that have taken the ecosystem to next level this year

As barriers to growing a global business online are gradually removed, there is a massive regional and global opportunity on offer for Indonesia’s most ambitious entrepreneurs. 

The newly merged GoTo Group is a fantastic example of this. Both Gojek and Tokopedia utilised the local environment they grew up in to create products –and now an entire digital services company– designed to meet the needs of an international audience.  

The role of GoTo Group and other Jakarta-based unicorns such as Bukalapak and Traveloka serve to inspire local entrepreneurs that they can now convert their great ideas into global businesses and raise the profile of Jakarta’s scene to international observers. The more examples we see like this, the more Indonesia’s reputation on the international stage will grow.

With the pace of development and innovation over the past year alone, it feels like Indonesia’s startup economy is on the verge of something inspiring. With this continued momentum and a stronger international focus, it may not be long before São Paulo, and another top 20 global startup cities begin looking over their shoulders.

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Singapore-based Borneo, which provides a real-time data security and privacy observability platform, has raised US$15.5 million in a Series A investment round led by Vulcan Capital.

Vulcan was also joined by Prosus Ventures, Lytical Ventures, and existing investor Wavemaker Partners.

This round brings Borneo’s total funding raised to date to US$18 million.

The company will use this fresh capital to continue investing in its technology platform and meet growing customer demand. As per a press statement, Borneo is already working at a cloud-scale at some of the fastest-growing technology companies and is seeing overwhelming demand driven by technology IPOs.

Also Read: The third world war may already be happening online. Here’s why you need better cybersecurity

Borneo is a privacy information and data management platform offering security and privacy solutions for hyper-growth technology companies through real-time privacy data observability and insights. Its developer-first suite of tools to identify high-risk and sensitive personally identifiable information through sophisticated machine learning techniques and open APIs.

It integrates with existing tools and workflows and enables companies to achieve privacy compliance by building a solid data security foundation. This allows security practitioners to utilise non-blocking workflows and fast-track remediation without hampering business teams operating in fast-moving and high-growth environments.

The firm claims it has tackled and solved privacy challenges at global, hyper-growth companies such as Facebook, Dropbox, Uber, and Yahoo!.

“Borneo is fast becoming the guardrails for the new data economy. We integrate with your existing security stack to provide the required privacy data intelligence. It prevents data leaks and privacy violations that can result in multi-million dollar fines and erode end-user trust,” said Prithvi Rai, CEO and founder of Borneo.

Sachin Bhanot, Head of Southeast Asia Investments at Prosus Ventures, said, “More than ever, companies are managing a high variety and volume of data while navigating increased pressure from both consumers and regulators on data privacy practices. The Borneo team has created an adaptable, robust, and efficient platform to address these challenges.”

Also Read: Cybersecurity threats on the rise as companies shift to the WFH model

Vulcan Capital is the multi-billion-dollar investment arm of Vulcan Inc., the company founded by Microsoft co-founder and philanthropist Paul G. Allen.

Prosus is a global consumer internet group and one of the largest technology investors in the world.

Lytical Ventures, an affiliate of Lyrical Partners, is an NYC-based fund dedicated to corporate intelligence, including cyber security, data and analytics, and AI.

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Today we centre our attention on the Spanish startup ecosystem and what it is like being a female entrepreneur trying to navigate the system.

There are many factors that make this ecosystem unique. While the number of unicorn startups in the country remains limited, especially when compared to the Southeast Asian region, lately investors have begun to flood into the local tech hubs –particularly those that focus on early stage investments.

But what else do we need to know about it?

Today’s guest is Emily GC Lomban, the CEO and Co-Founder of Froged, a Spanish startup focused on helping companies improve customer onboarding and retention while reducing churn rate.

She will tell you about the Spanish startup ecosystem, the challenges and opportunities faced by local players, and more importantly, how she navigated the challenges of being a woman in a male-dominated industry. Because, yes, this is a challenge that continues to resurface in every startup ecosystem around the world.

Also Read: Akulaku CEO William Li: ‘Asia’s BNPL sector has great potential compared to Europe’

So if you have never heard about the Spanish startup ecosystem before, and would like to learn more about it, check out this episode featuring Lomban:

If you don’t see the player above, click on the link below to listen directly!

Acast
Apple
Spotify
Stitcher

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This article on the Spanish startup ecosystem was first published on We Live To Build.

Image Credit: ©Violin/123RF.COM

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The global economy has been rapidly changing over the past year since the COVID-19 hit. While some companies managed to thrive, others have suffered.

The economy will never be the same again. Most brick-and-mortar businesses are forced to digitalise their businesses, or they face the risk of extinction. Old businesses that have worked in the past 50 years may not be able to survive in the next few years to come.

Kelvin Seetoh and Jonathan Ang, who are founders of The Full-Time Investor, speak out about what investors must look out for if they want to continue to do well in the next few years:

Investors look for value creation

In order for the value of a company to be growing, the people driving the company must be constantly seeking to address the problems that customers face, to be innovative in creating new solutions that are more effective in solving the problems, and doing it more efficiently, so as to create ever more value for customers and society.

We resonate with Abraham Lincoln that the best way to prepare for the future is to create it. We believe that massive value and wealth will be created by investing in and partnering with future innovators and creators.

Purpose-driven and capable leadership for investors

When we invest in companies, we are not merely investing in any corporate structure or corporate assets. We are investing in people.

We are tapping into an entrepreneur’s ambition, talent, energy and ability to bring like-minded individuals on his journey to transform the world into a better place through his business.

Our role is to sieve out such incredible people and invest in their listed entities. Some of our favourite management include the Rales brothers of Danaher Corporation, Albert Nahmad of Watsco, Mark Leonard of Constellation Software and Jeff Bezos of Amazon.

Also Read: A wave of change: What sets impact investing apart from traditional investing

These entrepreneurs did not create a business purely to make money. Instead, they are imbued with enthusiasm to make this world a better place.

To this group of entrepreneurs, a problem is nothing more than an opportunity. An opportunity to bridge the gap between potential solutions and the problems.

An opportunity to create solutions to meet customers’ needs, and to create value for society. By creating more value for the world, they are rewarded financially. They are problem solvers and they are trailblazers.

We believe by having a vision but not executing it, it is no more than a nice dream.

We want to partner with leaders and management teams who are not only visionaries but who are willing to create a better future by taking actions to make their vision a reality.

Holistic ecosystem empathy

A holistic ecosystem is an approach to viewing the organisation’s assets, talents, partnerships, with the goal of better understanding and serving the needs of customers and society.

This is not a purely functional or mechanical approach. Rather, it is driven with empathy at its core. The inherent drive to understand the needs of others, and being aware of their thoughts and feelings, so as to better align all elements of the ecosystem to create a true win for all.

In fact, research has shown that empathetic people are capable of recognising the pain of others as a problem that is in need of a solution. This is the foundation of Value Creation that lies at the core of all quality businesses.

Out of this empathy framework, we created a “win-win-win” approach. In any business transaction, the company must win along with its employees and customers.

It is important for a company to make profits to keep its operations running, but it should not sell with a mentality of extracting the last dollar from its customers. This means creating wins for customers by charging them fair prices for the products or services delivered.

Also Read: Why UK is the new global tech capital for Southeast Asia entrepreneurs

A company should take on a long-term approach. Focus on the happiness of its customers by cultivating lifelong relationships with customers as opposed to one-off transactions.

Businesses who think of the best interests for their customers tend to grow faster because they enjoy strong marketing tailwinds from influential word-of-mouth and customers.

The best businesses tend to enjoy such benefits without spending huge advertising dollars because the product sells itself. The value proposition is clear and the customers enjoy it.

Simplicity in complexity

As Peter Lynch who was a successful fund manager once said: “Never invest in any idea you can’t illustrate with a crayon.”

We love to operate within our circle of competence. We think it is extremely foolish to reverse the compounding process by operating outside our circle of competence. This adds risk to our investment process.

Mathematically, should our investments go south, more effort is needed to recover its losses.

If we do not understand some companies, we put them into a “too hard” pile. We find that it is perfectly fine to miss out on opportunities that we do not understand. Having said that, we see ourselves as life-long learners who are fueled by our intellectual curiosity to understand the world better.

This ensures our circle of competence gets enlarged over time. It’s extremely dangerous to be the frog in a boiling pot that is oblivious to how the world is changing and sticking with our old lenses in an evolving world.

Over time, we realised the best investment ideas are compelling enough that it does not require too much convincing work to underwrite the investment.

The worst ideas are those that require hours of deliberation with no clear conclusions. In this situation, we may end up convincing ourselves to keep them because of our sunk cost fallacy arising from our psychological biases.

With regards to macroeconomic news, it is filled with complexity which many investors try to decipher with very little success. We wonder what is the value-add to our research process. We deem this as noise. What is useful to us is signals.

This refers to corporate developments such as expansions, strategic hirings, new product releases or collaborations with other companies. It is quantifiable to some extent and it signifies the pace of execution within the company. As we shift our attention more towards signals, we outperform as investors.

When you treat your investments like partnerships, it will drastically change how you choose to invest. By investing our money with those companies we selected, we are partnering with the best management teams.

Also Read: Investing with gender lens: Proven strategy to achieve 2x+ in returns

It’s the most rewarding journey of growing our wealth by supporting these transformative companies. We hope to inspire a new generation of investors who will see investing as a vote towards supporting these companies.

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SIRCLO, a company providing e-commerce solutions that help brands sell online in Indonesia, announced today it has raised US$36 million in a new round of financing, led by local investment firms East Ventures (Growth Fund) and Saratoga.

Online travel giant Traveloka, real-estate major Sinar Mas Land and several unnamed investors also participated.

With the new funding, SIRCLO plans to develop its technology infrastructure and expand its services to accelerate retail digitalisation for various businesses all across Indonesia.

“With this new funding, we plan on building our momentum as consumer spending in e-commerce has picked up during the pandemic and beyond. We continue to help brands sell online using the omnichannel approach. Their success stories in extracting more value in our ecosystem propels our rapid growth even further as we continue to make significant upgrades to our solution offerings to future-proof the success of our clients,” said SIRCLO founder and CEO Brian Marshal.

Founded in 2013, SIRCLO helps businesses sell online. Its solutions are divided into two main categories — entrepreneur and enterprise solutions.

Also Read: SIRCLO raises US$6M Series B from East VC, others to help SMEs in Indonesia

In the first category, it offers SIRCLO Store, an online store dashboard for SMEs to sell across website, marketplace, and chat commerce. It also offers IbuSibuk, a solution empowering communities of mothers as key opinion leaders, micro-influencers and resellers.

In the enterprise category, it offers e-commerce enabler services, a solution for omnichannel technology development, and a B2B2C platform selling mom and baby products. It also offers a parenting platform Orami, which it acquired in April.

Orami runs IbuSibuk, a digital economic empowerment programme for mothers, specifically for those passionate about entrepreneurship.

In August last year, SIRCLO announced a US$6 million Series B fundraising from a host of investors, including East Ventures, OCBC NISP Ventura, Skystar Capital, Sinar Mas Land.

Today, SIRCLO claims to have served more than 100,000 brands. The list includes local brands such as ATS The Label, Evete Naturals, Namaste Organic, This Is April and Heytimmy Kidswear. Its MNC clients include Unilever, Reckitt, KAO, L’Oréal, and Levi’s.

The e-commerce industry in Indonesia has grown considerably since the onset of the COVID-19 pandemic. Almost half of the country’s population uses digital technology for their daily needs, which shows significant growth potential.

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Image Credit: SIRCLO

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No matter where you are, the world of work is changing. Singaporean youth have struggled to find work during the pandemic; we’ve seen estimates that only nine per cent of the US workforce will be employed full-time by 2030.

Data entry and customer service tasks once completed by humans are now being passed off to faceless machines and bots. At every turn, headlines claim we’ll lose millions of jobs permanently to devices of our own creation.

Already, we can imagine how different things will be in the coming decades. Rapid industrialisation has caused demands for energy and water to potentially increase 40 to 50 per cent by 2030.

Integrated ecosystems—”internets”—of humans, robots, and machines are consuming and producing record-breaking amounts of data, demanding more energy and resources. Manufacturing, sustainable energy, waste management, and other industries have already begun to revitalise for a tougher future. 

Nurturing the next generation of talent—one that stands firm in the face of automation and other emerging developments—means preparing them to solve problems that do not yet exist.

Resources and next steps are out there: take Young NTUC’s LIT Discovery 2021, for example.

This fully online event featured a smorgasbord of exciting panellists, and also provided job seekers access to guidance, career opportunities, and insights on the future of work.

What else can be done to nurture the next generation? Read on to find out.

Also Read: Meet Inavoice, your new go-to platform for voice-over talents and background musicians

New talents need more hands-on experience and mentorship

Lynn Dang, HR Leader at Microsoft Singapore, mentioned that LinkedIn saw a five-fold increase of remote work job postings during the pandemic.

Today, 16 per cent of all companies worldwide are already fully remote. Blurred regional boundaries make it possible for people from all across the world to work and collaborate.

Additionally, it’s estimated that, by 2035, over 40 per cent of jobs will be displaced by Big Data, AI, and automation. About a third of all employees expect their jobs to be fully automated in three years.

Tech talents of the future must be prepared to work alongside technology. This requires a shift towards creative problem solving, critical thinking, and adeptness at utilizing machines, data tools, and bots. 

“If you can adapt to this environment, then your opportunity is not just limited to Singapore. You can tap into opportunities anywhere in the world,” says Ho Seng Chee, Chief Corporate Officer at JustCo.

Companies seeking to turn the key on remote and hybrid working arrangements can:

• Delineate clear processes and platforms to facilitate asynchronous remote work
• Create a minimum standard of communication and availability
• Offer one-time stipends for talent who don’t have home offices
• Invest in talent by covering the costs of developmental courses

And what do these developments mean for talent? The competition will become tougher, and it’ll take more effort to stand out from the crowd. Young graduates, mid-career switchers, and general job seekers will benefit from mentorship and education about different work cultures and communication styles—especially in Asia, where many cultural differences are at play. 

(Micro)certifications like the ones offered by Google, Amazon Web Services, the Project Management Institute (PMI), and massively open online courses (MOOC) can help talent get up to speed with emerging technologies and strengthen their skillsets.

The career programmes like the ones offered by Young NTUC’s LIT (Learning is Triggered) Series are even more valuable because they deliver a combination of hands-on experience, mentorship, and theory.

Building awareness of the tech opportunities

In the face of global challenges, many new industries are emerging. Two of the most exciting are green technology (greentech) and financial technology (fintech).

The challenge of climate change

Despite its harsh environmental impact, the global oil and gas industry is one of the top ten fastest-growing industries in the world.

Hastened by regulatory and consumer pressure, oil and gas conglomerates (and businesses from many other sectors) are partnering with greentech firms to achieve their Environmental, Social, and Governance (ESG) goals.

Also Read: The hunt for talent: How to attract world class entrepreneurs to corporate ventures

Grace Fu, Minister for Sustainability and the Environment, stated during the LIT Discovery 2021 event that “many things will be reimagined: supply chains, industry—so that we consume less energy, less fuel, and produce less CO2. All these will require re-engineering.” 

Helming this re-imagination of industry are a bumper crop of incredible green startups like ATEC Biodigesters International, Third Wave Power, Sensorflow, RAD Green Solutions, and Cleverheat. They’re all hungry for fresh talent with skills in engineering, operational and supply chain management and process monitoring. 

“Everything we do has an impact on the environment and the people,” reminds Esther An, Chief Sustainability Officer at City Developments Limited. “We can make a positive change.”

The challenge of financial inclusion

Home to over 40 per cent of all fintech startups in the region, Singapore is known as the hub of fintech in Southeast Asia. In 2020, the industry employed over 10,000 people and has received a cumulative US$2.5 billion in funding over five years.

Indonesia, meanwhile, boasts various startups that have been hailed to boost financial inclusion. These include digital payment system OVO, P2P lending company Koinworks, and blockchain company Tokoin.

Irene Lim, Executive Director at J.P. Morgan, defines fintech as any kind of technology that can be applied in financial use cases. This includes technologies for insurance, taxes, and personal wealth.

She notes the high demand for software developers, blockchain experts, cybersecurity leaders, data specialists, and DevOps specialists.

Doing the impossible

The next generation of talents must prepare themselves to master technologies that have not yet been invented to solve problems that do not yet exist.

What can we do?

Nurture soft skills

We need to prepare the next generation of talents to work optimally in such an environment by teaching digital literacy as early as possible. 

Increase exposure to tech

Talent must be taught to work harmoniously alongside emerging technologies to lead teams and manage projects to their desired goals. 

Welcome talents from other industries

Robots can follow instructions much better than humans can. Therefore, talents need to make full use of their non-technical skills and backgrounds to improve the way technology is used. Creative individuals are a boon.

Case in point: Lin Yanxiang, now the Deputy Group Director of the Manpower and Strategy Planning Group at Building and Construction Authority, got her career start as an English teacher. 

Take more chances on non-traditional talent

According to Eric Lim, Chief Sustainability Officer at UOB, “We are starting to see a corporate track that’s coming up where talents don’t need to come from a strong risk or banker background.”

Also Read: How Endowus co-founder Samuel Rhee attracts, builds, and maintains a world-class team

Recruiters can take a chance on bright talent from fields like the arts, history, and social sciences.

Revamp industry through cohesive marketing efforts

Yanxiang remarks, “We can shift these sectors away from something that’s perceived as dirty, dangerous and demanding into one which is modern, technologically advanced, and can offer good jobs and working environments for the people.” This will encourage talents to view industry careers as meaningful opportunities.

Improve access to opportunities

Executives and leadership can take the initiative to develop accessible training and internship programmes for people of all backgrounds. A commitment to fairer, less discriminatory hiring can also go a long way.

With a thorough understanding of these technology trends, the task of nurturing the next generation of tech talents does not seem so impossible, after all.

By fostering these various skillsets, the next generation of tech talents will be ready to adapt and learn new technologies as they come. They will be well-equipped to solve the problems of the future and be fully ready to make the most of their opportunities.

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Cryptocurrency might be the talk of the town this decade, with the rising adoption and acceptance of these digital currencies globally, and even regionally in Southeast Asia. With the option to invest in a plethora of digital projects and objects, all it takes is a quick sign up and users are on their way to handling their assets and investments online.

Despite this, there are a few key details individuals should take note of before starting their journey on a new exchange or investing in cryptocurrencies.

From security to ease of usage, and even the variety of currencies, here are some ways experienced and amateur traders can invest successfully, without having to jump through hoops with each strategic move made.

The accessibility of Fiat

Crypto trading has not always been the easiest trading option when it first began.

No longer does a user need to scour through forums to understand how they should go about purchasing a single token, with the constant launches of platforms and exchanges, buying, selling, and trading via cryptocurrency has been easier than ever.

However, certain platforms still require the need for fiat currency to be exchanged into bitcoins before users can begin trading.

For the greatest ease of usage, exchanges that include fiat accessibility allow for trades to not only retain their value against USDT/USDC, it also provides individuals with the ability to make on-ramp and off-ramp conversions through wire transfers and credit cards.

With most traders using several exchanges simultaneously, a platform that includes fiat services not only lowers the barriers of entry for new users but also allows well-versed traders with an effortless and quick experience.

Also Read: PDAX raises US$12.5M to take advantage of the popularity of cryptocurrencies in Philippines

Better secure than sorry

Despite the attractiveness of crypto trading, most platforms aren’t entirely impervious to the perils of cyber hacking. Simply due to the nature of cryptocurrencies, such uncertainties can be easily avoidable and contained through proper licensing and certifications that exchange can implement.

Besides following each country’s rules and regulations, or even saving funds offline with a private key, discerning users can look out for KYC & AML to avoid situations linking to potential frauds.

One such platform that champions user experience and security is ABCC Exchange, a crypto trading tool with strict practices that filter out fraudulent activities. Through their AI technology, the exchange scans global databases to identify each trader’s identity.

As an added layer of protection, all deposit and withdrawal addresses are examined before the transfer of funds, providing every user with ease of mind trading on its secure platform.

Digital variety is wealth

One of the most common ways users tend to pick an exchange is typically based on the platform’s product offering. Whether it’s the sudden popularity of a cryptocurrency due to social media or the rising price of a certain token, each exchange has its own listing procedures or committee that conducts thorough analysis and reviews to not only benefit its users but newly listed projects as well.

Besides looking out for the typical BTC, ERC20, or TRC20, platforms like ABCC Exchange also support projects from BSC, Solana, Polygon, and Polkadot ecosystems to ease its user’s experience.

Individuals are able to trade project tokens within different ecosystems effortlessly and instantly while being able to read published information and watch tutorials as part of their research before taking the trading plunge.

In addition to this, the focus on having different product offerings provides a quick look into an exchange’s usability and activities.

From understanding whether trading can be possible with tighter spreads, lesser bid or ask price difference, to looking at the volume being traded and how it responds to price volatility, users can gauge whether a platform has the ability to fill their orders promptly.

Whether you’re an experienced or newly-minted trader, with the constant evolution of the cryptocurrency industry keeping everyone on their toes, there is better no way to secure each trade and transaction than with a trusted platform.

Also Read: How Binance acquired 35 per cent market share in a year with its new crypto derivatives line

As crypto exchanges keep launching, ensuring that security, product variety, and usability are the pillars to finding a reliable platform, anyone will be able to trade the next new token within a matter of minutes.

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Thailand’s National Innovation Agency presents SITE 2021 — DEEPTECH RISING: The Next Frontier of Innovation, is set to be held virtually on 15 – 18 September 2021. The real-time event will show the next big thing in the world of startup and innovation. Accessed via the NIA website, https://site.nia.or.th/, all are welcome to join, free of charge.

The COVID-19 crisis has propelled us into the future, with new ways of living and working. Companies have had to evolve, particularly in the MICE industry, as technology plays a greater and greater part in our everyday lives. For this year’s event, the NIA has merged two of Asia’s most exciting expos, Startup Thailand and Innovation Thailand, and transformed them into a 100% online and immersive experience.

SITE 2021 – DEEPTECH RISING: The Next Frontier of Innovation

The programme will present the five fields of deep tech that are predicted to drive Thailand’s future: Agriculture (AgTech), Food (FoodTech), Medicine (MedTech), Space (SpaceTech), and Artificial Intelligence, Robotics and Virtual Reality for People (AI Robotic Immersive IoT: ARI Tech). AgTech and MedTech in particular, are aligned with the government’s Bio-Circular-Green economic model.

Also read: Harnessing sustainable technology to build a resilient future with IPI

There will be four main activities spread across the four days:

1. Virtual Forum: more than 60 speakers from leading startups in Thailand and around the world will present their innovations and share their experiences on more than 50 topics.
2. Opportunity: presenting opportunities to connect with potential partners through organised activities such as Marketplace, with more than 200 virtual booths; Online Business Matching, with more than 30 business entities; and Online Business Consulting with more than 30 experts in 10 industries.
3. Show: audiences from around the world will also enjoy the opportunity to watch entrepreneurs highlight their deep-tech successes.
4. Awards: presenting the prestigious Prime Minister’s Awards to those supporting the development of Thailand’s startup ecosystem and promoting startups in the international market.

Enjoy the cutting-edge 360° immersive experience

This year’s platform has been built from the ground up by Thais to great acclaim, creating a 360° immersive experience. Visitors will feel like they are at the physical event: they can chat with operators in real-time and participate through avatars. Data and audience feedback from around the world will be processed through social listening tools and artificial intelligence.

Also read: MaGIC graduate PABLO AIR — Leveraging drone technology for social impact

“We believe that this platform is the future of innovation and the startup ecosystem in Thailand”, says Dr Pun-Arj Chairatana, Director of the NIA. “Therefore I would like to invite all the innovators and those interested in technology to visit our event. Together we can address the challenges of COVID-19 and plot a path to a brighter future”.

Access the STARTUP x INNOVATION THAILAND EXPO 2021 on 15-18 SEPTEMBER 2021. All sessions are free! For more details, please log onto the programme’s official website.

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This article is produced by the e27 team, sponsored by NIA.

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Neuroglee Therapeutics, a Singapore-based digital health and wellness platform, has secured US$10 million in a Series A round led by Openspace Ventures.

The round also saw participation from EDBI and existing investors, including Raman Singh, ex-CEO of Mundipharma and Biofourmis co-founders Kuldeep Singh Rajput and Wendou Niu. Leading pharmaceutical company Eisai Co., a strategic shareholder in the company since the previous US$2.3 million pre-seed round, also joined.

Neuroglee will use the funding to launch virtual neurology clinics for patients diagnosed with mild cognitive impairment (MCI) related to difficult-to-treat conditions such as Alzheimer’s disease. 

The fund will also advance the company’s personalised evidence-based digital therapeutics (DTx) pipeline.

In particular, Neuroglee will collaborate with Mayo Clinic’s HABIT programme to develop Neuroglee Connect, a remote care management platform and virtual speciality care clinic. This clinic will provide personalised, near real-time, and 24/7 responsiveness and interventions in managing patients with MCI in the comfort of their homes.

“With care expanding outside of the hospital and into the home, Neuroglee is assuring the management of neurodegenerative diseases is a simple, empowering, everyday event for patients,” Neuroglee CEO stated. “Actionable data and virtual clinical support will give more patients access to world-class care, no matter where they are.”

Also read: Hummingbird Bioscience nets US$125M Series C to further develop next-gen precision therapeutics

Founded in 2020 by Aniket Singh Rajput, Neuroglee discovers, develops and commercialises personalised evidence-based digital therapeutics (DTx) and virtual care-at-home solutions to treat and manage patients with neurodegenerative diseases. This approach serves as non-pharmacologic therapies to complement the current symptomatic therapies and investigational drugs.

Applying cognitive rehabilitation strategies and machine learning approaches, Neuroglee’s flagship software product NG-001 can capture digital biomarkers and learn from user behaviour to provide a more personalised experience tailored to patients’ needs.

“Neuroglee’s solution has tremendous potential to meaningfully benefit global patients as they and their families bravely combat the progression of the neurodegenerative disease,” said Openspace co-founder Shane Chesson.

According to a press statement, the company plans to move its headquarters from Singapore to Boston in Q4 2021. Leveraging Boston’s digital health innovation and investment hub, Neuroglee will focus on building and scaling engineering, clinical operations and commercial teams.

“This will expand our global footprint, adding to our growing regional management and technology development teams in Singapore and India,” added Rajput. 

According to WHO, more than 55 million people live with dementia and nearly 10 million yearly new cases, of which Alzheimer’s disease is the most common form.

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Image credit: Neuroglee Therapeutics

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Indonesia-based cloud kitchen company Legit Group today announced that it has raised an IDR43 billion (US$3 million) seed funding led by East Ventures, with the participation of AC Ventures.

In a press statement, the company said that it will use the fresh capital to aggressively expand locations to reach a wider customer base and to create and market new delivery-centric brands.

Legit Group currently operates three F&B brands –Pastaria, Sei’Tan and Juju Chikin– and operates from 45 distribution points. It plans to launch two more brands and expand to 135 distribution points by the end of the year

“With my experience as Founder of Eatwell Group and strategic partnerships with Ismaya Group and Yummy Corp, we are in the position to be able to use our current infrastructure to quickly expand our operations without heavy up-front investment expenditure. This allows us to widen our coverage quickly and thus lowering the delivery charges and provide a better overall experience to the customers who wish to order our products,” said Sumarno Ngadiman, CEO and Co-Founder Legit Group.

Also Read: Ecosystem Roundup: GIC invested US$94M into Bukalapak before its IPO; All about the cloud kitchen industry in Indonesia

“We have been in the F&B business for more than twenty years and we will be able to draw on our experiences and create the products that customers want with the utmost standard of food safety and handling practice,” he stressed.

Founded in February through a strategic partnership with Indonesian F&B and lifestyle giant Ismaya Group, online catering and cloud kitchen company Yummy Corp, and SME incubator GK Hebat, Legit Group said that it has grown 9.5 times since its inception. It also claimed to have experienced a 61 per cent increase in revenue from June to July alone.

As food delivery services become more popular during the pandemic, Indonesia sees rapid growth of cloud kitchen companies operating in the country. As uncovered by e27 in a special coverage, tech-savvy Millennials in the country also play a key role in driving the growth of this segment.

According to data, Indonesia has the largest food delivery service market in Southeast Asia at a market size of US$3.7 billion, accounting for 31 per cent of the total food delivery value in the region and continues to grow at 35.2 per cent annually.

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Image Credit: Legit Group

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