American venture capitalist, well-known author, and entrepreneur Brad Feld once said, “they say it takes a village to raise a child and a startup is not different.” It takes a whole community to raise a successful startup company that can grow, scale, and contribute to a healthy economy, he added.

It is true that to achieve success, startups need to operate within a larger network of reputable companies that can help lift each other. Collaboration and innovation have been at the heart of the success of businesses forever but in light of the ongoing pandemic, working together and fostering ecosystems that help startups and SMEs grow has become a necessity.

In fact, several studies and reports have cited collaboration and partnerships to be key for post-pandemic recovery for startups in the APAC region and across the globe. A 2020 PwC study states that for complete economic recovery amidst the COVID-19 pandemic and after this crisis, stakeholders need to realign their future path based on strategic intent and focus. The study highlights “fostering a collaborative innovation ecosystem” as one of the key pillars that will be critical to Asia Pacific’s journey over the next 10 years.

Collaboration is key when it comes to early-stage startups

In 2019, the failure rate of startups was around 90%. The research concludes 21.5% of startups fail in the first year, 30% in the second year and 50% in the fifth year, and 70% in their 10th year, and one of the main reasons for their failure is the lack of a collaborative ecosystem.

While collaboration is important for small and big companies alike irrespective of what stage they’re at, when it comes to young startups that are still in Series A to C stages, collaboration is an absolute imperative. An ecosystem that boosts business growth, guides these young companies towards success, and fosters partnerships that result in business development and scalability, is a necessity.

Also read: China Mobile International hosts mCloud Carnival 2021

Some of the key elements that a collaborative ecosystem can help young startups with include:

• Exposure: Startups need to be able to engage with peers and learn about best common practices, industry standards, and so on.
• Technological know-how: They need knowledge and skills to be able to leverage technology and gauge the right platforms to test and develop products.
• A robust network: Growth and expansion can only happen if they have access to the right network of both investors and B2B startups for partnerships and collaborations.
• A supportive community: Startups also need access to global markets with the help of partner organisations and network retailers and distributors, among others.
• Mentorship and guidance: Startups can future-proof their growth and scalability through continuous mentorship and support.

These elements are not easy to come by, especially for newcomers in the startup ecosystem. While there is no dearth of programmes like accelerators and incubators that claim to help young startups thrive, unfortunately, rarely are they able to offer benefits as complex and comprehensive as the ones mentioned above.

Enter Fast Forward with HPE!

To fill this gap and help series A to C startups, Fast Forward with HPE is fostering a robust and supportive community for startups that focus on providing B2B services and solutions.

Fast Forward with HPE! is a unique startup programme that focuses on helping startups accelerate innovation, create collaborative opportunities, develop business strategies for future growth, and ultimately expand their footprints beyond the APAC region. This programme brings the smartest ideas and entrepreneurial spirit of digital startups, top venture capitalists, accelerators, and leading technology vendors together with industry leaders, consultants, and experts.

With a keen focus on early-stage digital startups that have proven B2B Enterprise Solutions and have raised funds within the past 1 year, Fast Forward with HPE aims to help build a community that cultivates startup growth and scalability.

Also read: Expo 2020 Dubai: The Malaysian companies ready to break into the global Islamic fintech market

Fast Forward with HPE! 2021’s list of qualifying startups is a rich mix of tech startups working on the latest and most cutting-edge technologies such as cloud, AI, and AR across different industries like construction and retail. These promising early-stage startups are based in Singapore, Hong Kong, and Australia.

Series A qualifying startups in this year’s cohort are Cloudpick, DataVLT, viAct, Transcelestial, Quincus, Tagspace, and weR. H3Dynamics is the only Series B startup. This year’s cohort also includes two pre-Series A startups Hashstacs Pte Ltd and SeventhSense.

Participating startups were judged by industry leaders and experts, including Paul Glaser, Corporate Vice President & Global Head of Pathfinder, HPE Venture Capital Fund, Huey Lih, Heng General Manager for Channels, Service Provider & Ecosystem Sales Asia Pacific, Santhosh Viswanathan, Vice President & Managing Director, Sales Marketing and Communications Group, APJ, Intel Corporation, Suchitra Narayan, Director, Advanced Manufacturing & Venture Building, SGInnovate and Amit Gupta, CEO & Founder of Ecosystem.

Nurturing leaders of tomorrow through collaborations and support

With this programme, startups are able to learn from industry experts from HPE, Intel, and HPE’s ecosystem partners as well as from successful peers such as Tookitaki, Ninja Van, Netflix, Dropbox, Logitravel, and GoJek. They are also able to develop their products by leveraging mentorship on technology as well as utilising test and dev environments. The programme connects these startups with industry-relevant VCs, investors, and other B2B startups in the region looking for partnerships and collaborations.

The cohort also gets a chance to grow with HPE’s select installed base customers and partner network of resellers, distributors, Sis(System Integrators), ISVs (Independent Software Vendors), OEMs (Original Equipment Manufacturers), and alliances on top of the unique opportunity to reach out to HPE global customers.

Also read: How you can be part of solving global challenges with Leave a Nest

Furthermore, HPE Fast Forward’s live pitch day series will see the top ten startups present and pitch their business proposal before a select group of HPE leaders, partners, and venture capitalists.

With an array of benefits, community support being one of the highlight advantages, participating startups from HPE’s Fast Forward are poised to reach great heights. To learn more about the programme, visit their official page here.

You can access the pitches at FAST FORWARD WITH HPE “Pitch Day” Live Episode 1 on January 13, Episode 2 on January 20, and the final Episode on January 27.

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This article is produced by the e27 team, sponsored by HP Enterprise

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Who would have imagined Vietnamese blockchain game developer Sky Mavis to become a unicorn within just three years of starting up? No one. Not even the founders or its investors. 

Non-fungible tokens (NFTs), metaverse, and Web3 were the definite trends of 2021. Many companies operating in these domains attracted eyeballs and investors’ attention. These verticals will continue to take centre stage as the COVID-19 pandemic continues to wreak havoc worldwide.

We bring you a list of companies in the NFTs/Web3/Metaverse segments that drew attention in 2021.  

Sky Mavis (Axie Infinity)

Sky Mavis was founded in early 2018 by Aleksander Leonard Larsen, Nguyễn Thành Trung, Đoàn Minh Tú, Hồ Sỹ Việt Anh and Jeffrey Samuel Kim Zirlin. It is the creator of Axie Infinity, a popular NFT-based play-to-earn (P2E) game where players breed, battle, and trade digital pets called Axie.

NFT-based P2E games are decentralised, meaning that the players own the in-game assets that they purchase and can generate real-world rewards for their in-game activities. Axie Infinity says it has helped create income-generating opportunities for underserved people worldwide; 25 per cent of players are unbanked, and 50 per cent have not previously used cryptocurrencies.

Axie Infinity has amassed players worldwide, with more than 1.8 million daily active users logging into the platform in August. It claims to have achieved US$33 million in everyday transactions, for a total volume of over US$2 billion.

In October, the Vietnamese company scored US$152 million in a Series B financing round led by Andreessen Horowitz, with Accel Partners and Paradigm also joining. This followed a US$7.5 million Series A funding in May, led by Libertus Capital. Previously, Sky Mavis raised US$1.5 million from several backers such as Animoca Brands, Hashed, Pangea Blockchain Fund, Consensys, and 500 Startups Vietnam.

As per the Crunchbase data, Sky Mavis is already a unicorn.

Yield Guild Games Southeast Asia

Led by CEO and co-founder Evan Spytma and co-founders Dan Wang and Irene Umar, YGG SEA is an official sub-DAO of YGG, which launched as a decentralised autonomous organisation in July 2021. YGG SEA leverages the parent’s infrastructure and assets to serve communities within the region to join the metaverse through localised investment, education and on-the-ground services.

So far, YGG SEA has helped more than 2,500 players and investors in the region to generate additional revenue streams, including over 600 in Thailand. The regional guild plans to increase the customer base to about 10,000 by 2022.

In December, the Philippine company announced raising US$15 million over two rounds of funding. The seed round, which took place in August, was led by the parent company and Infinity Ventures Crypto. The additional funding, which came in November, was led by Crypto.com Capital, Animoca Brands, MindWorks Ventures, Poloniex, Jump Capital and Sembrani Kiqani by BRI Ventures.

Sipher

Founded by prominent Vietnamese entrepreneur Nguyen Trung Tin (CEO), Sipher aims to unify state-of-the-art blockchain tech, artwork, storytelling, multiplayer gaming with decentralised financial technologies. Its vision is to create an expansive world that attracts and keeps the player base engaged for years to come as new worlds, characters and factions are introduced.

Sipher intends to create an ecosystem where people can play for fun while earning rewards for their time spent in-game. It also provides the community with ownership of in-game assets, which directly contributes to the growth and success of the gaming industry.

In October, Sipher announced the closing of a US$6.8 million financing round, co-led by Arrington Capital, Hashed and Konvoy Ventures. Defiance Capital, Signum Capital, Dragonfly Capital, CMT Digital, BITKRAFT Ventures, Delphi Digital, Alameda Research, Fenbushi Capital, Sfermion, Hyperchain, GBV, Kyber Network, Coin98 Ventures, YGG and Merit Circle also participated.

GuildFi

GuildFi is a Thai startup that aims to create an ecosystem that connects the intricate jigsaws of the metaverse. It develops a Web3 infrastructure to connect games, NFTs, and communities to maximise players’ benefits and enable interoperability across the metaverse.

GuildFi looks to develop new features such as:

• GuildFi ID: a metaverse ID that is embedded with a levelling system that tracks players’ achievement and footprint across the metaverse. Players receive engagement points and ranking, which translate into the rewards they deserve,
• Game discovery: it helps players discover curated games and game creators discover the right player base for their game launch,
• Proof-of-Play Rewards: it enables play-to-earn on any games by analysing your lifetime activities and giving out the right benefits to you whether it’s an allocation to an NFT campaign or a bonus yield from our tokens,
• Metadrop Launchpad: it offers a special NFT and token deal from its partners where an allocation is determined by players’ ranks. 
• GameFi tools: They enhance players’ performance by providing gaming tools, for instance, the Axie Infinity toolkit that features scholarship management, daily SLP shares, PvP simulation, team status, and card explorer.
• Scholarship portal: it offers a built-in scholarship programme provided by GuildFi’s treasury and guild partners, reducing the barrier to entry for play-to-earn games and unlocking the opportunity for players anywhere in the world. 

To achieve this mission, GuildFi will collaborate with game creators globally to identify and attract the right players while supporting them through in-game asset investment and campaign collaboration to ensure successful launches and healthy growth.

In November, the startup completed a US$6 million seed round of financing, co-led by Singapore-based crypto-asset fund DeFiance Capital and South Korean early-stage VC firm Hashed. Pantera Capital, Coinbase Ventures, Alameda Research, Animoca Brands, Dapper Labs, Play Ventures, SkyVision Capital, Coin98 Ventures, and other notable investors also co-invested.

OFF

OFF was co-founded by three crypto-natives, including Jinwoo Park (co-founder of South Korean crypto-asset investment firm Hashed).

OFF’s goal is to create an open ecosystem for avatar-based micro verses, and its first product is an NFT-based social metaverse platform, called MYTY.

MYTY is a decentralised social platform where people can escape the limitations of the physical world using NFT avatars. Its MYTY Camera app converts CryptoPunks NFT into avatars. It enables users to show up as the visuals of their own NFT avatars in Discord, Zoom, and other webcam-based applications.

OFF is currently working on “Ghosts Project”, the first collection of NFT avatars designed in partnership with MrMisang, the top artist in SuperRare. Ghosts Project, which is a prequel to MrMisang’s original series Modern Life is Rubbish, is being optimised for face tracking and motion tracking. It is designed to show the full capacity of MYTY’s avatars full-body tracking, including nodding, raising hands, and various emotional expressions.

GhostsProject is currently building Twittxer and Discord communities and planning an NFT avatar sale. Ghosts will be supported by MYTY Camera after the sales.

In November, OFF announced a US$3.5 million seed funding round co-led by Hashed and Collab+Currency. The round also saw the participation of BITKRAFT Ventures, Electric Capital, Coinbase Ventures and SamsungNEXT.

Fantico

Fantico is a digital collectible platform catering to celebrated movies, artists, musicians, and sports for the Indian market. A portfolio company of Singapore-based diversified media and entertainment firm Vistas Media Capital, it builds its own version of metaverse, dubbed VistaVerse.

VistaVerse consists of virtual land, blockchain games, curated and user-generated experiences, and an NFT marketplace. It will be launched in the coming months with premium curated experiences, including from top Indian celebrities.

The marketplace has already been launched, focusing on both crypto and non-crypto user bases with marquee items to pique the interests of both segments.

The metaverse firm will leverage the parent company’s content, such as movies, music, and gaming resources, to build an experience-first approach.

In December, Fantico raised an undisclosed sum in a private financing round from Animoca Brands. Individuals, including Hemant Tucker, segment head for technopreneurs and market head (South Asia & Middle East) at Bank of Singapore, also joined the round.

Cosmic Guild

Cosmic Guild is a play-to-earn (P2E) community of gamers. The startup has run scholarships in Axie Infinity to incentivise players. The one-month-old startup operates as a decentralised autonomous organisation (DAO) focused on maximising yield and building communities.

Currently, the community-first guide provides NFT assets for more than 600 scholars and is said to reinvest the earnings into breeding more Axies and growing its pool of scholars.

The team believes that P2E games will increase in complexity and skill requirements. The meta changes from time to time in all games, challenging both the managers and players to rethink strategies and deploy capital constantly.

As a result, Cosmic Guild holds a portfolio of NFT game assets of crypto games loaned to guild members who can play using the NFTs and earn yields on games.

In December, it secured US$1.5 million in seed funding led by Binance Labs, the VC and incubation arm of Binance. Co-investors include DeFiance Capital, Alameda Research, and Play Ventures.

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Anfin, a stock trading app for retail investors based in Vietnam, has raised US$1.2 million in a seed funding round from investors, including Global Founders Capital (GFC) and First Check Ventures.

New investors, including the US-based The Goodwater Capital, also participated. 

According to the company, the CEOs of Gojek, Zalora, Stripe, Google, and Grab also participated in the round through XA Network.

Anfin will utilise the funding to improve its “fractional share” system further to assist users in real-time trading and boost its presence through extensive communications activities.

The fintech firm will also directly integrate its system with Viet Tin Securities Company, a brokerage firm licensed by the State Securities Commission of Viet Nam (SSC).

This seed round follows Anfin’s US$510,000 funding round last October. A month later, Anfin reportedly received US$125,000 from Y Combinator, alongside angel investments from unnamed directors at Temasek and Coinbase. The startup will officially join Y Combinator Winter 2022 Batch from January to March this year.

Also read: Pocket power: 27 personal finance startups in SEA to help you manage money

Anfin was founded in June 2021 by CEO Phuoc Tran, who was the co-founder of Vietnamese on-demand delivery platform Ahamove, and CPO Michael Do, who worked in the investment teams of several venture capital firms, including BEENEXT and R2 Venture Partners. 

The duo leverages the concept of trading in fractional shares through the Anfin app, enabling users to buy and sell stocks actively and quickly with small capital starting at only VND50,000 (around US$2). 

“On normal brokers, you can only buy a round lot of 100 shares, which are worth US$400-US$600 when buying blue-chip stocks of companies like Vingroup, Masan, or Mobile World,” Do told e27 in an interview last November. “Now you can buy and sell those stocks for only US$2 on Anfin app. Plus, we offer considerably better UI/UX for new users.”

He added that Anfin aims to simplify the financial investment process through a user-friendly, transparent and secured platform, generating passive and active income for young Vietnamese.

“Other investment apps are doing on the passive investing side, getting users invested in mutual funds, ETFs, and fixed income. However, our focus is on active investing where users have free will to buy and sell their own portfolio of individual stocks,” noted Do.

The startup also supports users’ decision-making by providing investment knowledge, from basic to advanced, and updating financial news in an easy-to-understand style.

“The complicated process, risk aversion and large initial capital are common barriers that hinder Vietnamese people from investing in securities,” said Anfin CEO Phuoc Tran in a statement. “We strive to inspire and support Vietnamese people, especially the young, to help them confidently start investing to achieve their financial goals.”

In the first 11 months of 2021, more than 1.3 million new domestic trading accounts were opened in Vietnam, much higher than the total number of over 1 million recorded between 2017 and 2020. Around three per cent of Vietnam’s 100 million population has a stock brokerage account, according to investment firm VinaCapital.

Vietnam’s government also aims to increase the country’s stock brokerage penetration rate to 5 per cent by 2025 and 10 per cent by 2030.

In Southeast Asia, investment platforms are ripe for an explosion, with Indonesia’s Aijab and the Philippines’s Myntbecoming the latest unicorns in this sector. In Vietnam, Finhay and Infina are the two other notable startups in the industry that recently secured fundings.

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Image Credit: Anfin

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Data breaches are increasing in frequency and posing serious threats to security. The healthcare industry has been especially affected by the increase in data breaches since healthcare providers store such sensitive and important information. When the internet security of a healthcare organisation is compromised there can be lasting damages to reputation as well as monetary consequences. If the consequences are so severe for data breaches in the healthcare industry, why do they happen so often?

There are many security vulnerabilities in healthcare mostly due to outdated technology. Old medical devices are made by companies that are no longer even in business.  Some of these implanted and inter-connected devices are hackable and old software has gaping security holes. Human errors in using old devices can also increase the risk of security breaches. Many hospitals aren’t even aware of which systems run on the devices that they are using and lack full-time employees to ensure that the systems are running smoothly.

Another reason that security breaches are so common in the healthcare industry is due to the lack of trust between cybersecurity experts and doctors. Providers are often more concerned with protecting patient privacy rather than cybersecurity even though breaches of cybersecurity put patients privacy directly at risk. Providers also lack resources and awareness because they simply do not have the same skills as cybersecurity experts. Oftentimes these experts will create patches to fix old problems, but providers believe they are exaggerating the issues and so they delay installing the fixes causing even more problems to arise.

The rise in data breaches has monetary and reputational consequences for healthcare organisations. On average data breaches cost US$6.5 million, that’s about US$429 per patient record that is affected! Sixty-seven per cent of the costs are incurred during the first year after a breach, but the costs don’t end there. For years after an initial breach healthcare organisations can continue to pay legal, technical, and regulatory fees. Business is also affected since patients lose trust in their healthcare providers and stop coming to them for healthcare services.

Also Read: Breaking the taboo: Meet the Singapore-based startups that are working to provide access to sexual healthcare

It is no secret that the information that is held by healthcare providers is important, and so the security of this information should be a top priority. With the rise in hackers and data breaches, this information is becoming more and more difficult to keep protected. So what is the solution?

Many healthcare providers are making the transition to healthcare on the blockchain. The blockchain is a distributed ledger for recording transactions and tracking assets and has many promising applications in healthcare. One of these applications is wearable remote monitoring devices. These devices can monitor things such as blood pressure, pulse, or seizure activity and can be monitored by healthcare providers remotely. These devices are then attached to a patient hub that contains all of a person’s health records available for easy access by both patient and doctor.  These devices are very simple to use, leading to fewer human errors along with their added security benefits. The fact that patients have access to their files also means there is higher transparency and the audit trail allows for easier ways to track who is viewing information.

Other applications of the blockchain are useful in telehealth– remote healthcare services– which grew in popularity over the course of the pandemic when stay-at-home orders were put in place. Blockchain in telehealth means an easier exchange of data, increased consumer confidence in the system, and copies of data ledgers that are given to both doctor and patient. The use of NFTs (non-fungible tokens) is also useful in telehealth since doctors can have more confidence that they are receiving genuine data from their patients.

Companies are exploring the use of healthcare on the blockchain and are reporting overall better productivity since making the switch. Some companies use blockchain to secure real-time messaging between their clients or patients and hold negotiations and contract discussions without fear of their sensitive information being leaked to third parties. Others use the blockchain to help in data collection and analysis. In fact, blockchain data analysis was used in order to report changing statistics regarding the spread of COVID-19 during the pandemic and the information was crucial in helping healthcare providers prepare for incoming patients.

Also Read: Why Khailee Ng puts mental healthcare support as key to successful founders-investors relationship

Overall, patients want to be able to trust that their medical information is in safe hands when they visit their doctors’ office whether in person or virtually. Seeing the rise in data breaches due to third-party hacking, the switch to healthcare on the blockchain is the solution to healthcare security leaks. Learn more about healthcare on the blockchain in the infographic below:

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China Mobile International (CMI) is hosting its Go mCloud Carnival from November 2021 until 31 January 31, 2022, to help international enterprises embrace and accelerate digital success in the cloud era.

Now in its second year, the much-anticipated event showcases the latest cloud-network solutions and multi-cloud services and supports enterprise transformation through the sharing of industry trends, developments, and best-value offers.

Interest in cloud adoption is surging worldwide as enterprises adapt their business models to take advantage of technologies such as artificial intelligence (AI) and machine learning, big data, the Internet of Things (IoT), and 5G.

Also read: Expo 2020 Dubai: The Malaysian companies ready to break into the global Islamic fintech market

Riding on extensive global infrastructure and partnerships with industry-leading cloud service providers, CMI Cloud Network Solutions (CMICN) integrate network capability and cloud services to provide enterprise customers with technical and commercial flexibility.

Fast and seamless cloud connections, as well as application acceleration, are provided to customers via more than 80 Cloud Connect PoPs and more than 160 direct network-to-network interfaces (NNIs)

Expansive partner ecosystem enables efficient multi-cloud models

Recent research suggests that over 92% of enterprises are adopting multi-cloud strategies to save costs, optimise the performance of their mission-critical applications, and enhance their flexibility, resilience, and competitiveness.

However, multi-cloud plans that rely on a variety of cloud platforms and locations are very complex to execute, and as a result, many enterprises see the value of a partner that can provide a one-stop-shop cloud-integration service – such as mCloud Portal.

mCloud Portal is an innovative platform designed for enterprises that use or are planning to use cloud solutions.

It combines an extensive cloud partner ecosystem with advanced managed services and an easy-to-use online portal to create a vendor-neutral, complete cloud deployment solution.

Also read: Here’s how you can earn passive income with cryptocurrency easily and safely

mCloud Portal has helped more than 17,000 enterprise users accelerate their cloud journey since its launch in May 2019, and this has been supported by CMI’s close collaboration with world-leading cloud service providers.

These include AWS, Alibaba Cloud, Baidu Cloud Engine, Google Cloud, Huawei Cloud, IBM Cloud, Microsoft Azure, Oracle Cloud, Tencent Cloud and UCloud.

With automated and intelligent cloudified products, mCloud can reduce cloud deployment time from as much as two months to as little as 30 seconds, and it also makes ongoing cloud-network management more efficient and effective.

Special offers and free trials provide access to cloud-network solutions

CMI has curated a series of special solution offers and free trials that will be made available during Go mCloud Carnival to help enterprises explore a variety of cloud products and services:

1.       Enterprise customers that sign up on the mCloud Carnival site are entitled to multi-cloud service coupons worth up to USD 1,400:

•         USD 1,400 multi-cloud service coupons are applicable to Alibaba Cloud (International), AWS (Global), Microsoft Azure (Global), HUAWEI CLOUD (International), and Tencent Cloud
•         USD 1,000 multi-cloud service coupons are applicable to Baidu Cloud, Google Cloud, IBM Cloud, and Oracle Cloud

Also read: Here’s how you can earn passive income with cryptocurrency easily and safely

2.       A series of cloud-network solution free trials are available for enterprises to enjoy:

•         Max. 60-day for Cloud Connect, SD-WAN, and Application Acceleration Network

•         Max. 60-day for SaaS Applications, including productivity software, security applications, cloud backup, multi-cloud management, and more
•         Up to 10,000 A2P CloudSMS Free Trials with extensive coverage across Asia, Europe, and the Americas

3.       Customers who verify their business, activate a free trial, or order services on mCloud portal will be eligible to enter a lucky draw for exciting tech prizes:

•         Prizes include smartphones, tablets, action cameras, and game consoles
•         Prizes are worth from HKD 600 – HKD 9,000

In addition, newly registered users can claim a welcome gift such as smartphone app store gift cards and coffee coupons, subject to the selected regions/cities.

Click here to join Go mCloud Carnival

* The information presented here is a general overview, for reference only. For details of special offers, please refer to the mCloud website. For full terms and conditions, please refer to the policy contract.

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As technology advances, many individuals become aware of innovations set to disrupt our everyday lives. For instance, NFTs and cryptocurrencies are taking the world by storm, reinventing the notion of digital value. In fact, there are more than an estimated 300 million crypto users around the world, with signs of further growth.

Blockchain is the underlying foundation of these innovations. This technology not only supports NFTs and cryptocurrencies, but it is also the infrastructure that supports Web3. Also known as Semantic Web, Web3 utilises the decentralised data architecture of blockchain, creating an open, secure and transparent environment. This enables individuals to govern their data ownership, changing the way service providers and users interact with each other in the digital universe.

Web3 offers unprecedented potential that can help solve complicated challenges in many industries, specifically the financial sector. Because of this, the world is transitioning into the new Web3 paradigm. The expectation is for Web3 to create efficiencies in the traditional financial system and deliver technologically-superior experiences.

There are dozens of blockchain infrastructures powering the influx of new Web3 apps. Avalanche is a popular example that is “blazingly fast, low cost and eco-friendly”. Here are top examples of Web3 apps powered by Avalanche, to better understand what it means to embrace this global innovation.

Supporting more ideas with decentralised fundraising

In this digital age, tech startups are proliferating the industry. However, even if they offer revolutionary solutions to real world problems, these startups can not succeed without proper funding. Until now, most startups are having difficulty finding capital, with 77 per cent of startups using personal funds to grow their businesses.

Also Read: To infinity and beyond: Why 2022 will be the year of Web3

While using personal capital can work, it severely limits the chances of success for startups. Seeking capital through traditional fundraising is albeit slow, tedious, and challenging to achieve. Furthermore, many of them are exclusive, with smaller startups finding it difficult to penetrate the competitive fundraising market. To help startups with brilliant ideas, they need a fast and accessible global platform to efficiently obtain the necessary capital.

Decentralised fundraising platforms such as Avalaunch can help solve these issues with advanced Web3 frameworks. Avalaunch is the first protocol to offer promising and innovative startups a fast, secure, and efficient platform for decentralised fundraising on the Avalanche ecosystem. This inclusive and community-first platform is designed to remove the pain points of the current fundraising system. Created with investors in mind, the protocol aims to remove the cost, confusion, and volatility challenges in the outdated fundraising system.

What makes Web3 highly inclusive is the possibility for anyone to participate with minimal capital. Participants on Avalaunch can invest as little as US$5, for example, directly from their mobile devices.

Decentralised marketplaces: bridging Web3 to the real world

In addition to fundraising, one major problem in the financial sector is the lack of deeply connected marketplaces where users can easily purchase various financial services and products. In the US alone, around 14.1 million Americans do not have access to financial products and services. One reason behind this is the complicated process of accessing financial services. Decentralised marketplaces can help reduce this gap.

A decentralised marketplace is an umbrella term covering many subcategories. They ultimately connect services and products to more users by simplifying the processes that happen in between. These marketplaces manage the middle layer processing, ensuring that payments and transactions are smooth. They connect traditional financial services to decentralised finance (DeFi), allowing millions of individuals and businesses to access products that were once highly exclusive.

Verso, the first and only decentralised marketplace built on Avalanche, is bridging the gap between DeFi and regulated financial products. It allows traditional financial institutions to distribute their products at far lower costs – a feat that is not possible with Web2. For example, microinsurance is not possible today for most insurance companies due to the high distribution cost. Offering flight delay insurance at a price of US$10 is simply not worth the high cost borne by the insurance provider.

Also Read: You’re not really diversifying your investments by buying altcoins

As a decentralised marketplace, Verso is changing this through scalable and accessible distribution of microinsurance products. This unlocks the ability for Web3 to tap into US$5.03 trillion in gross premiums collected in the existing insurance industry. With Verso, consumers will be able to purchase affordable insurance for health coverage, weather protection, travel and hundreds or more categories directly from various mobile apps.

Disrupting finance at its core

DeFi is shaking the very core of finance as we know. It is one of the most popular verticals of blockchain, with more than US$99 billion worth of assets locked in DeFi. These decentralised platforms are helping to realise true financial inclusion across the world.

Compared to traditional finance, DeFi does not rely on centralised intermediaries such as banks and brokerages to offer financial services. Instead, it utilises Web3 and smart contracts to make financial transactions trustless. This allows seamless peer-to-peer finance including asset swaps, lending and borrowing, liquidity mining, and other forms of passive earnings. One DeFi platform that’s changing the face of financial services is Trader Joe.

Trader Joe is a one-stop-shop decentralised trading platform powered by Avalanche’s fast and secure smart contract infrastructure. It allows users to choose various ways to trade and grow their cryptocurrency. This includes trading, liquidity pools, lending and borrowing, staking, and more “money lego” DeFi apps. Now passive earnings via crypto are open to everyone on a 24/7 basis.

The future of Web3

Forward-thinking financial institutions can future-proof their services by embracing the transition to Web3. More individuals now have practical means to benefit from these innovative platforms. The globally inclusive ecosystem is quickly redefining what financial inclusion stands for. Better yet, anyone can now quickly launch and develop their disruptive ideas by leveraging these innovative Web3 platforms.

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The content was first published on The Human & Machine.

Image Credit: The Human & Machine

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We all know Singapore is the heart of all the startup action in Southeast Asia. But 2021 has given local ecosystems in emerging economies of SEA a much-needed boost. From all the unicorn action Indonesia to Malaysia’s competitive edge to Vietnam’s youth entrepreneurship; the emerging markets are calling out.

The e27 community contributors have encapsulated some of the trends from emerging markets in their contributions this year. This is the time to soak up on their experiences and inform your market expansion strategy.

A big thank you to all our amazing contributors. You too can join the bandwagon by sharing your opinion via an article, video, podcast, or infographic.

Look beyond Singapore: Why Kuala Lumpur is an emerging tech hub alternative

While Singapore is well known for a range of startups, Malaysia has more long-term potential and does more to encourage tech companies that can help it fulfil its ambitious plans to make its workforce one of the most highly skilled and gainfully employed in Asia. It does more to encourage tech companies that can help it fulfil its ambitious plans to make its workforce one of the most highly skilled and gainfully employed in Asia.

How the gig economy is empowering women in Vietnam

The prolonged pandemic would further delay the return of women with children to the job market. All of the above explains why more and more women opt for food delivery as an alternate career option to make up for lost income. More and more women in Vietnam are opting for food delivery as an alternate career option to make up for lost income during COVID-19.

Where is Taiwan’s AI ecosystem headed?

As Taiwan’s future cloud infrastructure realises, developers will no longer need to build services through overseas data centres, which will accelerate AI innovations and applications by local teams, especially in areas that are more sensitive to data sovereignty, such as finance. Every six months, AppWorks releases an updated Taiwan AI Ecosystem Map, distilling the latest trends and developments while highlighting various companies leading the charge.

Will Indonesia’s startup economy lose its ‘emerging’ title in 2021?

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.

It’s raining unicorns in India. Here is why

The Indian tech industry has reached a new peak. For years, Indian has been the world’s outsourcing capital, but finally, the time for Indian startups has come. 2021 has been remarkable for some of India’s tech startups so far, despite the pandemic. In fact, when most businesses were shutting down because of the virus, lockdowns accelerated economic digitisation worldwide and more so in India, which had already been on the path towards digitisation prior to the pandemic.

Underrated, untapped, and unknown: Malaysia’s startup ecosystem is coming of age

Within ASEAN, Malaysia was one of the first countries to invest in the digital economy with the establishment of multiple government agencies, seeding policies, industry blueprints and development acceleration programs. Coupled with its multicultural society, ease of adoption in digital economy services and a well-exposed middle class, the nation has always been a prime destination for Asian and MNC organisations to expand their business footprints.

Lessons on launching into new markets with Shopback co-founder Henry Chan

Henry Chan of ShopBack led his team, expanding throughout most of Asia Pacific and is definitely one of the most impressive entrepreneurs in the region, having led the company to expand to nine countries in years. In a conversation and sharing during the roundtable at Makan for Hope, he shared how Shopback thinks about market expansion. This article has some of the learnings for you.

Thailand’s startup ecosystem has a Seattle Problem. And that’s not such a bad thing

An overarching issue that Thailand’s entrepreneurs, venture capitalists, government officials, academics and other stakeholders have struggled with over much of the past decade is how to boost Thailand startup formation, activity, growth, and exit.

How do we meet the aspiration of making Thailand a startup hub of Southeast Asia? How do we attract and build a community of global entrepreneurs and tech talent, and how do we attract an outpouring of venture capital to fund them?

5 emerging opportunities within Malaysia’s gig economy

Malaysia’s job landscape is expanding the pool of gig workers in the country. While this shift reflects the changes in today’s multi-faceted workforce, its expansion has also drawn attention to the various challenges emerging from the gig economy. Mic Tham delves deeper into these challenges and explored how new opportunities and innovative solutions could emerge as businesses tackle these issues.

Tech for good: How Ula aims to facilitate the needs of small businesses in emerging market

In developed markets, technology is built for hyper-connected users who own multiple (and mostly high-end) devices. Contrary to that, technology in most emerging markets fundamentally skipped the era of home desktops and laptops, and dove straight into a mobile-first world, leading to a very different understanding and expectation of technology.

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Kopi Kenangan, a fast-growing new retail F&B chain in Indonesia, has become a unicorn after closing a US$96 million Series C financing round, led by US-based Tybourne Capital Management.

Existing investors, including Horizons Ventures, Kunlun, and B Capital, besides new investor Falcon Edge Capital, also participated.

Also Read: Kopi Kenangan snags US$109M in Series B funding led by Sequoia Capital

As per a press note, Kopi Kenangan will use the money to accelerate the expansion of its new brands, Cerita Roti, Chigo and Kenangan Manis, across Indonesia. The foodtech firm will also continue building its network and broadening its footprint internationally.

Kopi Kenangan was founded in 2017 by Edward Tirtanata, James Prananto, and Cynthia Chaerunnisa. The firm aims to address the gap in the market between the high-priced coffee served at international coffee chains and the instant coffee sold in Indonesia’s street stalls.

It allows customers to order coffee through an app. They can either get delivered to their doorsteps or pick it up at one of Kopi Kenangan’s outlets.

In 2020, the company expanded into the food industry by launching a bread brand called Cerita Roti. Later in 2021, it launched a “chicken on the go” brand named Chigo and soft-cookies brand Kenangan Manis.

Also Read: Flash Coffee raises US$15M to take on the likes of Kopi Kenangan in SEA

Since its launch, the company has grown to employ more than 3,000 staff in over 600 stores across 45 cities. It claims to have served 40 million cups of coffee in the last 12 months and is expected to do 5.5 million cups per month in Q1 2022.

To date, Kopi Kenangan has raised over US$240 million. Its other backers are Sequoia Capital India, Verlinvest, and Sofina.

In March this year, Kopi Kenangan’s founders launched an angel investment fund targeting early-stage Indonesian companies. Coined ‘Kenangan Fund’, its average ticket size ranges from US$10,000 to US$150,000 per investment and is sector-agnostic.

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The year 2021 has been challenging for the startup world. With the spectre of the COVID-19 pandemic still lurking, many businesses had to cease operations that affected millions of jobs worldwide.

However, amidst all this, the startup world also witnessed some positive developments — the birth of many unicorns, public listing of many tech behemoths, accelerative growth of technologies such as NFTs and metaverse, and so on. Southeast Asia has been no different.

e27 brings you a list of all the major non-funding stories that have changed the startup ecosystem in 2021.

1. Grab IPO

On December 3, Grab scripted history by launching the largest IPO by a Southeast Asian company in the US. This development was a follow-up of the agreement in April that combined the company with Altimeter Growth in a SPAC merger.

The deal was valued at nearly US$40 billion.

2. Gojek-Tokopedia marriage

On May 17, Indonesian tech giants Gojek and Tokopedia announced a merger to form GoTo Group. Although the financial details were not disclosed, the companies said in a joint statement that it marked the largest ever business combination in Indonesia and the largest between two Asia-based internet media and services companies to date.

GoTo Group will continue to focus on markets where Gojek already operates. Beyond Indonesia, this includes Singapore and Vietnam.

3. AirAsia snaps up Gojek Thailand

On July 7, airasia Digital (previously known as RedBeat Ventures), the digital arm of the Malaysia-based airline operator,  acquired the Thailand operations of Gojek. The budget airline firm expects the deal to rev up the expansion of the airasia Super App in ASEAN while enabling Gojek to increase investments in its Vietnam and Singapore operations.

In return, Gojek will receive shareholding in the airasia Super App, whose market value is said to be around US$1 billion.

4. GoTo gets US$400M from Abu Dhabi fund

On October 20, GoTo Group said it was set to receive US$400 million from a wholly-owned subsidiary of Abu Dhabi Investment Authority (ADIA) in its pre-IPO round. ADIA would be the lead investor in the round and would join a global list of prominent GoTo investors, including Alibaba Group, Astra International, Facebook, Global Digital Niaga, Google, KKR, Sequoia India, and PayPal, SoftBank Vision Fund, Telkomsel, Temasek, Tencent and Warburg Pincus.

5. Carousell to take SPAC route to list in US

On June 28, Bloomberg reported that Singapore’s leading online classifieds company Carousell was mulling public listing in the US via a merger with a special purpose acquisition company (SPAC). The transaction could value the tech company at about US$1.5 billion.

The firm is already working with an adviser on the potential deal.

6. PropertyGuru to go public

On July 23, digital property marketplace group PropertyGuru announced it would merge with Bridgetown 2 Holdings, a blank-cheque company formed by Pacific Century Group and Peter Thiel’s Thiel Capital, to go public on the NYSE. The combined entity will have an enterprise valuation of approximately US$1.35 billion and an equity value of approximately US$1.78 billion at closing.

The transaction is expected to deliver up to US$431 million of gross proceeds through the contribution of up to US$299 million of cash held in Bridgetown 2’s trust account, a concurrent US$100 million private placement (PIPE) of common stock anchored by Baillie Gifford, Naya, REA Group, Akaris Global Partners, and one of Malaysia’s largest asset managers, priced at US$10.00 per share.

7. VNG mulling public listing

On August 12, Bloomberg reported that Vietnamese internet giant VNG Corporation was considering going public in the US via a merger with a special purpose acquisition company (SPAC) at a US$2 to US$3 billion valuation. The technology giant is working with financial advisers and is holding talks with several SPACs for a potential merger, the report said quoting sources.

VNG is Vietnam’s first tech unicorn with a valuation of about US$2.2 billion. The firm has been considering a potential listing for several years. Back in 2017, Bloomberg reported that VNG had signed an MoU to list its shares on the Nasdaq, the second-largest stock exchange in the world.

8. Catcha SPAC files for a US$250M IPO

Catcha Investment, a blank cheque company formed by Malaysia’s Catcha Group, filed to raise up to US$250 million in an initial public offering on January 27. The Kuala Lumpur-based SPAC plans to raise the proposed capital by offering 25 million units at US$10. Each unit will consist of one share of common stock and one-half of a warrant, exercisable at US$11.50.

At the proposed deal size, Catcha Investment would command a market value of US$313 million.

9. Traveloka prepares to list via SPAC in the US

On February 15, a Bloomberg report said Indonesian travel giant Traveloka was planning to publicly list in the US this year through a SPAC. The Jakarta-based startup engaged JPMorgan Chase as plans to go public accelerate amid the capital influx into the stock market. Traveloka is said to be valued at close to US$6 billion.

10. AirAsia to launch ride-hailing services in Malaysia

Budget airline operator AirAsia Group founder and CEO Tony Fernandes announced in end-March that it would soon be launching ride-hailing services. Understanding the potential comparison with existing ride-hailing giants such as Grab, Fernandes affirmed that AirAsia can become successful in this sector even with the heavy competition, citing history where the company managed to raise funding quicker than any other airline company.

11. Gorilla Mobile launches blockchain-powered telecom offerings

On June 23, two-year-old Singaporean startup Gorilla Mobile rolled out a Switchback feature that enables customers to convert their unused data into redeemable non-expiring ‘Gorilla Go Tokens’. The tokens can be used to offset their bills and redeem other services like international direct dialling calls and travel roaming data. Founded in 2019, Gorilla Mobile originally started as a travel SIM card company that focused on business travellers who had plenty of unused travel roaming data.

12. Ascend Money becomes unicorn

On September 27, Ascend Money, a Bangkok-headquartered fintech firm providing payment and financial services in Southeast Asia, announced a US$150 million funding at US$1.5 billion to become Thailand’s first fintech unicorn. US-based Bow Wave Capital Management and existing shareholders — Thai conglomerate Charoen Pokphand Group and Ant Group — invested in the round.

So far, Ascend Money has made inroads into six Southeast Asian countries, including Thailand, Myanmar, Cambodia, Indonesia, the Philippines and Vietnam.

13. Carousell joins unicorn club

On September 15, Singapore’s leading classifieds company Carosell Group entered the unicorn club by bagging a US$100 million financing, led by Korean PE firm STIC Investments. Carousell plans to use the money to “redefine commerce for second-hand goods and automobiles in an increasingly digitally-savvy, affluent and sustainability-conscious region”. Quek Siu Rui, co-founder and CEO, said Carousell will deepen its investments in re-commerce across more categories and markets and will continue to seek opportunistic acquisitions in scaling up.”

14. Carro first automotive marketplace to turn unicorn

In mid-June, Singapore-based Carro raised US$360 million in a Series C funding round led by SoftBank Vision Fund 2, making it the first automotive marketplace unicorn in Southeast Asia. This news followed Carro’s US$110-million raise in debt financing last year. Carro plans to use the fresh capital to strengthen its market position and expand the retail offering across Indonesia, Thailand, Malaysia, and Singapore.

Carro is a subscription-based service that allows customers to drive a car without the hassle of owning it. It provides a range of services that offer car owners everything they need. These include an in-house financing solution, after-sales services like Singapore’s first on-demand roadside recovery platform, and a flexible car ownership experience with Singapore’s car subscription service.

15. Society Pass launches US$26M IPO on Nasdaq

On November 10, Vietnamese company Society Pass, which provides a data-driven loyalty platform, launched a US$26 million IPO on the Nasdaq stock exchange in the US. The company, which offers about 2.8 million shares of common stock for US$9 per share, trades under the ticker symbol “SOPA” on November 9. With this, Society Pass has become the first Vietnamese company to complete a traditional listing on a stock market outside of its home country.

16. Mynt makes it to the unicorn club

On November 2, Mynt, a leading digital financial solutions company in the Philippines and the owner of the mobile payments GCash, scored over US$300 million in a funding round. Global growth investor Warburg Pincus led the new round, bringing its valuation to over US$2 billion to turn it into the first fintech unicorn of the Philippines. This deal follows the announcement of over US$175 million funding from ASP Philippines early this year.

17. Kopi Kenangan joins unicorn club

Kopi Kenangan, a fast-growing new retail F&B chain in Indonesia, became the latest Indonesian company to enter the unicorn list after closing a US$96 million Series C financing round, led by Tybourne Capital, on December 27.

Founded in 2017 by Edward Tirtanata, James Prananto, and Cynthia Chaerunnisa, the firm aims to address the gap in the market between the high-priced coffee served at international coffee chains and the instant coffee sold in Indonesia’s street stalls. It allows customers to order coffee through an app. They can either get delivered to their doorsteps or pick it up at one of Kopi Kenangan’s outlets.

18. Trax bags US$640M Series E

On April 8, Trax, a Singapore-based company harnessing computer vision to provide vision and analytics tools for retailers, secured US$640 million in a Series E financing round led by SoftBank Vision Fund 2 and BlackRock. Founded in 2010, Trax’s cloud platform is accelerating the digital transformation of consumer packaged goods (CPG) companies and grocery retailers by providing granular visibility of rapidly changing store conditions.

Trax claims its proprietary computer vision solutions enable users to make timely, data-driven decisions and implement immediate corrective actions. This helps retailers accelerate growth, reduce costs, and drive awareness and purchasing intent.

19. Flash Express becomes first Thai unicorn

On June 1, Flash Group, the company behind the leading express delivery service Flash Express in Thailand, closed a combined US$150 million in its Series D+ and Series E rounds.

SCB10X, the corporate VC arm of Siam Commercial Bank, led the Series D+ round, with additional investment from Thailand’s Chanwanich Security Printing Company. Buer Capital, a Singapore-based Founder’s Fund, led the Series E round. Existing investors SCB10X, Alibaba’s eWTP Capital, PTTOR, TCP Group’s Durbell, Krungsri Finnovate also joined this round.

The latest rounds bring Flash Group’s total funding raised to more than US$400 million, taking its enterprise valuation to more than US$1 billion and becoming the first unicorn startup in Thailand.

20. Ninja Van raises US$578M Series E

On September 26, Singapore-based logistics tech firm Ninja Van announced a US$578 million Series E fundraise from existing investors Geopost/DPDgroup, B Capital Group, Monk’s Hill Ventures, and Zamrud, an entity linked to a Southeast Asian sovereign wealth fund. It followed a US$274 million in Series D funding round that the company announced in May 2020.

Founded in 2014, Ninja Van has a presence in major SEA markets such as Singapore, Malaysia, Indonesia, Thailand, Vietnam, and the Philippines.

The company said that it currently employs more than 61,000 staff and delivery personnel that support the delivery of around two million parcels a day throughout the region.

21. Xendit turns unicorn

On September 15, Xendit, a payments infrastructure company based in Indonesia, secured a US$150 million Series C funding led by Tiger Global. This deal followed a US$64.6 million Series B round led by Accel and brings its total funding raised to US$238 million since its inception in 2015.

Xendit aims to simplify the payment process for businesses — from SMEs and e-commerce startups to large enterprises — in Indonesia, the Philippines and Southeast Asia. It enables them to accept payments, disburse payroll, run marketplaces on an easy integration platform supported by 24×7 customer service.

With the Xendit tools in place, businesses can accept payments from direct debit, virtual accounts, credit and debit cards, e-wallets, retail outlets, and online instalments.

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According to Dinar Standard’s Global Islamic FinTech Report 2021, the Islamic fintech market is projected to grow to US$128 billion by 2025.

In 2020, the Islamic fintech transaction volume within Organisation of Islamic Cooperation (OIC) countries is estimated at US$49 billion. The halal economy is currently worth US$3.1 trillion and is projected to be worth US$5 trillion by 2030.

At the heart of this explosive growth is Malaysia, a country with 89 per cent of internet users penetration among its population. It ranks first in terms of market maturity and is among the top five Islamic fintech markets based on transaction volume. As the country seeks to be the world leader in the vertical, it needs to look at bringing its solutions to a global audience.

Malaysia Digital Economy Corporation (MDEC), the country’s lead digital economy agency, has included fintech and Islamic digital economy as one of the five focus areas for its digital investment future strategy. It has run various programmes to support the sector, including Fintech Booster, FIKRA Accelerator, i-Connect Fintech in Islamic Finance and the Royal Award for Islamic Finance (RAIF) Impact Challenge.

From January 9-15, 2022, MDEC will be leading a delegation of 20 Malaysian companies to Expo 2020 Dubai as part of the Malaysia Digital Economy week. These include companies from its thriving Islamic fintech industry.

“Islamic Finance and fintech are seen as a crucial pillar within the Twelfth Malaysia Plan (12MP) not just in driving a progressive, inclusive, and sustainable society, but towards expanding the country’s export market. Expo 2020 Dubai will serve as an important platform for these Malaysia-based Islamic fintech innovators to reach a global market in line with MDEC’s vision for Malaysia to be an Islamic fintech hub,” said Mahadhir Aziz, CEO at MDEC.

Here are the Malaysian Islamic fintech players set to break into the global stage:

microLEAP

microLEAP is an Islamic and conventional peer-to-peer (P2P) microfinancing platform regulated by the Securities Commission of Malaysia (SC).

The platform serves as an alternative financing tool that allows issuers to obtain financing from investors without having to go through a financial institution. They are the first Malaysian P2P operator that offers both Islamic and conventional financing on the same platform.

microLEAP experienced tremendous growth in a short period of time. After going live with their Islamic P2P investments in April 2020, their funded notes grew by over 1,000 per cent in a span of four to five months. As of April 2021, the platform has successfully helped fund over MYR2 million across 71 funding notes – 97 per cent of which are Islamic.

Also read: Here’s how you can earn passive income with cryptocurrency easily and safely

The platform in 2021 raised US$3.26 million in equity and other modes of financing from Malaysian investment holding company MAA Group. It has since begun several key partnerships, including with Malaysian Technology Development Corporation (MTDC) and MoneyMatch.

microLEAP has also partnered with MDEC under the agency’s eBerkat campaign. More recently, it is collaborating with Bank Pembangunan Malaysia Berhad (BPMB) to finance MDEC’s Digital AgTech programme.

TheNoor

Created and launched by actress and successful entrepreneur Noor Neelofa Mohd Noor, TheNoor (meaning ‘light’ in Arabic) is described as the ‘Ultimate Muslim Lifestyle App’. The app allows users to keep track of prayer times and listen to verses from the Quran. On top of features such as a Qiblah finder with real-time detection, the app also functions as an e-wallet.

Since its release in 2020, TheNoor has already garnered five million users. More features are en route, including more languages for its voice-over translations of the Quran. More recently, it partnered with Tabung Haji Travel & Services Sdn Bhd to offer shariah-compliant travel and holiday services.

The collaboration connects businesses to the global halal tourism industry, offering umrah and haj packages through the app. It will enable users to conduct everything from the early stage of registration right up to the completion of the Islamic pilgrimage.

In July 2021, TheNoor partnered with insurance provider Zurich to offer free personal accident coverage for the app’s users.

HelloGold

HelloGold was established in 2015 as the world’s first shariah-compliant mobile application that changes the way you buy, save, sell, and redeem physical gold.

Currently, with over 200,000 users, HelloGold allows users to diversify their investments into gold through a user-friendly app. The gold can be bought on the app for as low as MYR1 (US$0.24), with the transactions kept transparent through a public ledger powered by blockchain.

In 2018, HelloGold raised Series A funding from Silicon Valley’s 500 Startups for an undisclosed amount. The startup saw further growth during the COVID-19 pandemic, where they onboarded between 20,000 to 30,000 new customers between May 2020 to 2021.

HelloGold has won multiple awards including Best Islamic Wealth Management FinTech Company in the 2018 World Islamic FinTech Award.

Global Sadaqah

Global Sadaqah is an award-winning zakat and waqf management platform working together with stakeholders from religious bodies and foundations to banks, corporates, and the public to increase the “efficiency, sustainability, and impact of social finance.”

The Islamic crowdfunding platform is open to the public and corporate clients to contribute to zakat or waqf campaigns —verified and approved by their in-house Shariah team. One hundred per cent of the campaigns are from trusted and verified partners, with enhanced due diligence and KYC in place.

Also read: How electric mobility startups are tackling climate change in Asia

Global Sadaqah also provides fund matching by corporate partners for eligible campaigns and promises zero compromise safety and security standards. Donations are facilitated through 11 channels including e-wallet providers in Malaysia, Bitcoin, and digital gold.

The platform is fast gaining popularity, having grown more than double every year for the past two years. In February, Global Sadaqah raised MYR450,000 (US$106,000) on crowdfunding platform Ethis Malaysia, attracting investors from 10 countries including strategic angel investors.

WAHED Technologies

WAHED Technologies is an Islamic digital investment management company that provides Malaysians access to a shariah-compliant robo-advisory portfolio that is transparent and impartial. They are backed by leading investors and advisors bringing ethical and halal financial management to communities globally.

The platform currently serves more than 200,000 clients across more than 100 customer countries. WAHED now has 11 offices and nine regulatory licenses. The platform’s portfolios are a group of securities mainly across stocks and sukuks (Islamic bonds), which they will automatically invest in according to the client’s specific risk profile.

WAHED has won multiple awards including Best Islamic Robo-Advisory Platform at the World Islamic FinTech Awards 2020.

Global Psytech

Global Psytech Sdn Bhd is a data tech company that provides data analytic solutions in various industries. Incorporated in 2017, Global Psytech’s goal is to develop cutting-edge analytic solutions by integrating multiple scientific disciplines, including artificial intelligence (AI), machine learning, behavioural science, cognitive science, statistics, and psychometrics.

Their flagship product General Financial Insights (GFI) is an alternative credit risk assessment system that applies psychometrics, behavioural sciences, AI, and machine learning to estimate the risk of an individual in loan defaults.

GFI has been tested and validated at various lending institutions including Islamic banks, development financial institutions, and P2P lenders involving more than 20,000 borrowers in Malaysia and the APAC region since 2018. In short, GFI will prove crucial towards the development of further Islamic FinTech innovations and services.

Global Psytech has received multiple awards, including the International Business Review ASEAN 2020 Awards for Innovative Technology in the ICT Sector. It was also awarded as one of the Top 50 Tech Companies 2019 by the Top Internet Conference (InterCon) Dubai.

Createwills

Createwills is a fintech company in the business of Digital Wills that provides a fully legal solution that is the most comprehensive in the industry.

Createwills’ Islamic Will, known as Al Yusra, is their first Islamic Will integrated with a Faraid algorithm that can calculate the permutations within seconds.

Also read: How Grove HR is powering the next generation of Tech unicorns

This will allow Muslims to understand what happens to their assets after passing away and to plan their asset distributions accordingly.

Createwills’ Conventional Will, known as Sterling, can be customised to manage complicated gifts such as shares and trusts and allows for percentages in asset distributions.

They are currently building an ecosystem that includes, but not limited to Will storage, insurance, microloans, funeral services, trustee services, florists, automated obituaries and certifications for Will agents.

For more information on Expo 2020 Dubai and Malaysia Digital Economy Week, visit their website at: heartofdigitalasean.my

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

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