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The internet has changed consumption—whether it’s news, music, films or consumer goods in general. By being exposed to a broader selection of media and products, people are now freer to pick and choose what’s relevant to them.

This trend reflects the revolution that is happening in user experience (UX), the consumer journey and the consumer experience (CX) as a whole. It’s become somewhat of a paradox in that, as people rely more on technology, the more they seek a personal, more organic touch.

Consumers now have the ability to shape their own digital realities, thus shifting the balance of power to the people when it comes to product and UX design choices.

As technology becomes more sophisticated, so does the consumer and one of the fears for a brand is to be outpaced by change. In an increasingly saturated and digital-savvy global market, how does a company set itself apart?

Technology drives best practices in UX

As daunting as it may seem, it is important to understand that the consumer grows with the technology—and brands should be able to keep up with this growth by empathizing with the consumer. At the heart of the good design is being able to address pain points and reflect it on the consumer experience.

Many companies at present have taken a more proactive stance in keeping pace with consumer trends by adding value for prospects and existing customer-bases through UX. And this is largely enabled by technology such as machine learning, artificial intelligence, big data analytics, augmented reality and mixed reality.

Subscription-based media platforms such as Netflix and Spotify have epitomized personalized experiences largely through big data analytics and machine learning.

Spotify changed the music industry forever by curating user dashboards based on listening activity, giving artist and song recommendations and “Daily Mixes” unique to a user. This takes a lot of effort and guesswork out of one’s listening experience and music discovery.

Netflix, which dubbed itself as the world’s leading Internet television network, did a similar thing for movies and tv shows.

The company has invested heavily on machine learning, constantly optimizing its platform to give accurate, individualized recommendations on its landing page. Netflix has also used big data to understand what makes a good film or tv show, providing valuable insight when investing in content for its subscribers.

When e-commerce goes mainstream

By 2021, E-commerce will balloon to a USD 4.9 trillion global markets with more than 2 billion online shoppers accounting for 17 per cent of total retail spend. Even now, this exponential growth has pressured businesses both new and established to innovate their digital storefronts to attract prospects and keep repeat customers coming.

Southeast Asian e-commerce giants Lazada and Shopee have created curated storefronts based on individual user purchase and product browsing habits to make relevant recommendations on the best deals and platform-wide sales.

Both apps have also gamified the buying experience, scheduling special events and contests in-app to boost traffic and engage users.

AI is also seeing success in e-commerce. Brands like Lazada, Sephora and H&M have increased customer service efficiency by providing 24/7 chatbot support, able to answer inquiries and provide recommendations.

Banking payments benefit from CX and technology convergence

During this time, it will become vital for traditional businesses to bolster their digital transformation with an omnichannel approach if they have any hope of fending off new players from disrupting their specific industries.

According to Business Insider, 97 per cent of millennials already use some form of mobile banking, for instance. This means that legacy industries such as banking have to follow suit in the trend if they want to stay relevant.

Very recently, the United Bank of India (UBI) added voice transactions to its digital banking platform, enabling customers to talk to a Voice Assistant. The new “Voice Commerce” will not only improve the individual experience but also the security of the bank’s mobile users.

In terms of customer experience, the feature allows account-holders to have more personal, context- and location-aware transactions compared to the traditional mobile banking experiences. This gives them access to a wider range of UBI’s services with a more organic customer journey, in the same vein as transacting with an actual bank teller.

Voice Commerce also gives financial institutions and businesses an added layer of security with multi-factor authentication which includes voice recognition.

The service was powered by Financial Software and Systems (FSS), itself a global leader in helping financial institutions and commercial businesses transform the consumer experience.

The company envisions a more personalized, omnichannel banking experience that unites physical and digital channels into one seamless, frictionless system to cater to the specific needs of users.

This partnership seems to be on-trend when it comes to AI and banking which, Business Insider Intelligence forecasts as a USD 450 billion opportunities for banks, allowing them to grow their businesses and cut costs from the front office to the back office.

In the future, many existing industries such as banking indeed will have to become either digital-first or digital-only if they would like to stay relevant to the increasingly tech-minded consumer who values personalised experiences, speed, efficiency, convenience and security.

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One company I keynoted for had their leaders create 12 days of appreciation for their employees (like 12 days of Christmas–accommodating for multiple denominations as well).

Also Read: Why fasting is the ultimate productivity hack for entrepreneurs

In the case of the Christmas crowd, they set up plastic stands shaped like a tree and each day would put envelopes with the employees’ names on them in the tree (containing a gift certificate one day, a warm note the next, etc.). You get the idea–and your employees will get the warm and fuzzies.

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Most people in Southeast Asia view the rise of food delivery platforms as a guilty pleasure. Yes, services like Grabfood, Lalafood, FoodPanda, and others are convenient, but they also enable us to indulge in treats that our stomachs (to say nothing of our wallets) may have likely ignored if it were not for the on-demand economy.

But food delivery platforms deserve more than just our dietary regret. The industry deserves recognition as but one pillar of an even larger industry: food tech. The field refers to the development of new products and services around food; a wide spectrum that spans delivery services all the way to the creation of new types of food as we know it, such as in the case of Beyond Meat, which produces plant-based meat substitutes that some say are indistinguishable from the real item.

Food, of course, has no market. We all eat food. That’s why it should come as no surprise that the food-tech industry is projected to grow to US$700 billion in just a decade. How can people in the startup and tech community get involved in this space beyond just satisfying their late-night cravings through a delivery platform? Fortunately for our diets, there are several key ways.

1. Foodtech as a digital transformation enabler

Most people discuss digital transformation as though it were some laborious task that every traditional business leader must undertake. On the other hand, the advent of food tech has given restaurants, eateries, and other small food businesses many ways to easily transform how they serve and connect with their customers.

Also Read: Foodtech in Singapore through the eyes of startups

Take the case of Booky in the Philippines. The lifestyle app and discovery platform allow users to enjoy discounts from restaurants and other services. Booky effectively becomes another digital storefront for restaurants, bringing them new business from the digitally-savvy consumers who are also likely to become loyal customers.

2. Food as a complement of fintech

Food is clearly the main draw in the fin techs drive to make digital payments a habit and a lifestyle. The benefits of bringing e-payments mainstream are not lost on the banking sector including regulators, now fintech’s biggest champions as it promotes the velocity of money and also financial inclusion of the unbanked in emerging economies.

And then there’s blockchain and cryptocurrencies that hold the greatest promise in terms of secure digital transactions in a more and more Internet-based world economy.

Blockchain too has banked on food to bring the important technology mainstream. The Singapore-based Pundi X launched the first blockchain-based Point of Sales Systems XPOS with its crypto-carrying XPASS and XWallet in restaurants and food festivals across Asia in 2018. The XPOS has been rolled out to stores in 25 countries around the world since, including a couple of Michelin Star restaurants that now accept all major cryptocurrencies.

3. Foodtech as a venture capital magnet

If the food-tech sector is projected to grow to USD$700 billion, you can bet that venture capital firms and other investors are doing what they can now to claim their piece of the pie. There is no shortage, in other words, of capital to be raised for founders launching in the food tech space. 

One of most high profile examples of this fact is evident in Uber founder Travis Kalanick, who raised US$400 million from Saudi Arabia’s sovereign wealth fund for CloudKitchens. The company creates shared kitchens for the exclusive rent of delivery-only restaurants. 

But venture capital in food tech is not limited to big gambles like kitchens for rent. There is an increasing number of food-tech funds dedicated to backing ventures in every niche of the sector. Investments into the food tech space reached the US$1 billion mark in 2015, compared to only USD$60 million in 2008, and reached an all-time high of 459 unique investments in 2017. To put it simply, if you’re a founder in search of a hot idea, you can get funding in food.

4. Foodtech as a smart investment

With the food tech industry on track to be worth USD$700bn in a decade, the popular online global trading platform eToro recently created a new portfolio to help people invest in this fast-growing sector.

The context: Manufacturers and suppliers investing billions of dollars in developing new food and services as the world grapples with multiple food security challenges, requiring more sustainable agricultural production. On the lifestyle front, there’s the move towards more plant-based diets and consumer demand for out of home dining options that are opening up opportunities for manufacturers, retailers and even technology firms.

eToro’s new food tech investment portfolio comprises a diverse range of companies working in the sector, from established brands like Danone (BN.PA), which invests its own capital in food tech disruptors, through to innovators like Beyond Meat (BYND), which quadrupled its stock value in three months following its IPO in May.

eToro’s mission, of course, is to allow ordinary folks to get a piece of the action in otherwise prohibitive global stock investments. The company’s popular copy trading platform allows entry of USD$200 to invest in global brands and companies. Meanwhile, investment in the specially curated portfolio for food tech starts at US$2000.

Also Read: Meet the 10 agritech, foodtech startups pitching for Future Food Asias US$100K grand prize

Small business owners in the food space can use it to digitally transform their businesses, founders can easily launch venture-backed startups in the food tech gold rush, and online traders can even invest into the entire sector as a whole through a food tech portfolio.

So while those in the tech community are often advised to follow their heart, it may be just as smart and forward-thinking to follow your stomach.

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Editor’s note: e27 publishes relevant guest contributions from the community. Share your honest opinions and expert knowledge by submitting your content here.

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IdeaSpace, Philippines-based startup accelerator, announces that it has invested in three startups, injecting US$20,000 each, as reported by DealStreetAsia.

The startups that were part of its incubator programme are Airship Logistics, an end-to-end solution for courier companies; Cocotel, a tech-based property manager for resorts and hotels; and Experience Philippines, a community travel platform for domestic and foreign tourists.

The three startups were the top picks of this year’s startup competition after an acceleration program, in which 20 founders worked with mentors to refine their business and financial model, product, operations, and communications.

Besides investment, IdeaSpace will also provide the three startups with access to learning sessions, free use of office space, and linkages to corporate partners, strategic partner resources, and investors.

Also Read: 5 Filipino startups are giving Lazada, Shopee a run for their money, defying expectation

“We’re looking for resilient, creative, and disciplined entrepreneurs who understand the pain points they’re trying to solve in industry and society and who are willing to do the work to build a scalable, sustainable business,” said IdeaSpace executive director Diane Eustaquio.

IdeaSpace was launched in 2012 with US$12.5 million in funding. So far, the firm has backed eight startups, including PortfolioLauncher, TimeFree Innovations, PinoyTravel, Zipmatch, and Saffron Technologies.

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Capture Co-founders Abdul Aziz and Josie Stoker

Josie Stoker’s previous job involved extensive business travel, mostly flights. As a champion of Climate Change, she was, however, concerned about the harms her flights/travels could do to the planet.

While searching for a solution to this pressing problem, she realised that it was difficult to keep track of the impact that each individual on this earth can make on Climate Change on a day-to-day basis.

“I decided to set out with a mission to build a tool that would make it as easy to track our carbon emissions as we track our footsteps,” Stoker tells e27.

Her relentless quest for a solution eventually paid off. She started Climate Technology Solutions out of Singapore. The startup has developed a mobile app, called Capture, which enables users to track, reduce and remove carbon emissions from everyday life.

The company has another founder Abdul Aziz, whom Stoker met during an Antler programme (Capture is part of Antler’s ongoing startup programme).

Stoker has worked across diverse countries and disciplines. In her last role, she was involved in bringing senior executives to spend time learning from remote nomadic tribes. Aziz’s background is in product development and project management.

Capturing lightning in a bottle

Capture mainly serves three functions — tracking, reducing and removing CO2 emissions from everyday life.

The app uses GPS information from your mobile to automatically detect your mode of transportation and keeps a running total of your emissions. It will then give you a clear picture of your environmental impact, your daily allowance guidelines, and your choices that cause the most significant climate impact.

Also Read: MAEKO addresses climate change by converting food waste into compost. Greta Thunberg should feel happy

“The Capture app helps you remove the equivalent amount of CO2 that you’ve produced through a choice of certified offsets (such as forest conservation and renewable energy projects). We encourage users to subscribe to an ‘offset-as-you-go’ monthly payment through their choice of project,” she explains.

The startup initially targets higher earners. “A study by Oxfam showed the wealthiest 10 per cent are responsible for 50 per cent of carbon emissions, thanks to several factors such as transportation, consumption and diet,” she adds.

“We will start by targeting specific segments of potential users within this population. It will help us to be more ecologically-impactful. It will also help us target those who can currently afford to make personal improvements in carbon efficiency, and purchase carbon offsets,” she goes on.

As per an estimate, this segment of the population (aged between 15 and 64 years) would account for around 500 million people.

“We cautiously estimate that 5 per cent of this 500 million would care enough about the climate crisis and seek personal solutions. This would take us to an addressable market size of 25 million,” she hopes.

“This number is growing and we believe it will continue to grow at an increasingly higher rate, as climate change becomes more prevalent. We aim to reach 10 million users over the next five years,” says Stoker, who holds a Master’s Degree in Management from Singapore Management University.

As per an estimate, up to 100,000 people enter the search term ‘carbon footprint’ on Google each month. Over four million people left their jobs or schools for the global climate strike in September 2019.

“We’ve seen a huge surge in the success of sustainability-related brands across diverse groups of users — from hydro flasks to Teslas. Hundreds of millions are anxious about the climate crisis, so much so that ‘eco-anxiety’ is becoming a well-known term to describe the feeling of doom and panic that can be associated with climate change,” Stoker notes.

‘Building things people want’

Capture subscribes to the Y Combinator motto of ‘build things people want’. “We know people are searching for solutions to help them track and offset their carbon emissions. It’s also been interesting to watch the growth in other sustainability-related markets, for example, the reusable water bottle market, which is forecast with a CAGR of 4.2 per cent between 2016 and 2024 (Transparency Market Research),” she adds.

While Capture realises that personal carbon emissions tracking is not a mainstream issue yet, the perception is fast-changing.

The Capture team

As the company grows, Capture wants to add more features to the app and intends to provide a complete picture of one’s personal climate impact. This includes many categories of life, including mobility, food choices, purchases (clothing, technology, etc.), and home energy usage.

Stoker expects to add the ‘food choices tracking’ feature by the end of March 2020, which will be followed by ‘home energy tracker’ and ‘spending tracker’.

“We expect that in the coming years, many of the products and services we buy will already include carbon offsets, so we want to help people keep track of that too — all in one place,” she notes.

The app, which will hit the market this month, will be free to download — the ‘track’ and ‘reduce’ features will not be chargeable. “However, we encourage our users to engage in CO2 removal for their emissions, which could be something in the region of US$5-$8 per month, depending on their levels of CO2-producing activity and their choice of CO2 removal project. Capture charges a 10 per cent transaction fee on offsetting.”

Capture will also offer B2B services, including Capture for Events (where it will provide tracking and removal for conference travel emissions). For these, it will charge a fee from organisations.

“Over the coming months, our main challenges are around raising awareness. In the coming years, we will have to be incredibly agile and adaptable as the climate tech space is moving very fast,” Stoker concluded.

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Satellite operator Kacific raises US$160M – Tech In Asia

Kacific Broadband Satellites Group, a Singapore-based satellite operator providing internet for rural markets, announced that it has secured US$160 million in long-term credit facilities from a group of financial institutions including Asian Development Bank (ADB) and GuarantCo.

Tech In Asia reported that the company plans to use the deal to repay short-term loans used to fund the construction of its Kacific1 satellite and associated infrastructure and launch costs.

Established in 2013, Kacific said that the company already has customers in 25 nations that have signed up to its service ahead of Kacific1’s operations early next year.

Its first satellite focusses on rural areas in the Pacific and Southeast Asia.

Fintech startup Nivesh raises US$600K – Press Release

Indian fintech startup Nivesh today announced a US$600,000 funding round led by Windrose Capital, through its The Next Billion Fund.

Nivesh is a platform built to serve marginal investors from Tier 2 and 3 cities with limited or no access to formal public financial markets. It employs a large network of independent agents in those cities.

Agents and small institutions use the platform to facilitate and simplify mutual fund investments.

The new funding will be used to expand to a new market and grow the customer base in existing ones.

Also Read: Gilmour Space secures US$14M to develop low-cost hybrid rockets for small satellite market

Evermos raises US$8.25M Series A to bring halal products to Indonesia – e27

Indonesia-based Evermos, a halal/sharia-compliant social commerce company, has raised US$8.25 million in an “oversubscribed” Series A funding led by Jungle Ventures.

The funding round also included the participation of Shunwei Capital and existing investor Alpha JWC Ventures.

The startup plans to use the funds to expand its presence in the digital Islamic economy ecosystem, accelerate growth by focusing on further collaborations with local brands and organisations, and build and support a vast online reseller network.

Swiss fintech incubator F10 enters Singapore – e27

Switzerland-originated fintech accelerator and incubator F10 is set to launch in Singapore.

The company will bring its P2 <> Startup program to drive innovation towards the fintech sector.

Before its official launch in Singapore, F10 has completed two F10 Hackathons in Asia.

This time, the six-month programme will start in May 2020 and is open for teams with a validated prototype of their product or service that solves a relevant problem within the financial industry.

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Image Credit: Sharon McCutcheon on Unsplash

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F10, Switzerland-originated fintech accelerator and incubator has added Singapore into its operational city, an official statement shared.

F10 will bring to the country its P2 <<Prototype to Product>> Startup program to drive innovation towards the fintech sector.

F10 seeks to support the entrepreneurs with a dedicated coach to develop the idea further, provide tools, create exposure, and enable partnerships. The aim in Singapore is to support pre-seed and seed-stage fintech, regtech, and insurtech startups to stimulate worldwide collaboration with international organisations while giving access to the F10 ecosystem.

After four years in Zurich as incubator and accelerator, the expansion is deemed timely with track records of around 100 Startups already went through the programs with an 85 per cent plus survival rate.

Also Read: Swiss accelerator, VC firm Blockchain Valley Ventures makes its debut in Singapore

Before officially launching its operation in Singapore, F10 has completed two F10 Hackathons in Asia. This time, the 6-month program will start in May 2020 and is open for teams with a validated prototype of their product or service that solves a relevant problem within the financial industry.

With the expansion expected to bridge the gap between the European and Asian economy, Corporate Members in Singapore may benefit from access to high-potential startups with the opportunity to collaborate with them.

Two members are already on board in Singapore, namely SIX and Julius Baer, which are also part of the Swiss ecosystem and aware of the benefits from working with F10.

“We are excited to open a second office in Singapore and to explore the possibilities further. Singapore offers an ideal framework for fintech initiatives and is centrally located in Asia with high potential neighboring countries,” said F10 co-founder and board member Andreas Iten.

“We have observed the developments in Singapore closely and actively contributed to shaping the fintech landscape in the region. We want to bridge the gap between Switzerland and Singapore, two highly ranked innovative places, and offer Startups the opportunity to benefit from both ecosystems,” he continued.

The F10 opened the applications for this Startup Program beginning in May 2020 in Singapore. Following the setup, F10 Head of Program Management Lisa Schröder will transfer to Singapore, bringing her experience from Switzerland to Asia to support and guide Asian startups with a local team.
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UNDP, 500 Startups held ImpatAim Indonesia’s Demo Day, presenting 9 selected startups [Press Release]

The United Nations Development Programme (UNDP), in partnership with 500 Startups, held ImpactAim Indonesia: Demo Day at Google Developers Space in Singapore as part of the United Nations Sustainable Development Goals (SDGs) initiative. In the Demo Day, the inaugural cohort pitched to high profile investors and regional corporations, financial institutions, family offices, angel investors, and leading venture capital firms.

Nine Indonesian startups participating including KitaBisa, iGrow, Tech Prom Lab, Qlue, Sehati, Sampingan, Mycotech, Indexa Law, and InfraDigital Nusantara. These companies represented Indonesia’s education, legal, government planning, and healthcare systems sector.

They were chosen to join the ImpactAim Indonesia program in September 2019, where they were assisted in scaling-up their companies and impact measurement. In addition, over the past 10 weeks, ImpactAim Indonesia has held workshops and mentoring sessions covering lean data management and growth strategies

The UNDP Innovative Financing Lab exists to overcome institutional and market challenges, develop a pipeline of venture-addressing impact ventures, and provide them global access to impact funds.

Tookitaki appoints ex-Director of LinkedIn as VP of Research & Engineering [Connected to India]

Singapore-based financial regulator startup Tookitaki has welcomed Subhas Samanta, who is the ex-Director of LinkedIn, as its new Vice-President of Research & Engineering.

Upon joining the company, Samanta will focus on Tookitaki’s management as the company looks to change the face of regulatory compliance as well as ensure sustainable compliance programs for financial institutions across the globe.

Also Read: AI-powered regtech startup Tookitaki secures US$19.2M in Series A funding, pledging to address global money laundering issue

Tookitaki was founded by Abhishek Chatterjee and Jeeta Bandopadhyay in November 2014 with offices in Singapore, India, and the US. It provides enterprise software solutions allowing firms to follow compliance programmes in the financial services industry.

The company recently raised US$19.2 million in a Series A funding round.

Korea to set up fintech support center in Singapore [Korea Times]

Korea’s Financial Services Commission announces that it will scale up the nation’s fintech industry by setting up a fintech support center in Singapore, as reported by Korea Times. Kwon Dae-young, who is the director-general of the innovation bureau of the firm, announced the plan at the Government Complex in Seoul today.

The centre would have a role as a help desk in Singapore early next year to support Korean fintech startups’ expansion into Southeast Asia, tentatively named Korea Startup Desk. It will open at the Korea Development Bank’s branch in the city-state.

The desk will help Korean fintech startups understand industry trends and build networks with local financial firms, investors, accelerators and other startups.

On December 16, the Korea-ASEAN Fintech Conference will take place in Seoul to discuss the outcome of fintech cooperation in the ASEAN region and ways to bolster this. The annual Korea Fintech Week event is due next on May 28, 2020.
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