Generative Artificial Intelligence (Gen AI) is the buzzword among senior corporate executives across all sectors and regions, especially with the advent of applications like ChatGPT, Gemini, Midjourney, Claude, and GitHub Copilot. As software providers continue to integrate Gen AI features into their products, its significance has skyrocketed. What was once seen as a cutting-edge technological answer has now evolved into a widely used tool, not just in the Asia Pacific but globally.

Reflecting this rapid evolution, Adobe’s APJ Digital Trends Report 2024 delves into how Gen AI is transforming business operations and customer engagement strategies across the Asia-Pacific region. From reshaping digital customer experiences with enhanced personalisation and interactivity to revolutionising content workflows and customer journey management, Gen AI is poised to redefine the digital landscape. Adobe, at the forefront of this transformative shift, is driving innovation and empowering businesses to harness the full potential of Gen AI in their strategies.

The Asia-Pacific region is at the forefront of digital transformation, with businesses increasingly embracing advanced technologies to stay competitive. Adobe’s 2024 APJ Digital Trends Report highlights how Generative AI (Gen AI) is poised to revolutionise business operations and customer engagement strategies across various industries in the region.

Simon Dale, Vice President of Asia at Adobe, emphasises that Gen AI is not just a technological upgrade but a transformative force reshaping digital customer experiences by enhancing personalisation, efficiency, and interactivity. “APJ brands are leveraging Gen AI to meet the increasing content velocity needed for personalisation at scale,” Dale shares. “This emerging technology is set to transform every part of the enterprise, and while brands in the region are well-positioned, they cannot rest on their laurels.”

Transforming digital customer experience with Gen AI

Gen AI is enabling brands to offer personalised experiences that closely match individual customer preferences and behaviours, creating a more engaging and relevant digital journey. Dale explains, “Through Gen AI, businesses can create interactive and dynamic digital experiences, such as personalised email campaigns or customised user interfaces, which keep customers more engaged and connected to the brand.”

The technology is also redefining content workflows by automating the creation of a wide range of content types, from blog posts and social media updates to videos and graphics. This capability significantly reduces the time and cost associated with content production. Moreover, Gen AI’s ability to analyse customer data to predict future behaviours allows businesses to anticipate market needs and tailor their offerings, staying ahead of the competition.

Also Read: Singapore’s AI-powered future: Reshaping industries and economies

Industries set to benefit the most

While Gen AI is set to impact various sectors, certain industries are expected to see extraordinary benefits. In marketing and sales, Gen AI is revolutionising content creation, email marketing, and personalisation strategies, transforming how brands connect with their audiences.

In fact, a recent study conducted by Salesforce found that seven in ten marketers (71 per cent) expect generative AI to help eliminate busy work, allowing them to focus more on strategic tasks. They also predict that generative AI will save them five hours of work per week, which amounts to over a month per year. The public sector is another beneficiary, with government agencies using Gen AI to gain deeper insights into citizen behaviours, leading to more personalised and efficient services.

A notable example of Gen AI’s impact is Adobe’s collaboration with Singapore’s Central Provident Fund Board (CPFB). Adobe’s solutions from the Adobe Experience Cloud suite helped CPFB better understand member needs, enabling tailored communications and services that enhance the citizen experience. “With Adobe’s tools, CPFB developed personalised digital offerings like the CPF retirement income planner, which significantly improved engagement metrics,” Dale notes. The initiative led to a 10% increase in open rates for educational messages and almost doubled the unique viewership of the Yearly Statement of Accounts.

Balancing personalisation with data privacy

As businesses strive to enhance personalisation in their customer interactions, maintaining data privacy and security remains a critical challenge. Dale underscores the importance of a robust data foundation, stating, “Many organisations struggle with data quality issues, where inconsistencies can lead to flawed insights. The challenge of integrating data from disparate sources adds further complexity, compounded by the need to comply with stringent data governance policies.”

Adobe addresses these challenges through the Adobe Experience Platform, which consolidates data from across the enterprise to create a single source of truth. “Our platform not only enhances data quality but also connects an organisation’s data governance infrastructure with the tools used for managing customer experiences,” Dale explains. “This approach ensures that data remains relevant, accessible, and compliant with regulatory requirements.”

Also Read: Embracing AI in Southeast Asia: The strategy for avoiding cost overruns

Future-proofing with Gen AI and beyond

Adobe’s commitment to security and privacy is unwavering, with ongoing efforts to embed security into its products and services through repeatable processes and comprehensive training programmes for development teams. By addressing data management challenges with advanced solutions, Adobe empowers organisations to build strong data foundations that support current needs and pave the way for future innovations in Gen AI and beyond.

As the 2024 APJ Digital Trends Report illustrates, the dawn of Gen AI marks the beginning of a transformative era for businesses in the Asia-Pacific region. With the right strategies and technologies, companies can harness the full potential of Gen AI to redefine customer experiences, streamline operations, and drive sustainable growth.

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

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Over the past decade, the Asia Pacific (APAC) region has become the epicentre of mobile app innovation.

Mobile apps have shifted from ‘nice to have’ to mission-critical pillars of corporate strategy. APAC now accounts for 33 per cent of the global app market value.  It is forecast to grow from approximately US$200 billion in 2022 to an estimated US$750 billion by 2032, representing a CAGR of nearly 14 per cent.

It’s no wonder why mobile is now an essential part of any business strategy in APAC.

APAC continues to stand at the forefront of the mobile app revolution, capturing 64 per cent of all app downloads globally. This, more than anything, proves why APAC is pivotal to the industry’s future. With smartphone penetration predicted to surpass 90 per cent by 2030, mobile apps are slated to bridge the digital divide by drawing in users across both geographical and socio-economic boundaries. However, with every great opportunity comes great challenges.

In specific the astronomic growth of this new technology has fundamentally changed user behaviour for good. The ever-increasing reliance on apps and soaring engagement in this channel reflect a paradigm shift in consumer behaviour. Marketers are now faced with the ongoing task of influencing, measuring, and addressing these rapidly changing patterns.

After a decade of navigating this dynamic landscape, AppsFlyer’s trajectory closely mirrors the region’s rapid expansion. This year marks a monumental milestone for AppsFlyer as we celebrate our tenth anniversary on the ground in APAC, steadfast in our mission to “make marketers in Asia successful.” This special occasion stands as a poignant time of reflection and a chance to consider the invaluable lessons we’ve learned on this monumental journey.

Reflecting on 10 years of growth and innovation 

As the mobile ecosystem flourished, it reshaped the context within which app developers and marketers operate. Success now hinges on delivering apps that are not only functional, but sustain user engagement through fresh content, intuitive experiences, and intelligent personalisation.

Over this time, AppsFlyer emerged as the market leader in marketing measurement in the fast-paced app economy. With the increased complexity of data, we have been at the forefront of the ecosystem—working to eliminate data blind spots and equipping marketers with the insights needed to not only succeed but excel in their business.

Also Read: What AppsFlyer recommends to keep customers coming back to your e-commerce site

Our customers hail from almost every corner of APAC, operating in industry verticals that have had to evolve rapidly in this era of mobile and digital transformation, including gaming, e-commerce, and finance, to name but a few. Likewise, we have had to continuously innovate to provide a product that can meet the incredible demands of such a dynamic market. This is only possible if you stay close to the market, and we do so thanks to a culture of customer obsession.

Privacy and trust — The non-negotiables

The last decade has been defined by significant changes in policies and regulations relating to data and consumer privacy. They have dramatically reshaped the mobile marketing landscape. Picture the uncertainty of collaborating with a marketing measurement provider that may sell or misuse the data of its own customers, maintain conflicts of interest, or operate its own app business themselves. For brands and marketing teams, the importance of choosing highly objective and impartial vendors for their marketing technology cannot be overstated. This choice gives businesses the assurance and vital competitive advantage that is key in maximising the value of their data.

Fundamentally, gaining customer trust is what fuels any business’s success. At AppsFlyer our primary focus is to ensure strict adherence to data privacy principles, increasing consumer trust in the ecosystem and our customer’s businesses.

People — Our biggest asset 

Sure, it may seem cliché, but the exceptional people we’ve worked with each day have truly made this decade-long journey remarkable. Through these years, we’ve nurtured a diverse, relationship-centric community that fills us with immense pride. With nine offices throughout the APAC region, we value and leverage a diverse range of viewpoints to fulfil client needs, resolve challenges, and drive innovation. Our company culture and creed are deeply rooted in respect for diversity in all forms, equity for all demographics, and respect of the individual. 

Also Read: How AppsFlyer helps brands navigate a rapidly evolving market

Looking forward

The recent landscape in marketing has been defined by ever-shifting user privacy considerations, and this is not going to change. We see this as an ‘invariable’ here at AppsFlyer, a dynamic that is here to stay. And rightly so as the ecosystem and regulators learn how to balance tightening privacy requirements with the need to provide a relevant and personalised digital user experience. 

And if privacy has been the defining reality of the last decade, Artificial Intelligence has already staked its claim to dominate the foreseeable future. Again, opportunities and challenges for marketers.

AI has already proven its ability to deliver significant efficiencies automating, improving, and accelerating numerous activities for marketers across advertising, creative production, analytics, personalisation, optimisation, and engagement. The impact of AI and the way it will shape the future of marketing are yet to become clear, but there’s no doubt that marketing as a discipline has changed for good.

Today’s mobile marketing environment is kinetic, brimming with opportunities. Yet, at the same time, substantial challenges exist; data overload, integration complexities, quality control issues, and the necessity to iterate fast, and make quick decisions, while all the time ensuring compliance with privacy and other evolving platform and regulatory policies is very real.

Our role here at AppsFlyer is to help marketers navigate these opportunities and challenges. We have embraced this mission here in APAC for ten years now, and we continue to thrive in our unwavering commitment to the region. We’re excited by the opportunity that the booming app market in APAC presents and we’re busy making the next generation of AI-infused tools to help marketers win!

As we celebrate our tenth anniversary in the APAC region, we are proud of what we have achieved. But here’s the thing (and you knew this was coming) – we’re only one per cent done! The future holds boundless opportunities as the mobile app revolution continues to unfold. We’re ready to tackle the challenges and embrace the dominance of AI. In the infamous words of Peter Drucker, “The best way to predict the future is to create it.” Together, we will make the coming years even more remarkable than the past decade.

Lets go! 

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

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

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e27 has been nurturing a supportive ecosystem for entrepreneurs since its inception. Our Contributor Programme offers a platform for sharing unique insights.

As part of our ‘Contributor Spotlight’ series, we shine a spotlight on an outstanding contributor and dive into the vastness of their knowledge and expertise.

In this episode, we feature Camellia Chan, Co-Founder and CEO of Flexxon, who oversees the company’s growth, R&D, partnerships, and global expansion. Since founding Flexxon in 2007, she has grown it into an international business with a presence in over 50 cities. Holding over 40 patents, Chan has earned multiple accolades, including being named one of Singapore’s Top 100 Women in Tech in 2023 and winning two projects under the Cybersecurity Agency of Singapore’s Call for Innovation awards.

Thoughts, goals, and journey

Chan spent several years working in electronics MNCs across Asia, acquiring valuable skills, but always felt a desire to pursue a dream with real impact and to take control of his own path. In 2007, she decided to co-found Flexxon with her business partner and good friend, May Chng, who now serves as the company’s COO.

Their vision was straightforward: to leverage their combined expertise to develop products that genuinely addressed customers’ needs, while fostering a company culture of innovation, openness, and fairness, with zero tolerance for office politics. More than 15 years later, Flexxon has expanded its global operations, grown its headcount over 20-fold, and entered the critical field of cybersecurity.

Chan draws from her expertise in hardware-based cybersecurity, with a particular focus on developing next-generation security technologies designed to address critical vulnerabilities in the digital landscape.

“This is highly uncommon because most conversations centre on software solutions,” she remarked. “The most noteworthy development that is paving the way for the new era of cybersecurity is the shift towards integrating hardware-based security solutions to achieve holistic and proactive security. That is what we are doing here at Flexxon, leveraging on the memory medium and patented AI technologies to deliver secure by design hardware that strengthens security by protecting data at the core.”

The driving force

Chan joined the e27 Contributor Programme last year and regularly shares her expertise with the community, focusing primarily on cybersecurity with the latest industry trends.

“Cybersecurity is absolutely essential and we need to keep this conversation going strong, simple and straight to the point,” she said. “I wanted to use my voice to support efforts to educate individuals beyond our industry, ignite a mindset shift and push innovation forwards.”

Also Read: Pierrick Bouffaron: Navigating the frontier of deep tech and entrepreneurship

Advice for budding thought leaders

Chan encourages aspiring thought leaders to build credibility and make an impact by focusing on three core principles:

• Be authentic: Be true to yourself and your values. If you’re not authentic, people can sense that and you lose the opportunity to connect.
• Use clear logic: Structure your thoughts clearly and present them logically. Especially with a complex topic like cybersecurity and hardware engineering, we need to be able to break these down to more digestible concepts.
• Show empathy: Understand your audience’s perspectives and needs. The whole purpose is to connect, educate and help, so it must come from a place of understanding and empathy.

Juggling too many things?

Chan believes that work-life balance varies for everyone, as it is shaped by individual definitions and personal goals.

She said, “For me, my current stage feels balanced because it aligns with my dreams and targets. I start my days early at 5:30 a.m. and am often in discussions with my teams from different parts of the world until 11 p.m. I’m very aware that others might see it as a recipe for burnout, but pursuing my goals is a fulfilling part of my life. Strategies for growth include continuously doing, learning, adjusting, and being open to transformation.”

Also Read: Felicia Theodorus: Staying ahead in the ever-evolving fintech landscape

Staying in the loop

To stay informed and ahead of industry developments, Chan follows a set of practices that help her stay in the loop:

• Engage with customers to understand their challenges.
• Participate in discussions with stakeholders for new ideas.
• Conduct market research to identify trends and solutions.
• Stay updated with news and industry publications.
• Attend webinars, conferences, and industry events to learn and network.

Chan remarked, ” Within cybersecurity, I would say to just keep updated with the general news. There are incidents everyday, and you will see it reported on BBC, Bloomberg, the Wall Street Journal, Channel News Asia and so many more. This is the best way to be updated on the landscape.YouTube is also a great resource. But of course, you should read with discretion especially if it’s on social media. Not everyone has the right agenda, or knows what they are talking about.” 

In terms of leadership, Chan highly recommends the book ‘It’s Not the How or the What but the Who’ by Claudio Fernández-Aráoz. She believes the book emphasises the importance of focusing on the right input factors, especially when it comes to people.

“Success is about having the right people and building a strong ecosystem. By surrounding yourself with the right individuals, you create an environment that naturally drives growth and the continuous flow of information,”she concluded. “Never stop learning, don’t restrict yourself, dream big.”

Take a look at her articles here for more information and perspectives on her expertise.

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Are you ready to join a vibrant community of entrepreneurs and industry experts? Do you have insights, experiences, and knowledge to share?

Join the e27 Contributor Programme and become a valuable voice in our ecosystem.

The post Camellia Chan: Transforming cybersecurity with hardware-based solutions and and building a global brand appeared first on e27.

Momos, a Singapore- and California-headquartered AI-powered customer platform for multi-location brands globally, has announced a US$10 million Series A funding round led by 645 Ventures.

Existing investors Alpha Wave Global and Peak XV and new backers Soma Capital, FJ Labs, Taurus Ventures, and Correlation Ventures also participated.

This round brings the startup’s total investment raised to date to US$17 million.

Founded in 2021 by Sai Alluri and Andrew Liu and a team from Uber, Grab, Microsoft, and Intuit, Momos provides a vertical SaaS platform to power the customer lifecycle for thousands of businesses globally and automates everything with AI.

Also Read: Momos rakes in US$6.5M financing to grow its F&B SaaS platform beyond Singapore

The team sensed an opportunity to use AI to help brands manage their customers seamlessly across multiple locations and partnered with OpenAI. Its platform features customer service, customer experience, and marketing solutions to enable brands to drive insights and elevate customer experiences throughout the customer lifecycle.

“Momos’s partners have millions of customers across their brick-and-mortar locations. They have too many touchpoints and before Momos’s AI, it was impossible to manage the m across channels. Momos brings everything in and automates the entire customer lifecycle at each location so our partners can save time and drive more repeat customers,” said co-founder and CEO Sai Alluri.

Momos works with thousands of businesses globally, including Shake Shack, Baskin Robbins and Guzman y Gomez, and is live in 10 countries across North America, APAC, and the Middle East. Its partners range from local brands with a few outlets to multinational businesses with thousands of locations.

“There are millions of brick-and-mortar businesses globally, but existing tools are just not built to solve problems at each location,” said Mendy Yang, Senior Associate at 645 Ventures. “Momos has built this true ‘compound startup’ and is the all-in-one customer platform for multi-location brands.”

In 2021, Momos raised US$6.5 million in a seed funding round co-led by Peak XV and Alpha Wave Incubation.

The post Momos secures US$10M to power customer lifecycle for global brands using AI appeared first on e27.

Dear reader,

The complex case of Shinhan Securities’s investment in fake WeWork shares raises significant questions about transparency and accountability in global finance. What began as a seemingly straightforward transaction evolved into a web of fraud allegations, opaque offshore entities, and missing individuals.

At the heart of the case is the failure of due diligence—not just by Shinhan but by multiple parties involved. The use of British Virgin Islands shell companies, nominee directors, and a second escrow agreement all point to the risks posed by a lack of transparency in offshore financial dealings.

While the bank claims to be a victim of a sophisticated scheme, the lawsuit reveals the extent to which basic verification steps were missed. The ongoing legal battle against Benjamin Lee and others highlights the blurred lines between high-stakes financial deals and alleged fraudulent schemes.

This case serves as a reminder of the importance of rigorous due diligence, particularly when offshore entities are involved, and illustrates how high-level financial missteps can spiral into costly legal battles.

Sainul,
Editor.

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NEWS & VIEWS

A major Korean bank bought US$14M in WeWork shares. They were fake
In June 2019, Shinhan Securities, the brokerage and investment arm of a South Korean Big Five bank, transferred US$14.2M to Aurora Grand in exchange for WeWork shares; However, it turned out that Aurora did not actually own any WeWork shares.

Investors aware of TransTrack CEO’s guilty verdict before funding
In 2020, CEO Meisesari was found guilty of fraud by an Indonesian court for her actions between 2016 and 2017. The case centres on a software investment deal in which the plaintiff, Rudolf Naibaho, was promised a “significant profit.”

GoTo partners Alibaba to grow digital economy in Indonesia
The collaboration will leverage Alibaba Cloud’s technologies to support GoTo’s extensive ecosystem; GoTo will utilise the services of Alibaba Cloud for a five-year period.

Momos secures US$10M to power customer lifecycle for global brands using AI
The investors include 645 Ventures, Alpha Wave Global, and Peak XV. The Momos platform features various solutions to enable brands to drive insights and elevate customer experiences throughout the customer lifecycle.

MEXC Ventures, Foresight Ventures, Mirana Ventures establish fund
This fund will target promising projects built on the Aptos platform by providing resources for the development of critical Web3 use cases that utilise Aptos’s infrastructure.

Navigating the shifting landscape of Southeast Asian funding: An analysis of H1 2024 trends
The decline in funding and deal flow is a reminder of the regional venture capital landscape’s vulnerability to broader economic trends.

CarbonEthics nets US$2.1M to restore natural ecosystems using tech
Intudo Ventures is the lead investor; CarbonEthics blends environmental impact and commercial impact to restore natural ecosystems, help businesses on their decarbonisation journey, and create new revenue sources.

Wavemaker infuses US$1.6M into NZ’s pre-employment screening startup Checkmate
Wavemaker Partners is the lead investor: The capital will fuel Checkmate’s expansion into Australia, the US, and Southeast Asia, specifically the Philippines.

Amazon taps long-time exec to lead India business as competition intensifies
Samir Kumar has been with the e-commerce giant for 25 years; As the country manager, he will oversee Amazon’s consumer operations in the Middle East, South Africa, and Turkey.

Fintech firms Lightnet, WeLab partner to build Thailand’s virtual bank
They have submitted an application for a Virtual Banking licence with the Bank of Thailand. The consortium aims to empower Thailand’s financial future by revolutionising banking services and delivering an AI-powered intelligent experience.

YouTube, Shopee partner in Southeast Asia e-commerce tie-up
Under the YouTube Shopping tie-up, people will be able to purchase goods viewed on YouTube through links to Shopee; They plan to expand the service to Thailand and in Vietnam in a few weeks.

FEATURES & INTERVIEWS

Re-awakening Sri Lanka’s legacy of innovation: The story of TRACE
With a philosophy centred on nurturing ideas and transforming them into tangible realities, TRACE is building the foundation for a knowledge-driven economy.

Beyond 3PL: BBTruck’s 5PL solution for a smarter, greener global supply chain
CEO Steven Chou said BBTruck plans to enter Southeast Asia, such as Vietnam, Malaysia, Singapore, Thailand, and Indonesia by 2025.

CARDS by Cazh aims to transform school management in Indonesia with integrated solutions
CARDS by Cazh is a comprehensive SaaS platform designed to streamline educational institutions’ operational and academic systems.

Businesses explore use cases of AI in creative, sports industries despite feeling “overwhelmed”
Marketers are utilising AI for various purposes from market research, competitive analysis, social media management to content creation.

KINTO boosts brand engagement and ROI with Omnichat
Omnichat is preparing for a Series B funding round next year to drive its growth, enhance AI capabilities, and expand into new markets.

A new dawn in the post-2G era: How cloud technology can propel the telco industry to new heights
Cloud-based services offer higher margins compared to traditional voice and data plans, positioning telcos for long-term success.

Real-world challenges: How Filipino startups can drive success through innovation and empathy
Identifying societal problems requires startups to have a deep understanding of the pain points of specific communities.

AI-powered recruitment: Revolutionising hiring in Southeast Asia
As AI evolves, we can expect more sophisticated tools that further streamline hiring and uncover hidden talent.

THOUGHT LEADERSHIP

Balancing trust and verification: Navigating the rise of AI
To effectively leverage generative AI while mitigating risks, organisations should equip their teams with appropriate tools and training.

Fostering a thriving workplace with shared values through E&C training
Outdated E&C training leaves companies and their employees vulnerable to lapses, penalties, lawsuits, and blowbacks.

Overcoming the digital divide: Enhancing SME financial operations and digital transformation in APAC
The future of SMEs in Asia hinges on their ability to digitally transform, with ongoing innovation and support from fintech providers.

Bridging the access gap to intermediary technologies could help countries escape the ‘middle income trap’
Even the most successful companies in emerging markets face an access gap to new technologies, keeping them behind competitors.

FROM THE ARCHIVES

7 ways to optimise your product page to attract more sales
Before you start optimising your page, you need to pay attention to your site’s overall performance; For starters, use a web crawler tool to find all pages in a website and analyze them thoroughly from different SEO aspects.

If there is one thing investors are afraid of, it is lack of commitment from founders
Founders and investors are coming to the table from different perspectives; Nevertheless, the first starting point will be to enhance their understanding of each other, with the working assumption that I cannot change him or her.

How to build deep tech startups across borders
For those Singapore-based founders embracing the arduous deep tech path, there is no choice but to build themselves a central position in a deeply interconnected mesh of global players.

Crowdfunding for startups: Where to begin and how to go about it
The bad news is that you won’t get funds for your business from anyone who doesn’t believe in your concept; There are a few typical sources of seed funding that can help you kick-start your business.

Zespri wants to work with agritechs to improve kiwifruit production and distribution
In November, Zespri launched ZAG, the Zespri Innovation Fund, a US$2 million annual fund dedicated to accelerating sustainable innovation.

Indonesian gaming powerhouse Agate unveils strategy to conquer the global arena
Gaming companies provide development services for businesses or create their content, but Agate combines both aspects in its revenue model.

For Indonesia’s 2nd generation unicorns, international expansion is the name of the game
When it comes to producing unicorn startups, Indonesia has done a phenomenal job in a relatively short time.

Balancing revenue, impact remains the top challenges faced by social impact startups
For these social impact startups, cross-party collaboration can be a key to tackling these unique challenges.

Why Liminal sees compliance as the way to go for the crypto industry
Liminal aims to build an efficient and compliant wallet operating system where users can with various digital assets and blockchains securely.

Connectivity, infrastructure are key barriers for fund managers to adopt tokens: Calastone
How can we eliminate this barrier? According to Ross Fox of Calastone, adoption is a key challenge for tokenised investments.

The post Ecosystem Roundup: How Shinhan fell for fake WeWork shares | Momos secures US$10M | Shopee partners with YouTube in SEA appeared first on e27.

Lighthub Asset and WeLab, both fintech platforms in Thailand and across Asia, have jointly submitted an application for a Virtual Banking license to the Bank of Thailand (BOT).

The result of the application is expected to be announced in the first half of 2025.

The consortium plans to introduce AI-powered banking services to enhance Thailand’s financial sector. Drawing on their combined experience, they aim to improve financial inclusion by offering localised digital banking services, focusing on underserved groups such as solopreneurs and Micro, Small, and Medium Enterprises (MSMEs) with unstable income and limited access to financial services.

A large portion of their existing 46 million customers falls within these underserved categories.

Also Read: Unlocking green fintech prosperity in Asia: Navigating the top 4 challenges

The post Lighthub Asset, WeLab partner to form new digital bank in Thailand appeared first on e27.

MEXC Ventures, Foresight Ventures, and Mirana Ventures today announced that they have jointly launched a fund to support projects launching in the Aptos ecosystem.

This fund will target promising projects built on the Aptos platform by providing resources for developing critical Web3 use cases that utilise Aptos’ infrastructure, innovations such as Block-STM, and seamless interoperability with key EVM ecosystems.

The fund underscores strong confidence in Aptos’s technological innovations and potential, contributing to the acceleration of ecosystem projects. It reflects the increasing recognition of the potential for protocols, platforms, and decentralised applications (apps) deployed on Aptos.

Tracy Jin, Vice President of MEXC, said in a press statement, “With the upcoming MOVE2 update, Aptos’ tech stack remains innovative, and its low latency and high throughput performances have been battle-tested. The upcoming integration of USDT and the promise of Aptos Ascend will further enhance Aptos DeFi. We look forward to advancing blockchain innovation and promoting a sustainable, scalable future for the industry.”

Also Read: Lighthub Asset, WeLab partner to form new digital bank in Thailand

MEXC Ventures, Foresight Ventures, and Mirana Ventures also announced that they are supporting Aptos Code Collision, the flagship hackathon programme of the Aptos ecosystem.

MEXC Ventures is a comprehensive fund under MEXC Group which supports innovation in the cryptocurrency field via strategic investment, M&A, FOF, and project incubation.

Foresight Ventures is a crypto VC firm with offices in the US and Singapore. Its focus is on crypto investment and incubation. The firm has its own media network that includes TheBlock, Foresight News, BlockTempo, and Coinness.

Mirana Ventures is a global investment fund that provides long-term capital and strategic partnerships to visionary founders and fund managers in the Web3 space. It leverages partnerships with Bybit, Mantle and a broad network of portfolio companies and funds on supporting companies.

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Image Credit: © rawpixel, 123RF Free Images

The post MEXC Ventures, Foresight Ventures, Mirana Ventures launch fund for Aptos ecosystem expansion appeared first on e27.

Companies are looking to differentiate themselves from the competition in an impactful way. Before the Internet and cloud computing, beating the competition often meant out-advertising and outspending rivals to reach critical demographics first. Today, profitability is often achieved by leveraging data to engage with customers in meaningful, real-time, and contextually relevant ways.

Unlike traditional AI, Generative AI (Gen AI) utilises both structured and unstructured data to enable applications to perform tasks that mimic human behaviour. By delivering human-like responses, Gen AI allows users to significantly reduce the need for direct human interaction in the digital space. This transformation streamlines workflows, automates processes, and enhances the personalisation of user experiences.

While the possibilities are endless, creating and scaling sophisticated AI applications requires time and resources. When deploying enterprise-grade Gen AI applications, CTOs, CIOs, and enterprise architects often struggle to choose the right architectural elements to succeed.

At DataStax, their agent-first approach to Gen AI includes assembling the functionalities and tools developers need to quickly build Gen AI applications at scale. 

Gen AI leaders shaping their industries

DataStax helps developers and companies successfully create a bold new world through Gen AI. They offer an AI PaaS (AI Platform as a Service) with everything needed for a faster and easier path to production for relevant and responsive Gen AI applications. DataStax delivers a RAG-first developer experience, with first-class integrations into leading AI ecosystem partners, so it works with developers’ existing stacks of choice. And, DataStax supports integration with LangChain, Vercel, GitHub Copilot, and AI ecosystem leaders.

With DataStax, anyone can quickly build intelligent, high-growth AI applications on any cloud on an unlimited scale. Hundreds of the world’s leading enterprises, including Audi, Bud Financial, Capital One, SkyPoint Cloud, VerSe Innovation, and many more, rely on DataStax. 

Also Read: These 12 companies are ready to wow at Echelon Philippines

DataStax’s pricing is simple and transparent, based on the volume of data and the number of operations. Their platform allows auto-scaling based on actual usage, enabling users to size their database to match the application workload automatically. Engineering and product operations are streamlined, saving significant effort spent on sizing, provisioning, monitoring and tuning data. This prevents developer teams from being overwhelmed by the maze of tools for building apps, as the Astra Starter Pack gives companies what they need to start building and get into production—fast.

Empowering force for regional developers to leverage Gen AI’s potential fully

DataStax believes in empowering regional by building real-time AI that is done right. With the right stack and abstractions, a real-time AI solution that combines large-scale data with integrated machine learning holds immense potential to power fun, innovative applications that enable more precise business decisions, predictive operations, and richer, more engaging consumer experiences.

Southeast Asia is one of the hubs DataStax is looking to tap into. With Echelon Philippines, they hope to drive awareness and engage startups and enterprises interested in building and partnering with DataStax. Participants can look forward to technical insights and success stories on cutting-edge Gen AI, vector search, and real-time data innovations during the conference proper.

DataStax is among the many dynamic industry leaders joining us for Echelon Philippines 2024. Alongside them will be other key leaders, visionary entrepreneurs, and innovative startups from across the region. They will converge for an action-packed two-day event on September 26-27 at Level 2, SMX Convention.

Echelon Philippines 2024, hosted by e27 in partnership with Brainsparks, offers dedicated content stages, exhibitions, panel discussions, and much more — all designed to support and empower the regional tech startup ecosystem with practical insights through various knowledge-sharing activities.

Whether you’re looking to expand your expertise, connect with influential figures in the tech startup world, or present your groundbreaking ideas, Echelon Philippines 2024 presents an unmatched experience sure to give you and your company a boost. Secure your spot now on our official page and join us as a participant or an official partner. Together, we can shape the future and create a lasting impact.

Join us at Echelon Philippines 2024, where innovation knows no boundaries and the possibilities are limitless!

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AI has gone from being a flashy buzzword to being the next technological phenomenon, making significant strides across various industries – and software development is no exception. In Asia Pacific, software revenue for generative AI is estimated to reach US$3.4 billion by the end of 2024 and is projected to exceed US$18 billion by 2028.

At the same time, however, businesses are still trying to navigate the integration of AI into their operations amidst scepticism and concerns about its risks. When it comes to software development, for instance, businesses can’t rely fully on what AI coding assistants produce at face value.

Even so, it’s critical that caution doesn’t inhibit progress and momentum. Those leveraging AI have a responsibility to incorporate the right guardrails and mechanisms to ensure the effective use of the technology and avoid falling behind the competition, especially as emerging innovations like AI coding assistants progress rapidly.

To achieve that, there is already a blueprint to guide them on their journey – and it lies in the form of a “trust, but verify” approach. This involves the employment of AI with the verification of its output through human review, allowing businesses to take advantage of the technology without excessive risk. Organisations – from tech giants to governments – are already adopting a similar framework.

In Singapore, for instance, the government has developed “AI Verify”, a testing framework and software toolkit for responsible AI use.

Anticipating and managing the risks of AI

It’s no surprise that AI will herald a new era of productivity, removing the burden of mundane, repetitive tasks. This frees up employees’ time to collaborate, to be creative, and to think outside the box. With 83 per cent of developers experiencing burnout due to an increased workload, AI coding tools can potentially offer much-needed relief and raise job satisfaction.

However, AI can also create a gap between individuals who leverage it for productivity and those who use it merely because it is available. This can fracture teams and lead to misalignment in output and accountability challenges (i.e., code ownership).

If AI is not leveraged properly, the potential risks can extend beyond individuals and teams to their organisations and the business at large. While the use of AI coding tools is rising, companies are innovating and competing on a foundation of software. Unfortunately, software can be plagued by bad code, which contributes heavily to technical debt that is difficult and costly to address. Bad code in itself is a trillion-dollar problem. AI could exacerbate the issue by accelerating software development without regard for quality.

Also Read: AI-powered recruitment: Revolutionising hiring in Southeast Asia

A recent study from Microsoft Research found that 22 coding assistants often falter beyond functional correctness, hinting at fundamental blind spots in their training setups. Like human-generated output, AI-produced code can have security, reliability, and maintainability issues. No matter how code is developed it should be reviewed for quality and security.

This fact will remain true for the foreseeable future: all code, whether human-written or AI-generated, must be properly analysed and tested before being put into production. While developers can turn to AI to produce more lines of code quickly, the right checks should still be in place to ensure their code remains a foundational business asset. This means taking the necessary steps to ensure that the AI-generated code is clean.

AI guardrails: Ensuring safe and trustworthy AI

According to a 2024 study by Microsoft and LinkedIn, more than eight out of 10 knowledge workers in APAC are embracing AI tools. Now, more than ever, it’s essential that business leaders understand where and how AI is being used in their organisations. Whether the use of AI is approved or not, individuals are already leveraging the technology. Organisations must think through their investments and what governance they need to put in place to protect the business while enabling teams to innovate.

Successful AI adoption requires CIOs and leaders to create an AI culture rooted in good guardrails and promote usage that leads to actual productivity. While it can sound like a daunting and nebulous task, the starting point is actually much more accessible than one might think. For starters, organisations can consider trusted software development frameworks, such as NIST’s Secure Software Development Framework, and certify a list of approved AI tools.

It should be stipulated especially what reviews should look like for different AI use cases to ensure that anything being released or put into production is quality and secure. For example, when it comes to AI coding assistants, code analysis tools like Sonar can integrate with popular coding environments and CI/CD pipelines for in-depth insight into the quality, maintainability, reliability, and security of Gen AI code.

Also Read: How are the companies you invest in leveraging AI? 

More importantly, the use of AI also needs to be considered holistically, and not siloed to a specific department. While CTOs and CIOs/CISOs must set the direction, all internal stakeholders must be allowed to weigh in.

Coding responsibly

The mindset of “move fast and break things” isn’t effective when you consider the potential cost of needing to fix any output generated by AI, but it’s also not possible to slow down the pace of innovation. And there’s no doubt that AI can provide businesses with a competitive edge.

Organisations must remain proactive in their holistic evaluation of risk and have proper governance in place. They also must invest in the right tools to support different teams in taking advantage of generative AI without increasing risk.

Taking a “trust but verify” approach is important across the spectrum of AI use. Whether in software development or other aspects of business operations, teams must ensure they are not blindly accepting what is generated by the technology. Everything needs to be considered in the business and societal context, and that shouldn’t be lost amid the hype of AI.

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Sri Lanka, a beacon of technological progress two millennia ago, has faced daunting challenges in recent years. From high inflation to budget deficits and a declining economy, the island nation has struggled to find its footing in the modern world.

However, a bold initiative aims to rekindle the country’s once-glorious legacy of innovation and technological excellence—TRACE (Technologically Re-Awakening Culture of Excellence).

“TRACE is more than just an organisation; it’s a vision-driven movement that aims to make Sri Lanka a globally recognised innovation hub. By fostering collaboration, technological advancements, and entrepreneurial spirit, TRACE is charting a course for the nation to reclaim its position on the global innovation map,” says Executive Director Heminda Jayaweera.

Also Read: Small market, big dreams: Meet the 30 Sri Lankan startups that are punching above their weight

With a philosophy centred on nurturing ideas and transforming them into tangible realities, TRACE is building the foundation for a knowledge-driven economy.

A historical legacy, a modern mission

Sri Lanka’s past is one of technological brilliance, but recent economic hardships have obscured that legacy. Yet, TRACE is determined to rewrite the narrative.

“Emerging from a simple concept, it has evolved into a powerful movement grounded in the belief that Sri Lanka can lead in technological innovation again,” Jayaweera added.

“TRACE’s mission is the belief that innovation, creativity, and collaboration can drive national progress. Developing innovative products and services across various industries provides Sri Lanka with the tools to thrive in the global economy, attracting local talent and much-needed foreign remittance despite the country’s economic struggles,” he shared.

The birth of TRACE Expert City

One of TRACE’s most iconic achievements is the development of TRACE Expert City, an ecosystem for innovation housed in the former Tripoli Market Premises in Colombo.

Born from a public-private partnership with Sri Lanka’s Urban Development Authority (UDA), TRACE Expert City took underutilised urban spaces and transformed them into powerful engines of growth.

Since opening its doors in 2014, TRACE Expert City has flourished into a critical part of the national economy, generating over 150 million Sri Lankan rupees (~US$500,000) in annual rent revenue for the UDA and creating over 2,500 high-skill jobs.

More importantly, the City has become the “Silicon Valley of Sri Lanka,” housing cutting-edge technological innovations and entrepreneurial ventures and hosting events that promote a knowledge-based economy.

Also Read: From civil war to innovation: nVentures’s Chalinda on the rise of Sri Lanka’s entrepreneurship

With over 100,000 square feet of developed infrastructure, TRACE Expert City seeks to foster the next generation of entrepreneurs and position Sri Lanka as a global player in technology.

Extending innovation beyond Colombo

TRACE’s impact extends beyond the borders of Colombo. In 2018, it launched the TRACE BREAD Centre, a food-tech incubator in Makandura that supports food innovators and entrepreneurs.

Although COVID-19 disrupted operations, TRACE took over the centre’s management in 2023, and by early 2024, the initiative had bounced back, with exports resuming in full force.

In Ratnapura, the TRACE Creators Space offers a vibrant platform for co-working, entrepreneurship, and creativity training. Nurturing innovation in this historically rich region unlocks the hidden potential of areas outside the capital and ensures that opportunities for growth and innovation are available across the nation.

Education and workforce transformation

The TRACE Theory to Trade (T2T) programme is another cornerstone of TRACE’s mission, bridging the gap between academia and industry. This programme equips students with the hands-on skills and experience they need to succeed in the rapidly evolving world of information technology.

By offering career guidance, industry-expert instruction, and certification, T2T is creating a future-ready workforce to drive Sri Lanka’s next phase of economic growth.

Like Sri Lanka’s National Apprentice and Industrial Training Authority (NAITA), T2T started focusing on IT, but TRACE has ambitious plans to expand into other sectors. Operating on a fee-based model, it ensures both sustainability and a high-quality learning experience for students who leave the programme well-prepared to meet the demands of the global economy.

Cultivating the innovators of tomorrow

TRACE’s vision extends beyond higher education and entrepreneurship—it reaches into the classrooms and minds of young people.

“The ‘TRACE Journey’ initiative is designed to inspire the next generation, from school-aged children to young adults, encouraging them to dream big and realise their potential,” stated Jayaweera. “Through company visits, career talks, and hands-on opportunities, we bridge the gap between education and the professional world, giving young Sri Lankans a roadmap to success.”

Empowering Startups through TRACE Open Pitch

For budding entrepreneurs, TRACE Open Pitch provides mentorship, networking opportunities, and access to potential investors, helping visionaries realise their ideas.

Also Read: Exploring Sri Lanka’s potential as a premier global IT hub

Through the TRACE Open Pitch platform, entrepreneurs gain access to a thriving ecosystem of like-minded individuals, industry experts, and key resources that can propel their ventures forward. It’s not just about starting a business—it’s about building something that can impact the world.

Bridging gaps through TRACE Ventures

TRACE Ventures builds on the original concept of TRACE by expanding into high-tech industries, market access, and diaspora engagement. By reinforcing partnerships with research and development centres and focusing on product engineering, TRACE Ventures is opening new avenues for growth, providing opportunities for startups, and strengthening Sri Lanka’s position as a player in the global innovation economy.

A bright future for Sri Lanka

The story of TRACE is one of hope, innovation, and the belief that a small island nation can once again lead the world in technological excellence. Through its diverse initiatives—TRACE Expert City, the BREAD Centre, T2T, and TRACE Ventures—the organisation is building a future where Sri Lanka can compete and thrive globally.

With each new venture, TRACE lays the groundwork for a knowledge-driven economy that will benefit all Sri Lankans, whether they live in bustling Colombo or the rural heartlands.

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Image Credit: TRACE

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