The Echelon X fireside chat titled ‘Market Access in the Middle East: Myth or Truth in This Opportunity?’ explored the often-overlooked potential of the Middle East as a lucrative market for businesses seeking global expansion. The session aimed to separate fact from fiction and provide practical insights for enterprises interested in entering and succeeding in the Middle Eastern market.

Moderated by Fatima Almubbad, Director of Singapore and Southeast Asia at the Bahrain Economic Development Board (EDB), the fireside chat featured Hian Goh, Partner at Openspace Ventures.

In this discussion, participants delved into the opportunities and challenges associated with accessing the Middle Eastern market. The conversation highlighted that while the Middle East presents significant potential for growth, it is also a region filled with complexities that require a nuanced understanding. The panellists examined key factors such as market readiness, cultural considerations, regulatory environments, and the unique economic landscape of the region.

The discussion underscored the need for businesses to be adaptable and informed when considering expansion into the Middle East. The fireside chat concluded by reaffirming that the Middle Eastern market, though often misunderstood, holds considerable potential for businesses willing to navigate its complexities.

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In the vibrant and competitive startup ecosystem of Singapore, a new wave of female entrepreneurs is making its mark.

These dynamic women are not only co-founding innovative ventures but are also redefining what it means to be a leader in the tech-driven world of business.

From groundbreaking tech platforms to disruptive services, their startups are pushing boundaries and setting new standards for success.

This feature highlights the inspiring stories of Singapore-based startups co-founded by women, showcasing the diversity, creativity, and resilience that these entrepreneurs bring to the table.

Grab

A super-app platform to book various services, including transportation, deliveries, mobility, and financial services.

Founding year: 2012
Female co-founder: Tan Hooi Ling
Total investment raised: US$10.38 billion
Investors: Emtek, Signite Partners, Hana Financial Group, GGV Capital, K3 Ventures, Flourish, Arbor Ventures, STIC Investments, Krungsri, MUFG Innovation Partners, TIS, Kymco Capital, Experian, Invesco, others.

Advance Intelligence Group

A startup providing big data- and AI-based digital transformation, fraud prevention, and process automation solutions for enterprise clients in banking, fintech, retail, and e-commerce. It is the parent company of Atome.

Also Read: Advance Intelligence Group raises US$80M to further develop AI innovations

Founding year: 2016
Female co-founder: Tongtong Li
Total investment raised: US$700 million
Investors: Warburg Pincus, Northstar Group, EDBI, Vision Plus Capital, Gaorong Capital, Northstar Group Services, SoftBank Vision Fund, K3 Ventures.

PatSnap

A startup offering patent analytics and management software. It provides users with patent search and analysis to manage and advance IP positions. The platform monitors the patent risk and thereby protects the IP assets in real-time. Its product offerings include market and competitor data discovery solutions, data visualisation, reports, and managing datasets that enable users to add patent and legal data.

Founding year: 2007
Female co-founder: Guan Dian
Total investment raised: US$352 million
Investors: Tencent, SoftBank Vision Fund, CITIC, Shunwei Capital, Vertex Ventures, HongShan, Qualgro, Summit Partners, Vertex Growth, Global Brain, NUS Enterprise, JIC Investment.

Zilingo

An online B2B marketplace platform offering multi-category fashion products. The product catalogue includes loungewear, kidswear, shirts, winter wear, and sleepwear bed linen.

Founding year: 2015
Female co-founder: Ankiti Bose
Total investment raised: US$304 million
Investors: Sequoia Capital, Temasek, Burda Principal Investments, Sofina, EDBI, Beenext, Venturra Capital,  SIG, Wavemaker Partners, Beenos, Amadeus Capital, Draper Associates,
Draper Venture Network, Koru Partners, DG Ventures, Beeble Brox, Angel Capital Management, Dahlia Investments & Consulting.

YouTrip

An NFC-enabled travel card and wallet provider for travellers. The wallet can be recharged via credit/debit cards and used for online/offline purchases, bill payments, and cash withdrawals. The wallet can be used for managing transactions of the card, in-store payments, and online payments.

Also Read: The 4 steps that YouTrip has taken to ensure financial resilience in a time of crisis

Founding year: 2018
Female co-founder: Caecilia Chu
Total investment raised: US$105.5 million
Investors: Lightspeed Venture Partners and Insignia Ventures Partners.

Silent Eight

An AI-based fraud management startups. The platform offers a platform that enables users to scan data sources in variable formats, including local and remote online news articles. It also provides solutions for automated alert adjudication, name screening, transaction screening, and transaction monitoring.

Founding year: 2013
Female co-founder: Julia Markiewicz
Total investment raised: US$61 million
Investors: TYH Ventures, HSBC, OTB  Wavemaker Partners, SC Ventures, Aglaia, Crystal Horse Investments, Joyful Frog Digital Innovation, Singapore Angel Network, Fanjul Capital, Riverwalk Holdings, Fintonia Group, SpinUp Partners.

cxagroup

Connexions Asia (CXA) provides an AI-based benefits marketplace for employer insurance. It offers a platform for health insurance, HR management, employee benefits, and health & wellness plans. CXA also provides an AI-based app for people to connect them with health & wellness products and services.

Founding year: 2013
Female co-founder: Rosaline Chow Koo
Total investment raised: US$580 million
Investors: Humanica, HSBC, Heritas Capital Management, MDI Ventures, Sumitomo, Openspace Ventures, Singtel Innov8, Singapore Economic Development Board, HSBC, B Capital, EDBI, BioVeda Capital, RGAX, FengHe Asia, Philips, FengHe Group, Bansea, Propell Group, WoodOwl, Redmoon Advisors, Insurtech Hub.

Wiz.AI

The startup provides AI-powered voice and speech recognition solutions for multiple industries. Its talkbot platform allows users to record voice conversations with text translations and interact with real humans. It uses a neural network technology that allows customer classification, identification of customers, and segments to prioritise follow-ups.

Founding year: 2019
Female co-founder: Jennifer Zhang
Total investment raised: US$58 million
Investors: Tiger Global Management, Yunqi Partners, Gaorong Capital, GL Ventures, K3 Ventures, Singtel Innov8, GGV Capital, Wavemaker Partners, Insignia Ventures Partners,
Hillhouse, Singtel, Graphene Ventures, Gaorong Partners Fund, K3 Aquarius Fund, ZWC,
Weiguang Ventures, Em monster, ZWC Ventures, GLOBAL ACCELERATION ACADEMY,
Plug and Play APAC.

Paktor

Paktor is a provider of a dating platform based on mutual likes. The platform enables users to register and swipe left/right to like/pass registered members’ profiles. It matches profiles based on mutual likes. Users can chat and connect with the profiles via the app.

Founding year: 2013
Female co-founder: Charlene Koh
Total investment raised: US$575 million
Investors: K2 Global, Media Nusantara Citra, Vertex Ventures, YJ Capital, Golden Equator Capital, Sebrina, Majuven, Convergence Ventures, Turn Capital, K2 Global

TurtleTree

A producer of cell-based sustainable food and dairy product alternatives. The company uses cell-based technology to extract cell samples from cattle that are further grown in a proliferate growth medium into muscle fibre and dairy ingredients and are used for the production of cultivated meat and dairy products.

Founding year: 2019
Female co-founder: Fengru L
Total investment raised: US$42.3 million
Investors: Verso Capital, Artesian, SHOSHIN8, Green Monday, KBW Ventures, Verso Holdings,
Eat & Beyond, EWC, CPT Capital, New Luna Ventures, Lever VC, K2 Global, Unreasonable, Good Startup, Smile, Chaos Ventures, XA Network, Siddhi Capital, Plug and Play APAC, Wavemaker Impact, Highfield Capital.

Browzwear

A startups working in interactive 3D product design and customisation software solutions for the fashion industry. The company provides 3D software for apparel design and development through size ranges, graphics, fabrics, trims, colourways, styling, & photorealistic 3D rendering, visualises fabric folds in real-time and enables product creation and design through digital samples.

Founding year: 2012
Female co-founder: Lena Lim
Total investment raised: US$35 million
Investor: Radian Capital.

Shiok Meats

A manufacturer and supplier of lab-cultured meat products. It offers lab-cultured and cell-based meat and seafood. The company claims that its meats are animal-friendly, health-friendly, and environment-friendly.

Also Read: Shiok Meats CEO Sandhya Sriram to step down after merger with Umami Bioworks

Founding year: 2018
Female co-founder: Sandhya Sriram
Total investment raised: US$30.7 million
Investors: Woowa Bros, CJ CheilJedang, Vinh Hoan, Toyo Seikan Kaisha, Twynam, Monde Nissin, Big Idea Ventures, Boom Capital Ventures, Beyond Impact Advisors, Aqua Spark, METI,
Realtech Fund, VegInvest, Makana Ventures, AiiM Partners, Irongrey, Ilshin, Yellowdog, SEEDS Capital, Agronomics, Impact Venture Capital, Mindshift Capital, Y Combinator, BOOM CAPITAL GROUP, Aera VC, Entrepreneur First, Future Food Asia, CPT Capital, Success Accelerator, Innovate 360.

DocDoc

DocDoc is an online platform that uses AI to connect users to doctors. The platform uses HOPE, an AI-powered doctor discovery engine, to find doctors based on users’ medical needs. The platform lists information about clinics and doctors, along with their locations, clinical interests, subspecialties, procedures available, and so on, to enable users to compare and book appointments.

Founding year: 2012
Female co-founder: Grace Park
Total investment raised: US$29.6 million
Investors:  Sumitomo Corporation, Adamas Finance Asia, Cyberport, SparkLabs Global Ventures, Vectr Ventures, Hong Leong Financial Group, KCP Capital,
Jungle Ventures, 500 Global, Hong Leong, Apis Partners, RVP Group, Gaingels, Bells Ventures,
Plug and Play APAC.

Parcel Perform

A cloud-based software startup for e-commerce store operators to compare and book carriers for sending packages. Businesses can compare prices from multiple carriers and view KPIs such as geography coverage, transit times, etc. It also provides a solution for the courier service provider to manage their deliveries, track customer queries, and creating own dashboards to track performance.

Founding year: 2016
Female co-founder: Dana von der Heide
Total investment raised: US$21 million
Investors: Cambridge Capital, Wavemaker Partners, Investible, SBVA, Investigate, 500 Global, Bansea, Silicon Straits Saigon, Acequia Capital, RTL Group Investments, MobilityFund,
Endeavour Ventures, Investigate, ReadyVentures, True Growth Capital, Artiel Ventures

Raena

An app-based reselling and dropshipping marketplace for beauty businesses, it allows users to discover and buy products to sell multi-category beauty products across various brands and earn profits.

Founding year: 2019
Female co-founder: Sreejita Deb
Total investment raised: US$20.8 million
Investors: AC Ventures, Alpha Wave Global, Alfamart, Alto Partners, Alpha JWC Ventures,
Beenext, Beenos, STRIVE, Orient Growth Ventures

Tookitaki

A startup providing of anti-money laundering solutions. The platform features include AML transaction monitoring, customer risk scoring, customer screening, regulatory compliance, case management, and customer due diligence. It also offers financial crime detection and prevention solutions for banks and fintech companies.

Founding year: 2012
Female co-founder: Jeeta Bandopadhyay
Total investment raised: US$20.4 million
Investors: Illuminate Financial, Nomura, Viola Group, Jungle Ventures, SIG Venture Capital, SEEDS Capital, Enterprise Singapore, Supply Chain Angels, T-Hub, RevTech Labs, The FinLab,
Rebright Partners, Blume Ventures, India Internet Fund, IIMA Ventures, Srijan Capital, Tempus Capital, Microsoft Accelerator, Queen City FinTech, Innoven Capital, Aditya Birla Bizlabs, Faktory Ventures, Nomura Capital Partners, CFV Ventures, voyager.nomura.co.in, Somdutta Singh, peercheque

Morph

A consumer-centric blockchain platform. It offers developers solutions for blockchain explorer, bridge, node management, faucets, and more. It also offers blockchain sequence, rollups, and blockchain layer-2 solutions.

Founding year: 2023
Female co-founder: Cecilia Hsueh
Total investment raised: U$20.3 million
Investors: DRAGONFLY, Pantera Capital, Foresight Ventures, Spartan Group, Symbolic Capital, Publicworks, MH Ventures, Every Realm, Bitget.

Klub

An online marketplace for revenue-based financing, Klub offers business financing options based on data-driven analytics, financial innovation, and community engagement. It also provides financing in return for a fixed percentage of revenue generated. It also offers private market investors to invest in consumer-focused industries including cafes, bars, lifestyle, and more.

Founding year: 2019
Female co-founder: Harshita Sanganeria
Total investment raised: US$12 million
Investors: Northern Arc Capital, Trifecta Capital, Surge, Alter, GMO Venture Partners, 100Unicorns, EMVC, Tracxn Labs, Venture Catalysts, Better Capital, Earlsfield Capital, Astir Ventures, Techmind, Gurukul Venture Partners, Groundupp Ventures, FairAngels, Aperio Partners, FBC, CapFort Ventures.

Nalagenetics

The startup develops genetic test kits for precision medicine and offers a range of genetic tests and assays. The genetic tests are used to analyse drug reactions along with information from information management systems. Nalagenetics has also developed a clinical decision support system that uses the data and provides clinical recommendations. The information enables doctors to provide prescriptions or treatments. The company also offers patients an app for information on medication side effects.

Founding year: 2016
Female co-founder: Levana Sani
Total investment raised: US$13.6 million
Investors:  Intudo Ventures, Vulcan, dxdhub.sg, A*STAR, Integra Partners, Diagnos Laboratorium Utama, East Ventures, Founders Fund, Vulcan Capital, Brama One Ventures, Plug and Play APAC.

NSG BioLabs

A provider of level-2 biosafety co-working laboratory and office space. It offers various services and facilities, including a laboratory facility for molecular, cellular, and microbiological research, HEPA-filtered HVAC systems, and room for tissue culture and microbial work.

Also Read: How NSG BioLabs aims to nurture biotech innovation in Singapore and beyond

Founding year: 2019
Female co-founder: Daphne Teo
Total investment raised: US$14.5 million
Investors: Clavystbio, Celadon Partners, NSG Ventures.

Zimplistic

A manufacturer of automatic roti makers. It uses patented AI technology to measure and mix the correct ratio of flour and water in real-time. Its product can also be used for making paranthas, pooris, wraps, quesadillas, and other food items.

Founding year: 2008
Female co-founder: Pranoti Nagarkar
Total investment raised: US$16 million
Investors: Openspace Ventures, Robert Bosch Venture Capital.

Vaniday

An online platform offering salon booking services. It provides beauty, wellness, and fitness services and products. The platform allows users to browse salons and spas in the local area and book appointments for various services such as hair removal, massage, spa, and makeup. It also provides beauty products such as cosmetics, eye care, hair care, nail care products, and more.

Founding year: 2015
Female co-founder: Ruth Teo
Total investment raised: US$16.6 million
Investors: Rocket Internet, The Asia Pacific Internet Group, Vorwerk Ventures, HV Capital.

LionsBot International

The startup develops cleaning robots for commercial applications. Its characteristics include the ability to convey its emotions through its eyes and voice. Some of the other features include obstacle avoidance, auto-docking capabilities, AI-enabled batteries, and multiple cleaning modes. It comes with soft bumpers, an emergency stop button, and clear lights and sounds to avoid collisions with people.

Founding year: 2018
Female co-founder: Michelle Seow
Total investment raised: US$17 million
Investors: TransLink Capital, Supersteam.

Miya Health

A digital medical cost management solution for payors and employers. It offers a navigation service for patients that helps manage chronic illness and a platform that assists payers and corporates in reducing medical and administrative costs.

Founding year: 2018
Female co-founder: Shirley Ah-Hee
Total investment raised: US$17 million
Investors: Fondation Botnar, ST Engineering, Elev8, HealthXCapital, Central Capital Ventura,
SEEDS Capital.

Geniebook

An AI and app-based platform offering adaptive learning solutions for students. The platform can identify a child’s weaknesses and generate targeted questions. It enables users to improve their learning speed by practising questions at their own pace. Additionally, it provides worksheets, live and recorded classes, and more. Its app is available for Android and iOS devices.

Also Read: From brick-and-mortar to AI-powered learning: The journey of Geniebook

Founding year: 2015
Female co-founder: Alicia Cheong
Total investment raised: US$18 million
Investors: Titan Capital, East Ventures, Lightspeed Venture Partners, Apricot Capital

Us2.ai

An AI-powered tool for the detection of heart risk. The company’s flagship product, Echo Copilot, provides fully automated, real-time echo reports and disease detection, supporting healthcare professionals in interpreting echocardiograms.

Founding year: 2017
Female co-founder: Dr Carolyn Lam
Total investment raised: US$19 million
Investors: IHH Healthcare Berhad, HEAL Partners, Peak XV Partners, Pappas Capital, EDBI,
Partech Partners, Sequoia Capital, SGInnovate, StartUp Health, Startup SG, A*STAR, Fabrice Grinda, EPRV, Startup Creasphere, XNode.

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Data credit: Tracxn
Image Credit: 123RF

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Validus, a Singapore-headquartered digital SME lending platform, has partnered with global banking giant HSBC to raise up to US$50 million in debt facility.

The capital will be deployed through Validus’s Indonesian subsidiary, Batumbu, to support local MSMEs and address the country’s financing gap.

Also Read: 01Fintech invests US$20M in SME supply-chain financing platform Validus

Batumbu claims to have seen growing profits over two years and consistently achieved EBITDA margins exceeding 50 per cent.

According to a press release from Indonesia’s Ministry For Economic Affairs, there are currently 64.2 million MSMEs that contribute 61 per cent of the country’s GDP, absorbing 97 per cent of the total workforce in the country.

A World Bank report highlights that Indonesian MSMEs face major challenges in securing financing due to the stringent requirements imposed by banks. Despite various government initiatives, MSME loans account for only about 20 per cent of total bank loans.

The International Finance Corporation estimates that MSMEs’ financing gap is approximately US$234 billion.

Validus co-founder and Group CEO Nikhilesh Goel, said: “This long-term partnership with HSBC builds on our ongoing efforts to bridge the financing gap for MSMEs in Indonesia. We will continue to pioneer innovations and drive advancements in the lending space.”

Harish Venkatesan, Head of Corporate and Business Banking at HSBC Singapore, added: “MSMEs play a key role contributing to the long-term economic success in the ASEAN region and beyond. We look forward to supporting Validus in its mission to drive regional growth through the HSBC ASEAN growth fund.”

Founded in 2015, Validus uses data analytics and AI to drive growth financing for the underserved SME sector via funds from individual and institutional investors. It holds a Capital Markets Services Licence from the Monetary Authority of Singapore (MAS) and has also received regulatory approval in Indonesia (OJK) and Thailand (SEC and BOT).

Also Read: Validus, TTC Group, Do Ventures form JV to boost SME lending in Vietnam

Validus also has a presence in Vietnam (Validus Vietnam) and Thailand (Siam Validus)

Since 2021, Validus claims to have quintupled its total funds disbursed, reaching S$5.17 billion. The company is backed by investors, including Vertex Ventures Southeast Asia and India, Vertex Growth, FMO, 01Fintech, NongHyup Financial Group, Norinchukin Bank, Aizawa Asset Management, Lotte F&L, AddVentures by SCG, VinaCapital Ventures, SEA Frontier Fund, K3 Ventures, and Openspace Ventures.

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Image Credit: Validus.

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Digital financial services in Southeast Asia are at an inflexion point, expected to generate revenues of US$38 billion by 2025 and account for 11 per cent of the total financial services industry. Banks and financial services providers are increasingly seeking advanced solutions by leveraging machine learning and AI to tap into this potential.

However, business leaders face two key concerns:

• Making AI operational with reusability, scalability and adaptability with quality data
• Making data privacy business-critical with new techniques of risk management

Solving for dual problems of quality data and data privacy 

A recent survey of 600 data leaders shows that “quality of data” is the top data-related obstacle (42 per cent of respondents) to the adoption of generative AI and large language models. Data privacy and protection (40 per cent) is the second challenge cited by participants. Additionally, researchers also predict that if current Large Language Model (LLM) development trends for training AI models continue, we may run out of available datasets between 2026 and 2032.

Big industry challenges are unlikely to be solved by a single company, working with its proprietary data. When multiple industry players pool their data and collaborate, the collective intelligence generated can solve complex problems such as money laundering, cyber resilience, supply chain management, drug discovery can be tackled more effectively. It’s a win-win situation for individual companies, the industry and customers. Among emerging technologies, Federated Learning (FL) stands out as a revolutionary approach that addresses both concerns: the growing need for data privacy while enabling banks to extract value from distributed data.

Understanding Federated Learning 

Federated Learning is a machine learning paradigm where multiple institutions (e.g., banks) can collaborate to train a shared model while keeping their data decentralised. Unlike traditional machine learning, where data is aggregated into a central location for processing, Federated Learning trains algorithms across decentralised devices or servers holding local data samples, without exchanging them. This approach is particularly appealing to industries like banking, where data privacy and security are paramount. 

Benefits of Federated Learning for operations in banking and financial services 

The benefits of Federated Learning for the banking sector include: 

• Data privacy and security preservation 
  • Protection of sensitive information, as customer information remains within each bank’s secure environment, reducing the risk of data breaches. 
  • Compliance with regulations – such as GDPR, which mandate strict control over personal data and its cross-border transfer.
• Improved model accuracy and robustness
  • Access to diverse data: By leveraging data intelligence from multiple banks, Federated Learning can create more accurate and robust risk management models. This is because the combined data set represents a wider range of scenarios and customer behaviours, leading to better generalisation and prediction capabilities. 
  • Enhanced fraud detection: With access to a broader set of transaction patterns and fraud cases, Federated Learning can improve the detection of fraudulent activities, reducing financial losses.
    
• Efficient resource utilisation 
  • Cost reduction: The Federated Learning approach allows banks to pool their computational resources, reducing the overall cost of model training. This collaborative approach can lead to significant savings in infrastructure and operational expenses. 
  • Accelerated model development: By sharing insights and developments, banks can accelerate the process of model refinement and deployment, leading to quicker implementation of risk management strategies.
    
• Real time risk assessment 
  • Dynamic risk modelling: Federated Learning facilitates the development of models that can be updated in real-time as new data becomes available. This is crucial for identifying emerging risks and adapting to changing market conditions promptly. 
  • Distributed decision making: By enabling localised model updates, more responsive and context-specific decision-making processes within different branches or regions of a bank are supported.
    
• Enhanced collaboration 
  • Cross-institutional collaboration: Banks can collaborate on risk management initiatives without compromising proprietary data, fostering a culture of shared knowledge and best practices within the industry. 
  • Benchmarking and standardisation: Federated Learning enables the creation of industry-wide benchmarks for risk management practices, helping banks to standardise their approaches and improve overall industry resilience.
    
• Regulatory compliance and reporting 
  • Automated reporting: Federated Learning models can be designed to automatically generate compliance reports, ensuring that banks meet regulatory requirements efficiently. 
  • Regulatory sandboxes: Regulators can use Federated Learning to test new policies and regulations on anonymised data sets from multiple banks, assessing their impact without exposing sensitive information. 

Also Read: How Web3 will revolutionise borderless banking in Southeast Asia

 Why Federated Learning is relevant for banking and financial services 

Banks handle vast amounts of sensitive data, including financial transactions, customer information, and behavioural data. This data is not only valuable for making business decisions and improving customer services, but also a prime target for cybercriminals. Moreover, banks operate under strict regulatory frameworks, which impose severe penalties for data breaches or misuse. Federated Learning can enable banks to personalise customer experiences in the following ways: 

• Risk assessment: The Federated Learning collaboration can improve various scoring models by incorporating diverse data from multiple institutions, leading to more accurate assessments of borrowers’ risk profile. When multiple banks shares anonymised and privacy-protected use cases on fraud, threat, risk behaviour, the entire industry benefits from the generated collective intelligence. This sharing of tribal knowledge from each bank, provides insights into industry benchmarks and best practices for local and regional applications to all participants. This further enables banks to understand customer risk profiles and offer relevant products.

• Fraud and money laundering management: Federated Learning intelligence can teach individual bank predictive models, far deeper correlation identifiers for bad actors and bad actions based on private data. This can help identify potential vulnerabilities and mitigating them proactively, so that the customer journey remains free of incident. 

Collective intelligence: The Human Managed architecture for Federated Learning  

In 2018, Human Managed was established in Singapore, to build “collective intelligence” of the crowd – made of humans and machines. Our goal has always been to operate a multi-sided ecosystem-driven platform that gets smarter with more data, more learning and more real world use cases. 

To translate our vision into reality, we created the I.DE.A. (Intelligence Decision Action) platform that builds AI-native solutions for cyber, digital and risk problems for enterprises. This platform is a modular collection of 14 functions and 92 micro-services abstracted into infrastructure, software, data, and AI stacks.  It integrates data from any source, and develops AI models for business context and specific use cases. For individual banks, the platform enables intelligence for smarter decisions and faster actions for better cyber, digital and risk outcomes.  

Integrating data from diverse external sources and generating intelligence in real time, as in the case of risk management for multiple banks, requires privacy preserving technologies. Through Federated Learning and AI-powered apps, the HM collective intelligence platform can build a threat intelligence sharing system for banks that will ensure that:

• Relevant data with the appropriate business context is processed for each bank, via context models 
• Data structures are organised for efficient interoperability or real-time exchange of information across different systems, via STIX v2.1 standards 
• Threat detection for individual banks is agile with cyber incidents detected faster via nano models 
• Privacy across multiple banks is preserved, as a result of collaborative training of machine learning models without actual sharing of raw data via distributed Federated Learning

How it works 

Each participating bank preprocesses its data to ensure consistency and quality before entering the Federated Learning framework. A common initial model is shared among the banks, which will be locally trained on their respective datasets. Each bank trains the model locally on its own data, generating model updates (e.g., gradients).

Also Read: Gen AI in banking: How to ensure a successful transformation for an age-old industry

The local updates are securely aggregated using techniques like secure aggregation protocols or homomorphic encryption. The aggregated updates are used to refine the global model, which is then redistributed to the banks for further training. These steps are repeated iteratively until the model converges to an optimal state. 

Conclusion: The future of intelligence is collective 

The future of effective, real-time intelligence will need to be based on collaborative efforts. Federated Learning can be leveraged in banking to enhance services, improve decision-making, and ensure compliance with stringent data protection regulations.

Overtime, we believe that Federated Learning will drive digital transformation in banking and level the playing field for banks of all sizes. It will foster innovation and create new business models. It will allow for greater financial inclusion, with a greater number of people, especially the rural unbanked access services for personal and business needs.

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With the United Nation’s 2030 Sustainable Development Goals looming, Southeast Asia (SEA) continues to grapple with a complex interplay of environmental and economic challenges. While SEA’s startups are the driving force behind the region’s economic growth, they also contribute significantly to the carbon footprint.

As startups increasingly embrace AI, the global data storage capacity is projected to balloon by 18.5 per cent annually through 2027. With that, the demand for these facilities will inevitably rise. Yet, this digital boom comes with a significant cost – sustainability. Guzzling massive amounts of energy and water for cooling, data centres leave a hefty environmental footprint.

While advancements like renewable energy and hydrogen fuel cells hold promise for a more sustainable future, their current limitations underscore the urgency of immediate emissions reduction. Recent research also reveals a concerning trend: less than a third of Singaporean companies believe that net zero is achievable and are grappling with reporting carbon emissions due to a distinct lack of expertise, resources, and technology.

Business-as-usual is not an option for startups here. Ramping up efforts to cut emission levels will be especially crucial for SEA, given that its demand for energy is expected to triple by 2050. AI, while a powerful growth catalyst, must be harnessed sustainably to unlock the region’s full economic potential.

Higher demand, higher temperatures  

Known for having a ravenous appetite for energy, data centres consume up to 50 times as much energy per floor space of a typical commercial office building – underpinned by thousands of high-performance servers. Globally, they devour approximately 1-1.5 per cent of electricity supply, with the projected demand to double by 2026 in just four years.

A major byproduct of data centres is heat generation. Maintaining optimal temperatures for server performance is essential, but many data centres in SEA face the challenge of operating in warm climates year-round. In this region, cooling accounts for 35 to 40 per cent of energy consumption in data centres – up to 10 percent more than the global average.

Heating up sustainability woes for startups

Despite growing awareness of sustainability in SEA, the gap between intention and action among startups is significant. While a majority recognise its importance, many businesses are still experimenting with minimal changes to their operations.

Also Read: From silicon to sustainability: Data centres in a warming world

Making matters worse, many countries in SEA are emerging data centre markets, and the startup landscape in the region is still rapidly evolving. The fact remains that majority of data centres in emerging markets are not built as energy efficient as they can be. In fact, over 95 per cent of data centres still rely on traditional air-cooling as opposed to the more efficient liquid cooling method.

Moreover, the surge in startup AI adoption is also driving increased demand for data centres. With AI poised to drive a 160 per cent increase in data centre power demand, energy output will only increase. As AI workloads require substantial processing power and storage capacity, the resulting heat output necessitates increased energy consumption to maintain optimal operating temperatures.

The high energy consumption of data centres, driven largely by the growing demands of startups, is resulting in increased electricity costs for businesses relying on cloud services or data centre hosting. Startups, operating with limited budgets and resources compared to larger corporations, face a significant challenge in balancing technological adoption with financial sustainability. Data centre operators must now prioritise cooling systems capable of handling heavy computing and powering huge advances in AI, while maintaining performance efficiency and safeguard hardware integrity.

Keeping it cool

While renewable energy and hydrogen fuel cells offering a sustainable way to generate energy, their Achilles’ heel is intermittency – making them unreliable for data centres that require guaranteed always-on flow of electricity to provide uninterrupted services. On the other hand, hydrogen fuel cells, another contender for sustainable data centre power, are still in the early stages of development, leading to high upfront costs for installation and maintenance compared to traditional power sources.

Water-cooling offers a promising solution to SEA’s data centre heat and humidity issues. Yet, not all water-cooling systems are made equally – if overly reliant on evaporation for heat rejection, this will result in substantial water consumption.

In fact, research indicates that a 1-megawatt data centre employing traditional cooling methods consumes approximately 25 million litres of water annually. Overcoming this to optimise water usage in cooling data centres will be critical for data centre operators to truly build more sustainable data centres here.

Also Read: How a data-driven approach can optimise decarbonisation in the built environment

Since power consumption is directly linked to cooling, there is substantial potential for adopting greener and less energy-intensive solutions. One effective method of water-cooling is cooling components directly, which can significantly reduce both water and electricity consumption, thereby mitigating environmental impact. By using proprietary systems, components like chips and network gear can be cooled directly with a closed-loop water system. This eliminates the need for air conditioning and allows for higher server density, which is particularly advantageous in space-constrained countries.

Encouragingly, markets like Thailand are already adopting these methods, with countries like Vietnam planning to follow suit in the coming years. This shift is expected to transform energy usage in data centres across the region, moving away from the more energy-intensive air-cooling methods.

Startups, agile and deeply rooted in local communities, are uniquely positioned to spearhead sustainability initiatives from the ground up. Their power to innovate, shape supply chains, and engage with local stakeholders makes them indispensable to global sustainability efforts.

When selecting cloud solutions, startups should prioritise providers that align with their sustainability goals. Factors such as resource efficiency, supply chain management, and ethical sourcing can offer valuable insights into a provider’s commitment to social responsibility. By investing in emissions reduction, startups can reap substantial rewards, including improved efficiency, cost savings, and compliance with environmental regulations.

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There’s a lot of expert advice swirling around for startups and eager entrepreneurs to push for growth. While a lot of it is really valuable stuff, a good portion of it is very generic. For instance, staying organized, getting enough sleep, reducing stress, and watching your budget are all great tips for success, but they can apply to just about any profession, or life in general.

Every year, startups fail or remain stagnant simply because they do not know how to achieve measurable growth. In fact, nearly half of all startups fail due to incompetence, while another 30 per cent fail from lack of experience and simply not knowing how a growing business needs to be managed.

In order for a startup to gain the traction it needs to propel forward, its marketing strategies must be better than average for its industry. Gauging metrics and ROI is quite a challenge during the initial phases.

In order to simplify things, there are four key data points that growth-oriented entrepreneurs must absolutely track to create strong marketing strategies and drive growth. Let’s discuss what they are, why they matter, and how to take action.

1. SEO and keyword rankings

Many startups understand the clear benefit of using content marketing as a way to increase their online presence. However, this tactic only works when keywords are properly utilized to increase search engine rankings, leading to a definite increase in the number of customers who click through to your site. This not only means that a startup’s content must be relevant to their audience, but also that the keywords and language it uses must also be conversational.

Researching keyword rankings and competition lays the foundation for a successful search campaign. A tool like Ubersuggest is extremely helpful here, as it lists out the popularity, search volume, and even cost-per-click for all phrases relevant to your primary search term. If specific keywords you’re interested in cost a lot to target or have high competition, Ubersuggest will also (as the name implies) suggest semantically associated keywords and synonyms for ideal choices.

Once the right keywords are in play, it is important to track the incoming results as often as possible. This kind of information can be easily measured through Google Analytics. However, be warned that SEO strategies take time. Don’t be discouraged if you aren’t seeing a return right away. Be patient, but be on the lookout for tactics and tweaks that drive higher numbers than other channels. Use these to help steer your content and brand messaging in the right direction.

2. Conversion of engaged visitors to drive growth

Keeping an eye on webpage visitor numbers is important to measure traffic, but it could be misleading. Unengaged visitors who click through from organic search or social media or online ads, only to leave the site immediately are a sure sign that your startup’s website or content is not what they are looking for.

Also Read: Top 3 sales strategies for B2B startups

Tracking truly engaged visitors is a little tricky because it depends on how exactly your business defines the term. For instance, a shopper who browses items but never adds anything to a cart may or may not be engaged because it is possible they are not interested in what your site has to offer. The same goes for customers who abandon their carts or people who have liked or shared your content in the past. These do signal potential engagement, but it also shows that your marketing and sales performance could use some improvement.

Once your team has clearly defined what constitutes an engaged visitor – or maybe, a qualified lead – it is time to track and retarget them at an appropriate time and context. Studies have found that retargeting customers increases the chances of a conversion by up to 70%.

Tools like Retargeter can help to capture important webpage visitor details and re-engage them through methods like email marketing, audience retargeting on social sites, and banners on blogs.

An oft-cited stat on the web says that about 96 per cent of website visitors are not ready to become a paying customer on their first interaction with your brand. By actively re-engaging them, your sales could increase significantly, spurring growth for your business.

3. Lead sources

One universal conception about startups is that they are probably dealing with a tight budget; something that often limits growth and marketing campaigns. In order to get the most “bang for your buck,” your team must know which traffic sources are resulting in the most leads. From here, you can allocate your budget accordingly for more traction.

It is important to know where the majority of converting leads are coming from in order to guide sales efforts and save your team valuable resources. A lead tracking tool like Convertible makes it easier to see exactly how your prospects are finding your website and which channels are driving traffic. While Google Analytics offers the same information for overall audiences, Convertible collects more granular customer data, so you can determine who individual, segmented, and cohort information, and gather valuable demographic insights for better targeting.

Knowing which sources, campaigns or ads are bringing in the most valuable customers helps you focus your growth efforts on ROI-intensive channels. This can also help eliminate platforms where you simply aren’t able to connect with your target audience, allowing for a more streamlined approach to push for growth.

4. Marketing ROI

Getting accurate numbers for a marketing campaign’s ROI is really tricky. Again, even the most qualified and experienced marketing gurus still struggle with this, especially when it comes to tactics like content marketing, which are more difficult to tie directly to sales. However, it’s extremely important for startups to measure the ROI of each campaign in order to determine the overall success of their efforts.

Keeping track of measurable returns from marketing campaigns is much simpler with the right software. HubSpot’s Marketing Hub offers an excellent ROI reporting tool that tracks marketing results in terms of conversions and engagement. Then, it connects and presents the numbers together in clear, easy-to-read summaries. This system also dives deep into customer analytics to identify any kinks in the marketing funnel that could be negatively affecting returns.

Understanding your business’s marketing ROI is the first step on the way to processes that guarantee continuous growth – across all functional departments of your organization. It highlights exactly where the strengths and weaknesses are, helping startups make better plans for the future.

In conclusion

The key takeaway here is that it is imperative for every startup to have a growth stack that runs on the back of continuous, omni-channel digital marketing. Trying to grow and acquire customers without an accurate analytical system is akin to shooting in the dark. By measuring the right metrics and understanding exactly how they relate to overall growth, startups can assure themselves of sustainable business for years to come.

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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.

This article was first published on March 16, 2018.

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I have always believed in taking leaps of faith. Having worked in the semiconductor industry in Singapore for the last six years, I was clocking in 100 hours week working on chasing datelines and shipment quotas. The intensity, challenges and endless learning taught me to continuously push myself forward and stay focused on the task.

On the other hand, like most Singaporeans today, money is hardly ever enough. Besides juggling my full-time work, I moonlighted as a freelance designer in whatever spare time I had. The supplementary income was good, but to me, it was an outlet to express creative freedom from the monotony of my everyday work.

In the last year, a few lifelong friends approached me with an idea for something greater: to be a partner in their startup venture. I took that leap of faith and left my full-time job. The last six months have been remarkable for me for many reasons.

Having experience in the freelance industry, one of the challenges for any freelancer is to figure out where to start. You have to market yourself on various websites in Singapore, with some sites being a mess allowing anything and everything to be advertised to try to get your name out there. Building your own website meant further financial investment with no guarantee of any returns. International freelance platforms meant competition on a global scale, lacking the social touch of meeting your clients and having a cup of coffee to discuss their projects. I was left scratching my head – there surely was a better way to be a freelancer in Singapore besides just driving people around.

I spent considerable time doing research on how the freelance economy worked in Singapore. In the process, I also gained valuable insights on the struggles of not just the freelancers, but the people who were looking for services provided by these freelancers, and how there was so much more that could be done to make the process simpler.

That was when my friends and I started 3Clicks, a digital marketplace aimed at bridging freelance services to the general public.

Also Read: 3 common myths about what it takes to succeed in entrepreneurship

It baffled me that technology had not simplified the process of being a freelancer in the physical space. You had to go through hoops and hurdles just to find a specific type of freelancer providing a service such as a piano coach or a dance instructor.  My background in the semiconductor field gave me a solid understanding of processes and workflow, and I leveraged that knowledge to help design a system that was transparent, easy-to-use and convenient, not just for the tech-savvy but for everyone.

Since deciding to go fulltime on this startup, I discovered what it meant to be an entrepreneur. My once 100-hour work weeks morphed to always being ready 24/7, 365 days a year. The freelance hours that once served as a creative outlet evolved to me thinking continuously on improving the platform and generating ideas. You have to strongly believe in the vision you have and I discovered that being an entrepreneur is a mindset – you look for things to make better and for problems to solve that can impact people.

Here are five of the biggest lessons I’ve learnt so far from my startup journey.

1. Talk to more people

The more people you can talk to, the more perspectives you gain. You start understanding your users better and living their problems, and this perspective leads you to create solutions that improve their lives. It helps validate your business plan. It helps you create a product that people actually want. In my journey, I constantly talk to freelancers. I ask them about their frustrations with the process and identify areas where things could be made simpler.

2. Do not be stagnant

Be curious and always having the drive to learn more, see more, do more. And constantly reinvent yourself to get better and never be satisfied with yourself. Keep improving your product and challenge yourself to find new ideas and opportunities to drive your message and vision forward.

3. Allow others to challenge your startup ideas

Don’t surround yourself with yes men. Have people work with you that believe in your vision but are willing to challenge your ideas. Defend your ideas and if you feel that your position is flawed, find alternatives. The challenge is to find the right solution to your problems and it is good to hear different perspectives and solutions.

Also Read: 4 unconventional digital marketing tips for experts and starters alike

4. Keep things simple

People like simple things. They would go for systems that are transparent and easy to use. It makes them feel they are in control instead of being blind and lost. Most buyers do not know what their choices are or that there are even choices. By allowing transparency and keeping it simple, you are giving them more confidence in their own ability to make a sound decision.

5. Be prepared

Be prepared for questions and squash doubts about what you are doing. Have the facts ready. It is a lot easier to talk about what you are doing with your startup and how it creates an impact when you know some of the major facts and statistics at the back of your hand. Keep track of your numbers and growth. Validate to yourself and others that your vision is growing.

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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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This article was first published on March 27, 2018

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Intense competition and soaring prices in domestic markets are pushing droves of savvy investors to seek opportunities abroad. 

However, these investment nomads are quickly realising that not all investment destinations are created equal. 

The sophisticated systems of governance, robust legal systems, and pervasive technological advancement and innovation we take for granted at home are not always present. They also represent the most basic requisites for overseas investments.

In addition to solid fundamentals, investors should also be on the lookout for economies that display untapped potential — a Goldilocks scenario of sorts, where you won’t get burnt, but you know there’s also plenty of consumption to be enjoyed.

Enter the great untapped Down Under

Australia is obviously among the top developed economies globally, being part of the OECD. It witnessed unprecedented and consistent GDP growth for an incredible 27 years before the COVID-19 pandemic, and this incredible growth looks set to continue in 2024 and even surpass the OECD average in 2025. This makes it an attractive option amid ongoing global economic challenges stemming from geopolitical tensions and climate change.

Yet perceptions of Australia’s capabilities are often incomplete. 

For instance, Australia may traditionally be known for its prowess in financial services, mining, energy, and agriculture. But it also demonstrates notable capabilities in the technology sector. 

Despite representing only 1.6 percent of global GDP, Australia accounts for 2.3 percent of the world’s technology unicorns. It also excels in future-critical niches such as biotechnology, medical devices, business software, payment technology, AI and other blossoming industries. 

This is not to mention the highly critical climate technology sector, which is set to experience a boost after the Australian government recently announced plans for a bold legislative framework to incentivise home-grown clean energy solutions. 

In short, the economy is diverse and positively ripe for investment. 

Its stability and diversity provide a valuable hedge against global uncertainties, mitigating risks associated with volatile markets. The country’s resilient economy, coupled with its diverse range of industries and sectors, fosters a secure investment environment conducive to sustained growth and prosperity.

Yet the latest numbers from the KPMG Private Enterprise Pulse report show a 53 percent drop in total deal value in the country.

Also Read: Embracing neurodiversity: Hiring individuals with autism in Australian workplaces

So why aren’t investors flocking to Australia?

As the saying goes, if it was easy, everyone would do it. 

High-quality investment destinations like Australia typically contain some barriers to entry that deter less savvy investors. But this simply means more untapped potential for anyone in the know.

For instance, the Australian foreign investment process can be quite intricate, which often deters investors seeking simplicity and easy wins. The Treasurer also makes the ultimate decision based on national interest and security, with guidance from FIRB, which can result in a somewhat lengthy investment process. 

However, a detailed process allows for thorough due diligence and helps to ensure that the deals are made following legal requirements. This reduces investment risk and the likelihood of facing regulatory issues down the road. It also means less investment competition.

Australia’s high environmental standards can also add costs and compliance hurdles for certain industries like manufacturing and energy where costs for going green are common. 

 Yet long-term cost savings emerge from investments in sustainable practices, such as energy efficiency and waste reduction, leading to decreased operational expenses. This commitment to environmental responsibility also spurs innovation, driving companies to develop new, green technologies and processes that enhance competitiveness in the global market. 

As adherence to stringent environmental norms increasingly becomes a prerequisite for market entry and investment decisions, environmental compliance will additionally open doors to international markets and attract eco-conscious investors. 

These benefits collectively underscore the value of integrating environmental standards into business operations, positioning companies for future success and sustainability.

Finally, Australia’s geographic isolation can increase transportation and communication costs, impacting the competitiveness of some industries. 

But this geographic isolation also creates niches in the market that are underserved or have specific needs not fully met by global competitors. By focusing on these niche markets and becoming experts in meeting local demand, businesses in Australia can refine their offerings, optimise their operations, and build strong customer relationships. 

As businesses develop expertise in serving niche markets locally, they also often acquire valuable knowledge, insights, and capabilities that can be leveraged to expand internationally. 

The specialised skills, unique products, and innovative approaches can differentiate companies from competitors in global markets where similar needs may exist but are not adequately addressed by existing solutions. 

What this all adds up to is a country with all the elements of an excellent investment landscape, but vast amounts of untapped potential. 

Case in point: Energy Exemplar

Australia may be best known to overseas investors by its media darlings like Canva and Atlassian. But what truly makes Australia an investment jewel is the economic stability that has birthed attractive mid-market listed companies that are ripe for lucrative private equity investment. 

Last year’s acquisition of Energy Exemplar by Blackstone and Vista Equity Partners is a great example of this.  

Energy Exemplar’s growth trajectory, under our ownership and its subsequent acquisition by these prominent private equity players, resulted in increased market presence for the company. 

While in our portfolio, it became a leading global player in energy market simulation software, expanding its market presence significantly. This increased visibility and market share likely contributed to expanded investor confidence. 

The company’s revenue also saw a substantial increase due to its expanded customer base and improved product offerings. The 30 percent compound annual growth rate since 2018 was very attractive to investors. 

The success of this acquisition can be attributed to several pivotal factors that highlight just why the Australian mid-market, via private equity, is such an attractive investment destination. 

Also Read: Echelon X: Catherine Shu, Pei Sheng Goh, Rod Bristow, and Clare Leighton on synergies between Australia and SEA

Firstly, Australia offers compelling valuations and exciting growth prospects compared to saturated markets, making it an attractive destination for investment. 

Secondly, partnering with established, profitable private equity companies grants access to proven business models and recurring revenue streams, enhancing the attractiveness of such ventures to investors.

Finally, the involvement of experienced private equity firms brings a wealth of expertise and resources to the table. Through their strategic guidance, these firms can fuel international expansion initiatives and unlock untapped growth potential within companies like Energy Exemplar, thus augmenting their value proposition and appeal to investors.

The acquisition underscores not only the economic stability of Australia but also the confidence of global private equity firms in its business environment — something all investors should be watching closely.

Australia is an easy choice

In the end, the world has had too much “hard”. 

Investors survived COVID-19, and we’re battling through rising geopolitical conflict. It is time for something that is the diametric opposite of hard. 

The US is already seeing a reinvigoration of its investment activity through initiatives such as the enactment of the Inflation Reduction Act, which spurred a surge in innovative ventures across the nation. 

It is evident that Australia stands at the cusp of similar transformative growth – and that savvy investors who move now could get in at the ground level.

Australia’s renewed commitment to green initiatives also signals a turning point in its investment landscape.

Buoyed by government initiatives aimed at fostering innovation and bolstering investor confidence, Australia is poised to capitalise on rapid technological advancements, such as Artificial Intelligence, and the global shift towards renewable energy. 

These developments not only promise to attract foreign capital but also position Australia as a hub for cutting-edge ventures and sustainable growth.

So don’t risk becoming a laggard. The time to move is now.

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Sourcefy, an AI-powered supplier discovery and management platform, is transforming the B2B sourcing landscape. By leveraging advanced AI agents, Sourcefy is streamlining supplier searches and ensuring safe and transparent transactions. The company’s innovative approach addresses critical challenges in the industry, setting a new standard for efficiency and reliability.

Pain points in traditional sourcing

1. Reliance on traditional B2B platforms:
   • Slow Process: Platforms like Alibaba can be flooded with low-quality suppliers, making the search process time-consuming.
   • Lack of Accountability: These platforms often lack robust quality assurance, leading to potential disputes and dissatisfaction.
2. Reliance on sourcing agents:
   • High Costs: Businesses frequently hire expensive sourcing agents due to mistrust in existing B2B platforms.
   • Inefficiency: Despite the high costs, sourcing agents often do not improve efficiency significantly.

Both methods are slow, not cost-effective, and lack supplier accountability, which can lead to disputes and frustration for business owners.

Also read: OceanBase INFINITY: Empowering Indonesia’s digital economy

The rise of AI in sourcing

AI technology has revolutionised various industries, including sourcing and procurement. Sourcefy’s AI agents automate the supplier search process, delivering significant benefits:

• Eliminating keyword searches: Traditional B2B platforms require users to manually search for products using keywords, a process that can be inefficient and time-consuming. Sourcefy completely removes the need for keyword searches.
• Streamlined communication: Users no longer need to communicate with multiple suppliers or relay instructions to traditional sourcing agents. This process is often cumbersome and repetitive.
• Efficient job posting: Sourcefy allows users to post their job requirements with detailed information such as project title, description, budget, MOQ, and country. Within 24 hours, users typically receive proposals from suppliers who understand their requirements, significantly reducing sourcing time and eliminating the headache of explaining requirements repeatedly.

Addressing industry challenges

The logistics sector, fundamental to global trade, faces several challenges, including high costs, fraudulent suppliers, and lack of transparency. Sourcefy addresses these pain points through its AI-powered platform, which provides:

• Secure transactions: Business transactions for procurement usually exceed $10,000, and it is in Sourcefy’s interest to protect buyers’ funds. Partnering with Escrow.com, Sourcefy ensures funds are only released upon buyer approval, mitigating risks associated with unfinished or unsatisfactory products. Traditional B2B platforms like Alibaba have numerous reviews from users who lost money on such transactions, highlighting the need for Sourcefy’s secure approach.
• Milestone tracking:  Ensuring accountability from start to finish when a deal is struck between a buyer and supplier, such as for thermal flask bottles, Sourcefy encourages users to use the milestone function to divide the project into smaller, manageable stages. For example, the first milestone might involve checking the quality of the bottle by requiring the supplier to send pictures or videos. The second milestone could be verifying the print quality of the bottle, followed by assessing the packaging quality as the third milestone. The final milestone would ensure the items arrive safely to the buyer. Buyers only approve each milestone and release the corresponding funds when they are satisfied, ensuring that suppliers remain accountable throughout the entire process.
• Smart logistics: Smart logistics collaborations with industry leaders like DHL and UPS enhance delivery efficiency and cost savings. Traditional logistics often present several pain points, such as inflated delivery prices imposed by suppliers and the cumbersome process of checking delivery statuses through external URLs. Sourcefy addresses these issues by integrating logistics directly into the platform. This integration allows users to access competitive rates, benefiting from negotiated rates with logistics partners and thereby reducing overall delivery costs. Additionally, users can seamlessly track delivery statuses within the Sourcefy platform, eliminating the need to navigate multiple external websites. These features ensure a more efficient and cost-effective logistics process, further enhancing the user experience on Sourcefy.

Also read: Unlock the secrets to IP success at IP Week @ SG 2024

Future outlook

Looking ahead, Sourcefy is poised for significant growth. The upcoming launch of Version 2 in October will see Sourcefy become a fully integrated all-in-one sourcing and procurement platform. This update will allow users to request samples directly from suppliers within the local inbox, track sample orders and deliveries, monitor supplier orders, and check logistics progress—all within the platform.

Additionally, in 2025, Sourcefy plans to move towards an enterprise SaaS model, aiming to help MNCs in the trading sector manage their buyer-seller relationships via Sourcefy’s AI. This feature will facilitate transactions on the Sourcefy platform for a very low fee, further enhancing efficiency and customer satisfaction.

Recent investment and growth

Sourcefy’s recent $250K pre-seed investment from Evergreen Wealth Management, a boutique family office based in Singapore, marks a significant milestone in the company’s journey. This funding will accelerate efforts to enhance the platform’s AI capabilities, expand market reach, and upgrade the overall user experience. Sourcefy remains committed to continuous innovation to meet the evolving needs of its users.

Also read: NIA’s SITE 2024 sets new records at MHESI’s SCI Power for Future Fair

For more information, visit Sourcefy’s website or contact the team at contact@sourcefy.co for partnerships. 

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

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TransTRACK, an Indonesian fleet-tracking startup, has announced the closure of its oversubscribed US$12 million Series A funding round.

Eurazeo and Cocoon Capital led the round, which also saw participation from IFP Securities, Bintang Delapan, and AppWorks.

Also Read: Driving change: Female Muslim entrepreneur accelerates success in Indonesia’s logistics-tech arena with TransTRACK.ID

The logistics tech venture will use the money to accelerate its expansion across Southeast Asia, particularly in Indonesia, Singapore, and Malaysia. The firm also plans to expand beyond the region, targeting global opportunities in markets like Australia and Taiwan.

Founded in 2019 by Anggia Meisesari and Aris Pujud Kurniawan, TransTrack offers an AI- and IoT-powered fleet management system, transportation management system, and truck appointment system for logistics companies that aim to optimise their operations.

It also provides visibility across the supply chain in a single platform, increasing customer engagement, new revenue streams, and margins, driving productivity, efficiency, and business growth. The startup also offers a carbon emission dashboard, carbon footprint analytics, and marine transport optimisation.

TransTRACK’s solutions are effective in Southeast Asia due to their ability to address common challenges, such as fragmented logistics networks, high operational costs, and inconsistent delivery performance. By digitalising fleet operations, TransTRACK enables businesses to increase productivity and fleet utilisation by 40 per cent while reducing overtime, fuel and labour costs, total miles, and idle time by 30 per cent.

With real-time visibility, predictive analytics, and streamlined processes, businesses can optimise operations, minimise delays, and improve service levels.

Today, TransTrack serves over 1,200 clients across 130 cities in Indonesia and 30 cities in Malaysia and Singapore, with over 150,000 subscriptions. Its solutions cater to various sectors, including logistics, public transport, retail, finance, mining, ports & marine, industrial services, and plantation & forestry.

Also Read: What entrepreneurs should know about delivery management in 2024

The venture claims to have achieved 20 per cent month-on-month growth over the past year.

In January 2023, TransTRACK secured US$2.1 million in a pre-Series A funding round from Ortus Star, Cocoon Capital, YCAB Ventures, Goldbell Investment, NP Consulting, Damson Capital, and unnamed angel investors.

Southeast Asia’s logistics sector is projected to be worth over US$55 billion by 2025. With the rapid rise of e-commerce, urbanisation, and the increasing demand for efficient supply chain solutions, TransTRACK aims to capture a substantial market share in key regional markets, including Malaysia, Singapore, Thailand, Cambodia, and Vietnam.

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Image Credit: TransTRACK.

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