Imagine a finance worker tricked out of a staggering US$25 million through a deepfake video impersonating their own CFO. Sadly, this isn’t science fiction but a harsh reality serving as a stark example of the ever-changing barrage of digital scams plaguing Asia.

The region’s rapid digital expansion has created fertile ground for malicious activities to flourish online, leaving individuals exposed to phishing attempts, AI-powered deepfakes, and a growing range of online cons.

As scams continue to evolve, a crucial question arises: Is Asia prepared for the battle ahead?

Asia under siege

The 2023 Asia Scam Report by The Global Anti-Scam Alliance (GASA) and Gogolook paints a troubling picture. Over 60 per cent of Asians — more than 2.4 billion people — face at least one scam attempt every week. The average number of scam calls and SMS received per person in Asia has also risen from 8.9 times in 2020 to 15 times in 2022, reflecting an annual growth rate of 29.8 per cent.

While traditional scams via calls and SMS persist, the battleground is rapidly extending to online platforms. Messaging apps such as WhatsApp, Telegram, and Line, as well as social media platforms like Facebook and Instagram, have become fertile grounds for these malicious activities.

Adding fuel to the fire are AI-powered deepfakes. A recent report revealed a staggering 15x surge in detected deepfakes in Asia-Pacific in 2023 alone, making scams more sophisticated and convincing than ever. This calls for robust countermeasures and heightened public awareness to safeguard people effectively.

Also Read: 6 cybersecurity criteria for corporate compliance

Collaborative defence offers hope

Thankfully, Asian governments and organisations are not sitting idly by. Singapore, for instance, launched its ninth anti-scam campaign in 2023 to educate citizens on scam identification and reporting methods. The newly established Scam Public Education Office (SPEO) helps bridge the knowledge-action gap by offering crucial information on common scams and prevention strategies.

Singapore is just one piece of the regional puzzle. Countries like Thailand, Malaysia, and the Philippines have also established dedicated departments and nationwide campaigns to empower their citizens against cybercrime.

Equally important in the battle against scams are private sector contributions. Several Asian government agencies and organisations have made joint efforts with Gogolook to strengthen regional defences by signing MOUs, promoting the use of anti-fraud technological tools and services, and forming strategic partnerships for anti-fraud technologies and collaborative research, among other initiatives. They include the Royal Malaysia Police (PDRM), the Royal Thai Police, the Cybercrime Investigation and Coordinating Center (CICC) in the Philippines, and Taiwan’s National Police Agency.

Several companies across various sectors are also actively investing in anti-fraud measures. Singaporean banks, for example, have established specialised anti-scam teams equipped with experts in new technologies like AI and machine learning. These teams continue to expand and innovate solutions such as the “money lock” feature and anti-malware security measures to safeguard customers from falling victim to scams.

Bridging the awareness gap

Despite ongoing efforts, significant challenges remain. People’s lack of awareness is one of the biggest reasons they fall victim to scams. Many remain unfamiliar with the evolving tactics of scammers, which makes them sit ducks for sophisticated phishing attempts, deepfakes, and other online cons. Limited cross-border collaboration also hinders efficient data sharing, making it difficult to track and dismantle complicated scam networks that operate regionally.

Also Read: Securing the future: Navigating the digital transformation in BFSI amid cybersecurity challenges

So, is Asia truly ready? The answer lies in collective action and robust defence strategies.

To address the awareness gap, governments, companies, and organisations across the region must team up to develop accessible educational materials, organise training programs, and sustain anti-scam campaigns. Empowering individuals with enough knowledge and tools to identify and avoid scams is the first line of defence.

Fostering regional collaborations is equally important. Initiatives like the ASEAN Working Group on Anti-Online Scam and the 2023 Regional Anti-Scam Conference in Singapore are all positive steps towards building capacity, training, and information sharing.

Additionally, the collaboration between the Global Anti-Scam Alliance (GASA) and Gogolook, as well as the first Anti-Scam Asia Summit in 2023, have initiated a regional ecosystem for fraud prevention in Asia. Further effort is important to sustain momentum. Measures such as establishing information-sharing platforms and enabling a cross-border exchange of expertise are essential to dismantle transnational scam networks and build regional resilience.

Unity key to a secure future

The battle against digital scams is ongoing, but through unity, we can gain and maintain the upper hand. By investing in public awareness and fostering regional collaboration, we can create a safer digital future for all of Asia. We must remain vigilant and adapt to effectively combat this mutating threat. The time to act is now.

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AI is the buzzword of the day. Recently, I became curious about how precisely AI affects the fast-paced fintech industry. From the perspective of the CEO of a leading tech company in Vietnam, this question sent me on a mission of discovery that has led me to uncover some amazing insights, which I can’t wait to share with you in this article. 

In my opinion, the combination of fintech with AI is more than simply a fad; it’s a revolutionary development. It’s rewriting the rules, reinventing finance, and opening up new avenues for efficiency, creativity, and opportunity for consumers and corporations.

Overview of AI in the fintech market

These days, the top five technologies that reflect the most significant developments in fintech are AI, cloud computing, blockchain, big data, and the IoT. AI may have the most applications out of all of them because it’s crucial to process automation and data analysis. 

One of AI’s benefits is its ability to integrate seamlessly with other digital technologies. Its capabilities have expanded significantly as a result of this form of collaboration. AI may now be used for many fintech applications, including security, customer service, auditing, and many more, thanks to this feature. 

Highlighted AI’s roles in fintech

All types of businesses are searching for ways to improve their operations through the use of digital technologies. A vital part of the digital infrastructure employed in many financial processes is artificial intelligence. Naturally, increasing corporate profitability through a range of benefits and business opportunities is the ultimate goal of AI-powered solutions.

Also Read: Is voice the next revolution in fintech?

Here are a few AI in fintech highlights:

• Enhance the customer experience.
• Increase the effectiveness of operations.
• Reduce operating expenses for a business.
• Obtain a benefit over competitors.
• Reach precise forecasts and analyses.
• Identify fresh business prospects.
• Improve control over risks.
• Increase property and asset security.

Top five CEO’s recommendations to use AI in fintech

Robotic advisors and AI assistants

These customer-focused solutions are typically integrated into more sophisticated online banking software. However, they can also exist as standalone mobile or web applications. Typically, they use SMS, in-app conversations, or mobile alerts to interact with clients. 

These fintech AI assistants make it possible to use tailored strategies to enhance the customer experience and address a wide range of important topics, including financial advising and account security.

Systems for automatic fraud detection

The vast majority of them would like to claim that fraud is being prevented by AI technologies. By doing this, fintech companies attract partners and customers while discouraging potential illicit activity. For example, PayPal and Mastercard use AI and ML-based data processing systems to identify potentially fraudulent activities and other dubious conduct in real-time.

AI-based tools for adherence to regulations

Many fintech organisations use similar technologies to comply with applicable laws, much like the prior type of AI solutions. Strict laws are enforced in many states about know-your-customer (KYC) procedures, data protection, anti-money-laundering (AML) measures, and other mandatory programs for the finance sector. Financial service providers utilise AI analytics in conjunction with machine learning and Big Data technology to adhere to such rules and norms.

Investment and trading

AI) algorithms are used in trading and investing for portfolio optimisation, high-frequency trading, and the creation of investment strategies.

These algorithms are capable of identifying market trends, analysing enormous volumes of financial data, and executing transactions very quickly. Their goals are to reduce risks and maximise rewards.

Credit scoring

AI-driven credit scoring evaluates a person’s creditworthiness using machine learning algorithms. To give a more precise and comprehensive credit evaluation, these models take into account a wider variety of data, including non-traditional data sources. Those with little credit history will especially benefit from this. 

Recent AI in fintech for the APAC market

Although the use of artificial intelligence (AI) tools is anticipated to propel financial technology enterprises in the Asia Pacific area, this is only partially the case. 

Also Read: 6 common questions about establishing a fintech company in Vietnam

According to ResearchAndMarkets.com’s most recent projection, the Asia Pacific fintech market for AI is projected to develop at a compound annual growth rate (CAGR) of 17.7 per cent between 2022 and 2028.

By analysing many financial accounts, AI is used in the banking industry to evaluate a person’s overall financial health, provide real-time updates, and provide individualised advice. 

By effectively analysing enormous volumes of client data to comprehend their preferences and wants, banks and fintech companies can leverage AI and machine learning to improve customer relationships. 

Clear predictions of AI transforming the fintech industry

Greater efficiency, higher work quality, and a better user experience are what AI already provides, and the fintech industry has very bright futures for it. 

Fintech businesses, for instance, can leverage this technology to develop innovations like recommendation systems, robo-advisors, and decision-process automation that help customers with investment questions or financial challenges.

As a result, AI offers enormous promise for fintech companies and their customers, but it also requires precision, attention, and consistency. With these principles in mind, artificial intelligence (AI) can assist fintech companies in strengthening their relationships with clients, enhancing their competitive edge, and increasing revenue.

AI is headed, and so are you

Fintech businesses—which range from online banks to payment processors to stock trading applications—are progressively utilising artificial intelligence (AI) to streamline processes, enhance judgment, and boost operational effectiveness.

Since artificial intelligence is utilised daily to improve efficiency and facilitate decision-making, it is anticipated to become more and more common in the banking sector. It is the current time’s BIG THING.

By integrating AI into quality management, fintech organisations can maintain a competitive edge and ensure that their products and services meet the highest standards of quality.

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Launched in Asia in 2022, Ingenico’s StartupIN Program has expanded its horizons beyond regional borders, welcoming startups from across the globe. With a dedicated focus on seamlessly integrating promising commerce solutions into Ingenico’s ecosystem, StartupIN serves as a collaborative ally for early-stage startups venturing into physical in-store environments, bridging the gap between the real and digital worlds through Ingenico’s omnichannel payments and commerce solutions. 

Catered to early-to-mid-stage startups, the program acts as a platform for identifying and supporting the growth of new and innovative in-store payments and payments-linked solutions. For startups, participation in the program means a strategic partnership with Ingenico, providing access to its global network, expertise, and exclusive events for mentorship and business development. The partnership accelerates market entry, enhances credibility and visibility, and bolsters their market presence.

Ingenico’s transformative journey to a dynamic point-of-commerce technology provider

Ingenico’s transformation from a hardware-focused point-of-sale organisation to a dynamic point-of-commerce technology provider is marked by innovations such as AXIUM, a smart payment platform, along with a comprehensive suite of Managed Services and value-added commerce solutions to support diverse business environments. The transformations underscore Ingenico’s commitment to innovating the in-store payments space and are further emphasised through the StartupIN program, where startups leverage Ingenico’s global network and industry expertise to fuel growth and innovation.

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

Driven by a mission to push boundaries within the payment ecosystem, StartupIN aims to elevate commerce solutions to meet the evolving needs of tomorrow. The goal is clear: to become the go-to destination for in-store innovation, facilitating collaboration, and driving transformative change in the retail landscape.

Ankit Maheshwari, APAC Startup Engagement Lead, StartupIN Program elaborated, “Ingenico has more than 40 years of experience in the payments industry and we have continuously grown and deepened our capabilities in this space. We believe that partnerships are key to driving innovation in in-store payments. StartupIN is our innovation and collaborative playground where we bring our expertise and global network together with inventions from startups to build forward-looking commerce solutions.”

StartupIN: The in-store commerce specialist

In the Asia Pacific region, around half of retailers anticipate a portion of online spending moving towards brick-and-mortar stores, with 42% expecting foot traffic to return to pre-pandemic levels. This trend presents a significant opportunity for startups to explore omnichannel solutions. At the forefront of this transition is the StartupIN program, which distinguishes itself through its focus on guiding startups in navigating in-store environments. 

Despite being founded just two years ago, StartupIN has clearly defined objectives: to champion innovation, foster collaboration, and serve as the bridge between in-store innovation and global commercial opportunities for startups. To determine if startups are a good fit for the program, StartupIN evaluates them based on four key criteria, known as the 4T’s -Team, Technology, Traction & The Ingenico fit.  

Acknowledging the ever-changing nature of startup environments, where market trends, technological advancements, and business pivots continuously evolve, the program is designed to be highly responsive to these changes. Partnering with startups, the program helps to navigate challenges including corporate environments and hierarchies, bridging gaps, and making the necessary connections. 

“As a relatively new entrant to the market, we embrace an agile mindset, shaping our processes to prioritise quicker delivery and seamless collaboration. With our past collaborations, we’ve streamlined delivery times from three weeks to a maximum of two months, depending on the complexity of the project. We know that startups have their hands full, so we keep things efficient, taking into account their limited resources and business goals. By working with us, startups also take on minimal risk, as no equity is involved.” expressed Ankit. 

Beyond facilitating short-term collaborations, StartupIN is committed to cultivating long-term relationships with emerging startups. The program primarily focuses on APAC and European markets, having successfully engaged startups such as Pi-xcels, Triple A, Crowdshop, Anycover, Kosmo, Savee, and Payex, with ongoing Proof of Concepts in Brazil and Spain, showcasing a diverse array of innovative solutions in the payment landscape across various industries.

Startups are attracted to StartupIN for various reasons. Firstly, the program provides a streamlined process and reduces risks for startups, ensuring efficiency and effectiveness. The straightforward onboarding process facilitates quick integration, and startups receive tailored mentorship. Furthermore, StartupIN’s participation in key industry events like the Singapore Fintech Festival and Paytech, Ingenico’s annual global event for its clients, offers valuable networking opportunities and the chance for startups to co-exhibit, boosting visibility and engagement in the startup ecosystem.

Also read: Taipei City Launches “Global Pass” to support Taipei startups in expanding abroad

“Throughout the year, StartupIN actively participates in various industry events, offering our partners opportunities to shine through exhibitions and speaking engagements. For example, Pi-xcels joined the StartupIN Program in January 2023, and within a record time of four weeks, we jointly developed a Proof of Concept (POC). Subsequently, we enhanced demo capabilities and initiated conversations with customers across Europe, Brazil, and Asia. The level of engagement of startups can vary, taking into account factors such as the startup’s profile, founder, solution type and other criteria to capture the key interest of shareholders. Pi-xcels further excelled when they won the pitch contest at Paytech 2024, sparking interest amongst many of Ingenico’s customers.” shared Ankit.

StartupIN and the road ahead

Looking ahead to 2024, StartupIN plans to continue supporting innovative solutions that positively shape the commerce landscape by enhancing its go-to-market strategy and transitioning POCs into the pilot phase, building on 2023’s successes.

To refine its approach, StartupIN collaborates closely with innovation teams in the banking sector to identify suitable startups for potential 3-way POC co-creation and tailoring solutions precisely to meet partners’ and market needs. Additionally, it strengthens relationships within the fintech ecosystem through partnerships with ecosystem players and venture capitalists (VCs), aligning with its commitment to fostering innovation in the financial technology space.

Also read: Nagoya University: Asia’s extensive network of innovation, research, and education

“At its core, StartupIN’s mission is about empowering people and pushing the boundaries within the payment ecosystem. We embrace an open-minded approach and part of StartupIN’s journey involves discovering new startups along the way while continuing to support innovative solutions that positively shape the commerce landscape. Over the past 12 to 18 months, the program has evolved significantly to ensure its relevance and effectiveness in supporting startups’ evolving needs. Navigating in-store payment and commerce solutions can often be daunting for startups, especially without a clear playbook like their virtual counterparts. However, as the online and offline worlds converge and consumers demand seamless omnichannel experiences, the StartupIN program is here to lead the way.” Ankit added.

For startups curious to learn more about StartupIN and the program, find more information at: https://ingenico.com/en/partners/startupin.

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

We can share your story at e27, too. Engage the Southeast Asian tech ecosystem by bringing your story to the world. Visit us at e27.co/advertise to get started.

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We live in a world where the lines between the physical and digital realms are blending. The Altair Technology Conference in July 2023 gathered engineers, product designers, and tech experts to explore the ‘Phygital’ world. This term combines ‘digital’ and ‘physical’, signifying how these two aspects now intertwine in our daily lives.

Technologies like augmented reality (AR), virtual reality (VR), physics simulations, AI/ML, the Internet of Things (IoT), and smart devices are reshaping industries and changing how we live, work, and shop. In this changing landscape, customer expectations are evolving quickly.

As product designers, we’re adapting by focusing on human-centred designs that prioritise sustainability, user-friendliness, safety, and faster development. Traditional product development silos are disappearing as innovative tools and technologies are paving the way for collaboration and simultaneous engineering, thus shortening the development cycles while raising quality and decreasing costs.

Human-centered design

One exciting technology is “Human-in-Loop,” which lets humans and machines interact in real-time to optimise designs by understanding forces, strains, and key parameters. This isn’t just for big corporations; even smaller suppliers can use these virtual systems to develop their parts efficiently, as seen with companies like Fluidon and T-Systems.

Also Read: Southeast Asian Web3 startups shine in 2023: Meet the trailblazers

As we navigate this blend of the virtual and physical, we’re entering an era where innovative and efficient products are developed faster. Real-time simulation is overcoming verification challenges, marking a game-changing era.

Augmenting reality with virtual sensors

Looking ahead, engineering software companies with data and AI capabilities can create Large Design Models (LDMs), smart tools that virtually assemble products based on instructions, even with limited data.

The Phygital world isn’t just changing industries; it’s revolutionising healthcare. People with chronic conditions, such as diabetes, can benefit from IoT-connected devices. For instance, a glucose monitor can transmit real-time blood sugar data to a smartphone app.

Based on a range of personal parameters, including factors like RBC count and demographics, the smartphone will provide recommendations for dietary intake and actions to take while simultaneously activating the corresponding colour code on the glucose monitoring device’s screen. This allows patients to receive immediate feedback, helping them manage their condition more effectively and improve their overall quality of life.

Digital and physical application

The Venn diagram provides an example of how the fusion of the digital and physical in the ‘Phygital’ world brings powerful outcomes, enhancing healthcare in real-time.

Financial organisations leverage the digital twins, which are the foundation of phygital technology, to enhance client experiences and even thwart fraud. A combination of near real-time simulations, data, and real-time activity monitors make a formidable combination in preventing fraud from taking place.

Altair stands with you as we navigate the intersection of physical and digital realms in the thrilling ‘Phygital’ era. Together, we illuminate the path to a future where these worlds converge, fostering innovation, collaboration and growth.

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This article was first published on October 2, 2023.

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It’s estimated that the average professional receives around 65 emails per day in the working week. And that’s excluding all those that fall into the spam folder. For those working on the frontlines of customer service, this email volume expands enormously.

In 2024, manually handling customer emails or relying on traditional ticketing systems seems highly inefficient amidst the rapid tech innovation in global markets, particularly in Southeast Asia. This region has leapfrogged the dot-com boom, normalised mobile wallet usage, and even pioneered vertical farming technology.

So then, why is it that in an age marked by the rapid progression of artificial intelligence (AI), particularly through generative AI and Large Language Model (LLM) technologies, Southeast Asian customer service agents continue to grapple with the relentless influx of customer emails? And what implications do businesses face when their agents are unable to address the mounting queries flooding their inboxes?

Shortcomings of traditional ticketing systems

Global research reveals that 54 per cent of consumers prefer using email for customer service, making it the most popular channel for support inquiries. However, traditional ticketing systems present several limitations that hinder their effectiveness.

Firstly, scalability remains a significant challenge, with high costs associated with infrastructure, personnel, and licenses. These systems often require substantial investment in maintenance and training, contributing to prolonged downtimes and delays in addressing customer inquiries.

Also Read: How to revolutionise the banking and finance industry with Robotic Process Automation

Moreover, the lack of 24/7 availability and manual processing bottlenecks lead to increased workload and slower response times, resulting in frustrated customers and reduced satisfaction levels. Traditional ticketing systems also struggle with personalisation due to manual data handling and limited access to customer information. These systems often rely on outdated processes for content updation, leading to inconsistent responses and prolonged resolution times.

Indeed, almost two-thirds of consumers have experienced being ghosted by company customer service, and 84 per cent of customer service agents cannot answer questions on the first interaction. In a market where customers are being more cautious with their spending, brands need to ensure these customers come back and remain loyal. And very often, these essential customer interactions start in the email inbox.

Impact of unsatisfactory resolutions: Unhappy customers and revenue loss

It is no secret that Southeast Asians have high expectations from the brands they purchase from. And brands that fail to meet these expectations risk losing that customer’s loyalty for good. A recent study revealed that Southeast Asian consumers will significantly cut their spending on a brand after a poor experience.

The same report found that SEA companies risk losing 14 per cent of their revenue due to poor customer experience – around US$165 billion across the region. This is a staggering figure that businesses cannot afford to ignore in an increasingly competitive landscape.

But, business leaders need to be mindful that SEA is not a homogenous region. Instead, SEA is a cultural melting pot of 655 million people spanning hundreds of ethnicities and over 1200 languages spoken. Consumers in each market not only expect communication in their own language but also in a manner and tone that reflects their linguistic and cultural nuances.

How can email automation help in instant and personalised human-like support

Despite being one of the most ubiquitous parts of business operations, email innovation has remained relatively stagnant and under-valued when compared to other facets of digital transformation. But that is rapidly changing with solutions that are enabling instant, personalised,  and scalable customer support like never before.

In the past, email automation technology was mostly limited to sending one-size-fits-all email communications to customers. However, advances in generative AI and LLMs are widening the scope of this automation significantly.

Also Read: Automation: Are you leading or lagging in the race?

Unlike outdated automation tools, which largely generate generic and robotic responses, modern email automation solutions have the capability to understand complex, unstructured emails, deciphering various tones, intents, and entities.

Recognising the value of authentic human connection, these advanced solutions, powered by LLM technology, are adept at providing accurate and empathetic responses in natural human language. They seamlessly extract relevant information from knowledge bases, facilitate escalations, and route queries to agents, if required, ensuring a swift and efficient resolution process.

Moreover, through the integration of customer insights from databases and alignment to content guidelines, these solutions generate contextually relevant responses, effectively addressing customer issues while maintaining consistency with brand messaging.

Gen AI-powered Email Automation solutions also enable quick automatic classification of email queries based on intent, urgency, and customer segment to reduce time spent by human agents in prioritising incoming emails manually. For example, if a service has gone down, AI tools can help segment all emails relating to that particular incident, ensuring efficiency and promptness in their customer service teams. This has a significant impact on improving agent productivity.

Critically for SEA business leaders, advanced email automation tools can be personalised for different linguistic markets. Using the right language for the right SEA market will ensure an instant connection between the brand and the individual customer.

This simple but critical solution can overcome a huge barrier in customer interactions. With this, customer representatives reduce the risk of miscommunication and can focus on problem-solving as opposed to language translation.

No SEA business, whether large or small, is immune to the headaches of a mounting inquiry inbox. However, innovation in email automation means this should no longer be the case.

Thanks to generative AI-powered email automation, businesses have the potential to both speed up and enhance their customer service. Those who are prepared to think big can create a truly scalable email support operation by self-serving incoming email queries in multiple languages, round-the-clock.

From a bottom-line perspective, automating email queries will naturally save businesses costs in hiring and training more agents. Above all, though, it will free vital time and resources to concentrate on the elements that matter the most to customers: incredible products and services and an empathetic, meaningful human engagement when it’s required.

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Singapore is one of the first countries outside of Europe and North America (and the first in Southeast Asia) to benefit from the environmental and operational benefits of electric construction machinery. That’s because, in early June 2023, Volvo Construction Equipment (Volvo CE) introduced its L25 Electric compact wheel loader, ECR25 Electric compact excavator and the EC55 Electric Excavator into the market.

Electric machines are a much-needed step in the right direction for the construction industry – not just in Singapore but worldwide. The construction industry must change how it operates if it is to help the world meet its 1.5°C climate targets set in the Paris Agreement.

Around 40 per cent of annual global CO₂ emissions are a result of the built environment, whether from building operations or the embodied carbon produced in construction.

Over the next 40 years, around 240 billion m² of new floor area is estimated to be added to global real estate (the equivalent of building an entire New York City each month), underlining the need to reduce the carbon footprint in all aspects of construction.

Silence is golden

The near-silent operation of electric machines will be an important benefit in the bustling city-state of Singapore. With the noise of large diesel engines removed from the soundscape, working hours can potentially be extended into unsocial hours without overly disrupting local communities.

Similarly, by removing almost all the emissions from the machines, new applications can open up, such as working indoors. In the enclosed spaces typical of basement groundworks, for instance, there is no longer any need for costly fume-extraction systems.

By simultaneously removing the vibrations that can lead to headaches, fatigue and back pain, the cab also becomes a more pleasant environment for the operator. Owners will benefit further when tendering for work as property developers and industrial facilities increasingly prioritise suppliers with superior sustainability credentials.

Also Read: How the right ecosystem energises greentech startups

There’s no doubt local communities will enjoy the cleaner air and reduced noise pollution that comes from electric machines. As will the construction crews on the job site, working in close proximity to the machines. These work crews will also benefit from clearer communication enabled by silent operation, meaning site safety is enhanced. The option of a white noise can be added to facilitate situational awareness.

Although the volumes of construction equipment sold in Singapore (and the rest of the world) are small in comparison to cars, trucks and motorcycles, it pays to consider how they are used. Unlike most cars and motorbikes, for example, many construction machines are typically used for eight hours (or more) a day.

So, the replacement of one diesel-driven machine with a battery-powered alternative will produce a proportionally larger environmental improvement in a shorter period. For that reason, incentives to stimulate uptake among construction and industrial companies could help drive significant change.

Overcoming challenges

Of course, there are some challenges to overcome as we push towards the wide-scale adoption of heavy-duty electric machines. One is charging in remote areas away from mains power or renewable energy installations.

One option to meet this challenge, at least for short-term use, comes from our sister company, Volvo Penta, which recently developed BESS, a modular, scalable battery energy-storage system. And over the longer-term investment can help deliver better charging infrastructure. For this, the industry (including ourselves) needs to work with governments and others to help deliver solutions.

Then, there is the issue of battery disposal. Those used in Volvo CE’s electric range are designed to last the full life expectancy of each machine, and at the end of their life, the company has pledged to take responsibility for recycling them. We are also working together with waste contractors and others to maximise the recycling rate while exploring second-use possibilities to prolong battery lifetime in other applications.

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

For owners, there’s also a question of perception around electric machines, particularly around power and performance. But the good news is that any sense of inferior performance is unfounded. The reality is the new models give nothing up.

For example, the 40 kWh lithium-ion battery of the L25 Electric wheel loader still allows for a maximum travel speed of 20 kph, with even greater off-road traction, while the slightly heavier operating weight enhances safety by enabling a higher static tipping load.

Likewise, the small increase in operating weight resulting from the 20 kWh battery array of the ECR25 Electric is countered by the delivery of more continuous motor power, while its bucket provides a similar digging force to other compact excavators in its class.

Some of the world’s greatest changes have been made without making a sound – and it won’t be any different this time. As part of Volvo CE’s goal of achieving net-zero value chain greenhouse gas emissions by 2040, we already have the widest range of electric equipment on the market – and we are committed to growing this all the way up to heavy equipment. In fact, we aim to have 35 per cent of the machines we sell powered by electromobility by 2030.

For Singapore’s construction industry, change starts here.

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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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This article was first published on September 6, 2023.

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AIS The StartUp, a programme run by Thai digital infrastructure provider Advanced Info Service Public Company Limited (AIS), has announced a collaboration with the Stock Exchange of Thailand (SET), the National Innovation Agency (NIA), and the Thai Startup Association to educate local entrepreneurs about the importance of integrating ESG (environment, social, governance) principles into business processes.

Also Read: Givvable uses AI to automate supplier sustainability and ESG Monitoring

The ‘ESG to Capital for Tech Entrepreneurs’ initiative aims to strengthen local tech entrepreneurs by enhancing their understanding of applying ESG (Environment, Social, Governance) principles to analyse investment risks and assess company valuations, especially in establishing fundamental ethical dimensions, such as corporate governance, partnership governance, financial governance, or shareholder governance.

According to AIS StartUp Programme Manager Dr Srihathai Prammanee, this initiative gathers knowledge from various perspectives, including state policy perspectives on sustainable development and relevant working directions supporting startups and driving the country’s digital economy.

The ESG to Capital for Tech Entrepreneurs programme includes robust content from partners and speakers from leading national organisations who will share experiences and exchange insights throughout the full three-month duration.

Also Read: AC Ventures: Investors put more focus on ESG, but Indonesian startups seem “well-positioned” for this shift

“We believe that the key to sustainable growth for startup entrepreneurs does not solely rely on capital, but also on skills, knowledge, digital tools, solutions, and even market access and customer base. Therefore, the approach of Partnership for Inclusive Growth has been upheld by AIS The StartUp consistently. This approach can propel entrepreneurs to establish a robust business foundation, especially through strategising ESG, which significantly impacts business operations. It reduces risks, prepares readiness, and opens doors to opportunities for accessing the capital market and scaling up the organisation’s growth in the future,” Prammanee noted.

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X marks Echelon. Join us at Singapore EXPO on May 15-16 for the 10th edition of Asia’s leading tech and startup conference. Enjoy 2 days of building connections with potential investors, partners, and customers, exploring innovation, and sharing insights with 8,000+ key decision-makers of Asia’s tech ecosystem. Get your tickets here.

Want more from your Echelon experience? Be an Echelon X sponsor or exhibitor. Send enquiry here.

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Let us put this debate to rest – creativity and technology are not enemies; they are partners. In the recent SXSW Australia, ad veteran David Droga says that he did not want to “have to choose between the march of technology and the purity of creativity, and only one of them can survive. Creativity needs technology to be real; technology needs creativity to be more relatable and human.”

Generative AI has swept the world by storm.

Love it or hate it, it is probably going to change the world. But creatives all over the world have been at loggerheads with generative AI—and for good reason. Lawsuits abound, alleging companies stealing writers’ copyrighted work without consent or compensation, musicians worry about AI taking their voice, and artists are filing class-action lawsuits against AI imagery generators.

The symbiosis of technology and art

It is not a good look for generative AI. But historically, technology stimulates creativity – just like how art imitates life.

In 2013, Pew Research Center found that most art organisations tend to agree that the internet and social media have “increased engagement”, and made art a more participatory experience, and that they have helped make “arts audiences more diverse.”  They also tend to agree that the internet has “played a major role in broadening the boundaries of what is considered art.”

A lot of things have changed since 2013, but the fact of the matter is that technology is simply a tool that people use for creativity. Technology has democratised creativity—where one had to have a book publisher, manager or go to expensive art schools to become a professional author, singer or artist, now one can carve out a space for themselves on the internet.

Using a plethora of writing tools, music software, and art platforms — all made possible by the growth of technology. Video games, an explosion of creativity and art, are tech itself. It is built upon code, typed out on machines, and consumed almost solely via the internet. The truth is that technology can, and usually, begets creativity.

If the internet and social media increased engagement in 2013, that engagement is only going to skyrocket now.

Also Read: Is AI the end of originality or a new dawn for creativity?

According to Accenture’s Life Trends 2024, 42 per cent are already comfortable using conversational AI to find product recommendations, and 39 per cent are excited about conversational answers instead of standard internet searches. Generative AI could potentially give businesses an opportunity to shape a “more relatable, human-like representation of the brand.”

Every good partnership has boundaries

However, the relationship between technology and creativity, or art, must have boundaries in order to succeed. We have seen this before: a new technology comes about, complicates things, and then creativity thrives. For instance, when drawing tablets emerged, people claimed that digital art wasn’t real art.

In June of this year, DBS ignited a fervent debate by harnessing the power of AI art tools during an internal event. This sparked a dichotomy of perspectives: on one side, graphic designers voiced apprehensions, particularly about tools like Midjourney potentially utilising artists’ works without consent, raising concerns about ethical practices and the potential negative impact of AI-generated art on human artists’ livelihoods and urban culture. Conversely, DBS defended the internal event, underscoring its commitment to familiarising employees with cutting-edge AI technology.

At the end of the day, generative AI is just another tool. But for this certain tool to work, we need to make sure boundaries are in place. Legal experts have noted potential copyright infringement issues and the lack of disclosure of datasets used by generative AI systems. We need to make sure that generative AI doesn’t steal artists’ work or diminish the job of an artist. This can be done through regulation.

For instance, the EU proposes that generative AI should have to comply with transparency requirements, such as disclosing that the content was generated by AI, designing the model to prevent it from generating illegal content, and publishing summaries of copyrighted data used for training.

Also Read: Creativity at the heart of business growth

Closer to home, the Association of Southeast Asian Nations (ASEAN) is in the process of formulating governance and ethics guidelines for AI. Analysts anticipate that these guidelines will propose “safeguards” aimed at minimising recognised risks associated with artificial intelligence.

Gen AI in the ad space

Generative AI could make ads fun again.

How many mediocre ads have you seen this week? A hundred? A good ad is so hard to come by these days, that on the rare occasion that one does emerge, articles get written by it. The ads for mobile games, for some fitness app, for an investment course—these ads contain zero creativity whatsoever.

The small businesses making these ads aren’t hiring artists and creatives to boost downloads or sales; they’re using whatever resources they have, ill-equipped with creativity, just to push something out onto the internet to get themselves heard. All that results in are people staring insolently at the countdown before they can skip the ad.

Generative AI could potentially change all of that.

As Droga said, we could cut out the mediocrity. The ad space is the perfect medium for this. In a world full of half-baked, low budget ads, campaigns for arbitrary marketing’s sake, generative AI could come in and rid us of the vapid ads that plague us. It’s a win-win for everyone involved: better ads for small companies and better ads for consumers.

The Accenture Life Trends report agrees—while the mediocrity challenge might even get worse as generative AI becomes a bigger player, investing in human creative talent who are keen to break the tried and tested technology templates is imperative. “Skilled creatives must be involved in the use of generative AI”; because at the end of the day, humanity, creativity and tech don’t exist in separate vacuums.

Ultimately, creativity will always involve humans. What we need to do is to create a fair future where the creativity of humans can work together with the transformative nature of tech. What we need to focus on right now, above all, is regulation, regulation, and regulation. Only when we have set just boundaries around this partnership can we flourish from it.

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In 2024, cybersecurity incidents have become a matter of “when,” not “if”. With organisations of all sizes – from established enterprises or new startups – today storing most of their valuable information digitally, no one is spared by attacks from cybercriminals.

As a leading digital hub in the region, Singapore has seen its fair share of cyberattacks in recent years. Online marketplace Carousell previously reported a data leak that affected around 2.6 million users, with the database sold on the Dark Web and hacking forums. More recently, Marina Bay Sands, Singapore’s iconic luxury hotel, saw the email addresses and mobile phone numbers of its Sands Lifestyle rewards program members accessed in a data breach.

For startups especially, security breaches can make or break the business, leaving behind devastating consequences that go beyond mere monetary loss. As a new entrant to the market, tarnished brand reputations and eroded customer trust, along with possible legal implications, can have a profound impact on the business.

In this landscape, organisations cannot afford to take a reactionary approach toward cybersecurity and need to have a tailored and specific plan in place to prepare for near-inevitable cyberattacks.

A good starting point for this is the cybersecurity Incident Response Plan (IRP).

What makes a good IRP

The IRP is a critical document that prepares an organisation for handling a security incident. It documents a list of procedures that details specific actions to take, pertaining to cyber threat detection, response, and recovery. This helps the organisation consolidate resources and respond quickly during a security incident.

Also Read: Demystify cybersecurity: EPP vs EDR vs MDR vs XDR

A good IRP documents the roles and responsibilities of the relevant stakeholders across the organisation that make up the incident response team. For instance, it identifies the incident response managers who would decide on the appropriate response plan during a cyberattack, the security analysts who would review security logs and detect suspicious activity in the IT landscape, and the communication teams who would inform affected stakeholders regarding the cyber incident.

It should also make clear how security events and security incidents are defined and categorised. Not all events become incidents; a security event should only be recognised as a security incident when it produces consequences, such as a violation of confidentiality, integrity, or availability of your organisation’s systems or data.

Putting the IRP into action

In the context of a data breach, the IRP should cover:

Immediate actions upon breach detection

Upon breach detection, organisations should investigate their security reports and alerts to ensure that the incident is not a false positive. Once validated, they should collect incident data – through tools such as Security Information and Event Management (SIEM) – for an initial assessment of the extent and impact of the breach. Stakeholders, such as the leadership, IT, communications, and legal teams, should also be notified at this stage.

Damage control for affected parties

Following the verification of a security incident, the next step is to contain and eliminate the threat. Here, the IRP should list out possible response procedures and strategies to contain and mitigate the threat, followed by a recovery plan. This could entail re-installing affected systems, restoring data from backups, or changing users’ passwords if passwords are compromised.

Also Read: How an AI cybersecurity company harnesses the power of AI for optimal business performance

Preparing and relaying a public response

Concurrently, the organisation should develop a communication plan to ensure the effective and timely delivery of information to relevant stakeholders, including employees, customers, law enforcement, and the media. It is important that the communications team, together with legal advisors, craft clear communications, conveying urgency, transparency, and responsibility. Having proactive updates using insights from SIEM can be helpful in demonstrating the real-time status of the attack and the effectiveness of containment measures.

Strategies for remediation and recovery

In the aftermath of a cybersecurity incident, IT and leadership teams will need to conduct retrospective analysis to understand the root causes of the incident and take steps to ensure that the vulnerability is addressed. Proactive and transparent communication on efforts taken to reduce vulnerabilities will play a pivotal role in trust restoration.

In today’s ever-evolving cybersecurity threat landscape, the need for a well-crafted IRP cannot be overstated. Cyberattacks have become a pervasive threat, and it is clear that merely reacting post-incident is no longer sufficient. Moving forward, proactive planning will be key to building cyber resilience.

As we navigate the digital age, the case for a robust Incident Response Plan stands stronger than ever, as it not only safeguards against cyber adversaries but also fortifies the foundation of a company’s brand trust and integrity.

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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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WYZauto, an online tyre marketplace for vehicle maintenance businesses in Thailand, has secured US$2.25 million in a pre-Series A funding round led by Vynn Capital through its new Mobility and Supply Chain fund.

Vincent Lee, an early investor in Carsome, Oak Drive Ventures, and existing shareholders, including Philippines-based Kaya Founders, joined the round.

Also Read: No time to have your car serviced? MisterTyre comes to your aid at the tap of a button

Launched in April 2021 in Thailand and May 2023 in Malaysia, WYZauto is a digital enabler for automotive maintenance shops. It connects two-wheeler and four-wheeler vehicle maintenance businesses with top tyre brands. The company works with numerous wholesalers and brands, helping them increase their e-commerce presence and reach new customers.

The startup will soon expand its coverage to include other vehicle parts, aiming to streamline its maintenance supply chain.

Nearly 3,000 vehicle service centres have downloaded the WYZauto app, generating over US$1.6 million of GMV/month.

WYZauto expanded into Malaysia last year. Vynn Capital, with its deep understanding of the Malaysian market and leadership in mobility investments, will actively support WYZAuto’s expansion there. Vynn aims to facilitate mutually beneficial partnerships that accelerate WYZauto’s growth within the Malaysian market by leveraging its existing connections, particularly in the mobility and supply chain sector.

Also Read: AIS The StartUp, SET, NIA to educate Thai entrepreneurs on ESG principles for sustainable growth

“The vehicle maintenance sector in Southeast Asia has room for significant growth. WYZauto is positioned exactly where the market needs it: their streamlining of the tyre supply chain creates a win-win situation for both repair shops, maintenance networks, wholesalers as well as brand manufacturers, driving efficiency and cost savings. We have an optimistic outlook for the company’s growth trajectory and look forward to supporting WYZauto’s continued expansion across countries like Malaysia, the Philippines, Indonesia and Thailand,” said Victor Chua, Founding & Managing Partner of Vynn Capital.

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X marks Echelon. Join us at Singapore EXPO on May 15-16 for the 10th edition of Asia’s leading tech and startup conference. Enjoy 2 days of building connections with potential investors, partners, and customers, exploring innovation, and sharing insights with 8,000+ key decision-makers of Asia’s tech ecosystem. Get your tickets here.

Want more from your Echelon experience? Be an Echelon X sponsor or exhibitor. Send enquiry here.

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