Imagine a world where machines not only perform mundane tasks but create and innovate. This world is no longer a distant future and is within our reach today thanks to Intelligent Automation, the powerful synergy of Robotic Process Automation (RPA) and Generative Artificial Intelligence (Gen AI). It’s an exciting frontier in digital transformation, one that calls for an equally transformative approach to its governance and risk management.

The symphony of RPA and Gen AI

RPA automates mundane tasks – streamlining operations and ensuring efficiency. On the other hand, Gen AI takes creativity to the next level, enabling systems to generate new content, ideas, or solutions. When these two come together, businesses can achieve outcomes that have not yet been realised.

Think about the potential. Routine processes are automated, ensuring that resources are optimised. Meanwhile, Gen AI infuses creativity into the framework, allowing for innovation even in the most standardised operations. This duality brings a new kind of dynamic to the digital realm.

Recent SS&C Blue Prism research reveals that 35 per cent of organisations in Singapore are turning to intelligent automation to adapt to the challenging economic outlook. Intelligent automation combines technologies like generative AI, robotic process automation (RPA), business process management, etc., to reengineer processes and drive business outcomes.

Generative AI can be used to automate tasks that were previously only possible for humans to perform, from assisting with customer service to processing large volumes of data from documents to supporting a wide variety of everyday office tasks, such as writing copy or creating personalised content for each customer. It can even suggest new processes which could be automated and enable a greater cross-section of workers to initiate the development of automation due to its usability.

Also Read: Generative AI: Unprecedented adoption rates in 2024

While historically, AI projects have been long, expensive, and complex, generative AI has the potential to reduce time to value for digital transformation initiatives and make advanced technologies more accessible to a greater cross-section of people thanks to its ease of use and learning capabilities.

Governance: The key to getting Gen AI right

Governance in the context of Gen AI means setting clear boundaries and guidelines on how this technology is used. It’s about understanding its capabilities and limitations. Most importantly, it’s about ensuring that as we leverage Gen AI, we do so ethically, responsibly, and with a clear purpose in mind.

Businesses need to consider certain factors before they explore adding generative AI to their toolkit to accelerate digital transformation since its outputs can have a significant impact on a company’s reputation, revenue, and legal liabilities.

A clearly defined corporate governance risk management strategy and set of operating principles around this need to be developed. Done right, generative AI can support an automation strategy that is even more innovative, cost-effective, and productive than anything we have seen before.

Reasons why governance and risk management considerations are important when using generative AI:

• Help ensure AI-generated content does not violate intellectual property, privacy, or other laws
• Make sure the use of generative AI aligns with your organisation’s ethical principles
• Maintain your organisation’s quality standards and confirm outputs are consistent with expectations
• Ensure the right information is used for the right purposes to protect sensitive information and privacy.

How to develop a governance and risk management strategy

A clearly defined strategy and concomitant operating principles maximise the benefits of generative AI while mitigating any outfall. Developing a strategy involves several key steps:

• Define the scope: This includes the types of content you will be generating, the data you will be using, and the intended use cases for the content. This helps with identifying the specific risks and governance requirements that apply to your initiatives.
• Identify risks: These may include legal risks, such as infringing on intellectual property; ethical risks, such as bias in generated content, and security risks, such as the potential for data breaches. You may need to engage with legal and compliance experts to identify all potential risks.

Also Read: Riding the affluence surge: How Generative AI can power growth in financial advisory

• Establish governance requirements: Based on the risks you’ve identified, establish governance requirements that will mitigate those risks. These may include policies and procedures for data handling, content review, and compliance with regulations.
• Develop a risk management plan: Outline how your organisation will mitigate and manage risks. This may include risk assessments, monitoring, and regular reviews of governance practices, as well as processes for identifying and addressing any issues that arise.
• Train employees: It’s important to train employees on governance and risk management practices. This may include training on data handling, content review, and compliance with regulations. Make sure all employees who will be working with generative AI understand the risks and their responsibilities for mitigating those risks.
• Monitor and review: Monitor and review your governance and risk management practices on an ongoing basis. This will help you identify any gaps or issues that need to be addressed and ensure that your practices remain effective over time.

Final thoughts

Like all advanced technologies, generative AI’s impact is positive – so long as you take the steps necessary to ensure you’re using it the right way. There’s no turning back the train. Generative AI is here to stay – full steam ahead.

The best approach is going to be to embrace it with care and work with providers when it comes to decision-making around implementation. The possibilities behind generative AI are exciting – so let’s work to get it right and make it a force for good.

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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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Diversity and inclusion (D&I) are fundamental pillars of a vibrant workplace culture. Embracing diversity extends beyond recruitment; it’s about cultivating an environment where every individual feels esteemed, respected, and enabled to contribute their distinctive perspectives and skills. Inclusive workplaces nurture innovation, creativity, and collaboration, thereby enhancing business performance. At Zoala, we deeply appreciate the importance of D&I and are dedicated to fostering a culture where all individuals can flourish.

Creating an inclusive culture

Our main goal is to achieve “full participation of all”. When it comes to D&I, we recognise that the approach for a seed-stage startup differs from that of larger organisations. With differing needs, resources and opportunities, we need to prioritise building a more realistic framework — one that is agile and flexible.

Instead of focusing on diverse hiring (though that’s also important and something we’re working towards!), we place more emphasis on creating an inclusive culture where everyone feels seen, heard, and cared for. This ensures our Zoalies feel safe and comfortable bringing their authentic selves to work. 

Guiding principles for our D&I initiatives are closely tied to our company values. 

• Be open and transparent. 
• Be caring and harmonious.

Embracing cultural diversity

Something about Malaysians and Singaporeans is that we share a unique upbringing in diverse, multicultural societies. This background instils in us an innate openness to embracing and respecting various cultures.

In Zoala, we enforce the importance of diversity by learning and celebrating the cultural events and practices of our talents. We encourage our team to know the meaning and significance behind celebrations and facilitate conversations among the team. We also prioritise flexibility to accommodate specific needs, such as allowing for early release during periods of fasting for religious reasons. 

This approach ensures that all team members feel cared for, supported, and respected when practising their religious beliefs.

Feedback and transparency

Another way we support D&I is through robust feedback and regular check-ins as a commitment to transparency and openness. These channels provide team members with avenues to share their thoughts, suggestions, and concerns safely and confidentially.

Also Read: Invest in women, accelerate progress: Why gender equality matters now more than ever

Whether through direct conversations with managers, team-level check-ins, or anonymous feedback platforms, we ensure that every voice is heard and valued, fostering a culture of trust and collaboration and adding to our vibrant culture. 

Similar to culture, D&I practices are determined by leadership and trickle down throughout the organisation. Leadership serves as role models for employees to observe and, in turn, mirror acceptable and inclusive practices.

However, we acknowledge that bias is inherent and so we encourage our team to “share more, worry less” and to call out all/any unfair practices regardless if it’s towards a fellow colleague or leadership. Through regular check-ins and feedback, we ensure accountability for any unfair/undignified actions. Once we identify any bias / unfair practices, we work as a team to resolve the issue, taking in different perspectives from all our employees.

A simple yet effective approach

We believe in a simple yet effective approach to fostering inclusivity: take note, take accountability, take action. Firstly, taking note involves recognising our own biases and unfair practices and understanding their impact on those treated unfairly.

Next, taking accountability means acknowledging when we’ve been unfair, whether intentionally or unintentionally, and committing to making things right. Finally, taking action entails following through on our commitments.

While rectifying mistakes, especially in leadership roles, isn’t easy, the benefits – including building trust, demonstrating humility, and fostering progress over perfection – far outweigh the challenges. By creating a culture of vulnerability and safety, we empower our team to open up and contribute authentically

Real-life impact

When teams lack diverse team members, they may also suffer from a lack of diversity of thought, which is essential for creativity and innovation. One significant example is the increased creativity and innovation that has emerged as a result of having diverse teams.

As we expanded our team and had talents of various backgrounds join us, we’ve been able to harness a wide range of perspectives, experiences, and ideas. This diversity of thought has led to more robust brainstorming sessions, problem-solving approaches, and, ultimately, innovative solutions to challenges faced by our organisation, as well as product ideas and features. 

Also Read: Leading with diversity: Why DEI is essential for success in the digital age

Furthermore, our focus on diversity and inclusion has positively impacted our relationships with clients and customers. As a company that values diversity, we’re better equipped to understand and serve the diverse needs of our clients and customers.

Our ability to empathise with, relate to, and respect the needs of individuals from different backgrounds has strengthened our client relationships and enhanced our reputation as an inclusive and socially responsible organisation.

An initiative that has positively impacted one of our school’s partnerships with neurodivergent students and diverse learners. By providing our mental wellness companion to students from different backgrounds, we’ve witnessed an increase in engagement and positive outcomes.

Students report feeling more supported and understood, leading to improved mental wellbeing and academic performance. Additionally, our inclusive approach has strengthened trust and collaboration with educators and parents, fostering a sense of belonging within the school community.

Educational initiatives

Our plans to maintain and grow our diversity and inclusion initiative at Zoala centre around education. We believe that education plays a pivotal role in fostering understanding, challenging biases, and creating a truly inclusive workplace culture.

To achieve this, we want to implement D&I training programs for all employees, especially our leaders.  This is done in hopes of promoting awareness and sensitivity towards the experiences of people from diverse backgrounds and better equipping our team with the necessary knowledge and tools to create a respectful work environment.

Programs will cover a range of topics, including unconscious bias, cultural competency, and the importance of diversity in the workplace. In addition to structured training programs, we will curate educational resources such as articles, books, and videos that delve into DEI issues. These resources will serve as valuable tools for self-directed learning and further exploration of key concepts related to diversity, equity, and inclusion.

To ensure continuous improvement and effectiveness of our educational initiatives, we will establish channels for employees to provide feedback on the training programs. By soliciting input and insights from our team members, we can adapt and refine our approach to better meet the evolving needs of our workforce.

Through these educational efforts, we are committed to fostering a workplace culture where diversity is celebrated, inclusion is valued, and every individual feels respected and empowered to contribute their unique perspectives and talents in Zoala.

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Probiotics, an antimicrobial peptide technology startup in Singapore, has raised US$6.2 million in a Series A financing round.

Hatch’s Blue Revolution Fund led the round with participation from Seventure Partners, SEEDS Capital, The Yield Lab Asia Pacific, GrainCorp Ventures, Farmabase, Trendlines Agrifood Fund, Ponderosa VC, and others.

Also Read: Forte Biotech: Helping farmers with early detection of prawn diseases in Vietnam

“In 2023, we took our technology out of the lab and turned it into a real manufacturing process. In 2024, the Series A gives us the working capital to produce larger commercial volumes so that we can solve the industry’s disease challenges and cut antibiotics out of the food supply chain,” Probiotics co-founder and CEO Jonathan Bester said.

Peptobiotics is a startup engaged in researching and producing recombinant antimicrobial peptides, using novel biotechnology to reduce the manufacturing costs of antimicrobial peptides.

Its first product targets the aquaculture industry, renowned for its antibiotic abuse, where bacterial infections cost shrimp farmers billions in yearly losses.

“Antibiotic use in agriculture remains a huge challenge for the industry because many of the so-called alternative products make big performance claims but cannot measure up to the efficacy of antibiotics when applied in the farm environment. Our focus at Peptobiotics is to use biotech to create a real agricultural antibiotic alternative that is effective for farmers, clean for nature, humane for animals, and safe for consumers,” the CEO added.

Also Read: Is a career in biotech right for you?

“Our breakthrough was screening through the 1000s of peptides to find the ones that could have real efficacy in agriculture, then figuring out the biotechnology innovations needed to produce them on an industrial scale at a price point acceptable to our customers,” commented Koh Jhee Hong, co-founder and CTO of Peptobiotics:

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Visit Echelon X to learn more about the program. Get your tickets here!

In today’s dynamic business landscape, companies across various sectors are grappling with a myriad of challenges that impede their growth and efficiency. One of the foremost hurdles faced by these enterprises is the scarcity of skilled talent. As industries evolve and technology advances at a rapid pace, the demand for specialised skills continues to outstrip the available talent pool. This scarcity not only hampers innovation but also escalates operational costs as companies compete to attract and retain top talent.

However, amidst this talent crunch, strategic outsourcing emerges as a viable solution. Companies like iScale Solutions, with their global presence and expertise, offer a lifeline by providing access to a diverse pool of skilled professionals across different domains. By leveraging outsourcing services, businesses can tap into this talent reservoir, overcoming geographical barriers and cost constraints while augmenting their workforce with specialised expertise.

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

Furthermore, the complexity of outsourcing projects poses another significant challenge for companies seeking to streamline their operations. From software development to business process outsourcing, managing intricate projects demands meticulous planning, effective communication, and adherence to stringent quality standards. iScale Solutions, with over a decade of experience in the field, stands out as a beacon of reliability in navigating these complexities. By integrating ISO compliance and quality standards into their service delivery, iScale Solutions ensures that clients receive top-notch solutions tailored to their specific needs.

Moreover, the company’s boutique, customer-focused culture fosters seamless communication and collaboration, mitigating the risks associated with cross-cultural interactions. Through strategic outsourcing partnerships, companies can not only overcome the hurdles of talent scarcity and project complexity but also achieve operational excellence and sustainable growth in an ever-evolving business landscape.

Addressing challenges in outsourcing

In addressing challenges within the outsourcing space, the most effective approach lies in adopting a streamlined, one-stop platform that offers reliability and adheres to ISO compliance standards. Companies stand to benefit from a centralised hub where they can seamlessly access a spectrum of outsourcing solutions tailored to their unique needs.

By consolidating various services under one roof, businesses can streamline their outsourcing processes, eliminating the complexities associated with managing multiple vendors and disparate systems. Moreover, reliability becomes paramount in ensuring consistent service delivery and meeting client expectations. A one-stop platform, backed by robust infrastructure and a proven track record instills confidence among clients, fostering long-term partnerships built on trust and transparency.

Furthermore, adherence to ISO compliance standards underscores the platform’s commitment to quality, security, and regulatory requirements, fostering a culture of excellence and accountability throughout the outsourcing ecosystem. In essence, embracing a streamlined, one-stop platform that prioritises reliability and ISO compliance not only simplifies outsourcing operations but also enhances overall efficiency, enabling businesses to navigate industry challenges with confidence and resilience.

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

This is the onus of iScale Solutions, a Manila-headquartered Managed Outsourcing and Staff Augmentation provider with operations in the Philippines, Madagascar, and Singapore.

Since 2012, iScale Solutions has been offering services in English and French. Some of its customers operate a staff augmentation setup with full control. Alternatively, some customers rely on fully outsourced teams to let them handle all deliverables.

Day to day, iScale Solutions strives to provide customised solutions deeply integrated with its customers’ business processes. Regardless of the model, iScale Solutions believes in recruiting the best available talent available in the market and offering its customers great value for their money. iScale Solutions offers a wide array of outsourcing services including software development outsourcing, legal & finance outsourcing, data & content outsourcing, creative process outsourcing, support process outsourcing, and online marketing process outsourcing.

Get to know iScale Solutions at Echelon X

With a firm belief in the value they bring to the ecosystem, Philippine d’Agay, International Business Development Manager at iScale Solutions, emphasized the significance of events like Echelon as pivotal opportunities for iScale Solutions to connect with such companies. Positioned at the forefront of innovation and entrepreneurship, Echelon serves as an ideal platform for fostering meaningful partnerships and driving mutual growth

“We aim to offer quality outsourcing and staff augmentation services to growing tech startups, scale-ups and enterprises. We believe Echelon is a prime event for us to meet such companies and bring value to the ecosystem,” shared d’Agay. “We look forward to meeting companies with exciting new concepts and ideas, as well as sharing our view about how the outsourcing and BPO industry is a key element of a successful growth strategy,” d’Agay added.

iScale Solutions is one of the many exciting tech innovators from across the Southeast Asian region who will be joining us for Echelon X. The two-day conference will be happening on 15 and 16 May at the Singapore EXPO.

Also read: What is Remote? Meet this top global HR platform at Echelon X!

Joining iScale Solutions are other industry leaders, visionary entrepreneurs, and groundbreaking startups from all corners of the region who will be gathering together for two packed days. Happening on May 15 to 16 at the Singapore EXPO, Echelon X will feature dedicated content stages, exhibitions, panel discussions, and more — all to support and empower the tech startup ecosystem with actionable insights through a series of knowledge-sharing activities.

Whether you’re eager to expand your knowledge, network with key players from the tech startup scene, or showcase your innovative ideas, Echelon X offers an unparalleled experience. Join us as a participant or an official partner by securing your spot now on our official page. Together, let’s embark on a journey to shape the future and create a lasting impact.

Join us at Echelon 2024, where innovation knows no limits, and the possibilities are endless!

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Photo by Yan Krukau from Pexels

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CNV, a cloud-based business and marketing solutions provider in Vietnam, has secured US$1 million in fresh funding from Wavemaker Partners.

The round comes three years after CNV raised strategic pre-seed funding from SME payments and services firm NextPay.

Must Read: Umami-Shiok Meats merger signals a major shift amidst funding winter in SEA

Founded in 2020 by Nguyen Tuan Phu and Do Dang Khoa, CNV offers digital transformation SaaS products and marketing growth services to assist enterprises in Vietnam to achieve sustainable growth via marketing, loyalty and e-commerce activities.

CNV currently serves over 2,0000 customers, including multinational corporations, local enterprises, SMEs, MSMEs, and government agencies, helping them optimise their client-facing activities and backend customer data platform analysis activities.

In 2023, CNV launched the Zalo mini apps, which provide channels for businesses to engage comprehensively with customers. It gives an app-within-app experience that lets businesses acquire users at a lower cost and engage with them more deeply and seamlessly.

CNV claims to have witnessed a 250 per cent growth in revenue and number of customers acquired.

“Our next big steps include fostering collaboration to design exclusive financial products for each and every customer segment,” said CNV CEO Phu Nguyen.

Also Read: Startup investments in Vietnam see 39% drop in Q1

Vietnam’s business environment is increasingly dynamic and entrepreneurial, with strong backing from an SME and MSMEs base. According to the Ministry of Planning and Investment, Vietnam has approximately one million registered operational businesses, and more than 97 per cent of SMEs contribute to 45 per cent of the national GDP.

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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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Remember the early days of your startup? You were a small but mighty team. Back then, hiring for customer-facing positions often meant looking for jack-of-all-trades types who could wear multiple hats. They were the kind of people who could switch from answering support emails to brainstorming marketing strategies without breaking a sweat. Flexibility was crucial because, in a small team, everyone needed to contribute to everything. 

Your pioneer employees thrived in a fast-paced environment and were motivated by the thrill of wearing multiple hats. Agility and adaptability were the rules, and your customer-facing team was all about diving in, regardless of the task. 

Fast-forward to now, and your startup is finally approaching an upswing—congratulations! But with growth comes great responsibility, especially for your customer operations team. The qualities you look for in new hires have evolved. Now, it’s not just about finding someone willing to jump into the fray; it’s about finding specialists who can help streamline and professionalise your customer service operations.

But as your startup grows, the complexity of your customer operations grows, too. Now, you’re dealing with more than just a handful of daily inquiries; you’re managing hundreds, if not thousands. Once leading strategic initiatives, your rockstar over at Customer Operations finds themselves overwhelmed by the constant firefighting, leaving little room for the big picture.

Many startups consider expanding their customer operations team by hiring additional onshore personnel to address this challenge. However, as the workload grows and the need for more new hires increases, a crucial question arises: who oversees qualifying, onboarding, monitoring, and managing these hires? 

Also Read: Tech-forward, human-centric: Shaping tomorrow’s customer engagement landscape

As the startup focuses on scaling up, managing a growing customer operations team—with its complexities and escalating costs—can be daunting. According to Forbes’ Key HR Statistics and Trends in 2024, nearly 38 per cent of new hires quit within one year. Replacing them costs 33 per cent of the employee’s annual salary. These hiring challenges could disrupt your customer operations team’s ability to service your customers efficiently and smoothly. 

Offshoring some customer operation roles is an alternative to alleviate this pain and provide two key benefits:

• Cost-effectiveness. Offshore talent is often cheaper than hiring locally, allowing startups to allocate their limited resources more efficiently. Stretching your runway is particularly crucial with the current sentiment on additional fundraising.  
• Access to a global talent pool. Beyond cost savings, you will have access to a vast volume of hires that otherwise would not have made it onto your radar- all without going through the tedious efforts of recruitment.

Not all outsourcing companies are created equal

It is important to note that offshoring customer operations require effective communication and collaboration between onshore and offshore teams. Clear communication channels, standardised processes, and regular performance evaluations are essential to ensure seamless integration and service quality. 

Here is where things often fall apart: growing an offshore team through outsourcing companies but continuing to manage the individuals directly puts much more burden on your already overwhelmed onshore CXOps manager. 

Also Read: Want to build a sustainable startup? Solve for a problem for your customers

This is where working with boutique outsourcing companies that act more like an extension of your onshore teams is the key to effectively hiring for scale. These are the top reasons why working with companies like FullSuite is a unique fit for a growing startup.

• Employee management: More than growing a pilot team of one person to five people, managed outsourcing firms can take care of onboarding, training, and managing these resources on your behalf. Your offshore team would have a backup system alongside the daily presence of a business operations manager, all at no cost to you.  
• Process management: Unlike traditional outsourcing or EOR (Employer on Record) companies, this type of partnership takes into account your current processes, sets up KPIs and SLAs, and recommends improvements to them where allowed. 
• Intact core functions onshore: More importantly, offshoring the procedural, repetitive part of your customer operations can alleviate the burden on existing onshore team members. Expanding the team with offshore talent can redistribute workload more evenly, allowing your internal team to focus on strategic initiatives and long-term planning.

Partnering with a managed outsourcing firm can help you manage the operational responsibilities that come with growth opportunities. As there is no one-size-fits-all solution to effectively support a startup’s scale trajectory, your startup must pursue the solution that allows for flexibility without compromising accountability.

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Traditionally, cancer treatment has relied on aggressive methods such as surgery, radiation, and chemotherapy. However, a new paradigm has emerged with cancer immunotherapy, offering a more nuanced approach. Unlike conventional methods, which directly attack cancer cells, immunotherapy harnesses the body’s own immune system to combat the disease.

Current approaches in immunotherapy involve techniques such as vaccine development and cell therapy. Still, these methods face challenges, including difficulty generating a robust immune response in all patients and the development of resistance over time.

To address the limitations in current cancer treatment, VerImmune is developing a novel cancer treatment called ‘Anti-tumour Immune Redirection’ (AIR) that aims to revolutionise the Immuno-Oncology market, offering new treatment possibilities for patients facing limited options or resistance to current cancer therapies.

According to VerImmune CEO and Founder Joshua Wang, the basic premise of this novel treatment paradigm is the ability to trick the body’s pre-existing immune memory into seeing cancer cells as a past viral infection, which might be gained through childhood vaccination. As a result, the body already knows how to fight it, and this past memory response is redirected to killing the tumour.

“Since everyone has a pre-existing immunity to certain virus infections or vaccines, VerImmune’s AIR approach is thus broadly applicable to a wide population of cancer patients irrespective of where they are based globally since certain infections or childhood vaccines are universal and/or mandatory. Further, these past viral or childhood memory immune responses are often life-long and very protective and present in the body,” he explains in an email to e27.

Also Read: Mirxes lands US$50M to take its cancer early detection solutions to new markets

In this interview, Wang explains in detail how VerImmune develops this solution and the company’s recent milestones. Check out this edited excerpt of the conversation.

Can you tell us how you develop these solutions?

VerImmune is realising AIR via our foundational proprietary platform technology, virus-inspired Particles (ViP). The ViP particles self-assemble from 60 copies of a synthetic protein inspired by a certain virus and were developed internally at VerImmune.

Now, synthetic proteins are essentially lab-made versions of the building blocks found in nature. They are engineered to resemble natural proteins.

The ViP, in turn, serves as a delivery technology designed to target and bind to specific receptors found only on tumour cells but not healthy normal cells. This means it can discriminate between cancerous and healthy cells with precision.

Who are your users? How do you acquire them?

Our ultimate goal is to use our ViP in different ways to treat different diseases. Oncology is currently our primary focus, and based on our innovative AIR approach, we hope to offer new treatment possibilities for patients facing limited options.

While our end users are patients, we recognise that as an early-stage biotechnology company, our customers are pharmaceutical companies, as they are the ones with the necessary channels and resources to bring a drug to market. Further, a significant fraction of the therapeutic pipeline in many big pharmaceutical companies originates from early stage startups like ours.

Also Read: How is AI transforming the future of cancer diagnosis

As such, one of our key focuses is generating strong, compelling data to demonstrate how our ViPs can fulfil unmet needs in cancer treatment to attract pharmaceutical interest and foster potential partnerships or collaborations. Importantly, these relationships allow us to tap into pharmaceutical expertise and resources efficiently, helping us achieve value-creating milestones.

An example of this is the Amgen Golden ticket award, whereby VerImmune is gaining mentorship to help improve our lead therapeutic programme in oncology and explore new therapeutic areas such as nucleic delivery. To support VerImmune in these two vastly different therapeutic early-stage drug development programs, VerImmune was matched with two specific subject matter mentors from Amgen who would share their expertise via regularly scheduled meetings.

This mentorship is particularly crucial given the current landscape of the Singapore biotech ecosystem. While the ecosystem is evolving and Singapore is very international in supporting the growth of biotech startups, there remains a lack of experienced biotech professionals or teams who have successfully navigated early-stage development.

The Amgen Golden Ticket allows early-stage start-ups based in Singapore, especially those with limited connections and experience, to gain access to experts from a world-class pharmaceutical company.

What important milestones have you made recently?

VerImmune raised US$3.1 million in mid-2023, following an initial US$2.5 million raise in 2022 and a successful FDA-preIND meeting, which helped the company prepare better and comply with regulatory requirements. VerImmune also previously secured pharmaceutical partnerships with global established pharma such as Janssen Biologics and Fosun Pharmaceuticals, thus showing commercial interest in our novel technology.

Also Read: Harnessing the power of AI to help improve gastric cancer detection

Beyond Oncology, we are also investigating other areas with high unmet needs via the utilisation of ViPs with novel properties and/or payloads that exert highly disruptive mechanisms of action. To this end, we’ve decided to focus on furthering the development of our ViP platform in Singapore.

In 2023, we were awarded the Second Amgen X NSG Biolabs Golden Ticket Award, which allowed us to secure physical space, infrastructure and
residency at NSG BioLabs to establish our presence within Asia Pacific with Singapore as our new regional headquarters. This accelerated our plans to establish a cost-efficient presence quickly as the golden ticket provided credibility.

Being part of NSG BioLabs’ ecosystem has been invaluable for us. It has enabled us to rub shoulders with and learn from other startups that are further along in their journey, providing us with unique insights and experiences that have accelerated our growth.

Following this, we signed a long-term research partnership with A*STAR, specifically the Bioprocessing Technology Institute (BTI), a research institute in Singapore with integrated capabilities to assist the industry in accelerating process innovation in biomanufacturing. This focused on advancing our ViP Platform Development via developing novel manufacturing and analytical solutions with the team at BTI. With this ongoing research and the available space, we are now building up a local platform development team, working with the local biotech ecosystem to identify possible candidates.

What major plans do you have this year?

2024 is a year of execution. We intend to focus on delivering our lead AIR programme and gain more traction regarding our growth plans in Singapore.

Specifically for the Lead AIR-ViP program, our lead Immuno-Oncology product candidate is VERI-101, which utilises the ViP platform to harness the cellular immune memory responses from prior cytomegalovirus (CMV) infection to fight cancer.

Also Read: AUM Biosciences bags US$27M Series A to advance its targeted cancer therapies

Following our meeting with the FDA last year to understand the path ahead and raise some additional capital, we intend to execute the next stages of our advance development (GLP toxicology, clinical manufacturing) to enable the filing of an IND for VERI-101, which will be critical to initiating human phase 1 trials.

In parallel, we hope to mature ongoing efforts in Singapore, such as complete lead optimisation of potential new ViP platform candidates from our ongoing collaboration with BTI-A*STAR, achieve ‘boots-on-the-ground’ in Singapore, and identify additional collaborators within the booming Singapore/Asia Biotech ecosystem as part of our strategic platform development plans.

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Image Credit: VerImmune

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As we have now fully transitioned past pandemic measures in Singapore, IndSights Research’s Business Sentiments Survey (BSS) findings showed that local Food Services companies polled in FY2022 and FY2023 said that they experienced a modest improvement in profitability in the preceding year.

However, these companies were not as optimistic about the future.

Since April 2022, more Food Services companies consistently anticipated that the future economic and business situation will be worse off in the coming year. This uncertainty is also reflected in their outlook in the more recent BSS (Oct-Dec’23), where their negative outlook is more prominent than the overall 23 sectors’ sentiments (Figures 2a and 2b).

 

Accessibility of manpower and hiring costs key business challenges

The rise in business costs and manpower-related challenges have emerged as the top two concerns for the sector in BSS quarters conducted from May to September 2022 and also from October to December 2023 (Figure 4).

Local Food Services companies from our IndSights industry chats also expressed their concern about the implementation of minimum wage for local employees under the Progressive Wage Model in May 2023. They worry that this may increase the risk of smaller businesses being insolvent from the increase in overhead cost caused by higher wages and inflation. An additional concern raised was the different subsidised rates for training costs for foreign employees compared to local employees.

Food Services companies are most challenged by the inability to access sufficient skilled local manpower (Figure 5). This fuels the sector’s dependence on foreign manpower, which exceeds the overall 23 sectors (Figure 6).

Also Read: Wavemaker Impact backs Elevate Foods that combats food loss and waste

Instead of persisting in hiring additional work pass holders or facing the challenge of increasing employees’ salaries to attract more recruits, smaller businesses should prioritise the immediate integration of digitalisation into their workflows. This will allow them to streamline manual tasks and reassign existing employees to other responsibilities to maximise operational efficiency.

Additionally, tapping on available Government support is another possible solution. Schemes directly providing assistance to alleviate manpower constraints, such as subsidising rising manpower costs, have proved to be the most popular with local Food Service companies.

Polled respondents considered the Extension of the Jobs Growth Incentive (JGI) to March 2023 and the Enhancement to the Progressive Wage Credit Scheme (PWCS) as the top two useful schemes for their businesses (Figure 7).

On this note, businesses will be glad to note that the Singapore Budget 2024 announced enhancements to the PWCS. The PWCS co-funds wage increases that employers will give to lower-wage employees with gross monthly wages of up to US$3,000.

To strengthen support for employers, the PWCS co-funding support will be enhanced for wage increases given in the qualifying year 2024. The gross monthly wage ceiling for PWCS co-funding will also be increased in qualifying years 2025 and 2026.

Digitalisation as a tool to mediate rising business cost

As part of the ongoing Industry Transformation Map (ITM) 2025 initiatives led by the Future Economy Council (FEC), the refreshed Food Services Industry Transformation Map aims to cultivate an innovative and vibrant industry that fosters homegrown brands with the potential to expand regionally. To achieve this, more attention is being paid to strengthening digital competencies across the sector.

Notably, the sector has already started integrating digitalisation to streamline its workflows and increase customer demand. About 75 per cent of Food Services companies used at least one digital platform for their business from Jan to Mar’22 (Figure 8).

The presence of digital platforms is now considered a norm and convenience among consumers, and businesses that do not use digital platforms find themselves losing out to their competitors in terms of revenue. Three in five businesses that did not use any digital platforms had decreased revenue in the previous quarter, Oct-Dec’21 (Figure 8).

The move to digitalise can be trickier for smaller businesses

The ability to digitalise will undoubtedly differ across different firm sizes. Near 6 in 10 local Food Services companies that expressed a rise in business cost as one of their top concerns were small firms (Figure 9).

Smaller businesses are at a more disadvantageous position with less capital and resources to invest in digitalisation, among other operational expenses. However, they cannot afford to disregard the growing presence of digitalisation as they face the possibility of being eroded if they are unable to adapt to this trend.

Wide support for businesses to embark on digital transformation

While the move to adopt digital platforms has enabled businesses to increase their revenue, more can be done to conserve manpower resources to better manage business costs. For that, one noteworthy ongoing initiative is Start Digital.

Also Read: How Meals In Minutes tackles food waste with ready-to-cook meal kits

Jointly facilitated by IMDA and EnterpriseSG, this programme can be particularly beneficial for emerging businesses as it provides a clear roadmap by showing available functional solutions that cover critical business areas like cybersecurity, sales generation, and business efficiency to further establish and grow their business to reach stability.

As for both new and established SMEs in the local Food Services sector, a digital skills training roadmap from the current Food Services Industry Digital plan can act as a practical visualisation resource tool to empower their companies and employees with the suggested digital competencies at each stage of their business growth. Businesses interested in programmes that are included in the digital plan are able to access and participate in them along with Government incentives like ‘Enhanced Training Support for SMEs’.

The incentive to digitalise is also boosted by campaigns across different industries like the “5 Million Hawker Meals” scheme that DBS and POSB launched in February 2023. Scheduled to end in January 2024, it offered to pay for the first 100,000 diners’ meals who use the Paylah! App at hawker stalls. However, the bank till July 2024.

In addition, DPM and Finance Minister Lawrence Wong announced enhancements to the Energy Efficient Grant (EEG) in Budget 2024. The EEG was introduced in 2022 for companies in the Food Services, Food Manufacturing, and Retail sectors. From 1 April 2024, the EEG GoBusiness webpage will launch the shopfront for the Manufacturing (including Food Manufacturing), Food Services, and Retail sectors and will fold in NEA’s Energy Efficiency Fund.

Furthermore, the EEG will be enhanced to provide two tiers of support. The Base Tier will support pre-approved energy-efficient equipment up to US$30,000, and an Advanced Tier to support companies that wish to make larger investments to drive greater energy efficiency.

Looking ahead

Stiff global competition has become the new norm for Food Services companies. While the food services industry benefits from personalised human touch services, digitisation should be seen as an enabler for businesses to streamline operational workflows and improve the profitability of their business models to nurture stronger homegrown brands.

Apart from building the companies’ self-resilience, it is crucial to acknowledge that the move to digitalise can pose unique challenges for smaller businesses. We recognise that digitalisation is not a magic bullet. Yet, small enterprises cannot ignore the digital wave, and this calls for local food service companies of all sizes to be more meticulous in seeking tailored solutions that fit their unique needs.

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As artificial intelligence (AI) continues to evolve and play an increasingly prominent role in various industries, organisations must adapt their cybersecurity strategies to mitigate emerging threats. In this era of rapid technological advancement, where AI is not only transforming industries but also being utilised in cyberattacks, it is crucial for businesses to fortify their defences.

This article explores the integration of AI in cybersecurity and provides actionable steps to enhance organisational security in the face of evolving digital threats.

Understand the AI landscape

To effectively secure your organisation, it’s essential to comprehend the AI landscape and the potential risks associated with its advancements. Familiarise yourself with how AI is being used by cybercriminals, such as in automated attacks, machine learning-based malware, and AI-driven phishing campaigns. Stay informed about the latest developments in AI technology to anticipate and counter potential threats.

Leverage AI in cybersecurity

Harness the power of AI to bolster your organisation’s cybersecurity defences. AI tools can augment traditional security measures by automating threat detection, analysing large datasets for anomalies, and identifying patterns indicative of potential attacks. Implementing AI-driven solutions enhances the speed and accuracy of threat response, providing a proactive approach to security.

Adopt next-generation endpoint protection

Invest in advanced endpoint protection solutions that utilise AI for real-time threat detection and response. These systems can analyse user behaviour, detect anomalies, and mitigate potential risks before they escalate. Endpoint protection powered by AI enhances the organisation’s overall resilience against evolving cyber threats.

Implement robust access controls

AI can play a crucial role in managing access controls within your organisation. Implement AI-driven authentication mechanisms and user behaviour analytics to identify unusual access patterns. This ensures that only authorised personnel have access to sensitive information, reducing the risk of data breaches.

Also Read: How cybersecurity teams can involve HR to optimise incident response

Educate and train employees

Human error remains a significant factor in cybersecurity breaches. Educate employees about the evolving threat landscape, the use of AI in cyberattacks, and the importance of following security protocols. Regular training sessions should be conducted to enhance their awareness and foster a culture of cybersecurity within the organisation.

Continuous monitoring and incident response

Establish a robust monitoring system that leverages AI for continuous surveillance of network activities. AI-driven systems can quickly identify and respond to suspicious behaviour, minimising the potential damage caused by cyber threats. Additionally, create a well-defined incident response plan that integrates AI tools for swift and effective countermeasures.

Regularly update security policies

As the AI landscape evolves, so should your organisation’s security policies. Regularly review and update security protocols to address emerging threats and incorporate the latest advancements in cybersecurity. This ensures that your organisation remains resilient in the face of evolving AI-driven attacks.

Final thoughts

In the era of increasing AI influence, organisations must prioritise cybersecurity to safeguard their assets and data.

By embracing AI in both offensive and defensive strategies, staying informed about the evolving threat landscape, and fostering a culture of cybersecurity, organisations can significantly enhance their resilience against emerging digital threats. Adopting a proactive approach to security will not only protect valuable assets but also position the organisation as a leader in the ever-evolving landscape of cybersecurity.

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Salaries for various tech positions in Asia have decreased in 2024 from the preceding two years, during which technology salaries experienced substantial growth, according to the 2024 Tech Salary Report by NodeFlair.

Despite the decrease, salaries remain higher than two years ago, which suggests the current adjustments reflect a move towards a more balanced and realistic compensation structure rather than being a cause for concern.

Also Read: From potential to prosperity: Blockchain’s role in reshaping Southeast Asian economies

As per the NodeFlair report, software engineering jobs have seen a decline in their earnings, with junior professionals now receiving a median base salary of SGD5,000 (US$3,705). While mid-level and senior engineers earn more, their salaries have not grown significantly, with medians of SGD7,000 and SGD7,500, respectively. On the other hand, engineering leads and managers have median base salaries of SGD9,000 and SGD11,000, respectively.

This is probably a result of a significant decline in funding within the Southeast Asia tech ecosystem, which reached a five-year low in Q3 2023.

Blockchain engineers’ salaries have also witnessed a 5.4 per cent decline from the previous year, mirroring the crypto winter triggered by FTX’s collapse and Binance’s CZ Zhao resigning and pleading guilty to criminal charges. These events have cast a shadow on the industry, impacting blockchain engineers amid a volatile professional landscape.

On the other hand, data scientists are experiencing a significant 11.3 per cent increase in average salaries, indicating a deliberate investment by companies to attract and retain top talents.

The average salaries for cybersecurity engineers have increased by 8.24 per cent as organisations prioritise cybersecurity measures, with cyber threats becoming more sophisticated and financially impactful.

The report drew from over 422,000 salary data points across various roles and countries.

“As we step into 2024, the tech industry grapples with talent challenges amidst the rise of generative artificial intelligence (AI) and financial prudence,” said Ethan Ang, CEO and co-founder of NodeFlair.

“In balancing financial prudence with innovation, investing in AI solutions to boost employee productivity is a strategic imperative. It’s about optimising resources wisely for long-term efficiency gains and sustainable growth,” he shared.

The NodeFlair report further reveals that job seekers in Asia increasingly lean towards stability as a paramount factor in their decision-making process.

Notably, 10 of the top 15 most searched companies pay their employees at least 20 per cent more than the market median. Additionally, most other companies offer salaries 10 per cent above the market median. This marks a significant departure from the previous year, when only six out of 16 companies embraced the practice of paying 20 per cent above the market median.

Also Read: AI will have more impact on our future than blockchain: Dusan Stojanovic

Technical professionals are also increasingly open to accepting a company culture that may not be perfect if their salary aligns with their expectations. “Individuals are increasingly drawn to companies that not only offer competitive salaries but also exhibit unwavering financial stability, marked by a commitment to avoid layoffs,” noted Ang. “This shift underscores a broader change in priorities, emphasising practical financial considerations over the trends of previous years, where work-life balance and employee benefits held greater prominence in the talent landscape.”

Trust Bank, a local digital bank, is among the top 100 most-searched companies, alongside GXS Bank. Singapore-based fintech startups like Airwallex, YouTrip, and Ascenda also make their presence felt in the rankings.

As we look ahead to 2024, the tech hiring landscape is poised for continued evolution and innovation. Companies are making cross-border and remote hiring integral to their expansion plans.

Next year, we will also see a notable increase in the use of AI tools in hiring, streamlining recruitment workflows for efficiency and unbiased candidate evaluation. Advanced AI systems, particularly in coding assessments, are set to transform interview and assessment procedures, introducing safeguards for the integrity of the hiring process.

Founded in 2018, NodeFlair has evolved from a tech-enabled recruitment platform to a full-stack tech career platform.

(SGD1=US$0.74)

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