Singapore-headquartered digital asset exchange SDAX has closed its US$50 million Series B2 funding round led by Oman-based Muscat Precious Metals Refining Company.

This follows a US$18 million Series B round in 2021 led by PSA International, Straits Trading Company, and New Horizon Global.

The new funds will be used for client acquisition and adding new business lines, such as wealth and fund management.

SDAX also plans to launch a digital asset exchange in Oman. This platform will provide a strategic gateway to the GCC and Africa and connect Oman to global liquidity pools.

Also Read: Blockchain for good: BGA Web3 Key Fund raises US$5M to empower social impact ventures

SDAX is a MAS-regulated investment and trading platform serving institutional, accredited and retail investors. It provides access to fractionalised institutional-grade investment opportunities.

In April this year, SDAX teamed up with MPMR to offer securitised Gold Tokens on its platform. These tokens offer investors fractional gold investments and trading backed by physical gold bullion held at Le Freeport in Singapore.

Following this, the firm has issued a popular series of short-term gold financing notes offering investors double-digit yields.

Muscat Precious Metals Refining Company was incorporated in the Sultanate of Oman, led by CEO H.E. Shihab Abusaidi. MPMR specialises in the smelting, refining, testing, trading and minting of precious metals such as gold, silver, platinum and palladium. MPMR refines approximately 40 tons of gold annually.

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Skilledin Green offers an online platform that connects sustainability-focused talent with recruiters and training providers. Launched in 2021, the platform combines technology and gamification to help users build green CVs, access relevant courses, explore job roles, and create personalised career plans.

With a presence in Singapore, the EU, and Indonesia, Skilledin Green’s mission is to make careers in the green economy a shared commitment to sustainability, providing individuals with the tools and resources to thrive in this rapidly growing sector.

Currently collaborating with organisations in Indonesia and Europe, Skilledin Green attracts diverse users, from budding sustainability experts seeking their first role to seasoned professionals looking to switch careers or upskill for advancement.

In an email interview with e27, Natasha Syed, Founder and CEO of Skilledin Green, explains how the company wants to make a difference and its upcoming plan.

The following is an edited excerpt of the interview.

Can you tell us about the problems Skilledin Green aims to solve and how your solution is better than the alternative?

Many people looking to start their sustainability journey often struggle to know what to learn first. Although a wide range of educational tools are available to help close the green skills gap, the sheer number of choices can be overwhelming. Our platform tackles this by offering job-based upskilling programmes focusing on emerging green skills, which also helps employers reap real benefits.

Also Read: The climate change and gender equality connection: How to support underfunded women-owned business

While plenty of job platforms are available for hiring sustainability roles, the real challenge is finding candidates with the right mix of skills, especially for new types of jobs where experience might be scarce. We take a different approach by scoring candidates on green knowledge, soft skills, and other key abilities. This makes it easier to pick candidates who are just right for the job.

How did the Skilledin Green platform come to be? What is the product development like?

We began with a tool to identify skill gaps at the enterprise level but struggled to find the right market fit. After discussions with our team, we decided to specialise in sustainability and shift our approach to B2B2C.

Initially, this was meant to be a branch of our enterprise solution. However, due to significant market interest, we pivoted to make sustainability our primary offering.

As such, over the past 18 months, we have developed four web apps that function as one platform. This includes an LMS for training partners, an ATS for companies hiring in green sectors, and a talent community platform featuring mentors, experts, and job seekers.

Building everything in-house has allowed us to quickly adapt to emerging challenges in the professional sustainability field.

What are the most important milestones you have made recently?

We recently hit two major milestones: forming a partnership with Global Shapers Bali and securing a spot in EduSpaze’s ninth cohort. While it is still too early to discuss specifics about our collaboration with Global Shapers, we will share more information next month.

Also Read: Climate tech startups can play a role in helping SMEs bridge sustainability, digital transformation: Paessler

How does taking part in Eduspaze help your growth as a startup?

EduSpaze stands out for its unique approach to supporting startups in the education sector. The programme’s practical knowledge-sharing is highly valuable, with each session contributing significantly to our strategic improvements, innovation, and impact measurement. Additionally, the market immersion aspect of EduSpaze enables us to quickly penetrate multiple markets across SEA, a feat that would be challenging without their assistance.

Lastly, the program’s funding component is instrumental in preparing us for our first institutional funding round and provides access to an extensive network in SEA. Joining EduSpaze has been one of the best decisions for Skilledin Green this year, and we are deeply thankful for this chance.

Can you tell us more about your team at Skilledin Green?

As a single founder, I sometimes encounter challenges. However, I have been fortunate to gather an amazing team that shares our mission and provides full support by taking on some of my responsibilities when I need to zero in on strategic priorities.

Most of our team members are product-focused, handling various aspects of the product lifecycle—from design and development to deployment—and specialising in architecture, cloud services, and AI. I am proud to say that everyone on the team is a lifelong learner, a quality we value and encourage among ourselves and our users.

Currently, we are a strong team of seven, and we are excited about the prospect of expanding our team into European markets shortly.

Has Skilledin Green raised any external funding?

Up until now, our journey has been supported through bootstrapping and contributions from family and friends.

Also Read: What startups need to know about Claims Code, the new rulebook for making credible climate claims

However, we have entered a new chapter: our first formal fundraising period. We have carefully crafted plans for the subsequent two funding rounds.

Our immediate goal is to secure a strong market fit, ensuring our product effectively meets customer needs. Following that, in the next round, we aim to steer the company towards profitability. These strategic objectives are pivotal for our growth and long-term success.

What is coming up for Skilledin Green in 2024?

As we move into the final months of the year, we are excited to see the fruits of our work from the past months. Our team has been tirelessly laying the groundwork for several significant achievements that we anticipate will come to fruition during this period.

One of the key milestones we are excited about is the launch of our first long-term upskilling programme. This initiative represents a major step forward in our commitment to continuous learning and development. We are also preparing for the launch of the career mentorship and revamped community to facilitate global peer-to-peer sharing.

As I mentioned, we are also preparing to raise our first round of funding. This move is expected to propel our growth and enable us to scale our operations more effectively. The capital raised will be instrumental in supporting our strategic goals, user acquisition, and enhancing our product offerings.

Also Read: Climate tech in the Philippines: Capitalising on emerging opportunities in the ecosystem

Lastly, we are on track to expand our footprint and establish our presence in new markets. This expansion has been a focus throughout the year, and we are now approaching the stage where we can see tangible results from our ongoing efforts. Breaking into the new territories is crucial for our long-term vision and will open up many opportunities for our business.

The upcoming months are shaping up to be a transformative period for Skilledin Green. We look forward to sharing these developments with you and continuing our journey towards greater success.

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Image Credit: Skilledin Green

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In today’s digital age, where audiences are bombarded with information the power of storytelling has never been greater more crucial. The current gamers’ game — Black Myth: Wukong — stands out as a masterclass in engaging and enthralling millions around the world.

This game is steeped in Chinese mythology and inspired by the classic Chinese tale Journey to the West. It has captivated a global audience with a level of engagement that rivals – and in some ways surpasses – other juggernauts like God of War and Cyberpunk 2077. Its rich, immersive storytelling seems to resonate across cultures. Here are five takeaways that brand owners can learn from this immersive game:

The power of cultural resonance

Black Myth: Wukong has captivated a global audience by tapping into a story deeply rooted in Chinese mythology. Yet, its appeal is not limited to those familiar with the source material. The game’s creators have woven a tale that transcends cultural boundaries by focusing on universal themes like heroism, struggle and transformation.

Takeaway: To resonate with diverse audiences, brands should seek to tell stories that, while grounded in specific cultural or contextual frameworks, also address universal human experiences. This balance allows the narrative to be both authentic and widely relatable.

Visual storytelling as a universal language

One of the standout features of Black Myth: Wukong is its stunning visual design, which communicates the game’s narrative in a way that words alone could never achieve. From the detailed character designs to the atmospheric landscapes, every visual element contributes to the storytelling, drawing players deeper into the world of Wukong.

Takeaway: With attention spans shrinking, visual and animated storytelling is a powerful tool. Brands can use compelling visuals – whether through video, imagery, or interactive content – to effectively convey their message and evoke emotional responses. This is particularly effective when reaching global and diverse audiences, as visuals often transcend language barriers.

Building a mythos: creating a universe, not just a story

Black Myth: Wukong is not just a game; it’s an entire universe built around a well-known myth. The game developers have crafted a world with their own rules, characters and lore, inviting players to lose themselves within it. This approach not only heightens engagement but also builds a community of fans invested in the story and its outcomes.

Also Read: Blockchain gaming trends in Asia: here’s what you need to know

Takeaway: Brand owners should think beyond individual campaigns and focus on building a narrative universe. This means creating a consistent and evolving brand story that consumers can explore and engage with over time. By doing so, brands can cultivate a loyal community that is deeply connected to their narrative as well as share it with their networks.

Balancing authenticity and innovation

While Black Myth: Wukong draws from an ancient tale, it does so with a fresh and innovative approach. The game doesn’t just retell Journey to the West; it reimagines it for a modern audience, blending tradition with cutting-edge technology.

Takeaway: Authenticity is key in storytelling, but it doesn’t mean sticking to the same old narratives. Brands should strive to be both authentic and innovative, finding new ways to tell their stories that respect their heritage while appealing to contemporary audiences.

Engaging the audience

The interactive nature of gaming allows players to become active participants in the story of Black Myth: Wukong. This level of engagement fosters a deeper connection between the audience and the narrative.

Takeaway: brands should explore ways to turn their audiences from passive consumers into active participants. This could be through interactive content, user-generated stories, or immersive experiences that invite the audience to contribute to the brand narrative. Engagement nurtures loyalty, and loyalty drives long-term mutual success.

Final thoughts

Black Myth: Wukong is a great example of how powerful storytelling can capture the imagination of global audiences.

By drawing inspiration from its narrative techniques — cultural resonance, visual storytelling, myth-building, authenticity, innovation and audience engagement — brands can work with their communications partners to craft compelling stories that they own and share.

These stories, in turn, build awareness, foster connections and ultimately drive brand preference, intent and loyalty in an increasingly competitive and diverse global market.

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Across the world, artificial intelligence’s (AI) rapid evolution has disrupted close to every industry. According to  IDC, AI spending In the Asia Pacific region is predicted to reach US$90.7 billion by 2027.

In fact, Singapore is leading the way for the region in view of its regional hub status, number of AI startups, top universities and government investments. While this expansion and growth are exciting, businesses must put secure data management and cybersecurity at the forefront of their AI journey.

In today’s hyper-connected digital landscape, the symbiotic relationship between data management, cybersecurity, and the success of artificial intelligence (AI) cannot be overstated. As organisations increasingly rely on AI to drive business, the importance of robust data management practices and stringent cybersecurity measures becomes even more critical.

In celebration of AI Appreciation Day, organisations should take the opportunity to acknowledge the vital role that continuous data management and cybersecurity developments play in ensuring sustained AI success. Enhancing data management and cybersecurity literacy across any workplace is also paramount to AI success – knowing what data you have, where it is, and how you’re using it is the first step to leveraging it.

Data management advancement

At the heart of AI lies data – vast quantities of it. From structured data housed in databases to unstructured data generated from various sources, datasets serve as the lifeblood of AI algorithms. These datasets are the foundation upon which AI systems learn and evolve, directly impacting the performance of AI algorithms.

High-quality, diverse and well-curated datasets underpinned by strong data management practices are the fuel that powers AI algorithms and successful AI implementation. Not only does it enable them to learn patterns from the behaviour of users and businesses, but also provides valuable insights for sustainable business growth by making accurate predictions.

According to a recent report, business leaders in Singapore cited security threats and lack of data harmonisation as the top challenges in extracting value from their data sources. Coupled with the growing volume of data that is created, captured and stored at an exponential rate, it is imperative for businesses to equip themselves with the relevant data management solutions to meet this rising tide.

Also Read: Why does cybersecurity training for employees in Malaysia matter and how to go about it?

A comprehensive data management system will lay a solid foundation for an effective data-driven decision-making environment. With an automated data management platform, business can ensure a reliable and strong data source, ingestion and storage. Without this foundation, AI initiatives risk being built on shaky ground, leading to inaccurate results, biased outcomes, and even missed opportunities.

Multi-layered cybersecurity approaches

In an era where businesses are becoming more AI-driven, sound cybersecurity systems are now must-haves for sustainable business success. AI systems often handle sensitive consumer and business data, making businesses without adequate protective measures lucrative targets for cyberattacks.

A layered cybersecurity system is critical when protecting AI assets from data breaches and model manipulation. Equipping an organisation with secure communication protocols, intrusion detection systems, and regular software updates should be prioritised. They are vital in ensuring the safety and integrity of autonomous systems, allowing business owners to re-focus their attention on other strategic ventures.

Cyberattacks pose a significant threat to organisations, with data breaches resulting in severe financial, reputational, and legal consequences. For AI systems to operate effectively, they must be trained on high-quality data free from manipulation or tampering. Encryption, access controls, and threat detection systems, are all important steps that can safeguard data integrity and confidentiality, instilling trust in AI-driven decision-making processes.

Furthermore, compliance with data protection regulations, such as the Personal Data Protection Commission (PDPC) In Singapore, is non-negotiable. Failure to comply not only exposes organisations to hefty fines but also erodes customer trust and undermines the credibility of the attached AI applications.

Moreover, the cyberthreat landscape is ever-changing, as malicious actors utilise advanced AI tools to increase the speed, scale, and sophistication of cyberattacks, with many focused on breaching AI databases to steal valuable sensitive information or poison the database itself. Thus, companies need to be in lockstep with them by always maintaining and updating their security protocols and systems.

Also Read: How SkorLife uses Gen AI to reduce customer service costs by 50 per cent

How should businesses fortify their cybersecurity?

As AI technology continues to evolve, data management and cybersecurity approaches must adapt to ensure a harmonious synergy that both maintains protection and fuels sustainable growth. But where should businesses start?

Embedding privacy-by-design principles into AI development processes and adopting privacy-enhancing technologies will help organisations navigate regulatory complexities while respecting individuals’ rights to privacy.

By viewing data as a strategic asset and prioritising its protection throughout its lifecycle, organisations can unleash the full potential of AI to drive innovation, enhance customer experiences, and gain a competitive edge in today’s data-driven economy.

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

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

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In the heart of Southeast Asia, Singapore’s skyline glistens with the promise of innovation and progress. Among the towering skyscrapers and bustling financial districts, a new breed of companies is quietly shaping the future. These are the fintech, blockchain, and SaaS startups—small yet mighty, daring to dream big even as the world around them grows increasingly uncertain.

But 2024 has been a challenging year. The global economy, once a powerful engine of growth, has hit a series of speed bumps—rising inflation, soaring interest rates, and persistent supply chain disruptions. For many startups, these challenges are not just numbers on a spreadsheet; they’re the hurdles that could make or break their businesses. Yet, in this storm, Singapore’s tech pioneers are not just surviving—they’re adapting, innovating, and finding new ways to thrive.

The winds of change: Economic challenges hit home

Imagine being a young fintech entrepreneur in Singapore. You’ve just secured your first round of funding, excitement is in the air, and you’re ready to scale. But then, out of nowhere, inflation starts creeping up. Suddenly, every dollar doesn’t stretch as far as it used to. The cost of hiring top talent has spiked, and your operating expenses are climbing faster than anticipated. At the same time, interest rates are rising, and what seemed like an affordable loan now feels like a ticking time bomb.

In the blockchain space, the scenario is no different. A startup working on a groundbreaking platform for secure digital identities finds itself in a bind as the cost of maintaining its infrastructure balloons. Global supply chain disruptions mean that the servers they rely on are delayed, causing project timelines to stretch thin, threatening to break promises to clients.

And then there’s the SaaS entrepreneur who thought they had it all figured out—a scalable product, a growing client base, and a clear path to profitability. But as clients start tightening their budgets, the once-steady stream of subscription renewals begins to waver. It’s a wake-up call that the road ahead won’t be as smooth as they once thought.

Rising above: How Singapore’s startups adapted

But if there’s one thing that defines Singapore’s startup ecosystem, it’s resilience. These entrepreneurs didn’t just sit back and let the challenges overwhelm them—they adapted, evolved, and found new ways to move forward.

Also Read: Why startups should prioritise brand reputation from day one

Take the fintech company, for example. Faced with rising costs and tighter margins, the founders decided to double down on automation. They streamlined their operations, cutting unnecessary expenses and speeding up processes that used to take days, if not weeks. But they didn’t stop there.

Seeing an opportunity in the chaos, they expanded their offerings, moving into cross-border payments—a service increasingly in demand as businesses scrambled to adapt to a disrupted global economy. This strategic shift not only stabilised their revenue but also positioned them as a key player in a critical market.

In the blockchain sector, the startup working on digital identities faced a tough decision. With supply chain issues delaying their infrastructure, they realised they needed a more sustainable solution. The answer came in the form of a partnership with a local tech firm that specialised in cloud computing. By moving part of their operations to the cloud, they not only sidestepped the supply chain problem but also reduced their operational costs. The move was a gamble, but it paid off, allowing them to keep their promises to clients and even attract new business in the process.

The SaaS startup, seeing the wavering commitment from its clients, knew it needed to act fast. They introduced a flexible subscription model, allowing clients to scale their usage up or down depending on their current needs. This approach was risky—after all, it meant potentially earning less in the short term.

But by showing that they were willing to work with their clients, the company built a stronger, more loyal customer base. They also started offering a modular version of their product, where clients could pick and choose which features they needed, ensuring that they got maximum value for their money.

Lessons in resilience: What Singapore’s startups have learned

These experiences have taught Singapore’s fintech, blockchain, and SaaS startups invaluable lessons. First and foremost, they’ve learned the importance of agility. The ability to pivot quickly in response to external pressures has been crucial in maintaining their momentum. They’ve also learned that in times of uncertainty, diversification is key. Whether it’s diversifying revenue streams, product offerings, or market segments, having multiple paths to success can make all the difference.

Perhaps most importantly, these startups have learned the value of customer-centricity. By listening to their clients, understanding their needs, and being willing to adapt their products and services accordingly, they’ve built stronger relationships that will carry them through even the toughest times.

Also Read: Understanding priced and unpriced funding rounds: A startup lawyer’s guide for startups

A new dawn: Looking forward with optimism

As the dust begins to settle, these startups are not just looking to survive—they’re planning for a future where they can thrive. They’re investing in technology that will make them more efficient, more agile, and more responsive to the needs of their customers. They’re building stronger financial foundations, with a focus on sustainable growth rather than rapid expansion. And they’re staying true to their core values, knowing that in the end, it’s their commitment to innovation and customer success that will see them through.

Words of wisdom: Advice for fellow entrepreneurs

For other startups facing similar challenges, the stories from Singapore’s tech ecosystem offer clear advice: Stay adaptable, be customer-focused, and don’t be afraid to innovate. Economic uncertainty may be inevitable, but with the right mindset and strategy, it’s possible not just to survive but to emerge stronger on the other side.

In the end, the journey of these Singaporean startups is a testament to the power of resilience. As they continue to navigate the unpredictable waters of the global economy, their stories serve as a beacon of hope and inspiration for entrepreneurs everywhere.

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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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Singapore-based electric vehicle (EV) charging operator Charge+ has received an undisclosed sum from TNB Aura to complete its US$8 million Series A round.

The startup, which operates over 2,000 EV charging points across Southeast Asia, will use the funds to expand its charging infrastructure.

The startup received an undisclosed sum in a Series A round led by TRIVE Venture Capital in October 2023.

Started in 2018, Charge+ is an integrated EV charging solution provider. Its solutions include a proprietary ultra-slim charger, smart charging software, and innovative business models. It has installed charging points in public housing, condominiums, shopping malls, commercial buildings and industrial facilities.

The International Energy Agency considers Southeast Asia the fastest growth area for EVs and charging infrastructure in 2023 and beyond. The government has announced a target of 60,000 EV charging points in Singapore by 2030. 

Initially, Charge+ will fulfil an ongoing tender contract awarded by the Singapore Land Transport Authority (LTA) to provide approximately 4,000 EV charging points in the carparks of HDB public housing.

In Indonesia, Charge+ is building an EV charging hub in Batang district in central Java to serve the traffic on the trans-Java highway, while in Thailand, it is the charging partner of the largest electric taxi operator Ch.Pattana.

In Vietnam, it is partnering with Porsche to build a ultra-fast charging network linking Hanoi in the north with Ho Chi Minh City in the south. In Cambodia, the company secured the rights to provide the charging infrastructure for the three largest ports in the country.

By 2030, the startup aims to deploy 30,000 EV charging points globally.

In addition to building its own infrastructure, the venture will partner with other regional EV charging operators to expand the network. Such roaming arrangements had been signed with Malaysia’s Tenaga Nasional Berhad (TNB) and ChargeSini, Thailand’s Electricity Generating Authority of Thailand (EGAT) and Indonesia’s PT PLN so that Charge+ app users can conveniently access a wider pool of EV chargers in the respective countries.

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Singapore’s home-grown online dating companies Lunch Actually and Paktor have announced a merger amidst declining dating app usage in the island nation.

Both brands will continue to operate independently after the merger, and the holding entity will be known as the Lunch Actually Paktor Group.

The new entity will expand its operations across six key Asian markets: Singapore, Taiwan, Hong Kong, Malaysia, Thailand, and Indonesia.

The merger comes amid a shift in Singapore’s dating patterns and mindsets. According to a new survey by Lunch Actually Paktor Group, there is dating app fatigue, with only about 50 percent of respondents reporting that they are currently using dating apps. Over the past year, more than a third of dating app users have reported a decline in usage. Over 350 participants aged between 18 and 65 and above participated in the survey.

Also Read: Kollective Ventures acquires Paktor Group from M17 Entertainment

The 15th edition of Singles Dating Survey 2024 further revealed that the percentage of respondents who did not use dating apps rose from 37 per cent in 2022 to 50 per cent in 2024. The key frustrations of the users include the superficial nature of the interactions (36 per cent), the prevalence of fake profiles or scams (23 per cent), and ghosting or lack of response (21 per cent).

Notably, most of the respondents associate dating apps with feelings of disappointment (66 per cent), followed by hopefulness (63 per cent) and boredom (53 per cent). Frustration, experienced by 48 per cent of the respondents, follows closely behind these top three emotions.

Additionally, 62 per cent feel that the effort they invest in these platforms rarely or never yields satisfactory outcomes.

Reflecting the fatigue and growing disillusionment with dating apps, a significant 88 per cent of the respondents have taken breaks from dating apps. The key reasons include the lack of authentic connections (63 per cent), the preference for more meaningful face-to-face interactions (56 per cent), and the overwhelming nature of constant swiping and chatting (51 per cent)

With the shift away from online dating, singles are showing a preference (81 per cent) for alternative ways to meet potential partners such as dating or matchmaking services.

“The findings of the latest Singles Dating Survey are in line with our experience that dating is largely an offline activity. It is heartening to know that singles who are looking to forge romantic connections remain hopeful on the dating apps while being open to different ways of meeting new people. The survey highlights a shift in dating preferences, and we will continue to support singles in finding their right match,” said Violet Lim, CEO and co-founder of Lunch Actually.

Lunch Actually and Paktor will offer a holistic suite of integrated online and offline dating services to help singles overcome hurdles, including difficulty putting themselves out on the dating scene and the desire to meet more eligible, quality singles. Existing clients will also benefit from a wider range of services and a larger pool of potential matches, enhancing higher chances of finding the right match.

Also Read: Paktor CEO on why online dating is better than a school or workplace romance

“We recognise the various pain points singles face in the digital dating scene, and Paktor has always strived to provide a safe platform for singles to connect meaningfully. Our strength lies in connecting people through technology and digital dating experiences. This merger is a timely one, enabling us to complement our online services with a wider range of offline services. We hope to offer singles fun and authentic dating experiences that lead to lasting romantic connections,” Alex Tam, Group CEO of Paktor.

Founded in July 2013, Paktor Group is owned by Kollective Ventures (KV), a capital advisory and investment firm based in Singapore, which it acquired from Taiwan-based M17 Entertainment in 2020. Paktor’s services include Down, Sweet, and Kickoff, In addition, it also runs offline matchmaking agency GaiGai and image and date coaching agency Fleek.

Paktor is backed by investors, including K2Global, Media Nusantara Citra, YJ Capital, Global Grand Leisure, Golden Equator Capital, and Sebrina Holdings Venture Capital.

Founded in 2004 by the husband-and-wife duo of Jamie Lee and Violet Lim, Lunch Actually Group helps singles meet compatible and like-minded singles through pre-screened, pre-matched, and pre-arranged one-to-one dates. With a presence in Singapore, Malaysia, Hong Kong, Indonesia, Thailand and Taiwan, the group claims to have arranged more than 160,000 dates and matched more than 4,500 married couples through its app, offline matchmaking and coaching services.

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It’s clear that Generative AI has reached a critical mass, representing one of the most profound technology revolutions of our time.   

With various accounts of people using ChatGPT for work hacks, from creative ideation, designing marketing collateral to generating slick videos, it’s evident AI is set to transform the way we work and live.   

If you’re of a certain vintage (like yours truly), you may even be brought back to the heady days when e-commerce and social media took off with the promise to deliver the innovations and experiences that we now take for granted.  

There’s no doubt that Generative AI is a game-changer for all industries, but also no guarantee that everyone will benefit equally from its full potential and impact.  

In March, MIT Technology Review Insights (MITTR) launched a research report in partnership with Telstra, which investigated how global organisations are implementing – or planning to implement – Generative AI technologies, along with the barriers to effective deployment.   

Over three-quarters of businesses surveyed (76 per cent) were already working with Generative AI, but only nine per cent had adopted the technology widely. The most common use case for Generative AI was automating non-essential tasks – a low-to-modest-gain but minimal-risk usage of the technology.   

Hype or reality? 

What should we make of this stark contrast between these findings and the exciting vision of an AI-powered world we hear so much about?  

History shows that any transformative technology takes time to bear fruit. Even the PC and the internet took more than a decade to fully drive the change and growth that was promised. This lag stems from the time needed for technologies to become truly pervasive across business and society.   

Also Read: The timeless wisdom of patience in investing: A conversation with Mohnish Pabrai

Generative AI will follow a similar path.  

Businesses are at the coalface of shaping technology adoption and will be pivotal in seeding AI’s potential throughout society. But to assume this role and unlock that potential requires them to be data-driven, AI-fuelled, as well as lead in terms of responsible AI adoption.  

The MITTR study highlights that a major mindset shift needs to happen for these factors to become the norm for business. In terms of IT, a significant perceptions gap exists today between early AI adopters and other respondents.  

Fewer than 30 per cent of respondents deemed their IT infrastructure to be conducive to the rapid and successful adoption of Generative AI. However, early adopters were found to have less confidence in their IT than other respondents, with more than six in 10 saying their available hardware was, at best, modestly conducive. This compared with 50 per cent of other respondents who answered similarly.   

The need for robust IT and data infrastructure 

The above finding suggests that a large proportion of businesses underestimate the requirements for the effective deployment of Generative AI. That’s a concern as these technology assets are necessary to develop and run the AI from which organisations seek to benefit.   

What do these requirements look like?   

While there is no one-size-fits-all solution, it’s clear that successful AI adoption requires a well-designed data architecture, sufficient computing power, and robust connectivity to nurture novel applications and business models that will improve efficiency and profitability.  

Companies need to understand the necessary IT requirements and accelerate the transformation of legacy tech infrastructures to address deficiencies, or risk falling short of their Generative AI ambitions.   

However, IT assets that support extensive, high-quality Generative AI tools and platforms remain rare. Appropriate hardware, either in-house or outsourced, is a prerequisite of extensive Generative AI adoption. The choices are complex and require planning. Executives, however, often fail to grasp the degree of the requirement.  

Good data is also an IT asset often in short supply but fundamental to enterprise deployment of Generative AI. Large volumes of quality data and storage remain basic requirements for effective deployment.  

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

As the world becomes increasingly digitised and human-to-machine interactions flourish, being able to process data to drive informed, real-time or near real-time business decisions is paramount. When implemented successfully, this proficiency will be a game-changer for most organisations, and will distinguish leaders from followers.   

Responsible and ethical AI 

To balance leveraging AI’s potential while reducing its potential risks, organisations cannot overlook the responsible and ethical development and deployment of the technology. Principles such as privacy, security, contestability, and accountability are critical, and should be supported by other frameworks and controls.   

Becoming an AI-fuelled organisation is a whole-of-business approach and must be infused in the organisation’s culture. Organisations should ideally have a single, dedicated body representing different business functions to provide advice and approve measures relating to AI development and deployment.  

At Telstra, we take this very seriously and hold ourselves to a high bar. We’ve co-developed a series of ethics principles and standards with the Australian government, and partnered with other telcos and businesses around the world to establish ethics frameworks.    

Internally, we’ve also set up robust governance policies and guardrails, including the formation of a Risk Council for Data and AI (RCAID) from across Telstra’s business. Any AI systems (including third-party systems) with significant stakeholder impact must be reviewed and either approved by RCAID or escalated.   

To uplift our people’s understanding and skills, we’ve also set up a data and AI academy to create opportunities for them to learn and work with AI tailored to different cohorts: leaders, data professionals, and the broader business.   

Telstra is now using AI to improve half of our key processes, including to automatically detect and resolve fixed services faults, and to solve customer issues faster. Through Telstra’s Cleaner Pipes initiative in Australia, we’re blocking millions of calls, text messages and incoming scam and potentially unwanted emails from reaching our customers each month.  

As organisations accelerate their adoption of AI, the road ahead is unknown, but what’s clear is that this calls for a paradigm shift. Making the leap from early adoption to becoming truly AI-fuelled requires an unwavering conviction to doing what’s right, along with the agility to flex and seize opportunities as they arise.    

Organisations that master this will find themselves ahead of the curve as leaders in responsible AI adoption, unlocking better outcomes for their people, customers, and society.    

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Today’s rapidly evolving business landscape has forced startups to seek new growth strategies to enhance their competitiveness.  Among these, fractional marketing has emerged as a compelling solution, though not many organisations have fully considered it. By leveraging fractional marketing, businesses can tap into a wealth of knowledge and skills, ranging from strategic planning and digital marketing to partnerships and customer engagement. 

The search for a cost-effective solution has never been more pivotal, particularly in Singapore, where we’re witnessing approximately 83 per cent of businesses being impacted by rising business costs and 40 per cent of small-medium enterprises (SMEs) suffering from a limited pool of local high-skilled labour.

A way to elevate traditional marketing departments rather than replace them

Fractional marketing is an innovative model that allows businesses to engage seasoned Chief Marketing Officers (CMOs) or specialised marketing teams on a part-time or short-term basis, significantly alleviating the financial burden associated with hiring full-time executives.

It also empowers companies to leverage the diverse expertise of multiple experienced marketers specialising in various areas, offering a well-rounded perspective and comprehensive solutions to complex marketing challenges. This collaborative approach enables businesses to access a broader range of skills than what could be provided by a single full-time hire, allowing them to adapt and respond effectively to evolving market trends and competitive landscapes. 

Furthermore, companies can access this wealth of experience and expertise, particularly during critical campaigns or peak periods, without the long-term commitment of a full-time hire. This flexibility not only ensures that businesses receive in-depth support when they need it most but also fosters a more adaptable and efficient marketing strategy tailored to the organisation’s unique needs. 

A cost-effective approach to driving customer acquisition and retention for growth-stage startups

As growth-stage startups strive to establish a foothold in their respective markets, they’re also met with the inevitable challenge of having limited resources and budget constraints. Having worked alongside multiple early and growth-stage startups, we, OtterHalf, understand the nuances of the target market and its challenges. As such, this has enabled us to quickly ramp up campaigns, test new marketing ideas, and understand how best to pivot strategically based on real-time feedback, all while maintaining a keen focus on our client’s budgetary constraints. 

Also Read: Globalise strategy, localise conversations: The key to nailing native advertising in new markets

Recently, we collaborated with Lendela, a prominent online platform for personal loan matching in Singapore, to enhance both customer acquisition and retention efforts. As a growth-oriented startup, Lendela aimed to refine its marketing strategy by utilising META ads, a crucial element for their revenue generation. The organisation needed a comprehensive execution plan to boost click-through rates (CTR), lower cost per application (CPA) for ads, and identify potential opportunities through affiliate partnerships.

• Optimising performance marketing to increase CTR 

To support Lendela’s performance marketing efforts across Singapore, we conducted a comprehensive review of their strategy, ensuring they could maximise results.

Gaining access to their META ads was the first step in our analysis process, allowing us to delve into the data and categorise the ads based on their position in the marketing funnel: top of the funnel, middle of the funnel, and bottom of the funnel. This categorisation enabled us to assess whether the different types of ads have effectively translated into measurable impacts or results.

Additionally, we investigated the strategies employed by similar competitors, providing us with a broader context for evaluation. By marrying insights derived from internal data and external research, we formulated well-informed suggestions to optimise their advertising strategy, effectively increasing CTR after Lendela implemented those changes. 

• Reducing marketing costs through effective marketing planning  

It was apparent that given our specialisation, our team has a competitive edge when evaluating the optimal marketing approach. Our experience in the industry empowers us to not only craft tailored strategies but also execute them with efficiency. This often translates into substantial cost savings for our clients.

By refining Lendela’s marketing campaigns, we worked alongside them to achieve up to a 51 per cent increase in click-through rates and a 25 per cent decrease in cost per application. These results highlight our commitment to delivering tangible results through data-driven strategies while freeing companies from the overhead costs associated with full-time hires.

Our partnership with REFASH further exemplifies the benefits of engaging our team, where we supported the REFASH team by recruiting partners into their co-marketing partnership programme which resulted in savings of nearly US$40,000, which is more than 3X their return on investment (ROI). This case underscores our ability to not only enhance marketing effectiveness but also optimise expenditure.

• Driving meaningful affiliate partnerships 

Affiliate marketing is a performance-driven yet cost-effective marketing strategy in which businesses compensate affiliates for their efforts in promoting products or services. Collaborating with affiliates enables companies to reach new demographics while leveraging the credibility and influence that these affiliates have established with their audiences. This mutually advantageous arrangement allows affiliates to generate income by endorsing products or services they are passionate about while assisting businesses in enhancing visibility and sales growth.

Also Read: The power of reverse marketing: How a bad review can drive massive exposure

The process of enhancing an affiliate partner programme began with a thorough review of the existing structure to identify opportunities for improvement. This involved aligning specific categories of affiliates that would be most beneficial for outreach efforts. Once these categories were established, we focused on lead sourcing, identifying potential affiliates that fit within the selected categories and facilitating direct outreach on behalf of our clients.

To strengthen these outreach efforts, we collaborated closely with Lendela, co-pitching to potential affiliates to present a united front and showcase the value of partnership. Following our initial outreach, we maintained consistent follow-up efforts with the prospects to ensure engagement, guiding them through the decision-making process until a contract was successfully signed. This comprehensive approach not only bolstered their affiliate network but also established meaningful relationships that would contribute to mutual growth and success. 

Fractional marketing emerges as a strategic solution for growth marketing 

The innovative marketing approach presents a compelling solution for businesses seeking innovative and cost-effective strategies for growth. By leveraging the expertise of seasoned marketing professionals on a fractional basis, companies can access high-level insights and tailored strategies without the overhead of a full-time hire. 

This flexible approach not only allows for the optimisation of marketing efforts but also fosters agility in response to market changes. As organisations continue to navigate an increasingly competitive landscape, embracing fractional marketing could very well be the key to unlocking sustainable growth and driving long-term success.

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

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

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The Philippines offers a unique and dynamic startup environment, making it an attractive destination for entrepreneurs looking to build and grow their businesses. With a young and tech-savvy population, the country provides a substantial talent pool eager to innovate and embrace new technologies. Additionally, the Philippines’ strategic location in Southeast Asia grants startups easy access to regional markets, fostering opportunities for expansion and collaboration within a rapidly growing economic landscape.

Moreover, the Philippine government has strongly supported the startup ecosystem through various initiatives and policies, such as the Innovative Startup Act, which offers tax breaks and incentives to new businesses.

The vibrant local startup community and increasing interest from global investors further enhance the ecosystem, providing startups with essential networking opportunities and funding avenues. Additionally, the country’s English-speaking workforce and high internet penetration rate make it easier for startups to communicate, collaborate, and reach a global audience.

The country has all the criteria for the world’s next innovation hub. However, for startups operating in the Philippines, the next set of challenges is scaling and taking their success to the next level.

Scaling in the Philippines

When scaling operations in the Philippines, startups must first focus on understanding the local market dynamics and cultural nuances.

Also Read: Mastering the funding maze: Unlocking financing pathways for founders in the Philippines

The Philippines is a diverse nation with a rapidly growing consumer base, but preferences and behaviours can vary significantly across regions. Startups should invest time in market research to identify the specific needs and pain points of their target audience. Tailoring products or services to meet these localised demands can greatly enhance market penetration and customer loyalty.

Additionally, understanding the cultural context is crucial for effective marketing and communication strategies, ensuring that messages resonate well with the local population.

Another critical factor is building a robust and adaptable talent management strategy. As startups grow, they will need to scale their teams efficiently while maintaining high productivity and innovation. The Philippines boasts a large pool of young, English-speaking professionals, but attracting and retaining top talent requires more than competitive salaries.

Startups should focus on creating a positive work culture, offering opportunities for professional development, and providing clear paths for career progression. Being adaptable in hiring practices, such as leveraging remote work or flexible arrangements, can help startups tap into talent from various parts of the country, further strengthening their operational capabilities.

But is there anything else that startups need to keep in mind?

Also Read: Echelon X: Unlocking the potential of the Philippines in Southeast Asia’s growth story

Find the answers at Echelon Philippines 2024 during the fireside chat titled From Start-Up to Scale-Up: Building and Scaling for the Philippines Market.

This session, held at Level 2 of the SMX Convention Center Manila on 26-27 September 2024, is designed for entrepreneurs and business leaders eager to understand the unique challenges and opportunities of scaling in the dynamic Philippine market. With Mohan Belani, Co-Founder & CEO of e27, as the moderator, the discussion promises to be engaging and informative, offering practical advice for startups at various stages of growth.

Joining him is Martin Cu, Partner at 500 Global, a renowned venture capital firm that has helped countless startups scale successfully. Cu brings a wealth of experience in identifying growth opportunities and navigating the complexities of the Philippine market.

Whether you are looking to expand your business or simply curious about the strategies that have propelled others to success, this fireside chat will provide actionable takeaways and a deeper understanding of what it takes to thrive in one of Southeast Asia’s most exciting markets.

See you there.

The post Navigating growth: Strategies for scaling startups in the Philippines appeared first on e27.