Alterno, Forte Biotech, and AirX Carbon won the inaugural Net Zero Challenge 2023, a climate innovations competition in Vietnam by Touchstone Partners and Temasek Foundation.

Alterno, which produces low-cost thermal energy storage using sand-based batteries, won the Renewables and Carbon Removal track.

Forte Biotech, a producer of onsite RAPID diagnostic tests for early detection of prawn diseases, is the winner of the Food Systems & Sustainable Agriculture track.

Also Read: What the SEA startup ecosystem needs to know about COP28

AirX Carbon, which produces cost-comparable fossil-based plastic replacement from biowaste, is the Circular Economy & Waste Management track winner.

The three companies will receive a total of VND 15 billion (US$630,000) in grants from the Net Zero Challenge, which will be used to pilot their climate innovation in Vietnam. Two additional investment prizes of US$50,000, each from Touchstone Partners and East Ventures, have been awarded to AirX Carbon and Alterno.

All nine finalists can also receive up to US$90,000 in cloud credits from Amazon Web Services.

Net Zero Challenge 2023 provides opportunities for climate innovators to showcase their sustainable innovations in addressing ecological challenges and mitigating the impacts of climate change.

Since its launch on 21 August this year, the Net Zero Challenge has received over 300 applications from 45 countries within a seven-week period. Over 30 per cent of the application pool were from teams outside of Vietnam.

Also Read: Startup Genome: Singapore remains top startup ecosystem for clean tech, blue economy

Nine finalists were shortlisted and underwent three weeks of mentoring sessions, communications coaching, and collaboration with potential local pilot partners. Touchstone Partners provided localised mentorship and support in facilitating strategic partnerships in Vietnam.

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As part of its expansion into the Southeast Asian (SEA) region, the social media platform Bondee highlights the important role played by its use of augmented reality (AR) technology in user-generated content (UGC).

The development of this feature begins with the team’s realisation that many smartphone users still view the use of AR in smartphones as a “mere gimmick” with limited positive experience in using them. This inspired Bondee to develop an AR feature that adds a new dimension to the technology being used.

“The Bondee product has evolved greatly in the last few months, as we see trends in AR that speak to its great potential in allowing users to express their creativity. Bondee has made major changes to the product, adding new AR features that align with our vision to bridge users’ virtual and real-world experiences,” explains Zizheng Lyu, Senior Engineer at Bondee, in an email interview with e27.

Lyu says how the platform incorporates AR has enabled a “whole new level of engagement.”

“For example, you can put your avatar near a food centre, recommending the dessert stall there. This will give other Bondee users tips as they discover the world around them, and they can also respond to you, thanking you for the tip or even disagree with your recommendation,” he explains.

“And unlike games or shopping apps, where AR objects are the same for everyone, we worked hard to create a unique AR experience for every user. The clothing you pick out for your avatar and the accessories your avatar has on are all reflected in the AR object actually put out at the location.”

Also Read: How Augmented Reality is offering new opportunities to broadcast businesses services globally

Bondee has already included this new AR feature–called BON–in its app’s latest version. It has been beta-tested in Singapore and Thailand; the company said it has received positive user feedback.

“In Singapore and Thailand, we tested out our AR features with university students. Not only did they really like the new features, they also suggested creative ideas. For example, they recommended that items found in Bondee Space (a virtual room you can decorate) and message bottles found in Floating (a relaxing feature where you sail on a boat) can be put in the real world through AR,” Lyu says.

“Specifically, the National University of Singapore’s 90 Degree Drama Club used Bondee to promote their production. Students in the drama club used the BON AR feature to showcase daily snippets of life in the club, update behind-the-scenes footage, share interesting stories, and find other like-minded students.”

When asked about the secret behind the success of this app and its use of AR, Lyu shares three key points:

Online to offline integration
“Bondee has combined AR and social media, encouraging everyone to experience offline, real-world scenarios. This means exploring and interacting with friends in the real world instead of doing so online at home.”

Express themselves through AR Avatar
“Even before we started using AR in Bondee, we have been super focused on giving users a platform to express their individuality through customisation. Aside from dressing up their avatars, the Space feature lets anyone create their own dream room in Bondee.”

Creativity
“The combinations of furniture, toys, paintings, just to name a few, make the experience fresh every time, whether you are decorating your own Space or visiting a friend’s. As I work on the technical aspects of Bondee, every one of us have to keep in mind that this expression of individuality is core to the Bondee experience.”

Also Read: Beyond gaming, these are 6 potentially disruptive uses of augmented reality

What is next for Bondee

Bondee entered the highly competitive social media space and became a big hit earlier this year as social media users looked for an alternative to existing platforms such as Facebook and X (Twitter).

Following up on its initial success, Bondee made a significant milestone this year by appointing Singapore-based CEO Fei Yu. The company is also expanding its team and already has a presence in Seoul, Tokyo, and Beijing, with colleagues working remotely in Bangkok, Jakarta and Taipei.

“Our team is still growing, with more technical team members expected to come on board in the next few months,” Lyu says.

He also shares what is coming up from Bondee from a product perspective: The team wants to ensure that the new features introduced this year meet the expectations of users.

“We have only released the new AR features in limited markets so far and are looking forward to a wider release in the coming year. This also means we need to optimise the experience for all these other markets aside from Singapore and Thailand so far,” Lyu says.

“We want our new AR features to really help users explore the real world, and find enjoyment by discovering experiences that merge their virtual and offline worlds.”

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Image Credit: Bondee

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With the world’s constantly growing needs, startups play a crucial role not only in unlocking avenues for growth and expansion but also in driving meaningful societal impact. While the traditional focus of startups has been on disrupting industries and capturing markets, an increasing awareness of social and environmental challenges has prompted a shift towards a more conscientious approach.

Startups have the agility and innovative spirit to address pressing global issues, such as climate change, inequality, and healthcare access. By embedding a sense of purpose into their business models, startups can align their growth strategies with solutions that have a positive impact on communities, the environment, and beyond.

Furthermore, the pursuit of impact is not merely a philanthropic gesture but a strategic imperative for startups looking to thrive in the long term. Consumers and investors are increasingly valuing socially responsible businesses, and startups that integrate sustainable and ethical practices into their core operations are better positioned to attract support and loyalty.

Also read: Qarbotech named winner of inaugural EQT Impact Challenge

Chris Marchant, CEO of Vitasoy International Singapore, explained, “We found there are two main reasons why we should be considering sustainability. The first one is that it’s what our consumers are looking for. The world is changing. People are looking to do the right thing for the environment. And the second one is thinking about the bottom line. A lot of these sustainability initiatives will actually improve your profit. At Vitasoy International Singapore, for example, we’ve been able to reduce our utility usage and our water usage in a lot of these areas. So, do the right thing and also be able to save money while you do it.”

This dual commitment to growth and impact not only helps startups build resilience in the face of societal challenges but also creates a positive feedback loop where success is measured not only by financial metrics but also by the positive change the business brings to the world. In essence, startups are uniquely positioned to be both drivers of economic prosperity and catalysts for positive change, embodying the potential for businesses to be a force for good in the global community.

Bridging the knowledge gap with DBS

In collaboration with the Centre for Impact Investing and Practices (CIIP), DBS Foundation, and e27, the DBS BusinessClass foundED event was hosted by DBS Singapore in October 2023. This inspirational forum celebrates modern-day founders and encourages innovation for the next generation of social entrepreneurs. It offered a unique opportunity for founders to connect with fellow innovators, industry experts, and like-minded individuals to share ideas, form new partnerships, and expand their network. In line with the theme of advancing startups for impact, this event served as a platform where startups can gain valuable insights on how they can take their business ventures to the next level while creating an impact on society.

The event welcomed esteemed speakers from CIIP, GovTech Singapore, Temasek, and Vitasoy International Singapore to discuss trends, opportunities, and support available for businesses with impact. The panel of experts shed light on how organisations are helping to create a more sustainable future by promoting responsible investments, leveraging technology as an enabler of social change, and providing financial assistance to startups that prioritise positive environmental or social outcomes. It was truly inspiring to hear about the various initiatives being taken by these organisations to foster meaningful progress within the wider community

Also read: Carousell partners with YEAP to address challenges in e-waste

“This is our inaugural foundED event in Singapore and we are pleased to gather many startups today to celebrate the spirit of innovation and entrepreneurship,” shared Koh Kar Siong, Group Head for Corporate and SME Banking, Institutional Banking Group at DBS. He added, “With the theme of advancing startups for impact for this event, it also reinforces our key focus at DBS in supporting our clients to drive not only growth and transformation but also positive impact.”

Here’s a glimpse of the event:

Supporting sustainable growth through access to resources

Fortunately, businesses of all sizes now have access to a variety of resources that can help them reach their sustainability goals and empower their entrepreneurship journey. In supporting businesses, DBS has curated a full suite of resources available under DBS BusinessClass with insights, trends, and tools.

Social enterprises and SMEs in particular benefit from specialised programmes and initiatives designed to support sustainable growth. These include government grants, training courses, advisory services, networking events and more — all designed to provide the necessary support for organisations looking to become more eco-friendly while achieving long-term success.

Also read: Unlock growth potential with the latest insights on Gen-AI

For instance, one particularly helpful resource that social enterprises and SMEs can tap into is the Business For Impact Banking Package offered by DBS to support businesses for impact by providing a range of financing solutions, funding programs and knowledge sharing. With holistic assistance, businesses can focus all their resources on sustainability and innovation causes.

Find out more about DBS’ sustainability initiatives and financing options here.

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

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

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AI’s rapid growth will shape tech in the coming year. AI is changing healthcare, banking, transportation, and retail. As technology advances rapidly, AI will drive innovation and change how we live, work, and interact with machines. From smart houses to driverless vehicles, AI will change our lives, making it the most important tech trend of the future.

AI is crucial to many businesses. Improved diagnostics and treatment strategies could transform healthcare and boost efficiency. In finance, AI can forecast and optimise investment plans using massive data sets. AI-powered chatbots and virtual assistants also improve retail customer service by personalising and answering questions promptly. AI’s numerous applications are altering industries and advancing them technologically.

In the coming year, AI’s influence is projected to grow. AI is expected to transform healthcare, banking, and manufacturing with advances in machine learning and deep learning.

Its potential to automate jobs, improve decision-making, and improve consumer experiences will make organisations more efficient and competitive. AI has limitless potential for innovation and expansion, making it an exciting future prospect.

Definition and explanation of the key trend

AI, which simulates human intelligence in robots that think and learn like people, is the main trend. AI lets machines do speech recognition, problem-solving, and decision-making. Intelligent machines that analyse data, react to new information, and generate predictions or suggestions are the basis of this technology.

AI is currently shaping the tech world by revolutionising various industries. It has enabled the development of self-driving cars, which can navigate and make decisions on the road without human intervention.

Also Read: These Artificial Intelligence startups are proving to be industry game-changers

AI algorithms are also being used in healthcare to analyse large amounts of patient data and provide accurate diagnoses. Additionally, AI-powered virtual assistants like Siri and Alexa have become ubiquitous, making it easier for users to interact with their devices and access information quickly.

Overall, AI is transforming the way we live and work, opening up new possibilities and improving efficiency in numerous sectors.

DeepMind at Google is using AI to diagnose eye and breast cancer. Another example is IBM’s Watson, which can analyse massive amounts of medical data and offer individualised treatments. Amazon and Netflix also use AI algorithms to recommend products and content based on customer preferences and browsing history. These real-world applications show AI’s tremendous industrial potential.

Anticipated influence on the tech industry in the coming year

The anticipated influence of AI on the tech industry in the coming year is expected to bring about significant market disruption. AI technologies are becoming more advanced and accessible, allowing smaller companies to compete with industry giants.

This is causing a shift in market dynamics, where new players with innovative AI-driven solutions are able to challenge established companies and disrupt traditional business models. As AI continues to evolve and mature, we can expect to see further market disruptions across various sectors, forcing companies to adapt and embrace AI in order to stay competitive.

The key trend of AI-driven solutions is expected to disrupt traditional markets by creating a level playing field for smaller companies. With the advancements in AI technology, these companies can now develop innovative solutions that are on par with those offered by industry giants.

This shift in market dynamics challenges the dominance of established companies and their traditional business models. As a result, we can anticipate increased competition, greater innovation, and a need for established companies to adapt and embrace AI in order to maintain their competitiveness in the market.

The rise of AI has lowered the barriers to entry in many industries, allowing new players to emerge and disrupt the market. Startups and small businesses now have the opportunity to leverage AI technologies and compete against established companies, creating a more dynamic and competitive landscape.

Additionally, existing companies must adapt their business models to incorporate AI and stay ahead of the curve. This will require them to invest in AI research and development, hire skilled AI professionals, and restructure their operations to utilise the potential of AI fully.

Overall, the emergence of AI presents both opportunities and challenges for businesses of all sizes, forcing them to constantly innovate and evolve in order to survive and thrive in the market.

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

The impact of AI on customer behaviour and expectations cannot be overlooked. With the integration of AI technology, customers have come to expect personalised experiences, faster response times, and more efficient problem-solving.

AI-powered chatbots and virtual assistants have become increasingly popular, providing customers with 24/7 support and instant solutions. Businesses that fail to meet these evolving expectations may risk losing customers to competitors who have successfully implemented AI into their operations.

Therefore, understanding and adapting to the changing customer behaviour and expectations driven by AI is crucial for businesses to maintain a competitive edge.

Technological advancements

The key trend of AI-driven customer expectations will drive technological advancements in various areas. For instance, businesses must invest in advanced AI algorithms and machine learning technologies to provide personalised customer experiences and predictive analytics.

Additionally, there will be an increased emphasis on developing and integrating chatbot systems that can handle complex customer inquiries more efficiently.

Moreover, AI will also push for advancements in natural language processing and voice recognition technologies to enhance customer interactions through voice assistants and virtual agents.

These advancements in AI technology could potentially lead to breakthroughs and innovations, such as highly intelligent and adaptive chatbots that can engage in realistic and meaningful conversations with customers.

With improved natural language processing and voice recognition capabilities, customers may experience more seamless and personalised interactions with voice assistants and virtual agents. In the tech industry, these developments could have implications across various sectors, such as customer service, e-commerce, healthcare, and finance, where AI-powered chatbots can greatly enhance user experiences and streamline processes.

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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 our e27 Telegram group, FB community, or like the e27 Facebook page

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Indonesia-based healthtech startup Klinik Pintar has secured US$5 million in an oversubscribed Series A extension funding round led by Altara Ventures.

Infocom, Golden Gate Ventures, Skystar Capital, and Venturra participated.

With the new funds, Klinik Pintar aims to expand its network and product offerings. 

Founded by serial entrepreneur Harya Bimo in 2018, Klinik Pintar employs technology to integrate clinics into a holistic health ecosystem, providing a broad array of healthcare services such as doctor consultations, nursing, medicine, laboratory tests, and vaccinations for all ages. These services are available through walk-ins, virtual clinics via teleconsultation, and home services.

Also Read: Healthtech data: The race for new oil in Southeast Asia

Its software platform, Aplikasi Klinik Pintar (AKP), is connected to Indonesia’s Ministry of Health (SatuSehat), the National Health Insurance program (PCare BPJS), and private insurance networks. 

As of November 2023, Klinik Pintar operates 22 tech-enabled clinics in Greater Jakarta and provides clinic management software, accreditation, and training to over 1,500 third-party clinics across Indonesia.

The company plans to expand into corporate care. It has launched over a dozen on-site clinics with a leading local automotive manufacturer; more are in the works. The firm is also in the process of launching a second neurology specialist clinic in Greater Jakarta.

Klinik Pintar claims that its technology is used by over five per cent of all clinics in the country, reflecting a more than threefold increase in network size since the start of 2023.

Indonesia holds a US$68 billion annual healthcare market for its 280 million residents, yet the ratio of doctors per 1,000 population is 0.5, compared to Singapore’s 2.5. Klinik Pintar addresses this need by leveraging digital health technology to improve accessibility and enhance medical outcomes.

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Image credit: Klinik Pintar

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In the dynamic landscape of the e27 community, diverse voices contribute to shaping the discourse on emerging technologies and innovation. As we showcase the top 10 contributors, their insights cover a range of industries, displaying the diverse ideas within the community.

Kailash Madan

Madan serves as the Global Head of Sales at Primer. With extensive experience facilitating streamlined and integrated commerce for traditional and internet-first enterprises in the Asia Pacific region, he shares insights across e-commerce, fintech, digital payments, and beyond.

“The payments industry has witnessed transformative growth through 2023, and we should expect it to continue to move towards more open and scalable models as businesses demand greater flexibility in their payments stack and consumer experience. We will see even more collaboration across infrastructures, providers, merchants, and systems.

We will also see the continued expansion of AI applications in payments, as well as the continued growth of embedded payments and the rise of contextual commerce, as e-commerce becomes an activity that people want to have at their fingertips, embedded into their everyday activities. The importance of payments will continue to be recognised across businesses, as all business functions — from marketing to engineering and finance — recognise payments as an opportunity to grow the business and build customer loyalty.”

Luke Fitzpatrick

Fitzpatrick, a contributor since 2018, has authored seven articles this year. With 45,000 content views in total, his writing primarily focuses on emerging tech and Web3. He is a guest lecturer at Sydney University, lecturing in cross-cultural management and the Pre-MBA Programme.

Pierrick Bouffaron

As a CXO and financier, Bouffaron has been operating at the tech-innovation interface across the US, Europe, and Asia Pacific since the 2010s. Presently the Director of Development and New Ventures at the National University of Singapore (NUS), his focus areas encompass education, energy and climate, fintech and crypto, and economics.

This year, he has published four articles and allocated considerable time to aiding early-stage tech founders where feasible.

Also Read: Navigating the AI landscape in 2024: Why there is an urgency for enhanced governance

Antoine Martin

Martin is a business coach and entrepreneur who co-founded Impactified, an online coaching and self-coaching platform. He is known for assisting entrepreneurs in developing improved business models, focusing on creating a meaningful impact.

“As far as I’m concerned and based on what I see, a key trend shaping the tech world in the coming year(s) will be the humanisation of the user experience beyond just tech. Companies I work with are shifting their pitches from pure tech to experience because selling tech does not create value for the consumers.

Take OpenAI, for instance — the massive success of ChatGPT does not just come from their AI capacity-building. It comes from their talent in making the AI experience palpable and approachable for people. Look also at crypto, ICO, and NFT trends over the past years- they all went up quickly, but they were also replaced by other trends very rapidly because normal people could not interact; hence, they turned into buzzwords.

Said differently, the stake for tech businesses in the next year will be to scale their business models and organisations outside of AI and tech buzzwords by creating real value propositions people can recognise (and buy!) because they can experience them. Those who can do that will be different!”

Nick Abbatiello

As a Senior Distinguished Engineer at Dell Technologies, Abbatiello focuses on implementing solutions for Dell’s 2030 sustainability goals, particularly in the Circular Economy. Passionate about advancing sustainability in material and process development, he wrote an article for our Contributor Programme, highlighting the impact of sustainable design on tackling e-waste through responsible product lifecycles and recycling for a greener future.

Velid Begovic

Begovic serves as the Vice President of Revenue APAC at Infobip and aims to steer Infobip’s business teams toward constructing a diverse range of customer experiences and engagements across the APAC region. This year, he extensively explored the potential of conversational commerce in the Asia Pacific region through his articles.

Bernadetta Septarini

Septarini is the Content and Social Media Marketer at ArmourZero, a B2B SaaS company. She loves creating creative and analytical content while gaining cybersecurity experience and always looks for new ways to grow and improve.

“As AI gets sharper, so do cyber threats. Get ready! Using AI isn’t a choice — it’s a game-changer. Success is in mixing machine smarts with human creativity, making a powerful team against tricky digital bad guys.”

Also Read: Startups in SEA secure millions in funding this week, redefining industries

David Isaac Mathews

Mathews is currently involved in the digital transformation of innovation and corporate venture building at Causality Co, a group of businesses specialising in building and launching digital ventures, as well as providing pre-testing services for product-market fit.

“Companies are facing a pivotal decision in their growth strategies. There will be pressure on more deeply defining positioning and value for more segmented audiences to achieve more cost-effective growth when balancing between product-led and sales-led approaches. This is particularly true for companies outside their industry’s top 20 per cent.

To be competitive, the design of more finely-tuned customer experiences will require this more explicit strategy and positioning to optimise product development investment and go-to-market investment. The goal should be improving at the end of the funnel to improve retention for better customer lifetime value. This will require deeper alignment and real-time data-guided collaboration between the Chief Marketing Officer and Chief Product Officer to execute the strategy set by the C-Suite.

Both roles must align on where the most significant marginal impact will come from across:

• Product journey
• Marketing funnel
• Sales motion.

Ultimately, companies that can effectively define and execute this shared strategy will be better positioned to grow market share more reliably.”

Henry Ly

Ly, CTO and Co-Founder at Adamo Software, believes in technology’s pivotal role in shaping the future. With extensive experience in project and strategic management, he aspires to contribute to products that enhance lives, having been fortunate to be part of ventures in environmental improvement, e-commerce, travel and hospitality.

Yiqing Wang

Wang, the Program Associate at StartupX, is dedicated to exploring and promoting ideas in the business world, with a particular focus on sustainability, startups, and technology. She authored a three-part article series titled Life in Plastic, it’s not Fantastic, delving into the causes and solutions for a sustainable green future.

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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 our e27 Telegram group, FB community, or like the e27 Facebook page

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China’s entertainment giant TikTok is set to invest US$1.5 billion to secure a controlling stake in Tokopedia, the e-commerce arm of Indonesia’s GoTo Group.

Under the terms of the agreement, TikTok will acquire a 75.01 per cent stake in Tokopedia, Indonesia’s largest e-commerce platform, for US$840 million. Additionally, TikTok Shop’s Indonesian operations will be integrated into the expanded Tokopedia unit.

This move comes as TikTok aims to revive its online shopping services, which were halted by regulators in Indonesia following a ban on social media-based online shopping to safeguard smaller merchants and user data.

Also Read: Merchants selling via TikTok could be harming Indonesian economy: AC Ventures

The Chinese tech giant’s problems started when President Joko Widodo called for stricter social media regulations in October this year, saying that the influx of such platforms has contributed to declining domestic business sales by flooding the market with foreign imports. Trade Minister Zulkifli Hasan also said firms that do not comply with the ban on goods transactions would first be warned and then lose their license to operate in Indonesia if they fail to comply.

Following the ban, TikTok was compelled to shut down the e-commerce platform. Despite challenges, TikTok Shop had been introduced earlier in the year in the country, targeting the vast user base to compete with rapidly growing online retailers like Shein and PDD Holdings’ Temu, whose presence on TikTok had contributed to their swift expansion.

In a joint statement, the two companies outlined that the strategic partnership would initiate a pilot period, conducted in close consultation with and supervision by relevant regulators. The move reflects TikTok’s strategic manoeuvring to navigate regulatory challenges and reestablish its foothold in the Indonesian e-commerce landscape.

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In the dynamic landscape of digital finance, audax stands out as a B2B platform with a mission to empower banks and financial institutions in their digital transformation journey.

At the heart of its offering are two pivotal use cases: digital banking and banking-as-a-service (BaaS).

“In recent years, it’s only become more evident than ever that digital transformation is no longer a luxury for traditional institutions. Today, banks are no longer competing against fellow financial institutions but also challenger banks, neobanks, and fintech [companies] in verticals spanning e-wallets to digital payments. In many ways, everyone is now playing in the same digital financial services sandbox,” explains audax CEO Kelvin Tan in an email interview with e27.

What sets audax apart is the provision of a comprehensive plug-and-play digital platform, offering a full retail digital banking stack. This all-encompassing solution covers front-end channels, security, identity management, and back-end reporting functionalities, presenting a breadth unmatched by competitors. Its key differentiating attributes lie in the comprehensiveness of its platform, allowing clients to swiftly go to market without piecing together various solutions.

The team behind audax distinguishes itself not only by technical expertise but also by leadership with a track record of implementing a functional BaaS business model. This wealth of experience positions audax to guide customers in exploring Embedded Finance (EmFi) for exponential growth in the digital age.

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

audax’s roots trace back to the conceptualisation of Standard Chartered nexus (SC nexus), a white-label plug-and-play BaaS offering. The idea originated from the need for traditional banks to grow their retail and SME segments without significant upfront investments.

Developed within the bank’s ecosystem with the support of SC Ventures, SC nexus eventually became the earliest global bank to provide BaaS in Asia. As the landscape evolves, audax emerges as a solution that offers a plug-and-play infrastructure to modernise tech stacks without incurring technical debt or costly overhauls, all while ensuring compliance by design.

Empowering banks into a new era

When asked about their customer acquisition strategy, Tan answers that the company uses a multifaceted one, built on a nuanced approach that combines strategic relationship-building with an in-depth understanding of the traditional finance landscape.

“A crucial element of our strategy lies in the successful collaboration with institutions like Standard Chartered, showcasing our proven track record and providing a solid reference for incumbent banks considering investments in digital solutions. These successes demonstrate our capabilities and establish a solid foundation for incumbent banks considering investments in digital banking technologies,” he says.

audax also tries to proactively harness strategic partnerships with complementary organisations to extend its reach.

“We also understand the importance of offering a comprehensive solution to our clients by collaborating with complementary solution providers to present a holistic solution. This strengthens our value proposition and positions us as a trusted and versatile partner in the eyes of financial institutions seeking a more comprehensive approach to digital transformation. Working closely with these experienced partners ensures a more streamlined and effective user acquisition process, facilitating connections with a broader network of institutions eager to embrace technological advancements in banking,” Tan explains.

Also Read: Digital banking in Indonesia: Growing importance and future trends

What important lesson can audax share about its target audience today? Tan explains that in the current financial landscape, banks are grappling with a confluence of pressures and motivations that underscore the urgency of incorporating BaaS into their digital transformation strategy. This is a situation where both banks and fintech companies play a role.

“For traditional banks, the prospect of an estimated US$1.3 trillion global banking revenue growth between 2021 and 2025 is a compelling motivator. However, achieving this growth requires a strategic response to the changing dynamics of customer expectations. There is a palpable shift in customer demands, with an increasing appetite for seamless, digital-first experiences. This change in mindset is further underscored by the evolving role of fintechs,” he says.

“Initially disruptors that posed a threat to traditional banking models, fintechs have transformed into enablers. Rather than eating into banks’ market share, fintech companies are now sought after as partners or acquisition targets by banks looking to expand their offerings and enter new markets. Banks are also navigating the challenges the demand for rapid technological innovation poses. The need for tech and core modernisation has become imperative.”

This is especially true as bank customers are becoming more demanding, and fintech companies have found themselves reliant on BaaS as the only means to offer customers EmFi.

“With a myriad of fintechs emerging, these entities require banking partners to facilitate access to essential services such as bank accounts, payments, and lending. Notably, the regulatory barriers to becoming full-fledged banks are high, making collaboration with traditional banks a strategic necessity for fintechs.”

Coming up next

In a strategic move that underscores audax’s commitment to growth and innovation, the company, incubated within Standard Chartered Bank’s ecosystem via SC Ventures, is gearing up for substantial expansion in 2024.

Also Read: Banks must solve their core banking conundrum – or fail

With Standard Chartered Bank serving as an investor, audax is poised to embark on subsequent funding rounds to refine its existing tech stack, enter new markets, and tap into diverse client segments. The company, which has approximately 180 employees worldwide, particularly targets Southeast Asia (SEA) and Middle East regions for increased presence and talent acquisition.

audax has already made significant strides in powering Standard Chartered’s successful BaaS partnerships, notably with Indonesian e-commerce giants such as Bukalapak and Sociolla.

In 2024, audax aims to begin the introduction of a public sandbox environment for controlled exploration and experimentation. It also aims to streamline reporting processes and expand offerings, such as seamless integration with third-party card processors.

“This adaptability ensures a wide-reaching applicability across diverse banking infrastructures.”

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Image Credit: audax

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Dear reader,

Igloo’s recent closing of a US$36 million pre-Series C funding round, led by Eurazeo and joined by Openspace Ventures and La Maison, underscores its solid position in the insurtech landscape. The 50% valuation increase from its 2022 Series B+ round highlights investor confidence in the Singapore-based company, which has amassed US$100 million in funding since its 2016 inception.

This substantial capital injection is earmarked for strategic initiatives, including horizontal and vertical mergers and acquisitions and a 20% workforce expansion across key sectors. Igloo’s commitment to diversification is evident, with plans to reinforce its presence in motor, health, and climate-related products and advancements in underwriting, claims digitization, AI, and blockchain technologies.

Founded by ex-CTO of Grab, Wei Zhu, Igloo has successfully carved a niche in the gig economy, providing comprehensive and competitively-priced insurance for delivery riders through partnerships with Foodpanda, Lozi, and Ahamove across multiple Southeast Asian countries. Igloo is poised for substantial growth with over 500 million facilitated policies, 75 partnerships, and an ambitious goal to double its Gross Written Premium.

The company’s focus on profitability by 2024, digital platform Ignite, and the innovative blockchain-based parametric farmer insurance targeting Southeast Asian agriculture exemplifies Igloo’s commitment to addressing underpenetration in the region’s insurance market. With Eurazeo’s support, Igloo aims to extend its influence across Asia, tapping into the vast potential of emerging economies like Indonesia, Vietnam, and the Philippines.

Sainul,
Editor.

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Igloo nets US$36M in pre-Series C round, eyes profitability in 2024
The investors are Eurazeo, Openspace Ventures, and La Maison; The insurtech startup will use the money for M&As, doubling down on underwriting and claims digitisation and AI and blockchain technologies.

Philippines regulators move to block access to Binance platform
Binance’s operator isn’t a registered corporation in the Philippines, and the world’s largest crypto trading platform is not authorized to sell securities in the country, SEC said in a Nov. 28 advisory released by the regulator on Wednesday.

Indonesia’s construction-tech startup Gravel secures US$14M
The investors include New Enterprise Associates, SMDV, and East Ventures; Gravel assists in building, renovating, and repairing spaces by connecting customers to workers, tools, materials, and experts using tech.

Biodiversity Accelerator+ unveils 5 impact startups at COP28 in Dubai
The startups are Bioverse, Blue Sky Analytics, Guardians of Earth, Nika.eco, and Xylo Systems; Nika.eco and Xylo have also received US$250,000 investments each from Silverstrand Capital.

Qarbotech raises US$700K for its nanotech solution for farmers
The investment includes funding from 500 Global and innovation grants from the Temasek Foundation; The agritech startup claims its on-plant or in-soil solution boosts agricultural productivity, increasing crop yields by up to 60%.

Is GameFi dead? 3 in 4 projects have failed
Around 2,127 web3 games have failed in the last five years since the GameFi niche emerged, representing 75.5% of the 2,817 web3 games launched; The annual number of dead web3 games more than doubled in 2022, reaching a record yearly high of 742.

OpenAI’s GPT Store delayed to 2024 following leadership chaos
The launch of the store this month raised eyebrows when it was officially announced at OpenAI’s Dev Day conference in November; Though there was a working mockup of the store itself and a few of the fine-tuned models called GPTs available to inspect, there were a lot of unanswered questions.

Bitcoin tops US$40K for first time since May 2022 as momentum builds
The world’s biggest cryptocurrency hit as high as $41,748 on Monday, its highest since April 2022, seemingly casting off the funk that had settled over crypto markets following the collapse of FTX and other crypto-business failures last year.

Sam Altman reveals why he was fired, then re-hired as OpenAI CEO
He revealed that he was “hurt and angry” but ultimately decided to accept the position of the CEO once again; Sam Altman revealed in the interview that when he first received the offer to be the CEO of OpenAI once again, it “took him a while to get over the ego and emotions”.

US Federal judge blocks Montana’s TikTok ban
The ByteDance-owned video platform filed a federal lawsuit against Montana in May, claiming the law “unlawfully abridges one of the core freedoms guaranteed by the First Amendment,” days after the state passed a law to ban the widely popular app across the state.

Cristiano Ronaldo faces US$1B lawsuit over Binance ads
A lawsuit, filed in a US district court in Florida, contends that the former Manchester United and Real Madrid stars “promoted, assisted in, and/or actively participated in the offer and sale of unregistered securities in coordination with Binance.”

JPMorgan analysts cautious amid DeFi and NFT resurgence signals
The report notes a notable revival in NFT sales volume and increased total value locked in DeFi after nearly two years of a downturn. Despite these positive signals, the analysts emphasize that these are initial signs of revival and should be cautiously approached.

NFT: Bubble burst for now, but is there a future?
The digital assets, which were a pandemic curiosity, experienced a massive rise in value before a huge crash.

What the SEA startup ecosystem needs to know about COP28
Regardless of where the hurdle is, this COP28 has to be the turning point to refocus the direction and work towards results.

Does Microsoft have too much control over OpenAI?
Microsoft’s involvement in the OpenAI saga appears calculated, bordering on cunning; If Altman’s comeback proves successful over the next few years, Microsoft will be seen as a crucial supporter during a critical juncture, having rescued Altman and OpenAI for the greater common good.

Startups making waves in Southeast Asia last week
These investments highlight the diverse and thriving entrepreneurial landscape in Southeast Asia.

AI landscape in 2024: Why there is an urgency for enhanced governance
There are two points that stand out in 2024, starting with how AI will experience a shift from a “nice-to-have” to “must-have”.

Startup industry’s dark secret: Unveiling rampant sexual harassment
Female entrepreneurs reveal pervasive sexual harassment in the startup world, shedding light on a toxic culture; calls for change intensify.

How Netverse sets itself apart as a sharia-compliant metaverse
The IBF Net Group’s involvement in Web3 includes the IBFX token and a number of blockchain projects, including Netverse.

How Gojek built an intentional work culture for a thriving workforce
2022 will be the year of workplace reinvention. Here’s how to rethink and redesign workplace policies for the future of work.

Tick-tock fallout: The punchline of poor punctuality and time management
Punctuality is a cornerstone of personal integrity, and consistently failing to meet deadlines or appointments erodes that foundation.

How to navigate opportunities amid economic uncertainty
As you scale up your business, it’s also vital to provide an environment that attracts and, more importantly, retains skilled talent.

 

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Singapore’s healthcare industry stands out globally for ensuring universal access to good health while actively shaping the nation’s long-term economic goals. The healthcare sector’s unwavering commitment to research, innovation, and pioneering medical advancements is part of the refreshed Industry Transformation Map (ITM) 2025.

How does an ageing population impact Singapore’s healthcare?

As Singapore grapples with a rapidly ageing population, the demographic landscape is undergoing a profound transformation. In 2022, 18.4 per cent of citizens were 65 or older, and projections indicate that by 2030, nearly one in four citizens, or 23.8 per cent, will fall into this age group.

With the growing elderly population, healthcare facilities, including hospitals and clinics, are facing mounting pressure. This will necessitate substantial investment in healthcare resources and a transformation of healthcare services.

Singapore’s push towards a tech-enhanced elderly care

At the forefront of Singapore’s response to these challenges is a commitment to leveraging advanced technology in healthcare. Pioneering innovations, particularly in the integration of AI, are a key focus. This includes exploring how advancements in technology can specifically address the unique needs of an ageing population and transform the experiences of eldercare.

In this transformative landscape, various technologies, such as wearables with automatic vital sign tracking and user signal systems, play a crucial role. These technologies enable the sharing of health information for personal monitoring and oversight by medical professionals or caregivers.

An illustrative example is a pilot project by the Singapore Management University and Tata Consultancy, where passive infrared sensors were installed in room corners. These sensors capture active motion and generate alerts in the case of irregular activity or inactivity, allowing for continuous monitoring of patients’ activities and health conditions and facilitating proactive care and timely interventions.

Expanding the capacity for eldercare services

Singapore is expanding its eldercare services and establishing modern facilities for seniors. These offer diverse residential and community-based care options, ensuring specialised and dignified care for the elderly. To address the growing needs of Singaporeans and the healthcare industry, at least eight new nursing homes will be erected within the next five years.

Promoting graceful ageing

Singapore strongly promotes “graceful ageing” as a fundamental principle of its healthcare approach. This concept empowers seniors to maintain their independence and quality of life as they age. Age-friendly environments, wellness programmes, and active engagement within the community can help seniors enjoy fulfilling and meaningful lives.

For example, EASE 2.0, an upgraded program from the original Enhancement for Active Seniors (EASE), will introduce various measures to make HDB homes more elder-friendly. Additionally, the People’s Association Senior Citizens’ Executive Committees offers a wide range of activities to promote seniors’ well-being where seniors are active, bond and share knowledge.

This not only enhances seniors’ well-being but also eases the burden on institutionalised care, improving healthcare sustainability.

Investing in geriatric medicine research

Singapore is heavily investing in geriatric medicine research to develop improved treatments and care tailored to seniors’ unique needs. This commitment equips healthcare professionals with the latest knowledge and tools, enhancing the well-being of the elderly.

Also Read: What telemedicine and Health Tech holds across SEA amidst COVID-19

The Agency for Integrated Care and the Ministry of Health launched the Community Care-GP Partnership Training Award to fund course fees for practitioners who want to uptake eldercare-related programmes.

This is designed to arm medical professionals with the knowledge and skills to manage complex eldercare cases. These efforts ensure that the elderly population receives quality healthcare that caters to their specific needs.

Aligning investment strategies with Singapore’s focus on patient-centred care

To address challenges posed by the ageing population in healthcare, Singapore is strategically investing in outcome improvement while ensuring high-quality patient care and managing cost pressures effectively.

One such strategy is the emphasis on preventive care. The government has launched initiatives and public health campaigns to promote healthy lifestyles. To implement the new preventive care strategy, Healthier SG, Singapore plans to invest over US$1 billion in setup costs, including new tech systems and support for general practitioner clinics.

In addition, by encouraging healthier living, Singapore reduces the long-term healthcare costs associated with treating preventable illnesses. This is because citizens will be able to care for themselves as they age and will only seek medical help when necessary.

Additionally, home-based care is gaining prominence as a cost-effective, patient-centric solution. To further support patients receiving medical care at home, individuals can use their MediSave accounts to pay for home medical and nursing services, as well as for video consultations and in-home palliative care services.

On top of that, the Government has allocated US$254 million for top-ups to the MediSave accounts of the elderly population, allowing them to use their accounts for various healthcare expenses.

These initiatives aim to enhance the accessibility and affordability of healthcare services for individuals in the comfort of their homes, aligning with Singapore’s commitment to accessible, patient-centred care.

A holistic approach to healthcare sustainability

In Singapore, a multifaceted healthcare system encourages citizens to invest in and prioritise their health, with the assurance that the government and the healthcare system are ready to provide support at different stages of their lives.

This holistic approach acknowledges the complex interplay of challenges, such as an ageing population, digitalisation, and cost pressures, and the strategies developed to address them.

The collaborative efforts facilitated by the ITM 2025, which integrates lessons from the COVID-19 pandemic and embraces new technologies, underscore the nation’s commitment to enhancing its healthcare sector through strong public-private partnerships.

As we navigate the ever-evolving healthcare landscape, Singapore’s unwavering dedication to staying at the forefront of healthcare serves as an inspiration for innovative and sustainable solutions to meet the evolving healthcare needs of its citizens.

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