Binance sees US$956M in outflows after Zhao steps down to settle US probe
Changpeng Zhao is facing prison time after pleading guilty on Tuesday to settle a years-long US illicit finance probe; The deal, in which Binance will pay US$4.3B to US authorities, raises questions over the future of the world’s largest crypto exchange.

Turn Capital acquires Flash Coffee’s Thai business
Turn Capital plans to expand Flash Coffee’s presence across Thailand, with a plan to open more than 100 new stores in the next two years; Last month, Flash Coffee shut down all 11 stores across Singapore.

CoinGecko acquires NFT data infrastructure provider Zash
With this deal, Malaysian crypto firm CoinGecko aims to offer a one-stop solution that covers both fungible and non-fungible tokens; Zash provides indexed NFT data across 87 marketplaces on ethereum, polygon, BNB smart chain, solana, and bitcoin ordinals.

Now profitable, Zalora bets on B2B, subscriptions for growth
In 2022, Zalora reported a positive adjusted EBITDA margin of 0.7%; During the period, 2.9M shoppers purchased at least one item from the platform, excluding cancellations, rejections, and returns; This translated into US$451.4M in net merchandise value.

OpenAI researchers warned board of AI breakthrough ahead of CEO ouster
Ahead of Sam Altman’s four days in exile, several staff researchers wrote a letter to the board of directors warning of a powerful artificial intelligence discovery that they said could threaten humanity.

Ma hasn’t made anticipated share sale as Alibaba is significantly undervalued
In an internal mail to employees, CPO Jane Jiang said Jack Ma has not sold any shares in the e-commerce giant following regulatory filings last week showing Ma’s intention to sell 10M shares for around US$870M.

Lendela bags US$5M in Series A financing for APAC expansion
The investors are Chocolate Ventures, Cocoon Capital, Phillip Private Equity, and Genting Ventures; Since its inception, the consumer credit management platform claims to have connected over 100,000 consumers with more than 100 lending partners.

First Cheque@Jungle leads Climate Alpha’s US$5M seed financing round
Climate Alpha uses GIS data and economic modelling to deliver a solution for navigating accelerating climate volatility and forecasting the financial impact of climate risks.

MAS unveils new investor protection measures for crypto service providers
The regulations, which will be implemented in phases beginning mid-2024, focus on business conduct, consumer access, and technology and cyber risk management; Under the new rules, providers need to identify, mitigate, and disclose conflicts of interest.

Antler invests US$2M in startups across Singapore, Indonesia
Among the startups are Bootloader Studios, Optacloud, Trivium, Siftee, Katalis, Alter, Club Kyta, Hazana, and Sqouts; Antler, which has provided pre-seed funding of US$125K each, has invested in over 900 startups globally.

Wavemaker Partners joins Indian astrology app VAMA’s US$1.5M seed round
The Singaporean VC infused US$1.1M, while the rest came from Lisa Gokongwei-Cheng, Harit Nagpal, and others; VAMA serves as a one-stop destination for easy access to e-pujas, e-darshans, and astrology services for devotees across India.

India seeks to regulate deepfakes amid ethical concerns
“The deepfakes can spread significantly more rapidly without any checks and they are getting virals within minutes of their uploading. That’s why we need to take some very urgent steps to strengthen trust in the society and to protect our democracy”.

30 top-funded Southeast Asian startups in 2023
In 2023, Kredivo, Investree, Carsome, and other startups lead the way with record-breaking funding, revolutionising industries across the region.

OpenAI, emerging from the ashes, has a lot to prove even with Altman’s return
OpenAI has a chance to prove itself wiser and worldlier in selecting the five remaining board seats — or three, should Altman and a Microsoft executive take one each (as has been rumored).

Kazam has created an Operating System for the EV industry in India
It allows EV fleets, charging point operators, OEMs, workplaces and residential properties to set up charging networks and earn money.

Coffeefrom: Brewing sustainability from bean to product
Coffefrom transforms coffee grounds of the food industry collected as a by-product into infinite expressive possibilities.

The 4 steps that YouTrip has taken to ensure financial resilience in a time of crisis
YouTrip CFO Weijern Lim also shares the company’s experience in applying for grants, an excellent alternative to VC funding for startups.

Base wants to revolutionise consumer engagement in SEA with its GenAI tool
Base Technology sets itself apart by using training dataset from Southeast Asia, enabling stronger diversity and locally relevant results.

Why SC Ventures believes in building innovation from within
The SC Ventures FinTech Bridge was initially developed to facilitate the sourcing of tech solutions within Standard Chartered.

SEA startup investors reveal 2023 trends they are keeping close watch of
Some 2022 trends will remain relevant, but there are different ways that SEA startup investors want to seize these opportunities.

Neeman’s converts plastic bottles into stylish, eco-friendly footwear
Neeman’s, founded by Indians Taran Chhabra and Amar Preet Singh, turns plastic bottles into chic, eco-friendly shoes, paving the way for sustainable fashion.

Spotlighting Jakob Rost: Nurturing fintech innovation and charting a path of open finance
Explore Rost’s fintech journey, thought leadership, and advice for staying relevant in the fast-paced tech landscape.

Algorithmic trading: The engine powering fintech’s financial revolution
The seamless integration of fintech and algorithmic trading is on course to reshape the financial industry.

Influencer culture: Shaping the digital landscape globally
The influencer landscape is a dynamic space where fame and fortune intersect through adaptability and innovation.

Future-proofing omnichannel touchpoints for businesses via AI
Practices and case studies on how cutting-edge and customer-centric AI plays a role in securing business success through multiple customer touchpoints.

Bridging the gap: Merging tech expertise and entrepreneurship
As the world adapts to post-pandemic, we are witnessing the boom of two key areas of expertise, namely, tech and entrepreneurship.

Hiring in the fast lane: The startup revolution in talent acquisition
The modern recruitment landscape prioritises efficiency, data-driven decisions, and streamlined talent acquisition, benefiting both recruiters and job seekers.

Stop looking for the right job, look for your superpower
There’s no such thing as the right job because human wants and desires are endless; instead, one should focus on finding one’s superpower.

Metaverse companies must beware of the poisoned chalice of web
Establishing the metaverse on web3 architecture is to embark on an odyssey riddled with difficulties and unmet promises.

How Web3 wallets are shaping tomorrow’s digital landscape
The Web3 wallet signifies a lasting shift towards a more inclusive, user-centric, and cost-effective financial future, not just a passing trend.

The post Ecosystem Roundup: Investors pulled ~US$1B from Binance; SEA’s headline-grabbers of 2023; Turn Capital acquires Flash Coffee Thailand appeared first on e27.

On Tuesday, Google Singapore played host to SouthXChange, a dynamic event jointly organised by Google Cloud, nVentures, and Aspire.

These organisations brought together a diverse array of startups from Bangladesh, Pakistan, and Sri Lanka, showcasing the rich entrepreneurial landscape of South Asia. The event not only highlighted the innovative prowess of emerging businesses but also provided a unique investment opportunity for those looking to tap into the region’s potential.

Google Cloud, known for its support of emerging businesses, collaborated with nVentures, licensed by the Monetary Authority of Singapore, and Aspire, a comprehensive finance software provider serving over 15,000 startups and SMBs in Southeast Asia. Together, they curated a lineup of startups spanning fintech, proptech, e-commerce, social commerce, agri fintech, and SaaS services, offering investors a comprehensive view of the diverse opportunities in the region.

From Pakistan, startups such as Krave Mart and Graana stole the spotlight. Krave Mart, a Y Combinator-backed venture, and Graana, Pakistan’s first online real estate marketplace, showcased the country’s versatility in entrepreneurship.

Unity Retail and Dealcart added to the mix, demonstrating innovation in e-commerce and social commerce, respectively. Bookme.pk and ADA AI Spark brought their unique offerings, ranging from travel and e-ticketing platforms to AI-driven mini-tutorials and masterclasses.

Also Read: Accelerating Asia, South Asia Tech invest in Bangladesh startup Shuttle

Sri Lanka, too, demonstrated its embrace of cutting-edge technologies with startups such as mintpay and Kaijulabs. Notable among them was Smart COOP, transforming traditional cooperative banks into fully digital entities within just two weeks.

Simplebooks, an innovative SaaS solution, held a market leadership position in Sri Lanka, streamlining business formation and compliance for over 4,500 companies.

Bangladesh showcased its startup vitality through platforms such as Hishabee, a vertical SaaS transforming traditional businesses into digital entities.

Hishabee’s 200,000 registered small businesses exemplified the shift towards digital record-keeping, fostering e-commerce and digital lending. Other startups such as WeGro, PriyoShop, SupplyLine, and Pickaboo further showcased the dynamic entrepreneurial spirit of Bangladesh.

With a combined population of over 430 million people and a median age of 27, these three countries – Bangladesh, Pakistan, and Sri Lanka – present a formidable market.

Bangladesh alone boasts 125 million mobile subscribers, while Pakistan holds the title of the world’s fifth most populous country. Sri Lanka, often overlooked, ranks globally at #4 and leads Asia in affordable talent according to Startup Genome.

Also Read: Accelerating Asia launches US$20M Fund II, targets pre-Series A deals in South Asia, SEA

The youthfulness of the population, coupled with thriving startup ecosystems, positions this region as a goldmine for investors and an untapped market for startups.

The post Exploring the startup ecosystems of South Asia at SouthXChange appeared first on e27.

Join the 2024 TOP100 program here!

In 2024, the highly anticipated return of the TOP100 program is set to help bolster and empower innovative startups across Southeast Asia. This program offers a valuable opportunity for startups in the growth stage that are aiming to expand their business. Beyond the recognition and accolades, participants also have the chance to gain mentorship, engage in business matching, and secure investments.

Since its establishment in 2012, the TOP100 program has been a cornerstone in the growth journey of numerous startups within the Southeast Asian tech ecosystem. Originally designed to identify promising startups and facilitate funding opportunities, TOP100 has evolved into a transformative platform with a broader mission. From its initial focus on securing investments, TOP100 has matured into a comprehensive ecosystem enabler that helps foster innovation, entrepreneurship, and collaboration among industry leaders, investors, and emerging startups. The program has adapted to the dynamic entrepreneurial landscape, expanding its reach to encompass various aspects of startup development.

Beyond its fundamental role of identifying and supporting promising startups, TOP100 now embraces a multifaceted approach to promote startup growth. This includes initiatives like mentorship programs, educational endeavours, and networking events. These diverse components collectively contribute to the well-rounded development of startups, providing them not only with financial backing but also with crucial knowledge, guidance, and connections for sustained growth.

What makes the TOP100 program 2024 different?

Over the years, the TOP100 program has been a breeding ground for success stories, showcasing notable unicorns such as Gojek, Carousell, Carro, 99.co, and several others that the program helped take under its wing. As the Southeast Asian ecosystem ushers in a new era of maturity and welcomes a fresh wave of startups, the TOP100 program has evolved to cater to their changing needs.

Also read: Future-proofing omnichannel touchpoints for businesses via AI

In 2024, TOP100 is transforming into a growth-oriented program, dedicated to providing startups with the essential platform for sustainable expansion across the region. Beyond facilitating connections with investors both online and onsite, e27’s commitment to supporting startups has strengthened considerably. Recognising the diverse needs of emerging businesses, the team behind the project expanded the TOP100 program to offer a comprehensive suite of services aimed at fostering holistic growth. This includes mentorship through coaching, exclusive events, and media training, as well as business matching facilitated through various programs and partnerships and optimised visibility across the tech startup ecosystem.

The importance of visibility for startups

Gaining visibility is paramount for startups as it acts as a catalyst for various aspects of their development and success. Firstly, heightened visibility enhances the startup’s ability to attract investment, a critical factor for sustaining and accelerating growth. Investors, whether venture capitalists or angel investors are more likely to discover and consider startups that have a strong and visible presence. This visibility not only captures their attention but also instils confidence by showcasing the startup’s potential to a wider audience, creating a positive feedback loop that can lead to increased funding opportunities.

Secondly, visibility is instrumental in establishing credibility and recognition within the broader entrepreneurial ecosystem. Startups often face intense competition and need to differentiate themselves. A visible presence, whether through media coverage, participation in industry events such as Echelon, or strategic partnerships, not only sets a startup apart but also builds a positive reputation. Recognition within the ecosystem not only attracts potential customers but also opens doors to valuable collaborations, partnerships, and mentorship opportunities. In essence, gaining visibility is a strategic imperative, creating a robust foundation for sustained expansion and long-term success.

Also read: Evolving startup growth: TOP100 in 2024 is tailored to your growth journey

However, gaining visibility for startups presents a unique set of challenges in the competitive business landscape. One significant hurdle is the saturation of the market, where numerous startups vie for attention simultaneously. Standing out becomes increasingly difficult, requiring innovative and strategic approaches to capture the interest of investors, customers, and the wider industry. Limited resources also pose a challenge, as startups often operate with constrained budgets, making it challenging to execute comprehensive visibility campaigns.

Additionally, the rapidly evolving nature of the business environment demands agility in adapting to new trends and platforms, adding complexity to the task of establishing a consistent and impactful presence. Overcoming these challenges requires a nuanced understanding of target audiences, creative communication strategies, and the ability to leverage available resources effectively to carve a distinctive niche in the crowded startup ecosystem.

How TOP100 is here to help startups gain visibility

In our growth-focused strategy, heightened visibility stands as a foundational pillar. We understand the profound impact that visibility can have on the trajectory of startups, and as such, our program is dedicated to ensuring that qualified participants receive an unparalleled level of exposure across diverse platforms. This commitment to expanded visibility serves as a potent catalyst, creating a ripple effect that not only attracts potential investors but also strategically positions startups at the forefront of the broader entrepreneurial ecosystem.

The significance of visibility cannot be overstated, as it acts as a powerful amplifier for the unique offerings and innovations that startups bring to the table. By strategically showcasing these budding enterprises, we aim to not only facilitate connections with investors but also to elevate the overall recognition and credibility of participating startups.

Also read: Things you need to know to be a part of the 2024 TOP100 program

Through targeted initiatives and partnerships, we endeavour to showcase the diverse strengths of each startup, leveraging a multi-channel approach that includes online platforms, media coverage, industry events, and more. This comprehensive strategy ensures that the startups in the TOP100 program are not just seen but are showcased prominently, creating a lasting imprint within the entrepreneurial landscape. As these startups gain heightened visibility, they not only attract potential investment but also become integral contributors to the vibrant landscape of innovation, garnering the recognition and credibility essential for long-term success.

Join the 2024 TOP100 program

Applications for the 2024 TOP100 program are ongoing from November 1st to December 1st, 2023. Do you think you have what it takes to be a part of history? Send in your applications today!

For more information on the 2024 TOP100 program, visit our official site today.

The post How the 2024 TOP100 program aims to spotlight startups appeared first on e27.

Climate Alpha, a Singapore-based artificial intelligence (AI)-driven analytics platform for the real estate, asset management and insurance industries, has announced closing a US$5 million seed funding round.

Jungle Ventures led the round as part of its newly launched First Cheque@Jungle bespoke programme for seasoned operators or second-time founders.

Also Read: Jungle Ventures rolls out new programme to back idea-stage startups in India, SEA

Founded in 2022 by Parag Khanna, Climate Alpha fuses data science, climate modelling and finance to promote sustainable investment. The company uses geographic information system (GIS) data and economic modelling to deliver a solution for navigating accelerating climate volatility and forecasting the financial impact of climate risks.

Climate Alpha distinguishes itself from other climate tech companies tracking and mitigating greenhouse gas emissions by offering data-driven roadmaps to construct more resilient portfolios.

In the months ahead, the startup plans to accelerate the deployment of its global resilience scoring and financial impact calculations. It also aims to work with asset managers to establish a global fund to invest in climate-resilient real estate while distributing data to customers via API and Snowflake to enhance accessibility and usability. Asia will also become more central to the business, given the region’s dual role as a driver of climate change and a hotspot for climate-related risks.

Also Read: Amasia introduces impact assessment framework for climate tech companies

“We plan to raise a Series A round in H1 2024 to pursue our ambitious agenda to leverage satellite and other proprietary geospatial datasets, build a comprehensive global resilience index and expand our offerings to investors in public markets,” said CEO Khanna.

Launched last month, First Cheque@Jungle is a pre-seed/seed investing strategy to back domain operators at the earliest stages where the key partners of Jungle work 1-to-1 with founders from idea to IPO.  Its portfolio includes Kredivo, Moglix, Pomelo, Livspace, Builder.ai, and Sociolla.

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Image Credit: Climate Alpha.

The post First Cheque@Jungle leads Climate Alpha’s US$5M seed financing round appeared first on e27.

Singapore-based global early-stage VC firm Antler announced investing an additional US$2 million in 15 startups across Singapore and Indonesia.

Over 150 founders from various industries and domains participated in a 10-week residency programme, during which the recently backed startups were formed and funded. Founders of these startups developed and validated their business ideas with the support and expertise of Antler to secure pre-seed funding of US$125,000 for each.

Also Read: Antler partners with Khazanah, to invest in 30+ Malaysian startups over next three years

Among the startups included in this round are:

Bootloader Studios: Founded by the founding CEO of VNG, Bootloader is an AI-driven and mixed reality experience that forges real emotional connections between people to improve individual emotional well-being.

Optacloud: A machine learning-powered cloud optimisation to reduce cloud bills and minimise latency with zero engineering effort.

Trivium: A financial platform for companies to embed investment products easily.

Siftee: A data and research marketplace to search, validate, and download specific
insights down to the metadata level.

Katalis: An end-to-end AI marketing toolbox for e-commerce.

Alter: A social networking and collaboration platform designed for gamers.

Club Kyta: An integrated omnichannel distribution solution for D2C lifestyle brands that
focuses on Tier-2 and Tier-3 cities in Indonesia.

Hazana: An integrated halal financing solution for platforms, marketplaces, and ecosystems.

Plans: A digital fertility assistance platform for family planning

Sqouts: A conversational AI-based talent acquisition platform.

Launched in 2018, Antler aims to back founders from day zero by providing unique access to co-founder matching, business validation, and pre-seed capital. Antler is also a long-term capital partner providing expansion support and scale-up funding to breakout companies from Series A onwards.

Also Read: Antler Elevate closes US$285M emerging growth fund

Antler has expanded its global network to 30 cities, including Singapore, Jakarta, Ho Chi Minh, Kuala Lumpur, New York, London, Berlin, Stockholm, Bangalore, Seoul, Tokyo, and Sydney.

The VC firm has invested in over 900 startups and intends to back over 6,000 by 2030.

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The post Antler invests US$2M in startups across Singapore, Indonesia appeared first on e27.

e27 has been dedicated to nurturing a supportive ecosystem for entrepreneurs since its inception. Our Contributor Programme offers a platform for sharing unique insights.

As part of our newly introduced ‘Contributor Spotlight’, we shine a weekly spotlight on an outstanding contributor and dive into the vastness of their knowledge and expertise.

This episode features Jakob Rost, Founder and CEO of Ayoconnect, Southeast Asia’s leading Open Finance API platform. He is actively involved as an angel investor and advisor to early-stage startups.

A valued contributor, Rost joined our community in Q2 and has remained actively engaged, accumulating over 7,000 content views.

Rost shares his personal and professional journey in this episode of Contributor Spotlight.

The driving force

Rost’s expertise lies in fintech, digital transactions, and fundraising. He joined the e27 Contributor Programme believing in the power of knowledge-sharing, seeing it as an opportunity to give back to the community that has nurtured his growth.

“Being part of this programme enables me to share insights and learnings from my journey, hopefully inspiring others in the process,” he said candidly.

Thoughts, goals, and journey

Rost’s journey in the industry began with a deep passion for connecting people and businesses. Recognising the potential of digital platforms, he founded Ayoconnect to bridge gaps and facilitate seamless transactions.

Regarding upcoming goals, Rost aims to expand Ayoconnect’s reach throughout Indonesia, positioning it as a household name for streamlined digital transactions. On a personal level, his goal is to mentor budding entrepreneurs, guiding them through the challenges of the startup journey.

Also Read: The future of Indonesia’s payment services: 3 predictions for the advancement of direct debit

Rost observes a notable trend in finance and technology with the rapid adoption of digital payment solutions, reshaping business operations. He also highlights a surge in AI-driven innovations, enhancing user experiences and fortifying security in financial transactions.

Advice for budding thought leaders

To be an effective thought leader and contributor, Rost believes in being well-informed and concise. He emphasises the need to research thoroughly, stay updated, and practice articulating complex ideas simply.

“Embrace feedback,” he said, “as it refines your communication skills. Also, never underestimate the power of storytelling; it captivates audiences and makes your message memorable.”

Juggling too many things?

“Balancing work, contribution, and personal life is indeed a challenge. Prioritisation is key. Setting clear boundaries and delegating tasks at work allows me to focus on contributing meaningfully,” shares Rost.

Regularly reassessing priorities helps Rost maintain this balance. Personal and professional growth go hand in hand for him; continuous learning and self-reflection are his strategies for both.

Staying in the loop

“Staying updated is crucial in the fast-paced tech industry,” Rost highlights. “I rely on a diverse range of sources, from industry newsletters and blogs to attending conferences and networking events. Engaging with fellow professionals and thought leaders keeps me informed about the latest developments and emerging technologies.”

For those interested in fintech and digital transactions, Rost recommends exploring platforms such as Finovate and dedicated sections on TechCrunch. He also suggests reading books like The Innovator’s Dilemma by Clayton Christensen for valuable insights into disruptive innovations in the industry.

“I’d like to leave the readers with this thought: Embrace change and innovation. The tech industry evolves rapidly, presenting endless opportunities. Stay curious, stay adaptable, and never stop learning. Remember, every challenge is a chance to grow, both personally and professionally,” concluded Rost.

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Are you ready to be a part of a vibrant community of entrepreneurs and industry experts? Do you have insights, experiences, and knowledge to share?

Join the e27 Contributor Programme and become a valuable voice in our ecosystem. 

The post Spotlighting Jakob Rost: Nurturing fintech innovation and charting a path of open finance appeared first on e27.

When your electric vehicle (EV) is running out of battery, you should either find a nearby charging station installed by a utility company or go back home to recharge it. Either of these options is impractical in a country like India, where the EV sector is still nascent and charging stations are rare.

Two Indian entrepreneurs are addressing this problem by building an affordable EV charging network, starting with Bengaluru.

Kazam, founded in 2021 by Akshay Shekhar and Vaibhav Tyagi, offers an agnostic EV charging platform. It allows EV fleets, charging point operators (CPOs), charging equipment makers/original equipment manufacturers (OEMs), and other commercial properties like workplaces and resident welfare associations (RWAs) to set up their own charging networks without any software development hassle and earn money.

The startup has so far created a charging network with over 7,000 devices on its platform.

Also Read: How SWAP Energy aims to promote EV use in Indonesia through the advantages of battery-swapping

“Think of us like an Android OS, which connects you to the internet so you can build and consume many apps. We do that for the EV ecosystem,” says Shekhar.

Kazam has different offerings for different stakeholders of the EV ecosystem:

• For Vehicle OEMs

The startup offers a single API for OEMs to connect all CPOs to the vehicle dashboard, allowing them to reduce range anxiety for their drivers. This enables drivers to discover nearby charging points, recharge, and pay. Users can also book their slots in advance to get priority recharging.

“Our API sits inside the vehicle dashboard for drivers/users to find the nearby charging stations. The mobile app, on the other hand, allows drivers/users to control and monitor the charging. It means even if you are on the 10th floor of your apartment building, you can still monitor and stop charging from your sofa,” explains Shekhar.

The startup works with six top vehicle OEMs, including TVS, Ather, Mahindra, and Bajaj.

• For CPOs

Kazam connects multi-brand, multi-architecture charging stations, swapping stations into a single digital platform to control, monitor and analyse performance and revenue.

• For fleets and e-commerce firms

Kazam is creating a unified layer which connects chargers and vehicles in a single platform. This will allow enterprises to make better decisions on utilisation, schedule, and visibility on the entire transaction of fuelling your vehicle. In addition, it gives the fleet consumers options to do geo-fencing, manage maintenance and understand the total cost of ownership.

Drivers/users pay only for energy consumption using multiple payment options (credit cards, net banking, UPI, and wallets).

At the same time, enterprises pay Kazam a fee for driving demand to the charging station. It also charges fixed fees per charger for the SaaS platform offered to enterprises.

The company works with top e-commerce players like Bigbasket and Flipkart (Walmart Group), besides large OMCs like Petronas in Malaysia and Hindustan Petroleum in India. “All these partners are either retailers or captive consumers of energy and help us reach scale with their available touchpoints. The touchpoints could be distribution warehouses, depots, Petrol bunks or even housing societies,” Tyagi reveals.

Also Read: Oyika revolutionises e-motorbikes in SEA with innovative power subscription plans and battery-swap stations

Currently, Kazam operates in India. Its next plan is to embark on its ASEAN market expansion, starting with Malaysia, where it has already secured partners.

Kazam, one of the 25 startups from the Asia Pacific graduating from the PETRONAS FutureTech 3.0 accelerator programme, raised US$3.6 million in an investment round led by Avaana Climate Fund in May this year. It is now in the market for growth capital to scale alongside its enterprise customers.

“Our vision is to be the leader in EV charging in India and beyond, leveraging our capabilities in software and hardware,” Shekhar concludes.

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Image Credit: Kazam.

The post Kazam has created an Operating System for the EV industry in India appeared first on e27.

Vonage, in partnership with e27, recently held a panel discussion entitled “Navigating the Customer Experience: AI’s Impact on Omni-channel Touchpoints” last 2nd of November, at the Pullman Hotel, Kuala Lumpur.

Aiming to provide actionable insights into the role of emerging technologies in customer engagement, the esteemed panel delved deep into the realm of AI’s influence on omnichannel touchpoints and the dynamic customer experiences it fosters. The audience was also given an in-depth understanding of case studies in which AI can scale internal processes and offer a more effective workforce.

Also read: The Future of Capitalism: Get the chance to win $5 million worth of investments

Spearheaded by cloud communications provider, Vonage, and co-organised by e27, the mission of the project is to help empower businesses to harness the power of AI in optimising customer experience.

Seamless integration of AI amplifies the effect of intelligence behind business outcomes

Artificial intelligence, commonly known as AI, plays a crucial role in the rapidly advancing field of technology. It has gained widespread acceptance across various sectors, and its influence on everyday life has become a game-changer, especially for businesses engaging with customers.

The AI lens is the future of the next five years and can be considered one of the most innovative technological breakthroughs of its time. As it is inevitable, businesses benefit from understanding its implications and impact early on in order to fully exhaust the power of the tool.

Santhakumaran Atmalingam, Founder of CX EXPERT ASIA, mentioned during the discussion that maximising the potential of what is currently manual and underutilised data is a crucial first step. AI can take this massive, often incomprehensive information and turn it into more in-depth insights that are otherwise skipped by the naked eye. Such insights can be useful when understanding what customers want and how to keep engaging them.

“We use data for reporting, and that’s just scratching the surface. There is so much of how AI can take that data and turn it into something that is a lot more fruitful for organisations and its stakeholders.” For example, market predictions and consumer trends forecasting can be done with less manpower and time while massively improving accuracy through the help of AI.

Similarly, digitalisation transcends pooling customer feedback, allowing employees to have a more productive use of their time. Dr Poo Kuan Hoong, Lead Data Scientist, RGM of BAT, cites AI’s impact on organisational development and team collaboration. With a supportive omnichannel system, silos are broken in favour of a productive and fully aligned organisation in real-time.

For example, in AI-assisted omnichannel retail and e-commerce, chatbots reduce the time needed for live agents to answer customers’ common and frequently asked questions.

Also read: Set sail with intellectual property: Your business’s journey to success

Desmond Koh, Head of Sales, SEA at Vonage, clarified, “I will still prefer some personal touch when speaking to a human agent. However, you can essentially offload some of the very common questions and include them in the code so that humans can handle more complicated and personalised issues.”

“With AI, organisations optimise manpower costs, reduce errors, and create a holistic experience for customers and employees. This is the way forward,” iterated Sena Thevaratnam, Group Head of Customer Support of Valiram.

The whole idea of going into AI-assisted omnichannel is to create a seamless experience for your employees, giving them a real-time 360-degree view of the system to serve the customer in real-time and on the spot. AI integration allows businesses to outperform manual interventions and resources and match consumer expectations. 

AI can also help product and marketing teams track the customer journey, specifically pointing out major hurdles that dissuade a customer from continuing. The technology’s capacity to predict behaviour empowers the consumer with a more convenient and personalised user experience.

Diverse traditional industries harness the evolution of AI to enrich all customer experiences

AI operates as a launchpad for the future of omnichannel marketing, revolutionising customer engagement across diverse platforms. With seamless integration, AI ensures a cohesive brand experience, optimising marketing strategies to secure a business’s top priority, and keeping a long-term and loyal customer base. 

According to Elizabete Kalnozola, an Advisory Board Member of Girls in Tech Kuala Lumpur, “We all know that for businesses, the best customers are the loyal customers. This hyper-personalisation approach can help because we’ll give them more personalised recommendations, making them more likely to make second purchases.” Customer retention is the end goal, as this lessens the cost of acquiring new customers over time. This also applies to product recommendations or social media and content consumption algorithms.

Various online and offline platforms also exist, and digital marketers must effectively utilise messaging and engagement in each platform. From fine-tuning ad targeting parameters to maximising the ROI of limited resources, businesses require constant analysis of data, adaption to shifting trends, and refining marketing tactics. Recent AI development has led to the birth of tools specific to these use cases.

A business’ journey of adoption of cutting-edge AI is less straightforward

Before migration, businesses must streamline and have a definite end-to-end journey map for their customers. As an organisation, teams must decide what service excellence level they want to provide for their customers, then bring the technology in and build the solutions.

Koh advised that there is no hard and fast rule regarding AI adoption. “Adoption of AI solutions to your business really depends on the countries, the vertical, and the persona. We normally start small with certain customers, then expand its integration slowly as we progress based on needs.”

In Malaysia, for example, Kalnozola recognises language as a major challenge in adopting AI due to its multicultural diversity. The accuracy of AI in reading names or local dialects, for example, needs more time and training to reach a more satisfactory level.

Additionally, AI replacing human-centred processes includes a social responsibility toward creating a fair experience. Kalnozola and her team ensure that data input and output are well-represented across all demographics.

Also read: Things you need to know to be a part of the 2024 TOP100 program

She explained, “For the past two years, the main focus has been to ensure that AI is inclusive and that we are presented with new AI tools that do not discriminate against women in our day-to-day lives.” This avoids chatbot responses, facial recognition, personal data collection, and other discrimination and abuse cases. It also helps businesses to keep pilot-testing AI in different market scenarios. It might be tempting to perfect the technology before going to market, but customer feedback from usage can illuminate the process better.

Thevaratnam advised, “You got to start understanding and slicing and dicing what should be automated via AI and what should not be. So, it’s easy for a top-down or push-up to use AI to automate and fix the problem. Instead, businesses would benefit more from examining whether this part of your business has this functionality.”

Atmalingam added, “Automating the wrong thing can backfire and lead to a bad experience.”

The biggest challenge for any organisation is empathising with the end users and building the product from their point of view. This includes creating internal processes that reflect their commitment to a holistic customer experience. While companies have built manual processes around this premise, AI amplifies this approach by making data more trackable, relevant, and actionable. Young businesses and startups, forced to be more resourceful and agile, stand to gain the most by adopting AI to improve KPIs and outcomes.

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

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Amidst the routine pleasure of savouring coffee’s comforting presence, a less palatable reality surfaces — its significant waste footprint. Whether in business meetings or moments of solitude, the impact of coffee extends beyond the cup. This waste, which costs businesses significantly and contributes to emissions, often flows under the radar.

Among the companies addressing this problem is Coffeefrom, which navigates the intricate landscape of coffee waste with a practical approach. Operating within a circular economy framework, the Italian startup takes discarded coffee grounds (the dregs remaining after brewing coffee) and transforms them into valuable products.

From Expo 2015 to circular innovation: The birth of Coffeefrom

Coffeefrom’s roots go back to Il Giardinone, a Milan-based social enterprise in environmental service, which began its venture into the circular economy during Expo 2015. In collaboration with Lavazza, Novamont, and the Polytechnic of Turin, Il Giardinone initiated a research project aimed at repurposing coffee grounds for mushroom cultivation — a concept that later materialised into the self-production kit, Fungo Box, in 2016.

In 2019, Coffeefrom emerged as a distinct project, channelling industrial coffee grounds into a new realm — recycled and bio-based materials. This change supports environmental sustainability and reflects Coffeefrom’s approach to an industrial model where various skills converge seamlessly.

Coffeefrom turns coffee grounds, usually destined for landfills, into innovative products crafted from bio-based or recycled materials, all within a 100 per cent made-in-Italy supply chain.

The product line, developed in collaboration with supply chain partners using injection moulding and 3D printing, includes tableware, packaging, and writing instruments.

The process starts with obtaining post-industrial coffee, meticulously handled at Coffeefrom’s facilities. Working with a compounding partner, the treated coffee seamlessly blends with the base polymer, creating three unique Coffeefrom materials. Once the pellets are compounded, anything can be printed through injection moulding.

“We created coffee cups and saucers to exemplify the characteristics of our first material, Coffeefrom Bio. The coffee cup is a design object that embodies the aim of Coffeefrom: giving circularity to a material that is generally thrown away at the end of its life. From coffee to coffee,” said Rita Bonucchi, Co-Founder and International Development of Coffefrom.

The global bioplastics market is projected to grow at a robust CAGR of 18.8 per cent from 2023 to 2030, indicating substantial daily expansion for Coffeefrom.

This growth is substantiated by global environmental objectives, promoting the shift to recycled and bio-based materials to minimise environmental impact in both production processes and final products, creating a favourable landscape for Coffeefrom’s future endeavours.

“Our materials are a solution to these challenges, and in the next years, we are planning on bringing to the market materials that are even more environmentally friendly and present a higher percentage of recycled coffee inside,” said Bonucchi.

Revenue model: From finished products to material supply

“At the beginning of our journey, we were primarily concentrated on selling our finished design product, but today, this stream has become less central, as our focus has shifted more towards delivering our materials to the market,” Bonucchi stated.

Currently, Coffeefrom derives revenue from three primary streams: collecting coffee, processing coffee as input, and selling finished thermoplastic materials. In the next years, it plans to industrialise its patent and license it out, creating a new revenue stream.

One of the challenges that Coffeefrom had to navigate involved introducing their solution to corporations typically entrenched in their established practices. The reluctance of companies to experiment with new materials in existing plants due to concerns about potential pipeline contamination or damage posed a hurdle, making the pursuit of innovation more challenging.

On the other hand, altering the waste management system, particularly when the established process has been consistently followed, proves to be a significant challenge. As a startup, Coffeefrom faces limited negotiation power and credibility.

Funding journey: Bootstrapping to seed investment

In 2022, the startup predominantly relied on bootstrapping.

In 2023, Coffeefrom participated in the acceleration programme Terra Next and secured its initial seed investment. This funding round enables the team’s expansion by onboarding key personnel to support the company’s growth while facilitating ongoing tests and materials development.

Bonucchi, looking ahead to the firm’s future plans, expressed, “We aim to broaden our scope by increasing our coffee processing, innovating new materials, and accessing a larger market to scale our positive impact.”

Coffeefrom also participated in the Global Startup Programme organised by the Italian Trade Agency (ITA) and the Ministry of Foreign Affairs and International Cooperation.

Coffeefrom addresses the substantial waste generated by coffee consumption through a circular economy approach. The startup advances a more sustainable industrial model by repurposing coffee grounds into innovative products. Focused on eco-friendly materials and a sustainability vision, Coffeefrom is a typical example of the intersection of innovation and environmental responsibility.

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In October 2022, a coalition of metaverse and Web3 infrastructure companies united to form the Open Metaverse Alliance for Web3. Composed of Animoca, Decentraland, Sandbox, and others, OMA3 took the shape of a decentralised autonomous organisation (DAO) that is guided by inclusivity, transparency, and Web3 principles. The alliance aims to address “significant” challenges within the emerging metaverse by safeguarding user ownership and freedom of information.

When Gavin Wood coined the term in 2014, “Web3” was eulogised as the next phase of the internet, blending decentralisation, blockchain, and token-based economics that prioritises user ownership and control of data and digital assets.

Seven years later, Web3 rode the waves of the crypto craze to become the new sensation. In stark contrast, the established Web2 paradigm is characterised by centralised platforms and services controlled by a handful of entities. This stodgy “Big Tech” dominance continues to be the focal point of Web3 ire and resistance. 

On paper, the metaverse and Web3 matrimony make sense: there will be widespread demand to virtualise the world, and Web3 can theoretically offer the infrastructure to support it. However, it is unlikely — and by extension, the Web3 crusade may be more trouble than it is worth.

Needless atomising of decentralisation

To breach the dominance of big tech, Web3 aims to push the limits of decentralisation by entrusting control to individual builders and users. While empowering in theory, this vision breaks down in practice in the wider metaverse arena.

For instance, the underlying architecture would require each participant to self-host and store a splinter of the metaverse on cordoned sectors of their hard drives, leading to an ongoing necessity to transfer ever-expanding mountains of data to maintain even a semblance of persistence. Beyond posing a significant logistical challenge, the energy demands of this untenable mega-operation would be a blaring nonstarter for environmentalists and developing nations.

This is not to imply that decentralisation is a flawed concept. On the contrary, it plays a vital role in fostering a free-market manifestation of the metaverse. The concern lies in the Web3 interpretation in regards to being a slippery slope toward a communist model of collective ownership. Whether by intention or oversight, Web3 advocates refrain from questioning whether decentralisation even requires this degree of hair-splitting granularity. 

Also Read: Global Web3 companies on why Asia Pacific is the future of the industry

This narrow definition reeks of the “No True Scotsman” parochialism that obscures the middle path—where inter-organisational networking, load sharing, and redundancy are elements of decentralisation in their own right. A likewise middle-out approach would also safeguard the individual interests of digitised customers and stakeholders.

A real-world example of this meso-level decentralisation exists in the management of Domain Name System, or DNS for short. When you enter an internet address in your browser, a DNS lookup sweeps the globally dispersed root servers managed by 13 entities, including ICANN, the University of Maryland, and Verisign. This redundant decentralised structure, numbering over 600 servers, ensures that no single entity can control them all.

While technological advancements may eventually make grassroots decentralisation a possibility, the question is whether we can or should wait for that to happen. Redundancy of this sort is inherently wasteful since the purported benefits of Web3 can already be integrated into existing capitalistic models using run-of-the-mill technologies and methodologies.

These are the same steadfast infrastructures supported by resourceful tech and media giants that have moulded our Web2 conventions. The only missing piece is the concerted willpower of businesses and consumers to make that happen.

Paranoia transforms trustless to distruss

The advocates of Web3 and the cryptocurrency community have overwhelmingly converged on the push for decentralisation and the trustless architecture that is thought to underpin it. Rallying around the misgivings of centralised authority — and human nature in general — their guiding mantra of “Don’t trust, verify” is a mockery of the timeless Russian proverb, “Trust, but verify”. 

Paradoxically, the metaverse thrives on the very thing the radicalised, trustless crowd is sceptical of. According to science fiction writer Neal Stephenson, who coined the term, the metaverse will eventually resemble the internet in networking the entire world. Likewise, it must be constructed upon a web of trust among diverse entities, each autonomously making its own decisions. Which incidentally raises the prospect that the internet will likely evolve into the metaverse. 

As a thought experiment, the aforementioned scenario would represent the most optimistic future for the metaverse. An alternative paints a dystopian picture where the oppressed are compelled to accept a centralised metaverse enforced by despotic or authoritarian regimes. The third option, leaning towards Web3 anti-establishment radicalism, would risk devolving into chaos, causing the social experiment to stagnate or crumble entirely. 

In essence, the dividing lines center on semantics. Within the trustless movement, libertarian extremism has infiltrated the mindset of its proponents, deeming governments, institutions, and power brokers as inherently untrustworthy. That interpretation has veered from its original intent.

At the outset, trustlessness was actually conceived as a system that enables transactions or interactions without relying on the arbitration of a central authority or any particular party. Essentially, it involves a completely neutral intermediary (possibly a distributed ledger) to handle credentials and transactions between undisclosed entities. The concept was not borne of paranoid distrust; rather, it welcomes a decentralised and reliable environment for transactions among trustworthy participants.

Looking at the big picture, the benefits of trustlessness are less definitive, particularly when it raises more questions than answers around regulatory challenges, scalability, and security risks. Perhaps certain trustless innovations, such as zero-knowledge proof for data safekeeping, will find niche applications.

Crypto buffoonery turns lethal

In May of 2022, a 29-year-old man leapt thirteen floors to his death. Twelve days earlier, his US$2 million investment in the cryptocurrency Luna had crashed to a measly US$1 thousand. In the leadup to this tragedy, Bitcoin peaked at a US$1.3 trillion market cap, touching shy of US$70 thousand per coin, making it one of the best-performing asset classes of modern times. This had a ripple effect on the entire crypto market, propping up the meteoric rise of altcoins like Luna. 

Also Read: The role of Web3 in fintech and its benefits for financial institutions

The vicariously innumerate crypto community — on Twitter in particular — were of the opinion that “numbers only go up”. Mirroring the tribalistic fervour of the Trump cult of personality, they rallied around similarly dubious claims encapsulated in clichéd catchphrases.

At the core of the phenomenon was a widespread psychosis fueled by generational crackpot life coaches and inspirational speakers, asserting that unwavering positivity can materialise limitless windfalls.

The vastly outnumbered sceptics were rebuffed at every attempt to challenge the mass hysteria, often flippantly told to “have fun staying poor” — yet another hackneyed phrase catapulted to meme status. This groupthink would transpire in waves of boom and bust, with each cycle looming larger than before. Unlike past manias, many stakeholders eventually found themselves on the brink of financial ruin.

As the cryptocurrency market spiralled into a runaway casino, retail security underwent a libertarian breakdown toward a survivalist hellscape. The situation deteriorated so thoroughly that victims of fraud and hacks were callously dismissed as merely careless or uninformed. To warrant such blame would imply investors stood a chance.

However, the battlefront between retail and crime was no impasse; it was a one-sided slaughter. Oblivious investors proceeded to haemorrhage US$8 billion in 2021 and an additional US$3.95 billion in 2022 due to illicit activities.

Knee-jerk legislation was a foregone conclusion, and the heavy hand of government intervention came crashing down on the crypto market, sending shockwaves through the system. The Web3 reliance on cryptocurrencies to transact with decentralised finance and non-fungible tokens has turned out to be a Faustian bargain with harsh lessons in volatility.

In the wake of this turmoil, the crypto market still remained tenacious. Its market cap has hovered above US$1 trillion for much of 2023, representing one-third of its historical peak. While the recovery outlook is optimistic, transformation into an economic pillar will take time and regulatory commitment. Time will tell if subsequent market normalisation can instil confidence in cryptocurrency and greenlight big finance. 

Before this transformation materialises, up-and-coming metaverse projects should cautiously remain on the sidelines of crypto adoption. On the other hand, metaverse customers and merchants need to be aware of the extreme volatility inherent in crypto transactions and take precautions against catastrophic losses.

Sidestepping Web3 landmines

Just four months prior to OMA3’s formation, tech giants preemptively forged a strategic alliance called the Metaverse Standards Forum (MSF), representing the interests of Meta, Microsoft, Alibaba, Sony, and others. It is no coincidence that OMA3 is counterposed as a challenge to this organisation. To fight the status quo, they placed their bets on the widespread adoption of newfangled Web3 technologies.

Also Read: How regulatory clarity can support Web3 innovation in Asia

To side with the MSF standard is to believe that big tech can deliver top-notch metaverse experiences on the promise of interoperability and openness. To side with the OMA3 standard is to believe in the newcomer’s capacity to serve users more effectively and equitably than their Web2 counterparts. 

Typically, this split would denote a healthy equilibrium between two competing standards.  However, the liaison agreement struck between MSF and OMA3 in July 2023 signals a perplexing sidetrack that suggests otherwise. The shift towards a deeper collaboration among their respective members not only erodes the distinctions between Web3 and big tech but also represents a departure from market competition.

Concurrent developments highlight a head-scratcher: the “Web3 company” oxymoron. Essentially, this circular reasoning posits that Web3 companies, being intermediary businesses themselves, are responsible for dismantling other intermediaries in the metaverse to ultimately give way to user ownership and control. To task profit-seeking enterprises with the role of undermining their own profit motive is a big ask.

Ricocheting in the conflicting interests of its own making, Web3 betrays many contradictions that manifest as in-group pipedreams and deceptive marketing. Furthermore, if Web3 companies and big tech continue bridging partnerships, the Web3 alternative would only amount to more of the same in a different guise.

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