Flux Series: Marketing Leaders is happening at the St. Regis in Jakarta, Indonesia, on 15 November 2023. Are you working in the field of marketing? Don’t miss out on this focused and curated event designed especially for marketing professionals!

Visit Flux Series: Marketing Leaders for more information! Read on to get discounted tickets.

AI-powered tools and technologies have revolutionised how companies interact with their customers, analyse data, and make informed decisions. By leveraging machine learning algorithms, companies can better understand consumer behaviour and preferences, leading to more effective and targeted marketing strategies. Additionally, AI-powered chatbots and virtual assistants improve customer service by providing instant responses and resolving queries, ultimately enhancing brand loyalty and trust.

Moreover, when it comes to marketing, AI offers valuable insights into media trends, sentiment analysis, and social media chatter. This allows brands to stay ahead of the curve, respond promptly to emerging issues, and tailor communication strategies accordingly in ways that engage and appeal to the human aspect of different markets. 

This is why Koltiva, an end-to-end tech solution provider, believes in the art of conversational AI as a tool towards humanising technology in ways that transform customer experience for business.

Humanising AI: The Koltiva way

Offering human-centred technology and boots-on-the-ground solutions, Koltiva aims to be the world’s leading tech company in building ethical, transparent, and sustainable supply chains. It is a high-performance organisation that digitises agribusinesses and helps smallholder producers transition to sustainable practices and traceable sourcing.

With roots in Indonesia, Koltiva has a worldwide reach. The team works with producers in 52 countries, and almost half of these smallholders are in Indonesia.

Also read: Leveraging AI for Growth: Learn about hyper-personalisation from the experts

The company helps businesses and their suppliers with traceability solutions to comply with ever-changing regulations and consumer demands worldwide. Operating in more than 52 countries and fortified by a network of 15 customer support offices, Koltiva is steadfast in supporting over 6,500 enterprises in establishing transparent and robust supply chains while empowering over 1,000,000 producers to increase their annual income.

Tika Sylvia, the Chief Marketing Officer at Koltiva, explained that “Marketing is not something we do for people. It’s something we do for people, from people to people.” She elaborated that the secret sauce of innovating products to market in this digital era is humanising technology through emotional aspects in brand strategy. “Don’t just digitise, but humanise. People do not buy products and services. They buy relations, emotions, and stories. It is really about people. People buy technology from people,” she added.

The art of conversational AI through Koltiva

For individuals with extensive experience in the fields of marketing, public relations, and brand management, harnessing AI for experiments and trials has opened up new horizons in their regular jobs. Koltiva best exemplifies this through Tika’s background as a marketeer, public relations professional, and brand practitioner, illustrating in her work how Koltiva has evolved through the strategic implementation of AI.

As of writing, Kolitva is currently creating an AI Chatbot Solution tailored for the Aquaculture and Fisheries industry, specifically targeting smallholder producers within those sectors. This application is designed to offer insights into Good Agriculture Practices, enabling producers to ask questions related to aquaculture and fisheries in their native language.

Get discounted tickets today!

With the assistance of their expert agronomists who are responsible for developing the educational materials, Koltiva aims to enhance and support the performance of smallholder producers in the rapidly evolving landscape of sustainable practices within aquaculture and fisheries. “Our commitment is to deliver exceptional, customised solutions in aquaculture and fisheries that are tailored to meet the unique needs of our users and to remain adaptable in response to changing industry requirements,” explained Tika.

How do they do this? Koltiva achieves this through a slew of different approaches related to conversational AI, namely:

• FarmCloud Apps Integration which helps producers get instant access to aquaculture and fisheries practices and customer support on FarmCloud Apps with an AI Chatbot.
• 24/7 Support and Assistance whereby producers can access support and assistance round-the-clock, improving accessibility and reliability
• Improved User Experience through a Chatbot AI platform that enhances the user experience in FarmCloud and provides instant assistance and information. It increases the average response time of customer care.
• Multi-language support which is designed to be accessible and user-friendly to diverse global users. It enables Koltiva to interact with producers globally in their preferred language, fostering inclusivity and breaking language barriers.
• Insights and Reports, enabling them to access valuable information on the platform dashboard, track users’ chat behaviour, and question histories to see conversational trends.

Leveraging AI-powered chatbots

To boost the conversion rate of inbound leads and marketing qualified leads, Koltiva has also taken a series of innovative steps in the chatbot area:

• Enhancing CR from Inbound Leads to MQLs. AI plays a pivotal role in guiding lead nurturing through prompt responses to tailored inquiries from inbound leads, ultimately yielding more effective Marketing Qualified Leads (MQLs) aligned with Koltiva’s business objectives. Consequently, this strategy leads to an increase in the percentage of Inbound Leads successfully converting into MQLs.
• Instant Engagement through AI chatbots that are available 24/7, providing instant responses to user queries. This real-time engagement ensures that potential leads are captured at any hour of the day, enhancing the chances of conversion.
• Qualification and Segmentation are achieved through chatbots that can be programmed to ask qualifying questions. By doing so, they can categorise leads based on specific criteria, helping businesses focus their efforts on the most promising prospects.
• Personalisation through AI chatbots that use collected data to personalise interactions. They can address leads by name, provide tailored recommendations, and offer content that aligns with the lead’s interests.
• Lead Nurturing is also equally important, which underscores the importance of chatbots that can initiate lead nurturing sequences, sending follow-up messages, and content to keep potential customers engaged and moving through the sales funnel.
• Finally, Koltiva believes in Cost Efficiency. Chatbots can handle a large volume of interactions simultaneously, reducing the need for extensive human customer support teams. This cost-effective approach allows businesses to allocate resources more efficiently.

Also read: Future-proof your AI team with insights from Dagangan, Ajaib, Binar, and DailySocial.id

A proven track record

Tika Sylvia boasts a wealth of experience in brand, marketing, and public relations across various sectors, including Prop-Tech, Logistics, Hospitality, and Food Delivery, primarily in tech startup companies. Her extensive journey includes her past roles at Ninja Van, Foodpanda Indonesia, Ogilvy, Kata.ai, RoomMe, and the Bali Safari & Marine Park, where she has finely tuned her expertise. Her forte lies in exceptional communication, data-driven marketing strategies, and a meticulous, analytical mindset.

In 2021, Tika Sylvia was honoured as one of the 10 Most Impactful Women in Technology by Analytics Insight Magazine. Her impressive journey culminated in Koltiva receiving the Sustainable Supply Chain of The Year award in the Sustainable Marketing Excellence (SME) category from Marketeers Magazine in 2023.

Also read: Harness the power of Generative AI in marketing with the Inmagine CEO

With her extensive accomplishments and more, Tika will be providing valuable insights to our panel discussion at Flux Series: Marketing Leaders, entitled “Achieving Automation in Operational Processes and Workflow in the Future AI Marketing Tech Stack”. Tika Sylvia will be joined by Gerald Tjan, Director of Braze, Warren Leow, Group CEO at Inmagine, and Rio Ferdinand Kiantara, Co-Founder and Group CEO of Advisia Group.

Happening on November 15, 2023, at the St. Regis Jakarta, Flux Series: Marketing Leaders aims to be a driving force in the AI-powered marketing revolution. To learn more about the event, you may visit the official Flux Series: Marketing Leaders page.

Join Flux Series: Marketing Leaders with discounted tickets here.

The post This tech solutions provider is humanising AI through its unique approach appeared first on e27.

Dear Pro member,

J&T Express’s successful trading debut on the Hong Kong Stock Exchange highlights the growing prominence of Southeast Asian logistics companies in the global market. The Indonesian logistics giant’s IPO raised over US$451M, and it plans to utilise these funds to expand its network, enhance infrastructure, and boost its sorting and warehousing capabilities.

J&T Express has made significant inroads in Southeast Asia, operating in multiple countries and serving e-commerce platforms like Shopee, Lazada, and Taobao.

The company’s decision to go public in Hong Kong, rather than the US, was influenced by regulatory challenges faced by Chinese firms listing internationally. Although predominantly an Indonesian firm, J&T Express’s strong presence in China, including acquiring Best Inc’s express delivery business, makes it well-suited to the Hong Kong market. This diversification across markets and strong growth performance, as evidenced by its 118% compound annual growth rate from 2020 to 2022, played a significant role in the success of its IPO.

However, uncertainties remain regarding the impact of regulatory changes affecting its partnership with TikTok Shop in Indonesia. Nevertheless, J&T Express’s IPO success underscores the attractiveness of logistics and e-commerce-related companies in the investment landscape, with Southeast Asia emerging as a key player in the global market.

Sainul,
Editor.

==========

J&T Express raises US$451M in Hong Kong listing
The Indonesian logistics major will use the new funds to expand its network, improve existing infrastructure, and strengthen its sorting and warehouse capabilities; It will also enter new markets and invest more in R&D.

Thailand’s K-Bank buys Satang Crypto Exchange for US$103M
The announcement comes a month after K-Bank launched a US$100M fund targeting web3, fintech, and AI. K-Bank’s rival, Siam Commercial Bank, is also making aggressive moves into web3 and crypto.

Korea Investment Partners closes US$60M Southeast Asia VC fund
KIPSEA Venture Fund I will invest in seed to Series B startups in the fintech, proptech, and enterprise software verticals; KIP first established its foothold in Southeast Asia by launching the GEC-KIP Technology and Innovation Fund in 2018.

Sam Bankman-Fried says he didn’t defraud FTX customers or take their funds
When asked whether Alameda “borrowed” money from FTX, Bankman-Fried said his understanding was that the funds came from the exchange’s users who were margin trading, and it was the collateral from them.

Layoffs fear grows as TikTok asks managers to lower employee review scores
The firm has asked its managers to assign lower marks to their staff in their performance reviews; The company told WSJ that the move was made to provide a fair and balanced performance distribution across its global workforce of 130K+ staffers.

Animoca Brands to drive Web3 initiatives in Saudi Arabia’s NEOM City
NEOM’s arm has proposed investing US$50M in Animoca, which plans to establish a hub within NEOM to nurture the local Web3 ecosystem and bring in extensive capabilities from across the company and its subsidiaries, partners, and investees.

Bukalapak posts 29% increase in revenue, on track for profitability
Unlike the same period last year, most of the company’s revenue came from its marketplace businesses, which grew 57% year on year; Revenue from Mitra Bukalapak, its online-to-offline segment, went up 16% in the quarter.

Penjana Capital links up with Taiwan to invest in deeptech sector
Malaysia’s state-backed Penjana and Taiwan’s Aging Industry Innovation Development Association will promote the cross-border expansion of Malaysian startups to Taiwan and vice versa.

Singapore’s Aprisium wins She Loves Tech startup contest 2023
Aprisium builds a technology that allows industries to monitor and enable industrial waste treatment. By winning this competition, it won a US$20K equity-free cash prize and other prizes such as AWS credits.

Mandiri Capital, Investible launch climate tech fund
Mandiri Investible Global Climate Tech Fund will explore opportunities in key sectors identified by the UNEP, such as energy, transport, buildings and cities, industry, food, agriculture, and forests and land use.

Agate unveils strategy to conquer global gaming arena
Gaming companies provide development services for other businesses or create their own unique content, but Agate combines both aspects in its revenue model.

Internet access in Gaza is collapsing as ISPs fall offline
On Thursday morning, internet monitoring firm NetBlocks wrote on X that the Palestinian ISP NetStream “has collapsed days after the operator notified subscribers that service would end due to a severe shortage of fuel supplies.”

There is a lot of room to shake up more traditional sectors: ADB Ventures
While overall regional VC investment has grown exponentially, it is still concentrated in relatively few sectors and countries

How Iron Sail strengthens blockchain gaming ecosystem through collaboration
Launched in October 2021, Iron Sail results from a partnership between blockchain-based game hub Whydah and seven local gaming studios.

The complexity of operating environment in financial sector is increasing: MoneySmart
MoneySmart envisions a future where individuals can access personalised financial advice, aided by AI-driven insights and automation.

Meet the top 25 APAC startups showcasing at PETRONAS FutureTech demo day
The startups — operating across sustainability, the future of energy & mobility, industry & work, chemicals & materials, and frontier technology — have undergone 16 weeks of acceleration and mentorship.

How machine learning really impacts us in our daily lives
From the health perspective, machine Learning can not only see the hidden characteristics of genomics data, it can also assist with diagnosis.

The art of balancing innovation and regulation: Nurturing the silent revolution
Balancing regulation and innovation is a delicate art of timing, enabling innovations to fully realise their potential.

The economic potential of neo-retail: The next productivity frontier
Neo-retail provides omnichannel experiences that seamlessly combine physical stores, mobile apps, and interactive internet platforms.

Why live commerce is here to stay in Asia
Here is something to consider: the live commerce market in China alone is now worth more than US$60 billion a year.

Digital payments: Adapting to a changing world
Nearly all global territories have seen an increase in payment revenue since 2020, with positive predictions moving forward into 2025.

How regulatory clarity can supports Web3 innovation in Asia
Greater regulatory clarity will also create the appropriate conditions for the industry to flourish through innovation.

Evaluating the spread of blockchain technology in the financial sector
While blockchain has become synonymous with digital currency, it is unclear if the technology is being exploited to its full potential.

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The post Ecosystem Roundup: J&T Express raises US$451M via IPO; K-Bank buys Satang Crypto Exchange for US$103M; KIP closes US$60M SEA fund appeared first on e27.

MoneySmart, a fintech group operating a financial content and comparison platform in Singapore and Hong Kong, recently announced that its H1 2023 revenue grew 37 per cent to SGD24 (US$18) million whilst achieving positive operating cash flow.

On the back of this growth, MoneySmart Group is looking to launch an IPO within the next two years. It also plans global expansion and to enhance its products by introducing new features.

e27 spoke with MoneySmart Group CPO Max Del Vita and CFO Raymond Ong to learn more about its plans, IPO, and the fintech industry in general.

Edited excerpts from the interview:

MoneySmart has experienced substantial revenue growth in H1 2023. Can you share the key factors contributing to this growth, and how do you plan to sustain it?

Raymond Ong: Our revenue growth in H1 2023 can be attributed to strategic efforts and customer-focused innovations. Key factors include improved customer service, increased engagement from financial institutions and a rewards programme that has enabled a growing customer base – we saw a 3x increase in H1 2023.

To sustain our growth, we plan to focus on enhancing customer-centric innovations to make the discovery and selection of financial products easier, robust loyalty rewards and customer engagement programmes, and marketing optimisation.

With an IPO on the horizon, what are the primary goals and strategies you are focusing on to ensure a successful public offering in the next two years?

Raymond Ong: As we approach the possibility of an IPO in the next two years, MoneySmart Group will maintain sustainable growth by exploring international expansion opportunities, strategic acquisitions, investments in technology and critical initiatives to drive further growth and profitability.

Also Read: Listing via RTO is simpler than IPO, provides the currency to pursue M&A opportunities: MoneySmart CEO

These initiatives include:

• Enhancing customer retention by elevating the customer experience through personalisation, loyalty and rewards programmes across both the MoneySmart and Bubblegum (travel insurance) brands.
• Leveraging artificial intelligence (AI) and automation to improve customer experiences and operational efficiency. These include areas such as product recommendations, customer service and back-end automation.
• Advancing the development of value-driven insurance products under the Bubblegum brand.

You were planning to hit the bourses via a reverse takeover (RTO) deal. Do you still stick to this plan, or do you plan to go for a direct listing?

Raymond Ong: We are currently evaluating our options as part of our plan to go public in 2025 and will consider the best possible option for our shareholders.

MoneySmart is looking to expand internationally. What regions or markets are you targeting, and what challenges do you anticipate in entering these new markets?

Raymond Ong: We are eyeing regional and global expansion and evaluating the respective markets. Our immediate challenge would be to secure the respective licenses and navigate the regulatory landscapes in each market while ensuring sustainable growth.

We also recognise the importance of understanding the specific cultural and financial nuances in each market to ensure that our brand and offerings resonate with local customers.

How do AI and automation play a role in improving customer experiences and operational efficiency at MoneySmart? Can you provide specific examples of the technologies you’re using?

Max Del Vita: We intend to use automation to improve efficiency and customer experiences by speeding up typically manual reconciliation for rewards qualifications, customer service and personalised customer engagement. To achieve this, we are using technologies such as robotic process automation (RPA), workflow automation and proprietary machine learning algorithms.

When it comes to AI, we are currently in an exciting phase of exploring its potential impact on both our internal operations and customer experience.

Also Read: MoneySmart to list on SGX via a US$161.7M reverse takeover deal with APS

Earlier this year, we introduced a personal recommendation feature that leverages machine learning algorithms to provide customised financial advice to our users. While we are in the early stages, our cross-functional teams are committed to continuous learning and iteration to improve this feature. The goal is to help our customers make informed and effective decisions in their personal finance journey.

Being data-driven is also a fundamental part of our DNA. We use data to inform our decisions and tailor our services to meet the unique needs of our customers, ensuring they make informed and effective choices in their personal finance journey.

Financial services and fintech are highly competitive sectors. What sets MoneySmart apart from its competitors, and what’s your long-term vision for growth and impact?

Raymond Ong: Ultimately, it comes down to understanding the needs of the customers and our financial institution clients. We understand our customer needs better than other industry players, and our purpose is to leverage technology to push the boundaries of how financial products, knowledge and advice come together to empower consumers. We need to do this in close partnership with financial institutions to achieve the right outcome for all and continue to drive both quantity and high-quality customers.

Over the longer term, we intend to go deeper across the value chain in financial products, expand to more markets and reward customers for loyalty and engagement.

Can you tell us more about MoneySmart’s sustainability initiatives and commitment to sustainable growth?

Raymond Ong: Our sustainability initiatives are deeply rooted in our commitment to long-term growth and efficiency. We prioritise sustainable practices by strengthening partner relationships, innovating customer experiences and automating processes for operational efficiency, all aimed at driving scalable growth and optimising capital utilisation to enhance value for our customers, partners and shareholders.

How do you envision the future of personal finance and the role MoneySmart will play in helping consumers make informed decisions about banking, insurance, and investments?

Raymond Ong: As we look ahead, we see an evolving landscape where consumers are increasingly empowered to make informed choices around personal finance.

MoneySmart’s vision is to be at the forefront of this transformation, where we build innovative products to push the boundaries of how financial products, knowledge and advice come together to empower consumers. We aim to play a pivotal role in equipping them with the knowledge and tools to navigate such decisions confidently.

Also Read: How did MoneySmart grow its revenue by 25 per cent amidst a pandemic?

Our commitment to this purpose will continue to be a driving force. We envision a future where individuals can access personalised financial advice, aided by AI-driven insights and automation. With our platforms and services, we want to be a trusted partner for consumers on their financial journey, empower them to make the right choices and find products most suited to their needs.

Can you share your insights on the evolving regulatory landscape in the financial industry and how MoneySmart ensures compliance while staying innovative and competitive?

Raymond Ong: The complexity and fragmentation of the operating environment in the financial industry are increasing. We are witnessing a confluence of factors — such as the rapid digitisation of services, adoption of innovative technologies such as blockchain, fintech, digital payments and more, shifting economic climates, the persistent challenge of financial crimes, and the growing importance of sustainable practices and environmental risk management – all contributing to the evolution of financial regulations.

The financial sector is undergoing a profound transformation, with regulators focusing on adapting to these changes and overseeing non-traditional entrants in the financial services sector.

As licensed financial advisor and broker, we remain vigilant in staying abreast of these shifts. We continuously allocate resources to embed and manage risk and compliance while nurturing a culture that emphasises prudent financial management and compliance with regulations. This includes enhancements to our KYC and AML/CFT compliance, as well as robust data protection measures.

Lastly, do you think generative AI should be regulated, and why?

Max Del Vita: Generative AI is undoubtedly a breakthrough technology with transformative potential across multiple domains. However, it’s still relatively nascent and evolving, which makes the question of regulation a nuanced one.

On one hand, excessive regulation at this early stage could stifle innovation and slow down the pace of discovery and development. Such limitations could inadvertently hamper the positive impact generative AI can have on various sectors, including healthcare, education and finance.

On the other hand, the technology does pose risks, especially when it comes to the potential for misuse and impersonation. Ethical considerations must be taken into account to safeguard against detrimental applications of the technology, whether it’s creating deepfakes or generating misleading information. This is especially important for complex industries like finance, where customers highly value trust and reliable advice.

I believe that a middle-ground approach is prudent. Instead of heavy-handed regulation, establishing guiding ethical principles can be the initial framework to ensure the responsible use and development of generative AI.

Technologies like blockchain can also play a complementary role by enhancing the trustworthiness of AI-generated content. By providing a tamper-proof, decentralised data record, blockchain can verify and trace the source of AI-generated material, adding a layer of security and reliability that contributes to responsible use and mitigate potential risks.

—

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The launch of ChatGPT last November has fuelled the rise of AI as it has removed some of the friction explaining how AI works and its potential. Mature organisations have been using AI for years now by integrating chatbots into the work of the 50,000 customer service agents in Hong Kong so call centres can achieve their business goals, including cost efficiencies, improved customer satisfaction and increased retention rates.

These organisations also find that as technology develops, there is no longer an excuse for them to deliver poor customer experiences, and therefore, striking the right balance between human empathy and robotic efficiency is all the more important.

AI has been interweaved with our day-to-day work for decades. Take the banking and finance industry as an example. AI was first commercialised back in the 1980s when the technology was used to predict market trends and provide customised financial plans.

Since then, AI has been increasingly used to automate mundane tasks and reduce the risks of human mistakes in the likes of financial and market analysis.

Fast forward to today, banks and pension funds have incorporated the use of natural language processing (NLP) and sentiment analysis to improve the quality of their customer service. Other financial service providers have saved money by deploying virtual assistants to handle a high volume of enquiries around the clock.

For example, Hang Seng Bank’s AI chatbot virtual assistant HARO and Bank of China and Prudential’s joint offering My MPF Bot have both helped address product enquiries and offer hassle-free services with fast and simple interactions. Where are the other gaps AI can fill in the future?

The engagement capacity gap in the customer service business

The customer service business, which costs US$2 trillion to operate globally, is facing an “engagement capacity gap”: the mounting pressure on contact centres to continuously provide an immaculate customer experience in high volumes across online and offline channels while the number of resources, budget and time costs remain the same, or even experience a crunch.

Also Read: How to stay creative in the age of Generative AI and Web3

Customers today are demanding a higher standard of efficiency in service: they want it instantaneous, and they now have more channels than ever to get it. According to a Frost & Sullivan report, 30 per cent of Asia-Pacific organisations pointed out that providing omnichannel customer service is their top IT challenge, as customers still expect meaningful, personalised and genuine interactions with the option of human assistance when required.

Naturally, generative AI has become front of mind as a solution given the technology’s recent developments. In fact, a recently released study by the National Bureau of Economic Research has found that the availability of AI assistance is able to increase productivity by an average of 14 per cent. Does this mean we can transition all work from a human agent to a chatbot?

Human and bots: Competition or coexistence?

In the customer service business, every minute counts. Being able to save time to summarise a call with a customer means that an agent could take an extra call with another, ensuring they stay happy with your company’s services. AI has so far been commoditised to help agents. The question is then: can AI excel on customer service standalone, or requires a hybrid approach of human and bots?

When AI was first introduced to the financial industry, there was a similar scepticism to today that it would take over jobs, and we have had a lot of learning since then. The key one is that a negative chatbot experience may even drive away 30 per cent of customers as they are not always reliable enough to handle complex questions nor even provide accurate answers. Therefore, we see a hybrid approach as the most effective and could help in the following ways:

• Funnelling enquiries by priority and complexity as the first touchpoint for all customers
• Summarising calls on behalf of human agents to free up their reporting time
• Analysing customer data to provide human agents with context and recommendations background on the customer for appropriate follow-up

Also Read: Harness the power of Generative AI in marketing with the Inmagine CEO

Striking a balance

Despite the efficiencies, the core of customer service is inherently about being human, and AI will not be able to replace that element, especially the empathy and experience required when dealing with emotionally charged situations or complex issues.

Technological developments in automation can enable agents to achieve more in less time, complementing human agents by performing a plethora of mundane tasks. Having said that, the implementation of AI in customer service comes with its own risks.

If not developed with proper oversight and ethical considerations, AI systems can perpetuate bias, discrimination and unfair treatment of individuals. Striking a balance for an effective blend of AI and human empathy is key in the future of customer service.

—

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

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The post AI revolution: Balancing human empathy and robotic efficiency in customer service 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.

In this episode, we feature Darryl Dickens, Founder of Out-Position, a company specialising in positioning and Category Design for tech startups, innovators, and growth-oriented enterprises.

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

The driving force

A valued contributor, Dickens joined us in April with his debut article. Since then, his contributions have garnered over 4,000 views. His motivation as an e27 contributor is based on his desire to be a part of a thriving startup community.

“I like the e27 community feel and wanted to participate in it. It’s been a really good experience! It feels good to be part of this tribe,” he expressed.

Also Read: How Category Design drives productivity and efficiency

How it all began

Dickens, a former corporate executive, held leadership positions in marketing at both regional and global levels, including a tenure as CMO for a Nasdaq-listed company. His career also included participation in several major acquisitions before he ventured into entrepreneurship, establishing his own company five years ago.

Currently, he collaborates with two or three promising startups annually, working alongside those genuinely committed to establishing a legendary category and company.

The category is the strategy

Dickens’s primary areas of expertise and passion for facilitating this goal include crafting compelling points of view, implementing Category Design, and devising ecosystem strategy and optimisation.

“An increasing number of executives are recognising the pivotal role of their category in achieving overall success. They understand that they have the ability to shape the market and category in their favour,” he said.

Advice for budding thought leaders

Dickens advises, “Read a ton, write regularly, and trust your ability to create something novel and useful for others to read.”

Also Read: Mind the category curve: Are you driving it or will it drive right over you?

Juggling too many things?

Dickens wishes he had known what he knows today during his corporate career! During his off-duty hours, he seeks solace in remote settings where he enjoys activities such as surfing, kayaking, and diving.

“You have to unplug sometimes, exercise and meditate regularly, and spend time with friends and family,” Dickens emphasizes. “This not only enhances your productivity and perspective but also makes you more effective at work.”

Staying in the loop

To stay well-informed, Dickens primarily leverages his personal network and maintains regular interactions with startups and their leadership. He recommends reading the book Play Bigger and visiting out-position.com for a more comprehensive exploration of Category Design.

“Your business and company will always be in a category, so either you define it, or someone else will,” Dickens asserts. “To achieve this, it’s crucial to have a compelling point of view, emphasizing the problem you are addressing rather than leading with your product or company description.”

—

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 Darryl Dickens: Shaping success through Category Design appeared first on e27.

In this article, we explore a key theme in Southeast Asia innovation today: embedded finance and its implications for startups in the region.

While the past decade of Southeast Asia’s digital economy was driven by this concept of the “marketplace”, the next decade will arguably be driven by digital finance.

Whereas before, it was all about a meeting of offline supply and demand orchestrated online, moving forward, it will be about ensuring the continued cash flow underlying this supply and demand movement.

How will suppliers be able to keep up with demand for their products, given the speed of digital transactions? How will demand continue to be retained (i.e., their wallets/accounts) on various platforms and continue to be engaged in these consumer experiences?

Fintech revenues, funding on the rise, and embedded finance at the heart of it

Already, we see that venture funding in the last six to eight quarters (post-pandemic), save one, saw finance taking on more funding than commerce or consumer verticals.

But when it comes to revenues, globally, fintechs represent less than two per cent of annual financial services.

This is rapidly changing, however, with revenues projected to grow more than sixfold from 2021 to 2030 to reach US$1.5 trillion. The growth will be concentrated in North America and APAC, with the latter projected to grow 8.5X in revenues. At the heart of it are B2B and B2B2X fintechs, projected to grow 11x and 7.5x to 440B and 285B revenues, respectively.

Also Read: Bridging the gender gap and boosting women entrepreneurship with embedded finance

In Southeast Asia alone, fintechs facilitate over US$320B in transaction value (digital payments, digital capital raising, neobanking) and generate over US$6B in revenue. This aligns with Indonesia seeing fintech growth going from 51 in 2011 to 334 in 2022. Even amidst the funding winter in 2022, VC investments in Singaporean fintech startups reached a peak of US$2.31 billion, up 13 per cent from a year ago.

Open finance and financing innovation: Democratising data and infrastructure

Over the past decade in Southeast Asia, fintechs were developed in response to specific needs, especially around payments (from the customer’s POV) and monetisation (from the fintech’s POV). This eventually expanded to what is called the “unbundling of the bank”.

While this grew the fintech industry in the region, fintechs have remained largely fragmented across markets, applications, and customer journeys. These products have also largely been standalone or plugged into other platforms as separate.

But in recent years, there have been two key developments shifting the way fintechs are being built and approach growth.

First is the emergence of open finance and API/infrastructure adoption across all types of businesses, from SMEs to banks and FIs.

There are companies like open finance pioneer Brankas that have been democratising aggregated API solutions and financial infrastructure access. This enables financial services to be embedded in customer journeys like transportation and healthcare. It also enables more secure and transparent data access and sharing for banks and FIs as they offer new products or partner with other companies to do so.

Regional fintech group Fazz has also been making financial services more accessible to businesses, enabling a wide range of capabilities from linkages to Singapore’s payment system and the issuance of Visa cards for customers to payments with digital assets.

What makes Fazz’s approach more interesting is the group also offers products around business operations management for Indonesian clients, which strengthens their financial service propositions around invoice and purchase order financing.

This marriage of business operations management with financial services leads to the second key development: new forms of data workflows powering financial services.

This is most applicable in business financing, where you have fintechs developing novel approaches to underwriting un-collateralised loans. AwanTunai in Indonesia uses supply chain data through their proprietary ERP system, powering their customer’s backend operations.

First Circle in the Philippines has used revolving invoice financing to make capital more accessible to businesses across different ARR segments (with corresponding lending limits).

Impact of embedded finance on startups in Southeast Asia

The confluence of key data and infrastructure access being developed by fintechs like the ones we’ve mentioned above has meant that the barriers to consolidating fintech use cases and plugging them into digital experiences have gone significantly lower.

For example, Verihubs has tallied around 70 per cent cost reduction on average when it comes to their AI-powered verification solutions, which have largely served financial institutions and fintechs in their KYC processes.

This will impact the way startups (not just fintechs) are built in three ways:

Lower cost to build owned financial services integrated into customer journeys from day one

We’ve seen this with the likes of Carro, with Genie Finance being one of the earliest auxiliary businesses set up. The used car platform’s financing and insurance businesses tie into their AI/ML capabilities as well, for example, through distance-based and behavioural-based insurance premiums.

Also Read: Mergers and acquisitions: Key to building an embedded finance ecosystem

Proptech Pinhome has done this to great effect as well, as CEO Dayu Dara Permata describes on our latest podcast with them:

“Mortgage entry points that are attached to the brokerage home-search journey are right there in the listing…Agent invoice financing is attached to the home transaction that the agent is facilitating. And last but not least, primary project financing is also attached to the developer onboarding journey.”

For Pinhome, in particular, the nature of its ecosystem has allowed it to leverage financial services to retain partners on the supply and intermediary sides of the business.

Clearer pathways to rebuilding the banking stack for personal finance

In a podcast last year, Ajaib CEO Anderson Sumarli talked about how the lines between saving and investing have been blurring. Embedded finance is not only enabling fintech services to be embedded into commerce transactions but also into other fintech services as well. Ajaib’s platform, for example, enables investing in several different asset classes.

Flip’s money transfer platform in Indonesia, especially for small businesses, enables payments for a single business to all its stakeholders: suppliers, employees, and customers. As Flip COO Gita Prihanto shares on our podcast: “Micropreneurs are people who either have home businesses or small businesses as their core income or have another business on the side. And they like to use Flip to make payments to their suppliers and to their employees. Sometimes, they ask their customers to send money through Flip.”

Tonik, on the other hand, has recently launched an insurance product tied to its loans in partnership with Sun Life Grepa Financial.

The Philippine digital bank has also developed ways to “embed” repayments for loans in different channels, as CEO Greg Krasnov describes on our podcast:

“We’re currently working on an additional way for the customers to top up their account and repay the loans specifically, which is Tonik as a biller…We also have a product, our Flex Loan, which makes it super easy for the customer. If they have a salary account, all they have to do is just activate their debit card with us, and we’ll just charge the debit card monthly for them. And then they don’t even have to think; it’s just automatic.”

More fintechs for industry enablers to partner with for financing

This is especially applicable to agriculture, fisheries, and aquaculture.

Indonesian upstream agritech Elevarm provides on-farm facilities for their farmers to access affordable insurance and financing through a pay-later system.

For fisheries startup FishLog, financing has been instrumental in enabling local fish manufacturers to export their goods globally, for example, to the US (the biggest importer from Indonesia) by accessing invoice financing through fintech partnerships. As CEO Bayu Anggara shares on our podcast:

“We help the fishermen to get financing from third-party financing partners that we have. Last year, we disbursed almost US$3 million in financing to the fishermen, connecting them directly with third-party financing partners, including those through our platform…”

What’s the catch of embedded finance?

From products embedded throughout customer journeys to the fintech products embedded within fintech ecosystems and greater access to financial services through embedded partnerships, fintech is indeed increasingly becoming everywhere.

But it is not without risk. A key question moving forward is, what are the risks with embedded finance’s rapid development and roll-up of financial services into all kinds of applications?

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You’re hustling in your startup, the clock is ticking, and you’re feeling the pressure. Ever heard of leverage? It’s the secret sauce to skyrocketing your productivity. Think of it as getting more bang for your buck, or in this case, more output for your input.

Archimedes said it best: “Give me a place to stand and a lever long enough, and I will move the world.” Whether it’s time, effort, or resources, leverage is about maximising what you get from what you put in.

Takeaway: Leverage is your productivity multiplier.

Explanation: It’s not just about working hard; it’s about working smart. Leverage is the tool that lets you do more with less, breaking the constraints of time and effort.

Leverage in action

Let’s get real. If you’re a dentist, hiring an assistant lets you fix more teeth per hour. If you’re a writer, mastering voice-to-text can triple your writing speed. As a startup founder, understanding your team’s strengths and automating processes can exponentially increase your output. The point is time is fixed, but leverage isn’t. It’s limitless.

Takeaway: Leverage is everywhere; you just have to find it.

Explanation: Whether it’s in hiring, tech, or personal skills, leverage can be found in many forms. The key is identifying where to apply it to maximise your output.

The 390-year hour: The Bezos effect

Let’s talk about Jeff Bezos. Controversies aside, the man has mastered leverage. With a workforce of 750,000, a single hour of his time influences 390 years’ worth of work at Amazon. That’s leverage on steroids. But hey, you don’t have to be Bezos to play the leverage game.

Also Read: How to combat burnout and boost your productivity

Takeaway: Leverage scales; it’s not just for the big players.

Explanation: Leverage isn’t about size; it’s about impact. Even small startups can find ways to amplify their output through smart leverage strategies.

The time affluence factor

Here’s where it gets juicy. Leverage isn’t just about productivity; it’s also the key to time affluence. That’s the feeling of having enough time for what truly matters, whether family, health, or passion projects. Studies show that time affluence is a better indicator of well-being than material wealth. So, if you’re chasing happiness, start by chasing time affluence.

Takeaway: Leverage is your ticket to a richer life beyond just money.

Explanation: By focusing on leverage, you’re not just boosting your startup’s productivity; you’re also creating a life where time is abundant, stress is low, and happiness is high.

The paradox of time

Here’s the kicker: even the wealthy complain about not having enough time. The issue isn’t the actual time you have; it’s how you perceive it. And guess what can shift that perception? Yep, leverage.

Takeaway: Time affluence is a mindset powered by leverage.

Explanation: It’s not about how much free time you have; it’s about how you use it. Leverage gives you the control to use your time effectively, making you feel more time-affluent.

Mastering leverage is not a one-off task; it’s a continuous process. The more you apply it, the more you benefit, both in your startup and life.

So, if you’re looking to break through the ceiling and take your startup to the next level, start thinking in terms of leverage. It’s not just a strategy; it’s a lifestyle. And it’s your key to unlocking a world of unbounded productivity and time affluence.

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Barça Innovation Hub (BIHUB), an innovative division of the iconic football club FC Barcelona, has set its sights on Asia Pacific, aiming to create a lasting impact on the sports industry across the region.

BIHUB looks to collaborate with regional startups whose values align with the club’s mission.

The club, whose Asia Pacific office is headquartered in Hong Kong, also plans to open a physical office in Singapore.

Also Read: Navigating sports tech using the travel industry’s playbook

“At the heart of our endeavour are knowledge-based activities that nurture player development and promote a distinctive style of football play deeply rooted in Barcelona’s rich football heritage. These activities encompass a range of sectors within the sports industry, including health & wellness, media & entertainment, infrastructure management, and prosumer markets in sports fitness,” BIHUB Director Albert Mundet said in an interview with e27. “We want to bring all the activities into Asia, where sports is growing fast from a commercial and tech startup standpoint.”

The multifaceted approach of BIHUB in Asia encompasses a range of activities, including investment in sports-related startups operating in health & wellness, media & entertainment, infrastructure management, and prosumer markets in sports fitness.

The investments will be made in companies in the seed to Series A stages with validated business models and growth potential where BIHUB’s resources, particularly talent and brand value, can create a significant impact. BIHUB, now a wholly owned company of Barcelona FC, will focus on long-term partnerships and value creation rather than short-term profit. “We are in search of the right venture capital partner that understands our business model and those who are already investing in related sectors such as health & wellness and media & entertainment,” he said.

Also Read: Former EVOS Esports CEO Ivan Yeo’s vision for Avium: A Web3-powered entertainment brand

“Our strategy is not to impose a singular approach,” he said to a question on how BIHUB will adapt to the diverse culture of Asia. “Instead, we aim to adapt and resonate with the local cultures and realities of each region. It involves forming partnerships with local entities, as seen with its efforts in Singapore and other parts of Asia Pacific.”

Mundet highlighted Barcelona’s active involvement in harnessing technology, particularly AI and data, to enhance sports operations. BIHUB has been working on optimising practices, tactical analytics, and creating new metrics with machine learning. The club believes technology can create more efficient experiences and better relationships with fans, helping to improve various aspects of the sports industry. The Barcelona arm is also exploring blockchain technology and how it can unlock value in particular aspects.

The BIHUB Director also disclosed that it intends to bring the Sports Tomorrow Congress to Singapore in the near future, aiming to create a tangible network in the region. The event will serve as a platform to share insights, discuss industry trends, and foster professional collaborations.

Also Read: How e-sports is evolving with blockchain gaming

“We are trying to find the right partner and have initial conversations with some potential partners. As soon as we find one, we can find a date to launch the event in the city-state,” he concluded.

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In nearly every industry, a small number of companies are capturing the majority of the profits.

A McKinsey Global Institute study revealed that the top 10 per cent of companies in the world capture 80 per cent of economic profits. This leaves very little for the companies at the bottom.

The middle 60 per cent of businesses earned close to zero economic profit from 2014 to 2016, according to McKinsey, while each of those in the bottom 10 per cent recorded economic losses of $1.5 billion on average.

These companies are also among the world’s most sought-after employers and most valuable brands. Apple, which is highly coveted for its iPhones and MacBooks, is the most valuable company in the world, with a market cap of US$2.54 trillion. It is followed by Microsoft at US$2.09 trillion.

What makes these companies so successful while the majority struggle? Research studies have shown that successful organisations do these key things really well.

Company culture to enhance productivity

Productivity matters — not just by itself. 66 per cent of C-suite executives believe culture is more important to performance than the organisation’s strategy or operating model, based on the findings of PwC’s Global Culture Survey 2021.

If we dig deep into a company’s culture, it will reveal both the written and unwritten rules that people in an organisation follow. The visible parts of a company culture include the vision, strategy, shared values and goals.  The invisible parts, which are very crucial and often overlooked, include beliefs, feelings, norms and traditions. 

Employee morale declines when the workers do not feel a connection to the organisation, which leads to a greater challenge in achieving the company’s goals. 

Engaged employees experience significantly less stress, anger and health issues. Unfortunately, most employees remain disengaged at work. In fact, low engagement alone costs the global economy US$7.8 trillion, according to workplace consultancy Gallup’s State of the Global Workplace: 2022 Report. 

It’s a reality check for companies. How do management teams create a platform where employees feel safe to voice out their opinions and concerns? It’s important that the organisation keeps employees engaged through active dialogue.

Workplace design is a powerful yet underutilised tool for creating engaging, innovative, flexible and creative work environments through a deep understanding of the needs of employees and the companies’ workflows, communication and collaboration patterns.

66 per cent of people feel that a positive work environment is imperative for them to do their best work, and 41 per cent of people agreed that mental well-being at work greatly influences their performance. Studies also show that flexibility is the top priority for employees to return to work. These are high-level indicators of how workplace design impacts people — by building flourishing communities at work, people thrive, and organisations succeed. 

Also Read: Skate to where the puck will be: How category design gives you a breakaway

Global reinsurer Scor realised the need for their business to have a more collaborative, connected and engaged workforce post-pandemic, a problem they chose to solve through their workplace design by creating an engaging workspace. The idea was to create a flexible workspace design around social interaction, collaboration, and relationship building. 

Their workspace, a 20,000 sq ft office in the heart of the commercial district in Singapore, was transformed to encapsulate and amplify the ‘One Scor’ spirit. The design halved the provision of traditional ‘me’ workspace, whereas community spaces saw a four times increase to support collaboration and facilitate conversations. Think more shared desk areas and small meeting spaces for team huddles or just employee get-togethers.

The new workplace design also boasts of a six times increase in alternate work points, lending employees the flexibility to work the way they want. Scor’s new workplace is a true testament to how workplace design encapsulates an organisational culture and drives behaviour change.

Research and development to drive innovation

Secondly, they allocate research and development budgets to drive innovation. 

Never underestimate the power of Research & Development (R&D). Investments in intangible assets such as software and training have become critical to a company’s strategy and growth trajectory, research has shown. 

Any top company would actively invest in R&D to generate new knowledge to create new technology, products, services and systems that it will either use or sell. Top companies spend two to three times more on R&D than their peers, accounting for 70 per cent of total R&D expenditure. 

Companies need to revisit their roadmap and think about the percentage of time and money to be allocated to R&D. Companies that do not innovate often lag behind peers. To remain relevant, companies need always to ensure that they are at the forefront of innovation and thinking a few steps ahead. 

For example, tech giant Microsoft has R&D centres globally. Microsoft is famous for spending vast amounts of money on R&D to hail breakthroughs in artificial intelligence, computer systems, speech recognition and more.

A positive company culture and a commitment to innovation are essential ingredients for establishing a thriving organisation. When combined, they form a potent success formula that increases employee engagement, improves customer satisfaction, and drives long-term profitability. 

Recipe for success

Research studies have shown that strong organisations do four other things really well.

Also Read: Embracing workplace flexibility: The new era begins

They have leadership teams with clear vision and priorities. Business leaders can create a workplace where employees feel valued, motivated, and inspired to bring their best selves to work every day by prioritising these factors. They can also foster an innovative culture in which employees are encouraged to think creatively and take calculated risks, resulting in new ideas and breakthroughs that drive growth and success.

They have clear roles and accountabilities for decisions. Good decision-makers recognise which decisions matter to performance. They think through who should recommend a path, who needs to agree, who should have input, who has ultimate responsibility for making the decision, and who is accountable for follow-through, according to Harvard Business Review.

They have superior execution of programmatic work processes, as well as effective and efficient support processes and systems. Productivity is driving output with the same or less input while nullifying the negative impact from the variables related to a demotivated workforce or cognitive overload — a point of paralysis of information where employees are not able to process and then act on what is heard.

Lastly, there are performance metrics and incentives to attract and retain talent. Performance measures motivate workers to work towards improving productivity. When employees are appreciated for their contribution through incentives, they are motivated to work towards organisational goals.

There is no absolute recipe for success. It is an amalgamation of experimentation and innovation. In order to stay relevant in today’s dynamic business landscape, companies must constantly strive to be on the cutting edge of innovation and possess the foresight to anticipate future trends by being open to experimentation. Ultimately, workplaces and organisation cultures that allow for creative disagreements and friendly “co-opetition” are the ones that ultimately thrive.

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

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Digital finance platform for SMEs in Southeast Asia, Funding Societies (Modalku in Indonesia), has secured US$7.5 million in debt funding from Norwegian government-owned development financial institution (DFI) Norfund.

The fintech lender will channel the funds via its tailored financing solutions to the SME segments across all five markets.

This is Norfund’s first debt transaction with a fintech SME lender in Southeast Asia.

Also Read: Funding Societies hopes to move from alternative to mainstream financing one day

This debt funding comes over a month after the fintech firm announced a US$27 million in debt fundraising led by AlteriQ Global, with participation from Aument Capital Partners and Orange Bloom.

Funding Societies Co-Founder and Group CEO Kelvin Teo said, “This milestone is not only a testament to our credit track record through COVID-19 and macro uncertainties, but also a timely opportunity to satisfy the growth capital needs of more underserved SMEs in Southeast Asia.”

Norfund’s Regional Director (Asia) Fay Chetnakarnkul commented, “Funding Societies has been serving Southeast Asia’s underserved businesses with its broad range of financing solutions and solving cash management challenges these SMEs face. We are pleased to be able to support Funding Societies as the company expands its reach and increases financial inclusion further, enabling more businesses to grow and create much-needed jobs in the region.”

Funding Societies is licensed in Singapore, Indonesia, and Thailand, registered in Malaysia, and operates in Vietnam. It provides US$1 billion annually of business financing to SMEs. Its recent milestones include acquiring the regional digital payments platform CardUp and co-investment into Bank Index in Indonesia.

The firm claims to have achieved over US$3.2 billion in business financing, serving about 100,000 regional SMEs.

Its other investors are SoftBank Vision Fund 2, SoftBank Ventures Asia, Sequoia Capital India, Alpha JWC Ventures, SMBC Bank, BRI Ventures, VNG Corporation, Rapyd Ventures, Endeavor, EBDI, SGInnovative, Qualgro, and Golden Gate Ventures.

Also Read: SME lender Funding Societies nets US$27M debt funding

Norfund is the Norwegian investment fund for developing countries with a mission to create jobs and improve lives by investing in businesses that drive sustainable development. Its committed portfolio totals US$3.1 billion in Sub-Saharan Africa, Southeast Asia, and Central America. Norfund has four investment areas: renewable energy, financial inclusion, scalable enterprises and green infrastructure.

Impact investments made by DFIs in Southeast Asia have seen a steady investment of about US$2 billion annually between 2017 and 2022 (amounting to over US$12 billion). Over half of these investments were channelled into the financial services sector, with most of the capital deployed through debt instruments.

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Image Credit: Funding Societies.

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