The freelancing landscape is experiencing a boom. According to a recent Statista report, the US alone is projected to have a staggering 86.5 million freelancers by 2027, a significant 51 per cent increase from just ten years ago in 2017. This surge in solopreneurs reflects a growing desire for flexibility, autonomy, and the freedom to choose projects.

However, managing a one-person business comes with its own set of challenges. Freelancers, content creators, and solopreneurs often juggle multiple roles, from client acquisition and proposal creation to project management, invoicing, and customer service.

This is where Finna steps in. Based in Singapore, Finna is an all-in-one solution for the solopreneur hustle. It streamlines workflows by facilitating customer management, proposal creation, and payment processing, offering a comprehensive solution to the complexities of solo business management.

The all-in-one solution for solopreneurs

Finna offers a cloud-based integrated workspace designed to simplify business management for independent workers like freelancers, content creators, agents, and e-commerce sellers.

Its suite of offerings automates the three key steps in a typical solopreneur workflow:

• Client acquisition: Its interactive Link-in bio and AI-powered client outreach enable solopreneurs to develop high-quality elevator pitches and tailored proposals aligned with the job description.
• Business management: The CRM tailored to solopreneurs’ workflows allows them to manage all projects end-to-end in one centralised location.
• Payments: The embedded payments into the workspace allow solopreneurs to track invoices, manage income streams, and receive payments seamlessly within the same platform used for project management.

“The productivity space for solopreneurs is fragmented and full of friction — there are individual tools for content creation, marketing and project management, but not a centralised workspace. I and my co-founder, Akshay Patil, used to take part-time freelancing side projects. The frustration of juggling multiple tools and platforms to manage our own part-time freelancing work sparked Finna’s idea. We saw a need for a centralised hub that empowers solopreneurs like myself to work smarter, not harder. Finna is our way of helping others avoid the same struggles and achieve their entrepreneurial dreams,” said Finna CEO and co-founder Coco Li. 

Finna leverages AI for automated proposal generation, tailoring proposals for diverse solopreneur segments. For instance, content creators easily create YouTube mention scripts by inputting brand intros and product features.

The platform also consolidates tasks like proposal creation, client communications, and payment tracking, reducing reliance on multiple tools. Alongside fostering a solopreneur community, Finna provides data insights on finances, marketing, and client engagement, empowering informed decision-making.

Also Read: Innovation in HR: Hacking Talents’s journey in personalised professional development

In Southeast Asia’s evolving digital landscape, opportunities abound for platforms like Finna. The rise of solopreneurship fuels the demand for efficient business management tools, aligning with the region’s growing appetite for digital solutions and advanced financial services. Positioned to cater to solopreneurs, Finna’s platform is designed to address their needs, prioritising usability and adaptability across Southeast Asian markets.

Finna operates on a freemium revenue model, offering both free and paid monthly subscriptions with access to premium features. This approach ensures flexibility for users while generating revenue through paid subscriptions.

Funding and future plans

At the pre-seed stage and backed by Antler, Finna is currently pursuing another round of pre-seed funding. The funds will be utilised to facilitate expansion to South Asia and develop embedded finance features aimed at providing financial inclusion for solopreneurs.

“Our mission is to equip and empower solopreneurs globally with the tools, resources, and network they need to grow their independent businesses and build sustainable, thriving, autonomous careers. We scope the product vision from an angle of how we can empower solopreneurs to grow step by step. We are starting with the productivity category to solve their immediate pain points so they have time to scale the business.

In many markets, they are usually excluded from traditional banking services, so we will build embedded fintech solutions to support them financially and help them run long-lasting businesses. By expanding beyond operational management and embracing embedded fintech, Finna will create a secure and financially empowered future for solopreneurs,” said Li. 

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Sunday, a full-stack insurtech group in Southeast Asia, has completed the acquisition of a 99 per cent stake in KSK Insurance Indonesia for an undisclosed amount.

This collaboration allows differentiated services powered by AI/machine learning to be offered throughout the motor and health insurance through existing and new distribution channels in parallel with advanced automation of sales, customer services, underwriting and claims processes.

Also Read: Sunday raises US$9M to grow its AI-powered insurance business in Thailand, Indonesia

Sunday also looks to grow personal lines through its omni channels comprising strategic partnerships with multi finance, state-owned enterprises, telecommunications, its direct channels, and intermediary partners.

“Our immediate focus will be to extend our product solutions to all our corporate clients, partners, agents and brokers in our ecosystem to serve the growing middle income classes with better claim, lifestyle and risk prevention services,” said Sunday CEO and co-founder Cindy Kua.

Founded in 2017, Sunday is a fully integrated sales and services insurtech firm that uses AI and digital platforms to offer personalised insurance products and services that suit all individual and business risks. As of 2023, Sunday claims to have grown organically to over US$70 million premium sold across the region.

The firm has obtained approval from OJK, the financial services authority of Indonesia. Sunday first launched in Indonesia as a registered insurtech and licensed broker in 2022.

Sunday is backed by global investors including Vertex Ventures Southeast Asia and India, Quona Capital, Tencent, SCB 10X, Z Venture Capital, Vertex Growth, Aflac Ventures, OSK-SBI and KSK Ventures.

Also Read: AI’s transformative role: Making insurance accessible and affordable globally

KSK Insurance is a general insurance company offering car, property and cargo insurance through agents and brokers across Jabodetabek, Bandung, Surabaya, Medan, and Bali. As of 2023, it claims to have a gross written premium of approximately US$40 million.

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X marks Echelon. Join us at Singapore EXPO on May 15-16 for the 10th edition of Asia’s leading tech and startup conference. Enjoy 2 days of building connections with potential investors, partners, and customers, exploring innovation, and sharing insights with 8,000+ key decision-makers of Asia’s tech ecosystem. Get your tickets here.

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In today’s digital age, information security is a critical issue that enterprises can no longer ignore. With the increasing number of ransomware attacks, the challenges of managing cross-border data flows, and geopolitical factors, businesses face more challenges regarding data management and protection. These phenomena have also accelerated the creation of corresponding laws and regulations by governments and relevant organisations worldwide.

For instance, companies around the globe are establishing information security management systems and adopting appropriate technologies and measures. Many companies also need to obtain the ISO 27001 certification, which added more control measures just last year. Moreover, if businesses fail to meet regulatory requirements, they may face restrictions, penalties, or even exclusion from the supply chain in various industries. This makes compliance no longer an option but a necessity.

Since this is closely tied to a company’s reputation and relationships, we expect that information security compliance will become an increasingly important factor in corporate operations.

Regulations leave businesses in the dark due to lack of clear implementation

When helping our clients plan their compliance strategy, we’ve found that the initial compliance implementation assessment is a common struggle. While the goal of protecting data is clear, most regulations only offer basic directions and require companies to demonstrate compliance without providing specific recommendations.

Here are some common examples of how compliance clauses are usually stated:

• Sarbanes-Oxley Act (SOX): This regulation mainly regulates U.S. listed companies, requiring the protection of financial data and reports and developing disaster recovery plans for sensitive information.
• Health Insurance Portability and Accountability Act (HIPAA): A US regulation for the healthcare industry ensures patient medical data confidentiality, specifies how long patient data can be retained and requires backup and disaster recovery plans for data protection.
• General Data Protection Regulation (GDPR): An EU regulation that requires companies to protect personal data, allows individuals to request data deletion, and requires backup plans to comply with individual rights.

When faced with numerous complex laws and regulations without clear guidance on implementing them, it can be difficult for company compliance units to know where to start.

Also Read: Securing the future: Navigating the digital transformation in BFSI amid cybersecurity challenges

Start with ISO 27001 to meet many security standards at once

To address these challenges, we recommend starting with the implementation of the ISO 27001 system. ISO 27001 is an international standard that helps organisations establish Information Security Management Systems (ISMS). Since its security requirements overlap significantly with other standards, such as HIPAA and GDPR, it is a good way to address several compliance regulations at once.

This means that by meeting ISO 27001, most of the other information security requirements of other regulations can be met at the same time. Only specific industry requirements need to be fine-tuned or customised to ensure your organisation’s compliance with relative standards.

Six audit checkpoints to meet data protection measures

Through our company, Synology aims to make data protection compliance easy for organisations of all sizes. To achieve this, we have outlined the following six audit checkpoints. If an organisation can answer “yes” to the following questions, it meets the basic data protection requirements for most regulations:

• Complete backups: Can data be efficiently and regularly backed up, ensuring restoration to specific versions?
• Backup verification: Are backup data truly secure, and are they proven to be recoverable?
• Data immutability: Do you have a copy of the data that cannot be tampered with or deleted at will?
• Restoration drills: Do you regularly simulate response strategies and procedures for unexpected events?
• Offsite secondary backups: Are backup data stored in different locations and media?
• Instant restorations: Can data be restored and services restarted within an acceptable time frame?

If it is not currently possible to achieve all these points, do not worry. By using a modern solution, these audit checkpoints can automatically be met. This backup suite helps IT personnel easily create a complete data protection strategy by deploying multi-version and multi-destination data backups. Not only does this help you meet the six major audit checkpoints, but there are no license fees, making it a cost-effective option to achieve compliance with information security regulations.

Also Read: The business edge: Why prioritising employee cybersecurity is a smart investment

Deploy active backup suite today to comply with data protection standards

Compliance with data protection laws is crucial for business operations, and failure to comply can have direct negative consequences. Take HIPAA for example: If healthcare institutions or related organisations fail to comply with HIPAA requirements, such as failing to protect patient medical information or failing to take the appropriate security measures, fines for each violation can reach up to US$1.5 million. Not only that, but it can also severely damage a company’s reputation.

According to a recent survey by Synology, over 80 per cent of companies are aware of data protection compliance laws but lack a comprehensive and adaptable data security solution because it helps IT personnel turn ideas into actionable plans to ensure the security and recoverability of company data while fulfilling data protection compliance requirements.

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SynPhNe (Synergistic Physio-Neuro Platform), a wearable solution designed to treat stroke and other neurology-related disorders, has received US$5 million in a Series A funding round.

Event Horizon Technologies, an affiliate of the Nadathur Group, is one of the key investors in this round. The Group is the family office of Nadathur Raghavan, co-founder of Indian software giant Infosys.

Also Read: Revolutionising Singapore’s healthcare amidst demographic shifts and economic demands

This fresh capital will be used by Singapore-based SynPhNe to expand its rehabilitation services, particularly in the US market.

Founded in 2013, SynPhNe has developed a wearable solution that trains brains and muscles in one system. Real-time synchronised EEG (Electroencephalogram) and EEG (Electromyography EMG) signals are captured during tasks and activities to create a self-correcting learning loop. This makes it possible to self-administer physical therapy, occupational therapy, and Neurotherapy protocols at home, after initial training with a therapist.

SynPhNe claims to have helped individuals with physical disabilities (resulting from neurological pathologies such as stroke, traumatic brain injury and cerebral palsy), learning disorders, ageing challenges (such as memory and functional decline), chronic stress and pain.

Also Read: How immersive tech can boost your health and happiness

Its technology is available on two platforms – the SynPhNe Xpert (for franchisees, hospitals and clinics) and the SynPhNe eNabl (for home users).

The medtech startup has established a foothold in many countries through its training centres in Singapore and Mumbai, institutional partnerships with well-known hospitals and private medical/physiotherapy centres, and pilot projects with patients and renowned institutions in the US.

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X marks Echelon. Join us at Singapore EXPO on May 15-16 for the 10th edition of Asia’s leading tech and startup conference. Enjoy 2 days of building connections with potential investors, partners, and customers, exploring innovation, and sharing insights with 8,000+ key decision-makers of Asia’s tech ecosystem. Get your tickets here.

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According to the European Space Agency’s space debris office, hundreds of millions of objects of different sizes, ranging from 1 mm to 10 cm, formed due to satellite collisions, exist in Earth’s orbit. Each one of these objects creates more debris by clashing further and poses a serious threat to space missions.

When Wei Shu, a research scientist at the Nanyang Technological University (NTU), conducted extensive research into this phenomenon, it became clear to him that extending the lifetime of satellites is the only way to avoid future collisions and debris.

So, in 2019, he joined hands with his NTU professor Joseph Chang and Dr Kwen Siong Chong, to embark on a journey to achieve this mission.

This motivated the trio to launch Zero-Error Systems (ZES).

Also Read: Semiconductor manufacturing nations set for growth as AI takes center stage: Alpha Intelligence Capital CEO

“Extending the lifetime of satellites can be achieved by ensuring the power reliability and data integrity of satellites in all operating environments,” ZES co-founder and CTO Shu told e27. “This is what Zero-Error Systems does.”

Based in Singapore, Zero-Error Systems provides semiconductor integrated circuits and solutions to enable and enhance radiation hardening and ultra-low soft error capabilities of electronic circuits. Its patented, radiation-hardened solution safeguards commercial off-the-shelf (COTS) semiconductor devices, which are not designed to withstand the harsh conditions in outer space.

The startup’s mission is to extend the lifespan of satellite subsystems, rovers and other devices.

“There are two primary methodologies for achieving radiation hardening: radiation hardening by process (RHBP) and radiation hardening by design (RHBD). RHBP was the dominant approach in the past as it is fundamentally effective in mitigating radiation. However, it is incompatible with commercial processes, and it is expensive and old-fashioned,” Shu explains.

RHBD, a low-cost and high-performance solution 

RHBD is now the prevalent tech which relies entirely on low-cost, high-performance commercial processes. “We achieve RHBD first by designing radiation-hardened integrated circuits (ICs) using solely circuit and physical designs and then employing these ICs to protect other COTS components from radiation. The RHBD approach enables nearly all advanced COTS into space, significantly advancing the space industry,” he adds.

According to Shu, ZES’s RHBD approach is probably the most optimised approach as it achieves comprehensively effective radiation hardening with minimum overheads and effort by directly hardening COTS components against radiation.

“Our solution offers substantially lower cost and higher performance when compared to the adoption of radiation-hardened yet expensive and low-performance ICs. The high performance is achieved by allowing the adoption of advanced COTS ICs. The total solution cost is at least one order of magnitude lower than the traditional radiation-hardened IC solution,” he claims.

ZES has collaborated with various partners globally, including in Europe where its solution has been implemented into OneWeb satellite and it now functions in space.

In addition to the space industry, RHBD has potential in the automotive industry, particularly in level-4 and level-5 autonomous vehicles. “High-level autonomous vehicles, which rely on edge computing, require a very high level of data integrity. Zero-Error Systems’s RHBD technology can tackle this issue,” Shu claims.

The startup generates money from semiconductor component sales, non-recurring engineering fees for customised solutions, and intellectual property (IP) license and royalty fees.

In 2019, ZES raised US$2.4 million in seed round funding. In June 2023, it went on to secure another US$7.5 million in Series A round from Airbus Ventures and Dart Family Office.

With over 20 staff members, Zero-Error Systems has built a market presence across three continents – Asia, Europe, and North America.

Singapore is still a small market

Shu opined that while Singapore’s space ecosystem has grown in recent years, it is still small compared to matured economies like the US, Europe, Japan and China. Hence, ZES needs to explore overseas markets to gain flight legacies, brand traction, and business.

“Being a Singapore startup, it is difficult to make ourselves known in a foreign land, especially when ZES is competing with big semiconductor players that have been in the space industry for decades. So, we need to present its scientific findings, exhibit our solutions at top international conferences, and engage strategic foreign partners to promote, sell and participate in mega space projects funded by foreign space agencies,” Shu remarks. “The other challenge is hiring engineering talents for deep-tech startups in Singapore. We are always competing with MNCs in the same talent pool.”

Also Read: Silicon Box’s Business Head on how chiplet architecture transforms semiconductor scalability

Shu further adds that Space, the final frontier for humanity, is poised for accelerated growth in the years ahead, and ZES aspires to be a pivotal player in this cosmic journey. “Our current solutions deliver substantial advantages across diverse space applications, and we aim to establish them as global industry standards. Simultaneously, we are actively bolstering our product portfolio with groundbreaking innovations to meet the evolving demands of the space industry.”

In an era where space debris poses a growing threat to satellite operations, Zero-Error Systems emerges as a beacon of innovation, striving to extend the lifespan of vital space infrastructure. As humanity ventures further into the cosmos, ZES stands ready to safeguard the final frontier for generations to come.

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X marks Echelon. Join us at Singapore EXPO on May 15-16 for the 10th edition of Asia’s leading tech and startup conference. Enjoy 2 days of building connections with potential investors, partners, and customers, exploring innovation, and sharing insights with 8,000+ key decision-makers of Asia’s tech ecosystem. Get your tickets here.

Want more from your Echelon experience? Be an Echelon X sponsor or exhibitor. Send enquiry here.

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Your website is a vital piece of the marketing puzzle for your company. It is the one spot that your clients can see what you have to offer at any time of the day.

You need to grab your user’s attention with your website and keep them interested. Here are a few tips on how to represent your company through your site.

1. Plan your site

Your first step towards branding your site is to decide how you want it to look. Study the message you want to convey and see how your products will work to present this. Estimate how many pages you will need, if you want one for products or if you want several to display each item that you are selling.

Also Read: 5 branding mistakes that startups should look to avoid

You might consider adding a blog to keep your customers up to date with what you are promoting or releasing. Gather images that you want to display and decide where you want them to go.

2. State your name

Another important thing to consider as you are plotting your site is what logo you want to portray. The logo is what people will associate your business with so you want it to look clear, crisp and professional.

If you have experience with graphic art, you can design this on your own. However, this might be something you want to hire out to be done.

Also, get the feedback of your employees and associates on what they think of the final image. This is something that will reflect your company for years to come.

3. Show your colours

The shades of colours you use on your website can affect your client’s interest in what they see. You will want to use the brand colours you associate with your company.

Also Read: The A,B, and C of startup branding

Use tones that elicit the emotion you want your customers to feel when they think of your company.

You should also pick colour schemes that match the photos you want to use. Whether you are using bulma css or a template, you should easily be able to set the shades that you want. Have others look at the test of your site to gauge if they are acceptable to what you have chosen.

4. Keep it the same

You want to use the same font and styles throughout your website. This should flow from one page to the next. Varying font styles and layouts can confuse your customer and make them lose interest in your site since they are having trouble following along.

Lay your landing page out and change the fonts until one works for you then stay with that through the entire project. You should also try to place your logo and comparative graphics in the same spot on each page.

Having them scattered from one page to the other can be distracting for your client.

5. A picture says a thousand words

Gather together images that give a clear and beneficial representation of your company and the products you advertise.

You will want to find professional shots that are clear and easy to see instead of those taken with a cell phone or personal camera that could be blurry or pixelated.

You should also look for pictures that show a sense of happiness either from customers or your staff. This will encourage the customer looking at your website to want the same happiness and then purchase your product. Sort them by order of the page that they will go on and then arrange them on that page. 

6. Let the world know

Once you have developed your website and it is published, reach out to your current customers to let them know that it is live.

You can reach them by sending an email to your email list or by posting it on social media.

If you let them know electronically, be sure to add a link to your site so they can access it easily. You might also encourage them to forward the link on to family and friends so that you can attract new clients to your business.

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Image Credit:  Brad Neathery

This article was first published on October 14, 2019

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The fintech revolution isn’t just about technology. It’s also about inclusion and empowerment.

This is because fintech companies exist to give customers a better and fairer deal than is available from longer-standing legacy financial services firms.

But for this to truly work, it must include all customers. A nation’s economic strength hinges on inclusivity because greater social inclusion means increasing the productive capacity of the entire population — not just a select few groups.

So, financial products and services that embrace the diverse needs of all citizens — including women — are needed to unlock the full potential of any economy. 

And we’ve already seen evidence of this here in Singapore.

According to the World Bank, 96.3 per cent of women and 99.7 per cent of men in Singapore had a bank account in 2017 — higher than in both East Asia and Pacific and other high-income countries. This might explain why Singapore remains such an economic powerhouse, boasting one of the world’s strongest economies and the highest gross domestic product in the region. 

It also makes this year’s UN Women‘s International Women’s Day theme, “Invest in Women: Accelerate Progress,” exceptionally relevant to the constantly-fundraising fintech industry. 

So how can fintech continue driving the financial inclusivity charge?

A woman-led approach creates fairer outcomes

Women are more likely than men to start a business so they can make a positive impact on the world, according to the US Trust Insights on Wealth and Worth. 

Global Women’s Entrepreneurship Research also shows women are more likely to create social ventures rather than only economic ventures and pursue environmental ventures rather than economic-focused ventures. This is because “women tend to prioritise social responsibility, community involvement, and diversity in their businesses, which can lead to a more equitable and sustainable future for all”.

So, it makes sense that women-led fintechs are more likely to offer customised solutions to address the specific challenges and requirements of otherwise disenfranchised groups. They also often focus on bringing individuals, households, and businesses previously excluded from the traditional financial sector into the financial system. 

This inclusive approach enhances the financial literacy, confidence, and overall well-being of women and other minorities, ultimately contributing to their economic empowerment and creating a virtuous cycle.

As more women are included in the fintech sector as entrepreneurs, innovators, and leaders, the businesses they run also then go on to hire and promote more women and other diverse staff. 

This, in turn, allows the businesses to benefit from a broader range of ideas, solutions, and market insights, greater innovation and wider market reach, higher innovation, greater competitiveness, and expanded market opportunities, leading to sustained economic growth and prosperity for more people. 

Investing in women makes a whole lot of cents!

Also Read: #She27: Celebrating 27 women shaping the future of tech

From boardrooms to startup incubators, I’ve had the privilege of working with women who are reshaping the financial landscape — not just for women, but for everyone. 

Below are some examples of these wonderful women.

Wellbeing relief in a world of stress

Employers globally are increasingly recognising the link between wellness and productivity. However, many lack the necessary tools and expertise to support their employees.

Enter CHOYS, a Singapore-based SaaS insurtech platform for corporate employees in Southeast Asia, established in 2022 by Sharon Li and Vanessa Chen. 

CHOYS enables organisations to support the physical, mental, social, and financial needs of their employees and make work life “more meaningful and humanised” through well-being tools and a data-driven platform. 

Growing up in a male-dominated society, Chen points out that being a female founder was actually incredibly helpful in building a product with social impact.

“Social impact is the most important feature CHOYS customers and users engage in,” said Chen. “It is a great way to improve their own holistic wellbeing. The workplace is also going to have the greatest impact as a stronger social pillar.

“But after years of observations, I definitely notice the flaws of a homogeneous leadership team. As a result, I know exactly what female entrepreneurs like myself bring to the table, such as sensitivity to team dynamics, diverse perspectives, and greater understanding of customers.”

Co-Founder Li reiterates this notion, adding, “Kindness is being built as the core of our business. We also see the new generations of CEOs and leaders envisaging future success as not a zero-sum game: they lift each other and embed this mindset as part of their ecosystem and technology. They care about the social impact of their business and the sense of belonging of their people.”

Last year, via the Fintech Nation Fund, we were excited to be part of a US$1.1 million seed funding round that will help CHOYS with its go-to-market strategy across Southeast Asia and bolster its product development initiatives. 

When asked her advice to other female founders looking to expand similarly, Chen advised, “Be more daring, know your own strength well and continue working on it day by day.

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

“Growth is painful and does not co-exist with comfort. But you can learn to enjoy the pain and try to have as much fun along the way as possible.”

Li also added, “There is no such thing as the right time in life. My advice would be to begin by thinking about the smallest action you can take each day – starting from today – to validate your idea with potential customers. 

“Trust the process and remember, as your knowledge and experience grow, share your insight and learning with others so we can grow together as a community.”

Community-based solutions in a gig economy

Looking to a different type of ‘workplace’, the rise of the gig economy across Asia has brought a whole new form of flexible work. This can be particularly beneficial for women with caregiving responsibilities or other commitments. 

So, it follows that increasing the income of gig workers can directly contribute to financial empowerment, stability, and independence for women. 

Yet financial service providers frequently overlook gig workers, resulting in long-term economic challenges and restricted access to vital services, according to Maria Antonia Hoyos, Co-Founder alongside Maria Andrea Prieto Sarabia of gig economy financial superapp GoNsave. 

GoNSave utilises data analytics and AI to enhance gig drivers’ earnings by up to 35 per cent weekly through a recommendation engine.

According to Hoyos, having women at the helm of fintechs like hers is critical for building financial inclusion, “Women often have different experiences with financial services, and having the ability to influence the design and delivery of such services allows for a more inclusive and comprehensive approach. 

“Diversity promotes innovation, and by incorporating a broad range of experiences and viewpoints, we can create more comprehensive and user-friendly solutions.”

This might explain why Hoyos is so bullish on the growing need for women leading fintechs in Asia and beyond.

“The future looks bright for women-led fintechs,” said Hoyos. “As the industry continues to evolve, we can expect to see more female leaders founding their fintech ventures. This transformation will bring diverse perspectives to the forefront of financial innovation, leading to more inclusive and empathetic solutions. 

“We can look forward to a surge in fintech products that are tailored to better understand user needs, particularly those of underserved communities. And the sector will shift towards greater collaboration, with a stronger focus on community-driven goals and sustainable development.”

What a bright future that would be, indeed!

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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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Southeast Asia’s online used car platform unicorn, Carro, has acquired Beyond Cars, a used car platform, to expand its business to Hong Kong.

The terms of the deal remain undisclosed.

Singapore-based Carro will work towards expanding Beyond Cars’s network of partnerships and further developing ancillary services across insurtech, financing, and aftersales in Hong Kong.

It is looking to accelerate Beyond Cars’s growth, with an expected over 50 per cent Compound Annual Growth Rate (CAGR) in the next three years.

Also Read: Carro becomes unicorn following US$360M Series C raise, plans to go public in 18-24 months

Carro’s data-driven platform and its full-suite tech — including proprietary technologies and Al capabilities across pricing, inventory management, and inspection processes – will be integrated into Beyond Cars’s platform.

Beyond Cars co-founder and CEO Garry Yu and COO Luke Yip will continue to helm the business with the team in Hong Kong. Yu will report directly to Fong Hon Sum, Carro CEO of International Marketplace.

With Hong Kong under its belt, Carro is now present in seven markets, including Singapore, Malaysia, Indonesia, Thailand, Japan, and Taiwan.

“We see huge potential in Hong Kong in the coming years,” said Carro Co-Founder and Group CEO Aaron Tan. “Beyond Cars is one of the rare and leading players leveraging e-commerce channels and technology in Hong Kong’s used car market – already we’re definitely seeing a shared strategy and alignment in business goals.”

Founded in 2016, Beyond Cars provides consignment services, dealer financing, hire-purchase financing, and insurance services, in addition to providing a platform to buy and sell used cars. The company claims to have been profitable for three years.

Hong Kong is seeing strong demand and hype for electric vehicles (EVs), partially driven by the government waivers and its pledge that the registration of petrol cars, including hybrids, will not be accepted from 2035.

Also Read: ‘We aim to transform car ownership through our 360-degree approach’: Carro Founder Aaron Tan

“The high penetration of EVs in Hong Kong will enable us to further enhance our pricing algorithms and provide end-to-end solutions tailored to EVs,” added Tan. “With an already strong relationship with multiple global EV manufacturers and the capabilities to inspect, service and maintain vehicles, we also want to take our expertise to Hong Kong and become a trusted choice for consumers looking for pre-owned EVs that are as good as new.”

In 2021, Carro raised US$360 million in a Series C funding round led by SoftBank Vision Fund 2, making it Southeast Asia’s first automotive marketplace unicorn. Prior to this, Carro bagged a US$110 million raise in debt financing last year.

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X marks Echelon. Join us at Singapore EXPO on May 15-16 for the 10th edition of Asia’s leading tech and startup conference. Enjoy 2 days of building connections with potential investors, partners, and customers, exploring innovation, and sharing insights with 8,000+ key decision-makers of Asia’s tech ecosystem. Get your tickets here.

Want more from your Echelon experience? Be an Echelon X sponsor or exhibitor. Send enquiry here.

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Expanding business abroad is a multifaceted, demanding process. But, if done right, it can reap incredible results, expanding your clientele, making your brand independent from your home country’s sales cycles and market fluctuations, and extending your products’ market life.

Your first thought might be a bordering nation, which is reasonable, since distribution costs might be relatively low, and cultural exchange between your home country and this prospect might make marketing, sales, and creating a new working environment that stands by your brand, easy.

But not so fast.

While these factors are, undoubtedly, very important, successful expansion relies on throughout market analysis.

Besides factors such as legislation, infrastructure and general cultural climate (which are best compiled and evaluated with the help of Analytic Models such as PESTEL), your main goal should be understanding if there is a gap between offer and demand that your products could fit into.

Once you know that’s the case, it’s time to evaluate where you stand, compared to your competitors: Analyze your comparative weaknesses and strengths, review and reaffirm your value proposition, have a clear picture of who your early adopters would be.

Garner all the information you can from government websites for foreign investors, third-party researcher & consulting firms (all the better if they’re specialized in your industry), keep up with the financial news of your target country, and network with potential allies from your target country/region – and with potential staff.

Also Read: 4 ways to know when its time to move on from an idea, project, or goal

Even with a financial situation that seems to invite growth, a clear market gap, an extraordinary workforce, investment opportunities, a comparatively strong offering, there’s something you shouldn’t forget about:  the role cultural differences might have. However subtle, they exist, and they might make or break your expansion.

Language and culture are as important as market conditions and regulation

Advertising might seem like an afterthought, something to explore later on when you’ve acquired some basic understanding of your market. But actually, as Tri Nguyen, CEO of Network Capital Funding Corporation recently explained in an interview:

“When you are thinking about expanding into new areas, the first thing you need to do is to determine how to specialize your advertising for your new market. If you can’t convey the benefits of your product or service to residents of a new region, you’re going to struggle to make it. Be honest about flaws and strengths as you consider the message you will be conveying to a new area.”

Language is your greatest vehicle to address, engage and establish strong bonds with your new target audience. Be mindful of linguistic differences, and don’t hesitate to look for professional assistance.

Since 87 per cent of non-English speakers won’t give their time or attention to a website that’s not in their native language, properly translating and adapting (or as it’s called, “localizing”) your brand, website and products is a must.

In an interview about the Brazilian marketing agency’s expansion plan, RD’s CEO and founder, Eric Santos addressed the need to be versatile and open to  the specific needs of international clients:

“Companies expanding internationally also tend to shoehorn clients into their model, by forcing them to pay with international credit cards, offering contracts and customer service in English only – they basically say you have to deal with all that. This is the way most companies behave, especially American, when they enter a market like Brazil”.

But language and culture aren’t important just for marketing or sales purposes. Establishing, operating and growing in a new location will involve processes deeply entangled with language, from presenting documentation in the State’s official language to negotiating with potential partners. Make sure you can rely on a localization team, a legal translation agency and eventually, a specialized business interpreter.

Should you go global?

As explained above, going global is a multidimensional process, requiring research, planning, external assistance, patience and commitment.

Also Read: 3 easy ways for startups to attract global customers

For mid-size or small size businesses already thriving in rich, large and diverse markets (such as that of the United States), there might be plenty of room to continue growing locally. But expanding a business beyond its original borders unleashes an even greater potential for further growth.

In the end, 96 per cent of consumers live outside the United States.

Going global might be complicated, but it’s worth it.

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Image Credit: Kyle Glenn

This article was first published on October 12, 2019

The post Ready for expansion? here’s how to decide where to take your business appeared first on e27.