Bythen, an online platform that enables users to create and use personalised digital characters, has announced a US$5 million seed funding round.

Vector Inc. (Japan) and Skystar Capital led the round, which also included East Ventures, BEENEXT, OSK, and AppWorks, as well as angel investors William Tanuwijaya and Ryan Lee.

The funding will be used to support a global launch and Bythen aims to onboard 15,000 virtual influencers from diverse sectors including Web3 and gaming. The company also plans to launch original IP collections and collaborate with international IP owners. Vector has committed to assisting Bythen in acquiring high-value content and establishing strategic partnerships.

Also Read: Blockchain not a magic wand to solve everything that’s wrong with the digital world: Sankalp Shangari of Lala World

Founded in 2024, Bythen aims to democratise the virtual influencer space, allowing anyone to create their own AI-powered “Bytes”. These digital twins can be used to generate content, livestream, and engage with audiences across various social media platforms, thus providing users with new avenues to build an online presence and monetise their influence.

The startup operates on a revenue-sharing model, ensuring that creators benefit directly from their digital work. The platform provides users with tools to create content and video replies autonomously, which can be used across multiple platforms. Bytes can also be used for video calls on Zoom or Google Meet and for live streams on platforms like YouTube and Twitch.

The founding team behind Bythen has a history of collaboration, having previously co-founded Magnivate and Bridestory. The team consists of Kevin Mintaraga, Erick Saputra, Ferry Dianto, and Nathalia Isadora, along with William Nagata.

The firm’s launch is motivated by the shifting preferences of younger users towards pseudonymous social media personas, prioritising privacy, freedom of expression and the ability to shape digital identities independent of physical attributes. This trend is occurring alongside a booming global creator economy, valued at US$325 billion, with over 200 million content creators, an area Bythen aims to reshape.

Also Read: The future is virtual: Inside 17LIVE’s plans for avatars and immersive experiences

“Bythen is all about amplifying creators’ potential,” stated Kevin Mintaraga, co-founder of Bythen. “By providing an accessible platform and revenue-sharing model, we’re cultivating an environment where anyone can thrive as a virtual creator.”

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The Lee Kuan Yew Global Business Plan Competition (LKYGBPC), a prominent university-led startup challenge in Asia, has announced the opening of applications for its 12th edition.

The biennial competition, organised by Singapore Management University’s (SMU) Institute of Innovation and Entrepreneurship (IIE), is focused on Urban Solutions and Sustainability, inviting young founders globally to develop cutting-edge solutions for future cities.

This year’s LKYGBPC is enhancing its support for participants by connecting finalists with Southeast Asia’s leading business families, as well as offering exclusive access to senior venture capitalists at the region’s largest Venture Capital Office Hours.

Also Read: German startups MEDEA Biopharma, PlasticFri win LKYGBPC competition

The competition also welcomes the Agency for Science, Technology and Research (ASTAR) as its first official Scientific Knowledge Partner, to evaluate applications for scientific excellence and mentor startups. ASTAR will collaborate with teams to transform their ideas into real-world solutions.

The competition has grown significantly since its inception in 2002, attracting over 1,000 entries from 1,100 universities across 77 countries in its 11th edition. LKYGBPC alumni have raised US$1 billion in the past five years, with some startups expanding into Singapore.

SMU’s Vice President of Partnerships and Engagement, Professor Lim Sun Sun, stated that this edition will focus on urban solutions and sustainability. She added that the competition’s global reach will enable them to drive positive change for a better future.

The competition is popular among founders because of its increasing prize pool, which is over S$1 million (US$730,000), its global exposure platform, and access to international industry leaders.

Fifty finalist teams will be flown to Singapore for BLAZE, a week-long innovation festival that culminates in the LKYGBPC Grand Finale from 29 September to 2 October 2025. BLAZE will also include innovation showcases and networking opportunities and will coincide with the Singapore Grand Prix night race, creating an extraordinary platform for startup founders.

Key events during BLAZE include:

Southeast Asia’s Largest VC Office Hours

• Networking with Southeast Asia’s Business Families
• Grand Finals, featuring live pitches
• Fireside Chats & Changemaker Conversations
• Mixer Night

Participants can enter individually or as a team in one of two categories:

• 0 to 1: For pre-revenue teams
• 1 to Infinity: For revenue-generating early-stage start-ups.

The winners will share a prize pool supported by partners including Kajima, Lee & Lee law firm, TRIREC and Wavemaker.

In the 11th edition, held in 2023, MEDEA Biopharma from the Technical University of Munich (Germany) and PlasticFri from Karlsruhe Institute of Technology (Germany) were declared Grand Final winners.

Applications are now open and can be submitted here.

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The pressing need for credible and efficient carbon abatement solutions has led to the birth of Qatalyst, a due diligence platform aimed at transforming the carbon finance market. This initiative, developed collaboratively by SC Ventures, Standard Chartered’s fintech and innovation arm, and ENGIE Factory, the startup studio of French utility multinational ENGIE Group, promises to streamline investment processes in support of global climate goals.

Qatalyst’s platform was incubated and developed in collaboration with carbon teams from both ENGIE and Standard Chartered. The goal is to simplify and expedite the identification, due diligence, and oversight of carbon abatement projects, thereby addressing longstanding inefficiencies in the sector.

As Poyan Rajamand, Venture Lead at SC Ventures, explains, “Financiers currently face extensive due diligence requirements to ensure projects deliver the promised carbon impact. Qatalyst brings credibility to this market, enhancing funding opportunities.”

The platform leverages advanced technology, including AI-enabled tools, to provide investors with greater confidence in project outcomes. By integrating requirements from external registries, internal compliance needs, and evolving regulations, Qatalyst seeks to address the credibility gap that has long plagued the carbon finance market.

Addressing key pain points

Carbon abatement projects often suffer from fragmented workflows, prolonged documentation processes, and challenges in aligning with regulatory changes.

Also Read: Urban solutions, sustainability take centre stage at SMU’s LKYGBPC startup challenge in 2025

Rajamand notes, “A misconception exists that generating carbon credits from nature-based solutions simply requires allowing nature to grow. In reality, significant funding is needed to kickstart these projects.”

Qatalyst tackles these pain points by providing a streamlined digital environment where financiers and project developers can efficiently exchange information and make informed decisions.

This efficiency has already been demonstrated during the platform’s development phase, where it enabled ENGIE and Standard Chartered to conduct evaluations in a fraction of the usual time. Such time savings open doors for financiers to consider smaller or unconventional projects previously deemed unfeasible due to resource constraints.

Rajamand highlights, “As more financiers join, projects seeking funding will increasingly turn to Qatalyst, creating a virtuous cycle.”

A growing market for carbon offsets

The global carbon market is poised for substantial growth as awareness of climate challenges intensifies. Developing nations have significantly increased funding commitments to carbon projects, with figures tripling to US$300 billion.

Despite these positive signals, Rajamand acknowledges that challenges remain: “The road ahead will be bumpy, but the signs point to a bright future for carbon markets.”

Also Read: Need of the hour: How agritech platforms can protect farmers from climate change

The urgency to achieve 2030 climate targets is another driving factor. As the deadline approaches, reliance on carbon credits and offsets is expected to grow. “Reducing carbon footprints will become increasingly challenging, making offsets a critical component of the transition,” Rajamand explains.

Qatalyst’s inception and development underline the importance of collaboration in addressing complex global challenges.

Rajamand also highlights the role of digital strategies in scaling the platform’s impact. As legislative and market awareness around carbon credits grows, Qatalyst is positioned to attract stakeholders through both traditional networks and digital outreach.

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Image Credit: Qatalyst

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In the shadow of a global slowdown and uncertainty, where discussions of a VC winter persist, Southeast Asian startups are defying these economic headwinds. Forbes’s bold prediction of a trillion-dollar valuation by 2025 – nearly tripling the region’s tech worth from 2020 – begs the question: what is driving the region’s success?

The answer isn’t found in Silicon Valley playbooks or traditional economic models. Southeast Asia’s startup success is a nuanced symphony of unique drivers that defy conventional wisdom. At the heart of this innovation ecosystem lies an unprecedented confluence of factors: a young, digitally native population, rapidly expanding digital infrastructure, supportive government policies, and a crucible of cultural diversity that turns potential fragmentation into a competitive advantage.

From the bustling tech hub of Singapore to the emerging startup scenes in Jakarta, Manila, and Ho Chi Minh City, the region demonstrates how difference can be a source of strength, not division. Unlike monolithic tech environments, this region thrives on its complexity.

Yet, the very complexity that fuels innovation can also erect formidable barriers, especially for fledging startups seeking to expand and scale their businesses across national borders. Language differences, varied communication styles, and distinct work practices can create substantial barriers to seamless collaboration.

Fortunately, technology emerges as a great equaliser, transforming potential obstacles into highways of collaboration and innovation.

Bridging cultural gaps for seamless collaboration

According to a Forbes Insights survey, two-thirds of executives reported that language barriers between managers and workers in diverse workplaces have led to inefficiencies. This issue extends beyond logistical difficulties; it poses a serious threat to innovation. Consider the cautionary case of Dolce & Gabbana and its ill-fated “DG Loves China” campaign. The root of such failures isn’t just linguistic difference, but a fundamental lack of nuanced, cross-cultural communication.

It’s in situations like these that technology can provide practical solutions to language and cultural barriers. No science fiction reminiscent of Star Trek’s universal translator required, just smart, accessible tools. Such translation tools do more than convert words; they have the potential to decode cultural contexts, bridge understanding, and transform potential miscommunication into collaborative insight. With this simple feature, teams can communicate without hesitation or misunderstanding, transforming what could be a cumbersome exchange into fluid dialogue.

Also Read: Building bridges to close gaps in cross-border payment

Imagine a startup team spanning multiple Southeast Asian countries. A marketing strategist in Bangkok can now share a creative concept in Thai, have it accurately and instantly translated to receive nuanced feedback from a Bahasa-speaking colleague in Jakarta. No more lost-in-translation moments. Just pure unfiltered collaboration, free from language hindrances. In Southeast Asia’s vibrant startup ecosystem, such technologies are more than conveniences – they are strategic infrastructure.

An intentional mobile-first strategy

For Southeast Asian startups, productivity and efficiency is not just a work ethic – it is an intricate part of the cultural DNA of the region. Picture a startup founder who transforms a casual Kopitiam meeting into multimillion dollar opportunity. Meanwhile, a software engineer from the same startup, balances her coding sprint with picking up her children from school, embodying a workplace philosophy that defies conventional workplace boundaries.

A 2022 study reveals the heartbeat of the region’s fluid workplace ecosystem: eight out of ten professionals reported increased productivity through mobile technology, with over two-thirds highlighting enhanced connectivity as their secret weapon.

The days of rigid hierarchies and fixed working hours are behind us. But with great technology and connectivity comes great responsibility – the same technologies that enable this dynamic work culture, must also provide intelligent guardrails. For a team that spans multiple time zones from Singapore to India, the challenge isn’t just connectivity but creating sustainable work rhythms.

So, while the hustle remains a fundamental expression of the region’s entrepreneurial spirit, technology must help work evolve to a more conscious system that prioritises both innovation and individual well-being. There is a need for a more fluid, dynamic ecosystem where work is less about physical space and more about continuous innovation and unbounded potential.

Intelligent notification systems, focused work modes, and clear communication boundaries are as important as project momentum. Advanced platforms now offer not just connectivity, but mindful connectivity. Features that enhance collaboration by nudging team members to review documents, alerting them on project status, and encouraging natural interactions. What may seem like a minor feature such as a chat interface or expressive emojis, actually play a crucial role in spreading micropositivity, transforming digital interactions from mere transactional exchanges to more human, nuanced communications that subtly boost team morale and engagement.

Fostering an agile and innovative roadmap

As entrepreneurs embark on their journey, they often dive headfirst into the immediate demands of their business, grabbing readily available tools that promise quick solutions. However, as they experience success and begin to scale, their teams may inadvertently develop fragmented workflows, juggling various applications – each one addressing a specific need but collectively creating a chaotic digital landscape.

Also Read: Scaling beyond borders: ASEAN GenAI startups and their global expansion strategies

What initially appears to be minor inconvenience, can quickly escalate into a productivity bottleneck, particularly, when startup teams are spread across multiple countries. The entanglement in tool sprawl can lead to inefficiencies and communication breakdowns, making it challenging to navigate the patchwork of platforms.

In fact, according to a Harvard Business Review study, an average employee toggles between different apps and websites nearly 1,200 times each day. This constant switching results in almost four hours a week spent reorienting themselves after each transition. Over the course of a year, this adds up to five working weeks, equivalent to nine per cent of their annual time at work, lost to inefficiency.

There is also the deeper issue of siloed information, a critical challenge that chokes off the smooth information flow across organisations. These information silos create barriers that impede communication from decision-makers to action-takers, effectively fragmenting organisational knowledge and undermining collaborative potential. According to a McKinsey report, employees spend nearly nine hours each week searching for information across various applications. This inefficiency stems from siloed tools that hinder organisational productivity and slow down workflows.

In the fast-paced environments of Southeast Asia, the ability to pivot swiftly is crucial. Yet, tool sprawl can hinder this agility by tying teams down with cumbersome processes and inefficient workflows. This is where a strategic approach to technology becomes essential. By implementing all-in-one tools that align to the region’s diverse work cultures, startups can streamline their operations while maintaining the robust capabilities needed for resource-intensive tasks.

Consolidating essential functions, such as video conferencing, task management, and extensive data analytics, into a single platform, startups can eliminate the inefficiencies associated with the toggle tax, the silent productivity killer. This approach not only reduces costs but also delivers the agility needed for fast-growing startups, where business goals and objectives can shift overnight. Embracing a cohesive workflow from the outset empowers teams to work more effectively and adapt quickly to changing demands.

The journey of Southeast Asian startups represents more than a regional success story – it offers a blueprint for global technological collaboration. By turning complexity into competitive advantage, entrepreneurs are rewriting the rules of innovation. These startups show that technological solutions are most powerful when they transcend mere functionality, becoming platforms for genuine understanding, collaboration, and shared growth. The Digital Silk Road they are constructing is not just about connecting markets, but about connecting people – breaking down barriers, celebrating differences, and unlocking collective potential.

For entrepreneurs worldwide, the message is clear: innovation thrives not in isolation, but in collaboration. The future belongs to those who can navigate complexity with empathy, leverage technology with wisdom, and view diversity and cross-border operations not as a challenge, but as the most potent source of creativity and progress.

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Mirxes, an RNA technology firm headquartered in Singapore, has raised US$40 million in structured financing from R-Bridge Healthcare Fund, which is owned by CBC Group, according to reports.

The funding will fuel global expansion, primarily in high-growth Asian markets, including Southeast Asia, China, and Japan.

Also Read: ‘We aim to make early cancer detection accessible on a global scale’: Mirxes CEO

The latest injection comes about a year and a half after Mirxes secured US$50 million from existing and new investors, Beijing Fupu, EDBI, Mitsui & Co., NHH Venture Fund, and the Agency for Science, Technology and Research.

Established in June 2014 as a spin-off from A*STAR, Mirxes was conceptualised and developed by co-founders Dr Zhou Lihan, Prof. Too Heng-Phon, and Dr Zou Ruiyang.

The company makes early cancer detection solutions accessible globally. Its flagship initiative, Project CADENCE (Cancer Detected Early caN be CurEd), leverages its RNA technology platform, deep expertise in PCR diagnostics, and population-scale next-generation sequencing (NGS) capabilities to create a blood-based multi-cancer early detection test to alleviate cancer burden, save lives and reduce healthcare costs.

Last June, its fully-owned subsidiary, Mirxes Japan, secured a grant of up to 20 million yen (US$127,000) from the Japan External Trade Organization (JETRO). The grant will support the development and validation of a new non-invasive cancer biomarker screening test service specifically for the Japanese market.

Also Read: Harnessing the power of AI to help improve gastric cancer detection

Previously, Mirxes raised US$77 million in a Series C financing round led by CR-CP Life Science Fund and joined by global healthcare investment firm Rock Springs Capital, Charoen Pokphand Group (Thailand) and EDBI.

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Southeast Asia’s (SEA) fintech sector faced a significant funding downturn in 2024, with total investments falling to US$1.6 billion, a 23 per cent decrease from the US$2.1 billion recorded in 2023, as per a report by data intelligence platform Tracxn.

This represents a substantial 75 per cent drop from the US$6.3 billion in 2022, effectively returning funding to pre-pandemic levels.

The decline is attributed to macroeconomic headwinds, rising interest rates and geopolitical tensions.

Also Read: 2024 fintech highlights: The startups dominating Southeast Asia’s financial landscape

Despite the overall decrease, the sector has demonstrated resilience and remains one of the top-performing areas in the SEA tech startup landscape.

As per the Tracxn Geo Annual Report: SEA FinTech 2024, the funding decrease was widespread, affecting all investment stages. Late-stage funding experienced the most severe impact, declining by 31 per cent to US$694 million. Early-stage funding also saw a decrease of 16 per cent to US$750 million. Seed-stage funding experienced a smaller drop of 6.4 per cent, reaching US$190 million.

However, certain segments within the sector demonstrated robust growth. The payments segment saw a remarkable 53 per cent increase, raising US$366 million in 2024.

Similarly, the cryptocurrency space attracted US$325 million, a 20 per cent rise from the previous year. Banking tech companies also experienced a significant 63 per cent surge in funding, securing US$265 million.

Ascend Money’s US$195 million Series D round was the largest deal in the SEA fintech landscape. Other notable deals included ANEXT Bank’s US$148 million Series D round and bolttech’s US$100 million Series C round.

Polyhedra Network was the sole new Unicorn in the region in 2024, achieving a US$1 billion valuation after raising US$20 million in a Series B funding round.

The fintech ecosystem saw 27 acquisitions, a slight uptick from 26 in 2023, with NTT Data’s acquisition of GHL for US$154 million being the largest.

However, there were no fintech IPOs in 2024, compared to one in 2023.

Singapore led the funding activity with US$955 million raised by fintech companies based there. Jakarta and Bangkok followed with US$242 million and US$198 million, respectively.

Also Read: SEA startup funding sees mixed results in December 2024

The most active investors include East Ventures, Y Combinator, and 500 Global.

Despite challenges like declining demand, valuation concerns, and geopolitical risks, the long-term outlook for the region’s fintech ecosystem remains optimistic. A young, tech-savvy population, a large consumer base, reliance on informal financial systems, and government initiatives to enhance financial inclusion provide a strong foundation for future growth. The sector’s resilience and innovation, particularly in payments and cryptocurrencies, signal its enduring potential.

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NYSE-listed Southeast Asian proptech group PropertyGuru has announced that its current CEO, Hari V. Krishnan will step down to pursue other interests.

He has been replaced by Lewis Ng, who previously served at PropertyGuru for six years (2014-2019) as Managing Director of Singapore and Chief Business Officer.

Ng will assume the role of CEO in March 2025.

Krishnan, who played a key role in transforming PropertyGuru from a startup to a market leader in Southeast Asia, will continue to be involved with the company as Senior Advisor to the Board.

The new CEO Ng has experience in leadership positions at global brands such as Apple and TripAdvisor and Southeast Asian unicorn Carousell. He most recently served as Chief Operating Officer at SEEK Asia.

Also Read: EQT completes PropertyGuru acquisition

PropertyGuru also announced the appointment of Trevor Mather as the Chairman of the Board of Directors. Mather has experience scaling marketplace businesses, previously serving as CEO of Auto Trader. He is currently Chairman of Baltic Classifieds Group.

The Board of Directors includes Janice Leow, Partner in the EQT Private Capital Asia advisory team and Head of EQT Private Capital Southeast Asia, and Ed Williams, founder and ex-CEO of Rightmove, Chairman of Trade Me and former Chairman of Auto Trader.

Founded in 2007 and headquartered in Singapore, PropertyGuru is one of the notable proptech platforms in Southeast Asia (SEA). The company said that it connects over 31 million property seekers with more than 50,000 agents across Singapore, Malaysia, Thailand and Vietnam each month.

Its services included extensive real estate listings, data-driven insights, and mortgage solutions such as PropertyGuru Finance and enterprise client solutions under PropertyGuru for Business.

Last year, the group was acquired by BPEA Private Equity Fund VIII Limited (EQT Private Capital Asia) for US$1.1 billion in an all-cash transaction.

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Indonesian capsule hotel and cabin operator Bobobox announced that achieved a remarkable 200 per cent ARR growth for Bobocabin Sukawana and positive EBITDA in 2024.

A key driver of Bobobox’s expansion has been its ability to forge partnerships across both public and private sectors. Most recently, Bobobox partnered with Bank Mandiri, one of Indonesia’s leading financial institutions, to explore fresh investment opportunities within the accommodation sector.

“Our partnership with Bank Mandiri is key to supporting Bobobox’s growth and opening new investment opportunities,” says Indra Gunawan, Co-Founder and CEO of Bobobox, in an email interview with e27. “Bank Mandiri connects us to a wide network of potential investors, strengthening our ability to secure necessary partnerships for expansion and innovation.”

Gunawan highlighted that this collaboration extends beyond financial support, offering valuable expertise to navigate the complexities of the hospitality and real estate markets. “Their support gives us a competitive edge, ensuring we make informed decisions and pursue opportunities with confidence.”

Also Read: Zero-Error Systems: Safeguarding space travel from satellite collisions and debris

In this interview, the CEO explains the company’s expansion plan in detail, complete with insights about travellers in Indonesia. The following is an edited excerpt of the conversation:

With 37 locations in your portfolio, including the five new properties, how has the response been from customers in these new destinations, and what insights have you gained from these expansions?

Our expansions over the past year have been met with positive feedback from customers. Bobocabin Sukawana, as the first location to feature our latest cabin design, has achieved remarkable results, further solidifying the appeal and success of our offerings.

Through this, we have observed a noticeable shift in the travel landscape. Guests are no longer just seeking destinations but are looking for unique, immersive experiences in nature. They seek meaningful activities that connect them with nature, local cuisines, and traditions and move beyond typical tourist attractions to find more authenticity.

Sustainable travel is also becoming increasingly popular due to growing environmental awareness. Guests are increasingly looking for eco-friendly accommodations and experiences that support local ecosystems and communities.

The performance at Sukawana highlights the strong product-market fit between our cabin design and evolving customer expectations. Guests have appreciated the seamless integration of modern amenities with a nature-based experience, where tech enhances comfort without compromising their connection to the surrounding environment.

This success creates a clear roadmap for us to scale the concept to other locations.

Also Read: How Radiant1 helps hotels optimise room rate pricing in real time, maximise revenue

Bobobox achieved a remarkable 200 per cent ARR growth for Bobocabin Sukawana and positive EBITDA in 2024. What were the key strategies or operational changes that contributed to this milestone?

It resulted from strategic initiatives and operational excellence rooted in our commitment to customer-centric innovation and sustainable growth. It culminates our efforts across product innovation, operational excellence, and customer engagement.

In product innovation, the introduction of Cabin 3.0, a new cabin design, helped us reach new market segments while strengthening our appeal to repeat customers. Additionally, our strategic expansion into high-demand locations contributed to a consistent flow of bookings.

To achieve operational efficiency and cost management, we optimised operations by strategically managing our CAPEX through partnerships with public and private sector entities via our Joint Venture (JV) collaboration. We also maintained strict budgetary control and leveraged technology to manage resources effectively. These measures enabled us to ensure growth that was both scalable and cost-efficient, contributing to a positive EBITDA.

Our customer-centric approach, focused on understanding our guests’ needs, helped us create exceptional experiences for them. By continuously improving our digital ecosystem, such as our mobile app, self-service kiosks, and smart IoT solutions, we improved both operational efficiency and customer satisfaction.

With plans to expand to 12 new locations by 2025, what criteria does Bobobox use to select key destinations such as Surabaya, Medan, Bali, and Mt. Bromo, and what challenges do you anticipate during this expansion?

We start by focusing on market potential. For example, Surabaya and Medan are growing urban centres with increasing demand for innovative accommodations, while Bali and Mt. Bromo attract nature and adventure tourism.

Also Read: Aiello banks US$5.8M to take its voice AI assistant for hotels beyond Taiwan

Accessibility and infrastructure are also key factors. We consider transport links, proximity to transit hubs, and nearby attractions to ensure our locations are appealing and convenient for travellers.

Destinations that promote sustainability, culture, and a connection to nature fit perfectly with Bobobox’s vision. Bali, with its eco-conscious travellers, and Mt. Bromo, with its breathtaking natural landscapes, are prime examples of locations that match our philosophy.

We understand that expansion comes with challenges. Developing new locations requires significant investments in construction, design, and technology. It is crucial to maintain high standards while managing costs. We must also adapt to changing travel trends influenced by the global economy, as economic uncertainty can affect traveller behaviour.

Despite these challenges, our experience, strong operations, and dedication to exceptional guest experiences give us the confidence to drive expansion and establish new standards in every location.

What emerging hospitality trends do you see shaping the industry, and how is Bobobox adapting to these trends to stay ahead of the competition?

As travellers increasingly seek affordable, high-quality accommodations, Bobobox’s capsule hotels meet this demand by optimising space efficiency while maintaining comfort and privacy. This balance allows us to provide an exceptional experience for budget-conscious travellers.

Also Read: Future-proofing hotels to stay ahead of the curve

The rise of tech-savvy travellers has also transformed the hospitality landscape, with guests expecting seamless digital experiences. Bobobox embraces this change by integrating smart tech such as automated check-ins, smart lighting, and keyless access. These innovations enhance convenience and ensure a smooth stay, from booking to checkout.

The growing trend of business and leisure travel, especially among remote workers, has created a need for accommodations supporting work and relaxation. Our capsule hotels cater to this demand by offering comfortable workspaces, reliable high-speed Wi-Fi, and a quiet environment that allows guests to stay productive while enjoying downtime.

Sustainability is a key priority for modern travellers, particularly younger generations who value eco-friendly options.

With the hospitality sector increasingly focused on sustainability, what steps is Bobobox taking to incorporate eco-friendly practices into its operations and designs while maintaining affordability and quality?

We approach sustainability from the design process by eliminating plastic key cards, which are common in the hospitality industry, and replacing them with QR codes in the Bobobox app. This change reduces plastic waste, cuts operational costs, and enhances the guest experience.

We continuously iterate our products, focusing on sourcing and design to improve sustainability. Each iteration prioritises sustainability, waste reduction, and accessibility for people with disabilities. Last year, we removed all deforestation-related products from our material sources.

This year, we will launch the 4th iteration of our Bobocabin product (Bobocabin V3.1), which will be the first cabin made from recycled materials. In this version, we have eliminated all virgin plastic and wood, with almost 85 per cent of the materials crafted from recycled waste.

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Image Credit: Bobobox

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If the recent prevalence of Artificial Intelligence (AI) and Machine Learning (ML) shook up the fintech industry like an earthquake, compliance is the tsunami after. AI and ML are driving transformative changes across the fintech industry, with adoption rates continuing to rise. Despite a global decline, according to The KPMG Pulse of Fintech H2’23 report, AI fintech funding in Singapore skyrocketed to an impressive US$333.13 million in H2’23, as compared to the US$148.08 million recorded in H1’23.

The Asia Pacific region (APAC) is home to one of the fastest-growing fintech industries in the world and serves as the headquarters of numerous global and regional leaders. Over recent years, the fintech industry in APAC has experienced rapid evolution, driven by technological advancements and shifting consumer expectations for instant payments and digital access to financial services.

The region is on track to surpass the United States to become the world’s top fintech market by 2030, with a projected CAGR of 27 per cent. Amid this growth, AI has emerged as a key driver in fintech, transforming traditional fintech services with new capabilities for enhanced customer experience, automated services and predictive analytics. As fintech companies push the boundaries of innovation, it is crucial to ensure that regulatory frameworks evolve to keep pace with these advancements and address potential risks. 

Navigating the risks of AI in fintech

Despite promising advancements, the rise of AI in fintech introduces several critical risks that must be carefully managed. As AI becomes more embedded in financial services, it presents unique challenges that extend beyond traditional regulatory concerns.

Also Read: Five SaaS fundraising mistakes and how to avoid them

The increasing digitisation of APAC countries further heightens these risks, as the expansion of digital platforms and services lead to greater accessibility to malicious tools for digital fraud. AI-powered fraud, in particular, is becoming a significant threat, requiring vigilant oversight and adaptive regulatory frameworks to protect consumers and maintain trust in the financial system.

Deepfake technology, where Generative AI replicates a person’s likeness using videos, images and audio, saw a tenfold increase in deepfake cases from 2022 to 2023, posing significant challenges for identity verification and fraud prevention, especially in the financial sector.

Consequently, there is a stronger focus on security measures for fintech innovations being tested in regulatory sandboxes, including stricter consumer protection requirements and more rigorous compliance standards. Moreover, the rapid advancement of deepfake technology often outpaces regulatory updates, creating a “cat-and-mouse game” between innovation and oversight.

At the same time, AI systems often rely on vast amounts of sensitive data, making it crucial for data to be securely managed and protected from breaches. Misuse of personal financial information can have severe consequences for consumers and undermine trust in the fintech sector.

AI-powered solutions can enhance data security through multi-layered protection at different stages of the user journey. However, these tools require access to extensive datasets, which must be managed in compliance with data privacy regulations to prevent misuse and maintain consumer trust.

Shaping the future of AI-driven fintech through regulatory sandboxes

In 2020, there were approximately 73 sandboxes in 57 jurisdictions; By 2023, the number of sandboxes in Southeast Asia increased significantly, reflecting the region’s growing focus on fostering fintech innovation. Countries like Singapore, Australia, and Hong Kong, China are leading the way with regulatory sandboxes designed to support and oversee AI-driven innovations in fintech.

In Singapore, the Monetary Authority of Singapore (MAS) launched its first Fintech Regulatory Sandbox in 2016, which was later enhanced with the introduction of Sandbox Express in 2019 and Sandbox Plus in 2022, which allows fintech companies to test their solutions, including AI-driven technologies, with regulatory flexibility.

Similarly, the Australian Securities and Investments Commission (ASIC) Innovation Hub and Hong Kong Monetary Authority (HKMA) launched its Fintech Supervisory Sandbox (FSS) in 2016, which offers sandboxes where new financial technologies, including AI, can be tested under regulatory oversight. These sandboxes enable financial services innovators to experiment with new products and services with reduced regulatory constraints, offering greater flexibility and potential exemptions from existing rules.

Making AI in fintech a more level playing ground

Given the global nature of fintech, cross-border compliance is crucial for tackling AI security challenges. With APAC’s diverse digital landscape, countries are at varying stages of technological advancement, leading to significant differences in AI regulations across the region.

While countries like Singapore, Australia, and Hong Kong, are at the forefront of AI-driven fintech innovations, others like Indonesia and Malaysia are increasingly catching up. Indonesia is still in the early stages of developing a comprehensive regulatory framework for AI in fintech, with progress impeded by limited infrastructure and investment in AI research and development.

So far, the Indonesian government has issued ethical guidelines for AI use, such as the Ministry of Communication and Informatics’ Circular Letter No. 9 of 2023 on AI Ethical Guidelines and the Financial Services Authority’s (OJK) Ethical Guidelines on Responsible and Trustworthy AI in the Financial Technology Industry.

For Malaysia, the country has made significant strides in establishing regulatory sandboxes that support AI innovations. Specifically, the Malaysian Research Accelerator for Technology & Innovation (MRANTI), in collaboration with NVIDIA, launched an AI Sandbox Programme in April 2024. This initiative is part of the National Technology Innovation Sandbox (NTIS), which supports various sectors, including AI, to foster innovation and entrepreneurship in Malaysia.

Also Read: AI and healthcare: Navigating challenges and embracing the future

There is a need for more proactive policies and collaboration between regulators and the fintech industry to create a conducive environment for AI innovations. Despite these disparities, the frameworks established by leading nations in APAC offer valuable lessons and models for others to follow.

Singapore is effectively leading the region’s digital transformation by strategically positioning themself within international forums to shape global AI standards, ensuring that the region’s regulations are aligned with best practices.  This leadership provides a clearer direction for other countries in the region to expedite their AI development.

Balance is key to the sustainable fintech future

Navigating the balance between innovation and compliance is a pivotal challenge for fintech regulatory sandbox participants in Southeast Asia. As AI continues to transform the financial sector, regulatory frameworks must adapt to emerging risks while still encouraging innovation. To enable fintech companies to operate securely on a global scale, the region’s regulatory environment must emphasise data privacy, cybersecurity, and cross-border compliance.

The escalating threat of deepfake technology and other advanced fraud techniques calls for continuous vigilance and adaptation within regulatory sandboxes. In response, businesses should adhere to regulatory frameworks to safeguard their consumers and systems from malicious actors. Implementing robust identity verification and anti-fraud measures is essential to prevent financial fraud.

By embedding comprehensive compliance measures from the beginning, fintech innovators can effectively manage regulatory complexities while driving forward with new ideas. Striking this balance will not only safeguard consumers but also bolster the credibility and long-term viability of the fintech industry in the region. 

Disclaimer: The content provided in this article is for general informational purposes only. It does not constitute legal advice or financial guidance. While the author strives for accuracy and reliability, it is recommended that you consult with a qualified legal or financial professional to address your specific situation. The author disclaims any liability arising from actions taken based on the content published herein.

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Deeptech gathers under a single terminological umbrella the technologies that are based on scientific breakthroughs and have the potential to be commercialised.

It covers the applications of artificial intelligence and machine learning, materials, advanced manufacturing, nanotechnology, drones and robotics, photonics and electronics, clean tech, and med tech. At their core, deeptech ventures are R&D intensive and multidisciplinary.

Deeptech is becoming global

Over the last decade, the volume of related financing with cross-border participation has increased sevenfold. But don’t make any mistakes.

It is only a fine-tuned and balanced mixture of scientific innovation, high talent density, and fast-growing industry that creates an ecosystem and an attractive location to scale deeptech startups and transform them into successful and sustainable businesses. The Bay Area, Boston, and Israel built their reputation of leading deeptech nodes by reuniting those three key pillars.

In this competitive paradigm, high talent density and diversity are paramount. The rhetoric of a global war for talent and the emergence of a new type of global meritocracy has mobilised many governments to change social and economic policies to attract and retain top talents.

Also Read: The reality of renewing your rent in Singapore

Singapore is no exception. In a small country without natural resources, human resources are the competitive advantage in the global marketplace, as the city-state jostles with the rest of the world for a slice of the lucrative pie in high-tech and high-value-adding service industries.

But instead of being overwhelmed by the tides of globalisation, the Singaporean government has always believed that it can anticipate and turn globalisation to its advantage. The city-state has continuously responded to the challenges of developing local talents, retaining them, and simultaneously welcoming and assimilating foreign professionals.

Early on, the country embraced the philosophy of attracting the best students and professors to craft world-class universities. Leveraging local job opportunities, many top global corporations set up their regional headquarters in Singapore, attracted by the general quality of the infrastructures, the solid foundations of the legal system, the country’s openness to international business as well as the cosmopolitan flavour of the city.

The Singaporean financial and technology ecosystem is now globally recognised. Foreign talent is not only an economic capital but also a symbolic capital that signifies that the pace of Singapore’s economic engine is a notch above others.

When it comes to deeptech, however, many of the best talents have contributed to others’ economies over the last decades instead of choosing Singapore first-hand. It is a facet of globalisation, enhanced regionalisation and industrial attractiveness that the city-state reflects and addresses.

While consumer tech, fintech and software-driven startups still largely dominate the local entrepreneurial landscape, deeptech has recently gained prominence, boosted by elite universities, a robust public stimulus, and the efficient ecosystem support of Singaporean governmental agencies.

Singapore is redefining the deeptech scene

Singapore is keen on refining a new taxonomy of roles, skills and aptitudes dedicated to deeptech. This valuable approach connects industrial strategy and operating model to people and skill requirements, which can be used to source and develop talent within and outside the country.

Thriving ecosystems do rely on future-proof approaches to workforce planning for talents. In the case of deeptech, far more than financial investments, knowledge, data, skills, expertise, contacts, and market access are all currencies that link ecosystem players.

Today, deeptech entrepreneurs in Singapore often find themselves in unfamiliar territory, while carving out CXO roles is complex. More high-level C-level executives and seasoned entrepreneurs will be key to having the ecosystem thrive.

Also Read: Unlocking deeptech for sustainable development: SDTA launches revamped venture building programme

Bringing a solid experience in deep science prototyping, pre-industrialisation and early industrialisation, those will be responsible for steering new ventures in the right direction, connecting projects with global B2B networks.

Obviously, the construction of business ecosystems is not new, but deeptech ecosystems are nascent and operating in emerging technologies and industries. Deep technologies can affect entire value and supply chains, requiring a different playbook to analyse the stakeholders’ interdependencies and value creation models.

Hard tech startups’ development cycles are rooted in the multi-stakeholder process of transitioning technology from a research lab to the market, differentiating them from digital ventures. As new commercialisation models emerge, Singaporean research institutions are reinventing their approaches to technology transfer and existing processes, creating new entry points for entrepreneurs and investors.

Final thoughts

The rise of these inspiring deeptech entrepreneurs and the ecosystem around them is one of the more exciting business developments of our time — and like other such developments, its impact will be felt far beyond the business itself. Obviously, not every society and city will succeed in this global competition for deeptech talents.

But the ecosystems that do will be those that look forward and look for ways of creating opportunities, new opportunities, for their populations. Regularly recognised as one of the top global nations regarding innovation capabilities, Singapore is well equipped to become one of these leading scenes in the years to come.

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This article was first published on June 9, 2023

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