Dear Pro member,

Vietnamese EV manufacturer Vinfast’s stock surged by 21%, building on a recent rally that increased its market value to US$160bn.

Following a successful debut on Wall Street, the company’s valuation placed it as the third-most valuable automaker globally, trailing only Tesla and Toyota.

Despite its rapid growth, Vinfast, largely owned by Pham Nhat Vuong, Vietnam’s wealthiest individual, faces substantial challenges before it can effectively compete with Tesla and established automakers who are heavily investing in the electric vehicle market.

Vinfast’s US EV registrations were limited to 137 as of June, contrasting with its ambitious target of selling 50,000 EVs this year, compared to Tesla’s 1.8mn projection.

To boost sales, Vinfast is adopting a dealer-based approach, diverging from Tesla’s direct-to-consumer model, and is constructing a US$4bn factory in North Carolina.

The company enters the US and European markets amid slowing EV demand and Tesla’s aggressive pricing tactics.

This is the top story of today’s Ecosystem Roundup.

Take a look at all the other major news stories compiled from news sites across Southeast Asia.

Sainul,
Editor.

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Vinfast rallies on after becoming world’s third-most valuable automaker
Shares surged 21% on Monday, extending a rally from last week that more than quadrupled its market value to US$160B; Debuted on Wall Street this month, the EV maker quickly grew in valuation to become the third-most valuable automaker – only behind Tesla and Toyota.

Vietnamese financial services startup MFast nets US$6M Series A
The investors include Wavemaker, Finnoventure Fund I, Headline Asia, Do Ventures, JAFCO Asia, and Ascend Vietnam Ventures; MFast users fulfil the role of all-in-one agents, serving the community’s demands for finance, banking and insurance products.

Geo Energy inks US$4M loan agreement with Indonesian EV firm Charged Asia
Geo can increase its investment for up to an additional US$36M to become the majority shareholder in the firm; It has developed three motorcycle models and delivered 1,000+ motorcycles in Indonesia, Malaysia, and Vietnam.

Indonesia’s Fore Coffee set to enter Singapore in Q4
The move would follow fellow VC-funded local chain Kopi Kenangan’s own regional expansion; Kopi opened its first store in Malaysia late last year and has plans to enter Singapore.

GoTo directors acquire 1 billion shares, totaling US$140K
Neither Catherine Hindra Sutjahyo now owns 0.04% of GoTo stock, with a total of 493.7M shares purchased for US$64,766; Meanwhile, Hans Patuwo holds 0.05% of the company’s stock, equivalent to 574.8 million shares acquired for US$74,773.

Bitcoin startups remain undercapitalised as funding drought drags on
Along with increasing regulatory scrutiny and sceptical investors, capital deployment has pulled back significantly from the highs of 2021, which has left many young startups struggling to raise funds.

TikTok to ban links to external retailing platforms
This change implies that external e-commerce platforms will no longer be able to drive traffic to their individual stores and products through TikTok unless they opt to establish online stores on TikTok Shop.

Google Flights will now tell you when it’s the cheapest time to book
Rolling out this week, Google is debuting new insights that will leverage historical trend data that lets consumers see when prices have typically been lowest to their chosen destination on their selected dates.

A recap of last week’s investments by e27 Connect investors in SEA
Last week’s funding showcased prominent investors like Jungle Ventures, Antler, AppWorks, fuelling diverse startups across verticals with varying investment ranges and stages.

OpenAI launches a ChatGPT plan for enterprise customers
ChatGPT Enterprise can perform the same tasks as ChatGPT, such as writing emails, drafting essays and debugging computer code; But the new offering also adds “enterprise-grade” privacy and data analysis capabilities.

Uber Eats’s new AI chatbot to offer recommendations, speed up ordering
The chatbot will ask users about their budget, food preferences and then help them place an order; It’s unknown when Uber plans to launch the chatbot publicly.

How Tokopedia shifts user acquisition, product strategy to tackle contemporary challenges
Tokopedia recognises that for SMEs, as competition becomes fiercer, they might require more support to improve their chances.

Blockchain beyond borders: A dive into global collaboration and innovation
As we navigate the evolving world of blockchain, collaboration, education, and problem-solving, emerge as pivotal pillars for success.

How hyper-personal, AI tech can transform the US$1.5T wellness industry
The wellness industry in Singapore was worth US$12 billion and has constantly been on the lookout for hyper-personalised solutions.

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The post Ecosystem Roundup: Vinfast shares surge, becomes third-most valuable automaker; MFast nets US$6M Series A appeared first on e27.

Back in 2021-2022, the Asia Pacific region was considered lagging in AI adoption, with only 39 per cent of businesses leveraging the technology for their operations. But today, in 2023, new data from the IDC AI Adoption InfoBrief revealed that 76 per cent of businesses in the region are leveraging the technology—a significant jump in such a short period.

Commissioned by Dataiku, the report showed that in Southeast Asia (SEA) alone, businesses plan on spending 67 per cent more on AI/ML in 2023 than they did in 2022.

AI is certainly a big trend this year, but is there any other explanation behind this rapid change?

According to JY Pook, Senior Vice President & General Manager, APJ at Dataiku, the AI/ML market is “rapidly democratising”. Soon, it will get to the point where it is integrated into “nearly” every interaction the customers have, a concept that Dataiku refers to as “Everyday AI.”

“Companies are progressing in their AI journeys from statistical analysis to predictive modelling and advanced AI capabilities,” he writes in an email interview with e27.

“With the macro turbulence that many businesses across the region have faced, we observed a significant acceleration in demand for analytics and AI solutions as businesses seek more efficient and data-driven ways to navigate these ongoing challenges. Instant gratification is the norm in today’s fast-paced world; we’ve endeavoured to understand the growing need for faster time-to-value from AI initiatives while also supporting the teams who drive this work.”

Also Read: How Transparently.AI uses Artificial Intelligence to detect accounting manipulation, fraud

Dataiku sees the following as keys to fully harnessing the success of AI: Efficient tools, a skilled team, and an inclusive approach to data as governance.

“With this in mind, we’ve introduced new capabilities, like ready-built business solutions, machine learning operations, governance, and access to large language models, that democratise and accelerate the development of AI capabilities in a governed way,” Pook says.

To find out more about how the organisation views this AI trend and how businesses can seamlessly implement the technology, check out the edited excerpt of the interview.

For companies that have successfully implemented AI, what are the secrets behind their success?

Integrating an effective AI strategy can be pivotal to helping companies improve customer insights, elevate employee efficiency and transform overall decision-making. By introducing a systemised, easily accessible and understandable AI system, businesses can improve their data readiness and people capabilities alongside their technology workloads and processes.

Successful companies build unicorn teams and not just hire unicorn people. This means building teams of data and domain experts while also evolving their AI operating model, which simultaneously boosts the company’s AI maturity over time.

In fact, according to the Harvard Business Review, 85 per cent of companies that have successfully scaled AI use interdisciplinary development teams.

Businesses need to think about moving AI mainstream by tapping into collective intelligence and building communities of interdisciplinary business and data professionals across the entire organisation. This arguably solves two of the biggest blocks for AI at scale – hiring people with analytics and AI skills and identifying good business cases.

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

Establishing an AI governance strategy is also crucial for a company’s success. Oftentimes, teams either do not have these processes set up prior to deployment or do not have a vision to clearly move forward with the right projects that would be able to generate business value and deprecate the underperforming ones. We’ve seen that AI governance delivers end-to-end model management at scale, with a focus on risk-adjusted value delivery and efficiency in AI scale, all of which is aligned with existing regulations.

Success with this stems from teams making distinctions between proof of concepts, self-service data initiatives, industrialised data products and the governance needs surrounding each. While space needs to be given for exploration and experimentation, teams need to make clear decisions about when self-service projects or POCs should have funding, testing and assurance to become an industrialised, operationalised success.

Companies also need to pinpoint the right technologies and processes to enable the use of AI at scale. Harnessing an end-to-end platform brings cohesion across the analytics and AI project lifecycle steps. Buying separate tools for the company’s needs can become challenging and in order to get to a stage of long-term cultural transformation via an AI program, IT needs to be involved from the very beginning.

AI adoption can reveal challenges and areas for business growth – and the potential gains certainly outweigh the costs. When AI is collaborative and aligned with business objectives, it supports an open data-driven culture and improves efficiency for businesses across the board.

What opportunities are available for startups that are providing AI Solutions? How can they seize them?

Startups providing AI solutions are definitely in a favourable position, especially in APAC. In 2022 alone, 76 per cent of businesses in APJ adopted AI solutions within their ecosystems. Startups and SMEs can continue to differentiate and meet industry demands by creating innovative solutions that address specific industry challenges and pain points.

Also Read: RevComm’s MiiTel, Cloud IP phone powered by artificial intelligence, is changing how businesses engage customers

Many businesses are now also being run by second and third-generation leaders looking to modernise their legacy businesses. Startups and SMEs can tap into this by offering tailored AI solutions that automate processes, enhance decision making and optimise their operations.

Most importantly, perhaps, is making AI accessible and understandable.

Is there anything that governments can do to support businesses in their journey to embrace AI? What kind of support do they usually need?

With many governments looking to use AI within their operations and public service delivery, there are several programmes and initiatives to ensure greater access and, thus, easier adoption of AI across the region. Countries that have seen success with their AI adoption processes have been those with clear and transparent digital blueprints for businesses to model themselves after; for instance, having clear measures outlining data privacy, security, infrastructure and data sharing across sovereignty.

A clear blueprint along with investment to fund the development of AI and investment into workforce readiness will help accelerate the AI adoption process across the region.

This includes providing financial assistance and tax incentives through programmes such as the Productivity Solutions Grant and The Malaysia Artificial Intelligence (AI) Roadmap, to accelerate digital transformation, prioritising investment in sustainable and responsible business practices, and insulating their operations from macroeconomic volatility.

Also Read: Will China lead the Artificial Intelligence game by 2030?

When it comes to Government AI readiness and maturity, Singapore holds its own – leading in two out of three pillars against countries such as the US. This is a result of the Singapore government’s committed and innovative approach to digital government, paired with a business-friendly legislative environment. The nation undoubtedly serves as an example of how this pairing can breed productive public-private partnerships to support public-sector innovation.

As more businesses continue to move online, having policies that support e-commerce and digital trade will allow them to expand their reach globally and continue to contribute to APAC’s overall economic growth. At the same time, governments should continue to encourage foreign investment to help promote innovation and job creation, which will be key to steering key sectors into the next phase of growth.

Ultimately, people will always be our greatest assets. Investing in infrastructure and education will enable us to build a future-ready skilled workforce, particularly around ICT and Artificial Intelligence.

In Southeast Asia, what kind of changes do you predict we will see in the next few years when it comes to AI adoption?

I would liken the future of AI to the dawn of the internet – it completely changed how we live, work, and play. That’s what we can expect from AI and more over the next few years at a progressively faster pace.

According to the recent IDC InfoBrief commissioned by Dataiku, AI platforms are going to be the fastest-growing software category between 2022 and 2026. This growth is driven primarily through use cases across customer experiences, business process automation and industry-specific applications. There has also been a noticeable shift towards cloud computing, with over 73 per cent of AI workloads projected to be residing on the cloud by the end of 2026.

From reshaping the future of work to the impact that AI will have across industries, businesses should start looking into AI adoption if they haven’t already to ensure that they don’t get left behind, allowing the region to unlock its fullest potential with the help of AI truly.

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Image Credit: RunwayML

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Amidst the AI revolution, e27 presents a new series showcasing how organisations embrace AI in their operations.

Raunak Mehta is Co-Founder and CEO of Singapore-based insurtech firm Igloo. With a background in e-commerce and technology, Mehta previously held roles at notable companies, such as Flipkart and ZALORA Group.

He joined Igloo as its Chief Commercial Officer in 2018, leading its expansion into multiple countries and securing partnerships with entities like Lazada, Shopee, and Bukalapak. Igloo recently announced its US$19 million Series B financing round, bringing its total capital to over US$36 million.

In this edition, Mehta shares how Igloo has embraced Artificial Intelligence.

Edited excerpts:

How do you perceive the AI revolution and its potential impact on your industry and workforce?

The excitement surrounding Artificial Intelligence is unquestionably justified. When evaluating the potential of this remarkable technology, it is crucial to consider its capacity to impact many individuals. What sets AI apart is its ability to operate on a grand scale, making it readily accessible to anyone with a smartphone.

Like most other industries, insurance will significantly benefit from the AI revolution. It has emerged as a powerful technological marvel that can transform risk management, underwriting, and claims processes. Forbes reports a remarkable 60 per cent increase in operational efficiency in the insurance sector due to AI. Alongside this, claims accuracy has nearly doubled, substantially improving customer experiences.

Through AI, insurers are better equipped to assess risks, detect fraud, and improve overall accuracy and efficiency — especially with the addition of machine learning. It also helps streamline processes and create a more seamless customer experience.

In what ways has your company embraced AI technologies to improve operational efficiency or enhance business processes?

Igloo aims to make insurance affordable and accessible to all, and technologies like AI enable us to do so. For example, our platform Turbo uses AI and ML to provide agility and adaptability to our insurance management systems. Through Turbo, we can operate across multiple business lines and deliver the same products and services via different distribution channels.

Turbo also uses a no-code approach, quickening the product launch or update process. It also helps reduce errors and inconsistencies by centralising the product launch process.

Can you share specific examples of how AI has been integrated into your workforce to streamline operations or drive innovation?

Our team has developed a groundbreaking technology that harnesses the power of AI to provide protection. Through AI, we have delivered seamless customer experiences and reached a wider customer base.

Also Read: Balance AI tool benefits with end-customer needs: Jon Howard of Bud

To create fuss-free claims management, we use AI to enable customers to make claims directly through their mobile apps, thus saving waiting time and reducing complexity. For example, customers protected under our gadget protection can submit claims through their phones, needing only pictures as proof.

Through extensive training, we have empowered our system to detect cracked screens with remarkable accuracy. This innovation allowed us to reduce false claim rates by an impressive 50-60 per cent, ensuring a seamless user experience.

We also combine AI with big data and predictive analytics in our insurance products, such as auto insurance, to assess risks in real time and create end-to-end automated claims management. This allows us to implement a dynamic pricing model, ensuring no customer pays more than they deserve.

What challenges or concerns did you encounter when implementing AI technologies within your organisation, and how did you address them?

When we launched Ignite by Igloo, our AI-powered platform that helps insurance intermediaries enhance productivity and enables a faster sales cycle, there were few insurtech players in Vietnam. Agents at that time were only used to working traditionally with face-to-face transactions.

However, our perseverance in changing agent mindsets through regular training helped them keep up with new technologies and enhance their sales productivity and income.

We upgraded the platform from two products and simple features to over 20 advanced features with user experience at the heart of things. ​​From 200-300 agents at the beginning, we now have 16,000 agents nationwide who can work anywhere and sell insurance products anywhere as long as they’ve got internet access.

How do you ensure transparency and uphold ethical considerations in using AI technologies within your organisation to mitigate privacy concerns?

There are concerns about AI shaping our perceptions and perpetuating negative biases. To navigate these challenges responsibly, we must prioritise ethical considerations, ensuring diverse and unbiased training datasets. Our collective responsibility is to promote transparency, fairness, and inclusivity in AI development, harnessing its potential while mitigating negative societal impacts.

Organisations should adopt a privacy-by-design strategy, gaining informed consent from users, reducing data collection, and implementing safe data storage mechanisms to maintain transparency and uphold ethical principles in using AI technologies.

Also Read: AI must be used to enhance team members’ expertise, not to sideline them: Ravi Dodda of MoEngage

Techniques for anonymisation and de-identification can further safeguard user privacy. To overcome biases, encourage user education, and adhere to applicable regulations, regular third-party audits, open-source projects, and continuing monitoring are crucial.

How do you ensure that AI technologies complement your workforce’s existing skills and expertise rather than replacing or displacing human workers?

Our approach at Igloo is always to upskill rather than replace. We have a team of enthusiastic individuals who are always eager to try new things and embrace new working methods. We prefer to supplement our expertise with new knowledge and experiences.

How do you envision the future collaboration between humans and AI? What role do you see AI playing in augmenting human capabilities?

I am excited at the potential that AI can offer, and I expect AI to play a major role in all walks of life in the future. AI will never be a replacement but a way to augment human capabilities by taking on more data-intensive tasks and taking us beyond what’s possible. AI will be everyone’s favourite co-worker in the workplace, aiding decision-making and simplifying complex tasks.

For insurance specifically, AI can potentially transform every aspect of the industry. AI can crunch big chunks of data to provide actionable insights, leaving human agents to focus on more difficult service areas.

For example, AI has allowed insurers and insurtech firms to heighten focus on customer experience by making the purchase process simpler and safer. AI can be used to actively monitor potentially fraudulent activities by utilising past instances of fraud and detecting suspicious activity. With AI, there is the potential to use predictive analytics to study demand, implement dynamic pricing, and create new products.

Having said that, humans must still provide the creativity, empathy, ethics, and complex decision-making skills that AI lacks. There are many considerations to make before implementing AI to such an extent, namely ethics and accountability.

What advice would you give to other company founders looking to leverage AI in their workforce?

It is common for people to avoid change. Many founders in Southeast Asia tend to be averse to AI due to the many challenges that they may face while implementing it. I would advise them to conduct thorough research into AI and understand how it can be applied to their business and operations. AI provides many benefits, and it is essential to understand which ones apply to your business.

I would also advise them to upskill themselves and encourage their team to do so. AI is not a replacement but a complementary addition.

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Fundraising or preparing your startup for fundraising? Build your investor network, search from 400+ SEA investors on e27, and get connected or get insights regarding fundraising. Try e27 Pro for free today.

The post AI’s distinction lies in its vast scale and accessibility: Raunak Mehta of Igloo appeared first on e27.

Tenity has announced the selection of 13 early-stage startups for the sixth edition of its incubation programme in Singapore.

The startups from seven different countries represent diverse business verticals, including wealth management, real estate, e-commerce, financing, payments, insurance, and Web3.

They will receive an initial S$70,000 investment each from the Tenity Incubation Fund II.

The 13 startups were selected from more than 230 applications.

During the rigorous four-month programme, the startups will receive extensive support to refine and validate their business ideas and go-to-market strategies. They will also have access and guidance from Tenity’s distinguished alumni, seasoned mentors, and our global investor network.

The programme will culminate with a Demo Day event on November 23, 2023.

Also Read: AI’s distinction lies in its vast scale and accessibility: Raunak Mehta of Igloo

Below are the brief profiles of the 14 startups of Singapore Incubation Batch VI:

Alpyne Labs (India): Alpine provides on-ramp/off-ramp services for emerging markets, including India.

Ambrela.Money (India): Ambrela.Money is a wealth management marketplace that provides access to proper financial services for the growing number of middle-class families in India.

Bursement (Singapore): Bursement is a finance AI tool that helps growing tech startups automate manual finance tasks while maximizing cost efficiency and productivity.

ChainArgos (Singapore): ChainArgos is a blockchain data and analytics startup building a searchable blockchain platform. In a future where assets are tokenised, ChainArgos scales to bring transparency and make sense of blockchain transactions.

Fuelgrowth (India): Fuelgrowth aims to provide eCommerce intelligence to everyone who wants to build and grow their online businesses. Fuelgrowth is an AI CoPilot for DTC brands and founders, helping them reach their true potential.

MedAdvance (Australia): MedAdvance is an alternative medical bill financing company that lowers the burden of upfront costs for patients while improving the profitability of the clinics and doctors.

MetaCare (Philippines): MetaCare is a health & wellness marketplace providing benefits and protection plans for gig workers or SME employees at an affordable price by aggregating the negotiation power of these under-served individuals.

Mintpay (Sri Lanka): Mintpay is an alternative payment service provider that helps retail customers pay for goods on credit terms while also enjoying discounts and rewards.

Pints.ai (Singapore): Pints.ai is a verticalised AI company specialising in the financial services sector, helping financial institutions maximise the power of their aggregated data.

Pin’J (Indonesia): Pin’J is a closed-loop working capital financing company for underserved gig workers, helping them to pay for mission-critical expense categories.

P33R Finance (Singapore): P33R Finance is a DeFi, self-custody, P2P platform helping users on/offramp faster, safer, and cheaper.

SupplyLine (Bangladesh): SupplyLine offers an integrated digital tool for small retailers to manage their daily operations and inventory while accessing working capital and invoice financing opportunities to improve their operations and cash flow.

Thatch (Singapore): Thatch revolutionises renting, providing agents and tenants with a holistic tool to improve efficiency and convenience. It digitalises and streamlines every step of the rental journey with documentation, capture and payments.

Applications are now open for Incubation Batch VII in Singapore, Batch XII in Switzerland, and Batch III in Nordics.

Tenity is an innovation ecosystem for fintech and insurtech, with hubs in Switzerland, Singapore, Nordics & Baltics, and Spain. Its vision is to create the future of finance by accelerating tech startups and connecting them with big business, investors and industry experts.

Since its inception in 2015, more than 280 tech startups have participated in Tenity programmes, both at early stages and growth stages, attracting more than US$370 million in funding. Through its integrated investment arm, Tenity seeks to invest in up to 400 early-stage companies through its flagship incubation programmes.

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Below are the brief profiles of the e27 Connect investors who invested in startups in Southeast Asia in the past week.

Jungle Ventures

Jungle Ventures is a Singapore-based VC firm that invests in and helps build tech category leaders from Asia. It invests in early and growth-stage companies.

Verticals: Consumer, enterprise solution, finance, and SaaS.
Based in: Singapore
Investment locations: Singapore, Indonesia, India, Malaysia, Thailand, and Vietnam
Stages: Pre-Series A/bridge, Series A, Series B, Series C, and above.
Investment range: US$1M to US$15M
The startup invested: Neurowyzr

Antler

Antler empowers early-stage founders to find a co-founder or access capital to build and scale startups faster.

Verticals: All/any
Based in: Singapore
Investment locations: All/any, Singapore, Vietnam, and Indonesia.
Stages: Pre-seed, seed, pre-Series A/bridge, and Series A
Investment range: US$125K to US$8M
The startup invested: Mole

AppWorks

Based in Taiwan and founded in 2009, AppWorks is a startup accelerator and VC firm built by founders for founders.

Verticals: All/any
Based in: Taiwan
Investment locations: Singapore, Thailand, Vietnam, the Philippines, Indonesia, Malaysia, Myanmar, Cambodia, Laos, Brunei, and Taiwan
Stages: Seed, pre-Series A, Series A, Series B, Series C and above
Investment range: US$200K to US$15M
The startup invested: PrimaKu.

BRI Ventures

BRI Ventures (BV) is a corporate venture capital initiative backed by Bank Rakyat Indonesia, headquartered in Jakarta.

Verticals: Finance and SaaS
Based in: Indonesia
Investment location: Indonesia
Stages: Series A, Series B, Series C and above
Investment range: Not specified
The startup invested: PrimaKu.

Wavemaker Partners

Wavemaker Partners invests in a broad range of technology-driven companies in the US and Southeast Asia.

Verticals: All/any
Based in: Singapore
Investment locations: Hong Kong, Singapore, the Philippines, Thailand, United States of America, Indonesia, Vietnam, Malaysia, Brunei, Myanmar, Cambodia, Laos
Stages: Angel, seed, pre-Series A/bridge, Series A
Investment range: US$250K to US$5M
The startup invested: Pi-xcels.

Earth Venture Capital

Earth Venture Capital is a global VC firm that aims to empower, nurture and sustain global-mindset tech startups with solutions to prevent climate change.

Verticals: AI, robotics, energy, and IoT
Based in: Vietnam
Investment locations: Vietnam, Singapore, Hong Kong, Indonesia, Malaysia, the Philippines, India
Stages: Pre-seed, seed, pre-Series A/bridge, Series A
Investment range: US$500K to US$1M
The startup invested: Solar AI.

Investible

Investible is an Asia-Pacific-based VC firm investing in technology companies globally.

Verticals: All/any
Based in: Singapore
Investment locations: All/any, Singapore, Australia, Indonesia, Malaysia, the Philippines, Vietnam, New Zealand, United States of America, Poland, Israel, Denmark, the UK, and Canada
Stages: Pre-seed, seed, pre-Series A, and Series A
Investment range: US$200K to US$1M
The startup invested: Solar AI.

Gobi Partners

Gobi is a leading investor in early-stage digital media and technology companies.

Verticals: Advertising, Big Data, consumer, e-commerce, education, entertainment, finance, healthtech, ICT, media, SaaS, and travel.
Based in: Malaysia
Investment locations: China, Hong Kong, Singapore, Malaysia, Indonesia, Thailand, Vietnam, the Philippines, the UAE, and Pakistan
Stages: Seed, pre-Series A, Series A, Series B, Series C and above
Investment range: Not specified
The startup invested: CompAsia.

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The image used in this article is AI-generated.

The post A recap of last week’s investments by e27 Connect investors in SEA appeared first on e27.

My name is Jenny Zheng, Co-Founder of Blockcast.cc, and I’m excited to share some incredible insights from my recent participation as a moderator at a recent talk show episode titled “Blockchain Beyond Borders: Building Global Bridges for Innovation and Adoption.”

The event took place in Dubai, where industry experts convened to dive into the transformative power of blockchain technology. Our panel included some remarkable names: Anndy Lian, an intergovernmental blockchain expert from Singapore; Kris Bennett, Co-Founder and Chief Learning Officer of the Blockchain Training Alliance in the USA; Raj Kapoor, Founder and CEO of the India Blockchain Alliance; and Shailesh Kunnath, Co-Founder of Masary Capital in the UAE.

Identifying peal solutions amidst the fluff

During our engaging discussion, we delved into the pivotal factors that define success in the world of blockchain. To kick things off, Kapoor underscored the crucial importance of solving tangible real-world problems with blockchain solutions.

Kapoor aptly pointed out the overabundance of proposals that lack substance, urging entrepreneurs to rise above the noise. According to him, true innovation requires addressing genuine challenges or elevating existing solutions to create a meaningful impact.

Critical criteria for sustainable blockchain projects

As the conversation flowed, I shared my perspective on the essential criteria I employ to assess blockchain projects. My focus rests on the urgency of addressing real-world issues, ensuring that projects demonstrate their ability to enhance solutions or tackle pressing matters.

I don’t stop at the financial aspects; I look deeper into the commitment and tenacity of project promoters. I also emphasise the value of validation, whether through a small customer base or a proof of concept.

Additionally, I gauge the dedication of project promoters and whether their family and friends have invested in their vision. These insights underline the intricate nature of project evaluation.

Perspectives on blockchain adoption

Bennett joined in to offer his unique take on blockchain adoption. He highlighted the common tendency to prioritise technology in emerging sectors, cautioning against overlooking practicality and tangible value.

Also Read: Blockchain disruption, EV roaming network, healthcare collaborations, and fintech expansion make waves in SEA

Bennett challenged the notion that being first to market guarantees success, drawing a historical parallel to Amazon’s ascent in e-commerce. He emphasised the importance of conveying value without solely relying on technical jargon.

His advice? Entrepreneurs should articulate their solutions’ benefits independently of blockchain or crypto references. Moreover, Bennett stressed the significance of cultivating a well-rounded team with diverse expertise to drive success.

Community, education, and future growth

Lian shared his insights, shedding light on the role of education and community in nurturing blockchain growth. He emphasised that education should encompass entire ecosystems, including venture capitalists and regulators, not just individuals.

Lian applauded Dubai’s proactive stance in fostering blockchain education and innovation. Lian also stressed the vitality of a vibrant and supportive community for sustained blockchain adoption. He championed collaboration among stakeholders to propel the technology’s advancement.

Regulatory strategies for blockchain innovation

Shifting the spotlight to regulatory matters, Lian, drawing from his experience with governments and regulatory bodies, highlighted the evolving landscape of blockchain regulation. He acknowledged the challenges countries face in establishing regulatory frameworks for this emerging technology.

Lian emphasised the significance of cross-border transactions and the need for cooperation to ensure financial sector stability. He advocated for clear regulatory guidelines to nurture blockchain’s growth while safeguarding financial systems.

In conclusion

As we navigate the evolving world of blockchain, collaboration, education, and problem-solving, emerge as pivotal pillars for success.

The insights shared by our esteemed panellists underscore the dynamic nature of the blockchain landscape, revealing the need for innovative solutions, cohesive teams, engaged communities, and regulatory clarity to unleash the technology’s transformative potential on a global scale.

Amidst the opportunities and challenges, one thing remains certain: the journey to success is illuminated by innovation and collaboration. Stay curious and keep exploring the blockchain frontier!

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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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The post Blockchain beyond borders: A dive into global collaboration and innovation appeared first on e27.

It’s no secret that a significant part of passenger and carrier transportation in Indonesia is being operated by using motorcycles.

Bikes are the most popular type of transport in Indonesia due to the local road systems and narrow streets. But more importantly, they come at a lower cost compared to cars, and their overall maintenance is more affordable.

Additionally, Indonesian cities are known for serious traffic jams and dense traffic. Motorbikes help carriers to move more easily and quickly under such conditions. With their good manoeuvrability and the ability to navigate through narrow passages and dense traffic, motorbikes are attractive for transporting passengers and goods in urban settings.

Despite the obvious advantages of using motorbikes for passenger and courier transportation, Indonesian carriers face a number of challenges.

Meet Dede Suherman

Dede Suherman is a common Indonesian carrier. Passenger carriage is everything Suherman is doing for living and supporting his family. He was facing some financial struggles due to frequent bike breakdowns, but couldn’t afford a new one. At the same time, his credit applications were being rejected by numerous banks due to the inconsistency of the scoring system with the type of his occupation.

Once, while waiting for his bike to go through another repair in the workshop, Suherman was scrolling through his Instagram feed. He came across an advertisement for a subscription service offering new motorcycles from IVITECH.Drive. Despite getting used to his applications always being rejected, Suherman decided to try his luck.

This time, things were different: after the application went through the review process, it was accepted. Suherman received a new bike through a subscription with small daily payments. Here’s what he says about this experience:

“Honestly, I wasn’t expecting much. I got tired of regular refuse from banks. Being approved made me see that fintech is open to everyone. These instruments offer fantastic deals alongside affordable and comfortable payment methods. The registration process was easy and seamless, making the entire experience enjoyable.

“I believe that with such services, the whole industry will be able to thrive and make transportation fast and affordable with minimum expenses for drivers and passengers. I’m delighted to have a new electrobike and get back to my work.”

Also Read: How startups can help solve Indonesia’s environmental crisis

Suherman is just one of the thousands of Indonesian drivers who got the opportunity to do their work without worrying about tomorrow. Now, let’s review the most frequent struggles that are being faced daily by Indonesian carriers. 

What does it take to be a carrier in Indonesia? 

Even though the Indonesian ride-hailing market is valued at US$2.67 billion and is expected to cross a net valuation of US$4.66 billion, the drivers themselves are still facing a huge spectrum of issues. Here are the most common and critical ones: 

• High operating costs: Despite relatively lower maintenance costs for motorbikes, they can still be hard to cover for many carriers, especially if they aren’t part of a taxi fleet or vehicle owners themselves. Fuel, maintenance, insurance, and other operational expenses can significantly exceed carriers’ earnings.
• Access to financial services: Some carriers may struggle to access basic financial services such as loans or credit due to the non-standard nature of their work and the lack of a fair scoring system for businesses and individual carriers.
• Low earnings and income instability: Many carriers in Indonesia experience low earnings due to intense competition and market saturation. It is important to mention that frequent bike repairs are holding the drivers from their daily work and making them wait for transport to be fixed. This leads to income instability, making it difficult to cover expenses and support their families.

What can fintech do about it?  

Fintech can play a crucial role in solving the struggles of Indonesian carriers. The inability of banks to score carrier companies and individual drivers is a known issue that keeps the industry from developing and growing.

Fintech offers enterprises and entrepreneurs innovative scoring systems. Based on these analyses, banks can easily offer the needed funds without any risks. So, first and foremost, fintech makes it easier to apply for a loan and raises the chance of approval. 

The other way that fintech can become a saviour for the ride-hailing industry is that these platforms can provide affordable paying methods that will allow carriers to access bikes without the need for large initial investments. This can be implemented through small daily subscriptions, which will make bikes more accessible to those who face financial constraints.

Needless to say, fintech platforms encourage the “green revolution” of Indonesia’s motor scene by providing riders with eco-friendly electric bikes instead of old, dangerous and harmful fuel-powered ones.

Final thoughts

The story of Suherman tells us that we, as fintech startups, should develop our services to be able to help more and more people across the world solve their financial issues. Together we can help other services, such as taxi and delivery, to improve and rise. And this will most definitely make the world a better place.

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Singapore-headquartered Geo Energy Resources, through its newly incorporated subsidiary Geo Electric, has entered into a US$4 million loan agreement with Indonesian electric motorcycle company Charged Asia Pte. Ltd (CAPL).

As per this deal, Geo Electric has the right to convert the outstanding amounts and all accrued interest under the loan into ordinary shares of CAPL. The loan carries an interest of 12 per cent per annum for 24 months or until conversion, whichever is earlier.

Furthermore, Geo Energy can enter into further agreements with CAPL to increase its capital investment for up to an additional US$36 million to become the majority shareholder.

CAPL manufactures and distributes “competitive and affordable” electric motorcycles. It has developed three motorcycle models and claims to have delivered more than 1,000 motorcycles in Indonesia, Malaysia, and Vietnam. With a zero-emission production facility in Indonesia, CAPL aims to sell 10 million motorcycles in Asia Pacific over the next ten years.

Also Read: There is talent shortage in the e-motorcycle space in SEA: ION Mobility CEO

The company’s other backers are DeClout Ventures (the corporate VC arm of Exeo Global) and Vmoto (a fully integrated, new energy e-mobility solution provider).

Charles Antonny Melati, Executive Chairman and CEO of Geo Energy, stated: “The group understands that pollution and healthy environment is a growing concern in Indonesia, particularly in Jakarta and Jabodetabek area. Jakarta topped the list as the world’s most polluted city and registers unhealthy air pollution levels nearly every day.”

“After careful deliberation and analysis, the group has decided to expand its business by investing in CAPL. The investment will scale up the group’s financial resilience with the additional stream of revenue and income and contribute to a greener and improved living environment for our future generations,” he added.

To ensure successful execution, the Group will collaborate closely with CAPL to grow its business toward becoming a key player in the EV industry within the Asia Pacific region.

Geo Energy Resources is a major Indonesian coal producer with an established track record in operating coal mines, coal production and selling coal throughout the region.

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In 2015, e27 spoke to Tokopedia to understand their plans and vision for the Indonesian market. In our interview, co-founder William Tanuwidjaja spoke of their ambition to expand their reach to the eastern part of the archipelago.

Today, in 2023, the company has finally managed to reach that goal.

From August 2022 to July this year, Tokopedia shares the following data:

– Areas with the highest increase in the number of sellers, especially outside of the Java island, are Southeast Aceh (Aceh), Padang Lawas Utara (North Sumatra), Malacca (East Nusa Tenggara), Central Buton (Southeast Sulawesi), and Teluk Bintuni (West Papua), with an average increase of almost four times.

– Areas with the highest increase in the number of transactions are Natuna (Riau Islands), North Lombok (East Nusa Tenggara), Deiyai (Central Papua), Arfak Mountains (West Papua) and Nduga (Mountain Papua), with an average increase of 8.5 times.

It also recorded that almost three-fourths of the inter-island transactions on the platform over the past year used Free Shipping, just one of the features that Tokopedia offers for sellers on their platform.

Also Read: Geo Energy inks US$4M loan agreement with Indonesian EV firm Charged Asia

“When it comes to utilising tech, this is where things become interesting because Indonesia is quite unique in that the market does not start off with desktop; it jumps straight to mobile devices. We need to incentivise and educate the users to be more familiar with using mobile devices for e-commerce,” says Puput Hidayat, Vice President of Seller Experience, Tokopedia, in a call with e27.

“With the 14 million sellers that we have across Indonesia today, they all have varying levels of digital literacy. Some are familiar with the internet through socials and other apps; others are completely new. There was a time around two years ago when we did field outreach to sellers, they would ask us questions such as where to download apps.”

Hidayat leads a team responsible for sellers’ experience on the Tokopedia platforms, strategising to help them grow sales.

“Before the pandemic, we focused more on the adoption of the tech itself due to many sellers’ reluctance to embrace online selling. There is a stigma that prices on e-commerce are lower, which will negatively affect margins. Online is also believed to be more costly as sellers also have to cover shipping fees,” Hidayat explains.

“The pandemic provides a blessing in disguise because sellers are forced to adapt to tech, to move online as they can no longer rely on offline alone. That is where we see tremendous growth for seller adoption, especially in cities where we originally had no presence, especially in Sulawesi and Maluku.”

Also Read: Empowering Indonesia with fintech: Dede Suherman’s journey

With adoption no longer being a challenge for Tokopedia, the company was now able to focus on other areas, including how to help sellers understand which area to invest more in and where they can improve themselves.

“This is where the data part of the equation becomes important. With this massive amount of users and activities in the platform, we can also see behaviours that are helpful for sales, and vice versa,” says Hidayat.

“This is why, post-pandemic, many innovations that we did are more related to data utilisation. For example, by using analytics tools to understand sales performance and how to advertise their products best, with what kind of campaigns.”

Hidayat names self-service features on the Tokopedia platform, such as its Fitur Wawasan (Insights Feature), as one example of its use of data.

“This might seem simple for the users, but this is the result of machine learning tech that we implement in the back-end. AI is a big theme this year, but the fundamentals are already being implemented here in the platform that we eventually translate into user experience. This is what we continuously improve in the later years after we experience a boom of adoption,” Hidayat stresses.

Bringing sellers on board the Tokopedia platform

The existence of these features helps Tokopedia attract sellers to its platform, something that is directly related to its business model.

“When it comes to business model, it has to enable both sellers and us to grow together. The barrier of entry to selling on Tokopedia is very low; it’s free to start selling on our platform. However, as business becomes more competitive, sellers might require more features to increase their competitiveness. This is where they can opt-in for membership services PowerMerchant and Official Store,” Hidayat explains.

Also Read: Empowering Indonesia with fintech: Dede Suherman’s journey

In addition to developing its own solutions to support sellers, Tokopedia also collaborated with other parties, such as the local government, to develop an empowerment programme for SMEs.

“That way, we do not just place the features on our platforms without having the sellers know about it,” says Hidayat.

In the future, following its IPO in 2022, Tokopedia aims to continue on utilising the latest tech in its product development.

“We have massive data that we can use to create predictive analytics through machine learning, and we use them for our Fitur Wawasan,” Hidayat closes. “This is to help strengthen our zero-barrier approach to e-commerce for our sellers.”

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Image Credit: Tokopedia

The post How Tokopedia shifts user acquisition and product strategy to tackle contemporary challenges appeared first on e27.

 

Dear Pro member,

Is the ChatGPT boom over?

The explosive boom of ChatGPT, once a revolutionary breakthrough in AI-driven conversational technology, has begun to taper off.

Initially hailed for its remarkable ability to generate human-like text and engage in diverse conversations, limitations have come to the forefront. Users have encountered instances of biased, inappropriate, or nonsensical responses, eroding the trust in its reliability.

The initial fascination has also waned as the novelty wore off, revealing the tool’s inability to deliver deep insights or truly understand the context consistently.

Concerns about data privacy and security have also played a role, with users apprehensive about the potential misuse of their interactions.

Moreover, the competitive landscape has evolved, with newer models addressing some of the predecessor’s shortcomings. While ChatGPT remains a valuable tool in various applications, the initial unbridled enthusiasm has transformed into a more balanced view of its capabilities and limitations, marking a shift from an era of unfettered growth to one of refined expectations.

Not just ChatGPT but many other AI projects are also losing their sheen. This is the highlight of today’s Ecosystem Roundup.

We also have many other exciting news and feature articles in today’s edition.

Happy reading.

Sainul,
Editor.

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Is the AI boom already over?
The new AI-powered Bing search hasn’t made a dent in Google’s market share, ChatGPT is losing users for the first time, and the bots are still prone to basic errors that make them impossible to trust.

Indonesian EV maker ALVA raises US$50M Series B
The investors include Horizon Ventures, Indika Energy, and HH-CTBC Partnership; Started in May 2022, ALVA has launched two EV models — ALVA One (motorcycle) and ALVA Cervo.

PropertyGuru to shut down Indonesian business Rumah.com
According to PropertyGuru CEO Hari V. Krishnan, the company made the strategic decision to prioritise its investments on other opportunities; Rumah, acquired by PropertyGuru in 2011, is the second most-visited property portal in Indonesia after 99.co.

Alipay declares live commerce ambitions in pre-IPO growth chase
The fintech giant also announced an updated international version of Alipay that promised to make it easier for foreign visitors to China to use the digital payment service using Visa and Mastercard.

Indonesian regulator wants the VCs to register locally
The regulator OJK is discussing plans to woo VCs to seek licences in the archipelago; It has met venture capital associations to discuss the feasibility of the plan.

Temasek, Touchstone launch climate startup competition in Vietnam
Called Net Zero Challenge 2023, the programme seeks to support climate solutions in Vietnam, which has received less funding compared to other tech sectors, according to a joint statement.

AntsBees sets aside US$860K to support AI-powered tech startups in Malaysia
The AI and robotics automation solutions provider will back startups focusing on the industries of education, healthtech or any field that could contribute to the AI tech ecosystem.

TikTok Shop to capture 13.2% of SEA e-commerce market share: report
The e-commerce arm of TikTok is on course to reach its US$15B GMV target in 2023; This would place TikTok Shop’s market share in the region at the same level as Tokopedia, estimated at 13.9%, and Lazada, estimated at 17.7% this year.

Dubai to attract over 600 new web3 ventures by end of 2023
Dubai’s move to extend heavily subsidised commercial license for enterprises in the AI and Web 3.0 sector is predicted to lead to an immediate spike in web3-centric investments across UAE.

‘We aim to make early cancer detection accessible on a global scale’: Mirxes CEO
Mirxes has developed a miRNA tech platform, which it claims can accurately and reliably measure miRNAs in human blood by increasing detection sensitivity and reproducibility.

‘AI must be used to enhance team members’ expertise, not to sideline them’
To thrive, workers should acquire new skills in AI, data analysis, and customer experience management, says Ravi Dodda of MoEngage.

Is the Philippine real estate market ready for the next wave of proptech?
An overview of the proptech scene in the Philippines in five numbers that provide clues to where the innovation compass is pointed.

Why bootstrapping remains the key to survival in Asia’s funding winter
Bootstrapping gives startups the opportunity to focus on sustainable and organic growth, ensuring they remain profitable.

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The image used in the article is AI-generated.

The post Ecosystem Roundup: PropertyGuru to shutter Rumah.com; Is ChatGPT boom over? appeared first on e27.