Moonfare, a global digital private equity (PE) investment platform with Asia Pacific headquarters in Singapore and Hong Kong, has raised US$15 million in a Series C extension round.

The investment came from 7 Global Capita, a cross-border VC firm investing in capital-efficient internet and consumer technology companies with market-leading potential.

This capital brings Moonfare’s total Series C round to over US$130 million. The startup earlier raised funding from Insight Partners, Vitruvian Partners and Swiss private bank Bordier & Cie.

Moonfare will use the new capital to fuel its growth plans.

Moonfare CEO and Founder Steffen Pauls said: “Individual investors and their advisors are increasingly seeking refuge in private equity, especially in current volatile public markets. We aim to meet this demand by giving an even broader range of like-minded investors access to our curated low-minimum private market funds.”

“We will offer new products, expand into new markets and strengthen our senior management team with seasoned private equity experts. We are well equipped to meet our growth plans for this year,” he added.

Moonfare provides individual investors and advisors with access to curated PE investment opportunities. With a digital onboarding process and asset management platform, Moonfare allows investors to register and invest in companies.

Also Read: How SMUA’s 12-day certificate programme equips you to detect potential FTX-like scams in future

To date, the startup claims to have offered more than 69 private market funds from top general partners worldwide, such as KKR, Carlyle, Permira, and EQT, with an emphasis on private equity buyouts, venture, growth and real asset categories like infrastructure.

Moonfare’s investment team conducts ground-up due diligence on all funds. Fewer than 5 per cent of available funds pass this process and make it onto its platform. It has over 3,00 clients who have invested more than €2 (US$2.13) billion on its platform.

The company increased its assets under management by almost 60 per cent to over US$2.3 billion in the last calendar year. The number of Moonfare investors grew by 40 per cent to 3,393, and the community of registered users more than doubled to over 48,000 in this period.

It recently increased the funds offered on its platform from 40 to 69 and entered into two new asset classes, Impact and Philanthropy.

Headquartered in Berlin, Moonfare operates in 25 countries across Europe, Asia, and America and has offices in New York, Hong Kong, London, Zürich, Singapore, Paris and Luxembourg.

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There are three billion gamers globally, with roughly half of them in the Asia-Pacific region. Southeast Asia alone boasts a US$5 billion video game market with 270 million gamers. With rising technological literacy, affordable smartphones, a young population, and improving internet infrastructure in the region, there is ample room for growth still.

Contrary to traditional gender stereotypes, recent data shows that video games are not only for boys. Women today already make up around 45 per cent of gamers in Asia, and the number is fast growing. India, Indonesia, and Malaysia are three of the top markets in APAC for female gamers playing on mobile, with other markets catching up neck-to-neck.

As we look for new growth engines in 2023, female gamers will play a significant role if businesses are equipped with the right insights to penetrate this new group of customers. In addition, the fast growth of mobile gaming also sparks a promising outlook.

Know your customers and give them what they want

Knowing your customers is at the core of any gaming business, which needs to tap into the emerging trends and reflect the diversity of their gamers’ profiles.

A recent report from Niko Partners found that the number of female gamers in Asia is growing at a rate of 7.6 per cent year-on-year, against five per cent for male gamers. Evidence from the US, however, suggests that only 30 per cent or fewer mobile games are believed to be designed for women, with 44 per cent of the top games on Google Play featuring male characters.

Also Read: 7 trends changing the reality of immersive gaming

Clearly, there are unmet market needs for games tailored to female players and featuring female characters. Notably, while male gamers are typically driven by competition (61 per cent), challenge (58 per cent) and learning new skills (58 per cent), female gamers are more likely to cite relaxation (47 per cent), fun and entertainment (45 per cent) and escapism (44 per cent) as reasons for gaming.

Therefore, brands looking to make the most of this growing demographic should gain a female perspective and speak directly to these needs to gain a competitive edge.

Offer more mobile-friendly games

Tapping into the growing market of female gamers also means a focus on the mobile experience.

Statistics show that 94 per cent of female gamers in the world’s top 10 games markets use mobile as their primary gaming platform, and mobile is the preferred choice in every major market in Asia. What’s more, 84 per cent of female gamers are willing to make in-game purchases.

Last year, they spent more than US$20 billion via in-app purchases to enhance their gaming experience. Focusing on mobile-friendly gaming design will largely help businesses stay close to their female users.

The growth of mobile gaming stretches across gender lines and connects more gamers from across the globe – and businesses are moving fast to ride on this momentum. Advances in hardware and big-name franchises, such as Mobile Legends and PUBG, have all widened the landscape of smartphone experiences. Backed by 5G technology and improved internet infrastructure, gamers are now able to unlock the connected and flexible gameplay experience on the go.

The rise of portable gaming has also provided a conducive environment for more people to join the games in a casual way. In 2020, a survey found that 23 per cent of gamers in Singapore are ‘time fillers’ who would play a quick round of mobile games while commuting or waiting. In 2021, the number of installations of such casual games grew even further by 49 per cent.

Unlike PC games which require a complete home setup, mobile games give commuters the flexibility to play wherever and whenever they want – and this is a trend that is expected to grow in coming years as travel resumes. For game developers, it is worth looking into more idle tap games and the like, which would give people a quick escape from the stress of life, turning boring situations into fun ones.

Find the right balance between safety and seamlessness

On the back end, security remains a priority as it safeguards gamers’ trust towards any gaming merchants who aspire to grow in the long run.

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

A recent report shows that password-stealing malware cybercriminals have set their sights on gamers – 185,689 passwords were stolen from 2,179 devices in seven months of last year. As games gain popularity, so does the security threat.

Preventing security risks not only requires good user habits but a robust security system enhanced continually. By setting up a dedicated security team and leaning on trusted payment partners like PayPal, gaming merchants can stay vigilant in monitoring suspicious activity, while gamers can rest easy knowing their data and payment details are in good hands.

Gaming merchants, we work with tell us that gamers tend to be impatient, so a great payment experience should never interfere with the gaming flow. For example, gamers value one-click payments, which allow them to save their information and check out quickly. A smooth website layout with intuitive clicks and a crease-free in-app purchasing process with minimal waiting time are game-changers worth investing in.

Game on and upwards in the year ahead

There is global consensus that the year ahead will be challenging, but emerging trends have suggested bright spots for gaming businesses. Creating more inclusive and mobile-friendly experiences is one way to seize the opportunity.

There is no doubt that inventive game design and brilliant code are essential to success, but the real end game is a winning customer experience from start to finish. With a payment partner that offers built-in security solutions, frictionless check-out, and cross-border capabilities, gaming merchants can focus on what truly matters for their business and audience – elevating and enhancing the gameplay.

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The startup ecosystem does not exist in a silo. By collaborating with various parties, including corporations in the banking sector, startups can tackle some of the most pressing challenges they face today.

According to Amanda Murphy, Head of Commercial Banking, South and Southeast Asia, HSBC, there are a number of challenges that startups face, especially as they are aiming to scale: From how to recruit suitable talents to managing the business side of things.

“They got a great product or a great service. So how do they scale that up? How do they get it available to many people? How do they access markets beyond their home market?” Murphy asks the big questions for founders to consider. “How do they do their banking, and what technology to use?”

These challenges often led to the biggest question of them all: How to secure the funding that can help them reach these goals. Murphy highlights that while many startups might start out by borrowing money from “the bank of Mum and Dad”, they need to expand their connections and tap other resources as they scale –including banks.

“That’s where we’ve been very supportive of startups, both here in Singapore and more broadly across the region. I think that’s where we have a role to play as corporations, by working with small companies who have an idea for a new product and how we can help them get that to market,” she stresses.

Also Read: Bizbaz raises US$4M in seed funding led by HSBC AM to accelerate product development

In this interview with e27, Murphy speaks about how the organisation works together with startups, the milestones that they have made, and what they intend to achieve in 2023. The following is an edited excerpt of the interview:

What is your philosophy in working with startups?

Our philosophy in working with startups is to speak their language.

We have a team of people who are specially trained to deal with startups because there are different questions that you are going to ask them. They do not have a 20-year history to share. Sometimes there is also a bit more informality [in communicating with startups] as we are seeing younger people come through the startup companies. So it is about how we match that as well.

Can you explain to me the existing support that is HSBC currently giving to startups?

We got a dedicated fund for Southeast Asia which is half a billion dollars available for startups. Because what we have found is that there are lots of opportunities in Singapore, Malaysia, and Indonesia. We got a very strong balance sheet both here and in another country, so we are utilising that for the benefit of startups.

We’ve got a US$200 million tech fund here in Singapore, focused on tech companies that are being established here in Singapore. That is to help those fast-growing companies expand through Singapore and into other parts of Southeast Asia and beyond.

We also got a tech fund in India for US$250 million dollars, and we got a tech fund in Australia as well.

We are just trying to say to those companies in that space that we are open here to support you. We also have companies who are starting up today and want smooth seamless, disruption-free banking. According to the market, we have the best products in that space. Whether it is our trade services products or cash management products, our transaction banking franchise is very, very strong. We process 1.1 million payments every day with 95 per cent of those through digitally.

Also Read: Singapore’s FX trading platform Spark Systems raises US$15M from HSBC, Goldman Sachs, others

From a trade perspective, we are the world’s largest bank by some distance, and we would finance a million dollars worth of trade every minute.

One of the key areas that we have been focusing on for the last number of years is a heavy investment in digital solutions. So we have spent US$2 billion in investment to improve our digital capabilities … that means we can co-create with startups, take our products, and make them work for you in a bespoke manner for each individual company.

The other thing that we have is an international footprint. Bringing startups to other parts of the world, and bringing other parts of the world to startups, is really important. We know Asia very well; we have been here for over 150 years.

What are the criteria for the startups that you are looking for?

There are no standard criteria. We look at each one on an individual basis. What we would like to see is the potential size of the market. Who are the people that are in it? Who are the people behind the project or the initiative? Do they have experience or knowledge expertise in that space? Will they be able to deliver? What is the business plan look like?

This is not a one-size-fits-all.

Is there any particular sector that you are looking at?

We do look at a lot of sectors. But in recent times, we have been quite focused on the new economy, thinking about these businesses that are established in that space and how we can continue to adapt our policies and our products for that.

Some key areas that we are watching are agri-foods, the use of tech in agriculture is a very fast-growing area. Health tech, you can imagine how COVID-19 has accelerated that. We are seeing some really interesting technological advances in there, whether it’s the use of AI to help solve patients’ queries or drug development.

Then the final one–there has been quite an explosion over recent years–is green tech. Everything from electric vehicles, charging points, packaging, virtual communication … all of those types of initiatives. So, we are seeing quite a bit of that and bouncing back to some of the more traditional industries such as transport, travel, and food. We saw them quieten down in certain areas through COVID-19 times, but they are bouncing back, and the recent announcements of China opening up have just added to that as well.

Also Read: Funding Societies gets US$50M credit facility from HSBC

What are the biggest milestones that you have made with these funds?

It centres on the partnerships that we have established. We partner with a number of tech firms as an organisation. We are ideating, generating new solutions, and thinking about how we evolve. We have used our funds to the benefit of some of the companies here.

If I look at some of the examples that I’m able to share with you, Funding Society … we have lent them US$50 million. They have gotten a credit facility in place, and they’re operating across Indonesia, Malaysia, Vietnam, and Thailand.

Also, Next Gen Foods. We have helped with some sustainable finance lending for them.

In India, in particular, we have opened bank accounts for over 1,000 new startups. We have also made a partnership with Zoho Books, enabling our customers to access that as well.

So, kind of moving beyond banking, bringing additional value-added services for our clients as well.

What is the big plan for these funds for this year?

The plan is to be very vocal about being open to supporting businesses here in Singapore and beyond. We support businesses through a mixture of funding and lending, but also through other bank products, services, and expertise. Also through the connections with each other.

We’re very bullish on the region; we think there’s a huge amount of opportunity. What we describe as the 3Ds–digitalization, dynamism, and demographics–if you think about Southeast Asia, the digital economy is worth in excess of US$200 billion and it is growing so fast, over 20 per cent every year.

On top of that, you have a very strong growing population, a young population that is growing at a median age is about 30.

Also Read: CXA Group raises bridge round of funding from Thai HR solutions provider Humanica, HSBC Life

Then you add to that the dynamism, and that is very apparent here in Singapore.

Those three things will really make a difference in this region. So we are very excited about what we can do. In a recent survey that we did of customers or non-customers, over 90 per cent said they expected to grow in this region. So, the business sentiment is very strong.

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Asa Ren, a DNA data company based in Indonesia, has closed a new US$8.15 million funding round co-led by Top Harvest Capital (US), Kejora Capital, and Marcy Venture Partners (US).

Northstar Ventures, Naya Capital, PT Diagnos Laboratorium Utama Tbk, and several prominent angel investors also joined.

The capital injection will allow it to deepen its digital capabilities, and develop clinical bioinformatics, an e-health passport, and a clinical-genomic database focused on non-communicable diseases.

In addition, Asa Ren also aims to add medical diagnoses and complete health data of the customers.

The Ministry of Health of Indonesia disclosed that more than 70 per cent of deaths in Indonesia are caused by preventable diseases that can be detected from their DNA (including diabetes, CAD, stroke, and cancer). However, only 17 per cent of the healthcare spending in the country is allocated to prevention.

Also Read: How SMUA’s 12-day certificate programme equips you to detect potential FTX-like scams in future

Asa Ren strives to solve this by providing wellness, nutrition and clinical bioinformatics data for Indonesians.

Founded by CEO Aloysius Liang, Asa Ren aims to accelerate drug discovery and personalised treatments for Southeast Asia’s healthcare industry by developing clinical-genomic databases from healthy and confirmed diagnostic populations.

Its solutions allow customers to understand and manage their healthcare data through their genetic profile, 360 phenotypes, and medical records for a more personalised healthcare experience.

Currently, Asa Ren provides a direct-to-consumer DNA test that offers more than 360 reports, including predisposed health risks, ancestry, and other reports for adults, young parents and children.

Asa Ren has signed service agreements with more than 47 prominent hospital and clinic partners and is expecting to grow its distribution footprint to more than 60 hospital and clinic partners by the end of 2023.

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In the first edition of its Workplace Learning Report, LinkedIn revealed that upskilling employees remains a priority for Learning & Development (L&D) executives in companies in Singapore.

This finding is followed by other focus areas: Creating a culture of learning, aligning learning programmes to business goals, and making learning more agile and measuring the success of learning.

In the report, Crystal Lim-Lange, CEO and Co-Founder at Forest Wolf, as one of the executives surveyed for the report, commented that “L&D is critical for staff engagement and retention.”

This statement is echoed by 98 per cent of organisations who stated that they feel concerned about employee retention. Seventy-seven per cent of the surveyed companies also said that they are using learning opportunities to improve employee retention.

The report also stated that L&D is seen as a “cross-functional effort” by 80 per cent of L&D professionals, who stated that their role has become increasingly cross-functional each year.

Also Read: What can local companies do in 2023 for workplace mental fitness?

In this matter, C-suite influence is also seen as continuing to surge, according to 86 per cent of Department Heads and 67 per cent of heads of HR/CHRO/CPO. “L&D pros are working more closely with company leadership to deploy upskilling or reskilling programmes this year than they were last year,” the report explains.

The Workplace Learning Report was published in conjunction with the launch of the LinkedIn Learning course.

The report surveyed learning leaders across Singapore and other Asia Pacific countries to understand how effective L&D programmes put people and skills at the centre of organisational success.

It is also published with the background of the recent layoffs that affect top tech companies in Singapore and Southeast Asia.

A NODEFLAIR report noted 13 media-recorded layoffs in Singapore in 2022.

“At least 1,270 tech jobs were retrenched from July to November 2022. Many of such layoffs were due to economic uncertainty and aggressive hiring during the tech boom amidst the pandemic,” the report stated.

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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.

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VFlowTech, a vanadium-based redox flow (VRF) battery company in Singapore, has announced a US$10 million Series A funding round led by Japanese VC firm Real Tech Holdings.

Returning investors, including SEEDS Capital, Wavemaker Partners, and Sing Fuels, joined the round. Michael Gryseels (Chairman of VFlowTech), İnci Holding (Turkey), Pappas Capital (US) and Carbon Zero Venture Capital (Singapore) also participated. 

VFlowTech will use the funds to set up a 200MWh production line capacity and scale up the manufacturing of its 250 kWh modular vanadium-based long-duration energy storage solutions. 

Also Read: VFlow’s recyclable energy solution with an expected lifespan of 25 yrs seeks to replace Li-Ion batteries

A portion of the new capital will be used to expand into Turkey, the US, Japan and India. It will also intensify its R&D efforts to improve its technology, increase system capacity, and explore new markets. VFlowTech will also look to strengthen the management team in the next year.

V-Flow was established in 2018 by Dr Avishek Kumar (CEO) and Dr Arjun Bhattarai (CTO), in collaboration with Entrepreneur First, with generous support from SG Innovate and the Nanyang Technological University, Singapore.

It claims to develop the cheapest and most efficient modular VRF batteries, which deliver long-lasting, reliable energy storage solutions for renewable integration at an affordable price. VRF battery works through the continuous reduction and oxidation reaction between the vanadium redox couples with no detrimental issues and with the cross-mixing of the redox couples. Due to this setup, the electrolyte has no degradation and the battery provides stable performance over 20 years.

V-Flow’s storage solution has an expected life span of 25 years and is safe and environmentally friendly battery technology.

To date, VFlowTech has commercially deployed 30 kWh and 100 kWh units for residential applications and has completed the production of its MWh system for large-scale microgrid applications. 

Its renewable energy storage solutions have already been deployed to meet energy needs in various parts of the world through joint partnerships in Africa and Southeast Asia, with two batteries set to be deployed in Singapore’s Pulau Ubin this year. 

With a team of 60 people, the firm is also researching the expansion of flow batteries for terminal usage and running a two-year trial to explore scaling flow batteries using storage tank infrastructure.

“Advancements in renewable energy storage solutions will drive the acceleration of cleantech and help other industries come one step closer to meeting their sustainability goals. We already see increased demand for our batteries in creating infrastructure for electric vehicle (EV) charging, peak shifting of renewables, grid services, gated communities, telecom towers, and round-the-clock renewable energy integration,” said CEO Kumar.

Also Read: ‘Singapore isn’t ready for mass adoption of EVs yet; hybrid may be better for the present’

“Grid-level energy storage is critical in the transition to sustainable energy and is among our chief focus areas. VFlowTech is accelerating the transition to renewable energy while offering a solution to the current bottleneck in efficiency with its technology. With the signing of our binding framework agreement, we will also have the opportunity to popularise this technology in the Turkish market,” said Zeki Şafak Ozan, CEO and Board Member of İnci Holding.

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The IMD World Digital Competitiveness study revealed that Singapore was ranked fourth in the world and first in Asia for digital competitiveness in government practices, business models, and society.

Although the government has made tremendous progress in its digital transformation journey, some crucial areas, such as the adoption of Conversational AI (CAI), still haven’t reached their full potential.

While the government is already using Conversational AI solutions to deliver better citizen services, e.g. the Inland Revenue Authority deployment of ‘Ask Jamie’ as their virtual assistant, there is a need to accelerate this adoption across different departments to meet the ever-increasing citizen demand for convenience and ease.

Why is Conversational AI needed in the public sector?

The number of citizens that government agencies serve can range from hundreds to potentially millions. Handling complaints/enquiries individually are time-consuming and difficult. Moreover, the public tends to inquire about issues that revolve around a common topic, usually with the same questions being asked.

Without Conversational AI technology to handle such common queries, public servants will be hard-pressed to address only urgent citizen issues while spending more resources and manual intervention.

A good example of what Generative AI and NLP bring is evident in public health crises like COVID-19. During such situations, it can be challenging to harmonise and disseminate crucial information correctly and timely across different government portals. There is the possibility of providing outdated or incorrect information to the public, which can lead to public discontentment. 

Also Read: Preparing for the AI revolution: Ensuring a positive outcome for humans

This is where automation through Conversational AI technologies such as chat and voice AI agents steps in. With a small number of inquiries usually constituting the bulk of requests, the use of advanced bots, such as Dynamic AI agents, can boost productivity and efficiency, improving the overall process of citizen services by allowing civil servants to focus on more pressing issues. 

How can Conversational AI make citizen experiences personalised and convenient?

Conversational AI solutions can improve the efficiency of government services by automating repetitive tasks and processes. By using a standardised system for answering questions, such solutions can provide instant, consistent and accurate information to citizens, reducing the likelihood of errors or misunderstandings. 

Dynamic AI agents can also handle a myriad of tasks,  from providing citizens with the appropriate information to helping them schedule appointments with government agencies, and sending reminders for these appointments, simplifying a task that would otherwise be time-consuming.

Government employees will have more free time to focus on more complex and high-priority tasks, ultimately improving the overall efficiency of the institution. This can enhance the trust and confidence of citizens in their government, ultimately leading to a more effective and responsive public sector.

Conversational AI solutions can also be useful for interactions between different government agencies. Intragovernmental agencies can use it for different services and inquiries, such as — IT help desks, legal, HR, financial services, etc., more consistently and effectively. 

In addition, CAI also has the potential to greatly benefit and contribute to government services where such applications are commonly overlooked, such as taxation and social healthcare.

Taxation

Dynamic AI agents can be used in the field of taxation to assist taxpayers in filing their tax returns. By providing real-time feedback to taxpayers on the accuracy and completeness of their information, chatbots can prevent errors and ensure that tax returns are filed correctly, potentially reducing the number of rejected or delayed returns.

This can help make the process of filing taxes easier and more efficient, potentially saving taxpayers time and money.

Also Read: How technology is making our food safer

The automation of many of the tasks involved in tax filings, such as data entry and calculation, can also help reduce the workload on tax administrators, freeing them up to focus on more complex tasks. Overall, this improves the efficiency of the tax filing process and improves the user experience for taxpayers.

Social healthcare service

Conversational AI can also greatly benefit the field of social healthcare services. Just like in tax services, a Dynamic AI agent can be easily integrated into a hospital’s website or app, allowing patients to ask questions and receive answers about scheduling appointments, doctor’s availability, ordering medicines, reminders about their appointments and medication refills.

The automation of tasks involved in providing healthcare information, such as answering common questions or scheduling appointments, can help free up time for healthcare professionals to focus on providing quality care to patients, potentially reducing waiting times and improving the overall patient experience. 

A great example can be seen in India, where the Government of Maharashtra Department of Women and Child Development (DWCD) leveraged Conversational AI to extend reach to their beneficiaries. As a result,  in the last quarter alone, the department has successfully run over 4.2 million informational campaigns centred on the department’s key schemes around nutrition and the welfare of pregnant and lactating mothers, reaching out to over 590,000 users on these channels.

What does the future hold?

Conversational AI is providing an unprecedented opportunity to scale operations and automate tasks by bringing human-in-the-loop. With Generative AI, it is becoming far easier to scale complex conversations and does so in cost-effective ways.

As such solutions continue to evolve, they promise to help overcome an interaction barrier and bring in more simplified human-machine collaboration. In addition, future iterations will bolster accessibility by communicating with visual data interpretations. 

Conversational AI can also significantly impact modern governance with the right infrastructure, research, and development. Having said that, it’s important to highlight that it will contribute toward enhancing human employees’ performance rather than replacing it.

With the Singapore government increasing its adoption of these solutions, we can expect the nation to quickly rise through the ranks and lead the way in making the daily lives of its citizens easier through digitally delivered citizen services.

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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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Fintech is at the frontline of the financial revolution, ushering innovations that propel the digital transformation of financial services. This ambition to innovate and disrupt has invited the best minds in finance and technology to come together and come up with solutions that help bolster the industry, ultimately spearheading the digital revolution.

Throbbing at the centre of that digital revolution is the leading fintech company, Airwallex. The company is on the hunt for innovators who share their vision of digitally transforming businesses, facilitating them to go from offline to online, and take local ideas to a global platform.

‟Fintech has been and will continue to be a game-changer to me. Finance plays an integral role in society, and I believe fintech holds the ability to reshape and improve the level of financial access for everyone, especially the unserved and underserved,‟ explained Koh Jee Lee, Manager at Airwallex’s Financial Partnerships team. ‟Fintech goes beyond just the traditional financial services sector; it impacts and is a key driver of growth of many other industries, including eCommerce, insurance and lending,‟ she added.

Meanwhile, Chris Chan from the Platform Sales team expressed, ‟we are still only at the beginning of the fintech revolution and there is so much more to be done. Everything that we’ve done so far will be vastly different in 5-10 years. The next wave of fintech will marry new innovations into our day-to-day: blockchain, AI, IoT, social media, etc. The manner in which we interact with money will be even more seamlessly integrated into our daily lives (talking to Google, in-vehicle purchases, deeper integration to wearables). All the challenges and pains we associate with money (banking, payments, expenses) will be non-issues in the future.‟

Understanding what it means to be in fintech

As a manager in the Financial Partnerships team, Jee Lee is responsible for building and maintaining strategic partnerships with the company’s network of banking partners across the APAC region. On the other hand, Chris helps sell to large enterprises and platforms in APAC looking to leverage Airwallex’s payment capabilities for themselves and/or their customers.

With its expansion into Singapore, Airwallex is especially keen on bringing in local talents thirsty for career advancements into the fold of their fast-growing company. On the personal side, working at a startup will enable professionals to hone their speed and flexibility, considering the fast-paced environment the industry is in.

On why he joined the industry, Chris explained, ‟Fintech wasn’t the obvious choice when I first started looking for a career but I knew I wanted to be in a fast-moving space and around smart people. Payments (and really good people) took a chance on me and I’ve been hooked ever since.‟

Also read: How should you engage customers in a rapidly changing market?

For Jee Lee, the decision was more decisive. ‟I started my career at one of the big four accounting firms, focused on tax consulting. I yearned for a role where I would be able to better witness the influence and impact of my work,‟ she shared.

For those answering the call for the first time, especially fresh graduates, Airwallex serves as the ideal launchpad into the industry. Industry switchers, be it account executives from banks or product managers from investment companies, will similarly gain an inside look into processes, such as fundraising that they might not have had access to during their time in larger institutions.

Jee Lee believes that fresh graduates and industry switchers shouldn’t be afraid to step out of their comfort zone, especially those looking for a mid-career switch. ‟Spend a good amount of effort to understand the industry and find out where your interests lie — this includes opening yourself up for conversations with people in the fintech space. Once you’ve made up your mind, focus on your goals and let go of the assumptions and fear of judgement. Given the fast-paced nature of the industry, it is okay to start from scratch as there will always be opportunities to learn and upskill yourself!‟

As for Chris, his advice is simple: ‟Ask and ask. Seek to understand, not just know.‟

Finding upward growth in an innovative industry

Old-timers in the tech industry will find their place in the sun as well at Airwallex. Given that it is on an upward growth trajectory, Airwallex is where professionals can experience exponential growth that will enable them to explore exciting new opportunities, launch new products in the market, and flex their strategic skills by designing fresh, go-to-market plans.

Airwallex’s commitment to its cogent value proposition — empowering modern businesses to grow beyond borders — has helped the startup score over US$900 million in total funding from 12 renowned investors such as Square Peg, Tencent, Sequoia Capital China, and Salesforce Ventures, achieving a valuation of US$5.5 billion.

Chris counts delivering first-of-its-kind projects as some of his career milestones. ‟Across my 4.5 years in fintech, I’ve had the opportunity to deliver customers products which were the first ever implementation of its kind globally or within the region,‟ he expressed.

‟It definitely comes with its own challenges pulling so many pieces together — but being a part of a delivery team for something brand new & impactful for customers as well as the business has been the highlight of my career thus far.‟

Also read: Building resilience through the SAFE STEPS D-Tech Awards

On the other hand, Jee Lee believes that her career highlight lies in the network of people she has met throughout her career at Airwallex so far. ‟Much of my job involves collaborating cross-functionally and externally to drive strategic outcomes for the company. Throughout my journey at Airwallex, I’ve interacted with many individuals who are smart, passionate and driven, and I personally feel inspired by them,‟ she elaborated.

In an industry marked by massive talent shake-ups, Airwallex’s sturdy foundations make it a safe ground for professionals to plant their feet. Founded in 2015, Airwallex was inspired by real-life experiences. Two of our founders, Jack Zhang and Max Li, invested in a Melbourne cafe and as small business owners, recognised first-hand the impact of high FX fees and banking costs on profit margins. They sought to engineer a better solution for businesses operating across borders. Airwallex has since expanded into 19 international offices across Asia-Pacific, Europe, and North America with a combined force of over 1,300 team members.

Behind the tremendous growth are the talents and professionals who put groundbreaking ideas into work. The crucial role of talent for fintech startups has been captured in numerous data, with the Thought Machine reporting that 65% of respondents acknowledge that talent sourcing and retention will be their organisation’s priority in the next three to five years.

The indispensable contribution of talents and professionals has won them outpouring support from Airwallex. The startup adopts a people-centric culture that revolves around diverse teams of innovators, movers, and shakers jointly passionate about empowering customers.

The future of fintech in Southeast Asia

The startup spread its wings in Singapore in 2022 and has already witnessed massive market potential. After all, Singapore has risen to become one of Southeast Asia’s fintech leaders, with fintech innovators setting up bases in the country’s vibrant fintech ecosystem as gateways into the broader ASEAN region. Statista data shows that the country’s total digital payment transactions alone will reach an estimated US$20.91 billion by 2023, while digital payment users are expected to hit 4.58 million by 2027.

‟I see Singapore as one of the leaders within Southeast Asia in embracing and promoting a vibrant fintech ecosystem. Singapore is home to a large community of fintech innovators and has proven to provide a gateway for companies to successfully scale outside of the country. I am excited by further developments in Singapore’s fintech landscape with the strong emergence of trends like open banking, embedded finance, BaaS and BNPL,‟ shared Jee Lee.

Moreover, Airwallex encourages its teams to utilise its six values as guiding principles in facing challenges, sharing knowledge, practising openness, delivering results, and celebrating success. These values are: customers first, obsessive curiosity, inspire and be inspired, intellectual honesty, craftsmanship, and making an impact.

Also read: The future of sustainable growth according to Dagangan

Chris believes that adaptability and malleability are key traits needed to succeed in fintech. ‟’Change is the only constant’ is uttered across the industry all the time because of the sheer amount of innovation & development that goes on. It’s really a double-edged sword because your special formulae for success or personal knowledge libraries can become outdated within a couple of years or months even. The best people in fintech consciously & constantly make an effort to stay updated — no matter their seniority, role, or designation.‟

Jee Lee added that it is important to stay curious. ‟Fintech is an exciting space to be in today, with a lot of innovations founded upon an entrepreneurial spirit; having a curious mind and looking for different ways to solve problems is key to staying relevant in the industry. In an environment where the only certainty is change, being curious will present a learning opportunity daily,‟ she explained.

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

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Starting a business is no easy feat, but growing it to become a successful startup is even harder. With so much competition in the market, it can be a challenge for founders to stand out and make a lasting impact.

However, one strategy that has proven to be effective in driving cost-effective, long-term success is leveraging niche communities.

A niche community is a group of people who share a common interest or passion, often in a specific product or service. By targeting and engaging with these communities, startups can tap into a pool of loyal and engaged customers who are already interested in what they have to offer.

Having built two global online education companies surrounding learners, clients, stakeholders, and everyone in between, here’s how I’ve witnessed the advantages of targeting niche communities.

High levels of engagement

Niche communities are often highly engaged, with members who are passionate about their interests and actively participate in discussions and events. This makes them a valuable source of feedback and insights for startups looking to improve their offerings.

Uniswap, the decentralised exchange that has disrupted the cryptocurrency trading landscape, has created high levels of engagement with its community through a combination of innovation and community-driven initiatives.

The platform’s decentralised structure and user-friendly interface have made it a hit with traders and investors who are looking for a more accessible, secure, and transparent way to trade cryptocurrencies and tokens.

Also Read: Navigate in a cookie-less world, leverage AI and think community-first

The team behind Uniswap has been proactive in engaging with its community, hosting online discussions and hackathons, and working closely with developers to improve the platform. In January, 80 per cent of token holders supported the decision of the platform to expand to the BNB chain. The result is a passionate community that is invested in the success of Uniswap and that is driving the platform as a unit towards new heights of innovation. 

Increased visibility

Targeting niche communities allows startups to reach a focused, relevant audience rather than trying to appeal to a broader, less engaged audience. This can result in higher levels of brand awareness and increased visibility for the startup.

StartJPN, an emerging Web3 community with over 19,000 Discord members predominantly from the Japanese and Philippines markets, has increased its visibility and growth by cultivating a passionate and dedicated niche community.

The project, which is focused on bringing blockchain technology to Japan and empowering users with new financial freedom, has quickly become a hit with the country’s tech-savvy and forward-thinking population.

To build its community, StartJPN has taken a multi-pronged approach, leveraging a combination of events, social media, and partnerships to engage with its users and build excitement around the project. With their latest collection NEO STACKEY, the project has formed a partnership with boxing champion Manny Pacquiao.

Greater customer loyalty

By building a strong relationship with niche communities, startups can create a sense of loyalty and trust among their customers. This not only results in repeat business but also in word-of-mouth marketing, as customers become advocates for the startup and spread the word to others.

Fave, the Southeast Asian fintech company, has increased visibility and growth through a strategic focus on building communities. The company’s platform, which provides users with exclusive discounts and rewards at local businesses, has quickly become a go-to for consumers with over 1.1 million followers on Facebook. However, Fave’s success isn’t just due to its platform, it’s also a result of the company’s focus on fostering strong communities of users, merchants, and partners.

At the same time, Fave has been proactive in engaging with its community through social media, email marketing, and other online initiatives and has worked closely with its partners to develop new and exciting programmes that benefit everyone involved.

Also Read: How a decentralised localisation and building a community of trust can lead to global success

Earlier this year, Fave announced a partnership with TNG Digital’s Touch ‘n Go eWallet, further tapping into 18 million registered users and over 1.2 million merchants. The result is a vibrant and engaged community that is helping to drive Fave’s presence in Southeast Asia.

Access to valuable feedback

Niche communities often include experts and thought leaders in their respective fields, and startups can tap into this wealth of knowledge by engaging with these individuals and soliciting their feedback on their products or services.

Clonex, the web3 project born from the collaboration between NFT studio RTFKT, has built a thriving niche community to gather valuable feedback from its holders. The project has leveraged its community to gain valuable insights into the needs and desires of its users and has used this information to improve its platform and create new features that meet their needs.

This focus on community engagement has paid off for Clonex in a big way, as it was fast-tracked for acquisition by Nike in December 2021, which was looking to tap its expertise in augmented reality, blockchain and digital assets.

With its engaged community providing valuable feedback, Clonex was able to refine its platform and create features that resonated with its users. This helped the company to stand out from the competition and attract the attention of larger players in the Web3 space.

Looking forward

Building a thriving niche community is a crucial aspect of driving success for startups. Startups need to identify the right niche community through market research, build relationships with the members through engagement and participation, and foster community-driven initiatives to create a sense of trust and loyalty.

Don’t boil the ocean, start with one member at a time.

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Ampotech, an IoT- and AI-based building energy management startup in Singapore, has raised S$1.78 (US$1.3) million in pre-Series A funding led by Earth Venture Capital (Earth VC).

KSL Maritime Ventures, the VC arm of The Kuok Maritime Group, and existing investors Silicon Solution Ventures and SEEDS Capital also joined.

Ampotech will use the funds for international expansion. It plans to open its first international office in the coming months while bringing its solutions into new industry verticals beyond its base in commercial real estate.

“Ampotech’s intellectual, dynamic, and dedicated team shares our aspiration to help buildings become smarter, more sustainable, and more positive for the Earth. Buildings are changing our lives for the better, but they also consume massive amounts of energy, threatening our climate. To tackle that issue, we have Ampotech as the first of many tenacious and energetic climate warriors that we will support globally,” said Tien Nguyen, Founding Partner of Earth VC.

Also Read: ‘Climate tech: SEA needs more time to improve startup quality, attract capital’, says Earth Venture Capital’s Tien Nguyen

Originally a spin-off from an A*STAR and University of Illinois research institute, Ampotech uses the internet of things and edge computing technology to help energy, operations, and facilities managers improve the performance of their buildings.

The proprietary AmpoHub device becomes the brain of an electrical panel, logging usage data and detecting anomalies for specific equipment like air conditioners and motors. The data are transmitted securely to AmpoCloud over a WiFi network, where they can be analysed, downloaded, or shared via API.

In 2019, the startup raised S$1 million in seed funding to bring its building energy management solutions to market in Singapore and India.

Ampotech currently counts leading energy companies such as Sunseap as clients.

“With the support and resources from Earth VC and KSL Maritime Ventures, we are excited to expand into Vietnam and pursue energy management and sustainability opportunities within The Kuok Group’s real estate and marine businesses,” said Ampotech CEO and Co-Founder William Temple.

Ampotech expects to raise its Series A round in 2023 and is in preliminary discussions with potential investors.

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