Today, TikTok requires no introduction. Together with parent company, ByteDance, the pair are among the hottest keywords on the web and in the papers. Following an executive order issued last week by President Trump banning transactions with ByteDance and its subsidiaries, namely TikTok, the video-sharing social media app has found itself in hot water once again.

Alleged by the US government to be capturing vast swaths of information from its users and potentially allowing Chinese government access to their personal information, TikTok has denied these claims. The main culprit behind this international fiasco the app has found itself in? Data privacy. And here the key takeaways for entrepreneurs.

Rise of data-driven decisions

Renowned data scientist W. Edwards Deming perfectly sums up the importance of data today by stating that, “Without data, you’re just another person with an opinion.” Making data-driven decisions is the process of utilising data to inform your decision-making process and validate a course of action before committing to it.

Famed frameworks such as The Lean Startup methodology by Eric Ries are examples of data being infused in business decisions. A study by the Harvard Business School (HBS) has shown that making data-driven decisions bring about a host of benefits.

Ranging from cost savings due to increase in efficiency by using data to pinpoint loopholes to making more confident decisions based on concrete data, it is no surprise why a survey conducted by PwC showed that data-driven organisations are three times more likely to report significant improvements in decision-making compared to those who rely less on data.

Also Read: Why Tik Tok is not a real competitor to Instagram

TikTok, like the majority of other social media platforms, utilise user data to tailor content for its consumers. Crucial to TikTok’s re-engagement strategy to retain users was the enjoyment users had derived from its content. Therefore, data played an important role in deciding the right content to showcase.

Personal data collection involving an individual’s interests and interactions drove algorithms that curated personalised and engaging content for users and in turn, significantly increased the appeal of TikTok.

Research conducted in 2019 by McKinsey has shown that personalised content will be the prime driver of marketing success in the next five years. The acceleration in the adoption of digitalisation, driven by the pandemic, has certainly brought forward the timeline. The desire for curated content has never been greater.

Thus, entrepreneurs, particularly those in the B2C sector, need to effectively harness data to understand customers and improve the user experience.

Ultimately, given the consumer-centric business model many of these startups adopt, founders should aim to connect with their customers on a deeper level and customise their offerings to their unique pain-points. The enabler for that to happen? Data.

How much data is required?

Having discussed the important role data plays in businesses today, an ongoing dilemma facing firms is the quantity of it required. With the rise of data privacy, first brought to light by the Facebook-Cambridge Analytica data scandal in 2018, authorities are clamping down on errant firms that collect excessive user data. Therefore, it is no coincidence that TikTok was banned by the American government due to excessive data collection.

The app starts collecting data the minute you download it. According to the company’s privacy policies and terms of service, TikTok tracks website users are browsing and how they type, down to keystroke rhythms and patterns.

Also Read: I tried TikTok out and now I get why it is the future of digital marketing

Furthermore, for most users that unknowingly grant the app the full permissions required, TikTok has full access to photos, videos, and contact information of friends stored in the device’s address book. Even after users close the app, TikTok tracks their whereabouts using IP addresses and GPS coordinates, providing the app with precise location while users work, exercise, or travel.

The amount of personal data harvested by TikTok is bewildering and begs the question of why so much is required. For example, it is difficult to rationalise the collection for certain data, such as keystroke rhythms and patterns.

With the likelihood that consumers will feel betrayed because of the excessive “snooping” on them, trust is the name of the game when it comes to data collection. Therefore, entrepreneurs should be mindful of both the amount and type of data their startups seek to collect and only store meaningful data which improve product offerings and the experience for users.

Importance of data security

Although TikTok has denied claims that government agencies have access to personal data of its users, the crux of the issue here is the amount of data the firm stores in its data centres located in the US and Singapore. With over 800 million active monthly users and over two billion downloads worldwide, TikTok’s database stores personal information of over 10 per cent of the global population.

As seen from the Cambridge Analytica scandal, huge amounts of in-depth personal information make social media firms the prime target for data breaching. Locally, studies have shown that there was a two-fold increase in hacking attempts in 2019 with more than 137 million malicious attempts to access personal details of users on media sites.

Given the high value of data stored in its database, it would not be surprising to read about a data breach, possibly on a larger scale than Facebook, occurring at TikTok in the future. Even though research by IBM has shown that the average cost of a data breach globally was US$3.9 million in 2018, perhaps the biggest long-term consequence of a data breach is the loss of customer trust.

A good reputation is often a company’s most prized asset and a data breach has the potential to tarnish even the cleanest of reputations. Therefore, founders need to build a culture of data security within their companies and invest in the needed resources to safeguard user data and build the element of trust with their customers that would ultimately, drive bottom-line growth for their firm.

Also Read: Today’s top tech news: TikTok’s creator tests out Spotify-like apps, Bio startup Aprogen has become Korea’s newest unicorn

Pursuing sustainable growth

The late Jack Welch, the former Chairman, and CEO of General Electric, shared that good management encompasses balancing both short and long-term goals and this is where founders, particularly for late-stage startups, need to focus on.

TikTok was arguably a victim of its own success. From its launch in 2017 to surpass two billion app downloads in 2020, the viral growth of the platform brought along its fair share of controversies too. Indonesian authorities banned TikTok in July 2018 for containing content promoting pornography and blasphemy. While the ban was lifted a week later after the app pledged to monitor such content, it marked the beginning of allegations against TikTok for promoting discriminatory content.

Other shocking allegations include platform moderators being asked to suppress users with “abnormal body shape”, “ugly facial looks”, “too many wrinkles” or in “slums, rural fields” and “dilapidated housing”. While TikTok has denied these policies are no longer in place, it was appalling they had existed beforehand.

TikTok resorted to focusing on short-term growth by prioritising aesthetically-pleasing users and promoting materialism, catering to the unhealthy needs of millions of teenagers on the platform. Given the young demographic of users on the app, TikTok chose the easy way out and rode on unethical trends to grow its popularity and chose not to actively police their content.

Even though it paid off handsomely in the short-term, the growth was simply not sustainable in the long-term. There were warning signs as various national authorities, ranging from Netherlands to India, started to open investigations into TikTok and their policies. This spate of inquiries culminated in the executive order to ban TikTok in the US, its second-largest market after India.

Therefore, entrepreneurs must have the discipline to look past instant gratification and focus on achieving sustainable growth. Being a founder entails additional responsibilities and the relationship with your business goes deeper than a conventional employee.

When things go south, the buck stops with the founder. Given the inherently greedy nature of humans, especially in entrepreneurs fixated on and desiring for success, it is therefore vital for founders to take a step back occasionally and evaluate whether their businesses are indeed achieving ethical and sustainable growth.

Also Read: Today’s top tech news, July 5: UK investigates TikTok over children’s data privacy handling

Learn from their mistakes

Due credit should be given to TikTok and its founder Zhang Yiming, for building an empire that connected global youths and gave rise to a new era of content creators and influencers. TikTok succeeded in the short-form video sharing industry where others, including Vine with over 40 million active users at its peak, failed.

Even though there were countless right decisions made along the way which entrepreneurs can draw insights from, what ultimately led to TikTok’s downfall were its mistakes.

Though mistakes were few and far between compared to the right decisions, the impact and severity of the former significantly outweighed the latter.

Therefore, founders should draw insights from this debacle on the importance of data collection, management, and achieving sustainable growth to prevent their firms from making the same mistakes which TikTok had made.

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Anchanto, a Singapore-based B2B software provider that enables enterprises to manage end-to-end e-commerce operations, has secured S$16.6 million (US$12.1 million) in its Series C investment round.

Investors in the round are Asendia AG (a European cross-border e-commerce shipping and mail services company) and existing investor MDI Ventures (the corporate VC arm of Telkom Indonesia).

Also Read: A peek into SelluSeller: an automated multichannel selling management system by Anchanto

Anchanto said in a media release that it will use the funds to strengthen its R&D portfolio to launch two new products, build data platform and expand to three new markets. It will also invest in hiring.

Additionally, Anchanto also announced that it has achieved profitability.

“Achieving profitability in these times is an excellent performance, and I feel this is a more significant achievement than raising US$12 million in the middle of the COVID-19 crisis. We are a capital-efficient company. Hundred per cent our revenue comes from a SaaS subscription with a high gross margin; we do not buy inventory or run services shops or warehouses,” said Vaibhav Dabhade, CEO and Founder of Anchanto.

“It took strong resilience, deep understanding of product design, engineering, marketing, sales, account management, and solid teamwork across seven countries to reach here,” he added.

Incorporated in 2011, Anchanto is a SaaS firm that helps brands, e-distributors, e-commerce enablers, retailers, third-party logistics providers, SMEs, warehouses and postal associations streamline and manage end-to-end e-commerce operations.

Its offerings include SelluSeller (online multi-channel e-commerce management software as well as a mobile app) and Wareo (full-suite warehouse management system that helps businesses manage B2B and B2C operations through a single system).

As of last year, Anchanto served more than 12,000 business and sellers consisting of over 300 global enterprises.

The company further said its customers manage over 67 million-plus stock keeping units (SKUs) and 115 million-plus listings, and have processed a combined Gross Merchandise Value (GMV) of nearly US$2.71 billion via their platforms. Sellers process over four million orders per week on its systems.

The company also recently expanded into South Korea, Australia and New Zealand. It will now be looking to explore other markets within the greater Asia Pacific region and Europe in the future.

Ascendia  — a joint venture between the French National Post La Poste and state-run Swiss Post — is the fourth customer to turn into Anchanto’s shareholder after MDI, Transcosmos Japan and Luxasia.

Also Read: Pos Malaysia inks deal with Anchanto for its warehouse management technology

“Asendia Singapore cross-border e-commerce operations have been running on Anchanto Wareo and SelluSeller platform for over two years now. Asendia wholly owns wnDirect, which happens to be our customer for over six years. We see investment from Asendia as our gateway to European markets. Over 70 per cent of investment in Anchanto has been from our customers, which is a great testimony of how powerful and stable our platforms are and the trust global companies have in us,” Dabhade added.

As part of the investment, Marc Pontet, CEO of Asendia, and Donald Wihardja, CEO of MDI Ventures, will be joining Anchanto’s board.

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Image Credit: Anchanto

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This article is published in partnership with Brinc, a Hong Kong-based accelerator.

We at Brinc are about to complete our global Spring 2020 accelerator programmes. This cohort was different from the rest. Due to the many COVID-19 limitations, all of our programmes had to be shifted entirely online.

A big move

With our headquarters in Hong Kong, the pandemic was increasingly causing fear as early as February of this year. Together with the global number of cases rising, we had to make a quick decision.

On one side, postpone the programme and wait for the lingering uncertainty of the virus to disappear, or, take action and pivot completely to a remote and online programme. We decided to host our latest accelerator programmes online to ensure that we could continue to support global startups especially during a time when they needed it most.

“The decision to move the programme online was the only choice to ensure we could continue to support our founders. Postponing was not an option. A full online accelerator made sense for us, as historically, we had years of experience running our programs half online and off on-site.

Moving fully online was a natural transition – we had the infrastructure, a tried-and-tested framework for delivering content and mentorship in place. This also meant our teams could spend more time focused on their business instead of dealing with logistics during these uncertain times,” said Manav Gupta, Founder and CEO of Brinc.

Also Read: This is the era of virtual accelerators. Are you ready? 

Thankfully, this wasn’t going to be a completely new approach for Brinc. In 2017, we made a careful decision to find a balance between running a programme both online and offline. We recognised that it was a stretch to expect the best founders and startups to move their operations around the world for extended periods of time.

Instead, we optimised the process by requiring startups to be onsite at the programme’s location for just one month of the three-month programme. This allowed them to receive in-person support from our team, attend in-person mentorship sessions, and most importantly, share and learn from fellow founders. The remaining two months are usually hosted online to allow the startups to participate within the comforts of their company’s headquarters.

Online curriculum

To support the shift to a fully online programme, we decided to revamp our existing online platform along with a new and improved customised curriculum to enhance our support to founders.

New content was created, and our global network of mentors, experts, and investors  were onboarded to further support the founders in their entrepreneurial journeys.

How startups can benefit

Founders from the current cohort have been receptive to the new online programme.

Jing Gao and Jin Xiaoxuan, Co-founders of Aurora Foods who make sweet indulgences healthier and more diabetic-friendly with their patented glycemic lowering technology, said, “the three-month accelerator programme helped us get prepared in almost every area from product manufacturing and fundraising, to business communication.”

With a series of online tools (Zoom, Slack, and Brinc’s Learning Management System), we are able to access course materials anytime. The remote mode makes the whole program more flexible, efficient, and condensed, as there is no limit to geography or timing.

At the same time, the interaction is not lost, as weekly meetups with mentors and managers are scheduled, and we are well linked to experienced entrepreneurs, government agencies, and professional service providers for any form of engagement we need.”

Also Read: Why startup founders should look for sharks as mentors

Other founders have also highlighted how we’ve been extra supportive to their needs while operating in this new normal. However, as expected, most founders agreed that the online programme does lack some of the more intimate moments that are usually present when meeting in-person.

To try and enhance the experience, we added extra check-ins with the startups and hosted sessions dedicated to meeting the other founders. In addition, we are grateful to have mentors that have been very accommodating during this process and have offered to host multiple sessions for different time zones.

We hope to give these founders the same experience of joining one of our accelerators by inviting them to the next in-person programme. In addition, we will also be leveraging the strengths of our global operations to further expand the access to mentors, partners, investors, and other stakeholders all critical for long term startup success.

“The fully online programmes have really been an eye-opener. Overcommunication is key. Although I miss meeting all the founders face to face, we’ve done our best to get to know them even more during the online programme, especially with the help of the many communication tools that are available,” said Edwin Lee, Hardware and IoT Program Manager at Brinc.

In order to create the same level of serendipity with an online accelerator, we’ve relied on tools that help us navigate timezones and deliver good content such as our ever-present Slack channels; the Brinc Learning Management System for content; Zoom for all our mentor and expert sessions, our proprietary calendar system, Google calendar integration, and many more. Being flexible to time zones and at the same time, keeping a strong structure to the program, has been key in our ability to support the startups.

Going forward, we at Brinc are carefully monitoring the daily challenges that COVID-19 is creating within every city that we operate in. But our goal remains to provide the highest quality support to our startups and partners while keeping everyone safe and adhering to global and local health authorities’ standards. We hope to eventually bring back the physical attendance to our programmes as we believe this adds significant value for the development of our founders and their businesses.

For now, our upcoming programmes will remain online for the foreseeable future.

Brinc is currently accepting applications for its next programmes starting this Fall. Applications will be open until August 15 with the final selections being announced by October. If you’re interested in learning more about our accelerator programmes, visit this link.
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Muhamad Fajrin Rasyid joins MDI Ventures as Chairman of Board of Commissioners

The story: Muhamad Fajrin Rasyid, co-founder of Indonesia’s e-commerce unicorn Bukalapak, has joined MDI Ventures as Chairman of its Board of Commissioners, according to a press statement.

His role: He will advise and oversee the firm and aim to increase its revenue.

The reason behind the move: According to Telkom Group, parent of MDI Ventures, Fajrin’s appointment is the part of the company’s push towards corporate digital transformation.

Malaysia’s Everpeaks raises crowdfunding via pitchIN

The story: Malaysia-based startup Everpeaks has raised US$340,000 via equity crowdfunding platform pitchIN, according to a statement.

Plans with funding: The startup will use 30 per cent of the funding to improve its technology solution and 20 per cent towards hiring.

It will also be making Malaysia its regional distribution hub to help European and American brands penetrate in the Southeast Asian market.

What does Everspeaks do?: It is a multi-channel e-commerce solutions provider that helps brands showcase their products to the global marketplace. It currently has partnerships with global brands like eBay and Amazon.

FundedHere joins ANGIN as a strategic shareholder

The story: MAS-licensed equity and debt crowdfunding platform FundedHere has joined Angel Investment Network of Indonesia (ANGIN) as a strategic shareholder.

What is ANGIN: ANGIN is an early-stage investment platform, which services investors, venture capital firms, foundations and corporates that desire to invest in Indonesian entrepreneurship.

Some of its clients include Amazon Web Services (AWS), UNDP, World Bank and many more.

Also Read: How Vietnam’s e-commerce firm Tiki manages to keep employee churn rate healthy

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Image Credit: MDI Ventures

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Startup founders focus on their product but often forget that building a business around it requires many stages.

Unfortunately, these two are rarely closely coupled, and navigating all the stages of building a business is typically the more challenging task. But I’m not one to rain on your parade.

Thus one of my first objectives as an adviser is to assess an entrepreneur’s current ability to navigate the stages of a new business, and then give them guidance and direct assistance on what to anticipate and how to prepare for it.

I found real confirmation of my approach and much practical guidance in a recent book, Entrepreneurial Leap, by a friend and cohort Gino Wickman.

In the spirit of helping you avoid some of our own learning experiences with startups, I will paraphrase here the nine key stages that he and I both see most businesses going through in their evolution from a startup to a successful and stable entity:

1. You can’t sustain a business without a positive cash flow

Even though profit may not be your driving motivation, you can’t sustain any business without generating cash. In most businesses, this means selling something, and proving that your product or service has value. Don’t delegate this cash management stage to anyone else in the business.

Also Read: TruTrip looks to cash in on the massive business travel market as the world emerges out of the crisis

2. Make sure someone is managing people and operations

Entrepreneurs are typically focused on the big picture–creating a vision, a purpose, and a long-term strategy. Building a business requires a stage of focus on execution and managing people accountably. Very few entrepreneurs can play both roles, so find a partner or hire an integrator to help.

3. Build a business culture to match your core values

For the business to prosper, every employee, and your customers, must know and relate to your core values, such as product excellence, care for the environment, and personal integrity. These are the timeless principles that must guide all hiring, marketing, and execution decisions.

4. Implement the key business metrics you will live by

This is the stage where you move from managing by your gut to managing by numbers. Identify the three most important metrics your business must hit every week to achieve growth goals. These will almost always be related to sales and marketing since they must tie back to cash flow.

5. Stay connected and engaged with your employees

A common entrepreneurial mistake is hiding in your office and assuming that everyone knows what is going on. People need to see and hear from you in a formal sense at least weekly. Furthermore, you should practice “management by walking around.” Give constant feedback, and say thank you often.

6. Build pivot plans early to recover from oversights

Every startup I know has had to pivot one or more times, no matter how certain they were of initial plan perfection. Thus you must constantly prepare for this stage by listening to customers, measuring customer value, and watching outside forces. Build change agility into all your processes.

Also Read: Fostering a dynamic business culture through digital change

Every founder has a story about the pivot that made their business, such as Starbucks’ switching to selling coffee from espresso makers, and Flickr’s from an online game to photo sharing. There are also many more stories of companies that pivoted too late.

7. Don’t try to do it all. Capitalise on your strengths

Stay in your personal sweet spot. Your challenge is to hire help just before you reach capacity so you don’t stop growth.

Each time, fill where you have the least interest and strength so that over time you enter the stage of doing only the things you love while using your talents to the fullest.

8. Don’t let your business grow beyond your comfort zone

Too many entrepreneurs get so caught up in the challenges of growing their business that they can’t stop, and the business gets away from them. This stage may eat all your profits, and your schedule makes you miserable. The answer is to learn to say no when you’ve had enough action.

9. Increase your focus on coaching, training, and mentoring

Every one of you entrepreneurs should recognise the stage in your business where your greatest satisfaction can come not from more growth. From the opportunity to share what you have learned with those who follow, and may carry your legacy forward.

Bill Gates is an example of someone who is in this stage and is now focused on using his insights and resources for the greater good through philanthropy.

Building a business should be and can be as exciting a journey as inventing and building your product.

I think you will find that both are hard with each stage challenging, rewarding and scary.

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The article first appeared on nfinitiv.

Image Credit: Christin Hume on Unsplash

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Incomlend raises US$20M Series A led by Sequoia to expand its invoice exchange platform in Asia, Europe; To date, Incomlend claims to have facilitated over US$330M in financing and covered invoice finance trades across 50 countries; It has earlier raised funding from GTR Ventures. e27

SoGal Ventures closes debut US$15M fund, eyes second vehicle in 2021; The VC firm invests in early-stage, female-founded companies that focus on improving the quality of life, women and under-represented groups; The VC firm is associated with SoGal Foundation. DealStreetAsia 

ByteDance reportedly in talks with India’s Reliance for investment in TikTok; TikTok’s business in India, where it had amassed over 200M users before it was banned in late June, is being valued at more than US$3B; An investment in TikTok could help the oil-to-retails giant Reliance, the most valuable firm in India, make deeper connections with consumers. TechCrunch

Go-Ventures, Northstar Group, Wavemaker invest in eFishery’s Series B round; The agritech startup plans to open 100 ‘one-stop physical hubs’ for farmer across Indonesia by end-2020; The firm recently ran pilot in Bangladesh, Thailand, Vietnam; eFishery previously raised US$4M Series A in 2018. e27

‘APAC is rich in innovation’: Airbus Ventures Partner Lewis Pinault; The VC firm made its debut in Singapore with an investment in Transcelestial; It will soon announce its second investment in new and deep space capabilities; The VC firm had raised US$150M in 2016 for its first fund; It’s now in the midst of raising a new and larger fund. e27

Why digital lending services for MSMEs are the next big thing in SEA; MSMEs account for over 95% of all firms, contribute to 50–70% of employment, constitute 30–60% of various countries’ GDP; The MSME loan to GDP ratio remains low in most ASEAN nations and the situation is particularly severe in Philippines Indonesia. e27

Indonesia’s fishery products marketplace Aruna raises US$5.5M from East Ventures, AC Ventures, SMDV; The startup plans to scale ops into new domestic and export B2B markets; It claims it recorded an 86x revenue growth in H1 2020 v/s H1 2019; It recently ventured into home delivery service. e27

How Singapore nurtured foreign trio to build tech biggie Sea; It is the city-state’s biggest company by market value; Two of its co-founders David Chen and Gang Ye arrived in Singapore as teenagers under a government effort to recruit foreign talent through scholarship programs that began in the 1990s. DealStreetAsia

The golden age: SEA’s future as a leading digital gold hub; Indonesia, Thailand, Vietnam together account for over 80% of the region’s gold market; The combination of rapid digital adoption, enduring cultural traditions, and progressive government regulations will further develop the potential for digital gold and other innovations to come. e27

How to build a strong farmer engagement model for your agri e-commerce startup; In developed countries, many studies have shown that a direct marketplace between farmers and consumers help the farmers to retain 40-75% of a food dollar V/S a mere 15.6% in a corporate chain; In developing countries, where agriculture contribution to GDP is in double digits, e-commerce will be of significant benefit to the lives of farmers. e27

The future is hybrid: What will events look like post-COVID-19?; Physical events may be impossible for now, but they will still be a part of the post-pandemic world; From live streaming events to remote viewers outside conference venues, to chat rooms that facilitate interaction between online viewers and participants on-site, digital elements will see greater implementation in physical events as they prove their worth. e27

What entrepreneurs can learn from the TikTok debacle; Personal data collection involving an individual’s interests and interactions drove algorithms that curated personalised and engaging content for users and in turn, significantly increased the appeal of TikTok; Entrepreneurs, particularly those in the B2C sector, need to effectively harness data to understand customers and improve the user experience. e27

VCs get behind disaster-tech (D-Tech) in search for innovative life-saving technologies; To help D-Tech startups grow, VCs can play a significant role by acting as connective bridges with the government and established institutions. Furthermore, the backing of a reputable VC can provide much-needed credibility to early-stage startups. e27

Temasek, Bayer form new company ‘Unfold’ to develop vegetable seed varieties for vertical farming; Unfold has already raised US$30M from the two firms; Unfold will utilise seed genetics from vegetable crops and develop new seed varieties that are tailored for the unique indoor environment of vertical farms. Channel News Asia

Using video humanises the online experience; In today’s always-on virtual world, cutting through the clutter is becoming paramount, and video technology is empowering retail brands to showcase their offerings in interactive and more meaningful ways. Internet Retailing 

The booming e-commerce in the Philippines: What it means for investors; The country’s huge retail corporations are now transitioning more and more to focus on online sales, and hundreds of startups and SMEs are geared to progress the industry forward by creating new solutions for consumers to purchase goods and services from their mobile phones. GovTech

Lazada joins government, MDEC’s campaigns to support Malaysian SMEs; Lazada has over 320K SMEs nationwide on its marketplace with more than 200% increase in new local sellers on-boarded in H1, 2020; The partnership with Lazada last year brought ‘Buy Malaysia’ onto a leading e-commerce marketplace and resulted in an uplift of 3,800% in contribution from local sellers on the platform to the domestic economy. Bernama

Asia is emerging as a paytech powerhouse; One emerging trend that’s worth following closely is AI-powered payments using voice command; IoT payments too are set to be becoming more commonplace in the near future; Investors’ infatuation with Asia’s paytech industry has led to the emergence of a burgeoning sector. Fintech News

Philippines central bank BSP joins digital currency race; BSP’s interest in central bank digital currencies (CBDCs) comes at a time when digital payments are on the rise in the nation; In Asia, Thailand, Japan and China have been experimenting with CBDCs. Fintech News

Singapore smart nation: Establishing a digital community through hub networks; To accelerate the Smart Nation Initiative launched in 2014, IMDA is setting up around 50 SG Digital community hubs to get everyone on board in the digitalisation process; Digital ambassadors will assist every private individual, worker and company as they move through the process of using technology to enhance their lives and businesses. Tech Collective

SingPost partners logistics startup Shippit to widen SMEs’ access to courier services; Through this partnership, Shippit’s SME customers can access a larger range of delivery options, including packages delivered directly to Pick Own Parcel Stations, or POPStations, and letterboxes. SGSME

MDEC, Huawei sign MoU to spearhead Malaysia as ASEAN digital hub; It aims to develop a robust digital economy including ICT infra, 5G, AI, Big Data, IoT and digital tech talent; The partnership will see the sharing of best practices and knowledge-sharing between both parties. Digital News Asia

New Accenture study reveals emerging trends in digital health; The trends relate to digital patient experience, AI, smart devices, robots and innovation; The future of AI is already in the works, with 69% of healthcare organisations saying they are piloting or adopting it. MobiHealthNews

Exploring the role of AI and automation in education; By providing a platform that merges content with evaluation, the instructor can easily, through the use of AI, monitor and track the students’ progress. The massive advances in AI over the past seven years have allowed machine learning to use algorithms to analyse a substantial amount of data. Tech Collective

JobForesight, the first Singapore startup from Oxford incubator, launches Careershe; The career advice app helps students aged between 15 and 25 learn more about the world of work, providing them with guidance in the available pathways towards their desired careers. Techcoffeehouse.com

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Image Credit: 123rf.com

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The legal field is one where the implementation of Artificial Intelligence (AI) can be valuable — and is long-awaited for, considering the challenges faced by both industry players and clients today.

“Nearly half the world has no access to legal systems. Then in most countries where there is access, there is a huge backlog,” Dr Anton Ravindran explains to e27.

“Thirdly, for most of us, litigation is both expensive and time-consuming,” he continues.

Dr Ravindran is the founder of SmartLaw, a Singapore-based legal tech startup that utilises its team’s expertise in data science, AI, and machine learning to develop solutions for both lawyers and individuals. In their work, the startup aims to digitalise the legal process to make it more affordable and accessible.

During our call, Dr Ravindran expresses how some lawyers were a bit reluctant when they were first introduced to the concept. “What if I am being replaced by AI?” was a common response.

But Ravindran points out that it will not be the case. “AI and machine learning, amongst other technologies, can mitigate these challenges and move the traditional legal system to online. It is very conceivable that in the near future, lawyers and machine will work side by side and the courtroom becomes man and machine intertwined.”

Also Read: Legal tech platform INTELLLEX raises US$2.1M funding round led by Quest Ventures

Making legal decisions easier

So how exactly does the SmartLaw platform work? The startup helps law firms or lawyers, as well as the public or the clients, to make a better legal decision by using AI and machine learning.

So far, it has developed two key features –Predictor and eDiscovery– for two areas of law: Criminal and divorce matters.

The Predictor modules predict sentencing outcomes, Dr Ravindran explains. It extracts past precedents and verdicts which are relevant for lawyers to mount their defence.

The eDiscovery module extracts past precedents and verdicts which are relevant for lawyers to mount their defence. All of this process happens in just “split seconds,” according to the startup.

It also has ancillary services that provide online access to features such as uncontested divorce, probate, Lasting Power of Attorney, and Deputyship Complex Wills for clients. In the status quo, to have these services done, clients will need to go to a law firm. But the platform enables clients to receive the legal assistance they need at home.

“For clients, when they are faced with a legal issue, they can leverage from legal tech solutions such as ours to decide whether they should pursue a lawsuit or not to resolve the dispute. They can even approach a machine in the first instance for confidentiality reasons, if charged with a criminal offence, by way of example,” Dr Ravindran elaborates.

“This is because they can now predict the sentencing or expected outcome of a dispute resolution at the onset of the matter. Secondly, they can leverage from technology to resolve disputes without having to engage lawyers and/or going to court,” he continues.

Also Read: Indonesian legal tech startup Legalku raises seed funding from UMG Idealab

With this, the technology is expected to help lower the cost of legal options and reduce the lead time to resolve disputes.

At the moment, the startup is in the process of developing its third module, which will likely be in medical negligence or construction and real estate.

The past and the future

The idea for the SmartLaw platform came up when Dr Ravindran had a discussion with family and friends –who happen to be lawyers– about the potential of AI and machine learning in addressing the challenges faced by them. These challenges include the lengthy process of reviewing documents and extracting relevant precedents.

“Natural Language Processing (NLP) and semantic analysis can be used to address these issues hence allowing lawyers to spend their valuable time and expertise to focus on the real legal issues and in preparing their defence,” he points out.

As a startup founder working in the intersection between tech and the law, Dr Ravindran believes that founders should work hand-in-hand with the experts.

“There are inherent complexities in the field of law and to develop solutions we must appreciate the nuances of the law, so that we can make the machine understand these nuances,” he explains.

At the moment, SmartLaw is self-funding its operations for the past nine months and Dr Ravindran intends for it to “skip the first few steps” startups typically take to raise funds.

“We intend to develop the product, acquire clients before we look for the valuation of the company, and its future funding needs. Our focus is on product development and we will then be open to various strategic options, including a strategic alliance with law firms and/or VCs for further growth,” he elaborates.

Also Read: Today’s top tech news, February 13: First legal tech startup accelerator to launch in Singapore

The company’s next big plan is to explore other disciplines with the legal system as well as to regionalise its offerings by including the law from a jurisdiction other than Singapore.

“The pandemic, on one hand, has caused some delays in the progress as we wanted to regionalise our offerings and adopt other jurisdictions. But on the other hand, legal tech has probably got a shot in the arm because of COVID-19, as courts have moved to Zoom or online in that sense,” Dr Ravindran says.

“Technology is probably the only winner in this pandemic. If not for technology, many functions of society would have been paralysed,” he closes.

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Image Credit: SmartLaw

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Hiring and retaining talent is one of the biggest challenges for the Human Resource department of any organisation, big or small. The process is even tougher for early-stage ventures and startups, which often lack the financial resources to attract the right talent and retain them.

More often than not, many people leave the employ when they find a better opportunity, just weeks or months after they joined a company, which could even affect its growth. This always puts companies in a crisis mode.

It is a universal problem and there has not been a ‘quick fix’ to address this, other than make the workplaces employee-friendly, encourage great culture, and provide perks and incentives. Liberal leave policies and access to top management could also make a difference.

Southeast Asia, which is rich in talent, is no different. Irrespective of the size, organisations find it cumbersome to hire people, a process which consumes a lot of time, energy and money.

E-commerce honcho Tiki, which employs nearly 3,000 people across Vietnam, also faces these HR challenges.

Here, in the first episode of e27‘s deep-dive content project, Chief People Officer Sakshi Jawa shares insights into the company’s hiring process and how it addresses the challenges of discovering and retaining talent — in her own words.

Skilled talents are not easy to get

E-commerce has been one of the fastest-growing fields among all industries. In the region, Tiki is one of the fast-growing and leading e-commerce companies. Due to this growth, we need to take quick actions and quickly switch gears.

Also Read: Tiki reportedly raises US$130M in funding led by Northstar Group

Hence, along with the fact that all companies are looking for candidates with good technical skills, we also have the challenge to recruit people who can adapt quickly with our changes and are always willing to learn and try new things to lead the change.

Secondly, with many new tech firms, there is a lot of competition in the market in attracting engineering talent. As a result, skilled software engineers are not easy to get. We have had many changes in the recruitment process and candidate evaluation methods, career pathing, job rotations, and competitive pay scales with total reward philosophy. This holistic approach helps us to be competitive and get top engineering talent.

On discovering talents

We believe in leveraging internal resources to hire talent. Our internal team can gauge the best cultural fit, versus external agencies. Our acquisition team is built as an internal headhunting service and a lot of the team members have experience in working in different recruitment consultant agencies.

Based on the type of vacancy, we use different media or platforms. It can be a combination of activities on various platforms. As for some critical positions, we also run marketing campaigns to promote those jobs.

Besides using traditional recruiting channels, we have built a candidate database proactively to store all candidate profiles who applied to Tiki or are interested in Tiki. From this source, we can be more active in discovering potential candidates.

Moreover, we also pay attention to employer branding activities to maximise our exposure to mass candidates, such as updating our internal activities and Tiki initiatives on career sites, and accompanying universities and colleges to support students.

This contributes to building the image of a young, dynamic and eager-to-learn workplace, as well as helping candidates understand more about the business culture.

On referral programmes

At Tiki, we have made the candidate referral programme an interesting activity. Besides providing an incentive to employees who successfully refer to talent, we have gamified the programme to make it more fun.

After an employee refers to a successful case, he or she will be offered reward points. He or she can accumulate these reward points to compete for a big monthly or annual prize.

More than that, we look at the referral programme as an employee recognition programme and their dedication to Tiki.

On verifying social media accounts of candidates

In needed cases, we will refer to reliable documents and data such as background checks or reference checks to verify the information needed.

Social media accounts that are profession-driven such as LinkedIn may be a referral source, but not the platforms to base the final hiring decision. We have strong interview tools which we believe help us in making the right hiring decisions.

The interview process

We always want to meet the talented candidates and appreciate the chance to collaborate with them. Moreover, we believe in culture fit which might bring more impact and retention, not just the technical fit.

Also Read: How AI is helping Tiki address price hike, fraud, product quality issues during the outbreak

Depending on the level and type of job opening, we would invite the candidate to join the phone screen first as a preliminary round. A home test or on-site test might be required for some special technical skills after the phone screening round.

Then the face-to-face loop interview (three to four rounds) will be set up to gauge the technical skills and culture fit of the candidate. A final calibration or a debrief session for all of the interviewers is then held to make the final hiring decision.

We strongly believe that a rigorous loop interview is not only a chance for Tiki to have the right hiring decisions but also a chance for candidates to understand more about our culture, the scope of work and how he or she might fit the team.

Having multiple interviewers also helps us ensure that the hiring manager’s decision is not biased due to the urgency of the position.

On-boarding

We strongly believe that a good start and relationship is not only built from the on-boarding day but also gained from the very first step of approaching the candidates. Employees need to be well prepared and be equipped with enough information about company processes and policies, as well as the role.

It’s never enough to state that we are doing great. At Tiki, we always do our best to improve day by day to make sure that we could bring a pleasant experience for candidates and employees.

We always have an office tour, orientation sessions and especially the buddy programme to make sure that a newbie could receive the support timely. We also run surveys for the new joiners to help us improve every day.

We are currently running some projects to further enhance the new joining experience.

Employee churning 

We regularly conduct market research to collect data related to the churn rate; not only focus on the local market but also the regional market. Based on that, we can benchmark ourselves and adopt best practices.

Currently, our churn rate is healthy as compared to the market. We take the total reward approach, which we can ensure for both short-term and long-term benefits and varies with levels of performance.

We also have a robust internal transfer policy that helps employees take up new challenges and learn new things. It is both compensation and benefits (C&B) policy and opportunities to learn and make differences that retain talent at Tiki.

On eliminating frauds

Tiki’s DNA is ‘living and breathing customers’, obviously shown by the strong commitment to providing authentic and quality products to customers.

Likewise, we look for candidates with the same philosophy, no toleration for giving fake documents or degrees. We will take action when there is a case.

On leave policy

We have a young population who have a great passion for their career, so maternity or paternity leave needs to be competitive and favourable for our employees.

Tiki was the best workplace in Vietnam’s e-commerce and internet industry in 2018 and among best places to work in Asia in 2019. These show our great desire to apply the competitive benefits to our members, not only in the Vietnam market but also in the region.

Also Read: How AI is helping Tiki address price hike, fraud, product quality issues during the outbreak

While we are pretty competitive in the local market, we want to compete on benefits at the region level. We are in the process of building a new benefit programme which will be launched next year to bring more happiness to our Tiki’s members.

Foreign employees

Tiki is a local technology champion, not only offering the best products and services to customers but also nurturing Vietnamese talent pool.

Tiki, moreover, is in the process of transforming, in which we aspire to value the diversity and build a global culture. We are also a learning organisation, so we welcome the participation of people across the globe.

This not only helps us learn the international knowledge and mindset in all activities but consolidates our ambition and long-term development vision as well. As of now, we have employees from 8 different nationalities working with us.

Founded in 2010, Tiki is a fast-growing B2C e-commerce platform. The platform initially sold e-books, but it has since diversified to become an all-encompassing marketplace, selling goods such as toys, digital devices, lifestyle and beauty products.

In June this year, Tiki reportedly raised US$130 million, led by Singapore-headquartered PE firm Northstar Group. Prior to this, it received US$44 million from Chinese internet giant JD.com in November 2017. This figure was twice the amount Tiki secured from Vietnamese internet group VNG in 2016 — a US$17 million funding that gave VNG a 38 per cent stake in Tiki.

In August last year, Tiki.vn acquired local online ticketing platform Ticketbox.

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Image Credit: Tiki

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Singapore’s blockchain accelerator Tribe goes virtual

The story: Singapore’s government-supported blockchain accelerator Tribe will be going virtual for its third cohort. The batch consists of 10 blockchain companies operating in the health-tech, fintech, supply chain, data and cybersecurity industries.

Here are the 10 startups enrolled in the programme:

Accredify:  An edtech management company that resolves the issue of fraudulent certifications and transcripts across educational institutions.

Hashstacs: A fintech development company that builds enterprise blockchains (STACS blockchain) for banks and stock exchanges.

Humanscape: A healthtech company that increases the chances of developing cures for diseases through collection and provision of clinical, genetic, and health data on the blockchain.

Merkle Science: It provides blockchain transaction monitoring and intelligence solutions for government institutions to detect, investigate and prevent money laundering, terrorist financing, and other criminal activities.

Quantstamp: A blockchain-enabled smart contract security company.

Chainstack: It enables businesses and governments to leverage multiple blockchain networks to facilitate the deployment, orchestration, and management of decentralised apps

Sentient.io: It provides AI and data solutions integrated closely with a Data Alliance (DA) blockchain fabric.

Shalom International Movers: It encompasses a range of logistics solutions to insure high-value cargo and facilitate dispute resolutions.

Tramés: It enables diverse parties in global trade to seamlessly connect and securely exchange information.

Xfers: A blockchain-enabled ledger for payment methods that reduces efficiencies present in domestic and cross-border fund transfers.

SaaS startup Base.vn launches HRM solution

The story: Base.vn, a Vietnamese software-as-a-service (SaaS) platform, has announced the launch of Base HRM, a “comprehensive” HR solution with 20-plus integrated apps.

The 20-plus apps cover four areas  — organisational design, attendance management, performance management and people development. Developed together on Base.vn platform, these apps can be easily integrated and exchange data with one another, while the core business problems are handled separately and optimally.

“By helping companies to build up a framework for HR and giving them real time data about everything related to their management, we hope that companies would fix things faster and renovate faster. That’s our main mission in building HRMs and we know it’s a long way,” said Pham Kim Hung, CEO of Base.vn.

COVID-19 set to push digital pay up to 37% by FY2022 in India: report

The story: COVID-19 has been leading to a shift in habits, one of which is the switch from cash to card payments. In a report titled Indian Mobile Payments, India’s digital payment volumes will increase at a compounded annual growth rate of 37 per cent, according to The Economic Times.

The trend: The only time this trend was seen was when previously there was a currency ban of some notes in India in a report by RedSeer Consulting.

This habit is also being largely seen among users in smaller towns, both on the merchant and consumer payment side.

“Demonetisation of November 2016 acted as a trigger point in India’s digital payments story when the ‘common man’ had his first interaction with cashless payments,” said Anil Kumar, founder and CEO of RedSeer. “The outbreak of Covid-19 has brought about another major turning point in this journey.”

Indian startup DaveAI raises funding

The story: Bengaluru-based Artificial Intelligence sales augmentation platform, DaveAI, has raised an undisclosed amount in pre-A funding.

Investors: Mumbai Angels Network, GHV Accelerator, IIIT Technology Venture partners and Mr Mohan Kumar, CEO of Crestere Technologies

What does the startup do?: Dave.AI is a platform that creates virtual sales avatars. Its avatars can be deployed on web, kiosks, VR and AR. DaveAI is a Nasscom Deeptech club member and part of Intel’s Maker Lab, an accelerator programme for hardware startups by Intel India.

Also read: e27 webinar: Sailing through COVID-19 crisis with mindfulness meditation

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Image credit: Tribe

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Within Southeast Asia, the financial services industry holds a tremendous potential that could be unleashed if fundamental underlying challenges are addressed.

Out of a population of 570 million in Southeast Asia, more than 70 per cent of the adults are “underbanked” or “unbanked” and have limited access to financial services. In addition, millions of micro, small and medium-sized enterprises (MSME) face large funding gaps.

According to Bloomberg more than one in three MSMEs expect their need for financing to increase in the future. The funds will likely be used to invest in new technologies, as solutions used on a daily basis evolve; and business opportunities as they arise.

MSMEs are seeking sources of funding that are available ‘on-demand’, enabling them to respond to opportunities and threats that quickly arise.

Traditional funding options are failing to meet the demand and hence MSMEs are looking for ‘alternative’ funding options that can meet their needs.

According to Bloomberg, based on the findings that businesses are increasingly adopting novel digital tools and platforms, a logical next step for MSME could be to seek out complementary, non-traditional microfinancing solutions when it comes to funding.

The importance of MSME and the funding gap

MSME plays an important role in the Asian economy. Although estimates vary, several sources suggest that MSME account for over 95 per cent of all firms, contributes to 50–70 per cent of employment, and constitutes 30–60 per cent of various countries’ gross domestic product.

The MSME loan to GDP ratio remains low in most ASEAN nations, with figures ranging from three to 34 per cent. The situation is particularly severe in the Philippines and Indonesia, both of which have ratios in single digits.

Also Read: How fintech can help reach the unbanked and underbanked in Southeast Asia

Malaysia and Singapore fare better with 55 per cent and 36 per cent respectively, while Thailand leads the way with 105 per cent of the GDP ratio in SME loans.

According to studies, the vast majority of MSMEs in Southeast Asia currently fund their businesses with their own savings (90 per cent), or rely on family or friends (40 per cent).

Why is there a funding gap?

A lot of MSMEs have little to no resources and some lack even the most basic business skills, such as how to add a markup to products or filling out business loan applications.

Approximately 80 per cent of MSME say they want to borrow but lack access to affordable credit.

The top four reasons why MSME are struggling to get a loan:

• High interest rates
• Troublesome process
• Don’t know where to go
• Application rejected

And so MSME remains a largely underbanked segment in most markets within Southeast Asia.

Why are traditional banks not filling this gap?

• The costs to provide a US$5-10,000 loan are high so banks won’t find it worth the effort
• A general lack of data on the financials of the MSME for the banks to give a proper credit rating
• Banks lack the digital infrastructure to analyse and disperse smaller loans
• There’s a general risk-averse perspective on unsecured loans also because other bank products might be more profitable and less risky

And so technology-enabled business models that offer a more effective way to serve MSME are leading the way and are creating new market opportunities.

Customer gatekeepers

Established players risk (partly) losing the MSME segment to new (technology) players that can use nontraditional data sources to create access and supplement underwriting, and offer a broader suite of products and new delivery models (such as offline-to-online platforms) to address the needs of MSME.

New players that can serve as a customer gatekeeper will have an advantage in the battle for MSME. Innovators that offer a vertically integrated solution to meet different MSME merchants’ needs will gain marketshare.

Offline-to-Online

Fully digitalising the process immediately is not realistic and in the next five years we will need hybrid solutions where data is processed automatically while keeping in-person interactions to create trust and provide guidance.

Underbanked MSME in Southeast Asia generally still rely on the physical presence of a bank to handle their finances. Some innovators are closely working together with banks to utilise their existing physical retail presence.

Others have integrated with point-of-sale systems or accountancy software and leverage existing trusted business relationships.

However, one can expect that the offline element will almost completely disappear in due time as has already happened in more advanced markets like Singapore, several countries in Europe and the US.

Which countries and who is disrupting?

Southeast Asia is a huge market, but it is an extremely fragmented region. There are 11 countries, each differs significantly in terms of regulation, economy, infrastructure, and culture.

This space has been heating up and a range of players have launched over the past few years and are trying to get a piece of the pie. Some working closely together with banks, others launched P2P lending platforms and some players have even obtained a license to lend directly from their balance sheet.

Some examples:
Funding Societies (Singapore + Indonesia): Kelvin Teo, co-founder

“Even if we focus on bigger markets such as Indonesia or its capital Jakarta, there are nuances working with people who come from the 17,000 different islands in Indonesia. Each time we enter a new country, we need to rebuild the business from scratch. And for most parts of Southeast Asia, regulations are still unclear, credit and fraud risks are high, and the legal framework does not provide meaningful recourse for lenders. Hence we paid quite a bit of ‘school fees’ in terms of time and resources to build and scale.”

Grab Finance

When you start a small business, you’ve got big dreams. And GrabFinance is here to help. We’re committed to empowering SMEs across Southeast Asia with funding, tools, and insights so they can reach their goals, no matter what they are.

Offline-to-Online problem remains

Few innovators seem to have tackled the offline-to-online problem in a scalable manner through and so the real customer (MSME) gatekeepers still have to emerge.

This is likely due to the fact that these players have mainly focussed on their internal operations and credit algorithms to keep default rates low, rather than purely focussing on building new channels to grow loan origination.

Also Read: Banking the unbanked: Have cryptocurrency project achieved the most claimed utility of the blockchain?

Next to this, there’s a large group of ‘advanced’ MSME, such as e-commerce businesses (vs. brick-and-mortar), that can be accessed without having to solve the fundamental offline-to-online problem.

Lending is the biggest opportunity

By 2025, digital financial services are expected to generate revenues of about US$38 billion and account for 11 per cent of the total financial services industry.

Digital lending is expected to grow 33 per cent annually to reach US$18 billion by 2025, replacing digital payments as the largest contributor to the digital financial services revenue pool.

Google and Temasek have predicted that SEA’s loan book will increase two-to threefold reaching $110 billion by 2025.

Regulations needed to reach full potential

Attaining the full revenue potential requires several factors to fall into place, including continued investment and incentives to stimulate innovation and user adoption. But the biggest uptick will come from supportive regulations and government policies.

ADBI in 2019: While several legal and regulatory challenges remain and the resilience of these new funding models have not yet been tested in a downturn, new technologies have already started to transform SME financing.

We can conclude that digital lending services are a large opportunity in Southeast Asia. Multiple players have entered the market over the past few years and are trying to ‘crack’ the problem.

It seems that the complete recipe for success is still to be invented but a winner in the market likely looks like this:

A strong (offline-to-online) customer gatekeeper with a scalable business model that is supported by the government and has a vertical integration with third-parties to collect data and disperse loans.

Such a winner might come from an unexpected corner such as a point-of-sale company or a provider of accountancy software that has an established relationship with MSME.

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