In today’s dynamic and competitive business landscape, the only constant is change and uncertainty. Fortunately, Singapore has established itself as a global business hub, navigating the complexities of a rapidly changing world with agility and strategic foresight.  

However, amidst these uncertainties lie opportunities and challenges for innovation, adaptation, and sustainable growth. This is particularly true for business leaders and senior management, who face the pressing challenge of fostering growth and sustainability amidst a sense of the unknown, characterised by the BANI (Brittle, Anxious, Non-linear, and Incomprehensible) framework.  

To help businesses thrive in today’s dynamic landscape, this thought leadership piece will explore strategies to navigate uncertainties and achieve sustainable growth. Drawing insights from the IndSights Business Forum 2024, we will delve into key approaches tailored to empower Singaporean companies. 

In the first of our two-part series, we shall tackle the critical issue of manpower shortages and discuss how companies can leverage government support initiatives to unlock their growth potential. We will also list the relevant supporting schemes which Singapore businesses can leverage at the end of each section. 

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In software development, where change is the only constant, continuous learning isn’t just important—it’s essential. Technology evolves at a rapid pace, making it critical for developers and teams to stay updated on the latest tools, languages, and frameworks. However, fostering an environment where learning is not merely a task but a deeply ingrained habit can transform not just individuals but the entire culture of a team. A culture of learning can be the foundation for long-term growth and innovation.

Yet, building this culture isn’t always easy. Developers are often pressed for time, juggling multiple projects, deadlines, and ever-changing requirements. In such a fast-paced environment, how can you make learning a natural part of the workflow rather than something that feels forced or additional? In my experience, integrating learning into everyday interactions is key. By embedding learning into daily tasks and conversations, you create a space where growth happens organically, without feeling like another item on the to-do list.

Learning through everyday interactions

One simple yet effective approach I’ve found is to incorporate learning into routine interactions. For example, before my 1-1 meetings with team members, I often ask them to read a chapter from a book. It doesn’t have to be directly related to coding or technology—sometimes, it’s about leadership, problem-solving, or even creative thinking. The purpose is not just to build technical knowledge, but to encourage a broader mindset that fosters personal growth and development.

This approach has yielded surprising benefits. The discussions that follow these readings often go beyond the usual project updates and technical details. They open up new avenues of thought, introduce fresh perspectives, and lead to conversations that spark curiosity and inspiration. By regularly engaging with new ideas, the team becomes more attuned to learning as part of their everyday work, rather than something reserved for formal training sessions or courses.

The ripple effect of continuous learning

When learning becomes part of the routine, it leads to more than just personal development. It creates an environment where team members collaborate more openly, share new ideas, and tackle problems with creativity. I’ve seen teams become more connected, not just because they’re up-skilling, but because they’re sharing knowledge and challenging each other to grow.

Also Read: What are the basics of design thinking, and how to apply it?

The ripple effects of continuous learning are profound. Teams that prioritise learning tend to innovate faster. They are more adaptable in the face of challenges, more resilient when faced with setbacks, and more capable of finding novel solutions to difficult problems. In this kind of environment, learning doesn’t just happen in isolation. It becomes part of the fabric of how the team operates—building stronger bonds and a greater sense of shared purpose.

Beyond keeping up with tech trends

It’s tempting to think of continuous learning purely in terms of staying up to date with the latest programming languages, frameworks, or industry trends. While it’s true that technical skills are important, building a culture of learning goes far beyond that. It’s about fostering a sense of curiosity, encouraging collaboration, and promoting a growth mindset that drives innovation.

In software development, where technologies and methodologies change frequently, there’s often a focus on what’s new—new languages, new tools, new techniques. But a learning culture thrives when it focuses on more than just external change. It also looks inward, encouraging individuals to ask, “What can I learn from this situation? How can I approach this challenge differently?”

For instance, when team members are encouraged to learn about leadership, communication, or even other industries, they bring fresh insights to the table. These insights often translate into creative problem-solving and innovation. By fostering a holistic approach to learning, teams become more than just technically competent—they become versatile, adaptive, and capable of thinking outside the box.

How to foster a culture of learning

So, how can you start fostering this culture of learning within your own team? It doesn’t have to be complicated or time-consuming.

Here are some strategies that I’ve found effective over the years:

Start with small habits

The journey toward building a learning culture starts with small, manageable habits. Begin by suggesting that team members share an interesting article during a team meeting or dedicate a portion of a stand-up to discussing something they’ve recently learned. Over time, these small habits create a larger shift in how learning is perceived and prioritised.

Create a safe space for knowledge sharing

Encourage open discussions where learning can happen naturally. This can be during regular 1-1 meetings, casual lunch breaks, or even dedicated learning sessions. The key is to create an environment where team members feel comfortable sharing what they know and are open to learning from others. This not only spreads knowledge but builds trust and promotes collaboration.

Lead by example

As a leader, you need to walk the talk. Share your own learning journey—whether it’s a new coding language, a leadership book, or even a hobby that’s teaching you valuable lessons. Your willingness to learn and grow sets the tone for the rest of the team and shows that continuous improvement is something to be embraced, not feared.

Make time for learning

In the day-to-day rush of deadlines and deliverables, it can be easy to push learning aside. But if you want to build a culture of learning, you need to make time for it. Whether it’s setting aside an hour each week for team members to explore new tools or technologies, or hosting monthly “lunch and learn” sessions, ensure that there’s regular time for growth and skill development.

Also Read: Nurturing real-world design innovation in Singapore

Reward and celebrate learning wins

Recognising and celebrating learning achievements is a great way to reinforce the value of continuous growth. When someone applies a new technique or tool they’ve recently learned to solve a problem, take the time to acknowledge it. This encourages others to follow suit and shows that the organisation truly values learning.

Encourage cross-disciplinary learning

Sometimes, the best ideas come from outside one’s immediate area of expertise. Encourage team members to learn about topics outside of their core technical skills, such as design thinking, project management, or even customer service. Cross-disciplinary learning broadens their perspective and can lead to unexpected innovations.

The developer’s role in shaping a learning culture

As developers, we are uniquely positioned to lead the charge in creating and nurturing a culture of learning. The nature of our work places us at the forefront of technological change, but we can choose to go beyond simply responding to these changes. We can actively shape how we and our teams react by fostering a mindset of curiosity and continuous improvement.

By making learning a habitual part of our team dynamics, we create environments where both people and ideas can thrive. In doing so, we don’t just stay current with the latest trends—we drive innovation, inspire collaboration, and build resilient teams that are prepared to face the challenges of tomorrow.

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When asked about the prospect of quantum computers in Singapore and Southeast Asia (SEA), Horizon Quantum Computing Founder and CEO Dr Joe Fitzsimons believes in the possibility of having sufficient infrastructure to take the technology to the next level.

“At the moment, we are building out a facility to host quantum computers just next door to our office here. We will have a space to host up to three quantum computers. It’s just nearing completion, and we should have the first quantum computer up and running early next year,” he tells e27 in an interview.

“Obviously, we are a long way from Europe or the US. So, shipping things becomes a little bit more complicated. But generally, we have not had any difficulty with infrastructure.”

Horizon Quantum Computing is developing a new generation of programming tools to simplify and expedite the process of developing software for quantum computers.

Before founding the company in 2018, Dr Fitzsimons was an associate professor at the Singapore University of Technology and Design, where he led the Quantum Information and Theory group. He was also a principal investigator at the Centre for Quantum Technologies, contributing to theoretical computer science and physics through his research.

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

Earlier in his career, he was a fellow of Merton College, Oxford, and a senior research fellow in the Materials Department at the University of Oxford. During this time, he co-invented universal blind quantum computing, which has since become recognised as an important enabling technology for securing cloud-based quantum computing.

Dr Fitzsimons holds a doctorate from the University of Oxford, where his research focused on quantum computing architectures, and a bachelor of science degree in theoretical physics from University College Dublin.

In this interview, he explains how quantum computing will play a big role in accelerating AI innovation in various industries, particularly in SEA. The following is an edited excerpt of the conversation:

Quantum computing is often described as a technology that will revolutionise various industries. How do you see it complementing or accelerating AI developments, especially in SEA?

The confluence of quantum computing and AI is very interesting, and I think it is likely to have a very large impact. However, it is not the first use of quantum computing. So, we know that you can use quantum computing to accelerate the calculations for quite a wide variety of machine learning models, which is important. Because, if you look at the bottleneck with training larger and larger models, as we go from GPT-4 to 4o and so on, the computational part that goes into training these models is enormous.

It is a limiting factor. If we can make it much easier and more energy-efficient to train these models, we cannot only make better models but also do it with a lot less.

Also Read: Global Microsoft outage demonstrates the need for DePIN computing

Now, getting there is challenging, as quantum computing is still pretty nascent. Quantum computers do not yet outperform conventional computers for any task of interest, but they are getting close to that regime.

When I say it will not be the first application of quantum computing, what I mean is that quantum machine learning, for the algorithms that we know, gives an advantage over existing classical models. They tend to need something called quantum random access memory. That is like a quantum version of the RAM in a conventional computer, which has not been demonstrated yet. So, we have not seen someone produce this kind of memory and put it in a quantum computer.

At the moment, they are just essentially large processors. So, that level of technological development still needs to happen if we want to see some of the benefits of machine learning.

There have been a lot of explorations of nearer-term quantum machine learning algorithms that natively exploit how quantum creators process information. But for those, it is far less certain whether there is going to be an impact or not; they may end up not performing as well as existing classical models. However, for many widely used models, we know you can accelerate them on a quantum computer, but it uses this kind of further term model where we need to have error corrected.

If you look at key sectors in Southeast Asia, such as healthcare, finance and logistics, what are the most promising quantum computing applications that could significantly impact these sectors?

Each of these is pretty prominently represented in quantum computing at the moment.

The most obvious examples are based on the fact that quantum computers can efficiently simulate chemistry. It is easy for quantum computers to simulate chemistry in a way that might be quite difficult for conventional computers, at least for some molecules. This includes not just simulating the molecule itself but also chemical reactions. For example, simulating the folding of proteins can be done very faithfully on a quantum computer.

Also Read: The new era of computing: Single board computers for home automation and AI

It opens up a path to start doing experiments much more in simulation rather than in the wet lab, without the problem of divergence between simulation and the wet lab experiment. This opens up ways to things such as drug discovery, as protein folding is relevant for conformal diseases such as Alzheimer’s.

If you move over to finance or logistics, you see a wide range of applications opening up again, particularly in finance. A very dominant computational problem is the Monte Carlo simulation.

Quantum computers are better at Monte Carlo simulations than conventional computers. You only need to simulate the square root of the number of situations you would need for a conventional computer to get the same amount of precision.

Some banks use a tremendous amount of computing power that can be significantly reduced by quantum computation or, equivalently, getting them down to something that can run much more quickly at much higher frequency. That gives you better insight into the overall risk profile and health system.

If we compare SEA to major tech hubs such as the US or Europe, what are the unique challenges and opportunities for quantum computing in this region?

The industry in the region is a little bit more conservative. I would say the US is probably the place where there is the greatest risk appetite in terms of the willingness to experiment with new technologies at an early stage.

Clearly, with a booming population in SEA, there is tremendous tech expansion in the region, so there is a lot of potential for quantum computing here. Singapore has been an early investor in quantum computing. They have had the Centre for Quantum Technologies for nearly 20 years.

Also Read: Silence Laboratories raises US$4.1M for privacy-preserving collaborative computing

So, there has been high-quality research in the region for quite a long period of time. At the moment, I would say, the industry is slightly slower in taking off in Singapore and SEA than in places such as the UK or the US. However, there are also advantages to starting a quantum computing company.

A company like ours is reliant on being able to attract talent, so it is important to have a skilled talent base. There is definitely academic expertise in the area, people who have trained locally or abroad and come back.

However, there are fewer direct competitors as there are only a few quantum computing companies in Singapore. For a company like us, we are also very, very reliant on trade secrets and IP. This means there is less leakage or less potential for leakage between companies. Whereas, if you’re based in Palo Alto or Berkeley, there are a lot of quantum computing companies, and people are moving between them.

What can the government and academic institutions in Singapore and SEA do to foster innovation in the field, especially in the area of talent?

There are different sides to what is needed in industry.

It is not enough to be an expert in quantum computing to actually turn that into a real technology; we also need exposure to a more engineering[—centric] mindset, which is sometimes at odds with the path people take in computing.

So, I came from theoretical physics. It is a somewhat different path, and the mindset can be different. The approach to tackling problems can be different, but if you are trying to create a new technology … then you also need to focus on good engineering practice and repeatability. These are things that are sometimes under-emphasised in academic efforts.

Also Read: Navigating spatial computing: Augmented, virtual, and mixed reality trends

What becomes important is not just people being exposed to the technology at an early stage. There are increasing courses at the undergraduate level that cover the basics of quantum computing. We have many people who come in with a reasonable level of understanding of what technology is. However, if we want to create a workforce in the area, it is important to expose people to what the industry is like during their training. Otherwise, it can be a bit of a shock to make the leap.

How do you see the trend shifting in Singapore and SEA in the next few years?

What I would say about quantum computing is that it started to move very quickly.

When IBM put its first one on the cloud, it was a five-qubit system in 2015 or 2016. Today, they have a 1,100 qubit system. So, the complexity of the devices is growing very, very quickly. Last month, we also saw the first full demonstration of quantum error correction coming out of Google.

Now, how quickly does that mean things will progress? It is difficult to say, but I would say that, within two to three years, we will be in the low noise regime for quantum computing, where the errors can be corrected to a good extent. So, the error rate will become one in a million instead of one in 100.

When we get there … there is a real chance to see meaningful advantages.

The difference we have between now and then, when the first conventional computers were emerging, is that we have the internet now, which means we can roll out this change. The adoption can be much, much quicker because you do not need to go install a computer at everyone’s office or something like that.

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Image Credit: Horizon Quantum

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In the fast-paced world of entrepreneurship, startups often stand out as bastions of innovation and disruption. However, one curious trend that emerges is that many of these budding companies offer lower salaries for high-level positions compared to their established counterparts.

This article delves into the underlying reasons for this phenomenon, supported by in-depth analyses and case studies.

Understanding startup salary dynamics

Budget constraints and funding cycles

Startups typically operate under stringent budget constraints, especially in their early stages. According to a 2021 report by Crunchbase, 70 per cent of startups fail due to a lack of capital. Founders must make careful financial decisions, often prioritising product development and customer acquisition over high salaries for executive positions.

Case Study: Buffer

Buffer, a social media management platform, began as a side project with minimal funding. In its formative days, the company offered salaries competitive within the startup realm, yet still below the industry average for established tech companies. Buffer’s co-founder, Joel Gascoigne, stated that their focus was on building a sustainable business without overextending financial resources. This disciplined financial approach allowed Buffer to secure additional funding, paving the way for growth and success down the line.

Analysis

The budgetary constraints faced by startups often lead them to adopt a “pay-for-performance” model. This structure incentivises employees to contribute to the company’s success and aligns their interests with those of the founders, fostering a sense of ownership and commitment.

Equity compensation: A double-edged sword

One of the significant draws of startup employment is the promise of equity compensation. While salaries may be lower, the potential for stock options can be an attractive incentive for many professionals. However, this model carries inherent risks, especially when considering the volatile nature of startups.

Case study: Instacart

Instacart, a grocery delivery startup, initially compensated employees with stock options instead of high salaries. The promise of ownership led to rapid growth in the company’s early years. However, when Instacart went public, many employees found their stock options underwater, leading to dissatisfaction. This example illustrates how the perceived value of equity can fluctuate dramatically, impacting employee morale and retention.

Analysis

A study by the National Bureau of Economic Research revealed that only 20 per cent of startups provide a return on investment to employees through stock options. This statistic underscores the importance of evaluating the long-term viability of a startup before accepting an equity-heavy compensation package. For many employees, the lure of equity can become a double-edged sword, offering potential rewards while also carrying the risk of non-viability.

Also Read: Uncovering the rise and challenges faced by deep tech startups in Singapore

Culture and flexibility as a trade-off

Startups often cultivate a unique company culture characterised by flexibility, innovation, and a flat hierarchy. Many employees choose to accept lower salaries for the opportunity to work in a more dynamic and collaborative environment, where their contributions can have a direct impact on the company’s trajectory.

Case study: Zocdoc

Zocdoc, a healthcare appointment booking platform, fostered a culture of transparency and autonomy. During recruitment, the company highlighted the benefits of working in a fast-paced environment where employees could make impactful decisions. Although their salaries were lower than those at established healthcare firms, many candidates were drawn to the mission and the opportunity to shape the future of healthcare delivery.

Analysis

This cultural dynamic can often attract talent that is more driven by purpose than by compensation. Many individuals are willing to trade off higher salaries for the chance to work on meaningful projects and contribute to a mission they believe in. As a result, startups can build a motivated team with a strong sense of ownership and commitment.

Challenges of global expansion for startups

While startups may possess the potential for rapid growth, many face significant challenges when attempting to expand globally, particularly in the current economic climate.

Economic uncertainty and market volatility

The global economy is currently marked by uncertainty, driven by factors such as inflation, geopolitical tensions, and supply chain disruptions. According to the International Monetary Fund (IMF), global growth is projected to slow down significantly, creating a less favorable environment for startups seeking international expansion.

Case Study: Shopify

When Shopify, a leading e-commerce platform, sought to expand its operations globally, it faced economic uncertainties in various markets. The company strategically focused on markets with lower entry barriers and stable economic conditions, allowing it to build a sustainable global presence without overextending itself. This cautious approach has helped Shopify maintain its growth trajectory while navigating a challenging economic environment.

Analysis

In this volatile economic landscape, startups often lack the financial buffer to withstand downturns, making global expansion a risky proposition. Economic instability can lead to fluctuating demand for products and services, complicating market entry strategies. Startups must carefully assess potential markets and weigh the risks against the potential rewards of entering new territories.

Regulatory hurdles and compliance

Navigating the regulatory landscape in foreign markets poses significant challenges for startups. Each country has its own set of rules governing business operations, taxation, and employment, which can be daunting for emerging companies. Failure to comply with local regulations can result in costly fines and operational disruptions.

Case Study: AirAsia

AirAsia, a low-cost airline, encountered numerous regulatory challenges when attempting to enter new markets across Asia. Each country’s complex aviation laws required substantial time and resources to navigate. While AirAsia ultimately succeeded in establishing a strong regional presence, the hurdles they faced highlight the difficulties startups encounter when scaling operations internationally.

Analysis

Regulatory compliance often requires startups to engage local legal expertise, further straining limited resources. The inability to navigate these complexities can deter startups from pursuing global expansion altogether.

Also Read: 3 ways AI technology can help startups save money

Resource limitations and talent acquisition

Expanding into new markets necessitates substantial resources and talent acquisition. Startups often operate with lean teams, making it challenging to allocate personnel for international expansion. Additionally, the competition for top talent in foreign markets can drive up costs and complicate recruitment efforts.

Case study: Uber

Uber faced significant challenges when trying to expand internationally, particularly in markets like China. The company struggled to compete with local ride-sharing platforms, which had a better understanding of consumer preferences and regulatory landscapes. Ultimately, Uber had to withdraw from the Chinese market, emphasising the importance of local knowledge and resources in successful global expansion.

Analysis

A report from the World Economic Forum indicates that startups frequently struggle to find local talent with the necessary skills to navigate new markets. The inability to hire effectively can hinder their capacity to execute successful strategies and establish a presence in competitive environments.

Technological barriers

The rapid pace of technological advancements can create challenges for startups seeking to expand globally. Differences in technology infrastructure and consumer behaviour can complicate the rollout of products or services in new markets.

Case Study: Revolut

Revolut, a fintech startup, has successfully expanded into multiple countries. However, the company faced challenges adapting to various regulatory environments and consumer preferences. The need for localised solutions required significant investment and adaptation, illustrating the hurdles startups encounter when attempting to scale internationally.

Analysis

For many startups, adapting their technology to meet local demands can be a daunting task. Discrepancies in internet speeds, mobile device usage, and consumer expectations can all impact the success of a product in a new market.

Navigating the startup landscape: Weighing opportunities against challenges

Startups often find themselves in a precarious balancing act when it comes to offering competitive salaries for high-level positions. Budget constraints, equity compensation, cultural dynamics, and growth opportunities all contribute to the lower salary trend. However, the allure of working in a dynamic environment can entice talented professionals to accept these trade-offs.

Moreover, as startups navigate the complexities of global expansion, they encounter numerous challenges, including economic uncertainty, regulatory hurdles, resource limitations, and technological barriers. Understanding these factors is crucial for aspiring entrepreneurs and professionals considering a career in startups.

In conclusion, while the startup landscape offers unique opportunities for growth and innovation, it is essential for individuals to weigh the potential rewards against the inherent risks involved in this dynamic sector. For many, the journey of contributing to a startup’s success can lead to invaluable experiences that pave the way for future achievements in their careers. By acknowledging the challenges and adopting strategic approaches, startups can position themselves for sustained success in an increasingly competitive global market.

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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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In a rapidly digitising landscape, Asia is facing an onslaught of cyber threats. But innovation and resilience is helping the region set new standards in cybersecurity.

Cybersecurity often lurks in the shadows—essential yet frequently overlooked. However, its significance cannot be understated. The recent CrowdStrike incident serves as a stark reminder: a single buggy update brought millions of systems worldwide to a halt. Had a malicious actor been involved, the fallout could have been catastrophic.

While its role is crucial, the public often misunderstands cybersecurity. At its core, it’s about four things: protection, detection, recovery, and compliance. And while it may not always grab headlines, it’s a booming industry, especially in Asia. Mordor Intelligence projects that the Asia Pacific’s cybersecurity market will hit US$124.05 billion by 2029, up from US$65.28 billion in 2024, driven by the rapid digitisation of businesses and the proliferation of connected devices​.

APAC was the most attacked region globally in 2022 and only ceded that top spot to Europe in 2023, according to the IBM X-Force Threat Intelligence Index. Still, it remains one of the most targeted areas, accounting for 23 per cent of global cyber incidents in 2023​. As digital transformation accelerates across Asia, the region’s networks and emerging technologies are prime targets for cybercriminals.

Protection: Strengthening digital defences

Protection is the frontline in cybersecurity, and businesses across Asia are getting creative with their strategies—they are embracing artificial intelligence, machine learning, and other advanced technologies to safeguard critical infrastructure. The key reason? A surge in IoT and machine-to-machine (M2M) connections, which has further driven the need and demand for robust cybersecurity solutions.

Singapore, a key player in Southeast Asia’s business ecosystem, has shown that a proactive approach can work. The Cybersecurity Agency of Singapore (CSA) reported a 3.6 per cent drop in ransomware cases in 2022, even as incidents climbed globally. The agency attributes this success to its focus on cyber hygiene and enhanced detection systems. Accordingly, Singapore’s example proves that investing in preventive measures and strong defence strategies can lower the risk of cyberattacks.

Detection: Timely identification of threats

As cyber threats grow increasingly complex, the urgency for real-time detection is growing by the day. Across Asia, companies are turning to advanced systems in a race to catch vulnerabilities before they’re exploited. But the sheer volume of threats is staggering. Vectra AI’s 2023 threat detection report reveals that nearly 71 per cent of security operations centre (SOC) analysts admit their organisations may already be compromised—and they just don’t know it yet. Worse still, over two-thirds of SOC alerts are likely being ignored each day, simply because teams are overwhelmed by the relentless flood of alerts.

Also Read: Uncovering the rise and challenges faced by deep tech startups in Singapore

The IBM X-Force 2024 report paints an even starker picture: the use of infostealers surged by 266 per cent, as attackers pivoted from phishing to identity theft and the exploitation of stolen credentials​. This shift means cybercriminals are increasingly targeting personal data to breach systems. While phishing remains prevalent—Singapore reported 8,500 phishing attempts in 2022​—the 44 per cent drop in phishing activity globally points to more sophisticated attack methods​. It’s a reminder that detection systems must evolve as tactics do.

Recovery: Reducing the impact of cyber breaches

Once a breach occurs, swift recovery is essential. According to an IBM report, the global average cost of a data breach has climbed by 10%, reaching USD 4.88 million in 2024. With businesses becoming increasingly reliant on digital infrastructure, their ability to recover swiftly from attacks will make or break them.

Countries like Vietnam, Indonesia, and Thailand have seen sharp rises in ransomware incidents, with Thailand reporting over 109,000 incidents in 2023, according to Kaspersky​. This escalation underscores the urgent need for recovery strategies that prioritize data encryption and rapid service restoration. For industries like manufacturing and finance, which are often in the crosshairs of cybercriminals, these efforts are vital to limit both financial and operational damage.

Compliance: Proactive with regulation and oversight

Compliance has become a cornerstone of cybersecurity in Asia—and for good reason: it works. Governments across the region are stepping up with tougher policies to ensure businesses meet the highest data protection standards. Singapore, again, stands out as a model for how proactive oversight can drive real results. The CSA reported a 13 per cent drop in infected systems in 2022, thanks to a mix of strong regulatory frameworks, a dedicated code of practice, and various programs that keep the nation’s digital defences sharp.

Meanwhile, China is following a similar path, tightening control over data flows and cybersecurity practices. New regulations are forcing companies to adopt stronger compliance measures, not just to avoid penalties but also to align with broader cybersecurity strategies. Across Asia, businesses must therefore be proactive about exploring compliance frameworks—doing so will help them remain resilient and secure in an increasingly complex digital landscape.

Cybersecurity in Asia has shifted from just being a protective measure to something much bigger—anticipating what’s next. The region’s cybersecurity market is set for rapid expansion, and with cybercrime damages predicted by research firm Cybersecurity Ventures to hit USD 10.5 trillion globally by 2025​, the stakes are higher than ever. Vigilance and innovation aren’t just needed—they are essential.

At GITEX Asia 2025, the brightest minds in cybersecurity will gather to showcase cutting-edge solutions and discuss strategies for navigating the future of digital defence. Join us from April 23–25, 2025, at Marina Bay Sands, Singapore, and be part of the conversation shaping the next wave of cybersecurity innovation.

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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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Khazanah Nasional’s Dana Impak to launch initiatives to advance the national venture capital ecosystem

Malaysia’s sovereign fund, Khazanah Nasional, will launch new programmes to advance its venture capital and innovation ecosystem.

Also Read: Antler partners with Khazanah, to invest in 30+ Malaysian startups over next three years

The initiatives are the Emerging Fund Managers’ Programme (EMP) and the Regional Fund Managers’ Initiative (RMI) under the National Fund of Funds(NFOF).

With the NFOF’s capital commitment, EMP aims to signal stronger confidence to prospective fund investors in investing in fund managers who have the potential to be regionally competitive. Thereafter, the startup ecosystem will benefit from crowding-in of private and other capital into these managers, which in turn will boost the presence of innovation-driven startups in Malaysia.

Scheduled to commence in November 2024, the EMP will be opened to all Malaysian General Partners, focusing on VC fund managers raising their first, second, or third fund—based in Malaysia or overseas.

The RMI, on the other hand, represents the NFOF’s initiative to attract international fund managers who are committed to enriching the ecosystem, including supporting the growth of Malaysian startups to be regional and global players, as well as facilitating the redomiciling of global companies in the country to expand local job capabilities, attract talent and deepen innovation.

Also Read: Khazanah, CGC Digital invest in Funding Societies

“With the launch of EMP, we aim to ensure the continued growth of our local VC fund managers, and we see the RMI as another critical step in our commitment to foster a dynamic VC ecosystem in Malaysia,” Khazanah MD Dato’ Amirul Feisal Wan Zahir said. “As innovation is borderless, the availability of capital, talent and technology will determine the future of Malaysia. This is why the NFOF will focus on the creation of local champions under the EMP while attracting international capital and partners. These efforts will enable the fusion of local and international expertise, perspectives and knowledge to spur a vibrant ecosystem that fuels progress and advancements.”

These initiatives follow Khazanah’s acquisition of Malaysia Venture Capital Management and Penjana Kapital in July this year.

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You’ve completed your detailed customer journey maps and utilised AI to automate and analyse user journeys for a newly launched service within your existing portfolio. But somehow, there is less traction than you had imagined. Customers are unhappy, and potential customers aren’t convinced.

“What might be missing?” you might ask.

In an age that’s super-charged with data, we have the ability to track almost every single movement, interaction and touchpoint of our customers. There is sometimes a desperation of wanting our customers to do what we want them to do <what’s good for our business> and eventually say yes to us<buy, purchase, subscribe>.

But are we really finding the signal in the noise?

Out of habit and convenience, are we increasingly categorising people like items on a shelf? With an increase in hyper-personalisation fuelled by AI capabilities, might we be adding more items and more shelves to replace the humans who are our customers?

“Our plan is to send a survey to 1,000 people instead of spending an hour each speaking to 10-15 real customers. That way we save time, resources and budget while still getting similar results! So why spend time speaking with customers? There’s no time for that.” 

These are some of the remarks or questions that I encounter while facilitating workshops on Design Thinking or Jobs To Be Done. According to McKinsey, “Customer surveys, which have long served a foundational role in data collection, are waning in effectiveness as response rates decline.” This trend highlights the growing need invest more time in uncovering the progress that individuals are trying to make in their lives.

There is a fine balance that needs to be struck between the magic of AI and the wonder of human centred innovation. According to Forbes, if the balance is tilted too far towards AI, organisations may end up losing customers. “As companies strive for efficiency in support, have they inadvertently made the customer experience worse? Spending on AI and automation would be justified if it actually solved issues more quickly and boosted customer satisfaction. Instead, the data suggests the move toward AI is actively repelling consumers.”

Also Read: 3 ways AI technology can help startups save money

What if the script was flipped and the control of AI was given to customers instead? In the case of IKEA, they are “unleashing the power of generative AI to give customers even more power when it comes to designing their ideal homes.” However, a purpose that lies at the heart of their innovation process is “the need to prioritise human values, asking if actions respect human agency and dignity and if a people-focused approach is central to all initiatives.” This is part of their digital ethics policy that was launched in 2023.

Investing time in honing the craft of unpacking qualitative insights overlaid with quantitative data would help us better understand what customers want to achieve and how they might go about achieving it.  This is when job maps and customer journey maps might help to bridge the divide between human needs and technology driven journeys. I have created a free template in Miro can help your team begin the journey of bridging the gap between the how and what.

Customer journey maps and job maps

A customer journey map is a fantastic way to show us what customers do. While it provides huge value to organisations, it leaves a blind spot on why customers do what they are doing. This is where job maps can take us further into the journey of finding the signal within the noise.

According to Jim Kalbach, a job map is not a customer journey map. “The aim is not to document how people come to your solution, decide to purchase and stay loyal.” That’s not their job to be done. Instead, a job map is a view into the behaviours and needs of individuals in the context of their daily lives. That may or may not include your solution.” (Kalbach, The Jobs To Be Done Playbook, 2020).

But why should one bother if it may not include my solution? This is where combining the what — a job map — with the how — a customer journey map — could help create a more comprehensive view of your customer’s entire journey within the context of their lives.

Job maps help us navigate from why to where to, giving us the ability to view the entire picture through the lens of a customer. Investing time in understanding their hopes, fears and what progress means in their lives, we will be able to unlock avenues of innovation at multiple levels.

Also Read: How should non-tech companies approach AI?

Steps to consider

• Recognise the lure and limitations of relying on or prioritising purely quantitative data analysis, such as surveys.
• Invest in spending time with your customers to uncover their motivations and underserved needs.
• Create job hierarchies to uncover pockets of innovation at each level.
• Develop job maps to keep your customer’s needs at the heart of your business.
• Use AI as a co-pilot, not just for prediction (highly risky) or completing tasks.

In the never-ending quest for being truly customer centric and trying not to “centricity-wash” an organisation, having a shared language around needs and motivations helps to guide businesses closer towards their North Star Metric.

Organisations that are able to balance the patient craft of uncovering undermet needs and prioritising based on where underserved opportunities lie, while simultaneously accelerating outcome-driven-innovation and adopting new ways of working with AI, may find themselves more relevant to evolving audiences.

As we navigate this brave new world, let us not forget the fundamental truth that has always underpinned successful business: at the heart of every transaction is a human need waiting to be met. In understanding and serving that need lies the true path to innovation and growth.

—

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Dear reader,

The global rise in electric vehicle (EV) sales in September highlights the growing dominance of the sector, driven largely by China and a recovering European market.

China’s remarkable 47.9% sales increase signals its commitment to solidifying a global leadership role, despite cooling global demand and rising EU import duties.

Meanwhile, Europe’s resurgence—boosted by strong growth in the UK, Germany, and other key markets—reflects the continent’s ongoing push for green mobility, even as countries like France and Germany adjust their subsidy policies.

While the US lags behind, with modest growth of just 4.3%, the upcoming election introduces uncertainty into the market’s trajectory. As policy shifts loom, the true test will be whether the country can match the pace set by global leaders in EV adoption.

Looking ahead, Rho Motion’s revised forecasts for European EV sales—down by nearly 20% for 2030—suggest a more cautious outlook, influenced by evolving market conditions and policy changes.

However, as intermediate emissions goals come into play, Europe remains a battleground for automakers competing for market share in the green transition, with Chinese manufacturers pressing forward despite trade barriers. The coming months will reveal whether growth can sustain the momentum in this pivotal sector.

Sainul,
Editor.

NEWS & VIEWS

Lazada eyes US$100B GMV by 2030 in SEA
To pursue this goal, the Singapore-based e-commerce platform has partnered with luxury brands, including Armani DG, to strengthen its position in Southeast Asia’s e-commerce market.

Global EV sales up 30.5% in Sept as China shines, Europe recuperates
EVs sold worldwide reached 1.69M in September; Sales in China jumped 47.9% in September and reached 1.12M vehicles, while in the United States and Canada, they were up 4.3% to 0.15.

TikTok’s research reportedly acknowledges negative effects on teens
The company’s own research shows that “compulsive usage correlates with a slew of negative mental health effects like loss of analytical skills, memory formation, contextual thinking, conversational depth, empathy, and increased anxiety.”

Singapore’s ticketing platform GlobalTix closes US$4.97M Series B round
The investors include Tin Men Capital, SEEDS Capital, and ORZON Ventures; GlobalTix is one of the largest ticket aggregators in Southeast Asia, hosting over 150,000 experiences and 12,000 travel agents and issuing over 12M tickets annually.

Filipino lending startup OneLot raises US$4M pre-seed funding
The investors include 468 Capital, Kaya Founders, Crestone Venture Capital, 21yield, and Founders Launchpad; OneLot specialises in offering working capital financing exclusively to used car dealers.

Singapore’s XA Network expands to Africa
XA Africa aims to connect exceptional African tech founders with seasoned investors and industry experts, primarily from global and regional technology companies, to provide not just capital but also the guidance and support needed to scale their ventures.

Malaysia’s Gamuda launches AI Academy
Gamuda Al Academy offers a comprehensive three-month curriculum focusing on full-stack Al development, including front-end, back-end, and Al technologies; The programme is open to students, graduates, industry professionals, and start-up founders.

Singapore’s Vouch raises US$2.5M for AI development
Vouch is a hotel operations management solutions provider; By analysing guest behaviour, Vouch AI anticipates what guests want and recommends high-performing room service pairings, upgrades, and add-ons.

Indian AI robotics startup Perceptyne secures US$3M seed funding
Endiya Partners and Yali Capital co-led the round; Perceptyne’s products have features including computer vision, advanced AI algorithms, and adaptive sensing tech designed for assembly and packaging applications in the automotive and electronics industries.

MYStartup launches pre-accelerator cohort 5 to support early-stage startups
The programme will run from October 2024 through February 2025, providing an intensive, hands-on learning experience designed to accelerate startup growth and development.

OneCFO bags US$500K to automate financial management for Philippine SMEs
The investment will be used to develop its suite of B2B financial management apps and hire people; OneCFO has integrated cloud accounting systems, ERPs, payroll software, business intelligence, and other software into one platform.

Apple might release a US$2K Vision headset next year
The headset combines the digital and real worlds; Apple will use cheaper materials and a less powerful processor, and it will not include the EyeSight feature that shows a user’s eyes outside the headset.

FEATURES & INTERVIEWS

Investing in climate tech: Why investors should focus on impactful, low-hanging fruits
According to SOSV Founder Sean O’Sullivan, when it comes to climate tech investment, investors should also realign their expectations.

From admin headache to AI-driven insights: How Earlybird AI empowers SME founders
Just out of stealth mode, Earlybird mainly caters to solopreneurs and founders of early-stage startups and e-commerce firms.

FROM THE ARCHIVES

The extraordinary tale of a Filipino geek who swam against the odds in life
Clark Urzo is one of the two geeks from Southeast Asia to make it to Pioneer, a programme run by Daniel Gross and funded by Marc Andreessen.

Book Excerpt: How I survived an elevator pitch session with Tim Draper
In this book, Zopim Founder Royston Tay shares his experience pitching his startup idea to legendary investor Tim Draper.

Mastering the art of fundraising: Winning strategies to engage investors
The VC financing landscape is constantly evolving so new businesses must know how to successfully approach investors while fundraising.

7 trends changing the reality of immersive gaming
Immersive gaming is now a profession for competitive e-sports organisations and players of all backgrounds.

Unlocking success: These 3 startups reveal their product development strategies
These professionals from three different startups in Southeast Asia explain how they are doing product development in their respective companies.

Women in tech have leaned in enough. This is what we should do instead
Lack of equal opportunities has always been a key issue faced by women in tech. We can never solve this through motivational speeches.

How AI enhances content creation and sales strategies for live commerce in the Philippines
The rapid growth and profitability of live commerce have driven brands to seek innovative ways to maintain a competitive edge.

How is fintech different in Asia
The faster fintech develops in Asia, the richer the local digital landscape becomes, leading further spread of digital financial services.

Are traditional conglomerates in the Philippines finally embracing corporate investing?
What stops the big conglomerates in the Philippines from getting their skin into the startup game? This article will answer that.

Will digital banks take off in the Philippines?
Technology is now turning the Philippines’ unbanked population into a viable demographic with enormous potential for financial institutions.

Beyond the hospital: Challenges and opportunities in Indonesian healthtech scene
Healthtech in Indonesia may have been a niche sector at the moment, but there is plenty of room for startups to grow.

Finding the right co-founder involves having tough conversations–and a great sense of humour
On a personal level, a co-founder can provide invaluable emotional support and motivation during the highs and lows of building a company together, especially at the start when one has to do everything oneself.

Essential tips for scaling in Southeast Asia: 4 key insights to consider
Southeast Asia is not uniform but is a region with distinct user bases which imposes a challenge for tech companies who want to scale up.

Uncovering the rise and challenges faced by deep tech startups in Singapore
While considerable work has been done to grow the deep tech startup scene in Singapore, it remains far from the finished article.

Between data and gut feeling, which one do Singaporean customers trust to make decisions?
Qlik’s report also found that Generation Zs are more wary about the privacy concerns that surround technology.

How behavioural science is transforming corporate learning
In the context of corporate learning, behavioural science principles can be adapted to nudge people to accept change positively.

The art of letting go and how it makes you an even better entrepreneur
As an entrepreneur, are we agile enough to let go of our “grit” and change direction when the twists and turns call for it?

How to craft your startup’s financial projections
Creating a financial projection is not about accuracy; it is about understanding the founder’s thought process.

Unlikely mentors: What kids can teach you about entrepreneurship
I distilled some key habits and characteristics that business owners can develop to thrive in entrepreneurship.

THOUGHT LEADERSHIP

A decade of Japan’s mandatory stress checks: Why work-related mental health is still declining?
Japan’s decade of mandatory stress checks shows that improving workplace mental health demands ongoing innovation, cultural change, and empathy.

Storytelling in diverse markets: How you can effectively market as you expand
Creating brand storylines in SEA’s diverse markets can be challenging; here are tips on highlighting your company’s strengths for customers.

Strategic communication: A core element in building and leading a business
Strategic communication is not merely reactive but a forward-looking function that builds momentum and resilience.

—

Image Credit: 123RF.

The post Ecosystem Roundup: Global EV sales up 30.5% in Sept. | Lazada eyes US$100B GMV by 2030 in SEA | GlobalTix secures US$5M appeared first on e27.

OneLot, a Filipino lending company for used car dealers in the Philippines, has raised US$4 million in pre-seed funding led by 468 Capital.

Kaya Founders, Crestone Venture Capital, 21yield, Founders Launchpad, and unnamed angels also participated.

The company plans to use the funding to extend its services to more dealers as well as accelerate product and AI development.

OneLot was founded in 2023 by Harm-Julian Schumacher, Tommy Campos, and Subramaniam Srinivasan. The startup addresses the most pressing problem used car dealers face: the lack of access to credit.

Also Read: South Asia, SEA rank high in potential for fintech lending in Asia: Study shows

OneLot’s loan products are geared towards car dealers’ buy-and-sell cycles. It handles loan applications and disburses capital “in a matter of hours” by leveraging an AI-enabled underwriting algorithm.

“Our platform was designed with the dealer’s needs in mind, avoiding the lengthy and cumbersome procedures typical in financing. Thanks to our AI-driven processes, we offer higher credit limits, more competitive interest rates, and faster fund disbursement than any other provider in the market,” said OneLot CTO Srinivasan.

Since its launch earlier this year, OneLot claims it has disbursed over US$1.3 million in loans, financed over 200 cars, and has experienced 10x revenue growth through the second and third quarters of 2024.

“We saw the potential of OneLot to address significant problems in the rapidly growing used car market. The team combines in-depth knowledge about car dealerships and SME credit in the Philippines with decades of experience building digital products and AI,” said Guilherme Steinbruch, Partner at 468 Capital.

The Philippines is home to one of the fastest-growing used car markets in the world today. Strong growth in car sales is buoyed by rising income levels, greater demand from middle-income groups, and poor availability of public transportation.

Also Read: How Generative AI will advance embedded lending

This US$8 billion industry is dominated by small dealerships and family-run businesses, which account for more than 90 per cent of car transactions. Meanwhile, banks only play a limited role in used car and dealership financing, leading to three times lower finance rates than in Europe or the US.

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Singapore-headquartered GlobalTix, a leading ticket aggregator for the tourism industry in Asia Pacific, has concluded its SGD6.5 million (~US$5 million) Series B funding round led by Tin Men Capital.

SEEDS Capital, ORZON Ventures, and an undisclosed family office in the US also joined.

The fresh funding will fuel GlobalTix’s expansion plans. A key focus will be exploring and implementing AI-driven solutions to enhance its technology offerings further.

Also Read: Tin Men Capital injects US$9M more into Singapore’s travel-tech company GlobalTix

Chan Chee Chong, CEO of GlobalTix, stated, “This investment will enable us to strengthen our foothold in APAC and expand our market access. We will also deploy AI and predictive analytics to identify trends and optimise pricing for our partners in the tours and activities space, and enhance traveller interactions with attractions.”

Established in 2013, GlobalTix is a reservation and distribution platform in the Asia-Pacific region focused on providing end-to-end solutions for attractions, tours, and activities. It also enables the same partners to connect tourist activities to travel agents around the globe seamlessly

GlobalTix is used by renowned attractions like Mount Faber Leisure Group, Taman Safari Indonesia, Mandai Wildlife Group, and National Gallery Singapore, and partners with industry players such as Singapore Airlines and many global online travel agents.

The platform hosts over 150,000 experiences, 12,000 travel agents, and over 12 million tickets annually. It has ten offices across Asia, including China, India, Indonesia, Japan, Korea, Malaysia, the Philippines, Thailand, and Vietnam.

Tin Men co-founder and Managing Partner Jeremy Tan said: “Since Tin Men Capital invested in 2018, GlobalTix has grown to become the largest tour aggregator in SEA while becoming cash flow positive. Their performance, capital efficiency and resilience has inspired investor confidence to return in this round of funding to scale further.”

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