Singapore-based startups secured US$397 million in Q3 2024, a 26 per cent decline from US$536 million raised in the corresponding quarter last year and a 9 per cent uptick over the previous quarter, according to Tracxn’s Geo Quarterly Report.

In Q3 (July 01 to September 30) 2024, late-stage investment rose 48 per cent to US$80 million from US$53.9 million in Q2 2024. Early-stage funding fell 8 per cent to US$237 million.

Also Read: Healthtech, edutech dominated SEA’s funding scene in past 5 years: Tracxn

On the other hand, seed-stage financing grew 56.5 per cent to US$80.3 million, driven by small-ticket rounds.

No US$100 million+ rounds were recorded in Q3 2024 in Singapore. No new unicorns emerged during the period, similar to the scenario in Q3 2023.

Fintech, enterprise applications, and retail were the top-performing sectors in Q3 2024.

Fintech raised US$208 million in Q3 2024, a 10 per cent drop over Q3 2023. The enterprise application segment funding rose 55 per cent to US$157 million in Q3 2024 from US$101 million in Q3 2023.

At the same time, the retail sector witnessed a massive 229 per cent increase in funding in Q3 this year to US$97 million in Q3 2024 from US$29.5 million in the corresponding quarter last year.

The number of acquisitions in Q3 saw a slight drop to 13 from 14 in the corresponding quarter last year. However, this is an upward move from six acquisitions in Q2 2024.

Only two Singapore tech startups have gone public this year so far, one each in Q1 and Q2 of 2024. Q3 did not witness any IPOs.

Also Read: Southeast Asia’s startup scene sees 59% drop in funding amid economic headwinds

Wavemaker Partners, Antler, and Entrepreneur First were the all-time top investors observed in Q3 2024. Antler, Orbit Startups, and East Ventures took the lead in seed-stage investments, while Peak XV Partners, SEEDS Capital, and Temasek were the top early-stage investors.

In Asia, Singapore’s tech startup ecosystem ranks fourth after China, India and Israel based on all-time funding to date. Singapore witnessed its peak startup funding in Q3 2021 (US$4.1 billion), after which a downward trend was observed. The decline can be attributed to a notable shift in investor interest due to global economic challenges, including macroeconomic conditions and geo-political issues.

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As someone who lived in East Asia for most of my life and learned about Bitcoin in 2015, I had the opportunity to observe the rise of the crypto industry in my region from the very beginning. First, these were pretty local projects with a small audience and trading volume, neglected by traditional institutions. Then, major centralised exchanges emerged, showing that crypto could become the next big thing. 

And here we are in 2024: Eastern Asia is the sixth largest crypto economy worldwide, accounting for nearly nine per cent of on-chain value received between July 2023 and June 2024. A multitude of factors — from concerns about TradFi to the struggling real estate market — have made crypto a popular asset class in the region, even in areas with the strictest regulations. 

There is now a discussion about whether East Asia will remain a strong player in the crypto niche. With China imposing strict restrictions on the sector and other regions strengthening their positions, the matter has taken on even more importance. 

As a patriot of Asia, I firmly believe in the potential of my region. As an independent observer, I clearly see the exact reasons why the crypto industry here will continue to thrive. As the CEO of a leading cryptocurrency exchange, I am convinced that CEXes will continue to drive the market forward, serving as an entry point for the next billion crypto users.

What’s behind Eastern Asia’s crypto market growth?

Eastern Asia has always boasted a strong IT sector: industry giants like Samsung, Sony, and Tencent have been born and thriving here for decades. A skilled workforce, strong manufacturing base, and high technology adoption have fuelled this growth, making the region one of the world leaders in internet and smartphone penetration rates. The same factors helped shape a vibrant crypto market in the region. 

Also Read: Does investing in Bitcoin still make sense?

Eastern Asia is home to some of the world leaders in crypto adoption, including Hong Kong, Japan, China, and South Korea. The latter tops the list: South Korea received US$130 billion of on-chain value between June 2023 and June 2024, and every tenth country resident is an active crypto exchange user. Both individuals and institutions have turned to digital coins in South Korea: as the population questioned traditional finance and embraced crypto as an alternative asset class, corporations followed suit. Giants like Samsung embarked on their blockchain journey, which increased trust in the industry and further boosted the crypto adoption rate.

High demand for crypto in South Korea goes with the relative isolation of the country’s market, creating phenomena like Kimchi Premium: Bitcoin on local exchanges often costs more than on the global market. As a result, Koreans flock to global exchanges — a trend that has intensified since local platforms listed USDT.

Strong interest in digital assets in Eastern Asia withstands regulatory challenges. In China, access to crypto exchanges was shut down in 2021, but it sparked a rapid rise in over-the-counter platforms and peer-to-peer services. Economic uncertainty and the post-COVID-19 downturn in the real estate market have driven people to seek alternative savings methods, and many have turned to crypto as a fast and low-cost way to transfer value.

The Hong Kong crypto industry also holds great potential for capital inflows. Recently, local authorities approved several Bitcoin and Ethereum ETFs and are now considering new stablecoin regulations, which promise to make them more accessible to investors. Institutional investors recognising the potential of crypto have entered the market. With an 85.6 per cent YoY surge, Hong Kong has become the fastest-growing crypto market in Asia.

Hong Kong is an emerging crypto hub within Greater China. Its well-thought-out policies have transformed it into a thriving environment for the digital asset industry. Hong Kong is open to innovation yet remains focused on strict licensing policies and consumer protection — its success may serve as a gateway to the main China market. 

Centralised exchanges: Driving growth, poised to onboard millions

Centralised exchanges are the most popular category of crypto services in Eastern Asia. They account for nearly 65 per cent of the total on-chain value received in the region, which roughly corresponds to the global level.

Also Read: Are CBDCs better than Bitcoins? Here’s why Asia should bank on them

Much of this volume comes from large transactions, most likely made by professional and institutional investors. In Asia, the share of professional-sized transfers is the highest among all world regions. This category of crypto enthusiasts represents the primary user type of most CEXes.

Here’s what lies behind dry figures: centralised exchanges have arguably been the leading global gateway into digital assets. The crypto economy is not isolated — recognition from the global community is what gives it value. Cryptocurrencies benefit from growing integration with it, and centralised exchanges help build these ties better than anything else.

No other type of product has been able to build such a solid bridge between TradFi and crypto as CEXes: fiat and crypto deposits and withdrawals, trading, token swaps, peer-to-peer exchange, custody solutions, and much more. For retail investors, centralised exchanges are convenient for day trading, long-term savings, and remittances.

For professional traders, exchanges provide a full arsenal of tools to multiply capital. For institutional investors, CEXes serve as a convenient entry point into the market, sparing them from the hassle of self-custody and ensuring compliance when investing in digital assets.

As economic instability worldwide persists, centralised exchanges will continue to act as one-stop platforms for anyone willing to protect and increase their capital. In Eastern Asia and globally, they have helped millions embrace the new digital economy. As CEXes adapt and evolve, they will pave the way for a future where digital assets weave into the fabric of daily financial life.

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In the electrifying modern tech world, semiconductors are central to powering everything from your sleek smartphone to futuristic electric cars. The hot commodity remains the subject of trade wars and is a key economic contributor for most major world economies. Malaysia is making waves in this high-stakes game, evolving from a humble manufacturing hub to a trailblazer in semiconductor innovation. We aren’t just playing catch-up; we are setting the pace.

Semiconductor industry in Malaysia – then and now

Our semiconductor story started in the 1970s with a focus on manufacturing and assembly. Back in the day, the country leveraged its cost-effective labour, sand and silica supply, and prime location to lure in multinational giants. Fast forward a few decades, and Malaysia has upped its game, diving headfirst into advanced integrated circuit (IC) design and research and development (R&D). Malaysia now commands nearly seven per cent of the global semiconductor market with exports hitting a whopping MYR593 billion (US$138 billion) in 2022 and expected to reach MYR1.2 trillion (US$280 billion) by 2030. This tech-savvy transformation, fuelled by hefty investments in infrastructure and technology, has kept Malaysia ahead of the curve.  States such as Penang have played a key role in driving innovation and attracting investment in the semiconductor ecosystem, contributing to Malaysia’s growing global presence in this industry.

One of Malaysia’s secret weapons is its location within the ASEAN region, offering seamless access to major markets across Asia and beyond. Add to that a top-notch infrastructure that ensures smooth production and distribution, and you have got a recipe for success. Just recently, Prime Minister Dato’ Seri Anwar Ibrahim announced a MYR25 billion (US$5.8 billion) allocation in fiscal support to operationalise the three-phase National Semiconductor Strategy (NSS) with targeted incentives.

Also Read: Hong Kong’s ConTech set to soar in Southeast Asia

At the same time, the New Industrial Masterplan (NIMP) 2030, unveiled in 2023, shows Malaysia’s commitment to bolstering the nation’s manufacturing sector by 6.5 per cent annually. It is expected to contribute a whopping MYR587.5 billion (US$137 billion) to Malayia’s GDP by 2023. That is some serious commitment to staying ahead in the tech race.

The Prime Minister further affirmed this during his speech at SEMICON SEA KL 2024: “Today, I offer our nation as the most neutral and non-aligned location for semiconductor production to help build a more secure and resilient global semiconductor supply chain.”

Thriving local semiconductor ecosystem

Malaysia’s supply chain is rock-solid, thanks to a strong pool of local equipment makers. Now, an emerging cluster of companies specialising in design, AI, and IC design is making waves with global ambitions. This dynamic ecosystem is not just boosting Malaysia’s competitiveness; it is positioning the country as a future leader in the semiconductor industry.

Via the various Malaysian ministries and agencies, including Malaysia Digital Economy Corporation (MDEC) and Malaysia Digital (MD) status companies such as Infinecs, D3 Innovation, MaiStorage and Oppstar, have been pivotal in this transformation, pushing the envelope and setting new standards.

Infinecs Systems

Infinecs Systems is a fast-rising player in Malaysia’s semiconductor industry, focusing on IC/SoC design, embedded system design, and prototyping. Since its inception in 2016, they have supported Fortune Global 500 companies in developing cutting-edge technologies, including sub-7 nm finFET technology, which powers applications across edge computing, automotive, cloud infrastructure, and communications. Infinecs invests heavily in R&D and provides high-income opportunities for local engineers. “We employ 100 employees, with 88 per cent being local Malaysians. Of these, 70 per cent earn more than MYR5,000 (US$1,167), and 90 per cent of our high-income employees are skilled local workers,” said Kalai Selvan, CEO of Infinecs Systems.

Also Read: Hong Kong I&T startups gear up in Thailand for global growth

D3 Innovation

D3 Innovation prides itself on being an original design and manufacturing (ODM) player, providing solutions for clients looking to create or upgrade their own Internet of Things (IoT)-enabled products in the industrial, medical, and consumer markets. Its IoT technology enhances smart manufacturing (Industry 4.0), optimises supply chain management through real-time tracking, and helps monitor power consumption for Environmental, Social, and Governance (ESG) compliance. KK Tan, Managing Director, supports this by stating, “We optimise supply chains by providing real-time tracking in the storage system, monitoring building power consumption to achieve ESG and more.”

MaiStorage

MaiStorage, a startup wholly owned by Phison Electronics Corporation, is focused on driving innovation in NAND storage technology. The company designs, manufactures, and delivers advanced NAND controller ICs and storage modules, addressing the high demands of data centres, AI, and the automotive industry. With a mission to lead in NAND innovation, MaiStorage has already set its sights on becoming a successful IPO, serving as a model for industry growth and R&D investment in Malaysia. They recognise that AI is the trend but is often misunderstood; hence, “We have introduced a low-cost on-premise AI solution, aiDAPTIV, to break the entry barrier for AI newcomers,” said KK Yap, GM of  MaiStorage.

Also Read: PriyoShop launches Bangladesh’s first MSME credit card with LankaBangla and Mastercard

Emerging innovators in the scene

Numerous other contributors who play equally vital roles also drive the ecosystem’s success. One standout example is Oppstar, a pioneer in the IC design industry. As the first publicly listed Malaysian IC design company, Oppstar benchmarks itself against global IC design service providers, showcasing Malaysia’s growing capabilities and ambitions in the semiconductor space.

Malaysia’s semiconductor industry’s growth is bolstered by the contributions of local and international firms, research institutions, higher education establishments, and government agencies working in tandem. Through various policies and incentives, government agencies, including the NIMP 2030, play a crucial role in fostering an environment conducive to growth and innovation.

A collaborative environment is essential for sustaining Malaysia’s competitiveness in the semiconductor industry. Penang, often called the Silicon Valley of the East, is home to several key players that drive this collaborative spirit.

Here are some key players in Penang’s semiconductor ecosystem:

• MITI (Ministry of International Trade and Industry): This key ministry promotes trade, industry, and investment in Malaysia. 
• MIDA (Malaysia Investment Development Authority): MIDA provides comprehensive support to investors, including project development, incentive applications, and regulatory compliance.
• Invest Penang: A one-stop investment promotion state agency that provides comprehensive information on Penang’s investment opportunities and facilitates business setup.
• Digital Penang: State agency accelerating digital transformation in Penang while supporting the Penang2030 vision of a family-focused, green, and smart state.
• CREST (Collaborative Research in Engineering, Science and Technology): Connects industry, academia, and government to boost collaborative R&D and talent development. 
• NCIA (Northern Corridor Implementation Authority): NCIA drives the socioeconomic development of the Northern Corridor Economic Region (NCER)
• PSDC (Penang Skills Development Centre): Talent development institution in Penang, providing industry-relevant training and upskilling programmes

The way forward

With regional competitors stepping up, Malaysia must stay sharp and agile. The key? Doubling down on R&D, supercharging talent development, and beefing up infrastructure. Forming stronger alliances with global R&D powerhouses and spotlighting emerging Malaysian tech stars will also be crucial.

Also Read: KINTO boosts brand engagement and ROI with Omnichat

Together with MD status companies like Infinecs Systems, D3 Innovation, MaiStorage, Oppstar, and the MD national strategic initiative, MDEC is transforming the country’s digital landscape by leveraging technology and innovation to drive sustainable economic growth.

As Malaysia continues to build on its strengths and expand its influence, it is set to shore up the global semiconductor arena with MDEC providing strategic intervention via MD status incentives & the various MD programmes, including market access programmes to broaden their international reach, grants such as Malaysia Digital Export Grant (MDXG) and the MD Founders Center of Excellence (FOX) programme. The FOX programme is dedicated to cultivating high-potential startups by providing interventions in six key pillars – policy, business expansion, investments, amplification, talent and mentoring.

MDEC offers various programmes for Malaysia Digital status companies. Apply for Malaysia Digital status here.

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This article is sponsored by Malaysia Digital Economy Corporation (MDEC).

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In her last role at Visa, Bhavana Ravindran helped clients implement digital payment solutions for consumers and SMEs. She realised that while consumer payment experiences have improved in recent years, small and medium enterprises (SMEs) are still stuck with outdated financial management tools.

“It wasn’t until I started my first business that I experienced the pain of this finance admin headache,” she tells e27. “My conversations with other founders revealed similar frustrations; many spend over 15 hours a week on various finance operations like payment tracking, bookkeeping, and logging receipts, as well as a lot of pain in year-end compliance reporting and tax filings.”

Existing tools were too complicated and old-fashioned because they were designed by accountants for accountants. Because of this, SMEs had to pay hefty sums to accounting firms to manage their admin stuff.

These insights led Ravindran to tackle this multi-billion dollar underserved market by founding a fintech startup. “Earlybird AI’s vision is to empower SMEs to spend less time on finance admin and more time on their customers,” says the founder and CEO.

Also Read: Earlybird AI secures Antler-led funding to simplify finance admin for SMEs

Ravindran is a serial entrepreneur who has founded two startups in the past- Chicago Booth Tech For Good and Dina. Previously, she spent eight years at Visa and held key roles, including Director (Digital Solutions and Product Co-creations).

Based in Singapore, Earlybird AI aims to make bookkeeping and financial admin tasks of SMEs painless, stress-free, and intuitive while giving real-time visibility into the business. The app also doubles as a CFO, transforming boring, low-value admin tasks into high-value insights, reports, and recommendations.

Essentially, Earlybird transforms routine bookkeeping into high-value insights. “We leverage the power of large language models (LLMS) to translate routine business payment events into automated bookkeeping ledger entries, financial reports, trends and analytics, personalised growth intelligence tailored to business persona profiles and recommendations to trim costs,” adds Ravindran.

The tech team spent months training LLM agents with a proprietary Retrieval Augmented Generation (RAG)-based architecture. “Essentially, every financial report can be deconstructed usng LLMs to tie back to the chart of accounts. By combining this business logic with the power of LLMs, we have a game-changing solution that removes much of the manual hassle in these reporting processes today. We have reached over 99 per cent accuracy in the last eight weeks of alpha testing,” she claims.

Just out of stealth, Earlybird — which won the Asia Startup Network Angels Arena pitch event earlier this month — claims it currently grows beta test users by 30 per cent week over week.

Earlybird mainly caters to solopreneurs and founders of early-stage startups and e-commerce firms. In her view, these personas’ financial reporting, compliance, and tax needs are similar in the early stages of operations, and tools like Earlybird enable them to be productive and deliver automation benefits.

The product is competitively priced compared with globally known solutions like Xero. In addition, Earlybird replaces the need for clients to spend more money on hiring accounting firms to manage admin and bookkeeping tasks.

Also Read: A new insights attitude for SMEs in the era of the ‘insights engine’

The fintech startup recently secured an undisclosed sum in a pre-seed funding round led by Antler with participation from several unnamed strategic angels. The money will help the venture accelerate its go-to-market and minimum-viable product release development and hire top-quality design, engineering, and AI talent.

“Founders build the future of our society, but they are currently overwhelmed by admin-heavy, poorly designed bookkeeping tools and low-value operational tasks,” she says.

“By taking on the multi-billion dollar SME accounting and finance admin industry, we can enable innovation and growth by enabling the founders to focus on what they do best – growing their business. Looking ahead, we will constantly evolve our product roadmap to deliver user-centric solutions executed using the latest AI innovations,” she concludes.

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On the first day of Expand North Star event, part of the GITEX GLOBAL 2024 event in Dubai, SOSV Founder Sean O’Sullivan dubbed climate change as an “urgent existential crisis for humanity” and called for the tech investor community to “make it work” through investments in climate tech.

He pointed out the increasing cases of air turbulence that have led to many injuries and even death, highlighting these incidents as a call to action to fight the impact of climate change.

“Air travels are generally safe, but not in the era of climate change,” he told moderator David Rowan, Founding Editor-in-Chief at WIRED UK.

“These events can make industries such as insurance go bankrupt unless changes are made; governmental and investment policies will flow into these areas to make sure that you have.”

But when it comes to starting climate tech investment, O’Sullivan recommended starting with the lowest hanging fruit first, without disregarding the impact of that investment.

Also Read: The climate change and gender equality connection: How to support underfunded women-owned business

“There are low hanging fruits that area. But there are also really, really long term effects that also need to be made. They need some sort of governmental backing, at least to the point where they are able to scale,” he explained. “Venture capital as an asset class is actually quite small, something like less than one per cent of the financial capital is deployed. Therefore we need to leverage other sources of capital. We are starting to see that happening.”

He further explained how SOSV backed around 70 companies each year. In specific areas such as the Future of Food, the firm has several companies that are already at around US$100 million in revenue, growing at 50 to 100 per cent in various aspects.

But for climate tech companies that are working in the area of deep tech, O’Sullivan warned that they need to go “up and ahead” as 2024 is not a year to fundraise easily.

“There are fewer number of companies getting funded per quarter. So, it is a challenging time, and it is also 80 per cent less capital going into other areas that are not General AI. A lot of those companies are taking away from other computing sectors such as climate tech; we see less capital development,” O’Sullivan said.

Considering that many climate tech projects can only see results in the long run, O’Sullivan stressed the importance for investors to “realign” their expectations.

“You are going to be looking at a 15 per cent annual profit or 20 per cent annual profit versus, if you are holding onto it for 10 to 12 years, you can be looking at 25 per cent instead. So, if you are looking a little longer, you can actually make even better profits.”

Also Read: Burning urgency: Why businesses must mobilise against forest fires and climate change

Another point that O’Sullivan stressed was the importance of reimagining different ways to produce the goods that we need today which he saw as where the low-hanging fruit is when it comes to climate tech investment.

“When you look at how long it takes to make a change, it took seven years to get just a million people to use street maps [that I created with my previous company]. But then, we looked at the iPhones and everything else that came out that enabled us to get into more places just another 13 years after that. Suddenly a billion people use it. So, we are already going to start this journey,” he said.

“We are already solving many parts of this challenge.”

Supporting climate tech investments through green bonds

At a separate panel discussion, Elvina Garayeva, Debt Director EECA Region at Incofin Investment Management, confirmed the increasing popularity of green bonds as one of the means to support climate tech projects, apart from venture capital funding.

“The statistics might vary, but we can certainly say that we have witnessed huge spikes in ESG funds and climate funds in particular, over the past years,” she stressed.

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

Climate bonds were initially promoted and advanced primarily by international development institutions, governments, and municipalities, often to fund large-scale infrastructure projects. Over time, the private sector became involved as well, recognising the opportunity presented by the growing investor awareness of climate change.

Today, climate bonds are in high demand as they align with the priorities of investors who increasingly seek sustainable and environmentally responsible investments.

“They want their money to be invested in something good for climate, for the people. So, the requirement comes from large and electronic investors such as pension funds or insurance companies. It also led to the fact that the markets started to structure this type of products more and more,” she stressed.

According to Garayeva, another important factors include regulatory push such as the recent COP28.

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It’s been ten years since Japan implemented its mandatory Stress Check system in a bid to tackle the longstanding public health crisis tied to overwork and karoshi — a term meaning death by overwork. Introduced in 2015, the initiative was aimed at identifying high levels of stress among employees, requiring companies to survey their workforce on mental health annually.

Yet, despite these efforts, recent data reveals a disturbing trend: work-related mental health issues, particularly among younger workers, are getting worse.

According to surveys, employees under 30 are reporting increased levels of anxiety, depression, and burnout. Experts say that these numbers might only scratch the surface, as they don’t account for the many workers who refrain from disclosing their struggles due to the persistent stigma around mental health issues in the workplace. This hesitation is particularly pronounced in traditional corporate cultures, where workers often fear that admitting mental health challenges might lead to career repercussions or be seen as a sign of weakness.

NTT-AT Partners with Kintsugi for a Data-Driven Mental Health Solution

In response to this deepening crisis, NTT Advanced Technology (NTT-AT), the division of Japan’s leading telecommunications company NTT, has formed an innovative partnership with US-based mental wellness startup Kintsugi. This collaboration aims to shift how companies in Japan approach mental health, leveraging artificial intelligence (AI) to more accurately assess the psychological well-being of employees.

Kintsugi’s AI-driven solution, unlike the traditional Stress Check surveys that rely on self-reported data, analyses short voice clips in real-time to screen for signs of anxiety and depression. This advanced technology uses vocal biomarkers to detect subtle changes in speech patterns that may indicate mental distress. By offering an objective, data-driven method, Kintsugi enables NTT-AT to identify employees at risk of mental health challenges more effectively, without relying on potentially biased or incomplete questionnaire responses.

Toward a more personalised approach to mental wellness

“Stress Check questionnaires are often filled out in haste or even skipped altogether. Some employees might not feel comfortable being fully honest about their mental state,” said an NTT-AT spokesperson. “With Kintsugi’s technology, we can eliminate that subjectivity and focus on providing personalised support to each individual based on their unique mental health needs.”

Also Read: 5 ways leaders can use the power of allowing to manage stress and enhance focus

This partnership could mark a significant turning point in how Japanese companies manage workplace stress and mental wellness. While the Stress Check mandate was a necessary first step, the collaboration between NTT-AT and Kintsugi acknowledges that a one-size-fits-all approach is no longer sufficient for the complexities of today’s workplace mental health landscape.

A new era of mental health awareness in Japan’s corporate sector?

As Kintsugi continues to expand its AI capabilities, companies in Japan may begin to see a more nuanced understanding of their employees’ mental health. With mental wellness becoming an increasingly crucial part of workplace culture globally, initiatives like this could pave the way for more data-driven, individualised approaches that not only improve employee well-being but also enhance productivity and organisational morale.

However, the challenge remains: will the adoption of such advanced technologies be enough to break the stigma surrounding mental health in Japan’s corporate sector? While tools like Kintsugi can provide a clearer picture of an employee’s well-being, it’s up to companies to foster an environment where addressing mental health is not just encouraged but fully supported.

As Japan reflects on the past decade of mandatory stress checks, it’s clear that addressing workplace mental health is an ongoing journey—one that requires continuous innovation, cultural shifts, and most importantly, empathy.

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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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OneCFO, an AI-powered financial management service platform in the Philippines, has raised US$500,000 in pre-seed funding from undisclosed angel investors.

The investment will be used to develop its suite of B2B financial management apps and hire people.

Also Read: AI will transform customer service, risk management in financial services: finbots.ai CEO

The startup has also appointed Joel L. Tan-Torres (JLT), former Chairman of the Philippine Board of Accountancy (BOA) and former Commissioner of the Bureau of Internal Revenue (BIR), to its Board of Directors.

OneCFO aims to provide CFO technology and expertise to small and medium enterprises (SMEs), startups, and scaleups in the Philippines. It has integrated cloud accounting systems, ERPs, payroll software, business intelligence, and other software into one platform.

Launched in 2022, the platform automates routine tasks and offers real-time finance insights that enable businesses to make data-driven decisions. It empowers accountants to shift from transactional roles to strategic advisors, helping businesses navigate complex financial landscapes.

In less than two years of operations, OneCFO claims to have served around 80 client engagements, processed millions of transactions and helped a dozen SMEs and startups get funded.

Its notable clients include SolX, NextPay, Kwik.insure, Toki, Advance, Colourette, OneLot, LabLog, JLabs, and AIQUE Innovation.

Also Read: Jack is here to help ease corporate financial management

It also partnered with local accounting-tech and niche ERP systems, such as Beppo, Britana, Stash PH, startup accelerators, VC firms, banks, and non-bank financial institutions.

“Bootstrapped in the beginning, we started everything manually – doing things that don’t scale which gave us tons of learnings and best understanding of the pain points of both SME owners and their accountants in this country. We’ve been profitable since our sixth month of operations and been reinvesting our profits to develop the platform. This pre-seed funding will definitely speed-up our development”, said OneCFO’s founder and CEO Jay Olos.

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Brand storytelling is crucial if companies want to create a cohesive message to their audience. Good storytelling can invoke a response, but great marketing requires sending a message that transcends into brand loyalty. The difference between the two ultimately boils down to how compelling your brand storytelling is in reaching your audiences.

As startups grow across markets, creating a unified campaign with different types of audiences can be daunting. Larger companies have the luxury of trial and error. However, with limited resources available, startups have to be more strategic in communicating their product to new markets.

Applying the 5C’s of effective storytelling

Effective storytelling can follow a format regardless of use. Whether it is copywriting for social media use, telling your fundraising story, or convincing stakeholders of your business’ value, founders can apply the formula for compelling storytelling, applying principles on building Character, Context, Conflict, Climax, and Closure.

Your character would be your target segment, and giving context on their current background would include existing trends you see in their behaviour. Conflict allows the reader to flesh out the problem you are trying to solve, and the climax generates the light bulb moment that makes your solution stand out from the rest. Lastly, landing a deal can also boil down to how you reach the conclusion or the closure. Typically, if enough emotions were evoked from your storytelling, a successful closure would highlight and summarise the desired result and build your customers’ loyalty.

This format serves as the blueprint, and the devil is in the details. Here are some tips and tricks to supplement your overall messaging.

Make sure to highlight individual customer stories

One of the more successful campaigns tried and tested by brands is to underline “before and after” case studies and narrate how they achieved customer success. This strategy helps establish an inclusive connection between your local and regional markets, as new potential customers see their user journey mirrored and solved with this narrative. 

Also Read: Mastering LinkedIn: Strategies for building a compelling personal brand

This strategy requires brands to feature honest client video testimonials. As a startup, this is more effective in gaining trust and boosting your company’s reputation. Given the plethora of online information, providing honest reviews signifies a culture of straightforward feedback from your users and encourages the savvier customers to recommend you to their networks. In the end, responsible messaging promotes authenticity that allows for deeper connections.

Showcase a genuine connection with the market you are expanding to

Being factual about your success can only get you so far, but there are other ways to evoke deeper emotions that allow for a more genuine connection. For startups that aim to create impact, understanding their audience’s stories and turning them into homegrown heroes would illustrate a better narrative. 

For example, a Philippine-based ride-hailing service called Angkas created a campaign highlighting its motorbike drivers’ inspiring stories featuring resilience and determination. The campaign crafted a beautifully packaged narrative that appealed to the mass market and proved Angkas’ loyalty to its stakeholders. 

Real stories can come from clients, employees, and other evangelists who feel passionately about the company’s mission and culture. Storytelling feeds into people’s innate curiosity to learn more about other people’s lives and become the best reference materials for capturing the right audience. The impact of these narratives ensures that the people who resonate with it get to believe in what the organisation is about and try to experience what the company has to offer for themselves.

Lastly, when hiring local influencers and partners, emotions must be cultivated, as they are your most significant currency with your audience. As these people are extensions of your brand, you must spotlight authenticity and be more particular that their values and past content align. 

Also Read: Brands as forces for change: Shaping the future through purpose

Spending money on influencers and partners with significant followings is easy, but ensuring quality more than quantity is trickier. This can be checked based on engagement and other metrics, but as proven by past failed startups, overspending on influencer marketing without a strategy can lead to your burn rate heading for a crash. 

The pros can easily outweigh the cons if done correctly. For one, researching before expansion and outlining a stakeholder map can help the company determine the right partners who will help bridge them to the regional markets. An influencer in Indonesia, for example, would know better how to reach online users and can help navigate the nuance and complexities of local behaviour than someone more famous in Malaysia.

Another priority to emphasise authenticity is to create a diverse “Story Bank” focused on inclusivity. A “story bank” is a collection of stories from customers and partners that would humanise the brand. As writers usually advise, it is always better to “show rather than tell”.

For example, a brand focused on the mom customer segment can highlight their customers’ journeys from different backgrounds. Their needs may be similar, but each mom could share a unique perspective, further demonstrating why the brand is a success. Creating a story bank that can be shared across marketing channels would communicate a culture celebrating diversity, showing their audience that the company values and supports it. 

In the end, effective storytelling is universal. The key to doing so is to use your existing resources—your relationship with your customers—as case studies as you convert your new audience into paying customers. 

A landscape as diverse as Southeast Asia provides multiple opportunities for company growth, and connecting with each market would require a universal message signalling authenticity and commitment to your stakeholders. 

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In today’s fast-evolving business landscape, digital marketing has become the driving force behind successful brand strategies. Yet, many traditional marketers still lag in adopting these essential skills. As someone who’s worked with several marketers from traditional backgrounds, I’ve observed that the gap between the old and new marketing worlds is widening.

To stay relevant, it’s crucial that traditional marketers continually learn and adapt to the digital marketing ecosystem. Here are three vital skills every traditional marketer must master:

Master Google Analytics 4 (GA4)

Data-driven decisions are the backbone of digital marketing, and GA4 is the latest tool you must master. Unlike its predecessor, GA4 offers more advanced features, including cross-platform tracking and predictive insights. It helps marketers get a clearer picture of user journeys across websites, apps, and beyond.

If you’re still relying on basic metrics like impressions and page views, you’re missing out on valuable information that can boost your campaigns. By understanding how GA4 works, you can refine strategies based on real user behaviour, optimising everything from traffic sources to conversions.

Understand media buying and advertising costs

One common issue I’ve seen with traditional marketers transitioning into digital is the lack of understanding of media buying. In the digital realm, advertising isn’t just about placing ads on TV or billboards—it’s about real-time bidding, cost-per-click (CPC), and return on ad spend (ROAS).

Also Read: Tried-and-tested marketing strategies for startups across all stages in Singapore

Traditional marketers need to get familiar with these key metrics and platforms like Google Ads or Meta Ads. Understanding how much you’re spending, what your potential return is, and how to adjust bids in real-time are crucial for running efficient campaigns. Being well-versed in media buying will help you stretch your advertising budget further and optimise for higher profitability.

The impact of creative ad formats on performance

In the past, marketers could rely on a catchy tagline or a well-designed print ad. Now, the digital marketing world demands much more flexibility and creativity. Different ad formats—whether it’s video ads, carousel ads, or static banners—can yield dramatically different results depending on the platform and audience.

Creative assets have a direct impact on how well your campaign performs. A static image might work wonders for one audience, while an interactive video might be better suited for another. The challenge is understanding which formats work best in each scenario. Traditional marketers need to grasp the nuances of digital ad creatives and optimise for engagement and conversions.

Conclusion: Keep learning with free resources

The good news is that traditional marketers can acquire these digital skills through accessible, free online courses. Here are some top resources to kick-start your learning:

• Google: Get certified in GA4 with their free Google Analytics Academy.
• HubSpot: Offers a range of free digital marketing certifications, including media buying and creative strategy.
• LinkedIn learning: A great platform to explore digital marketing topics, including creative ad formats and performance optimisation.

In today’s fast-paced marketing world, continual learning is no longer optional—it’s essential. By mastering these skills, traditional marketers can confidently navigate the digital landscape and stay ahead of the competition.

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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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Techsauce Global Summit 2024 in Bangkok is one of the largest tech hubs in Southeast Asia (SEA) with over 18,000 visitors from 60 countries worldwide. The event served as an important gathering for the tech community under the mission to establish Thailand as the Digital Gateway of SEA.

Hong Kong Science and Technology Parks Corporation (HKSTP) is the largest innovation and technology ecosystem in Hong Kong. It debuted by showcasing 14 of its most promising startups in the Hong Kong Pavilion in Techsauce, attracting an impressive 4,000 visitors. Featured startups include market-ready innovations such as Large Language Models (LLM), Blockchain, and AI integrations for digital marketing, e-commerce, and personal care.

Notably, renowned corporations from various sectors—including the world’s second-largest card payment organisation, an eminent life and health insurance and asset management company, and a renowned real estate developer, among the few—visited the startups to explore valuable connections and potential collaborations. Some startups have successfully established partnerships with local organisations to expand their market coverage, while others are closing deals with corporate customers for further collaboration.

Martech startup unlocks potential deals at Techsauce

After catching up with two of the showcased startups, the summit has proven itself as the perfect platform for HKSTP startups to gain visibility and engage with key industry players.

On-us, one of the exhibiting startups, received the prestigious “Techsauce Innovation Award 2024” at the Summit.

Also Read: PriyoShop launches Bangladesh’s first MSME credit card with LankaBangla and Mastercard

On-us is a fintech and martech incentive platform (PaaS) that empowers businesses to elevate customer loyalty engagement through data analytics and AI. Offering unparalleled flexibility, the platform allows marketers to customise voucher face values, design brand-aligned vouchers, and adopt a pay-upon-redemption model that ensures every dollar counts. For consumers, the platform provides a variety of redemption options, allowing them to choose from a wide range of merchant partners with personalisation.

“On-Us is designed to empower marketers by simplifying the process of finding and utilising incentives,” Honnus Cheung, Co-Founder and CSO of On-us shared. “We provide a seamless, AI-driven solution that not only enhances customer engagement but also delivers valuable data insights that marketers can use to refine their strategies.”

On-us captured the attention of multinational companies at the Summit, showcasing its innovative solutions that resonate with industry needs. Excitingly, they are on the verge of signing a deal with one of the largest insurance firms and a prominent multinational insurance company in Thailand, marking a significant milestone in their growth and influence within the sector.

Powered by advanced data analytics and AI, On-us delivers deep consumer behaviour insights, enabling businesses to make informed decisions and enhance customer loyalty. Their platform enables marketers to tailor their offers more cost-effectively, which is essential given that On-us earns based on a performance model.

3D scanning startup leverages SEA’s huge potential

Another startup, Scan the World Limited, focuses on 3D scanning technology that allows users to convert videos taken with a smartphone into 3D models. This technology is primarily deployed in retail, consumer lifestyle, and e-commerce, enabling clients to scan physical environments and products and create immersive, 3D websites that mimic physical spaces. The company’s platform allows users to interact with 3D models within a virtual city, where multiple stores can be visited seamlessly.

Also Read: KINTO boosts brand engagement and ROI with Omnichat

Founder Eugene Mak explained, “We let our clients 3D scan the physical environment and their products and build the 3D website the way they build the physical space.”

Their unique approach enhances the shopping experience and integrates social interactions in a virtual environment. Emphasising the platform’s potential, Mak stated, “It’s a multiplayer virtual city website traffic sharing platform, and it’s user-generated.” The idea stems from Mak’s desire to capture the essence of exploring local cultural flavours in foreign cities.

Developing a mobile browser-based solution posed significant challenges, especially optimising low-end devices’ graphics. Mak noted that “a lot of work went into optimising the backend,” which included improving how the platform uses the GPU and other resources to ensure smooth performance. These efforts were crucial in overcoming mobile devices’ hardware limitations, making the technology friendlier to the retail and lifestyle spaces, wherein customer experience has to be more intuitive.

Recognising Techsauce’s influence in their plans, Mak cited SEA and its “huge potential” for company growth. Looking ahead, Scan the World Limited aims to secure funding to develop its platform further, make it robust enough for large-scale marketing, and capture a significant market share.

Mak envisions achieving 500,000 active users within a year and “[capturing] a big chunk of the market.” The company aims to lead in this “blue ocean strategy” by being the first to market in a new and unexplored domain.

Hong Kong as a launchpad for scaling up and expanding market reach

Speaking to e27 at Techsauce 2024, Derek Chim, Head of Incubation and Acceleration Programmes at HKSTP, detailed the organisation’s ambitious strategy to extend its influence and foster innovation across SEA. With a focus on startups, HKSTP is not just an incubator but a “growth partner” renowned for its comprehensive support system worldwide.

Also Read: Revolutionising sourcing and procurement with AI: Sourcefy’s vision

“We believe that exposure to global markets is crucial for the success of our startups,” Chim emphasised. “By participating in events like Techsauce, our startups can ‘go global’ and showcase their technologies to overseas audiences, attract potential investors, and forge partnerships [to] help them expand internationally.”

He further emphasised that their value-add to startups lies in servicing key challenges during global expansion, including rapid tech build, effective go-to-market strategies, successful fundraising, and efficient team scaling.

Their success is evident in the traction gained by many of its alums. For instance, Cheung explained that On-Us is actively looking to scale its business across SEA, particularly in markets with a growing young population, such as Thailand, Indonesia, and Vietnam. The company has already seen success in Hong Kong, Taiwan, and Malaysia and is now focusing on partnerships with banks and insurance companies in these new markets. This regional expansion is a testament to the effectiveness of HKSTP’s global strategy.

Beyond the event, HKSTP has launched vital global initiatives to aid startups. Chim noted that HKSTP supports 800 to 1,000 startups in Hong Kong each year. Given Hong Kong’s small market, “It’s very important for them to actually go global,” said Chim, highlighting the need to enter markets such as Thailand, with its “really robust startup ecosystem” and strong government support.

The future of HKSTP’s global vision

HKSTP is actively reaching out to the international innovation and technology (I&T) ecosystem to attract startups and introduce Hong Kong as a springboard for expansion. As they grow, HKSTP companies gain opportunities to collaborate with organisations in 28 countries, including major markets such as Mainland China, the UK, and the US.

Also Read: OceanBase INFINITY: Empowering Indonesia’s digital economy

Currently, HKSTP’s HK Sandbox Programme is accepting applications for its next cohort of startups looking for support as they launch in Hong Kong. Their successful Cohort 1, launched in 2023 with eight Thai startups, enabled them to understand the landscape and expand market coverage, now being part of the HKSTP’s Ideation programme for further expansion in Hong Kong, Mainland China, and beyond.

Looking ahead, HKSTP plans to expand its reach even further, supporting startups in markets such as Japan, where major events such as Techsauce will provide additional opportunities for global exposure. As HKSTP continues to drive the growth of Hong Kong’s tech startups, its unique approach to incubation—centred around global expansion—will undoubtedly remain a critical factor in its success. By continuing to provide startups with the tools and opportunities they need to succeed internationally, HKSTP is shaping the future of innovation in Hong Kong and beyond, and strengthens Hong Kong’s position as a global innovation hub. For more information on their programmes, visit their website.

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This article is produced by the e27 team, sponsored by Hong Kong Science and Technology Parks Corporation (HKSTP).

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