Taiwan-based WhatsApp conversational sales platform Cooby has closed a US$1.75 million seed funding round.

The investors are Shilling VC (Europe), Peak XV’s Surge, and Pear VC. Cooby was part of Surge’s sixth cohort.

Also Read: Transforming commerce: The promising future of conversational interfaces

“This funding will enable us to enhance our platform and continue innovating to develop tools that help sales teams boost their current CRMs to nurture close customer relationships. We want to target the recruitment sector, among others, in Europe and Latin America, helping them stay ahead of the curve and enhancing their competitive advantage,” said Wen Shaw, CEO and co-founder of Cooby.

The new round brings the startup’s total investment raised to date to US$4.75 million.

Cooby aims to fill a gap in the current CRM toolkit for sales teams and empower them worldwide to use WhatsApp for customer outreach. Through a unified interface, it enables them to drive shorter sales cycles and foster more hyper-personalised interactions at scale.

The platform integrates directly with major CRMs like HubSpot and Salesforce and other commonly used productivity tools like Zapier and Webhook, enabling teams to communicate at scale through an organised WhatsApp inbox.

Also Read: How Bangkok Bank worked with Pand.ai to develop a conversational AI engine to better service customers

Teams can also collaborate through Cooby Workspace for data flow, information, and feedback.

Since its launch in late 2022, Cooby claims to have served over 600 customers across 15-plus countries and has expanded sixfold over the past 18 months.

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Image Credit: Cooby.

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Venture capital (VC) funding is a critical component of the startup ecosystem, providing the necessary financial resources for companies to innovate, grow, and scale. Understanding the different stages of VC funding can be crucial for entrepreneurs looking to secure investment.

This guide will walk you through the various rounds of venture capital funding, explaining the key characteristics, objectives, and considerations for each stage.

Pre-seed funding

Objective

The pre-seed stage is often where the initial idea takes shape. The goal is to validate the concept, build a prototype, and establish a founding team.

Investors

Typically, pre-seed funding comes from the founders themselves, friends, family, and sometimes angel investors. Incubators and accelerators may also provide pre-seed funding along with mentorship and resources.

Amount

Funding at this stage is usually relatively small, ranging from US$50,000 to US$500,000, depending on the industry and the needs of the startup.

Considerations

At this stage, investors are primarily betting on the founders’ vision and potential. Therefore, having a clear and compelling vision, a capable team, and a basic understanding of the market is crucial.

Example

Airbnb received pre-seed funding from Y Combinator, an accelerator that provides initial capital and mentorship to early-stage startups.

Also Read: From classrooms to boardrooms: How we landed our first deal as student VCs

Seed funding

Objective

Seed funding aims to develop the product further, conduct market research, and gain early traction. It’s about turning a validated idea into a viable product.

Investors

Seed funding is typically provided by angel investors, seed-stage venture capital firms, and early-stage VCs. Crowdfunding platforms can also be a source of seed funding.

Amount

Seed rounds usually raise between US$500,000 and US$2 million, though the amounts can vary widely.

Considerations: Investors will look for evidence of market validation, such as initial user feedback, early adopters, and a scalable business model. A strong pitch deck and a solid business plan are essential to attract seed funding.

Example

WhatsApp secured US$250,000 in seed funding from Sequoia Capital, which helped them develop and refine their messaging app.

Series A funding

Objective

Series A funding is focused on scaling the product, expanding the team, and entering new markets. The goal is to build a strong foundation for future growth.

Investors

This round is typically led by venture capital firms specialising in early-stage investments. These firms provide not only capital but also strategic guidance and industry connections.

Amount

Series A rounds typically raise between US$2 million and US$15 million.

Considerations

At this stage, startups need to demonstrate a clear path to profitability. Investors will scrutinise the company’s business model, market opportunity, and competitive landscape. Strong traction, revenue growth, and a solid team are critical factors.

Example

Slack raised US$42.75 million in its Series A round led by Andreessen Horowitz, which enabled it to expand its team and accelerate product development.

Series B funding

Objective

Series B funding is about scaling the business significantly. This includes expanding the market reach, enhancing product offerings, and potentially exploring new revenue streams.

Investors

Series B rounds are usually led by venture capital firms that participated in earlier rounds, along with new investors who specialise in later-stage investments.

Amount

Series B rounds typically raise between US$10 million and US$50 million, though this can vary.

Considerations

Investors at this stage look for companies that have demonstrated product-market fit, sustainable revenue growth, and efficient operational processes. The focus is on scaling the business rapidly while maintaining a competitive edge.

Example

Pinterest raised US$27 million in its Series B round led by Andreessen Horowitz, which helped the company expand its platform and user base.

Also Read: Funding winter is the best time to build a startup

Series C funding and beyond

Objective

Series C and subsequent rounds are aimed at further scaling the company, entering new markets, acquiring other businesses, and preparing for an initial public offering (IPO) or acquisition.

Investors

Late-stage venture capital firms, private equity firms, hedge funds, and investment banks are common investors in these rounds.

Amount

Series C rounds and beyond can raise anywhere from US$50 million to hundreds of millions of dollars.

Considerations

Companies at this stage must have a proven track record of revenue and growth. Investors will look for strong financial performance, market leadership, and a clear path to liquidity. Due diligence processes are rigorous, and the stakes are higher.

Example

Uber raised US$1.2 billion in its Series C round led by Benchmark Capital, which facilitated its rapid global expansion.

The role of Special Purpose Vehicles (SPVs) and angel investors

In addition to traditional venture capital firms, SPVs and angel investors play a crucial role in funding rounds, particularly in the early stages.

Special Purpose Vehicles (SPVs)

Objective

SPVs are legal entities created for a specific investment purpose. They pool capital from multiple investors to invest in a single company or a single investment round.

Function

SPVs are often used to facilitate larger investments from a group of investors who might not have the resources or risk appetite to invest individually. They can also simplify the cap table by consolidating multiple smaller investments into one entity.

Advantages

For startups, SPVs provide access to a larger pool of capital without having to manage numerous small investors. For investors, SPVs offer a way to diversify their investments and participate in deals they might not otherwise have access to.

Example

Robinhood, a fintech startup, used an SPV to raise US$280 million from a group of investors led by Sequoia Capital, allowing the company to efficiently manage its cap table and secure significant funding.

Also Read: How to spot the hidden gems: A guide for savvy angel investors

Angel Investors

Objective

Angel investors are typically high-net-worth individuals who provide early-stage capital to startups, often in exchange for equity or convertible debt.

Function

Angels often invest in the pre-seed and seed stages, bridging the gap between friends and family funding and institutional venture capital. They bring not only capital but also valuable experience, mentorship, and industry connections.

Advantages

Angel investors can be more flexible and willing to take on higher risks compared to institutional investors. They often invest in startups they are passionate about or in industries where they have expertise. Their involvement can also add credibility to the startup, making it easier to attract further investment.

Example

Jeff Bezos, founder of Amazon, acted as an angel investor in Google’s early days, providing crucial early-stage funding and support that helped the company grow.

Key takeaways

Understanding the different stages of venture capital funding is crucial for entrepreneurs. Each stage has distinct objectives, investors, and considerations. Successfully navigating these rounds requires not only a great idea and a strong team but also a clear strategy, market validation, and scalable growth potential.

By aligning their goals with the expectations of investors at each stage, startups can increase their chances of securing the funding needed to achieve their vision and drive long-term success.

Special Purpose Vehicles (SPVs) and angel investors add significant value to the funding ecosystem. SPVs enable the aggregation of capital from multiple investors, providing startups with substantial funding while maintaining a streamlined investor structure.

Angel investors bring early-stage capital, mentorship, and valuable connections, often acting as a critical bridge to more significant institutional investments. By leveraging the strengths of both traditional VC firms and alternative funding sources like SPVs and angel investors, startups can optimise their fundraising strategy.

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In a significant leap towards the future of digital finance, the Monetary Authority of Singapore (MAS) has announced the launch of a pilot program for the issuance of wholesale Central Bank Digital Currencies (CBDCs).

This initiative, set to go live in 2024, aims to enhance the efficiency and security of domestic payment systems and has the potential to revolutionise the broader financial infrastructure of Singapore.

Alongside this, MAS has also approved the issuance of regulated stablecoins, further solidifying Singapore’s position as a global leader in financial innovation.

Understanding wholesale CBDCs

Wholesale CBDCs are digital currencies intended for use by financial institutions rather than the general public. Unlike retail CBDCs, which cater to everyday transactions, wholesale CBDCs are designed to facilitate large-scale interbank transactions, making them a critical component in the financial infrastructure.

The MAS’s decision to pilot wholesale CBDCs reflects a broader trend among central banks worldwide, as they seek to harness the benefits of digital currencies while mitigating the risks associated with cryptocurrencies.

The MAS has been at the forefront of CBDC research and development since 2016, beginning with Project Ubin, which explored the use of blockchain technology for clearing and settling payments and securities. The results of these experiments have paved the way for the current pilot, which will see “live” wholesale CBDCs used for settling payments between local banks.

Also Read: SCB 10X backs rendering tool for interior designers Spacely AI

The role of regulated stablecoins

In tandem with the wholesale CBDC pilot, MAS has also given the green light for the issuance of regulated stablecoins. Stablecoins, which are digital currencies pegged to stable assets such as fiat currencies, offer the benefits of cryptocurrency without the volatility. This regulatory approval includes issuers like StraitsX SGD Issuance and Paxos Digital Singapore, ensuring that these stablecoins comply with the upcoming regulatory framework​.

The integration of stablecoins into the financial system is expected to broaden the applications of digital money, providing a reliable and efficient medium for transactions both within Singapore and across borders. This move aligns with the MAS’s strategy to create a robust and versatile digital financial ecosystem.

Infrastructure and implementation

The MAS has laid out a comprehensive technological framework for implementing these digital currencies, which is detailed in the Orchid Blueprint. This document outlines the necessary infrastructure, including a settlement ledger for recording digital money transfers, a Tokenisation Bridge to connect traditional and digital systems, and a Programmability Protocol to define conditions for digital money use. These components are designed to ensure seamless integration and interoperability within the existing financial system.

One of the key advantages of using wholesale CBDCs is the ability to streamline the clearing and settlement process. Currently, clearing and settlement often occur on different systems, leading to delays. With wholesale CBDCs, these processes can be combined into a single step, enhancing efficiency and reducing the risk of errors.

Implications for the financial sector

The introduction of wholesale CBDCs and regulated stablecoins is poised to bring several benefits to Singapore’s financial sector. Firstly, it will enhance the speed and security of domestic payments, making transactions between banks faster and more reliable. Secondly, it will facilitate the development of new financial products and services, driving innovation in the fintech industry.

Also Read: CBDCs in Asia: An opportunity and a challenge

Moreover, the use of wholesale CBDCs can significantly reduce the costs associated with cross-border transactions. According to the Atlantic Council’s CBDC tracker, 130 countries, representing 98% of global GDP, are exploring CBDCs. This global trend underscores the potential of CBDCs to improve the efficiency and cost-effectiveness of international payments.

The MAS’s initiative also positions Singapore as a leader in the adoption of digital financial technologies, setting a benchmark for other nations. By leveraging the benefits of CBDCs and stablecoins, Singapore aims to create a more inclusive and resilient financial system.

The future of digital finance in Singapore

As the MAS embarks on this ambitious pilot program, the implications for the future of digital finance in Singapore are profound. The successful implementation of wholesale CBDCs and regulated stablecoins will not only enhance the domestic payment infrastructure but also provide a model for other countries to follow. For those interested in how to trade online, the integration of these digital currencies could offer new opportunities for trading and investment, further broadening the scope of Singapore’s financial markets.

MAS’s pilot program for wholesale CBDCs and the approval of stablecoins mark a pivotal moment in the evolution of digital finance in Singapore. By embracing these technologies, Singapore is set to revolutionise its financial infrastructure, fostering innovation and ensuring its continued leadership in the global fintech landscape.

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Join our e27 Telegram group, FB community, or like the e27 Facebook page.

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Across Asia, a burgeoning climate tech sector is brimming with innovation. From intelligent grid management systems in Singapore to vertical farming ventures in China, these advancements offer significant potential to address pressing environmental concerns. However, a critical question emerges from a communication perspective: how effectively is Asia’s climate tech sector translating its solutions into a clear, trustworthy narrative?

The power of communication in climate action

Climate tech thrives on transparent and targeted communication for impactful environmental change. Here’s how effective communication strategies can empower climate action:

• Cultivating Public Support: Strategic social media campaigns and data-driven messaging can educate the public on environmental issues and the efficacy of climate tech solutions. Engaging infographics, explainer videos, and influencer partnerships can translate complex scientific concepts into easily digestible content, fostering a sense of urgency and inspiring public support.
• Empowering Sustainable Choices: Educational mobile applications and digital platforms can empower individuals to make environmentally conscious decisions in their daily lives. Gamified features and personalised recommendations within these platforms can encourage users to adopt sustainable practices, like utilising energy-efficient appliances or tracking their carbon footprint. This fosters a sense of agency and promotes long-term behavioural change.
• Facilitating Stakeholder Collaboration: Communication platforms can bridge the gap between businesses, governments, and non-governmental organisations (NGOs). This fosters the development and implementation of climate-friendly policies and practices. Online forums, industry conferences, and knowledge-sharing initiatives can encourage collaborative problem-solving and accelerate the scaling of effective climate tech solutions.

Also read: Travel made easy with azgo: Making your journeys smarter

Distinguishing green solutions from greenwashing

The communications landscape can unfortunately be susceptible to greenwashing, a deceptive practice where companies make unsubstantiated claims about their environmental sustainability. Here’s how to cut through the green and identify genuine climate tech:

• Transparency is Key: Legitimate climate tech companies prioritise transparency regarding their technology’s environmental impact. They readily provide life-cycle assessments, detailed reports on materials sourcing and manufacturing processes, and lucid explanations of their solutions. Look for companies that publish sustainability reports and make data accessible on their websites.
• Focus on Measurable Outcomes: Greenwashing often relies on ambiguous terms like “sustainable” or “eco-friendly.” Genuine climate tech showcases quantifiable environmental benefits. Look for metrics like reductions in carbon emissions, improvements in water efficiency, or increased use of recycled materials.
• Independent Verification Bolsters Trust: Seek independent certifications or awards that validate a company’s green credentials. Reputable organisations like LEED (Leadership in Energy and Environmental Design) or B Corp (Benefit Corporation) have established sustainability standards.

Building a sustainable future through communication

Effective communication is an essential pillar in Asia’s journey towards a greener future. By prioritising transparency and demonstrating tangible impact, we can build trust, accelerate the adoption of effective solutions, and promote a culture of environmental responsibility.

Also read: Echelon Philippines opens growth opportunities in the Philippines and beyond

Here are some key considerations for fostering a robust communication strategy within Asia’s climate tech sector:

• Compelling Narratives Drive Change: Climate tech needs compelling narratives that resonate with the public. Highlighting real-world success stories and the human impact of these solutions can significantly drive positive change. Showcase how climate tech is not just about environmental benefits, but also about creating a healthier future for communities and improving livelihoods.
• Holding Companies Accountable: Consumers and media have a critical role to play in holding companies accountable for their green claims. Fact-checking and demanding evidence are essential to prevent greenwashing. Investigative journalism and advocacy campaigns can expose unsubstantiated claims and promote transparency within the climate tech sector.
• Collaboration is Key: Open communication and collaboration among stakeholders are fundamental. Sharing data, best practices, and challenges will accelerate the development and implementation of effective climate solutions. Industry associations, research institutions, and NGOs can work together to establish communication standards and promote knowledge-sharing initiatives.

By harnessing the power of clear and responsible communication, not only can Asia’s climate tech sector address environmental concerns, but it can also cultivate a culture of transparency and accountability, paving the way for a more sustainable future.

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This article is sponsored by PRecious Communications

We can share your story at e27, too. Engage the Southeast Asian tech ecosystem by bringing your story to the world. Visit us at e27.co/advertise to get started.

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Startups based in Southeast Asia secured US$213 million across 25 funding rounds in June 2024, according to a report by Tracxn. This is a decline of 57.14 per cent compared to the same month in the previous year but close to a 48 per cent increase over the previous month.

With 11 deals, seed-stage rounds dominated the overall startup funding scene in June this year, followed by 10 early-stage deals and four late-stage ones.

NewView Capital, Square Peg Ventures, EQT, and Lightspeed Ventured were the most active investors in June 2024.

Below are the top startup funding deals of June 2024:

Nium (Singapore)

Nium is a real-time, cross-border payment company. It offers payment infrastructure for banks, fintech firms, and businesses everywhere to collect, convert, and disburse funds instantly across borders. The fintech company claims its payout network supports 100 currencies and spans 220-plus countries. Funds can be disbursed to accounts, wallets, and cards and collected locally in 35 markets. Nium holds regulatory licences and authorizations in more than 40 countries.

Amount raised: US$50 million
Investors: A Singapore-based sovereign wealth fund, BOND, NewView Capital, and Tribe Capital.

k-ID (Singapore)

k-ID aims to simplify online safety and privacy management for game developers, parents, kids, and teens. Founded by Kieran Donovan, Timothy Ma, Julian Corbett, and Jeff Wu, k-ID is a cross-platform, instant sign-on solution for kids and teens. It has been built as an all-in-one answer for solving the complex issue of privacy and online safety for young players globally.

Amount raised: US$45 million
Investors: Andreessen Horowitz (a16z), Lightspeed Venture Partners, Konvoy, TIRTA, Okta, and Z Venture Capital.

Peak3 (Singapore)

Formerly known as ZA Tech, Peak3 offers modular and comprehensive insurance core and distribution systems. It collaborates with global insurers and digital platforms to enhance its insurance offerings through embedded insurance solutions. The firm has operations spanning Europe, Asia, and North America.

Amount raised: US$35 million
Investors: EQT and Alpha JWC Ventures.

Particle Network (Singapore)

Particle Network is a modular Layer 1 blockchain focused on chain abstraction technology, which simplifies developer and user experiences. Its key offering is “universal accounts,” which allow users to use funds from any chain to transact across the blockchain ecosystem. Universal accounts are supported by two underlying functionalities — universal liquidity and universal gas — which enable users to spend their tokens across any chain and pay for gas or transaction fees in any of their tokens.

Amount raised: US$15 million
Investors: The Spartan Group, Gumi Cryptos Capital, SevenX Ventures, Morningstar Ventures, Flow Traders, and HashKey Capital.

McEasy (Indonesia)

Founded in 2017 in Surabaya (East Java) by Hendrik Ekowaluyo and Raymond Sutjiono, McEasy aims to transform Indonesia’s transportation and supply chain ecosystem. The mission is to create an end-to-end digital ecosystem that integrates and streamlines logistics operations.

Its McEasy Platform (MEP) offers a suite of solutions to address challenges in the nation’s logistics ecosystem, including IoT mobility for fleet management, end-to-end logistics delivery solutions, and vehicle spare parts and maintenance solutions.

The startup claims it has partnered with 1,500 companies over the past 18 months.

Amount raised: US$11 million
Investors: Granite Asia and East Ventures.

Mober (the Philippines)

Mober is a green logistics company in the Philippines. It aims to drive the transition to green deliveries in the Philippines. It helps businesses decarbonise their delivery processes with solutions that avoid upfront costs, promoting a future where business meets sustainability.

To support its long-haul operations, Mober plans to place pocket charging points across Luzon’s northern and southern regions.

Amount raised: US$6 million
Investors: Clime Capital and Southeast Asia Clean Energy Facility II (SEACEF II).

REVOX (Singapore)

REVOX aims to construct a modular AI Agent network and decentralised applications, providing users with fair and efficient information across Web3 and other broad sectors. Through decentralised AI infrastructure, REVOX is set to revolutionise the creation of decentralised AI applications, becoming the go-to platform for Web3 AI developers and users.

REVOX’s flagship applications, ReadON DAO and TON application ShareON, boast over 4 million users with more than 400,000 daily active users on-chain.

Amount raised: US$6 million
Investors: SevenX Ventures, Arweave SCP Ventures, Cointelegraph Acceleration, Skyland Ventures, Taisu Ventures, 0x Consulting, and 7upDAO.

iPiD (Singapore)

iPiD (International Payment Identity) offers payee verification and identification solutions. Founded in 2021 by a team of former Swift executives, iPiD is a fintech company aiming to enhance the security and convenience of global payments. Its flagship offering, Validate, tackles the escalating issue of fraud and failed payments within the payment industry by confirming payee names and bank account details. This solution enhances customer experience and combats authorised push payment (APP) fraud.

Amount raised: US$5.3 million
Investors: Monk’s Hill Ventures, Quona Capital, QED Investors, Jungle Ventures, 1982 Ventures, Saison Capital, and Resolution Ventures.

Botsync (Singapore)

Botsync is a robotics startup that develops integrated automation solutions. Founded in 2019, the startup streamlines manufacturing operations through system-agnostic no-code integration solutions (syncOS) and a suite of autonomous MAG Mobile Robots, integrating cross-platform operations from different automation systems all on one platform.

Through its flagship syncOS Integrator platform, Botsync also integrates different automation systems. It features pre-built integration with major robotic and automation products, allowing users to easily connect different robotic systems without having to write any integration code.

MAG Mobile Robots replace forklifts, trolleys, pallet trucks, and other equipment to eliminate manual operations between machines and automate intralogistics operations.

Amount raised: US$5.2 million
Investors: Capital 2B, Betatron Venture Group, IvyCap Ventures, AppWorks, Iterative, Wong Fong, ZB Capital, Nalin Advani, and Ascend Angels.

Hubble (Singapore)

Hubble aims to transform progress and payments in the built environment industry. Founded in 2016, Hubble digitises and automates site processes to track and expedite progress and enable on-demand liquidity through early payment solutions based on verifiable progress data. Its full-stack progress-to-payment platform synergises the progress data insights from Hubble.Build (its construction management division) with early payment solutions from the financial services division.

Since its inception in mid-2023, Hubble.Financial claims to have demonstrated 655 per cent growth to reach over US$20 million across its projects. This number is expected to more than double in 2024 and beyond.

Amount raised: US$5 million
Investor: AlteriQ Global (lead).

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PT Energi Selalu Baru (ESB), a subsidiary of PT NFC Indonesia Tbk (IDX: NFCX), which is part of MCASH Group, today announced that it has raised “substantial investments” from LX Ventures and SAIC Capital during its pre-Series A funding round.

Previously, ESB has secured funds from Rigel Capital and Twin Towers Ventures.

In a press statement, ESB announced that this strategic collaboration will enhance the company’s infrastructure development and market expansion, aligning with the shared vision of a sustainable future.

“The infusion of capital will be instrumental in accelerating product development, expanding market reach, and enhancing technological capabilities. ESB plans to leverage these investments to spread its Volta electric fleet, expand its battery swapping infrastructure, and explore innovative solutions in electric vehicle technologies,” the company said.

Also Read: Asia’s climate tech: Communicating solutions and avoiding greenwashing

ESB is a clean energy company focused on providing infrastructure for electric vehicle (EV) players in Indonesia. Through its subsidiary PT Volta Indonesia Semesta, ESB manufactures electric motorcycles under the brand name Volta.

Additionally, ESB provides a Battery Swap System which allows electric motorcycle users to swap their batteries easily, enhancing user convenience. Its battery swap stations and Volta dealerships are currently located throughout Indonesia.

By providing essential infrastructure, ESB aims to contribute to the transition to clean energy and sustainable transportation in the country.

Okie Octavia Kurniawan, Director of NFCX, called the investment a “game-changer” for the company.

“It will significantly accelerate our efforts in expanding our EV fleet and battery swapping infrastructure. With their support, we are poised to deliver more innovative and sustainable mobility solutions to our customers, reinforcing our commitment to transforming the EV landscape.”

LX Ventures, the corporate venture capital of LX group, previously from the LG Group, concentrates on advancing solutions in renewable energy, manufacturing and logistics automation, eco-friendly materials, and semiconductor technology. By investing in ESB, LX group said that it aims to expand its portfolio with a company dedicated to progressing renewable energy.

Also Read: How HELF AI uses the technology to tackle the severe shortage of healthcare manpower

On the other hand, SAIC has been venturing into futuristic technology such as autonomous driving and new energy (electricity and hydrogen). Adding a comprehensive ecosystem with electric motorcycles and a battery-swapping infrastructure perfectly aligns with its mission to support innovative mobility solutions.

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Image Credit: ESB

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As per the latest report by blockchain data platform Chainalysis, close to 68 per cent of public sector employees in Asia Pacific (APAC) see cryptocurrency as a vehicle mainly used by criminals and malicious actors.

The findings of the State of Cryptocurrency Investigative Report come as no surprise as the region’s crypto-friendly hub has become increasingly cautious following notable incidents of crimes.

The report specifically notes that Southeast Asia is becoming a fertile ground for criminals to exploit crypto for illicit activity and the rise in cyber threats and financial crimes contributed to a more pessimistic outlook on cryptocurrency.

In this interview, Hayato Shigekawa, Principal Solutions Architect at US-based blockchain analysis firm Chainalysis, discusses the findings of the report and trends in the cybercrime landscape in Asia Pacific and Southeast Asia.

Edited excerpts:

What are the key findings of the 2024 State of Cryptocurrency Investigative Report, and were there any surprising insights?

It is interesting to see that APAC respondents believe in cryptocurrency’s potential to enhance the global financial system, but they also acknowledge the growing abuse of crypto by criminals as adoption increases. The region also stood out in having a lower level of understanding of cryptocurrency; 42 per cent of respondents have no knowledge about cryptocurrency.

As cryptocurrency grows and becomes more entwined with the global economy, it’s increasingly used by good and bad actors. As such, we’re seeing it crop up in all forms of crime, not just crypto crime, such as ransomware and darknet markets. In this area, the APAC region mirrored global trends.

The three types of crime involving cryptocurrency are financial fraud, scams, and cybercrime. While APAC responses were mostly in line with those from other regions, a disproportionate share of respondents from the region named cybercrime and threat finance as forms of crime where they’ve encountered cases with a crypto nexus.

Also Read: Exploring the impact of organised cybercrime on small businesses

An interesting finding from our survey is that while all regions recognise the importance of addressing crypto-related crime, respondents from APAC and Latin America feel their agencies are not well-equipped for these investigations, citing a lack of staffing and technical resources.

Nearly half of APAC respondents said they were either extremely dissatisfied or somewhat dissatisfied with their agency’s staffing resources available for crypto investigation and the agency’s access to investigators that specialise in cryptocurrency. When it comes to technological resources available to adequately investigate crimes involving crypto, APAC had similar dissatisfaction rates levels to EMEA, but with more respondents being neutral, suggesting uncertainty or lack of access to adequate.

The report states that 67.7 per cent of respondents from APAC see cryptocurrency as a vehicle mainly used by criminals. What factors do you believe contribute most to this perception?

It is a common misconception that crypto is used primarily for illicit activity. Like with many new technologies, criminals were early adopters of cryptocurrencies, and their initial embrace has helped shape its overall reputation.

Although it is more well-known that cryptocurrency is traceable today, criminals still use it for the same reason people use crypto for legitimate purposes: it’s instantaneous, cross-border and liquid.

Chainalysis identifies Southeast Asia as a hotspot for crypto-based crime. Can you elaborate on the specific types of crime most prevalent in the region?

Southeast Asia is a hotbed for cryptocurrency activity, with many engaging in it at the grassroots level—four out of the top ten countries in our Global Cryptocurrency Index 2023 are in this region.

From everyday activities such as remittance payments to recreational online gaming, cryptocurrency is serving the various needs of users across a diverse region. While cryptocurrency adoption continues to grow, the risk of crime will, too, as bad actors find new technologies to exploit.

We are observing a distinct cybercriminal ecosystem develop in the region, including romance scams/pig butchering compounds and business conglomerates that operate different types of illicit services, including those that facilitate cybercrimes. (Romance or pig butchering scammers build a relationship over time with their victims and fatten up them to extract the most possible value).

How significant is the role of education and awareness in shaping public sector perceptions of cryptocurrency, and what steps can be taken to improve this?

To better investigate, resolve, and prevent cryptocurrency crimes, law enforcement agencies first need to understand them. Many people don’t understand that cryptocurrency is incredibly transparent—it operates on public immutable blockchain ledgers—and anyone could look up the entire history of transactions using a public block explorer. The problem is that it’s tough to read the blockchain. It looks like just a bunch of random numbers and letters transacting with a bunch of random numbers and letters, and that doesn’t mean very much to most people.

Also Read: What if cybersecurity included everyone it protects?

That’s where blockchain analysis comes in handy. Blockchain analytics tools such as Chainalysis map those random numbers and letters – cryptocurrency addresses – to their real-world services.

Education plays a critical role in shaping perceptions of cryptocurrency, and there are several platforms and forums for law enforcement agencies to be trained.

How can the APAC region balance the growth of its cryptocurrency economy with the need to prevent and combat crypto-related crimes?

Regulations will play a key role in enabling the responsible innovation and growth of the cryptocurrency economy. Greater regulatory clarity in the crypto space has fostered the responsible growth of the ecosystem by ensuring the presence of regulated players who innovate responsibly.

We are already seeing key markets in APAC, including Singapore, Hong Kong, Japan, South Korea, and Australia, work on their digital assets regulatory frameworks, providing greater clarity for the ecosystem and its players to innovate safely.

The industry players also have a role to play—public and private sector collaboration will be critical to combatting crypto crime. We have seen success when the public and private sectors have worked together through the use of blockchain analysis to take down crypto crime, and we hope to see many more such successes in the future.

Given the current trends, how do you see the perception and usage of cryptocurrency evolving in APAC over the next few years?

Asia is home to one of the fastest-growing cryptocurrency regions in the world and many of the top countries by grassroots crypto adoption— and we expect this trend to continue. For the cryptocurrency economy to continue to advance safely, it will be critical for public sector agencies to bridge the gap and invest in resources, expertise and training for law enforcement officials to combat these crimes as effectively and efficiently as any other form of crime, if not more so.

Looking ahead, what are some key steps that APAC governments and public sector institutions can take to improve their response to crypto-related crime?

In addition to educating law enforcement professionals, governments and public sector agencies can invest in blockchain analytics tools to effectively combat crypto crime. These tools help law enforcement progress investigations, apprehend criminals, present cases for prosecution, and prepare the way for the seizure and recovery of crypto funds to victims when possible.

Blockchain analytics also facilitates faster and more effective collaboration between law enforcement departments and government agencies during an investigation. Using the same dataset contributes to a shared understanding, which drives better investigative outcomes.

Also Read: Digital scams are on the rise – Is Asia ready for the fight?

While blockchain intelligence helps fight crime, it can also help law enforcement proactively prevent crime. By analysing on-chain transaction patterns and relationships that could indicate criminal behaviour, illicit activity can be detected early on.

While blockchain analytics tools are incredibly useful, agencies also need to invest in human resources and expertise that know how to use them. As we’ve seen in our report, the blockchain industry is a fast-moving space, and law enforcement officials need subject matter experts to make the most of their investments in blockchain analytics tools.

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Image Credit: Chainalysis

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Singapore-based TASConnect, which offers a SaaS supply chain fintech platform, has acquired the Malaysian subsidiary of SOLV, a B2B online marketplace for micro, small and medium enterprises (MSMEs).

The terms of the deal remain undisclosed and are subject to regulatory approvals.

Also Read: Pilon rakes in US$5.2M to take its supply chain financing system beyond Singapore

TASConnect is also in the process of acquiring SOLV’s Vietnamese subsidiary.

The deals will enable TASConnect and the SOLVs to provide end-to-end supply chain financing solutions to multinational corporation anchor ecosystems, SMEs, and financing partners. In addition, the mergers will offer synergies in costs and operations.

Post-acquisition, SOLV Malaysia will be rebranded as TASConnect Malaysia.

Branding for SOLV Vietnam is under review.

Over 418,000 SMEs in Malaysia remain largely untouched by technology, while over 60 per cent of Vietnam’s 790,000 MSMEs have unmet financing needs.

TASConnect’s platform-as-a-service tool helps enterprises expand their scale and scope of supply chain financing without incurring high capital expenditure on IT or human resources. Once the acquisition is completed, TASConnect will leverage the SOLVs’ local sales teams to accelerate its go-to-market in Malaysia and Vietnam.

Also Read: AwanTunai raises US$20M debt funding to provide supply chain financing to micro-merchants in Indonesia

Both TASConnect and SOLVs were incubated by SC Ventures, the innovation, investment and ventures arm of Standard Chartered.

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Agri Sparta, an agritech startup supporting smallholder rice farmers in Indonesia, has announced a strategic partnership with the national rice agency Bulog.

This collaboration aims to significantly enhance rice farmers’ productivity and contribute to the country’s food security and self-sufficiency.

Also Read: Semaai looks to elevate agritech solutions, financial inclusion in Indonesian farming

Under this partnership, Bulog will provide financing to Agri Sparta and guaranteed harvest offtake. A portion of the financing will be allocated to high-quality inputs and provide modern farming services, such as transplanters, precision input via agricultural drones, and combined harvesters.

Agri Sparta will contribute by supplying its proprietary, high-yielding, drought-resistant seeds and essential agricultural inputs. Additionally, it will deploy AgriPlan, its agriculture-oriented enterprise resource planning (ERP) system specifically tailored to rice farmers’ needs.

Nganjuk in East Java and Klaten in Central Java have been selected as the initial areas for this collaboration. The partnership aims to scale up, ultimately targeting coverage of 500,000 hectares by 2030, representing over 10 per cent of the country’s total rice field acreage.

Also Read: The age of the super farmer: How technology is enabling the average farmer

Bulog is Indonesia’s national logistics agency responsible for ensuring the stability of rice prices and supply. Through its extensive network, it provides critical support to farmers and consumers, ensuring food security and economic stability nationwide.

Agri Sparta is an agritech startup whose proprietary seeds, inputs, and digital tools are designed to boost productivity, harvest quality, and yield resiliency. It is backed by Antler, WV, Seedstars, and Hustle.

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Image Credit: Agri Sparta.

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How can Artificial Intelligence (AI) promote greater access to information in healthcare? For Dr Reid Lim, a medical doctor and founder of the Health Expert Language Framework (HELF), the answer lies in using the technology to provide quick, accurate responses and insights into a wide range of medical queries and clinical scenarios.

HELF AI helps users—seasoned physicians, medical students, or healthcare professionals—with condition classification, evidence review, and much more.

“HELF AI offers numerous advantages, positioning itself as a medical superintelligence that seamlessly integrates as an AI backend. Its benefits include immediate access to medical insights, support for healthcare professionals by reducing their workload, enhanced accuracy in clinical decisions, guidance on complex ethical dilemmas, and decision support. Additionally, HELF extends its utility to public-facing roles in education and preventive health,” explains Dr Lim in an email interview with e27.

One month after its beta release, HELF has begun fostering partnerships with potential collaborators. It is launching pilot programmes that include integrating HELF into an Electronic Medical Records (EMR) system in a vast country with many unserved areas still relying heavily on paper records.

According to Dr Lim, it also has another pilot that involves the platform acting as the AI backend for a client-facing startup dedicated to promoting good sleep and healthy habits.

Also Read: Artificial intelligence and the art of building presentations

HELF is now available on both Google Play and the App Stores, and it will continue to be available for free for the general users. This is part of the platform’s commitment to democratising accurate healthcare information worldwide.

In this conversation, Dr Lim explains the problems that the platform aims to solve and his upcoming plans for it.

The following is an edited excerpt of the conversation.

Can you tell us more about what inspired you to build this solution? What was the development process like?

My drive to develop HELF is fueled by my keen awareness of the profound disparities in global healthcare. As a medical doctor, I personally witnessed these challenges. One of the most critical challenges, intensified by the COVID-19 pandemic and subsequent human burnout, is the severe shortage of healthcare manpower.

This issue is particularly acute in rural and underserved areas, where there simply aren’t enough medical professionals to meet the population’s needs. This shortage results in inadequate care and excessively long waits for medical attention, worsening health outcomes.

Additionally, the rising healthcare costs are becoming a crisis affecting both developed and developing nations. In countries such as the US, medical expenses are a leading cause of bankruptcy, placing enormous financial burdens on individuals and families. Even with insurance, the high costs of treatments and medications can lead to significant debt or deter people from seeking necessary care.

In Singapore, rising healthcare costs for our ageing population are a constant point of consternation. On the flip side, in many parts of the developing world, healthcare infrastructure is deficient or entirely non-existent, leaving populations vulnerable.

HELF acts as a medical superintelligence that transcends traditional boundaries within the healthcare landscape. HELF enhances these platforms’ capabilities by seamlessly integrating itself as the AI backend for solutions such as Electronic Medical Records and Hospital Informatics Systems.

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

Additionally, it can adapt to various roles, serving as an AI assistant to doctors, nurses, and other healthcare professionals or offering expert insights for preventive health measures. It can also be used as a wellness assistant for the lay public, guiding the everyday person to better health.

Thus, HELF can significantly extend the reach of the existing medical workforce, compensating for manpower shortages. It acts as a force multiplier, taking on routine tasks to allow human healthcare professionals time and breath to concentrate on direct patient care.

Ultimately, HELF’s capacity to democratise access to quality healthcare information and expert guidance has the potential to make healthcare more equitable worldwide. It represents a significant step toward a future where quality medical care is a basic right accessible to everyone, regardless of geographic or economic barriers. For developed nations, HELF can help augment manpower, enhance efficiency, and reduce the overall cost burden.

The development process involves creating a compound AI framework comprising multiple components that work together to offer accurate insights based on any health-related queries. HELF can powerfully parse unstructured data to arrive at guidance for any clinical scenario.

Who are your users, and how do you acquire them?

HELF operates on both B2C and B2B fronts. Our primary B2C users include the general public who seek to educate themselves about health matters. They can easily access HELF through our website or by downloading our apps, where they can directly pose questions and receive answers. Basic usage will remain forever free.

On the B2B side, HELF is a SaaS platform offering plug-and-play APIs that can be seamlessly integrated into any project, whether it’s a new venture or established systems such as EMR or preventive health platforms. Therefore, our user base extends to healthcare students, professionals, and institutions eager to incorporate AI into their workflows.

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

We acquire users through a strategic mix of partnerships, academic collaborations, and direct outreach to healthcare organisations. The proven accuracy and reliability of our platform enhance its credibility, fostering organic growth through user referrals and positive testimonials.

What is your business model? What is your strategy to become a sustainable business?

Our business model operates on two fronts: B2C and B2B. On the B2C side, we offer a subscription service where users can access different tiers of features based on their specific needs and usage thresholds. For the B2B segment, we generate revenue through API usage and also benefit from strategic partnerships based on a cost-sharing model.

To ensure sustainability and growth, we are committed to continuously innovating and expanding our AI’s capabilities to reach a broader market and scale our user base globally. Economies of scale will become increasingly advantageous as we expand. Furthermore, we seek partnerships with healthcare providers and insurers to integrate HELF more deeply into the healthcare ecosystem.

Have you raised any funding?

We have not yet raised funding, but we are actively looking to collaborate with strategic investors who share our vision of building a medical superintelligence that will serve as a cornerstone for the healthcare industry.

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

This funding and partnership will bolster our research and development efforts and accelerate HELF’s deployment across broader markets.

What is your focus for 2024?

In 2024, our dual focus is on technological enhancement and expanding practical applications with partners.

Technologically, we are developing robust pipelines for continuous medical learning, ensuring that HELF remains abreast of the latest healthcare guidelines and events. This constant updating is crucial for maintaining the relevancy and effectiveness of our AI solutions.

On the business front, we aim to deepen market penetration and establish sustainable revenue streams through collaborative use cases with our partners. These initiatives are aimed at demonstrating the practical benefits of HELF in diverse healthcare settings and driving broader adoption of our technologies.

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Image Credit: HELF

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