Indonesian microfinance fintech firm Amartha secured a US$17.5 million equity investment from global nonprofit Accion via its Accion Digital Transformation Fund.

The fresh funds aim to help Amartha build a platform using data and AI to provide financial products and services to underserved women-led small businesses in rural Indonesia. They will also enhance Amartha’s MSMEs sector offerings, strengthen audience analytics, and drive digital service adoption to connect more people and businesses to responsible financial services.

In addition to providing investment capital, the Accion Digital Transformation Fund will offer strategic support to enhance customer engagement, operational efficiency, and product innovation through digital technologies.

Established as a microfinance institution in 2010, Amartha became a technology company in 2016. By incorporating an embedded lending and funding model for institutional and retail investors, Amartha streamlines personalised financial solutions.

Amartha offers payment services, a proprietary credit scoring system, and a cross-border funding platform that provides grassroots businesses access to capital, presenting them as profitable and impactful alternatives for institutional investors.

Also Read: Hong Kong-based Buyandship secures US$16M funding led by Altara Ventures

To date, Amartha claims to have disbursed over IDR25 trillion (US$1.6 billion) in working capital to more than 2.5 million women-led businesses in rural and peri-urban areas of Java, Sumatra, Nusa Tenggara, Sulawesi, and Kalimantan.

Ramdhan Anggakaradibrata, Chief Financial Officer of Amartha said, “Amartha and Accion have shared objectives — reducing inequality in access to financial services. We will not only meet the current needs of our customers but also anticipate future trends and challenges. This approach will help us remain at the forefront of fintech innovation, continually evolving to provide cutting-edge financial solutions that empower our customers and drive sustainable growth.”

Managed by Accion Impact Management, the Accion Digital Transformation Fund leverages Accion’s global experience in supporting banks and finance companies to connect millions of people and small businesses to the digital economy. Investments from the US$152.5 million fund focus on MSME-serving companies across South and Southeast Asia, Latin America, and Africa, providing growth capital and strategic digital transformation support.

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Image credit: Amartha

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GenAI Fund is a new investment vehicle in Vietnam launched early this year by two former AWS veterans with immense experience building startups. The fund, backed by high net-worth individuals, aims to play a pivotal role in fostering innovation and advancing AI technologies in Southeast Asia.

The VC firm was created by Laura Nguyen, who founded and exited an education venture and played a crucial role in expanding Web3 and AI businesses across Southeast Asia for Amazon Web Services (AWS).

e27 caught up with Nguyen to learn more about the fund, its investment thesis and its goals.

Edited excerpts from the interview:

What inspired the founding of GenAI Fund, and what specific market needs does it aim to address in Southeast Asia?

The inspiration behind founding GenAI Fund stems from collaborating with friends to refine a Vietnamese LLM (Large Language Model). Upon presenting our project to VCs, we received feedback indicating their unfamiliarity with this space, particularly in advising on business models and strategic paths for startups.

Recognising this gap, we aim to be at the forefront of understanding founders’ challenges and providing valuable guidance. Our focus lies in Southeast Asia, where our market knowledge enables us to offer tailored support.

For instance, if a founder in Indonesia seeks to develop a Bahasa LLM, we can provide relevant feedback and assistance.

Can you elaborate on GenAI Fund’s investment strategy, mainly its focus on AI-first technology companies and early-stage investments?

GenAI Fund’s investment strategy centres on early-stage investments, aiming to be the pioneering investor for startups in the AI-first technology domain. Our focus is on being the first to provide financial backing to promising founders, coupled with ongoing support beyond the initial investment.

Also Read: Amazon to train 15K individuals in AI skills; to invest US$9B into cloud infra in Singapore

We diligently identify potential founders and offer meaningful connections through our GenAI Builders meetups and peer support via AI Co-working hours (a new concept where we invite select builders to come to an office space to work and learn together).

These initiatives foster a collaborative environment where founders can receive guidance, work alongside peers, and access resources vital for their growth and success.

How does GenAI Fund support the growth and development of the startups it invests in, particularly in terms of iterating through product, market, and technology strategy?

In addition to providing connections meetups, we bridge startups with VCs through GenAI VC Startups Speed Dating Sessions. These sessions enable direct feedback from industry experts — in this case, VCs who have seen different products and can provide feedback.

This early insight aids startups in iterating through product development to identify market fit.

Moreover, we offer technical support by partnering with mentors who provide guidance on GenAI models, benchmarking, and other technological aspects, ensuring startups have the necessary resources to thrive and innovate.

What criteria does GenAI Fund use to evaluate potential investment opportunities in Southeast Asia?

In evaluating potential investment opportunities in Southeast Asia, GenAI Fund considers traditional criteria like founder competence, competitiveness, and defensibility.

Additionally, we prioritise the speed at which the founding team can bring their solution to market and deploy it effectively. In a rapidly evolving landscape, being first to market is crucial for staying relevant and gaining traction.

We also emphasise the importance of creating realistic models rather than over-engineered solutions. Aiming for cost-effective solutions that resonate with customers ensures tangible value and sustainable growth in the long run.

Given your background in technology and entrepreneurship, how do you leverage your experience to support the portfolio companies of GenAI Fund?

Drawing from my background as a two-time startup founder and my involvement in refining the Vietnamese LLM alongside a group of friends, I hope to bring experience to support GenAI Fund’s portfolio companies.

Having navigated the intricacies of model selection, business model development, and cloud infrastructure utilisation, I understand the challenges and pitfalls that startups face, which I share with portfolio companies to help them save costs, leverage available resources efficiently, and expedite their journey to finding product-market fit.

What is the size of the fund? What is the average cheque size? How many companies do you plan to back from this fund?

GenAI Fund is a US$10-million fund. We invest between US$50,000 to US$1 million per startup. We are actively deploying the capital right now.

Looking ahead, what are GenAI Fund’s plans and aspirations for the future in terms of expanding its presence and impact in Southeast Asia’s AI ecosystem?

GenAI Fund is committed to expanding our presence and impact in Southeast Asia’s AI ecosystem. We will strengthen partnerships and grow our network of ecosystem collaborators, recognising the importance of collective support in this dynamic space.

Also Read: Microsoft to empower 2.5M Southeast Asians with AI skills by 2025

Concurrently, we will focus on optimising our existing programmes, such as GenAI Builders meetups, AI Co-working Hours, and GenAI VC Startups Speed Dating Sessions. These initiatives facilitate collaboration and mentorship and provide invaluable insights for peer VCs and startups alike.

By nurturing these connections and initiatives, we aim to deepen our influence and contribute significantly to the growth and development of the AI ecosystem in Southeast Asia.

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The article was first published on May 14, 2024

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MSD, a New York-based research-intensive biopharmaceutical company, has launched IDEA Studios, a new initiative aiming to fund and collaborate with entrepreneurs and early-stage companies focused on delivering transformative healthcare solutions in Asia Pacific and Europe.

Led by MSD Global Health Innovation Fund (MGHIF) and MSD’s regional teams, IDEA Studio Asia Pacific and MSD IDEA Studio Europe will combine the parent company’s corporate venture arm with the deep healthcare expertise of its regional business teams.

MGHIF plans to invest US$38 million in the initiative across both regions over the next three years.

As part of these efforts, MSD business teams in the Asia Pacific and Europe will collaborate closely with MGHIF investors to select and fund local entrepreneurs.

Also Read: Amartha secures US$17.5M from Accion to empower women-led MSMEs

Based in Singapore, IDEA Studio Asia Pacific focuses on enhancing access to vaccinations and cancer therapies. On the other hand, the European unit, based in Berlin, aims to innovate in early disease diagnosis, improve medication adherence monitoring for patients and enhance clinical trial recruitment strategies.

Joseph Romanelli, President of MSD Human Health International said, “We are constantly seeking to apply digital and data science technologies to improve patient outcomes and help accelerate our purpose of saving and improving lives. The launch of MSD IDEA Studios will offer entrepreneurs the opportunity to leverage our deep healthcare expertise to accelerate their impact and achieve meaningful innovation to improve patients’ lives.”

MGHIF is a growth investor partnering with innovative digital health and data science companies that facilitate and optimise biopharmaceutical operations to improve patient care. This investment strategy connects innovative companies with complementary technologies to develop integrated healthcare solutions.

MGHIF has US$500 million under management and provides growth capital to emerging healthcare technology companies worldwide. With a vision that data will be the currency in health care, GHIF invests broadly in digital health. MGHIF invests in platform companies with proven technologies or business models where MSD’s expertise and perspectives can accelerate revenue growth and enhance value creation.

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The Singapore Retailers Association recently confirmed that April’s sales figures have not been favourable, with most retailers reporting negative performance compared to the same period in 2023. Just last week, The Straits Times reported a 1.2 per cent drop in Singapore’s retail sales, performing worse than expected.

With retail spending at a low, the pressing question is: How can Singapore boost retail spending by appealing to Gen Z? Given Gen Z’s global spending power of US$450 billion, tapping into this demographic’s potential through unified commerce could be the solution for enterprising retailers.

Unified commerce and its benefits

Meeting evolving consumer expectations, particularly those of a digitally native Gen Z, requires unified commerce – which leverages technology to let retailers track all data from a single source of customer interaction across multiple channels and stages of shopping.

According to a Salesforce report, 71 per cent of Gen Z shoppers are willing to pay more for excellent customer experiences. A McKinsey report also highlights that customers engage with 3 to 5 channels on average before making a purchase.

Also Read: A paradigm shift on the Z axis: How Gen Z is shaping the new work culture

While the business case for unified commerce is well-established, many retailers are still in the early stages of adoption. 

Unified commerce offers several key benefits:

• Seamless shopping: It connects all sales channels (online, mobile, physical stores), providing customers with a consistent and flexible experience.
• Simplified operations: By consolidating backend and frontend systems, unified commerce streamlines operations and reduces complexity for retailers.
• Centralised data: It allows retailers to track all data from a single source, providing real-time visibility into customer interactions, inventory, sales, and other metrics.
• Real-time insights: This data enables retailers to monitor performance, identify trends, and react quickly to opportunities.
• Personalised experience: Unified commerce helps retailers gain a 360-degree view of customers across all channels, allowing for tailored marketing, product recommendations, and services.

In short, unified commerce empowers retailers to deliver a seamless, personalised, and connected shopping experience that meets the demands of today’s consumers.

The tech and retail situation in Singapore

Singapore presents a compelling case for unified commerce adoption. The city-state’s robust digital infrastructure and strategic regional hub status provide the foundation for seamless online experiences.

Additionally, supportive government policies, exemplified by the Smart Nation Initiative and the recently refreshed Retail Industry Digital Plan (IDP) launched by Enterprise Singapore and IMDA in September 2023, foster a business environment conducive to innovation. 

This commitment translates into concrete resources for retailers, including tools and training to enhance customer experience, optimise operational efficiency, and drive business growth. Compared to more mature markets like the US and UK where digital disruption is forcing adaptation, Singapore offers a unique advantage: a fertile ground for experimentation and accelerated growth in the realm of unified commerce.

Also Read: 5 lucrative strategies Gen Z investors use to empower themselves financially

This strategic positioning equips Singaporean retailers to capitalise on the global shift towards digital commerce and seize emerging opportunities.

Challenges and solutions

Unfortunately, the promise of unified commerce comes with several challenges:

• Outdated systems: Conventional brick-and-mortar retailers often depend on outdated systems that were not originally designed to handle the complexities of digital commerce. Modernisation efforts require strategic investment and phased implementation plans to minimise disruption and optimise cost-effectiveness.
• Data consolidation challenges: Both offline and online channels generate extensive data in disparate formats and standards. Effective data governance strategies are crucial to ensure data integrity and facilitate seamless data consolidation.
• Resistance to cultural change: Internal resistance to change can impede integration efforts within organisations. Overcoming these cultural barriers necessitates buy-in from leadership, comprehensive employee training, and an effective communication strategy.
• Organisational fragmentation: Many companies manage offline and online channels through separate teams, resulting in fragmented customer experiences and disjointed strategies. Breaking down these silos requires a focus on cross-departmental collaboration and establishing clear lines of communication to ensure alignment across the organisation.

Singapore’s retail sector stands at a crossroads. With Gen Z representing a significant portion of global spending power, there is a tremendous opportunity to revitalise the industry by adopting unified commerce.

By leveraging Singapore’s robust digital infrastructure, supportive government policies and innovative spirit, retailers can overcome current challenges and set new standards in customer experience and operational efficiency.

The time to act is now, and the path forward is clear: embrace unified commerce to capture the attention and spending power of Gen Z, ensuring a vibrant and thriving retail landscape for the future.

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The communication and marketing landscape is undergoing a revolution driven by automation advancements. While the efficiency gains offered by hyper-automation, the extensive use of Artificial Intelligence (AI), Machine Learning (ML), and Robotic Process Automation (RPA) to automate a vast array of processes are undeniable, a more strategic approach lies in embracing human-centric automation.

Beyond efficiency: The drawbacks of excessive automation

Hyper-automation boasts impressive efficiency gains. AI-powered content creation tools can churn out content at an industrial scale, while ML algorithms facilitate laser-focused audience segmentation and campaign targeting. Using automated social media management and real-time chatbots can further enhance efficiency and outreach. However, this over-reliance on automation presents a hidden cost — the erosion of the human element that’s critical for successful communication and effective marketing.

Also read: Fostering inclusion: AI’s role in SEA’s education sector

It is imperative for us to work alongside powerful machines to unlock incredible insights from data as well as to automate repetitive tasks. This frees us to focus on our unique strengths and creativity. For example, in communication and marketing, we have the unique ability to connect through storytelling, building relationships, and understanding emotions. These are areas where AI can’t quite match our ability to connect with the audience.

While AI and automation are valuable tools, relying solely on them can feel impersonal. A social media feed full of robotic messages wouldn’t be very engaging, would it? The key is to leverage the best of both worlds: the efficiency of machines and the human touch that builds trust and loyalty.

People-centric automation: The power of collaboration

Imagine a future where automation works alongside you, not against you. Here, technology takes care of repetitive tasks like data entry and reports, freeing you to focus on what matters most: Strategic planning, creative brainstorming, and crafting captivating content.

Think of AI as your intelligent co-pilot. It gathers valuable insights from data to help you make informed decisions about your content strategy and campaigns. But the final call remains yours. While AI can be a powerful tool for content creation, its true potential shines when combined with the expertise of a communications consultant.

Let’s imagine a situation where a company needs to respond to an ethical and sensitive issue. A communicator with strong communication skills can craft a response that is empathetic and rebuilds trust, while AI can assist with analysing data and providing relevant information to support it.

The synergy of people and machine intelligence

The ideal scenario isn’t a battle between people and machines, but a synergistic collaboration. Imagine streamlined workflows that free up time for creative exploration, allowing teams to experiment with new content formats and storytelling techniques that resonate on a deeper emotional level. Imagine data-driven insights that fuel targeted campaigns that reach the right audience but also speak to their specific desires and aspirations. Imagine forging stronger customer relationships through personalised interactions informed by AI analysis, yet delivered with a person’s touch to help build trust and loyalty.

Also read: OceanBase INFINITY 2024: Pioneering Indonesia’s digital economy

What if the future of communication is shaped by people and machines working seamlessly side-by-side? How can AI and automation empower agency leaders and in-house creative leads? By understanding the role automation plays and its many advantages, we can create a smooth transition for everyone. Equipping employees with the right skills is crucial and this could involve training programs that enhance their creative and strategic thinking, along with data analysis skills to make the most out of the insights provided by automation tools.

The communicator’s edge: Creativity, strategy, and emotional intelligence

While collaboration is key, a more people-centric approach also acknowledges the unique strengths that we bring. Here’s how a communications consultant truly shines in marketing:

• Creativity and Fresh Ideas: Machines can crunch data and spot trends, but they lack that special spark of creativity. A communications consultant can take those insights and turn them into original concepts, captivating stories, and engaging content that grabs the audience’s attention.
• Strategic Vision and Decisions: Effective communication and marketing demands a clear understanding of the overall goals. Communications consultants excel at strategic planning, building long-term objectives, creating brand alignment, and analysing potential challenges and opportunities. These are key judgments that we use to consider to make well-informed choices that could fuel successful campaigns.
• Understanding Our Audience: Building genuine connections with the target audience is crucial for brand loyalty. We have emotional intelligence that allows us to connect with the audience’s needs, desires, and aspirations. With these understandings, we can craft messages that resonate deeply on an emotional level, while building trust at the same time.

Building trust and adaptability in the age of automation

Transparency and trust are the cornerstones of successful communication. By openly explaining the role of automation and its benefits, teams can foster a culture of acceptance and collaboration. Furthermore, a people-centric approach can foster a more adaptable and future-proof marketing team. As AI and automation continue to evolve, teams that have embraced a culture of continuous learning and collaboration will be best positioned to adapt to new technologies and leverage them to their full potential. This ensures that the communication and marketing function remains at the forefront of innovation, consistently delivering value and achieving its strategic objectives.

Also read: Driving innovation and growth in Southeast Asia with Employment Hero

In conclusion, the future of communication and marketing is not a world dominated by machines, but one where our creativity and strategic thinking are amplified by intelligent automation. When founders embrace a more people-centric approach, communication and marketing teams can unlock a future brimming with possibilities, forge deeper connections with their audience, and deliver impactful experiences that resonate further on an emotional level.

Finding the perfect balance can be a challenge, but startups don’t have to go at it alone. Agencies can be valuable partners in this journey since we are constantly on top of the latest trends. Working with an agency will bring a wealth of experience in experimenting with different strategies, allowing you to explore options and discover the perfect fit for success. This will also free you up to focus on your core strengths — building great products and serving happy customers.

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This article is produced by the PRecious Comms team, published by e27

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A passionate golfer, David Wong often found himself struggling to find available golfing companions whenever he had the time to play. This is because the game demands a significant time commitment—approximately 8-9 hours, including travel, preparation, and post-game activities. This proved challenging for many.

Coordinating with fellow busy professionals, who often had conflicting schedules, was nearly impossible. This frustration led Wong to conceive Deemples, an innovative solution akin to the Uber model, where one doesn’t need to know the driver personally but can rely on the availability of many.

Also Read: Malaysian golf course booking platform Deemples nets US$2M from V Ventures

Based in Kuala Lumpur, Malaysia, Deemples was envisioned as the “Uber for golfers,” facilitating connections among golfers to ensure that a game could always be arranged regardless of individual schedules.

The name “Deemples” is a clever play on the word “dimples.”

“In the world of golf, dimples on a golf ball are essential for its flight; without them, the ball wouldn’t travel as it should due to aerodynamic principles. Much like these dimples vital for the ball’s flight, Deemples aims to bring together the necessary “dimples”—golfers—so that the game can take off smoothly,” Wong tells e27.

The company was founded in 2017 by Wong, who comes with extensive experience in sales and management within the advertising industry, and Ahmad Daleen (CTO), a self-taught full-stack developer with keen business acumen who previously founded and exited FoodTime to Fave.

A seamless experience for golfers

The Deemples platform is a comprehensive ecosystem for golfers. Users can browse through a vast array of available golf games, join games, interact with fellow golfers, make payments, and leave reviews for both the courses and other players.

For those who don’t find a suitable game, the platform allows them to create their own, attracting other golfers to join. According to Wong, this marketplace model, where Deemples takes a small fee from golf courses for every successful transaction, has been highly effective.

Deemples recently secured US$2 million in funding from Singaporean VC firm V Ventures to expand its presence across Southeast Asia, targeting major golfing markets like Thailand, Indonesia, the Philippines, and Vietnam.

“Understanding the unique golfing cultures and nuances of each market is crucial for our success. To facilitate this, we plan to allocate significant marketing resources and establish strong local teams in each new market,” he adds.

The investment will also be strategically used to enhance marketing efforts, product upgrades, and overall user experience. Deemples aims to enrich the golfing experience through technological innovations, such as more efficient user interfaces and advanced matchmaking algorithms, ensuring golfers can connect and book games with greater ease.

Building community and expanding partnerships

Engaging with the golfing community and attracting new users is at the core of Deemples’s strategy. Upcoming outreach programmes, golf events, referral schemes, and partnerships with numerous golf courses will play a pivotal role.

“The platform has already seen a surge in new golfers, thanks to golf coaches offering lessons through Deemples. This inclusive approach makes golf more accessible, allowing novices to book affordable lessons easily,” Wong continues.

Also Read: FC Barcelona looks to score big in Asia’s sports-tech arena through its innovation hub

Partnerships with golf courses are fundamental to Deemples’s operations. These collaborations provide golf courses with a consistent sales channel, securing payments upfront and reducing risks associated with last-minute cancellations. Integrating Deemples’s digital capabilities into golf courses’ websites enhances their reach and revenue without requiring separate management systems.

Since its establishment seven years ago, Deemples claims to have demonstrated remarkable growth. Initially functioning solely as a matchmaking service for golfers, the platform expanded in 2020 to include partnerships with golf courses, allowing them to post available tee times.

This integration has led to a doubling of transaction values each year since 2020, reflecting the platform’s growing influence and success, he reveals.

Transformative impact on golf courses

According to the CEO, Deemples has had a profound positive impact on golf courses in Malaysia. By enabling easy and immediate bookings, the platform has significantly boosted revenue and player engagement.

“Some partner golf courses have reported up to 40 per cent of their total sales being generated through our platform. Our technology and growth strategy continue to provide exciting golfing experiences, creative marketing campaigns, and effective monetization of unsold inventories, ensuring a win-win situation for both golfers and golf courses,” he boasts.

In essence, Deemples aims to transform how golf is played and enjoyed. With its innovative approach, the startup is set to make golfing more accessible and enjoyable for enthusiasts across Southeast Asia and beyond.

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Image Credit: Deemples.

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Dear reader,

This week, we continue to see funding flooding into various global AI startups, starting with a US$3 million funding announced by Maxim AI to help developers create reliable AI tools.

As the world reopens following the COVID-19 pandemic, we also see more and more travel tech companies entering the promising Southeast Asian (SEA) market, including RateHawk, which offers hotel bookings, flight tickets, transfers, car rentals, and other travel-related services.

On the biotech front, we also see startups such as ArrowBiome raising new funding. ArrowBiome produces and engineers lysins and offers its solutions to personal care companies and speciality chemical manufacturers, among other players.

Outside of news, our contributors also write about a wide array of topics from navigating the future of marketing with AI to the importance of privacy in the age of social media.

Anisa,
Editor.

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NEWS

From sustainable energy to fan engagement, funding flows this week
SEA startups secured significant funding, with innovations ranging from AI-driven invoicing and digital fan clubs to seaplane and green fuels

Maxim AI secures US$3M to better help developers create reliable AI tools
It will use the funds to expand its team and onboard more enterprises building AI products, Tech In Asia writes

Autonomous trucking startup Waabi raises US$200M funding led by Uber, Khosla Ventures
Also backed by NVIDIA, the company relies on its AI chips ot power its self-driving applications, according to DealStreetAsia

Traveltech firm RateHawk lands in Asia with Singapore regional HQ
The company offers hotel bookings, flight tickets, transfers, car rentals, and other travel-related services

SG startup raises US$1M to help take microbiome care mainstream
ArrowBiome produces and engineers lysins and offers its solutions to personal care companies and specialty chemical manufacturers, among other players.

Oyo finalises up to US$125M raise at discounted US$2.5B valuation: report
The fundraise comes after Oyo abandoned its IPO plans last month

KKR-SingTel consortium to invest US$1.3B in ST Telemedia Global Data Centres
Reuters reported in late May that the KKR-SingTel consortium had emerged as the frontrunner to buy a minority stake worth some US$1 billion in Singapore-based ST Telemedia Global Data Centres (STT GDC)

FEATURES & INTERVIEWS

Deemples, the ‘Uber for Golfers’, aims to make tee times effortless in Southeast Asia
Deemples facilitates connections among golfers to ensure that a game can always be arranged regardless of individual schedules

These 7 tech titans are empowering your business with reliable cloud services
The popularity of cloud services stems from various factors, including cost-effectiveness, flexibility, and scalability

Navigating the AI landscape in 2024: Why there is an urgency for enhanced governance
There are two points that stand out in 2024, starting with how AI will experience a shift from a “nice-to-have” to “must-have”

FROM THE CONTRIBUTORS

How institutional investors can build a successful DMA strategy in 5 steps
With increasing competition, more institutional traders are turning to DMA for frictionless, low-latency market access

Embracing AI’s promise: Navigating the future of marketing
In an era where AI is reshaping the marketing industry, we explore how marketers, particularly in Singapore, can unlock AI’s potential

Embracing automation and phygital models: The future of mortgage companies
Automation and phygital models are reshaping the mortgage industry, enhancing efficiency, customer experience, and operational cost savings

Travel revival: Asia-Pacific on the rise!
The booming popularity of APAC as travel destinations offers abundant opportunities for travel businesses and startups

Singapore’s skills gap: How Singaporean employers can embrace upskilling
The need for upskilling in Singapore highlights the importance of addressing the skills gap and offering accessible continuous learning opportunities

The hidden price of connection: Privacy in the age of social media
By taking proactive steps to manage your privacy, you can enjoy the benefits of staying connected without compromising your personal information

How startups can overcome the AI talent death
Cloud-based AI tools allow startups to scale operations, adapt to market changes, and stay agile without extensive in-house expertise

Confessions of a founder: There’s no fun in fundraising in 2024
Wipe your tears and don’t despair too much, founder; here are some comforting words from your fellow founder

How M&A can supercharge your startup’s success
M&A is a good exit strategy for deep-tech or tech-based ICT service companies and trend-sensitive B2C consumer goods companies

FROM THE ARCHIVES

A paradigm shift on the Z axis: How Gen Z is shaping the new work culture
Gen Z, armed with digital prowess and a vision for a brighter future, is forging new paths by prioritising personal happiness over tradition

How utu aims to boost tourism by transforming the traditional VAT refunds system
utu has introduced utu Privileges, which allows tourists to upsize their tax refunds by up to 110 per cent of the GST paid on their purchases

Sustaining the work: How businesses can take a step forward in their move towards net zero
As tackling the impact of climate change becomes more urgent, the next critical decade must focus on pathways

With STEPVR, making AI-generated videos is as easy as creating PowerPoint presentation
STEPVR was part of AI Trailblazers, Singapore’s first Generative AI Innovation Sandboxes established to accelerate AI solutions development

The next big things in AI: Why Enterprise GPT and inclusion are going to take centre stage
There is a movement for organisations to go beyond ‘narrow AI’ and embrace AGI–artificial general intelligence

Why Khailee Ng puts mental healthcare support as key to successful founders-investors relationship
Based on his experience in mentoring startups, Khailee Ng shares the most common issues faced by founders –and how investors can help them

Why customer education plays an important role in Wise’s international expansion plan
For services such as Wise, there are two dimensions to international expansion

Delivering 3M martabaks in a year: How Go-Jek uses big data to run business better
When it comes to the use of data, Go-Jek SVP, Business Intelligence Crystal Widjaja says that the opportunities to grow are abundant

The state of European tech startup industry –and what Asia can learn from it
The strength of the European tech startup industry lies in its availability of talents and its ability to attract these talents

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

—

Image Credit: © rawpixel, 123RF Free Images

The post Ecosystem Roundup: Maxim AI gets US$3M | RateHawk lands in Asia | ArrowBiome raises US$1M appeared first on e27.

Buyandship, a global cross-border e-commerce enabler based in Hong Kong, has extended its Series B round, securing an additional US$6 million led by Altara Ventures.

KSK Angels (founded by Keisuke Honda), AVA Angels, and Venture University also participated.

With the fresh funds, Buyandship plans to enhance its AI-enabled price comparison function, improve the user journey in product search and purchase, expand into new Southeast Asian markets, and further automate operations.

Founded in 2014, Buyandship is a leading global cross-border e-commerce enabler, empowering consumers to purchase products worldwide through big data, global price comparison, social commerce, and logistics technologies.

Dave Ng, General Partner at Altara Ventures, commented, “The online shopping world is becoming flat. It is easy to discover and browse products, however, completing purchases through the last mile is still a challenge. Buyandship is solving the pain point of allowing anyone to buy online globally and have products shipped to their doorsteps. We are excited to partner with Buyandship in the next phase of their journey.”

Also Read: Malaysian golf course booking platform Deemples nets US$2M from V Ventures

The company has expanded its presence to 12 countries and regions, operating 11 overseas warehouses. It claims to have over two million registered users and over 12 million transactions to date.

In September 2023, Buyandship raised US$10 million in Series B initial funding from Cool Japan Fund. This brings the total amount raised in the Series B round to US$16 million.

Since receiving initial Series B funding, Buyandship has entered the Vietnam market, launched an automated virtual personal shopping assistant enabling 39X-faster shopping, and integrated an AI-powered recommendation system into its social network, Buyaholic, allowing users to browse and purchase popular products with one click.

Sheldon Li, Co-Founder and CEO of Buyandship said, “The oversubscribed financing round is an affirmation of Buyandship’s belief in offering consumers the easiest experience to purchase products globally at the most competitive pricing.”

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Fundraising or preparing your startup for fundraising? Build your investor network, search from 400+ SEA investors on e27, and get connected or get insights regarding fundraising. Try e27 Pro for free today.

Image credit: Buyandship

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Whether you’re ready to take the leap of faith and start your own business or you’re already running one, having an effective online marketing strategy in this digital era is critical to your company’s success. As a small business owner, you may not have a lot of resources or a huge budget to buy extensive advertising. Creating buzz for your business can be a challenging task. That’s why more and more startups are resorting to public relations to get the word out.

Public relations can be one of the best ways to promote a business and gain visibility. It helps you stand out from your competitors and gives your business more credibility. According to a global survey by Nielsen of 30,000 respondents in 60 countries, two-thirds (66 per cent) trust reviews and opinions posted online and editorial content from newspapers and magazines. Compared to traditional advertising, PR content is almost 90 per cent more effective in influencing consumers’ decision-making process.

It goes without saying that earned publicity will benefit your business. However, engaging a PR agency or employing a PR consultant can be very expensive, and most small, budget-conscious businesses can’t afford them. Unless you have a PR background, DIY PR can be a daunting job that many entrepreneurs struggle with.

For this reason, I’ve put together this article to help startups and small business owners get press coverage for their businesses on a limited budget. In the past few years, I have successfully achieved coverage for my clients across 20 markets globally. Most of my clients are startups in the technology space: adtech, edutech, 3D printing, aviation technology, fintech/crypto, health tech, online gaming, app developers – you name it.

In this piece, I’ll take you through the do’s and don’ts of PR and give you time-tested tips on how to get guaranteed press coverage for your tech startup.

Identify the right news element

There are several ways to reach out to the media and get coverage, but the quickest and most effective way is to submit a press release. A press release is an official statement announcing a company’s news. That means there needs to be a news element that is actually newsworthy.

Also Read: Redefining SocialFi through privacy-enhanced social networking

In many instances, business owners want to issue a press release because they want to generate brand awareness, their products are so great, or they have been so successful. But when probed for a news element, they can’t come up with anything. Sorry, but readers – and therefore, media outlets – do not care about your brand awareness or growing sales. There is zero news value in those.

So, what are newsworthy company announcements? Think about mergers and acquisitions, funding rounds, new partnerships, upcoming events, product launches, new staff hires and community and charity participation. News about mergers, acquisitions and funding rounds have especially high news value and can almost always guarantee press coverage if the press release is written professionally.

For an Atlanta-based 3D printing technology startup that just acquired a key competitor, the PR campaign successfully leveraged this news and got coverage in top trade publications such as 3DPrint.com, Fabbaloo and 3D Printing Industry.

Don’t break the news yourself

When you plan to launch a PR campaign, hold off on publishing your news online yourself. I’ve had clients who plan to distribute a press release announcing their company’s news that was published online a while ago. Business owners need to understand that once you publish the news on the internet, it’s considered old news, and no media outlet wants to pick up on old news. Always let the media break the news for you.

Newswires: To use or not to use?

Many press distribution services and newswires claim to send your press release to thousands of journalists and guarantee publication of your press release on 150-plus sites for as little as US$50. Sounds fantastic, right? Quite a few clients have asked whether to use these distribution services. My recommendation is, “Don’t waste your money.”

Most of these newswires publish your press release on spammy sites that no one knows about and have zero traffic. You can publish anything you want – even your upcoming BFF anniversary if you like. Why? Because no one sees it anyway.

If you pay close attention, most of these sites don’t even get indexed by Google or get your press release published on the root domain (for example,  feed.nytimes.com or www.nytimes.newspapers.com instead of www.nytimes.com).

Unless you know a reliable press distribution service that can guarantee publication on the root domain of well-known news sites and ensure that it’s indexed, you can probably achieve more publicity with a post on your own LinkedIn profile.

Make life easy for editors

When you write a press release, make sure it’s written in a format that is applicable to your market and free from any errors. Nothing is more frustrating for editors than having to fix your article because it’s full of typos and spelling errors. Chances are, they will just reject your story completely.

Also, most publications have specific requirements about what they are willing to accept in terms of topics and formatting (e.g., word counts, tone, attachments, etc.) Please read those requirements carefully and give them what they ask. The Washington Post, for example, only accepts op-eds that are exclusive to them, and they prefer the pieces to be less than 750 words. Sending a piece that is too long and has been sent to multiple outlets already will just reduce your chances.

Whom to pitch

A common misconception is that you should always pitch your story to individual editors and contributors. This is not necessarily true unless you have a strong relationship with the editor; otherwise, it can be more effective to pitch to the editorial department instead.

Also Read: Embracing global entrepreneurship: Redefining startup success beyond Silicon Valley

Why? It’s simply more practical. If it’s a sizable outlet, chances are that there are multiple editors covering similar topics. So, who do you pitch in that case? Plus, editors and contributors are busy people with many engagements and priorities. Even when they express interest in your story, it can take a long while before they can actually attend to it.

That’s why you should consider pitching the story directly to the editorial department. They will have someone who coordinates assignments and delegates your story to a writer who is immediately available to cover it. In my experience, sending the story to the general editorial department usually gives me coverage within one to two weeks, whereas pitching individual editors may take several months.

Leverage the PR power of other businesses and individuals 

As a startup, it can be hard to obtain publicity, especially in overseas markets where you don’t have a physical presence or publications that cover a different industry than yours. Many publishers cater to an audience in a specific geographic area or industry. If your business does not fall within their target market, they will likely ignore your story because you are not relevant to their niche.

In that case, you need to look for an element that is relevant to the publication’s target market. For example, Fourdesire, a wellness app developer from Taiwan, launched a new alarm clock app in collaboration with a well-known mobile game developer. Without this new partnership, it would be hard to get Fourdesire featured in gaming publications due to the lack of relevance. However, by leveraging the new alliance, Fourdesire was able to obtain coverage in one of the world’s biggest gaming publications, GamesRadar.

Every business can benefit from public relations. It’s not just for large corporations and multi-million-dollar companies – PR can be a game changer for your tech startup when done appropriately. It’s an effective way to get your brand the visibility it deserves and should, therefore, be part of your overall marketing strategy. It may take some time and effort to learn the tricks of the trade, but the benefits it yields are definitely worth the investment.

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As Southeast Asia sets its sights on the future, one thing has become abundantly clear: artificial intelligence (AI) isn’t just a tool for innovation, it is a pivotal element of progress. In the education sector, AI is emerging as a powerful force for driving inclusion, ensuring that every learner has access to quality education regardless of their background or circumstances. While still in its early stages, the potential of AI in education is undeniable. 

The adoption of AI is gaining momentum across diverse industries, including government services, manufacturing, healthcare, agriculture, and human resources. A study by EDBI and Kearney in 2020 projects that AI could contribute a staggering $1 trillion to Southeast Asia’s GDP by 2030, underscoring its significance in shaping the region’s future. 

AI has the potential to address educational access and equity issues, especially in underserved communities and remote areas, through online learning platforms and virtual classrooms. Additionally, it empowers teachers to develop clear and concise study materials, expand opportunities for student-educator interaction, and tackle specific student challenges. 

For instance, AI-based adaptive learning platforms can analyse students’ strengths, weaknesses, and learning styles to provide tailored content and assistance, catering to different learning preferences and abilities. Additionally, algorithms can automate quantitative grading, provide learning assistance, and generate educational materials, driving innovation and advancement in education.

AI for a future-ready workforce

Many countries in Southeast Asia have developed national strategies to drive AI advancement, with a focus on capacity development. For example, Thailand’s National AI Strategy and Action Plan 2022–2027 advocates for an efficient ecosystem fostering AI development and application. This includes initiatives to promote AI education through dedicated scholarships and aims to establish an international accreditation system. Similarly, fostering AI talent is a strategic objective of Malaysia’s National Artificial Intelligence Roadmap 2021–2025, aiming to promote an inclusive understanding and knowledge of AI principles in schools and to provide opportunities for skilling and reskilling.

Also read: Driving innovation and growth in Southeast Asia with Employment Hero

AI in education is pivotal for bridging talent gaps and offering essential upskilling opportunities to vulnerable workers. Recently, Singapore unveiled its second National Artificial Intelligence Strategy, emphasising substantial investments in adult education and training to equip workers with the skills needed to leverage AI effectively. The country also targets a threefold increase in its AI workforce, aiming to reach 15,000 practitioners within the next three to five years.

With strategic investment and careful implementation, AI can significantly enhance inclusion in education throughout the SEA region. However, some challenges need to be addressed.

Challenges in inclusive education

While AI has made inroads into education, its transformative potential remains largely untapped. The integration of digital technology in educational settings has been gradual and inconsistent, with varying effects across different contexts. Factors such as socioeconomic status, community demographics, teacher readiness, educational level, and national income contribute to the disparities in AI adoption and effectiveness.

One of the primary barriers is the digital divide, which refers to inequalities in internet access and technological infrastructure that impede fair access to AI-driven educational resources and tools. According to a UNESCO report, on average, 57% of students in Southeast Asia have access to the internet at home. However, the figures vary significantly across countries. For instance, only 16% of students have access in Cambodia, while a majority of 98% do in Singapore.

The report highlighted that while mobile internet is the most accessible form of connection in SEA, it often does not support educational applications. In 2022, active mobile broadband subscriptions averaged 101 per 100 people.

Also read: OceanBase INFINITY 2024: Pioneering Indonesia’s digital economy

Digital infrastructure in Southeast Asia has witnessed growth in recent years, although the pace of expansion differs from one country to another. For instance, in Thailand, over 97% of schools now have internet access, with an average of 17 students sharing one computer in each school.

In Southeast Asia, the response to AI in education ranges from cautious to increasingly receptive, reflecting a growing interest in integrating it into educational tools and platforms. Countries like Singapore and Indonesia are actively adopting generative AI to improve learning experiences. However, there are concerns about data privacy and security, as well as the ethical implications of using AI algorithms to make educational decisions.

Moving forward, it is crucial for policymakers, educators, and technology developers to collaborate and ensure that AI initiatives in education are guided by principles of equity, transparency, and accessibility.

By embracing AI technologies and addressing the challenges, we can build a more inclusive and equitable education system that empowers learners of all backgrounds and abilities.

Get to know Thanit Apipatana

Thanit Apipatana is a Bangkok-based entrepreneur, investor, and startup advisor with a keen interest in venture building, real estate, F&B, sports and philanthropy. Mr Apipatana has advised and invested in a number of companies across the region, including Singapore-based proptech startup Mogul.sg and Thai-based Life Below Labs. As a thought leader, Mr Apipatana shares his insights on entrepreneurship, F&B, education, sports and the social sector.

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