Our gorgeous buildings and fancy offices look great, but where’s the space? Today’s architectural masterpieces, whether they’re glittering high-rises or avant-garde open-concept offices, often overlook one critical element: ample storage.

The world’s self-storage sector, pegged at a remarkable US$54.6 billion in 2022, isn’t just on the move – it’s soaring! We’re talking about a flight path set on a compelling compound annual growth rate (CAGR) of 6.8 per cent from 2022 to 2030. Now, let’s dig deeper and ask the big question: What’s causing this storage sensation?

Crafting productivity: Decluttering the SME battlefield

For SMEs, a clutter-free workspace isn’t just nice to have; it’s essential. Efficiency is the lifeblood of productivity, and a muddled workspace can be the Achilles heel waiting to trip businesses up. This is where storage solutions strut into the spotlight.

Not only are storage solutions a 24/7 accessible extra space for inventory overflow, but business owners can even tap into inventory systems like Just-In-Time (JIT) for optimum organisation. This isn’t just about preventing overstocking. It’s about ensuring every square foot, every resource, and, indeed, every cent is ideally utilised.

Stowing and flowing: The dance of modern inventory management

Speaking of which, in today’s fast-paced SME environment, swift decision-making and adaptability are essential, akin to a dance where market demands dictate the tempo and inventory systems provide the stage. Modern self-storage systems offer more than just space; they give SMEs a platform to optimise their operations.

These storage solutions allow businesses to easily scale their stock up or down as needed and ensure meticulous record-keeping for each item. This results in SMEs having full oversight of their assets, ensuring they remain responsive to the fluctuating market demands.

Also Read: Beyond desk spaces: A fresh approach to revolutionising Malaysia’s coworking landscape

In this choreography of commerce, agility and precision are key. With storage solutions like these, SMEs ensure their inventory management remains in tune with the ever-changing market demands.

Zooming from storage to stardom: Where efficiency meets elation

In today’s competitive business landscape, thriving hinges on efficient, streamlined operations. Tailored for speed, modern storage solutions elevate SMEs to a realm where orders are not only fulfilled but delivered with exceptional care, fostering loyalty. Moreover, the benefits of organised storage extend beyond customer satisfaction.

By establishing an organised system for storage and inventory, businesses alleviate operational strains on employees, fostering a clutter-free environment that promotes creativity and freedom. This holistic approach sets the stage for a symphonic union of businesses, employees, and customers, all resonating in harmony towards collective success.

The storage sanctuary: Where assets sleep securely

Clearly, even in today’s digital age, the significance of physical assets remains extremely vital.  Modern storage facilities with advanced security are crucial for protecting our physical valuables. In fact, for our self-storage spaces, SMEs will be provided with customisable Personal Identification Numbers (PINs) to ensure high-end security protection.

Apart from that, constant surveillance ensures assets are always monitored, eliminating concerns about overcrowded and unsecured storage. This guarantees business owners that their valuable items are safe and protected from threats. See in your mind’s eye: a secure facility akin to Fort Knox where SMEs can safeguard their valuable possessions and leave with confidence in their safety.

Beyond the boardroom: When storage gets personal

Finally, storage solutions aren’t just a useful tool for entrepreneurs. The average Malaysian can also explore our suite of modern storage solutions that seamlessly blend with the evolving dynamics of their homes.

Dreaming of a compact nook for your travel collectibles or a larger sanctuary for family heirlooms too precious to part with? You’re covered. And the best part? 24/7 access under the protective watch of top-tier security ensures that your cherished items are just a heartbeat away any time you wish.

Wrapping it all up

The storage story is dynamically unfolding. Consumers, from individuals to SMEs, are recognising the unparalleled benefits of strategic external storage. In the country that we live in today, every inch of space matters. The goal is to optimise each square foot for homes and businesses.

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As 2023 is coming to an end, this article sets out the following regulatory updates involving changes to the current laws and policies, including a few cases decided by Malaysian courts that may likely affect local startups in Malaysia.

Amendments to Malaysia’s Employment Act and revisions to the minimum wage

The new amendments to the Employment Act took effect from the start of this year. To recap, major changes include revising the wages threshold to qualify for overtime payments, which was increased from RM2,000 (US$429) to RM4,000 (US$858), paid paternity leave, and extension of maternity leave to a new flexible working arrangement (which can cover changes in working hours, days and workplace location). 

Separately, the minimum wage for employees was also increased from RM1,200 to RM1,500 and came into force on 1 July 2023 for employers who employ less than five employees after several deferments. Further, the government also announced that it is seeking to introduce a new progressive wage model that will be outlined in the future.

New capital gains tax for unlisted equities

Starting 1 March 2024, any disposal of shares in unlisted private companies will be subject to an indicative rate of 10 per cent (calculated on the net profits) as capital gains tax (CGT). 

The government said that VC funds would be exempt from CGT. However, the announcement is silent on the same exemption, which may also be extended to startups such as the founders and angel investors. The government also said that a startup that exits in an initial public offering on  Bursa Malaysia, the local bourse, may likely get exempted from CGT.  

Also Read: “Consolidation and explosion”: SEA startup investors reveal 2023 trends they are keeping close watch of

Considering the lack of clarity on the CGT implications, we may have to wait until the final framework is issued next year to understand how the new CGT tax will be implemented and if CGT may affect founders’ decision as to whether to move to a new domicile to avoid the CGT.

Long-term social visit pass for international graduates

To fill the skilled workers’ gap needed by the labour market, the government has launched a new long-term social visit pass aimed at attracting highly skilled international graduates. The visa may likely increase the chances for a foreigner to work in local high-growth startups so long as the startup’s business is within an “approved industry” that will be outlined in the future.

Extension on tax incentives for angel investors, equity crowdfunding (ECF) investors and VC investors in startups 

To encourage more funding in startups, existing and new angel investors, ECF investors and VC investors can qualify and apply to get tax incentives on their investments until 31 December 2026.

Gig economy: Gig worker as an independent contractor 

The gig economy business model relies on the concept of a gig worker being an ‘independent contractor’ (i.e. a self-employed person contracted to work or provide services to another entity as a non-employee). 

On 27 November 2023, the Court of Appeal in Malaysia reaffirmed an earlier court decision by the High Court that the claimant, a former Grab driver who sued Grab, was not a Grab employee but instead an independent contractor. It was further reported that as she was an independent contractor, she was not entitled to claim unfair dismissal with the industrial relations department or to seek reinstatement as a driver by Grab as there was never any employment contract between the claimant and Grab. 

Also Read: 30 top-funded Southeast Asian startups in 2023

The position is also similar to California’s appeals court. In the decision, the court reaffirmed the referendum vote that drivers for startups like Uber and Lyft are independent contractors. Therefore, the drivers were not entitled to paid sick leave and unemployment insurance. 

To date, we have yet to see any indication if the gig economy will be further regulated. New rules that enhance gig workers’ rights may likely affect the business models involving the gig economy in the country, and may be a lower priority as startups are crucial to Malaysian long-term economic growth. 

Simplified Environmental, Social, and Governance (ESG) Disclosure Guideline

Without a doubt, ESG is here to stay, and it is only going to get more important.

On 19 October 2023, Capital Markets Malaysia (CMM), an affiliate of the SC, launched the Simplified ESG Disclosure Guide, a free guide aimed toward helping small and medium enterprises adopt ESG-related frameworks and reporting. 

There has yet to be any legal obligation for startups to adopt the ESG framework. As more VC funds adopt ESG reporting in their investments, the guideline may be a useful guide to help founders decide on sustainability goals for adoption (based on the maturity of their startup’s business) and if you are dealing with larger companies (that are usually already ESG compliant).

Drone permit requirement for both leisure and commercial use

Every drone owner in Malaysia, starting this year, will need to get a permit from the Civil Aviation Authority of Malaysia (CAAM), the aviation authority in Malaysia. It appears that the permit is needed if the drone is used, whether for commercial or even non-commercial use. Failure to obtain a permit may result in fines and imprisonment. 

As the approval authorities may likely include several authorities, including other land-related authorities, it is unclear if the government is planning to streamline these separate approvals under a single approval process in the future to boost the drone industry.

Responsibilities of digital and online platforms when it comes to clients’ funds

On 31 October 2023, Luno, one of the licensed crypto exchanges in Malaysia, was held liable by a court for negligence due to several unauthorised transactions involving one of its customers’ accounts. It was reported that the crypto exchange was liable to compensate for over RM600,000 (US$1,28,659) worth of crypto holding lost in the customer’s portfolio.

The news reported that the court had granted an interim stay on the award to allow Luno to appeal against the court’s decision. Therefore, we may have to wait to see if the appellate court may take a different approach to the judge’s decision. 

The outcome of this Luno case may be significant to other digital and online platforms that may be involved in managing clients’ funds (whether in digital assets form or not) as the court appears to impose a higher duty on the platforms to ensure that the customer’s account is safeguarded against any scam or hacking incident.

New entrants in the crypto space in Malaysia

Considering that the SC had made several updates to the crypto regulations in the past year,  we are seeing several newly approved entrants in the crypto space this year.

Malaysia’s first Shariah-compliant Bitcoin fund was launched this year by Halogen Capital, the first crypto asset fund manager licensed by the SC. The fund is also open to retail investors who want to have exposure to crypto investment.

Also Read: Navigating the AI landscape in 2024: Why there is an urgency for enhanced governance

In the initial coin offering (ICO) space, the regulator also approved both Kapital DX and pitchIN as registered initial exchange operator (IEO) operators. As IEO operators, they will be able to provide alternative fundraising options for companies by issuance of digital tokens in Malaysia. It is worth noting that pitchIN is also registered to provide ECF platform services. 

Another notable entity includes CoKeeps, a new entrant that became the first approved digital asset custodian in Malaysia and is offering its custody services to both retail and institutional investors. 

The regulator usually imposes nine months for these licensees to comply with all the SC’s guidelines before they can go live. Therefore, we may likely see more activities in the crypto space in the coming months next year.

“MYStartup” as a ‘single window’ platform

The role of the current “MYStartup” platform, a startup ecosystem directory platform formed by Cradle Fund, a government funding agency, would be enhanced to serve as a ‘single window’ or a ‘one-stop resource’ platform (like Enterprise Singapore) to help startups source for funding and other business needs. 

It is unclear if all the existing grants and funding schemes from other agencies will also now be handled under this platform. We may have to wait further for more details from the authority on how the new platform will look.

National Digital ID for all Malaysians

On 1 December 2023, the government announced a new digital ID that will complement the current physical national ID, MyKad. The digital ID may help reduce identity fraud, help facilitate government services such as targeted subsidies, and allow the public to access other online government services. Although the government has yet to require every Malaysian to obtain a digital ID, we may likely see more mass adoption if it can help improve access to public services.

In the next article, I will write about the regulatory forecast for 2024, especially several new anticipated upcoming laws and policies that may likely affect startups in Malaysia.

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Klook, an online platform for experiences and travel services in Asia, has announced closing a new US$210 million financing round.

Bessemer Venture Partners led the round, with participation from BPEA EQT, Atinum Investment, and Golden Vision Capital.

Krungsri Finnovate (under Bank of Ayudhya), Kasikornbank Financial Conglomerate, and SMIC SG Holdings, besides Citi, JP Morgan, and HSBC, co-invested.

Also Read: 30 top-funded Southeast Asian startups in 2023

Klook will strategically allocate the new funds

1) For product innovation and expanding its city pass offerings to enhance traveller convenience and savings.

2) To scale social and digital marketing through the Klook Kreator programme, driving conversions with authentic, social, user-generated content.

3) To advance innovation through continuous AI integration. The recent collaboration with Google Cloud will integrate Generative AI across the platform, covering automated translations, content generation, and customer service chatbot.

Klook will also collaborate with its new regional strategic investors to increase market share and boost growth, tapping into the fast-growing middle class in Southeast Asia.

Launched in 2014, Klook curates “quality” experiences ranging from attractions and tours to local transport and experiential stays in over 2,300 destinations globally. Over 80 per cent of bookings are made through mobile. The firm claims the influx of new customers acquired in 2023 more than doubled that of 2019, while repeat customers contributed to over half of the total bookings.

Klook boasts an annualised gross booking value of US$3 billion. The firm also claims to have achieved overall profitability for the first time earlier this year.

Ethan Lin, CEO and Co-Founder, said: “During the pandemic, we doubled down on our resources in merchant digitisation and the expansion of our supply network, including car rentals and outdoor experiences. This positions us strongly to capture new travel trends coming out of the pandemic.”

“Leveraging strong business fundamentals that led to significant growth in revenue and profit this year, including a threefold increase in productivity (revenue per headcount), we are set for a new phase of sustainable expansion. With Asia in the early stages of post-COVID recovery, upcoming global events like the Paris Olympics 2024 and Osaka World Expo 2025, along with rising expenditures and digital adoption, the industry outlook in Asia is exceptionally positive,” added Lin.

Also Read: A year in review: 2023 regulatory updates impacting startups in Malaysia

In January 2021, Klook secured US$200 million in its Series E funding round, led by local investment firm Aspex Management. Previously, in 2019, it bagged US$225 million in a Series D+ round led by SoftBank Vision Fund.

The global travel industry is projected to soar to a staggering US$15.5 trillion by 2033, with Asia Pacific leading the way as the fastest-growing region. With a compound annual growth rate (CAGR) of 11 per cent in the Asia Pacific (from 2023-2028), almost doubling that of North America and Europe, this dynamic region is set to capture a larger share of the global travel market, driven by a burgeoning middle class, increased consumer spending, and a growing appetite for unique experiences.

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Dear reader,

Klook’s recent announcement of a US$210 million financing round underscores its strategic vision for the future of travel. The investment will bolster product innovation, enabling the platform to broaden its city pass offerings and enhancing convenience and savings for travellers.

Additionally, Klook aims to amplify its digital presence through the Klook Kreator programme, leveraging social and user-generated content to drive conversions. The infusion of capital will also contribute to AI integration, building on a recent collaboration with Google Cloud to incorporate Generative AI across the platform.

Klook, launched in 2014, has distinguished itself by curating quality experiences globally, boasting an annualised gross booking value of US$3 billion. Despite the challenges posed by the pandemic, the company achieved overall profitability earlier this year, signalling resilience and adaptability.

CEO and Co-Founder Ethan Lin emphasised the strategic use of resources during the pandemic, including digitization efforts and supply network expansion. The company anticipates capitalising on the post-COVID recovery in Asia, with upcoming global events like the Paris Olympics 2024 and Osaka World Expo 2025 presenting opportunities for growth.

Positioned as a frontrunner in the dynamic Asia Pacific travel market, Klook aims to cater to the rising demand for immersive travel experiences and showcase the best of Asia to a global audience. As the travel industry is projected to soar to US$15.5 trillion by 2033, Klook’s strategic allocation of funds aligns with the positive industry outlook in Asia and underscores its commitment to sustainable expansion.

Sainul,
Editor.

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Klook raises US$210M in new funding, says it is profitable in 2023
The investors include Bessemer Venture Partners, BPEA EQT, Atinum Investment, and Golden Vision Capital; Klook curates “quality” experiences ranging from attractions and tours to local transport and experiential stays in over 2,300 destinations globally.

Doctor Anywhere nets US$40.8M to deepen presence in secondary care
The investors are Square Peg and Novo Holdings; Doctor Anywhere, which focuses on enhancing healthcare accessibility and improving health outcomes, claims to have served 2.5M users.

Founders, directors lock legal horns at NFT startup Mintable
The allegations against each other include intentionally sabotaging a multimillion-dollar investment, a company coup led by the board of directors, and using internal funds to promote a website featuring illegal drugs.

Cake Group co-founder files to liquidate firm, court to decide
U-Zyn Chua is listed as the claimant and Cake Group as the defendant, which, according to the court’s website, means that Chua instigated the proceeding for a compulsory winding up; A judge will then rule whether to grant the application.

Muslim Pro app’s parent Bitsmedia secures US$20M
The investors are Gobi Partners, CMIA Capital Partners, and Bintang Capital; The funds will be used to advance the firm’s AI capabilities, enrich content offerings on Bitsmedia’s streaming platform Qalbox and develop educational features.

Oona Insurance to fully acquire InLife’s non-life JV in the Philippines
The acquisition enables Oona Insurance to increase its investments and continue innovating its products and platforms to fulfil its aim of becoming the digital insurer of choice in the Philippines and Southeast Asia.

Startup investments in SEA see 69% monthly drop in November: Tracxn
Southeast Asian startups raised US$226 million in investments across 26 rounds in November. The investments comprise 17 seed-stage deals, eight early-stage deals, and one late-stage round.

Circulate Capital makes final close of US$76M fund
With a presence in more than 10 countries, Circulate Capital partners with global brands and financial institutions to transform supply chains at scale by delivering economic, social, and environmental value.

Wavemaker Impact debut fund makes final close at US$60M
The fund, which surpassed its initial US$25 million target by 2.5 times, seeks to drive large-scale decarbonisation efforts in SEA; Wavemaker Impact has launched and invested in six companies and will soon launch its first companies in India and Australia.

Meatiply banks US$3.75M to scale cultivated meat production
The investors are Wavemaker Partners, AgFunder, and Seeds Capital; Meatiply is developing meat products by combining different cell types (muscle, fat, and skin) to produce natural compounds that can replicate real meat’s taste and nutritional value.

Animoca leads US$3M round in Japanese gaming firm Gacha Monsters
Other investors include Infinity Ventures Crypto, FBG, and Big Time Games; Gacha Monsters will use the funds to create and distribute IPs across various formats, such as video games, anime, comics, physical merchandise, and Web3.

TikTok likely to revive e-commerce in Indonesia via a deal with local GoTo
TikTok is in talks with GoTo to invest in Tokopedia in a deal that is expected to close as early as this month; The Indonesian government has said apps such as TikTok hurt its bricks-and-mortar shopping businesses by encouraging people to buy online.

Binance withdraws Abu Dhabi licence bid as crypto giant weighs structure
The Binance unit, called BV Investment Management, pulled the application with Abu Dhabi’s financial regulator; The request, filed a year ago and withdrawn on Nov. 7, would have allowed the firm to manage a collective investment fund.

YouTube now lets you pause comments on videos
Instead of turning off comments completely or holding comments to review them manually, you can temporarily pause comments until you have enough time to filter out trolls and negativity.

Alpha Partners: Leveraging VCs’ unused pro-rata rights and making an impact
Steve Brotman discusses Alpha Partners’s innovative approach, aiming to capitalise on emerging trends in digital economies, AI, and more.

Zespri wants to work with agritechs to improve kiwifruit production, distribution
In November, Zespri launched ZAG, the Zespri Innovation Fund, a US$2 million annual fund dedicated to accelerating sustainable innovation.

How Fairtile navigates the fintech frontier with credit, code, innovation
Fairtile offers a cloud-based solution that enables lenders to automate the credit assessment and underwriting process.

Gen AI in banking: How to ensure a successful transformation for an age-old industry
The integration of Gen AI introduces a complexity that disrupts the established balance between business and technology within financial institutions.

AI will have more impact on our future than blockchain: Dusan Stojanovic
The AI industry needs to have a more open playfield, so regulation is required as soon as possible, says True Global Ventures chief.

Hong Kong proptech innovators are reshaping the real estate landscape for GenZ
Millennials + Gen Z driving the demand for proptech solutions in Asia Pacific: discover how they place more emphasis on affordability, flexibility, sustainability & wellness.

Unlocking value in SEA’s trade channels with eB2B solutions
eB2B and digital route-to-market solutions are ultimately reshaping the landscape of FMCG, lubricants, and healthcare general trade channels.

The synergy of AI and DeFi: Shaping the future of finance
DeFi systems can adapt to market demands and provide cutting-edge monetary services to more people because they utilise AI.

Digital banking in Indonesia: Growing importance and future trends
Indonesia’s digital banking sector is taking huge steps towards a stable financial future. Discover Ivitech.Drive’s advanced approach to Indonesia digital banking.

Can Singapore truly become a cashless society with payment 3.0?
With payment 3.0, merchants will be empowered to choose from crypto, cash (fiat), and card all within one platform.

Why Singapore’s traditional sectors need a digital makeover
Starting on a digital transformation journey is like starting a good habit, it spills over to other areas and reinforces positive change.

Thriving under pressure: Navigating tech teams through stress
The way a team handles pressure can significantly affect its cohesion, either strengthening the bonds through shared challenges.

AI in influencer marketing: Transforming trends and shaping the future
As AI continues to evolve and influence the influencer landscape, the future looks bright for brands, talent agencies, and AI influencers alike.

Decoding the feasibility of credit on UPI in India: Challenges and prospects
India’s consumption economy has remained globally resilient, unaffected by macroeconomic fluctuations for over a decade.

Revolutionising Singapore’s healthcare amidst demographic shifts and economic demands
Given the rising healthcare costs and Singapore’s commitment to managing them, balancing cost and quality becomes crucial.

A year in review: 2023 regulatory updates impacting startups in Malaysia
As 2023 concludes, this article highlights key regulatory updates and legal decisions impacting startups in Malaysia.

Cultivating curiosity and driving impact in entrepreneurship
Martin, a multi-business entrepreneur with a scale-up mindset, challenges entrepreneurs to make their businesses work for them.

Why Liminal sees compliance as the way to go for the crypto industry
Liminal aims to build an efficient and compliant wallet operating system where users can with various digital assets and blockchains securely.

Visionaries clash over idealism while the tech industry embraces Web3
Web3 faces scepticism from figures like Jack Dorsey, who deem it ‘idealistic.’ Yet, industry leaders see vast opportunities paralleling past tech shifts.

Balancing revenue, impact remains the top challenges faced by social impact startups
For these social impact startups, cross-party collaboration can be a key to tackling these challenges.

Dream big, start small: Joel Neoh shares lessons from his years with Fave
In this interview, Joel Neoh reveals his more details of his plan to take a break after leaving Fave in March 2023.

SoGal’s Pocket Sun warns against ‘purple-washing’ startup investment
Pocket Sun insists on the importance for investors to take action, instead of just presenting the image of being women-friendly.

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There have been several notable trends in the fintech sector in Southeast Asia (SEA) in recent years, but according to Quona Partner Varun Malhotra, one of the most notable includes the surge in embedded finance.

“The integration of financial services into non-financial platforms has become a game-changer, providing users with seamless and contextual access to various financial products,” he explains in an email interview with e27.

“This trend is creating a more convenient and user-friendly experience for individuals, as they can access financial services directly through the platforms they already use, such as e-commerce or ride-sharing apps. This not only enhances accessibility but also opens up new avenues for collaboration between fintech and non-fintech entities.”

Quona invests in startups that aim to expand access to financial services for consumers and growing businesses across India and Southeast Asia, Latin America, Africa and the Middle East. The firm focuses on markets that are massively underserved by the legacy finance infrastructure, where they see the biggest opportunity for transformation into more equitable financial systems.

As a global venture capital firm with a focus in inclusive fintech, Quona keeps a close watch on innovation in the sector, particularly how new technology is opening up new opportunities for efficiency and, eventually, inclusion.

Also Read: How Fairtile navigates the fintech frontier with credit, code, innovation

To learn more about fintech trends in SEA, check out the edited excerpt of the interview with Quona.

How is AI going to change the fintech industry in SEA? What changes have you seen already?

AI is revolutionising SEA’s fintech industry by enhancing efficiency and personalisation. We are already witnessing AI-driven customer service, fraud detection, and credit scoring. These advancements not only streamline processes but also enable fintech companies to offer tailored solutions, meeting the unique needs of users in the region. Several of our portfolio companies in the region are leveraging AI to improve the quality of services.

What do you think will be a big theme next year for fintech in Southeast Asia?

Looking ahead to the next year, sustainable finance is poised to be a major theme in SEA fintech. I believe with a growing emphasis on environmental, social, and governance (ESG) factors, fintech companies are gearing up to play a pivotal role in promoting responsible and sustainable financial practices. We are also excited about fintech infrastructure players in the region that are leveraging the digital public infrastructure to connect traditional financial institutions and digital platforms.

Serving the underbanked community has been a major theme for SEA fintech in recent years. Do you see major milestones made in this aspect? What is the remaining homework for fintech companies in this matter?

I believe that fintech as an industry has made commendable progress in serving the underbanked in SEA. Expanding financial inclusion through digital solutions has provided access to previously underserved populations. However, challenges such as improving digital literacy, addressing infrastructure limitations, and tailoring solutions to diverse needs remain. The ongoing focus is on overcoming these hurdles to ensure that the benefits of financial services reach every corner of the region.

Also Read: The evolution of investing: How fintechs and neo-brokers are empowering retail investors

What major milestone has Quona made recently?

Despite the challenging funding environment, several of Quona’s portfolio companies in SEA have completed follow-on funding this year. We recently participated in a funding round of US$10 million for Broom, an Indonesian automotive financing startup which also saw participation from other big players.

Every new follow-on funding is a milestone for us, and this also speaks to the quality of the fundamentals of these businesses.

What is your big plan for 2024?

Looking ahead to 2024, our big plan at Quona is to deepen our engagement in emerging markets, fostering innovation and collaboration within the fintech ecosystem. We aim to catalyse transformative solutions that address current challenges and anticipate and meet users’ evolving needs in these dynamic markets. It is an exciting journey, and we are enthusiastic about the positive impact we can make in the coming years.

We are also seeing impressive quality of pipelines come in from markets such as the Philippines, Thailand, and Vietnam, along with Indonesia. We remain bullish on the evolution of these markets and track the opportunity set closely.

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Image Credit: Quona

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In a dynamic landscape marked by innovation, six tech startups in Southeast Asia have recently secured substantial venture capital investments, reshaping industries across the region.

Gravel, founded in 2019, facilitates construction and renovation through its technology-driven platform, securing US$14 million. Igloo, leveraging big data for insurance solutions, raised US$36 million, while Qarbotech, a Malaysian agritech startup, secured US$700,000 for its groundbreaking photosynthesis enhancement technology.

Klook, a leading online travel platform, raised a significant US$210 million, affirming its commitment to immersive travel experiences. Bitsmedia, connecting faith and technology through apps like Muslim Pro, garnered US$20 million, and Doctor Anywhere, a telemedicine pioneer, secured US$40.8 million to enhance healthcare accessibility and personalisation.

Gravel

Funding: US$14 million
Investors: New Enterprise Associates (NEA), Weili Dai (Co-Founder of Marvell Technology Group), Lip-Bu Tan (Executive Chairman of Cadence Design System and Chairman of Walden International), SMDV, and East Ventures.
Brief profile: Founded in 2019, Gravel is an app that assists in building, renovating, and repairing spaces by connecting customers to workers, tools, materials, and experts using technology.

Igloo

Funding: US$36 million
Investors: Eurazeo, Openspace Ventures, and La Maison
Brief profile: Incorporated in 2016 by Wei Zhu (ex-CTO of Grab), Igloo leverages big data, real-time risk assessment, and automated claims management to create B2B2C insurance solutions for platforms and insurance companies. It primarily targets the gig economy by providing “comprehensive and competitively-priced” insurance for delivery riders through its Foodpanda partnerships in Thailand, Singapore, and the Philippines, as well as Lozi and Ahamove in Vietnam.

Qarbotech

Funding: US$700,000
Investors: 500 Global and Temasek Foundation
Brief profile: Malaysia-based sustainability and agritech startup Qarbotech has developed QarboGrow, a photosynthesis enhancement technology. The patented nanotechnology is an on-plant or in-soil solution that boosts agricultural productivity, increasing crop yields by up to 60 per cent. Its unique formulation contains biocompatible organic compounds with properties similar to chlorophyll, thus expanding the photosynthesis rate of leafy plants.

Klook

Funding: US$210M
Investors: Bessemer Venture Partners led the round, with participation from BPEA EQT, Atinum Investment, Golden Vision Capital, Krungsri Finnovate, Kasikornbank Financial Conglomerate, SMIC SG Holdings, Citi, JP Morgan, and HSBC.
Brief profile: Klook, an online platform for experiences and travel services in Asia,
Launched in 2014, Klook curates “quality” experiences ranging from attractions and tours to local transport and experiential stays in over 2,300 destinations globally. Over 80 per cent of bookings are made through mobile. The firm claims the influx of new customers acquired in 2023 more than doubled that of 2019, while repeat customers contributed to over half of the total bookings.

Bitsmedia

Funding: US$20M
Investors: Gobi Partners, CMIA Capital Partners, and Bintang Capital Partners.
Brief profile: Founded in 2009, Bitsmedia is a leading tech company at the forefront of connecting faith and technology for the global Muslim community. Its flagship product, the Muslim Pro app, has clocked over 150 million downloads across 190 markets. In July 2022, the firm launched Qalbox, a global content streaming service celebrating Muslim identities and cultures. Bitsmedia has an office in Kuala Lumpur, Malaysia.

Doctor Anywhere

Funding: US$40.8M
Investors: Square Peg and Novo Holdings
Brief profile: Founded as a telemedicine platform in 2017, Doctor Anywhere is a tech-led healthcare company providing comprehensive care encompassing primary care, specialist care, telehealth, preventive health, and wellness solutions. It focuses on enhancing healthcare accessibility, improving health outcomes, and delivering a personalised, borderless, and inclusive healthcare experience.

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Bitsmedia, the Singaporean company behind the Muslim lifestyle app Muslim Pro, has secured US$20 million in its Series A funding round from Gobi Partners, CMIA Capital Partners, and Bintang Capital Partners.

The funds will be used to advance the firm’s Artificial Intelligence (AI) capabilities, enrich content offerings on Bitsmedia’s streaming platform Qalbox, develop educational features, and improve the Quran experience within Muslim Pro.

Also Read: In SEA, Millennial Muslims in Indonesia are more confident about using AI for travel: HHWT

The firm is expanding its reach into the US, the UK, Indonesia, Malaysia, and new territories within the Gulf Cooperation Council (GCC) countries.

“The latest funds infusion puts us on the right track to achieving our vision of becoming the ‘Digital Home for All Things Muslim’,” said Nafees Khundker, Managing Director of Bitsmedia.

Founded in 2009, Bitsmedia is a leading tech company at the forefront of connecting faith and technology for the global Muslim community. Its flagship product, the Muslim Pro app, has clocked over 150 million downloads across 190 markets.

In July 2022, the firm launched Qalbox, a global content streaming service celebrating Muslim identities and cultures. Bitsmedia has an office in Kuala Lumpur, Malaysia.

Also Read: Driving change: Female Muslim entrepreneur accelerates success in Indonesia’s logistics-tech arena with TransTRACK.ID

Fara Abdullah, CEO of Bitsmedia, added, “Our vision for Muslim Pro is to
evolve into a comprehensive platform that meets the diverse needs of the Muslim community. This marks the beginning of our commitment to enhance the Muslim experience and drive deeper connections in their lives.”

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e27 has been dedicated to nurturing a supportive ecosystem for entrepreneurs since its inception. Our Contributor Programme offers a platform for sharing unique insights.

As part of our newly introduced ‘Contributor Spotlight’, we shine a weekly spotlight on an outstanding contributor and dive into the vastness of their knowledge and expertise.

This episode features Antoine Martin, a business coach and entrepreneur who co-founded Impactified, an online coaching and self-coaching platform. Martin is known for assisting entrepreneurs in developing improved business models, focusing on creating a meaningful impact.

As a valued contributor, Martin has accumulated over 4,800 content views through seven articles he wrote. The focal themes of his contributions revolve around business strategy, development, and the pursuit of success.

Martin shares his personal and professional journey in this episode of Contributor Spotlight.

The driving force

As a business coach, Martin has helped many entrepreneurs achieve the thriving life they desire. He manages The Accelerated MBA, a blog established at Impactified to offer tips and insights to clients and internet-based scale-up entrepreneurs.

He looked for chances to contribute to a broader audience in the Asian entrepreneurial scene through collaborations with various media outlets, ultimately becoming a part of the e27 Contributor Programme.

“Destiny helping, I was contacted by the e27 team and was invited to publish some thoughts on entrepreneurship, which I did. I have been publishing a few thoughts on e27 since then and really enjoyed the experience, particularly because e27 gave me an editor to work with and get feedback from, which is the best way to go as it challenges your style and communication skills,” he said candidly.

Also Read: Business plans vs business planning: Harnessing the power of both

Thoughts, goals, and journey

In 2019, Martin started coaching entrepreneurs and decision-makers. Initially inspired and trained by business coach Philippe Bonnet, this collaboration transformed into a growing team of scale-up advisors across Asia and Europe, working on impactful projects. Despite his inherent ambition, this career change prompted Martin to set lasting personal goals that continue to motivate him.

Martin is dedicated to developing Impactified as a cross-continent network of scale-up facilitators in his professional endeavours, providing steadfast support to entrepreneurs.

“My (and my team’s) area of expertise is business scale-up facilitation. In plain English, it means that we do our best to challenge entrepreneurs and business owners who seek support in scaling their organisations in a smart and value-building way. They have undeniable expertise in tech, textiles, or F&B, but that doesn’t mean their ideas are clear as far as piloting a business is concerned. And that is where we intervene,” he expressed.

As an entrepreneur, he ventures into projects, including a podcast studio for entrepreneurs and an online ScaleUp Academy, offering affordable opportunities for small business owners. Adding to his repertoire, Martin imparts his knowledge by teaching business modelling, innovation, and business communication to university students.

In navigating the challenges of growing a business, Martin emphasises the importance of big-picture thinking, encompassing aspects like positioning, marketing, sales strategy, HR strategy, team engagement, and acceleration strategy. Success, he believes, lies in working “on” the business with a macro and strategic vision rather than getting entangled “into” it at a micro level.

“It makes sense when you read it, but historically, we have seen many startup entrepreneurs ignore the point that they were successfully raising money and doing very well already. However, the two points are distinct, and raising money doesn’t help you think strategically or think your problems through.

The mentality is very different in the US because business coaches and other business advisors are often second entrepreneurs. However, in Asia, that is not the case yet. The good news is that as we push this message, we notice that entrepreneurs begin to think differently and look for more external advice than they used to. It’s an exciting and promising trend, I hope!”

Also Read: Exit thinking: One key mindset change to gear up and scale

Advice for budding thought leaders

Martin notes that the key is to have a message that truly matters and is worth people’s time. Whether it’s sharing recent news, industry insights, or motivation, writing like business is finding a niche that speaks to an audience and then sticking to it.

According to him, the real challenge is staying consistent.

“I find that the best way to publish regularly is to turn it into a routine. I work on building that routine myself, but you have to be honest with yourself: that’s by far the most difficult part,” he expressed.

Juggling too many things?

Expressing his commitment to regular contributions, Martin stated, “Contributing or publishing regularly is important to me, so I used to have a writing routine with time blocks dedicated to it in my calendar just to be sure content production would happen. Some people manage to make that an absolute priority, but some other important things also appear occasionally, so in my case, the contribution routing works in cycles.”

In Martin’s perspective, balancing work and personal life involves allocating time for specific tasks. While this may not always be feasible, he emphasizes the importance of understanding the reasons behind prioritising one over the other at a given moment. Martin asserts that as long as the responsibilities don’t become overwhelming, finding comfort in what one does is the primary concern.

“Personally, I strive to strike a happy balance between my entrepreneurial lifestyle and my family life. Being an entrepreneur demands a lot of energy and focus, but becoming a dad is one of those things that shift your priorities. So, finding a happy medium is essential,” he added.

Staying in the loop

“I occasionally check a few sources for information, but it’s not a priority, as excessive browsing leads to procrastination. I catch up on the news through my tailored phone’s feed during short breaks or while in transit, which usually provides sufficient information. I’m surrounded by individuals more attuned to current events, ensuring that any missed news eventually reaches me through them,” Martin shares.

Also Read: 3 key strategies to master the art of value proposition pitching

He adds, “I read many business-related books and pick ideas here and then, but when I have a moment, I also enjoy finding inspiration in the Tim Ferriss podcast. His way of looking at a broad scope of things inspires me and often gives me lightbulb moments.”

Over time, Martin has learned that in entrepreneurship, staying informed is most effectively achieved by cultivating curiosity and exploring various topics.

“Being curious and looking at what others do is one of the best ways to stay on top of what you do, together with letting others challenge you. I try to live with both principles, and I’m very excited to have the opportunity to share my own thoughts on e27,” Martin concluded.

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Are you ready to be a part of a vibrant community of entrepreneurs and industry experts? Do you have insights, experiences, and knowledge to share?

Join the e27 Contributor Programme and become a valuable voice in our ecosystem. 

The post Spotlighting Antoine Martin: Cultivating curiosity and driving impact in entrepreneurship appeared first on e27.

Southeast Asian digital general insurance platform Oona Insurance has agreed to acquire the remaining 40 per cent stake in Insular Life (InLife)’s non-life joint venture Oona Philippines, making it a wholly owned subsidiary.

The acquisition enables Oona Insurance to increase its investments and continue innovating its products and platforms to fulfil its aim of becoming the digital insurer of choice in the Philippines and Southeast Asia. Both will continue cooperating to cross-sell insurance products in the Philippines.

Also Read: AI’s transformative role: Making insurance accessible and affordable globally

InLife, on the other hand, will focus on its core life insurance and healthcare business.

“As InLife moves forward to achieve accelerated growth and continue in its journey to provide customer service excellence through digital transformation and innovation, we will continue to support Oona’s plan to strengthen its presence in the Philippines,” said InLife Executive Chairperson Nina D. Aguas.

Set up in 2021, Oona Insurance has established a presence in Indonesia and the Philippines and is fully backed by a US$350 million equity commitment from Warburg Pincus. In early September, Oona launched its “Smart Flight Delay” insurance product in the Philippines to address airline cancellations and flight time delays. Subsequently, it launched Kahoona, an intermediary distribution platform equipped with an “intuitive performance dashboard”.

Also Read: Is fintech in SEA changing its focus for further development?

InLife is a Filipino life insurance company in the country with over 113 years of service. It has a nationwide presence through its 56 branches across the Philippines.

The post Oona Insurance to fully acquire InLife’s non-life JV in the Philippines appeared first on e27.

You may recognise the name as the world’s largest marketer of kiwifruit. Selling in over 50 countries, Zespri is a co-op that is owned by kiwifruit growers in New Zealand with a global team of 850 based throughout Asia, Europe, and the Americas.

In November, Zespri announced the launch of ZAG, the Zespri Innovation Fund, a US$2 million annual fund dedicated to accelerating sustainable innovation to positively impact the organisation’s environment, end-users, partners, growers and their communities.

“We are looking for startups, entrepreneurs, social impact enterprises, universities, research groups and NGOs in sustainable agriculture, technology, automation, compostable packaging, supply chain, logistics, and education — essentially, innovative problem solvers who can help address some of the key challenges the industry faces as it meets growing demand for Zespri kiwifruit,” explains Bryan Parkes, Head of Innovation Acceleration at Zespri, in an email interview with e27.

“ZAG is a call out to the innovators and the changemakers to pilot their promising technologies within our industry. As the world’s largest kiwifruit marketer, Zespri can scale these innovations and solutions in the more than 50 markets we operate in globally.”

The funding amount will depend on the needs of each project; ZAG does not have a minimum or maximum disbursement limit. “Our ambition is not limited by the number of projects nor size. This is a US$2 million annual fund, which will allow us to continually work with like-minded partners that have ground-breaking ideas,” Parkes says.

Also Read: Earth VC joins Israeli agritech startup Treetoscope’s US$7M seed round

In this interview, Parkes explains about the company’s investment strategy and their major plans for 2024. The following is an edited excerpt of the conversation:

What leads Zespri to start investing in tech startups? What is your investment strategy?

Since its inception more than two decades ago, Zespri has managed innovation on behalf of the industry to address the challenges confronting the New Zealand kiwifruit industry. Zespri’s focus extends beyond the individual components of the kiwifruit industry to encompass the entire ecosystem and the broader agricultural sector. Recognising that our ambitions are higher than our resources, we invite others — such as startups — to partner with us to help solve challenges impacting the industry as it meets a growing demand for Zespri Kiwifruit.

We recognise the importance of the region as an innovative hub and believe that through ZAG, we can tap into the talent and solutions incubated in this region and apply them to our kiwifruit industry.

ZAG is Zespri’s initiative to fuel innovation relating to kiwifruit. It is not a venture or investment-based vehicle. Zespri does not believe that equity is the only path to scaling solutions.

Our model for ZAG is to partner with innovators and to collaboratively pilot their concepts to accelerate and scale solutions through technology. Zespri has opted out of the equity route multiple times and has been proven to work in piloting and scaling solutions for our industry.

Also Read: Altara, Gentree Fund co-lead Kita Agritech’s US$3M seed round

What is the most notable trend in agritech today? How do you plan to tap into this opportunity?

Agritech is booming, especially with the urgent need to meet the growing demand for food. New technologies have been introduced to help producers thrive, and there will be more developments in agritech as we head into 2024. Artificial Intelligence (AI) models, cloud computing, earth observation, and remote sensing are some of the trends in agritech investments that have grown in popularity in 2023.

We have realised that there are solutions outside of the industry that could be applied to kiwifruit. Therefore, with ZAG, we plan to tap into these emerging technologies to tackle some of the industry’s biggest sustainability challenges such as automation, big-data value extraction, soil regeneration, supply chain optimisation, and packaging, just to name a few.

One of ZAG’s key focus areas is increasing production and supply chain efficiency as we enhance the environment with our production practices. By optimising supply chain management and logistics, and leveraging new technologies such as blockchain, AI, and more, ZAG aims to foster a kiwifruit industry with a positive impact on the environment while providing healthy fruit to our consumers around the world.

Another crucial aspect is the development of packaging solutions with reduced carbon emissions. ZAG seeks to drive innovation in packaging materials, working towards our goal of 100 per cent recyclable, reusable, or compostable packaging by 2025. This aligns with our broader sustainability objectives, addressing concerns related to packaging waste and environmental impact.

In essence, ZAG is a strategic investment aimed at fostering innovations that directly contribute to reducing Zespri’s environmental footprint.

Also Read: How TaniGroup faces challenges, opportunities in Indonesian agritech industry

What are agritech companies’ biggest challenges today, especially in building a profitable business?

One of the biggest challenges agritech startups and companies face today is a global decline in funding. Due to the vulnerability of the agriculture systems to climate change, investors are becoming more hesitant to inject capital. There is now a more specific focus on specific agritech sectors, especially regarding solutions for farmers and mitigating climate change.

Speaking to investors, like VCs, many of them are excited about the potential of engaging with ZAG. Zespri’s end-to-end value chain creates a unique ecosystem where investors can directly engage with growers and solution providers such as startups. This way, they would be able to engage with an entire industry rather than just a part of an industry. Investors would also understand the downstream application of the technologies they’ve invested in, which will strengthen the confidence of startups.

ZAG’s model, as a non-equity-seeking partnership, will be able to help solution providers to scale their solutions across Zespri’s value chain while simultaneously receiving financial support, without the usual restrictions of a venture capital fund.

As we move forward, it will be fascinating to witness how these trends evolve and how the agritech landscape adapts to the changing investment climate.

What is your major plan for 2024?

Zespri will continue to invest in our communities and countries where we operate. Asia is an important region for Zespri and our customers and supply chain partners. In 2024 we are focused on developing close relationships with the parties that engage with ZAG, understanding their capabilities and what we can do together to create mutual benefits.

We recognise the region’s importance as an innovative hub and believe that through ZAG, we can tap into the talent and solutions being incubated here to apply them to our kiwifruit industry.

Also Read: Schneider Electric unit joins US$2.7M financing round of SG agritech startup Agros

The main ambition for ZAG in this first year is to have at least one project scaled up and proven to have delivered benefits for our focus areas: kiwifruit, people, planet, and our communities. This aligns with Zespri’s purpose to help people, communities, and the environment, thrive through the goodness of kiwifruit.

At Zespri, the Māori belief of Kaitiakitanga is part of our DNA. Kaitiakitanga is a Māori term used for the concept of guardianship, for the sky, the sea, and the land. Our ESG efforts, especially with the innovations that ZAG will support, are looking to overcome bigger problems for the environment and its people.

The idea that we can use the fund to reach out and engage with a broader set of people with amazing skills who want to work with us is one of the philosophies of the fund. We have done some amazing things in the past through our innovation investments with start-ups, but ZAG is an opportunity to take us a big step forward.

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Image Credit: Zespri

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