Even back in 2017, as the world is going through a Bitcoin revolution, China’s ban on ICOs and cryptocurrency exchanges sent shockwaves across the world last week. An official order from the Chinese government sent out to Beijing-based exchanges asked to cease trading of Bitcoin and immediately notify users of their closure. The crackdown was aimed at limiting risks, as consumers pile into a highly-speculative market that has grown rapidly this year. 

The crackdown in China, in fact, indicates the growing acceptability of Bitcoin in the country. China is in the forefront of this revolution, as the biggest Bitcoin miners are all located in this Asian giant. While other fast-growing markets are also realising its potential, the ambiguities surrounding this new-age technology still persist.

What is Blockchain and what does the future hold for Bitcoin?

e27 sat with two experts Pankaj Jain and Nitin Sharma, both of whom have earlier worked in the venture capital industry for years before delving into Bitcoin, to cast light on the pros and cons of this technology and its future.

Edited excerpts:   

What is the context in which you are collaborating, and what drew you to the Blockchain and crypto space?

Both of us separately have been venture investors across various stages and funds (500 Startups, Lightbox, and NEA) in multiple geographies for many years. We’ve been watching blockchain for a few years and also dabbled in Bitcoin as far back as 2013.

Over the course of this year, we dove into various ideas to understand what could fundamentally change the way companies worldwide are built, operated and funded in the future. We have met dozens of participants and stakeholders across the US, Europe, India and Southeast Asia and learned that innovation is being decentralized and distributed in a way not seen since the early 90’s.

                                                                                     Source: Coinbase blog

The Internet was built on TCP/IP, SMTP, FTP, HTTP and other protocols which have changed everyone’s life and created trillions of dollars in value. It can be argued that Blockchain and its applications offer the vision of a whole new kind of Internet 2.0.

Also Read: How to find a good investment with new crypto tokens

It has been fun for us to dive deep into the space and (a) identify promising investment opportunities, and (b) think of ways we can help startups (especially in the US, India or Southeast Asia) with our experience and networks.

What is a good way to understand Blockchain and why is it important?

The main idea is that of “decentralization” whereby applications or transactions can run without the necessity for a centralized platform or authority. Examples would be Bitcoin as a currency exchanged without involving a bank, or land records maintained across a network without one central repository, or a new distributed peer-to-peer data storage mechanism not relying on a specific company and its datacenters. Blockchain technologies make this possible.

The way this is accomplished is via the notion of a distributed ledger. This means that the record of all transactions in a particular system is replicated on hundreds or thousands of different nodes (computers) vs. being with one central party. This ledger is not only distributed, but also public and immutable.

Additions to the ledger happen via consensus mechanisms that leverage computational resources of the network, and guarantee that a majority of nodes validate the accuracy and security.

Now, what makes all this possible is the state of connectivity and data infrastructure today, and robust applications of cryptography. There’s a significant amount of cryptographic complexity behind the scenes, but the key is to appreciate that such systems can ensure a high level of trust, transparency and speed without the transaction costs or delays that are normally associated with a central authority.

Obviously, all this is worth paying attention to because it challenges many of our notions: Will companies of the future be essentially run on distributed code and smart digital contracts? Is there a different way companies should be funded? Will all this give more power and value to end users? Will social networks be different?

People often talk about Bitcoin and Ethereum. Which is a better investment?

We don’t want to offer any speculative advice around short-term prices, trading or arbitrage opportunities. What is more important to understand for an average investor who is just beginning to follow this space is that Bitcoin and Ethereum are fundamentally two different things that can’t be compared apples-to-apples.

Also Read: Tetrium helps businesses create digital tokens faster than they can say ‘blockchain’

Bitcoin is arguably the first popular application of Blockchain and plays the role of a cryptocurrency that can be a store of value and/or a medium of exchange.

Ethereum, on the other hand, should be thought of as a platform that makes it easy to develop and deploy various decentralized blockchain applications. Consensus algorithms are much faster, and the programming underlying Ethereum makes it easier for developers to write applications that use “smart contracts” which are executed automatically and digitally.

For example, imagine a supply chain network whereby all steps and transactions can be defined and programmed in smart contracts (actions have to be taken or payments to be transferred once you confirm goods have been delivered..). Hundreds of applications built on Ethereum have also issued “tokens”, which is akin to virtual currencies that work inside a particular ecosystem.

Ether is the fuel or gas required for applications developers to pay for fees and services on the Ethereum blockchain. Because of the benefits of building on the Ethereum blockchain and the popularity of tokens, Ether has also become a hot tradable cryptocurrency as well, rising 30x in 2017 itself.

My understanding is that while there’s a lot of hype around Bitcoin, very few parties are actually using it as a form of payment. So is the price rise just due to speculation?

Indeed, a lot of the price rise is due to speculation and the intriguing long-term potential of Bitcoin. An additional driver of the price rise is the growth of ICOs and tokens, where Ether or Bitcoin is usually required to buy the tokens issued by new projects.

That being said, there is some momentum towards the use of Bitcoin outside the world of crypto, and even in the developing world.

Unocoin, one of the leading crypto exchanges in India, has mentioned recently that 2,500 merchants even in the country are now enabled to accept BTC as a form of payment.

It is worth noting, however, that there’s not much of an incentive for holders of BTC to use it for small payments, let’s say for a cup of coffee. One, because the transaction fees are still relatively high, and secondly, because most people currently want to hold BTC (like gold) with anticipation of manifold price increase in the future.

Also Read: Bitcoin in Singapore: New Bitcoin kiosk launched, CoinHako’s Singapore bank account shuts down

We do think that widespread use in transactions is still a few years away, and may happen via different coins (e.g. LiteCoin) with different computational requirements that lower the transaction fees. In any case, if an average investor believes in the fundamental changes that Blockchain could enable in the long-term, it’s worth paying attention to cryptocurrencies from a portfolio diversification perspective.

Aren’t you worried about regulatory risk with respect to cryptocurrencies?

This is also a complex topic where it’s too early to draw conclusions. What we have noted, however, is that there is surprisingly a lot of positive momentum for Blockchain from the public and private sectors in various countries.

Many governments (Japan, Australia, Germany, other EU countries, etc.) have created regulatory frameworks allowing use of BTC as legal tender. Deloitte has reported that 90-plus central banks are engaged in Blockchain discussions and 80 per cent of the banks will initiate distributed ledger technology (DLT) projects by the end of 2017. Even the IMF has said encouraging things about the potential of blockchain and cryptocurrencies.

Separately, Blockchain applications are popping up in various places ranging from land registries in Sweden or Honduras, to cleaning up the polluted Niger delta to smart contracts for gold ownership in the 1,000-year-old British Royal Mint vault. We believe these experiments and applications will see exponential growth.

What are some applications of Blockchain that are relevant to India or Southeast Asia? Isn’t it too early in terms of adoption?

The World Economic Forum said last year that it expects Blockchain to become the beating heart of the financial system, and identified nine use cases ranging from international payments, wire transfers, compliance reporting by banks, insurance claims processing, faster letters of credit, loan syndication, repackaging of mortgages, etc. If you think about it, almost all of these are ripe for disruption in India or Southeast Asia because there are no or few strong incumbent standards to begin with.

  

                                                                        Source: Deloitte, ASSOCHAM

Outside of financial services, many other systems can be thought of being more efficient in a decentralized world. Many supply chains (retail, manufacturing, healthcare, oil and gas, etc.) can increase transparency and reduce legal and other operating costs on the back of automated smart contracts.

Similarly, everything around identity management or authentication, or government recordkeeping, or the complex web of procedures around import and export, can potentially be transformed with distributed ledgers.

 It isn’t too early. In India, for example, states like Andhra Pradesh/Telangana have already initiated recording of land registries on Blockchain. Twenty-four banks have come together to create a community called Bankchain to implement Blockchain in areas like KYC (Know Your Customer), loan syndication and international payments. Corporations like Mahindras, ICICI, Yes Bank, Axis, Bajaj and the NSE have all initiated blockchain projects towards proofs of concept.

Similarly, in Southeast Asia, we see OCBC and other central banks are experimenting with applications around remittances and cross-border payments. Singapore in particular is expected to be a hub for a lot of crypto activity and company creation, given the perceived ease of doing business.

There are also interesting emerging companies like Otonomos or Omise, the latter being the first company from the region to do what’s called an initial coin offering (ICO), essentially the issuance of tokens that will be used in their payments ecosystem.

What kind of promising startups are you coming across? What are the main gaps they have?

On the currency side, new exchanges (to buy and sell cryptocurrencies) are still coming up even though there are some funded players already. Liquidity on the exchanges in Asia is a challenge, but given the meteoric rise in BTC and ETH, there’s an optimism that hundreds of thousands of new retail investors might want to gain exposure.

Other startups are trying to position themselves are asset managers or crypto hedge funds to deploy trading strategies on behalf of clients; it’s still very early and regulation is undefined.

On the blockchain or smart contracts side of things, most of the activity so far is in startups that are partnering with banks to help them implement distributed ledger technology for processes around KYC, identity verification and digital signatures. Outside of financial services, we’d like to think that logistics and supply chain management offer some of the more intriguing possibilities.

There are definitely a number of challenges or gaps, most important of which is simply the insufficient understanding of blockchain among the business customers or the general population. It is hard for most people to imagine how things would work without centralized platforms or authorities.

This isn’t a new programming language or a new business model, but a different framework for building software, systems and platforms. Some appreciation of the computer science behind it is necessary but a bit esoteric for most people.

Until simpler and friendlier interfaces are developed, widespread adoption and scalability will remain a challenge. There is a craze around ICOs and issuing tokens which may not be relevant or necessary. In our opinion, this is not sustainable in the long-term.

Obviously, there is a corresponding limitation on the talent side, for example, developers who can write smart contracts in Solidity (a programming language for Ethereum). A large part of the developer community is concentrated in Eastern Europe and the US, but the numbers in India and SEA are going to grow.

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Part II of this interview discussed altcoins, tokens and ICO, and how all this is changing the funding landscape. You can read it here.

Jain is a veteran investor who has seen both the hedge fund and venture worlds. He started his career at Long Term Capital Management (LTCM) and until recently, built and headed 500 Startups India where he invested in over 60 startups across the US, India, Bangladesh, Jordan and Europe.

Sharma is an ex-founding member and Principal at Lightbox (a US$200 million VC fund focused on India), and was also previously a VC in the US at NEA besides being an early employee and head of business development at EverFi, one of the largest edtech platforms in the US.

Image Credit: backyardproduction / 123RF Stock Photo

This article was first published September 18, 2017.

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My partner and I are currently interviewing with schools for our kid’s admission, and in one of these interactions today, a panel of educators on the other end couldn’t stop praising the work I was doing at FlexiBees. On any given day, we speak with folks like ourselves or with folks paid to interact with the likes of us, so appreciation isn’t so forthcoming. 

Of course, there are the occasional testimonials that come from our clients and, more heart-warmingly, our talent, and we do take pause and savour those. Or at least try to (take a pause, that is). 

But today, when a group of completely unalike people went into raptures at what I did for a living, and with my partner having just spoken about his shining career in financial services that they consumed with nary a reaction, I felt proud.

And so for my future self, and perhaps for others like me, I decided to create and keep at hand a buzzfeed style list for the purpose of shooting yourself in the arm with a dose of confidence when you most need it. Read on, you intrepid adventurers!

They manifest something out of thin air

I always find this the most fascinating aspect of entrepreneurship. That what exists now only does so because you made it. Every day as part of multiple entrepreneur groups, I see scores of brands and offerings lovingly created, from product to packaging to experience, none of which existed till you arrived on the scene.

In most established companies, one mostly does only incremental building, and even innovation is inherited for the large part. But Founders start from the ground up, armed with knowledge and, at times, not even that but only the passion for making something better. 

Also Read: Singapore, Berlin and Dubai: Unveiling the unique fabric of global startup ecosystems

 Which brings me to my next point.

They create jobs

In the quest to make things better and make better things, Founders end up creating ecosystems with employees, consultants, agencies, freelancers, and gig workers who help them conceptualise and execute their vision. We don’t often think about the deeper repercussions of hiring new people for our teams, but it is immense. Founders provide people with livelihoods and the ability to lead a better life along with the opportunity to lead a more productive and fulfilled life. 

Even if it is for a small set of people, for them, it’s the world.

They do all this and more without salaries

Now this is crazy, right? Most Founders don’t have salaries when they start out. And this could continue for some time. Most Founders are also driven by the long-term, which could be financial, purpose-driven or innovative for its own sake. Or a combination of all of these. Money is a motivator, and rightly so, but not in the same way that we have been taught all our lives.

They eat rejection for breakfast

All Founders get rejected, even the famous ones. One may enter the world of entrepreneurship thinking they are going to change the world, but first, the world is going to change them. They are going to have to develop a tougher hide and the hardy ability to spring back. And if they are paying attention, they use this rejection to make their product better. But damn, does it hurt. 

So full marks to every Founder who goes to bed hearing “no”s in assorted timbers and inflections, and nevertheless wakes up the next day raring to go. The world didn’t break you, and it made you stronger. 

They carry the responsibility of…everything!

With us, the buck has found its resting place. Whether it be building product or company culture, dealing with competitive pressure or talent churn, who’s going to do it but the Founders?

The revelation here is not that the founders will lead these important things for the company; I mean, that’s obvious. But what many people don’t get is that all these things and more have to be done in the first place.

A company is like a human. Each organ, each cell performs a function. Being a Founder is like constructing the human body organ by organ, with nothing but your bare hands and ingenuity. 

Also Read: Should you take Grab or Gojek? Founders reveal how they scale their business

We then have every right to feel pride when this company of ours totters on its own two feet and walks a few steps. Even if it hasn’t yet learned to run, we know how far it has come and how far it will go.

They, quite simply, defy gravity

Yes, starting up looks very different from gambling. It’s certainly not pure luck — skills, timing, funding, and partners all play significant roles.

But that doesn’t mean that the odds of building a successful company are not low. Building a successful company from scratch is that beautiful miracle where multiple things have to go right, where the Founders need to have guts of steel, and where luck, nevertheless, does play a role. Numerous studies have shown that more than 90 per cent of startups fail. 

But we Founders are unique, aren’t we? We tend to be a little delusional, just the slightest bit illogical. And that’s invaluable. Those who look the longest never leap. Founders look and leap, hoping against all hope that they shall win this battle against gravity. And you know what, sometimes they do.

They get others to believe in their vision

Not only do they themselves defy gravity, they create their own gravity fields. They make others believe in their vision; they are beacons for change and a better world, pulling people towards them. They are electric and extraordinary. 

Yes, you. You are electric and extraordinary. You took the leap few do and made something of it. Made something great of it, actually: a living, breathing company that wouldn’t have been there without your vision, hard work, persistence and talent. 

So once in a while, let yourself feel the pride.

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

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The pandemic, despite its role in forcing the world into a standstill, acted as a catalyst for change. Amidst the global timeout, remarkable progress was witnessed in the Asia-Pacific region and beyond, marked by the rapid adoption of practices and technologies, such as remote working and project management tools.

This brief era in history has fundamentally shaped how businesses operate and how employees regard their work life and made many re-evaluate the importance of having efficient and effective HR infrastructure in place.

It also brought various business benefits for both employers and employees, including making communication easier with global teams, enhanced flexibility with hybrid working, global recruitment and accessibility to new markets.

Despite recent mass layoffs by large technology companies as traditional businesses increase hiring, Southeast Asian startups are facing a shortage of technology talent, according to a recent study by Glints.

Hence, the need to compete in this post-pandemic landscape has never been more prevalent, especially when more and more technology companies initiate restructuring initiatives to reduce costs as well as to attract and retain talent.  It’s no wonder that Gartner’s latest research has identified HR technology as a top investment priority, as it will offer new ways for businesses to be competitive.

Also Read: Scaling is hard: Here are 7 things Human Resources can do to manage it

One of the key ways HR technologies can help businesses stay competitive is by making global expansion a possibility for many. According to the UOB Business Outlook Study 2023, more than 80 per cent of businesses in Asia are looking to expand internationally for revenue and profit growth in the next three years. HR technology can empower businesses to scale up across borders enabling them to reach new markets and audiences.

Secondly, it plays a pivotal role in international recruitment. In a JobsDB survey across Singapore, Hong Kong, mainland China and Japan, 95 per cent of employers said skills shortages have the potential to hamper the effective operation of their business or department.

International recruitment encourages businesses to tap into a wider talent pool and plug the skills gap with the best and brightest without location being a barrier to access. Furthermore, this method may prove to be far more cost-effective as different regions have varying expectations of salaries and benefits.

While global expansion and international recruitment are interesting prospects, they do, however, come with logistic issues. Firstly, they can be quite costly and complex, as it requires businesses to pay legal and administrative fees and understand various regional compliance law, all while having to navigate the complexities of employment contracts, payroll services, taxes, social security and benefits in each location they hire in.

So how can efficiency-minded businesses reap these benefits without an enormous amount of capital expenditure and leaving themselves vulnerable in the future?

This is where the right technology comes in, particularly an Employer of Record (EOR) platform. An EOR has the most impactful HR innovations all on one platform, such as onboarding new hires, team management, and global payroll – allowing businesses to effectively and efficiently manage international operations.

Fast and flexible expansion in Asia and overseas

EORs help businesses to expand with minimised friction, compliance risks and cost. An EOR service provider manages the legal, HR, tax, and local compliance responsibilities of a company’s employees in any region or country where they don’t have a legal entity.

It acts as the legal employer, hiring employees using its local business entities. As such, the EOR assumes the legal risks of an employer on their behalf while they maintain control over their employees and operations.

An EOR service provider’s responsibilities can include payroll, tax, visa, immigration and work permit sponsorship, local support for employment matters, and advice on required notice periods and termination rules. They can also provide data insights on employment trends in global markets, all of which takes away the lion’s share of work associated with global expansion.

That said, EORs are nothing new. The difference today is that the technology is now in place so businesses can hire employees the world over and manage them from a single platform.

Also Read: Are you a human resource?

The right technology

At Atlas, we facilitate our EOR services through a centralised Human Experience Management (HMX) platform. For overseas employees, it not only allows them to be hired correctly and get paid in their own currency, on time and in a fully compliant way, but also to access learning and development features, local employment guidance, visa and immigration support, and much more.

For employers, the platform centralises their entire people operations so they can manage onboarding, payroll, benefits admin and more without having to deal with multiple third-party providers or platforms.

Partnering with an EOR service provider greatly reduces the time, costs, and complexities associated with setting up a formal entity in a new country, which helps to simplify the process significantly and reduces cost, making it easier to scale up or down as demand requires.

More importantly, an EOR allows businesses to expand in multiple key markets easily without having to make a full investment in the region.

A solution for today and tomorrow

Lessons from past downturns have taught us that the route to success comes not from brutal cuts but from growth via efficiency. While deep uncertainty remains, Asia as a region has exhibited resilience in the face of this extraordinary shock, providing a multitude of opportunities for companies aspiring to transform, expand, and scale.

The right EOR platform can help businesses master that balance by allowing them to continue to expand in a sustainable and flexible way, putting them in a great position to future-proof their operations and prosper when the dust settles.

—

Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

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

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Paessler, an organisation that specialises in monitoring IT infrastructures and networks, revealed in a recent report that there is a clear disconnect between sustainability and digital transformation initiatives across organisations in Singapore.

While Singapore-based organisations stated sustainability as a topmost business priority at 58 per cent, followed by digital transformation at 55 per cent, only 50 per cent of organisations have a clear sustainability strategy and are acting on it.

With the aim to shed light on the current state of sustainability practices among businesses and deep dives into drivers and barriers in deploying sustainable IT practices, the report revealed the top barriers to adopting sustainability practices in Singapore include:

– Balancing the ESG metrics with growth targets (65 per cent)
– Cost of deployment to business (43 per cent)
– Lack of clarity from government bodies (48 per cent)
– Lack of measuring ROI (53 per cent)

What causes this disconnect between the sustainability agenda and digital transformation? In an email interview with e27, Felix Berndt, Regional Sales Manager of Asia Pacific at Paessler, explains that the major issue lies in the fact that businesses view sustainability and digital transformation in silos and not as intertwined.

“Organisations are working on developing sustainability frameworks and digital transformation strategies in a piecemeal manner. As a result, their resources, whether budgets, time or skills involved, are less effective. They also lack the capabilities and the expertise to develop a sustainability framework and work on it, clearly highlighting a disconnect between the engaged sustainability practices and their digital transformation journeys,” he says.

Also Read: What startups need to know about Claims Code, the new rulebook for making credible climate claims

Berndt further highlights that despite sustainability being one of the top three business priorities for the next three years, it does not even feature as one of the top five challenges for businesses across markets and sectors. He points out that the top reasons businesses adopt a sustainability framework are reputation (45 per cent), adherence to industry standards (36 per cent), and regulatory compliance (24 per cent).

“Similarly, when it comes to digital transformation, organisations are looking to improve efficiency, save costs, and enhance customer experience, amongst others. Hence, at first glance, businesses may find it difficult to understand the direct relationship between the two.”

One might wonder if the pandemic and back-to-back global crises may have a role in this. According to Berndt, while they did accelerate “key shifts in the world economy”, we also have to note that digital transformation is not just the result of the pandemic. It is a general recognition that IT will sustain its fundamental role in driving and enabling significant economic value across every organisation.

“As sustainability takes centre stage, digital transformation can make an essential contribution to sustainable development policies and help showcase the positive impact an organisation can have on the environment in which it functions. Hence there is a clear need for businesses to have a complete coherence between their digital transformation endeavours and their sustainability goals,” he explains.

“After all, the former will support organisations in making sustainable investment decisions as well as developing environmental, social, and governance (ESG) data sets in a disciplined manner.”

Bridging sustainability agenda and digital transformation

The good news is that there are steps that businesses can take to bridge between sustainability and digital transformation, and according to Berndt, it begins with an understanding that sustainability and digital transformation can “inherently be mutually beneficial.”

Also Read: The Radical Fund hits first close of US$40M climate tech fund, targets early stage SEA startups

“On the one hand, the implementation of digital technology further promotes sustainable behaviour by simultaneously improving efficiency and reducing environmental impact and by enabling new products and models that are more sustainable in the long run. On the other hand, implementing a sustainability framework gives organisations a chance to innovate and differentiate themselves, creating new opportunities for digital transformation,” he says.

He adds that one of the many ways organisations can actively bridge this gap is by complementing their IT strategy with a comprehensive IT monitoring structure. ​

Berndt also recognises that as awareness of the importance of sustainability increases amongst business players, they would also need applicable environmental insights to meet their sustainability goals.

“Unfortunately, the current methods tend to be complex, necessitating exhaustive manual labour, personnel with climate and data science skill sets and computing power to fully utilise their data. Nevertheless, digital transformation can enable organisations to stay resilient, adaptive, and profitable in this post-pandemic era,” he says.

“This is where creating a robust infrastructure via digital transformation can help meet sustainability goals. For instance, artificial intelligence (AI)-powered remote monitoring tools can help organisations predict and avert issues while also carrying out condition-based maintenance that is based on operational data and analytics, thus reducing downtime and maintenance costs.”

As for climate tech startups–those who provide solutions for other companies to improve the environmental aspect of their operations–this opens a new opportunity to contribute.

“Whether it is through energy-efficient appliances or sustainable packaging solutions, startups can play an important role in making sustainability more accessible and affordable for small and medium-sized enterprises (SMEs) and individuals,” Berndt closes.

“By highlighting the economic benefits of sustainability, startups can also help further change overall perspectives on environmentalism, whether it’s through investing in clean energy or other sustainable practices that can save money in the long run.”

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Image Credit: Paessler

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Singapore Management University’s (SMU) Institute of Innovation and Entrepreneurship (IIE) has unveiled the 55 finalists selected for the Finals Week (known as BLAZE) of the Lee Kuan Yew Global Business Plan Competition (LKYGBPC).

The 55 finalists will showcase their innovations before a panel of judges at the university campus from September 11-15, 2023. The grand finalists stand to win prizes worth S$2.5 (US$1.9) million.

LKYGBPC is one of Asia’s largest university-led bi-annual startup competitions, focussing on deep-tech innovators solving urgent global challenges of the 21st century.

Also Read: Unleashing the power: The fierce talent battle in deeptech innovations

The 11th edition of LKYGBPC received 1,000 submissions from 1,100 universities — including ETH Zurich (Switzerland), Harvard University (US), Imperial College London (UK), and MIT (US) — across 77 countries.

Of the total submissions, 26 per cent came from America, 22 per cent from Southeast Asia, 24 per cent from the rest of Asia, 22 per cent from Europe, and 6 per cent from Oceania.

LKYGBPC focuses on five key areas: Urban Solutions & Sustainability, Manufacturing, Trade & Connectivity, Human Health and Potential, Smart Nation and Digital Economy, and Media & Entertainment. Overall, the Urban Solutions & Sustainability category received the highest submissions (35 per cent), followed by Smart Nation & Digital Economy (28 per cent) and Human Health & Potential (22 per cent). The Urban Solutions & Sustainability category has the largest representation (25 out of 55) among the finalists.

Some of these innovators are leveraging cutting-edge technology to drive environmental change, from converting plastic waste into construction materials through circularity solutions to developing next-generation smart windows for energy reduction and creating resource-efficient materials using bio-based approaches.

Two members of each finalist team will travel to Singapore for BLAZE, a week-long event bringing inter-generational networking, panel discussions, site visits, and mentorship sessions that form an environment which fosters learning, collaboration, and growth. The event will also open doors to business opportunities in Singapore, where the headquarters of numerous multinational corporations are located.

Singapore-based startups can leverage VC Office Hours (VCOH), a gathering of senior VCs, to accelerate professional development and grow their ventures. More than 50 senior VCs who collectively manage more than S$2.5 billion of assets will be in attendance.

Also Read: Unlocking deeptech for sustainable development: SDTA launches revamped venture building programme

The 55 startups are:

Active Surfaces (US), BioWerkz (Switzerland), Bloom Alert (Chile), CBE Eco-Solutions (Singapore), Colipi (Germany), ElectricFish (US), Greencoat (Australia), JJ Innovative Materials (US), Ki Hydrogen (UK), LEAFYPOLYMER (China), LiQidium (US), Magorium (Singapore), NEU Battery Materials (Singapore), Node Bio (UK), Nona Technologies (US), Ozonebio (Canada), PEELSPHERE (Geramany), Plastalyst (UK), PlasticFri (Garmany), RELEAFPAPER (Ukraine), Super Nova (China), SusMaX (US), Sylvarum (Argentina), Team Algrow (UK), Tianjin Hermos Technology Co. (UK), Adravision (Singapore), Castomize (Singapore), Cauchy Analytics (Canada), EmerStat (Singapore), InGel Therapeutic (US), IsiTwin (France), Karla Bionics (Indonesia), Medea Biopharma (Geramany), MessengerBio (Australia), MirZyme Therapeutics (UK), NeuroWeav (France), Pangaea Data (UK), Pic-A-Talk (Philippines), Savyn (Singapore), Shanghai Nian Tong Intelligence Inc. (China), Vibrosurgery (China), Virtetic (Australia), YaBEZ (Thailand), Zhi Yin (China), Aliena (Singapore), Fishyu (Thailand), Huaxia Semiconductor (Hong Kong), MassPrint Technology (Singapore), VOMMA (China), Voyawave Optics (Germany), Finful (Vietnam), FLock.io (UK), PLEXUS (South Korea), Adaptop (Norway), and MitoWorld (Malaysia).

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SoLeLands, an immersive game-based learning platform to support kids’ self-discovery,  has raised undisclosed funding led by East Ventures.

SMDV also participated.

The Indonesian startup will use the money for capacity building and product development in preparation for the soft launch in Q4 2023.

SoLeLands was founded in 2022 by Jonathan Prathama (CEO) and Adhi Paisoseputra (COO), inspired by the current state of parenting. The duo realised that children in today’s generations are growing up in a technology-driven society. Thus parents should equip their children with the necessary skills and values to thrive and adapt in an ever-changing landscape.

Also Read: 7 trends changing the reality of immersive gaming

According to them, SoLeLands ensures the right exposure and simulation to groom digital-native children. The platform focuses on two main objectives: discover kids’ passions and prepare them for future challenges.

In achieving those objectives, the edu gaming startup applies the game-first approach in supporting all parents and educators in preparing their children’s required skills and values.

SoLeLands emphasises the importance of children’s development across various areas like life skills, virtues, intelligence, and competencies. Its Talent Manager Tool gives parents visibility regarding the kids’ passion and talent. These insights will empower parents to guide their children’s development while prioritising their independence and safety, building their love for learning and equipping them with lifelong curiosity.

SoLeLands takes a massively multiplayer online role-playing game (MMO RPG) genre to provide a unique and engaging learning experience through hyper-localised settings and impartial tools for discovering true passions. It presents learning in synthetic environments with familiar landmarks, with users having the option of assuming the roles of inventors, biologists, and archaeologists.

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As we turn our gaze to the future of the cryptocurrency industry, it is vital to anticipate the trends and developments that will shape the landscape in 2024. Let’s delve deeper into each of the discussed predictions:

Artificial Intelligence: Transforming everyday life

AI is expected to have a significant impact across various sectors, seamlessly integrating into our daily lives. Its influence will be profound, reshaping industries and revolutionising how we interact and conduct business.

AI has the potential to optimise processes, enhance decision-making, and unlock new possibilities in areas like healthcare, finance, and transportation. As AI technology advances, it will transform our everyday experiences and pave the way for a more efficient and interconnected world.

CBDC: A game-changer for the crypto industry

Central Bank Digital Currency (CBDC) holds immense significance in tracking, tracing, and taxing financial transactions. The introduction of CBDCs has the potential to drive widespread adoption of digital assets and revolutionise the entire crypto industry.

CBDCs offer enhanced transparency and accountability, reshaping the way we perceive and engage with cryptocurrencies. With the support and endorsement of central banks, CBDCs can bridge the gap between traditional finance and the crypto ecosystem, fostering greater trust and regulatory clarity.

Crypto travel rule: Advancing traceability and taxation

The imminent advancement of the crypto travel rule is set to elevate traceability and taxation within the crypto space. By implementing stricter regulations, authorities can closely monitor transactions, creating a more secure and transparent ecosystem for all participants.

This increased oversight will enhance the industry’s integrity, reduce the risk of illicit activities, and foster greater trust among users. As the crypto market matures, regulatory measures like the travel rule will become crucial for its sustainable growth and widespread adoption.

Layer 2: The growing influence of Bitcoin and Ethereum

Bitcoin and Ethereum, as the leading cryptocurrencies, will continue their upward trajectory in 2024. The emergence of BRC20 tokens and the development of zero-knowledge proofs (ZK) will contribute to the expansion of Layer 2 solutions.

These advancements promise to enhance scalability, security, and efficiency within blockchain networks, addressing some of the limitations that hinder mass adoption. Layer 2 solutions will enable faster and more cost-effective transactions, making cryptocurrencies more viable for everyday use and driving their integration into various industries.

Also Read: Sony & UMG join forces with Snowcrash to revive NFTs: Here’s why the digital trend is far from dead

Next level NFT: Adoption and brand recognition

NFTs have gained significant adoption thanks to the support and endorsement of major brands. While sales volumes may not have seen exponential growth, the relevance and influence of NFTs continue to expand.

NFTs provide unique digital assets with inherent value, securely traded on blockchain platforms. This revolutionises the concept of ownership and collectibles, opening up new avenues for artists, creators, and collectors. In 2024, we can expect NFTs to permeate further various industries, including gaming, virtual real estate, and intellectual property rights management.

Web4: A decentralised and autonomous web

The emergence of Web4 signifies a shift toward a more decentralised and autonomous web. Internet natives actively participate in building decentralised narratives, fostering inclusivity, and empowering individuals in digital spaces.

This transition aims to ensure a democratic and accessible online environment free from centralised control. Web4 envisions a future where individuals have more control over their data, privacy, and online experiences. It promotes collaboration, transparency, and user-centricity as foundational principles, enabling a more equitable and empowering digital landscape.

Security tokens: Advancing crypto’s potential

Security tokens play a crucial role in unlocking the full potential of the crypto market. By tokenising traditional financial assets such as stocks and bonds, security tokens have the potential to revolutionise traditional markets.

This democratisation of access to financial assets reshapes the investment landscape, allowing a broader investor base to participate in the crypto space. Security tokens provide fractional ownership, increased liquidity, and programmable functionality, enhancing the efficiency and accessibility of traditional financial instruments.

Also Read: UK implements stricter rules: Crypto airdrops and dree NFTs banned

Commodity trading with crypto: Expanding possibilities

The integration of cryptocurrencies into commodity trading markets introduces exciting new possibilities for investors. From oil to gold, crypto enables individuals to seamlessly trade popular commodities, providing greater flexibility and choice while reducing traditional barriers to entry.

By leveraging blockchain technology, commodity trading becomes more transparent, efficient, and accessible to a wider range of participants. This integration paves the way for a more inclusive and globalised commodity market, with cryptocurrencies acting as a bridge between traditional and digital assets.

Mainstream adoption: Defi and financial institutions

Decentralised finance (Defi) is gaining traction among mainstream financial companies. Banks, their clients, and family offices are increasingly allocating a significant portion of their assets to crypto. This mainstream acceptance solidifies the legitimacy and potential of Defi as an integral part of the financial ecosystem.

The integration of Defi into traditional finance offers opportunities for greater financial inclusivity, transparency, and efficiency. Collaboration between traditional financial institutions and Defi protocols will drive the development of innovative financial products and services, catering to the evolving needs of investors.

Final thoughts

In conclusion, embracing the disruptions brought about by artificial intelligence, CBDCs, decentralised governance, and other emerging trends will be essential for individuals and businesses to thrive in an ever-changing world.

By leveraging these transformative forces, we can unlock new opportunities, reshape traditional models, and shape a future that is both innovative and inclusive. The crypto industry is poised for continued growth and evolution, and those who adapt and embrace these trends will be at the forefront of this transformative journey.

The article highlights the insightful keynote speech I delivered at the Web3 Creator Summit, focusing on the crypto trends expected to shape the year 2024.

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

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The Radical Fund, an early stage venture capital firm investing in the climate tech sector, today announced that it has secured an undisclosed first close of its US$40 million fund. In a statement, the firm said that it is currently in conversations with family offices, corporates, foundations and institutional investors for its fund.

The fund is backed by regional family offices from the Philippines, Singapore, and Thailand, together with individual investors from the US and Europe.

It aims to invest in early stage startups in Southeast Asia (SEA) that are scaling solutions across climate adaptation and mitigation, which it believes will lead to a more resilient SEA.

It is targeting tech-enabled ventures in the pre-seed, seed, and Pre-Series A stages that are either based in SEA, and/or have operations and presence in the region. These startups should deliver scaled commercial returns and climate outcomes to local and regional populations.

In a press statement, The Radical Fund said that its investment “goes beyond traditional clean tech and climate tech verticals.”

Also Read: The Mills Fabrica aims to transform agrifood, textile industries through its climate tech investments

“The fund also backs scalable ventures that may not look like traditional climate businesses and have -or may potentially have- climate impact as part of their model and ethos. This includes companies across agriculture, food, circular economy, financial, and mobility or logistics and other sub-sectors.”

The fund plans to invest in more than 30 companies at ticket sizes of US$250,000-US$800,000.

The Radical Fund also delivers operational and technical hands-on support alongside equity-based capital.

The firm consists of a six-person team based in Bangkok and Singapore, with global team members in London and it is hiring team members in the Philippines, Vietnam and Indonesia.

The Radical Fund is part of the Utopia Capital Management (UCM) group of investment vehicles, which have supported over 130 early stage ventures across multiple emerging markets.

With a team of over 55 full-time experts, UCM has networks across Africa, Europe, SEA, and the US. Other vehicles include Founders Factory Africa and its related funds in Africa, which Alina Truhina and Roo Rogers have co-founded.

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Image Credit: The Radical Fund

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The cloud is a critical aspect of modern life; in fact, 94 per cent of enterprises use the cloud in some capacity.  More specifically, 48 per cent of businesses store their more sensitive data on the cloud, 50 per cent of businesses run their workloads on the cloud, and 92 per cent of businesses use more than one cloud system. 

According to recent research, there is over one exabyte of data stored in the cloud.  This is the equivalent of 1,073,741,824 gigabytes or over 67 million iPhones worth of data.

The challenges of limited cloud visibility

Unfortunately, 79 per cent of organisations report widening visibility gaps in their cloud infrastructure, as well as a lack of visibility across cloud operations.  There are several reasons for this limited visibility.  For one, modern cloud tools do not provide an end-to-end picture; apps stand in the middle of centralised tools, preventing information from moving directly from the source to the recipient.  

Additionally, most cloud monitoring tools focus on a singular service.  This forces data teams to gather and analyse data across several different siloes.  Similarly, developing a holistic picture is difficult when it has to be done across a larger network.  It is hard to track internal users, remote users, VPN users, and more. 

Also Read: Debunking misconceptions about FinOps and cloud spending reduction

Another cause of the lack of visibility is that basic tools cannot adapt to the constant evolution of the cloud.  To make matters more complicated, more than nine in ten larger organisations use multiple cloud providers.  Because there are no universal tools for all cloud platforms, organisations need to use separate monitoring tools for each cloud. 

There are problems with these monitoring tools as well; they often focus on security more than the big picture.  To deal with this, companies need to purchase more tools to piece together a big-picture image of the cloud, which adds excessive and unnecessary complexity.

Other factors that limit visibility include small retrieval windows that make it hard to determine what is happening on cloud-based platforms and the fact that native cloud tools are more focused on developers and cloud engineers rather than network engineers.  The latter factor makes it difficult for network engineers to understand problems and effectively solve them. 

Limited visibility leads to limited functionality.  This is a huge problem for many organisations, with nearly half of all companies witnessing performance issues as a result of cloud visibility problems.  

An example of limited functionality as a result of visibility problems is a lack of support for remote workers.  Another example is poor migration support; in fact, 74 per cent of companies fail to migrate successfully, which forces them to move certain tools back to on-premise solutions. 

Limited visibility leads to tech stack inflation and limited cost or consumption visibility.  Finally, it causes greater security risks; in fact, organisations report 3.3 times more incidents caused by a lack of visibility. 

Functionality problems result in blind spots.  For example, companies struggle with delays in troubleshooting application performance, inability to monitor performance workflows, delays in solving security issues, and much more.  

Also Read: Cloud communication platforms: How to choose one for your business

It is no surprise that with all of these problems, 80 per cent of organisations are looking to increase their investments in cloud monitoring and visibility.  One way to achieve this is through cloud monitoring.  Advanced monitoring solutions address many of the problems that currently exist. 

For example, they provide end-to-end visibility, whether it be on-premises, hybrid, or multi-cloud.  Cloud monitoring also reduces security risks, produces a lower mean time to resolution, increases business value, and reduces overspending.  

The role of cloud monitoring in enhancing visibility and functionality

Organisations tend to be on the same page when it comes to the importance of cloud monitoring.  In fact, 90 per cent of organisations say that automating visibility could improve security.  There are several companies that can help set up systems to improve visibility and security.  

Cloud monitoring systems eliminate the need to use new tools for troubleshooting and include interactive workflows, alerts, reports, and more.  They improve cloud data flow to provide a better picture of overall traffic flows and can also provide performance metrics.  Cloud monitoring systems hold a vast amount of solutions and tools within one platform, making them a good investment.

As technology continues to develop, it is important to adapt alongside it.  Keeping up with the cloud requires careful attention and innovation, as problems such as limited visibility can end up harming businesses that are trying to use the cloud.  Luckily, tools like cloud monitoring systems can make a big difference in keeping up with a changing cloud.

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

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In late June, Malaysia-based UrbanMetry was selected for the Technology Pioneers list by the World Economic Forum (WEF). The list includes 100 companies that WEF has selected annually to work with society’s foremost political, business and cultural leaders to address issues facing people and the planet.

In an email interview with e27, Koh Cha Ly, Founder and CEO of UrbanMetry, explains what being selected means to the company.

“Being named one of the 100 Technology Pioneers by WEF validates our unwavering commitment to transforming urban environments through innovative technologies. This motivates and will drive us to continuously push boundaries and effect positive change, ultimately making cities smarter, more sustainable, and better for everyone involved,” she explains.

UrbanMetry is a data analytics company with data coverage in the Southeast Asia (SEA) region. It is dedicated to providing solutions to help businesses, cities and governments make informed decisions through a unique combination of spatial data and advanced analytics.

Apart from the award from WEF, the company has recently made several important milestones. According to Koh, it has been on a strong growth trajectory, doubling the team size last year while also growing in revenue size and stream.

“We have also expanded our data provision to Thailand and Vietnam in the past two years and are actively seeking opportunities to expand to the Middle East and Indonesia,” she says.

Also Read: Unleashing Singapore’s smart city potential: A gateway to limitless opportunities

Solving big city problems with UrbanMetry

When asked about the problem that UrbanMetry is working on, Koh begins by highlighting the role that data analytics plays in solving problems in a typical urban setting.

“Currently, a lot of work and technology solutions globally are placed on data analytics to solve city problems. However, most businesses, startups and key stakeholders do not realise that there is a huge gap in the data quality of cities in developed and developing countries,” she says.

“As most developing countries do not have the quality data required, digitisation, data-driven policies, asset risk mitigation and all other technological advantages available to cities become out of reach. UrbanMetry’s solution bridges this crucial data quality gap for cities in developing countries to unlock the potential for city data to build better cities.”

UrbanMetry approached the problem by seeking and collecting fragmented and polluted data available in the market, merging it with private databases and doing multi-layer cross-validation to build out proprietary city databases for the cities it tracks.

“The principle of solution builds on city building and urban planning policies to understand the population behaviours. Our solution builds on technological advancement including machine learning, big data and satellite imagery to solve these data gap issues we see in countries that need them most,” Koh elaborates.

The company targets key stakeholders of city building including real estate developers, banks, financial institutions, regulatory agencies and government bodies as their customers. It acquires these customers through knowledge engagement sessions and also through word of mouth.

Also Read: How data science and AI are fuelling smart city goals

As a city data company that offers data-as-a-service, the revenue model that UrbanMetry implements varies across different clients and products. But according to Koh, broadly, they are categorised by the quantity of data provided, project-specific data provisions and subscription of periodic data updates.

“We develop the revenue model in accordance to the needs and objectives of our clients that often differ across industries,” Koh stresses.

UrbanMetry has raised a Pre-Series A funding round with Monk’s Hill Ventures. Its earlier investors include 500 Global, 500 Southeast Asia, and Reapra.

In 2023, the company aims to pilot several B2C products that aim to leverage its city database to citizens in the city.

“The vision for these products is to help end customers utilise the database we have built to make better, safer and more sustainable decisions whilst investing in the city,” Koh says.

“Our newest solution UrbanVault aims to open up mortgage opportunities for the digital natives in a secure and modern manner while understanding the risks of buying a home. In the second half of 2023, we plan to roll out other B2C products to realise the full potential of our city databases in Southeast Asia,” she closes.

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Image Credit: UrbanMetry

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