Bright Money, a fintech company helping users get out of debt using AI and credit products, has closed a US$62 million financing round.

The capital comprises a US$50 million debt funding from Encina Lender Finance, which provides lending solutions to consumer and commercial speciality finance companies across the US and Canada.

The remaining US$12 million equity was led by Alpha Wave Global, Hummingbird Ventures, and PeakXV Partners (earlier known as Sequoia Capital India & SEA).

Bright Money was founded in 2019 by a team from McKinsey’s Banking Practice (Petko Plachkov and Avi Patchava) and InMobi Data Scientists (Avi Patchava, Varun Modi, Avinash Ramakath, Jay Merwade, and Amit Bendale).

Also Read: 20 global investors fuelling Southeast Asia fintech boom in 2023

The fintech startup provides an AI-powered app that combines the technology needed to manage and get rid of debt. Bright Money products include credit score building, automated debt paydown plans, financial planning, budget planning tools, and refinance loans. It works with credit cards, student loans, and car loans.

The company aims to reshape how global retail banks operate, driven by big data and AI. Bright Money focuses on the liabilities of a consumer: personal lending and credit cards. It currently has a team of over 180 employees.

According to a report, the total US consumer debt has recently crossed US$17 trillion for the first time on record. Bright Money’s products target the deletion of credit card debt, building credit scores, and increasing savings. The platform has now expanded into refinance lending and credit cards.

The company has set up a team in India across all functions, while a smaller team operates out of the US.

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With emerging technologies changing the way we live, play and work, many industries find themselves at a standstill: adapt or risk losing. With this ethos throbbing at the heart of many industries, businesses are now faced with new challenges and opportunities in their pursuit of growth and staying competitive. Among these businesses are Micro, Small and Medium Enterprises (MSMEs) that operate as the lifeblood of many economies.

MSMEs are crucial for a diverse range of reasons, but their paramount importance lies in their role as major contributors to employment, innovation and economic stability. These enterprises serve as vital engines of economic growth, particularly in local communities and emerging markets, playing a pivotal role in accommodating market demands. Furthermore, MSMEs are known for their agility and innovative spirit, often leading the way in developing new products, services and business models, which drive economic progress and ensure competitiveness in a rapidly evolving global economy. Yet, these enterprises frequently find themselves contending with certain challenges that disrupt the way they do business such as supply chain fissures that pose a barrier to flourishing in an increasingly digitised environment.

Traditional supply chain practices, which were once adequate for MSMEs, now struggle to keep pace with the demands of an increasingly interconnected and data-driven global marketplace. As a result, many MSMEs are finding themselves at a crossroads, struggling to adapt to this fast-changing environment.

Thankfully, with new technologies, MSMEs can better navigate challenges in the supply chain sector, enabling them to operate more efficiently and deliver products and services in a more stable, secure and effective manner.

Bolstering B2B Marketplaces with the right kind of technology

One of the primary challenges faced by this sector is the technological education gap among MSMEs. Despite limited digital infrastructure, access to high-speed internet and online payment gateways is essential for ensuring the seamless operation of B2B e-commerce platforms. 

On the other hand, efficient logistics and timely distribution are subject to geographical conditions and limitations, and overcoming these hurdles requires a strong ongoing relationship with suppliers. Working capital is tied up in inventory, which must be regularly replenished, leaving the stores lacking products. These conditions can make sustaining a shop difficult and even harder to grow. 

As a result, retailers are facing issues due to disconnected supply networks. This challenge can be fixed by harnessing technology to connect retailers straight to the brands where they can access supplies. 

PriyoShop is stepping up to the plate to change the landscape

Enter PriyoShop, a Bangladesh-Singapore-based on-demand B2B marketplace that empowers retailers by connecting them directly to suppliers to fix the fragmented supply chain. PriyoShop is a pure tech-driven E-Commerce B2B Marketplace connecting retailers directly to suppliers (e.g. Product Manufacturers or Wholesalers). 

The business model is pretty simple. PriyoShop connects brands and suppliers directly with MSMEs through their platform and makes money through take-rates. Their platform provides a digital catalogue to MSMEs so that the latter can access all the brands and distributors in a single overview. Also, part of their platform features includes a place where brands and distributors can upload and manage their stock-keeping units (SKUs) and orders. This makes it all the more efficient for businesses to conduct inventory through a seamless merchandising structure, allowing merchants to arrange inventory in their stores or warehouses according to product SKUs.

PriyoShop’s core mission is to empower retailers and streamline the supply chain 

PriyoShop achieves this through direct retailer-supplier and retailer-big brand connections, with technology playing a role to address connecting all vital parts of the market.

According to Asikul Alam Khan, Founder and CEO of PriyoShop, “Instead of fighting with other digital commerce in the red ocean market, we decided to partner with the small retailers and make them the hub of digital commerce.”

Also read: EQT Impact Challenge offers platform for impact entrepreneurs to attain ‘patient capital’

He added, “PriyoShop is betting that its unique marketplace approach would eventually give it the edge in the B2B e-commerce space in Bangladesh.” This system’s edge above other solutions is its emphasis on convenience, transparency and reliability in the platform.

The advantages of the PriyoShop platform

While the marketplace model is common in consumer e-commerce, the opposite is true in the B2B sphere. Almost all of the other tech players in Bangladesh’s supply chain industry have opted against the marketplace model in favour of an inventory-carrying approach involving companies sourcing goods from principals and directly selling them to retailers.

PriyoShop, on the other hand, connects players within the supply chain without holding its own inventory. Instead of acting as a distributor, the company allows wholesalers to list their products and sell directly to retailers on the PriyoShop app.

PriyoShop boasts a user-friendly and complete interface to serve a complicated market

As the fastest-growing B2B e-commerce platform in Bangladesh, PriyoShop has pushed out a product that can compete in this digital transformation.  

After joining PriyoShop, retailers can now save time and money and can boost their revenues by at least up to 20%. With its user-friendly interface, retailers have access to real-time inventory tracking, order management and analytics. Security measures are also in place to ensure safe transactions and data protection.

PriyoShop is committed to its MSME-friendly approach, often catering to a wide selection of retailers including mom-and-pop shops. Mehedi Hasan, an owner of a small retail store in Bangladesh, stands as a testament to this experience. Previously, Hasan needed to collect goods from different sources to cater to his customers. Other than that, he had to deal with different types of problems like not having price transparency, dealing with logistic issues and many more.

With the help of PriyoShop, Hasan explained, “We don’t have to run to markets to purchase goods. PriyoShop gave us shopkeepers lots of facilities to satisfy our customers by selling goods with easy and punctual deliveries.”

Also read: 5 common challenges marketing professionals face today

On the other hand, Mohima, another shopkeeper running a Mudi dokan (a mom-and-pop shop) in Dhanmondi in the small area of Dhaka, shared, “Having more variation in products allows me to fill up the store so the customers will keep coming because more variation means more customers.” She added, “They don’t want any hassle. If my store has everything that they need, it will make them loyal to me and my business.”

Overall, PriyoShop has been a game-changer for Mohima and other retailers like her. “Now I don’t need to go to several markets to collect many products. I find all my necessary needs in PriyoShop App to cater to my customers. It helps me to grow my business and makes me financially more solvent. Now I can support my family more than ever in terms of money and time.”

Revolutionising B2B e-commerce in Bangladesh and beyond

The conventional approach of in-person negotiations and physical transactions is steadily evolving into the emerging trend of B2B e-commerce facilitated by digitalisation. This shift is reshaping the landscape of trade, offering numerous advantages and opportunities to those involved.

The ambition of PriyoShop to embolden businesses is not limited to Bangladesh. Khan explained, “We want to empower all the MSMEs of Bangladesh as well as Southeast Asian countries. Currently, we are catering to Bangladesh, and the dream is global.” PriyoShop recently has experienced an astonishing 15x growth in terms of Gross Merchandise Value (GMV), and an impressive 12x growth in revenue since our last round of funding. This remarkable success is a testament to the hard work and dedication of our entire team, as well as the trust and support from customers and partners. Currently, PriyoShop is raising funds to reach 10x growth and launching fintech to boost MEMEs’ buying capabilities.

Also read: e27’s role in empowering Taiwan startups through the Vision Program

PriyoShop understands the financial challenges faced by MSMEs. To address this, the platform is currently in discussions with various banks and financial institutions to provide credit facilities to MSMEs. This support will enable retailers to invest in their businesses, expand their product offerings, and grow their operations.

To learn more about how PriyoShop can simplify the MSME supply chain, visit its website  http://priyoshopretail.com/ and get in touch via LinkedIn here.

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This article is produced by the e27 team, sponsored by PriyoShop

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

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When it comes to advertising, change is the only constant. From technological advancements to regulatory changes, the industry has undergone consistent and significant transformation in recent years —  and consumer preferences have followed suit.

For brands, meeting both consumer and business expectations has become an ongoing process of navigating challenges and seizing opportunities. For instance, personalised advertising has now become the standard, offering a potent means for brands to distinguish themselves in a competitive market. 

However, with the emergence of new privacy-centric attribution and measurement frameworks, marketers are now faced with a new challenge. While tools such as Google’s Privacy Sandbox on Android, Apple’s App Tracking Transparency, and SKAdNetwork enhance user privacy and data protection, they also limit the tracking of user activity across apps.

Hence, marketers are compelled to find new ways to personalise and optimise their campaigns that meet both customer expectations and industry standards. 

Luckily for brands, the advancements driving these changes are also unlocking new innovations, efficiencies, and analysis capabilities – enabling brands to optimise their campaigns, resonate with their customers and make more informed decisions. 

Evolving with the industry is key 

To navigate both challenges and opportunities as the industry evolves, brands can benefit from not only exploring new approaches but also expanding on current ones. This includes embracing new technologies and strategies that allow them to reach and engage their target audiences effectively while staying on top of current marketing trends. 

Also Read: 5 common challenges marketing professionals face today

Consider these three core focuses:

• Diversify your channel mix: As consumer preferences and behaviours evolve, it’s crucial for brands to meet their customers where they are. New performance channels like connected TV (CTV) and PC & Console, for example, are seeing rapid adoption. As a result, ad formats on these mediums are also growing in popularity and viewership. 

But to successfully add new channels to the mix, brands need to first measure, analyse and understand what type of messaging and creative format work for their unique audiences at various stages across the funnel. Armed with this information, brands will have the ability to not only fine-tune their strategies but continuously optimise them all the way from brand awareness to conversion and retention.

• Leverage the right data: Despite ongoing concerns around data privacy, personalisation remains a game-changing competitive differentiator. With the ever-increasing usage of digital platforms, marketers have the opportunity to tap into the power of data analytics and insights to tailor their advertising messages and campaigns to specific demographics. 

When it comes to aggregated data analysis, media mix modelling (MMM) and incrementality are two approaches that are leading the next generation of marketing measurement. MMM enables marketers to examine a wide range of marketing channels—from digital to traditional, alongside external influences like promotions, seasonality, press coverage, and more—to determine the impact they have on return on investment (ROI) and predict future campaign success.

Meanwhile, incrementality hones in on the impact of a singular campaign. It isolates the results from organic traffic to help marketers uncover the incremental cost of each conversion (app install) and scale that channel accordingly. 

• Incorporate innovative technologies: Technology today has the potential to improve and optimise virtually every step of the marketing process. AI technologies, in particular, are enabling marketers to know more and do more with less, opening efficiencies and potential for growth. 

Predictive analytics, for example, help by offering actionable insights into user behaviour, enabling faster-than-ever or even automated optimisations. AI-powered sentiment analysis can help gauge customer sentiment, aiding in refining strategies, while Generative AI can help craft compelling visuals and narratives without large in-house teams or high agency costs. 

Also Read: Decoding the shift: The new era of B2B marketing

Navigating privacy challenges with AI 

Looking ahead, brands have the opportunity to further increase their agility by harnessing the full suite of AI capabilities available today. In particular, AI’s ability to analyse large datasets and uncover valuable insights about consumer behaviour, preferences and market trends is increasingly crucial to informing strategic decision-making — as well as navigating challenges like privacy. 

For mobile marketers, limited visibility over user-level data can make attribution and tracking user behaviour on an app challenging. But with the help of AI algorithms, marketers now have the ability to analyse user behaviour, engagement patterns and conversion data to identify the best-performing ad creatives and placements. As a result, they can allocate their budgets more efficiently, improving return on ad spend (ROAS) and overall marketing efficiency —  all without the use of user-level data.

Generative AI also has the ability to improve personalisation and relevancy by analysing aggregated data. It can create highly useful messages for various customer cohorts, tailoring offers and recommendations to their preferences and behaviours at an optimal point in the user journey.

AI’s potential to help safeguard user privacy while heralding a new era of precise, data-driven campaigns is a powerful example of new opportunities in advertising. By harnessing new technology and applying industry expertise, brands have the opportunity to not only evolve but reap the benefits of their advancements by staying ahead of the curve.

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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

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

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In today’s dynamic business landscape, the value of customer retention cannot be overstated. In a nutshell, it is not only more cost-effective to nurture existing relationships than to acquire new ones, but it also forms the cornerstone of growth, influencing acquisition, monetisation, and organic virality. 

With this in mind, e27 and CleverTap joined forces to launch ‘The Big Leap Roadshow’ in late 2022. This monumental initiative spanned six panel discussions across five major cities in Southeast Asia that focused on trends, insights, and innovations in customer retention and engagement. Engaging audiences in Jakarta, Singapore, Kuala Lumpur, Ho Chi Minh, and Manila, the Big Leap Roadshow proved to be a resounding success, leaving an indelible mark on the region’s business landscape.

CleverTap is an All-In-One customer engagement platform that unifies interactions between people, processes and technology. CleverTap is built to convert customers into customers for life with in-moment experiences designed and optimized for scale, in real-time. We enable brands to create truly cross-channel experiences, transcending boundaries between channels, journeys and outcomes. We’re on a mission to be the ultimate growth partner, providing businesses with the insights they need to truly understand their customers and deliver.

The genesis of the Big Leap Roadshow

The brainchild CleverTap in partnership with e27, The Big Leap Roadshow was conceived as a celebration of excellence in customer engagement, conversion, and retention. This groundbreaking initiative did not only provide a learning opportunity for industry stakeholders; it created a platform for hundreds of growth leaders in Southeast Asia to share insights and collaborate on crafting engaging experiences that foster customer loyalty.

Also read: e27’s role in empowering Taiwan startups through the Vision Program

The roadshow’s primary focus was to amplify customer retention, elevate customer lifetime value, and trigger substantial scalable growth, all while keeping customers at the heart of the equation.

The e27 formula

One of the linchpins of The Big Leap Roadshow’s success was e27’s unparalleled ability to assemble a powerhouse lineup of industry leaders and experts. Drawing upon its extensive network spanning the Southeast Asian tech business landscape, e27 meticulously sourced some of the most knowledgeable and influential figures in different industries to help examine their approach to customer engagement and retention. This ensured that each panel discussion was a melting pot of diverse perspectives, providing attendees with a rich tapestry of insights and strategies to elevate their customer retention efforts.

e27’s expertise in marketing and promotion also played an instrumental role in making The Big Leap Roadshow an unqualified success. The team from e27 spearheaded a series of campaigns tailored for each country on the roadshow’s itinerary. This comprehensive approach included strategic website placement, the creation of an official microsite, a series of pre-event and post-event articles, targeted email blasts, and engaging social media promotional materials. These efforts not only generated buzz but also ensured that each event was well-attended by an eager and engaged audience.

Also read: 5 common challenges marketing professionals face today

Elevating The Big Leap Roadshow to such heights also required meticulous planning and coordination, a task that e27 undertook with unparalleled expertise. The company took charge of seeking out venues and liaising with third-party suppliers across the five cities on the roadshow’s agenda (Jakarta, Singapore, Kuala Lumpur, Ho Chi Minh, Manila). At each stage of the series, e27’s invaluable contribution helped ensure that each program ran seamlessly and provided an environment conducive to meaningful discussions and networking.

A partnership built for excellence

After the expansive project that ran from November 2022 to March 2023, CleverTap’s successful partnership with e27 is further underscored by the enduring relationship between the two organisations. A testament to this is the recently concluded Engagement Playbook Indonesia held last 20 September 2023 where the two organisations once again took on the daunting task of engaging the tech startup community through informative panel discussions.

Focusing on harnessing automation and artificial intelligence for hyper-personalization in customer engagement, the panel discussion was a resounding success due in part to e27’s expertise that shone through as the team brought together leading minds in the industry through its targeted promotional campaign to cap off the flawlessly executed the event. This collaboration reaffirms e27’s status as the go-to partner for groundbreaking initiatives in the realm of customer engagement, tech, and innovation.

Also read: How PriyoShop is revolutionising the B2B procurement process

The Big Leap Roadshow stands as a shining example of what can be achieved through strategic collaboration and unwavering dedication. e27’s contributions were nothing short of extraordinary. From curating a stellar lineup of speakers to executing seamless marketing campaigns and ensuring flawless event logistics, e27’s impact was felt at every turn.

As businesses forge ahead in the intricate landscape of customer engagement, e27’s impact in this pioneering project stands as a testament to its role in driving sustained growth and success. Through each endeavour, e27 reinforces its position as a leader in reshaping customer engagement not only in Southeast Asia but also on a global scale. For further details, visit the e27 Big Leap Roadshow page.

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In this weekly startup news roundup, we bring you the latest developments in the startup world.

Roojai acquires DirectAsia

Thai insurtech company Roojai acquired motor DirectAsia Group from US-based small business insurer Hiscox for an undisclosed sum.

The transaction is subject to customary conditions and regulatory approvals and is expected to be completed by 2023-end.

Following the acquisition, DirectAsia Thailand will be rebranded into Roojai Thailand, while DirectAsia Singapore will retain its brand.

With this acquisition, Roojai looks to substantially increase its market share with a combined portfolio of over 400,000 vehicles insured in three countries and 300,000 individuals protected with its accident and health insurance products.

Automera secures US$16M Series A

Singapore-based biotechnology startup Automera bagged US$16 million in a Series A round of investment co-led by early-stage life science accelerator and investment firm Accelerator Life Science Partners (ALSP) and Temasek-backed venture builder ClavystBio.

EDBI, Xora Innovation, and other undisclosed investors also participated.

Automera was established by Associate Professor Michael Lazarou, Loong Wang, and Taiyang Zhang at Talo Labs in collaboration with ALSP.

It is an early-stage company focused on developing a novel therapeutic approach via autophagy-based targeted protein degradation. The biotech startup aims to leverage its understanding of autophagy, drug development capabilities, access to quantum chemistry, and generative Al-enabled insights to enhance its drug development programmes. Automera’s autophagy-targeting chimaera small molecules (AUTAC) platform has broad potential across cancer and other disease areas, with oncology being the initial lead programme.

Bright Money rakes in US$62M

Bright Money, a fintech company helping users get out of debt using AI and credit products, closed a US$62 million financing round.

The capital comprises a US$50 million debt funding from Encina Lender Finance, which provides lending solutions to consumer and commercial speciality finance companies across the US and Canada.

The remaining US$12 million equity was led by Alpha Wave Global, Hummingbird Ventures, and PeakXV Partners (earlier known as Sequoia Capital India & SEA).

Bright Money was founded in 2019 by a team from McKinsey’s Banking Practice (Petko Plachkov and Avi Patchava) and InMobi Data Scientists (Avi Patchava, Varun Modi, Avinash Ramakath, Jay Merwade, and Amit Bendale).

Kiddocare raises funding

Kiddocare, an on-demand caregiving platform in Malaysia, concluded an undisclosed pre-Series A financing round led by Artem Ventures.

Gobi Partners, MSW Ventures Asia Fund X, and ScaleUp Malaysia also joined. Gobi invested via the Khazanah Nasional Bhd-backed Gobi Dana Impak Fund.

The capital will be used by Kiddocare for growth and innovation. It will leverage these resources to expand its platform, reach a wider audience demographic, and create fresh opportunities for women.

Founded in 2019 by Nadira Yusoff and Muhaini Mahmud, Kiddocare is an online platform connecting parents with verified childcare providers based on their preferences for time and location. These caregivers undergo rigorous screening and training before being onboarded.

500 Global backs NexMind

NexMind, an AI-powered multilingual digital marketing platform, received undisclosed seed funding from 500 Global.

The Malaysian startup will use the funding to expand its product offerings and accelerate customer acquisition worldwide.

Founded in 2019 by Francis Lui (CEO), Bernie Law (CPO), and Pattrine Hong (CFO), NexMind empowers professionals across industries with advanced SEO tools to create search-optimised content in 17 languages, with no technical SEO expertise required. Its SEO content generation tools simplify and streamline how brands create multilingual content that ranks on search engines like Google and Bing and e-commerce marketplaces like Amazon, Lazada, and Shopee.

Funding Societies nets US$27M

Southeast Asian SME digital finance platform Funding Societies (known as Modalku in Indonesia) scored US$27 million in debt funding led by AlteriQ Global.

Aument Capital Partners (ACP) and Orange Bloom also invested.

The funds will be channelled via the fintech startup’s tailored financing solutions to support the underserved SME segments in its five markets.

Licensed and registered in Singapore, Indonesia, Thailand, and Malaysia and operating in Vietnam, Funding Societies provides business financing to small and medium-sized enterprises. In addition, it offers payments and collections intending to solve SMEs’ cashflow management challenges.

Funding Societies says it has achieved over US$3.2 billion in business financing, processing over 5 million transactions and serving about 100,000 SMEs across the region.

pitchIN launches pitchIN Academy

Malaysian equity crowdfunding platform pitchIN launched pitchIN Academy to offer practical and easy-to-understand educational programmes, activities and content on alternative financing and investment.

pitchIN Academy aims to enhance the communication, education and public awareness outreach of innovative financing and investment in Malaysia. It will offer programmes catering to the general public, entrepreneurs and investors.

The academy is headed by Hanif Tamin, who previously served at SME Corp.

Gobi partners with Petronas

Leading VC firm Gobi Partners and Petronas Ventures’s investment arm Twin Towers Ventures (TTV) announced the collaboration to invest in the ecosystem of sustainable innovation within Southeast Asia and the Greater Bay Area in China.

The effort includes cross-sharing of deal flow and potential co-investments into promising opportunities in the region, exchange of insights and sustainable innovation best practices, and exploring potential co-development and commercialisation of Petronas’s in-house innovations.

“This MoU marks not only a new beginning but also a new urgency for our organisations. The forthcoming wave of environmentally conscious innovation needs to be transformational on a large scale that benefits all before time runs out,” Gobi Co-Founder and Chairperson Thomas G Tsao said.

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Copyright: bignai

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In the ever-evolving landscape of the modern world, the race towards automation has picked up pace like never before. The question that stands before us today is not whether automation is coming, but rather, are you leading or lagging in this race?

Automation, once considered a distant dream, has swiftly become a reality that is shaping industries across the globe. From manufacturing and healthcare to finance and customer service, workflow automation makes its presence felt everywhere. But the real game-changer is how individuals and businesses adapt to this paradigm shift.

The race of the century

Imagine a grand race that pits your ability to adapt and innovate against the relentless march of technology. On one side, you have automation armed with efficiency, precision, and tireless endurance. On the other, you stand as a human with your creativity, empathy, and adaptability. It’s a race where the finish line is not a physical point but the future of your career, business, and place in the world.

Leading the pack

Leading in the automation race involves embracing technology as an ally rather than fearing it as a threat. Here are some key ways to ensure you’re at the forefront:

Continuous learning

Automation demands constant upskilling and learning. Whether you’re a business owner or an individual, staying updated with the latest trends and tools is crucial. Consider online courses, workshops, and certifications to keep your skills sharp.

Collaboration with machines

Instead of competing against machines, learn to collaborate with them. Think about how automation can enhance your capabilities. Automation can handle repetitive tasks, allowing you to focus on high-value, creative, and strategic work.

Data-driven decision-making

Automation generates vast amounts of data. Learn to harness this data to make informed decisions. Data-driven insights can provide you with a competitive edge.

Customer-centric approach

Automation can streamline customer interactions, but it’s essential to maintain a human touch. Nurture relationships, understand customer needs, and use automation to enhance customer experiences.

Innovation and creativity

As machines care for routine tasks, humans can devote more time to innovation and creativity. Encourage a culture of innovation in your organisation and tap into your creative potential.

Also Read: Can hyper-personalisation be achieved through automation and AI?

Lagging behind

Falling behind in the automation race can have dire consequences. Here are some signs that you might be lagging:

Resistance to change

Resistance to change is one of the most prominent signs of falling behind in the automation race. This resistance can manifest at both the individual and organisational levels. Individuals unwilling to adapt to new technologies and working methods may struggle to keep up with the demands of the modern workplace. Similarly, organisations that resist automation due to concerns about job security or the perceived complexity of implementation may find themselves at a competitive disadvantage.

Consequences:

• Loss of efficiency: Resistance to automation often means clinging to outdated and inefficient processes. This can result in wasted time, resources, and increased operational costs.
• Missed opportunities: By resisting change, you may miss opportunities to streamline operations, reduce errors, and improve productivity.
• Ineffective resource allocation: Resources that could have been invested in innovation, upskilling, or growth initiatives may be allocated to maintaining outdated systems and processes.

Lack of skills

In the era of automation, skills are currency. Falling behind in acquiring relevant skills can leave individuals and organisations ill-prepared for the challenges of an automated world. This can manifest in several ways:

Consequences:

• Skill gap: Failing to invest in learning and skill development can result in a significant gap between your current skill set and the skills required to thrive in an automated environment.
• Limited career growth: Individuals not updating their skills may find their career growth stunted. They may be passed over for promotions or better job opportunities in favour of those with more relevant skills.
• Competitive disadvantage: Organisations not investing in training and upskilling their workforce may struggle to compete with rivals with a more skilled and adaptable team.

Also Read: How ChatGPT and automation are revolutionising so-called ‘traditional’ industries

Inefficiency

Automation is all about efficiency; those lags often suffer from operational inefficiencies. This could involve a range of issues, including:

Consequences:

• Wasted resources: Manual, repetitive tasks that could be automated lead to wasted time and resources. This inefficiency can impact productivity and profitability.
• Increased errors: Manual processes are prone to errors. Relying on outdated methods can result in costly mistakes, damaging reputation, and the bottom line.
• Inability to scale: Inefficient processes can hinder an organisation’s ability to scale and grow. It becomes challenging to handle increased workloads without incurring higher costs.

Poor customer experience

While automation can enhance customer experiences when implemented correctly, it can have the opposite effect if not handled with care. Those lagging in the automation race may prioritise automation at the expense of human touchpoints, leading to:

Consequences:

• Loss of personalisation: Over-reliance on automation can lead to a loss of personalisation in customer interactions, leaving customers feeling like they are just a number.
• Decreased customer satisfaction: Frustration with automated systems or a lack of human interaction can decrease customer satisfaction and loyalty.
• Missed opportunities for engagement: When used thoughtfully, automation can free up human resources to engage with customers in more meaningful ways. Those lagging may miss out on these opportunities.

Stagnation

In the rapidly evolving landscape of business and technology, standing still is akin to falling behind. Organisations and individuals who do not innovate and adapt risk stagnation.

Consequences:

• Loss of competitiveness: In a dynamic market, more agile and innovative competitors can quickly outpace those who remain stagnant.
• Diminished relevance: Failure to innovate and adapt can lead to a decline in relevance, making it difficult to meet the changing needs of customers and clients.
• Missed growth opportunities: Without a commitment to innovation, you may miss out on new markets, products, or services that could drive growth and success.

The balancing act

Leading in the automation race doesn’t mean replacing humans with machines. It’s about leveraging automation to augment human capabilities.

Automation can handle the mundane, allowing humans to excel in areas that require creativity, critical thinking, and emotional intelligence. Keeping a check on your automation efforts is the only way to succeed in this seemingly bumpy but rewarding route.

The automation race is not a sprint; it’s a marathon. It’s a journey of continuous learning, adaptation, and innovation. Embrace automation as an opportunity, not a threat. Strive to be a leader in this race, for in doing so, you’ll not only secure your place in the future but also shape it for the better.

The choice is yours: lead or lag, but remember, the future belongs to those who keep pace with automation’s relentless march.

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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

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

Image credit: Canva

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Thai insurtech company Roojai has agreed to acquire motor DirectAsia Group from US-based small business insurer Hiscox for an undisclosed sum.

The transaction is subject to customary conditions and regulatory approvals and is expected to be completed by 2023-end.

Following the acquisition, DirectAsia Thailand will be rebranded into Roojai Thailand, while DirectAsia Singapore will retain its brand.

With this acquisition, Roojai looks to substantially increase its market share with a combined portfolio of over 400,000 vehicles insured in three countries and 300,000 individuals protected with its accident and health insurance products.

Also Read: Thai insurtech firm Roojai bags US$42M in fresh funding

The acquisition will not impact existing policies, claims processes or customer service.

“The consolidation of the two companies into a single group will deliver synergies that will support our further expansion of the Direct Insurance model in Southeast Asia,” said Nicolas Faquet, Founder and Group CEO of Roojai.

Launched in 2016, Roojai sells motor, accident, and health insurance products on a direct-to-consumer model. It will now have operations in Thailand, Singapore, and Indonesia.

The company expanded its business into Indonesia in 2022.

Roojai claims it has 150,000 customers and has grown its premium income by 25 per cent to US$38 million.

In March this year, Roojai secured US$42 million in a financing round led by HDI International, a subsidiary of Germany’s Talanx Group, with participation from existing investor IFC. It previously raised US$20 million from Primary Group, besides a US$7 million Series A round from IFC.

DirectAsia was founded in Singapore in 2010 and launched in Thailand in 2013. Its primary business is motor insurance, which operates through several distribution channels.

In 2022, DirectAsia claims it had gross written premiums of US$52.5 million (under IFRS 4).

The post Thai insurtech company Roojai acquires DirectAsia from Hiscox appeared first on e27.

Dear Pro member,

The Indonesian Ministry of Trade’s recent announcement of revised e-commerce regulations has sent ripples through the digital landscape, casting a shadow of uncertainty over the future of TikTok Shop in Indonesia. Trade Minister Zulkifli Hasan’s statement in Jakarta unveiled a one-week grace period for TikTok Shop to either transform into a standalone app or face an imminent shutdown.

The heart of the matter lies in new rules that explicitly forbid social commerce platforms like TikTok from facilitating in-platform transactions and utilizing social media user data for e-commerce endeavours. This regulatory move stems from concerns that TikTok Shop, an integrated feature within the TikTok app, maybe consolidating an unhealthy monopoly in the market.

The Indonesian government’s unease with TikTok isn’t new, with President Jokowi among those voicing criticism. He suggests that platforms like TikTok Shop have played a role in the decline of MSMEs and traditional markets.

TikTok, in response, expresses deep concern about the potential impact on millions of sellers and affiliate creators who rely on TikTok Shop. Launched just over two years ago, TikTok Shop rapidly gained popularity, accounting for a significant portion of the country’s e-commerce landscape.

As Indonesia grapples with the evolving digital commerce landscape, the fate of TikTok Shop remains uncertain, leaving millions of livelihoods hanging in the balance.

Sainul,
Editor.
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SME lender Funding Societies nets US$27M debt funding
The investors include AlteriQ Global, Aument Capital Partners, and Orange Bloom
Funding Societies says it has achieved over US$3.2B in business financing, processing over 5M transactions and serving about 100K SMEs.

Thai insurtech company Roojai acquires DirectAsia from Hiscox
Founded in Singapore in 2010, DirectAsia primarily focuses on motor insurance; Following the deal, DirectAsia Thailand will be rebranded into Roojai Thailand, while DirectAsia Singapore will retain its brand.

Singaporean biotech startup Automera secures US$16M Series A
The investors are ALSP, ClavystBio, EDBI, and Xora Innovation; Automera aims to leverage its understanding of autophagy and generative Al-enabled insights to enhance its drug development programmes.

Malaysia’s national carmakers are joining the EV wagon, but hurdles remain
Malaysia has been ramping up its electric vehicle policies ever since the change of government in 2022; These include the import and manufacturing of EVs below US$21,350, the installation of 10K charging ports by 2025.

Temasek-owned True Light Fund secures US$3.3B to invest in Greater China
True Light was established to broaden Temasek’s reach and provide its partners with investment opportunities in structural trends in China; The fund will invest alongside Temasek in opportunities.

Bright Money rakes in US$62M to help consumers with credit card debt refinancing
The investors include Encina Lender Finance, Alpha Wave, Hummingbird, and PeakXV; Its products also include credit score building, automated debt paydown plans, financial planning, and budget planning tools.

Alibaba logistics unit Cainiao files for HK listing
The company intends to use the net proceeds from the listing to increase its network capacity and coverage, improve its tech, and invest in strategic partnerships and acquisitions.

Ex-Tesla exec’s EV startup charges ahead with US$3M funding
Raptee said it is the first Indian EV startup to opt for the Combined Charging System Type 2 connectors; By integrating both AC and high-power DC charging, the system expedites the charging process.

Indonesia sets one-week deadline for TikTok Shop to become standalone app
The revised e-commerce regulations prohibit social commerce platforms from allowing in-platform transactions and from using social media users’ data for e-commerce purposes.

500 Global backs AI-powered multilingual digital marketing platform NexMind
NexMind’s SEO content generation tools simplify and streamline how brands create multilingual content that ranks on search engines and e-commerce marketplaces.

Malaysia’s on-demand caregiving platform Kiddocare raises funding
The investors include Artem Ventures, Gobi Partners, Asia Fund X, and ScaleUp Malaysia; Kiddocare connects parents with verified childcare providers based on their preferences for time and location.

Gobi, Petronas arm join forces for sustainable innovation in SEA, Greater Bay Area
The Gobi-Petronas MoU includes cross-sharing of deal flow and potential co-investments into promising opportunities in the region.

pitchIN Academy to offer content on alternative financing, investment
pitchIN Academy aims to enhance the communication, education and public awareness outreach of innovative financing and investment in the country.

Binance to sell Russia business to CommEX
Earlier this year, Binance’s VP for Eastern Europe Gleb Kostarev and Vladimir Smerkis ( GM, Russia and CIS) left the company after it hinted at potentially withdrawing its services from Russia due to Western sanctions.

Investors taking 30% of a startup in a round are being short-sighted
Diluting founders too much virtually guarantees that the company won’t yield a significant RoI; If it needs to raise additional funding further down the line, future investors will likely balk at how little ownership is left for the founders.

Southeast Asian Web3 startups shine in 2023: Meet the trailblazers
Southeast Asian Web3 Startups: ZaynFi, Aura Network, DigiFT, Gaspack, Cosmose AI, ONE Championship, and more lead the Web3 revolution in 2023.

SEA’s investors fuel region’s startup ecosystem with strategic investments
Investors such as Petronas and Gobi are fueling the region’s startup ecosystem with strategic investments in sustainability and fintech.

Book Excerpts: How digital goods and services transformed consumer habits in SEA
In its latest e-book, fintech company 2C2P looks at how digital goods and services solutions open new possibilities for businesses.

How BeLive transforms text into shoppable video experiences
BeLive was founded to address the gap in the market for businesses seeking to harness the power of interactive video commerce.

What you can learn about Singapore, Indonesia from this list of top tech startups
As reflected in this list released by LinkedIn, the differences between these two startup ecosystems could not be more obvious.

The fall of multi-billion-dollar unicorns: A warning tale
It is critical for investors, venture capitalists, and people to revisit the stories of failed unicorn ventures to learn their lessons and prevent history from repeating itself.

Meeting the customer where they want to be, in an omnichannel world
Businesses can navigate today’s omni-channel challenges by embracing a customer-centric digital innovation.

In business, stagnation is worse than death
Stagnation is depicted as a threat that can gradually erode creativity, innovation, and overall dynamism.

How to create harmony between work and life as a founder
There are a few things that we need to learn and unlearn if we want to establish harmony between our work and personal life.

Will tech salary overpayments end after the economic crisis?
While tech salary overpayments may have peaked during the crisis, they are unlikely to disappear entirely in its aftermath.

The post Ecosystem Roundup: Funding Societies bags US$27M; Indonesia’s ultimatum for TikTok appeared first on e27.

Marketing, once confined to traditional advertising, has transformed into a dynamic fusion of understanding consumer behaviour, data, and technology. This revolution is fueled by disruptive technologies like Artificial Intelligence (AI) that redefine how businesses engage with their customers.

Flux Series: Marketing Leaders, an initiative led by e27, is set to be the crucible where these groundbreaking concepts come to life. More than just a conference, it offers an immersive experience designed to equip attendees with the strategies and tools needed to drive sustainable growth and profitability for your business.

The importance of roundtable discussions

Roundtable discussions are some of the most conducive platforms for industry leaders and professionals to incubate ideas and ultimately foster growth and innovation across the ecosystem. These intimate gatherings facilitate invaluable exchanges of ideas, insights, and experiences among a diverse group of experts, enabling each participant not only to share best practices but also to learn from each other.

Unlike traditional lectures or presentations, roundtable discussions encourage active participation and collaborative problem-solving. This dynamic interaction empowers participants to tap into a collective pool of knowledge, drawing from each other’s successes and learnings. Through open dialogue, marketing leaders gain fresh perspectives and innovative strategies that may have been overlooked in solitary endeavours. This collaborative ethos not only sparks creativity but also builds a sense of camaraderie, forging lasting professional relationships that extend beyond the confines of the discussion.

Also read: How PriyoShop is revolutionising the B2B procurement process

Moreover, roundtable discussions serve as a platform for addressing industry-specific challenges and emerging trends. In the rapidly evolving landscape of marketing, staying abreast of the latest developments is paramount. These sessions provide an opportunity for professionals to dissect pressing issues, share strategies, and collectively devise forward-thinking solutions.

The diverse array of experiences and perspectives present at a roundtable discussion ensures that the conversation is rich and multifaceted. This breadth of insight allows participants to not only identify potential pitfalls but also capitalise on new opportunities. Ultimately, these exchanges act as incubators for growth, empowering marketing leaders to implement informed, strategic decisions that drive their brands forward in an ever-competitive market.

A focused and guided discussion on marketing

Marketing efforts can be a double-edged sword, with the risk of expenditures not always yielding the desired outcomes. Traditional methods often struggle to provide the precision needed to target the right audience or allocate resources effectively. However, the advent of powerful tools like Artificial Intelligence (AI) has changed the game.

AI’s capability to process vast volumes of data in real-time provides a comprehensive understanding of consumer behaviour, preferences, and demographics. By synthesising this information, businesses can fine-tune their engagement strategies, ensuring they resonate with their target market. This not only enhances customer interactions but also bolsters the overall promotion of one’s business.

Also read: e27’s role in empowering Taiwan startups through the Vision Program

Furthermore, AI’s predictive capabilities are a game-changer for businesses aiming to stay ahead of the curve. By analysing historical data and real-time trends, AI can forecast consumer behaviour and market shifts, providing invaluable insights that enable businesses to adapt their strategies proactively.

While the benefits of integrating AI into marketing efforts are evident, businesses often face a significant hurdle—the knowledge gap. Embracing new marketing technologies requires a shift in skill sets and knowledge within the marketing team. Equipping employees with the proficiency to effectively utilise new tools and systems often necessitates thorough training.

Flux Series addresses this critical knowledge gap, offering a platform for marketers to stay ahead of the curve. Whether it’s decoding the intricacies of AI or understanding the latest trends in marketing technology, Flux Series provides the tools and insights needed to navigate this dynamic terrain.

Actionable insights for growth

Flux Series is a curated, intimate, and focused convergence of top industry leaders designed for active learning sessions. It offers access to in-depth knowledge and actionable insights that can propel sustainable growth and profitability for your brand. This program serves as a dynamic platform for growth-oriented industry leaders to converge, exchange ideas, and explore cutting-edge innovations in key business areas such as marketing, product development, operations, and more.

The inaugural edition of the Flux Series, taking place on November 15 in Jakarta, Indonesia, will bring together key leaders in the world of marketing. They will discuss, ideate, and strategise actionable steps to optimise marketing efforts using AI-driven innovations and technology, with the goal of achieving sustainable growth for your company.

Also read: 5 common challenges marketing professionals face today

Flux Series: Marketing Leaders goes beyond conventional learning environments by providing a curated selection of growth-oriented content stages. These stages serve as dynamic platforms where attendees gain invaluable knowledge on how to leverage disruptive technologies and harness the power of AI to supercharge their marketing efforts. Here, participants get to immerse in active knowledge-sharing guided by industry trailblazers who will be lending their expertise and experiences. From decoding AI-powered tools to unveiling transformative marketing strategies, these content stages are designed to equip marketers with actionable insights that can be seamlessly integrated into their business strategies.

Join Flux Series: Marketing Leaders

For marketing leaders aiming to elevate their company’s marketing goals, Flux Series: Marketing Leaders is a must-attend event. Join us in Jakarta on November 15, 2023, for a day of insightful discussions, interactive workshops, and unparalleled networking opportunities that will reshape the way you approach marketing in the digital age.

Join the Flux Series or become our partner and be a driving force in the AI-powered marketing revolution. To learn more about the event, you may visit the official Flux Series: Marketing Leaders page.

Get ready to embark on a journey that will not only deepen your understanding of AI-driven marketing but also equip you with the actionable insights needed to thrive in the dynamic world of modern marketing.

The post Engage your peers in roundtable discussions at Flux Series appeared first on e27.

At the sixth edition of Unlocking Capital for Sustainability 2023 in Singapore on Thursday, Google Chief Sustainability Officer Kate Brandt spoke about how technology and public-private partnerships can overcome the challenges of energy procurement in Asia.

“Carbon-free energy contracting can be very challenging given the local market dynamics and resource availability in the Asia Pacific region. Transitioning to a carbon-free future will require stronger government policies and partnerships with many organisations, new technologies and structural changes to the broader system that serves the operations in our value chains and those of other companies,” she stressed.

She also spoke about the tech giant’s experience in using AI to help reduce the impact of environmental crises by providing early warnings of natural disasters and improving emergency response times.

“I truly believe that AI can also be a transformational technology that provides compelling as well as helpful benefits to people in society when developed. It can also help accelerate solutions by providing better information, integrated individuals, operational optimization for organisations, and improved prediction and forecasting,” she says.

“For example, in 2022, we launched Flood, which allows local governments and organisations to identify when riverine floods will occur up to seven days in advance, and we’ve been able to use this tool to identify in advance who needs to be warned of the danger and more importantly, where they can go and be safe. We now work with local governments, including in India, Bangladesh, and Sri Lanka, to deliver emergency flood alerts, which are protecting nearly 500 million people living in affected areas.”

Also Read: How Third Derivative assesses the impact of a potential climate tech investment

Google is working with companies like L’Oreal and Pepsi to reduce emissions through carbon footprint tools.

Bringing environment agenda to the board room

Organised by Eco-Business in partnership with the United Nations Environment Programme Finance Initiative (UNEP FI), this annual flagship event on sustainable finance for Asia Pacific brought together high-level decision-makers to discuss and commit to actionable initiatives that can mobilise capital markets for sustainable development.

One session at the event discusses the role of the board of a company in bringing change, starting with bringing in directors who possess the necessary skills to champion sustainable development initiatives, particularly in the areas of ESG and climate governance.

Shai Ganu, Managing Director, Willis Tower Watson, stressed the need for directors to upskill themselves in areas such as climate literacy and human rights.

“Boards make decisions collectively. And the more connected ecosystems are, the better we can learn from each other to make more considered decisions,” he explained.

“Directors need to upskill themselves around issues on our planet with [knowledge of] science, human rights, and the entire spectrum of the ESG. Directors are not supposed to be climate scientists … but you need to be at least climate literate so that you know what questions to ask.”

Also Read: Preference for green jobs is the “most exciting” climate tech development: Lightspeed

Goh Swee Chen, Chairman of the National Arts Council, and former Chairman of Shell Companies in Singapore, reflects on her experience as a director on an energy board.

“Do realise that businesses cannot prosper when communities and society are under severe strain, and we’ve seen that through the COVID-19 pandemic. I find that, in the past, when I was actively employed full-time, crises tended to come one at a time. But I feel like today crises do not take turns; they all lump together.”

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Image Credit: Eco-Business

The post Why partnerships are key to reduce environmental crisis impact in Asia appeared first on e27.