In the wake of the COVID-19 pandemic, Southeast Asia’s startup ecosystem has faced a surge in failures, driven by multiple interwoven factors. Many startups found it increasingly difficult to secure follow-on funding as investor sentiment shifted towards established ventures or more resilient sectors. This financing drought left younger or less proven companies unable to sustain operations.

Secondly, weakened demand for certain products compounded these financial challenges, especially in industries like travel, hospitality, and retail, which were directly impacted by lockdowns and shifting consumer behaviour. Many startups saw their user bases decline as regional economies slowed, further eroding their financial stability.

In addition to these external challenges, some startups were plagued by internal issues, including allegations of financial irregularities and corporate misgovernance. Investigations into financial mismanagement and unethical practices at several companies revealed cracks in governance structures, damaging investor confidence and forcing closures.

This combination of capital scarcity, reduced product demand, and governance issues has reshaped the Southeast Asian startup landscape, underscoring the need for rigorous financial practices and adaptable business models.

We have compiled below a list of high-profile shutdowns in Southeast Asia in the past five years:

TaniHub

TaniHub was an e-commerce platform that connected farmers to businesses.

Founders: Miftahul Choiri, Michael J. Sugianto, and William Setiawan
Country: Indonesia
Founding year: 2015
Funding raised: Over US$90 million
Investors: Temasek, Openspace Ventures, Intudo Ventures, MDI Ventures, BRI Ventures, MDI Ventures, Add Ventures, BRI Ventures, Flourish Ventures, Tenaya Capital, UOB Venture Management, Telkomsel Mitra Inovasi, and Vertex Ventures.
What led to the failure: TaniHub lost its market share after the COVID-19 outbreak, leading to high operational costs and complexity.

Octopus

Octopus connected users to local waste collectors.

Founders: Hamish Daud, Moehammad Ichsan, Dimas Ario, and Niko Adi Nugroho
Country: Indonesia
Founding year: 2020
Funding raised: US$5 million
Investors: Openspace Ventures and SOSV
What led to the downfall: Financial crisis, allegations of fraud, harassment, and misconduct.

Sorabel

An online retailer offering multi-category products.

Founders: Lingga Madu, Ariza Novianti, and Jeffrey Yuwono.
Country: Indonesia
Founding year: 2014
Funding raised: US$27 million
Investors: Ncore Ventures, Shift., Kejora Capital, Gobi Partners, Convergence Ventures,
Alpha JWC Ventures, Media Nusantara Citra, SMDV, 17Live, Golden Equator Capital, Korea Investment Holdings, Mavcap, InterVest, Captii Ventures, and Openspace Ventures.
What led to the failure: COVID-19 hit the business significantly and it didn’t have the cash reserves to survive the crisis.

Zilingo

It provided supply chain management solutions for fashion businesses.

Founders: Ankiti Bose and Dhruv Kapoor
Country: Singapore
Founding year: 2015
Funding raised: US$343 million
Investors: Sequoia Capital, Temasek, Burda Principal Investments, EDBI, Sofina, SIG, Dahlia Invest, Amadeus Capital, Beenos, Beenext, Angel Capital Management, Beeble Brox, Venturra Capital, Draper Associates, Wavemaker Partners, DG Ventures, Digital Garage, R R Ventures, DG Incubation, Rocnation, Koru Partners, and Dahlia Investments & Consulting.
What led to the failure: Financial irregularities, corporate misgovernance, and workplace harassment.

Propzy

An online listing platform for residential properties.

Country: Vietnam
Founding year: 2014
Funding raised: US$35.2 million
Investors: GAW Capital Partners, Next Billion Ventures, RHL Ventures, FEBE Ventures, Insignia Ventures Partners, RSQUARE, Breeze Investment, SBVA, Stonebridge Capital, GS Shop, Frontier Digital Ventures, TNB Aura, Colopl Next, and Pine Venture Partners.
What led to the failure: The impact of COVID-19 and the unstable global financial situation.

GoBear

GoBear was a comparison platform for financial products.

Also Read: GoBear shuts down amidst decreased demand for its financial products, services

Founders: Andre Hesselink, Frank Stevenaar, Ivonne Bojoh, and Marnix Zwart.
Country: Singapore
Founding year: 2014
Total funding raised: US$97 million
Investors: Walvis Participaties and Aegon.
What led to the failure: The company failed to raise funds to continue operations.

HappyFresh

HappyFresh was an online grocery platform in Southeast Asia.

Founders: Markus Bihler and Fajar Budiprasetyo
Country: Malaysia
Founding year: 2014
Total funding raised: US$97 million
Investors: Innoven Capital, Mars Growth Capital, Naver Financial, Mirae Asset, Singha Ventures, Grab, and others
What led to the failure: The platform underwent a restructuring exercise following the mounting debt crisis.

Kaodim

An online marketplace for multiple local services, including plumbing, decoration, yoga instructions, pest control, and more.

Founder: Fui-Yu Choong
Country: Malaysia
Founding year: 2014
Total funding raised: US$11.6 million
Investors: Square Peg Ventures, East Ventures, KK Fund, Venturra Capital, 500 Global,
Beenext, RISE, Koru Partners, Kadima Group, SIG Venture Capital
What led to the failure: The prolonged COVID-19 lockdowns and fear of virus transmission killed the home services industry overnight.

CoHive

CoHive provided managed co-working spaces. The company offered private offices, co-working spaces, meeting rooms, creative studios, and more.

Founders: Jason Lee, Carlson Lau, and Ethan Choi
Country: Indonesia
Founding year: 2015
Total funding raised: US$37 million
Investors: Stonebridge Capital, H&CK Partners, Stassets Investment, Kolon Investments, Tigris Capital, STIC Investments, Naver, East Ventures, SMDV, Sinar Mas Land, Insignia Ventures Partners, Intudo Ventures, Z Venture Capital, SBVA, AC Ventures, and Agaeti Venture Capital
What led to the downfall: The long-term effect of the COVID-19 pandemic, the high availability of office space, and the lack of financing opportunities.

Fabelio

It was an online furniture retailer.

Founder: Marshall Tegar Utoyo
Country: Indonesia
Founding year:2015
Total funding raised: US$20 million
Investors: AppWorks, Endeavor, MDI Ventures, Aavishkaar Capital, Venturra Capital, Spiral Ventures, 500 Durians, KK Fund, Grupara Ventures, Silk Bridge Partners, and Kolibra Capital.
What led to the downfall: The impact of COVID-19 and the failure to raise additional funding.

BlinQ

BlinQ was an online marketplace of fashion products.

Founder: Bob Chua
Country: Singapore
Founding year: 2017
Total funding raised: US$2 million
Investors: Blackbird Ventures and Square Peg Capital.
What led to the failure: No details available.

IsItUp.com

Isitup.com offered a cloud-based fixed asset management solution.

Founder: Andrew Diamond
Country: Malaysia
Founding year: 2015
Total funding raised: Undisclosed
Investors: Gobi Partners, 8capita, 500 Durians, and Mavcap.
What led to the failure: No details available.

Mio

A group-buying platform for groceries and fresh produce.

Founders: Trung Huynh
Country: Vietnam
Founding year: 2020
Total funding raised: US$9 million
Investor: Jungle Ventures and Golden Gate Ventures.
What led to the downfall: Weak unit economics.

Also Read: ‘Mio shutdown was a strategic decision, not a forced one due to lack of funds’

Thinkphi

It provided cloud-based solar-based solutions for smart cities.

Founders: Priya Choksi and Samit Choksi
Country: Singapore
Founding year: 2015
Total funding raised: US$1.42 million
Investor: Khattar Group Companies.
What led to the downfall: No details available.

Oxfordcaps

OxfordCaps was an online marketplace for student accommodation.

Founders: Annu Talreja and Priyanka Gera
Country: Singapore
Founding year: 2017
Total funding raised: US$15.3 million
Investors: Brand Capital, Kalaari Capital, Bennett, Coleman, Trifecta Capital, 500 Global, Times Internet, 500 Durians, Readymix Holding, ReadyVentures, Velocity Ventures
What led to the downfall: Oxfordcaps began downscaling its operations a few months after the pandemic began due to severe financial stress.

Toastme

Toastme was a cross-border money transfer platform to send money to the Philippines.

Founder: Aaron Siwoku
Country: Singapore
Founding year: 2014
Total funding raised: US$2.4 million
Investors: Aetius Capital, Pepper, 1776 Ventures, ACE & Company, Wise, One Zero Capital, Startupbootcamp, and OMNIBRIDGE INVESTMENTS
What led to the failure: COVID-19 hit the business.

Toko Talk

Toko Talk was an app-based solution provider to create online stores.

Founder: Jen Liu
Country: Indonesia
Founding year: 2018
Total funding raised: US$3.2 million
Investors: Altos Ventures and ManagementAccess Ventures.
What led to the downfall: No details available.

Omnilytics

Omnilytics provided data analytics and reporting solutions for retail industries.

Founders: Kendrick Wong, Sylvia Yin, and Nikolai Prettner.
Country: Malaysia
Founding year: 2014
Total funding raised: US$2.98 million
Investors: East Ventures, 500 Global, and InvestIdea.
What led to the downfall: No details available.

CarPal

CarPal was an app-based platform providing on-demand, B2C hyperlocal delivery services.
Founder: Maarten Hemmes
Country: Singapore
Founding year: 2014
Total funding raised: US$3.5 million
Investors: RB Investments and SM Global Financial.
What led to the downfall: No details available.

PicMix

PicMix was an Indonesian mobile application that offered users photo and video editing and social sharing.

Founders: Calvin Kizana and Sandy Colondam
Country: Indonesia
Founding year: 2012
Total funding raised: US$3 million
Investors: Gobi Partners, Erajaya, Mavcap, and Launchpad Accelerator.
What led to the downfall: No details available.

Apvera

A data-driven insider threat intelligence provider

Founder: Eric Meyer
Country: Singapore
Founding year: 2013
Total funding raised: US$1.5 million
Investors: ACP, SPRING Singapore, Nest Ventures, muru-D, Central X, MAX Burgers, DBS Accelerator, CyLon, Seeds Capital, Innovation Nest, August One, and Plug and Play APAC.
What led to the downfall: No details available.

TruStory

TruStory was an online retailer of apparel for women.

Also Read: ‘Sell things with repeat purchases and uses’: Warren Leow speaks about Amazing Fables shutdown

Founder: Preethi Kasireddy
Country: Malaysia
Founding year:
Total funding raised: US$3.3 million
Investors: True Ventures, Pantera Capital, Kindred Ventures, Homebrew, Wonder Ventures,
Abstract Ventures, Ausum Ventures, and Dream Machine.
What led to the downfall: No details available.

Shox Rumahan

A social commerce startup that provided home appliances at a competitive price.

Founders: Sonat Yalcinkaya and Maria Octavyani Manao
Country: Indonesia
Founding year: 2018
Total funding raised: US$8 million
Investors: Ephesus United, AC Ventures, Teja Ventures, SGInnovate, and Partech
What led to the failure: Financial losses.

Flexible Pass

It offered an online platform for fitness passes.

Founder: Sully Bholat
Country: Myanmar
Founding year: 2017
Total funding raised: US$1 million
Investors: Seed Myanmar, Trust Venture Partners, Nest Tech, e-navik, and Founder Institute.
What led to the downfall: No details available.

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Hong Kong is making a significant move to establish itself as a leading tech hub in Asia. With plans to issue more cryptocurrency exchange licenses by the end of 2024 and the introduction of its first set of AI policies specifically designed for the financial sector, the city is gearing up for a transformative shift.

The government’s push for tax-free gains on virtual assets, alongside regulations to manage the burgeoning AI landscape, highlights its ambition. However, a critical question arises: Is this bold strategy sustainable, and will it genuinely benefit Hong Kong’s financial ecosystem?

The potential of AI and cryptocurrency in Hong Kong

Hong Kong’s financial sector is well-known for its strong infrastructure, large markets, and dynamic opportunities, making it a prime candidate for the adoption of AI technologies. The government, under the leadership of Secretary for Financial Services and the Treasury Christopher Hui Ching-yu, has acknowledged the dual nature of AI—its potential to revolutionise finance while also presenting certain risks. By taking a balanced approach, Hong Kong aims to encourage AI development while addressing the challenges that come with it.

The introduction of a unified framework for AI policy across various regulatory bodies is a significant advancement. This framework will facilitate a coordinated strategy for governing AI use in finance, ensuring that the technology is utilised effectively and safely. This initiative comes at a crucial time, as AI applications are rapidly expanding across industries, particularly in finance, where AI-driven algorithms are reshaping trading, risk management, and customer service.

On the cryptocurrency front, Hong Kong’s proposal to extend tax breaks on digital assets signals its intent to become a welcoming environment for crypto investments. By including virtual assets in existing tax incentives for family offices and private funds, the city aims to attract more investment in this growing sector. This move aligns with a broader global trend, as institutional interest in cryptocurrencies continues to rise, evidenced by the increasing number of crypto-focused investment funds and the growing market capitalisation of digital assets.

Navigating challenges and opportunities

Despite the promising outlook, Hong Kong faces significant hurdles in its quest to become Asia’s premier tech hub. One of the main concerns is the sustainability of the current cryptocurrency exchange license holders. Many of these exchanges are struggling to achieve profitability, raising questions about the wisdom of issuing more licenses. The cryptocurrency market is notoriously volatile, and the regulatory landscape is still evolving, which adds to the uncertainty.

In addition, access to popular AI services in Hong Kong is limited. Major US tech companies like OpenAI and Google do not offer their AI services locally, and accessing Chinese AI services from companies like Baidu and ByteDance can be complicated. This lack of access could hinder the adoption of AI technologies in Hong Kong, potentially stalling the city’s ambitions.

To tackle these challenges, the Hong Kong government is working on developing its own AI solutions. This initiative could provide a much-needed boost to the local AI ecosystem, fostering innovation and creating new opportunities.

Also Read: How to succeed as an expat entrepreneur in Hong Kong

Economic implications

The economic ramifications of Hong Kong’s initiatives are profound. By embracing AI and cryptocurrency, the city is positioning itself at the forefront of the digital economy. The potential benefits are significant, including increased investment, job creation, and enhanced competitiveness in the global market.

According to a report by PwC, AI could contribute up to US$15.7 trillion to the global economy by 2030, with the financial sector being one of the biggest beneficiaries. In Hong Kong, the adoption of AI in finance could lead to more efficient operations, improved customer experiences, and new revenue streams. Similarly, the cryptocurrency market is expected to continue its growth trajectory, with the global market capitalisation of digital assets surpassing US$3 trillion in 2021.

The path to realising these benefits is fraught with challenges. The regulatory environment must be carefully managed to ensure that AI and cryptocurrency are used responsibly and ethically. This includes addressing issues such as data privacy, cybersecurity, and the potential for market manipulation.

A personal reflection

From my perspective, Hong Kong’s ambitious move to embrace AI and cryptocurrency is both exciting and concerning. As someone who closely follows technology and finance, I see the potential for these innovations to transform the industry. However, I am also aware of the risks involved.

Also Read: What makes Hong Kong the fastest growing startup ecosystem in Asia?

The success of Hong Kong’s initiatives will hinge on the government’s ability to strike a delicate balance between fostering innovation and implementing necessary regulations. It is crucial that the city creates an environment that encourages experimentation and growth while protecting the interests of consumers and investors.

The sustainability of the cryptocurrency exchange market is a pressing concern. While issuing more licenses could stimulate competition and innovation, it could also lead to market saturation and increased financial instability. The government must carefully assess market dynamics and ensure that new entrants are well-capitalised and capable of operating sustainably.

Hong Kong’s initiatives are a testament to the transformative power of technology and the importance of forward-thinking policies in shaping the future of finance. Whether these efforts will ultimately pay off remains to be seen, but one thing is certain: Hong Kong is a city to watch in the coming years.

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Navigating the Funding Maze: Exploring Startup Funding Options for Filipino Founders

The Echelon Philippines 2024 panel titled ‘Navigating the Funding Maze: Exploring Startup Funding Options for Filipino Founders’ offered insights into the diverse funding options and strategies available to emerging businesses.

Moderated by Joan Yao, Vice President of Investments at Kickstart Ventures, Inc., the discussion featured perspectives from Camille Ang, CEO and Co-Founder of Hive Health; Ankit Upadhyay, Founder and General Partner of A2D Ventures; John Aguilar, Founder and Host of The Final Pitch; and Paulo Campos III, Founding Managing General Partner at Kaya Founders.

The discussion highlighted various sources of capital available to Filipino startups, including venture capital, angel investors, government grants, and alternative financing options. The panelists stressed the importance of aligning with investors’ long-term goals, building relationships, and timing proposals to match market conditions.

Also Read: Echelon Philippines 2024: Beryl Li on YGG’s integration of AI and blockchain for the future of work

Key insights included the need for founders to establish strong conviction in their vision while staying open to feedback. They also emphasised understanding investor-founder fit and the value of being coachable—qualities that investors often seek when considering startups for funding. Another critical point was recognising when to pivot or close a venture, with the panel agreeing on the importance of transparency and responsibility in those decisions.

Finally, the panel discussed expansion opportunities for Filipino startups beyond local markets, identifying regions like Dubai as promising areas for growth. Together, these insights provided a strategic roadmap for founders to navigate the funding landscape, prepare effective proposals, and build lasting, scalable ventures.

Watch the session video above to learn more about these insights and the strategies shaping the future of entrepreneurship.

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DF Automation & Robotics (DF Auto), a Malaysian robotics company, has received US$1.85 million in a new funding round to support its growth plans.

The investment round was led by Vynn Capital, a Malaysia-based venture capital firm, through its mobility and supply chain fund.

Also Read: Navigating challenges and opportunities in the Malaysian robotics industry

Other participants in the round included existing investor Malaysian Technology Development Corporation (MTDC), new investor Leave a Nest Capital from Japan, and individual investors through equity crowdfunding.

Established in 2012 by three engineers from Universiti Teknologi Malaysia (UTM), DF Auto specialises in designing and manufacturing autonomous mobile robots (AMRs). AMRs are self-navigating robots that automate intralogistics, particularly in smart factory settings.

The company provides a range of AMR models, including Zalpha, Zetha, Zamma, Titan, and Zoei, each catering to different loads, purposes, and capabilities.

DF Auto serves a global clientele, including multinational corporations (MNCs) in industries like semiconductor manufacturing, automotive, electronics and electrical (E&E), food and beverage (F&B), aerospace, and healthcare services. The company exports its robots to various countries.

DF Auto has gained recognition for its innovative technologies and customised solutions, such as the Mak Cik Kiah 19 (MCK19) project, which helped distribute medicines and food to COVID-19 patients’ rooms. Another notable project is Zoei, an AMR with omnidirectional navigation capability, allowing it to move efficiently in a 2-dimensional plane.

Also Read: The transformative potential of humanoid robots: A VC perspective

The company also offers an integrated user-friendly ecosystem with its in-house operating system, Navigation Wizard (NavWiz), DFleet, and extensive maintenance support.

The global industrial robot segment is projected to generate US$11.4 billion in revenue by 2029.

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Dear reader,

The establishment of Danantara, Indonesia’s ambitious national investment agency, signifies a key shift in how the nation intends to manage its substantial state-owned assets.

President Prabowo Subianto’s vision draws inspiration from successful sovereign funds like Singapore’s Temasek, aiming to streamline and enhance the profitability of Indonesia’s SOEs while attracting global investment. By consolidating state-owned enterprises across diverse sectors, Danantara could become a powerhouse, reshaping Indonesia’s investment landscape.

However, Indonesia must heed lessons from Malaysia’s 1MDB scandal, prioritising transparency and independence from political interference. The success of Danantara hinges on strict adherence to professional management principles and the appointment of executives with credible track records.

Analysts are right to highlight the need for a robust legal framework to support this agency, which could ensure its operational independence and foster investor trust.

Although overlaps with the Indonesia Investment Authority (INA) raise some concerns, Danantara’s envisioned autonomy could set it apart, focusing purely on profit-driven state investment.

If managed with integrity and strategic insight, Danantara could emerge as a pivotal force in advancing Indonesia’s economic growth, harnessing its nearly trillion-dollar asset target to drive sustainable development and strengthen Southeast Asia’s largest economy.

Sainul,
Editor.

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NEWS & VIEWS

Indonesia to launch Temasek-style fund amid transparency concerns
The country will soon launch Danantara, a national investment agency to overhaul multibillion-dollar state-owned assets; Some observers have raised concerns about potential overlaps with the sovereign wealth fund, the Indonesia Investment Authority.

Wavemaker launches US$60M fund to bridge Series B gaps in SEA
With a hard cap of US$100M, Wavemaker Growth Opportunities Fund will invest in high-potential startups in the enterprise, deeptech, and sustainability sectors.

Sea Group’s Q3 revenue up 30.8% to US$$4.3B
The total gross profit for the quarter was US$1.9B, also up 29.1% y-o-y; Total net income was US$153.3M, as compared to total net loss of US$144M a year ago.

MAS launches US$500M in matching concessional funding to decarbonise Asia
The Singaporean regulator said that Financing Asia’s Transition Partnership (FAST-P) is a blended finance initiative which brings together international public, private and philanthropic partners to support Asia’s decarbonization and climate resilience.

AnyMind’s Q3 revenue surges 53% on strong D2C, e-commerce platforms growth
The group’s gross profit for the quarter followed a similar upward trajectory, increasing by 46% YoY to US$30M; The D2C and e-commerce platforms segment achieved a 65% YoY increase in gross profit.

Turing Space nets US$3M to expand digital identity solutions globally
The lead investor is Profederal; Turing Space aims to streamline certifications across various industries by leveraging blockchain to build a borderless digital trust network.

South Korean police bust US$228M crypto scam, 215 arrested
The Gyeonggi Nambu Provincial Police announced Wednesday that these individuals include the alleged leader of the syndicate which promised large returns to approximately 15,000 investors.

Founders Factory launches in Singapore to bolster SEA deep tech, climate tech ecosystem
The expansion of Founders Factory marks a strategic move to bolster regional startup ecosystem, creating new opportunities.

Malaysia’s DF Automation & Robotics raises US$1.85M funding
Investors include Vynn Capital, MTDC, and Leave a Nest Capital; DF Auto has the capability to design and manufacture autonomous mobile robots for various industries.

Collektr bags US$1.3M to expand livestream collectibles platform across APAC
The investors include AC Ventures Malaysia, The Hive Southeast Asia, and Creador Foundation; The platform specializes in high-demand categories like trading card games, comics, sneakers, handbags, and art.

Indosat, GoTo launch Sahabat-AI: Indonesia’s open-source LLM
It is specifically designed for Bahasa Indonesia and its local languages; This project will advance the country’s digital sovereignty, preserving its linguistic heritage, and unlocking new pathways for socio-economic growth and innovation.

Dossier secures funding to accelerate AI-powered compliance solutions for emerging markets
The investor is nVentures: Dossier has developed an AI-powered risk operating system initially focused on anti-money laundering and customer screening.

Disrupt Health invests in DiaMonTech’s non-invasive glucose monitoring tech
The fund will provide DiaMonTech connections with healthcare experts across Southeast Asia and facilitate its entry into the region.

US-based Hemisphere Ventures expands into Southeast Asia
The VC firm has opened an office in Singapore; Hemisphere makes early-stage investments in space, cybersecurity, biotech, nanotech, drones, robotics, and other frontier technologies; Chip Whittemore will lead Hemisphere’s Singapore operation.

FEATURES & INTERVIEWS

High-profile startup failures in Southeast Asia: What went wrong?
In the past five years, failures in the region have been led by a combination of capital scarcity, reduced product demand, and governance issues.

Building Malaysia’s digital future: Ir. Wan Murdani on MDEC’s ambitions with Ascent and CCV
Over the next three years, MDEC aims to facilitate the development and investment of 20-30 startups, strongly emphasising scalable business models.

Growth made possible: Addressing challenges faced by early stage startups in SEA
The high failure rate underscores the need for a systematic framework to accelerate early-stage startups towards a proven market opportunity.

Echelon PH 2024: Beryl Li on YGG’s integration of AI and blockchain for the future of work
YGG redefines work in the Philippines through AI, blockchain, and gig economy principles, creating global economic opportunities.

DANA’s Vince Iswara: ‘Fastest way to financial inclusion is through frictionless accessibility’
The DANA Indonesia CEO also explains the psychological barrier that prevent underbanked communities in Indonesia from accessing services.

Echelon Philippines 2024: Strategies for startups entering Southeast Asia’s dynamic markets
Unlock the potential of Southeast Asia’s markets for startups by exploring the strategic advantages of key nodes and hubs in the region.

Echelon Philippines 2024: The next horizon for e-commerce entrepreneurs
Explore the evolution of e-commerce in Southeast Asia, with a focus on success stories from the Philippines.

FROM THE ARCHIVES

How to drive business innovation with AI-powered data analytics
In the face of ever-expanding datasets, businesses must leverage AI and big data to drive innovation and streamline operations.

How to unlock the potential of conversational commerce in Asia Pacific
Latest research: APAC companies boost cloud investments for enhanced customer experiences and operational efficiency.

How machine learning really impacts us in our daily lives
From the health perspective, machine Learning can not only see the hidden characteristics of genomics data, it can also assist with diagnosis.

Why all leaders need to understand the impact of modern observability
Providing a view of the genuine business value of observability demands dedicated time and collaborative efforts across the organisation.

The canary in Singapore’s retail coal mine is ‘kiasu’
In Singapore’s retail scene, kiasu shoppers signal the need for business agility in the rapidly changing socio-economic landscape.

How edutech is solving the global teacher’s crisis
What happens when a teacher is not given the optimal environment to transfer knowledge? They leave the system due to a lack of support?

Edutech is opening up opportunities, but we need to get it right
For edutech to be truly transformational—the industry needs to urgently address a couple of things. Find out what.

How to tackle the biggest challenge for hyper-growth tech startups today
Three business challenges that we have observed hyper-growth startups in the region are tackling—and our recommendation for them.

Preparing kids for the future of work by asking founders the skills they hire for
A key question I get is If kids can learn to code, why can’t kids learn first principles thinking? Or clear communication? Or self-awareness?

The inevitable digitalisation of education and what educators really need
Beyond the ability to deliver lessons virtually, it is important to replicate the social aspect in a traditional classroom.

THOUGHT LEADERSHIP

Why security shouldn’t take a backseat for startups
Discover why security is essential for tech startups, as neglecting it can harm brand reputation and customer trust.

Why the Fed’s 2 per cent inflation target is outdated and harmful to today’s economy
Explore the origins and impact of the Fed’s two per cent inflation target. Is it still relevant in today’s global economic landscape?

From 5G to AI: Why Southeast Asia’s tech boom can’t survive without liquid cooling
The demand for faster, more powerful data processing will only intensify as AI, 5G, and digital services continue to evolve.

How video production can boost your brand’s reach
Video production is essential for brand visibility, driving customer engagement and purchase decisions across platforms like YouTube and Instagram.

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Image Credit: 123RF.

The post Ecosystem Roundup: Indonesia to launch Temasek-style fund | High-profile startup failures in SEA | Wavemaker sets up US$60M growth fund appeared first on e27.

Yesterday, Indonesia saw the launch of Sahabat-AI, an open-source large language model (LLM) ecosystem tailored specifically for Bahasa Indonesia and diverse local languages in the country. The initiative, jointly spearheaded by Indosat Ooredoo Hutchison and GoTo Group, reflects the country’s ambition to assert its digital sovereignty while preserving its rich linguistic heritage.

The announcement was made during Indonesia AI Day event which was attended by Erick Thohir, Indonesia’s Minister of State-Owned Enterprises; Jensen Huang, NVIDIA founder and CEO; Vikram Sinha, CEO of Indosat; and Patrick Walujo, CEO of GoTo.

The introduction of Sahabat-AI is described as aligning with the Golden Indonesia 2045 vision, a roadmap to propel the nation into a technological and economic powerhouse. “Sahabat-AI is not just a technological achievement; it embodies Indonesia’s vision for a future where digital sovereignty and inclusivity go hand in hand,” remarked Sinha.

Unlike global LLMs, Sahabat-AI is designed to address Indonesia’s unique linguistic and cultural nuances. It will enable businesses, public institutions, and educational entities to build AI-driven services in native languages.

Walujo echoed these sentiments: “Our vision for Sahabat-AI is to put the power of AI into the hands of everyone in Indonesia. By operating in Bahasa Indonesia, Sahabat-AI addresses critical context and cultural reference gaps left by global large language models.”

Also Read: Autonomous mobile robotics innovator DF Auto lands US$1.85M investment round

Cross-border collaboration

The creation of Sahabat-AI brings together stakeholders across academia, government, media, and industry. Indonesian universities, including the University of Indonesia, Gadjah Mada University, Bandung Institute of Technology, and Bogor Institute of Agriculture, are contributing research and development expertise.

Media organisations such as Republika and Kompas Group are playing a pivotal role in ensuring the AI system’s contextual and cultural accuracy. International partnerships further bolster the project, with AI Singapore and Tech Mahindra providing technical support using NVIDIA’s advanced AI enterprise software, including the NeMo framework.

At its core, Sahabat-AI represents a blend of cutting-edge technology and localised adaptation. The model was trained on NVIDIA’s full-stack AI platform, leveraging the Indosat Group GPU Merdeka sovereign AI cloud service with NVIDIA Hopper-based accelerated computing. Initial iterations of Sahabat-AI will include LLMs with 8-billion and 9-billion parameters, capable of processing vast amounts of data in local languages.

This technological framework is designed to enhance general language understanding while preserving cultural and linguistic nuances. The models are set to be incorporated into applications like Hippocratic AI, the world’s first safety-focused LLM for healthcare, which will extend services to Indonesian residents.

Sahabat-AI is poised to address some of Indonesia’s most pressing challenges, including digital literacy and equitable access to technology. By enabling Indonesians to interact with AI in their native languages, the initiative fosters inclusivity and democratises access to advanced technology.

Also Read: Digitalisation is driving the new normal for Southeast Asia’s automotive sector

“This initiative is a crucial step towards democratising AI as a tool for growth, innovation, and empowerment across our diverse society,” said Sinha. The LLM ecosystem is expected to accelerate growth across key sectors, including education, governance, and commerce, by bridging gaps in digital access.

Walujo added: “Sahabat-AI will help businesses communicate in new ways with customers, empower government ministries to engage more comprehensively with citizens, and drive meaningful change for millions of people across the country.”

While the first phase of Sahabat-AI sets the foundation, its success depends on sustained collaboration. As Walujo pointed out, “The only way to realise this vision is with the support of others.” The initiative calls for continued partnerships with international and local stakeholders to scale the ecosystem and unlock its full potential.

As Indonesia moves towards its 2045 vision, projects such as Sahabat-AI intends to highlight the country’s commitment to harnessing technology for socio-economic progress. By prioritising digital sovereignty and cultural preservation, Indonesia is not only positioning itself as a leader in the AI space but also ensuring that the benefits of innovation are shared across its diverse population.

In the years ahead, Sahabat-AI might become a cornerstone of Indonesia’s technological landscape, a testament to the nation’s ability to combine global expertise with local innovation for the greater good.

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Image Credit: Sahabat AI

The post Sahabat-AI initiative aims to leapfrog Indonesia’s digital sovereignty appeared first on e27.

On 5 November, Branch and e27 gathered top industry leaders, mobile marketers, and decision-makers in Jakarta, Indonesia. Together, they dove deep into one of the most critical aspects of mobile marketing. The exclusive roundtable focused on the importance of precise data measurement. This is imporant as it is a key factor in driving effective marketing strategies and maximising ROI. e27 not only provided the platform for collaboration, but also empowered mobile marketers to take practical steps towards better growth.

A curated space for reshaping mobile marketing

As a seasoned convenor in the tech and startup space, e27 curated a space for experts to discuss critical issues. Among these issues are precise data measurement and optimising the mobile funnel to improve conversion rates. The collaborative setting encouraged knowledge exchange, providing marketers with actionable insights to tackle the evolving challenges in mobile marketing and unlock the full potential of data-driven strategies.

By providing end-to-end management of the roundtable discussion, Branch was able to bring its message closer to its target audience. Participants included the heads of Product, Marketing, and Data teams from prominent companies such as Shopee Indonesia, Jobstreet by Seek, PT. Pegadaian, Gojek, Flip Indonesia, 99 Group, Alodokter, and PT Kasir Pintar Internasional.

Key takeaways on turning data into dollars

The discussion began with the crucial role of accurate data in driving smarter, more informed decisions in mobile marketing. Industry leaders highlighted how leveraging precise data insights not only enables businesses to effectively measure success, but also empowers them to adjust campaigns in real-time for optimal impact.

Another key focus was the importance of understanding each stage of the mobile user journey. With granular insights into user behaviour, marketers are able to fine-tune their strategies. As a result, performance and the user experience are improved at every stage, from initial engagement to conversion.

Experts also underscored the need to transform raw data into actionable insights. By doing so, businesses can enhance customer acquisition, increase engagement, and ultimately boost retention rates. As a result, marketing investments are turned into tangible, measurable growth.

Finally, one of the standout takeaways was the strategy for utilising precise measurement to optimise mobile marketing efforts and maximise ROI. Speakers shared practical advice on enhancing marketing efficiency through data-driven decision-making, which ultimately contributes to sustained revenue growth.

Also read: Empowering brands to build a personalised customer journey with Braze

Towards mobile marketing strategies that maximise ROI

In conclusion, the roundtable hosted by Branch and e27 provided a valuable opportunity for mobile marketers to explore how data-driven insights can revolutionise their marketing efforts and maximise ROI. Through expert-led discussions and practical examples, participants gained a deeper understanding of the critical role precise data measurement plays in developing effective marketing strategies.

This event underscored the significance of turning data into actionable insights, fine-tuning the mobile user journey, and optimising campaigns in real-time. It also showcased e27’s ability to customise a space where meaningful discussions among key stakeholders can take place. As mobile marketing continues to evolve, the insights shared at this roundtable will help leaders stay competitive by leveraging data to drive growth, enhance user engagement, and achieve measurable business outcomes.

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This article is produced by the e27 team

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The post Data to dollars: Reshaping mobile marketing with Branch and e27 appeared first on e27.

In an era of rapidly shifting trends and fragmented consumer behaviours, staying culturally relevant is a formidable challenge for businesses. According to Vincent Ruaz, founder of the AI-powered trend analysis platform OwlySearch, the ability to adapt quickly to these shifts sets successful brands apart.

“Today, to stay culturally relevant, businesses must adapt to a world of fast-paced, fragmented, and unpredictable trends,” Ruaz explains. “We live in a decentralised environment where keeping up with trends is harder than ever. Companies are eager to remain relevant, either by setting trends or by following them quickly enough to stay in sync with cultural shifts.”

Ruaz believes Artificial Intelligence (AI) offers an effective solution. OwlySearch, for instance, captures real-time insights into micro-trends, enabling brands to reduce research timelines and accelerate creative processes. This, in turn, results in quicker speed to market and cost reductions—critical advantages in Southeast Asia’s (SEA) competitive landscape, where local brands often outpace larger companies in agility.

One of the pressing issues OwlySearch addresses is the so-called “walled garden” of major tech platforms, which limits access to valuable behavioural data. These restrictions complicate marketers’ ability to map consumer journeys effectively.

“OwlySearch provides marketers with actionable behavioural data, empowering them to make informed investments and move away from guesswork,” Ruaz states. Unlike competitors, OwlySearch focuses on real user behaviours, capturing long-term and short-term trends with unmatched granularity.

Also Read: Sahabat-AI initiative aims to leapfrog Indonesia’s digital sovereignty

For example, Ruaz shares, “We’re seeing the song ‘APT.’ by Rosé and Bruno Mars trending within the makeup category among US audiences on social media. No other platform detects this type of micro-trend at a category level.” Such insights are invaluable for brands aiming to produce timely and culturally relevant content.

Towards a strong 2025

OwlySearch operates on a software-as-a-service (SaaS) model. Subscribers gain access to either an interactive dashboard for trend exploration or weekly trend reports delivered promptly every Monday. These reports enable brands to brief their creative teams and key opinion leaders (KOLs) in real-time, allowing them to act swiftly on emerging trends.

Ruaz outlines the platform’s user base as comprising multinational corporations, medium-sized enterprises, and even NGOs. The company attracts clients through networking, industry events, cold outreach, and recommendations.

OwlySearch is co-founded by Ruaz, a seasoned digital marketer with a résumé that includes leading roles at L’Oréal and Publicis Innovation Lab, and Kim Ji Eun, the company’s CTO, whose expertise in data analytics stems from her time at Meta and Publicis Digital Lab. Together, they manage a lean team of fewer than 10 individuals.

This compact structure has not hindered their progress. Rather, it has enabled the team to remain agile as they focus on refining their product and expanding their client base.

Also Read: Digitalisation is driving the new normal for Southeast Asia’s automotive sector

Despite their early success, OwlySearch remains a bootstrapped venture. Ruaz reveals that the company has not yet sought external funding, preferring to establish a strong client base and demonstrate product-market fit.

For 2025, the company has an ambitious growth target. “Our big plan for 2025 is to double our growth,” Ruaz says. “We have a strong product that we’re continually optimising, but our main focus is scaling the business.”

OwlySearch recently earned recognition as one of the top 10 startups in the L’Oréal Big Bang Beauty Tech Innovation Program. Selected from nearly 1,000 applicants across the Middle East, India, and SEA, this achievement has already opened doors for the startup.

“Participating in the L’Oréal Big Bang Beauty Tech Innovation Program is an honour,” Ruaz reflects. “It’s a credibility booster, opening doors not only within L’Oréal but with other organisations. Several companies have already approached us for trend-hacking solutions.”

OwlySearch aims to leverage this recognition to deepen its collaboration with L’Oréal and forge new partnerships, scaling its reach and impact.

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Image Credit: OwlySearch

The post Beyond the walled garden: How OwlySearch empowers business decision-making with AI appeared first on e27.

The Malaysia Digital Economy Corporation (MDEC) recently inked two partnerships with Singapore’s Ascent and Indonesia’s Central Capital Ventura (CCV) to strengthen Malaysia’s digital economy. As part of this collaboration, the three organisations launched a US$45 million investment initiative fund to fuel innovation and accelerate the growth of local startups.

In this interview with e27, MDEC’s Head of Digital Industry Acceleration, Ir. Wan Murdani Wan Mohamad, shares more insights on these strategic partnerships.

Edited excerpts:

What are MDEC’s primary goals with these partnerships with Ascent and CCV?

MDEC’s primary objective with these partnerships is to bolster Malaysia’s digital economy by creating a robust and dynamic ecosystem that attracts substantial capital investment. These alliances with Ascent and CCV are strategically designed to accelerate growth across digital and tech sectors, ensuring local tech companies gain greater access to funding, innovation networks, and regional market opportunities.

Also Read: MDEC unveils US$45M investment initiative with Ascent, CCV to strengthen Malaysian startups

Ultimately, this collaboration will advance Malaysia’s standing as a leading innovation hub in ASEAN, positioning the nation at the forefront of digital economy development in the region.

What specific milestones or outcomes do you aim to achieve within the next few years due to these partnerships?

Over the next three years, we aim to facilitate the development and investment of 20 to 30 startups, strongly emphasising scalable business models. Key outcomes include increased venture capital inflows, a rise in high-growth companies achieving regional expansion and
significant contributions to Malaysia’s GDP through tech-driven economic activities.

Can you provide more details on the selection criteria for Malaysian startups that will benefit from Ascent’s early-stage funding?

Startups will be selected based on their potential for scalability, innovation, and alignment with Malaysia’s digital economy goals. Specific criteria include a strong market need, a strong management team, and a clear strategy for regional expansion, particularly within ASEAN markets.

These elements are essential to ensure that funded startups have the capability to leverage the partnership for substantial growth.

In which ways does MDEC plan to support and ensure the regional scalability of the funded startups?

MDEC will provide strategic support by offering access to mentorship programmes, industry partnerships, and market access initiatives through our Digital Exports programmes.

Additionally, MDEC’s extensive regional networks will facilitate entry to ASEAN markets, helping startups to scale and achieve long-term sustainability and impact.

How will Ascent’s investment in fintech, AI, and robotics contribute to Malaysia’s position as an innovation leader in the ASEAN region?

Ascent’s investment in cutting-edge fields such as fintech, AI, and robotics will drive innovation, attract top talent, and position Malaysia as a regional technology leader. This focus strengthens Malaysia’s competitive edge in digital solutions within ASEAN, boosting its attractiveness as a hub for advanced technological development and digital business.

Also Read: MDEC CEO: Under Malaysia Digital, digital businesses will have more flexibility in fiscal, non-fiscal incentives

How will CCV’s regional ecosystem network benefit Malaysian startups, and are there specific partnership opportunities within this network?

CCV’s extensive regional network offers Malaysian startups access to established corporate partners and opportunities for market expansion in Indonesia and beyond. These partnerships allow startups to tap into vital growth resources, leverage CCV’s ecosystem for strategic collaboration, and expand their reach across Southeast Asia.

Please outline any targeted areas within AI, cybersecurity, blockchain, and digital finance that MDEC believes will benefit most from CCV’s support.

Key focus areas include AI-driven predictive analytics and automation, cybersecurity solutions tailored for fintech and digital finance, and blockchain applications for secure digital identity and transparent financial services.

How does MDEC plan to measure the impact of these partnerships on financial inclusion and digital transformation in Malaysia?

MDEC will measure impact by tracking total investment, job creation, and increased digital adoption rates.

For financial inclusion specifically, we aim to see improved access to digital financial services, particularly for underserved communities. These metrics will allow us to assess progress in fostering an inclusive digital economy and enabling nationwide digital transformation.

Are there specific policies or initiatives that MDEC plans to introduce to ensure the sustainability of this investment impact?

MDEC collaborates closely with relevant agencies and regulatory bodies to create a supportive, innovation-friendly environment. Initiatives like the Startup Single Window platform have been introduced to streamline processes, centralise resources, and simplify funding applications across government agencies. These steps ensure long-term sustainability and ease of access within Malaysia’s startup ecosystem.

Also Read: TikTok exec Anuar Fariz Fadzil joins MDEC as CEO to drive Malaysia’s digital agenda

Lastly, how does MDEC see this collaboration influencing Malaysia’s competitive positioning within the Southeast Asian startup ecosystem?

This collaboration is expected to significantly enhance Malaysia’s appeal as a destination for startups and investors, establishing it as a strategic entry point into ASEAN. With support from prominent investors like Ascent and CCV, Malaysia is poised to become a competitive player in the regional ecosystem, attracting both regional and global interest and fostering a vibrant, sustainable digital economy.

The post Building Malaysia’s digital future: Ir. Wan Murdani on MDEC’s ambitions with Ascent and CCV appeared first on e27.

Shaping the Future of Work: YGG’s Vision and Strategic Roadmap for the Philippine Ecosystem

The Echelon Philippines 2024 fireside chat titled ‘Shaping the Future of Work: YGG’s Vision and Strategic Roadmap for the Philippine Ecosystem’ featured insights from Beryl Li, Co-Founder of Yield Guild Games (YGG), with Thaddeus Koh, Co-Founder and Co-Founder and Head of Events at e27, serving as moderator.

The discussion focused on how YGG is redefining employment in the Philippines by using gig economy principles to empower individuals to join a decentralised global workforce.

Li outlined YGG’s shift from a gaming guild into a broader “future of work” model by integrating artificial intelligence (AI) and blockchain technologies. Originally established during the COVID-19 pandemic, YGG has grown to over seven million community members in the Philippines.

Also Read: Echelon Philippines 2024: Christina Cai of Lydia.ai on revolutionising insurance with AI

Li described how YGG leverages NFTs as in-game assets and is expanding its scope into areas like data labelling and lending processing power. In this system, users earn “soul-bound tokens” by completing specific tasks, building a digital reputation that can support their credibility in a decentralised job market.

The discussion also emphasised on the role of human input in AI and the potential for skill development within emerging markets like the Philippines. YGG’s platform aims to create economic opportunities by matching skills with global tasks, fostering an inclusive, scalable community that opens up new possibilities for economic empowerment in the digital age.

Watch the session video above to learn more about these insights and the strategies shaping the future of entrepreneurship.

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The post Echelon Philippines 2024: Beryl Li on YGG’s integration of AI and blockchain for the future of work appeared first on e27.