Many children find it challenging to openly express their thoughts and emotions, leading to isolation, misunderstanding, and emotional disconnect within families. This issue is especially acute for children with ADHD and autism, who often encounter additional obstacles in articulating their inner experiences, further complicating their ability to connect with their caregivers. But this is where MangaChat aims to play a role.

MangaChat is committed to bridging this communication gap, ensuring all children can authenticate themselves and maintain an open dialogue with their caregivers, including parents, therapists, and counsellors.

The platform is designed to empower children by providing a safe, fun, and accessible online journaling experience that encourages them to explore and share their inner worlds. Through this innovative approach, MangaChat aims to foster stronger emotional connections within families and support the well-being of children with diverse communication needs.

“While many online journaling tools exist, MangaChat stands out by integrating the arts, artificial intelligence, and a gamified cognitive behavioural therapy (CBT) process. This unique combination offers a holistic approach to supporting children’s mental well-being,” says Renee Chong, Co-Founder and COO, in an email to e27.

MangaChat’s product development process is highly iterative and user-centric. It begins with feedback on the initial minimum viable product (MVP) gathered from partner schools and mental institutions.

Also Read: How autism shaped my life and what I want people to know

The platform is continually refined through user surveys and insights from teachers, therapists, and counsellors, focusing on enhancing the front-end user experience and gamifying the journey to increase engagement among children.

On the backend, MangaChat’s system analyses captured data and integrates CBT with AI, delivering tailored images and messages that align with the children’s emotions and specific scenarios, thereby improving their overall engagement and communication.

“We engage with them through a B2C model by reaching out to parents, a B2B model by partnering with schools and afterschool programmes, and a B2B2C model by collaborating with counsellors and psychiatrists,” Chong says.

MangaChat currently operates on a subscription-based model. It also offers white labelling services and Software as a Service (SaaS) solutions, allowing institutions to customise the platform to meet their specific needs.

“By combining these revenue streams and strategies, MangaChat can ensure financial sustainability while providing valuable services to children, parents, and professionals. The diverse approach to monetisation allows for flexibility and resilience, adapting to market demands and user needs over time.”

Next destination

MangaChat is one of the startups nurtured under the Technology for Sustainable Social Impact (TS2) accelerator programme.

Also Read: FingerDance uses AI to bridge communication with deaf, hard-of-hearing communities

TS2, a collaborative initiative by NUS Enterprise—the entrepreneurial arm of the National University of Singapore—and the Singapore Centre for Social Enterprise, raiSE, aims to empower startups committed to creating human-centred social impact. Through this programme, MangaChat has gained crucial financial support and access to a vast ecosystem of networks, fostering connections that have been vital to its development.

Chong expresses profound gratitude for the mentorship and guidance received through TS2. The programme’s emphasis on shared experiences and community has been instrumental in their journey. She highlights the invaluable support from mentors such as Michelle Lim, CEO of M.A.D. School, and Hugh Mason, who provided critical insights and guidance that have significantly contributed to MangaChat’s growth.

“It truly takes a village to raise a child, and we experienced that firsthand through the TS2 Accelerator programme,” Chong says.

MangaChat’s founding team comprises diverse professionals with extensive experience in their respective fields. Leading the team is Founder and CEO, Sheng-Fang (Joe) Huang, who holds a Ph.D. in Computer Science and has a decade of experience as a university professor in Medical Informatics.

COO Renee Chong brings 17 years of experience as an educator and policy maker with the Ministry of Education in Singapore.

Also Read: FingerDance uses AI to bridge communication with deaf, hard-of-hearing communities

The team also includes CTO Paul Yao, a seasoned full-stack web developer with 10 years of experience, CCO Bernard Soo, who has 18 years of banking experience and previously served on the EXCO of the Singapore Fintech Association, and Dr. Chao-Hsiang Hung, a Data Scientist with a Ph.D. in Educational Psychology. The total team size currently stands at eight members.

To date, MangaChat’s funding has been raised through personal contributions from the founding team’s friends and family. As the company continues to grow, the team is actively exploring opportunities for external investment to support its future development and expansion.

Chong shares the company’s plan for 2024 and beyond: “We aim to deepen our partnerships with primary schools, afterschool centres, and mental institutions in Taiwan and Singapore. We also aim to broaden our reach to the youth segments.”

“Additionally, we will introduce MangaChat into Southeast Asian markets such as Vietnam, Indonesia, and Thailand from 2024 and beyond.”

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Image Credit: NUS Enterprise

The post MangaChat helps children express their feelings better with AI-powered gamified CBT platform appeared first on e27.

The Philippines has emerged as one of Southeast Asia’s most dynamic and rapidly evolving startup ecosystems, driven by a unique blend of innovation, entrepreneurial spirit, and a growing digital economy.

With a population of 115 million, increasing internet penetration and the rising middle class have created fertile ground for startups across various sectors, from fintech and e-commerce to edtech and healthtech.

In 2022, local startups raised US$1.1 billion, exceeding the US$1.03 billion raised in 2021.

Fintech has been at the forefront of the Philippine startup ecosystem. E-commerce, edutech, and healthtech have grown significantly in recent years.

While the Philippine startup ecosystem is thriving, it faces challenges such as limited access to funding, regulatory hurdles, and the need for more robust infrastructure. However, these challenges are being addressed through increased government support, the rise of local venture capital firms, and the growing interest of international investors in the region.

Having said that, the future of the Philippines looks promising, with an increasing number of Filipino startups gaining traction.

Also Read: Forget the rest: This is why you should build your startup in the Philippines

We have compiled a list of the Philippines’s most exciting startups that have made their mark in their respective industries.

Kumu

A global livestreaming app made by Filipinos for Filipinos and Filipinos-at-heart.
The platform allows users to connect with fellow Filipinos around the world and watch live shows, post updates, and earn money. It also offers features like personal and group chat, games, and more. Users can also participate in quizzes, live shows, and more.

Founding year: 2107
Total funding raised: US$100 million
Investors: General Atlantic, Openspace Ventures, SIG Venture Capital, Foxmont Capital Partners, Kickstart Ventures, Summit Media, Gentree, Endeavor, Core Capital,
ABS-CBN Corporation, 10 Square Capital, Manila Angel Investors Network, Two Culture Capital, RISE, Gobi Partners, Flowing Ventures, and Communitas Founders.

PDAX

An online exchange platform for cryptocurrencies. It allows users to buy, sell, and manage cryptocurrencies and utility tokens. Supports Bitcoin, Ethereum, Ripple, Bitcoin Cash, and Litecoin.

Founding year: 2017
Total funding raised: US$62.5 million
Investors: Tiger Global Management, Kingsway Capital, Jump Capital, Draper Dragon, Oak Drive Ventures, Ripple, DG Daiwa Ventures, Beenext, Cadenza, Ubx Fund, BC Group,
CMT Digital, BitMEX, ConsenSys Ventures, Unifier Ventures.

Inteluck

It provides web-based software solutions for the logistics industry. Its products include fleet tracking, vehicle management, and ePOD systems. Its clientele includes 2GO SCVASI, ASTIR Engineering Works, ISUZU, and Royal Cargo among others.

Founding year: 2014
Total funding raised: US$56 million
Investors: Navegar, East Ventures, CREO Capital Partners, Headline, Mindworks Capital, Lalamove, Future Capital.

Edamama

A platform offering mom and baby products. Its offerings include garden kits, travel accessories, diapers & wipes, safety products, breastfeeding accessories, bathing & grooming, and learning products.

Founding year: 2019
Total funding raised: US$35 million
Investors: Kickstart Ventures, AC Ventures, Gentree, Innoven Capital, GS Group, Alpha JWC Ventures, Robinsons, Foxmont Capital Partners, Communitas Founders.

MoneyMax

It develops an online comparison platform. It offers solutions for credit cards, insurance, loans, and broadband plans. It is also a financial news aggregator and provides a consumer user guide to using different financial services.

Also Read: Are traditional conglomerates in the Philippines finally embracing corporate investing?

Founding year: 2013
Total funding raised: US$50 million =
Investors: IFC, Alibaba Group, SBI Group, Goldman Sachs, Nova Founders Capital, acecompany-inc.com.

Salmon

It develops a platform offering business and consumer loans. The platform enables customers to access financial products from partners registered with the Securities and Exchange Commission (SEC) in the Philippines.

Founding year: 2022
Total funding raised: US$25 million
Investors: IFC, Northstar Group, Argentem Creek Partners, TNB Aura, DisruptAD.

Great Deals E-commerce

A provider of suite solutions for brands. Its service includes storefront management, marketplace management, content & production management, digital marketing, analytics & insights, customer support, warehouse & fulfillment, and order & inventory management.

Founding year: 2017
Total funding raised: US$42 million
Investors: CVC, Navegar, Fast Logistics.

First Circle

An online platform for trade financing. It offers loans such as invoice financing, and purchase order financing. Borrowers can register via audited financial statements, proof of sales, and bank statements, along with invoices & purchase orders. It purchases the invoice on the client’s behalf. Funds are transferred to the registered bank account.

Founding year: 2016
Total funding raised: US$37.1 million
Investors: IFC, Venturra Capital, Insignia Ventures Partners, tryb, Silverhorn, Accion, DeepBlue Ventures, Key Capital Partners, Spiral Ventures, 500 Durians, Bangkok Bank InnoHub, Inclusive Fintech 50, Alter.

SariSuki

An online platform offering multi-category grocery supplies. It provides local communities offering fresh groceries through the Ka-Sari community. It offers fruits & vegetables, sweets & snacks, dairy products, and meat & seafood. The SariSuki app allows Ka-Sari community leaders to create and manage personal stores offering SariSuki products for sale. The company offers mobile applications for Android and iOS platforms.

Founding year: 2020
Total funding raised: US$24.8 million
Investors: Kickstart Ventures, Openspace Ventures, SIG, JG Digital Equity Ventures, Global Founders Capital, Saison Capital, Foxmont Capital Partners, SIG Venture Capital, Alter.

Sprout

A cloud-based platform for human resource management systems. The platform offers tools for managing onboarding, recruitment, payroll, training, employees, and performance. It allows users to manage attendance and time. It also enables employee engagement.

Also Read: Why I left a budding career in the US to help aspiring developers in the Philippines

Founding year: 2015
Total funding raised: US$18.5 million
Investors: Cercano Management, GSR Ventures, AFG, Integra Partners, Mynavi, ACA Investments, SBVA, Point72 Ventures, Kickstart Ventures, Wavemaker Partners, Beenext, Endeavor, Dymon Asia Capital, Next Billion Ventures, Acceleprise, Right Side Capital Management, ACA Investments, Forum Ventures.

Revolution Precrafted

A designer and developer of pre-fabricated properties. It develops pre-fabricated homes, pavilions, modular hotels, amenity spaces, pop-ups, and furniture. It caters to enterprises and consumers.

Founding year: 2015
Total funding raised: US$15.4 million
Investors: K2 Global, 500 Durians

CloudEats

The Internet’s first restaurant offering food delivery, the company operates multiple cloud restaurant brands with proprietary cloud kitchen technology. Its offerings include burgers, chicken wings, rolls, meal bowls, and more.

Founding year: 2019
Total funding raised: US$14 million
Investors: Nordstar, Gobi Partners, BAce Capital, Vulpes Ventures, interainvestmentslimited.vdtrxn, gmavntures.vdtrxn, Core Capital, Pc3n Ventures.

Mober

A provider of electric fleet-based last-mile delivery services, the platform offers technology-driven logistics services with shipping, AI-optimized route planning, booking solutions, and more. It provides a tracking feature that allows users to track and monitor the delivery progress in real time.

Founding year: 2016
Total funding raised: US$10 million
Investors: Clime Capital Management, Rtheptagonholdings, 2GO Group, Index Partners.

Kalibrr

An online job-matching platform provider. Candidates can make their online profile which contains their contacts and other employment details. Companies can search for candidates either by posting their own JD for free or through the candidate database. It charges the companies for the candidates they select from the database.

Founding year: 2012
Total funding raised: US$9.6 million
Investors: Y Combinator, Kickstart Ventures, Omidyar Network, Learn Capital, Siemer & Associates, FundersClub, Unreasonable, Wavemaker Partners, Future Now Ventures,
Eudaimonia Capital, Spiral Ventures, Patamar Capital, SAGANA, FCVC, Cento Ventures, Flowing Ventures.

Lifetrack

An intuitive software platform for the entire healthcare ecosystem. It has developed software that assists with imaging and medical documentation. The patent-pending platform offers templates for creating reports and an integrated decision support library that aids in the training, education, and skills improvement of Radiologists.

Also Read: Why it is important for tech companies to expand outside metro cities in the Philippines

Founding year: 2012
Total funding raised: US$5.2 million
Investors: UOB, Kickstart Ventures, Philips, Plug and Play APAC

Plentina

Plentina provides an online platform for purchase financing. It enables customers to make installment payments for in-store products. It also provides alternative credit scores using machine learning algorithms.

Founding year: 2019
Total funding raised: US$5.2 million
Investors: TMV, Global Founders Capital, Techstars, Unpopular Ventures, ACDI, JG Digital Equity Ventures, Amino Capital, Ignite Impact Fund, Western Union, Emergent Ventures, 500 Global, Vaidya Capital Partners, Flexcap Ventures Management,
Upscale Ventures, Tess Ventures, Clearsign Capital.

FlySpaces

Flyspaces is an “Airbnb for office and retail spaces”. The company is building a network of offices, meeting rooms, and commercial spaces that businesses and entrepreneurs can lease for short periods or whenever they need them.

Founding year: 2015
Total funding raised: US$2.6 million
Investors: Future Now Ventures, COENT Venture Partners, Narra Venture Capital, Rubina Real Estate, Reapra, Oak Drive Ventures.

PawnHero

PawnHero is an online platform for pawn loans. It enables users to access loans on the basis of approved collaterals. Users can collateralize products such as luxury watches, smartphones, jewelry, and designer bags. It provides a cash card for withdrawing the loan amount from ATMs.

Founding year: 2014
Total funding raised: US$9.7 million
Investors: Spiral Ventures, 500 Durians, Hatchd Digital, Softbank China and India Holdings.

GrowSari

An online B2B marketplace offering products and services. It uses marketplace technology to connect stores to the companies and allows owners to add products such as rice, fruits, vegetables, flour, sugar, and beverages.

Also Read: Growsari lands US$5M to empower 1.3M sari-sari store owners in Philippines

Founding year: 2016
Total funding raised: US$110 million
Investors: opp-gen.com, IFC, KKR, Pavilion Capital Partners, Saison Capital, ICCP SBI Venture Partners, Tencent, Wavemaker Partners, Robinsons, JG Digital Equity Ventures,
JG Summit Holdings, Endeavor, Hatchd Digital, NOMD.

TOKI

Toki is a social commerce platform designed for collectors. It offers a new collectible trading experience, allowing collectors to buy and sell items in one place. Toki aims to simplify transactions and provide a seamless platform for collectors to connect and engage with each other.

Founding year: 2023
Total funding raised: US$1.8 million
Investors: Kaya Founders and Foxmont Capital Partners

Nextpay

It provides accounts payable, receivable management, and payment automation solutions for businesses. It enables businesses to make online payments to employees and suppliers and collect online payments from customers. It facilitates payments via bank transfers, credit/debit cards, wallets, and more. It provides solutions to entrepreneurs, solopreneurs, and other businesses.

Founding year: 2019
Total funding raised: US$1.7 million
Investors: Golden Gate Ventures, Gentree, Kickstart Ventures, First Asia Venture Capital, Foxmont Capital Partners, Tribe Capital, 1982 Ventures, Saison Capital, Razorpay, Broadhaven Ventures, Y Combinator, South Quad, Amand Ventures, 335 Fund.

Parallax

A software platform for resource planning and financial planning. It offers solutions for resource planning, forecasting, sales pricing, sales forecasting, projecting financials, business intelligence, billable capacity tracking, project management, and more.

Founding year: 2019
Total funding raised: US$24.5 million
Investors: Baird Capital, Rally Ventures, Grotech Ventures, Matchstick Ventures, Great North Ventures.

Shipmates

An online platform offering courier solutions for e-commerce businesses. The platform provides shipment booking solutions through multiple on-demand and standard courier platforms. It offers multi-courier shipment tracking, automatically generated bills, same-day pickup & delivery, and bulk booking.

Founding year: 2021
Total funding raised: US$2.3 million
Investors: Wavemaker Partners, Cathexis Ventures, Taurus Ventures, Sketchnote, Y Combinator, CapitalX, MyAsiaVc, Grant Park Ventures, XA Network, Monk’s Hill Ventures, Buko Ventures, Iterative, 335 Fund, Dhuna Ventures, AG Collective Capital.

Zipmatch

An online listing platform for residential properties. It offers quality listings that give buyers a source of legitimate properties and help sellers find qualified buyers. Its property matching service also helps educate buyers with informative articles, 360-degree views of cities and properties, flood maps, a concierge service, and a mortgage calculator. It lists both existing properties that are for sale and pre-sales for new development along with house rentals. It also matches users with property brokers and home loan providers.

Also Read: The extraordinary tale of a Filipino geek who swam against the odds in life

Founding year: 2012
Total funding raised: US$3 million
Investors: Kickstart Ventures, Monk’s Hill Ventures, 500 Durians, Spiral Ventures, Hatchd Digital, Alps Ventures, Launchpad Accelerator.

Edukasyon.ph

Edukasyon.ph is a social enterprise that helps students find colleges. The site contains details of the scholarships available to Filipinos and helps users search by location, associated subjects, associated colleges, value, and entrance requirements.&nbsp.

Founding year: 2015
Total funding raised: US$3.4 million
Investors: Lorinet Foundation, Bisk Ventures, KSR Ventures, Mustard Seed, French Partners, alternateventures.com, EduLab Capital Partners, Obunsha Ventures, Foxmont Capital Partners, First Asia Venture Capital, Core Capital, Gobi Partners, RISE,
BWiz Capital, INSEAD Alumni France Ventures.

BayaniPay

An online platform for cross-border money transfers. Users can create an account and verify their email and mobile number, and upload a valid ID. Users can also link bank accounts for money transfers.

Founding year: 2021
Total funding raised: US$9.6 million
Investors: Wavemaker Partners, Talino Venture Studios, Ptgb, East West Bank, Four Doors Down.

Packworks

A provider of software suite solutions for community-based micro-retailers. The company provides mobile applications that enable microbusinesses to manage inventory, bookkeeping, customer & product data, and logistics details. The app features include POS-enabled to track all purchases, data analytics for business intelligence, real-time stock inventory, and more.

Founding year: 2012
Total funding raised: US$2 million
Investors: CVC, FAST Logistics Group, ADB Ventures, Techstars, IdeaSpace Foundation, Arise, MDI Ventures.

BillEase

An online platform for point-of-sale financing, it enables users to purchase products and repay in monthly installments. The user must create an installment request and adjust the website sliders to choose the order value, cash-out amount, and installment term length. After providing the required documents, the approvals are provided, and the amount is credited to the wallet.

Founding year: 2017
Total funding raised: US$20 million
Investors: Saison International, Helicap, Lendable, Burda Principal Investments, Hubert Burda Media, KB Investment, Centauri Fund, MDI Ventures, 33 Capital.

Mayani

An online platform offering multi-category grocery products, the company offers organic fruits and vegetables, frozen meat and seafood, dairy products, packed foods, and more. It claims to offer free shipping on purchases over a minimum amount.

Also Read: Are startups neglecting the future middle-class population in Philippines?

Founding year: 2019
Total funding raised: US$1.7 million
Investors: Ninjacart, Atlas Venture, Ocean Impact, TheVentures, Plug and Play Tech Center, AgFunder, IdeaSpace Foundation, Unlock Venture Partners, Accelerating Asia, RISE, GROW.

Niv Della

Founded in 2015 by entrepreneur-turned-content creator Nina Dizon-Cabrera, Niv Della provides makeup products suited for the Filipino lifestyle, skin tones, and the country’s hot and humid climate. Its shade ranges and diverse marketing campaigns highlight its commitment to inclusivity.

Founding year: 2015
Total funding raised: US$2 million
Investors: DSG Consumer Partners and Foxmont Capital Partners.

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Image Credit: 123RF

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Lamudi Indonesia, an online property marketplace owned and operated by Asutralia’s Digital Classifieds Group (DCG), has received an undisclosed amount in strategic financing from Living Lab Ventures (LLV), the corporate VC arm of Indonesia real estate development company Sinar Mas Land.

“This marks another milestone for LLV, as it reflects our strong belief in DCG and Lamudi’s capability to drive the largest tech-based ecosystem for the property technology industry in Indonesia, especially through strategic collaboration and integration within the Sinar Mas Land ecosystem,” said Bayu Seto, Partner of Living Lab Ventures.

Also Read: Aussie group DCG acquires Lamudi’s Indonesia, Philippine businesses

“This move will gain access to new avenues as we are expanding our reach into Australia and strengthening our muscles in the Asia-Pacific proptech industry,” he added.

Lamudi was founded in 2013, initially focusing on building dominant property classifieds in frontier markets. Over recent years, Lamudi has shifted from advertising to transaction-based business models to accelerate revenue and growth.

Currently, it provides services, such as omnichannel marketing solutions, for over 425 property projects. The firm works with over 30,000 real estate agents in the archipelago.

“With the backing of Living Lab Ventures, we are poised to expand our operations and solidify our position as the leading real estate marketplace in Indonesia. This investment will enable us to further develop our platform, improve user experience, and provide unparalleled value to our customers,” stated Mart Polman, CEO of Lamudi Indonesia.

DCG acquired Lamudi’s Indonesia and Philippine businesses from Dubizzle Group in October last year. The deal follows DCG’s acquisition of the leading Bangladeshi portal, Bproperty, in January 2023.

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Image Credit: Lamudi

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Southeast Asian (SEA) insurtech company PasarPolis continues solidifying its regional presence with significant achievements in Vietnam and Thailand.

The company’s operations in these markets have flourished, driven by strategic partnerships and a strong customer-centric approach. These accomplishments underscore PasarPolis’ effective collaboration strategy with ecosystem partners for impactful market entry and expansion.

Building on its success, PasarPolis is now gearing up for its next major move: expansion into Singapore, seeking to further its profitable growth trajectory.

Since expanding into Thailand and Vietnam in 2019, PasarPolis has sold millions of policies, demonstrating its commitment to democratising insurance and utilising technology to meet the unique needs of local markets. Earlier this year, PasarPolis reported remarkable financial performance, with a 2x revenue growth since its last funding round in 2023 and a 250 per cent surge in Gross Written Premium (GWP).

In an email interview with e27, Brendan Batanghari, VP of Corporate Finance & Regional Partnership at PasarPolis, explains the company’s plan to continue expanding and the lessons they learn.

Also Read: Filipino insurtech startup Hive Health nets US$6.5M led by Gentree, BEENEXT

The following is an edited excerpt of the conversation.

The last time PasarPolis spoke to e27, we discussed selling insurance in a market like Indonesia, where buying insurance products is still considered a financial loss. Do you see any noticeable changes in user behaviour? If yes, how do you adjust your strategy to it?

Yes, we have observed a gradual shift in user behaviour in Indonesia. While insurance was traditionally viewed as a financial burden, we have seen an increasing awareness of its value, particularly in protecting against unexpected risks. This change has been driven by the rise of digital platforms, which make insurance more accessible and transparent, and by targeted education efforts that emphasise the importance of insurance as a financial safeguard.

One of the key factors in this shift is how easy it is to claim our insurance products. In some cases, claims are processed automatically and within minutes, which has transformed the experience of being insured.

Insurance is now viewed more positively, as customers enjoy the peace of mind that comes with daily protection, knowing that claims are easy and hassle-free.

At PasarPolis, we have focused on making the entire insurance purchasing and claiming process incredibly simple and user-friendly. Customers can now purchase and claim insurance with just a few taps, without filling out lengthy forms. We continue to prioritise making the insurance journey easier, simpler, and more affordable, ensuring our products are accessible and valuable to a broader audience.

Also Read: Insurtech shines amidst overall funding decline in Indonesia in H1

Are there any insights that you can share about Indonesian and SEA customers in general?

Indonesian and SEA customers are becoming increasingly digitally savvy, significantly influencing their purchasing behaviours. They prefer convenience and seamless experiences, so we focus on integrating our services into platforms they already use, such as e-commerce and ride-hailing apps.

In Indonesia, while insurance penetration remains relatively low at 1.4 per cent compared to neighbouring countries such as Singapore at 12.5 per cent and Thailand at 4.6 per cent, there is immense growth potential.

The increased digital literacy and the push towards digital financial services contribute to a steady rise in insurance adoption. The inclusion rate for insurance in Indonesia has also grown from 13.15 per cent in 2019 to 16.63 per cent in 2022, signaling a growing acceptance of insurance products.

Thailand and Vietnam similarly present vast opportunities. Despite Thailand’s higher penetration rate, there is still significant room for expansion, especially as more consumers become aware of insurance’s benefits and digital platforms make it easier to access these products.

In Vietnam, where insurance penetration stands at 2.2 per cent, the demand for insurance solutions is growing rapidly. This growth is driven by the country’s fast-paced economic development, increasing consumer awareness, and the rising middle class. As Vietnam continues to develop, we anticipate that insurance penetration will increase significantly, presenting a lucrative opportunity for expansion.

Overall, these markets are on the brink of a significant insurance boom. As we continue to innovate and tailor our products to meet the specific needs of customers in these regions, we are confident that insurance penetration will grow substantially. By simplifying the insurance purchasing and claiming processes, we aim to contribute to this positive trend, ensuring more people benefit from accessible and reliable insurance coverage.

Also Read: AI-powered insurtech startup Sunday acquires KSK Insurance Indonesia

Can you tell us about the user acquisition strategy you have been using in Vietnam and Thailand? What lessons have you learned from these markets?

Our user acquisition strategy in Vietnam and Thailand mirrors the approach we have successfully implemented in Indonesia.

We focus on partnering with insurance providers and ecosystem partners, such as e-commerce platforms and fintech companies, to embed our insurance products within the services that users already engage with daily. This approach allows us to reach a wide audience and seamlessly integrate insurance into their everyday experiences.

Localisation is crucial in ensuring our products resonate with local consumers and address their specific needs. One example of this localised strategy is introducing the nation’s first microinsurance product for digital electronic protection in Thailand. This product provides 12 months of coverage for new electronic goods against accidental damage and loss from theft or burglary. It can be purchased in just a few taps and easily claimed online, making it highly convenient and user-friendly.

By adapting our products to fit local demands and preferences, we have built trust and drive adoption more effectively in these markets. This localisation, combined with our partnership-driven approach, has been key to our success in Vietnam and Thailand.

What other plans do you have for these markets?

Moving forward, we plan to deepen our presence in Vietnam and Thailand by expanding our product offerings and forging new partnerships.

We are particularly interested in enhancing our digital insurance solutions to cater to the growing demand for convenient and accessible insurance products. Additionally, we aim to leverage data analytics to better understand customer needs and provide more personalised offerings.

Also Read: Thai SaaS insurtech startup Eazy Digital bags US$1M for Malaysian, Philippine expansion

We are also exploring opportunities to collaborate with local businesses to co-create insurance products that address specific market needs, further embedding ourselves in the local ecosystems.

Can you share more about your plan to expand to Singapore? What challenges or differences do you expect to encounter?

Our expansion to Singapore is a strategic move to solidify our presence in SEA’s insurtech landscape. Singapore, a highly developed and competitive market, presents opportunities and challenges. One of the main challenges we anticipate is the high level of customer expectations for seamless digital experiences and the need to differentiate ourselves in a market with established players.

We plan to leverage our experience from other markets to tackle these challenges, focusing on innovation and customer-centric solutions. A key aspect of our strategy will be emphasising the ease of purchasing and claiming insurance protection with just a few taps.

By offering a simple, fast, and convenient user experience, we aim to meet the high expectations of Singaporean consumers and stand out in a competitive landscape.

Additionally, we will consider forming strategic partnerships that can help us tap into existing networks and customer bases. We plan to emphasise compliance and adaptability to effectively navigate Singapore’s stringent regulatory environment.

By combining our strengths in digital innovation with a deep understanding of local market dynamics, we are confident in our ability to successfully expand into Singapore.

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Image Credit: PasarPolis

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FinKnight, a Malaysian fintech startup providing accounting and professional services, has secured an undisclosed strategic investment from Gobi Partners Affiliate and First Move, an early-stage fund run by Fave founder Joel Neoh and its former executive Audra Pakalnyte.

This investment supports FinKnight’s mission to provide “comprehensive accounting and professional services”, including growth strategies, fundraising, bookkeeping, and data analytics.

In today’s fast-paced startup environment, traditional financial practices often fall short of meeting the unique needs of high-growth ventures. Moreover, startups and scaleups face increasing pressure to optimise costs while scaling operations, prompting many to relocate finance and back-office functions to more cost-effective locations.

Also Read: How Fave founder’s new VC firm helps Malaysian entrepreneurs make their First Move

FinKnight (formerly Beetle Knight Advisory) addresses these challenges by offering a new approach to startup finance.

The startup, The startup, founded by Chang Lih Yen and Chan Qi Yang (former CFOs of EasyParcel and Signature Market), claims to have impacted over 15 startups and scaleups in just one year, helping them navigate complex financial landscapes, optimise their operations, and achieve sustainable growth.

Its clientele ranges from pre-seed to growth-stage companies.

Also Read: Dream big, start small: Joel Neoh shares lessons from his years with Fave

Joel Neoh, Partner at First Move, said, “When I first met the FinKnight team, I was immediately struck by their deep understanding of the unique challenges startups face. It’s not just about providing financial services—it’s about being a partner in their growth journey. We’re thrilled to join FinKnight in their mission to empower startups and scaleups across Southeast Asia with the tools they need to succeed.”

Founded in 2023, First Move has backed ten Southeast Asian startups in first year. With an average investment size of US$100,000 per startup, the VC firm has invested in companies, including The Giggly Company, Evo Commerce, DeCube, Save Day, Koppiku, 3Cat, PayGap, and Collektr.

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Image Credit: FinKnight.

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Singapore-based startup FingerDance is on the way to revolutionise accessibility for the deaf and hard-of-hearing communities with their FingerDance AI Sign Language large models, offering 24/7 sign language translation services.

This innovation aims to enhance information and service accessibility, providing seamless communication support for those who rely on sign language.

“We are working with the Singapore Association for the Deaf (SADeaf) and the deaf communities during our product development,” FingerDance Co-Founder Gong He shares in an email to e27.

“For example, we invite deaf participants to attend our Singapore Sign Language data collection workshops.”

Operating on a B2B model, FingerDance aims to extend its reach by partnering with more organisations in the future. Their strategy focuses on expanding the deployment of their sign language translation technology across various service points, ensuring that deaf and hard-of-hearing individuals can navigate public spaces and access essential services effortlessly.

Currently, FingerDance is collaborating with partners such as SBS Transit and SADeaf to deploy their solution at the Chinatown MRT station, enabling the deaf community to easily access passenger services.

Also Read: Embracing neurodiversity: Hiring individuals with autism in Australian workplaces

Innovating for a difference

FingerDance is one of the seven innovative startups that have emerged from the inaugural cohort of the Technology for Sustainable Social Impact (TS2) accelerator programme, a collaborative initiative launched by NUS Enterprise, the entrepreneurial arm of the National University of Singapore (NUS), and the Singapore Centre for Social Enterprise, raiSE.

Announced on January 29, TS2 is a 10-week accelerator programme designed to empower tech startups that focus on creating human-centred social impact within Singapore. The programme is geared towards nurturing enterprises that are not only technologically innovative but also deeply committed to addressing pressing social challenges in the community.

How does participating in this programme help FingerDance’s business? Through TS2, FingerDance has received the guidance, resources, and network support necessary to refine and scale its solution, ensuring it can reach a broader audience and have a greater impact.

“TS2 programme provides various support, such as mentor services and weekly lessons. In addition, TS2 is a great platform to connect with like-minded entrepreneurs. We learned a lot during this journey,” Gong He says.

The FingerDance team consists of 10 members, including five co-founders. The company was part of Run 8 of the NUS Graduate Research Innovation Programme (GRIP).

Also Read: Inclusion matters: How GitHub enhances accessibility for individuals with disabilities

Launched in 2018, GRIP is a year-long venture creation initiative by NUS that supports post-graduate students, researchers, and alumni in transforming their research into successful deep tech startups. Through GRIP, FingerDance received crucial funding and guidance that have been instrumental in nurturing its early-stage venture from research commercialisation to market readiness.

For 2024 and beyond, FingerDance aims to keep on expanding its reach in Singapore.

“We aim to integrate sign language everywhere to benefit the deaf and hard-of-hearing communities. We look forward to working with more partners on this smart and inclusive journey,” Gong He closes.

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Image Credit: NUS Enterprise

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The cryptocurrency landscape is dynamic and ever-changing, requiring a keen understanding of many factors that influence the fair value of digital assets. As we delve into this world, it is crucial to separate the signal from the noise, focusing on long-term value rather than short-term hype.

By understanding price fluctuations and market patterns, individuals can make informed choices about buying, selling, or holding their crypto assets, just like any other asset class.

Factors influencing the fair value of digital assets

Supply and Demand: Similar to traditional currencies, goods, and services within an economy, the value of crypto assets like Bitcoin (BTC), Ethereum (ETH), etc., are shaped by perceived worth, as well as by the forces of supply and demand. When people believe that Bitcoin has significant value, they are more inclined to purchase it, particularly if they expect its value to rise. Bitcoin’s fixed supply of 21 million coins makes it inherently scarce.

This scarcity, combined with increasing demand, especially during periods of economic uncertainty or as a hedge against inflation, tends to drive up its price. Conversely, a decline in demand, possibly due to market corrections or the appeal of alternative investments, can cause Bitcoin’s price to fall.

Also Read: The rise of Web3 and crypto startups: Pioneering the decentralised future

For instance, in 2021, Bitcoin’s price surged by 10 per cent overnight after Amazon posted a job listing for a “Digital Currency and Blockchain Product Lead,”underscoring the impact of market demand on its value.

Investor sentiments

In the fast-paced world of digital assets, investor sentiment acts like a powerful headwind or tailwind in the market for crypto assets, causing significant price swings based on their mood and expectations. When positive news, such as institutional adoption or favorable regulatory announcement occurs, investors fear missing potential gains and jump in, further inflating Bitcoin’s price. Investors tend to seek information that confirms their existing beliefs.

If investors are bullish, their focus will be more inclined towards positive news, resulting in a buying spree of the underlying asset. Conversely, negative news, such as security breaches or regulatory crackdowns can trigger sharp declines. Even seasoned investors can find themselves swept up in waves of excitement or fear, leading to market frenzies or panics.

Understanding and managing these emotional dynamics is essential for investors aiming to thrive in this rapidly evolving landscape. By maintaining a disciplined, forward-thinking approach, investors can harness the power of sentiment while mitigating its potential pitfalls.

Regulations

Regulations significantly impact crypto assets’ market value. Favourable regulatory policies enhance market confidence and attract investors, while restrictive regulations can lead to market contractions. For example, in January 2024, after years of denials, the approval of Bitcoin Spot ETFs by regulators caused Bitcoin’s price to climb over the following months to exceed US$73,000.

Also Read: A fundraising guide for your crypto project

Regulatory news often has a direct and immediate effect on investor sentiment, influencing both short-term price movements and long-term market trends. However, since crypto asset regulations differ significantly around the world, investors must stay informed about the laws in their authority and comply to make sound investment decisions.

Overblown publicity and attention from the media

Media plays a crucial role in shaping public perception of cryptocurrency, moulding its narrative through news coverage. Positive media stories, such as endorsements by influential figures or announcements of major companies adopting Bitcoin, can spark excitement and draw new investors, thereby driving up prices.

For instance, in March 2021, when Elon Musk revealed Tesla’s investment in Bitcoin, prices surged due to heightened optimism about institutional adoption. However, when Musk later expressed concerns about Bitcoin’s environmental impact, prices plummeted amid negative sentiment and concerns over regulatory scrutiny.

As we explore the potential of cryptocurrencies, it is vital to approach investment in this exciting but volatile asset class with a clear, value-based strategy and not focus on short-term returns. For new investors, understanding these factors can help them navigate the complexities of the crypto market.

The cryptocurrency world is evolving, offering undeniable potential for investors and the months ahead will be critical in shaping the future of this innovative asset class. Understanding the macro picture is essential for navigating this new frontier.

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Image credit: Canva Pro

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Staying Strong: A Closer Look at YouBiz and How They Compete in Southeast Asia’s Markets

Navigating the competitive landscape of Southeast Asia’s markets can be a daunting task for any business.

The Echelon X fireside chat titled ‘Staying Strong: A Closer Look at YouBiz and How They Compete in Southeast Asia’s Markets’ provided key insights into how to level up your game in this dynamic region. The session featured Caecilia Chu, Co-Founder and CEO of YouTrip, who shared her story and strategies for positioning YouBiz, a new product offering, in the SEA region.

Moderated by Lars Voedisch, Group CEO of PRecious Communications, the fireside chat offered a unique opportunity to learn from Chu’s extensive experience in product development strategies, customer acquisition tactics, and competing with other industry players. She delved into the challenges and successes of launching YouBiz in Southeast Asia, providing attendees with practical insights and actionable advice.

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

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DiMuto, a global agrifood trade solutions company headquartered in Singapore, has closed its Series A funding round, securing US$5.9 million.

The Yield Lab Asia Pacific led this round. SiS Cloud Global Tech Fund 8, Gold Sceptre Limited, and Dave Chen participated.

Also Read: The age of the super farmer: How technology is enabling the average farmer

Existing investors such as SEEDS Capital, SGInnovate, and Great Giant Pineapple participated. These firms earlier invested US$2.35 million in DiMuto’s in 2021.

Gary Loh (CEO) founded DiMuto in 2019 to digitize the global food supply chain by integrating advanced technologies such as AI, blockchain, and IoT.

The startup offers marketplace, trade management, and trade financing to support every aspect of agrifood trading.

The trade management platform digitizes every carton of agrifood products for quality assurance and data visibility, while its traceable marketplace connects verified buyers and suppliers to enhance transparency and trust. The Financial Services business provides post-shipment trade financing to address critical financial needs and drive business growth of agrifood companies.

Since its inception, DiMuto claims to have tracked and traced millions of pieces of produce and millions of dollars of trade value on its platform, working with a global portfolio of clients in over ten countries and five continents.

Also Read: DiMuto raises US$2.3M in Series A funding round to scale up product development

DiMuto will use the funds to broaden its marketplace arm and venture into greenhouse-based agriculture and climate-adaptive varietal development. This move will enhance year-round supply resilience and scale the company’s private label SoLuna Fresh.

SoLuna Fresh has marketed traceable fresh produce from Latin America into Asian markets, mainly tropical and berry products.

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As a nation highly vulnerable to the impacts of climate change, the Philippines cannot afford fragmented efforts to tackle the impact of climate change.

A collaborative approach is essential to safeguarding livelihoods, protecting natural resources, and ensuring a sustainable future for all Filipinos. The fight against climate change requires a unified effort from all sectors, including government, businesses, civil society, and local communities.

Tech startups in the Philippines are uniquely positioned to play a critical role in tackling the impact of climate change due to the country’s vulnerability to extreme weather events and its rich natural resources. With innovative solutions, these startups can drive sustainable practices across various industries, from agriculture to energy, by leveraging technology to optimise resource use, reduce carbon footprints, and enhance disaster resilience.

Furthermore, by addressing climate change, Filipino startups can tap into global markets increasingly prioritising sustainability, aligning with international standards, and attracting investors focused on impact-driven ventures.

However, these startups are not able to do it by themselves.

Also Read: Climate champions in the making: Meet Southeast Asia’s 30 rising starsin cleantech

Investors need to actively support climate tech startups in the Philippines because these ventures are at the forefront of addressing the country’s most urgent environmental challenges while presenting significant growth opportunities. By investing in climate tech, investors contribute to mitigating climate change impacts, such as typhoons and rising sea levels, and tap into a rapidly expanding market driven by the global shift towards sustainability.

Supporting these startups can lead to developing scalable, innovative solutions that improve energy efficiency, reduce carbon emissions, and enhance disaster resilience. Moreover, investing in climate tech in the Philippines aligns with growing global investor demand for impact-driven portfolios, offering financial returns and meaningful contributions to the fight against climate change in one of the world’s most vulnerable regions.

Not a walk in the park

But investing in climate tech in the Philippines is not as easy as it seems.

Several challenges include regulatory uncertainties, infrastructure limitations, and market readiness. The regulatory landscape, while evolving, can be complex and may lack clear guidelines or incentives for climate-focused innovations, creating hurdles for startups seeking to navigate compliance and secure approvals.

Additionally, infrastructure in the Philippines, particularly in rural areas, may not be sufficiently developed to support deploying advanced climate technologies, which can slow down scaling efforts.

Market readiness is another concern, as both consumers and businesses may be slow to adopt new, sustainable technologies due to cost considerations or a lack of awareness.

Also Read: Echelon X: How climate tech is addressing Asia’s environmental issues

Furthermore, the availability of skilled talent and the need for significant capital investments in research and development add complexity to scaling climate tech solutions in the country.

To fully understand the opportunities in the climate tech sector in the Philippines, join us at Echelon Philippines 2024 for an insightful panel discussion titled “Climate Tech: Seizing Opportunities in an Emerging Ecosystem” on Friday, September 27, 2024, at 1:30 PM at Level 2, SMX Convention Center Manila.

Moderated by Katherine Khoo, Lead of Social Impact & Equity Action at Ayala Corporation, this session will feature key industry leaders, including Nicki Luy Sevilla, Co-founder of SACHI-Group, Inc., Priya Thachadi, CEO & Founder of Villgro, and Andy Othman, SVP, Chief Venture Officer & Managing Director of 1882 Energy Ventures.

Together, they will explore the burgeoning climate tech landscape in the Philippines, discussing the challenges and opportunities for innovation, investment, and sustainable growth.

Don’t miss this chance to engage with experts driving the future of climate technology in the region! Check out all the details about Echelon Philippines 2024 here.

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