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

Join us on Instagram, Facebook, X, and LinkedIn to stay connected.

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.

The post Climate tech in the Philippines: Capitalising on emerging opportunities in the ecosystem appeared first on e27.

This year, Malaysia-based edutech startup ReSkills celebrated its fourth anniversary and made strides towards its long-term goals: Announcing a plan to pursue a NASDAQ listing. This strategic move underscores ReSkills’ commitment to global scaling and adherence to the rigorous standards of international markets.

“The founding team is focused on building ReSkills into a leading unicorn startup in Malaysia, with no immediate plans for an exit. However, we are planning a NASDAQ listing as a key exit strategy to provide our angel investors—who have supported us from the beginning—with a clear and effective route to realise their returns,” explains founder Jin Tan in an email interview with e27.

“Looking beyond the initial exit, our long-term vision is to continue growing and to position ReSkills as a prominent player in the edutech industry. Our goal is to strive towards achieving decacorn status, reflecting a company valued at over US$10 billion. We are committed to maintaining our growth trajectory and reinforcing our leadership position in the market, ensuring that we remain at the forefront of educational innovation well beyond our initial exit.”

As ReSkills moves forward with its plan, Jin Tan reflects upon the early days of the startup and the differences in how they are running it today.

“In our early days, ReSkills focused on setting up our platform and managing operations with a small, agile team. Now, as a growth-stage startup, we have had to scale our systems and processes to support a larger user base. This includes improving our technology, refining our strategic planning, and expanding our team,” Jin Tan explains.

Also Read: Pintar snaps up Gredu, Kerja.io, Hiringmaps to enter trade-based education, labour placement sectors

“We have shifted from handling every detail ourselves to developing more structured processes and specialised roles. While our commitment to providing affordable, high-quality education remains the same, our approach to growth involves careful planning, enhanced customer support, and ongoing innovation to meet the evolving needs of our learners.”

Making education more accessible

Jin Tan’s passion for advancing entrepreneurship and economic growth in Malaysia and his 13 years of experience as a technopreneur, CEO, and venture capitalist inspired him to found ReSkills in 2020.

The online educational platform aims to make comprehensive learning solutions accessible and affordable worldwide, focusing on Professional Growth, Career Development, and Entrepreneurship. Under his leadership, ReSkills has consistently provided learners globally with convenient access to top-tier courses tailored to their needs and career aspirations.

ReSkills is implementing several business models, including a subscription-based model, B2B and institutional partnerships, content licensing, and white-label solutions.

ReSkills operates on a subscription-based model, offering users access to a vast library of live and recorded classes for just US$1 per month, making education affordable and accessible to a broader audience. By focusing on high volume and low margin, they aim to acquire a large global user base while generating substantial revenue through scale.

ReSkills also partners with businesses for corporate training solutions and collaborates with educational institutions to integrate their platform into existing curricula, enhancing revenue and brand visibility. Additionally, they license content to other platforms and offer white-label solutions, creating additional revenue streams and expanding their market reach.

Also Read: Why GoImpact believes that education is the key to promoting ESG investment

Partnerships play a key role in the company’s user acquisition strategy. “We have established strategic partnerships with educational institutions, corporations, and government bodies, locally and internationally. These partnerships not only help in acquiring users but also in enhancing the credibility of our platform.”

Apart from that, ReSkills also implement targeted marketing campaigns and referral programmes, to name a few.

“We utilise data-driven marketing strategies to target specific demographics, ensuring that our outreach is both effective and efficient. Our campaigns are tailored to resonate with the needs and aspirations of our potential users,” Jin Tan explains.

“Word-of-mouth remains a powerful tool in our acquisition strategy. We incentivise current users to refer new members by offering referral rewards, discounts and exclusive content, creating a community-driven growth model.”

A future with AI

When asked about some of the company’s upcoming plans, Jin Tan mentioned ReSkills’s commitment to implementing AI technology into its products and services.

“At our June 2024 celebration, we proudly announced our commitment to AI technology, focusing on real-time verbal translation and lip-syncing. This advancement will help ReSkills break down language barriers and make our platform more accessible to a global audience,” he says.

The company’s plan to integrate AI across its platform enhances the learning experience by personalising learning paths, offering customised course recommendations, and adapting content based on user interactions.

According to Jin Tan, AI will also enable dynamic course content creation, ensuring relevance and engagement, while intelligent tutoring tools provide real-time assistance. Additionally, the technology will foster enhanced engagement through interactive, immersive experiences, including virtual simulations and gamified elements.

“We introduced AI-driven features to our platform, significantly improving user experience and learning outcomes. These innovations have positioned ReSkills as a frontrunner in the edutech industry, offering personalised learning pathways that cater to individual needs.”

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Image Credit: ReSkills

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The digital landscape has continuously evolved, with each new phase bringing about profound changes to the way we connect, share information, and conduct business. The concept of Web3, often referred to as the decentralised web, has emerged as the latest evolution, driven by blockchain technology and the rise of cryptocurrencies.

In parallel, a multitude of innovative crypto startups have emerged, collectively shaping the trajectory of this decentralised future.

This article explores the multifaceted rise of Web3 and the impactful role crypto startups are playing in this transformative journey.

The essence of Web3: Decentralisation and empowerment

At its core, Web3 represents a paradigm shift from the centralised nature of the Internet as we know it (Web2) to a decentralised model where power, ownership, and control are distributed among users. This shift is made possible by blockchain technology, a distributed ledger system that ensures transparency, security, and immutability. Cryptocurrencies serve as the medium of exchange within these decentralised ecosystems, enabling trustless transactions and novel economic models.

Crypto startups: Catalysts of Web3 innovation

• Decentralised Finance (DeFi): Perhaps the most significant impact of Web3 has been witnessed in the domain of decentralised finance. DeFi startups have built platforms that allow users to engage in financial activities, such as lending, borrowing, trading, and yield farming, without intermediaries. These protocols are governed by smart contracts, enhancing transparency and reducing the need for traditional banks.
• Non-Fungible Tokens (NFTs): NFTs have revolutionized ownership and provenance in the digital realm. Crypto startups have capitalized on NFTs to enable artists, musicians, and creators to tokenize their digital works, making them unique and easily tradable. This innovation has extended beyond art to virtual real estate, collectibles, and even fractional ownership of real-world assets.
• Decentralized Applications (DApps): Web3 has spurred the development of DApps, applications that run on blockchain networks. These DApps offer new solutions in sectors such as supply chain management, identity verification, and content sharing. Crypto startups are instrumental in creating user-friendly DApps that enhance the usability and accessibility of blockchain technology.
• Blockchain infrastructure and scalability solutions: The scalability limitations of blockchain networks have prompted startups to explore innovative solutions. Layer 2 solutions, sharding, and interoperability protocols are being developed to address these challenges, making blockchain technology more efficient and sustainable.

Navigating challenges in the path to decentralisation

• Regulatory complexities: The decentralised nature of Web3 and the global reach of cryptocurrencies have led to complex regulatory landscapes. Crypto startups often find themselves in a balancing act, striving to innovate while ensuring compliance with evolving regulations in various jurisdictions.
• User adoption and education: Mainstream adoption of Web3 concepts and cryptocurrencies requires user-friendly interfaces and comprehensive education. Overcoming the technical barriers and clarifying the benefits of decentralisation are crucial for broader acceptance.

Also Read: Indonesia may have a bright future in Web3 space, but some homeworks remain

Envisioning the Web3 future

• Cross-industry disruption: The impact of Web3 and crypto startups goes beyond the technology sector. Industries like finance, supply chain management, healthcare, and even governance are being reshaped by the principles of decentralisation, transparency, and trust.
• Ownership and empowerment: Web3 has the potential to democratise access and ownership of digital assets. Individuals can regain control over their data, enabling a more equitable digital landscape.
• Collaborative governance: Decentralised Autonomous Organisations (DAOs) exemplify the collaborative spirit of Web3. These organisations operate on blockchain-based governance models, allowing stakeholders to collectively make decisions, allocate resources, and shape the direction of projects.

In summary, the rise of Web3 and the subsequent surge in crypto startups marks an era of unprecedented innovation and transformation. As blockchain technology and decentralised principles become more ingrained in our digital experiences, the collaborative efforts of crypto startups will play an instrumental role in reshaping industries, empowering individuals, and fostering a new era of internet sovereignty.

The journey to a decentralised future is underway, and the evolution of Web3 is set to redefine the way we connect, transact, and interact online.

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

Join us on Instagram, Facebook, X, and LinkedIn to stay connected.

Image credit: Canva Pro

The post The rise of Web3 and crypto startups: Pioneering the decentralised future appeared first on e27.

Dear reader,

The acquisition of PropertyGuru Group by EQT Private Capital Asia for US$1.1 billion marks a significant milestone in Southeast Asia’s proptech landscape.

With the deal unanimously approved by PropertyGuru’s board and backed by major shareholders TPG and Epsilon Asia, it signals confidence in its growth potential despite its lack of profitability.

The 10x revenue multiple reflects strong market validation, particularly in a region where such valuations are rare.

EQT’s track record in real estate, exemplified by its previous investment in Idealista, positions it well to drive further growth and value creation for PropertyGuru. The potential for a 3x return within five years indicates a positive outlook for the proptech sector in Southeast Asia, which is increasingly attracting global investment.

However, Halper Sadeh’s ongoing investigation raises concerns about whether the agreed sale price adequately reflects the company’s value. The law firm’s scrutiny could lead to demands for higher consideration or additional disclosures, ensuring that shareholders are treated fairly.

As the deal progresses, these legal challenges could impact its finalization and the future trajectory of PropertyGuru under EQT’s ownership.

Sainul,
Editor.

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NEWS & VIEWS

EQT Private Capital Asia to acquire PropertyGuru for US$1.1B
Meanwhile, a US-based investor rights law firm said it is investigating whether the sale of PropertyGuru to EQT for US$6.70 per share is fair to its shareholders.

Singapore’s DCS Innov acquires wallet-as-a-service platform HolyWally
With the acquisition, DCS Innov will be able to bring its wallet apt InstaWally global and provide a revolutionary WaaS solution that allows companies to offer the same payment experience to their end users worldwide, all within a single app.

Animoca Brands subsidiary GAMEE receives investment from TON Ventures
GAMEE will further integrate TON-based digital assets, such as TON-powered tokens and NFTs, into GAMEE’s Telegram Mini App to enhance user engagement.

Nexus Ocean AI bags funding to eliminate ‘grunt work’ in maritime sector
The investor is London-based Tradeworks.vc; The Singaporean startup creates genAI personas, augmented by a Maritime Language Model, which interacts with knowledge graphs spanning the customer’s internal and external data silos, including mailboxes.

Cradle Fund, VentureTECH to provide comprehensive support system for Malaysian startups
This partnership is a key initiative under the Ministry of Science, Technology and Innovation’s Fund Funnel program, which is designed to address the lack of continuous financial coverage from early-stage to later-stage funders.

Gogoro delays India plans due to policy uncertainty, launches bike-taxi pilot with Rapido
Taiwanese electric two-wheeler maker Gogoro is forced to wait for the finalisation of incentive schemes from the Indian government before ramping up its vehicle sales and battery pack production in the country.

Google is bringing AI overviews to India, Brazil, Japan, UK, Indonesia and Mexico
The search giant is rethinking how it displays source material links, as well; It’s adding a view on the upper right-hand side showing icons of sites above the AI overview on both desktop and mobile.

ByteGami gets Antler’s backing for its plug-and-play gamification platform
ByteGami provides app developers with a platform that eliminates the need for hefty upfront resources to develop gamified features from scratch.

Demand for AI is driving data centre water consumption sky-high
Microsoft, a major data centre operator, says 42% of the water it consumed in 2023 came from areas with water stress. Google said this year that 15% of its freshwater withdrawals came from areas with high water scarcity.

FEATURES & INTERVIEWS

‘Selling a startup in an ‘acqui-hie’ is more lucrative than it seems’
While traditional M&A deals often include retention bonuses for a management team, paid out 18 to 24 months post-acquisition, acqui-hires increasingly focus on incentives for the startup’s workforce.

Forget the rest: This is why you should build your startup in the Philippines
Compared to its SEA neighbours Singapore and Indonesia, the Philippines has some advantages that these markets could not offer.

AI in journalism: Thai media show a 95 per cent adaptation rate despite concerns about overreliance
A contrasting attitude was expressed by journalists in the Philippines with only 52 per cent have integrated AI into their work.

Echelon X: Jeremy Au and Ameer Jumabhoy explore utu’s strategies for sustaining growth in the travel industry
The Echelon X fireside chat underscored the importance of innovation, resilience, and customer-centric approaches in driving business growth.

Echelon X: Catherine Shu, Pei Sheng Goh, Rod Bristow, and Clare Leighton on synergies between Australia and SEA
The Echelon X panel provided valuable perspectives on the opportunities and challenges in bridging Australia and Southeast Asia.

THOUGHT LEADERSHIP

Blockchain: Revolutionising global payment solutions and cross-border remittance
As blockchain technology continues to mature, it will play an increasingly pivotal role in creating a more efficient, accessible, and secure global financial ecosystem.

Navigating the AI maze in Malaysia’s martech: Striking a balance between efficiency and ethics
As AI continues to penetrate different industries, it has never been more urgent to raise awareness and ensure that AI is properly implemented.

Why does cybersecurity training for employees in Malaysia matter and how to go about it?
As Malaysian businesses navigate the complexities of an increasingly advanced landscape, the importance of cybersecurity cannot be overstated.

FROM THE ARCHIVES

Need of the hour: How agritech platforms can protect farmers from climate change
Using crop protection products and digital tools, we can empower farmers to overcome climate change and safeguard food security.

How to grow a global audience by leveraging social media
Social media has revolutionised the way people interact, a solid social media following will build loyalty and create a lot of buying power.

The data revolution: Innovation and evolution in APAC’s hospitality industry
Technology is enhancing the hospitality industry’s ability to deliver meaningful experiences that people remember and recommend.

Why community building has replaced lean startup approach to lurk investors?
Ultimately, considering the shift in purchase decision dynamics, companies can sell better with an engaged community.

The age of the super farmer: How technology is enabling the average farmer
By embracing innovative technologies to meet the growing global demand for food, we can make a difference for farmers.

After QRIS, what is next for the Indonesian e-payment ecosystem?
Like in many markets, the pandemic had catapulted the use of e-payment services in Indonesia. But what is next?

Eyeing a Slice of the fast-growing influencer economy in Indonesia
Slice is betting big on the next generation of entrepreneurs who use the audience they built through their content to launch their own businesses.

Fore Coffee sharpens business strategy to achieve profitability
Fore Coffee repositions its brand as a trendy, affordable beverage brand that is adored by Indonesian customers.

How the API economy has sparked innovation during the pandemic in Indonesia
Having been in Indonesia’s fintech startup scene since the early 2010s, I have witnessed firsthand the country’s rapid digital transformation.

Digital detox: A vacation idea for unplugging your life
A digital detox offers a unique opportunity to recalibrate your relationship with both the physical world and the digital realm.

Cakap paves the way for sustainable growth by empowering lifelong learning in Indonesia
Cakap CFO Jonathan Dharmasoeka explains how Indonesian edutech startup Cakap experiences robust growth, doubling revenue YoY.

From a single brew to unicorn: Kopi Kenangan’s journey of coffee and creativity
Kopi Kenangan is now in the early stage of exploring the use of AI for picking locations for new store openings.

There is talent shortage in the e-motorcycle space in SEA: ION Mobility CEO
Indonesia’s e-scooter market is not picking up as there are few appealing offerings for riders to make a switch, says ION Mobility’s James Chan.

We want to be the ‘validation check’ for growth-stage companies in SEA: TNB Aura
In their investment philosophy, TNB Aura is taking a top-down approach when it comes to assessing a potential investment.

Indonesia may have a bright future in Web3 space, but some homeworks remain
Indonesia has all the elements of a supportive Web3 ecosystem with a close-knit community to forward-looking initiatives.

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Last week saw the launch of spare cash management platform Chocolate Finance, the latest innovation by Walter de Oude, widely known for founding Singapore Life (Singlife) in 2014.

Licensed by the Monetary Authority of Singapore (MAS) to perform fund management activities, Chocolate Finance has garnered support from prominent venture capital firms, including Saison Capital, Peak XV Partners, Prosus, and GFC. Henry Golding, the actor known for his role in Crazy Rich Asians (Warner Bros., 2018), has also joined as a brand ambassador and investor.

The company’s operations are based in Singapore. Its core team consists of about 12 employees, and 17 developers in Vietnam provide additional tech support.

In an email interview with e27, Chocolate Finance founder Walter de Oude explains his vision for the new wealth tech platform and how the company aims to realise it.

This is an edited excerpt of the conversation.

What inspired you to build this solution?

Well, I believe that one of the most fulfilling things in life is to build something really cool, something useful that makes the world a better place. This was my ambition when I built Singlife, and it continues with Chocolate Finance.

Also Read: Crypto-AI startups making waves in Asia: The future is here

I wanted to take on the challenge to see if I could find a more efficient way to make spare cash work harder without all the complexities that usually go with that. This meant taking the way fixed-income asset management traditionally operates and reengineering it to manage day-to-day cash needs optimally.

If I could pull this off, I could make the lives of many people better (and hopefully happier) just by making their spare cash work that extra bit harder.

What is the specific problem that Chocolate Finance aims to tackle? Why is it better than the alternative?

Pretty much everyone I know has money sitting in a bank account somewhere, earning little interest—young people, old people, everyone. There is also a general dissatisfaction and growing distrust in traditional financial institutions, with only 30 percent of Singaporeans saying they trust financial institutions.

The result is customers’ desire for greater freedom and access to straightforward financial services. The importance of making things simple, understandable and straightforward.

What makes us stand out is that we’ve reengineered how short-term money is managed in the background, as a fund manager and not a bank, to optimise the potential returns that can be delivered. We stand behind these to ensure that we deliver our target 4.2 per cent p.a return on each customer’s first S$20,000 in a market where customers usually need to jump through hoops to unlock higher returns or lock their money in for long periods to get up to 3.5 per cent p.a return.

We see ourselves as the space between traditional financial institutions and fintech providers. We are fully licensed by the MAS for fund management and utilise innovative technology to solve traditional banking woes. We are not competing with asset managers offering high returns with high risk and volatility. Instead, we are a new place for the money you set aside for daily expenses. Whether it is your emergency fund or spare cash, you can now enjoy solid returns without the usual fuss or worry.

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Who are your users? What is your user acquisition strategy?

Chocolate is for everyone. Everyone wants their spare cash to work harder for them, effortlessly. Our users vary from all ages, income groups and backgrounds and we have seen great reception thus far. We believe the product speaks for itself, and hope that our key product offerings and brand sets us apart from traditional financial institutions.

We are happy to see that our customers are responding well to Chocolate Finance thus far, with five-star reviews. We’re so proud of what we have built and how we are helping our customers.

What is your business model?

Account holders’ money is invested in a portfolio of fixed-income funds carefully selected to optimise risk-adjusted returns based on factors such as duration, yield to maturity, credit quality, and currency. This approach allows the portfolio to target an optimal target return/volatility profile on a forward-looking yield-to-maturity basis. This basically means we lock in achievable yields in the market and deliver them in a smoothed, stable predictable way to customers – currently 4.2 per cent for your first S$20,000.

During this process, no fees are taken, and no money is made until the target returns are delivered. Additionally, if the portfolio does not achieve the target 4.2 per cent p.a. for the first S$20,000, the difference will be topped up to ensure the target return during the Qualifying Period.

The Chocolate Finance managed account is a new portfolio of fixed-income securities comprising a collection of funds. The portfolio is currently made up of the Dimensional STIG SG fund, UOBAM United (SGD) fund, Fullerton Short Term interest rate fund (SGD) and the LionGlobal Short Duration Bond fund (SGD).

It is worth noting that the underlying funds of the Chocolate Managed Account are invested globally to optimise returns. Any investments in global currencies are hedged back to SGD to protect against FX risk.

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What are your targets for your first year?

To establish Chocolate Finance as Singapore’s favourite place for spare cash. A happy place for money. So far, we have had such an amazing response we are tracking way ahead of our first-year expectations.

What is your major plan for 2024?

2024 is the year when Chocolate Finance comes to life. We have rolled out our Chocolate Accounts, which are delivering awesomely. For the rest of the year, we will focus on feature improvement, and executing the feedback from customers so far on how to make Chocolate even better.

Things to look out for in the year ahead include Visa debit cards with super FX rates, new ways to move money (e.g., eGIRO), and more!

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Image Credit: Chocolate Finance

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Indonesian fintech startup Finture, which runs YUP, a consumer finance tool combining credit card and e-wallet features, has raised nearly US$30 million in a Series B investment round led by Asia-focused VC firm MindWorks Capital.

XVC, SWC Global, Richen Pioneer, and Antao Capital also joined the round.

The new funding will fuel expansion into new markets, including Hong Kong, Vietnam, and the Philippines, over the coming years.

Founded in 2021, Finture provides accessible and affordable financial solutions. YUP, an aggregator platform registered with the Financial Services Authority of Indonesia, connects users with pay-later services from licensed financial institutions while offering promotional benefits.

The startup has partnered with several licensed financial institutions to provide YUP products.

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The company said in a press statement that YUP has gained traction among younger users and secured an exclusive Visa partnership, allowing access to over 130 million Visa merchants worldwide. It has also amassed over one million users and developed a network of more than 40 million local merchants.

The platform has established partnerships with Indonesian retail conglomerate MAP Group, BP, and convenience store chains Indomart and Alfamart. These collaborations enable YUP to provide exclusive discounts on everyday purchases across Indonesia.

Since its inception, Finture has raised around US$80 million in total equity investments.

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Image credit: YUP

The post Finture scores US$30M to take its consumer finance brand YUP beyond Indonesia appeared first on e27.