The Z Label, a tech-centric venture-building group based in Hong Kong, has raised US$11.4 million in funding led by Beyond Ventures.

The funds will be allocated to both in-house product development and co-incubating with established groups and entrepreneurs across various domains.

Inspired by successful US-based venture-building groups like Atomic Labs and CoLab, The Z Label integrates front-line technologies—including artificial intelligence (AI), big data, life and health sciences, spatial computing, and blockchain—into its products.

The group collaborates with corporate partners, supply chains, universities, and distribution channels across Hong Kong to accelerate early product-market fit and achieve commercial growth.

Also Read: HKSTP’s Derek Chim on the four skills required for startups to thrive in Hong Kong

“We believe that prioritising cutting-edge technology in our ventures unlocks new growth possibilities,” said Ruby Cheng, co-founder of The Z Label. “Our model enables brands to capitalise on emerging opportunities through an agile ecosystem enriched with capital, resources, talent, and a global network.”

“Gen Z has an inherent technological savvy and gravitates toward value-driven choices like sustainability and community engagement. They need a platform like The Z Label to thrive—we are simply igniting their potential,” said Rebecca Leung, co-founder of The Z Label.

The Z Label invites serial founders, creators, engineers, technologists, partners, and investors to join its vibrant ecosystem and co-create innovative products for the next generation.

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Image Credit: 123RF.

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Funding Societies (also known as Modalku in Indonesia), Southeast Asia’s leading digital finance platform for micro, small, and medium enterprises (MSMEs), has secured a third credit facility from HSBC under the bank’s ASEAN Growth Fund.

Also Read: Funding Societies raises US$7.5M debt financing from Norway’s state-owned Norfund

This transaction, which forms part of HSBC’s cumulative commitment of over US$100 million since their partnership began in 2022, will enhance the fintech lender’s capacity to provide financing to underserved MSMEs across the region.

“This funding enables us to explore scalable debt financing and foster financial inclusion for underserved SMEs across the region,” Kelvin Teo, Co-founder and Group CEO of Funding Societies, said.

Founded in 2015, Funding Societies claims to have disbursed over US$4 billion in financing to 100,000+ businesses in Singapore, Indonesia, Malaysia, Thailand, and Vietnam. In recent years, it made strategic milestones including its acquisition of regional digital payments platform CardUp and co-investment into Bank Index in Indonesia.

Also Read: Funding Societies hopes to move from alternative to mainstream financing one day

Early this year, Khazanah and CGC Digital announced a joint investment in Funding Societies. A few months earlier, the fintech lender secured US$7.5 million in debt funding from Norwegian government-owned development financial institution (DFI) Norfund.

Its other investors are SoftBank Vision Fund 2, SoftBank Ventures Asia, Sequoia Capital India, Alpha JWC Ventures, SMBC Bank, BRI Ventures, VNG Corporation, Rapyd Ventures, Endeavor, EBDI, SGInnovative, Qualgro, and Golden Gate Ventures.

Despite rapid digitalisation and economic growth, Asia-Pacific’s MSMEs still face a US$2.5 trillion credit access gap, accounting for over half of the global financing shortfall. In Southeast Asia, MSMEs represent 99.9 per cent of all enterprises and contribute 35-69 per cent of each nation’s GDP.

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In 2024, Southeast Asia’s venture capital (VC) landscape demonstrated a continued appetite for growth and resilience, attracting significant capital across diverse sectors despite global economic uncertainty. The region’s startups, particularly in fintech, cloud services, sustainability, and AI, have maintained strong investor interest.

The region’s unique mix of untapped markets, a young digital-native population, and supportive government policies have kept VC funding robust in 2024, positioning it as a prime hub for innovation.

Below is the list of 25 startups that raised the largest funding rounds in the current year so far:

Ascend Money

A financial services platform for individuals

Headquarters: Thailand
Founding year: 2013
Funding raised in 2024: US$195 million
Stage: Series D
Key investors: MUFG and Krungsri Finnovate
Total funding raised since inception: US$34 million.

Supabase

A cloud-based open-source application backend development platform

Headquarters: Singapore
Founding year: 2020
Funding raised in 2024: US$82.7 million
Stage: Series C
Key investors: Peak XV Partners, Craft Ventures, Avracapital, Coatue, Felicis Ventures, and Y Combinator
Total funding raised since inception: US$199 million.

Amity Corporation

A platform-as-a-service for enterprise-grade AI applications and AI agents

Headquarters: Thailand
Founding year: 2012
Funding raised in 2024: US$60 million
Stage: Series C
Key investors: Insight Capital, SMDV, and Gobi Partners
Total funding raised since inception: US$60 million.

Also Read: Who’s still investing? The 2024 power players in Southeast Asia’s venture capital

NIUM

A provider of cross-border money transfer solutions for businesses

Headquarters: Singapore
Founding year: 2014
Funding raised in 2024:US$50 million
Stage: Series E
Key investors: NewView Capital and Tribe Capital
Total funding raised since inception: US$312 million.

Qoala

A diversified internet-first insurance platform for individuals

Headquarters: Indonesia
Founding year: 2017
Funding raised in 2024: US$47 million
Stage: Series C
Key investors: PayPal Ventures, MassMutual Ventures, MUFG Innovation Partners, Flourish, Eurazeo, AppWorks, Ohana Holdings, and Omidyar Network
Total funding raised since inception: US$134.5 million.

k ID

An online compliance engine that processes for parents and game creators to protect kids and teens privacy and safety

Headquarters: Singapore
Founding year: 2023
Funding raised in 2024: US$45 million
Stage: Series A
Key investors: a16z, Lightspeed Venture Partners, Konvoy Ventures, Okta, Z Venture Capital, and TIRTA
Total funding raised since inception: US$51 million.

Peak3

A provider of cloud-based insurance platform

Headquarters: Singapore
Founding year: 2018
Funding raised in 2024: US$35 million
Stage: Series A
Key investors: Alpha JWC Ventures and EQT
Total funding raised since inception: US$35 million.

Finture

A credit card providing POS instalment payment solutions for consumers

Headquarters: Indonesia
Founding year: 2021
Funding raised in 2024: US$30 million
Stage: Series B
Key investors: Mindworks Capital, XVC, Antao Capital, SWC, and Richen Pioneer
Total funding raised since inception: US$50 million.

AwanTunai

A provider of supply chain digitisation by ERP systems with embedded financing

Headquarters: Indonesia
Founding year: 2017
Funding raised in 2024: US$27.5 million
Stage: Series B
Key investors: Norfund, MUFG Innovation Partners, and Finnfund
Total funding raised since inception: US$55.8 million.

Syfe

An app-based platform for trading in ETFs and stocks

Headquarters: Singapore
Founding year: 2017
Funding raised in 2024: US$27 million
Stage: Series B
Key investors: Valar Ventures and Unbound
Total funding raised since inception: US$85.6 million.

Also Read: AI gold rush: How OpenAI’s Singapore expansion could reshape the startup ecosystem

Salmon

A developer of a platform offering business and consumer loans

Headquarters: The Philippines
Founding year: 2022
Funding raised in 2024: US$25 million
Stage: Series A
Key investors: IFC and Northstar Group
Total funding raised since inception: US$55 million.

Broom

An online P2P marketplace for used cars

Headquarters: Indonesia
Founding year: 2021
Funding raised in 2024: US$25 million
Stage: Series A
Key investors: Openspace Ventures, AC Ventures, Quona, MUFG, and PKSHA Technology
Total funding raised since inception: US$50 million.

Xcelerate

A platform offering integrated GRc management solutions

Headquarters: Singapore
Founding year: 2021
Funding raised in 2024: US$25 million
Stage: Series B
Key investors: Federated Hermes, Altair Capital, and Exacta Capital Partners
Total funding raised since inception: US$36 million.

Oobit

A trading platform for cryptocurrencies

Headquarters: Singapore
Founding year: 2017
Funding raised in 2024: US$25 million
Stage: Series A
Key investors: Titan, 468 Capital, and Tether
Total funding raised since inception: US$25 million.

UnaBiz

A connectivity system for IoT applications

Headquarters: Singapore
Founding year: 2016
Funding raised in 2024: US$25 million
Stage: Series B
Key investors: KDDI and Kanade
Total funding raised since inception: US$85 million.

Capria

A provider of an online platform for payday loans

Headquarters: Indonesia
Founding year: 2019
Funding raised in 2024: US$23 million
Stage: Series A
Key investor: Wagely
Total funding raised since inception: US$37 million.

Honest

An online lending platform offering personal credit cards

Headquarters: Indonesia
Founding year: 2019
Funding raised in 2024: US$21.5 million
Stage: Series B
Key investors: Rakuten and Jetha Global
Total funding raised since inception: US$61.2 million.

Carsome

An app-based C2B marketplace for used cars

Headquarters: Indonesia
Founding year: 2015
Funding raised in 2024: US$21.4 million
Stage: Series E
Key investor: AmBank Group
Total funding raised since inception: U$S80.8 million.

Morph

A consumer-centric blockchain platform

Headquarters: Singapore
Founding year: 2023
Funding raised in 2024: US$19 million
Stage: Seed
Key investors: DRAGONFLY, Pantera Capital, Foresight Ventures, Spartan Group, Symbolic Capital, Publicworks, MH Ventures, and Every Realm
Total funding raised since inception: US$20.3 million.

Also Read: Soonicorns on the horizon: Unveiling Southeast Asia’s future leaders

Mystiko

A blockchain-based network for Web3 connectivity

Headquarters: Singapore
Founding year: 2021
Funding raised in 2024: US$18 million
Stage: Seed
Key investors: Peak XV Partners, Samsung NEXT, HashKey, CoinList, Tribe Capital, Morningstar Ventures, Mirana, and Signum Capital
Total funding raised since inception: US$18 million.

Biobot Surgical

A developer of surgical automation devices

Headquarters: Singapore
Founding year: 2010
Funding raised in 2024: US$17.9 million
Stage: Series B
Key investor: ZIG Ventures
Total funding raised since inception: US$17.9 million.

Amartha

A microfinance P2P lending platform

Headquarters: Indonesia
Founding year: 2010
Funding raised in 2024: US$17.5 million
Stage: Series C
Key investors: Accion, Maj Invest, and Womens World Banking
Total funding raised since inception: US$53 million.

Qapita

A cap table and equity management software for businesses

Headquarters: Singapore
Founding year: 2019
Funding raised in 2024: US$17.2 million
Stage: Series A
Key investors: East Ventures, MassMutual Ventures, Cercano Management, Nyca Partners,
Citi, Endiya Partners, and Analog Partners
Total funding raised since inception: US$39 million.

Osome

A provider of accounting services for small and medium-sized businesses

Headquarters: Singapore
Founding year: 2017
Funding raised in 2024: US$17 million
Stage: Series B
Key investors: Constructor Capital and Altair
Total funding raised since inception: US$75 million.

FlyORO

It offers fuel technology solutions for the aviation industry

Headquarters: Singapore
Founding year: 2021
Funding raised in 2024: US$16 million
Stage: Seed
Key investors: Audacy Ventures and Investible
Total funding raised since inception: US$16 million.

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Image Credit: 123RF.

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e27 has proudly assumed the role of Regional Programme Partner in the newly launched Meta AI Accelerator Programme. This marks a significant milestone in fostering technological innovation across the Asia Pacific (APAC) region. e27’s involvement includes strategic planning, programme development, and proposal selection. In effect, this ensures startups receive the essential guidance to thrive in the competitive AI landscape. This collaboration builds on a five-year history of partnership with Meta, focused on various community initiatives that have established a robust relationship.

As part of its commitment to the Meta AI Accelerator Programme, e27 played a pivotal role in mentoring and judging 13 participating teams from diverse countries. e27 facilitated the careful curation of proposals. This ensured that only the most impactful ideas advanced. This also thereby highlighted innovations capable of transforming industries. 

The organisation orchestrated both online and hybrid pitch competitions. This offered a platform for emerging talents to showcase their innovations and fostered a sense of community among participants. During the pitch sessions, proposals demonstrated impressive use cases for Llama, Meta’s open-source AI model. This illustrated how AI can drive socio-economic change and tackle critical challenges in education, public services, and economic development. On pitch day, five mentors from e27’s leadership team provided invaluable feedback to refine proposals from a business perspective. This complemented the technical guidance from Deloitte and ensured comprehensive support for participants.

Also read: Meta launches AI Accelerator programme for APAC, announces Singapore incubator for 100 startups

The AI Accelerator Programme launch

Meta officially announced the AI Accelerator Programme on 3 October 2024 during the Meta APAC AI Accelerator Pitch Finals held in Singapore. The programme aims to empower startups in the APAC region to integrate Llama into their products. This provides participants with access to cutting-edge open-source models. This also gives them resources to foster innovation that shapes the next wave of technological advancements.

The launch event featured notable figures, including Singapore’s Minister for Digital Development and Information, Josephine Teo, and Meta President of Global Affairs, Nick Clegg. Their presence underscored the importance of this initiative within the broader context of AI development in Singapore and beyond.

Looking ahead: Incubator programme for Generative AI

During the event, Clegg unveiled plans for a Singapore-focused incubator programme. The programme is aimed at supporting 100 enterprises in enhancing their understanding of Generative AI and Llama. It will connect 20 selected participants with experts who will mentor them throughout the development and launch of Llama-powered solutions.

Philbert Gomez, Executive Director of Digital Industry Singapore (DISG), emphasised the programme’s alignment with Singapore’s National AI Strategy 2.0, which promotes AI development among businesses and startups. He stated, “Meta’s AI Incubator programme exemplifies Singapore’s commitment to cutting-edge technologies and innovation.”

Also read: How e27 helped empower APAC communities through Meta

Celebrating innovation

The event showcased submissions from over 720 companies and developers across the region, highlighting impactful use cases of Llama. Among the top finalists was Traversaal.ai from Pakistan, which secured the title of winner at the regional finals and a grant of US$100,000 for its groundbreaking work in creating a state-of-the-art Urdu Llama model. This innovation aims to connect 250 million Urdu speakers worldwide, demonstrating the far-reaching impact of AI technologies.

Hamza Farooq, the founder of Traversaal.ai, expressed his excitement: “It’s a great honour to represent Pakistan at this level, and we are extremely grateful to Meta for enabling us to turn our dreams into reality.” His sentiment reflects the aspirations of many entrepreneurs eager to leverage AI to address real-world problems.

Supporting the AI ecosystem

Meta continues to advance AI innovation through partnerships with governments and AI associations. The company recently introduced the Llama Impact Innovation Awards, recognising startups that utilise Llama to tackle social challenges. A notable recipient was AiSee, developed by the National University of Singapore. AiSee created an affordable wearable device to assist visually impaired individuals. Thus, this exemplifies how AI can make a tangible difference in lives.

During the event, Minister Teo and Clegg engaged in a fireside chat discussing responsible AI development and Singapore’s role in fostering AI innovation. Minister Teo highlighted the importance of collaborations with industry leaders like Meta in realising Singapore’s vision of AI for the Public Good.

Clegg remarked on the vibrant developer community in APAC and the supportive government environment, emphasising the importance of open-sourcing AI to broaden access and opportunities. “Open-sourcing AI ensures more people can access the opportunities that AI provides, and this is evident in the strong submissions we have received,” he stated.

A commitment to innovation with the Meta AI Accelerator Programme

Through its partnership with the Meta AI Accelerator Programme, e27 reaffirms its commitment to fostering innovation and empowering the next generation of AI solutions across the Asia Pacific region. This initiative not only strengthens the ecosystem of startups but also sets the stage for a future where AI can address pressing societal challenges.

As the programme unfolds, e27 looks forward to witnessing the transformative impact of these innovative projects. It also looks forward to continuing its collaboration with Meta to drive the next wave of technological advancements in the region. Together, they are not just shaping the future of AI. They are empowering a generation of entrepreneurs to turn their ideas into reality.

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This article is produced by the e27 team.

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Bitcoin’s potential usage as a strategic reserve has signalled a new financial era. The introduction of Bitcoin and Ethereum ETFs and an influx of capital from the likes of Blackrock and Goldman Sachs further reinforce this shift. Furthermore, the Bank of England (BOE) and the UK’s Financial Conduct Authority (FCA) have proposed a Digital Security Sandbox (DSS), and Commissioner Hester Pierce of the US SEC has proposed a joint UK-US DSS.

The industry is waiting for Web3’s “section 230 moment” to scale up blockchain infrastructure and bring many POCs to production. With Web3 becoming mainstream and poised to challenge Web2, a question remains: is the blockchain ecosystem interoperable enough to cope with it?

The urgent need for improved interoperability

The entire blockchain ecosystem is still fragmented, and the infrastructure of different blockchains is largely incompatible. This is what complicates the movement of assets and data between chains.

Whilst incremental progress is being made to solve this issue from a retail perspective, reforming an entire financial system requires a different level of connectivity. Institutional investors obviously bring significant liquidity to the crypto ecosystem, but this liquidity is siloed in individual chains and protocols.

BTC alone has grown into a market capitalisation of US$1.2 trillion, which is currently inaccessible to most institutional Bitcoin holders. The volume of crypto transactions is rapidly increasing, but the infrastructure is not expanding at the same rate. This will lead to more of the same problems — operational delays and high execution costs — on a much larger scale.

A 2023 survey conducted by the Enterprise Ethereum Alliance on blockchain technology adoption showed that interoperability is a top take away for its members. Enterprises of various industries have shown interest in bringing their IT system infrastructure to
blockchain, optimistic that interoperability will help them reach out to other blockchains. Improving cross-chain interoperability should thus be a foremost consideration for traditional institutions.

Also Read: Green for tokens: How to use blockchain to promote a more sustainable lifestyle

Their growing acceptance, investment, enthusiasm and advocacy for crypto needs a clear and straightforward path to adoption. As a bare minimum, major TradFi players require seamless interoperability to embody their custodial responsibilities. They cannot afford to take risks when managing assets across multiple blockchains.

If individual traders are experiencing clunky inconveniences, imagine what those problems would look like at the enterprise level.
Without a drastically improved framework for interoperability and standardisation, they will not be able to access the full power of decentralisation.

The onus, then, lies with the Web3-native protocols, projects and ecosystems to actively work on introducing robust and scalable industry standards. With a unified blockchain ecosystem, institutions will be able to unlock liquidity pools, optimise their capital allocation and fully embrace decentralised systems. Emerging financial products such as crypto derivatives and tokenised assets will then be primed for longevity.

Sourcing standards

Developing and implementing universal standards and protocols is a critical step toward achieving the above. Projects like Cosmos’ Inter-Blockchain Communication (IBC) protocol and Polkadot’s relay chain are promising attempts. However, these efforts remain disjointed and competitive instead of prioritising the collaboration needed for a mutually beneficial outcome.

Open-source approaches, such as that adopted by the Ethereum Enterprise Alliance (EEA) to rollout their Distributed Ledger Technology Interoperability Specification, are more favourable. The EEA realised very early on that interoperability would be a prerequisite to widespread blockchain adoption and has made serious inroads to formalise best practices.

Similar work is also being conducted among more global trade associations and international organisations, such as the International Association for Trusted Blockchain Applications (INATBA), IETF, and the ISO. Whilst wheels are in motion,
practical application needs to be accelerated. A simple start would be determining fixed common interfaces and decoding functions to align across all ecosystems, reducing the need for custom implementations when verifying cross-chain messages.

Wall street must be educated

Secondly, Web3-natives must move boldly in educating major institutions on interoperability. In the same way bottom-up educational initiatives are needed to empower Web3 infrastructural developers, tailored initiatives must be made accessible
to parties from the top down. Once they understand the need for a widespread solution that will serve their long-term decentralised ambitions, they, too, can contribute relevant resources.

Also Read: 5 strategies to power possibilities and propel your global growth

Institutions need to understand the logistics of how cross-chain interoperability solutions will make their lives easier. Interoperability will impact the creation of sophisticated asset management tools and custodial services, determine capital allocation strategies, provide more scope for risk diversification, and, perhaps most pressingly, ensure that tokenised financial instruments can sustain themselves.

Evolution due, unification vital

Ultimately, without interoperability, institutional adoption will not achieve its intended impact. The clock is ticking. With increasing amounts of Web2 capital entering the crypto markets, it’s imperative that seamless cross-chain solutions are developed at a more efficient rate.

DeFi is due for its next phase of evolution, and interoperability should be a mandatory component. It’s unimaginable that the influx of institutional interest will fade completely, but it will face major barriers if the necessary solutions aren’t in place.

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The holiday shopping season is a crucial time for retailers in Singapore. It presents an opportunity to capture increased sales and drive brand visibility in a highly competitive market.

But why limit the benefits of the holiday rush to just one season?

Singapore’s diverse cultural landscape means there are many key celebrations and high-demand periods – such as Chinese New Year, Hari Raya and Deepavali – that continue to drive consumer spending throughout the year.

In fact, according to a recent whitepaper by global language AI company DeepL, artificial intelligence (AI) could be the solution that retailers need to unlock greater sales potential during these peak periods. With the busiest shopping moments of the year just around the corner, there is still ample time for retailers to implement AI strategies that can deliver immediate results. DeepL’s whitepaper shows that more than two-thirds (69 per cent) of retailers have reported an increase in annual revenue due to AI adoption, with those leveraging these technologies experiencing an impressive 2.3x growth in sales.

With these insights in mind, it’s clear that AI can play a vital role in helping Singapore retailers optimise their strategies during each festive season.

Here are five key ways AI can help retailers maximise their sales and enhance customer engagement throughout the year.

Speak your customers’ language – literally!

Research has shown that 75 per cent of shoppers are more likely to purchase if they can browse a website in their preferred language. Relying solely on English could inadvertently exclude a large segment of potential buyers. AI-powered tools can quickly convert product descriptions, checkout instructions and other website content to the desired language, providing a seamless shopping experience for diverse audiences.

For example, if you’re a retailer launching a holiday collection in Indonesia, you can utilise AI to translate your website into Indonesian and adjust the prices to reflect the local currency. These small adjustments can go a long way, creating a tailored experience for the Indonesian market, increasing engagement and boosting conversions.

Go global with customised marketing campaigns

While running ads and promotions on platforms like Instagram and Facebook is common, AI can help refine these campaigns further by localising content and tailoring it to specific audiences. It can help adapt seasonal social media posts, online ads and SEO keywords to resonate with different regions, ensuring that each campaign is relevant and impactful.

Also Read: How can businesses best capitalise on the holiday season?

Boost conversion by translating customer reviews

Did you know that by showing just ten reviews on a product page, you can grow conversions by an average of 53 per cent? Customer reviews are a powerful tool for building credibility and influencing purchase decisions. But if reviews are only shown in one language, they may not serve all potential customers effectively.

AI can address this challenge by translating reviews into multiple languages, allowing retailers to present user-generated content that is accessible to diverse shoppers. This approach not only broadens the appeal of the product but also fosters trust, as customers are more likely to rely on feedback they can understand.

Enhance customer support with multilingual capabilities

Providing exceptional customer service is paramount particularly during the holiday rush when customers have heightened expectations. Get it wrong, and it’s game over. In fact, more than three-quarters of shoppers say they have backed out of buying something due to poor customer service.

Using AI-powered translation tools, employees at retail companies are able to assist customers in multiple languages, not just English. A retailer wanting to reach the Chinese population can use AI to facilitate smooth communication between their team and Chinese speaking customers. This ensures that all queries, from complex product inquiries to simple shipping updates, are managed promptly, enhancing the overall customer experience.

Streamline international expansion with AI-driven language solutions

Although peak sale seasons may not be the ideal time for large-scale expansion, AI can facilitate smoother operations for retailers entering new markets. By automating the translation of legal documents, product labels and marketing materials – such as converting content from English to Japanese – retailers can navigate the complexities of international compliance and localisation. This proactive approach ensures that they are well-prepared to meet future high-demand periods with minimal disruption.

By implementing AI solutions that can quickly localise, translate and personalise experiences for both local and global customers, Singapore retailers can not only boost sales this holiday season but also set a strong foundation for long-term growth and success.

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Cyber threats on the rise? Check. Economic toll due to escalating cybercrimes? Check. The need for airtight cybersecurity has never been more critical. With every breach, the stakes get higher, pushing governments to the forefront in the battle for data protection. They know that strong cybersecurity is not just about safety—it’s the backbone of national security and economic stability.

Landscape of cybersecurity in Malaysia

Malaysia is navigating a cybersecurity minefield, with threats lurking at every turn. According to CyberSecurity Malaysia, the country battles an average of 31 cyber incidents daily—ranging from fraud to data breaches, and hacking. In 2021 alone, the nation was afflicted by over 20,000 cybercrime cases. This caused significant financial fallout, underscoring the urgent need for robust cybersecurity measures.

These aren’t just abstract figures. Cybercrime impacts industries across the board, affecting everyone from corporate boardrooms to average consumers. Ransomware, phishing, and DDoS attacks are the usual suspects, wreaking havoc on businesses and their bottom lines. Take, for instance, the data breach at a major telecom company in early 2023, which left 1.5 million customers exposed. This breach wasn’t just a blip on the radar. In fact, It was a stark reminder that even the largest corporations are vulnerable.

The education sector wasn’t spared either, with a significant breach at a leading university compromising sensitive student and faculty information. This incident sent shockwaves through the academic community, highlighting the risks associated with storing vast amounts of personal data. Even the government sector felt the sting, with 22 per cent of reported breaches targeting government agencies, raising concerns about national security.

According to Malaysia Computer Emergency Response Team’s (MyCERT) Cyber Incident Quarterly Summary Report (Q2 2024), cybersecurity threats remain a persistent concern for businesses and individuals alike. Fraud was the most reported incident in the second quarter of 2024, accounting for 63.94 per cent of all reported incidents. Malicious codes followed, which made up 11.01 per cent, and data breaches, representing 7.90 per cent of reported incidents. 

Also Read: Malaysia Digital status companies pioneer growth in the competitive semiconductor industry

Critical shortage of cybersecurity professionals

The trends cited above highlight the growing sophistication and frequency of cyberattacks in Malaysia. This further underscores the importance of the nation’s cybersecurity initiatives. Malaysia Digital Economy Corporation’s (MDEC) cybersecurity efforts align with the Malaysia Cybersecurity Act 2024. 

The Act provides a comprehensive legal framework for data privacy and the enforcement of cybersecurity measures. It lays the groundwork for collaboration between private companies and government agencies, ensuring a more secure digital economy. Through these efforts, MDEC continues to catalyse innovation in cybersecurity. It is thus helping to safeguard Malaysia’s citizens and businesses while fostering the growth of a globally competitive digital economy.

But the real kicker? A critical shortage of cybersecurity professionals. Malaysia needs 12,000 more experts by 2025 to effectively fend off rising cyber threats. This talent gap isn’t just a statistic; it’s a ticking time bomb that could leave businesses and infrastructure vulnerable. Without enough skilled professionals, the nation’s cybersecurity defenses may falter, creating opportunities for cybercriminals to exploit weaknesses.

Also read: Malaysia’s Tech and Industrial IoT Takes Off with a Technology Showcase at SEMICON 2024

Local companies at the forefront: Securematic and AKATI Sekurity

Yet, all is not doom and gloom. Malaysia’s cybersecurity landscape is lit with Malaysia Digital (MD) status companies who are local champions leading the charge, each bringing their own unique strengths to the fight against cybercrime.

First, Securemetric is at the cutting edge, specialising in securing mobile, digital identification and online transactions. They provide solutions in mobile security, digital identity, and online transactions. Edward Law, CEO of Securemetric, is a pioneer in the field of Digital ID. When he founded Securemetric in 2007, he saw the need for Digital ID. Fast-forward 17 years later, Law says they have successfully implemented national-scale Public Key Infrastructure (PKI) projects in 7 out of 10 Southeast Asian countries, along with numerous enterprise-level security solutions. This recognition drives Securemetric to push further and explore ways to enable ASEAN cross-border digital identities in the future.

Second, AKATI Sekurity is another titan in the field, leading in cyber defense operations. CEO, Krishna Rajagopal, shares, “We serve over 500 clients, providing round-the-clock security monitoring and a suite of services that address the full spectrum of cybersecurity needs.” Rajagopal continues that their approach is unique as they offer both defensive and offensive security services. They utilise real-world adversarial attack simulations to identify vulnerabilities and bolster their clients’ cyber defences.

This is what sets it apart in the crowded cybersecurity market. This year, it was  ranked #9 in the prestigious MSP501 by Channel Futures and Informa Tech. This accolade places it among the top 501 Managed Service Providers (MSPs) globally.

Local companies at the forefront: FIRMUS, Nexagate, and beyond

FIRMUS has evolved from a humble cybersecurity assessment provider to a comprehensive solutions powerhouse. Accordingly, they offer everything from expert consulting to incident response. Among the awards they have received are the Best Employer Award by the Human Resource Development Corporation (HRD Corp) and Malaysian Institute Of Human Resource Management (MIHRM), and the prestigious Cybersecurity Award from Asian-Oceanian Computing Industry Organization (ASOCIO).

“Beyond these, we also achieved a significant milestone with our vendors by becoming Malaysia’s first CrowdStrike Elite Partner and securing the best Privileged Access Management (PAM) win with CyberArk,” shares CEO of FIRMUS, Datuk Alan See. Recently, FIRMUS’s leadership in the field of cybersecurity was recognized when they were acquired by TechMatrix Corporation. TechMatrix, listed on the Tokyo Stock Exchange, is a well-known system integrator in Japan.

Nexagate, since 2010, has been on a mission to protect organisations with its Managed Security Services and risk management solutions. Their proprietary platform, Nexa Security Intel (NSI), is the jewel in their crown. It is used by over 40 key organizations across Southeast Asia. Khairil Effendy, founder of Nexagate, shares, “We are proud to have expanded our client presence in Indonesia, Singapore, Brunei, and Laos, which aligns with our mission to be the cybersecurity leader in Asia.”

Effendy continues that their recently opened an office in Jakarta, Indonesia, further solidifies their commitment to the region. Evidently, Nexagate’s approach is holistic, focusing not just on preventing attacks but also on building resilient security postures. These postures can adapt to the evolving threat landscape underscores their commitment to scale solutions effectively.

Other cybersecurity companies to watch out for are Delta Spike Asia and VulsanX. Notably, they use AI and analytics in their solutions and offerings to do advanced threat prediction & detection.

Cybersecurity and the Cyber100 Programme

The digital economy is projected to account for 25.5 per cent of GDP by the end of 2025. Thus, it’s no wonder that cybersecurity has become a key focus for Malaysia’s Minister of Digital, Gobind Singh Deo. “As our economy continues to transition to new digital paradigms, the government’s commitment to securing our digital landscape is further heightened. In this context, cybersecurity has evolved from a specialized concern to what we term as a fundamental necessity,” says Deo at the launch of StarSentry, a plug and play cybersecurity box developed by LGMS.

The stakes in cybersecurity have never been higher. MDEC is working together with MD status companies to address these threats via several key initiatives. Most notable among its efforts is its Cyber100 programme. Launched in collaboration with the National Cyber Security Agency (NACSA), Cyber100 is Malaysia’s first Cybersecurity Innovation Challenge Programme. It seeks to address critical national cybersecurity challenges by encouraging the development of local solutions tailored to the specific needs of various industries. The initiative empowers local cybersecurity service providers by offering a platform for innovation, skills development, and access to vital resources, helping companies pilot their cybersecurity solutions in real-world scenarios.

Also read: Digital health: Malaysia leads in powering ASEAN’s transformation

Malaysia at the forefront of cybersecurity

Under the Cyber100 programme, Malaysian Digital (MD) status companies are tasked with addressing issues ranging from threat detection to identity management and endpoint protection. Through partnerships with local cybersecurity service providers, MDEC ensures that Malaysia’s digital ecosystem remains secure, while also encouraging the growth of a robust cybersecurity industry that can scale globally. 

MDEC’s efforts are further supported by Malaysia’s achievement of Tier 1 status in the ITU Global Cybersecurity Index 2024, solidifying its position as one of the leading nations in cybersecurity readiness and resilience. This top ranking reflects Malaysia’s strong governance frameworks, public-private partnerships, and consistent efforts to build world-class cybersecurity capabilities.

With threats evolving daily, the fight to protect Malaysia’s digital landscape is relentless. It’s a collaborative effort—uniting government initiatives, private sector innovation, and continuous education. By staying vigilant, investing in cutting-edge solutions, and fostering a unified front, Malaysia can secure its digital future and maintain the trust of its citizens and global partners.

MDEC offers various programmes for Malaysia Digital status companies. Apply for Malaysia Digital status here.

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Sentiance, a Belgium-based mobile-first motion insights company looking to reduce road accidents, has acquired Bangkok-headquartered fleet intelligence platform DRVR in an undisclosed deal.

With over a million lives lost on roads each year, both companies seek to make a lasting impact, starting with strengthened efforts across Asia and continuing to drive innovation in road safety worldwide.

The European company has integrated DRVR’s team, leadership, and clients.

“Sentiance’s standout on-device processing technology enables data to be processed directly on smartphones, enhancing privacy and reducing costs,” said David Henderson. “In addition, Sentiance’s evidence-based motorcycle safety solution is tailored specifically for the on-demand economy, pushing boundaries in safety technology and setting new standards for the industry.”

“With David and his exceptional team now onboard, we are poised to elevate our support for clients across ASEAN and beyond. Together, we are committed to advancing safety-first, privacy-driven solutions to address road safety challenges worldwide.”

Also Read: DRVR secures funding to grow its fleet analytics platform

Sentiance is a road safety technology company. With its AI on-device technology, companies use insights from the Sentiance Edge Platform to produce scalable, cost-efficient, and privacy-centric solutions for their customers.

Founded by a team of seasoned telematics experts, DRVR focuses on enhancing driving behaviour. Its app-based solutions utilise smartphone sensors, AI, machine learning, and gamification techniques to deliver powerful insights and business risk management solutions.

The company has partnered with industry leaders like PT Nagase in Indonesia and HERE Technologies.

In 2020, DRVR raised an undisclosed amount of funding from Smart Axiata’s Digital Innovation Fund to expand its services into Cambodia. Previously, it secured US$450,000 from an undisclosed group of investors and had earlier secured a small round of funding from an angel investor group in Hong Kong.

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SGX-listed 17LIVE Group, the leading live-streaming platform in Asia, has acquired 100 per cent of the outstanding shares of Japan-based N Craft Co.

N Craft is a production company that develops and manages virtual talents and creates engaging content that connects with fans through live performances and interactive experiences.

The transaction details of the deal remain undisclosed.

Also Read: Former top Vertex exec Jiang Honghui joins 17LIVE Group as CEO

The strategic acquisition will bolster 17LIVE’s V-Liver business segment by adding production and talent development capabilities within the group.

With the integration of N Craft’s expertise and team, 17LIVE will manage the existing V-Liver business and facilitate the transfer of approximately 140 V-Livers into the group. N Craft’s V-iii brand, which focuses on nurturing new V-Liver talent, will complement the existing roster of V-Livers on the 17LIVE platform and those associated with NexuStella, another production company under the group.

Both entities will collaborate to enhance the IP talent business, implement innovative initiatives, and jointly develop a new V-Liver production brand.

17LIVE is a pure-play live-streaming platform in Japan and Taiwan. Its business lines include Liver live-streaming, V-liver live-streaming and other businesses such as in-app games and live commerce. Its key markets are Japan and Taiwan, and it has a presence in Hong Kong, Singapore, the United States, the Philippines, India, and Malaysia.

The global anime market, valued at approximately US$31.23 billion in 2023, is projected to grow at a CAGR of 9.8 per cent, with Japan accounting for over 40 per cent of global revenue. Within this landscape, the V-Tuber market—a vital component of the V-Liver segment—currently stands at around US$500 million and is experiencing rapid growth.

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In today’s digital world, online gaming has become more than just a pastime—it’s a global community where players can access unique items, level up their skills, and enhance their gaming experiences. However, gamers face significant risks when trading or purchasing accounts and items online. In addition to challenges of time, expense, and fragmented access to reliable information, there are other issues. This includes scams, hidden fees, unreliable transactions, and isolated communities have made it difficult for players to find a trustworthy, efficient, and informative platform. 

Challenges in the online gaming marketplace: Protecting players from fraud, high costs, and fragmented communities

The current landscape for gamers who want to buy or sell accounts, in-game items, or professional services can be challenging. Many rely on forums or social media groups where transactions lack verification. This leaves both buyers and sellers at risk of fraud. Beyond security, players face additional frustrations. This includes inflated fees, time-consuming searches for legitimate offers, and limited access to insights or helpful information on how to improve gameplay or identify valuable items.

For example, buying rare in-game items or high-level accounts can be risky. There is often no way to verify that what’s advertised matches what’s delivered. Plus, inflated fees and unregulated marketplaces mean players often spend more than necessary. Moreover, without a central community to engage with, gamers miss out on valuable industry news, gameplay tips, and the chance to connect with others who share their interests.

PlaySwap was founded to solve these issues by creating a reliable, cost-effective, and user-friendly marketplace where gamers can save time and money while accessing the latest online gaming news, how-to tips, and a thriving, supportive community. With PlaySwap’s commitment to transparency, robust safety measures, and community engagement, gamers now have a one-stop platform for all their needs.

Also read: From niche hobby to billion-dollar industry: The meteoric rise of esports

PlaySwap: Bringing accountability, efficiency, and community to online gaming transactions

The platform was founded by CEO Hoang Minh Tong, who recognized the need for a safer, more transparent, and efficient marketplace in the online gaming industry. His vision for PlaySwap was born out of a desire to eliminate the risks and expenses associated with online gaming transactions. Furthermore, he wanted to create a comprehensive platform where buyers and sellers could interact without fear of scams, excessive fees, or wasted time.

“As a lifelong gamer and former game programmer, I’ve always been passionate about the gaming world,” says Mr. Tong. “I saw firsthand the challenges gamers faced, not only with scams but with the time and money wasted trying to find reliable services and information. I wanted to create a platform that solved these issues—offering security, savings, and a real community. That’s why I created PlaySwap.”

Collaborating with industry experts who shared his vision, Mr. Tong set out to build a platform that would revolutionize the online gaming e-commerce space, giving gamers a reliable, cost-effective environment to buy, sell, and trade with confidence and access the latest in gaming knowledge.

Saving gamers time and money, building a global community

PlaySwap’s platform is designed to save users time and money. By offering transparent pricing, reasonable commission fees, and fast payouts, sellers maximize their profits, while buyers avoid hidden fees. Additionally, PlaySwap’s search and recommendation features simplify the process of finding accounts and items. In effect, this reduces the time gamers need to spend on transactions. Meanwhile, secure payment options, 24/7 support, and a 10-day money-back guarantee empower players to trade confidently, knowing that PlaySwap stands behind every transaction.

PlaySwap goes beyond being a marketplace—it’s a global community where gamers can connect, learn, and thrive. With a focus on user-driven content, members access a wide array of online gaming resources, including news, expert guides, how-to tips, and entertaining highlights. PlaySwap’s community extends across Facebook, Instagram, Discord, YouTube, TikTok, Twitter, and the PlaySwap Affiliate Program. This affiliate program offers generous commissions and exclusive rewards, fueling community growth and engagement. Across these platforms, gamers enjoy highlights, trending memes, industry news, and guides. This creates a space to laugh, learn, and earn together.

To support its community, PlaySwap hosts regular events, offers loyalty rewards, and builds a knowledge base filled with helpful resources. As a result, it has become a trusted destination for both trading and learning. “We’re building something more than a marketplace,” says Mr. Tong. “PlaySwap is a place for gamers to grow, connect, and make the most of their time and investments.”

Also read: Adapting to change: The future of game monetisation in 2024

The future of value-driven online gaming marketplaces

Under the leadership of CEO Hoang Minh Tong, PlaySwap continues to evolve as a solution to long-standing challenges in the online gaming industry. By prioritizing security, savings, and community, PlaySwap is reshaping how gamers buy, sell, and engage with the gaming world. As the platform grows, it aims to introduce new features, streamline its search and verification processes. It also aims to expand its global network of gamers, continuously refining the marketplace for an even better user experience.

For those seeking a comprehensive and secure platform to trade online gaming assets, save time and money, and stay informed, PlaySwap presents an ideal option. Gamers can explore all that PlaySwap has to offer and join a growing community of dedicated players worldwide. 

Learn more by visiting PlaySwap’s official website: https://playswap.gg/

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This article is sponsored by PlaySwap

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