At e27, we are committed to empowering entrepreneurs by providing them with the necessary resources to build and grow their businesses. Our platform offers startups the chance to showcase their ideas and products to prominent investor networks.

Additionally, we provide industry leaders, technology catalysts, and investment firms access to startups across a diverse range of industries, stages, and locations.

As part of our efforts to connect startups with investors, we introduced Pro Connect over 3 years ago. This platform enables startups and investors to engage directly, leading to the successful facilitation of over 20,000 startup-investor connections.

Our platform has also enabled two startups to secure multi-million dollar funding through connections with investors they met on Pro Connect. We are thrilled to see these success stories, and we are committed to continuing to create opportunities for entrepreneurs to thrive.

Also read: Better browsing experience begins at home(page)

What’s new with the investor page

We have improved the investor page on our platform to create a better experience for our members. The page has been redesigned to include a cleaner filter and search bar, as well as a results table that provides more information about investors.

This redesign will make it easier for our members to determine if an investor is relevant to their needs and if there is a potential for synergy when connecting with them. 

Identify investors who are more likely to respond to connection requests

Previously, our investor page didn’t show whether an investor was actively responding to connection requests. But now, we’ve added a feature that lets you see which investors are most active and responsive. 

Members can now quickly browse through the investor page and discover the right investors who are aligned with what they are looking for. On top of the investors’ activity indicators, the results table includes investment location, verticals, and stages. Visit the redesigned investor page here.

Also read: Why your startup deserves to take part in the 2023 TOP100

Connect with investors on e27

Pro Connect is an e27 Pro membership plan that provides members with a lot of benefits. Members can access more than 500 active and verified investors, along with tools to help startups find and connect with the most appropriate investors for their fundraising goals. 

With a Pro Connect membership, you can send connection requests to investors on the platform, and you’ll also have access to a Connect Dashboard, where you can manage your connection requests and schedule appointments easily. If you’re interested in connecting with investors, you can get your Pro Connect membership today and enjoy a 14-day all-access free trial with any of our Pro Connect plans.

The post A simpler and intuitive investor discovery experience with a new Investor page appeared first on e27.

While working in the packaging and printing industry, Tum Patompong and two of his friends saw the pains of SME restaurants and cafes in sourcing food packaging solutions in low quantities at affordable prices.

They decided to help these small outlets in Thailand and ease their pains.

“We started Dezpax to build a food packaging solutions startup to solve all the pain points in the supply chain. Our online B2B platform enables cafes and restaurants to find affordable, eco-friendly packaging solutions,” Patompong tells e27.

The startup was founded by Patompong (CEO), Pick Passara (COO), and Feem Settapat (CMO).

Dezpax is an e-commerce platform for food packaging solutions for F&B businesses.

“SME restaurants and cafes need packaging solutions, such as food boxes, cups and bags with their logo printed on the items to promote their brands. Usually, they need to order a minimum quantity or pay a minimum of US$1,000 for every order,” he explains.

Also Read: Thai oil firm OR, 500 TukTuks launch US$50M mobility and lifestyle fund ORZON Ventures

Since each category comes from different factories, cafes and restaurants are often forced to contact multiple factories to fulfil their orders. This means they have to shell out thousands of dollars for inventory that lasts just six months.

“This is where Dezpax comes into play,” Patompong shares. “We have brought over a hundred packaging and printing factories into a single platform. We help businesses to customise the packaging with 10x lower minimum order.”

Over 100 factories are listed on the Dezpax platform. Different kinds of materials — fibre-based, bio-mat and petroleum-based — are available on it.

“All the packages are recyclable,” he claims. “Some products are 100 per cent biodegradable. We continuously collaborate with factories to develop products that are good for the environment.”

The startup currently caters only to B2B businesses. It has over 7,000 clients nationwide, such as restaurants, cafes, food delivery outlets, hotels, hospitals, and corporates.

Its clients include McDelivery (McDonald’s), MINOR Food, TAROTO, ibis, Holiday Inn, Amwy Cafe, Ben’s Cookie, Mercado, Thammachart Seafood, TRUE, and Luk KaiThong.

Talking about the market opportunity, he said Thailand has over 600,000 food services, and the market size for food service packaging is about US$1 billion. It also plans to foray into other markets in Southeast Asia in the future.

The Bangkok-based startup has secured two investments since its inception in 2018. These include a US$1.2 million, led by SCG Packaging, in 2020 and a US$2 million Series A round from ORZON Ventures, Next Ventures, and iSeed SEA in 2022.

The COVID-19 pandemic was a challenging period, admits Patompong. “The market was down from the peak demand during the pandemic. However, it is now back on track, and the market has grown slightly. We need to diversify our customer portfolio to other segments, such as food chains, franchises, and cafes. That’s our next goal.”

—

Echelon Asia Summit 2023 brings together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here. Echelon also features the TOP100 stage, where startups can pitch to 5000+ delegates, among other benefits like connecting with investors, visibility through the e27platform, and other prizes. Join TOP100 here.

The post Dezpax helps Thai F&B businesses find affordable, eco-friendly food packaging solutions appeared first on e27.

Singapore-based VC firms Purpose Venture Capital and Carbon Zero have invested an undisclosed amount in Hong Kong-headquartered marine tech company Archireef.

Archireef was co-founded by Vriko Yu, Deniz Tekerek, and Dr David Baker.

The startup 3D-prints reef tiles made from natural materials through proprietary algorithms. The tiles are made from a terracotta-based mixture, an ocean-friendly material based on a hexagonal modular system to allow easy expansion.

Also Read: How all-electric, self-driving Clearbot helps tackle ocean plastic pollution in Asia

The design utilises a bio-mimetic approach to enhance coral survivorship and growth. Archireef reef tiles are currently 4x more effective than any alternative.

Its 3D-printed terracotta-based reef tiles have recently been deployed to aid coral restoration in the Arabian Gulf off the shore of Abu Dhabi with a partnership with Abu Dhabi-based investment and holding company ADQ and the Environment Agency – Abu Dhabi (EAD).

The broader partnership between ADQ and Archireef, announced in November 2022, funds the R&D of eco-engineering solutions for marine biodiversity restoration, combining scientific research with the latest 3D printing and AI technologies.

Archireef CEO Vriko Yu said: “We have already lost 50 per cent of the world’s coral cover since 1950, and if nothing changes, we will lose up to 90 per cent by 2050. By adopting a new Global Biodiversity Framework in Montreal, 196 countries committed to protecting at least 30 per cent of Earth’s lands, inland waters, coastal areas and ocean by 2030 to ensure that natural capital is sustained for inter-generational prosperity. It is estimated that US$140 billion in annual financing will be required. We need innovative financing arrangements needed to deliver on this bold ambition.”

Also Read: ‘TOP100 2018 was a valuable marketing opportunity for us’: Holistics.io CEO

“We firmly believe that nature and technology can inspire innovations in how we approach solving climate issues from prevention to mitigation, especially to enhance biodiversity. Archireef is a rare company in the nature-based solutions spectrum with a scalable and profitable business model,” said Sharon Sim, Co-Founder and General Partner in Purpose Venture Capital.

Purpose Venture Capital, co-founded by Sharon Sim, Sertac Yeltekin, and Von Leong, supports early-stage sustainable tech companies. The firm invests globally with a focus on Southeast Asian-based startups. Its portfolio companies include Zumvet (digital animal health services), Igloocompany (a secure access management platform for smart cities, infrastructure and properties) and HydraX (regulatory-compliant and sustainable financial infrastructure for capital markets of the future).

Carbon Zero Venture Capital is a climate change investor, providing long-term capital and support to environmental companies using innovation to create a cleaner and more equitable world. Its recent investments include Seppure and Vflowtech.

—

Echelon Asia Summit 2023 brings together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here. Echelon also features the TOP100 stage, where startups can pitch to 5000+ delegates, among other benefits like connecting with investors, visibility through the e27platform, and other prizes. Join TOP100 here.

The post Archireef secures funding to restore degraded marine ecosystems using 3D printing, AI appeared first on e27.

This is the second article of a series of essays aimed at providing guidance for entrepreneurs in Southeast Asia who are seeking to secure successful fundraising.

Throughout the past decade, I started companies, joined great founders, scouted for investment opportunities, and mentored upcoming entrepreneurs across Southeast Asia (SEA).

This month alone, I am helping a cohort of Korean startups with a series of workshops. All those events will cover fundraising and doing business in SEA:

• Nailing down the right narrative through storytelling
• Simplifying complex business models through design
• Understanding opportunities across SEA
• Building an effective fundraising process
• Understanding how the SEA fundraising landscape differs from other parts of the world

The reality is that nobody loves fundraising. Most founders have plenty of priorities apart from their next raise. But for most startups, external investment is an important step in their journey. After all, it takes time, great talent, and all kinds of other resources to build a sustainable business.

As with most things in life, you can study the fundraising process as much as you want, but building fundraising decks and pitching investors are skills that people develop predominantly by getting their hands dirty. Yet, that does not mean you should jump straight into the fundraising process without doing your homework.

In my experience, founders raising capital in Southeast Asia face one of the following challenges:

• First-time founders do not understand what VCs are looking out for. This stems from the lack of warm relationships with regional investors.
• Seasoned founders who built businesses in other parts of the world face challenges when adapting their stories to the expectations of VCs in SEA.

While I am not an expert, I have had a front-row experience in observing how Southeast Asia transformed. From a little-known region into one of the most exciting startup ecosystems worldwide.

So, this week I wanted to take a moment and share my learnings. Years of experience in observing and participating in the greatest wealth creation the region has ever seen. Condensed into one essay.

The subtle differences in raising capital in Southeast Asia

About a year ago, I participated in a program called A+ Accelerator. While attending the program, we were raising capital. As an outcome, we were simultaneously exposed to the feedback of both American and Asian VCs.

Also Read: Thriving Southeast Asia: The unstoppable rise of growth and prosperity

Whenever we pitched an American VC, they urged us to focus on product development. Stressing the importance of reaching product-market fit. But on the other hand, Asian investors kept on asking questions about our traction, unit economies, and revenue growth.

Most Asian-based investors did not want to dive into our product. All that mattered to them was proof of business, speed of execution, and solid business fundamentals.

Admittedly, being exposed to the different requirements from each side was confusing. So we created two decks. One deck was focused on market size, product, and why now, geared towards the American crowd. While the other deck emphasised traction (aka growth of service providers and clients on our marketplace).

While the experience was frustrating at times, it was also fascinating to witness. It taught me a valuable lesson. A lesson about adapting your narrative to the needs of the ecosystem where you operate.

In turn, I started documenting my learnings and sharing them with founders in my network. So far, the feedback has been great, which triggered the idea of writing this essay.

Developed markets vs emerging growth markets

I guess it goes without saying that building a business in the western hemisphere is quite different than building one in Asia. In fact, the topic has been fascinating to me for a long time. I even wrote my Master’s thesis on how innovation takes place in Hong Kong vs Denmark.

Raising capital

The US has been the canonical example of a great startup ecosystem. Investment deals happen fast. Valuations are high. Acquisitions are frequent. Ticket sizes are getting higher and higher. There are 3000 venture capital firms and more than 70,000 startups.

The market has produced incredible successes, ranging from 600+ billion to several trillion-dollar companies. All that has resulted in an incredible talent magnet. Attracting the world’s brightest minds to participate in the world’s greatest wealth creation.

On the other hand, Southeast Asia is still a relatively young ecosystem. It started gaining traction only in 2010, with the first major success cases coming to life in 2016. Couple that with the unique circumstances of running a business in emerging markets, and you can imagine how different the two ecosystems are. While I am not an expert on the topic, I have observed the following differences when raising capital in SEA.

Valuations are lower and driven by solid unit economics and revenue growth. Ticket sizes are smaller but definitely growing. Exits happen mainly via M&As (80 per cent of deals), followed by secondary sales (15 per cent) and IPOs (only five per cent).

Fourth, it’s rare to see deep-tech activity. Most startups address challenges across travel, e-commerce, transport and food, online media, and financial services. Awareness around ESOP is still lacking. And overall, investors have an appetite for proven business models.

The fewer exit opportunities are definitely top of mind for investors looking for winners in Southeast Asia. Series A and above startups would aim directly for an IPO. Whereas earlier-stage ventures would typically accept acquisitions coming their way.

I am obviously handpicking criteria to emphasise the differences. Many things are similar as well. But I think it’s more valuable to focus on the differences. In that way, you can manage your expectations better. Then, adapt your business style when doing business across the region.

Trends

Next, I would like to highlight a few underlying trends that drive the growth of the ecosystem:

• Governments have recognised their important role in the ecosystem. Throughout the past decade, we have seen the launch of initiatives like Thailand 4.0, Indonesia’s 1000 startups, Malaysia’s Penjana Kapital, and Singapore’s Startup SG Founders (in the past, I have written on the great initiatives Singapore offers).
• Later-stage deals are becoming more common, showing the ecosystem’s maturity.
• Rebound in larger acquisitions (+US$30M) with companies like Tradegecko’s acquisition by Intuit, Fave’s acquisition by Pine Labs, and Moka by Go-Jek.
• Given how it takes up to a decade for a tech startup to go through an exit, it is expected to see more success cases soon. The exit cycle matters because tech talent that has been through an exit tends to either launch a new business or invest in the ecosystem. On a long horizon that builds the foundation for a great ecosystem, as we have seen in the west. In fact, there are already some examples of Grab, GoJek, and SEA mafias.
• Growing appetite from global late-stage funds and LPs. For example, American and China-based family offices, Tiger Global, Insight Partners, Hedosophia, Harvard Endowment, Sequoia, Accel, Lightspeed, Hustle Fund, SOSV, and many others.
• E-commerce is the largest growth driver. Today, it accounts for US$120B GMV, followed by online travel and media.
• The average ticket size for seed and Series A deals increased 6X in 2021 compared to 2017, while the Series B deals are seeing a 4X increase.

A few tips for raising capital in Southeast Asia

Outreach thoughtfully

To succeed when doing business in the region, you need to have an intimate knowledge of the local culture. After all, most Southeast Asian countries happen to be collectivistic and top-down/hierarchically oriented.

In some cases, Western cultures are the opposite. Scoring high on individualism and adhering to egalitarian leadership principles. In turn, it’s easy to be perceived as too direct, pushy, or even incompetent at times if you do not adapt your relationship-building style.

While many key players in the startup ecosystem are western educated, my experience repeatedly taught me the importance of building long-lasting relationships. You must build an emotional connection from the beginning. Which involves frequently going out for meals and drinks.

Also Read: Tech firms in Southeast Asia poised to ‘leap’ forward with gender equality

Get to know later-stage founders and try to deliver value. Involve them as advisers, angels, or mentors. As the relationship strengthens, those founders will start opening their networks. That will result in warm introductions to the VCs that backed them.

On another note, in most countries (other than Singapore), the legal system is not terribly reliable. Therefore, relationships carry more weight than written contracts. Only when there is strong trust between two parties will you be able to secure deals? Most VCs know each other quite well, be mindful of how you manage those relationships.

Last but not least, be well prepared at all times. SEA-based VCs tend to position themselves as industry agnostic. Studying their portfolios will show how they might be more bullish/bearish on certain sectors. Outreach to investors who would be excited about the problems/markets you are building.

Manage costs cautiously while focusing on what’s important

Given the affordable talent in Indonesia, Vietnam, Thailand, and the Philippines, many first-time founders tend to overhire. In turn, experienced VCs would expect to see a cautious plan for hiring people.

Some VCs are increasingly calculating the revenue per headcount. After all, human resources in a tech startup tend to be the largest cost item. So founders should devote significant time to identifying, attracting, and retaining great talent.

Couple that with the current investment climate. Many VCs would expect you to have at least 18 months of runway these days. If your model relies on lavish spending to acquire users, you will have a hard time fundraising capital.

All that leads to a reassessment of what metrics founders have to track. In a good investment climate or more developed ecosystems, GMT/GTV are acceptable metrics. In Southeast Asia, investors care about your actual revenue. In the case of my last business, every time I pitched our gross revenue, I got interrupted instantly.

Then the investor would ask, “that’s all good, but what’s your net revenue?”So think deeply about how you would grow your gross. About your margins. Also, how would you launch adjacent verticals to flesh out the path to considerable profitability?

Southeast Asia is not a homogenous market

The US has a large total addressable market where people speak the same language and have high purchasing power. Southeast Asia, on the other hand, is far from being a homogeneous block. Instead, you can consider it a unique collection of 10 diverse cultures and languages.

Most of those countries share quite a low standard of living. You will have to conquer each market one by one, requiring a proven model and an incredible execution. A clear go-to-market plan highlighting your deep understanding of the market’s complexity is a must. In my experience, the best way to prove the viability of your plans is through:

• A history of success.
• Running experiments that prove your assumptions in each market where you plan to operate.

Even established organisations find it hard to capture the market successfully. I have seen a variety of strategies, some more successful than others. For example, LinkedIn has parked its regional headquarters in Singapore.

Also Read: Successful business models for tech startups in Southeast Asia

In turn, they send sales teams to fly to each country frequently. Others, like TikTok, would invest considerably in core markets like Indonesia to build solid traction.

Obviously, most startups are less resourced and thus need to have proven go-to-market plans localised for each country.

A word of caution here. Many founders tend to over-expand too fast in a bid to plant flags and position themselves as a regional success case. I have been guilty of that myself twice. Expanding too fast comes at a price. You sacrifice:

• Deep understanding of the nuances of each market
• Focus

Conclusion

Rumour has it that Southeast Asia has entered a golden era for startups. The region has transformed from a little-known corner of the world to one of the most exciting innovation ecosystems.

A few days ago, I asked a founder who had just closed a seed round in Singapore about his observations on the topic. In his view, building a new venture in Southeast Asia attracts an incredible amount of attention from top-tier VC firms. It has never been easier to raise a round. The appetite for risk amongst local family offices, angels, and VCs is much higher today than ever before. That’s not a surprise, given the market’s strong fundamentals.

But there is still work that needs to be done, though. Operating across all those fragmented markets is hard. A strong focus on traction and revenue builds sustainable businesses. Yet, that comes at a cost, making it much harder to start and grow new companies. The relatively low number of exits results in fewer seasoned operators. Thus lower talent density.

Having said that, I am super excited to continue building in Southeast Asia. Let’s assume we take the perspective that history repeats itself. Then, study the world’s best ecosystems like the US and China. It quickly becomes obvious how SEA is just getting started.

–

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

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

Image credit: maru123rf

The post Introduction to Southeast Asia’s startup ecosystem and the fundraising landscape appeared first on e27.

The concept of a ‘still city’, a city that neither grows nor shrinks, is an interesting one, especially in a world where rapid urbanisation and population growth have become the norm. The idea of a still city is that it has reached a peak of wealth and well-being, where the quality of life is high, and growth is not necessary to maintain this level of prosperity.

From different angles, both my birth country of The Netherlands and my forever favourite city, Tokyo, are mentioned in the context of the Still City, or ‘Steady State Society’. Eye-opening to me is how the principles of circular economy and doughnut economics, including concepts such as de-growth and post-growth, can contribute to the sustainability and resilience of these cities/nations.

Resources for further reading are mentioned at the bottom of the text

The Netherlands has been cited as an emerging example of a steady-state society. Next to its population reaching around 18 million, the also stable Dutch economy is characterised by a high level of income equality, low unemployment, and a strong social welfare system.

Also Read: Getting smarter with tech: How will smart cities look like 10 years from now? 

The country is known for its quality of life, with good healthcare, education, and infrastructure, as well as a strong focus on sustainability and innovation. At the same time, its infrastructure and geographical circumstances lead to climate change-related challenges for the low-lying lands: there is simply not enough land to continue growth, while the economy continues to push the boundaries and wants more people, more housing, and more growth.

This friction is an ideal set-up for a steady-state nation, where growth may take the shape of a doughnut, folding inwards, a model the city of Amsterdam is openly experimenting with.

Tokyo can be seen as an example of a still city, although it has a much larger population than The Netherlands, with around 38 million people living in the metropolitan area. Despite its size, Tokyo is a highly organised and efficient city, with excellent public transportation and a low crime rate.

The city also has a high standard of living, with good healthcare, education, and cultural amenities. Yet at the same time, it does not really grow, nor does it contract, while maintaining these standards of living. It comes across as a self-sustaining entity, a system of its own, a still city.

Both The Netherlands and Tokyo have achieved a high level of stability and prosperity. However, they have also faced challenges in maintaining this level of prosperity in the face of global economic and environmental pressures.

In recent years, there has been growing interested in concepts such as degrowth, post-growth, and steady-state society, which aim to move away from the idea that economic growth is necessary for prosperity.

Degrowth is a movement that advocates for reducing the size of the economy in order to achieve a more sustainable and equitable society. The idea is that by reducing consumption and production, we can reduce our impact on the environment and promote social justice.

Post-growth and steady-state society are related concepts which emphasize the need to move away from the idea that economic growth is necessary for human well-being. These ideas challenge the dominant economic paradigm, which assumes that growth is always desirable and necessary.

A circular economy is based on the idea of designing out waste and pollution, keeping products and materials in use for as long as possible, and regenerating natural systems. The circular economy aims to create a closed-loop system where resources are used and reused in a sustainable and equitable way, thereby gaining traction as a way to promote sustainability and resilience.

Also Read: How the app sharing economy is keeping up with the current trends

Merging these concepts, there is great potential to contribute to the sustainability and resilience of still cities or steady state nations, like (the future states of) The Netherlands and Tokyo. Our statement is that by applying the principles of the circular economy to resource management and material flows in a steady-state society or a still city, these locations can maintain their high quality of life while also addressing the challenges of global economic and environmental pressures.

In other words, to apply the circular economy to make to steady state a sustainable one, thereby becoming exemplary for other cities or states reaching the ‘steady-state’ level.

Introducing Sun

One of the most amazing things about training your AI is that she needs to understand your perspective on the world in order to develop a view of her own. So I get the chance to input my preferred way of learning, that is, learning by association, following erratic bursts of inspiration across a variety of subjects and domains, in my conversations with Sun.

I am proud to mention her, Sun, the virtual influencer on sustainability and the circular economy we are building. Sun’s official launch is set on September 3, 2023

–

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

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

Image credit: Canva Pro

The post Creating sustainable futures: The vision of steady-state societies and still cities appeared first on e27.

Open banking has revolutionised the financial industry, providing customers with access to a plethora of new and exciting services that were previously unavailable. This innovative approach allows for the sharing of customer data between banks and third-party providers, which has paved the way for the introduction of fully digitalised financial services by non-traditional financial institutions, such as fintech startups and neobanks.

Having been involved in the fintech and open banking industry for over a decade across Indonesia and Southeast Asia, I have witnessed the remarkable evolution of financial services being provided in the market. It is an exciting time to be part of this dynamic sector. 

The recent technological advancements in API platforms have also facilitated even more advanced financial services available, such as universal QR code payments, borderless virtual cards that can be used across currencies, and MSMEs (Micro, Small, and Medium Enterprises) lending that can securely disburse loans without requiring excessive documentation from the borrower.

Moreover, I have observed these advancements have aided in increasing the financial inclusion of previously underbanked and unbanked consumers, granting them access to better funding and financial services that were previously unavailable.

Also Read: Finance beyond the numbers: CFO resolutions for 2023

In my opinion, open banking is, and will undoubtedly continue to be, the future of fintech and the financial services it can offer. Here are a few reasons why:

The rapid growth of smartphone and internet users

The proliferation of matured smartphone and internet penetration rates has been a significant driving force behind the continued rise of open banking as the future of fintech. According to Statista, the number of smartphone users has surged by 53 per cent from 3.2 billion in 2016 to 6.3 billion in 2021, while global internet users grew from 3.2 billion to 4.9 billion in the same time frame.

Given the expected global population growth to more than 8 billion in 2023, it is estimated that approximately nine in 10 people will be equipped with a smartphone worldwide. Additionally, internet user growth is expected to continue increasing steadily.

The widespread adoption of smartphone applications and the rise of digital literacy have created an environment that facilitates the seamless integration of open banking-based, mobile financial service apps in our daily lives. I believe this trend will continue to move in this direction, inclusive of fintech, neobanks, and other non-traditional financial institutions.

More opportunities to provide more innovative services

Given the widespread use of smartphones and the internet, the stage is set for the development of a digital financial ecosystem. This, followed by the core of open banking that helps facilitate the sharing of financial information between financial institutions and third-party providers through APIs, makes it a promising path for the future of fintech.

It allows for the development of new and innovative services beyond traditional banking, proving to be particularly significant in countries with a large unbanked and underbanked population. For an extended period of time, this population has faced barriers to accessing financial services due to a lack of accessibility and documentation.

In the APAC region, countries such as Indonesia, India, China, Vietnam, and Thailand have demonstrated the potential of open banking-based services in fintech to drive innovation and promote financial inclusion in the last couple of years. According to AppsFlyer, there are 2.7 billion fintech app installs recorded between Q1 2019 and Q1 2021 across APAC, with Indonesia and India being the key contributors.

In particular, e-wallets have emerged as a dominant force in this region, gaining popularity over traditional payment methods like credit cards. Leading players like GoPay, TrueMoney, and GrabPay have enabled users to transact without bank accounts, with wide acceptance by merchants both online and offline. 

Also Read: Giving a boost to business through finance automation

In my view, as the market continues to demand alternative payment platforms and financial services, open banking’s openness and adaptability offer significant potential for the development of new and unique services that have yet to emerge.

The willingness of traditional financial institutions to collaborate

In recent times, it has become evident that banks and other conventional financial institutions are becoming more receptive to collaborating with fintech companies in developing open banking-led services.

As per a 2022 survey conducted by Economist Impact on behalf of WSO2, more than 48 per cent of the 300 global C-banking suite executives interviewed stated that their financial institutions had embraced partnerships with fintech startups over the past three years, driven by the need to remain competitive and innovative in the market. 

Collaboration between banks and fintech is mutually beneficial, where banks have the advantage of consumer trust and brand recognition, while fintech can offer more flexible and innovative financial solutions, as well as more access to the unbanked and underbanked market in developing nations. This partnership can help reach a larger consumer base and create better financial services with higher trust, security, and cost-efficiency in the long run.

In 2022, we engaged in fruitful collaborations with two of Indonesia’s leading banks, Bank BRI and Bank Mandiri. With Bank BRI, we implemented a direct debit solution that empowers BRI’s merchant partners to conveniently collect payments from their customers’ accounts with consent.

Similarly, our partnership with Bank Mandiri enabled the integration of over 300 digital products from more than 1,000 billing companies into their super-app, Livin’. The aim of these collaborations was to promote financial inclusion, enhance the affordability of financial services, and optimise the overall customer experience.

Additionally, another successful example is the German neo-bank N26 and UK-based financial exchange company Wise’s collaboration in 2016, where they teamed up to offer hassle-free international money transfers. They have since extended their partnership in 2020 to include a broader range of transfer options following the rising popularity of international money transfers. 

The growth of open banking in the fintech industry has been remarkable in recent years, with increased acceptance from consumers and financial institutions alike. Looking ahead, the potential for open banking to continue to evolve is immense as the fintech sector relentlessly seeks innovative ways to provide the best possible services to consumers. 

I believe that secure and transparent sharing of data between parties will remain a top priority in the financial services industry, focusing on convenience and efficiency for an increasingly tech-savvy and financially literate society. Truly excited about the future possibilities that lie ahead!

–

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

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

Image credit: Canva Pro

The post Why is open banking the future of fintech? appeared first on e27.

Singapore-based indie game publisher The Iterative Collective (TIC) has secured US$1.2 million in a seed funding round led by Cocoon Capital and unnamed angels.

The Iterative Collective will use the capital to expand its publishing and marketing capabilities.

Today, game engines like Unity and Unreal Engine have made it easier for independent developers to create high-quality games. According to a recent report, the global PC and console gaming markets are expected to reach a combined revenue of US$104 billion by 2026.

However, commercial success is not guaranteed despite the ease of game development. Over 50 per cent of self-published PC games generate a lifetime revenue of less than US$4,000, which poses a significant challenge for independent studios.

Also Read: ‘The SVB collapse almost damaged the trust level in Silicon Valley’

The Iterative Collective is addressing this issue.

The company was founded in 2020 by Matthew Quek and Haskel Chua.

Quek brings a deep understanding of technical game development and distribution gained from his years as a Senior R&D Engineer at Virtuos and Director of Technology at Epicsoft Asia. Meanwhile, Chua brings valuable experience from his successful career at JoyDash where he was credited with successfully launching two games and leading his game development studio, PseudoPixels.

The Iterative Collective has built an ecosystem for independent game studios. By providing talented developers with resources and support, TIC helps them turn their creative game concepts into profitable businesses.

TIC’s debut game, The Signal State, has become a commercial success with thousands of paying players. The startup will showcase its current and upcoming games at PAX East 2023 in Boston, the US, from March 23-26, 2023.

—

Echelon Asia Summit 2023 brings together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here. Echelon also features the TOP100 stage, where startups can pitch to 5000+ delegates, among other benefits like connecting with investors, visibility through the e27platform, and other prizes. Join TOP100 here.

The post Indie game publisher The Iterative Collective nets US$1.2M seed funding appeared first on e27.

Singapore-based Holistics.io provides a cloud-based business intelligence platform that empowers data teams to create and manage a self-service reporting solution for their organisation.

The data analytics company was one of the contestants of the TOP100 in 2018.

In this interview with e27, Holistics.io’s Co-Founder and CEO, Vincent Woon, shares his experience and the key learnings he made from the TOP100 event.

Excerpts:

What is Holistics.io?

We provide an online platform that allows data teams to design their data models and business logic to provide high-quality data to business users. With Holistics, non-technical business users can go beyond viewing static dashboards and create their custom reports from the centralised data warehouse, reducing their reliance on the data team for ad-hoc data requests.

What prompted Holistics.io to apply for Top100 in 2018? What were your expectations from the contest?

When we decided to apply for TOP100, our primary motivation was gaining exposure and increasing awareness of Holistics within our target market. Specifically, we wanted to reach data teams working for tech companies, particularly startups.

Also Read: These four Echelon TOP100 winners prove why Singapore’s ecosystem is still the crowning jewel of Southeast Asia

We saw TOP100 as a valuable marketing opportunity, as it provided us with a platform to showcase our product and services and a chance to refine our pitch and messaging.

Can you talk about your TOP100 experience? What were your key takeaways?

Participating in TOP100 was a fantastic experience. The event was well-organised, and I found the concept refreshing and innovative, especially considering it took place in 2018.

One of our main benefits was the opportunity to refine our pitch deck and receive feedback from industry experts. We could also showcase our product to a broader audience and connect with potential customers.

Did Top100 help you get new connections like investors, partners, and customers?

Yes, participating in TOP100 provided an excellent opportunity to meet and connect with a wide range of people in the startup ecosystem. We could showcase our platform to other participants, startup exhibitors, and some investors who stopped by our booth.

Did you go on to raise external investment post-TOP100?

No, our participation in Top100 was not directly related to raising funds. At the time of the contest, we were self-funded and were enjoying the freedom and flexibility that came with that. And we still do.

How did Holistics survive multiple crises like COVID-19 and the economic slowdown?

At Holistics.io, we were able to weather multiple crises, including the pandemic and the recession, thanks to several key factors.

Firstly, our company culture was already conducive to remote work, with a strong focus on collaboration, writing culture, and investment in automation tools. This made the transition to remote work during the pandemic relatively seamless for our team.

Additionally, we were fortunate to have a good cash buffer in place, which allowed us to continue operating as normal despite the economic uncertainties brought about by the crises. It also gave us the confidence to hire the right team members to support our growth.

While some of our customers needed temporary help during the pandemic, we also saw increased interest from companies looking to re-evaluate their analytics tool budget. This presented us with new opportunities to expand our customer base and solidify our position in the market.

Overall, our ability to adapt quickly, maintain our company culture, and leverage new opportunities helped us survive and thrive during the crises. It was a challenging time, but it also served as a valuable reminder of the importance of being flexible, resilient, and prepared for the unexpected.

Did you go for job cuts during these crises?

No, Holistics.io did not resort to workforce reduction during the pandemic or the recession. One of the reasons for this is that we have always been very mindful of our expenses and have prioritised sustainable growth over rapid expansion.

Another reason is that we had the advantage of being cash-flow positive, which gave us stability and flexibility during those challenging times.

Did you ever think of quitting? If yes, how did you survive such situations?

Like many founders, I have experienced my fair share of challenges and setbacks throughout my time at Holistics. There have certainly been moments when I felt frustrated and discouraged, but quitting didn’t cross my mind.

During those difficult times, what helped me most was leaning on my support system. This included my wife, co-founders, a few close friends, and a coach. Talking through my struggles with people I trust and know me well was incredibly helpful. They provided me with a sounding board for my ideas, offered words of encouragement, and helped me maintain perspective when I was feeling overwhelmed.

What are your future plans? Do you plan to expand geographically out of SEA?

Currently, Holistics.io have over 350 customers in 40 countries worldwide, and our team of 50 people is spread across eight cities globally. While our focus has been primarily on the SEA region, we have already achieved some traction globally.

Looking ahead, our vision is to make analytics less effortful for both the data team and business users of our customers. We believe this is a critical need for businesses of all sizes and industries, and we are committed to continuing to innovate and develop solutions that meet this need.

Also Read: ‘The SVB collapse almost damaged the trust level in Silicon Valley’

We plan to expand geographically beyond SEA as part of our growth strategy. While we will remain focused on serving tech companies, we see a tremendous opportunity to bring our solutions to businesses worldwide. Our unique approach to business intelligence, combined with our strong customer focus and commitment to innovation, will make Holistics the preferred choice for companies looking to make data-driven decisions.

Any message for young and budding founders?

As a founder, it’s important to constantly listen and learn from your customers, industry trends, and feedback from your team.

Ensure you’re creating a culture of open communication and collaboration where everyone feels empowered to share their ideas and insights. Don’t be afraid to pivot or change your business strategy based on what you hear from the market.

—

Echelon Asia Summit 2023 brings together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here. Echelon also features the TOP100 stage, where startups can pitch to 5000+ delegates, among other benefits like connecting with investors, visibility through the e27platform, and other prizes. Join TOP100 here.

The post ‘TOP100 2018 was a valuable marketing opportunity for us’: Holistics.io CEO appeared first on e27.

The Vietnamese government considers healthcare to be a major priority in the national digital transformation strategy and program. This makes sense given that the “hottest” social security issue — and a top priority in developing countries in Asia like Vietnam — is always the provision of healthcare for the public at large.

Technology for healthcare is content that has been frequently mentioned on forums and mass media in recent years, making the community both curious and confused, not sure what technology has and is doing for medicare or, more specifically, for taking care of people’s health. 

Vietnam is fully capable of adapting in the era of “Smart Healthcare,” which will assist in optimising the operating system, reduce costs and resources, and at the same time, save money and resources to apply digital technology to medical examination and treatment services. It benefits both customers and service providers in equal measure. As a result, Vietnam has likely witnessed a sharp rise in demand for healthcare apps.

The reality of the healthcare in Vietnam

The Organisation for Economic Cooperation and Development (OECD) recently carried out a survey, and they found that individuals in Southeast Asia consistently spend a lot of money on healthcare. The ASEAN nations, which include Vietnam, Singapore, Thailand, the Philippines, and Indonesia, are set to increase their total spending to close to US$800 billion over the next five years.

In Vietnam, the number of startups in this healthtech field is still very modest, just under two per cent of the total of more than 4,000 medical technology startups in Asia. Only a few names appear on the market, such as eDoctor, Mosia, Jio Health, BuyMed, and Bsgiadinh. The reason is that the medical industry is very diverse in terms of operation forms, many participants, and many types of techniques and objects.

Also Read: The thrills of online shopping: Exploring Vietnam’s e-commerce haven

The patient population is both large and diverse. Meeting hospital operations requires knowledge of clinical medicine, medical organisation, medical engineering, and information technology. When talking about medical technology is also talking about two types of technology: one is techniques applied to medical devices, and the other is information technology that manages medical data.

What has been talked about recently in healthtech?

Vietnam has been using AI in healthcare since a few years ago. Currently, although AI has not been put into operation in hospitals, there are many applications to support medical examination and treatment.

When the COVID-19 pandemic occurs, the presence of AI through the Bluezone application — the application is capable of detecting close contact by automatic statistics and recording the contact between people who have installed Bluezone with each other, tell us who we have been in contact with, when, etc., to reduce the risk of disease spread.

Other healthcare apps being talked about recently have to call names of:

Jio Health

A platform for arranging clinical services in the healthcare industry online. By monitoring individual health profiles and sharing patient medical data with healthcare professionals, the platform streamlines the delivery of healthcare and enables patients to receive rapid care via doctor visits in their homes.

DOCOSAN

A startup established in HCM City is another website that links patients and physicians. The fundamental idea is to employ technology to speed up the selection of a doctor, the intake of new patients, and the management of patient records.

The business-to-business (B2B) marketplace created by Thuocsi is another creation of the Vietnamese healthtech industry. It provides automatic order matching with end-to-end logistics and links pharmacies and medical practices with authorised distributors of pharmaceuticals.

Smart health: Combining information technologies and digital health

It would be simple to conclude that technology is fast assisting in the solution of the most pressing issues in health and healthcare if one were to only pay attention to the information flow regarding trends and forecasts. In actuality, though, things are not as simple.

The national coordinator of the Vital Strategies Health Data Initiative, Mr Tran Hong Quang, commented on Vietnam’s digital health ecosystem, saying: “Health is a sector with hurdles to entry in the business with excellent calibre. Even globally, major technology companies like Google, Microsoft, and Apple struggle to break into the healthcare industry.”

The use of healthcare apps on mobile platforms in the medical field has ushered in a new healing trend.

Patients, pharmacists, and even doctors may prefer healthcare applications over in-person consultations thanks to virtual consultations with a team of specialists, online drug delivery process optimisation, and more.

Also Read: How Vietnam is climbing to the throne of fintech among Asia Pacific countries

The idea of online pharmacies focused on providing prescription and over-the-counter (OTC) drugs is accepted through email inboxes, delivery units, or online pharmacy web portals. Line.

Using a health-related app, Ms M, a mother of a three-year-old child, expressed her satisfaction. She said, “I can save a lot of time by booking an appointment for my child or simply Long-term test results I can check immediately on the app.”

Mr V said that ever since applications to buy medications online were released, he could save a ton of time. “You can regularly check to see if the medication you require is in stock, saving you time from having to drive around looking for it.”

A bright future for health-tech development in Vietnam

Technology is an effective instrument for making significant changes that can quickly revolutionise an industry or area of the economy. Using technology to its fullest potential is essential. Health, on the other hand, cannot be hurried.

It’s critical to support and further publicise activities and investments in healthcare technology. Only with significant and enough investments will the market have the chance to choose for itself appropriate and crucial solutions and goods to support the growth of services to serve society.

If there is a need to give a specific suggestion, it would be to prioritise the use of technology to make people’s lives more convenient while also assisting medical facilities in running efficiently with their resources.

–

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

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

Image credit: Canva Pro

The post Revolutionising healthcare in Vietnam: The reality of healthtech unveiled appeared first on e27.

Web3 isn’t easy.

For all the talk about Web3 revolutionising the way we work and play, the reality is that most people find it hard to understand what blockchain technology is. Not only that, but they also run into problems because Web3 apps (or dapps, which is short for decentralised apps) are not as user-friendly as Web2 platforms.

Think about how easy it is to create a Twitter or Facebook account. Then compare this with the technical and convoluted onboarding process for Web3 – from creating a crypto wallet to loading it with cryptocurrency to connecting it to a blockchain game or NFT (non-fungible token) marketplace like OpenSea. 

No wonder the average internet user is intimidated by Web3. 

Why Web3 isn’t mainstream 

The numbers certainly don’t lie. According to Singapore-based blockchain firm TripleA, the estimated number of crypto users worldwide is 420 million, which represents a mere 4.2 per cent of the global population.

Clearly, if we want Web3 to become mainstream, we have to do a better job. 

As I’ve said in a previous article, what we need to do is to make Web3 disappear. This involves two equally important steps. 

Also Read: Malaysian startups, MNCs have started recognising the importance of Web3: Jasmine Ng

The first is to focus on the customer benefits, not the technology. Consumers don’t really care how the technology works and will only get bored by all the technical jargon. Instead, what they want to know is how Web3 will make their lives easier and what benefits they will get by using it.

Knowing, however, is only half the battle. Instead of putting the burden on consumers, Web3 companies should simplify the process. If it’s hard to use Web3, don’t expect people to flock to it. Remember that the same thing happened before during the early days of the Web when email clients were too clunky, websites were too simple, and internet connections were too slow.

Addressing the pain points 

“While looking at all the potential, we also see some of the limitations of the crypto market right now because it has a very high barrier to entry. For example, if I want to go into DeFi (decentralised finance), I would have to create my own MetaMask wallet, I would have a ledger with me, and I would have to record my mnemonic code and keep it safe,” said DEFED DAO (decentralised autonomous organisation) Initiator and Core Contributor Mechbill.

Mechbill, who has a PhD in Physics and has worked in the fintech industry for over 10 years, entered the world of crypto in 2020. He understands what the pain points are because he has experienced them first-hand.

“I used to play a blockchain game, and I opened a special wallet for it. But then, after a month, I didn’t play. I forgot the mnemonic code, and I lost my assets. It was gone,” he said.

Mechbill, of course, is referring to the fact that when you create a crypto wallet, you need to record a seed phrase to recover your account in case you forget your password. This mnemonic code, which consists of 12 or 24 random words, is the only way for you to regain access to your account, as the wallet provider does not store your password.

Imagine explaining this to the average user and expecting them to take that risk.

Of course, since then, improvements have been made. For example, crypto wallets with settings that allow you to click on View Secret Recovery Phrase. Still, this is just a band-aid solution that does not address the need to make the process more user-friendly for consumers.

Instead, what Mechbill wants is to make it as easy to create a Web3 account as it is to sign up for Web2 platforms. Recently, DEFED launched version 2.0, which allows users to create an account using their email address. They can use this to interact with DeFi and other smart contracts on the blockchain.

Also Read: How to launch collaborations that grow communities: A guide for Web3 founders

This means their customers will no longer have to worry about forgetting their seed phrases and losing access to their accounts and digital assets. Just as in Web2, they can simply reset their passwords via email and regain control over their assets.

Best of both worlds

Mechbill emphasised that consumers should be able to reap the benefits of Web3 while also enjoying the same kind of convenience they are already used to in Web2.

“During the DeFi Summer, all those products offer opportunities for generating a lot of wealth, so they are very attractive for people who are willing to make money. So even if there are high barriers to entry, they will jump in,” he said.

He pointed out, however, that this is not sustainable, especially in the current bear market, which is known as Crypto Winter in Web3. As the market matures and Web3 becomes more mainstream, the space cannot just target traders with a high appetite for risk or rely on rewards such as high APR (annual percentage rate) to attract users. In fact, Mechbill said that traction is decreasing, but the barrier to entry remains high. So what is needed is to lower the barrier to entry to Web3.

That is why apart from letting users easily create accounts using their email addresses, DEFED also makes payment so easy that it is almost like tweeting your friends. This is because they have integrated chat into their system so that customers can easily transfer their DEFED balance to each other instantly when messaging their friends online. 

Moreover, DEFED acts as a Web3 super account that lets customers connect their assets to different dapps so that they can avail of different services, whether it’s depositing to earn interest or borrowing with credit.

“We are not just focusing on the evolution inside the current market. We are trying to open a new market from Web2. So we’ve created a super account system, and we want to build a superapp in the future to let customers get Web3 functions but with Web2 usability,” Mechbill said.

Asked to share his vision for DEFED and Web3, Mechbill replied: “I have two visions. One is for our product itself which can benefit our customers and increase the Web3 population. And for the organisation, in the future, I would like to run our product as a DAO. That is like a social experiment, and we are trying to find a way for people from different locations and different cultural backgrounds to collaborate. That, to me, is interesting. I am not sure if it will succeed or not, but it’s worse not to have tried.”

At the end of the day, the benefits of Web3 should be made available to everyone. Together, we can open the doors to more people.

–

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

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

Image credit: Pascal Bernardon on Unsplash

The post DEFED and DeFi: Making it easier to migrate from Web2 to Web3 appeared first on e27.