A photo from the soft launch of the report

Southeast Asia’s Generative AI (GenAI) startup ecosystem is vibrant and diverse. Startups use various foundational models to innovate and solve complex problems.

Foundational models are large, pre-trained AI models that can be fine-tuned for specific tasks. Trained on vast datasets, they offer versatility and power for various applications and can understand and generate text, images, and other data forms, serving as a strong base for specialised AI systems, like GPT for text and DALL-E for images.

GenAI Fund, a new investment vehicle in Vietnam, conducted a survey to discover the current trends and opportunities for GenAI Startups in ASEAN, including the foundational models they utilise. At the time of the soft launch, the VC firm analysed over 500 GenAI startups and conducted interviews and surveys with over 180 GenAI startups across the region on 25 different data points.

Also Read: Is generative AI the game-changer for productivity?

Below are the three key takeaways based on the survey’s preliminary findings.

The full ASEAN GenAI Startups report will be released in the coming weeks.

Key Takeaway #1: Vietnam is second to Singapore in GenAI adoption

Based on the startups surveyed up until the soft launch, over 90 per cent are startups at the application layer, with 47 per cent of startups based in Singapore, 32 per cent in Vietnam, and 8 per cent in Indonesia.

While Singapore’s lead is unsurprising for the usual reasons (business/tax structure, funding access, diverse talent pool and network, robust infrastructure and existing startup community, supportive and solid government), Vietnam’s #2 spot is eye-catching.

Anecdotally, it’s worth noting that an increasing number of regional startups (excluding Vietnam) have built/are building their initial MVPs — or established their remote development teams — in Vietnam. The names include Eklipse.gg, a GenAI tool automatically converting lengthy streams into viral clips.

“What is surprising at first glance is Indonesia’s relatively slower uptake in building GenAI startups. When interviewed by us, notable startup founders and VCs attribute this to Indonesia’s penchant for startups that can better leverage its large 280 million population, i.e., primarily B2C startups like GoTo, Traveloka, Akulaku, Kopi Kenangan, etc.,” says GenAI Fund’s Partner, Denning Tan.

However, a number of bright sparks are appearing from Indonesia, such as Meeting.ai, a leading B2B GenAI-powered transcription and summarisation software.

KeyTakeaway #2: The rise of B2B GenAI startups

Prior to GenAI going mainstream (i.e., before the launch of ChatGPT in November 2022), an estimated 80 per cent of ASEAN startups were focused on B2C business models and applications.

Fast-forward to July 2024. Based on the GenAI Fund survey, over 90 per cent of GenAI-native startups are B2B-focused or B2B-led (with some aspects of B2C), which is a complete contrast to non-GenAI startups, generally.

Consistent with B2B SaaS startups, 81 per cent rely on subscription-based pricing models, and 78 per cent have either achieved early recurring revenue, are profitable or have paid pilots and POCs despite 92 per cent being at pre-Series A stage, with an overwhelming majority focused on productivity-based solutions and workflows across several sectors.

Layered on this is that 71 per cent of surveyed startups target a global (mainly US) market from Day 1, while 29 per cent are focused on ASEAN.

This dynamic poses some challenges.

1.  While enterprises in ASEAN are showing an increased appetite for third-party GenAI/AI-based solutions, the processes to onboard and implement SaaS are still beset by slow processes like Request for Proposals (RFPs), other tender processes, stakeholder challenges, internal resistance, insecurity, excessive POCs etc. This could spell the death knell for fast-moving GenAI startups needing quicker cash flow or traction to prove product market fit.
2. For B2B startups targeting a global market and whose product is designed more for larger enterprises, making breakthroughs in a large foreign market without sufficient traction, credibility, and on-the-ground SaaS sales teams/partners is extremely difficult amidst intense competition.
3. It does not help that startup funding for ASEAN GenAI startups has been somewhat muted—but that’s a separate discussion.

Recognising these challenges, Big Tech companies like AWS, GCP, and Azure have been initiating programmes to help accelerate go-to-market for GenAI startups.

Also Read: From Amazon to AI: How GenAI Fund fuels innovation in SEA through a unique model

Some startups have shown resilience and are thriving; an example is Singapore-based business productivity GenAI startup Bluesheets, which connects and automates an organisation’s data across the enterprise customer’s existing platforms.

Key Takeaway #3: GenAI Startups have become more sophisticated

How GenAI startups consume tech (in particular, choice of LLMs and cloud) points towards a more sophisticated multi-model and multi-cloud approach.

Starting with LLMs, from GenAi Fund’s survey, 74 per cent of startups currently use Open AI, followed by open-sourced models Llama (Meta) at 39 per cent, Hugging Face at 32 per cent, Claude (Anthropic) at 29 per cent, Gemini (Google) at 17 per cent, Stability AI at 15 per cent, followed by sub-10% usages for other models, including custom/in-house ones.

Practically all are multimodal in approach, displaying sophistication in leveraging open-sourced options for fine-tuning, retrieval-augmented generation (RAG), and other grounding customisations, as well as for simpler reasons like cost optimisations.

“When speaking with foundation model companies, there is a shared consensus that the segment may be commoditising quickly, which also explains the frequent downward adjustment of API prices,” he adds. “Similarly, with cloud consumption, we are seeing an increasing number of GenAI startups adopting a multi-cloud strategy from early stages, as opposed to relying on single cloud architecture for most startups pre-GenAI era.”

Also Read: Experts advocate thoughtful regulation for the rapid rise of Generative AI

As expected, the top 3 cloud providers used by the GenAI startups surveyed are led by AWS at 65 per cent, GCP at 45 per cent and Azure at 43 per cent. One data point here that stood out was the rise of Azure as a cloud of choice for GenAI startups; Azure is traditionally more entrenched with enterprises – aided in part by the popularity of Open AI, and the presumption that a large portion of B2B SaaS GenAI startup’s potential customers are indeed enterprises who use Azure or at least Microsoft 365.

As a result of the perceived commoditisation of both the choice of models and cloud, Big Tech companies are upping the ante with programmes and benefits that specifically target GenAI startups to encourage long-term build and familiarity with their respective products.

Some examples include AWS GenAI Spotlight APJ, Generative AI Accelerate Programme (NUS Enterprise), and Google AI Accelerator Programme (Singapore).

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Image Credit: 123RF.

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Dr David R. Hardoon, CEO, Aboitiz Data Innovation (ADI)

As Artificial Intelligence (AI) continues to gain popularity worldwide, including in Southeast Asia (SEA), startups are faced with the question of how they can help different sectors embrace the technology—not only in their home country but also in the region.

This is the mission that Aboitiz Data Innovation (ADI) aims to tackle with its solutions.

Founded in 2021, ADI is a Singapore-based Data Science and Artificial Intelligence (DSAI) startup backed by the Philippines’ Aboitiz Group.

Launched with the support of Singapore’s Economic Development Board (EDB), ADI has served as a central entity for DSAI collaborations and a catalyst in reshaping industries through AI. To date, it has partnered with organisations such as Cloudera to bring GenAI to Asia Pacific’s financial and industrial sectors, speeding up data and AI processes to empower enterprises to make more accurate and timely decisions, thereby increasing revenue generation and optimising costs.

It also partnered with Thailand’s REPCO NEX and AboitizPower to create the Philippines’ first smart power plants. These plants use DSAI to optimise their performance, empower operators and engineers to make more informed decisions, and ensure a safe and resilient power grid.

Also Read: How Transparently.AI uses Artificial Intelligence to detect accounting manipulation, fraud

In addition to those partnerships, the startup has also teamed up with leading organisations in the banking and financial services sector, power sector, and public sector.

“At ADI, we hope to become the go-to partner for organisations in making AI work. We aim to foster a collaborative ecosystem across the region where entities can work together to push the boundaries of innovation to solve pressing problems and uncover opportunities,” CEO Dr. David R. Hardoon tells e27 in an email interview.

“Emerging from the Aboitiz Group with diverse businesses, our data science and AI capabilities focus on financial services, power, and the public sector. We are well-positioned to expand our AI capabilities built and tested in the Philippines and Singapore to other SEA markets, including Malaysia, Indonesia, and Thailand, by addressing common challenges while adapting to each market’s unique nuances.”

In this conversation, we learn how ADI plans to leverage its expertise in the Philippines and Singapore to address similar challenges and opportunities in neighbouring markets, fostering industry-wide transformation.

This is the edited excerpt of the conversation.

What key challenges and opportunities has ADI identified in the Philippines and Singapore that are common across neighbouring markets? 

Despite being a hot topic for a few years, AI still raises concerns due to its novelty. Implementing AI innovations in SEA faces varying readiness levels, and while innovating with AI can pose challenges, it offers opportunities for transformative breakthroughs.

Also Read: RevComm’s MiiTel, Cloud IP phone powered by artificial intelligence, is changing how businesses engage customers

For me, AI is all about knowledge. They are not replacing humans in terms of knowledge. Still, suddenly, you have this technology that aids us in organising knowledge and making sense of the available information.

AI’s value lies not just in the information it provides but also in how that information is applied. Organisations should move beyond focusing solely on revenue potential and invest in AI to enhance their capabilities and achieve long-term improvements.

Similarly, when parents invest in a child’s university education, they don’t ask, “How much will I get back in five years?” They invest to improve the child’s capabilities and future prospects.

The way we see AI at ADI is that it provides the inherent ability to find patterns through data, which is crucial to making sound decisions that would lead to solutions to problems and new opportunities. We recognise that various industries and countries in the region face both common and unique challenges. This is where AI solutions stand out, offering scalability or customisation as needed.

AI technologies are designed to adapt and be applied broadly while being flexible enough to be tailored to specific needs or challenges.

In the bigger picture, organisations can benefit from harnessing AI. While it’s good for one or two companies to benefit from AI, the real opportunity lies in empowering organisations across industries to adopt AI and derive benefits from it.

How does ADI plan to apply its expertise and successful strategies from the Philippines and Singapore to other markets in the region?

We plan to adapt our successful strategies from the Philippines and Singapore to other markets by tailoring them to local needs. We will use our insights to address specific challenges, build and strengthen partnerships, and implement best practices to replicate our success and drive growth across the region.

Also Read: Ethics and Artificial Intelligence: Is the technology only as good as the human behind it?

We also leverage our team from over 14 countries globally, with diverse backgrounds, domain expertise, and local, regional, and global experience. With a global workforce, ADI promotes diversity, cultural exchange, cross-border collaboration, and a multidisciplinary approach. This diverse talent pool enables ADI to tap into a wide range of perspectives, skills, and experiences, enhancing our ability to leverage AI effectively.

What partnerships or collaborations is ADI pursuing to enhance its impact and effectiveness in addressing these challenges and opportunities in the broader region?

We have recently set a goal of expanding its data science and AI capabilities across SEA to foster innovation and growth across the region. Through our work in the Philippines, we found that some challenges and opportunities in deploying, developing, and delivering value from AI are the same as in neighbouring markets in SEA.

This provides an immense opportunity for us to bring ADI’s know-how and approaches to making AI work to other countries in the region. Besides Singapore, we are also currently exploring how we may integrate our data science and AI solutions to solve some of the most pressing issues in other neighbouring countries like Malaysia—for example, landslide detection in areas prone to adverse weather conditions.

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Image Credit: Aboitiz Data Innovation

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Papaya CEO Kush Sodhia

Papaya, a Thailand-based omnichannel ordering and payments platform for restaurants, bars, and hotels, has secured an undisclosed amount in an equity financing round led by Beenext.

A2D Ventures also participated.

With the new capital, the B2B venture plans to expand its operations to Singapore, enhance its integrated technology infrastructure, and invest in marketing efforts to grow its merchant base.

Also Read: Thailand’s startup ecosystem in 2024: Fewer funding announcements, but promising opportunities ahead

Papaya was founded in mid-2022 by Kush Sodhia, Haakon Brekke, and Julian Timings.

The startup provides a digital ordering and payment customer experience across dine-in, takeaway, and delivery channels. The firm claims its platform allows hospitality (restaurants, bars, hotels) operators to grow sales by 20 per cent on average while reducing staff work by up to 30 per cent, all while learning more about their customer base.

Customers can dine at their own pace rather than relying on staff availability. As they use their phones to order, pay, and create accounts, Papaya can provide merchants with customer-level insights to enhance the overall customer experience.

“Hospitality was one of the hardest hit industries during COVID and recovery has been slow. Sales are only now starting to hit pre-COVID levels and there is still a 35 per cent shortage of staff across the industry in SEA. The industry has also lagged when it comes to understanding customers in a data-driven way,” said Kush Sodhia, CEO of Papaya. “We founded Papaya to help operators use technology to solve these problems and are excited to have BEENEXT and A2D Ventures as new partners on this journey.”

Also Read: NIA showcases cutting-edge innovations at SITE 2024

Since its launch, Papaya has partnered with a number of cafes and restaurants across Thailand, including Tim Hortons, Bartels, Fatboy Izakaya, The Commons, Vistro, and Okasan.

Papaya previously raised capital from Global Founders Capital and The MBA Fund.

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Simon Ho

Indonesian tech giant GoTo Group has announced the appointment of Simon Ho as the new CFO, effective August 30.

He is replacing current CFO Jacky Lo.

Ho will be based in Indonesia, reporting to GoTo Group CEO Patrick Walujo and overseeing all finance and investor-related group functions.

Also Read: GoTo completes merger with TikTok Shop Indonesia

Ho will subsequently join GoTo’s Board of Directors, subject to shareholder approval at the next Extraordinary General Meeting of Shareholders (EGMS), which is scheduled for August 30.

A seasoned financial executive with over 25 years of experience encompassing financial management, corporate strategy, capital markets, and investor relations, Ho began his career in management consulting before moving into the financial sector. He has previously held senior roles at international banks, including Citigroup and ABN AMRO.

In the past, he also served as CFO at NYSE-listed fintech platform FinVolution Group in China and Filipino payment firm Maya.

Walujo, President Director at GoTo, said, “Simon’s broad experience and deep knowledge of financial markets will add significant value to our business as we drive GoTo towards sustainable growth. He will become a key member of our leadership team and will help ensure the company returns long-term value to our shareholders.”

GoTo is one of the largest digital ecosystems in Indonesia, offering technology infrastructure and solutions. The group provides a wide range of services, including mobility, food delivery, groceries and logistics, as well as payments, financial services, and technology solutions for merchants. In addition, it provides e-commerce services through Tokopedia and banking services through its partnership with Bank Jago.

Also Read: GoTo scores US$150M to boost financial inclusion, sustainability across Indonesia

In 2023, GoTo announced a partnership with TikTok following the Chinese company’s acquisition of the group’s e-commerce unit, Tokopedia, for US$840 million. The group claims it is close to achieving profitability and has increased revenues and improved cost efficiency. The firm aims to accelerate growth by reinvesting profit back into the business while planning to achieve adjusted EBITDA breakeven for the full year 2024.

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Image Credit: GoTo Group.

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Singapore has become a haven for the ultra-wealthy, providing a secure and dynamic environment for growing and managing fortunes. By the end of 2023, the number of single-family offices (SFOs) in Singapore awarded tax incentives soared to 1,400, marking a 27 per cent increase from the previous year.

Family offices in Asia are expected to double their assets by 2025, and with Singapore housing 59 per cent of these offices, the city-state is at the forefront of this expansion. This presents both opportunities and challenges for family offices navigating a landscape shaped by stringent regulations and evolving policies.

Why family offices choose Singapore

Regulatory environment and political stability

Singapore offers a stable socio-political environment, a free market economy, and a transparent regulatory framework. The Monetary Authority of Singapore (MAS) and the Singapore Economic Development Board (EDB) have formed the Family Office Development Team (FODT) to strengthen the country’s standing as a hub for family offices. This stability and support make Singapore a prime location for managing regional assets and international operations.

Targeted support and tax incentives

The nation provides robust support to family offices through incentives such as the Offshore Fund Exemption Scheme (Section 13D), the Onshore Fund Incentive Scheme (Section 13O), and the Enhanced Tier Tax Incentive Scheme (Section 13U). These incentives allow for the exemption of most investment profits from income tax, enhancing the ability to retain and reinvest earnings.

Strong trade and tax networks

Singapore’s comprehensive network of free trade agreements (FTAs) and double taxation avoidance (DTA) agreements greatly benefit businesses. These agreements facilitate access to preferential markets, reduce import tariffs, and strengthen intellectual property regulations, ensuring efficient operations and strategic advantages due to Singapore’s location within Southeast Asia.

Adapting to changing policies

Recent policy changes by MAS have prompted family offices to invest more purposefully in local enterprises, sustainable development projects, and philanthropy. This alignment with global trends towards impact investing and sustainable finance is reshaping investment strategies, promoting both financial returns and positive social outcomes.

Additionally, the increased scrutiny in approvals for family offices due to concerns over money laundering has added complexity to establishing new family offices.

Tiger Fund Management offers Discretionary Product Management, catering to bespoke investment solutions for high-net-worth accredited investors. One differentiating factor of the strategy is the use of option writing that provides income enhancement for the investment we provide for our clients. The investment strategy is based on macroeconomic and fundamental analysis while leveraging the capabilities of its proprietary artificial intelligence model.

Also Read: Navigating wealth management: The emergence of new family offices in Singapore

One case study is that of Tiger Income Absolute DPM, which focuses on option-writing on Treasury Bond ETFs, which enhances investors’ portfolios of conservative US treasuries and money market equivalent assets.

Tiger Fund Management also launched the Tiger-Yuanta USD Liquidity Fund on 7 Feb 2024, which offers investors exposure to high quality short-term money market instruments which are designed to optimise liquidity, manage risk and achieve returns comparable to USD short-term deposits. The fund’s gross annualised return since inception has been consistent at around 5.4 per cent.

Wealth management with confidence

As family offices navigate these changes, partnering with wealth management services becomes crucial. These firms offer essential expertise and resources:

• Expert guidance: Tailored advice that aligns with the unique goals and risk tolerance of family offices, aiding in informed investment decisions amidst evolving regulations and market conditions.
• Diversified investment strategies: Using comprehensive data to identify key investment trends and opportunities, prioritising diversification and long-term growth to help family offices navigate market volatility.
• Advanced financial tools: Sophisticated tools and platforms offer deep insights into market trends and financial strategies, helping family offices optimise their portfolios and enhance financial efficiency.
• Regulatory compliance: Staying informed about regulatory updates and tax incentive changes is critical. Wealth management firms ensure that family offices remain compliant with local regulations, optimising tax efficiency and reducing potential risks.
• Global market access: Access to a broad array of global markets allows family offices to seize opportunities worldwide, ensuring a diversified and robust investment portfolio.

Stepping into the spotlight

As Singapore continues to emerge as Asia’s premier hub for family offices, understanding the factors driving this rise and the strategies for navigating this landscape is crucial.

By partnering with experienced wealth management professionals, family offices can effectively respond to challenges and capitalise on opportunities, ensuring their long-term success in this dynamic environment.

This proactive approach will not only enhance the growth of individual family offices but also contribute to the continued rise of Singapore as a global wealth management hub.

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Nick Boden, co-founder and CEO of Klean

Ficus Capital, an Islamic Environment, Social, and Governance (ESG-i) VC firm (ESG-i), has invested RM2 million (~US$430,000) in Klean, a greentech sustainable recycling business owned by Malaysia-based Janz Technologies.

This investment, made through the Ficus SEA Fund, will support KLEAN’s initiatives in container recovery, expand its network of Reverse Vending Machines (RVMs), and enhance its regional operations in Malaysia, Indonesia, Singapore, and Fiji.

Also Read: Growing and transforming global greentechs for sustainability

Klean operates a sophisticated digital container deposit system using artificial intelligence-powered reverse vending technology. This system encourages individuals to recycle empty plastic containers. Users can earn points, which can be redeemed for rewards.

Equipped with cutting-edge AI technology, Klean’s Smart RVMs include a machine learning-enabled chute that recognises brands of deposited containers. This facilitates retailer container recovery data and activates targeted advertisements.

Additionally, the machines automatically identify the type of material and sort it into separate bins, optimising recycling operations. Currently, there are 100 RVM units across Malaysia, Indonesia, Singapore, and Fiji.

Its mobile app allows recyclers to scan QR codes, collect Klean points, and redeem rewards. The app captures core user data for precise targeted marketing.

Furthermore, Klean’s data and reporting capabilities provide real-time RVM data and ESG reporting tracking through the Klean dashboard, offering businesses comprehensive metrics for CSR reporting and data monetisation channels.

“As awareness of social and environmental issues continues to grow globally, so does the demand for sustainable investment options that align with ethical and religious values. The ESG-i sector stands at the intersection of these trends, offering investors the opportunity to make impactful and socially responsible investments while adhering to Islamic finance principles,” Ficus Capital Managing Partner Abdullah Hidayat Mohamad said.

Green recycling technology has the potential to revolutionise various industries, including renewable energy, sustainable transportation, waste management, and energy efficiency, thereby fostering a cleaner, greener future for all.

According to Fortune Business Insights, the global greentech and sustainability market is projected to grow from US$19.83 billion in 2024 to US$83.59 billion by 2032 at a compounded annual growth rate (CAGR) of 19.7 per cent. Significant growth is anticipated, particularly in developing economies and emerging markets.

Also Read: Greentech revolution: Catalysing software’s success to drive a sustainable future

Ficus SEA Fund was launched in November 2021 with a focus on accelerating the growth of high-potential technology startups ups across ASEAN in sectors such as logistics, fintech, healthtech, e-commerce, edutech, greentech, big data analysis, and cloud services. The fund aims to support sustainable and dynamic startups that positively impact the environment and society. It focuses on three primary concepts: shariah principles, sustainable growth, and ESG.

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The BuildHub PH team at the PhilCon Visayas 2024, Cebu City, the Philippines

In June, BuildHub PH, an online marketplace serving as a centralised system for the construction industry, has recently participated in the 2024 Philippine Construction (PhilCon) Visayas Expo in Cebu City, the Philippines.

At the event, the company showcased its new platform, BuildHub.ph, and introduced its financing service, BuildCredit. This was part of the BuildMart PH Technologies subsidiary’s effort to expand to new cities in the country.

As one of the hottest markets in Southeast Asia (SEA), the Philippines continues to gain the attention of investors even during the funding winter. The country offers many lessons in resilience for entrepreneurs in the region. We are curious about how startups in the country are growing and expanding their businesses and would like to learn as much as possible from them.

To understand more about how one startup plans its national expansion in the country, e27 reached out to Marika Laciste, the Chief Business Officer of BuildHub. In this email interview, Laciste shares the criteria the company is looking for when planning for a new region to expand to and how it deals with unique challenges.

Also Read: Echelon Philippines opens growth opportunities in the Philippines and beyond

The following is an edited excerpt of the conversation.

What are the primary goals and objectives of BuildHub’s national expansion strategy in the Philippines?

BuildHub’s vision is to be the leading business innovation group, helping to build the future of 100 million people in the Philippines. To achieve this vision, we believe that we need to deeply understand the unique requirements of the construction industry in the Philippines. Expanding nationwide will enable us to adjust our products according to market needs and align our business operations to serve them better.

How does BuildHub plan to identify and enter new markets within the Philippines, and what criteria are used to select these locations?

Criteria are focused on three things right now:
1. Market size
2. Private and Public developments in the area
3. Available resources

What challenges has BuildHub faced during its expansion, and how is the company addressing them to ensure smooth growth?

The construction industry is a US$60 billion market in the Philippines. Players can unlock many opportunities but it requires significant capital.

The company has earlier projected the required resources for expansion, but, of course, execution speed will always be a challenge as we also want to balance growth with expenses and ultimately reach profitability.

Also Read: Bridging communications: How Mylo Speech enhances speech therapy accessibility for autistic children in the Philippines

What we do now is find creative ways to execute our plans without burning too much capital for speed. This includes collaborating with other brands and companies who believe in the vision and mission of BuildHub.

Can you share some success stories or key milestones BuildHub has achieved in its expansion efforts?

Since launch, we are happy to have achieved YTD Achievement of 65 per cent GMV targets this year, 2x in average monthly buyers as compared to 2023, and promising partnerships with construction and finance companies.

What role do technology and innovation play in BuildHub’s strategy to scale its operations across the Philippines?

BuildHub aims to be the leading tech-enabled construction company in the Philippines and eventually expand to Southeast Asia. It uses various technologies to support efficient transactions across the value chain.

One is the agent-led ordering dashboard, which helps introduce online ordering to both buyers and sellers, and the other is the buildcredit, which buyers can apply and use within the website. Then, there are other internal innovations that help the company to build faster and more efficiently to serve our target markets across the Philippines.

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Image Credit: BuildHub

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Partior CEO Humphrey Valenbreder

With the global cross-border payment market experiencing explosive growth, moving money across multiple currencies is getting increasingly complex and costly. Financial institutions and their end customers also face operational inefficiencies stemming from legacy market infrastructure, such as settlement risk at each transaction phase and uncertainties related to settlement confirmation and liquidity accessibility.

A Singaporean startup addresses these problems with blockchain technology.

And it has just raised a large sum of investment from prominent global investors.

Also Read: AI will have more impact on our future than blockchain: Dusan Stojanovic

“Traditional cross-border payments are fraught with delays, high costs, lack of transparency, multiple intermediaries, and varying compliance standards,” Humphrey Valenbreder, Partior CEO, told e27. “At Partior, we address these issues with our 24×7 global clearing and settlement solution, which facilitates real-time domestic and cross-border payments across banks, ensuring programmable value transfers with real-time settlement finality. This approach delivers instant liquidity and transparency, effectively overcoming the inefficiencies inherent in legacy payment systems.”

“Similarly, FX Payment vs Payment (PvP) arrangements for post-trade FX settlements today suffer from inefficiencies due to rigid settlement cycles and lack of support for emerging market currencies, leading to delays and settlement risk. Our decentralised global FX settlements solution enables real-time post-trade settlement for FX trades with PvP arrangements for both primary and emerging market currencies. This eliminates settlement risk and allows instant access to liquidity when required, eliminating delays and rigid settlement cycles,” he shared.

Leveraging distributed ledger technology (DLT), Partior combines tokenised deposits and assets into a single programmable platform to ensure transparency, liquidity, and settlement finality.

“As for transparency, Partior employs a permissioned ledger system, ensuring that only authorised participants have access. This approach guarantees real-time visibility across the entire payment chain, enhancing transparency from initiation to settlement. With regard to liquidity, Partior’s 24×7 availability allows for continuous payment and settlement processing and extends operational hours beyond traditional cut-offs. As a result, funds can be moved almost instantaneously across borders and time zones, enhancing liquidity management efficiency.

When it comes to settlement finality, DLT within Partior ensures on-chain settlement finality and eliminates the need for lengthy reconciliation processes while reducing settlement risks associated with traditional systems,” Valenbreder elaborated.

Partior also offers innovative capabilities for settlement efficiency, such as Intraday FX swaps, Programmable enterprise liquidity management, and Just-in-time (JIT) multi-bank payments.

The Intraday FX Swaps capability enables banks to execute and settle transactions within shorter time frames, ranging from hours to minutes. Banks can address their immediate liquidity needs, optimise capital utilisation and capture new revenue opportunities through funds that would otherwise be tied up as collateral for pre-funding requirements.

At the same time, the programmable multi-bank, multi-country cash concentration across multiple banks and countries helps corporates optimise their group cash balances. By automating cash management processes, corporates can deploy funds more strategically, improving control of liquidity and cash flows.

On the other hand, the JIT Multi-Bank Payments solution allows large corporates and multinational corporations with global treasury operations to consolidate cash and efficiently manage payments to overseas subsidiaries. By facilitating immediate fund transfers upon payment initiation, JIT payments enhance operational efficiency and reduce the complexity of cash forecasting and funding across diverse banking relationships and markets.

Partior’s concurrent payments pre-validation enables payment information to be checked and validated before funds transfer. This helps to prevent errors and optimise liquidity usage.

Last week, Partior announced the first close of its US$60 million+ Series B funding round, which was led by Peak XV Partners and participated in by Valor Capital Group, Jump Trading Group, J.P. Morgan, Standard Chartered, and Temasek. The funding will accelerate the development of new capabilities such as Intraday FX swaps, Programmable Enterprise Liquidity Management, and Just-in-Time multi-bank payments.

“We will also focus on expanding our geographical reach through the growth of our international network by integrating additional currencies, including AED, AUD, CAD, CNH, GBP, JPY, MYR, QAR, and SAR, to complement USD, EUR, and SGD, which are currently live on the Partior platform,” he added.

Also Read: Evaluating the spread of blockchain technology in the financial sector

“The involvement of Peak XV, Jump Trading Group, and Valor Capital Group also enhances our reach and influence in key markets, complementing the global presence established by our existing investors,” Valenbreder said.

By leveraging blockchain technology, Partior is poised to redefine the landscape of cross-border payments. With its focus on real-time settlement, transparency, and cost-efficiency, the company is addressing the critical pain points that have long plagued the industry. The recent infusion of capital underscores the immense potential of Partior’s solution and its ability to transform the way money moves across borders. As Partior expands its network and introduces new capabilities, it is well-positioned to become a leading player in the global payments ecosystem.

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Singapore- and Canada-based aquaculture platform Wittaya Aqua has raised US$2.8 million in seed funding from Yield Lab Asia Pacific, SEEDS Capital, Future Planet Capital, Conservation International Ventures, and SeaAhead Blue Angels.

The strategic raise will enable Wittaya Aqua to develop its feed-to-farm platform and expand its reach into Asia Pacific, the largest aquaculture-producing region globally.

Also Read: New year, new funding strategies: Powering up sustainability tech startups

Wittaya consolidates existing data points across the seafood supply chain to drive greater profitability, sustainability, and efficiency. The startup integrates different information streams from farmers, feed mills, and ingredient suppliers into one platform.

Founded in Canada, the company has since expanded to Asia following its global customer footprint growth.

Currently, the company works with major aquafeed and integrated farming clients in more than ten countries.

Wittaya Aqua can build accurate science-backed models to help stakeholders improve specific variables or functions. For instance, a farmer knows how his feed affects his animal’s growth rate and can compare the outcomes to industry benchmarks. Or, a feed mill can benchmark the performance of its feeds on different farms to understand how to improve its formulations for specific customers.

Also Read: How Fishlog aims to revolutionise Indonesian fisheries with cutting-edge tech solutions

Wittaya Aqua’s platform also empowers aquaculture stakeholders to meet rising consumer, retail and regulatory expectations for a more transparent and improved value chain.

Over half of the aquaculture industry’s top 10 leading companies across Asia, the Americas and Europe have used Wittaya Aqua’s platform to improve outcomes for aquafeed, ingredient supply and farms. Its notable customers include De Heus, Uni-President, US Soybean Export Council, Soy Aquaculture Alliance, Temasek Lifesciences Laboratory, AquaChile, dsm-firmenich, Corbion, Aker BioMarine, AGT Foods, POET, and Botaneco.

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Image Credit: Wittaya Aqua.

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In today’s increasingly cloud-based world, companies are migrating to hybrid and multi-cloud environments against the concerning backdrop of COVID-19 – either as part of their conscious digitalisation efforts and workflow automation or to enable remote access to company resources. Many digitalisation efforts have been made hastily because of the need to facilitate work-from-home requirements without delay.

These may create potential security issues and, when they involve processing personal data, privacy issues. So organisations must keep in mind data protection/privacy laws that govern how personal data is processed.

Any data breaches, abuse of personal data or non-compliance with data protection rules and regulations will get an organisation into trouble with the law. Where personal data is stored in hybrid and multi-cloud work systems, the risk of encountering such trouble may be increased.

To tackle data privacy risks in a landscape where workflow automation and cloud environments are intertwined, here’s how organisations and startups can comply with data protection requirements.

Also Read: Data privacy in a digital-first world

Ensure proper governance of personal data

Many data protection laws in the ASEAN region require organisations to appoint a data protection officer to ensure proper governance of personal data.

Even where there is no such requirement to comply with applicable privacy laws, a suitably senior employee should be tasked with ensuring proper governance of personal data.

In addition, there should be a dedicated governance team or committee in place to ensure that personal data is safeguarded according to the legal requirements. Such a team or committee ordinarily comprises each department’s heads that handle personal data in their operations.

The data protection officer, or other individuals in charge of personal data governance, will act as the subject-matter expert and co-ordinator of governance activities.

The governance team or committee must first understand the data life cycle of all business and workflow processes within the organisation (that is, where personal data is collected, used, disclosed, shared, transferred to another country, or stored and disposed of) before they can comply with local data protection requirement.

Regulators expect organisations to demonstrate accountability for compliance with data privacy laws. Fortunately, despite new regulations and amendments being introduced (such as in China, Indonesia and Thailand), the data protection rules or principles are similar in each country– this makes it relatively easier for organisations to comply from a regional regulatory perspective.

Also Read: WhatsApp takes a U-turn in its data privacy. Is it time to switch to alternative platforms?

Assess the risks involved in processing personal data

The first step in the compliance process for both startups and well-established organisations is to identify the following risks:

• Personal data risks, especially sensitive data (e.g. financial data, health data, persons infected with COVID19, etc.)
• High-risk processing, especially in the cloud (analytics, automated decision-making, artificial intelligence and machine learning, predictive analysis, etc.)
• Risk areas or gaps in new digital processes, online projects or products that the organisation creates
• Use of third-party outsourced services and platforms (e.g. web hosting services, SaaS platforms, shared services, etc.)

What makes processing personal data in the cloud a vulnerability, as part of the monetisation model, work automation or digitalisation efforts, is that data is being disclosed or shared outside an organisation.

This means that it is beyond the organisation’s direct control from both a privacy and security perspective. The organisation is totally dependent on the cloud service provider.

Also Read: Ignorance is never bliss: What a whitehat taught me about data privacy

Under data protection laws, a company can delegate the performance of these tasks to third parties. Still, it cannot delegate the responsibility for performing them by data privacy laws. Therefore, a regulator will first look to hold an organisation accountable for any data breach, even if it originates from the outsourced vendor.

Enforcement cases show that organisations that do proper due diligence when selecting external service providers or cloud platforms and have contracts with them that cover all relevant aspects of data protection, including technical measures, can convince regulators that these third parties may be accountable for any data breach originating from the outsourced vendor.

Then there are inherent privacy and security risks to companies using the cloud to process personal data, where the organisation has poor practices in place such as:

• Not obtaining consent when collecting, using or disclosing personal data
• Excessive or illegal processing of personal data
• Unauthorised access to personal data (e.g. absence of access controls or use of poor access controls) or unauthorised disclosure of personal data due to lack of security measures
• Indefinite storage of personal data, by the organisation or cloud service provider (even when contracts have expired or been terminated), after the business or legal purposes for processing the data have been fulfilled.
• No safeguards in place for cross-border transfers – that is, an organisation using a cloud service provider without finding out whether personal data will be sent out of the country by the provider

As employees use more automation tools online, they may also opt to use free SaaS or cloud services (e.g. simple CRM or email marketing software), thereby putting employee or customer data at risk. Even with good intent, such work practices may violate company security policies and fail to comply with data privacy laws.

Put together a comprehensive data privacy protection management programme

Once the organisation is aware of its privacy and security risks, the governance team should implement a data protection or compliance programme to ensure systematic compliance from an operational perspective.

Also Read: Ignorance is never bliss: What a whitehat taught me about data privacy

Risks must be identified, and at least all key risks must be addressed by relevant controls, policies and procedures intended to ensure compliance. These should be documented and implemented to educate or train employees accordingly to prevent security or privacy lapses.

The data protection law is not prescriptive, meaning it cannot prescribe for every scenario, especially in hybrid or multi-cloud systems; companies can adopt standard industry practices.

For example, the ISO/IEC 27018:2019 is the standard code of practice to protect personally identifiable information (PII) in the cloud. Organisations, especially startups that utilise cloud platforms to store personal data in their business operations, should strive to achieve the certification to provide further confidence and accountability to their consumers, creating stronger business relationships.

The relatively new ISO/IEC 27701 – an extension of the popular ISO 27001 information security is another industry information security standard that companies can use when implementing their data protection management systems.

As a rule, companies should conduct penetration tests on any online portal or application.

Besides safeguarding data, companies are expected to audit their policies and practices to ensure effectiveness and respond to complaints, queries and even data breaches (as a regulatory requirement).

Importance of having a Data Protection Officer (DPO)

Due to both the legal and operational requirements of data protection laws (which also mandate the appointment of a DPO), there is now a shortage of experienced and trained DPOs.

This, coupled with highly publicised data breaches and enforcement actions by regulators, has created a demand for data protection expertise and professionals, especially by larger organisations and those operating online.

Whether your firm is a startup or a well-established company operating in today’s pandemic environment, a data protection officer will help you run your data protection management programme and navigate the issues of handling personal data and operating in today’s digital economy.

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This article was first published on November 17, 2021

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