The Singapore FinTech Association (SFA), in collaboration with Accenture, has recently launched the sixth edition of the Singapore Tech Talent Report 2024. The report highlighted how fintech companies and financial institutions (FIs) are navigating a new talent landscape amidst a volatile macroeconomic environment and a dampened market outlook for the tech sector.

It also addresses how the rising popularity of AI, specifically GenAI, significantly impacts the talent landscape in Singapore’s financial services industry.

According to the report, some key points to keep in mind:

GenAI is rapidly being adopted across the industry, transforming job functions and the skills required to thrive

According to SFA and Accenture, smaller, agile fintech companies lead the way in GenAI adoption. This rapid adoption redefines jobs and skills, with a shift towards behavioural and cross-functional skills becoming increasingly important.

A new talent profile is emerging: The “Techno-Functional Collaborator”

These professionals blend technical expertise with business acumen and strong interpersonal abilities. This profile is driven by the need to bridge the gap between technical solutions and business objectives, ensuring that AI solutions deliver practical value and meet ethical and compliance standards.

Also Read: Base Technology wants to revolutionise consumer engagement in SEA with its GenAI tool

Technical skills remain important, but behavioural and cross-functional skills are gaining prominence in a GenAI-driven world.

These skills include critical thinking, communication, AI literacy, data science, and adaptability. They are crucial for harnessing GenAI’s potential while ensuring the reliability and resilience of its application. Administrative tasks, on the other hand, are becoming increasingly automated, leading to a decline in their relevance.

There is a mismatch between what employees prioritise in an organisation and what financial institutions are currently focusing on

While employees value rewards and opportunities for growth and development, financial institutions prioritise flexible work arrangements and performance management. This disparity highlights the need to bridge the gap to attract and retain talent.

What fintech businesses can do to seize these opportunities

The sources offer several recommendations for businesses and government to address the impact of AI on the talent landscape in Singapore:

For businesses, what they can do:

Rethink the Employee Value Proposition (EVP) and listen to employees

Businesses must rethink their EVP to attract and retain technology talent in today’s competitive market.

In listening to their employees’ aspirations, businesses should utilise high-touch and low-touch methods, including tools such as Microsoft Teams Analytics and Chatbots, to gather real-time data on employee sentiment and engagement. This data-driven approach can provide insights into what employees truly value, enabling businesses to tailor their EVP accordingly.

Also Read: Half of Indonesia’s financial institutions plan to deploy GenAI for everyday tasks

Hyper-personalise the employee experience

Leading organisations go beyond traditional pulse checks and adjust their HR practices based on individual employee needs and aspirations. This includes focusing on the “signature moments” in the employee journey, such as onboarding, career growth, and well-being initiatives, to foster a positive and engaging work environment that enhances retention.

In addition to that, businesses should go beyond solely relying on the allure of startup culture or the promise of growth to attract and retain employees. Instead, they need to rethink the definition of what constitutes rewards by incorporating elements such as learning and development budgets, health benefits, flexible leave policies, and lifestyle discounts.

Unlock the skills passport and establish a skills taxonomy

Businesses must enhance internal talent development to keep up with the evolving skills landscape. They need to evaluate existing skillsets, identify skill gaps, and create a skills passport for their employees.

This passport will not only serve as a baseline for HR practices such as learning, recruiting, and job mapping but will also empower employees to take ownership of their career development.

Prioritise behavioural and cross-functional skills

While GenAI holds significant potential, organisations must enhance their human-centric training to ensure ethical and safe AI application within the organisation. This includes focusing on AI Literacy, Risk Management and Responsible AI, as well as critical thinking and problem-solving skills.

Learning should not be confined to just formal classroom learning but expanded to include mediums for practical application of skills such as hackathons, communities of practice and peer mentoring. The concept of “work-learn fusion” emphasises integrating learning into the flow of daily work and projects to enable employees to continuously develop new skills through practical and hands-on experience.

Also Read: Half of Indonesia’s financial institutions plan to deploy GenAI for everyday tasks

Make risk everyone’s business, but build enterprise risk literacy

As GenAI becomes integrated into operations, risk responsibility must be a shared responsibility across the enterprise.

Given that most employees will be exposed to AI risk in some form, businesses need to enhance general risk literacy and bolster their second and third line of defence skills, including risk identification, risk mitigation, and ethical AI conduct.

A strong risk culture prioritises not only governance frameworks and processes but also fosters cross-functional collaboration, encouraging risk management practices and accountability in AI-related topics. This forward-thinking mindset, where business resilience and growth continuously learn and adapt, is key to navigating the evolving risk landscape.

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Image Credit: © xixinxing, 123RF Free Images

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Strategic Evolution: Growsari’s Scaling Towards Sustainable and Impactful Growth

At Echelon Philippines 2024, Lionel Belen, Executive Vice President of First Asia Venture Capital Inc., moderated a fireside chat with ER Rollan, CEO and Co-Founder of Growsari, focused on how Growsari is addressing last-mile distribution challenges across the Philippines. Growsari’s mission is to empower the country’s one million sari-sari stores, providing logistics, digital payment options, and credit access to bring growth opportunities to these small retailers.

Currently, Growsari serves 200,000 stores, with 100,000 active users weekly, moving half a billion dollars in products and facilitating US$700 million in payments and loans each year. Rollan highlighted the substantial 15-25 per cent profit margins these stores achieve, emphasising Growsari’s commitment to both execution excellence and financial inclusion. By building essential infrastructure, Growsari seeks to further expand its services and offerings, helping these stores become more resilient, competitive, and sustainable.

Also Read: Echelon Philippines 2024: Christina Cai of Lydia.ai on revolutionising insurance with AI

Through its continued focus on logistics and financial solutions, Growsari envisions a future where sari-sari stores play an even greater role in the Philippine economy, with enhanced capabilities to meet the needs of local communities. This ongoing support reflects Growsari’s commitment to transforming sari-sari stores into empowered hubs of economic activity.

Watch the session video above to learn more about these insights and the strategies shaping the future of entrepreneurship.

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Singapore-based WaveScan Technologies, an A*STAR spin-off, specializes in the R&D of disruptive beamforming electromagnetics (EM)-based smart sensor systems and advanced AI algorithms. The semiconductor startup provides an end-to-end AI-enabled asset inspection solution, addressing the specific needs of the built environment sector.

As part of our newly launched semiconductor series, we spoke with WaveScan founder and CEO Dr Kush Agarwal.

Excerpts from the interview are below:

What sets WaveScan’s smart sensor systems apart from traditional non-destructive testing (NDT) solutions like X-ray, ultrasonic, or eddy current technologies?

WaveScan’s scanner systems propagate EM waves, similar to our mobile phones or Wi-Fi, which do not need physical contact with the surface for inspections (unlike ultrasonics) and work more accurately for non-metallic materials (unlike eddy current) due to their underlying science.

Also Read: Silicon Box’s Business Head on how chiplet architecture transforms semiconductor scalability

This enables us to capture high-resolution 3D images that are representative of structural information needed to identify the condition of the assets and hence make data-driven decisions to repair and maintain accordingly.

EM waves are non-ionizing and, therefore, completely safe when radiated under approved limits, making them easily deployable in buildings (residential and commercial) around people (unlike X-rays).

WaveScan’s technology enables high-resolution 4D sensing. Could you explain what 4D sensing entails and how it enhances NDT applications for built environments?

In 3D imaging technology, 3D usually corresponds to the spatial x, y, and z coordinates against the time axis. For WaveScan scanners, we capture the fourth dimension, i.e., velocity at any time. This fourth dimension becomes critical for specific applications in built environments, where we can identify loose tiles or fixtures of delaminating facades that are not visible to human eyes yet.

4D sensing can also help us further analyze specific images for structural inaccuracies that might go unseen otherwise. This is also useful for green energy assets where internal cracks and fractures can lead to unseen failures, such as wind turbine fan blades.

Beamforming EM and advanced AI are core to your system. How do these technologies work together to detect, analyze, and predict infrastructure defects?

Our scanning systems achieve their acquisition speed, spatial resolution, and advanced data collection capabilities using robotics-based automation by utilizing beamforming techniques. In the NDT industry, these parameters define the capabilities that enable specific use cases requiring sub-cm or sub-mm accuracy and turnaround time (i.e., the overall time of asset inspection).

Also Read: Zero-Error Systems: Safeguarding space travel from satellite collisions and debris

When scanners capture raw data, we use advanced radar signal post-processing techniques to generate high-resolution images, which are filtered and tagged using AI algorithms. For certain applications, we can also enhance 3D images using our AI tools, making capturing very small-scale defects possible.

With all these technologies working together, we perform 100 per cent scans of entire assets like a 20+ story building or a 100+ meters tall chimney stack, capturing every inch of its structural data—something that was not possible before using traditional NDT technologies.

Can you explain how WaveScan’s autonomous sensors and AI-enabled analytics solution create a predictive maintenance ecosystem for infrastructure?

Today, most inspections are reactive, meaning that either a professional engineer (PE) is conducting an assessment because of telltale signs of visible defects or an accident has occurred due to infrastructure failure.

The root cause of such reactive behavior in asset management is the lack of easy-to-use scanners, which makes inspections tedious and time-consuming. This has led to spot testing, which means random sampling across the entire asset to make a well-informed guess about its health.

With robotics-enabled automated scanners, WaveScan has reduced the setup and inspection times and made the holistic scanning of entire assets viable. This is crucial for detecting defects and potential failures in our built infrastructure. When millions of data points are collected, the data needs to be analyzed and tagged, which can be time-consuming and costly if done primarily by humans.

Hence, AI-enabled analysis helps to filter and analyze the data, classifying defects and tagging them under various categories. With automated data collection and AI-driven analytics, we’ve created a predictive maintenance ecosystem for infrastructure, among other industries.

What other sectors or industries could benefit from WaveScan’s advanced NDT solutions, and do you foresee any upcoming expansions?

Our scanning technology is already utilized in the Oil and Gas (O&G) industry, in addition to the built environment sector. Concrete-related infrastructure and corrosion mapping (through fireproofing materials) are some critical use cases where existing NDT technologies are not very reliable.

Our scanning technique has been deployed to minimize destructive testing and identify early-stage defects with high precision. It is also being used to develop other advanced NDT applications in green energy assets, such as inspections of wind turbine fan blades and carbon fiber tanks.

Skilled inspectors are typically needed for traditional NDT, especially for interpreting data. How does WaveScan’s AI-enabled defect analytics help reduce this dependence on skilled field inspectors?

In today’s inspection ecosystem, field inspectors are still needed to make the final judgment on the inspection data and reports. However, this is a very repetitive and tedious task that becomes more difficult as the inspection area increases.

Also Read: Semiconductor manufacturing nations set for growth as AI takes center stage: Alpha Intelligence Capital CEO

With WaveScan’s AI-enabled image filtering, analysis, and tagging, the human analysis required by an expert is significantly reduced, and the NDT professional has to look mainly through the final tagged results and analysis reports. Hence, for a skilled inspector, our AI algorithms and automated report generation simplify their work, allowing them to focus on evaluating final reports and significantly save time, hence being cost-effective.

Finally, how do you see WaveScan’s work contributing to the broader goals of sustainable and predictive urban infrastructure management?

With our first-of-kind NDT scanners and a full suite of software solutions, we have been able to support our unique clientele, which consists of built environment stakeholders such as construction companies and asset owners, in scanning and diagnosing the holistic health of structures, restoring and upgrading landmarks, and conserving historical assets older than 100 years.

With a data-driven maintenance approach, the industry’s mindset is slowly evolving, and stakeholders want to make informed decisions about maintaining their assets. Our technology specs have also enabled building regulators to find solutions for NDT so that the industry can inspect and comply with various facade and structural inspection regulations. With technology, regulations, adoption, and awareness going hand-in-hand, the built environment industry would embrace our vision of predictive or preventive infrastructure management.

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Crafting an effective scientific pitch deck is an art, especially when it involves communicating complex models and concepts. For nearly a decade, our design studio has been working on complex pitch deck designs from seed to IPO. Unlike software startups, scientists often find it harder to close capital raises. Why? This is partly due to the level of innovation, the associated risks, and often hard-to-prove commercialisation models.

I’ve noticed that, at times, scientists struggle to explain their solutions succinctly to non-scientific audiences. A hot take: VC funds and investment analysts often work within a narrow framework of “innovation,” which can lead them to overlook genuine breakthroughs outside of technology. So, super-smart science founders—it’s not entirely your fault, but here’s a set of design principles to help refine your story and commercial ask.

Your titles tell a story

The title of each slide in your deck is the anchor of your narrative. It shouldn’t be just a content header; it should tell a piece of the overall story. Every title should be a consistent, solution-oriented statement addressing the problem you’re solving, the market need, or a larger planetary concern. Think of it this way: if you were to place all the slide titles into one document, they should read like a coherent script. This approach helps your audience stay engaged and ensures that every part of your pitch is purposeful and connected.

Design the business model

Investors and partners need to quickly understand how your scientific innovation translates into commercial success. Since you’ll need time to explain what you’ve invented, rip the commercial bandaid off early. While your business model may be backed by a complex Excel sheet, the challenge is to simplify it. When scientists visualise their business models in a digestible, diagrammatic format, it becomes more believable.

This approach is rare in the science world, but highly effective. By simplifying and visually representing your business model, you create clarity around commercialisation and give yourself more time to explain the science and innovation. If you’re far from having a business model, do the same with a well-designed roadmap or timeline that visually represents your trajectory.

The 70:30 rule on density

The core of getting a science pitch right is making room for simplified “aha” moments. I suggest using the 70:30 rule for content density: around 70 per cent of your slides should contain substantial information—data, insights, diagrams—while 30 per cent should act as visual “breathers.” These lighter slides might contain a core statement or a single impactful metric. This balance gives your audience the mental space to absorb complex content while the key insights sink in. Avoid “chapter” pages—opt instead for key metrics or core statements that provide natural pauses in the narrative.

Also Read: Save yourselves and stop making these pitch deck mistakes

The back page is your last chance to sell

The last page of your deck shouldn’t be a generic “Any Questions?” slide. Use this opportunity to provide external validation and further resources. Include media coverage, industry articles, or video links that offer credibility. If you don’t yet have media coverage, try securing industry-specific press or articles before going out to raise capital. In case potential investors still don’t fully grasp the science by the end of the deck, providing extra content, such as simplified explainer videos, can help them understand and get them over the line.

Could it go in the appendix?

This is a great exercise for any entrepreneur crafting a pitch deck. Once you’ve created your slides, ask yourself for each one: Can it go in the appendix? Ideally, your deck should be concise—no more than 10 slides. Scientific projects are complex, but the key is to prioritise the content that directly supports why your project is worth investing in. Detailed technical data, case studies, or secondary information can go in the appendix, allowing those interested in a deeper dive to explore further while keeping the core deck streamlined.

Design the conversations around your deck

If I had a penny for every time I’ve overheard or read a founder’s opening line and had no idea what they do! Designing your pitch isn’t just about the slides—you need to have a clear idea of what you’ll say pre-pitch and how you position both yourself and the project.

Whether the pitch happens over email, via video call, or in person, take the time to design the impression you want to give. Want to show you have scale? Open by mentioning co-founders or your executive team. Want to show you have customers? Find a subtle way to weave them into the intro. Role-playing with a team member—or even practicing in front of a mirror—can help refine this approach.

A scientific pitch deck isn’t just about presenting your research—it’s about crafting a narrative that inspires confidence. By following these design principles, you’ll ensure that your deck is strategically designed to communicate the value and potential of your scientific project.

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BANGKOK, THAILAND – November 11, 2024 – SCB 10X, the disruptive technology investment and innovation arm of SCBX Group, in collaboration with SCB, Innovest X, Fireblocks, Elliptic, Circle and Base, announced the launch of Rubie Wallet. This digital wallet showcases how purpose-bound money (PBM) can  facilitate a seamless closed-loop QR payments experience. These secure transactions use regulated USD Stablecoin and Thai Baht Stablecoin (THBX).

Foreign visitors attending Devcon 2024 in Bangkok will be able to use the Rubie Wallet from 5 to 25 November. Specifically, they can convert regulated USD Stablecoin into THBX in real-time. As a result, they will benefit from a faster, cost-effective alternative to traditional currency exchanges. Rubie Wallet is developed and operated under the regulatory sandbox framework and conditions prescribed by the Bank of Thailand (BOT) and the Securities and Exchange Commission (SEC).

Also read: SCB and Lightnet to revolutionise cross-border payments and remittances with stablecoin, powered by Fireblocks

The Rubie Wallet: A purpose-bound money application

The Rubie Wallet demonstrates purpose-bound money’s practical use by streamlining payments for international attendees. Using THBX, Thailand’s first programmable stablecoin, it addresses issues like cash handling, foreign exchange (FX) kiosk lines, and credit card FX fees. The solution allows seamless regulated USD Stablecoin-to-THBX conversions and secure mobile closed-loop QR payments. Operating under the BOT and SEC regulatory sandbox, Rubie Wallet clearly provides a secure, efficient payment option.

Throughout most of November, the purpose-bound money initiative’s key activations will take place at Devcon and related side events. Rubie Wallet’s application is available for installation at https://rubie.io/ from November 5. Users must first complete Know Your Customer (KYC) verification to ensure security and compliance. Then, once users complete the onboarding process, they can convert regulated USD Stablecoin into THBX. Furthermore, they can make instant mobile payments via QR codes across approximately 100 participating merchants.

The ‘Scan-to-Pay’ system by SCB 10X’s Rubie Wallet

SCB 10X’s Rubie Wallet’s ‘Scan-to-Pay’ system was made in collaboration with SCB, the leading Thai commercial bank. Notably, it offers closed-loop QR codes payment for users, accelerating the adoption of digital payments in Thailand. The application is designed specifically for THBX transactions. This marks the first live demonstration of purpose-bound money using THBX via Rubie Wallet, with lower-fee transactions on the Base chain.

Rubie Wallet is powered through Fireblocks’ wallets-as-a-service infrastructure, with Elliptic providing blockchain analytics to monitor transactions for transparency. Using regulated USD Stablecoin and Base, a layer 2 blockchain, Rubie Wallet app integrated with InnovestX. The latter is the digital asset brokerage arm of SCBX Group. Together, they enable regulated USD Stablecoin-to-THBX conversions seamlessly.

“At SCB 10X, we believe that participating in BOT & SEC regulatory sandbox will be a significant move for financial innovation to global financial inclusion as well as the Thai digital asset ecosystem,” said Mukaya (Tai) Panich, CEO and CIO of SCB 10X. “THBX is designed to provide international visitors with a seamless payment experience. We are proud to be at the forefront of this transformation in Thailand’s digital economy.”

Also read: Thai bank SCB’s venture arm launches new US$50M VC fund for blockchain, DeFi, digital assets

A collaboration among industry leaders

“We are thrilled to collaborate with industry leaders like Fireblocks, Circle, and Base to bring the Rubie Wallet app to life. By integrating with Elliptic’s pioneering blockchain analytics, we are able to deliver a solution that balances innovation with integrity,” said Yvonne Ng, Regional Director of APAC of Elliptic.

“Elliptic’s proven capabilities in detecting illicit activities ensure our users experience the highest standards of security and transparency. This partnership underscores our commitment to leading the charge in seamless and secure digital transactions, setting a new benchmark in the digital asset landscape,” she continued.

“At Fireblocks, we are committed to providing secure and scalable infrastructure for use of digital assets, and our collaboration with SCB 10X on the Rubie Wallet is a testament to that mission,” said Michael Shaulov, Co-Founder and CEO of Fireblocks. “By leveraging our wallets-as-a-service technology, we’re ensuring that every transaction made with THBX is safeguarded, driving the next wave of innovation in programmable stablecoins.”

SCB 10X is setting the stage for future fintech innovations in Thailand and beyond. Evidently, THBX poised to revolutionize Thailand’s tourism and retail sectors by bridging traditional finance and digital currencies.

For more information about Rubie Wallet, please visit https://rubie.io/  

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This article is sponsored by SCB 10X

We can share your story at e27, too. Engage the Southeast Asian tech ecosystem by bringing your story to the world. Visit us here to get started!

Featured Image Credit: SCB 10X

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About SCB 10X

SCB 10X, a subsidiary of the SCBX Group, was established in January 2020. Its “Moonshot Mission” is to achieve exponential growth through technology innovation and investment. It focuses on disruptive technologies such as Web 3 (Blockchain, Digital Assets, Metaverse), Deep Tech AI/ML, and Fintech. For more information, please visit https://scb10x.com/.

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About Elliptic

Elliptic is the global leader in crypto asset risk management for crypto businesses, governments, and financial institutions worldwide. It is recognized as a WEF Technology Pioneer and backed by investors including J.P. Morgan, Wells Fargo Strategic Capital, SBI Group, and Santander Innoventures. Elliptic has assessed risk on transactions worth several trillion dollars. It has uncovered activities related to money laundering, terrorist fundraising, fraud, and other financial crimes. Elliptic is headquartered in London with offices in New York, Singapore, UAE and Tokyo. To learn more, visit www.elliptic.co.

About Fireblocks

Fireblocks is an easy-to-use platform to create new blockchain-based products, and manage day-to-day digital asset operations. Exchanges, banks, PSPs, lending desks, custodians, trading desks, and hedge funds can securely scale their digital asset operations through the Fireblocks Network and MPC-based Wallet Infrastructure. Fireblocks serves thousands of organizations in the financial, payments, and web3 space. It has secured the transfer of over $6 trillion in digital assets.  It also has a unique insurance policy that covers assets in storage & transit. Find out why CISOs and Ops Teams love Fireblocks at www.fireblocks.com.

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Every climate conference delivers a mixed bag of outcomes, and COP27 was no different.

Despite the long-awaited creation of a loss and damage fund, delegates remained displeased by a shortfall of capital from developed nations, lack of specific implementation plans, and seeming attempts to claw back commitments made at Glasgow last year.

The most alarming statistic for me came out on Decarbonisation Day when it was revealed just how slowly we are moving to reduce emissions: the world is headed for 1.7 degrees of warming if all the policy changes promised at COP26 are implemented, 2.4-2.7 degrees if today’s policies are executed to plan, and a catastrophic 3.5 degrees if the current rates of implementation and execution stay where they are today.

TL;DR: We need to do much more, much faster, if we want a liveable planet.

So what now? 

We need more boots in the fight. At my Echelon climate panel in October, a founder in the audience asked: “What if our businesses have nothing to do with sustainability? What could I start doing tomorrow that would help make a difference?”

It reminded me that while the startup ecosystem generally understands why we should take climate action, the how is still unclear for many companies.

Also Read: Beyond buzzwords: How climate tech startups can create an impact in green recovery

In this three-part series, I explore how any business (not just “climate” businesses) can reduce emissions while accelerating the transitions of companies around them.

What can my company do right away that would make a difference?

Greening the world’s materials and economic systems on a planetary scale is a tall order. Still, the primary task for each individual and organisation is simple: understand and reduce your environmental footprint (emissions or negative impact on the planet), and find ways to increase your handprint (positive impact on the earth).

Luckily, so many solutions already exist that we need to start doing or help others do more/better/faster.

The common culprits – key emissions drivers – are well known, and the Pareto principle tends to ring true: most of your emissions will come from very few segments of your business. Focus your actions there to start with.

For most sectors, the big three will be energy, transportation, and materials (not just the waste from what you use but also the water, energy, and fuel consumed throughout the lifecycle of all the “stuff” and processes in your value chain).

You can get more granular breakdowns through carbon accounting and management tools, but there are also well-known ways to immediately use less of all three (saving both money and emissions).

It can be more complex to find greener versions of the big three (especially if these are more expensive or don’t fit neatly into current operations). However, solutions that are better for the planet while still being great for business bottom lines (i.e. “no sacrifice models”) are increasingly available – check out these guides for green energy options and alternative packaging, and this repository of 1000+ clean growth solutions vetted by technical and business experts at the Solar Impulse Foundation.

Don’t stop at the “sustainability team”

Beyond the big three, there are unexpected ways to decarbonise nearly everything about your business – and in so doing, also engage more of your employees or peers in the process.

For example, Information and Communications Technologies account for more than two per cent of global carbon emissions – about the same as the aviation industry – so have you considered making your website code environmentally friendly or using climate-neutral data centres?

Also Read: Can Bitcoin help us in the fight against climate change?

Is your facilities management team only tracked on keeping to their budget, or could they also be measured on choosing cleaner heating and cooling? Do you incentivise employees to adopt more climate-friendly behaviours or reward those who do?

“Every job is a climate job,” as more and more folks in my network are saying. Project Drawdown even created these job function action guides that identify climate actions every department can take. So there’s no reason to put the full burden of greening your business on the CEO, CFO, or Chief Sustainability Officer’s team alone.

There are no silver bullet solutions when we need to transition everything, so it can feel like too big a burden to carry, too long a list to get through. The important thing is to start. Please focus on the few things that matter most, so it’s significant yet manageable while sharing your progress and choices with others.

Even if yours is one business out of millions, finding viable paths forward and helping more companies see or take these paths too absolutely does make a difference; do not underestimate the ripple effect.

That said, what if no solutions feel right for your business?

In the next part of this series, I’ll share how your company can engage with and improve the options around them – instead of waiting for the perfect fit to come around.

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

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

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The article was first published on December 14, 2022

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In order to achieve meaningful AI integration, we need to keep the human element at the forefront rather than focusing solely on the technology, according to Caroline Yap, MD (Global AI Business and Applied Engineering) at Google Cloud.

She was speaking in a panel session about AI’s transformative power at the second edition of Gateway Gulf, organised by Bahrain’s Economic Development Board (EDB).

“The generative AI boosts productivity, supports customer acquisition, and enables new economic models,” she added. “However, its successful adoption requires organisations to consider its impact on human behaviour and societal norms, ensuring the human element remains central. While enterprise interest is growing, the generative AI is still in its early stages, with only about 5 per cent of its potential realised.”

The AI market is projected to reach US$1.4 trillion by 2030, experiencing substantial growth from its estimated US$214 billion revenue in 2024. As businesses increasingly turn to AI to drive growth, it’s becoming clear that the transformative potential of these technologies extends far beyond their technical capabilities. AI’s ability to enhance operations, streamline workflows, and revolutionise customer engagement is undeniable.

AI is reshaping industries at an unparalleled rate

On a separate note, HE Khalfan Belhoul, CEO of Dubai Future Foundation, noted that AI is transforming every sector at an unprecedented pace, with advancements quickly rendering today’s cutting-edge obsolete. Governments that stay agile and collaborate with the private sector—now the primary driver of innovation—are best positioned to leverage AI’s potential.
This transformation era is powered by three forces: AI (and generative AI), supercomputing, and robotics. As these technologies converge, they promise vast yet largely untapped possibilities that signal the beginning of a profound shift.

Also Read: How to inject agility into your fundraising

AI regulations are essential to ensure the ethical development and deployment of AI, balancing innovation with public safety and accountability. Belhoul views the regulatory landscape as a key, often overlooked factor in innovation. While funding is plentiful, he argues that capital alone can’t ensure success; innovators need streamlined paths to implementation, rapid feedback, and real-world testing.

Ethical development and deployment

Hardware is also a critical component of AI adoption, as the technology’s full potential can only be realised with the necessary infrastructure, including powerful processing units, specialised chips, and ample storage capabilities, enabling AI systems to run efficiently and scale effectively.

Without robust hardware support, the rapid advancements in AI applications, particularly in areas like generative AI and machine learning, would not be possible. Yap highlighted the essential role of hardware, skilled talent, and rare materials in AI’s value chain, noting the importance of companies like Nvidia and Intel despite challenges in the competitive chip production sector.

Symonds, on the other hand, notes that healthcare is undergoing a major transformation, with AI playing a key role in advancements, and is expected to see the highest long-term adoption rate of 40 per cent.

AI-driven R&D is not only advancing areas like protein discovery but is also reshaping the entire industry, which faces inefficiencies, rising costs, and an ageing population.
Given that healthcare data comprises 30 per cent of global storage, AI-powered analytical tools are increasingly essential. Symonds highlights AI’s role in personalised medicine, enabling individual-level disease analysis and prediction. This pivot towards preventive and personalised care, enabled by AI, represents an unprecedented opportunity to transform healthcare for future generations.

As AI continues to evolve and reshape industries, its successful integration depends on a balanced approach that considers both technological advancements and human-centric values. With the right regulatory frameworks, infrastructure, and ethical guidelines in place, AI has the potential to drive sustainable growth, foster innovation, and address some of the world’s most pressing challenges.

The journey ahead is one of collaboration, agility, and thoughtful implementation—paving the way for a future where technology works harmoniously with society’s needs.

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Image credit: Gateway Gulf 2024

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In today’s interconnected world, technical skills alone are not enough. Whether in business, education, or community building, our success hinges on our ability to understand, navigate, and bridge cultural differences. Cultural intelligence (CQ) is the cornerstone of this ability, helping us lead, connect, and collaborate with people who bring diverse perspectives to our teams.

CQ is an essential skill for any leader or professional, as is adaptability or communication. Diversity brings richness to our workspaces, and it introduces challenges that require intentional action if we are to address them appropriately. This is where CQ comes into play. By prioritising CQ and potentially leveraging AI-driven insights to enhance CQ in our daily interactions, we foster inclusion and build environments in which everyone feels valued, enabling our teams to perform at their best.

Let’s explore eight key practices for building CQ so that we can maximise efficiency, innovation, and unity in our global workplace.

Recognise and respect cultural norms

As a fundamental building block of establishing trust, respecting cultural norms goes beyond polite gestures. Each culture comes with its own set of practices and values, including communication styles, approaches to time, and respect for and expectations of hierarchy. By taking the time to understand these nuances, we signal respect, which in turn creates an atmosphere where mutual understanding can thrive.

Put it into action: Before starting a project with a diverse team, research each member’s cultural background to understand their values. Even small gestures like greeting colleagues in their native language show that you value their perspective.

Adapt communication styles for inclusivity

In cross-cultural settings, communication is as much about how we say things as it is about what we say. Effective communicators adapt their style to meet the needs of a culturally diverse audience, choosing language that is clear, respectful, and free from jargon. A single message can resonate differently across cultures, so tailoring our approach helps prevent misunderstandings and ensures that everyone is on the same page.

Also Read: Human resources hacks for the bootstrapped startup

Put it into action: Consider how cultural differences may influence communication preferences. For example, some cultures prioritise direct communication, while others might see it as too abrupt. Adjusting your style to suit these preferences fosters inclusivity and clarity.

Tailor leadership approaches to fit cultural needs

There is no one-size-fits-all approach to leadership. In a global workspace, effective leaders are those who adapt their methods to align with the expectations of different cultural backgrounds. By doing so, they empower their team members and foster a sense of belonging, which can lead to increased engagement and productivity.

Put it into action: Reflect on your leadership style and assess how it may align or clash with the cultural preferences of your team. For example, some cultures value a hierarchical structure, while others prefer a more collaborative approach. Adapting your leadership to accommodate these preferences shows respect and builds trust.

Listen actively to diverse perspectives

True CQ requires us to listen actively, not just to words but to the perspectives and values behind them. In a diverse team, each member brings a unique view shaped by their cultural experiences. When we listen with empathy and curiosity, we can better understand these viewpoints and build stronger, more cohesive relationships.

Put it into action: Practice active listening by asking follow-up questions to clarify and validate a speaker’s perspective. This helps you go beyond the surface, fostering a deeper understanding of diverse experiences and creating a safe space for open dialogue.

Encourage open dialogue about cultural experiences

Creating a workplace culture that values open dialogue around diversity and inclusion is essential for team cohesion. When team members feel comfortable discussing their cultural experiences, it helps break down barriers and promotes mutual respect. Leaders who actively encourage these conversations help bridge cultural gaps, making the workspace more inclusive and dynamic.

Put it into action: Establish regular opportunities for team members to share their experiences. This could take the form of casual team discussions, cultural awareness workshops, or even informal cultural exchange sessions. Encouraging open dialogue builds trust and creates a supportive team environment.

Foster inclusivity and belonging

Inclusivity is not just about inviting diverse voices to the table, but about making sure those voices are heard, valued, and empowered to contribute. Fostering inclusivity means going beyond symbolic gestures to create a culture where every team member feels a sense of belonging. This not only enhances collaboration, but also fuels innovation, as diverse perspectives bring fresh ideas to the table.

Put it into action: Implement team practices that emphasise inclusion, such as collaborative decision-making or rotating leadership roles. Additionally, ensure that each team member has an equal opportunity to contribute and feels comfortable sharing their insights.

Focus on common goals to unite diverse teams

When we bring together people from different cultures, the possibility for friction is real – but so is the potential for synergy. By focusing on common goals, we give diverse teams a shared purpose, a focal point that enables us to look past cultural divides and concentrate on what unites us. When we align on shared objectives, we create an environment where each individual’s contributions are valued, regardless of cultural background.

Put it into action: Start each project by clarifying the team’s shared objectives and how each member’s role contributes to the larger vision. This helps keep everyone aligned and minimises the potential for cultural misunderstandings that could otherwise arise.

Leverage AI for enhanced cultural fluency

Artificial Intelligence is rapidly emerging as a powerful tool for fostering CQ. By analysing data on cultural preferences, language usage, and team dynamics, AI can help us better understand how to communicate and lead across cultures. Whether through AI-driven language translation tools, sentiment analysis, or team collaboration insights, AI can be our ally in driving more culturally intelligent interactions.

Also Read: Human-driven interaction in an AI driven world

AI doesn’t replace human effort in building CQ, but it can support our understanding and reduce the chance of misunderstandings. By integrating AI tools into daily practices, we gain data-driven insights that help us adapt to cultural needs more effectively and inclusively.

Put it into action: Use AI tools to analyse communication patterns or assess cultural preferences. For example, some platforms offer real-time translation or sentiment analysis that reveal how team members might be feeling about certain interactions. AI tools can provide a layer of awareness that enhances cultural fluency, allowing us to bridge gaps more smoothly and respectfully.

Why CQ matters

The benefits of CQ are far-reaching, including improved communication, increased productivity, and greater innovation. When leaders and team members actively work to bridge cultural gaps, they create an environment where everyone feels valued and empowered. Cultural intelligence, complemented by the strategic use of AI tools, transforms diverse teams from simply coexisting to thriving together.

In a world where borders are increasingly blurred, CQ is no longer an optional skill. Embracing these practices isn’t just about improving team dynamics, but about equipping ourselves for the future. As we develop our CQ, we gain the tools to foster inclusivity, drive productivity, and build a more compassionate, interconnected world.

Our workplaces – and indeed our world – are richer when we engage with each other’s cultures with curiosity, respect, and empathy. As we build our CQ, we’re not only enhancing our professional capabilities, but also creating a legacy of understanding and inclusivity that will carry us forward.

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Earth Venture Capital (Earth VC), a global climate-focused VC firm, has made an undisclosed investment in German biotech startup Cambrium’s seed extension round.

Gradient Ventures anchored this round.

Also Read: Earth VC backs US nuclear energy startup Aalo Atomics

Cambrium develops sustainable biomaterials by fusing AI with biotechnology.  It creates protein-based materials, the building blocks for sustainable alternatives to petrochemical products. Leveraging biotechnology and AI, the startup aims to produce biodegradable materials that replace conventional resources.

Its current focus includes NovaColl, a precision-fermented, skin-identical collagen for personal care, launching in 2024, and plastic-free leather alternatives for fashion, launching in 2025. These innovations cater to rising consumer demand for sustainable products.

The latest funding will expand Cambrium’s production capabilities and accelerate product development in personal care, fashion, and nutraceuticals. By 2025, Cambrium plans to introduce plastic-free leather alternatives and textile coatings.

Also Read: Earth VC joins US-based cultivated meat startup Orbillion Bio’s funding round

Since its founding in 2020, Cambrium has raised EUR 11 million in funding.

“Investing in Cambrium is a direct bet on the future of sustainable materials, which is expected to reach US$138 billion by 2030. Protein-based innovations like Cambrium’s are the game-changers we need to decarbonise industries,” said Tien Nguyen, Founding Partner at Earth VC.

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Malaysia is catching up as a “sexy” place to set up a VC shop in the past year with a series of back to back funding commitments via the fund of funds by the government.  To recap, the Malaysian government announced the “fund of funds” programme in April, which will focus on VC fund managers investing in local startups, with a funding commitment of at least RM5 million (approximately US$1,149,393.88) per VC fund.

Fast forward to October, Khazanah Nasional Bhd, Malaysia’s sovereign wealth fund announced that the “fund of funds” programme will be open to all local Malaysian VC fund managers, focusing on VC fund managers who are raising their first, second, or third fund based in Malaysia or overseas, as well as regional or international VC fund managers seeking to leverage their portfolio companies to add value by expanding into Malaysia.

Regulatory framework for VC fund management in Malaysia

A person seeking to raise and manage a VC fund in Malaysia needs to be registered as a VC fund manager by the Securities Commission Malaysia (SC). 

Key regulations to be aware of include the Capital Markets and Services Act 2007 (CMSA), the  Securities Commission Guidelines on Venture Capital and Private Equity (Guidelines) together with other applicable guidelines that may apply to a VC fund operations. The Frequently Asked Questions should also address common questions based on SC’s past queries. 

Additionally, this year the Practical Guide on Venture Capital and Private Equity in Malaysia was published by the SC with contributions by the Central Bank of Malaysia, Ernst & Young, and the members of Malaysian Venture Capital and Private Equity Association (MVCA) (I co-contributed to the publication under my role at Izwan & Partners). The guide covers common topics from regulatory framework, fund structuring, to fund management and operations. 

Note that existing global VCs with strong track records and at least US$100 million in assets under management may apply to the SC for an expedited approval process via the “VC Golden Pass” programme.

At least one “responsible person”

As an applicant applying to become a VC fund manager, you need to have at least one full-time person designated as a “responsible person.” A “responsible person” must be “fit and proper” (i.e., no past conviction involving any financial crime) and have the necessary relevant work experience (e.g., fund management, corporate finance, management consulting, corporate law) for at least the past five years. The SC may also assess a startup founder as a potential applicant.

Paid up capital requirements

As an applicant, you need to maintain at least RM100,000.00 (approximately US$23,250.00) of net assets at all times. 

Choosing a fund structure

A VC fund may be formed in Malaysia either as an onshore fund by forming a private company or as an offshore private fund as a limited partnership under the Labuan private fund structure.

If a VC fund is formed onshore as a company, the investors will subscribe to new shares on a “capital call” basis based on the total capital commitments. 

Also Read: The state of digitalisation in Malaysia 2024: How other Southeast Asian countries can learn from them

Alternatively, a VC fund may be formed as a Labuan private fund under the limited partnership structure, which is consistent with international practices by having the legal distinctions of limited partners and the general partner. Note that additional rules apply under the Labuan Financial Services Authority (LFSA), as it is considered an offshore domicile.

In our experience, a VC fund may also be formed offshore in other jurisdictions under a “master-feeder” structure or a “fund of funds” structure.

Raising capital from “sophisticated investors”

Like other VC funds overseas, the fund’s information memorandum may only be circulated to “sophisticated investors”. A “sophisticated investor” in Malaysia is defined as a person with a total net assets of RM3 million (approximately US$689,642.68) or a gross annual income of RM300,000.00 (approximately US$68,964.00) or an entity with at least RM10 million (approximately US$2,298,808.94) in assets and other accredited investors (eg, other approved entities like institutional funds). 

Earlier this year, the scope of a “sophisticated investor” was expanded to include professionals in the capital market or in the financial services industry (eg, chartered accountants, licensed financial planners). This includes accredited angel investors (i.e. members of the Malaysian Business Angels Network). 

Tax consideration

As a VC fund manager, you may be eligible for tax exemption on the carry interest and the management fee so long as the fund has been certified by the SC, while LPs that invest in a VC fund  may also be eligible for tax deduction subject to SC’s prior certification. 

Engaging service providers and professionals

When deciding on the fund structure, you may also wish to consult a tax adviser, legal counsel, fund accountant, and corporate secretarial firm to assist with fund structuring matters, from fund documents to agreements (e.g., information memorandum to subscription agreement).

Final thoughts

The new funding programmes will hopefully benefit the local VC landscape and contribute to the growth of both the VC sector and the startup ecosystem in Malaysia.

As a venture lawyer, we have advised VCs in the past on both onshore and offshore funds. In our experience, VCs may need to consider carefully the appropriate fund structure and adhere to compliance obligations. For instance, a VC fund formed outside Malaysia may have different considerations, and other bodies of law may apply to it and its fundraising efforts. Working closely with a venture lawyer helps ensure that your VC fund is set up smoothly.

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

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