gojek, Tokopedia explore holding company structure as merger talks move forward; Such a structure will allow the companies to retain their individual brands; Both are also reviewing options for the payments businesses OVO, in which Tokopedia and its affiliates own a 41% stake, and Gopay, in the event of a merger. More here

Tesla will run onto many speed bumps in India, including supply chain woes; India’s EV market accounted for only 5K units of a total 2.4M cars sold in the country last year; A lack of local production of components and batteries, negligible charging infra, and the high cost of EVs mean there have been few takers in the price-conscious market. More here

TaniHub raising fresh investment, claims 600%+ gross revenue growth in 2020; This follows a US$17M round in April 2020; The money will be used to further develop TaniHub’s upcoming projects: Digitalisation of B2B ecosystem in agri, automation of supply chain process, farmers acquisition. More here

Key executives leave MDEC amidst reports of shake-up; Those who have left or tendered their resignations include COO Datuk Ng Wan Peng, CFO Nor Faizah Othman and CIO Abdul Malick Aboobakar; According to another credible source, there have been some concerns among the employees about MDEC’s vision and direction. More here

IMDA announces US$22M grant to support startups driving mass 5G adoption; The fund will support solution providers and tech developers commercialising 5G solutions in making it accessible to more companies; Applicants need to indicate a significant value and impact that their product will provide to the enterprises and industry. More here

How Shopee overtook Lazada to become the top e-commerce marketplace in S’pore; Shopee was launched in 2015, and Lazada was already a leading e-commerce platform in the region when Shopee first entered the market; However, Shopee quickly went from being a new entrant to taking the crown as the most-visited e-commerce platform in Singapore by the second quarter of 2020. More here

Transfree confirms Q2 2021 launch of remittance platform in Indonesia; Its primary focus would be to serve the migrant workers segment in SEA; According to data by Bank Indonesia, throughout 2018, Indonesian migrant workers abroad sent up to US$10.9B home, providing a massive business opportunity. More here

Warung Pintar launches e-platform for mom-and-pop stores to directly order from distributors; “Grosir Pintar” allows warung owners to select products from over 200 distributor partners and goods can be sent within three hours; This service can also help them to fulfil emergency grocery needs, making it easier for warung owners with limited cash flow. More here

This made-in-Singapore robotic coffee barista will receive you at Japan’s train stations ahead of Olympics; Ella is powered by an ecosystem comprising IoT-connected software and external hardware which will upgrade the coffee experience with speed, convenience, quality and consistency. More here

This eco-friendly and energy-efficient air-conditioner cools you, not your room; Close Comfort is a tiny, light-weight, portable refrigerator with a fan inside that blows a gentle stream of cool air to create sufficient comfort for one or more people; A key feature is that it never needs recharging and adjusts automatically to work harder in high humidity. More here

SGX, Temasek team up to advance digital asset infrastructure in capital markets; The JV will look to partner with fixed income issuance platforms to connect to its post-trade and asset servicing infra, providing issuers, arranger banks, lawyers, investors and paying agents with a comprehensive, issuance-to-settlement network for Asia bonds. More here

Stock Exchange of Thailand (SET) to launch digital asset trading platform; It will be similar to other popular e-commerce marketplaces but all products on SET’s platform will be digital token assets; The token must have an underlying asset that investors can analyse on value; The product must have benefits to society and the environment. More here

Fortifying cybersecurity through effective risk management; As organisations increasingly migrate to virtual operations and transactions, there is an increasing need to protect against potential breaches and cyber intrusions; Ransomware and cyber incidents have multiplied, adding to the already complex crisis management morass for many organisations. More here

How no-code development for startups is a launchpad to success; No-code facilitates the fast development of solutions for business processes to meet these unending customer needs faster than it would take a professional coder to do; Moreover, constant changes and updates are enabled as the speed, agility, and adaptability that no-code can provide is unmatched in the business world. More here

HKSTP launches accelerator to drive banking innovation; The BFSI accelerator aims to bridge corporates and innovators to deliver breakthrough technologies and create a wide array of new business opportunities in the world of banking, financial services and insurance; Fintech solutions in the fields of blockchain, AI and robotics, cybersecurity and IoT are among those being targeted in the programme. More here

Businesses in Singapore anticipate radical changes needed in 2021 for future readiness; 52% of businesses expect that ‘substantial’ or ‘radical’ changes will be required to their business models in the next 12 months, of which 32% expect that making these fundamental changes to their business will be difficult to implement. More here

The new era of cashless, invisible payments; The global digital payments market grew by nearly 24% in 2020 to US$4.9T, according to a research; That report shows the global digital payments market grew by 21% YoY in transaction value last year; It projects that the market’s total transaction value will grow by 23.7% to reach US$4.93T. More here

How these students built tech for Singapore’s elderly and climate change; The team created ‘the Forever-Smart Glasses’ using Huawei’s AIoT and OBS technology, a stable and secure cloud storage service; The cloud service is used to establish a secure connection that allows for images to be uploaded and stored easily for facial recognition. More here

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It wasn’t too long ago that I was trying to find love in all the wrong places. I was browsing through dating websites, endlessly swiping on dating apps, and even visited an overpriced dating agency. While all of these were supposed to help me find my perfect partner, often I found myself being faced with matches that weren’t right for me.

Based on my negative experiences, I wanted to make it easier for people to find the right partner, to create a dating app that would put the users first and show them personalised, curated matches using AI.

At the time, I had a stable banking job but always wanted to be an entrepreneur and transform the dating industry. So, I set out to put my thoughts into action and started to do my own research.

I spoke with more than 100 millennials, asking them what they wanted to see in a dating app and built a dating app from the bottom up. I also did my own research to find out how the approach to matchmaking has changed over time.

The evolution of dating: From paper ads to AI algorithms

When the first newspaper was published in 1690, it gave rise to the earliest ads. Among these were personal ads by bachelors searching for eligible wives (dating as far back as 1695). Fast forward to the cuffing season of 1965, when two Harvard students used an IBM 1401 to create the first computer-based matchmaking service, Operation Match.

The idea caught the eyes of 90,000 love-hopeful singles, who received a 75 question survey through the mail and were asked to submit their completed form (along with a US$3 fee) for a list of computer-generated matches.

From there, the world’s first online dating website, Match was launched in 1995. The initial version listed online personal ads and singles could randomly search through the site’s active profiles to find a match. Talk about finding a needle in the haystack. Dating websites have evolved into dating apps driven by algorithms and artificial intelligence (AI). Algorithms are pieces of instructions, or code, that can tell an app how to accomplish a specific task.

Also Read: Finding love in the pandemic-stricken world: How online dating has changed for the better

In the context of dating apps, the algorithm starts learning more about a person from the moment they create a profile. Every decision and interaction on the dating app becomes part of a larger maze. It’s a live feedback system, where you are constantly rating and being rated
by other users based on data.

However, the algorithms behind most common dating apps find a match based on filters like age and basic interests, matches are shown at random with little to no curation.

Dating apps and data: Where does the data come from?

The first step to understanding how AI dating apps work is to look at their data pools. Algorithms process data from a variety of sources, from information that we share to how we interact with the platform. For example, many dating apps in Singapore suggest signing up using
Instagram or Facebook, feeding the algorithm initial data about a user. Many people willingly connect their social media with dating apps because it’s an easier way to sign up and share more about their personality and interests.

When comparing the dating apps in Singapore, I noticed a gap in the market; matchmaking apps were largely superficial and encouraged mindless swiping. What if there was a dating app for people to connect based on more than just a photo? What if a dating app could match people based on similar traits or life goals and even nudge people to meet offline, by suggesting nearby date ideas at a cosy cafe or a new restaurant?

That’s what motivated me to create MatchMde, an AI dating app that takes the sign up process a step further by asking personality-based questions including a person’s love language, how they describe themselves, and how they view the world. Dating apps use personality based data to show users compatible profiles using either content filtering or collaborative filtering.

Content filtering vs collaborative filtering

Content filtering provides recommendations based on user preferences. This is largely determined by individual swiping history. Collaborative filtering is when the algorithm bases its predictions on the user’s personal preferences as well as the opinion of the majority.

When you first start using a dating app, your recommendations are almost entirely dependent on collaborative filtering, or what other users think. It’s the same type of recommendation system used by Netflix or YouTube, taking your past behaviours (and the behaviour of others) into account to predict what will keep you engaged on their platform. So, everything you click and interact with on a dating app is detected, tracked, and stored as part of a constant feedback loop.

Also Read: You’ve heard about speed dating. Here’s what you need to know about speed hiring

I wanted to use technology to eliminate unfair bias by programming the algorithm in a way that encourages users to submit personality assessments, date feedback, community feedback, user behaviour, and more. When users have access to information like feedback from other users, it promotes a safer environment for everyone on the dating app and also helps people make better decisions when deciding whether or not to meet a match.

AI, machine learning, predicting matches

A newer (and more exciting) development in dating apps is their ability to recommend profile matches based on AI and machine learning. AI is the science of simulating intelligent behaviour in computers, enabling the latter to exhibit human-like behavioural traits like reasoning, common sense, and decision-making.

Machine learning is a branch of AI that enables computers to learn from information without being explicitly programmed. Machine learning usually involves classification, clustering and prediction, like predicting user behaviour.

For people using AI-powered dating apps, this means a higher chance at receiving quality matches, as opposed to endless swiping and filtering through unfavourable matches or fake profiles. Algorithms learn (and improve) based on user feedback and since personality is what keeps a couple together in the long-term, the algorithm should focus on presenting matches with complimentary personality types and similar love languages.

For example, after a user goes on a date, they’re invited to rate their date. A positive rating teaches the algorithm to show you similar profiles, while a negative rating means that the algorithm will show you other profiles with complimentary personality types. It’s a constant feedback loop, where the machine learns more about the preferences of a particular user until it is successful in finding you the right match.

For the love of AI dating apps in Singapore

Comparing the personal ads of the 1690s to the matchmaking surveys of the 1960s, dating apps are really just the latest manifestation of how people are doing what we’ve always done —creating new ways to communicate to find love and companionship.

Despite having an algorithm crunch the numbers, find patterns, and make recommendations based on our behaviour, there’s still a lot about dating and relationships that an AI algorithm can’t predict: a life-long relationship goes beyond algorithms and dating apps. True love happens offline, but AI helps us take the first step by learning our preferences to show us exactly what we like and filter out the
rest.

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CapBay, a Malaysian multi-bank supply chain finance and peer-to-peer financing platform, announced today it has raised US$20 million in Series A round.

The fresh investment comes from returning backer Singapore-based KK Fund and several Malaysian angel investors with expertise in finance, technology and growing startup companies.

As per a press note, CapBay aims to use the funds to further strengthen its technological and funding capabilities. It will enable more efficient financing and market expansion in order to reach a wider range of investors and underserved small and medium-sized enterprises (SMEs), it claimed.

Launched in 2016, CapBay uses existing trade data and relationships to facilitate inclusive business financing. Through its propriety credit-decisioning model, businesses can obtain short-term financing while banks and investors can participate in financing deals.

Also Read: Why P2P lending can be the end of banking as we know it

CapBay said it has funded MYR 100 million (US$24.7 million) across 500 investment notes on its P2P platform since its launch in March 2020. Its supply chain finance arm has facilitated more than MYR 800 million (US$198 million) across 10,000 transactions covering SMEs.

CapBay has expanded investment opportunities for P2P investors on its platform through various strategic partnerships.

The Malaysian firm was selected to be part of national telco Telekom Malaysia’s Vendor Financing Programme in September 2020. This allowed P2P investors on Capbay’s platform to invest alongside institutional investors in a safer asset class backed by the government and corporate receivables.

CapBay also recently entered a joint venture with Kenanga Investment Bank by acquiring a 49 per cent stake in Kenanga Capital Islamic to create Malaysia’s first Islamic supply chain finance fintech.

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Image Credit: CapBay

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Podcast Network Asia (PNA), a Philippine-based podcast network agency, announced today it has raised US$750,000 in seed funding.

Local VC firm Foxmont Capital and Jakarta-headquartered Venturra Discovery joined Lisa Gokongwei, President of Summit Media, in the investment round. Kumu, a local live-streaming platform, also participated.

As per a press note, the fresh financing will go towards improving PNA’s production and performance analytics offerings and bankroll the agency’s expansion into Indonesia, Thailand and Malaysia.

Launched in August 2019, PNA provides podcast creators with access to production support and monetisation opportunities. It claims it has since grown its roster to 415 podcasts, with over 10 million listeners.

The company also intends to launch Podmetrics Marketplace, where podcasts on its platform can leverage data analytics and apply for affiliate marketing campaigns to generate revenue.

“Podcasting is about to enter its golden age,” opined Ron Baetiong, CEO and Co-founder of PNA.

Also Read: 5 reasons why podcasts are good for your content strategy

“With the Philippines as the 6th fastest-growing country in terms of listenership, we can scale up and continue the momentum we’ve built in the Philippine podcasting industry and replicate it across the region,” he added.

“I think podcasting is still in the early stages of growth in the country and that PNA has put a stake in the ground ahead with a scalable business model,” remarked Lisa Gokongwei.

“Podcasting is still nascent within Southeast Asia, when we look at top-charting podcasts, majority of them were launched within the past year. The industry has strong momentum as audio streaming platforms are doubling down on this segment,” added Raditya Pramana, Partner at Venturra Discovery.

Globally, the podcast industry remains bullish with more creators, networks, and advertisers supporting the medium. Worldwide podcast advertising has grown exponentially along with the increase of podcast shows.

By 2020, podcast advertisement revenue is projected to hit US$659 million, up from US$69 million in 2015.

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Image Credit: PNA

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With a large population, strong technological foundations, and abundant talent pool, China remains a competitive and potentially lucrative market for technology firms even amidst shifting economic trends. While it is prudent for foreign brands to heed the key success factors of localisation in China, the more pragmatic way to make inroads into the China market is through an established acceleration programme.

That is where XNode comes in. As the leading global platform for innovation, XNode has accelerated over 130 startups in the past three years and facilitated the fundraising of over USD 152 Million. In Singapore, XNode partners with Enterprise Singapore under the Global Innovation Alliance (GIA) and has accelerated the market expansion of 15 Singaporean companies into Shanghai since October 2019.

With the goals of validating product-market fit and establishing a go-to-market plan, the programme consisted of expert workshops, mentor sessions, and meaningful 1-on-1 business connections to potential local partners, clients, and investors. Rounding up the programme with a demo day, XNode lined up potential investors and partners to which the startups pitched their progress and value propositions.

Successes from Batch 1 of XNode’s Shanghai Programme

Among the alumni of XNode’s inaugural batch of startups under the China-Singapore Innovation Launchpad acceleration programme was Buzz AR, an AR-for-Retail startup that brings the “Disney” experience to premier luxury shopping destinations. During her stint as a VR model, co-founder and CEO, Bell Beh, saw the possibilities of spatial computing and started work on bringing similar experiences to more people while juggling between odd jobs and her Masters of Law Programme at UC Berkeley.

During her time with XNode in Shanghai, Bell was introduced to ecosystem players from the mixed reality and real estate spaces for potential collaborations and to validate Buzz AR’s product-market fit.

“XNode is arguably the best programme we have ever experienced. It led me to our first pilot with the Bailian Group, an 80 Billion Yuan department store operation in China. We’ve also been shortlisted to deploy our AR Wayfinder at WAIC 2021, the largest AI Expo in the world, the one that Jack Ma debated with Elon Musk in 2019,” recalled Bell when asked about her experience in the China-Singapore Innovation Launchpad programme.

Also read: CapBay bags US$20M Series A to scale its multi-bank supply chain finance, P2P financing platform

Buzz AR, which captured over SGD 1 million in project bookings within nine months, has recently also clinched longer-term enterprise contracts, bolstering its position in the APAC region for the coming three to five years. The company’s next milestone is the launch of Buzz X, the first entertainment and utility mobile application in Southeast Asia that will make AR accessible to all.

Desmond Pheh, another batch 1 alumnus, runs Livingwear, a clothing company that combines design, technology, and data to make “Reliable Essentials” that fit consumers and the environment — excellent quality basicwear at transparent and fair prices.

Through XNode, Desmond discussed potential collaborations and secured tractions with players in the e-commerce, investment, and marketing spaces. “XNode has helped me make some strong relationships and network in China and I know if I were to return there, I will not go in blind,” said Desmond, who has since been focusing on fundraising to accelerate product development and introduce Livingwear’s new collection in 2021.

Following the pioneer batch in October 2019, seven more Singaporean startups, hailing from medtech, healthtech, adtech, and RPA, landed in Shanghai in August 2020. Their participation in the first four-week virtual phase of the acceleration programme will be followed by physical dealmaking sessions with potential partners that they were connected to — including ecosystem giants, active players in the VC landscape, and crucial government enablers.

The Promise of Shenzhen

Home to renowned tech giants like BYD, DJI, Huawei, and Tencent, Shenzhen is a tinkerer’s haven for rapid innovation where mistakes are made fast and insights are uncovered even faster. With a fast growth mentality, effortless access to production facilities, and support by the local government, hardware companies would be miles ahead of counterparts in other geographies just by setting foot in Shenzhen.

This hardware Silicon Valley nestled in China’s Greater Bay Area also happens to be the destination for startups participating in XNode’s upcoming acceleration programme. Tapping into XNode’s network of manufacturing giants, hardware startups, and investors, startups under the programme would be plugged into an environment where fast-paced deal-making meets rapid product iteration, where suppliers could be involved from the get-go and where funding opportunities and ecosystem support are readily available.

Also read: Singaporean entrepreneur: bringing the Asian internet business model to Central America

With an increasing exchange of innovation and entrepreneurial infrastructure, the way ahead for Shenzhen is further cemented at the government level with the Singapore-China (Shenzhen) Smart City Initiative (SCI), securing Shenzhen’s importance as the next destination for Singaporean startups.

XNode is now calling on hardware startups to express interest in joining the upcoming China-Singapore Innovation Launchpad acceleration programme in Shenzhen. Interested startups are encouraged to drop a note at contact_sg@thexnode.com with your company name, sector and funding stage to get on XNode’s radar.

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This article is produced by the e27 team, sponsored by 
XNode

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Danish occupational pension scheme Paedagogernes Pension (PBU) announced it has committed US$16.2 million into Southeast Asia-focused SEAF Women’s Economic Empowerment Fund (SWEEF).

According to an announcement, the pension scheme has become the cornerstone investor in the official launch and first close of the fund.

The fund also received financial backing from the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), the regional development arm of the UN, and Global Affairs Canada (GAC).

SWEEF is a regional investment fund targeting women-led startups in Vietnam, Indonesia and the Philippines. It will also invest in sectors where women comprise a large portion of labour and in companies that “demonstrate a commitment to gender equality”.

The fund will be managed by a local team, the majority of which consist of women investment professionals.

PBU is a pension scheme for early childhood teachers and youth educators in Denmark. Online data reveals it has a total asset under management (AUM) of EUR 9 billion (US$ 10.9 billion).

Also Read: How the tech industry can become friendlier for women

“The investment into SWEEF has a clear link to our strategy for responsible investments, where we focus on empowering women and strengthening gender equality,” said Sune Schackenfeldt, CEO of PBU.

“Women in developing countries are the foundation of the family. With investments that have a special focus on women’s conditions, we strengthen their employment, earnings and opportunities for social and economic advancement,” he added.

“We have learnt that meeting the needs of women entrepreneurs requires us to innovate and go beyond the usual lending modalities towards promoting mentorship, business development support services and access to growth capital and that is exactly what our partnership with SEAF offers,” said ESCAP Deputy Executive Secretary Kaveh Zahedi.

US-based impact investment fund manager SEAF will manage the fund. The firm claims it has committed capital of US$1.2 billion with 40 funds in over 30 countries.

The launch of SWEEF follows SEAF’s Women Opportunity Fund. Launched in 2018, the latter has invested in six women-led startups in Southeast Asia, including Philippine-based cosmetics firm Ellana Cosmetics.

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Last year, the pandemic changed radically the way we host events. While most events were cancelled, others quickly shifted from in-person to virtual venues or incorporated hybrid events. Now that we know what event trends work in the new normal, many event planners are looking for ways to establishing these solutions in their event strategies this 2021. 

At EventXtra, we’ve rounded up the latest event trends and technologies that will help your events pivot this year.

Physical events will make a comeback with hybrid events

With the COVID-19 vaccine in production, the event trend will slowly shift back to in-person events with a mix of virtual event formats. According to a Bizzabo survey, 97 per cent of global event marketers believe that hybrid events will gain popularity.

In hybrid events, event marketers and organisers can vastly expand audiences and transform their in-person events into a formidable integrated engagement vehicle. This is possible through event technology adoption, either when streamlining the pre-event processes or hosting different types of events. 

In 2020, software solutions that streamline business workflows skyrocketed, mostly video-conferencing platforms such as Zoom and Skype. While this trend will continue to rise, the demand for an all-in-one event solution will likely increase this year.

We’ll see most event-driven businesses use an all-in-one event solutions that can facilitate online registration, attendee management with integrated virtual event hosting, and post-event analytics.

Hybrid events as a marketing platform

With integrated event solutions, we’ll see more frequent event experiences that cater to “niche” interests and personal living online other than business events.  Live and on-demand events will also become more popular this year, given the available features in most event platforms like recording and live streaming. 

Also Read: With Altafy, picking the right speakers for your events will be as simple as shopping from Zara

There will be an increase in pre-recorded sessions in hybrid events to build preview teasers or “anticipation” to audiences attending either in-person or virtually. This way, event organisers can also minimise the technical pitfalls that may happen during a live-session.

As virtual events reach more audiences, more and more businesses outside the events industry will incorporate virtual events in their marketing strategy, especially hosting personalised events that build communities and online following. 

Personalised events will help build communities

Building community is one of the most crucial success factors when hosting virtual and hybrid events. In the past, this was quickly done as event-goers can simply rely on physical interaction and networking opportunities at physical events.

However, in the new normal, building a genuine connection is challenging to be done digitally. Thus, personalisation in virtual and hybrid events is critical.

Personalised events will help build niche communities with more “intimate” and shareable experiences. Businesses and event organisers must ensure that their virtual and hybrid events are interactive, valuable to attendees, and not just a “one-time event.”

To do this right, prepare by finding ways to build extended experiences like online networking and learning opportunities that cater to different community interests. Develop avenues for attendees, speakers, and exhibitors to interact through live-streaming sessions, online apps, or social media groups.

How should you host physical events today?

When hosting physical events today, consider hosting your event in multiple venues to attract more attendees and ensure that your event follows social distancing measures in your country. Prepare to layout your event space and make sure your entrance can accommodate health screening areas equipped with thermal scanners.

Also Read: The future of events with Mind The Product CEO James Mayes

This will ensure that no attendee is unwell when they arrive at your event. It’s also essential that your event provide masks, sanitisers, and testing options to all your staff and attendees. 

Designing a safe event space using event tech tools

Most “pre-event” processes, along with registration and ticketing, will take place digitally to practice safety measures. Based on Juniper Research, contactless ticketing users will leapfrog to 468 million by 2023, a 160 per cent increase from last year.

This means that there would be an emphasis on completely touchless interaction in pre-event management this year.  If you’re an event organiser, prepare by finding ways to integrate online registration, online payment, and self-check-in in your event management process using tech tools.

Online registration with integrated payment transactions

Explore event management software that can streamline or integrate lead capture and payment transactions so you can easily control the limit of your attendees. There are touch less event registration tools can that can generate timed entry slots like Eventbrite.

• Self check-in

Explore RFID wristbands or badges and mobile ticketing applications that enable “tap and go” experiences through scanning QR-codes such as EventXtra; NFC technologies such as SafeTix and Pouchnation, or facial recognition tools. 

• Contact Tracing

When hosting in-person events today, designing contact tracing guidelines for your attendees is essential. It’s a best practice always to request your attendees’ information after the event to establish your contract tracing. Before doing so, ensure that you gather the right attendee information aligned with your country’s data protection laws. 

If you want to learn more about the latest event trends, please join us in our upcoming free webinar event, “Event Trends in 2021,” and get exclusive event insights straight from Asia’s leading event experts!  At the end of the webinar, there will be a fire chat session where attendees can ask our speakers questions, so don’t miss this opportunity!  

Are you or your organisation interested in organising virtual events? Click here to learn more about EventXtra.

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A few friends asked me what my 2021 New Year’s resolutions were. I couldn’t give a proper answer. Still feeling 2020 drained all my energy. It didn’t feel like it would make any sense to have New Year’s resolutions.

In an attempt to understand why I wasn’t all cheery about 2021, I looked back at 2020. The year going down in history as lockdown year was supposed to be a year to get my sh*t together.

No travel and working from home should have led to more downtime with the family, more exercising, reflection, writing, reading, and being more productive.

I was not as productive as I would have hoped in 2020. I missed most of my personal training goals, I was more tired at the end of the year than I felt in a while, and I was more stressed than I can remember. The mental challenge of not being distracted was far worse than I expected.

A usual year consists of meetings, travelling non-stop, short trips with the family, hanging out with friends, speaking at conferences, and half-ironman races. Always on the move was the way to go. It gave me comfort.

It gave me the feeling I was achieving something. I felt productive. Whether I was or wasn’t didn’t matter. Like everyone else, 2020 forced me to sit down and think.

Think about work, life, friends, my health (increased alcohol consumption didn’t help), and the future for our children. Speaking with friends and colleagues, it turned out I wasn’t the only one. The happy hour seemed to have moved from Friday, 5 PM to Tuesday, 12 PM in more households.

Also Read: Why Khailee Ng puts mental healthcare support as key to successful founders-investors relationship

Having all of this on my mind, without my regular distractions, was hard. The daily grind taxed me mentally— signing in and out of Zoom calls, getting bombarded by news of injustice and tragedy every time I refreshed the page on CNN, and knowing that the return to ‘normal’ was a long way away.

It seemed like each week, each month, a new personal or societal challenge would come to bear, mentally taxing a system already stretched to its capacity and leaving me more tired than I’ve felt in a long time.

In the meantime, I also suffered a knee injury after an ultra run. It is the first time I have to deal with an injury that keeps me away from running for a while. This was the final straw. I wanted to know how I can fix this before going into 2021.

Assuming the new year’s start would be very similar to how the year ended (working from home, limited to no travel, etc.), after looking back at my journals and speaking with friends, I picked up a gift I received in March 2020 from my good friend Dennis List. The gift was Jerry Colonna’s Reboot, Leadership and the Art of Growing Up.

We all went through our number of self-help books, but this one hit home the hardest. Two parts of the book left a big impression on me because it helped me answer how I can approach 2021 differently than 2020.

“How am I complicit in creating the conditions I say I don’t want?”

“What I am not saying that needs to be said?”

~ Reboot, Jerry Colonna

I took a renewed look at why I have felt less productive than I hoped and what I was actively doing to improve. One of the significant learnings was that I tried to copy how I worked in 2019 to 2020— a full schedule, always on the go, not taking any breaks from work, social life, and sports. Instead of taking the time to clear my head, I filled the day with more Zoom calls.

Also Read: How to embrace mental wellness in startup culture

Instead of taking time to reflect, I worked more hours to make myself feel “productive”. Of course, the opposite happened. The hope of feeling I am getting things done turned into frustration and exhaustion. Being tired more often and not producing the work with which I am familiar.

Doing the same over and over and expecting a different outcome has never worked. I am not sure why I assumed it would lead to a better result this time.

The most significant step I took was to build white space in my schedule. Creating room in my schedule was difficult for me because I want to be available for anyone who needs support — going against my advice of saying no. My takeaway was that I don’t have to solve everything through a meeting or zoom call.

A quick text back and forth is sometimes enough to be helpful. I have become religious about building time on my calendar to reflect, read, or write. Slowing down helped to provide more clarity, be more diligent, and feel less anxious. I am curious to see if the effect will last and see more improvements throughout the year.

The other major lesson I learned was that it’s okay to feel like crap at times. It was good for me to recognise how I feel and to address the origin of this feeling. It is not always possible to solve feeling like crap but recognising it was a huge step forward.

I hope that everyone who struggled to get through 2020, has a better 2021 kick-off. The lessons I learned were invaluable and I hope sharing these with you will give a few insights on how I navigated difficult times.

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The post 2020 drained all my energy. Here’s what helped turn things around appeared first on e27.

iSTOX, a Singapore Exchange (SGX)-backed digital securities platform, announced today it has closed its US$50 million Series A funding round, as two Japanese government-backed investors joined the round.

The VC arm of Japan Investment Corporation, JIC Venture Growth Investments (JIC-VGI) and government-owned Development Bank of Japan (DBJ) joined other new investors including Japan’s Juroku Bank and Mobile Internet Capital (MIC) in the latest round of financing.

Existing investors SGX, Japan’s Tokai Tokyo Financial Holdings and Korea’s Hanwha Asset Management also made fresh investments.

Oi Yee Choo, Chief Commercial Officer of iSTOX, shared in a statement the new financing will be utilised to bankroll the expansion of iSTOX’s “geographical footprint” and investment offerings. She shared the platform will roll out private issuances by blue-chip issuers for individual investors and expansions in China will continue. The company is also seeking issuance deals involving Europe and Australia.

Founded in 2017, iSTOX is a financial technology company regulated by the Monetary Authority of Singapore (MAS) as a multi-asset platform for the issuance, custody and secondary trading of digital securities.

iSTOX said it allows multi-asset issuances of fractionalised private market securities, including equity, bonds and funds, making them accessible to a much larger pool of investors. It graduated from the MAS Fintech Regulatory Sandbox in February 2020.

Also Read: Capital markets platform iSTOX raises US$5M from Korea’s Hanhwa

After obtaining a full MAS license in February 2020, iSTOX signed a memorandum of understanding (MOU) with the Chongqing Monetary Authority in November 2020 to set up a digital securities exchange in Chongqing to serve the Chinese market, marking the first overseas expansion by iSTOX. In December 2020, iSTOX listed the world’s first unicorn fund in digital securities form.

“Capital markets are transforming rapidly because of advancements in technology. MAS and our institutional investors have been far-sighted and progressive, and they support the change wholeheartedly,” she further added.

“We have decided to participate in the launch of the next generation of digital financial services and platforms covering Asia. We believe that this project will also contribute to the development of Japanese financial services,” remarked Hideki Yarimizu, CEO of JIC-VGI.

iSTOX claims the Series A announcement takes place at a time when private markets are outperforming public markets. In the past decade, global private equity returned 13.2 per cent on average, approximately double the returns from global public equity. Private market assets under management grew to US$6.5 trillion in 2019, almost 2.7 times more than in 2010.

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Image Credit: iSTOX

The post iSTOX closes US$50M Series A led by Japanese state-backed firms to expand digital securities platform appeared first on e27.

Erik Cheong is a serial entrepreneur from Singapore. In 2016, he co-founded Park N Parcel which employs an asset-light business model to deliver logistics services to the major e-commerce platforms such as Taobao and Lazada. Erik switched his venture-building focus to the Central America market where very few Asian entrepreneurs have explored before. In 2019, a super app, dubbed as OMNi, was launched in Costa Rica as a joint effort spearheaded with his Costa Rican partners, Moises and Samuel. In the same year, Erik was invited to join the eFounders Fellowship (Southeast Asia) organised by Alibaba Group and UNCTAD, and was nominated as one of Forbes 30 under 30 Asia (Consumer Technology).

Meet the OMNi mafia at the headquarter office in San Jose, Costa Rica

Recently, Polymath Ventures spoke to Erik about his stories of founding businesses over the years and to seek his advices on building technology-empowered businesses in the Central American region. Below is the extract of the interview.

Polymath Ventures: Could you share with us the vision and mission of launching OMNi? What brought you to build a company in Costa Rica, which is located in a far-flung continent from your home country?

Erik Cheong: Our team aims to make OMNi the leading super app in the Central American region. So far, we have built a team of over 600 employees and activated four major service modules, namely the fintech, the mobility, the healthcare, and the lifestyle, achieving around 800 thousand downloads in Costa Rica. In terms of downloading, OMNi is already ranked as Top 5 mobile applications in the Central America, competing against Uber, Rappi, and Glovo.

Also read: Preventing burnout for entrepreneurs with KC Rossi

While I was working on Park N Parcel, I have encountered many Chinese entrepreneurs as well as the corporate executives from the Internet companies in China. My interactions with these Chinese business partners allowed me to understand how they leverage on technologies to vastly disrupt the commercial activities in arenas of E-commerce, financial services, sharing economy, healthcare, etc. My participation in the eFounders Fellowship deepens my knowledge base further and personally, I am also tremendously influenced by the speed of company building in the Chinese style and the Chinese way of viewing companies as inter-connected modules in an ecosystem rather than stand-alone silos.

When I launched Park N Parcel, I could sense the accelerating momentum and increasing intensity of peer competition in Southeast Asia with unicorns emerging in several aspects. At that time, I happened to know my current Costa Rican business partners who introduced me to the huge untapped market in Central America, which could be examined as an integrated market with shared culture and uniform language. Such market characteristics project a great potential of regional market expansion unlike Southeast Asia, where the market is extremely fragmented in terms of economic status, language, and geography. Based on all of these considerations, I’ve decided to give a business trial in Central America.

PV: According to your observation about the Asia and the Central America status quo, what is your opinion about the ecosystem gap between these two markets?

EC: Simply referring to the fintech sector, I’ll say it probably takes 3 to 5 years for Central American countries to reach the current status of the cashless society in China. Our team is working hard to bridge this gap with our payment methods.

PV: Could you elaborate more about the payment service offered by OMNi?

EC: Our fintech team is currently pushing on the B2C QR payment. In Asia, the processing fee charged on the bank card payment is capped at 3% while in Central American countries such as Costa Rica, the payment processing fees charged by the banks and payment processors commonly range from 5% to 13%.

Also read: How art consultant The Artling uses AI to help interior designers pick the best sculpture for the hotel lobby

QR payment by OMNi helps the local merchants to save on the transaction fees paid. Moreover, contactless payment is much safer and strongly recommended by the government worldwide to replace paper payment or even card payment. The COVID-19 situation in fact encourages the local residents to adopt OMNi payments such as virtual wallet, peer to peer, or QR, at a faster rate across several geographies. As a next step, we hope we can develop more use cases such as utility bill payment and payroll payment via OMNi.

PV: Undeniably, the pandemic hammered the economic growth globally. Nevertheless, a lot of disruptive businesses — such as OMNi Moni —benefited from the consequences stroked by Covid-19.

EC: Yes, and it is not limited to the payment sector only. Under our Mobility module, we have launched the shared services targets on the last mile transportation for the commuters and students in the city and suburb of San Jose, Costa Rica. In response to the COVID-19 pandemic, the local government published a series of regulations such as the restriction on the taxi services after 10PM on weekdays. Nowadays, we have observed a service peak after 10PM on a daily basis as OMNi Bike is the only biking service provider in Costa Rica, so far free of competition from Uber or Didi.

PV: OMNi successfully turned a crisis into an opportunity of growth, that’s impressive!

EC: Timing really matters. During the COVID-19 lockdown, OMNi also launched the OMNi Session under the lifestyle section — an entertainment channel for the citizens who have to stay at home over the past months. So far, we have accumulated millions of views on our OMNi Session, taking the first-mover advantage compared to other similar offerings.

PV: This is really an act demonstrating sharp business acumen. Besides OMNi Session, what other services are also available under Lifestyle section?

EC: We also provided asset-light B2C Ecommerce services via Ingo. Our users can browse the store catalogue on our website, placing orders online and subsequently collecting the goods directly from the stores by themselves or choosing a delivery. We offered the API backbones to connect the shop POS front-ends with our website, enabling the real-time inventory updates for OMNi users.

Also read: SGX, Temasek team up to advance digital asset infrastructure in capital markets

PV: You sound like a priest who travelled to the Central America to spread your experience and knowledge of building Internet companies in Asia.

EC: I genuinely learnt a lot from how modern Chinese build the Internet businesses. For instance, I have studied the business case of Ping An Good Doctor, which in turn inspired me to launch the OMNi Healthcare that aims to provide digitally enabled medical services to the community in the Central America in the near future.

PV: It is unbelievable to hear what OMNi has achieved in so many sectors within two years. Along the way, have you and your team encountered any difficulties or challenges?

EC: I find two issues bother many entrepreneurs here. First would be the bureaucracy of the governments. I’ve seen the resistance to innovate or change the old practices and how there’s fear when these authorities are faced with new technology.

The second challenge I found in the Central America is that the local community’s unfamiliarity about Internet business conducts, posing huge friction for us to deepen the market penetration rate within a short time span. Again, I was inspired by Taobao’s create approach, sending salesman to villages or wet market where they teach the farmers how to use Alipay. I also let my sales team head to the local markets, teaching the fruit sellers and coffee retailers how to use OMNi to collect payments. Furthermore, OMNi has launched a 24/7 hotline service, allowing OMNi users to consult anytime when they encounter any problem while using OMNi services. I believe the community education would help the local users to learn about the new Internet services.

PV: Could you offer some advice to the entrepreneurial community on company-building in the Central America?

EC: I personally believe in two things. The first success factor would be localisation. For instance, during the market research before launching OMNi Bike, I found there was a strong biking culture in Costa Rica while no technology companies were offering the shared bicycle services at that time. This somehow indicates a chance of success if we are the first to bring in the idea of shared bicycles.

Another case of localisation strategy would be how we target our first badge users for OMNi FinTech services. Though the local community hasn’t used QR payments at all, the Chinese migrants in Costa Rica heard about WeChat Pay and Alipay before. Therefore, we decided to push our sales resources to the local Chinese community before influencing the native Costa Ricans to adopt this digital mode of payment.

Also read: This eco-friendly and energy-efficient air-conditioner cools you, not your room

Market product fit is such a determining factor for a new venture’s success, especially in its premature stage. Besides localisation, I think branding also plays a critical role. For example, we did spend effort in designing the OMNi logo as well as the color theme of our shared bikes, embedding the sense of high-tech and modernity to attract the young users such as the university students and young working professionals in San Jose.

PV: Insightful sharing! I sincerely appreciate this interview session today as I’ve learnt so much from you.

EC: You are welcome. I hope to have more conversations with entrepreneurs who are also interested in building something interesting in the Central America and Latin America in general. I always believe that discussion breeds excellent ideas.

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This article is produced by the e27 team, sponsored by 
Polymath Ventures

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