PT Energi Selalu Baru (ESB), a subsidiary of PT NFC Indonesia Tbk (IDX: NFCX), which is part of MCASH Group, today announced that it has raised “substantial investments” from LX Ventures and SAIC Capital during its pre-Series A funding round.

Previously, ESB has secured funds from Rigel Capital and Twin Towers Ventures.

In a press statement, ESB announced that this strategic collaboration will enhance the company’s infrastructure development and market expansion, aligning with the shared vision of a sustainable future.

“The infusion of capital will be instrumental in accelerating product development, expanding market reach, and enhancing technological capabilities. ESB plans to leverage these investments to spread its Volta electric fleet, expand its battery swapping infrastructure, and explore innovative solutions in electric vehicle technologies,” the company said.

Also Read: Asia’s climate tech: Communicating solutions and avoiding greenwashing

ESB is a clean energy company focused on providing infrastructure for electric vehicle (EV) players in Indonesia. Through its subsidiary PT Volta Indonesia Semesta, ESB manufactures electric motorcycles under the brand name Volta.

Additionally, ESB provides a Battery Swap System which allows electric motorcycle users to swap their batteries easily, enhancing user convenience. Its battery swap stations and Volta dealerships are currently located throughout Indonesia.

By providing essential infrastructure, ESB aims to contribute to the transition to clean energy and sustainable transportation in the country.

Okie Octavia Kurniawan, Director of NFCX, called the investment a “game-changer” for the company.

“It will significantly accelerate our efforts in expanding our EV fleet and battery swapping infrastructure. With their support, we are poised to deliver more innovative and sustainable mobility solutions to our customers, reinforcing our commitment to transforming the EV landscape.”

LX Ventures, the corporate venture capital of LX group, previously from the LG Group, concentrates on advancing solutions in renewable energy, manufacturing and logistics automation, eco-friendly materials, and semiconductor technology. By investing in ESB, LX group said that it aims to expand its portfolio with a company dedicated to progressing renewable energy.

Also Read: How HELF AI uses the technology to tackle the severe shortage of healthcare manpower

On the other hand, SAIC has been venturing into futuristic technology such as autonomous driving and new energy (electricity and hydrogen). Adding a comprehensive ecosystem with electric motorcycles and a battery-swapping infrastructure perfectly aligns with its mission to support innovative mobility solutions.

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Image Credit: ESB

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As per the latest report by blockchain data platform Chainalysis, close to 68 per cent of public sector employees in Asia Pacific (APAC) see cryptocurrency as a vehicle mainly used by criminals and malicious actors.

The findings of the State of Cryptocurrency Investigative Report come as no surprise as the region’s crypto-friendly hub has become increasingly cautious following notable incidents of crimes.

The report specifically notes that Southeast Asia is becoming a fertile ground for criminals to exploit crypto for illicit activity and the rise in cyber threats and financial crimes contributed to a more pessimistic outlook on cryptocurrency.

In this interview, Hayato Shigekawa, Principal Solutions Architect at US-based blockchain analysis firm Chainalysis, discusses the findings of the report and trends in the cybercrime landscape in Asia Pacific and Southeast Asia.

Edited excerpts:

What are the key findings of the 2024 State of Cryptocurrency Investigative Report, and were there any surprising insights?

It is interesting to see that APAC respondents believe in cryptocurrency’s potential to enhance the global financial system, but they also acknowledge the growing abuse of crypto by criminals as adoption increases. The region also stood out in having a lower level of understanding of cryptocurrency; 42 per cent of respondents have no knowledge about cryptocurrency.

As cryptocurrency grows and becomes more entwined with the global economy, it’s increasingly used by good and bad actors. As such, we’re seeing it crop up in all forms of crime, not just crypto crime, such as ransomware and darknet markets. In this area, the APAC region mirrored global trends.

The three types of crime involving cryptocurrency are financial fraud, scams, and cybercrime. While APAC responses were mostly in line with those from other regions, a disproportionate share of respondents from the region named cybercrime and threat finance as forms of crime where they’ve encountered cases with a crypto nexus.

Also Read: Exploring the impact of organised cybercrime on small businesses

An interesting finding from our survey is that while all regions recognise the importance of addressing crypto-related crime, respondents from APAC and Latin America feel their agencies are not well-equipped for these investigations, citing a lack of staffing and technical resources.

Nearly half of APAC respondents said they were either extremely dissatisfied or somewhat dissatisfied with their agency’s staffing resources available for crypto investigation and the agency’s access to investigators that specialise in cryptocurrency. When it comes to technological resources available to adequately investigate crimes involving crypto, APAC had similar dissatisfaction rates levels to EMEA, but with more respondents being neutral, suggesting uncertainty or lack of access to adequate.

The report states that 67.7 per cent of respondents from APAC see cryptocurrency as a vehicle mainly used by criminals. What factors do you believe contribute most to this perception?

It is a common misconception that crypto is used primarily for illicit activity. Like with many new technologies, criminals were early adopters of cryptocurrencies, and their initial embrace has helped shape its overall reputation.

Although it is more well-known that cryptocurrency is traceable today, criminals still use it for the same reason people use crypto for legitimate purposes: it’s instantaneous, cross-border and liquid.

Chainalysis identifies Southeast Asia as a hotspot for crypto-based crime. Can you elaborate on the specific types of crime most prevalent in the region?

Southeast Asia is a hotbed for cryptocurrency activity, with many engaging in it at the grassroots level—four out of the top ten countries in our Global Cryptocurrency Index 2023 are in this region.

From everyday activities such as remittance payments to recreational online gaming, cryptocurrency is serving the various needs of users across a diverse region. While cryptocurrency adoption continues to grow, the risk of crime will, too, as bad actors find new technologies to exploit.

We are observing a distinct cybercriminal ecosystem develop in the region, including romance scams/pig butchering compounds and business conglomerates that operate different types of illicit services, including those that facilitate cybercrimes. (Romance or pig butchering scammers build a relationship over time with their victims and fatten up them to extract the most possible value).

How significant is the role of education and awareness in shaping public sector perceptions of cryptocurrency, and what steps can be taken to improve this?

To better investigate, resolve, and prevent cryptocurrency crimes, law enforcement agencies first need to understand them. Many people don’t understand that cryptocurrency is incredibly transparent—it operates on public immutable blockchain ledgers—and anyone could look up the entire history of transactions using a public block explorer. The problem is that it’s tough to read the blockchain. It looks like just a bunch of random numbers and letters transacting with a bunch of random numbers and letters, and that doesn’t mean very much to most people.

Also Read: What if cybersecurity included everyone it protects?

That’s where blockchain analysis comes in handy. Blockchain analytics tools such as Chainalysis map those random numbers and letters – cryptocurrency addresses – to their real-world services.

Education plays a critical role in shaping perceptions of cryptocurrency, and there are several platforms and forums for law enforcement agencies to be trained.

How can the APAC region balance the growth of its cryptocurrency economy with the need to prevent and combat crypto-related crimes?

Regulations will play a key role in enabling the responsible innovation and growth of the cryptocurrency economy. Greater regulatory clarity in the crypto space has fostered the responsible growth of the ecosystem by ensuring the presence of regulated players who innovate responsibly.

We are already seeing key markets in APAC, including Singapore, Hong Kong, Japan, South Korea, and Australia, work on their digital assets regulatory frameworks, providing greater clarity for the ecosystem and its players to innovate safely.

The industry players also have a role to play—public and private sector collaboration will be critical to combatting crypto crime. We have seen success when the public and private sectors have worked together through the use of blockchain analysis to take down crypto crime, and we hope to see many more such successes in the future.

Given the current trends, how do you see the perception and usage of cryptocurrency evolving in APAC over the next few years?

Asia is home to one of the fastest-growing cryptocurrency regions in the world and many of the top countries by grassroots crypto adoption— and we expect this trend to continue. For the cryptocurrency economy to continue to advance safely, it will be critical for public sector agencies to bridge the gap and invest in resources, expertise and training for law enforcement officials to combat these crimes as effectively and efficiently as any other form of crime, if not more so.

Looking ahead, what are some key steps that APAC governments and public sector institutions can take to improve their response to crypto-related crime?

In addition to educating law enforcement professionals, governments and public sector agencies can invest in blockchain analytics tools to effectively combat crypto crime. These tools help law enforcement progress investigations, apprehend criminals, present cases for prosecution, and prepare the way for the seizure and recovery of crypto funds to victims when possible.

Blockchain analytics also facilitates faster and more effective collaboration between law enforcement departments and government agencies during an investigation. Using the same dataset contributes to a shared understanding, which drives better investigative outcomes.

Also Read: Digital scams are on the rise – Is Asia ready for the fight?

While blockchain intelligence helps fight crime, it can also help law enforcement proactively prevent crime. By analysing on-chain transaction patterns and relationships that could indicate criminal behaviour, illicit activity can be detected early on.

While blockchain analytics tools are incredibly useful, agencies also need to invest in human resources and expertise that know how to use them. As we’ve seen in our report, the blockchain industry is a fast-moving space, and law enforcement officials need subject matter experts to make the most of their investments in blockchain analytics tools.

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Image Credit: Chainalysis

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Singapore-based TASConnect, which offers a SaaS supply chain fintech platform, has acquired the Malaysian subsidiary of SOLV, a B2B online marketplace for micro, small and medium enterprises (MSMEs).

The terms of the deal remain undisclosed and are subject to regulatory approvals.

Also Read: Pilon rakes in US$5.2M to take its supply chain financing system beyond Singapore

TASConnect is also in the process of acquiring SOLV’s Vietnamese subsidiary.

The deals will enable TASConnect and the SOLVs to provide end-to-end supply chain financing solutions to multinational corporation anchor ecosystems, SMEs, and financing partners. In addition, the mergers will offer synergies in costs and operations.

Post-acquisition, SOLV Malaysia will be rebranded as TASConnect Malaysia.

Branding for SOLV Vietnam is under review.

Over 418,000 SMEs in Malaysia remain largely untouched by technology, while over 60 per cent of Vietnam’s 790,000 MSMEs have unmet financing needs.

TASConnect’s platform-as-a-service tool helps enterprises expand their scale and scope of supply chain financing without incurring high capital expenditure on IT or human resources. Once the acquisition is completed, TASConnect will leverage the SOLVs’ local sales teams to accelerate its go-to-market in Malaysia and Vietnam.

Also Read: AwanTunai raises US$20M debt funding to provide supply chain financing to micro-merchants in Indonesia

Both TASConnect and SOLVs were incubated by SC Ventures, the innovation, investment and ventures arm of Standard Chartered.

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Agri Sparta, an agritech startup supporting smallholder rice farmers in Indonesia, has announced a strategic partnership with the national rice agency Bulog.

This collaboration aims to significantly enhance rice farmers’ productivity and contribute to the country’s food security and self-sufficiency.

Also Read: Semaai looks to elevate agritech solutions, financial inclusion in Indonesian farming

Under this partnership, Bulog will provide financing to Agri Sparta and guaranteed harvest offtake. A portion of the financing will be allocated to high-quality inputs and provide modern farming services, such as transplanters, precision input via agricultural drones, and combined harvesters.

Agri Sparta will contribute by supplying its proprietary, high-yielding, drought-resistant seeds and essential agricultural inputs. Additionally, it will deploy AgriPlan, its agriculture-oriented enterprise resource planning (ERP) system specifically tailored to rice farmers’ needs.

Nganjuk in East Java and Klaten in Central Java have been selected as the initial areas for this collaboration. The partnership aims to scale up, ultimately targeting coverage of 500,000 hectares by 2030, representing over 10 per cent of the country’s total rice field acreage.

Also Read: The age of the super farmer: How technology is enabling the average farmer

Bulog is Indonesia’s national logistics agency responsible for ensuring the stability of rice prices and supply. Through its extensive network, it provides critical support to farmers and consumers, ensuring food security and economic stability nationwide.

Agri Sparta is an agritech startup whose proprietary seeds, inputs, and digital tools are designed to boost productivity, harvest quality, and yield resiliency. It is backed by Antler, WV, Seedstars, and Hustle.

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Image Credit: Agri Sparta.

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How can Artificial Intelligence (AI) promote greater access to information in healthcare? For Dr Reid Lim, a medical doctor and founder of the Health Expert Language Framework (HELF), the answer lies in using the technology to provide quick, accurate responses and insights into a wide range of medical queries and clinical scenarios.

HELF AI helps users—seasoned physicians, medical students, or healthcare professionals—with condition classification, evidence review, and much more.

“HELF AI offers numerous advantages, positioning itself as a medical superintelligence that seamlessly integrates as an AI backend. Its benefits include immediate access to medical insights, support for healthcare professionals by reducing their workload, enhanced accuracy in clinical decisions, guidance on complex ethical dilemmas, and decision support. Additionally, HELF extends its utility to public-facing roles in education and preventive health,” explains Dr Lim in an email interview with e27.

One month after its beta release, HELF has begun fostering partnerships with potential collaborators. It is launching pilot programmes that include integrating HELF into an Electronic Medical Records (EMR) system in a vast country with many unserved areas still relying heavily on paper records.

According to Dr Lim, it also has another pilot that involves the platform acting as the AI backend for a client-facing startup dedicated to promoting good sleep and healthy habits.

Also Read: Artificial intelligence and the art of building presentations

HELF is now available on both Google Play and the App Stores, and it will continue to be available for free for the general users. This is part of the platform’s commitment to democratising accurate healthcare information worldwide.

In this conversation, Dr Lim explains the problems that the platform aims to solve and his upcoming plans for it.

The following is an edited excerpt of the conversation.

Can you tell us more about what inspired you to build this solution? What was the development process like?

My drive to develop HELF is fueled by my keen awareness of the profound disparities in global healthcare. As a medical doctor, I personally witnessed these challenges. One of the most critical challenges, intensified by the COVID-19 pandemic and subsequent human burnout, is the severe shortage of healthcare manpower.

This issue is particularly acute in rural and underserved areas, where there simply aren’t enough medical professionals to meet the population’s needs. This shortage results in inadequate care and excessively long waits for medical attention, worsening health outcomes.

Additionally, the rising healthcare costs are becoming a crisis affecting both developed and developing nations. In countries such as the US, medical expenses are a leading cause of bankruptcy, placing enormous financial burdens on individuals and families. Even with insurance, the high costs of treatments and medications can lead to significant debt or deter people from seeking necessary care.

In Singapore, rising healthcare costs for our ageing population are a constant point of consternation. On the flip side, in many parts of the developing world, healthcare infrastructure is deficient or entirely non-existent, leaving populations vulnerable.

HELF acts as a medical superintelligence that transcends traditional boundaries within the healthcare landscape. HELF enhances these platforms’ capabilities by seamlessly integrating itself as the AI backend for solutions such as Electronic Medical Records and Hospital Informatics Systems.

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

Additionally, it can adapt to various roles, serving as an AI assistant to doctors, nurses, and other healthcare professionals or offering expert insights for preventive health measures. It can also be used as a wellness assistant for the lay public, guiding the everyday person to better health.

Thus, HELF can significantly extend the reach of the existing medical workforce, compensating for manpower shortages. It acts as a force multiplier, taking on routine tasks to allow human healthcare professionals time and breath to concentrate on direct patient care.

Ultimately, HELF’s capacity to democratise access to quality healthcare information and expert guidance has the potential to make healthcare more equitable worldwide. It represents a significant step toward a future where quality medical care is a basic right accessible to everyone, regardless of geographic or economic barriers. For developed nations, HELF can help augment manpower, enhance efficiency, and reduce the overall cost burden.

The development process involves creating a compound AI framework comprising multiple components that work together to offer accurate insights based on any health-related queries. HELF can powerfully parse unstructured data to arrive at guidance for any clinical scenario.

Who are your users, and how do you acquire them?

HELF operates on both B2C and B2B fronts. Our primary B2C users include the general public who seek to educate themselves about health matters. They can easily access HELF through our website or by downloading our apps, where they can directly pose questions and receive answers. Basic usage will remain forever free.

On the B2B side, HELF is a SaaS platform offering plug-and-play APIs that can be seamlessly integrated into any project, whether it’s a new venture or established systems such as EMR or preventive health platforms. Therefore, our user base extends to healthcare students, professionals, and institutions eager to incorporate AI into their workflows.

Also Read: These Artificial Intelligence startups are proving to be industry game-changers

We acquire users through a strategic mix of partnerships, academic collaborations, and direct outreach to healthcare organisations. The proven accuracy and reliability of our platform enhance its credibility, fostering organic growth through user referrals and positive testimonials.

What is your business model? What is your strategy to become a sustainable business?

Our business model operates on two fronts: B2C and B2B. On the B2C side, we offer a subscription service where users can access different tiers of features based on their specific needs and usage thresholds. For the B2B segment, we generate revenue through API usage and also benefit from strategic partnerships based on a cost-sharing model.

To ensure sustainability and growth, we are committed to continuously innovating and expanding our AI’s capabilities to reach a broader market and scale our user base globally. Economies of scale will become increasingly advantageous as we expand. Furthermore, we seek partnerships with healthcare providers and insurers to integrate HELF more deeply into the healthcare ecosystem.

Have you raised any funding?

We have not yet raised funding, but we are actively looking to collaborate with strategic investors who share our vision of building a medical superintelligence that will serve as a cornerstone for the healthcare industry.

Also Read: Will China lead the Artificial Intelligence game by 2030?

This funding and partnership will bolster our research and development efforts and accelerate HELF’s deployment across broader markets.

What is your focus for 2024?

In 2024, our dual focus is on technological enhancement and expanding practical applications with partners.

Technologically, we are developing robust pipelines for continuous medical learning, ensuring that HELF remains abreast of the latest healthcare guidelines and events. This constant updating is crucial for maintaining the relevancy and effectiveness of our AI solutions.

On the business front, we aim to deepen market penetration and establish sustainable revenue streams through collaborative use cases with our partners. These initiatives are aimed at demonstrating the practical benefits of HELF in diverse healthcare settings and driving broader adoption of our technologies.

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Image Credit: HELF

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As we reach the midpoint of 2024, it’s an opportune moment to reflect on the transformative events and emerging trends that have shaped our perspectives. This year has been marked by significant changes and developments that have not only influenced our daily lives but also set the stage for the future.

Here are my insights on the current state of affairs as we approach the second half of the year.

Transformative events of 2024

One of the most impactful events of 2024 has been the ongoing advancements in artificial intelligence and machine learning. The integration of AI into various sectors has accelerated, leading to increased efficiency and new opportunities for innovation.

From healthcare to finance, AI-driven solutions are transforming how we approach problems and make decisions. This rapid adoption has underscored the importance of digital literacy and the need for robust ethical frameworks to guide AI development.

Another significant event has been the heightened focus on climate change and sustainability. Governments and businesses worldwide are intensifying their efforts to reduce carbon emissions and adopt greener practices.

Also Read: Driving innovation for a sustainable future: Top climate tech investments of H1 2024

The global push towards renewable energy sources, coupled with groundbreaking innovations in sustainable technology, has demonstrated a collective commitment to addressing the climate crisis. This shift has profoundly influenced my perspective on the urgent need for sustainable development and responsible resource management.

Standout emerging trends

Among the emerging trends this year, the rise of remote and hybrid work models stands out. The pandemic’s lasting impact has led to a permanent shift in how we perceive work and productivity.

Companies are increasingly adopting flexible work arrangements, recognising the benefits of improved work-life balance and access to a broader talent pool. This trend highlights the importance of adaptability and the need for robust digital infrastructure to support a distributed workforce.

Another notable trend is the growing emphasis on mental health and well-being. The challenges of the past few years have brought mental health to the forefront, prompting organisations to prioritise employee well-being.

Initiatives such as mental health days, wellness programs, and accessible support resources are becoming standard practice. This trend signifies a shift towards a more holistic approach to health, recognizing the integral role of mental well-being in overall productivity and happiness.

Insights on the direction of society and industry

The direction of society and industry in 2024 is increasingly characterised by a commitment to inclusivity, sustainability, and innovation. As technology continues to evolve, there is a growing recognition of the need to ensure equitable access and minimise digital divides. Industries are also focusing on creating sustainable business models that balance profitability with social and environmental responsibility.

In my industry, the emphasis on data-driven decision-making has intensified. Businesses are leveraging big data and analytics to gain deeper insights into consumer behaviour and market trends. This data-centric approach is driving more informed strategies and fostering innovation. However, it also underscores the necessity of data privacy and security, prompting companies to adopt stringent measures to protect sensitive information.

Also Read: Funding in SEA sees 65% plunge in H1 2024; late-stage deals worst-hit

Lessons learned for the rest of 2024

Reflecting on the first half of the year, several key lessons have emerged that will shape my approach moving forward. Firstly, the importance of agility cannot be overstated. The ability to adapt quickly to changing circumstances and embrace new technologies is crucial for staying competitive and resilient. This lesson reinforces the need for continuous learning and skill development.

Secondly, collaboration and partnerships are essential for driving progress. The complex challenges we face today require collective efforts and diverse perspectives. Building strong networks and fostering collaborative relationships can unlock new opportunities and drive meaningful change.

Lastly, prioritising sustainability and ethical practices is not just a moral imperative but a strategic advantage. Consumers and stakeholders are increasingly valuing organisations that demonstrate a commitment to social and environmental responsibility. Integrating these principles into business strategies can enhance brand reputation and long-term success.

As we navigate the remainder of 2024, these insights and lessons will guide my efforts to contribute positively to my industry and society. By embracing innovation, prioritising well-being, and committing to sustainability, we can create a future that is both prosperous and equitable.

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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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As a Gen Z undergrad, I’ve noticed an intriguing trend among my peers: a preference for starting businesses over continuing formal education. For instance, look at this article by Forbes about How Future Entrepreneurs Can Create Companies Without A Degree.

Phrases like “Why study when I can start my own business?” are becoming common, suggesting that entrepreneurship is perceived as an easy path to success. But is this shift a genuine change in mindset, or just a fleeting “teenage” rebellion?

While scrolling through social media, dodging memes and cat videos, I stumbled upon a Business Insider article discussing why Gen Z is veering away from traditional career paths.

It makes a note that many Gen Zers view entrepreneurship as a quick route to wealth, avoiding the conventional corporate climb. It sounds enticing, but is it really that simple?

Understanding Gen Z

Gen Z is often characterised as tech-savvy, creative, and adept problem-solvers, having grown up in an era where smartphones and the internet are readily accessible (refer to Vertex Ventures Southeast Asia & India (VVSEAI)’s Gen-Z Perspectives Report for more insights).

Also Read: A paradigm shift on the Z axis: How Gen Z is shaping the new work culture

However, there’s also a perception that they are prone to seeking quick fixes and focused on short sprint motions over the long run.

The reality check

Is entrepreneurship that easy? During my internship at VVSEAI, I realised that entrepreneurship is far from being easy. I initially thought success was about having a cool idea and securing funding. However, insights that our portfolio company founders like Joseph Phua, Guan Dian, Achita Jacob, and Roshni Mahtani revealed during the interviews showed me that it takes guts, grit, and a lot of hard work to turn an idea into a successful business.

Dreaming big and chasing those dreams is essential, but it’s crucial to acknowledge the challenges involved in starting and growing a business. It requires relentless effort, resilience, and often a willingness to face failure head-on.

Is this a lasting mindset shift or just a trend?

If starting or running a business is not easy, then are Gen Zers more likely to succeed as entrepreneurs? To find the answer, I interviewed Glenn Cheow, a Gen Z entrepreneur from Singapore and the founder of GIFEducation. His edutech startup, a proud venture of Huawei and the ASEAN Foundation, strives to provide accessible and free basic educational resources to the ASEAN Region through AI Mentorship in their native language.

Thoughts on entrepreneurship as a Gen Z trend

Cheow believes that Gen Z is quick to learn and adapt to new trends, thanks to our tech-savvy upbringing. He says, “Gen Z learns trends quicker, follows trends, creates their own trends quicker.” While he acknowledges that entrepreneurship seems like the latest hype, he stresses that real success requires long-term tenacity and grit. “It’s not a race; it’s a marathon,” he adds.

Also Read: Experience over expense: How Gen Z and Millennials are redefining travel

Cheow views the trend of Gen Zers jumping into entrepreneurship as a double-edged sword. On one hand, it allows us to gain firsthand experience in the business world and understand what it means to be our own boss. On the other hand, it can be risky if undertaken without a clear direction or understanding of the challenges involved.

“I birthed the idea of GIFEducation, but it takes a dedicated team to execute a seamless learning experience. Motivational Speaker Jim Rohn once said “You are the average of five people” and I believes that having a team that is all focused on the same goal of creating a more seamless and accessible education experience is paramount,” said Cheow.

My own perspective

While the stereotypes surrounding Gen Z hold some truth, as a Gen Zer myself, I don’t think they capture the full picture. Gen Z is a diverse generation driven by a wide array of talents and aspirations.

Many Gen Z entrepreneurs like Cheow are challenging these perceptions, demonstrating remarkable business acumen and determination. They’re not just chasing the next big thing; they’re building startups and pursuing ventures that align with their passions and visions for the future. With an innate grasp of digital trends and consumer behaviour, Gen Z entrepreneurs have the potential to make a significant impact in the business world, driving innovation and shaping the economy.

So, is Gen Z’s entrepreneurial spirit just a phase, or are we witnessing the birth of something significant? The truth is, that is a trend that serves as an alternative to traditional paths and it may seem like escaping from it, but with the right mindset and perseverance, it can lead to substantial achievements. It’s not about following trends; it’s about making meaningful moves like embracing entrepreneurship.

Gen Z has grown up in an era of unprecedented access to information and opportunities, which has fostered a confident and daring approach to pursuing our goals. Thanks to the groundwork laid by previous generations, we have the privilege and tools to explore new ventures and embrace entrepreneurship.

Personally, I find inspiration in the stories of resilience and determination from fellow Gen Z entrepreneurs like Cheow. I am reminded that entrepreneurship is not a pursuit for the faint-hearted. During my internship with VVSEAI, the journeys of their portfolio companies reminded me that success isn’t about luck or timing but about perseverance and a willingness to learn from failures. So, if you’re considering entrepreneurship, know that with hard work and a clear vision, anything is possible.

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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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Singapore-founded personal finance and shopping platform Heymax.ai has raised US$2.6 million in a seed funding round led by January Capital.

Tenity, Ascend Angels, and XA Network also participated.

The angels who co-invested in the round are Shiyan Koh, JJ Chai, Kum Hong Siew, Jie Lun Ong, Evan Heng, JJ (Projjal) Ghatak, Jake Tan Jun Kiat, Junyang Ng, Chua Ee Chien, Nino Ulsamer, Jeff Wu, Ned Lowe, Vanessa Ho, Sky Tsoi, Zach Tan, Ronak Banka, Sandeep Krishnamani, Ayush Goyal, John Xiao, Jimmy Gambier, Royston Chan, Jian Wei Chuah, Junxiong Ho, and StashAway’s Angel Investing programme.

Also Read: Are brands ready for the future of loyalty?

Optimising merchant and credit card rewards can be challenging, but Heymax.ai—founded in 2023 by four ex-Meta engineers—addresses this problem by building “seamless” interoperability across different businesses’ loyalty programmes. Users can link their existing credit cards to the Heymax.ai platform and receive instant recommendations for the credit card that offers the most rewards for any given purchase.

The platform grants customers access to over 500 major merchants across key categories, including Amazon.sg, Apple, Grab, NTUC Fairprice, and Shopee. It allows customers to earn rewards through one single currency: Max Miles. Max Miles can be redeemed for any commercial flight on any airline or transferred to over 25 airline and hotel partner reward programmes worldwide at a 1:1 ratio, with no fees or expiry dates.

The company claims its user base has grown to over 50,000 since launch, and they have earned over 50 million Max Miles and redeemed over 10,000 flights since Max Miles launched in September 2023.

The company also recently partnered with Visa to launch Card Maximiser. This collaboration helps consumers seamlessly track their spending across all Visa-branded cards, providing comprehensive and real-time insights into card transactions and rewards accrual.

Also Read: Echelon: How MoneySmart Group plans to tap into the future of personal finance in Asia

Companies like SingSaver and Airwallex have also integrated Max Miles into their campaigns to create a cost-effective engagement strategy for businesses while offering customers the opportunity to earn additional rewards.

In addition to funding, Heymax.ai has announced the appointment of Aik-Phong Ng as its new chief commercial officer. Ng, former MD of Shopback and Fave, will spearhead Heymax.ai’s partnership expansion efforts and accelerate the widespread adoption of Max Miles.

Following strong momentum in Singapore, Heymax.ai announced its expansion into Australia in November 2023.

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Image Credit: Heymax

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Dear reader,

The Indian edutech sector has seen significant upheaval, with Unacademy co-founder and CEO Gaurav Munjal attributing Byju’s woes to its founder and CEO Byju Raveendran’s alleged refusal to heed the advice.

Munjal emphasised the importance of listening to feedback, even if it’s unpleasant, to avoid similar pitfalls. This commentary aligns with industry sentiments, as upGrad’s Ronnie Screwvala previously highlighted the reputational damage caused by Byju’s struggles.

Once a funding darling during the pandemic, Byju’s now grapples with sustainability and profitability issues, exacerbated by a funding winter. The company’s massive layoffs, delayed financial reports, and a sharp valuation drop have further tarnished its image. Legal troubles and shareholder discontent, including attempts to oust Raveendran, compound the crisis.

The sector’s broader challenges are underscored by potential consolidations, like the rumored acquisition of Unacademy by K-12 Techno Services. Munjal’s reflections on X offer a cautionary tale for all edtech founders: prioritize actionable feedback to navigate turbulent times and sustain growth.

Sainul,
Editor.

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NEWS

Byju Raveendran failed as he didn’t listen to anyone: Unacademy CEO
With this, Gaurav Munjal has become the latest Indian edutech co-founder to join the debate around troubles at Byju’s; In Feb, upGrad’s Ronnie Screwvala said that due to ‘one rotten apple’ the industry was witnessing reputational damage.

Indonesian rooftop solar company Xurya lands US$55M funding
The investors are Norfund, Swedfund, Clime Capital, BII, and AC Ventures; Xurya has installed and operated rooftop solar at over 100 companies, including hotels, shopping centres, hospitals, and cold storage.

Jirnexu acquires CompareHero from Nasdaq-listed MoneyHero Group
Jirnexu will acquire CompareHero’s website and domain names, as well as select user data and IP rights; When the transaction is completed, the CompareHero brand will operate under Jirnexu and MoneyHero will retain an equity position in Jirnexu.

Japan’s SmartHR raises US$140M Series E
The investors include KKR and Teachers’ Ventures Growth; SmartHR is a cloud-based human resources and labor management startup, which helps enterprises manage and streamline human resources and operations.

Personal finance and shopping platform Heymax.ai scores US$2.6M funding
The investors include January Capital, Tenity, Ascend Angels, and XA Network; Heymax.ai has also appointed former Shopback and Fave MD Aik-Phong Ng as its new chief commercial officer.

Meta’s ‘pay or consent’ model fails EU competition rules, Commission finds
The European Commission wrote in a press release that the binary choice Meta offers “forces users to consent to the combination of their personal data and fails to provide them a less personalised but equivalent version of Meta’s social networks.”

Matrix Partners rebrands its India and China affiliates
The US-headquartered VC firm will retain its name, while Matrix Partners India will rebrand to Z47 and Matrix Partners China will rename itself MPC; The move follows Sequoia’s splitting of its India and Southeast Asia and China units last year.

FEATURES

InnoVen Capital: Gender equality remains an issue in SEA with only 6% of female leadership in startups
InnoVen Capital’s report covers topics around the funding environment, exits, focus areas, challenges, and other aspects.

Driving innovation for a sustainable future: Top climate tech investments of H1 2024
Southeast Asian climate tech startups raised millions in H1 2024, focusing on electric vehicles, carbon offsetting, and nature-based solutions.

Southeast Asia startups spark innovation with fresh funding influx
Tech startups secure vital funding, driving innovation in fintech, clean energy, AI, pet nutrition, and more across the region.

FROM THE CONTRIBUTORS

Gen Z generational shift: Embracing entrepreneurship or escaping traditional paths?
Gen Z entrepreneurs have the potential to make a significant impact in the business world, driving innovation and shaping the economy.

K-story revolution: How Korean narratives innovate and captivate global audiences
The K-Story phenomenon has revolutionised global entertainment by combining cultural richness with innovative business models.

A startup founder lives on the ‘Edge Of Tomorrow’
The article compares startup founders’ challenges to those in the movie, emphasising persistence and learning from failure.

Funding winter is the best time to build a startup
June 2024 is ideal for starting a startup with ample funding, scarce competition, focused opportunities for growth, and available talent.

FROM THE ARCHIVES

India beats Singapore, US to rank highest for AI project implementation
About 70% of companies in India have AI projects up and running or in motion, in stark contrast with the global average of 49%.

How SEA-LION aims to bridge the cultural gap existing in popular AI tools
SEA-LION, an open-sourced LLM by AI Singapore, aims to help enterprises in Southeast Asia incorporate AI into their workflows.

Singapore surpasses US in AI investment: Study
Although being placed tenth in the amount of money spent, Singapore invested an amount equivalent to 1.5 per cent of its GDP in 2022, according to the AI statistics report curated by AIPRM.

Amazon to train 15K individuals in AI skills; to invest US$9B into cloud infra in Singapore
Amazon plans to develop innovative AI solutions and support Singapore’s Smart Nation and National AI Strategy 2.0 goals.

Inclusion matters: How GitHub enhances accessibility for individuals with disabilities
Exploring the tech industry’s commitment to inclusivity, the strides made in workplace accessibility, and the transformative power of diverse perspectives.

What are some networking benefits that are essential for startups?
From trading information to cultivating relationships with mutual benefits, networking should be a part of any startup’s marketing efforts.

How Southeast Asian businesses can overcome employee training challenges
The challenge of bringing employees aboard the digital transformation ship is not exclusive to SEA. However, most firms admit to not being adaptable enough.

How to craft your startup’s financial projections
A good starting point would be the revenue forecasts; We typically begin by analysing user growth projections; To set the stage, we try to understand the size of the addressable market and find out the segment of the market to be served by the startup.

Uncovering the rise and challenges faced by deep tech startups in Singapore
While considerable work has been done to grow the deep tech startup scene in Singapore, it remains far from the finished article.

Between data and gut feeling, which one do Singaporean customers trust to make decisions?
Qlik’s report also found that Generation Zs are more wary about the privacy concerns that surround technology.

The business of social responsibility: Why brands are redefining their social conscience
Here, we examine best practices and guidelines for brands looking to publicly communicate their social conscience.

These 5 marketing analytics platforms are taking the field into the future
Marketing analytics play an important role in the ever-evolving landscape of business as data becomes increasingly complex.

These 5 companies showcase the power of martech in driving efficient, personalised marketing strategies
One critical advantage of martech is its ability to provide valuable insights into customer behaviour and preferences.

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Clean energy solutions provider Petronas Group subsidiary Gentari has partnered with European EV charging platform Virta to expand the charging network across Southeast Asia.

Through its subsidiary Gentari Green Mobility, Gentari will leverage Virta’s digital platform services, technology and industry expertise to deploy and run the charging infrastructure.

The companies will also work with third-party entities to enable EV charging interoperability in the region.

Also Read: Is ‘shadow charging’ the answer to the many challenges faced by existing EV charging stations?

Gentari is deploying technologically advanced EV charging services across the region through its clean energy platform Gentari Go. Launched in Malaysia in February 2024, Gentari Go also offers customers access to chargers in Thailand and Singapore.

Over 2,400 charging points across the three countries (Malaysia, Singapore, and Thailand) are already available, with a target to onboard another 2,000 charging points on the Gentari Go network by the end of 2024.

“We already have a large footprint in the region and a deep understanding of local business needs and consumer expectations. Recognising the value of partnering with an entity that brings global standards and industry experience, we see this collaboration as crucial in
executing our plans with optimal speed and scale,” said Shah Yang Razalli, the Deputy CEO of Gentari and CEO of Gentari Green Mobility.

Founded in 2013 in Helsinki, Virta develops smart EV charging services. It offers both modular solutions for large enterprises looking to operate EV charging networks at a continental level and end-to-end charging solutions.

Also Read: ChargeSini aims to revolutionise Malaysia’s EV landscape with smart charging solutions

Virta’s digital EV charging platform is used by over 1,000 private and public companies and organisations in retail, hotel, real estate, parking, petrol retail, automotive, and energy industries. These customers operate over 100,000 chargers in 35 countries. Virta entered Southeast Asia in 2022.

Virta is backed by Vertex Growth, a growth-stage VC fund anchored by Vertex Holdings.

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Image Credit: Gentari.

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