The majority of startups (98 per cent) across Southeast Asia and India agree that artificial intelligence (AI) is important in their future strategy, a new study commissioned by global CRM company HubSpot has revealed.

This sentiment is high, particularly in India and Indonesia, where as many as 73 per cent and 63 per cent of respondents, respectively, strongly agreed with this statement.

The study conducted by Milieu Insight explored the trends and innovations shaping the startup landscape in Southeast Asia and India.

According to this study, the emergence of AI is fundamentally transforming the startup landscape in the region, as it can automate repetitive tasks and create new roles that demand advanced skill sets.

Also Read: India beats Singapore, US to rank highest for AI project implementation

About 32 per cent of the startups surveyed see AI as a faster way to bring products to market, while 30 per cent believe it can help deliver products more quickly. As many as 30 per cent view AI as a tool to level the playing field against bigger competitors and incumbents.

“Today, AI is viewed as the single largest economic opportunity since the start of the internet, and data is the currency of AI,” said Laurence Butler, Global Senior Director of HubSpot for Startups. “By leveraging AI, startups can quickly identify gaps in their business models, better anticipate customer needs, and improve their overall ability to deliver highly personalised customer experiences.”

However, technological advancement comes with its own set of challenges, particularly in the area of talent acquisition. For non-go-to-market positions, AI and machine learning engineers top the list of hardest-to-hire roles (35 per cent), followed closely by experts in data analytics (33 per cent), product management (33 per cent), and industry-specific specialists (33 per cent). Software engineers also remain in high demand (32 per cent).

For go-to-market positions, marketing (46 per cent), customer success (40 per cent), and sales and business development (38 per cent) roles are the most difficult to hire

Cost and experience are identified as the primary shortcomings in the current talent pool across the region. Other challenges include a lack of soft skills among candidates and a mismatch of expectations regarding remote and hybrid working arrangements.

The talent landscape varies across different countries:

In Singapore, the lack of diversity in the talent pool (41 per cent) and the shortage of specialised technical skills (37 per cent) are significant challenges, alongside costs (37 per cent).

In India, limited experience in startup environments (49 per cent), expectations misalignment regarding remote/hybrid work (49 per cent), a general shortage of talent (48 per cent), lack of soft skills (47 per cent), and high turnover rates (41 per cent) are prevalent issues, with cost being a major factor (50 per cent).

Indonesia mirrors many of India’s trends, although the challenges related to soft skills, remote/hybrid working expectations, and turnover rates are less pronounced.

Also Read: AVPN, Google.org launch US$15M fund to equip workers in APAC with AI skills

With the talent shortage showing no signs of easing, startups must rethink their talent strategies to overcome these hurdles. Solutions could include investing in upskilling and reskilling employees by tapping government-led talent initiatives such as Singapore’s SkillsFuture programme, leveraging remote work to access a broader talent pool, and fostering a culture that values diversity and continuous learning.

The HubSpot study further found that despite current global economic headwinds and private funding in the region declining to its lowest levels in six years, the startup ecosystem in Southeast Asia and India remains resilient, demonstrating significant signs of maturity.

On average, about half (53 per cent) of startups across the region found it easier to grow their businesses in the past year compared to previous years. Notably, startups recognise the need to balance growth and profitability, with most regional startups agreeing that a clear path to profitability (98 per cent) has become more important in the last year compared to the previous years.

This resilience is characterised by an interesting dichotomy: while geographical expansion presents challenges, with 23 per cent of startups finding it harder to enter new markets, customer acquisition and retention have become more manageable.

Also Read: Amazon to train 15K individuals in AI skills; to invest US$9B into cloud infra in Singapore

Although 18 per cent mentioned that acquiring customers has become more challenging, more than half (55 per cent) of startups report improvements in customer acquisition and retention.

Increased competition (31 per cent), stricter customer demands (31 per cent), and access to capital (29 per cent) were cited as the key challenges to customer acquisition among those who mentioned acquiring customers have gotten harder.

Amid ongoing economic uncertainties, the findings collectively suggest that the most successful startups will be those that adopt the relevant technologies to collect and leverage customer data, boosting their growth or expansion prospects.

These findings were based on responses from 600 startup founders and decision-makers across Singapore, Indonesia, the Philippines, and India from February to March 2024.

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Singapore-based startup offering payee verification and identification solutions, iPiD (International Payment Identity), has just announced closing its pre-Series A funding worth US$5.3 million.

The raise, led by Monk’s Hill Ventures and joined by Quona Capital, QED Investors, Jungle Ventures, 1982 Ventures, Saison Capital, and Resolution Ventures, will be used to develop new products. The startup also is eyeing expansion into Southeast Asia and Europe.

In this interview with e27, iPiD co-founder and CEO Damien Dugauquier discusses the products and business expansion.

Edited excerpts:

Can you explain iPiD’s underlying technology? How does iPiD’s approach to preventing payments-related fraud differ from existing solutions in the market, and what unique advantages does it offer?

iPiD is an API-first platform that exposes its API to customers worldwide. It connects to various bank account validation schemes globally and improves them through intelligent routing and mapping.

Our flagship offering, Validate, tackles the escalating issue of fraud and failed payments within the payment industry by confirming payee names and bank account details

Also Read: iPiD bags US$5.3M in pre-Series A financing for its payee verification, identification solutions

Our approach is unique; we add value when connecting to schemes and remove the pain of connecting to many different schemes globally. We translate everything into a single API, making integrating the various flavours of Verification of Payee globally much easier for PSPs.

On top of this, we are developing solutions that include risk ratings to support pre-payment validation and AI-enabled account and name matching: more to come on this in the next quarter.

With the recent US$5.3 million pre-Series A round, what strategic priorities has iPiD identified for deploying these new resources, particularly in the Asian and European markets?

The new funds will be used to develop new products that prevent payments-related fraud and intensify iPiD’s focus on strategic markets such as Asia, including Southeast Asia, where we already have a significant team presence and operations. This region is pivotal as one of the largest remittance-receiving regions supported by vibrant economies.

Additionally, this funding will support the commercial rollout of our solutions in Europe, particularly aiding financial institutions in complying with the upcoming Verification of Payee regulation, which will be enforced by 2025.

In light of the upcoming Verification of Payee regulation in Europe by 2025, how is iPiD preparing to support financial institutions in achieving compliance, and what challenges do you foresee in this regulatory landscape?

Our iPiD Node is fully ready and ensures compliance with both the European regulation, the EPC scheme, and the UK’s Confirmation of Payee scheme.

What specific measures is iPiD implementing to ensure the security and reliability of its payment validation technologies in regions with less robust financial infrastructure?

iPiD is ISO 27001-certified and, therefore, operates at the highest level of information security. We have a highly secured API infrastructure and encrypt data end-to-end. At the same time, we actively monitor flows on the platform to detect anomalies and act on them.

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

Could you provide insights into the key milestones iPiD aims to achieve in the next 12 months following this funding round?

iPiD’s focus will triple in the coming 12 months: supporting Payment Service Providers in Europe to comply with Verification of Payee regulations, expanding our reach in Southeast Asia as a remittance-receiving region, and driving product development to prevent payment fraud from our development hubs in Singapore and Kuala Lumpur.

As iPiD expands its presence beyond Southeast Asia, what key factors will influence its entry strategy into new markets, and how will it adapt its solutions to meet the diverse needs of different regions?

iPiD is a global company able to serve PSPs in any region. Initially, iPiD will focus on regions where regulation is developed or in force regarding bank account validation and regions with high remittance flows.

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Image Credit: iPiD.

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With the recent trends of ‘Women in STEM’ booming on social media platforms, it is time to take a peek into the gender disparities of the tech sector in Singapore. With 60,000 coding professionals needed in Singapore over the next three years and a heavily documented tech-talent crunch, there is still a lack of women in this industry. 

Shockingly, women make up less than 50 per cent of the tech workforce in Singapore. This gender disparity underscores the need for change in the tech industry, with a call for initiatives that empower women to pursue careers in tech. Moreover, the reasons for this disparity lie in the lack of female mentors and role models, alongside other personal and familial responsibilities that are handed to women.

The importance of diversity in tech

Diversity is not just a buzzword; it’s a fundamental driver of innovation and progress in the tech industry. Research consistently shows that diverse teams outperform homogeneous ones, with gender-diverse teams being 15 per cent more likely to excel.

In Singapore, fostering gender diversity in tech is not only a matter of equity but also a strategic imperative for companies looking to remain competitive. Companies with more women in decision-making roles experience higher financial returns, demonstrating the tangible benefits of gender diversity in driving business success.

Also Read: The climate change and gender equality connection: How to support underfunded women-owned business

Trends and future of women’s participation in tech

The future of women in Singapore’s tech industry is promising, driven by a global movement towards greater gender inclusivity. As Singapore continues to position itself as a regional tech hub, there is increasing recognition of the importance of diversity in driving innovation and competitiveness.

Initiatives aimed at empowering women in tech, such as mentorship programs, networking events, and advocacy campaigns, are gaining traction. These efforts not only encourage more women to pursue careers in tech but also foster a supportive ecosystem where women can thrive and succeed.

While the tech industry is difficult to navigate, there are ample learning and networking opportunities for women who are now inspired to take a step towards tech. Some traditional tech roles, such as software engineering, stay ever-green and as lucrative as ever, with a starting salary of no less than SGD 40,000 for newcomers.

Ultimately, proactive outreach, networking, acquiring new skills through tech courses, and interacting with experts in the field is a great way to familiarise yourself with the industry, and the successful women that make a big part of it. 

An advice for women diving into the tech industry in the middle of their careers is to upskill in some of the growing tech departments, such as data analytics, web development, cybersecurity and python programming. Experts have shown that these four fields promise the best career opportunities in the upcoming years.

Advantages of upskilling in tech for women

Upskilling presents a transformative opportunity for women seeking to enter or advance in the tech industry. Nowadays, training programs in tech provide not only technical skills but also valuable mentorship, networking, and career support.

Through hands-on training and practical projects, women gain real-world experience that prepares them for success in tech roles. Furthermore, by acquiring in-demand skills such as data analytics, web development, cybersecurity, and Python programming, women can position themselves for diverse and rewarding career opportunities in Singapore’s thriving tech industry.

Also Read: Women and AI: How startups can prevent gender bias and promote responsible use of the tech

Beyond immediate career prospects, upskilling in tech empowers women to shape their own futures and contribute meaningfully to society. By investing in their education and professional development, women can break free from traditional gender roles, challenge systemic barriers, and inspire future generations of women in tech. Ultimately, the benefits of upskilling extend far beyond individual success, driving positive change and innovation throughout the tech industry and beyond.

Final thoughts

In conclusion, despite the gender disparities that persist within Singapore’s tech sector, there is cause for optimism. With continued efforts to promote diversity and inclusion, Singapore is poised to build a more vibrant, resilient, and innovative tech ecosystem that benefits everyone.

By supporting initiatives that empower women to upskill, pursue rewarding tech careers, and contribute to the industry’s growth, we can create a future where women are equally represented and celebrated in Singapore’s tech sector. Together, let’s seize the opportunities ahead and create a more inclusive and equitable future for all.

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Singaporean businesses face a critical question in a world that is becoming increasingly Brittle, Anxious, Non-linear, and Incomprehensible (BANI): can we adapt and thrive in the era of Globalisation 4.0?

The answer is a resounding yes, but it requires a strategic shift towards regionalisation and internationalisation. We believe that Singapore is uniquely positioned to capitalise on these trends, but success hinges on a proactive and data-driven approach.  

This article dives into key takeaways from IndSights Business Leaders Forum Panel: “Growth Opportunities for Singapore Companies in Internationalisation and Regionalisation.” The forum panellists shared their expertise and experience, including what they thought were the essential pillars for Singaporean businesses to build a sturdy foundation for overseas success. 

Proactive growth: Owning the future in diverse markets

In today’s rapidly evolving global landscape, Singapore businesses are renowned for their adaptability and agility. Moving forward, success lies in proactive growth, where seizing opportunities and leveraging innovative technology is paramount.

The confluence of regionalisation and Globalisation 4.0 presents a unique opportunity for Singaporean businesses to flourish in the face of a BANI world. To stay ahead of the curve, Singaporean businesses must act decisively, take calculated risks and harness the potential of digital technologies.

Singapore businesses are well-positioned to thrive in the era of Globalisation 4.0. Through collaborative, data-driven strategies that prioritise trust, market insight, and digital transformation, Singapore companies can unlock the full potential of regionalisation and/or reinforce their positions as global frontrunners.

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Digital tools are critical for boosting financial inclusion and cross-border connectivity.

Last year, the World Bank ticked off the third consecutive all-time high for international remittances. Despite global COVID-19 lockdowns ending less than two years ago, global remittances rose 3 per cent over the previous year to about US$860 billion in 2023. And a huge source of these came from Asian workers.

Millions of workers across Southeast Asia send money to their families and loved ones daily, with anticipated transaction value reaching US$8.07 billion by 2028. Forecasted to grow at an annual rate of 7.20 per cent, digital remittances have played a pivotal role in shaping national economies, most notably in the Philippines where they account for 2.2 per cent of gross domestic product (GDP). 

As a vital source of foreign capital, it is in every nation and business’s interest to facilitate easier management and transfer of international remittances. Historically, this would have involved long queues at brokers such as Western Union. However, thanks to emerging financial technology (fintech) players and digital access, sending money has become easier and quicker for workers from SEA. 

Nevertheless, a significant number of workers in SEA and abroad remain unbanked and reliant on the cash economy, especially in markets such as Vietnam. This presents a huge wealth of untapped opportunities to help SEA workers reap the benefits of digital finance and remittances.

A US$1 trillion opportunity 

SEA’s digital growth is one of its biggest success stories of the last decade. The region now boasts 460 million young, tech-savvy consumers and a digital market likely to reach US$1 trillion in value by 2030.

Also Read: Understanding the role of fintech, blockchain in transitioning to net zero

The COVID-19 pandemic dramatically increased digital inclusion within SEA, with 40 million people across Singapore, Malaysia, Indonesia, the Philippines, Vietnam and Thailand coming online for the first time in 2021. Today, the number of digital consumers in SEA stands at 460 million while Smartphone penetration among internet users ranged from 98.8 per cent in Thailand to a low of 81.7 per cent in the Philippines in 2022.

Amid this incredible digital growth is a rapid acceleration in the use of digital and smartphone payment platforms. Digital payments via eWallets totalled US$22 billion in 2019 and are forecasted to surpass US$114 billion by 2025.

Prominent eWallet providers such as GCash in the Philippines and TrueMoney in Thailand have incorporated remittance-specific services into their offerings. Even Grab, which has evolved from a ridesharing service to a multi-purpose application, is touting future Grab Wallet transfers between SEA nations. The surging popularity of these digital wallets is a driving force behind the expansion of digital remittance services in SEA, but they are currently only scraping the surface of the region’s potential. 

Given the number of unbanked workers in SEA and the rapid innovation in FinTech, there is an unparalleled opportunity to allow more people to reap the benefits of migrant work. However, better access to digital remittances necessitates good interoperability between banks and financial providers across SEA.

Regional cross-border payment interoperability has made strides in SEA over the last year. In June, a new regional cross-border payment system was launched, allowing residents of Malaysia, Thailand and Singapore to pay for goods overseas using a QR code. Part of this scheme includes setting up an ecosystem to better support remittance payments and other economic activities. 

Also Read: Navigating the gender divide in the Southeast Asia’s fintech landscape

The more banks, financial institutions and Fintech applications work towards creating pan-ASEAN interoperability, the better equipped they will be to capitalise on the region’s remittance economy.

The benefits to workers cannot be understated. Instead of days, relatives and other recipients can receive funds in seconds rather than days. The cost of sending will become cheaper; users will be able to send more money and view in real-time the journey of their funds. 

Meanwhile, by emphasising cross-border real-time payments, local currencies’ usage is promoted, fostering financial resilience and advancing regional economic integration, ultimately contributing to the cohesion and stability of ASEAN as a unified entity.

Looking ahead, ongoing innovation and technological advancements have created a positive outlook for digital remittances in SEA. Financial and technology players that look to capitalise on this potential can be optimistic, with enhanced convenience and accessibility looking promising for individuals and businesses alike.

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Seaplane Asia, a seaplane and lifestyle company in Thailand, has closed its latest funding round led by TK & Partners.

Local VC firm and angel investing platform A2D Ventures and several other investors co-invested.

Also Read: FlyORO soars into green skies with its sustainable aviation fuel blending solutions

The size of the deal remains undisclosed.

The new funds will bolster Seaplane Asia’s growth in Thailand and support further expansion across Southeast Asia.

Established in 2019, Seaplane Asia provides air charter and amphibious seaplane services to connect remote islands and coastal areas. Its services aim to enhance accessibility, reduce travel times, and minimise environmental impact.

Besides travel and tourism, Seaplane Asia’s seaplanes are equipped for medical evacuations, search and rescue operations, cargo and logistics, monitoring missions, and corporate charters. Its portfolio includes brands like Siam Seaplane and Siam Scenic in Thailand, Samra Seaplane in Cambodia, and the lifestyle brand Jetboard Asia, which exclusively distributes high-end electric-powered water sports and boats.

Also Read: H3 Dynamics decarbonises global aviation industry with multiple aerial mobility products

Additionally, Siam Aero Services, a distributor for Bose Aviation, provides consultancy services to the region. Preparations are also ongoing to enter the Indonesian and Philippine markets.

TK & Partners is a private VC firm investing in Southeast Asia. Over the last three years, it has invested in 14 startups across the region.

A2D Ventures is an early-stage VC firm, angel syndicate, and angel investing platform. The firm invests in innovative and impactful companies across various sectors, with a focus on supporting entrepreneurs who are building the future of Southeast Asia.

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At IVITECH.Drive, we work directly with South Eastern Asian drivers. We provide them with new, safe and eco-friendly electro bikes so they can maintain their work in ride-hailing and public transportation across the country. Of course, before we entered the markets, we were analysing which type of e-bikes would fit. While it was clear that the bikes should run on electricity, there were many gaps to research regarding other issues. 

But first, why e-bikes?

Let’s start with the maintenance. Even though the starting price of e-bike might be the same or even higher, they are much cheaper to own. Electricity costs less than gas, which is getting more expensive all the time. 

Second advantage is the lower risk of breaking its parts due the simplicity of construction. Here we come to the third advantage – simple construction means simple controls. 

But the main thing is the ecology. Of course, electric bikes are way more eco-friendly than the fuel ones. And that’s why the government of Indonesia wants to get up to 2.5 million e-bike drivers by 2025. 

Also, e-bikes are known for saving time. Charging or replacing the battery takes less time than refuelling. 

Is there any practical difference between bikes with swappable and rechargeable batteries? 

Well, it’s the way you charge your bike. Having a swappable battery means that you can insert a new one when the old one is dead. It’s fast, simple and easy. 

Also Read: Electrifying Southeast Asia: Unleashing the radical potential of electric vehicles

Rechargeable batteries have to be recharged. It means you have to come to the charging station once your battery is close to death. 

The main advantage of rechargeable batteries lies in their capacity, which is bigger compared to swappable batteries.

Swappable batteries should be recharged, too – but you don’t have to wait for it. You just come to a station, take out the drained battery and insert a new one – it is a matter of minutes. 

What is greener 

Even though both versions of bikes are considered to be eco-friendly, bikes with swappable batteries happen to be greener. 

The reason is the mechanics that the batteries are built on. The health of the battery drains with every single cycle, and you will still have to change it when the time comes. All built-in bike batteries are using the fast charging method (because with usual charging it would take way more time to get to 100 per cent), which is damaging them and reduces the capacity. 

Damaged and drained batteries can no longer be used, and produce a lot of non-recyclable waste. When it comes to a swappable battery, the amount of cycles that it goes through is much less, so its health remains at good rates for a longer time. 

What about the infrastructure? 

Another reason why we decided to provide our Indonesian drivers with swappable batteries is the simplicity of infrastructure implementation. Charging stations are more expensive to build, while it doesn’t take many resources to open spots for battery replacement. Yes, the government and SMEs are investing in developing electric transportation, which includes building charging stations, but it takes time while swapping is available now. 

Fast charging infrastructure is more expensive and takes longer to be built. Given the environmental situation we are in – particularly in Indonesia – there is not a moment to lose in switching to environmentally friendly transportation. 

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Mober, a green logistics company in the Philippines, recently raised US$6 million through a mix of equity and convertible notes, led by Singapore VC firm Clime Capital, to acquire 238 electric vehicle (EV) units by 2025 and develop a new charging yard in Pasay City.

The company is also advancing its technological capabilities by developing a battery management system (BMS) to enhance the efficiency and lifespan of its EVs.

In this interview, Mober CEO Dennis Ng shares the details of the expansion plans and how it implements workforce diversity.

Edited excerpts:

Mober has received a US$6 million investment from Clime Capital. How will this funding specifically enhance your operations, and what are the immediate priorities for utilising this capital?

The immediate priorities for utilising the US$6 million investment are to acquire more electric vehicles (EVs) and set up new charging yards equipped with 16 DC fast chargers. This will significantly enhance our operational capacity and efficiency, allowing us to serve our customers better and expand our market reach.

Also Read: Green logistics firm Mober secures US$6M to add new EVs to its fleet, develop new charging yard

In addition to the funds, Clime Capital will assist us with our Environmental, Social, and Governance (ESG) objectives, making Mober a sustainability-proof company. With the VC firm’s help, we have engaged consultants like Ibis to set up its ESG framework. This partnership boosts our credibility and aligns our operations with global sustainability standards.

Mober is planning to expand its EV fleet to 238 units. What challenges do you foresee in scaling up your fleet, and how do you plan to address them?

The biggest challenge in scaling up our fleet is securing bank financing, as Philippine banks are still familiarising themselves with the EV logistics industry. We have discussed with the top banks and pitched Mober’s plans to mitigate this challenge. By educating financial institutions about the benefits and viability of EV logistics, we aim to secure the necessary financing.

You also mentioned developing a new 3,000 sqm charging facility by early 2025. Can you provide more details on this facility, such as its location, capacity, and expected impact on your operations?

The new 3,000 sqm charging facility is located on Macapagal Avenue in Pasay City, on a property owned by Social Security System (SSS), for which we recently tendered. We will install 16 DC fast chargers and build our Green Delivery Specialist (GDS) lounge and control tower.

This facility’s proximity to IKEA will enable us to serve our customers more efficiently, implement our GDS programme, and provide a subsidised canteen and a comfortable resting place for our drivers after a long work day.

Mober is enhancing its technological capabilities with a cutting-edge Battery Management System (BMS). How will this system improve the efficiency and lifespan of your electric vehicles, and what advancements do you expect from this technology?

With our real-time BMS, we can monitor the performance of our batteries and predict potential malfunctions. This data-driven approach allows us to maintain our EVs proactively, ensuring optimal performance and extending their lifespan.

Additionally, our control tower can track all our EVs’ state of charge (SOC) in real-time, improving our dispatching efficiency and overall operational reliability.

Mober will place pocket charging points across Luzon to support long-haul operations. How do you plan to implement this infrastructure and ensure its accessibility and reliability for your fleet?

We plan to start this project in Bicol by installing one DC fast charger every 150 kilometres. These chargers will be located at stopover places where our GDS can rest while charging their vehicles. By strategically placing these charging points, we ensure that our fleet has reliable access to charging infrastructure, supporting our long-haul operations effectively.

Mober sources its EVs directly from OEMs, tailoring each vehicle to specific operational requirements. Can you share more about your partnerships with these manufacturers and how customisation enhances Mober’s service delivery?

Our team visits prospective OEMs to test their EVs and discuss our specific operational requirements. We collaborate with OEMs to develop solutions that enhance our efficiency, cost-effectiveness, and service quality. By avoiding oversized batteries and tailoring vehicles to our delivery needs, we optimise our fleet’s performance and ensure that our service delivery meets the highest standards.

Mober claims it is committed to workforce diversity, including training female drivers and assemblers. How are these initiatives progressing, and what impact do you anticipate on the company’s culture and performance?

Also Read: Driving change: Mober’s journey towards sustainable green delivery

We have started training two lady drivers and two lady assemblers. The main challenge lies in recruitment. By promoting diversity, Mober proudly showcases these initiatives to our clients, hoping to influence them to adopt similar practices. This diversity not only enriches our company culture but also enhances our performance by bringing in diverse perspectives and skills.

Your GDSes are a unique aspect of your service. How do you recruit and train these specialists, and what role do they play in reinforcing Mober’s commitment to high service standards and sustainability?

We use a referral system, encouraging current GDS to invite other drivers they meet during deliveries. Prospective candidates can apply via a QR code leading to a mini-website.

Additionally, we organise job fairs, and before the year-end, Mober will host a National Truckers Day. This event will invite truck drivers, showcase EVs, and feature various activities. Before officially hiring, candidates undergo paid training to assess their driving skills. Our GDS are the face of our company, ensuring that our customers have a superb shopping experience. Their role is crucial in upholding Mober’s commitment to high service standards and sustainability.

How does Mober plan to scale its operations sustainably, and what long-term impacts do you foresee on the Philippines’ logistics industry and environmental footprint?

Mober is rapidly growing and designing our charging stations to accommodate other EV trucks in the future. We plan to empower small mom-and-pop transport companies to transition to EVs by renting out our EVs and providing access to our charging infrastructure. This initiative will not only help these companies grow but also significantly reduce the environmental footprint of the logistics industry in the Philippines.

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China’s ByteDance, parent of the popular social media app TikTok, is set to invest approximately 10 billion ringgit (US$2.13 billion) to establish an artificial intelligence (AI) hub in Malaysia, according to a Reuters report citing the country’s trade minister.

As part of this agreement, ByteDance will also enhance its data centre operations in Johor state with an additional investment of 1.5 billion ringgit (US$320 million).

The Minister for Investment, Trade, and Industry, Tengku Zafrul Aziz, later said that the investment will significantly contribute to Malaysia’s goal of increasing the digital economy’s share to 22.6 per cent of the nation’s GDP by 2025.

Also Read: Microsoft to empower 2.5M Southeast Asians with AI skills by 2025

Over the past few weeks, Southeast Asia witnessed a slew of initiatives by global tech giants to promote AI in the region. Microsoft recently announced that it would equip 2.5 million Southeast Asian people with AI skills by 2025. The skilling initiatives would be implemented in partnership with governments, nonprofit and corporate organisations and communities across Indonesia, Malaysia, the Philippines, Thailand, and Vietnam.

Amazon also launched a similar initiative in Singapore to develop innovative AI solutions and support the city-state’s Smart Nation and National AI Strategy 2.0 (NAIS 2.0) goals. Furthermore, the company’s cloud business unit, Amazon Web Services (AWS), plans to invest an additional S$12 billion (US$9 billion) into its existing cloud infrastructure in Singapore from 2024 to 2028. AWS invested S$11.5 billion in the Asia Pacific (Singapore) region through 2023.

In April-end, Microsoft announced it will invest US$1.7 billion over the next four years in new cloud and AI infrastructure in Indonesia, as well as AI skilling opportunities for 840,000 people, and support for the nation’s growing developer community.

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The 2024 Global Startup Ecosystem Report (GSER) was launched today at London Tech Week by Startup Genome and the Global Entrepreneurship Network in partnership with the Founders Forum, Informa Tech, and London & Partners.

The report, which provides rankings to identify which ecosystems are leading in innovation and offers in-depth insights into global startup trends, revealed significant progress made by startup ecosystems in Southeast Asia (SEA) and across five continents.

Singapore has improved its ranking from the 2023 report, moving up to the #7 Global Startup Ecosystem. From July 1, 2021, to December 31, 2023, Singapore’s startup ecosystem generated US$144 billion in Ecosystem Value, a metric that captures the economic impact through the value of exits and startup valuations.

Another SEA startup ecosystem, Jakarta, also made “notable advancements” as it entered the Top 10 emerging ecosystems at #6.

Close to SEA, India boasts two ecosystems in the Top 40, with Delhi at #24 and Mumbai at #37. Bengaluru-Karnataka is ranked as the #21 Global Startup Ecosystem, tied with Sydney, having created $158 billion in Ecosystem Value during the same period as Singapore.

“Entrepreneurs are naturally attracted to the most important challenges of the day and seek to apply the best ideas and technologies for solutions. Our progress on these issues in the next decade will determine the success of the next 100 years and beyond. The prize is finding solutions to global needs faster,” shared Jonathan Ortmans, President of the Global Entrepreneurship Network, in a press statement.

Also Read: Startup Genome: Singapore remains top startup ecosystem for clean tech, blue economy

Funding slowdown

The 2024 GSER report analysed data from over 4.5 million companies across more than 300 startup ecosystems. In addition to ranking the top ecosystems, it highlighted startup funding in the same year and what it means for these ecosystems.

According to the report, Series A funding in 2023 saw a significant decline, dropping by 46 per cent from the previous year, and the value of large exits (US$50 million and above) fell by 47 per cent. However, Q1 2024 shows promising signs of recovery, with projected higher Series A funding amounts and deal counts compared to Q4 2023. This could indicate a modest rebound in early-stage startup funding after a challenging year.

The share of Series A funding for the Top 40 ranked ecosystems in the GSER 2024 decreased to 65 per cent in 2023, down from 79 per cent in 2019. In contrast, the Top 100 Emerging Ecosystems saw their share increase to 19 per cent from 13 per cent over the same period.

The number of new unicorns also dropped significantly in 2023, down 58 per cent from 2022 and 87 per cent from the 2021 peak. Despite the decline, China increased its global share of new unicorns from six per cent in 2022 to 11 per cent in 2023, while Silicon Valley remained the leader with 15 new unicorns, albeit an 80 per cent decrease from 2022.

Tashkent, Lyon, and Rhineland welcomed their first unicorns in 2023.

In terms of verticals, Generative AI (GenAI) and Deep Tech subsectors dominated the new unicorn landscape in 2023, surpassing their 2021 rates. GenAI saw a funding surge, accounting for nearly 20 per cent of all VC funding in 2023, with US-based startups at the forefront.

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GenAI VC funding tripled, and deal counts nearly doubled from 2022 to 2023.

Late-stage clean tech startups experienced a 2.5x increase in funding in H2 2023 compared to H1 2020, with the UK, France, and Germany surpassing the US and China in early-stage clean tech funding, achieving nearly a 50 per cent increase from 2021.

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