Mobile internet technology transformed global communication, introducing a new age of connectivity. Location-based services like Uber, Gojek, and Grab have revolutionised transportation and food delivery, while user-generated content platforms like TikTok have redefined media consumption. With the advent of 5G connectivity, super apps are now further consolidating multiple online functions into single, user-friendly platforms.

However, while mobile internet has extensively solved the problem of connectivity, it hasn’t adequately addressed productivity. The ability to process, understand, and generate insightful outputs from the plethora of information available still largely falls under human responsibility. This is where generative AI, or “Gen AI,” is stepping in.

Emergence and potential of generative AI

 

Gen AI, employing machine learning algorithms, learns from vast data pools and generates new content based on this learning. These capabilities permit Gen AI to not only analyse but also create, innovate, and assist in decision-making, potentially revolutionising productivity.

Two pivotal aspects that Gen AI is shifting are cognitive capability (the development of our intelligence) and cost of productivity (how we produce our intelligence).

Currently, AI’s cognitive capability sits around the 30-50 per cent percentile of human ability. With Gen AI, this could go to the 10 per cent percentile. In the future, there is a clear potential for the development of superintelligence, encroaching on the one per cent percentile of human ability.

In terms of productivity costs, today, producing intelligence takes substantial resources: food, education spanning about 12 years, and work experience. The Gen AI shift significantly alters this equation, necessitating primarily electricity, GPU, and data – all increasingly democratised resources. This shift results in exponentially cheaper productivity.

However, not all Gen AI is equal. Varying in architecture, training, and the quality of input data, different AI systems display a wide range of capabilities and potential output quality. A critical understanding here is that AI is as good as its training data, implying the need for unbiased, accurate data to prevent flawed outputs.

Gen AI and the “market creating” domino effect

 

The launch and usage proliferation of ChatGPT and other Gen AI apps for other media formats has sparked a “market creating” domino effect, demonstrating the potential demand for similar AI applications. The release of the OpenAI API and other LLMs has made developing such intelligence more cost-effective from an app builder’s standpoint.

This has led to an explosion of “copycat” apps, although many have been met with failure due to a lack of security and reliability. This, in turn, has stimulated a demand for more fine-tuned, secure, reliable, and accurate narrow AI, particularly for business use cases or proprietary data-driven models.

As a response to this increasing demand, a significant focus is now on developing the data value chain. We are witnessing a shift in budget allocation, with more money being earmarked for AI strategy and investment in data value chain solutions.

Despite its immense potential, Gen AI isn’t a panacea for all productivity inefficiencies. It is crucial to remember that while Gen AI can automate various tasks, it cannot entirely replace human creativity, empathy, and critical thinking – the “human touch.”

As we integrate Gen AI more deeply into our lives, we must remain mindful of its limitations and potential pitfalls, striking a balance between leveraging the benefits of AI and preserving the irreplaceable value of human ingenuity.

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Since the beginning of the industrial revolution, people have asked this question: How to establish a work-life balance? While many of us believe that working for fewer hours is the key to having a work-life balance, most Founders are struggling to balance work and personal life.

“Work-life balance isn’t about squeezing everything into one day. It’s about spreading what matters to you throughout the week. You can’t have it all at once, but you can probably have most of it over time.” — Adam Grant

There are a few things that we need to learn and some things we need to unlearn if we want to establish harmony between our work and personal life.

My fellow Founders, in my entrepreneurial journey, I was constantly benchmarking my own lifestyle with others, and seriously I was feeling just guilty!  here are a few things that I learnt about having a harmonious life between work and life – and letting go of comparing with others:

Accept that work and personal commitments are a part of your life

The concept of work-life balance highlights the fact that work is an important aspect of life, but it is not the only aspect that contributes to your overall well-being. This indicates that work and personal commitments are an important part of your life. Along with work responsibilities, you need to manage time for personal interests, relationships, and self-care.

“I don’t like the word ‘balance.’ To me, that somehow conjures up conflict between work and family… as long as we think of these things as conflicting, we will never have happiness. True happiness comes from integration… of work, family, self, community.” — Padmasree Warrior

The struggle starts when you try to separate these factors and experience them individually, which is more or less impossible because you are one human being juggling two different roles at once. Both these roles have their own demands and expectations, and you have to prioritise things according to their importance and urgency.

Also Read: How Gen Z’s view on work-life balance can transform your business

It is unlikely that your personal life has never affected your work life and vice versa. It does happen sometimes, and the key is to accept that it is okay. Things become problematic when you prioritise your work more than personal commitments or vice versa. It is bound to happen on some days, but when it happens for prolonged periods of time then you need to pause and think about what is the next agile course of action.

Make sure your work time is productive 

How frequently do you respond to the random notifications that pops-up on your screen as you work? Yes, there could be some important emails regarding work, but frequently checking emails or getting distracted by the same leads to lower productivity.

It usually leaves one feeling that they have a lot to get done, but due to frequent distractions, they are unable to focus. As a result, productivity suffers.

One research shows that around 84 per cent of people are distracted at work. The most common distractions tend to be phone calls/texts (55 per cent), internet (41 per cent), co-workers (27 per cent), and email (26 per cent).

The first step to overcoming distractions is to identify the sources of distraction. Most of the time, it is social media notifications or pop-up ads. Turn off or minimise notifications on your phone, computer, and other devices that may distract you.

Experiment with different time management techniques and see what works best for you. Try to prioritise important tasks for the day and create a distraction-free environment for yourself to focus on your work properly. Remember to take regular breaks to recharge your energy and maintain focus.

Let go of the need for perfectionism

There are times when you put too much pressure on yourself to make your work absolutely perfect. While good work is appreciated at work, perfectionism can be problematic. Perfectionism is not like having high standards or a strong work ethic.

Perfectionists often set unrealistic expectations for themselves and others, leading to feelings of disappointment and frustration. They demonstrate an excessive concern for detail and a fear of making mistakes or failing.

“Striving for excellence motivates you; striving for perfection is demoralising.” — Harriet Braiker

Perfectionism can be harmful because perfectionists tend to overwork, find it difficult to delegate and are often scared of failure. This can also lead to procrastination because they might avoid starting a project because of the immense amount of work it would take to make it perfect.

Also Read: 5 things to stop apologising for if you want work-life balance without feeling guilty

One way to deal with it is to be okay with your work being “good enough” instead of it being absolutely perfect. Set realistic expectations from yourself and realistic deadlines. Be kind towards yourself. Remember that you are a work in progress.

Seek feedback from colleagues or fellow Founders to gain a third-person perspective on your work. This can help you gain a more balanced perspective and identify areas for improvement.

Remember, achieving work-life balance is an ongoing process that requires regular assessment and adjustment. It’s important to be kind to yourself and prioritise self-care as you work towards achieving a healthy balance between your work and personal life. And yes, I have pivoted many times!

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NodeFlair, a Singapore-based career advancement platform for tech talents, announced today that it has raised US$2 million Series A funding.

The funding round was led by Iterative with participation from 500 Global and PERSOL VENTURE PARTNERS, the corporate venture capital arm of HR management group PERSOL.

Prominent angel investors Quek Siu Rui (CEO & Co-founder of Carousell), JJ Chai (CEO & Co-founder of Rainforest), and Siew Kum Hong (Former COO of AirBnB China) also participated in the funding round.

The new funding will be used to accelerate product development, expand into new markets across Southeast Asia, and grow the team. NodeFlair aims to reach profitability by 2024.

Also Read: How AnyMind Group achieved profitability through its approach to human resource and leadership

NodeFlair provides payslip-verified salary data and detailed career information for roles across all levels of seniority. The platform aims to empower global tech talents to make smarter career decisions, as well as allows international employers to hire the right people faster by connecting them with highly qualified professionals across Asia.

It currently supports companies of any scale, from startups to tech giants such as ByteDance, Dyson, and Shopee.

Founded in 2018, recently released a Tech Salary Report 2023, which includes analysis based on over 170,000 salary data points.

The company announced that it received over 5,500 downloads and was referenced by more than 50 publications in the first half of 2023. It also stated that 90 per cent of the platform’s two million annual visitors discover NodeFlair organically through media coverage, search engines or word-of-mouth.

Ethan Ang, Co-Founder CEO of NodeFlair, shared: “Asia is home to many strong technical talents, and we’re seeing rapidly growing interest from US and EU companies in setting up technology hubs here. We believe tech professionals and companies deserve greater access to reliable, accurate data and NodeFlair is a win-win platform for both job seekers and employers in the fast-growing tech sector.”

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Image Credit: NodeFlair

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Hong Kong-based venture capital fund and startup incubator The Mills Fabrica is looking at high potential climate tech startups in Southeast Asia (SEA)—they are ready to invest up to US$3 million to develop sustainable textile and agrifood tech innovations.

Grown out of the Nan Fung Group textile legacy in Hong Kong, the company’s mission is to make a positive impact across the value chains of the textile and apparel, and agrifood industries.

“This is because both industries are significant contributors to climate change, emitting up to 44 per cent of global greenhouse gas emissions,” explains Cintia Nunes, General Manager, Head of Asia, The Mills Fabrica, in an email interview with e27.

“Therefore, with our mission of accelerating innovations for sustainability, environmental and social impact, we strive to support sustainable and disruptive innovations in ‘techstyle’—the intersection between technology and lifestyle—and agrifood tech, in the hope of bringing planet-positive impact.”

Some examples of its portfolio companies include Circ, which pioneered a chemical recycling technology that can recycle polycotton into reusable fibres, and The Supplant Company, which turns agriculture’s most abundant renewable resources such as corn cobs, oat hulls and wheat straw into replacements for the world’s most pervasive ingredients.

The Mills Fabrica also invested in Chinese agrifood tech VC fund Bits x Bites which has since backed 16 companies to accelerate their impact toward a more sustainable food system.

Also Read: Meet the 4 SEA startups of PepsiCo’s climate tech accelerator programme

This year, in addition to investing in the climate tech scene in SEA, The Mills Fabrica also plan to expand the model that was implemented in its impact retail platform Fabrica X beyond Hong Kong and London. The platform aims to redefine retail by using physical storefronts as a tool to educate the masses on sustainability and bring techstyle innovation to more people.

“Southeast Asia is definitely on our radar for Fabrica X’s next destination, where we can provide our value in supporting a flourishing techstyle and agrifood tech ecosystem,” Nunes says.

To understand more about The Mills Fabrica and what they are about, read the edited excerpt of the interview.

Can you tell us more about your investment strategy?

In terms of investment strategy, we understand there is also no one-size-fits-all approach, so we work with each business individually to see how we can best offer value.

But generally, we base our evaluation on the nine planetary boundaries and examine how the business’s innovation has an effect on solving any one of those areas. Key metrics for measurements also evaluate whether there is water use reduction, avoidance of greenhouse gas emissions, land use, eutrophication avoided, microplastic and chemicals.

All in all, what we’re looking for is whether the innovations are:
– Accelerating circularity
– Developing novel materials, processes, and manufacturing Systems
– Advancing alternative ingredients
– Promoting conscious consumption

And of course, whether there is social impact, like better health, wellness, and increased sustainability knowledge.

Also Read: Collaboration with corporates plays a crucial role in climate tech startups’ success

Of all regions, why do you choose to expand to SEA? Is there any specific opportunity that you aim to seize?

The Mills Fabrica reached our five-year anniversary this year.

While we’re looking out for innovative startups worldwide, we are drawn to SEA as we’ve seen in the past years the region’s rising ambitions to change the world for the better in these categories. So we’re eager to partner with these players and work with them to bring their innovations to the market.

Timing is critical too. As the world fast approaches the precipice of a climate tipping point, the production of fibres, food, and other associated inputs requires natural capital which has contributed to the precarious state of our social-ecological system.

This is why accelerating innovations for social-ecological resilience is now more urgent than ever.

Upon reflection, The Mills Fabrica has been supporting hundreds of startups over the years through our various activities. And in particular, through our investment and incubation programme, we have supported more than 35 techstyle and agrifood tech innovations.

Whilst our portfolio spans across the globe, given the infrastructure, manufacturing landscape, drive for change, and entrepreneurial spirit of the region, we believe Asia has huge potential to make a positive impact across the value chains of the textile and apparel, and agrifood industries.

We don’t limit ourselves to startups either — we also invest in mission-aligned venture capital funds too, where we can combine our offerings to accelerate change.

Also Read: How climate tech companies in Asia measure the impact of their work

What are the challenges that SEA green tech startups are facing? And how can The Mills Fabrica support startups in tackling these challenges?

There are a few challenges that most of these startups face:

Lack of understanding — definitely the major challenge for green tech startups, including those in SEA. While there are genuine interests in sustainability, there are also those who are interested out of necessity given corporate or societal pressures.

Real-life application – Weaving new innovations into daily lives or the adoption into businesses requires a lot of thought, networking, logistics, and capital.

Scalability – With high costs in R&D, these industries’ technologies can be costly as well, which can hinder the scalability and deployment of these innovative technologies in the mass markets.

In terms of how we support them in tackling these challenges, at The Mills Fabrica, education is an important pillar. We want to use our platform and resources to spread science-backed knowledge and messages about sustainability so more can understand and make more informed decisions.

For example, our Impact Retail store Fabrica X in Hong Kong and innovation gallery in London serve to solve the real-life application barrier. The physical locations serve to showcase and sell products made from the latest groundbreaking technologies and materials (including those from our portfolio companies of course).

It is also an educational platform to introduce new conceptions, such as biomaterials, to the wider public. Each store includes an experiential zone where people can get hands-on learning experiences that exposes them to new ideas and habits.

In addition, we also provide support for businesses by utilising our strong system of like-minded partners — brands, manufacturers, R&D, investors, and more, to help these startups overcome the above challenges in their industries, from scaling up to brand building.

Also Read: The key to tackling climate change: Electrify shipping

What are your advantages compared to other investors?

First, our presence and connections in Hong Kong and London mean that The Mills Fabrica can add unmatched value for businesses who are looking to tap into the potential of Asia and bring Asian companies into the global arena through our capital, connections, and expertise.

Second, our strong ecosystem partnerships. Throughout our five years of operation, we’ve built great partnerships with those from every aspect of the ecosystem – who are all aligned with and are working towards our mission of accelerating innovations for sustainability, environmental and social impact.

Given our industry expertise and connections, we can also connect them to manufacturers and raw material providers that adhere to our philosophy and standards to ensure a truly sustainable approach at every step of the supply chain.

Our network also allows us to provide support for businesses by utilising our team of global industry experts and connections to like-minded retailers, investors, brands, academia, NGOs, research institutions, funds, etc.

All of them work with us to provide our portfolio companies with the knowledge and network to help them overcome challenges in their industries and understand the importance of combining artistic vision, innovative ambitions, and business understanding.

We are also happy to share that over 50 per cent of The Mills Fabrica investees receive successful subsequent fundraising.

What is your target for SEA?

We are not looking to limit ourselves to a certain number. Instead, we focus on evaluating each company’s technology and potential. Our ticket size is up to US$3 million in direct investment for startups, and we don’t have a specific number or a cap in mind.

So far, we’ve supported more than 35 techstyle and agrifood startups and invested up to US$3 million per startup through our investment and incubation programme.

Also Read: How to navigate the investment opportunity in climate tech sector

As the ecosystem is dealing with funding winter, do you see any changes in how investors are approaching green tech startups?

While the investment landscape has slowed down, interest in sustainability is soaring.

With more and more companies have now sprung up to accelerate the transition to the green economy due to the pressing challenges from climate change and population growth, investors have increased interest in green tech startups but at the same time also being more prudent in evaluating startups’ technology and potential.

As the green tech industry is still relatively new in the investment landscape, we firmly believe that more knowledge should be made available, so companies and the public can understand and make more informed decisions.

That is why The Mills Fabrica has recently launched our first-ever Impact Report, which advocates for standards and frameworks specifically for measurement and evaluation in the textile & apparel and agrifood industries. Only by having those standards and frameworks in place can we understand and measure how investments can bring in positive environmental and social impact.

It is certainly our priority to bring these standards to the wider industry so that we can all take our own steps in making a genuine difference for our planet.

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Image Credit: The Mills Fabrica

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Vietnam-based financial education startup Stag announced that it had been selected to participate in the inaugural Entrepreneur-in-Residence (EIR) programme managed by Viet Capital Ventures (VCV) which also includes an investment in the startup.

Alongside VCV, NH Securities Vietnam Co. Ltd. (NHSV) and Singapore-based Resolution Ventures also invest in a seed funding round for the company.

This year, with the funding, Stag plans to continue enhancing financial education features while also launching new value-added products for retail and corporate users. It also plans to enhance KYC and security features and complete technology integrations with key strategic partners.

Furthermore, Stag is actively seeking collaborations with universities and educational organisations to promote and raise awareness of financial literacy in Vietnam. 

Also Read: Exploring the rise of finance-as-a-service in APAC

As investors, the firms provide strategic support in technology, market insights, and compliance for Stag to achieve its growth objectives.

“We are delighted to collaborate with VCV, NHSV and Resolution Ventures through the EIR programme. Stag’s vision is to become a trusted investment platform suitable for everyone, especially young investors. With the support of reputable partners, Stag will pave the way for sustainable investment methods and contribute to financial growth and prosperity for all,” said Stag founder Bang Tran in a press statement.

Co-founded by Bang Tran (former Senior Manager of FinVolution Group in Vietnam) along with Vu Nguyen (former AI Engineer Lead at MOMO) and joined by Dat Huynh (ex-founder of travel tech platform Inspitrip), the company’s mission is to empower young individuals and new investors with fundamental knowledge, smart investment planning, and realisation of financial goals.

Through Stag, individuals will have access to a wealth of knowledge about financial management, intuitive investment practice tools, and gamified content based on real-time market data developed by its AI engineering team.

The company also builds tools for corporate clients to customise and manage investment programmes as part of HR services.

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Image Credit: Stag

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In the contemporary Western world, cards have established themselves as the prevailing mode of payment for daily transactions, business purchases, and more. Notably, in Germany, my country of origin, credit cards are owned by over 56.62 per cent of individuals aged 15 and above, while an impressive 94.01 per cent possess debit cards. Similar patterns can be observed throughout Europe, the United States, and more.

Conversely, Southeast Asia presents a distinct scenario, within which I have actively operated in the fintech and payment services sector for nearly a decade. This region exhibits a substantially higher proportion of unbanked and underbanked individuals, reaching 70 per cent. Consequently, the overall adoption of cards among the general population has remained relatively limited, with a preference for cash as the primary means of payment.

Nonetheless, the advent of the pandemic has catalysed significant transformations within the payments landscape across Southeast Asia. I have personally witnessed an increasing receptiveness to digital payment methods among consumers.

As per Visa’s Consumer Payment Attitudes Study 2022, more than half (56 per cent) of the respondents have diminished their reliance on cash since the onset of the pandemic, instead embracing cashless alternatives such as mobile wallets, QR codes, and other emerging technologies.

The persisting challenge against card adoption

Despite the growing trend towards cashless transactions, the widespread acceptance of cards among the average Southeast Asian consumer continues to face certain challenges. Countries such as Indonesia, the Philippines, Thailand, and Vietnam, which have significant unbanked or underbanked populations, exhibit a strong preference for mobile wallets like GoPay, GrabPay, or TrueMoney.

Also Read: Five digital payment trends to watch for in 2023

This preference is driven by the inherent convenience offered by mobile wallets, predominantly provided by emerging fintech companies. With just a smartphone and a mobile number, consumers can swiftly begin using their mobile wallets without needing a bank account or a protracted verification process.

Furthermore, mobile wallets enjoy broad acceptance among a diverse array of online and offline merchants, particularly in the realm of e-commerce, where the market is projected to reach a substantial US$200 billion by 2026.

From a business standpoint, especially for the 70 million micro, small, and medium-sized enterprise (MSME) owners that constitute 97.2 per cent to 99 per cent of the total businesses in Southeast Asia, adopting mobile wallets (and, to a certain extent, QR codes) as payment options present a significantly more convenient choice. 

In Indonesia, the government has proactively introduced a universal QR code system known as QRIS (Quick Response Code Indonesian Standard) to standardise QR code-based payments for MSMEs across the nation. This initiative empowers business owners to accept payments from any operator, whether from banks or non-bank entities. The registration process for QRIS is relatively straightforward, accessible online, and requires minimal documentation.

Other side of the coin: Potential opportunities

While card adoption faces challenges in Southeast Asia, there is still future potential for further growth in the region. Fintech and non-bank institutions are exploring novel applications for card-based solutions, such as virtual cards.

Virtual cards offer advantages over physical cards by eliminating the need for physical presence and bank accounts, making them ideal for global online transactions and a wider variety of use cases, such as BNPL loans.

Furthermore, the resurgence of international travel as borders reopen presents opportunities for increased cross-border spending. Outbound Southeast Asian travellers, mainly from Indonesia and the Philippines, are showing a recovery trend based on keyword search data from Google in Asia, indicating potential growth in leisure and business spending.

While mobile wallets and QR-code-based payment solutions primarily target the domestic market, cards issued by major companies like Mastercard or Visa are widely accepted by a larger number of merchants worldwide, offering a higher level of convenience, especially for travellers.

Also Read: Shouldering the responsibility of digital payment security

At the end of the day…

The dynamic digital payment landscape in Southeast Asia holds significant potential for flourishing card adoption and promoting financial inclusion. The emergence of diverse fintech and non-bank players in the market has disrupted the traditional monopoly of card issuance by traditional banks.

This influx of new participants creates an environment ripe for innovation, particularly in the backend operations of card services. By leveraging technological advancements and optimising processes, these players can drive operational efficiency, seize business opportunities, and enhance customer experiences.

It is within businesses’ discretion to determine whether their target market aligns with the use of cards. However, if there is alignment, there is ample room for further innovation and development of card services in Southeast Asia, surpassing the existing boundaries of what has been accomplished thus far. In this context, international players like Marqeta, Unit, and Galileo have paved the way for card adoption among fintech and their users.

As their Southeast Asian counterpart, Ayoconnect has recently introduced a similar offering with white-label virtual cards. They are leveraging their PCI-DSS compliance and Mastercard’s extensive card network to enhance the potential for card adoption and promote financial inclusion in the region.

As the region continues to evolve, the adoption of cards has the potential to transcend limitations and redefine financial inclusion, providing consumers with convenience and security while fostering economic development. With the right mix of innovation, collaboration, and regulatory support, Southeast Asia can unlock the true potential of card adoption, empowering businesses and individuals.

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As the dreary funding winter soars, at e27, we are kickstarting a new article series Line of Hire to understand a company’s culture and hiring philosophies to empower tech workers with the right growth tools to enable business owners to attract talent.

Angeline Seah is the Co-Founder and Chief Product Officer at Virtualtech Frontier, a virtual and metaverse development company focusing on building engagement technologies and enabling metaverse ownership for everyone.

Seah thrives on building and improving things from the ground up. As the CPO of Virtualtech Frontier, she leads the product, engineering, and design departments. Her primary focus is developing a Metaverse development platform that empowers companies to enhance brand engagement and create new revenue streams. By enabling end users to express themselves freely and feel more engaged in the Metaverse space, Seah looks to bring people together without limitations.

In this episode, Seah shares her organisation’s culture and hiring philosophies.

Excerpts:

What personality traits/qualities do you look for in potential employees?

In the swiftly evolving realm of technology, an unquenchable thirst for knowledge and an unwavering commitment to continuous learning is of paramount importance. We highly esteem individuals who proactively pursue growth opportunities, assume greater ownership, and remain abreast of the latest industry trends.

Moreover, our prospective employees must demonstrate fearlessness when confronted with intricate predicaments. The tech industry frequently presents multifaceted challenges, thereby rendering problem-solving skills indispensable. The ability to be resourceful and possess a growth mindset holds tremendous significance to thrive as a formidable contributor within a tech startup.

Lastly, we seek individuals who can swiftly adapt to changes and wholeheartedly embrace innovation. With an abundance of novel technologies rapidly emerging, celerity is imperative. Adaptability ensures that our team can adeptly navigate dynamic challenges and effectively seize opportunities.

How do they fit into your company culture? Tell us a little more about your company culture.

At Virtualtech Frontier, we have a culture that revolves around moving fast, failing cheap, and pivoting quickly to achieve product-market fit at a rapid pace. Hence, we prioritise hiring employees who are fast learners, adaptable, and thrive on challenges, as these qualities align with our values and drive our success.

Fast learners quickly absorb new information, technologies, and processes, enabling them to adapt swiftly and contribute effectively. In our time-sensitive startup, their ability to grasp new concepts ensures we keep up with the evolving industry. Adaptability is also crucial in our dynamic market.

Our employees adjust strategies, approaches, and mindsets, embracing change for growth and innovation. This allows us to respond quickly to market shifts, customer feedback, and emerging trends, increasing our chances of achieving product-market fit.

In the present, Virtualtech Frontier transcends being a mere purveyor of metaverse solutions, embracing a more comprehensive identity that aligns with industry trends and fulfils the evolving needs of our clients.

Lastly, challenges are seen as opportunities in our culture. We seek employees energised by challenges, unafraid to push boundaries, take risks, and explore possibilities. Their drive to overcome obstacles fuels innovation and continuous improvement. With fast learners, adaptability, and a passion for challenges, we accelerate progress toward product-market fit, bringing fresh perspectives, innovative ideas, and a willingness to embrace change.

How do you foster transparency and encourage achievement in the workplace?

At Virtualtech Frontier, we prioritise implementing an open-door policy to foster transparent communication and cultivate trust among our employees. This policy ensures that employees feel secure in raising concerns about the company or their work to their managers without fearing retaliation. Instead, we aim to create an environment where employees feel heard and supported, promoting a culture of openness and collaboration.

We also regularly host sprint discussions, providing a safe space for all team members to share fresh ideas. Emphasizing the value of diverse perspectives, these discussions prove particularly advantageous in shaping our tech products to achieve optimal product-market fit.

Also Read: Investing in team’s growth benefits both individuals and strengthens the company: Dean Wong of MPFunds

In line with our appreciation for hard work and dedication, we actively encourage employees to express gratitude through thank-you notes or appreciative messages to colleagues who have excelled or made significant contributions. These expressions of acknowledgement are celebrated during our town hall sessions, fostering a positive atmosphere and reinforcing the sense of camaraderie within the company.

Do you have a mental health policy? What does that look like?

We have implemented an inclusive policy that strongly emphasises supporting and prioritising our employees’ well-being in all aspects, including their mental health. We are committed to providing the necessary resources and creating a safe and supportive environment where individuals feel comfortable discussing their experiences and seeking the help they need.

Additionally, we encourage our employees to take extended time offs when necessary to prevent the negative effects of excessive work pressures, such as stress and burnout. Our overarching goal is to cultivate a culture of inclusivity that not only values and supports the well-being of our employees but also fosters a deep sense of belonging and empowerment within our organisation.

By actively prioritising mental health and creating an environment that promotes open dialogue and support, we aim to create a workplace where everyone feels valued, respected, and motivated to thrive.

WFH or WFO, or hybrid?

As the CPO of an emerging tech company, I deeply appreciate the value of effective communication and the need to maintain a swift pace in our tech startup journey. In light of these considerations, I believe that prioritising a WFO approach would be beneficial over a WFH model.

Opting for WFO creates an environment that nurtures seamless communication and collaboration. The opportunity for face-to-face interactions fosters spontaneous discussions, brainstorming sessions, and prompt problem-solving, all crucial for product development and decision-making. Direct communication enhances clarity, reduces the chances of miscommunication, and bolsters team cohesion.

Given the fast-paced nature of our industry, rapid execution is paramount for our success as a tech startup. Being physically present in the office allows teams to access resources and tools swiftly and each other, facilitating agile decision-making and quick responses to evolving circumstances. This level of speed and adaptability can be more challenging to achieve in a remote work setup.

In an office environment, knowledge transfer and mentorship occur more naturally. The proximity to experienced team members creates an ideal setting for new employees to embark on a smoother onboarding journey while benefitting from sharing valuable tacit knowledge. This supportive mentorship and collaborative atmosphere contribute to personal and professional growth, fostering a vibrant and innovative work culture.

Nevertheless, I also acknowledge the significance of flexibility and work-life balance in promoting employee well-being. Therefore, a hybrid approach that allows our team members the choice to work from the office or remotely on specific days can be thoughtfully considered, ensuring the best of both worlds.

How should a tech worker prepare for the funding winter?

During a funding winter, tech workers should prioritise building their “fat” to navigate potential challenges and ensure long-term sustainability. Here are the layers of fat that I consider crucial:

First layer — Staying informed and diversifying skills

Tech workers should proactively expand their skill set to remain adaptable and versatile. This involves acquiring knowledge of emerging technologies, learning new programming languages, or developing expertise in complementary areas.

By diversifying their skills, tech workers increase their value and enhance their ability to take on diverse roles and responsibilities. Additionally, staying informed about industry trends, market developments, and funding patterns enables them to anticipate changes and adjust their strategies accordingly.

Second layer — Building a strong professional network and personal brand

Networking becomes even more crucial during a funding winter. Tech workers should actively engage in industry events, connect with professionals through platforms like LinkedIn, and seek mentorship opportunities. Building a robust professional network can provide valuable insights, potential job leads, and collaborations.

Moreover, they should strengthen their personal brand by showcasing their expertise, contributing to open-source projects, and seeking endorsements. A reputable personal brand enhances visibility and increases the chances of securing opportunities during challenging times.

Third layer — Financial preparedness

Maintaining financial stability is vital during periods of uncertainty. Tech workers should prioritise financial planning by managing expenses, saving for contingencies, and reducing debt. This prudent approach ensures they have a safety net to weather any financial challenges during a funding winter. It is crucial to have a sufficient runway to sustain oneself during difficult times, as unexpected job losses can occur.

By focusing on these strategies — staying informed and diversifying skills, building a strong professional network and personal brand, and prioritising financial preparedness — tech workers can fortify themselves and increase their chances of navigating the challenges posed by a funding winter.

Also Read: No achievement is too small, no individual is too junior to be highlighted: Zelia Leong of PraisePal

How do you measure the performance of your employees?

As a tech startup in the ever-changing tech industry, we prioritise maintaining a clear and consistent direction. Our guiding principle ensures all departments work towards a common North Star objective. KPIs at the departmental level form the core of our approach. Each department sets KPIs that align with our overarching goal, empowering teams to contribute while specialising within their expertise.

Recognising the constant evolution of the tech industry and changing client demands, we regularly review and update our KPIs. This process keeps our performance metrics relevant, reflecting the latest trends and technological advancements.

By aligning our KPIs with the dynamic tech landscape, we adapt to challenges and seize opportunities. This commitment to monitoring and adjusting our KPIs allows us to stay at the forefront of industry developments, maximising our potential for success in the rapidly evolving tech sector.

When hiring, will you consider a moderately skilled person with great honesty or a highly skilled person with less honesty?

Honesty is paramount to me when evaluating potential employees. It forms the bedrock of trust and integrity within a team, which is especially vital in a startup environment where collaboration and teamwork are essential. A culture of trust fosters open communication, innovation, and problem-
solving. Honest employees tend to take ownership of their actions, acknowledge mistakes, and
contribute to a positive and transparent work environment.

While skills can be developed and honed over time, honesty is deeply ingrained in an individual’s character. While highly skilled individuals bring technical expertise to the table, a lack of honesty can pose long-term challenges for the team.

Moreover, a candidate with great honesty exemplifies qualities like integrity, reliability, and ethical behaviour. These traits contribute to a robust company culture founded on shared values and a
a collective sense of purpose.

However, it is important to recognise that honesty alone may not suffice for every role within a tech startup. Specific skills and qualifications relevant to the position are undoubtedly crucial for delivering quality work. Nevertheless, when faced with the choice between honesty and skill, I firmly believe that a foundation of honesty establishes the groundwork for long-term success, teamwork, and positive work culture.

Do you encourage ‘intrapreneurship’ in your organisation?

At Virtualtech Frontier, we foster intrapreneurship by valuing individuals who demonstrate ownership and initiative. We celebrate those who make decisions driving company growth and explore innovative ideas to lead the industry.

For instance, my team uses a collaborative spreadsheet for idea-sharing. We aim to cultivate a culture where team members take ownership of their work and drive the product’s direction for the company and personal growth.

Encouraging intrapreneurship inspires creativity, autonomy, and excellence. When team members shape their projects and take ownership, they become more dedicated to achieving exceptional results. This approach fuels innovation and establishes an empowering workplace where everyone contributes to overall success.

How do you support upskilling for your employees?

Yes, we wholeheartedly endorse the concept of upskilling, recognising the importance of continuous improvement and skill diversification in delivering exceptional work and establishing a distinctive presence in the highly competitive landscape.

To facilitate this, we have allocated a dedicated budget specifically for employees to enrol in short courses that enhance their capabilities. Additionally, our managers actively invest their time and expertise in mentoring their team members, further contributing to their professional development.

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Fundraising or preparing your startup for fundraising? Build your investor network, search from 400+ SEA investors on e27, and get connected or get insights regarding fundraising. Try e27 Pro for free today.

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Back in 2013, only one per cent of the population in the Philippines had actively used digital payments method. Seeing a missed opportunity, the number encouraged the Filipino government to make a move to increase the percentage.

Fast forward to 2018, there was already a significant increase in the use of digital payments at 10 per cent. However, this number is still far from expectation—so this is where Better Than Cash Alliance steps in.

The alliance performs a diagnostic exercise–the second to have ever been done on the country’s digital payments reach–to look at specific use cases that can help to drive overall digital payments usage.

What the analysis showed is that merchant payments are the key driver of digital payment use in the country. There were also several other use cases, including government-to-people (G2P), people-to-people (P2P), transportation and toll payments.

“To participate in this digital economy … you need access to a transaction account, and this can mean either a bank or a fintech-issued e-money account. But essentially, formal financial inclusion means that you have a regulated financial account that people can use to pay and receive money. That is essentially the rationale behind our work, what drives our work with governments,” says Isvary Sivalingam, Regional Lead – Southeast Asia, Better than Cash Alliance.

Also Read: Accelerating financial inclusion with AI: Unleashing potential with prudence

Based at the United Nations, the Better Than Cash Alliance is a partnership of governments, companies, and international organisations that accelerates the transition from cash to responsible digital payments to advance the Sustainable Development Goals.

The alliance looks at two primary goals: Addressing the risks of digital payments (such as scams or frauds) and putting a focus on greater financial inclusion.

Driving digital transformation in the archipelago

While it is already a widely known consensus that the COVID-19 pandemic has accelerated digital transformation in many emerging markets, Sivalingam stresses that the shift into digital payments in the Philippines is something that “would not have been possible if countries had not invested in the infrastructure before.”

“The Philippines had started talking about this back in 2015. This was roughly five years before the pandemic. At that time, they had made a lot of investments in the digital payments infrastructure, building the retail payments infrastructure, and building consensus with the private sector to participate in this infrastructure. There was a lot of background work that was being done to get the digital payments real and the ability actually to use digital payments ready,” she explains.

She also highlights the BSP’s digital payments transformation roadmap that was launched in 2020.

“If you look at a typical warung or a sari-sari store, the business model [that they implement is one] where they sell a lot of things, but the amount of money they make on each sale is very little. This is what we call a high volume, low margin business model, which makes them extremely sensitive to price and cost,” Sivalingam says.

This can be a challenge as the use of digital payments require costs. This is why one of the key policies that BSP is working on includes how to drive this cost down. This might potentially include no fee for transactions below PHP500 (US$9) at a sari-sari store which might encourage small merchants and low-income users to use digital payments.

Also Read: How Salmon aims to promote financial inclusion with AI banking in the Philippines

“They have a public target of 50 per cent by 2023. So, there is this continued growth trajectory that the Philippines particularly aims for. They are looking at what additional policies can be issued … we prioritise two or three policies that can actually enable easier use of digital payments easier and make the value proposition of using digital payments more convincing,” Sivalingam says.

“The big challenge that remains for us who are working on this globally is that, in many emerging markets, we have cities where the people are connected. There’s a good infrastructure if you go to Jakarta; it’s easy to use digital payments. But when you go to Palu in Central Sulawesi, the reality is different.”

In large countries such as the Philippines, Indonesia, and India, a significant number of their citizens live and work in rural areas. Sivalingam believes that this segment needs to be the collective focus going forward.

How startups can play a role in promoting digital payments

Another initiative that will help scale digital payments in the Philippines is the launch of the QR Ph, the nationwide standardised QR code for payments.

With the launch of QR Ph and the BSP’s intention to push for its full implementation by June 30, one might wonder if there is a role that fintech startups can play in this.

According to Sivalingam, the process of setting up this national standardised QR code is a consultative one where various banks and non-banks financial services have been actively involved.

“This means that these financial institutions, which also include tech startups, are able to contribute to the development of the rules and agree on price. So, the process has been quite inclusive so far,” she says.

Sivalingam explains that in the Philippines, there is a large customer segment in the rural areas–consisting of smallholder farmers and fishermen–that are looking for financial products that suit their needs beyond payments.

Also Read: Smile API raises Pre-Series A funding from Afore Capital to support financial inclusion in the Philippines

“There is definitely a business case at the last mile. As a call to action, fintech companies, with their ability to scale, leverage technology, and drive costs down, are uniquely positioned to serve these customer segments,” she says.

“They’re also considered to be more innovative players. They also have a unique ability to design products that suit [these last mile customers’] needs, which is one of the principles that we advocate for as part of the UN principles in designing for customer needs. Because that is what will effectively enable and encourage use of the product, ultimately.”

There are already fintech startups that are looking into this segment, but Sivalingam sees that there remains huge opportunities for them.

“There could be more players looking at it, because the gap to be filled is significant.”

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Image Credit: Kristine Wook on Unsplash

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Dobin, a fintech startup aiming to offer a personalised financial ecosystem, was launched recently in Singapore. The startup uses open finance and AI to provide consumers with a consolidated financial view, a personalised financial profile, and a permission-based app for getting value from their data.

In this interview, Dobin CEO and Co-Founder Khaled Benguerba speaks to e27 about its offerings, USP, open finance, and opportunities in Singapore.

Excerpts:

How does Dobin differentiate itself from other companies offering consolidated financial views and personalised financial profiles?

Fintech apps that allow consumers to consolidate all their financial data in one place are not widely available in Southeast Asia due to long-standing limitations on access to bank account data.

Thankfully, this began to change with the launch of SGFinDex in Singapore, which allows users of banking apps to consolidate their account balances to better plan their financial future.

Dobin plays a similar role but focuses on helping users take better financial decisions daily. This is achieved by allowing them to consolidate all their expense and income transactions (in addition to balances) and automatically categorise them. This way, users remain aware of how much they earn and spend in different categories (e.g. groceries or shopping).

In addition, Dobin helps users tackle their financial needs holistically; the app allows them to track their consolidated finances, gain relevant insights to make smarter decisions, maximise savings with discounts and rewards, and borrow at attractive terms.

Also Read: AI revolution in marketing: Transforming the way businesses connect with customers

Like other fintech products, we put much effort into optimising the digital user experience. In addition, we also put a lot of effort into harnessing transaction data to understand our users’ needs better.

Can you elaborate on how Dobin utilises AI to provide value to consumers through their financial data?

When handling users’ data, we follow a set of principles: first, users must provide their explicit consent for their data to be accessed; second, they must have control over what it is used for; third, they should receive tangible value in exchange for sharing insights from it.

We are building data analytics and AI capabilities of two different types. The first type is “insights and recommendations” to help users understand their financial situations and take better decisions.

For instance, we can help a user uncover and stop recurring charges for subscriptions they purchased in the past but no longer use.

The second category is “deals and offers” to help users prove their value to merchants and financial institutions and receive personalised offers.

For instance, we can help users share relevant information with lenders on how much they can afford every month to repay a loan. We currently use rule-based models, informed by our team’s deep industry expertise, but as we gather more data from our users, we will build predictive models using machine learning/ deep learning techniques.

Open finance is a relatively new concept. How does Dobin ensure the security and privacy of consumer financial data while leveraging open finance principles?

Dobin takes users’ data very seriously; we put a lot of emphasis on privacy, control, and security.

On privacy, users’ data will never be shared with anyone without their explicit permission (even with Dobin!). If the user agrees to share their data with Dobin (to help us improve insights and recommendations) or our partners (to receive valuable offers), it will be anonymised before it gets used or shared to protect users’ privacy.

On control, the user is always in the driver’s seat. They can review, pause, revoke or delete the data collected by Dobin at any time. They can also choose not to share their data, in which case it will only be viewed by them and stored locally on their mobile device.

On security, we protect the data with multiple layers of encryption. We collaborate with trusted partners who prioritise security and incorporate the latest data and security technology to ensure robust protection.

What measures does Dobin have in place to address potential biases or inaccuracies in its AI-powered insights and recommendations?

As we build and expand our AI models, we will ensure they are not biased by following a 5-step process.

1. Design: our models are intentionally designed to exclude information that could introduce a bias towards specific communities.
2. Data representation: we thoroughly evaluate the data we use to ensure it represents diverse communities fairly.
3. Model development: throughout the model development process, we conduct bias assessments to determine if the model tends to assign lower scores to specific communities or segments.
4. Reviews: we incorporate diverse perspectives by involving individuals from varied backgrounds in the review process.
5. Explainability and transparency: we make the decision-making process explicit by showing each feature’s contribution to the model and how they interact. In addition, we regularly review our models and update them with new data and contextual information to reflect changes over time.

We adhere to guidelines such as the FEAT framework introduced by MAS when building our models. We also plan to actively share our learnings with the larger community to promote the responsible and fair usage of AI.

As a permission-based app, how does Dobin handle user consent and ensure that consumers have control over their data? Can users selectively choose what data they want to share and with whom?

At Dobin, we think about customer consent in three ways: data access, usage and sharing.

On data access, the user is prompted for permission for each bank they wish to link to the Dobin app rather than being asked to provide access to all their bank and credit card accounts in one go.

Also Read: Is fintech in SEA changing its focus for further development?

On data usage, the user is explicitly asked whether they wish to authorise Dobin to use their anonymised data to improve insights and recommendations.

On data sharing, the Dobin app does not allow users to share data with banks, lenders or merchants. But this feature is in our roadmap, and when we launch it, users will need to give explicit consent before Dobin can build insights from their data and share them with 3rd parties.

How does Dobin source and integrate financial data from various sources to provide a comprehensive view? What challenges does the company face in accessing and consolidating data from different financial institutions?

Open Finance is the concept of exchanging financial data between organisations upon obtaining explicit consent from the customer. It is driven by two different yet complementary trends: regulation and technological innovation. The former refers to regulators encouraging or mandating financial institutions to build open Application Programming Interfaces (APIs) which allow third-party apps to retrieve customers’ data. The latter refers to different technological ways to retrieve data by either impersonating users when they login into their online banking environment or integrating with banks through private APIs under bilateral partnerships.

Since there is increased momentum from regulators to foster Open Banking, good progress has been made in most Southeast Asian countries. At the same time, new players known as data aggregators are emerging to allow access through technological innovation. Dobin partners with a number of these data aggregators to ensure a wide coverage of banking institutions. We are also exploring private APIs and monitoring the development of open APIs.

Can you share examples of specific value propositions or benefits that Dobin offers consumers using their personalised financial profiles? How do these profiles assist users in making informed financial decisions?

First, Dobin gives users a consolidated view of their income and expenses by securely connecting their bank accounts and credit cards across Singapore’s leading banks. This allows users to keep tabs on their income and spending patterns, uncover hidden spending patterns, and reduce regular expenses using relevant merchant discounts.

Second, as Dobin builds its data analytics and AI capabilities, it will create unique yet anonymised “financial profiles”. These profiles can indicate a user’s loan repayment capacity, spending potential with a particular merchant, or the credit card they are likely to use frequently. Users may utilise these “financial profiles” to “prove their value” to merchants and financial institutions.

Third, Dobin puts users in the driver’s seat to get value from their own data. By allowing Dobin to share their anonymised “financial profiles” with merchants and financial institutions, they receive personalised discounts, credit card recommendations, and attractive loan offers.

What steps does Dobin take to educate and empower users about their financial data and the insights derived from it? How does the company ensure consumers understand and can effectively utilise the information provided?

Giving users a holistic view of their finances is critical for Singaporeans, as only some make the right financial decisions. A 2022 study of over 1,000 Singaporean adults by SmartWealth revealed that 55 per cent of respondents are financially illiterate.

Additionally, 52 per cent said they are unsure how much they spend every month. With Dobin, users can now stay financially informed at all times.

Also Read: AI in banking: Unlocking success with ChatGPT and embracing the future

To be financially empowered, consumers need more than access to their consolidated financial data. They also need to understand the basic concepts of how to build good financial habits. Dobin also helps users on that front! Our blog provides insights on why financial visibility is important and practical tips on optimising their financial outcome.

How does Dobin plan to expand its services beyond Singapore and cater to a global audience? Are there any regulatory or compliance challenges it anticipates in different jurisdictions?

Our mission is to empower consumers in Southeast Asia to live a better financial life. We have launched Dobin in Singapore and plan gradually roll it out across multiple markets in SEA.

All markets have in common personal data protection laws that protect consumers from the misuse of their personal data and ensure they remain in control of it. Granular consent and strong data privacy measures are what Dobin lives by. Therefore, we do not foresee regulatory challenges.

We also intend to work closely with regulators and other industry players to help build a data infrastructure that enables more openness and transparency around the exchange and handling of consumers’ data.

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Joel Neoh, the founder of payment app Fave, has joined hands with his former colleague Audra Pakalnyte to launch an early-stage fund called ‘First Move’ to support consumer-focused startups in Southeast Asia.

The fund will provide pre-seed funding of up to US$100,000 and mentorship to early-stage ventures in the e-commerce, fintech, and healthtech sectors. It has already invested in seven startups in the e-commerce and D2C spaces across Singapore, Indonesia and Malaysia.

Also Read: Fave Co-Founder Joel Neoh to head Prenetics’s consumer health subsidiary CircleDNA

First Move’s early investors include 500 Global.

In addition to providing direct funding to startups, First Move will partner with other regional VC firms.

The fund has also established the Consumer Tech Angel Syndicate, a close-knit group of experienced founders and executives in the consumer space. Its members, which include founders and senior executives from D2C, e-commerce, mobility and fintech scale-ups across Southeast Asia, will co-invest in First Move deals.

Audra Pakalnyte, Partner of First Move, said: “As founders ourselves, at First Move, we go beyond capital injection. We believe in providing guidance, mentorship, and access to a vast network of industry connections which is crucial in early stages of getting on the right path. We understand the pain points of founders and aim to leverage our experience to provide invaluable mentoring support during the early days of their journey and set our portfolio startups up for long-term success.”

After leaving Fave earlier this year, Neoh joined CircleDNA, a wholly-owned subsidiary of Prenetics Global, a genomics and oncology company listed on the Nasdaq. He wrote the first cheque for Prenetics as an angel investor back in 2014.

Also Read: Dream big, start small: Joel Neoh shares lessons from his years with Fave

Pakalnyte is a seasoned founding team member of multiple successful startups alongside Neoh. She worked at Fave for over eight years and left the company as the Head of its buy-now-pay-later unit FavePay Later.

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