Better Bite Ventures, a fund focused on alternative protein startups in Asia Pacific, has invested an undisclosed amount in four startups under its early-stage First Bite initiative.

The startups are Singapore-based Allium Bio and Cultivaer, New Zealand-based EatKinda, and India-based Klevermeat.

Founded by Jon Ho and Albertus Sarwono, Allium Bio focuses on co-culturing microalgae and mycelium to create more sustainable and functional ingredients, starting with protein isolate.

Also Read: Better Bite Ventures, Shiok Meats CEO invest in animal-free dairy startup Phyx44

Cultivaer is a stealth-mode startup, developing novel bioreactor-free technology that could significantly reduce costs and accelerate the scalability of fermentation-derived alt proteins.

Started by Mrinali Kumar and vegan chef Jenni Matheson, EatKinda crafts creamy plant-based ice cream from cauliflower, utilising cosmetically imperfect vegetables that would otherwise go to waste.

Klevermeat, launched by Nithin Shetty and Swapnil Kamble,  is a cultivated (cell-based) seafood startup, striving to enhance the sustainability of the seafood industry.

“APAC is the world’s largest and fastest-growing protein market. We believe innovative startups are key to making the region’s food system more sustainable and resilient, and we want to support as many exceptional founders as possible,” said Michal Klar, Founding Partner of Better Bite Ventures.

Co-founded by Michal Klar and Simon Newstead, Better Bite Ventures is a US$15 million VC fund supporting early-stage alternative protein startups. Since its launch in late 2021, Better Bite Ventures has invested in 20 early-stage alt protein companies across Asia Pacific, including Singapore, China, India, Australia, and Indonesia.

Also Read: Bootstrapped: How 99VR raced against the clock to build a profitable business

Launched a few months ago, First Bite offers a US$50,000 investment to new and aspiring alt-protein founders in the APAC region, typically their first external funding.

A new round of First Bite applications is now open until May 19.

—

Echelon Asia Summit 2023 brings together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here. Echelon also features the TOP100 stage, where startups can pitch to 5000+ delegates, among other benefits like connecting with investors, visibility through the platform, and other prizes. Join TOP100 here.

The post Better Bite invests in alt-protein startups Allium Bio, Cultivaer, EatKinda, Klevermeat appeared first on e27.

Explico, a Singapore-based edutech startup has secured US$1.4 million in pre-series A funding.

The key investors are Astonic Ventures Singapore, Mavis Tutorial Centre, and Singapore Asia Publishers.

Explico will use the money to enhance its learning platform and expand in Southeast Asia, specifically Vietnam and Philippines, and Africa.

Co-founded in 2020 by Ashutosh Shukla (CEO) and Sandesh Shetty (COO), the startup focuses on assessment using artificial intelligence and machine learning to help students identify their specific and respective strengths and weaknesses to design a unique learning modular based on their individual needs.

Also Read: The future of edutech: Personalising learning for all

The foundation on which Explico is built is assessment before recommendation.

Traditional assessment practices (multiple-choice questions, essays, and short answer questions) have widely been used to infer student knowledge and learning. It has been successful, to some extent, in understanding and improving student learning in the past.

Explico can generate assessment tasks, find appropriate peers for study groups, and provide transparent adaptive feedback using AI technology.

It uses these AI techniques that adjust the task to the student’s abilities, giving them tailored assessment experiences, therefore being able to produce a learning method that is suitable according to each of their capabilities.

The platform offers regular online classes/events, challenging sessions and assessments, formative student analysis, and insightful institution analysis with the vision of shifting traditional learning towards a more blended learning educational platform.

The edutech firm also has a subsidised bursary programme for children from low-income families, currently only available for Singaporean citizens.

Explico has an academic faculty of experienced educators and mentors in English, Science, and Mathematics. It collaborates with various institutions in Singapore and internationally which allows for students to have the opportunity to access worldwide education from a young age.

“We aspire to introduce and implement the most robust assessment-based educational system in Singapore. Our sessions are customised to suit the needs of individual students as we have a team of experienced tutors and educators in their respective fields who would be able to properly guide, mentor and educate the students and create a module that is suitable based on their assessment needs for them to excel,” said CEO Shukla.

Also Read: How hybrid learning is revolutionising the landscape of education

“The value of the global edtech market was US$106.46 billion in 2021 and is projected to grow annually by 16.5 per cent, up to US$404 billion in 2025. With English as one of the primary languages spoken in Southeast Asia and Africa, we look forward to scaling Explico in those regions, beginning with growth expansion plans to Vietnam and the Philippines in Q1 2023,” added COO Shetty.

Explico is part of Microsoft for Startup Founders Hub, which enables them to connect to education sectors across the globe through their networking channels.

—

The post Explico bags US$1.4M to make student assessment easier using AI appeared first on e27.

In this episode, we are excited to welcome Troy Malone, the Co-Founder of Relevant, a company that helps SaaS startup founders successfully enter new markets. In this role, he supports founders in unlocking an unfair competitive advantage in new markets through a uniquely profitable marketing system.

Throughout his 15-year career as a growth and scale-up business leader, Malone has helped companies such as Evernote, Weebly, All-Turtles, mmhmm and Drata to scale internationally. He loves the challenge of building teams for hyper-growth. Troy also embodies the global mindset and cultural empathy of a true “interpreneur,” as proven by his successful expansion efforts to Europe, Latin America and Asia.

Here, discuss how to hire the right people who will lead your global growth initiatives, the importance of going on “Localization Discovery Tours” to truly understand a market, and examples of unusual marketing and promotions campaigns Troy came up with that drove results in new markets.

Also Read: 9Unicorns announces 3rd Edition of DDay on April 18th 2023!

This episode is sponsored by our partner ZEDRA. Learn more about how the ZEDRA team can support you in expanding to new markets here.

Listen, subscribe, and leave a review now on Apple, Spotify, or your favourite podcast platform.

Find our entire podcast episode library here.

Get your copy of our Wall Street Journal Bestselling Book, Global Class, a playbook on how to build a successful global business.

—

This article was first published by Global Class.

Image Credit: Global Class

The post Lessons learned from executive who helped expand 4 unicorns to global markets appeared first on e27.

ZEBOX, a French accelerator connecting entrepreneurs, industry leaders, and ecosystem experts globally, has announced the launch of its Asia Pacific hub in Singapore.

The accelerator aims to help tackle pressing business and sustainability issues in multiple sectors, such as supply chains, logistics, transportation, and energy.

With the support of Enterprise Singapore and the Maritime Port Authority of Singapore (MPA), ZEBOX Asia Pacific will identify startups in Asia, notably in Singapore, and match them to corporate partners. Together, they can embark on co-innovation projects locally and across markets in the Asia Pacific.

The company already has innovation hubs in Europe, North America, the Caribbean, and West Africa.

Also Read: Validate the problem before building a solution: Surasit Sachdev of Hungry Hub

“With Asia Pacific being one of the most, if not, the most, active regions in the world, it simply made sense for ZEBOX to launch in Singapore,” said Gwen Salley, ZEBOX Chief Executive Officer. “With this regional presence, we’ll have the ability to unite ambitious corporate partners, and connect them with our global ecosystem, thanks to Singapore’s pro-business government, local talents, and vibrant tech support system.”

ZEBOX’s community of partners add up to 20 with three new industry leaders: Bureau Veritas Marine and Offshore, one of the world’s leading ship classification societies; PSA unboXed, PSA International’s innovation and corporate VC arm; and Synergy Marine Group, a leading ship manager have become corporate partners of ZEBOX Asia Pacific.

They join ZEBOX’s founding partner CMA CGM and its circle of 16 other major partner groups to co-develop with startups game-changing solutions across four key areas: operational efficiency, assets optimisation and decarbonisation, workflow automation, and future of work.

—

Echelon Asia Summit 2023 brings together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here. Echelon also features the TOP100 stage, where startups can pitch to 5000+ delegates, among other benefits like connecting with investors, visibility through the platform, and other prizes. Join TOP100 here.

Image credit: ZEBOX

The post French accelerator ZEBOX opens APAC hub in Singapore appeared first on e27.

Innovative startup businesses in the Asia-Pacific region have emerged at a rapid pace, reshaping global market trends. While the United States has long led the startup ecosystem, the Asia-Pacific region is demonstrating excellent success.

Reports have indicated 462 unicorns in Asian markets during the first quarter of 2022 — unicorns are private startups valued at over US$1 billion.

To ensure ongoing success, startups must market their brands to leading consumers, for many, this is Generation Z. Of course, Gen Z is an essential subset of consumers with high expectations for companies.

Here’s what Asia-Pacific startups should know about marketing their businesses to this particular demographic.

Getting to know Gen Z consumers in Asia

Every seasoned marketing professional knows the importance of pinpointing the target audience. In Asia, startups must pay close attention to Gen Z’s demands. 

A 2020 McKinsey study examined the Gen Z consumer across various Asian countries with intriguing results, including the following:

• The demographic is more thoughtful about social media engagement.
• They like unique brands that are also recognizable.
• Video content is highly influential in their purchasing habits.
• They expect eco-friendly products at zero cost to them.

Also Read: How to orient your brand to Gen Z values

They are also generally more used to receiving things they want instantly. For example, 66 per cent of Gen Z consumers in Australia search for discounts before purchasing something — about 50 per cent of Gen Z in China do the same. This is likely due to them working part-time and having less money. However, quality products still matter significantly.

Four tips to make your startup appeal to Gen Z

Once you know more about your Gen Z audience, you must modify your marketing strategy to appeal to them. Of course, that isn’t always as straightforward as it sounds. Here are four tips to strategically market your startup to Gen Z.

Make a difference

Around the world, particular issues are front and centre for Gen Z. Whether it’s climate change or social equity, Gen Z looks for brands whose missions align with their values, some might even consider brands an extension of themselves. 

The Asia-Pacific Gen Z demographic has a heightened interest in sustainability. In the climate change era, many Gen Z consumers expect eco-friendliness from startups and believe it isn’t something they should have to pay extra for. 

Young consumers are also more apt to change their purchasing, eating and lifestyle behaviours to improve their carbon footprint. If startups want to reach Gen Z, they must reexamine how they make a difference in the world.

Transparency matters

A recent study found that Asia’s Gen Z values transparent brands. To better understand transparency, it’s important to remember that Gen Z grew up in the digital era and is often more sceptical about conspiracies and misinformation. 

About 96 per cent of Gen Z would pay more for brands prioritizing transparency. However, over-transparency could hurt your business, too — especially if you don’t live up to your promises, such as achieving net-zero operations. 

If you’re too open, consumers may perceive it as mere performative advertising. Meanwhile, Gen Z is one consumer base that isn’t afraid to swiftly cancel a brand for being unethical in its practices or marketing. 

Also Read: Its time to embrace Gen Zs at work – Here are 10 ways to start

This goes for startups with a toxic working environment or those making false claims about a product. A prime example is Elizabeth Holmes from consumer health tech startup Theranos, who committed several types of fraud by deceiving investors and consumers with a defective product.

Nurture consumer relationships

Gen Z is interested in startup brands that engage effectively and nurture consumer relationships. In fact, because Gen Z is so well-connected, brands must build upon personal connections and unique interactions.

Start viewing the relationship between your business and Gen Z consumers as a partnership — the first step is understanding who they are and what they value most.

You can personalize conversations through social media, the company website and email campaigns. However, watch your tone. Gen Z consumers won’t be able to relate if you’re too formal.

Additionally, three in five young consumers purchase goods from personalized online advertisements, delivering another avenue for your startup marketing strategy. 

Create engaging content

Naturally, unique content is vital to Gen Z — of course, it is for a generation that grew up with the internet. As previously mentioned, video content can be highly influential, so you should step up your marketing game with engaging video and social media posts that target your audience.

Uncover which platform works best for your startup, which means deciding which channel generates the broadest reach among Gen Z. For example, 40 per cent of young consumers prefer using TikTok and Instagram to search for content, brands and information.

Kotex Malaysia is an excellent example of a successful ad campaign on Instagram. Using Instagram Reels, Kotex Malaysia has experienced a 9.8-point higher ad recall from consumers between 25 and 34 years old using Reels — this was followed by a 5.6-point higher intent of purchasing products.

Some consider Gen Z a challenging demographic to market to, yet they’ll be your most crucial buyer age bracket for a successful business. Start by acquainting yourself with your target audience, then cater your marketing strategy to their expectations. You’ll reap the rewards if executed correctly.

–

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

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

Image credit: 123rf-blackandbrightph

The post Effective marketing strategies to win over Gen Z for your startup appeared first on e27.

In late 2021, engineer-turned-media explorer Vignesh R and lyricist and screenwriter Dr Madhan Karky travelled from West Coast to East Coast to learn about the creative industry in the US.

They interacted with some of the finest creative minds and organisations, including David Aaker (the creator of the Aaker marketing model) and actor-comedian TJ Miller. These meetings helped the duo understand the challenges faced by the creatives industry which included subscriber fatigue and declining customer attention spans. They realised that these challenges could be addressed using advanced technologies.

“We identified the gap of independence and ownership, including the avenues for monetisation for creative individuals and organisations. We discussed this in detail and arrived at the idea of Canvas Space,” Vignesh recounts the story to e27.

A creator-centric platform

Incorporated in the US, Canvas Space is a SaaS-based micro content monetisation engine for creative individuals and organisations. According to Vignesh, it is the “world’s first creator-centric platform” that allows creatives to choose how they wish to monetise their work and build sustainable revenue channels.

The monetisation engine enables micro-transactions for any small parts (seconds, pixels, minutes, and paragraphs) of users’ content in the currency of their choice — fiat, crypto, or even ad inventories.

Also Read: The news wars: Will tech giants soon be coughing up big bucks for media content?

“Canvas solves a unique monetisation problem for creatives as an augmentation to the declining subscriptions and advertising model,” he says.

As per research, our attention span has markedly decreased over the past two decades; it shrank by 25 per cent between 2000 and 2015. It means customers disengage with anything that is too time-consuming or complicated at first glance. If you make them wait, you risk losing them.

“Canvas Space with its micro technologies addresses those business and user challenges,” he adds. “Our USP is our easy-to-use templates and the future forward content technology that can be installed seamlessly through simple API and SDK integrations.”

Canvas Space’s key target audience includes:

1) Individual creators (creating across media, including text, audio, video, and images.

• text may include writers, storytellers, researchers, bloggers, etc.),
• image may include photographers, digital artists, doodlers, artists, etc.)
• audio may include podcasters, independent artists, musicians, storytellers, etc.)
• video may include vloggers, YouTubers, and independent filmmakers).

2) Creator collectives (like journalism schools, publishing houses, filmmaking schools, music schools, small medium creator collectives or creator communities with a sizeable audience and number of creators within their purview)

3) Creative enterprises (content and creative enterprises like Warner Brothers, Disney/Hotstar, and CNBC Network 18).

How Canvas Space works

The interface allows users to build a profile and either use its in-built editor (for text) or upload their content in text, audio, video, and image formats. Any creative entrepreneur or individual creating content can use it irrespective of their geography or follower/audience count.

They can use the platform to find novel ways of interacting with their audiences and build a sustainable revenue channel for their creative business through the ‘payblock’ feature while selling their content in full or in part with their audiences. This way, the micro-monetisation feature gives creatives the freedom to choose when what and how they wish to monetise their work in any currency.

“For example, there is a popular writers’ community of over 1,200 members from across Malaysia and India on our platform. It thrives on showcasing the prowess of poets, novelists, bloggers, and authors. While this community aspires to spread awareness and inculcate a passion for writers, bloggers, poets, and authors, it also aims to invent and enhance methods of helping them build a sustainable income source and find monetisation opportunities,” explains Vignesh.

“As a collective of some of the finest subculture-defining writers, the community discovered the micro way of innovative interactions for the audiences. Enthusiasm and passion blended with opportunity and as it experimented with locking micro content through the Canvas-powered technology, its world changed and the perspective of building sustainable creative businesses evolved multifold,” he claims.

The current revenue models for this writers’ community on Canvas Space included donations, author collaborations or sponsorships, author royalties, ads, workshops, and seminars.

The market size

The Creator Economy market is US$105 billion as of 2020, and with the onset of AI and other tech development, everyone is a creator today.

“There were 50 million global content creators and 200 million people globally contributing to the creator economy in 2022. According to Adobe, the creator economy has increased by 119 per cent in the last two years. The next creator economy influencers might emerge straight out of high school, as 29 per cent of high schoolers in America selected content creators as part of their preferred career choice as per a recent report by Antler,” he says.

Also Read: What is the future regulation of crypto?

Canvas Space claims that it already has US$110,000 in its revenue pipeline, over 25 collectives and 14 letters of intent with B2B media houses, and 5,000+ creatives experimenting with it.

However, Canvas Space as a novel concept in the market faces a challenge: making a behavioural shift for creators to understand that they can have complete control and power to monetise anything without any third-party involvement and with zero dependencies on platforms. Vignesh and the team hope to overcome the challenge as it scales.

In early 2022, the startup raised an undisclosed amount in a pre-seed round from a number of individuals, including Neelamani Muthu Kumar (CFO of OLAM Singapore), Gagan Gupta (CEO, Arise), Anil Advani (Director, Inventus), Gunjan Aggarwal(CPO, Confluent), Jaya Kumar (ex-RingCentral, Capital Group). Suriyanarayanan (CFO, Aujas), Jayanth Narayanan (Professor, NUS), Saibaba Talluri (Co-Founder, Disruptrs), Anuj Jain (Founder, Startup O), Amit Jain (Co-Founder, Mednet Labs), Dee Mc Laughlin (ex-MTV, Virgin, Capital Group), Ipsita Agarwal (General Counsel, Olam), and Ram (Sony Playstation) are also among its backers.

With the company achieving multiple milestones since early 2022, Canvas Space will look to expand and for that, it plans to raise Series A in the US.

“Canvas Space is an original idea from India for the world, empowering creatives with the tools they need to monetise their content, their way,” Vignesh concludes.

—

The post Canvas Space allows you to micro-monetise your content in fiat, cryptocurrencies appeared first on e27.

Singapore-based Cosmose AI, a global platform that predicts and influences how people shop offline, has received a strategic investment from NEAR Foundation at a US$500 million valuation.

NEAR Foundation is a Swiss non-profit that supports the ongoing growth and development of the Near Protocol, a carbon-neutral blockchain.

With the new investment, Cosmose will innovate within the Web3 ecosystem to create a “seamless” experience for shoppers and increase sales for retailers. By leveraging Web3, Cosmose AI can ensure that users maintain complete control over their data and benefit from the ecosystem they help create.

Through the partnership with NEAR Foundation, Cosmose AI’s products — Cosmose Media and KaiKai — will advance Web3-driven innovations. KaiKai has been leveraging NEAR Protocol by creating its own cryptocurrency utilised for payments, cash-back and rewards: Kai-Ching. Thanks to Kai-Ching, shoppers and retailers benefit from shorter payment processing times and lower fees.

Also Read: The AI revolution: Transforming industries and reshaping the world we live in

Founded in 2014, Cosmose AI connects offline and online to create a better experience for shoppers and increase sales for retailers. It gathers insights from smartphones and helps understand offline shopping habits and drives footfall across 20 million venues in Asia.

It also offers AI-driven recommendations to its users, encouraging them to shop in nearby stores saving time, money, and the environment.

The firm works with companies such as LVMH, Richemont, L’Oréal and Estée Lauder.

Cosmose AI has offices in Paris, Warsaw, Singapore, Hong Kong, Shanghai and Tokyo.

Miron Mironiuk, Founder and CEO of Cosmose AI, said: “NEAR is the most secure, scalable, and sustainable blockchain protocol. Having built on NEAR in 2022 and working with NEAR Foundation, we discovered that our visions for the Web3-driven future are aligned. Together we’ll build a future where one billion users benefit from the ecosystem they’re part of, with complete control of their data and superior AI-driven personalisation.”

The new funding announcement follows Cosmose AI’s US$15 million Series A fundraise in 2020, led by Tiga Investments, OTB Ventures, and TDJ Pitango. Since then, it expanded its product offerings and geographical footprint, with the platform currently available for customers in mainland China, Hong Kong, Singapore, Japan and Southeast Asia.

—

Echelon Asia Summit 2023 brings together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here. Echelon also features the TOP100 stage, where startups can pitch to 5000+ delegates, among other benefits like connecting with investors, visibility through the platform, and other prizes. Join TOP100 here.

The post Cosmose AI raises funding from Swiss non-profit at US$500M valuation appeared first on e27.

In March, TNB Aura announced the appointment of Glen Ramersan as the new Managing Partner & Head of Indonesia, supporting the Singapore-based VC firm’s portfolio in the country. As the firm is on its way to launching its third fund, it intends to further expand in the Indonesian market.

Various reports have highlighted the Indonesian startup ecosystem’s resilience in this startup funding winter, as it continues to become a favourite for regional investors, in addition to Singapore and Vietnam.

But how do Ramersan and TNB Aura see Indonesia? In a recent interview with e27 during his visit to Singapore, Ramersan tells us about the one thing that he would like the public to know about Indonesia: Despite a number of success stories, it is still in the “very early stage” of its startup journey.

He also shares what is behind the resilience of the local startup ecosystem.

“[No matter what the ‘season’ is,] a good company is a good company,” Ramersan says, stating that a sustainable company should be able to withstand any market condition. “And there is always enough supply of sustainable companies that are forward-looking in Indonesia.”

“Maturity of the ecosystem is also important. If you see the type of founders that are working in Indonesia … you see a lot of people who have experiences abroad. They studied abroad, they worked in PayPal, Amazon. Now that they have returned to Indonesia, they start something … they have done this before and they will do it again.”

Also Read: In Indonesia, the problem is lack of insurance accessibility, not affordability: Qoala CEO

Following the COVID-19 pandemic and other back-to-back global crises, Ramersan notes the appearance of more “thoughtful” founders in Indonesia–those who think two to five steps ahead.

“They understand how to be sustainable; they don’t just think about ‘growth at all cost.’ Because now it’s very clear that it can cost you the company … Thinking how you can do things efficiently, grow efficiently, and one day be profitable, that’s important. And we see that mindset change in Indonesia.”

In this interview, Ramersan shares how TNB Aura approaches investment and its views on ongoing trends in the startup ecosystem–including the rise of AI.

Starting from the top

In their investment philosophy, Ramersan explains that TNB Aura is taking a top-down approach when it comes to assessing a potential investment.

“We don’t just invest in deals that come to us. We invest in deals that we approach. So, we do market research, not just on the industry itself, but we narrow it down to the business models within the industry, what we like, and the players within those business models,” he begins.

“Let’s say, there are four or five of them. We speak to all five of them, we see what they do, see their strategy, and how they actually grow throughout the years. For the one that we really liked, we offer them something they can’t refuse. This company might not be fundraising; this company might actually be in the middle of fundraising. But we are so highly convinced, we invest only in those companies.”

TNB Aura focuses on Pre-Series A stage companies, which tend to be slightly later than many VC firms in Indonesia.

“If you invest in a company that is in the very early stage, usually there will be a lot of question marks. [Meanwhile] we would like to make a company that is ready to explode. We want to be that verification check. Because what we like to do is that we like to institutionalise this company … That’s how we want to add value. We want to help with governance, business plan, and everything else to institutionalise them,” Ramersan explains.

Also Read: Mobee launches crypto exchange in Indonesia, secures funding

“I think one of the things to note is that as a regional fund, how we add value to a company can come in a lot of different ways. One of them is that not only we can help them, I would say, make their business plan more efficient, but we also can help them with regional expansion. So that’s why we are investing more often later stage companies,” he continues.

Rising trends

If we look at the list of companies that are in the TNB Aura portfolio, we can see a great variety of companies working in different verticals, from e-commerce to agritech. The firm picks these companies not only for the size of their impact on society but also for how they can change the lives of millions in the market they operate in.

TNB Aura also sees that as an investor, they cannot be oblivious to trends in the market, including AI. The firm’s portfolio in the AI segment includes Ematic from Singapore.

“AI is something that is very intertwined with the startup ecosystem. A lot of startups have implemented the technology, if not on the front end, then maybe on the back end. The way we see it is that AI is an inevitability. It will become bigger, it will become more integrated,” Ramersan says.

“We always tell founders to keep a lookout. Even with the latest founder we have chatted with in our board meeting, we will say, ‘Hey, guys, have you learned about this yet? How can we implement this into your system? What feature can we add to this?’ But again, it is totally up to the founders to finalise the use case of AI. We always push them to understand more, because this thing is coming fast.”

—

Echelon Asia Summit 2023 is bringing together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here.

Image Credit: TNB Aura

The post We want to be the ‘verification check’ for growth stage companies in SEA: TNB Aura appeared first on e27.

Create music, produce art, or even become online idols, Artificial Intelligence (AI) programmes may perform tasks that are unimaginable to humans. However, technology is not the only factor in how society develops.

The greatest cutting-edge technology is always human intelligence

The introduction of the loom, the sewing machine, and the opening of the first Industrial Revolution in the late 18th and early 19th centuries completely transformed the textile industry, which had hitherto only relied on human labour.

However, over the years, the best designers have continued to use the flawless handcrafted design process to produce Haute Couture designs, the benchmark of high-end tailoring that frequently appears in Chanel, Hermes, etc. Thus, Haute Couture is more expensive and valuable than clothing that is mass-produced using industrial machinery.

There are worries that technology will eventually replace people as a result of the development of AI, particularly the current expansion of ChatGPT. However, if you take a look at the history of human progress, you will see that no matter how sophisticated a machine is, it will always lag behind the human mind.

Karl Marx and Friedrich Engels’ view of the history of human progress demonstrates that man did not create the ability to elevate work from physical to intellectual labour, any assistance stems from a person’s need for clothing, food, and shelter. People must discover ways to overcome nature as this requirement grows to boost labour productivity and production efficiency. It is the process of creating and renewing production tools.

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

In actuality, humanity advanced from the Stone Age with crude tools used only for hunting and gathering through the Bronze Age to support agricultural production, and finally the invention of machines. the technological age continues now. It is claimed that all revolutions, including the 4.0 revolution, are fundamentally distinct from one another because super technologies that are capable of feats beyond human comprehension are created.

Therefore, humans will replace that equipment and technologies if they are unable to suit their needs in the future, not AI, robots, or any other technology.

No technology can replace emotions

Social relationships are created through human interaction, which has an impact not on technology but on the growth of people, companies, and ultimately the country.

Humans cannot yet be fully replaced by technology. Sophia, the first robot in the world to receive a citizen license, can answer questions fluently and with 50 different facial expressions, but she is still just a “speaking machine” and cannot evoke strong feelings in the audience the way Nick Vujicic or Michelle Yeoh can when they perform motivational speeches or sing like Michael Jackson.

Despite merely needing a few hours to create a painting that costs millions of dollars, artificial intelligence cannot satisfy collectors’ hunger like Leonardo’s paintings can, Picasso or da Vinci. 

The care, love, and education of parents cannot be replaced by technology, but it may improve how children play, learn, and are cared for. Sometimes, a subject’s teacher rather than the subject itself might pique a student’s interest or hatred in it.

Even technology’s negative aspects have negative effects on the physical and mental health of people. When everything is easily searchable on Google, as it is now with ChatGPT, technology might limit creativity.

When the home is equipped with smart technologies to assist, people are less active. Children become so engrossed in games and online applications on their phones and laptops that they neglect to engage with their peers and parents.

Also Read: Is ChatGPT a great invention or is it being ‘hyped’?

AI only scares you when you allow it

Social relationships are fundamentally based on the sharing of spiritual values. This engagement not only helps people or organisations grow, but it also advances the political and economic health of the nation.

It is challenging to create an organisation under the leadership of a boss who excels in his or her field but struggles to forge strong bonds with partners and staff. It is challenging to persuade clients to purchase from a company that offers quality goods and services but uses advertising and communication methods that fail to appeal to their emotions. Without maintaining social ties with other nations in the area and around the world, it is challenging for a nation to thrive.

Although it can support greater social interactions, technology cannot replace spiritual qualities. While the phone can minimise both physical and temporal distances, replacing handwritten letters, it is the emotions of the two individuals on the other end of the line that provides significance to the exchange. Modern lighting technology does not cause armed wars; rather, disputes about relationships between organisations and nations do.

Consequently, Vietnam’s perspective during the past 90 years has likewise been one of placing people at the heart of development, which is both a goal and a crucial driving force of growth. Additionally, educating the populace should be a key priority because they will be the ones to decide how to advance technology and employ it to further the socioeconomic growth of the nation.

–

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

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

Image credit: 123rf-halfpoint

The post Should people be more wary of AI or is AI more threatened by human misuse? appeared first on e27.

ASEAN Finance Ministers and Central Bank Governors have discussed the possibility of reducing their reliance on the US Dollar and phasing out payment systems, such as Visa and Mastercard. This move could pave the way for implementing Central Bank Digital Currencies (CBDCs) and blockchain-based financial infrastructure in the region.

ASEAN and the US Dollar

The Association of Southeast Asian Nations (ASEAN) is an intergovernmental organisation promoting economic, political, and cultural cooperation among its ten member countries.

Historically, the US Dollar has played a significant role in financial transactions in the ASEAN region due to its status as a global reserve currency. However, recent geopolitical tensions and economic uncertainties have led ASEAN countries to reconsider their dependence on the US Dollar.

In addition, Visa and Mastercard have long been the dominant payment systems in the ASEAN region. Nonetheless, growing concerns over transaction fees, data privacy, and centralised control have led ASEAN Finance Ministers and Central Bank Governors to consider alternative payment systems. ASEAN countries aim to promote regional economic integration and resilience by exploring new financial technologies.

Indonesia’s President, Joko Widodo, has urged local governments to use credit cards issued by local banks and gradually stop using foreign payment systems, such as Visa and Mastercard. He argued that Indonesia needs to protect itself from geopolitical disruptions, citing sanctions targeting Russia’s financial sector from the US, EU, and their allies over the conflict in Ukraine.

Also Read: Putting all your eggs in one basket?

“The use of local government credit cards, in this digital era, should be achievable. If we can use them, we can be self-reliant,” said Jokowi during the opening of the Domestic Product Business Matching in Jakarta Wednesday (15/3).

The potential of CBDC

One solution to reduce reliance on the US Dollar and centralised global payment systems is to optimise CBDC adoption and blockchain technology.

CBDCs are digital representations of a country’s fiat currency, issued and regulated by the central bank. CBDCs offer several advantages over traditional payment systems, including enhanced security, lower transaction costs, and increased financial inclusion. Additionally, CBDCs can help ASEAN countries reduce risks associated with excessive reliance on the US Dollar and strengthen regional currency cooperation.

Bank Indonesia (BI) is currently developing the use of CBDCs. Bank Indonesia Governor, Perry Warjiyo, mentioned that CBDCs are being developed as crypto assets requiring a reference unit of account from sovereign digital currencies.

Perry said CBDCs need to be promoted in ASEAN countries, along with the rapid development of crypto assets. Therefore, central banks are obliged to accelerate the growth of central bank digital currencies, including promoting CBDCs to the public and other ASEAN countries.

“We are obliged to accelerate the development of central bank digital currencies,” said Perry during a High-Level Seminar From ASEAN to The World, titled “Payment System in Digital Era,” quoted by Antara.

Embracing blockchain technology

Blockchain has the potential to revolutionise the financial sector. By adopting blockchain-based systems, ASEAN countries can enhance the efficiency and security of their financial transactions. This technology can also facilitate the development of new financial products and services, driving innovation and economic growth in the region.

“Blockchain and programmable money have opened a new era in the global financial system and cross-border digital payments. With unparalleled speed, security, and transparency, this technology creates a bridge that connects the world economy, eliminating barriers and empowering people to transact more efficiently and inclusively,” said the CEO of D3 Labs, Chung Ying Lai.

Also Read: How to venture into blockchain during a recession

“We believe that, through blockchain innovation and programmable money, we will create a more equitable and sustainable financial future for all.”

Challenges and concerns

Lai added that although CBDCs and blockchain technology offer promising opportunities for ASEAN countries, they must address several challenges and concerns. These include a solid regulatory framework, data privacy protection, and cybersecurity measures.

Furthermore, interoperability and collaboration among ASEAN countries will be crucial for successfully implementing this new technology.

Steps to reduce reliance on the US Dollar and abolish the centralised global payment system by ASEAN Finance Ministers and Central Bank Governors reflect a growing interest in exploring alternative financial strategies.

“By embracing CBDCs and blockchain technology, the region has the potential to enhance its economic resilience and promote innovation. However, it is crucial to address related challenges and encourage regional cooperation to ensure the successful implementation of this new technology,” concluded Lai.

–

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

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

Image credit: 123rf-archnoi1

The post ASEAN explores dropping US dollar: A shift towards CBDC and blockchain technology appeared first on e27.