Two drinking water fallacies are common. Safe drinking water is a problem that has been solved. In an age when your smartphone has millions of times the computing power that was on board the Apollo spacecraft and AI provides answers to complex questions in seconds, it is hard to imagine that 2.2 billion people lack safe drinking water. But they do.

If safe drinking problems remain, they must be in villages. In fact, with population growth outpacing water infrastructure improvements in developing world cities, the resulting urban challenge  is eclipsing the rural challenge.

For illustration, consider Freetown, Sierra Leone. The city’s water supply system was originally designed to serve 500,000 people. The city’s population is now three times that amount, resulting in intermittent service to most customers. Combined with the fact that losses between the water supply intake and customers exceed 45 per cent, the system is woefully inadequate to meet current demands and is falling further behind each year.

Intermittent service is common and one of the primary reasons for the growing challenge of providing safe drinking water to people in cities. Studies have documented that intermittent service results in compromised microbiological quality. Even if the water leaving a city’s central treatment plant is free of pathogens, the microbial quality is questionable when it reaches the faucet. In Freetown, it has almost certainly contributed to waterborne disease: the city experienced nine documented cholera outbreaks from 1970 through 2012, causing thousands of illnesses and deaths.

The story is the same, whether in Freetown, Mexico City, or Laos. Cities face huge obstacles in ensuring the reliable delivery of safe drinking water to their residents and in too many cases, cannot succeed.

Household water treatment is essential to solving the problem

The answer today and the foreseeable future is household water treatment. People collect water from their faucets (if they’re fortunate) or from neighbourhood taps, and then provide their own treatment to deal with the potential of microbiological contamination.

And what treatment approach is most commonly used? Boiling. Some people have electricity in their homes and can use an electric boiling kettle. Many people don’t and they boil their water over an open cookstove, probably using charcoal as the fuel. Even for those with electricity, service has frequent interruptions and they resort to using a charcoal cookstove or simply drinking untreated water for a period.

It’s a health problem. It’s also a climate problem. By our best estimates, more than one billion people worldwide practicing household water treatment do so by boiling. Boiling works. It eliminates pathogens. But it works at the expense of high energy use and high carbon emissions.

Also Read: Funding the green transition: Southeast Asia’s climate tech leaders of 2024

The result is a significant source of carbon emissions: worldwide boiling contributes 107 million tonnes CO2 equivalent per year, which represents about 0.3 per cent of total greenhouse gas emissions. It’s not the largest source, but it’s obviously a meaningful source.

Why boiling? Why not filters? It comes down to money and convenience. Filters can be expensive. The use of household filters often requires two water containers; one mounted higher with the untreated water and a lower one to capture treated water. They produce clean water at a slow rate.

All these factors make them inconvenient, especially if your children are thirsty now and there’s no clean water left. This is a health downside to boiling as well. When the boiled water is exhausted and it’s in the middle of a hot day, the family drinks whatever is available. Inconvenience translates to negative public health outcomes.

There is a better solution than boiling

There is a hopeful solution being developed by a small group of engineers and scientists (and a doctor and even a philosopher), mostly located in Northwestern US. The group has developed a household water treatment product that offers convenience and affordability. They built and proof-tested an early version and conducted field trials in Kampala to garner customer feedback. They are currently seeking funding to finalise a production-ready version and begin marketing it.

The product looks like an electric boiling kettle but instead of heating water to kill pathogens, it uses ultraviolet (UV) LEDs to do the job. When a family has electricity, it only requires the push of a button and a three-minute wait, and there is a container of safe drinking water ready for use (with no delay waiting for it to cool).

If the electricity is out, it operates from a rechargeable battery and can do so for several cycles. Furthermore, because water quality varies from city to city or day to day,  a UV sensor in the product adjusts the treatment cycle to ensure adequate treatment.

Also Read: The water crisis in Asia: How technology can make a difference

As a replacement for boiling, it greatly reduces carbon emissions. It is safer because the risk of children being burned by a fire is eliminated. It contributes to public health because a family can treat batch after batch of safe water throughout the day and therefore is not left to use whatever water they can find. It saves money over buying electricity or charcoal to boil water and with the potential for carbon credits, the cost savings to families multiply.

A problem with a solution

It’s easy to take safe drinking water for granted. It’s hard to imagine that safe drinking water remains elusive for millions in cities around the world. And it’s doubly hard—frustrating—to imagine those truths when there’s an answer such as our UV water treatment kettle so close to becoming reality.

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Fintech is seeing a lot of change, with new business models constantly emerging and old ones being improved. Regulators need to adapt to these innovations, and businesses need to understand how they work in the real world.

This is where regulatory sandboxes come into play. These are used by a wide range of industries—not just fintech—to test products, services, or business models without being subject to the usual regulatory requirements. The purpose is to drive innovation while keeping risks to consumers and the financial system relatively low.

In this article, we’ll examine some common characteristics of regulatory sandboxes, with a focus on the Asia-Pacific (APAC) region, and determine whether it’s worth participating in them.

APAC’s regulatory sandbox

In 2020, there were approximately 73 sandboxes in 57 jurisdictions; APAC had 19 of them. In 2023, there were 20 sandboxes in the SEA-6 region alone (that’s Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam). This indicates significant adoption of this regulatory approach in APAC.

Successful fintechs have previously participated in APAC’s regulatory sandboxes. This includes Singapore-based regulated decentralised security token trading platform, DigiFT, which was granted access to the MAS’ regulatory sandbox to become the first licensed decentralised security token exchange. Another example is BondBlox — the first blockchain-based bond exchange, which also participated in Singapore’s MAS sandbox.

Also Read: Sandboxes and diversification: Why the UAE believes in light-touch regulation for AI development

Here’s a more detailed breakdown of the APAC sandbox landscape:

• On March 12, 2024, the Hong Kong Monetary Authority (HKMA) unveiled the Stablecoin Issuer Sandbox. Participants may include any entity interested in issuing fiat-referenced stablecoins in Hong Kong.
• On March 4, 2024, the State Bank of Vietnam published a draft decree on a regulatory sandbox for the banking sector, including fintech solution providers. Participants may include credit institutions, foreign bank branches, fintech companies, and other organisations. The specific fintech solutions that are allowed to be tested include credit scoring, sharing data via an open application programming interface (Open API), and peer-to-peer lending.
• On February 19, 2024, Indonesia’s passed Regulation Number 3 of 2024, concerning the Implementation of Financial Sector Technology Innovation. Among other things, it contains provisions regarding a sandbox issued by the Indonesian Financial Services Authority (OJK). As such, OJK regulations specify that participants may consist of Financial Services Institutions (FSIs) and/or other parties who intend to carry out activities in the financial sector. The covered areas include settlement of securities transactions, raising capital, investment management, risk management, collecting and/or distributing funds, activities related to digital financial assets, including crypto assets, and other digital financial services activities.
• On April 26, 2024, the Philippines Security Exchange Commission (SEC) issued rules for a strategic sandbox (StratBox) designed to facilitate the testing of innovative financial products and services. The SEC specifies that the “Participant” may be an entity that is “duly registered with the Securities and Exchange Commission and has been assessed as eligible to take part in the SEC Regulatory Sandbox”. The SEC will post sandbox activity guidelines on its website, which will include eligible activities and innovations.

* This list is not exhaustive.

Regulatory sandboxes: Intended purpose

As Darryl Chan, a Deputy Chief Executive of HKMA said, “a sandbox is a box filled with sand that allows children to play and unleash their creativity within a confined space and under a safe environment.” In other words, sandboxes allow businesses to experiment with their new products, services, or business models. This gives them the ability to  test things out in the real world under the supervision of regulatory authorities for a limited period of time.

For instance, the HKMA Stablecoin Issuer Sandbox Arrangement, serves as a channel for both the HKMA and the fintech industry to exchange views on the proposed regulatory regime for stablecoin issuance and facilitate the formulation of fit-for-purpose and risk-based regulatory requirements.

Regulatory sandboxes also help improve a product or service with feedback and speed up integration. Meanwhile, regulatory authorities can identify gaps in regulation.

Here’s how the HKMA and State Bank of Vietnam define the purposes of their regulatory sandboxes:

Support the development of virtual asset ecosystem in Hong Kong; Communicate our supervisory expectations and guidance on compliance to parties and/or entities having genuine interest in and reasonable plan on issuing fiat-referenced stablecoins in Hong Kong, with a view to facilitating the subsequent implementation of the proposed regulatory regime for stablecoin issuers in Hong Kong; Obtain feedback from the sandbox participants on the proposed regulatory requirements to ensure that the regime is fit-for-purpose when implemented; To the extent appropriate, develop and promote good practices in key control areas (e.g. reserves management and stabilisation, governance, user protection, AML/CFT, data transparency, etc.).

To promote innovation and modernisation of the banking sector, thereby realising the goal of financial universalisation for people and enterprises in the direction of transparency, convenience, safety and efficiency at low cost. Create a test environment to assess risks, costs and benefits of Fintech solutions; support the development and development of Fintech solutions in accordance with market needs, legal framework, and management regulations. Limiting risks to customers when participating in using Fintech solutions participating in trials that have not been prescribed in the legal framework and official management regulations. The results of trial implementation of Fintech solutions shall be used as a practical basis for competent state agencies to formulate and complete relevant legal frameworks and management regulations.

Participating in sandboxes does not mean that participants will be automatically granted a license—or that they are officially recognised or endorsed by regulators.

Also Read: Why Singapore is ASEAN’s sandbox for innovation in healthtech

Conditions of participation

To join a sandbox, organisations should pass an assessment—which, among other conditions, includes the following:

• Novelty assessment: Evaluates whether the proposed product or service should include new or emerging technology or uses existing technology in a novel way (e.g., Philippines SEC sandbox, State Bank of Vietnam proposed sandbox, OJK sandbox);
• Usefulness assessment: Evaluates whether the product or service provides benefits, improves services, and adds value to consumers, society, and/or the financial sector ecosystem (e.g., Philippines SEC sandbox, State Bank of Vietnam proposed sandbox, OJK sandbox);
• Viability assessment: Evaluates whether the organisation has the intention and ability to deploy the proposed services or products after successfully exiting the sandbox (e.g., Philippines SEC sandbox, HKMA Stablecoin Issuer Sandbox, State Bank of Vietnam proposed sandbox);
• Real interest and testing possibility assessment: Evaluates whether a testing plan with test scenarios and expected outcomes of sandbox experimentation are clearly defined (e.g., Philippines SEC sandbox, State Bank of Vietnam proposed sandbox, HKMA Stablecoin Issuer Sandbox).

For more detailed entry conditions, see the relevant act/regulations/decree.

Conclusion

The effectiveness of a regulatory sandbox depends on three key factors:

• The extent to which it encourages participation;
• Whether it actually stimulates innovation;
• How transparent they are for those involved. This largely depends on open, ongoing  communication  dialogue between regulators and sandbox participants.

For companies focused on developing a new product or service, but need to test a few hypotheses first, a sandbox can be a good option—but only if the sandbox itself is set up properly. Therefore businesses seeking to participate in a sandbox should closely consider whether the three factors mentioned above are properly facilitated.

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The world is poised for a fourth industrial revolution driven by artificial intelligence (AI). According to PwC, by 2030, AI is projected to contribute US$15.7 trillion to global GDP, far surpassing the impact of the internet revolution. This figure reflects AI’s transformative potential across industries, fuelled by advancements in machine learning, robotics, and big data. As the AI wave gains momentum, entrepreneurs face an unprecedented opportunity to position themselves for tomorrow’s demands.

The five-year rule in AI ventures

Unlike traditional entrepreneurship, where success often hinges on solving immediate pain points, AI ventures require a longer-term perspective. Due to the complexity of AI innovation and the need for market education, the journey from technical development to commercial viability often spans several years.

Focusing solely on current demands risks missing the market window when products mature. Entrepreneurs must align their strategies with the technological and market maturation cycles, planning their ventures with a five-year horizon in mind.

Three high-potential sectors

AI’s penetration into various industries reveals three sectors with exceptional growth potential over the next five years:

• AI-enhanced traditional industries: Mature AI technologies are revolutionising traditional industries, driving digital transformation, improving efficiency, and reducing costs. For example, AI-powered predictive maintenance in manufacturing has reduced downtime by up to 20 per cent, while AI in logistics has optimised delivery routes, saving billions annually. The global AI applications market is forecasted to reach US$1.34 trillion by 2030, presenting a clear opportunity for entrepreneurs to develop industry-specific solutions. This sector offers relatively lower technical barriers and faster market adoption cycles, making it ideal for first-movers.
• AI education and training: As AI becomes mainstream, the demand for education surges across demographics. From coding boot camps for youth to up-skilling platforms for professionals, this sector holds vast untapped potential. For instance, startups like DataCamp and Coursera have demonstrated how AI can personalise learning, making education more engaging and effective. Success in this sector requires a focus on curriculum innovation, such as incorporating generative AI tools and adopting adaptive teaching methodologies. While return cycles may be longer, the sustained demand ensures a robust growth trajectory.
• AI infrastructure: AI applications depend heavily on computing power and storage infrastructure. For instance, OpenAI’s GPT models require significant cloud and GPU resources, which are often inaccessible to smaller companies due to their high costs. As AI adoption accelerates, demand for affordable, scalable infrastructure will soar. Entrepreneurs could focus on flexible delivery models like AI-as-a-service or partner with cloud providers to offer cost-efficient solutions. Although this sector demands substantial capital and talent, early movers can secure long-term advantages by establishing partnerships and leveraging economies of scale.

Also Read: Generative AI for sustainability: How these startups are saving the planet with the technology

Strategic approach to AI entrepreneurship

Among these sectors, AI-enhanced traditional industries will likely see the first wave of explosive demand, followed by AI education and infrastructure. Entrepreneurs can position themselves for success with these strategic approaches:

• Target specific industries: Conduct deep analysis to identify pain points and develop AI-driven solutions that solve real-world problems, such as optimising supply chains, automating routine tasks, or enhancing customer experience.
• Innovate education delivery: To make AI education more accessible and engaging, leverage gamification, AI-driven personalised learning, and virtual reality. For example, creating tools that simulate real-world AI applications could attract both novice learners and seasoned professionals.
• Build cost-effective infrastructure models: Focus on flexible, subscription-based infrastructure services that reduce entry barriers for SMEs and developers. Innovate with edge computing or hybrid cloud models to meet the growing demand for AI processing power.
• Adopt agile development: Maintain short development cycles, continuously gathering and integrating user feedback to refine products. For instance, launching MVPs (minimum viable products) can help gauge market demand and iterate rapidly.
• Educate the market: Invest in market awareness campaigns to demonstrate the value of AI solutions. Hosting workshops, webinars, and pilot programs can help build trust and drive adoption in industries unfamiliar with AI technologies.

Building a competitive edge

Entrepreneurs must establish competitive advantages to stand out in the AI revolution. In AI-enhanced traditional industries, they can focus on developing niche expertise and forging partnerships with legacy players. For education, differentiators include continuously updating curricula to reflect the latest AI advancements and providing scalable delivery platforms.

Also Read: Blockchain gaming trends in Asia: here’s what you need to know

In infrastructure, entrepreneurs can prioritise cost-efficient innovations and collaborations with tech giants to lower operational costs and expand reach.

The path forward

The future belongs to entrepreneurs who understand technology, industry dynamics, and user needs. Those who think strategically today, with a five-year perspective, will be positioned to capitalise on AI’s transformative power. Whether addressing inefficiencies in traditional industries, equipping the workforce for an AI-driven economy, or building the backbone infrastructure of tomorrow, the possibilities are vast. Visionary entrepreneurs can help shape the AI revolution by seizing the first-mover advantage while unlocking immense economic and societal value.

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Asia’s immense diversity is both a strength and a challenge for businesses. With over 4.5 billion people spread across dozens of countries, the region is a mosaic of languages, religions, traditions, and work cultures. Startups and multinational companies alike often find themselves managing teams with members from vastly different cultural backgrounds.

Diversity fosters creativity and innovation but can also lead to misunderstandings and conflicts if not managed effectively. This article explores the unique dynamics of managing diverse teams in Asia, highlighting challenges and strategies for creating a cohesive, productive work environment.

Why cultural diversity matters in Asia

• Innovation through multiple perspectives: Teams with diverse cultural backgrounds bring varied viewpoints, leading to more creative problem-solving and innovation.
• Market insights and localisation: A culturally diverse team helps businesses better understand and cater to Asia’s varied markets.
• Global competitiveness: As Asia becomes a global economic hub, companies with multicultural teams are better equipped to collaborate internationally.

Key challenges in managing diverse teams

• Communication barriers
• • Language differences: Even when English is the working language, fluency levels and communication styles vary.
  • Non-verbal cues: Gestures, facial expressions, and body language can have different meanings across cultures. In some cultures, direct eye contact conveys confidence; in others, it may be seen as disrespectful.
• Differing work styles
  • Hierarchy vs equality: Some cultures value hierarchy and formal authority, while others prefer flat organisational structures.
  • Approach to decision-making: Western-style assertiveness may clash with consensus-driven decision-making in many Asian cultures.
• Conflicting expectations
  • Work-life balance: Some team members may prioritise work over personal time, while others value boundaries.
  • Feedback styles: Direct feedback may be appreciated in one culture but seen as rude or confrontational in another.
• Unconscious bias
  • Cultural stereotypes or assumptions can create divisions within the team, affecting trust and collaboration.

Also Read: How did Ninja Van build a culture of creativity and innovation

Strategies for managing a diverse team in Asia

• Foster cultural awareness

Why it matters: Understanding cultural differences reduces miscommunication and fosters empathy.

• • Conduct cultural sensitivity training for team members.
  • Celebrate cultural events or holidays to promote inclusivity.
  • Encourage employees to share aspects of their culture during team-building activities.

A Singapore-based startup with employees from India, China, and Malaysia hosted a lunch-and-learn series where team members introduced their local cuisines and customs.

• Create Clear Communication Protocols

Why it matters: Structured communication reduces misunderstandings and ensures everyone is on the same page.

• • Use plain, simple language in meetings and written communication.
  • Clarify expectations, roles, and deadlines to avoid ambiguity.
  • Encourage active listening and repeat key points to confirm understanding.

A logistics company in Vietnam implemented a standardised agenda for meetings and used visual aids to bridge language gaps among its multicultural team.

• Adapt leadership styles

Why it matters: A one-size-fits-all approach to leadership may not resonate with a diverse team.

• • Adjust leadership approaches based on team members’ preferences (e.g., directive for hierarchical cultures, participative for egalitarian ones).
  • Show respect for cultural norms while fostering an inclusive environment.

A manager in Thailand held one-on-one meetings with team members from cultures that value privacy over group discussions, ensuring their voices were heard.

• Encourage cross-cultural collaboration

Why it matters: Building relationships across cultural lines enhances team cohesion and trust.

• • Pair team members from different cultural backgrounds on projects to encourage collaboration.
  • Facilitate informal interactions through social events or virtual coffee chats for remote teams.

A fintech startup in Indonesia created cross-functional teams with members from diverse cultural backgrounds, leading to a more unified and innovative workplace.

• Respect work-life balance

Why it matters: Recognising differing attitudes toward work-life balance prevents burnout and promotes well-being.

• • Offer flexible work arrangements to accommodate diverse lifestyles and family commitments.
  • Be mindful of time zones when scheduling meetings for regional teams.

A regional startup based in Hong Kong staggered work hours for employees across multiple countries, ensuring equitable work-life balance.

• Provide constructive feedback thoughtfully

Why it matters: Feedback is critical for growth but must be delivered in a culturally sensitive manner.

• • Use a balanced approach, mixing positive reinforcement with constructive criticism.
  • Avoid public criticism in cultures where saving face is important.

A Japanese manager working in a diverse team gave detailed, written feedback to avoid the potential embarrassment of public critique during team meetings.

• Build an inclusive culture

Why it matters: An inclusive workplace fosters belonging, which improves morale and retention.

• • Ensure equal opportunities for career growth, regardless of cultural background.
  • Address unconscious bias through training and open dialogue.
  • Recognise and celebrate diverse contributions in team achievements.

A multinational company in Malaysia implemented a mentorship program to support employees from underrepresented cultural groups.

Also Read: Cultivating an honest culture: Why leaders should be transparent

Case study: Managing cultural diversity in a Singaporean tech company

Scenario:

A Singapore-based tech company expanded into Indonesia, India, and Vietnam, creating a highly diverse team. Early challenges included communication gaps, conflicting work styles, and difficulty building trust among team members.

Actions taken:

• Introduced biweekly virtual cultural exchanges where team members shared insights about their local customs and work practices.
• Implemented a feedback framework that balanced cultural preferences for directness and subtlety.
• Used Slack channels for informal conversations, promoting relationship-building across regions.

The company reported improved collaboration, higher employee satisfaction, and a stronger sense of community within six months.

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Did you also know many SaaS startups fail to fundraise because they missed out on some crucial points? In this article, we outline the top five blunders to avoid when you’re looking for investment.

Many founders overlook critical aspects like cash-basis accounting and churn metrics. These are essential elements that SaaS founders need to be trained on. Neglecting these factors can significantly hinder your fundraising efforts.

It’s also important to monitor your customer acquisition costs and your cash flow. Don’t be fooled by hopeful sales cycles; they can lead to unrealistic expectations.

We’ll guide you through how to correct these gaffes and get VCs excited about your startup. Let’s get into it and ensure that your SaaS startup is not another statistic.

Understanding SaaS fundraising mistakes

Getting your bearings in the world of SaaS startup fundraising can be overwhelming. For many founders, the challenge is getting lost in the weeds of day-to-day life or raising money. Let’s take a look at some common traps and how to avoid them.

• Why cash-basis accounting fails

Many SaaS startups will initially rely on cash-basis accounting, which can obfuscate the true health of the company. Switching to accrual accounting lends a clearer picture for VCs. This helps them learn ownership stakes for different key exit events.

Accrual accounting makes a distinction between recurring and one-time revenue, which is important for transparency. For example, a SaaS business may get an annual fee up front, which can distort short-term cash flow. Seeing revenue trends over time increases investor confidence.

This is important because 45 per cent of SaaS businesses fail due to incomprehensible financial projections.

• Importance of churn metrics

Churn metrics are a key indicator of customer satisfaction and business stability. By implementing strong systems for monitoring retention and churn levels, you will ensure resources are focused on enhancing customer success.

Also Read: A recap of e27 Contributor Programme’s noteworthy offerings in 2024

Katy frequently sees founders talk about product roadmaps but do not connect them back to client growth or retention. Strong retention metrics during fundraising can really entice investors. They assure them of the company’s ongoing viability and ability to acquire new customers.

• Realistic sales cycle assumptions

By basing sales cycle predictions on historical data, you avoid the trap of making unrealistic forecasts. It can be tempting to show investors an optimistic timeline, but honest communication increases your trustworthiness.

Buffer periods in financial models account for unexpected delays. Founders frequently learn this lesson after spending months raising funds because they focus too much on their initial targets. This is in line with the idea that fundraising is a second job, which requires precision and vision.

• Customer acquisition cost awareness

Monitor Customer Acquisition Cost (CAC) to ensure it’s within industry standards. Good marketing needs to weigh the efficiency of acquisition against sustainable growth.

Transparent presentation of CAC data reassures investors of the profitability potential. Many founders identify with Katy’s hockey card analogy to investing. Each card holds value for the customer, but ultimately, you need to be able to justify the costs.

• Cash flow management essentials

Rigorously tracking cash flow prevents financial shortfalls, a common downfall during downturns. Maintaining reserves for operational expenses supports ongoing growth.

Accurate cash flow forecasts are indispensable for business stability and investor confidence, especially when 10 per cent of VC-backed companies face demoralising down-rounds. Understanding these dynamics helps founders manoeuvre the intricate dance of fundraising, where sourcing new deals is critical and analysts serve as the front lines.

Conclusion

Fundraising for SaaS isn’t exactly easy. One misstep and you’ve boxed yourself in. We discussed common missteps, such as knowing your metrics and timing. These are blunders that cost time and cash. You have to know your numbers, and you have to hit the right time. Investors love a story backed with solid data. You need to keep this pitch clear and focused. Don’t forget what the market vibe is. Stay sharp and learn from each round.

Want more than that? Review our guides and get out in front. Your SaaS journey begins here. Don’t let the common traps slow you down. Keep it real, keep it simple, and remember: every mistake is a chance to learn. So get out there and make your next capital raise go to work for you. Let’s get that growth back on track!

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Launched two decades ago, Singapore’s Yellow Ribbon Project was created in the hopes of supporting ex-offenders in their reintegration into society, particularly in encouraging the wider public to accept them back into the folds of everyday life and work.

Employers have indeed become more accepting — but limits remain.

For many ex-offenders, the path to rebuilding their lives often begins with (and, at times, may even be restricted to) taking up blue-collar jobs. This is occasionally in service industries such as logistics and F&B, but more commonly in construction or janitorial services, the physically demanding, hard labour that “no one else really wants to do”.

While these offer opportunities for a fresh start, it’s hard not to notice how rarely ex-offenders are seen in white-collar environments. Office roles, corporate sales, and professional industries seem like an untouchable dream for people who’ve seen the inside of a jail cell.

I know firsthand what that’s like because I experienced that same struggle trying to get my own life back on track.

As a teenager, I couldn’t have been more removed from the business and sales world that I live in now. I was raised by a single mother who had me when she was just 16, and though she gave everything she had to raise me, I strayed down a frankly irresponsible path. By the time I was in school, I’d already been entrenched in gang life with a lot of unsavoury bits to my name: solitary confinement in Singapore Boys’ Home, 60 cane strokes, and even near-imprisonment when I was caught red-handed in the middle of a serious crime.

That moment, staring down the barrel at the possibility of losing my freedom forever, was the wake-up call I desperately needed, and was maybe even waiting for.

When all I had ever known was this life of violence, though, I was shut out from all kinds of opportunities. Only after a little luck and a lot of persistence did I manage to find a mentor who decided to give me a shot in something unexpected: being a salesman.

I had no experience, no idea what I was doing, and a whole lot to prove. But it was that shot — so precious and hard to come by for an ex-convict fresh out of the trenches — that gave me the determination to learn an entire industry from scratch. I knew I was going to be in this for the long haul, because I saw it as more than a job; it was a chance to challenge the stigma that ex-offenders face when it comes to equal opportunities in professional industries.

Many of us can do the job. We just need the chance to be able to do it.

Supporting the growth of ex-offenders as a valuable pool of talent

Employers are often hesitant to hire ex-convicts due to the perceived risks associated with criminal records. That’s just what it is though: a perception.

Also Read: How mental health startup Intellect’s founder catalysed his personal battle with anxiety

In truth, these individuals represent an often-overlooked talent pool that not only has potential waiting to be tapped, but also can help bring years of rare lived experience to entry and mid-level roles. Many acquire valuable skills either through training programmes during incarceration or through the jobs they held before their convictions, and have a remarkable ability to learn and adapt on-the-go.

Because it is something society rarely extends to them, ex-offenders often deeply recognise and appreciate the trust they’re given. This gratitude often translates to a strong work ethic and lower turnover rates, as many are determined to prove themselves worthy of the chance they’ve been offered — just like how I stuck to my salesperson job, going from total greenhorn to now running a company that has helped more than 1,000 offices streamline their operations.

While the government has taken steps to ease re-integration with training programmes and support networks, I believe employers play an even bigger role in providing the right opportunities for ex-offenders to fully put these qualities to good use.

And for businesses to make this shift, as with all things, change must begin from the top.

Also Read: Big wins for small businesses: Supercharging growth with online content

Recruitment leaders, CEOs, and business owners all hold in the palm of their hands the power to reshape hiring practices and foster a more inclusive culture. One that not only welcomes people of different ethnicities and economic backgrounds, but also those who have made mistakes in the past but are eager to try again. Otherwise, we run the risk of missing out on capable individuals that bring a unique, human, and often more empathetic perspective to the table.

Having helmed an office solutions company for more than a decade, I came to realise that the core of the business — and what has helped us win over so many repeat clients — is almost entirely shaped by my experience as an ex-offender looking for my footing in society.

I’ve faced insane challenges that pushed me to my limits, and I bring that same grit to solving problems for my clients and supporting my team. I know firsthand how much a good relationship can determine the outcome of your path, which is why I hold such a strong emphasis on collaboration and understanding.

By turning to people over profit and making an effort to truly understand their character before all else, I believe employers are doing what it really means to employ: not just filling a position, but rather investing in individuals — who, when truly supported, can give back as an invaluable addition to a business, an industry, and even to society as a whole.

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Artificial Intelligence (AI) has become a buzzword in recent years, especially with the rise of Large Language Models (LLMs). But AI’s story didn’t begin with chatbots or mind-bending video generation — its roots stretch back over 80 years.

In 1943, Dr. Warren McCulloch and Walter Pitts laid the groundwork for artificial neural networks, planting a seed that would sprawl into today’s AI revolution. Decades of cumulative innovation, including breakthroughs in parallel-computing hardware like GPUs, have brought us to this moment.

Are we standing at the dawn of a transformative era where AI reshapes the world? Or are we riding a speculative wave, teetering on the edge of a bubble? My belief firmly rests on the former.

The challenges in healthcare

Healthcare is a notoriously complex and conservative field. Regulation and legislation form a labyrinth that often stifles change. The system is rigid, and sometimes for good reasons. While AI need not and cannot change all these issues directly, it holds the potential to streamline processes, improve efficiency, and on a whole making healthcare more adaptable to change.

Staffing remains another significant challenge. Post-pandemic, many healthcare professionals are prioritising work-life balance, with some exploring opportunities outside traditional clinical roles. This has left the frontline workforce strained by burnout and staffing shortages. Thoughtfully implemented AI solutions, such as automated workflows or virtual assistants, could alleviate some of this burden, allowing healthcare professionals to focus on tasks that require human expertise and empathy.

The standards AI must meet

In healthcare, accuracy and patient safety aren’t just ideals — they’re non-negotiable. Mistakes in a chatbot recommending dinner are harmless; errors in a clinical setting can be catastrophic. Before healthcare AI can be trusted, it must undergo rigorous testing and adhere to the highest safety standards. Trust is hard-earned in medicine, and once lost, it’s nearly impossible to regain.

Reflecting on the HELF AI’s Journey

Building HELF AI has been a deeply personal and rewarding journey. Our CTO and COO are computing prodigies, and our engineers have dedicated countless hours – weekends, late nights – to creating a reliable product. I vividly remember presenting HELF to senior doctors in Singapore, feeling both nervous and hopeful. Their nods of approval were the ultimate validation of our work. That trust continues to drive us as we prepare to take some of our products into clinical trials in 2025.

Also Read: Running on empty: What happens when AI models run out of data?

The road ahead

Where do we go from here? As we stand on the brink of a new year — and perhaps, a new era — I have a wish list for the collective human effort driving AI forward:

• Invest in computational neuroscience

Transformers, the foundation of modern LLMs, are just the beginning. Addressing challenges like hallucinations may require exploring biologically inspired designs or training paradigms. Imagine 3D architectures that mimic the depth and complexity of the human brain. The closer we align AI designs with biology, the more intelligent and efficient these systems could become.

• Foster collaboration between startups and governments

Governments are making strides in national AI strategies, but startups bring agility and innovation to the table. In Singapore, the government’s efforts to build a national AI backbone are commendable. By fostering partnerships with startups and sharing datasets, both sides can drive meaningful advancements. Collaboration is key to accelerating progress and ensuring that AI solutions are both scalable and impactful.

• Encourage doctors to embrace AI

I understand the hesitation among medical professionals. Medicine has long relied on its monopoly of deep knowledge and expertise to maintain its standing. But AI isn’t here to replace doctors – it’s here to augment them. Whether it’s predictive analytics, natural language processing, or computer vision, AI can be a powerful ally. The key is understanding its capabilities and limitations to use it effectively. At HELF, we believe that the doctor-patient relationship is sacred, and we pledge never to disrupt that bond.

Goodbye or see you?

As 2024 draws to a close, it’s important to remember that AI is just a tool. Throughout history, disruptive technologies — from the wheel to the printing press to the internet — have been met with both excitement and deep anxiety. Yet, they ultimately made life better. AI is no different. It’s here to complement human expertise, not replace it.

To my fellow doctors and AI engineers: let’s approach 2025 with optimism. Together, we can build a future where healthcare is not only more efficient but also more humane. By embracing AI’s potential while upholding the highest standards of safety and ethics, we can ensure that this technology benefits everyone – patients, professionals, and society at large. Kanpai 乾杯!

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The new Chancellor of the Exchequer, Rachel Reeves, stood up in the House of Commons in late October and made the annual Autumn Budget announcement to the UK. It was accompanied by a full statement from the Office for Budget Responsibility (OBR).

Among other important finance-related announcements, such as the increase in employer National Insurance (NI) contributions and pension funds soon being subject to Inheritance Tax, the Chancellor also made it clear that the tax-free Annual Individual Savings Account (ISA) Allowances will remain the same until April 2030. 

The Annual ISA Allowance freeze will impact investors across the UK. Luckily, this article will explore what the freeze means for investors and what the allowances would have been now if they rose in line with the UK’s inflation rate.

What does the freeze mean for my ISA?

The 2024 Autumn Budget, announced on the 30th of October, highlighted that Annual Allowances for all ISAs will remain the same. This keeps the limit for Cash ISAs and Stocks and Shares ISAs at £20,000 (US$25,400), Lifetime ISAs at £4,000 (US$5,080), and Junior ISAs at £9,000 (US$11,430). 

The Annual ISA allowance limits how much investors can put into their ISA accounts in one tax year, which runs from the 6th of April to the 5th of April the following year. The Annual Allowance for Cash ISAs and Stocks and Shares ISAs can be paid into one account or split the allowance across multiple accounts. However, investors can only pay into one Lifetime ISA in a tax year.

Unfortunately, the government’s decision to freeze the Annual ISA Allowances until April 2030 means that the limit is not rising with inflation, which is currently at 2.30 per cent.

On the one hand, investors can be relieved that the Chancellor of Exchequer didn’t announce a cut to the tax-free Annual ISA Allowance or impose a lifetime cap on how much can be accumulated in tax-free accounts. 

However, now that investors have been given a clear indication that the tax-free Annual Allowance will not rise for another six years, they might wonder what it means for their ISA accounts.

Also Read: How to revolutionise the banking and finance industry with Robotic Process Automation

According to HMRC figures, around 16.9 per cent of ISA holders reached their total tax-free limit between 2021 and 2022. So, let’s explore what the Annual ISA Allowances would be now if they had risen in line with inflation:

• The annual allowance for Cash ISAs and Stocks and Shares ISAs was raised to £20,000 (US$25,400) in April 2017. Today, the tax-free allowance would be £26,082 (US$33,138) if it had risen in line with inflation.
• The Junior ISA annual allowance increased from £4,368 (US$5,547) to £9,000 (US$11,430) in April 2020. However, if the tax-free allowance had continued to rise with inflation, it would be £11,277 (US$14,321) today.
• The Lifetime ISA annual allowance has remained at £4,000 (US$5,080) since its launch in April 2017, but it would be £5,216 (US$6,624) today if it had risen with inflation.

Investors with bigger pots that are more likely to reach the £20,000 (US$25,400) limit could lose out on up to £56,500 (US$71,755) due to the freeze. This is because if the Annual Allowance increased in line with inflation, they could have invested more tax-free money each year.

Is the government introducing a new ISA?

During the 2024 Spring Budget in March, the now-former Chancellor of the Exchequer, Jeremy Hunt, spoke about plans to introduce a new type of ISA called the British ISA. This gives investors an additional £5,000 (US$6,350) allowance – on top of their existing £20,000 (US$25,400) – to invest in UK shares. It would also come with the same tax advantages as other ISAs.

However, the Autumn Budget confirmed that the government would not be introducing the British ISA due to mixed responses to the consultation launched shortly after its announcement in March. 

Exploring the history of annual allowances

To conclude, it’s important to understand that there is no set method for how much and when annual ISA allowances should increase. In fact, the tax-free limit for ISAs has been frozen for significant periods in previous years. 

The Annual ISA Allowance was frozen at £7,000 (US$8,890) from its launch in 1999 until 2007 when it increased by £200 (US$248). It then went to £15,000 (US$18,600) in 2014 and finally to £20,000 (US$25,400) in 2017, where it has remained.

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As 2024 comes to a close, it’s time to reflect on the stories that captured the tech world’s attention. The startup ecosystem, especially in Southeast Asia, proved to be a hotbed of innovation, resilience, and growth, offering up a steady stream of fascinating news.

From groundbreaking funding announcements to industry-shifting partnerships, these stories not only defined the year but also hinted at the future of tech and entrepreneurship.

This feature spotlights the 20 most-read tech startup news articles of the year, a curated list that reflects the trends, challenges, and triumphs shaping the innovation landscape.

In this roundup, we celebrate the entrepreneurs, investors, and visionaries who pushed boundaries, weathered uncertainties, and redefined what’s possible in a world increasingly reliant on tech-driven solutions. These are the stories that sparked conversations, inspired action, and kept us all clicking, scrolling, and sharing.

So, let’s revisit the headlines that mattered most in 2024’s vibrant and dynamic startup scene.

measurable.energy raises funding for SEA expansion

UK-based measurable.energy, which designs and manufactures AI-powered plug sockets that reduce electricity costs, secured £4 million (US$5.2 million) in October.

Vertex Exploratory Fund, a fund under Vertex Holdings (a wholly-owned subsidiary of Temasek), co-led the round along with existing investor and UK-based cleantech VC firm Clean Growth Fund.

The investment is used to accelerate the company’s growth in the UK and international markets ahead of its anticipated Series B fundraising in 2025.

Also Read: Cutting carbon at the socket: measurable.energy’s smart solution to plug power waste

Vertex Exploratory Fund will help measurable.energy expand its presence overseas, particularly in Southeast Asia.

Former Peak XV MD launches Kenro Capital

Piyush Gupta, the former managing director of Peak XV Partners (formerly Sequoia Capital), launched Kenro Capital in November. The VC firm specialises in secondary transactions, facilitating the exchange of shares between investors without introducing new capital or issuing additional shares.

Kenro Capital aims to target growth companies in India and Southeast Asia. It plans to deploy US$20-30 million per investment, with flexibility for larger amounts through co-investment opportunities.

MediConCen bags US$6.85M

In February, Hong Kong-based MediConCen, a startup automating insurance claims using AI and blockchain, raised US$6.85 million in a Series A round. HSBC Asset Management led this round, with support from existing investors G&M Capital and ParticleX and new investor Wings Capital Ventures.

This brings MediConCen’s total raise to US$12.7 million.

The capital is being used to expand into the Middle East and Southeast Asia.

Yoshiaki Murakami’s daughter launches Kadan Capital

In September, Rei Murakami Frenzel, the second daughter of Yoshiaki Murakami, founder of Japan’s Murakami Family Foundation, teamed up with Felix Frenzel (former Investment Manager at Antler) to launch Kadan Capital in Singapore.

Kadan, which means ‘decisive, determined’ in Japanese, seeks to invest in early-stage companies in Asia with sufficient evidence of product-market fit and significant rapid growth potential.

The target verticals are fintech, SaaS, and Artificial Intelligence across Southeast Asia (mainly Singapore and Indonesia), Japan, and the Middle East (primarily the UAE and Saudi Arabia).

The ticket size is US$500,000 to US$1 million.

Zora Health raises US$740K

In January, Zora Health launched its integrated fertility care and financing platform in Singapore, with S$1 million (US$740,000) in funding.

With initial backing from venture capital firm Antler, this funding round includes the participation of angel investors such as Cheryl Goh (Founding CMO of Grab), Prajit Nanu (CEO of Nium), Alan Jiang (CEO of Beam), and Lisa Enckell (Venture Partner, Antler), along with Asa Liden (former COO of Pitch.com).

Zora Health said that 55 per cent of its investor lineup consists of women.

Ai Palette nets US$5.8M funding

Ai Palette, a Singapore-incorporated startup enabling consumer packaged goods (CPG) companies to create products using AI and machine learning technologies, bagged US$4 million in equity financing from Tin Men Capital in March.

This brought the capital raised by the AI startup in the Series A extension round to US$5.8 million.

With the fresh funds, Ai Palette is expanding further into the beauty & personal care and nutraceutical categories, which began development in November 2023. The injection is also being used for global expansion in North America, Europe and the APAC regions and supercharge its Generative AI capabilities.

Telkomsel Ventures leads Tictag’s Series A

In July, Singapore-based data and AI-as-a-service company Tictag completed its Series A round with undisclosed funding led by Telkomsel Ventures.

Existing investors M Venture Partners, East Ventures, and Investible participated. SBI Ven Capital, a subsidiary of Japan’s SBI Holdings, joined the round through its joint fund with South Korea’s Kyobo Securities and NTU Singapore’s NTUitive.

Operating in Singapore, South Korea, Indonesia, Malaysia, and Hong Kong, the company will use the funds to engage more businesses and expand its presence in Indonesia and the rest of Asia.

Singapore surpasses US in AI investment: Study

A September survey revealed that Singapore’s Artificial intelligence (AI) investment rate has outpaced the US by 16 per cent per thousand $GDP.

This is despite the US being the largest investor in AI, with US$328,548 million spent in the last five years.

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

As of 2023, the AI market size was valued between US$136.55 billion and US$454.12 billion. The largest share is in North America, with an estimated value ranging from US$87.18 billion to US$167.3 billion, accounting for more than a third (36.84 per cent) of the global AI market share.

Pixelmon secures US$8M seed funding

In February, Pixelmon, a decentralised web3 gaming IP company, raised US$8 million from investors, including Animoca Brands, Delphi Ventures, Amber Group and Bing Ventures.

Bitscale Capital, Cypher Capital, Foresight Ventures, Mechanism Capital, Sfermion, Spartan Labs, and VistaLabs also participated.

The startup is using the funding to continue developing its differentiated portfolio of casual and mid-core games.

Mober raises US$2M seed financing

Mober, an electric vehicle (EV) logistics startup in the Philippines, received US$2 million in seed financing in February. The round was led by local family business RT Heptagon Holdings.

The company is using the funds to accelerate the integration of electric vehicles (EVs) into its fleet. Mober has already expanded its EV fleet to 60 vehicles.

Also Read: Securing bank financing for scaling our EV fleet is hard in Philippines: Mober CEO

Established in July 2015, Mober aims to drive the transition to green deliveries in the Philippines. The firm has developed a Transport Management System (TMS) to optimise delivery efficiency and track the CO2 savings achieved through EVs.

Xalts acquires Contour Network

Xalts, a Singapore-based fintech platform for financial institutions and businesses to build and manage digital finance applications, acquired Contour Network, which connects global banks with global businesses, in February.

The initial focus for Xalts is embedded solutions for trade and supply chain finance. These will enable banks, logistics companies and technology companies to offer integrated solutions to businesses using a single platform.

Contour was started in 2017 as a pilot by eight global banks, including HSBC, Standard Chartered and BNP, focusing on digitising trade. Over 22 banks, including HSBC, BNP, Citi, DBS, and ING, and 100 international businesses like Tata Group and Rio Tinto, use Contour for digital trade finance solutions.

Xalts was founded in 2022 by Ashutosh Goel and Supreet Kaur, former senior executives at HSBC and Meta. Backed by Accel Partners and Citi Ventures, Xalts is used by institutions to build multi-party applications for digitisation and tokenisation.

Hubble nets US$5M funding

Hubble, a Singaporean startup that aims to transform progress and payments in the built environment industry, closed a US$5 million funding round in June. Asia-focused private credit financier AlteriQ Global led the round.

The funding is used to accelerate the expansion and growth of its financial services division Hubble.Financial into new industries and beyond Singapore.

Founded in 2016, Hubble digitises and automates site processes to track and expedite progress and enable on-demand liquidity through early payment solutions based on verifiable progress data. Its full-stack progress-to-payment platform synergises the progress data insights from Hubble.Build (its construction management division) with early payment solutions from the financial services division.

PopChill bags US$3.1M for Singapore expansion

PopChill, a luxury resale marketplace in Taiwan and Hong Kong, secured US$3.1 million in a pre-Series A extension funding round in May.

The investors included Top Taiwan Venture Capital, 500 Global, Acorn Pacific, ITIC, AVA Angels Fund, Acorn Pacific Ventures, and Darwin Ventures.

The startup is using the fresh capital to reach break-even in Taiwan by the end of this year and expedite growth in the Hong Kong market. It is also expanding into a new market, with Singapore as the primary target, within this year.

Vertex Growth leads Elice’s US$15M round

Elice, an AI-powered educational platform company based in South Korea, raised KRW 20B (approximately US$15 million) in a Series C funding round led by Vertex Growth in January.

The company is using the funds to expand into Asia Pacific, such as Singapore, the US, and Japan and strengthen its AI research capabilities by building a large-scale AI Data centre in Busan, leveraging its experience building PMDC (Portable Modular Data Centre). The centre aims to recruit technology talent with aspirations to hire a large-scale AI workforce in Busan.

Founded in 2015, Elice focuses on delivering an integrated B2B and B2G educational platform and content for institutional clients, specialising in technical skills upgrades to enhance organisational digital transformation. Elice leverages AI to offer specialised tech skill development and a customised learning experience across coding environments via personalised tutoring, live classes, testing/assessment, learning management systems and customer management systems.

Amazon to train 15K individuals in AI skills in Singapore

Global tech giant Amazon plans to develop innovative AI solutions and support Singapore’s Smart Nation and National AI Strategy 2.0 (NAIS 2.0) goals, it announced at the 10th AWS ASEAN Summit in the island nation on June 30.

Furthermore, the company’s cloud business unit, Amazon Web Services (AWS), said it plans to invest an additional S$12 billion (US$9 billion) into its existing cloud infrastructure in Singapore from 2024 to 2028. AWS invested S$11.5 billion in the Asia Pacific (Singapore) region through 2023. With the new tranche, the total planned investment into its existing cloud infrastructure is set to double to more than S$23 billion by 2028.

For the AI initiative, Amazon has partnered with SEA-LION, GovTech Singapore’s Analytics.gov, the Maritime and Port Authority of Singapore’s Maritime AI-ML Digital Hub, the National Library Board’s StoryGen, and Synapxe for this initiative, named AWS AI Spring for Singapore.

Surge leads Brainfish’s US$2.5M seed round

In May, Brainfish, an AI-powered self-service customer support platform for businesses, raised US$2.5 million in seed funding.

The round was led by Peak XV’s Surge, with participation from Macdoch Ventures, Black Sheep Capital, existing angel Justus Hammer (CEO MadPaws), and new angels.

Brainfish is using the new funds to double down on product innovation and accelerate international expansion.

Growsari lands US$5M investment

Growsari, a B2B marketplace for sari-sari stores (neighbourhood stores) in the Philippines, closed a US$5 million investment round from global investor Oppenheimer Generations Asia in August.

The e-commerce startup is using the capital to support its three business lines and provide liquidity to employees and early-stage investors.

Also Read: Echelon X: Gullnaz Baig and Shiv Choudhury on Growsari’s approach to non-technical customers

Launched in 2016 by ER Rollan, Shiv Choudhury, Andrzej Ogonowski, and Siddhartha Kongara, Growsari provides growth tools to 100,000 sari-sari stores in 400 municipalities nationwide. Its three business lines are B2B e-commerce (SariMart), MSME financial services (SariPay), and last-mile logistics (Tranko).

Silence Laboratories raises US$4.1M

Silence Laboratories, a Singapore-based cybersecurity startup focusing on Web3 technologies, secured US$4.1 million in funding in February.

The round was led by Pi Ventures and Kira Studio, along with contributions from several prominent angel investors.

The fresh funds is being used to scale the company’s tech and business teams and enrich the company’s R&D pipeline.

Founded in 2021 by Dr Jay Prakash, Dr Andrei Bytes, and Dr Tony Quek, Silence Laboratories focuses on privacy-enhancing technologies through a fusion of cryptography and security engineering for enterprises. It aims to create a global infrastructure that enables privacy-compliant collaboration and exchange, eliminating single points of failure.

AgriG8 gets Better Bite Ventures’s backing

In June, AgriG8, a Singapore-based startup that aims to decarbonise rice production, secured an undisclosed investment from Better Bite Ventures, a local early-stage VC firm, and The Trendlines Group of Israel.

Co-founded by Chen and Joshua Tan, AgriG8 supports smallholder farmers in rice-growing Asian countries and helps them adopt practices that can reduce methane emissions.

Its digital platform allows access to finance and incentivises methane-reducing farming practices, while the gamified smartphone app CropPal helps them report emissions-reducing practices they have implemented.

MAVCAP invests in Vynn Capital’s mobility fund

Venture capital firm Malaysia Venture Capital Management Berhad (MAVCAP), with a portfolio nearing MYR5 (US$1.25) billion, invested as a limited partner in Vynn Capital’s latest Mobility and Supply Chain Fund.

The Mobility and Supply Chain Fund, with a targeted size of US$30 million, aims to innovate Southeast Asia’s technology landscape in the mobility and supply chain sector.

Malaysian venture capital firm Vynn Capital established a fund to tackle challenges and opportunities in Southeast Asia’s mobility and supply chain sectors. The fund is directed towards early-stage startups in the region raising Seed to Series A rounds.

 

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Over the last ten years, India’s real estate industry has experienced a substantial change, emerging as a prominent source of job opportunities and one of the fastest-growing sectors contributing to the country’s GDP.

A joint report by real estate consultancy Anarock and the National Real Estate Development Council (NAREDCO) revealed that real estate employment has surged from 4 crore (US$588,000 approximately) in 2013 to 7.1 crore (US$978,000 approximately) in 2023, marking a significant increase. The industry’s role in economic growth has become crucial due to rapid urbanisation, changing demographics, and a rise in investment prospects, leading to employment generation across multiple sectors.

With such growth being registered, the empowerment of the early-stage mortgage workforce is imperative for fostering resilience and sustaining growth. In a field where knowledge becomes outdated rapidly, proactive learning and skill development are essential for staying relevant. Continuous education empowers mortgage professionals to anticipate future trends and adapt accordingly.

Whether attending workshops on digital mortgage platforms or enrolling in risk management courses, investing in ongoing development equips individuals with the tools needed to navigate industry shifts and seize new opportunities.

Staying ahead of the curve: Up-skilling for real estate professionals

According to a SBI report, India’s housing loan market is predicted to double within the next five years. India’s housing loan market has witnessed substantial growth, propelled by increasing urbanisation, rising disposable incomes, and government initiatives promoting affordable housing.

Over the past decade, there has been an enduring need for housing, despite fluctuations. Notably, there have been substantial new housing projects introduced and successful sales recorded. Moving forward, the real estate industry is expected to experience continuous expansion, with forecasts suggesting a market worth US$1 trillion by 2030, as per the Anarock and the NAREDCO report.

With these forecasts in mind, there is an urgent necessity for up-skilling to meet the growing demands of the sector.  India’s skilling landscape too has undergone significant changes, with the Central Government launching numerous specific initiatives and programs.

These initiatives have been designed to foster a nationwide culture that recognises and prioritises skill development. It is evident that achieving the Government’s objectives, such as “AtmaNirbhar Bharat” and “Skill India Mission,” requires a competent and empowered workforce capable of tackling the evolving challenges in the real estate sector, particularly in BFSI.

Also Read: Affordable housing conundrum: Navigating India’s real estate challenges with innovative financing

Each year, a considerable number of individuals join the mortgage sector. By offering them training and opportunities for skill development, we can make a meaningful contribution to the advancement of India. This includes utilising digital tools and online platforms to equip individuals with practical expertise and knowledge, thereby improving scalability and preparing them for upcoming technologies.

Role of mentorship: Inspiring the future generation of mortgage professionals

Mentorship can play a crucial role in providing guidance and assistance to young graduates who aspire to build a career in the BFSI industry. The significance of mentoring goes beyond offering just technical guidance; it creates a sense of belonging within the industry and imparts lessons in mastering the basics, networking effectively, enhancing communication skills, and embracing technology.

This can be achieved through programs that involve expert-led sessions conducted by industry leaders, where they provide valuable insights and practical advice that contribute to the development of skills and instill confidence in the industry. By combining classroom and hands-on training, mentors have the opportunity to share their knowledge and experiences, shaping the next generation of industry leaders and fostering a culture of collaboration and support.

Building a resilient future

As per the January 2024 economic review conducted by the Department of Economic Affairs (DEA), there has been a remarkable improvement in the employability of graduating and penultimate-year students. The percentage of these students deemed employable has surged from 33.9 per cent in 2014 to 51.3 per cent in 2024.

Also Read: Singapore beats Korea, UK to emerge global leader in AI infrastructure

As the mortgage industry continues to evolve, empowering early-stage professionals is paramount. By embracing adaptability, proactive learning, mentorship, and diversity, organisations can navigate challenges, seize opportunities, and drive innovation.

Through our skill development venture, we aim to up-skill early-stage professionals by offering them mentorship and collaborating with them for career advancement in the BFSI industry. Our focus will be on providing training to graduates residing in tier 2 and 3 cities, to subsequently place these aspiring individuals in our parent organisation or its affiliated banks.

To achieve sustainable development, a comprehensive approach to workforce skilling and up-skilling is essential, ensuring the availability of qualified professionals equipped with technical expertise and ethical practices.

As we strive towards a 5 trillion economy, the real estate sector’s contribution is crucial. Eventually, organisations that prioritise and facilitate continuous learning create a culture of innovation and agility, positioning themselves at the forefront of industry advancements.

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