With its current trajectory, cybercrime will cost the world US$10.5 trillion annually by 2025. One key takeaway is this — cybercrime is big money, and this explains the growing threat of cyberattacks on a scale like never before.

In Singapore alone, organisations are facing an average of 54 security incidents a day, and 62 per cent of cybersecurity professionals in the city-state find it challenging to keep up with the attacks. Cybersecurity organisations such as the Cybersecurity Agency (CSA) have even urged businesses to improve and invest in stronger digital security measures.

These worrying attacks are far from random. Stemming from fully-organised enterprises specialising in cybercrimes, business models like Cybercrime-as-a-Service, Phishing-as-a-Service, and Ransomware-as-a-service are increasingly apparent in the dark web, paving the way for more cyber attackers in the industry.

This essentially means that businesses, no matter the size, should never be complacent with their cybersecurity measures. Known to bring about business closures, cyberattacks are mostly significant and can cause irreparable damage — but understanding their long-lasting effects can paint a realistic picture for business owners and help them initiate intuitive countermeasures.

Steep losses to cover damage control and compensation

Ransomware attacks have increased tremendously over the past year, with the main targets being small and midsize businesses (SMBs) and social media platforms. By holding critical files, systems, apps, and personal data to ransom using the ransomware-as-a-service model, hackers are able to use existing infrastructure to push out ransomware payloads.

Also Read: On threat hunting and cybercrime: How Group-IB is helping the region in cybercrime prevention

Also occurring alongside the loss of data is the fiscal harm which occurs to a business, particularly when there is a risk of highly confidential information being compromised. This risk could open avenues for businesses to be sued by dissatisfied clients, resulting in the need to pay out compensation to clients, legal retainer fees, and even crisis communications.

Eventually, organisations will lose out on significant portions of their revenue — out of 500 cybersecurity decision-makers in Singapore, 80 per cent noted that security breaches in the past 12 months led to losses of up to 10 per cent of their organisation’s revenue.

Crippled productivity and business continuity

By destroying or cutting off valuable company information to businesses, operations have no choice but to be halted until demands are met. Without productivity and progress, companies lose huge amounts of money, time, and ultimately, revenue as hours and days go by.

Nearly every business experiencing a cyberattack has been forced to shut down parts, or all of its operations, until the attack is solved. This particularly impacts SMBs from sectors such as IT and manufacturing, which operate round-the-clock, leaving them precious little time to strengthen breached systems. This also allows ransomware groups to exploit their vulnerabilities to the fullest.

Plunging reputation and broken customer trust

Trust is the essence of every relationship. Hence, in addition to the loss of revenue, businesses affected by cyberattacks will also have to contend with issues such as a loss in client confidence, investor backing, potential losses of contracts and a decreasing brand value. More than the immediate losses, it is the potential losses and accompanying “what if’s” and “maybes” which may further damage a business’s reputation with new potential clients.

As for the public, a cybersecurity breach will be seen as a failure in the mandated company’s role in protecting their customers’ data, leading to feelings of betrayal and loss of confidence. While businesses may have the resources to recover and build up their reputation again, the financial ramifications, as well as the loss of customers and company value, will immensely set the company back.

Costly intellectual property disputes

Multiple major companies have USPs and rely on the confidentiality of this intellectual property for the continuation of their product line. For example, F&B businesses such as KFC, Cadbury Chocolates, and Oreo Cookies are known globally for their iconic recipes.

Also Read: The future of cybersecurity: A plan to fill the workforce gap and protect the world

Even sundry items such as Panadol and Colgate have such a hold on the general public that they are instantly recognised as the default brand, with many often referring to generic versions of the same items by the specific brand names. Should any breach or leakage of these recipes and formulas occur, however, it could spell doom for their entire business.

Forced revamping of operations, regardless of preparation

Albert Einstein defined insanity as doing the same thing over and over again and expecting different results. In this vein, businesses which have been affected by cyberattacks have no choice but to revamp their operations process, be it shoring up or heavily investing in all-new cybersecurity protocols or altering their mode of operations to prevent the occurrence of similar security breaches.

This could also include courses on digital literacy focusing on cybersecurity for staff in order to improve awareness of potential risks online. Businesses may also have to rethink how they collect and store information to ensure that sensitive information isn’t vulnerable (for example, many companies have stopped storing customers’ financial and personal information in a bid to dry out potential data mines for hackers).

What must first be understood by businesses is that cybersecurity is not a one-off purchase — it is a long-term defence which needs to be kept “alive” to provide effective protection against cyberattacks. Some steps to take include partnering with a cybersecurity consultant to provide professional advice on how to strengthen and create an up-to-date cybersecurity infrastructure. Additionally, a company can hire a Chief Technology Officer (CTO) to determine its short and long-term security needs.

Equally important is having a basic grasp of existing cybersecurity risks and how they can be avoided — businesses can achieve this by providing opportunities for employees to learn more about the latest IT security trends and threats.

In addition to improving their awareness on the subject, this also empowers them to make informed decisions in keeping potential threats at bay while helping stop any existing gaps in a business’s IT infrastructure.

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The Philippines has one of the highest electricity rates in the world, making sustainability a necessity in architecture. Architects and builders have been prioritising energy efficiency and sustainability in their designs, using renewable energy sources and sustainable materials such as bamboo, reclaimed wood, and recycled steel.

This shift towards sustainable architecture is also reflected in urban infrastructure design, which includes incorporating green spaces into urban areas and designing public transportation systems that are powered by renewable energy.

Technology is also playing a significant role in the modernisation of architecture. Architects are increasingly using advanced 3D modelling software to design and visualise buildings, which allows them to make changes and modifications more easily.

This technology also enables architects to design buildings that are more efficient, both in terms of energy usage and space utilisation. Data analytics and computational design also help to optimise building performance and reduce energy consumption.

Having been an architect for two decades and counting, pivoting to sustainable architecture was a natural process for me, as I have always been conscious of the impact of human activity on the environment.

Also Read: Achieving a sustainable future by harnessing IoT and data

As a parent, I became even more aware of the world we are leaving behind for future generations. As an architect, I have a responsibility to design buildings that not only serve the needs of the present but also contribute to a sustainable future.

Why sustainable architecture?

The built environment sector is, unfortunately, one of the biggest contributors to greenhouse gas emissions and environmental degradation, accounting for approximately 40 per cent of annual carbon emissions. Buildings consume a significant amount of energy and resources during construction, operation, and demolition.

It is pertinent to pivot to sustainable architecture because it is essential for mitigating the impact of climate change and protecting our planet. Sustainable architecture focuses on reducing energy consumption, water usage, waste generation, and carbon emissions throughout a building’s life cycle. It involves the use of renewable energy sources, sustainable materials, and green building practices that promote energy efficiency, indoor air quality, and occupant health and well-being.

Starting Ecotecture Design Studio was a way for me to incorporate sustainable design elements into my work and promote environmentally conscious design practices. We aim to create buildings that are not only aesthetically pleasing but have a positive impact on the environment and the communities they serve. We strive to minimise the use of non-renewable resources, reduce waste generation, and prioritise the use of sustainable materials in all our projects.

Expanding to Singapore with Ecotecture Design Studio is an opportunity to bring our sustainable design expertise to a new market. Being at the forefront of greening buildings in Southeast Asia, Singapore has set ambitious targets to green 80 per cent of all buildings by 2030.

Also Read: Green and sustainable crypto: Is this the way forward?

Our sustainable design practices align with these goals, and we hope to make a positive impact on the built environment sector in Singapore. Hence this was a natural next step for us.

Interspersing modern design with sustainability as the way forward

Sustainable architecture is a critical aspect of modern design, and we strive to create buildings that are not only beautiful but also promote sustainable living. We plan to work closely with the Singaporean government and other stakeholders to promote sustainable architecture in the city-state.

We also plan to continue our efforts in the Philippines by designing and constructing sustainable buildings that have a positive impact on the environment and promote sustainable living.

Looking ahead, the built environment sector is expected to focus increasingly on sustainable architecture as environmental concerns continue to grow. As the global population increases and urbanisation continues, the demand for sustainable buildings will only increase.

With the increasing use of technology in architecture, we can expect to see more efficient buildings with advanced energy systems, building automation, and smart technologies to optimise energy usage and reduce waste.

Overall, sustainability and technology are driving the modernisation of architecture. As the architecture industry continues to evolve, it will be critical to prioritise sustainability and technology in building design and construction to ensure a more sustainable future for all.

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Traditional paper-based processes have been a staple in the workplace for centuries now, as the paper is used for a variety of tasks such as filing, managing documents, signing contracts and more. However, in today’s fast-paced world, these manual processes can now be ineffective and time-consuming.

DocuSign research reveals that employees spend an average of three hours per contract – storing and managing documents. Paper-based processes are also costly, as the costs associated with printing, sending, and storing documents can add up to an average of US$36 per agreement.

In today’s ever-evolving world, organisations are going through a rapid shift in the way they work. The COVID-19 pandemic brought about an unexpected and accelerated shift to remote work protocols, shaking up traditional workflows and amplifying existing inefficiencies.

This has spurred businesses to adopt digital workflows and negate the need for paper-based processes. The pandemic proved that we don’t need paper to get work done – so why are some businesses still holding on to cumbersome paper? What if there was a better way to work?

Here are three reasons why you should ditch paper and make the switch.

Paperless productivity: Faster business, money saved

One advantage that was brought about by the forced transition to digital due to the pandemic is productivity gains. Setting up a digital agreement with e-signature software takes far less time than the traditional method of printing, gathering all parties to sign pen-to-paper and filing documents away in a physical cabinet.

Not to mention, businesses can eliminate most stationary costs and reduce the frequency of manual tasks – saying goodbye to fixing printer jams and sorting through mountains of paper.

Capital C Corporation is a case in point. By using DocuSign’s integration with SingPass to verify client credentials and speed up loan processes, the company managed to reduce its average time to process, sign and approve a loan from two days to four hours.

Also Read: From paper to pixels: Juwai IQI’s transition to a digital workflow

Given the fast pace of the financial services industry, this is critical. Relationship managers can devote more time to client services because of the time saved, allowing the company to more than double its business loan volume since implementation.

Against the backdrop of the shift to hybrid work, a seamless digital ecosystem will also enhance usability and enable greater collaboration among your employees. For example, DocuSign’s integration for Slack allows employees to navigate the full agreement process right from within Slack. This entails pulling up documents for signature to multiple recipients directly where teamwork occurs – no switching apps, no time wasted, and no productivity lost.

Round-the-clock security for greater peace of mind

Paper-based agreements are highly susceptible to human error as documents must physically pass through several people before reaching the intended recipient. For example, an employee can mistakenly leave a sensitive document out in the open or improperly dispose of a paper that can cause a data leak. Furthermore, data stored in these papers are vulnerable to forgery and tampering.

With e-signatures, organisations can have the assurance that their data is secure. E-signature technology is usually supported with multiple layers of security that make them difficult to tamper with, such as authentication methods like SMS or ID verification. Other security processes include tamper-evident seals and certification of completion, which provide information like the associated IP address, timestamp and name of the signer recorded.

As we’ve seen with customers, there is also an excellent opportunity to maintain transparency and greater control over various workflows. This is due to the audit trail that e-signatures typically have, which records when and where a document was signed, as well as by whom.

High security is a necessity for businesses as it reduces compensation, liabilities, and other legal expenses that a company might incur. More importantly, it improves the customer service journey, and customers can rely on your company to collect and securely store their data.

Greener processes for a cleaner future

The lifecycle of paper is not only eating at business productivity but also damaging the environment. As the paper is the fifth largest consumer of energy in the world, it takes a whopping 10 litres of water to make just one piece of regular A4 paper.

By switching to digital solutions, DocuSign customers have collectively saved over 55.8 billion sheets of paper, 5.9 billion gallons of water and over 326 million pounds of waste. Since implementing DocuSign’s eSignature and Sign with Singpass, Capital C Corporation has effectively removed 95 per cent of its physical document handling costs – drastically reducing its paper footprint and, consequently, overall environmental impact.

Also Read: #dltledgers unveils 2023 trends in supply chain digitisation

Now more than ever, consumers are increasingly eco-conscious. A recent PwC survey found that half of all global consumers surveyed have become more conscious of their impact on the environment, which is why businesses should take steps to work towards cultivating responsible operations by digitalising their processes.

Driving digitalisation efforts

All industries can gain a competitive advantage by doing away with paper and digitising. One of the simplest steps to take is to transition from paper-based processes to more cost-effective digital solutions such as e-signatures.

Simply by signing electronically, companies can improve operational efficiency and drive business outcomes, making it an all-around valuable workplace tool. I hope that more traditional businesses use this opportunity to start digitalising their business.

This way, we also eliminate paper – and much of the work – from paperwork.

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qlub, a payment solution that splits restaurant bills between customers, has raised US$25 million in a new funding round, bringing its total fundraising to US$42 million.

The new investors in the round include global investment firm Al Dhabi Capital and major family offices in the UAE.

Existing investors also participated.

The startup plans to use the new capital to accelerate growth, expand to new markets, and build new value-added services for restaurants and customers on the qlub platform.

qlub enables customers to pay their restaurant bills in various options — as a group, splitting, or tipping — without needing an app or registration. All it takes is the scan of a QR code at their table, with customers being given the flexibility of paying with Apple Pay, Google Pay, credit cards, and local payment schemes.

Also Read: ‘Singapore’s dine-in experience hasn’t evolved much despite many F&B outlets’: qlub COO

Currently, qlub operates in four continents, with a significant presence in Australia, Saudi Arabia, Singapore and the UAE. In these countries, qlub powers over 2,000 restaurants, including Singapore’s Merci Marcel, Deelish Brands (Fatburger & Buffalo’s, 800 Degrees), Ayam Penyet President, and Morganfield’s.

“We want to transform the payment experience for F&B players in Singapore and other key markets by partnering with leading industry players, such as restaurant point-of-sale solution providers and global payment partners, to offer the best-integrated solution for restaurant owners,” says Ramy Omar, Co-Founder and Chief Business Officer of qlub.

In 2022, qlub secured a US$17 million seed round co-led by Cherry Ventures and Point Nine.

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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 e27platform, and other prizes. Join TOP100 here.

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Kredivo Holdings (formerly FinAccel), the parent company of Kredivo and Krom Bank Indonesia, has closed its Series D equity round of funding at ~US$270 million.

Japanese global bank Mizuho Bank led the round. Existing investors, including Square Peg Capital, Jungle Ventures, Naver Financial Corporation, GMO Venture Partners, and Openspace Ventures, also participated.

Akshay Garg, CEO of Kredivo Holdings, said: “The upcoming expansion into digital banking is deeply synergistic with the existing Kredivo product and also opens up a very promising channel for us to become the digital financial services platform of choice for tens of millions of consumers in Southeast Asia.”

Also Read: Kredivo scores US$100M more in debt funding to further grow its BNPL platform

Daisuke Horiuchi, Group Executive Officer Deputy Head of Retail & Business Banking Company of Mizuho, said, “Kredivo has a stellar track record in Southeast Asia, leveraging its deep data partnerships to promote financial inclusion within Indonesia and Southeast Asia while maintaining bank-like risk metrics and building a capital efficient business model.”

Founded in 2016, Kredivo is a leading player in the digital financial services industry. It provides customers with instant credit financing for e-commerce and offline purchases and personal loans based on proprietary, AI-enabled real-time decisions. The products include online and offline Buy Now, Pay Later, personal loans, credit cards (physical and virtual) and neobank Krom.

Also Read: Kredivo bags US$100M from US investor to provide instant credit financing to 10M new users in Indonesia

In 2021, Kredivo announced its plans to merge with VPC Impact Acquisition Holdings II (VPCB), a special purpose acquisition company (SPAC) sponsored by Victory Park Capital (VPC), to go public in the US. However, the plans were cancelled a year later.

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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 e27platform, and other prizes. Join TOP100 here.

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In this episode, we are excited to welcome Sébastien Marotte, the President of Box Europe, the Middle East, and Africa (EMEA). Box is a Cloud Content Management company that empowers more than 87,000 businesses globally by revolutionising how they work.

In Marotte’s 30+ year career, he has held executive roles at high-profile software companies such as Google, Hyperion, and Oracle. He led Google Cloud’s EMEA Channels as Vice President, having also served as Vice President of Google Cloud EMEA for almost a decade. As an early leader at Google Cloud, Marotte was responsible for much of the foundational growth and development across EMEA, including the launch of G Suite (now Google Workspace).

In our conversation, Marotte talks about the importance of diversity in building international teams, strategies in balancing corporate strategy and localisation, why customer engagement is everything in business, how digitalisation changed the way we innovate, work, and hire and why there are more opportunities for global businesses now more than ever.

Also Read: Breaking barriers: My journey with Airwallex this International Women’s Day

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 favorite 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.

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This content was first published by Global Class.

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Wonder why some products have a loyal following? The Social+ business model taps into our desire to connect and collaborate, changing the game for companies worldwide. Kitcod has been at the forefront of this social revolution in Singapore.

In this article, I’ll shares insights on the power of Social+, going beyond transactions to foster collaboration and community, creating products that satisfy and delight customers, and building a loyal following. 

So, let’s dive in and discover how Social+ can take your business to the next level.

This article offers deep insights into how consumer tech startups can take advantage of the latest advancements in in-app communities and AI to create more engaging, personalised, and user-friendly products.

By examining the latest trends and best practices in this space, this article provides valuable guidance on how to build Social+ business models that are more effective, efficient, and innovative. Whether you’re a seasoned entrepreneur or a first-time founder, these topics are sure to inspire and inform your approach to consumer tech innovation.

What is Social+ and how did it start?

The term was coined by D’Arcy Coolican and referred to companies that combine the community and network of a social product with a specific category, form factor, or experience. Groupon and LivingSocial were among the first major Social+ companies, and China became a breeding ground for such companies in recent years.

Also Read: How e-commerce brands can tap into the US$600 billion social commerce market potential

With many examples of apps like Pinduoduo (which offers users major discounts via group buying) and Douyin (a social video platform known internationally as TikTok), which makes more than 60 per cent of its revenue through social commerce. Many companies and VCs in the west are now eying the Social+ trend, with a16z creating an entire series dedicated to this phenomenon.

What are the top criteria that make a Social+ company?

Did you know that in-app community and P2P engagement can significantly impact user engagement and retention in consumer apps?

According to a report by CleverTap, apps with an in-app solid community engagement experience a 39 per cent increase in user retention rates. Furthermore, a survey by Apptentive found that 75 per cent of consumers prefer in-app messaging for customer support and engagement.

This is where ChatGPT can add significant value to consumer apps. With its advanced natural language processing capabilities, ChatGPT can power chat and in-app feeds to provide personalised recommendations and support to users. This can lead to more meaningful P2P engagement and foster a sense of community within the app.

They own their Social Graph, and it’s customised to their product

Many companies leverage existing social graphs of big social platforms such as Instagram or TikTok, and that’s great, but it has its limitations. At Kitcod, we believe that owning your social graph is necessary to build a strong community, as existing social platforms can limit your control over it.

Comparing the Fortnite community to those built on Facebook shows the benefits of owning your community, but it’s still possible to use other networks as a starting point.

Their social graph is inseparable from the product

Being a Social+ company means having a social graph that’s critical to the business, not just a marketing tactic. Many companies add social elements to their apps, but it can often negatively impact the user experience.

Simply adding sharing or commenting functionality doesn’t make a company Social+. Twitter’s social graph is inseparable from its product, unlike online news platforms that allow sharing and commenting.

P2P engagement is part of the product itself

It’s easy to mistake a user base for a community. To truly benefit from Social+, an app needs P2P social engagement baked into its DNA. For social trading platforms like eToro and Robinhood, authentic user engagement is key to reaping the benefits of being Social+. eToro stands out by enabling users to follow and copy successful traders, as well as share trades and views with others.

Categories that have gone Social+

Social+ companies have higher user retention rates: According to a study by McKinsey, social engagement is a key driver of customer retention. In fact, companies with the highest social engagement rates have an average retention rate of 96 per cent, compared to 71 per cent for companies with the lowest engagement rates.

Also Read: Move over social commerce: The conversational commerce renaissance is here

Social+ companies can achieve faster user growth: A report by TechCrunch found that social apps grew on average 37 per cent faster than non-social apps in terms of daily active users. This highlights the importance of social features in driving user growth.

Social+ companies have higher user engagement: A study by Appboy found that social features such as in-app messaging and sharing can increase user engagement by up to 400 per cent. This demonstrates the potential of social features to keep users engaged with an app.

Social+ companies can lower customer acquisition costs: According to a study by Bain & Company, acquiring a new customer can be up to 25 times more expensive than retaining an existing one. By fostering a strong in-app community, Social+ companies can reduce customer churn and lower their overall customer acquisition costs.

2023, the year of real-time personalisation and recommendation

• Social: Drive the lifeblood of social networks, communities and the events industry – meaningful user engagement. TikTok is winning: 1.5 hours of average US daily usage.
• Media: Give users the content they want within the first user session, and they will come back. Deliver views to your top creators. Youtube is winning:  70 per cent of watch time from recommendations.
• Marketplaces: Capture the user’s attention through relevant content and products on your website, app and email. Amazon is winning: 35 per cent of purchases from recommendations.

A Community Platform, Plug-and-play Social API

With millions of apps being launched daily, it’s challenging to grab users’ attention and loyalty. Many apps are adding social features to improve engagement and retention, but building in-app social experiences can take six-eight months and cost over US$100,000 with limited API solutions available. That’s where platforms like Kitcod come in.

With Kitcod, you can leverage the power of AI to quickly and easily add powerful social features like newsfeeds, groups, chat, and video to your app in just a matter of hours. Our AI-powered algorithms allow for personalised content delivery, making the user experience more engaging and relevant. In fact, according to a study by Deloitte, personalised content can increase user engagement by up to four times.

By utilising Kitcod’s advanced AI capabilities, you can improve your in-app community engagement and retention without worrying about the scalability, maintenance, and reliability of a complicated social infrastructure.

Our plug-and-play social API infrastructure platform allows app owners and developers to seamlessly integrate social elements at a flexible monthly cost. In fact, a survey by IBM found that 62 per cent of companies are planning to use AI to improve customer experience and engagement.

Kitcod provides a cost-effective alternative to in-house teams, utilising AI and machine learning technologies to deliver personalised experiences at scale in real-time. Build powerful in-app newsfeeds, groups, chat and video in hours. Make your app social and boost your community engagement without worrying about the scalability, maintenance and reliability of a complicated social infrastructure.

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In recent years, Southeast Asia has become a hub for startups due to its growing economy and the presence of a large pool of tech talent. As more and more startups are born in Southeast Asia, they are also increasingly adopting remote work as a way of scaling and accessing a larger talent pool.

However, working with remote teams from different regions of the world can be challenging, especially if the team is culturally diverse. In this article, we’ll explore how startups from Southeast Asia that have remote teams can work with people from Northern Europeans, Southern Europeans, Americans, and how they can be successful in doing so.

Communication is key

The first and most important aspect to consider when working with remote teams from different parts of the world is communication. Communication is not only about the language used but also about cultural nuances, which can vary widely.

For example, while people from Northern Europe tend to be very direct in their communication, people from Southern Europe tend to be more indirect, preferring to use more subtle language.

One way to improve communication is by using online collaboration tools. These tools make it easier to share information and collaborate on projects, regardless of geographic location. It’s also a good idea to schedule regular check-ins to discuss progress and ensure that everyone is on the same page.

Cultural awareness

Cultural awareness is also important when working with remote teams from different regions. This includes understanding the cultural differences that can affect communication and work styles. For example, people from Northern Europe tend to value punctuality and efficiency, while people from Southern Europe may have a more relaxed approach to timekeeping.

Also Read: Being a first-class listener will serve you best: Jon Howard of Bud Communications

To avoid misunderstandings, it’s important to be aware of these cultural differences and adapt accordingly. This can involve being more flexible in terms of schedules and deadlines or adjusting communication styles to match cultural norms.

Case study: Grab

One company that has successfully navigated cultural differences in remote teams is Grab, a ride-hailing platform based in Singapore. Grab operates in Southeast Asia, but it has remote teams in the United States and India. The company has been successful in part because it has been able to foster a culture of openness and transparency that allows its teams to work effectively together, despite their different backgrounds.

One of the ways Grab has done this is by encouraging open communication and feedback. For example, the company uses a tool called Peakon to collect feedback from employees and identify areas for improvement. This allows the company to address any cultural differences or other issues that may be affecting its teams’ productivity and morale.

Another key factor in Grab’s success has been its focus on diversity and inclusion. By prioritising diversity, the company has been able to build teams that are more resilient and better able to adapt to changing circumstances.

Tips for success

Here are some tips for working with remote teams from different regions:

• Use online collaboration tools to make it easier to share information and collaborate on projects.
• Schedule regular check-ins to discuss progress and ensure that everyone is on the same page.
• Be aware of cultural differences that can affect communication and work styles, and be flexible in adapting to these differences.
• Foster a culture of openness and transparency that encourages feedback and allows teams to work effectively together.
• Prioritise diversity and inclusion to build teams that are more resilient and adaptable.

Working with remote teams from different regions can be challenging, but it’s also an opportunity to build diverse and resilient teams that can adapt to changing circumstances.

By prioritising communication, cultural awareness, and diversity, startups from Southeast Asia can successfully work with people from Northern Europeans, Southern Europeans, Americans, and beyond. The case of Grab demonstrates that with the right approach, it’s possible to build a successful remote team that transcends cultural differences and achieves great things.

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The global wave of layoffs has hit US tech companies like Meta, Amazon, and Twitter and is finally breaking out in Southeast Asia.

Southeast Asian technology firms are now conducting widespread layoffs, following the lead of the major US technology giants. The most recent companies to decide on major layoffs in the last 30 days are GoTo Group, Glints, and Carousell. Over the previous six months, Sea Group has experienced the largest layoffs in the area, laying off more than 7,000 workers.

“Founders are being cautious by managing costs in this environment to ensure they can afford to last through the end of 2024. There are signs that we are entering a recession. As a result, customer demand is likely to be slower in 2023,” said Jia Jih Chai, Co-Founder and CEO of Singapore-based e-commerce brand aggregator Rainforest.

In a note to Carousell employees, CEO Quek Siu Rui admitted to making “serious mistakes”. He said he was “too optimistic” about the post-COVID-19 recovery and underestimated the impact of growing his team too quickly.

What raises the raging wave of layoffs?

The majority of the businesses that are experiencing mass layoffs, according to Bhima Yudhistira Adhinegara, director of the Center for Economic and Legal Studies (Celios), are “pandemic beloved children”.

Also Read: Startups that can reflect and pivot in time will thrive during funding winter: Ivan Ong of AFG Partners

Their overconfidence in upcoming growth has led to an overstaffing problem. Industry executives assert that even if COVID-19 regulations are relaxed, customers won’t go back to offline retailers. But it did turn out that way.

The pandemic-induced growth boom for tech corporations has now abruptly ended. Early this year, US-based venture capital firms were forced to change course and put profitability before quick development as a result of the recession. This produces a domino effect that prompts unexpected cost-cutting initiatives.

Companies are pooling their resources to restructure and create a more suited workforce as they struggle to obtain financing due to rising interest rates and high inflation at the moment.

Chris Kaptein, the managing partner of Singapore-based venture capital company Integra Partners, claimed that this year’s skyrocketing capital costs had forced businesses to focus on sustainable growth rather than spending money recklessly.

Why is Southeast Asia being impacted by such huge layoffs

First off, following several boom years, the global technology sector in general and Southeast Asia, in particular, are in a challenging position because of dim global development prospects as well as complicated geopolitical and legislative situations.

According to Chai, the founders are being careful given the current circumstances, so they must control and restructure their operations and business endeavours to secure development in the future. There are numerous indications that the local technology sector is about to suffer a downturn, and 2023 customer demand may decline as a result.

Journalist Alex Kantrowitz of Silicon Valley said, “I find it surprising that businesses believe the COVID-19 pandemic-related alterations in human behaviour would never go away. Because it seems to reason that as soon as you’re allowed to eat at restaurants and hang out with pals outside, you’ll use Netflix, Facebook, Shopify, and Amazon less frequently.” The error of “it’s going to be forever,” thinking has been made by tech companies.

Third, Southeast Asian technology firms reduce workforces for sustainable growth as opposed to “burning cash to grab market share,” freeing up funds to restructure and cultivate a more qualified workforce.

When will the layoffs “wave” subside?

The majority of the leading tech firms in Southeast Asia are still in the red, and even those that are predicted to turn a profit will take some time. This suggests that cost-cutting measures will be maintained in the foreseeable future by Southeast Asian technology enterprises.

Yanjun Wang, the corporate director for Sea, said the most recent personnel reductions were a part of an “ongoing effort,” indicating Sea may make additional reductions. The cost-cutting initiative is “a continuing initiative that management is focused on,” according to Grab’s CFO, Oey.

People anticipate that the pattern of tech job losses in Southeast Asia will persist as rising inflation continues to put pressure on world economies and weaken the financial environment.

Opportunities or challenges?

Many in the IT industry think this is not necessarily negative news because large layoffs will aid in choosing the best team, encouraging long-term sustainable growth. Additionally, the majority of the recently reduced staff is “non-technical” workers. This change will enable high-tech workers to earn more money.

Also Read: How to support startups to survive the ‘tech-winter’

According to economists, the majority of the major tech firms in Southeast Asia are still in the red, and it will take one to two years for them to break even. Also, the weakening financial environment is a result of underdeveloped economies and growing prices. As a result, staffing and expense reductions will keep happening. Analysts determined that the current wave of layoffs in technology is just temporary because this is an adjustment period.

According to Kaptein, there is also a chance for software entrepreneurs to recruit and keep people, as they did only a few months ago.

Overall though, computer expertise in the area is still hard to come by, so many businesses are turning to telecommute to cut costs. To make it simpler to handle if the financial situation is uncertain, they also prefer to sign labour contracts with technology workers with a fixed duration, often one year.

Prospects since layoffs happening

A new report by Glints (Singapore), one of the biggest job marketplaces in Southeast Asia, claims that technology businesses are looking to Vietnam and Indonesia for top tech expertise. They want to create a decentralised, superior workforce that boosts productivity and reduces costs.

Southeast Asian technology companies have had to cut costs and lay off employees as a result of the reduction in the money that has been mobilised and the dangers associated with the global economic downturn.

Further waves of layoffs and plans for restructuring will follow this initial round. Technology companies are in an adjustment period where they can reorganise their personnel and define long-term business and development goals rather than quickly but unstably chasing market share.

Global and regional macroeconomic headwinds are expected to continue to develop in the short term, making 2023 another challenging year for tech businesses. Nevertheless, this situation is expected to pass quickly as the region is projected to witness growth in the medium and long term.

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The gist: Kredivo raises ~US$270M Series D equity round
The investors: Mizuho Bank, Square Peg Capital, Jungle Ventures, Naver, GMO Venture, and Openspace Ventures
The products: Kredivo offers online and offline BNPL, personal loans, and credit cards, soon-to-be-launched neobank Krom.

The gist: PH startups raise over US$1B in 2022, says a Foxmont Capital report
The specifics: Under-US$5M deals dominated in 2022
Global comparison: Worldwide VC investments shrunk by 37% in 2022, with a 27% decrease in SEA
Promising 2023: 17 investments are already made into Philippine startups in Q1.

The gist: FTX to retrieve US$404M in settlement with investment fund Modulo
The backstory: The amount was allegedly moved by FTX founder Sam Bankman-Fried to investment fund Modulo Capital
What is Modulo: It was founded early last year by his acquaintances Xiaoyun Zhang and Duncan Rheingans-Yoo.

The gist: Chilean VC 30N Ventures rolls out US$50M fund, to invest in SEA
The focus: 30N Ventures primarily focuses on the fintech, foodtech, and retail sectors
Cheque size: US$2M on average.

The gist: SG fintech startup Thunes raises US$30M
The investor: Global hedge fund Marshall Wace
The product: Thunes is a global cross-border payment network. It currently supports 79 currencies, enables payments to 126 countries, and helps to accept 285 payment methods.

The gist: axes staff, shuts offices in Singapore, Malaysia
The reason: The layoffs were a reaction to the turbulence in global markets over the past few months
What does it do: XanPool offes fiat-gateway software solutions for exchange.

The gist: QR payment solution for restaurant consumers qlub bags US$25M
The investors: Al Dhabi Capital and UAE-based family offices
The markets: It operates in four continents, with a significant presence in Australia, KSA, Singapore and the UAE.

The gist: SG proptech firm Ohmyhome raises US$11.2M from Nasdaq IPO
The details: It issued 3.6M ordinary shares at US$4 apiece
The product: Ohmyhome connects buyers and sellers directly at no cost, with operations in the Philippines, Singapore, and Malaysia.

The gist: Vingroup Chairman’s GSM invests in Grab competitor Be
The details: Be Group and GSM will partner with VPBank to offer exclusive policy deals for Be drivers to rent or purchase VinFast electric cars and motorbikes.

The gist: Archireef secures funding to restore degraded marine ecosystems
The investors: Purpose VC and Carbon Zero
The product: Archireef’s 3D-printed terracotta-based reef tiles were recently deployed to aid coral restoration in the Arabian Gulf off the shore of Abu Dhabi.

The gist: SG’s digital mental health firm ThoughtFull raises US$4M pre-Series A
The investors: Temasek’s Sheares Healthcare, Vulpes, and The Hive SEA
The product: ThoughtFull offers personalised content, progress-tracking tools, and professional support through video calls and text-based mental health coaching.

The gist: French AI company SESAMm expands into SEA, opens office in SG
The product: SESAMm analyses 20B+ documents in real-time to generate insights for controversy detection on investments, clients and suppliers, and ESG and positive impact scores.

The gist: Business sans Borders startup Proxtera raises seed funding
The investors: Ant Group, CerraCap Ventures, and EDBI
The product: Singapore-based Proxtera offers a digital platform aiming to make MSMEs’ cross-border trade easier.

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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 e27platform, and other prizes. Join TOP100 here.

The post Ecosystem Roundup: Kredivo defies the trend to raise ~US$270M amidst funding winter appeared first on e27.