It has long been the ethos of Echelon, under the stewardship of e27, to function as a connector that bridges founders, corporates, investors, and other ecosystem stakeholders together. Now that Echelon Asia Summit is poised to be back this year bigger and bolder than ever, it takes a whole team of collaborators to take the experience to another level. As such, we are partnering with a number of reputable organizations to take this dream to life.

With that, we are proud to announce a renewed partnership for the upcoming Echelon Asia Summit 2023 technology conference. PRecious Communications will be collaborating with e27 to assist the conference through press relations, ensuring that we reach out to a wider group of audiences through PRecious Communications’s networks, keep the event well-publicised, and ensure that attendees are informed about the latest trends, insights, and developments in the tech industry.

Bridging the global startup ecosystem

Echelon Asia Summit 2023 is one of the premier events for technology professionals, bringing together experts from around the world to share knowledge and discuss the latest trends and innovations in the Southeast Asian tech startup ecosystem. This year’s conference will feature keynote speeches, panel discussions, and workshops on a wide range of topics, including artificial intelligence, blockchain, digital healthcare, and other emerging digital trends.

Also read: 15 startups that are among this year’s frontrunners for TOP100

As part of the partnership, PRecious Communications will be working closely with e27 to develop a comprehensive press strategy that will highlight the conference’s key themes, speakers, and highlights. Their expertise in press relations will help us reach a wider audience and ensure that the conference is a huge success.

Moreover, PRecious Communications will be conducting a PR workshop for startup attendees and exhibitors that are interested in honing the craft and improving their communication channels. Through PRecious Communications’ help, e27 hopes to bolster and embolden a broader tech startup audience to help nurture and nourish the region’s vibrant ecosystem.

Join Echelon Asia Summit 2023

For more information about the Echelon Asia Summit 2023, visit https://e27.co/echelon/asia2023/

About PRecious Communications: PRecious Communications is a leading PR firm that specializes in technology. With years of experience in press relations, the company has helped countless clients achieve their goals by reaching out to the media and promoting their brands.

Also read: These 6 startups are among this year’s frontrunners for TOP100

About Echelon Asia Summit: It is a leading technology conference that brings together experts from around the world to discuss the latest trends and innovations in the industry, share expert knowledge, and provide opportunities to network with peers. The event is a must-attend for anyone in the tech industry looking to stay ahead of the curve.

The post Echelon Asia Summit is back! Get to know our PR partner appeared first on e27.

Singapore-based B2B SaaS and marketplace for the airline industry, Mystifly, has concluded its pre-Series B funding round at US$8 million.

The funding round was led by Cornerstone Venture Partners (CSVP) and joined by earlier investments from RSI Fund I, Jenfi, and Crusade Partners.

Mystifly plans to use the funds to expand its presence in Singapore and enhance its data and technology capabilities.

Also Read: Beyond Singapore and Indonesia, SEA startups are working their way out of global crises

Founded in 2009, Mystifly offers multi-source shopping that unifies airline offers, order management, and payments on a single platform. This enables it to provide discovery, ticket order management, ancillary sales, post-booking services and payments for over 700 airlines, including 200+ low-cost airlines, airlines moving to new distribution, and traditional full-service Airlines.

The firm’s products empower over 3,000 clients globally. Its customers include online travel agencies, loyalty programmes, e-commerce platforms, fintech firms, travel management companies, travel agencies, concierge businesses, wholesalers, and aggregators. Some names are Priceline, American Express Leisure Travel, JPMorgan Chase, Travel Perk, Kiwi, MakeMyTrip, Paytm, Agoda, and EaseMyTrip.

Mystifly has offices in Singapore, the UK, the US, and India.

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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 SaaS marketplace for airline industry Mystifly closes US$8M pre-Series B round appeared first on e27.

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

Paul Thomas is the Asia Chief People and Culture Officer of SEEK, which operates leading employment platforms JobStreet and JobsDB. In his role, he develops and executes human resource strategy in support of the overall Asia business plan and strategic direction.

Thomas is an experienced HR practitioner, bringing over 35 years of broad regional experience in sales, sales training, manufacturing, human resources, and general management across multiple industries.

He obtained his Bachelor’s Degree in Biochemistry from UKM in 1989 and completed his MBA from the University of Hull, UK, in 1996.

Thomas discusses his company’s culture and hiring philosophies in this candid interview.

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

Our SEEK values are passion, team, delivery, and future, and these qualities underpin our success and the attributes we look for in our people. We want motivated team players who are passionate and eager to take ownership and have a drive for pace and progress, and think and act for the long term.

We also significantly emphasise diversity, equity and inclusion in our search for talent. By embracing people from different races, religions, age groups, abilities and backgrounds, we can foster a culture of creativity with fresh perspectives, new insights and varied skill sets that enable us to be more productive and more competitive while creating a more positive workplace for all.

By embracing these values, we can fulfil our purpose as an organisation and, at the same time, create real value for our customers. In doing so, we are enhancing jobseekers’ experience in searching for a new role, making it easier for employers to hire the right talent and SEEK a better workplace.

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

Our culture is built on a shared passion for our purpose, customers, and community. We seek to challenge the status quo and on achieving real, tangible results for our customers today while striving to anticipate what the future may hold so that we have the agility to help job seekers and organisations adapt quickly to changes.

Also Read: Be open about ways to grow and expand your skills: Cheryl Liew of Monk’s Hill Ventures

It is a refreshing environment for our people. It presents many exciting opportunities, whether you’re new to the workforce or a seasoned leader with decades of experience.

In Asia, we have a big ambition to help 500 million people to develop their careers with five million organisations by 2025. To achieve this, our people are the key.

We welcome talent who share the same beliefs, passion and zeal and are committed to mutual respect for each other as we work towards a common goal of creating a positive impact for our customers and community.

How do you foster transparency and encourage achievement at SEEK?

We firmly believe in building trusting and meaningful connections among SEEKers at all levels. To foster workplace transparency, we have introduced monthly town halls and “Ask Me Anything” sessions where employees are encouraged to ask the leadership team any questions they may have with the assurance of a safe environment to speak up.

Additionally, our employees are encouraged to share their thoughts and concerns anonymously through our bi-annual employee engagement surveys, which are then addressed directly by the leadership team, and action is taken to address any matters that arise.

By living out these practices, we strive to create an environment where SEEKers feel seen, heard, respected, trusted and valued, fostering a strong sense of unity among all employees.

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

The mental health of our employees is a top priority, and as part of this commitment, we have an employee assistance program to help with life’s challenges. This programme provides confidential counselling services where our employees can seek the help of trained and qualified external professionals.

We partner with trusted local service providers and cover the costs directly so that our employees do not have to pay out-of-pocket expenses. To ensure confidentiality, the invoices sent to SEEK exclude identifying information from those seeking help.

WFH or WFO, or hybrid?

Flexibility has always been a fundamental part of how we work at SEEK. It’s more than just when and where we work, but more importantly, it’s about creating an environment that meets the needs of our people, different teams and the business.

We have adopted a hybrid working model where employees can choose to work in the office an average of two to three days per week. Although SEEKers value the flexibility of working remotely, they also value face-to-face interaction with their colleagues.

This is aligned with findings from a recent report we just released with Boston Consulting Group, titled What Jobseekers Wish Employers Knew: Unlocking the Future of Recruitment, which found that 62 per cent of the respondents in Southeast Asia said they prefer to work hybrid, but interestingly, only 11 per cent want fully remote. This implies that many people still value in-person interactions and want to come together a few days a week to cultivate deeper connections.

To offer our employees an even greater work-life balance, we have also implemented remote working models where they can work remotely from different locations for up to four weeks per year.

We’ve also designed an Ongoing Remote Working policy for our Technology, Strategy, Product and AI teams. Around half of the roles are eligible to work remotely from any country in our APAC footprint.

How should a tech worker prepare for the funding winter?

I feel for those impacted by the recent bouts of tech layoffs. However, I would also like to encourage those affected to stay strong and that this is not the end. Tech talent is still in demand in sectors such as banking and insurance. These industries are expanding, and they need people with tech skills who can help them advance their growth agenda.

It is also an opportunity for them to take stock and re-evaluate what they want over the next few years and what they value. Keep an open mind; there are many good opportunities out there, even if these may not be the ones that would immediately come to mind.

How do you measure the performance of your employees?

Our performance review framework focuses on outcomes and behaviours equally, aiming to enable quality performance conversations and improve people’s experience at work. This encourages an open culture of asking for, giving and receiving feedback, which helps everyone to be curious and continue to adapt and grow.

Also Read: Keep learning and building relationships during funding winter: Richard Yan of Airwallex

That’s why even though we only have mid-year and full-year formal performance reviews, the results of the review sessions are never really a surprise because the feedback is given all year round.

Beyond remuneration outcomes, our performance review framework is closely linked to an individual’s career, progression, and learning opportunities – because we know that learning never stops, no matter your level.

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

Honesty and integrity are fundamental qualities of great talent – and they aren’t just limited to roles that work with people or involve handling sensitive information.

Take software engineers, for example. They may have an individual contributor role. Still, suppose they lack honesty and integrity in their work. In that case, they may cut corners just to meet deadlines, which could lead to security vulnerabilities that impact the company’s reputation and business.

Hence, I would hire a moderately skilled person with a strong work ethic, which is much more valuable in the long run, especially as our culture prioritises building trust as we support each other to succeed.

Do you encourage ‘intrapreneurship’ at SEEK?

We are huge believers in intrapreneurship, and that’s why we conduct hackathons on a bi-annual basis, where SEEKers from across the business work together to create innovative products, concepts, prototypes or business case that helps SEEK to deliver our purpose.

These ideas need not be around something big, new and shiny; they could also be something as practical as a fix for an existing back-office problem or process. The aim is to foster a culture of creativity that drives innovation, an entrepreneurial spirit that is dear to us as an organisation.

How do you support upskilling for your employees?

We have a range of internal and external learning and development opportunities to support SEEKers in reaching their full potential.

For example, we organise Careers Day every six months, encouraging SEEKers to keep their diaries free to focus on developing their career plans and participate in career development activities. 

During this time, we hold panel discussions featuring senior leaders sharing their career journeys, knowledge and experience. Selected senior leaders will also provide one-on-one private career mentoring sessions across functions, geographies and job levels.

Our engineering team has a weekly “Sharpening the Saw” knowledge-sharing session on Friday afternoons where members can learn from one another on the latest tech-related skills, foster stronger relationships and build camaraderie.

Externally, SEEKers can also upskill and reskill anytime with our learning and development partner, Go1, the world’s largest professional learning and development platform, which hosts over 150,000 courses from renowned education providers. For SEEKers undertaking further education and development, we offer paid study and examination leave.

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

The post Keep an open mind, there are many good opportunities out there: Paul Thomas of SEEK appeared first on e27.

Singapore-headquartered Proxtera, a digital platform aiming to make MSMEs’ cross-border trade easier, has made the first close of its Series seed round of funding.

The investors are Ant Group, CerraCap Ventures, and EDBI.

The financial details remain undisclosed.

The funding will be used as working capital to further develop Proxtera’s innovative digital cross-border trade and financial services enabled by trusted credentials.

Also Read: 15 startups that are among this year’s frontrunners for TOP100

“This funding will allow us to bring our product to more Singapore businesses, spread to select global markets, expand our bench of talented individuals and positively impact MSMEs in the world of cross-border trade and finance,” Proxtera CEO Saurav Bhattacharyya said.

Proxtera operationalises the Business sans Borders initiative by the Monetary Authority of Singapore (MAS) and the Infocomm Media Development Authority (IMDA).

Proxtera uses digital technology to help MSMEs gain trusted credentials and make marketplaces efficient and discoverable globally. MSMEs can connect with B2B marketplaces, financiers, payment providers, and other cross-border trade experts to save time and money.

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Registration for TOP100 is now open and we are looking forward to seeing your startup on the list!

TOP100 Program gives you the one golden chance to connect with hundreds of investors, showcase your startup at Echelon, pitch on the TOP100 stage, and access special programs. Find out what’s new in TOP100 2023 and join here: https://bit.ly/TOP100_2023

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Now that Echelon Asia Summit is coming back in full swing, e27 is determined to make one of its key features, the TOP100, one of the best yet!

The TOP100 program is an annual initiative organised by e27 to showcase and recognise the most promising startups in the Asia-Pacific region.

The program is open to exciting new startups from the Asia-Pacific region with innovative ideas that break barriers across different industries. The selection of the TOP100 involves a rigorous screening process, including an evaluation of the startup’s product or service, team, market potential, and traction.

Also read: 9Unicorns announces 3rd Edition of DDay on April 11th 2023!

The selected startups are given the opportunity to pitch their business ideas at the Echelon Asia Summit this June 14-15, 2023, at the Singapore Expo. The program also provides exposure to investors, mentors, and potential partners, enabling growth among participating startups and helping them expand their networks across the larger global tech ecosystem.

The TOP100 program has become one of the most prestigious startup competitions in the region, attracting thousands of applicants each year and providing valuable visibility and support to the most promising startups in the region.

15 startups closer to competing at this year’s TOP100

Being a frontrunner refers to startups close to making it to this year’s TOP100 program.

With all the amazing startups sprouting across the Asia-Pacific region’s vibrant tech startup ecosystem, we now present you with 15 frontrunners closer to competing at this year’s TOP100. Get to know them here!

iFarmer Ltd

iFarmer is a full-stack agritech startup that provides a one-stop solution for smallholder farmers by providing them with access to finance, high-quality inputs, agronomic advisory, and access to the market. iFarmer started in 2019 and currently has 85,000+ registered farmers, and to date, has facilitated $24M in farm and input financing.

The company has been partnering with financial institutions to facilitate Agri financing directly to the farmers, and substantially increased the supply chain capabilities in the Agri input and output verticals. iFarmer has piloted IoT and satellite-based advisory services to improve productivity, reduce costs, and reduce climate risks for farmers.

Finext

Messy receipts? Tedious and time-consuming to track your personal expenses? Have to keep physical receipts for 7 years for claiming tax relief? Worry no more! Finext helps you to automate all these work within one app.

Just snap your receipt, and they do the rest with the help of Artificial Intelligence! Submit your personal income tax with just one click, FInext calculates payables and rebates, and submits them for you easily. The company’s vision is to become users’ everyday personal finance app.

bubbME.AI

bubbME.AI is an integrated and gamified Adolescent Healthcare Monitor to combat bullying + gender-based violence using AI and Big Data. The company impacts UN-SDG No. 3 and 5.

bubbME.AI is addressing the ongoing development from physical to digital spaces of the metaverse. Offering wellbeing services as a partnered SaaS or as a standalone RPG game model, bubbME.AI is moulding itself as the future of digitalisation.

Hello3Dworld

Hello3Dworld wants to build a Metaverse, a 3D digital world that simulates our real world. Inside this Metaverse, users can create their own 3D Avatar from a single photo in just a couple of seconds. Then they can participate in activities similar to our real world, such as: shopping, entertainment, working, studying, and travelling, among others.

The company’s slogan is “Real World on the Internet”. Their competitive advantages are that they own the 3D Avatar Creator Tool and simulate the Metaverse as close to real life as possible with a fair cost. Leveraging the experiences of its founders, Hello3Dworld is trying to make the product ready to exploit the new & potential market, estimated to be about 700 billion in 2027.

Castomize Technologies Pte. Ltd.

Castomize is revolutionising medical devices with 4D-printing technology, starting with orthopaedic casts and splints.

Castomize’s 4D-printed casts provide a myriad of benefits to both doctors and patients. For doctors, they reduce the amount of manpower, time, and tools needed to apply and remove casts. For patients, they accelerate the healing of their fractures and provide them with unprecedented comfort.

Truffle Technologies

Truffle Technologies is a Singapore-based technology startup. They are building an AI-powered, short-video-based professional networking and recruiting platform, Haloed, to help young professionals to access new job, internship, and networking opportunities, connect with new people virtually, get noticed by recruiters, and participate in automated interviews with their video job applications. On the other side of the platform, to help employers attract young professionals, Truffle Technologies help find and quickly assess candidates with automated video interviews allowing them to replace screening interviews and speed up recruiting.

Storya

Storya is building the most advanced creator economy platform ever made thanks to AI and blockchain features. The goal is to help millions of emerging market creators earn a sustainable income.

Storya is the first creator economy app to fully embrace the power of the two greatest technological revolutions for writers since the printing press: Artificial Intelligence and the blockchain. The Storya platform is built with creators from emerging markets in mind, and as a bridge to fill the massive infrastructure, capital, and tech skills gaps that prevent talents from around the world from finding an audience and earning a sustainable income.

FLEXWAVE CO., LTD.

FLEXWAVE builds embedded PV energy harvester for IIoTs with 75% more power, which can reduce the size of the device and make the “wireless” come true.

FLEXWAVE offers an innovative optical method to overcome the limits, and the company gave a name for this fibre-like technology, calling it Flexible Waveguiding Photovoltaics. According to the nature of waveguide material, FLEXWAVE makes PV panels that can collect photon energy from a wider angle.

AI Communis

AI Communis is proud to be the first B2B ASR-based solution provider in Southeast Asia with local language adaptation. As a business, they provide Automatic Speech Recognition (ASR) based solutions to help enterprises capitalise their audio data.

Whether you are a startup, freelancer, or content creator, AI Communis’ flagship product, Auris, can help you transcribe audio files accurately and insert subtitles into your videos, thanks to their ASR and machine translation technologies!

METAIN INVESTMENT GROUP INC.

The global real estate market is characterised by cyclical trends, with values fluctuating based on location and time. However, investing in global real estate can be complex and time-consuming, requiring significant paperwork and legal fees. As a result, it is typically only accessible to wealthy investors. For retail investors, it may not be practical or feasible to invest in global real estate due to the barriers to entry and the costs involved.

The prospect of investing in real estate South East Asia has always been alluring. At Metain, they utilise blockchain technology (DeFi, NFT, Smart Contracts) to make investments in income-producing real estate affordable, convenient, transparent, and safe for retail investors.

Aphelia

Aphelia creates a wireless charging station in space that’s dedicated to a smallsat constellation to enable its highest potential of capabilities and reliabilities by having a kW-level of power delivery at a low SWaP ratio & cost, having no dependence on the short period of solar exposure, and no limited precious power for on-demand, flexible satellite operations. The values include increasing user capacity, enhancing data computing performance, increasing data throughput, having operational flexibility of electric propulsion, and others.

Aphelia aims to make interplanetary smallsat space missions more economical while having higher capabilities so that everyday people on Earth can be part of a space-faring civilisation, venturing into the unknown.

EQUO

EQUO Co. is a sustainable brand providing 100% plastic-free and compostable solutions for everyday single-use items including drinking straws, utensils and stationery.

Their aim is to make plastic alternatives widely available in order to force single-use plastic production to slow down and eventually be eliminated altogether.  We will work to reduce costs year after year through economies of scale and pass that on to the consumer in order to make sustainable products affordable and accessible to the masses.  EQUO addresses SDG goals 11, 12, 13 and 14, and 15.

NurtureRN Pte Ltd

NurtureRN aims to create and enable a sustainable ecosystem for the international nursing community by collaborating with the key stakeholders to address the different challenges faced by both international nurses and nursing students globally through technology, data and personalized care with an objective to strengthen the ecosystem for the global healthcare community.

NurtureRN aims to create more transparency in their career journey by helping international nurses break the barriers of entry, to expand their job opportunities beyond their home borders.

Paladium Technologies

Paladium is an up-and-coming data company that is focused on the collection and processing of consumer data with analytics as an added layer to provide greater value to Consumer-Facing Businesses. They offer actual monetisation of the consumer’s data to the consumer – a unique proposition unheard of in Developed Countries (DCs) within Asia Pacific, where consumers are starting to be aware of how the Big Tech Companies are exploiting their data without consent. 

Paladium Acquires & Analyses first-party purchase data to help B2C merchants increase revenue with strong market intelligence. Through this, they also enable consumers to monetise their personal data. The venture is also privately invested.

VITA

VITA app is a mobile health record which is synchronised to laboratory information systems to get the latest updated blood biochemical and immunological data. From the available data, VITA is able to provide deeper insights into the risks of heart attacks and biological stress index. 

They also focus on making health services accessible and easy to understand through visualisation. They want to enable better lifestyle choices through the Health Compass feature on the app. (GPS location-based services for health)

A step closer to the 2023 TOP100

After a rigorous screening process, these startups are a step closer to qualifying for this year’s TOP100.

If you are one of the founders of the startups above, a representative from e27 will be reaching out to you soon to discuss with you the next step in your application process. Feel free to get in touch with us for any inquiries.

Also read: Industry giants helping make Echelon Asia Summit 2023 possible

If you have an exciting startup with innovative ideas that can eclipse the best and the brightest in the region, join the 2023 TOP100 and stand a chance to pitch your ideas to some of the top investors in the Asia-Pacific at this year’s Echelon Asia Summit. Register for TOP100 here.

The post 15 startups that are among this year’s frontrunners for TOP100 appeared first on e27.

Even before the rising popularity of ChatGPT and similar tools, the finance industry has begun to explore the use of AI in its various sectors.

According to Bharath Vellore, General Manager, Asia-Pacific, Provenir, in an email interview with e27, there are three notable use cases of AI in the finance industry today:

Identifying Fraud

“A key benefit of using AI for fraud detection is its ability to get smarter with each transaction it processes. So, even when fraudsters evolve their methods, AI models can use real-time data to identify new patterns, learn, and adapt decisioning to maximise the right fraud alerts and minimise false positives,” he explains.

Credit Scoring

“According to our global survey of 400 decision-makers at fintech and financial services organisations, only 18 per cent of participants believe their credit risk models are accurate at least 75 per cent of the time. This uncertainty results in less inclusive credit, fewer approvals and reduced opportunities for business growth,” Vellore says.

“In addition to information that lenders have in their own systems, alternative data from third-party providers such as mobile data, IP and geolocation, identity verification … provides a more holistic view of the applicant’s financial health across the entire customer lifecycle. Alternative data is especially helpful when scoring thin-file and or no-file individuals that have not had credit in the past,” he continues.

Also Read: How will generative AI advance embedded lending

Risk Management

“AI can support the industry in understanding and mitigating risks by analysing complex data and operationalising financial risk models. Through AI-powered platforms, banks can create loan origination experiences that drive customer loyalty,” Vellore points out.

“Other benefits including improving overall efficiency and productivity cannot be overlooked. The ability to generate large amounts of timely and accurate insights will be fundamental in building overall competency around customer intelligence and will be instrumental in providing a vastly superior forecasting ability – which will lead to potentially richer data segmentation. These will essentially be a juncture in maintaining effective risk strategies.”

With these trends identified, we move on to the next question: What challenges remain? How can we continue on improving?

“While AI is being more widely adopted by more companies across a wide spectrum of industries, integration of the technology into real-world applications is not as straightforward – and it is important to recognise that AI is not a ‘magic pill’ solution. Firstly, the technology is rarely a ‘one-size-fits-all’ solution, and while use cases within the same industry may be similar, data integration will be vital,” Vellore elaborates.

“Secondly, organisations also need to consider the infrastructure needed to support an AI solution. For example, are datasets integrated and in a format that is easily accessible to AI platforms? Are sufficient computing resources dedicated to processing to generate real-time insights? All these technology infrastructure requirements need to be addressed alongside implementing AI, unless you partner with a vendor that offers a purpose-built AI platform,” he says.

Also Read: AI-powered Betterhalf aims to make online matchmaking easy for urban Indians

Last but not least, Vellore points out that organisations may also struggle with finding the right talent to implement and support AI solutions.

But in the next few years, Vellore says that growth in the use of AI in the finance industry will increase “dramatically”.

“Organisations that can leverage additional data sources and use AI to test and deploy new strategies quickly will be able to better serve their customers, detect fraud, and capture new market share,” he says. “This means that we are likely to see AI being adopted across multiple business units and functions – encompassing everything from credit and risk analysis, and fraud detection to task automation.”

How Provenir seizes these opportunities

Now that we have an understanding of the ongoing and upcoming trends in AI usage in the finance industry, what opportunities does Provenir intend to pursue as a data and AI-powered risk decisioning software?

According to Vellore, credit risk decisioning is becoming prevalent across many industries, such as healthcare, pet care, travel, auto repair, utilities and telco, especially with the growth of BNPL providers.

“Changing demographics also provides an opportunity to modernise decisioning approaches. For example, digital natives, who account for 40 to 50 per cent of all consumption in the region, are more likely to use credit but are less willing to engage in conventional banking. They have always had instant access to services and expect that same level of responsiveness from financial service providers,” he elaborates.

“SMEs are still underserved by traditional institutions or fintech services, yet they represent more than 90 per cent of businesses in APAC. We see a growing number of fintechs serving this audience with automated risk-decisioning technology embedded with AI models that provides instant approvals and funding in hours, not weeks.”

Also Read: Archireef secures funding to restore degraded marine ecosystems using 3D printing, AI

In the past year, Provenir has achieved several key milestones, including the launch of its AI-powered data and risk decisioning platform and the growth of its marketplace data partner. The company said it achieved 106 per cent growth in revenue and expanding its customer base by 67 per cent in the past year. It has also expanded to include more than 100 data partners, achieving 57 per cent growth over the past year.

Vellore said that the company intends to invest “significantly” in Asia Pacific, especially in Indonesia, the Philippines and Australia.

“These plans include a focus on R&D, growth and most importantly, our customers,” he says.

“Developing new, innovative technology remains a top priority and the company invests 25 per cent of its revenue in R&D each year to ensure that we are always at the curve of development.”

He also shares more about the company’s user acquisition strategy.

“In the spirit of innovation, we have trained our global sales team to be entrepreneurial, crafting targeted solutions for customers and audiences with specific use cases in mind. It is critical that we understand a customer’s objectives and position ourselves as strategic partners to address their challenges and goals. This level of collaboration helps build a customer advocacy to be our very own Provenir ambassador,” he explains.

“We have also been selected to participate in TransUnion’s Strategic Alliance Distribution Program and Visa’s Ready for BNPL program, which allows their clients to take advantage of our industry-leading platform,” he closes.

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

Echelon also features the TOP100 stage, where startups get the chance to pitch to 5000+ delegates, among other benefits like a chance to connect with investors, visibility through e27 platform, and other prizes. Join TOP100 here.

Image Credit: Provenir

The post Infrastructure, talents are some of the challenges finance industry faces in adopting AI: Provenir appeared first on e27.

SESAMm, a French AI company empowering users to generate NLP insights from web data on companies, has expanded into Southeast Asia by opening an office in Singapore.

The Singapore business will be led by Thibaut Gunsey, Head of Sales (Asia), who brings nine years of financial-industry experience to the company.

The island nation will be a hub for SESAMm’s regional operations, driving growth through new business development. It is the fintech firm’s first business residency in Southeast Asia, where private equity (PE), public equity, and asset management are ripe for solutions focused on alternative data sources, particularly those sourced with NLP solutions.

The new location will also support its employee growth, with plans to expand the team in the coming months.

“This move represents a significant milestone in our growth strategy,” said SESAMm CEO Sylvain Forté. “Singapore is a key financial centre in the region, and our presence here will allow us to serve our existing clients better and tap into new business opportunities.”

SESAMm was founded in 2014 by Sylvain Forté (Co-Founder and CEO), Pierre Rinaldi (Co-Founder and COO) and Florian Aubry (Co-Founder and CTO).

SESAMm’s off-the-shelf platform TextReveal empowers users to generate NLP insights from web data on “millions of companies in less than a minute”. The firm analyses more than 20 billion documents in real-time to generate insights for controversy detection on investments, clients and suppliers, ESG and positive impact scores, PE due diligence and sourcing, and sentiment analysis on financial assets.

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

The startup operates in two areas: NLP and Sustainability (ESG) insights. Its vision is to continue expanding in those two areas in high demand in the APAC region. The market needs will help them continue focusing on further developing technologies applying NLP to serve sustainability-related use cases while serving local clients and positively impacting their strategies.

With operations in six countries, the firm claims it tracks over five million public and private firms providing insights in 100+ languages.

“APAC is diverse, so doing business in Japan differs greatly from Australia or Singapore. However, our solutions’ flexibility and relevance have proven helpful for multiple use cases in the region. In particular, we see a lot of interest in ESG controversies for portfolio monitoring and alerting,” said the SESAMm team in an email interview with e27.

“As with most markets, local expertise is critical We have experienced the nuances of each market, and despite the success, we could have in other markets, we remain humble and have hired local talent from the start for all of our offices worldwide. In Japan, we have two employees and have a couple of positions opened for our Singapore office. We see both offices growing over the upcoming years and even opening more offices in the region,” the team added.

Recently, SESAMm closed its Series B2 round with €35 (US$37) million from France and US investors along with Singapore-based AFG Partners.

“SESAMm’s proven traction in international markets positions it well to enter Asia, and we see a clear strong appetite from financial institutions and corporates to adopt their solution. We look forward to scaling the business across Asia with them,” said Ivan Ong, Principal at AFG Partners.

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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 e27 platform, and other prizes. Join TOP100 here.

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Singapore-based digital mental health company ThoughtFull has raised US$4 million in an oversubscribed pre-Series A funding round.

Temasek’s wholly-owned healthcare entity Sheares Healthcare Group led the round. Returning investors Vulpes Investment Management and The Hive Southeast Asia, founding members of Grab and Zalora, and global private family offices also joined.

The startup will use the funds to scale its business across Asia further and deepen its product offering across the end-to-end spectrum. The company plans to conduct clinical research to provide more Asia-focused insights for personalised mental healthcare.

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

ThoughtFull’s digital platform, ThoughtFullChat, aims to address the challenges faced by traditional mental health systems. It offers self-care resources, such as personalised content, progress-tracking tools, and professional support through video calls and text-based mental health coaching.

Each wellness tool on ThoughtFullChat is curated and verified by mental health professionals or global experts in these fields.

In 2022, ThoughtFull partnered with insurers such as AIA Malaysia to provide their corporate customers with end-to-end mental health support. It also runs similar propositions with FWD to scale affordable mental healthcare across Hong Kong and Thailand.

ThoughtFull claims its revenue has grown 30x since the launch. The platform’s mental health professional network has grown to 57 locations across Asia, and its user base now covers 95 locations worldwide.

Joan Low, Founder and CEO of ThoughtFull said: “Building on the work we do with healthcare professionals, employers, and insurers, we are yet another step closer to realising our vision to empower everyone to make mental health a priority every day by bringing seamless end-to-end care to all.”

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As the global crypto industry continues to grapple with increasing regulatory scrutiny and clampdowns, new hubs for the virtual asset industry are emerging. One such emerging hub is Hong Kong, which recently proposed rules allowing retail investors to trade certain “large-cap tokens” on licensed exchanges, contrasting mainland China’s outright ban on crypto-related transactions.

Based on what I know, The Securities and Futures Commission of Hong Kong has not yet specified which large tokens would be allowed. Still, industry insiders speculate it would likely be Bitcoin and Ether, two of the biggest digital assets by market value.

While China’s clampdown on crypto trading was intended to protect individual investors from speculative activity, the increasing number of bankruptcies and layoffs in the global crypto industry may have justified their actions.

Nevertheless, the crypto industry continues to attract talent and investment, making it hard to imagine Beijing sitting idly while the rest of the world develops new building blocks that could potentially spark a new wave of innovation as big as the current internet itself.

China’s crackdown on crypto trading has led many of its web3 startups to look abroad, with many of them setting up new bases in more crypto-friendly locations like Singapore and Dubai. However, with Hong Kong’s introduction of a more relaxed regulatory environment for cryptocurrencies, some Chinese-founded web3 companies in exile may consider returning home to Hong Kong.

Hong Kong has a long history as a financial hub and can potentially be a laboratory for China’s policymakers to test out blockchain’s potential with some buffer for the nation’s one billion netizens. The city’s proposal stipulates that all centralised virtual currency exchanges operating in the city or marketing services to the territory’s investors must obtain licenses from the securities and futures authority.

The proposed requirements cover key areas such as safe custody of assets, know-your-client, conflicts of interest, cybersecurity, accounting and auditing, risk management, anti-money laundering/counter-financing of terrorism, and prevention of market misconduct.

In addition to ensuring suitability in onboarding clients and token admission, the other key proposals relate to token due diligence, governance, and disclosures.

Also Read: IMF calls for cryptocurrency regulation to ensure financial stability

In other words, centralised crypto exchanges must ban Hong Kong IP addresses until they obtain the relevant permits to operate in the city. The regulatory requirements are currently open for consultation until March 31, and the new licensing regime will take effect on June 1.

This move by Hong Kong is strategic, and it can attract crypto companies and investments to the city. Implementing clear regulatory frameworks would help the industry gain mainstream adoption and bring in more institutional investors.

The crypto industry has come a long way since the inception of Bitcoin over a decade ago. With the emergence of DeFi (Decentralised Finance) and NFTs (Non-Fungible Tokens), the industry has grown significantly, and this growth is expected to continue. However, to achieve its full potential, it needs to address its regulatory concerns.

The introduction of clear regulatory frameworks can help crypto companies gain mainstream acceptance, bring in more institutional investors, and pave the way for new and innovative use cases for blockchain technology. Hong Kong’s move towards a more relaxed regulatory environment for cryptocurrencies is a significant step in the right direction, and I hope that other countries will follow suit.

AML crypto regulations in Hong Kong

The Legislative Council passed the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Bill 2022 (AML/CTF Amendment Bill 2022) on December 7, 2022. This bill introduced a licensing regime for virtual asset service providers (VASPs) and imposed anti-money laundering (AML), counter-terrorism financing (CTF), and investor protection obligations upon these actors.

VASPs that are licensed in Hong Kong are subject to a number of AML, CTF, and investor protection obligations. These include:

• Customer Due Diligence (CDD): VASPs must conduct CDD on their customers, which includes identifying and verifying the identity of the customer, the beneficial owner, and any other person who exercises control over the customer. VASPs must also assess and understand the nature and purpose of the business relationship with the customer.
• Ongoing monitoring: VASPs must monitor their customers’ transactions on an ongoing basis to ensure that they are consistent with their knowledge of the customer, the customer’s business, and the risks associated with the customer.
• Record-keeping: VASPs must maintain adequate records of their customers, their transactions, and their risk assessments. These records must be kept for a period of at least five years.
• Reporting: VASPs are required to report suspicious transactions to the Joint Financial Intelligence Unit (JFIU) of Hong Kong. Suspicious transactions include those that are inconsistent with the customer’s profile, those that have no apparent economic or lawful purpose, or those that involve the proceeds of crime.
• Investor protection: VASPs must also put in place measures to protect their customers’ assets. This includes measures such as segregation of customer assets from the VASP’s own assets and insurance against losses.
• Penalties for non-compliance: VASPs that fail to comply with the new regulations are subject to a range of penalties, including fines, suspension or revocation of their license, and criminal liability. Individuals who are found guilty of money laundering or terrorist financing may face imprisonment of up to 14 years and fines of up to HK$5 million.

The new regulations also provide for the imposition of sanctions by the United Nations Security Council or by Hong Kong in respect of breaches of international sanctions.

Licensing and registration requirements for VASPs in Hong Kong

Anyone who engages in a virtual asset exchange business in Hong Kong must apply for a license with the SFC. The AML/CTF Amendment Bill 2022 also introduced regulations for VASPs to comply with the Crypto travel rule.

Also Read: Singapore’s new payments law is a boon for the crypto community

The HKMA will only grant licenses to VASPs that meet certain criteria, including:

• The company must be incorporated in Hong Kong.
• The company must have a permanent place of business in Hong Kong.
• The company must have adequate financial resources.
• The company must have appropriate AML/CTF systems and controls in place.
• The company must have a compliance officer responsible for ensuring the company’s compliance with the new regulations.

VASPs that fail to obtain a license will be prohibited from providing virtual asset services in Hong Kong.

Complying with the crypto travel rule in Hong Kong

The crypto travel rule will be effective in Hong Kong as of June 1, 2023. The new regulatory regime will provide industries with a grace period to prepare for compliance until that date. In Hong Kong, Travel Rule requirements apply regardless of the transaction amount.

The scope of data to be exchanged varies depending on the threshold of the transaction. For virtual assets that amount to HK$8,000 or more, the following information needs to be shared: name, account number, and address of the originator, as well as the beneficiary’s name and account number. For virtual assets that amount to less than HK$8,000, only the name and account number of the originator and beneficiary are required.

There are no differences in customer personally identifiable information (PII) requirements for cross-border transfers and transfers within Hong Kong. However, for wire transfers, the information recorded must include the number of the originator’s account or a unique reference number assigned to the wire transfer by the financial institution.

Non-custodial or self-hosted wallet transactions do not have any specific requirements in Hong Kong. The AML/CTF Amendment Bill 2022 defines virtual asset transfers subject to Crypto Travel Rule requirements as transactions for transferring virtual assets carried out by an institution on behalf of an originator, with a view to making the virtual assets available to the originator or another person at an institution, which may be the ordering institution or another institution.

In conclusion, Hong Kong’s proposal to allow retail investors to trade large-cap tokens on licensed exchanges is a significant development for the global crypto industry.

While China’s crackdown on crypto trading was aimed at protecting individual investors from speculative activity, the regulatory framework proposed by Hong Kong is more relaxed and can potentially attract more crypto companies and investments to the city. The implementation of clear regulatory frameworks would help the industry gain mainstream adoption and bring in more institutional investors.

I am looking forward to seeing a striking balance between the both.

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Lisa Gibbons is a passionate storyteller with over 15 years of experience. She writes for numerous publications and is the co-founder of the Irish Shebeen, the first Irish Pub in the metaverse. She has a love for all things blockchain, the metaverse and sustainability.

Most recently, she spoke at the Women in Technology series in London about the future impact of NFTs. She was awarded runner-up in the hacker noon contributor for climate change for 2022. She worked on bringing the leading Web3 projects and impact investors together to discuss the opportunities for creating a greener future.

Gibbons also founded Orchardsnearme.com, a platform dedicated to wild food foraging and sustainable food distribution and is a member of The Writing Studio, a platform dedicated to improving storytelling in Web3. 

Her interest lies in bridging the world of Web2 to Web3.

Gibbons regularly contributes articles for e27 (you can read her thought leadership articles here).

In this candid interview, she talks about his personal and professional life.

How would you explain what you do to a five-year-old?

I write and make stuff that you can play with on your phone.

What has been the biggest highlight/challenge of your career so far?

The challenge for females who want to lead is juggling several balls and getting their voices heard. Building and launching the first Irish Pub in a Web3 metaverse will be up there in terms of achievements for me.

How do you envision the next five years of your career in the blockchain space?

I imagine I won’t get off the Web3 rollercoaster anytime soon. I am firmly in education mode and soaking up knowledge about metaverse opportunities and the blockchain industry in all its forms. 

I want to continue exploring the various ecosystems. I was recently appointed to the Advisory Board of a design-focused metaverse platform called Neoki and a blockchain-focused charity platform, Charitablez.

What are some of your favourite work tools?

I like the one-stop-shop approach that Google Suite offers. I also use Discord, Slack, and Calendly. More recently, I began experimenting with ChatGPT.

What’s something about you or your job that would surprise us?

I love to forage for wild plants and mushrooms at the weekends. I grew up with foragers, and my grandfather taught me how to hunt for mushrooms. It may be where my wandering mind comes from.

Do you prefer WFH or WFO, or hybrid?

I enjoy hybrid or working from home. I tend to be more productive away from the pressure of housework.

What would you tell your younger self?

When I was younger, I had a university education on a pedestal and was determined to get my Masters’s degree. Upon reflection, education is fantastic for building consistency and many softer skills required for working, but I would have spent more time learning outside of the classroom setting.

Also Read: The most important person I need to sell to is myself: Jeffrey Liu of Jenfi

Feel free to take several paths; we all end up in the same place, so the paths to get there should be varied and full of adventure.

Can you describe yourself in three words?

Passionate, fiery, fast-paced.

What are you most likely to be doing if not working?

Spending time with family, experimenting with wild food, reading, painting…the list goes on.

What are you currently reading/listening to/ watching?

I watched The Last of Us and loved the characters. Also, Red Rose on Netflix has gotten the hairs on my neck to stand up. I listen to the All in Podcast regularly. I read literary theory to keep my brain on the right treadmill.

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Join the e27 contributor community of thought leaders and share your opinion by submitting an article, video, podcast, or infographic.

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