The adoption of AI across organisations in Southeast Asia is a story of  ‘in fits and spurts’, but its impact cannot be denied. By 2032, 70 per cent of the new value created within the regional economy will be driven by digital, with AI being a critical component of this transformation.

Despite the growth in adoption,  over 60 per cent of businesses have yet to invest in an enterprise-wide strategy to coordinate their AI investments. There are also existing challenges, such as the widening skills and adoption gap that continue to be prevalent as businesses lack the expertise and knowledge required to embed AI strategies into their current process and applications. 

Why is this so? For one, AI requires an extensive data and model lifecycle. This, coupled with ongoing digitalisation, might cause businesses to believe that adopting a broad approach to their AI strategy would be the way to go. However, it is quite the contrary. Leaders must ensure that they embed a tailored AI strategy that best aligns with their overall business approach and growth aspirations. 

Also Read: These Artificial Intelligence startups are proving to be industry game-changers

With the multitude of considerations involved with AI adoption, what has once been deemed a task just for experts is now an essential concept to be grasped by all.

Why AI

Southeast Asia is an ideal breeding ground for digital potential, with a population of over 682 million. By harnessing AI, we have the chance to unlock a multitude of opportunities across industries. But it is critical to understand the importance and value of incorporating AI solutions effectively within a business framework. 

When embedded into an organisation’s operating model, AI becomes a powerful tool that can optimise processes at every level. Companies that succeed in their AI journey are ones that leverage AI at an organisational level rather than through ad hoc use cases; these companies empower their employees to make better decisions with AI.

With the careful alignment of people, processes and technology, AI can help to unblock bottlenecks in a company’s workflow. By democratising data, financial companies can improve cash management processes, reduce food waste in the supply chain, or detect anomalies and provide service failure predictions, just to name a few.

For example, through the adoption of AI systems and strategies, the financial planning and analysis division at Standard Chartered Bank was able to take full advantage of the large amounts of diverse data at their disposal, increasing analyst productivity by a factor of 30 by replacing spreadsheet-based processes with governed self-service analytics.

The formula for success

Incorporating an effective AI strategy could be the key differentiator for businesses to help improve customer insight, employee efficiency and decision-making. Singapore undoubtedly has been the leader in the region’s AI adoption space, sort of creating the blueprint for other regional markets to adapt. This is in part due to the government’s continued push for AI and the availability of both better resources and talent in the country. 

Several multinationals have their regional headquarters in Singapore, allowing them to easily pilot new initiatives. Through programmes such as Tech@SG and Tech Pass, they can scale their models across the region. 

But Singapore’s not the only place we’re seeing AI adoption taking place. There has also been growing interest from traditional conglomerates within the telecommunications, banking, insurance, consumer packaged goods and retail spaces to adopt these systems across Southeast Asia. 

Businesses within these industries are now being led by second and third-generation leaders who are trying to modernise processes to ensure that they can remain competitive against their digital native counterparts. 

Through the introduction of systemised, easily accessible and understandable AI solutions, businesses will be equipped with the capability to improve their data readiness and people capabilities alongside their technology workloads and processes.

Also Read: The Indonesian startup ecosystem today is no longer recognisable –and that is a great thing

Government support is another important pillar to ensure greater access and thus easier adoption of AI across the region. Countries that have seen success with their AI adoption processes have been those with clear and transparent digital blueprints for businesses to model themselves after.

Malaysia, for example, recently announced the launch of its sixth data centre aimed at catering to hyperscalers and high-end enterprises in a bid to accelerate digital transformation efforts across the country. Having clear measures outlining data privacy, security, infrastructure and data sharing across sovereignty enable countries to effectively embrace the new digital age.

A clear blueprint along with investment to fund the development of AI and investment into workforce readiness will help accelerate the AI adoption process across the region.

Onward and upward

When I think about the future of AI, I will liken it to the dawn of the internet. The proliferation of AI has completely changed how we live, work and play. With the advent of cloud connectivity, machine learning and the ever-evolving uses of AI across industries, this is also what we expect to see with AI and perhaps even more in the foreseeable future.

According to Dataiku’s recent InfoBrief commissioned from IDC, we now see the region’s early adopters of AI reaping the benefits of these strategies. They are expected to increase their spending by 34 per cent on average, as they are now entering a new phase, where they scale their operations thanks to their early implementation of AI models.

There is now a clear divide between the laggards and early adopters that will only continue to grow. From reshaping the future of work to the impact, AI will have across sectors such as manufacturing, telehealth and smart living, just to name a few, businesses need to get on board sooner rather than later to ensure they don’t get left behind, allowing the region to truly unlock its fullest potential.

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The innovation scene in Asia continues to excite, with innovators changing the way we shop, bank, consume healthcare and more.

However, one area that seems to have received less attention is the second-hand trade industry under the circular economy development model. Specifically, the recycling and reuse of phones, computers, and tablets that work but are no longer used and can be brought back into service (rather than being thrown away and wasted).

The buying and selling of pre-owned products are not new. Innovators have changed how we search for and purchase pre-owned property and cars, for instance, and of course, there is a high market penetration rate for both. However, the pre-owned electronics industry has a relatively low penetration rate even though people replace their mobile phones and laptops more frequently.

Opportunities for innovators and investors

As a Chinese company, we have seen first-hand how the market in pre-owned consumer electronics has grown and developed over the past ten years, moving from a small, scattered and disorderly sector in the early years to one that has undergone a process of specialisation, standardisation and development on a large scale.

The scale of China’s pre-owned consumer electronics transaction and service market was 79 billion yuan in 2016 but climbed to 309.5 billion yuan in 2021, and the compound annual growth rate reached 31.4 per cent between 2016 and 2021. It is expected to grow to 987.5 billion yuan by 2026, at a compound annual growth rate of 26.1 per cent from 2021 to 2026.

Also Read: How barePack and &Repeat aim to reduce waste by introducing the circular approach to food packaging

In Southeast Asia and other parts of the world, this industry is much less developed and immature and therefore ripe for innovation. There is growing pressure among policymakers and the general public to increase recycling rates and a drive among the recycling industry to do this in an environmentally and economically sustainable way.

Automation has allowed the sector to flourish

Like any industry in its early stages, there are a series of pain points that need to be addressed. A major issue in the pre-owned electronics industry is a lack of standardisation regarding the quality inspection.

In China, we had hundreds of thousands of small and medium-sized businesses, all operating independently of each other, offering second-hand electronics of varying degrees of quality, some good and some not-so-good. This created confusion among consumers and lowered trust.

Furthermore, another reason for lack of trust is privacy concerns. Data security is hugely important in China, and it is required to obey regulations which specify how operators clean up personal information left on unused electronics and protect customers’ privacy and not disclose users’ information to any third party. Technology is also needed to ensure data can be permanently erased, providing assurance and confidence to consumers.

To better protect users’ data security, we use a self-developed data removal system named AiQingChu to clear all information in used mobile phones before other quality inspection processes. AiQingChu is a targeted and exclusive privacy protection algorithm which has ADISA Certification. At present, the system has cleared the privacy of more than 10 million devices.

Next, come the quality inspection processes before the pre-owned product is sorted and stored. In China, we have developed an automatic system named ‘Matrix 2.0’ that can quickly and accurately conduct a quality inspection for targeted products at a low cost.

Aiming at the non-standardised characteristics of pro-owned electronic products, we have independently developed ‘Camera Box 3.0’, an intelligent appearance testing device incorporated with an AI algorithm; ‘007 Automatic Intelligent Detection Platform’, which can automatically check whether the function of a used phone’s receiver, screen and camera are normal; and the ‘Tianyan X-ray’, designed for identifying whether a phone undergoes disassembly and repair or replacement of its parts without disassembly.

This automatic system allows us to process millions of pre-owned electronics (31.2 million devices in 2021), quickly and efficiently transporting, sorting and inspecting electronic devices. They are then priced by a proprietary algorithm based on their service time, physical condition, depreciation, market conditions and other factors.

To date, the market of pre-owned electronics in Southeast Asia, Europe and the USA is underestimated. Many factors lead to this condition, including cost (as I mentioned earlier), as well as the difficulty of consumers in buying workable, pre-used phones and computers. There are few regulations and limited trust. These all present opportunities for regional companies to come into the market and make changes, using China as an example.

More than just business

While the business practice makes sense when it comes to the recycling of idle electronics, the Environmental, Social, and Governance (ESG) case is even more convincing, both from an environmental point of view and a social one. This will help build a business case as investors increasingly look at ESG and other elements when making their investment decisions.

Also Read: Why GoImpact believes that education is the key to promoting ESG investment

It is important to note that ESG is rising in importance among investors. The past few years have seen record amounts of ESG investment worldwide, with US$649 billion invested in ESG-focused funds in 2021 and US$53 trillion expected by 2025. Investors are seeking innovative companies that both change industries for the better and have a positive effect on environmental, social and governance issues.

For companies in the Circular Economy, ESG and business go hand-in-hand. For instance, in July 2021, torrential rain hit the Chinese province of Henan, leading to major floods. Roads were flooded, transport services disrupted, towns were evacuated, and schools and hospitals were cut off.

The flood affected normal life for millions of people, including students from several cities. 16,800 students missed out on normal school with the fall semester disrupted by the unexpected rain. In addition to the destruction caused to the educational infrastructure, a huge amount of teaching aids and equipment were also impaired.

To help these affected schools get back on track for the fall semester, together with China Foundation for Rural Development and Pad for Hope, a charity organisation, ATRenew initiated the “AHS Charity and Love-Digital Education Aid Programme for Henan Beautiful Schools” and donated electronic teaching equipment, including 106 smart blackboards, 450 iPads, as well as office computers, printers, routers and other devices in demand, to the affected primary and secondary schools, and helped teachers’ informatization capacity construction.

In China, we have seen the pre-owned electronics sector grow from a low base a decade ago to a hundreds-billion-dollar industry, with plenty more to come. Southeast Asia is currently where we were ten years ago and is crying out for entrepreneurs to turn their attention to processing millions of pre-owned but idle devices, many of which are lying unused in people’s cupboards and desk drawers.

It’s time to enter a market that offers a perfect blend of solid business cases and environmental and social good.

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Interpol issues Red Notice for Terra co-founder Do Kwon
The development follows the collapse of the Terra blockchain, leading to losses amounting to millions; This prompted an arrest warrant issued by a Korean court for six individuals, including Kwon, for violating its capital market laws.

SG’s Golden Equator partners with Snoop Dogg’s son for Web3 fund
Golden Equator is raising up to US$50M for a Web3 fund in partnership with Dogg’s son Cordell Broadus; The Welcome To The Block Fund will target early-stage businesses, specifically, startups focused on CeFi, DeFi, and Web3 infrastructure.

DBS launches crypto trading for accredited investors
With a minimum investment of US$500, users can now trade Bitcoin, Ethereum, XRP, and Bitcoin Cash on DDEx; This feature is linked with DBS digibank, allowing funds of clients to be directly debited for DDEx transactions.

Binance seeks Japanese operating license
The crypto exchange, which withdrew from Japan due to a lack of a permit four years ago, now seeks a license to operate in the country in light of the pro-Web3 agenda of Prime Minister Fumio Kishida.

What ST Chua is looking forward to during his stint in Ikano Insight
ST Chua gives us a look into what excites him the most about his new role, where he will be leading Ikano Insight’s growth in Southeast Asia.

Foodtech firm Line Man Wongnai joins Thailand’s unicorn club
The Thai food delivery company raised US$265M Series B led by Line Corporation and Singapore’s GIC; The investment will be used to expand its service categories, recruit tech talent, and improve its tech infrastructure.

Temasek leads Chinese cloud startup Well-Link’s US$40M round
Well-Link, which counts Xiaomi and gaming company MiHoYo among its previous investors, sees this round as a doorway to expanding overseas; Well-Link looks into how its cloud rendering tech can be used in virtual reality projects.

Malaysian industrial drone firm Aerodyne raises US$30M
Investors are Petronas and KWAP; Aerodyne will use the capital to expand into Europe, Africa, LatAm, and South Asia and bring its solutions to Indonesia and India.

Philippine HR and payroll firm Sprout Solutions acquires Linnia
Linnia is a process automation platform that helps Sprout users automate repetitive HR tasks and procurement efforts; The acquisition will allow Linnia to shift its focus to building a marketplace for AI-focused APIs.

Cloud kitchen startup CloudEats raises US$7M led by Nordstar
The startup will use the new funds for regional expansion and the development of its brands; On the back of its successful Vietnam launch, the company is looking to open a third market in H1 2023.

Malaysian fintech firm Revenue Monster raises US$6.5M in PE funding
The lead investor is The SEA Capital; The Revenue Monster’s has raised US$6.5M in total funding; Its products include online store front solution À La Carte, payment terminals, and an e-commerce payment gateway.

Malaysia fintech firm Instapay banks US$4.75M
The investors are ACA Investments and Spiral Ventures; Instapay provides payment solutions in the form of an e-wallet and linked prepaid Mastercard; It also has a payroll solution that enables companies to pay employees their salaries via the Instapay e-wallet digitally.

Wavemaker General Partner Gavin Lee said to be quitting
Lee, with 8 years at the VC firm, is the longest serving member; He is currently on a sabbatical leave is re-assessing his next career move; The VC firm is also understood to have selected one or two partners.

Venturra Managing Partner Rudy Ramawy passes away
Before founding Venturra, Ramawy was the founding Country Director of Google Indonesia; He founded Venturra in 2015, along with Lippo Group Director John Riady and former Rocket Internet Managing Partner Stefan Jung.

‘Events like Echelon are important during tough times because there’s strength in unity’
When people get together, we can encourage each other to keep going and provide support, says Genesis Alternative Asia Partner Martin Tang.

A Founder’s journey from sewing machines to blockchain gaming
Blockchain gaming is here to stay; with the help of Playfix, more game developers can prepare for the future.

How to make AI accessible for businesses
With the multitude of considerations involved with AI adoption, what was deemed a task just for experts is now an essential concept for all.

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Echelon 2022 aims to provide intimate and focused discussions on key topics and business matching services to facilitate business-driven connections during the two-day event. e27will curate and invite key stakeholders of startups, investors, corporates, and ecosystem enablers to drive towards fruitful business outcomes at Echelon.

The 2022 Echelon edition will be co-located with SWITCH at Resorts World Sentosa from 27 to 28 October 2022. Learn more here. 

The post Ecosystem Roundup: Line Man Wongnai turns unicorn, Aerodyne nets US$30M, Interpol notice for Terra co-founder appeared first on e27.

For too long, women have been underserved by mainstream companies. Thankfully, this is changing as the femtech industry across Southeast Asia leads the way with an influx of products and services being created for women by women.

While market analysts predict that the Asia-Pacific femtech market will grow at the fastest rate between 2022 to 2030, Southeast Asia’s femtech industry continues to lag behind compared to the West, making up only eight per cent of femtech firms globally. 

Despite the advancements in the technology sector, there is still much to be done when it comes to closing the gender gap in the region. Nonetheless, in today’s landscape, there’s a myriad of opportunities for femtechs to make a difference by eliminating the traditional barriers that have held women back. But to do so successfully, they must first overcome challenges commonly encountered in the femtech space.

The challenges in the femtech space

Traditionally, women’s health issues have been deemed taboo, with sexual health often stigmatised, especially in the conservative Southeast Asian region. On top of this, men continue to dominate the fields of medical research, forming a bulk of the researchers and patients in clinical trials. This approach has resulted in a one-size-fits-all approach to medical diagnosis and solutions that often don’t serve women.

Also Read: Femtech: VC interest grows as new frontier for women’s health beckons

The good news is that we’re seeing the rise of femtechs who operate with the main goal of closing gaps in women’s health. Despite this growth, a large challenge remains to bring conversations around women’s health issues into the mainstream.

Misinformation is indeed ripe, especially as women’s health conversations remain behind closed doors and are constantly fueled by old wives’ tales. In this respect, knowledge is indeed power, and technology has played a big role in empowering more women through education.

Social media, for one, is a tool we actively use at Ease, and is one similarly leveraged by other femtechs. It has been instrumental in knowledge sharing and community building for us and has helped us and other femtechs to bring educational content to more women in the region.

That said, advertising restrictions on social media have been a pain point for femtech companies globally. A study that surveyed 60 health-oriented businesses serving women and people of diverse genders revealed that Meta rejected all their ads, and half said their accounts were suspended for supposedly violating policies.

By contrast, male ads about erectile dysfunction and manscaping were allowed. As a result, femtech companies are leaning on euphemisms and emojis to conceal words that are considered high-risk by regulators. Although these ads are more successful, they unwittingly reinforce the stigma around women’s health.

We at Ease have had numerous ads banned and even our account frozen at some point for publishing advertisements relating to female sexual health and wellness, even though these advertisements did not include any explicit or suggestive content.

To resolve this issue, we tested the algorithms on the platforms repeatedly to see how they would react to certain content and avoided or censored certain words, colours, or shapes that might lead to our posts being flagged.

We also established a communication channel with relevant decision-makers within social media platforms to get their assistance when we encounter such situations. Additionally, we’ve also turned our focus to creating organic, viral content rather than relying on paid advertisements.

Also Read: Breaking the glass ceiling: These 6 women are making their marks in deep tech field

When navigating the complex rules online, companies need to understand and uphold the compliance rules that each social media platform has in place to avoid advertising bans and kickstart their marketing campaigns. However, most femtech startups do not have the luxury and flexibility to experiment with their marketing campaigns.  To bypass ad restrictions, more creative resources will need to be allocated to explore innovative ways of storytelling.

The future of femtech in Southeast Asia

Despite the challenges, the femtech industry in Southeast Asia continues to reap massive potential, with many analysts predicting tremendous growth until 2030. Although nations such as Singapore have struggled with taboo conversations around sexual health, we have seen a vast improvement over the last five years in attitudes towards female issues and the challenges that, until now, women have faced on their own.

Femtech Analytics, for example, predicts that by 2026, the Asia-Pacific region will be seeing the world’s fastest growth in women’s health apps. Modern women are no longer suffering in silence. They are taking a proactive approach to their healthcare by tracking periods, monitoring fertility, and sexual wellness while leveraging femtech solutions to identify hormonal disorders and even screen for cancer.

Rather than feeling overwhelmed by the daunting advertising restrictions that have traditionally held the industry back, femtech companies now have plenty of options to work around any obstacles in their path. There is much more to be excited about now that even social media companies actively want to be seen as a part of the solution for women rather than part of the problem.

Women’s health is much more than reproductive health. As we enter a new era of precision medicine and precision health, it is opening opportunities to celebrate our differences while taking gender-specific treatment and care more seriously. Women-centric health technology is finally bridging the healthcare gap, and we can safely predict that the Southeast Asian region will lead the way, and femtech businesses will continue to thrive.

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Women have always held important roles across different industries, but more so in tech where there is a constant need for fresh and innovative ideas. With more women taking on leadership roles in the workplace, industries like insurtech are ripe with growth potential, especially in the hands of talented women that can offer rich and unique perspectives. 

With a fast-growing demand to digitalise insurance since the onset of the COVID-19 pandemic, among other services, Southeast Asia and the rest of its neighbouring regions need to catch up with the times. Many companies in the insurance industry, however, are burdened by inflexible legacy systems and negative customer experiences.

Operationally, a talent gap, ever-changing regulatory requirements, long marketing periods, and ineffective collaborations cause companies to fall behind the competition, especially in a field as rapidly evolving as insurtech. Furthermore, high operational costs can stifle growth and undermine efficiency.

Companies like IXT are ripe for entering a market driven by the need to innovate and create solutions to modern-day issues. With what can be dubbed as Southeast Asia’s “digital decade,” there’s no time like the present to strike in terms of finding digitalisation’s place in various industries. 

With all these challenges in mind, we spoke to four female leaders from IXT to find out how to navigate the ups and downs of the insurtech world. Get to know the paths that led them to the wonderful world of insurtech and find out their vision for the future of the industry.

The four IXT team members are:

• Duyen Dang, Director of Partnerships at IXT Vietnam;
• Thuy Nguyen, Country Head for IXT Vietnam;
• Shu-Yu (Elsie) Lin, General Manager for IXT East Asia;
• Michelle Ip, VP of Strategy at IXT Asia Pacific

e27: What were some of the challenges you faced working in Tech, Elsie and Michelle?

Elsie: I have over 10 years of experience in digital transformation, enterprise system planning, and product management in the Fintech, e-commerce, and IoT sectors. Being an ex-founder of a B2B SaaS startup and having led digital transformation at a multi-national company overseeing multiple markets in Asia, I saw that Technology has traditionally been a male-dominated industry, and public perceptions of capability are frequently associated with men vs. women. Sometimes I feel that I need to work harder in order to prove myself to the people I work with and eliminate that perception gap to earn the opportunities.

Michelle: Having worked in both Tech and Business, I’ve had the pleasure of playing a variety of roles throughout the insurance value chain, from entering the Cambodian life insurance market on a greenfield basis to developing the first digital insurance platform in Hong Kong to launching a fintech start-up. I find that in Tech, both the engineering and business teams may feel that they are not understood and this affects their work efficiency and effectiveness. As a female leader, I care most about the people whom I work with and I see the importance of communication in building a great team, I do spend the extra time understanding their situations, and learning their processes and ways of doing things.

Also read: How esports is evolving with blockchain gaming

Instead of focusing on delivering projects within certain man-days, having a conversation to discuss helps breed more trust and transparency, essential qualities for building a team and delivering exceptional results. The challenge women face in Tech is leading and showing how work effectiveness and efficiency can be derived using a personable approach, and translating that value into people leadership and motivation. I encourage business users to involve other working teams and to share their business objectives, outcomes, and requirements. It helps with cross-collaboration, and this applies not just in the Tech industry but in other industries as well.

e27: How does IXT provide value back into the insurance value chain and assist companies in their digitalisation journey? 

Michelle: Countries in the Asia-Pacific are at different stages of digitalisation and, coupled with the pace of technology innovation, insurers need to understand how to map their digital transformation journey to innovate for the future. I see great value and potential in Asia, where insurance penetration is less than 5% of GDP across different countries. Insurance digitalisation is not only about putting products online or transforming or streamlining the operation but also about collaborating with ecosystems to create new ecosystems where insurance becomes an integral part of everyday and everyone’s life. IXT’s continuous improvement and development in technology (but not limited to insurance) is the key to making this happen. 

IXT’s modern core solution, with low-code/no-code UI, flexible architecture, and robust rule engine, accelerates insurance business innovations with traditional products, microinsurance, embedded, on-demand, UBI, and more. IXT can provide the technological backbone and aid insurance companies in creatively curating their desired products for better market fit. Make the technology work for you, instead of making do with technology.

e27: Why is IXT a game-changer? What excites you about joining IXT? What makes IXT different? 

Duyen: I saw the IXT demo and I found that the solution is unique in the market. Some companies just focus on the launch, and once that is done, there is no further follow-up or care for the customer. But IXT is different in that they care about the customer and their results. They also look at the customer’s back end, and I find it good for the Vietnam market. There are many friendly and supportive people at IXT that made me feel very welcome.

Thuy: I was sold on the founder’s mission. Not just do I believe in the mission, but I believe in the foundation of our product and the founder’s vision – grand, yet achievable. Many start-ups in insurtech failed in Vietnam as changes take time, and I am triggered by a desire to change the slowness and inefficiency of the insurance industry. Alex and the founding team possess the right mentality when it comes to tackling this market, and this makes it possible for us on the ground to execute it well. The team is always striving to be the best, making a difference, and finding a way to make the customer’s dream a reality.

Elsie: IXT is formed by a group of multi-dimensional professionals working hard together to drive thought leadership in product and technology innovation. It is exciting to join them and build the business with like-minded talents that carry solid domain knowledge in insurance and technology.

IXT is different in that it is not just a solution provider; it provides a triangulated value proposition of:

• Tested by insurance practitioners
• Designed based on forward-thinking technology advancements
• Updated with the latest security requirements

Michelle: IXT’s founder and the company’s vision and solutions are some of the many reasons I joined them. IXT doesn’t only aim at being a solution provider; they are a forward-thinker and a pioneer in terms of designing solutions that enable insurance providers to leapfrog to the digital front. IXT enables and inspires partners to work innovatively and quickly.

From a people and culture standpoint, IXT values diversity and hunts for the best talents in each market. With the business registered in Singapore, they have expanded in the region, and we now have representation in Malaysia, Vietnam, Hong Kong and Taiwan. This also means that when companies work with IXT, they get access to a team of multinational experts that could help them with their regional digital transformation plans.

Looking forward: The future according to IXT’s dynamic team

e27: What is your vision for the industry? How does IXT help make that vision a reality?

Duyen: My vision for the industry is to improve customer experience in the Vietnam market and to provide more understanding for Vietnamese companies to innovate in their products. IXT has the technology to create embedded insurance, and on-demand insurance, such as flight delay products with claims automation, and it will be a very positive experience for customers if they can get a message from the insurance that your flight is delayed and here is your insurance pay-out. I want to be the first person in Vietnam to share this model with everyone.

Thuy: I look forward to the day when we will be able to work with every platform/ insurer in the country and bring more and more innovative products to end customers. Insurance is still something new and is not considered a necessity for Vietnamese people. I hope we can help propel the industry to a new height, making insurance accessible for everyone.

Also read: This startup aims to make rooftop solar accessible to smaller households with zero upfront cost

Elsie: My vision is to make insurance more accessible to everyone by leveraging technological innovations.

IXT can make that vision a reality through creative thinking and our advanced technology. The team comprises different domain experts, and we take special care to source the best talents in the specific domains. This gives IXT insider knowledge of various specialisations and allows us to be agile and flexible to provide a holistic assessment for every customer. We have a very experienced team and people from consulting firms, helping our customers apply strategic thinking with a collaborative approach to their digital transformation journey to achieve their desired outcomes.

e27: What would you say to women looking to enter Tech, Elsie and Michelle?

Elsie: There are 3 things that I’ve kept in my mind and that have motivated me in my career, and they are:

1) Gender is just a social framework and one that we can disrupt. The focus should be on following our heart’s desire. So long as we are truly passionate about what we want to do, we can overcome any challenges. 

2) Self-Empowerment: We must believe that we have control over our own destiny and make the most of what life has to offer.

3) Find Inspiration: For me, Sheryl Sandberg’s book “Lean In” provided new perspectives and encouragement to consider how I should find my voice, be assertive, and speak up because I have the ability to do so. It empowers me to shift the focus from limitation to liberation, and that is strength.

Michelle: Just go for it! We should not be bound by gender, and continuous learning is a must in this ever-changing industry and environment. You need to be self-motivated to pick up new skills and knowledge. Or else, you will fall behind very quickly and what you know could be outdated very soon. Tech is a very fast-paced environment, so you need to prepare for that. You have to ask yourself if you have enough interest and motivation to work in such an environment. Lastly, Tech is a huge space. You don’t need to be an engineer to go into Tech, there is always a place for everyone. It is worthwhile to take the time to explore the right roles that are suitable for you and your skill set.

An all-in-one platform for insurtech

IXT enters the picture with strong consideration over business pain points. The business provides a one-stop-shop solution to clients looking to optimise their operations and improve their product or service rollout through the Insurance Enterprise Results Platform. 

The IXT platform enables product innovations, centralises product information, and accelerates product launches––all in one place, and with low-code configuration. Apart from these product specificities, IXT’s platform also supports multi-market, multi-currency, and of course, localised requirements, making it fit for product development — whether start-ups are planning to expand internationally or locally.

Also read: The circular economy as the next frontier for Asia’s innovators

In terms of market campaigns and improving customer reception, IXT’s platform helps businesses deliver personalised outreach, improving campaign return on investments (ROI). In addition to that, partnerships are enhanced by exploring the possibility of joint promotions or referrals. These types of innovations have spurred growth for insurance businesses and improved their partnerships and linkages.

Pioneers ushering in an exciting future

Each team member has transformed IXT into the fast-growing innovator that it is today. With all these vibrant innovators at the forefront of catalysing a smarter, more innovative future for the insurtech ecosystem — not only in the Asia Pacific but across the globe — it will be interesting to see what will come in the next years out of these ground-breaking pioneers.

For more information, visit IXT’s LinkedIn, YouTube, and page.

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This article is produced by the e27 team, sponsored by IXT

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What comes first, the culture or the technology?

The answer is never clear-cut. Rather, it is a flywheel. Cultural shifts will inspire new technological innovations, which will, in turn, further shape culture. 

Over the past decade, the narrative across culture and technology in Southeast Asia has been one of decentralisation and democratisation. From 3G and 4G enabling the mobile revolution of the 2010s to the maturing creator economy of the early 2020s, culture and tech have propelled SEA in one direction – empowering individuals and communities for access, participation, and ownership across culture and commerce.

The arrival of Web3 in SEA is the latest chapter in this broader decentralisation story. Businesses looking to identify an ownable position within Web3 must first understand the anchoring narrative that meaningful opportunities in Web3 revolve fundamentally around democratisation, of access to both practical utilities and passion points. 

One key piece of technology for entry into Web3 is blockchain wallets. The region has seen positive consumer attitudes towards blockchain and cryptocurrencies in general, which has translated into the growing adoption of blockchain wallets.

Beyond its transactional functionality, a blockchain wallet essentially serves as a gateway for all of a user’s Web3 experience. It allows users to manage their blockchain-based assets, a home for NFTs, coins, and tokens and enables users to participate in various activities from using dApps to joining DAOs.

Also Read: 3moji aims to transform the way NFTs are used in metaverse with its composable avatars

There are three key opportunities that wallets present for businesses to meaningfully engage consumers in Web3:

• Wallets as commerce credentials
• Wallets as culture keepers
• Wallets as community enablers

Wallets as commerce credentials

A blockchain wallet functions as a digital identity and gives owners control over their personal information. If Web2 was about (often careless!) data sharing and brands using data for commercial purposes, Web3 and digital identities give individual owners control of their data. 

One key use case for this is driving greater inclusion across social and commercial activities. Temasek-backed Affinidi created a blockchain platform for blue-collar workers in India to store verified employment records and, subsequently, use the data to access education and economic opportunities. 

The immediate opportunity here for brands is token-gated commerce. Firstly, it unlocks new ways for consumers to derive value from their participation in passion points. A DinoPOPS NFT drop inspired by the popular Vietnamese series My Brother is a T-Rex will allow NFT holders to own the IP and will receive a revenue share from YouTube streams of the series. 

Further, token-gated commerce serves the consumer need for social status, driven by scarcity and privileged access. One recent example is the successful NFTiff drop from Tiffany & Co., which allowed CryptoPunks holders to purchase custom jewellery and digital artwork based on their NFTs. Each NFTiff cost 30 ETH (around US$48K at the time of writing), and the collection sold out in 22 minutes.

Wallets as culture keepers

In 2021, NFTs became a pop culture phenomenon. Predictably, 2022 saw a swing in the opposite direction. But the so-called ‘crypto winter’ is helping to (re)set the use-case of NFTs, one of them being a new canvas for self-expression. 

In SEA, it is giving creatives an opportunity to reinvigorate traditional art forms and celebrate the region’s culture in new ways. Diela Maharani, for example, is a Jakarta-based illustrator who partnered with SuperRare and World of Women to launch Metarupa, the first Indonesian NFT community. 

In the coming months, NFT buyers will look for a story that resonates, and that includes narratives about who they are and the culture they belong to. One brand already riding this successfully is Nike.

Spanning customisable CRYPTOKICKS, hoodies you can wear IRL and URL, and a forging system for users to acquire physical merch based on their NFTs, Nike’s creative Web3 projects with RTFKT has brought in an estimated US$185M. That makes Nike the world’s highest-earning apparel brand from NFT sales. 

Their secret to success? Fundamentally, Nike understands sneakerhead culture and leverages NFTs as a canvas to translate their passion. How will your brand empower and celebrate consumer culture across local, regional, and global stages?

Wallets as community enablers

Blockchain wallets hold a user’s tokens, which in turn enable membership in token-gated communities and access to all the related benefits – like social connections, status, and even self-improvement.

Also Read: ‘DAOs aren’t different from community-building efforts seen in Web2’

Founded by Singapore-based entrepreneur Lily Wu, WOW PIXIES is a regional DAO and NFT collection aiming to invest in women-led Web3 projects. The DAO manages an NFT vault and hosts community events that promote knowledge sharing and upskilling for women in Web3. Membership is via ownership of the WOW PIXIES token, which grants access to events and votes on DAO activities and investments.

How might your business leverage token-gated access, whether IRL or URL, to build a community around your brand and deliver on consumer needs for connections and self-improvement while maintaining aspirational clout?

Tying it together

We would argue that the term blockchain ‘wallet’ is a misnomer, as the platform offers much more than an alternative transaction method. Instead, blockchain wallets fundamentally serve as the entryway into Web3 and the next evolution of consumer culture, marked by decentralisation and deeper levels of expression, participation and ownership.

Developing a wallet strategy is therefore crucial for any business looking to enter into Web3 meaningfully. How might you get started? Consider the following questions:

• Focus on user-centricity. How might your wallet strategy add value to the consumers and Web3 communities you want to engage?
• Which wallet platform can you partner with? For example, Coinbase is a publicly-traded company that has an aggressive growth strategy in the Asia Pacific.
• How might you enable your most valued customers to hold a utility-based token? This will allow you to grant exclusive access to goods and experiences, such as airdrops of digital goods. 

This article was a condensed excerpt from the latest edition of Culture Drop, Culture Group’s quarterly publication, titled Winning in Web3: Wallets and the Next Culture Revolution. Access the full PDF here.

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Due to the cyber threat landscape where attack vectors are constantly shifting, Chief Security Officers and other Security leaders are increasingly asked to ensure safe, reliable online access that enables their employees and clients.

Security principles

There are several ways to optimise enterprise security options if you keep these three principles in mind:

Monitor in new ways

A modern monitoring-centric approach to cybersecurity is critical with bots that have learned to mutate and DDoS attacks growing in size. We experience 16 DDoS attacks every minute; hackers will continuously seek to breach native websites, applications and third-party integrations. Using real-time monitoring and machine learning technologies helps prevent and mitigate attacks quickly.

Collaborate cross-functionally

To gain speed and visibility, successful security leaders are expanding their roles and gaining full visibility into IT priorities, infrastructure and digital strategies which drive their businesses. Increasingly, there’s a stronger collaboration across CTO as well as CIO organisations to ensure breaches won’t impact the business.

Prove your worth

Security is often unheralded, and leaders are hired to reduce risk and prevent attacks with as little notice as possible. Thus it’s important to measure results using ROI, which means the resources or costs used to monitor, test and mitigate must show an economic benefit that’s well communicated and understood.

API vulnerability

One area that enterprises often neglect is Application Programming Interfaces (APIs) which are used by applications throughout enterprises. These are sets of routines, protocols, and tools for building software applications that make it possible to subdivide and deliver what would have been monolithic applications into microservices, all designed and optimised to perform a specific function with a high degree of quality and flexibility.

Also Read: Best cybersecurity practices for startups to stay ahead of the curve

Used for client-facing capabilities on websites as well as internal business functions software applications, APIs are connectors responsible for performing functions like delivering data. When using any third-party applications with API calls, there can be vulnerabilities from where the apps are hosted, their origin servers, and other security protocols which are not under direct control by the enterprise.

However, while a large percentage of organisations rely on critical APIs for their respective business models, they are “out of sight” and thus often remain vulnerable to the security risks that are present. In fact, despite the increased spending and investment into APIs, more than two in five organisations (41 per cent) have had an API-related cybersecurity incident in the last twelve months, with almost two-thirds (63 per cent) of those involving a data breach or data loss.

Practice security hygiene

Organisations need to focus on identifying and accurately pinpointing vulnerabilities within their IT infrastructure, which means having a complete understanding of how critical data is processed and managed internally.

Security audits

It is key for organisations to conduct regular cybersecurity audits with internal or external resources. Timely analysis of strange actions or movements of employees, privileged users, or third-party vendors can help address sudden incidents in a timely manner. Likewise, digital threats from bots and DDoS attacks also need proper auditing and ongoing monitoring.  With both addressed, security leaders are prepared to respond to any Zero Day threats accordingly.

Documentation

The security controls within an organisation must be well documented and established. Having role-based security ensures that only key personnel are able to access the controls, and this would also track access and changes.

Accessibility

Likewise, to combat software, web applications and API attacks, it is essential that companies stay on top of users, versions, and general maintenance levels that may impact either employees’ or clients’ access to enterprise services. Don’t forget to conduct vulnerability scans for the entire infrastructure and correct issues as soon as they occur.

Is security an enterprise-wide, core competency? As security considerations spike amidst growing threats and an increase in vulnerabilities, IT decision-makers are starting to look towards managed service providers to outsource their cybersecurity needs against a backdrop of limited resources and in-house talent.

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Coingecko is the world’s largest independent cryptocurrency data aggregator with over 150 million page views per month. In a bull market, this number was 600 million.

What few people know is that this giant in the crypto space was actually founded in Malaysia by Malaysians. They became a top player in the crypto world without a single cent from venture capital funding.

CoinGecko started off as a side hustle with founders Bobby Ong and TM Lee, spending 20 hours of their free time after work on this every week.

In 2017, they started doing this full-time, and the team has since grown to 55 employees in Singapore and Malaysia.

In this interview, I speak with Bobby Ong, Co-Founder of CoinGecko to uncover his journey, how to maintain conviction when so many people are doubting what you do and building an a-class team and culture.

Here are some key takeaways:

The key to resilience in hard times is having a high conviction

To spend 20 hours of free time on your side hustle every week, ride through a few major downturns and persevere when many did not see the value of cryptocurrency is not easy. At their lowest point in 2016, they even thought of selling the company.  

How did Bobby thrive through all these? In his words, “Conviction plays a big role, and conviction comes from education.”

Throughout the years, he had been reading several whitepapers and essays to dive deep into the technology and understand its future potential. “Everything we see today, like DeFi and NFTs, were all captured in whitepapers and studies several years ago,” he explains.

Be prepared to adapt fast and seize opportunities

Preparation also helped them be ready when they were at the right place and time. In 2020, when their competitor CoinMarketCap got acquired by Binance, several users were looking for an independent data aggregator and flocked to CoinGecko.

CoinGecko seized this opportunity as they spent a few years earlier clearing up technical debt and preparing their platform for a surge in traffic. 

Another opportunity they seized that helped them accelerate their growth was also being able to be the first one to be able to track trades on a decentralized exchange. 

In Bobby’s view, in this space, every six months to a year, there will be one big innovation. The one who can adapt fast “stands to gain a lot of market share.”

Transparency is necessary for a good culture

Despite bootstrapping and facing a volatile market, CoinGecko kept employee morale high, as seen by their 4.6 Stars Glassdoor rating and 100 per cent CEO approval.

 

Bobby explains that transparency is a big part of this. “When you are not open, and information leaks out, it will take on a negative tilt,” Bobby explains. Employees are aware of what salary they can get in each band. This not only prevents resentment but also closes the gender pay gap.

To watch the full interview, you can do so on YouTube, or listen on Spotify & Apple Podcasts.

Jump to the critical segments:

• 1:37: Ong’s story, from side-hustle to the world’s largest independent cryptocurrency data aggregator.
• 7:40: What is the problem that CoinGecko is solving? 
• 13:56: Why CoinGecko did not raise funds from venture capital?
• 23:42: Where does Bobby Ong’s conviction in crypto come from? 
• 29:40: How does the ability to respond fast to trends help them scale?
• 36:15: Sharing his views on the crypto space, valuation and trends on Twitter.
• 40:53: What actionable steps did he take to build a great culture in CoinGecko?
• 44:04: Why Bobby Ong believes that leaders need to be open and transparent?
• 45:19: How to maintain culture as the team grows? 
• 48:14: How CoinGecko approaches hiring?
• 53:41: What is CoinGecko focusing on during Crypto Winter? 
• 55:42: What was the lowest point for CoinGecko? 

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‘There’s still an acute shortage of Series C/D capital in SEA’
Asia Partners’s General Partner Nick Nash said there is a Series C and D funding gap of ~US$900M for SEA to catch up with China; This is, however, less than the funding gap of US$1.1B last year and US$1.2B in 2019.

Malaysia’s unicorn Carsome to lay off staff 
The used-car firm has apparently started letting people go in Thailand and Indonesia; It is now bringing the effort to Malaysia and its regional roles, a Tech In Asia report highlighted.

Shopee layoffs hit staff in Taiwan, Philippines
Dozens of employees in the Taiwanese office were asked to pack their things and leave on Monday; The layoffs in the Philippines would reduce the workforce by “a low single-digit percentage.”

Shopee faces backlash over endorsement in the Philippines
The firm appears to have sparked the ire of users who questioned how it has money to hire Filipino celebrity Toni Gonzaga as its brand ambassador even as it recently announced layoffs in the country.

Traveloka receives US$300M financing facility
The investors include Blackrock, Indonesia Investment Authority, and Allianz Global; Traveloka has so far raised US$862M+ from investors, including Expedia, Rocket Internet, GIC, and East Ventures.

Exclusive: Scooterson lands US$74M contract to build electric two-wheelers in Singapore
Scooterson is setting up a manufacturing facility in Singapore, which plans to produce around 850 units monthly, starting April-March 2023; It plans to hire 15 employees in the R&D department and 20-25 in the manufacturing department in the next 6-9 months.

Grab to launch digibank in Malaysia, Indonesia in 2023
Bank Fama International will serve as the foundation for the digibank it plans to establish in Indonesia; The announcement follows the launch of GXS Bank, a digibank formed in partnership with Singtel, in Singapore last month.

E-commerce brands aggregator Una Brands raises US$30M Series B
Lead investors are White Star Capital and Alpha JWC; The firm will use the capital to double down and fund acquisitions of high-quality e-commerce brands across home & living, mother & baby, and beauty & personal care categories.

Aiello banks US$5.8M to take its voice AI assistant for hotels beyond Taiwan
Lead investors are JAFCO Asia and Wistron Corporation; Aiello’s voice assistant analyses the needs and usage behaviours of guests during their stay and extracts data which can be used to improve hotel management.

Singapore’s field service management startup FTV Labs raises US$1.5M seed
Investors are Origgin Capital and Mitsubishi Electrics ME Innovation Fund; FTVLabs’s KEGMIL digitises and automates inefficient spreadsheet and paper-based workflows, enabling field service companies to enact timely data-driven insights.

Indonesia’s Mycotech raises US$1.2M to develop eco-friendly leather for fashion industry
Investors are AgFunder, Temasek Lifesciences, Fashion for Good, Third Derivative, and Rumah Group; Mycotech employs mycelium as a binding agent to create biomaterial composite Biobo and cultivates it to create strong, leather-like material Mylea.

Children’s behavioural health startup KinderPass raises US$500K
Goodwater Capital, Momentum Capital, Better Capital, and SuperMorpheus are the investors; KinderPass provides online therapy and personalised support for children’s developmental delays, learning difficulties and behavioural issues.

Entrepreneur First unveils 7 SG firms in latest cohort
The Singaporean companies in the latest cohort solve problems related to women’s health, fintech, Web3, and machine learning; Five of these startups are raising seed rounds and two have recently concluded fundraises.

AC Ventures ties up with CTO-as-a-service firm to bolster tech teams
The collaboration with 8020cto is aimed at helping SEA startups face technical challenges; 8020cto will guide the founders of ACV’s portfolio companies on streamlining their technical and business strategies as well as coach their CTOs and engineers.

Malaysian crypto exchange MX Global bags US$1.6M
Binance and Hachiman Technology are the investors; In June, CEO Changpeng Zhao revealed that Binance will work with Malaysian cryptocurrency exchanges to expand its services in the country.

Terra founder contests South Korea’s Bitcoin transfer accusations
“There is no ‘cashout’ as alleged,” Do Kwon shared in a Twitter post; However, the police alleged that 3,313 bitcoins from Luna Foundation Guard were moved to crypto exchange platforms KuCoin and OKX between September 15 and 18.

Terraform Labs says accusations against CEO have ‘no reasonable basis’
A spokesperson for the firm issued a statement that Do Kwon was in communication with the authorities through his lawyer; The exec said Kwon is “not on the run” and is actively managing Terraform Labs.

Physical collectibles maker Mighty Jaxx launches NFT collection
It will team up with checkout solutions provider Paper to offer buyers the option to pay via credit card; Adding credit cards as a payment option makes buying NFTs more convenient.

Crypto adoption steadies in South Asia, soars in the SEA
This article analyses the main drivers and barriers to grassroots cryptocurrency adoption in South and Southeast Asia countries.

This startup aims to make rooftop solar accessible to smaller households with zero upfront cost
Customers can then choose either its five-to-year plans for rent-to-own or direct purchase; Solar AI’s goal is to convert 5,000+ properties across Southeast Asia to solar by 2025 and decrease up to 84,394 tonnes of carbon per year.

Web3, wallets, and winning the next culture revolution in SEA
Blockchain wallets fundamentally serve as the entryway into Web3 and the next evolution of consumer culture, marked by decentralisation.

How e-sports is evolving with blockchain gaming
The use of blockchain will increase trust in e-sports because of the platform’s transparency, allowing everyone to see what is happening.

Meet the 6 companies you can connect with at Echelon 2022
Echelon 2022 is designed to help companies achieve favourable business outcomes by connecting attendees with decision-makers of various companies across various industries.

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Echelon 2022 aims to provide intimate and focused discussions on key topics and business matching services to facilitate business-driven connections during the two-day event. e27 will curate and invite key stakeholders of startups, investors, corporates, and ecosystem enablers to drive towards fruitful business outcomes at Echelon.

The 2022 Echelon edition will be co-located with SWITCH at Resorts World Sentosa from 27 to 28 October 2022. Learn more here. 

The post Ecosystem Roundup: Traveloka raises US$300M, Carsome to lay off staff, Shopee kicks up a storm in Philippines appeared first on e27.

YAS MicroInsurance, a blockchain-powered insurtech company in Hong Kong with operations in Vietnam and Malaysia, has completed its US$4.5-million pre-Series A funding round.

Noria Capital, ZEMU VC, and JKL Capital co-led the round, which also saw participation from Beyond Ventures and 500 Global.

The new capital will be used to expand YAS’s services to the Web3 insurance industry.

A multitude of technological advances across the fields of Artificial Intelligence, Web3, DeFi and the IoT is shaping the future of society. These innovative technologies create risks while presenting opportunities for insurance innovators like YAS.

Also Read: Web3, wallets, and winning the next culture revolution in Southeast Asia

YAS sees enormous opportunities here.

It provides insurance for hiking, cycling, and transport, besides NFT insurance. It is now aggressively expanding to Web3 insurance; out of a total of US$1 trillion in Web3 assets, only US$6 billion are insured today.

“We are on track with our goal to achieve our vision of how future insurance works – autonomous insurance on-chain, as we transition from the old Web2 world into a more interconnected Web3 world,” said William Lee, Co-founder of YAS.

Noria Capital specialises in bringing innovation to the insurance industry in the Middle East. It will provide expertise in the region and support YAS in obtaining a digital asset insurance license in the Middle East. It is one of the world’s leading hubs for blockchain adoption and represents an excellent opportunity for YAS.

JKL Group is a diversified digital asset and blockchain-focused firm providing institutions and direct clients with end-to-end expertise in asset management, quantitative investment solutions, lending, OTC services and Bitcoin mining.

Also Read: Immunefi secures US$24M Series A to offer bug bounty programme for Web3 whitehat hackers

Beyond Ventures aims to revitalise Hong Kong’s innovation ecosystem by bringing together local venture capitalists and entrepreneurs to invest in new ideas and startups.

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Echelon 2022 aims to provide intimate and focused discussions on key topics and business matching services to facilitate business-driven connections during the two-day event. e27 will curate and invite key stakeholders of startups, investors, corporates, and ecosystem enablers to drive towards fruitful business outcomes at Echelon.

The 2022 Echelon edition will be co-located with SWITCH at Resorts World Sentosa from 27 to 28 October 2022. Learn more here. 

The post YAS Microinsurance completes US$4.5M pre-Series A to venture into Web3 insurance appeared first on e27.