As more event organisers choose virtual venues to reduce the risk of spreading COVID-19, data privacy and compliance with regulations such as the European General Data Protection Regulations (GDPR) is a top priority for any organisation that collects data on individuals from the European Union and European Economic area.

GDPR is a legal framework enforced by the European Union in 2018 which sets out mandatory rules on how companies can use EU citizens’ data. Any company that collects data from EU citizens is legally obliged to comply with GDPR, no matter where in the world that company is located.

But complying with GDPR is challenging to event organisers who aren’t as familiar with global data privacy laws. Large-scale events such as conferences, summits, exhibitions, product launches, trade, and jobs fairs have confirmed their continued existence and allowed a seamless and engaging experience, on par with their physical counterparts.

What organisations need to remember, however, is the implications of collecting a vast array of rich, valuable, and sensitive data from participating attendees and businesses.

Virtual and hybrid events platforms draw data from areas that include the number of logins and a breakdown of new and active users. This data also covers sessions, providing metrics on the number of total unique views, video replays, total unique replays, how many users liked each session, and how many made notes per session.

It records how many registrations each session has, how many chats engagements took place, how many impressions the Q&As delivered, and more. Ultimately, this data enhances the virtual and hybrid event experience for attendees and helps organisers form strategies that drive ROI and the risk of non-compliance.

Failing to handle such data ethically and safely can potentially tarnish an organisation’s reputation, leading to difficulties in attracting new business and repeated transactions from loyal customers.

Also Read: There is a concerning lack of cybersecurity talent. Here’s how to tackle it

Additionally, the financial consequences can prove catastrophic.  Companies found to be non-compliant can be fined up to GBP20 million (US$20 million) or 4 per cent of annual global turnover (whichever is greater).

To this day, there have been 281,000 data breach notifications, and GBP45.3 million (US$332.16 million) of fines imposed for a wide range of infringements across all European Union member states, with Germany and the Netherlands topping the table, closely followed by the UK.

Across many EU countries and the UK, the money collected from non-compliance fines is brought back to the community and used to fund public services, just like tax revenues.

On top of this, new data protection regulations are coming into effect on a global level, such as the California Consumer Privacy Act (CCPA), Brazil’s Lei Geral de Proteção de Dados (LGPD), and South Africa’s Protection of Personal Information (POPI).

Maintaining compliance with regulations around virtual events is, therefore, a complex undertaking, and there are a few key areas that businesses need to consider.

Here’s a list of GDPR issues that event planners need to be aware of to remain in compliance with the regulations:

Attendee consent

It’s crucial that organisers actively seek consent before collecting any attendee data. The agreement should be easy to access and as simple to understand as possible for attendees.

Event registration

Capturing data in the event registration form helps build a database of all event attendees. Under GDPR, organisers need to keep EU attendees’ Right to Privacy and be selective about the information the form asks for.

Data sharing

Event planners are obligated to disclose to attendees where their data is being shared for what purposes. They must also provide access to personal data for any attendee that requests it and fulfil any attendee’s request to transfer it to another data controller.

Data breaches

Cybercrime is an escalating issue, with stories of breaches regularly featured in the news cycle. If event data is breached, the organisers must notify the relevant authorities and affected attendees within 72 hours of becoming aware of it.

Opt-outs

Under the ‘Right to be Forgotten’ event, attendees have the power to opt out of marketing activities that use their data and can request that it be wiped from every database. Planners must honour these requests.

Also Read: How companies can manage data privacy in hybrid and multi-cloud work environments

Essential GDPR security measures

In the age of GDPR, there are three essential security measures event organisers should consider:

• Regular security system checks and updates: Checking and applying software updates to security systems as regularly as possible will help to ensure vulnerabilities are mitigated and the chances of a data breach are minimised.
• Regular audits and certifications: ISO 27001 certification helps ensure that your IT systems are standardised and secure, making compliance much easier to achieve. Storing and processing data requires any business to follow other standards too. Each system you use to work with event data must adhere to these standards and comply with audits.
• Upgrading security systems: While we’ve already covered the importance of keeping security systems updated, event planners should also consider upgrading to the newest and most technologically advanced security systems when the budget allows. This means you will have access to get the latest and greatest protection to help with compliance.

Looking ahead

While virtual events were initially integrated out of necessity due to Covid-19, a long-term online trend has emerged as businesses have recognised its value in a post-pandemic world.

As the events industry adapts to these virtual and hybrid models, potential data regulation hurdles and processes can be eased by following the above considerations and three steps to better security, alongside choosing a platform with high-security standards, built-in data collection, analysis, and management capabilities.

While setting a budget and auditing the security process may be time-consuming, the investment is considerably less than the risks to reputation, fines, and non-compliance.

Considering the ubiquity of virtual events now and into the future because of the benefits and convenience of offering a remote option confers, the sooner organisations codify their security standards with event planners, the easier it will be to protect organisations from data breaches and privacy violations.

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Thailand-based startup Primo World Company Limited (PRIMO), which provides omnichannel marketing platform for large enterprises, today announced an undisclosed Pre-Series A funding round from Fuchsia VC and Beacon VC.

Leading VC firm SOSV and Infinity Technologies VC, who contributed to the company’s pre-seed funding round in 2018, also took part in this funding round.

In a press statement, PRIMO detailed the key activities that the funding will support:

– Increasing the capability of the omnichannel marketing platform, the capacity of its artificial intelligence, and engagement modes to support more ways in which customers can interact with a brand

– Expanding personnel in both Bangkok and Phuket to accommodate a larger client base in all departments, particularly business development, product development, software development, engineering, and customer support

– Testing new products and business ventures to prepare PRIMO Omnichannel Marketing Platform as a customer-data infrastructure of choice for all companies in Thailand, while raising awareness of how to collect and leverage customer data systematically for the purpose of building the best customer experience.

Also Read: Atomionics raises seed funding to make navigation easy in areas where GPS doesn’t work

PRIMO claimed twofold growth year on year on average over the past three years. The company also said that it has grown its team from 18 in 2019 to 108 in 2021.

It is also working with clients in the retail, fast-moving consumer goods (FMCG) as well as banking, finance, and insurance sectors.

“Omnichannel marketing platforms have grown remarkably well despite COVID-19 [pandemic],” said Vee Sirasoontorn, Co-founder and CEO of PRIMO. “There is still much more room for growth, as all large enterprises seek omnichannel marketing tools that facilitate consolidating customer data from the whole spectrum of channels. Processing them serves as a basis from which to devise seamless experiences for segment-based engagement.”

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In this episode we are excited to welcome Tiffany Stevenson, Chief People Officer of Patreon, a membership platform that supports over 200,000 creators and their seven million fans, powering the creator economy.

Prior to her role in Patreon, Stevenson was the Chief Talent & Inclusion Officer at Box and held executive roles at Sephora and Charles Schwab. In our conversation, Stevenson talks about the differences between a company being “international” vs. being “global,” the importance of curiosity within the team to understand a local market and translate this knowledge back to localizing the business, how culture moves a company forward, how autonomy allows scale to happen and why Hubs could be the right structure for decision-making instead of a centralised HQ when you have a distributed workforce.

Also Read: How HackerNoon uses customer-centric approach to build meaningful new features on their platform

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

Find our entire podcast episode library here and learn more about our forthcoming book on global business growth here.

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The article was first published on Global Class.

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Instalment credit dates back to the 19th century when people purchased items and paid for them in small instalments over time. However, in 2014, the fintech industry re-invented and re-visioned this historical scheme as buy now, pay later, or BNPL.

One early entrant was Australian Fintech, Afterpay, which offered online shoppers an easy way to shop online using digital payment plans based on instalments.

BNPL is today’s version of instalment payments, encouraging users to, as the name aptly suggests, buy now and pay later, for the most part, interest-free. Over the past year, there has been a steady momentum in the growth and expansion of BNPL.

So, it is no wonder that customers, mainly Gen Z and Millennials, have become attracted to the scheme’s combination of immediate gratification and deferred payments.

As far as payment methods go, BNPL offers users some of the following benefits:

• Saving time – giving users access to immediate purchases
• Convenience – easy to shop and pay online
• Ease of use – approval of applications is faster and easier, usually done electronically
• Keeps credit score unaffected when payments are made on time
• For the most part, it is interest-free and can be cheaper than using credit cards

The COVID-19 pandemic has played a crucial role in fueling the adoption of BNPL. Movement restrictions led to the temporary shutdown of brick-and-mortar retail stores, triggering growth in e-commerce and a shift in consumer spending habits.

Globally, the BNPL industry accounts for 2.1 per cent or US$97 billion of global e-commerce transactions, and this is only set to increase. The sector is forecasted to see a 13.23 per cent annual growth rate, hitting about US$680 billion in transaction volume worldwide in 2025.

Also Read: How fintech startups can fast forward their growth

BNPL trends in the APAC region

Despite being relatively new entrants to the APAC region, some companies are already staking their claim on BNPL. Companies such as Atome, Hoolah, Akulaku, and Pace lead the charge in various parts of Asia, creating massive impact.

Moreover, the BNPL scheme has gained popularity and become Gen Zs and Millennials’ preferred online payment option as it allows users to defer payments and access credit more readily.

APAC is a lucrative region for BNPL growth. The high internet connectivity, low access to credit cards, and a high unbanked population make it an excellent market for BNPL Fintech’s looking for new revenue streams.

A KPMG report found that BNPL, along with embedded banking and open banking, has helped to keep investor interest in payments, garnering US$628.4 million of investments in Singapore, up from US$60 million in 2020.

In addition, banks are jumping on the proverbial bandwagon by partnering with BNPL fintech companies and even, in some cases developing their BNPL offerings. In Singapore, about 38 per cent of the population has used BNPL services, owing to the appeal of zero-interest rates and equal instalments.

Key statistics in the sector

• With an expected CAGR of 21.3 per cent, Asia Pacific will experience the fastest growth in the BNPL scheme, with the China market-leading growth.
• An IDC study shows that digital payment will yield an increase of 162 per cent across Southeast Asia by 2025.
• Three per cent of Singapore’s e-commerce market is BNPL, which will reach 13 per cent by 2024.
• There was a 280 per cent increase in retail partnerships in Singapore between 2019 and 2020.

The risk of consumerism in BNPL

BNPL allows financial institutions to market their services unlimitedly and without merchants. While this sounds exciting and seems precise what people want, some regulators worry that the trend might cause a significant increase in consumerism.

During the pandemic, there was an increase in online activities, especially online shopping. As a result of spending more time at home, more people became glued to the internet and online goods and services available for easy consumption.

The temptation for impulse buying might be more difficult to resist by online scrollers, and this can signal the start of an unhealthy consumerist culture. Consumers might incur debt and use credit in situations they really should not.

Fourty-three per cent of Gen Zers have missed their BNPL payments at least once in the past year, raising concerns about consumer protection in financing options available to customers.

To address this, BNPL Fintech’s typically use AI-based credit scoring to immediately approve/deny a user’s application to use BNPL services. Fintech is increasingly trying to mitigate lousy lending through AI and online software, especially BNPL.

Also Read: Why smart businesses will prioritise smart payments acceptance

Similar AI-based systems have already been used in the financial sector in issuing personal loans and credit reports.

How can BNPL encourage financial inclusion?

APAC still has a large unbanked population, with an estimated 290 million unbanked adults in the ASEAN bloc alone. This has limited the ability of individuals to earn, borrow, and SME business owners’ capability to expand and grow.

As many governmental and non-governmental agencies and private sectors, particularly in APAC, have prioritised financial inclusion, BNPL is emerging as a critical tool in helping tackle this issue. The Global Partnership for Financial Inclusion (GPFI) has invested in the financial inclusion scheme, recognising it as one of the main pillars of the Global Development Agenda.

By enabling purchases to be broken down into smaller, more manageable payments that can be made over an extended period, BNPL empowers people to procure products they might not usually be able to purchase. By its very nature, BNPL is an agile and swift payment solution that augments people’s spending power.

As more individuals face negative cash flows due to the COVID-19 pandemic, schemes such as BNPL can offer a lifeline, especially to migrant workers who have been attributed an unbanked status or face stricter qualification criteria for acquiring credit.

Thanks to BNPL’s soft credit cheques and non-traditional data, coupled with a convenient and straightforward application process, the underbanked can gain more access to credit which helps grow financial inclusion in a country.

The future

BNPL Fintech and banks have the potential to start a revolution in the finance industry, creating more decentralised systems for credit access for more people.

Credit card networks such as Visa and Mastercard are already increasing their play in this space by launching instalment products and entering healthy competition with BNPLs. With the increasing popularity and massive benefits, it’s clear that BNPL is here to stay.

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Indonesia-based crypto asset management platform NOBI (PT Enkripsi Teknologi Handal) today announced a US$4 million (IDR57 billion) seed funding round led by AC Ventures with the participation of Appworks, Skystar Capital Cakra Ventures, Global Founders Capital, and a number of angel investors.

The fresh funding will be used to support product development, increase the penetration and use of Honest Token (HNST), and strengthen its team.

As a platform, NOBI aims to help investors in diversifying their assets to crypto and help busy investors to manage crypto assets in a simpler manner.

Secured IDR1T (US$69M) worth of crypto transaction

The startup was co-founded by Lawrence Samantha (CEO), Edy Senjaya (CTO), and Dionisius Evan Alam (CPO). The platform’s services include Staking, Savings, and Trading Strategy, enabling users to enjoy the results of their Bitcoin, Ethereum, and other leading crypto assets.

“This is an important milestone for us. AC Ventures and other investors present in-depth experience in fintech, investments, and crypto. This funding round reflects their trust and commitment in the difference that we can make in uniting the crypto and finance space,” said Samantha.

Since its launch in 2018, NOBI has managed more than IDR1 trillion (US$69 million) worth of crypto assets. The company claimed 15x growth together with the significant rise in user number in the last six months.

Also Read: Demystifying NFTs and DeFi

“In line with the global trend, there is an increasing crypto-asset growth in Indonesia. The domestic trade volume has surpassed more than 10 times at more than US$60 billion in 2021 through more than 11 million user accounts. NOBI provides investors with services that allow users to gain interest. The NOBI platform is user-friendly and intuitive, helping users to ease their way into cryptocurrency,” said Founder & Managing Partner AC Ventures Michael Soerijadji.

Increasing demand for crypto assets

According to data provided by the Commodity Futures Trading Regulatory Agency (BAPPEBTI) as the extension of a regulatory body in Indonesia that handles crypto assets, the number of crypto investors in the country has grown two times faster compared to other instruments such as stocks in 2021, reaching the benchmark of 11.2 million. This is an interesting feat as the growth happens amidst the highly dynamic crypto price fluctuation.

In 2021, the transaction value of crypto assets in Indonesia reached US$61.4 billion or more than IDR859 trillion –a 122 per cent increase from the previous year.

The rapid adoption of crypto is in line with the rapid growth of wealth tech platforms in society. This indicates an increase in financial literacy and inclusion in Indonesia, where the public has begun to have a deeper awareness of the importance of investments.

Despite their limited numbers, a number of local platforms have been launched with the aim to help users to ease their way into crypto investment, including INDODAX, Tokocrypto, Pintu, and Pluang. This is interesting as other blockchain products have begun to gain traction and fans in Indonesia, including NFTs.

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The article was written by Randi Eka Yonida in Bahasa Indonesia for DailySocial.

Image Credit: NOBI

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Sony Ventures hits first close of US$217M Fund III

Sony Ventures Corporation, a wholly-owned subsidiary of Sony Group Corporation, has completed the first closing of its new JPY 25 billion (US$217 million) fund, Sony Innovation Fund 3.

Investors include Mizuho Group, Daiwa Securities, Sumitomo Mitsui Trust Bank, The Bank of Yokohama, The Shiga Bank, Koei Tecmo Group, Kawasaki Heavy Industries, Mitsubishi Estate, a university, and the Sony Group.

Established in July 2021 and managed by Sony Ventures, Sony Innovation invests in all stages of emerging technology companies and startups solving global environmental challenges. Its previous funds are Sony Innovation Fund (established 2016), Sony Innovation Fund by IGV (2019), a joint venture with Daiwa Capital, and Sony Innovation Fund: Environment (2020).

“We actively foster entrepreneurs and startups that lead the creation of next-generation technologies, promote open innovation, and contribute to the global environment and social development through our corporate venture capital activities,” said Gen Tsuchikawa, CEO of Sony Ventures Corporation. “Sony Ventures Corporation will not only invest in emerging technology sectors and high-growth startups but will further strengthen its ESG initiatives and eagerly support its portfolio companies.”

Employment Hero closes US$130M round, acquires KeyPay

Employment Hero — an HR, payroll and benefits company in Australia — has closed a US$130 million funding round, led by existing investor SEEK Investments with participation from OneVentures, AirTree Ventures and others.

This brings the company’s valuation to AUD1.25 billion (close to US$1 billion).

Also Read: How your HR team can help with crisis management

This news comes on the heels of Employment Hero’s acquisition of workforce management and payroll solution, KeyPay. With this acquisition, Employment Hero now has over 80,000 SMEs, collectively managing more than 750,000 workers using its platform.

Key Pay will be retained as an independent brand and receive ongoing investment to grow its team. Together with KeyPay, Employment Hero now offers a leading suite of total employment management solutions that cover four key pillars: talent solutions, core HR, payroll, and e-benefits.

Founded in 2010, KeyPay has a presence across Singapore, Malaysia, Australia, New Zealand, and the UK.

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Last week marked the Lunar New Year celebrations and the ushering in of the year of the Tiger. With each new year comes a new meaning and new beginnings, a timely message as the world continues to recover from the pandemic and usher in a new normal.

So what might this look like for Southeast Asia’s payments sector?

Off to a fierce start

Given the volume of people who celebrate Lunar New Year (LNY) worldwide, it’s no surprise that sales figures beat the Christmas holiday season.

For comparison, in the five days from Thanksgiving to Cyber Monday last year, online sales in the US were projected to total about US$39 billion. In 2021, Chinese retail sales during the Lunar New Year totalled over US$129 billion.

This is a massive opportunity for retailers to drive sales and win new customers for the rest of the year.

Sellers keen to seize this opportunity often get creative with Lunar New Year sales and auspicious discounts featuring the number 8, the luckiest number in China, driving shoppers to purchase and transform retailers fortunes for the year ahead.

But once the discounts have ended and the celebrations are over, the question all sellers will be asking is: what will consumers be spending their hard-earned money on?

Also Read: How voice AI is revolutionising the fintech scene

Consumer behaviour during LNY

The tradition of giving hongbao (auspicious red packet) to wish prosperity and good fortune to the recipient was revolutionised in 2014 with the invention of digital e-hongbao, which became famous when WeChat allowed users to send virtual red envelopes of money to their contacts.

Now, seven years later, about 80 per cent of survey respondents say they prefer to send digital e-hongbao to physical envelopes.

This soar in popularity was well-timed. In the past, LNY has prompted vast masses of people working away from their hometowns to travel back to celebrate. The world’s largest annual migration means that as many as three billion trips would be made each year across China.

But the pandemic and national lockdowns changed things dramatically in 2020, 2021 and for many this year, too, with restrictions in Southeast Asia.

However, for those who could make it home to celebrate, festivities centred around gathering with family and friends to eat were plentiful. In fact, according to a survey ahead of LNY last year, around 77 per cent of Chinese respondents said they planned on buying food for the 2021 holiday.

About half of the respondents decided to buy alcohol or wine. Beyond this, many choose to give a gift with e-commerce supporting those who are still social distancing. According to Alibaba’s Spring Festival Consumption Report 2021, tech products such as sweeping and window cleaning robots exceeded 300 per cent YoY.

Customising payments is the key to cashing in

Research conducted in 2018 in China, India and Indonesia asked consumers to identify the main obstacles which prevented them from using online services to their fullest extent.

The number one obstacle, singled out by 76 per cent of correspondents, was language, and even today, lack of language localisation continues to be an issue across digital platforms.

But localisation can’t stop at language localisation alone. According to PPRO’s research, most consumers will abandon a transaction if they reach the checkout and cannot pay with their preferred payment method.

Also Read: The future of social and quick commerce for developing countries

To ensure maximum consumer acceptance and the best possible conversion rates, merchants must ensure that their site offers a range of familiar and trusted local payment methods. And with so many local payment methods in APAC and new ones emerging every day, this couldn’t be more true.

To serve today’s Chinese consumers, at a minimum, it is best practice to accept all three of the most popular Chinese payment methods: UnionPay, Alipay, and WeChat Pay.

LNY celebrations may be coming to an end for another year. Still, to realise roaring success in the year of the Tiger, merchants must think local first and tailor their payment offering to their customers, wherever they may be.

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Singapore-based climate tech startup RIMM Sustainability today announced that it has raised a total of US$3 million in Pre-Series A funding round led venture capital fund BEENEXT and leading tech investor Mamoru Taniya.

Other key investors in the funding round include the Aswani family of the conglomerate Tolaram Group and Atlas Asset Management.

In a press statement, RIMM Sustainability said that the funding will be used to develop and launch its version 2.0 platform, release new features, and expand its team.

“We are delighted to have closed our preseries A round, the pedigree of our investors is a testament to our team, our platform and our roadmap. This is a great step towards our goal to become the world’s largest sustainability platform and create an ecosystem where companies, citizens and stakeholders can engage to identify and solve the most pressing sustainability problems of today and tomorrow,” Ravi Chidambaram, CEO and Co-founder of RIMM Sustainability, commented.

Also Read: COVID-19, the environment, and the tech ecosystem: what opportunity is available out there for us?

“The success of microfinance is based on banking the unbanked. At RIMM, our success as a sustainability platform will come from serving the unserved,” Chidambaram added.

Launched in 2021, RIMM Sustainability provides a SaaS platform that enables companies of all sizes to optimise their sustainability management effort. It builds tools for sustainability management, reporting and optimisation.

The company described its platform as “revolving around inclusivity and accessibility, focusing on unlocking an open world where sustainability is no longer elusive.”

Key features on the platform for SMEs include industry-specific assessments aligned to global sustainability standards (e.g. GRI, TCFD, SASB); benchmarking of sustainability performance against peers and industry, relevant and simplified educational guidance by sustainability experts; curated sustainability insights summarised on one comprehensive dashboard; Carbon Calculator to measure emissions across scope 1, 2 and 3; customisable sustainability reports for internal analysis and external communication to stakeholders; and access to strategy and recommendations report in improving company’s sustainability performance.

Also Read: How consumers are prioritising sustainability beyond the single lens of eco-friendly products

RIMM Sustainability was awarded a US$1 million Green Finance grant by the Tokyo Metropolitan Government and a grant from the Monetary Authority of
Singapore.

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Hong Kong’s event management solutions platform EventX bags US$8 million in Series B+ round

EventX, an Asian-focused event SaaS company providing event lead generation and event management solutions, announced it raised an additional US$8 million led by GL Ventures, bringing the company’s total fundraising in Series B to US$18 million.

The new funding will be channelled to develop new offerings, finance potential acquisitions, strengthen its international operations and expand the company’s presence in Asia, particularly in Taiwan and Southeast Asia.

Founded in Hong Kong in 2014, EventX’s virtual event platform serves companies to generate leads through engaging and interactive events with smart features such as all-in-one CRM management, event analytics, interactive exhibition halls, online registration forms, and email sending tools to streamline invitations.

So far, it claims to have provided solutions for high-growth event organisers across 100+ cities and now has served more than 5 million attendees.

 

Coinbase, Grab’s execs back GameFi startup Ethlas’s US$2.7M seed round

Singapore-based game finance (game-fi) blockchain startup Ethlas announced that it has secured US$2.7 million in seed funding from a slew of investors.

They include Sequoia Capital India, Yield Guild Games Southeast Asia, Global Blockchain Innovative Capital, Venturra Capital, Play It Forward DAO, Blockchain Space, Genesis Fund, Deus Ex DAO and Hustle Fund.

Executives from Grab, Coinbase, Switcheo and CoinMarketCap, also joined.

Ethlas is founded in November 2021 by four tech veterans, including American Gennady ‘Ari’ Medvinsky and Singaporean Elston Sam, who have stints in top tech companies such as Google, Microsoft, Grab, and Airbnb. To date, its team comprises more than 20 blockchain engineers, game developers, data scientists, cybersecurity experts and designers based out of Singapore, the Philippines and the United States.

Serving as a free-to-play, play-to-earn platform, Ethlas helps amateur players win and exchange cryptocurrency by participating in simple, easily-understood casual games such as the likes of Think Tetris, Candy Crush and Bubble Popper.

Ethlas said that its gamers only need to install MetaMask, a software crypto wallet or link their wallets, and start playing in the Ethlas metaverse on a PC or mobile phone’s browser without complicated onboarding rules or requirements to sign up with a hefty subscription fee.

The startup is going to mint its first series of non-fungible tokens (NFTs) called Komos to benefit both free-to-play gamers and crypto natives.

As of end-January 2022, the Ethlas GameFi metaverse, built on the Polygon blockchain, claims to have clocked over 100,000 crypto-wallet users globally and some three million gameplay on its platform.

Also read: How play-to-earn is fueling the next wave of blockchain adoption

 

Riverr raises US$1M seed round to verify health and vaccination data for SEA maritime 

Riverr, a Singapore-based digital platform providing tools to verify health and vaccination data, announced to have secured a US$1 million seed financing round led by Kuok (Singapore) Limited’s venture arm KSL Maritime Ventures, which is dedicated to the incubation and commercial success of maritime technology startups.

Enterprise Singapore’s SEEDS Capital also participated, as part of a S$50 million (~US$37.15 million) co-investment scheme for maritime startups supported by Maritime and Port Authority of Singapore.

Launched in 2020, Riverr simplifies how health data can be verified across organisations and governments while maintaining the privacy of individuals. Its tools include patient booking, health records and payment gateways, which can be white-labelled and embedded into existing systems.

Furthermore, its online trust management platform is able to verify all 10 data standards for health records recognised worldwide and bridges the interoperability between different systems.

Riverr is introducing its platform to sectors with a higher frequency of cross border people movements, starting with maritime. The industry is said to lack secure tools to digitally verify the health information of seafarers on a single ship with multiple nationalities, vaccination and medical records.

With Riverr, a seafarer’s trail of medical and vaccination records can be instantly validated by ports authorities and necessary industry stakeholders, without needing them to hold or store the data themselves, Riverr noted.

The fresh funds will enable Riverr to accelerate its go-to-market roadmap with healthcare providers across Singapore, the Philippines, India and Indonesia.

The firm said that leading health clinics and labs with the likes of Acumen Diagnostics, Eurofins Clinical Diagnostics, Healthway Medical Group, Minmed Group and MiRXES, are also relying on its solution to securely manage the end-to-end process of verifying health data and records, which has witnessed a spike in attempted cyberattacks during the pandemic.

Also read: How data is enhancing digital security solutions at airports post-COVID-19

Bangladesh-focused OTA GoZayaan acquires Pakistan travel-tech platform FindMyAdventure

South Asian travel-tech platform GoZayaan has expanded its operations in a new market by acquiring Pakistan travel-tech platform FindMyAdventure.

This arrangement will support the collective ability of FindMyAdventure and GoZayaan to improve the region’s travel and tourism infrastructure with rapid technology adoption and improved access to travel.

Founded in 2017 by CEO Ridwan Hafiz, GoZayaan aims to make travel more convenient by creating an end-to-end holistic online travel booking solution for flight, hotel, inter-city bus and even tour booking.

The startup recently closed an undisclosed round backed by existing investors, Nordstar Partners, Saurabh Gupta, Partner at DST Global, and Alexander Rittweger, Founder of PAYBACK.

FindMyAdventure is a travel-tech platform specialising in adventure tours for the local market in Pakistan.

Pakistan and Bangladesh consist of 5 per cent of the world’s population and are equal to almost 60 per cent of South East Asia’s population, opening a huge opportunity for growth and market penetration.

 

Go-Ventures backs Indonesia jobs platform KitaLulus’s seed round

Indonesian-based professional networking and jobs platform KitaLulus announced to have scored an undisclosed amount of seed funding led by Go-Ventures.

Angels including Phil Opamuratawongse (CEO and Co-Founder Shipper), JJ Chai (CEO and Co-Founder Rainforest), Aldi Haryopratomo (previous CEO GoPay), YC Ng (Partner AC Ventures) and Abhinay Peddisetty (CEO and Co-Founder BukuWarung), also co-invested in the round.

KitaLulus will utilise this funding to expand its product and engineering team, as well as enhance its position in the Indonesian market, in which it has covered six metropolitan areas thus far.

Founded in 2021 by serial entrepreneurs Stevien Jimmy and Wei-Chuan Chew, KitaLulus aims to address the lack of access to the right networks and unequal access to opportunities for workers, as well as the mismatch between candidates and employers.

Through KitaLulus’s mobile app, members can take online courses to prepare themselves for government and professional exams (upskill), join relevant communities according to their educational and professional background (network), as well as create user profiles, view available jobs, take a short screening test and make direct contact with their potential employer via Whatsapp (find jobs).

To date, the platform claims to process one million job applications per month and facilitate over 20 communities for discussions, polls and experience sharing.

KitaLulus expects to enjoy strong tailwinds driven by the economic recovery from the COVID-19 pandemic as well as the expanding working-age population in the archipelago over the next five to ten years.

Also read: Workers are switching jobs now more than ever: Why upskilling matters most post-pandemic

 

Insurtech bolttech acquires AVA Insurance in Singapore

Singapore-headquartered insurtech startup bolttech announce to have completed the acquisition of AVA Insurance Brokers and AVA Insurance Agency, a Singapore-based insurance intermediary and specialist broker.

The acquisition follows bolttech’s completion of its US$247 million Series A last year, with strategic investors including Singapore’s EDBI.

The acquisition of AVA will accelerate the deployment of bolttech’s insurance exchange in Singapore, connecting insurers, distributors and customers, making it easier and more efficient to buy and sell insurance.

With a suite of digital and data-driven capabilities, bolttech works with insurers, telcos, retailers, banks, e-commerce and digital destinations to embed insurance into their customer journeys at the point of need.

Since its inception in 2020, bolttech boasts of having served customers in 30 markets across North America, Asia and Europe.

The change in ownership is said to have no impact on AVA’s service to its partners or customers, and the existing AVA team remains intact post-integration.

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Image Credit: Riverr, KitaLulus

 

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The past two years have been a crazy ride for the MICE and events industry, with event organisers having to revamp business models seemingly overnight, marketers having to pivot their event marketing strategies in a blink of an eye, and event attendees not being able to have the intimacy of face-to-face engagement. 

With that, though, the event industry has evolved and innovated. Where previously there were challenges around building enough online functionality and capabilities for sponsors, organisers and attendees to have the same experience and audience engagement as a physical event, technology has truly enabled the industry for the past two years.

So how will technology shape the events industry in 2022?

Hybrid events become the norm, virtual events as a tool for marketers to generate leads

Before COVID-19, events were mostly physical events, and in 2020, events shifted to fully-online events. In the year ahead, we will see that hybrid events, which refer to events that are held concurrently online and offline, will become the norm. 

With the objective of events to serve both attendees and partners, it’s important that both get an ROI even for hybrid events.

In a recent survey of over 3,000 event organisers globally, Markeletic found that 86 per cent of B2B organisations see positive returns from hybrid events, seven months after the event date.

With hybrid events providing both physical and online touchpoints for attendees and partners, there will also be greater attendee satisfaction for events (an 81 per cent contributor to satisfaction as voted on in the survey for Markeletic). 

We will see events no longer limited by geographical boundaries, and businesses, attendees, and event organisers will gain increased value from hybrid events.

From greater capabilities for lead generation and greater data on attendees, event organisers and sponsors will undoubtedly be able to populate sales pipelines and understand areas that need to be optimised to improve attendee awareness, attraction, and acquisition. 

Also Read: How innovations in analytics will drive the right results for hybrid events

AR & VR take centerstage

The past few years have seen greater adoption and innovation around augmented reality (AR) and virtual reality (VR), but the real boost in this space came when Facebook announced their plans to go all-in on the metaverse.

Make no mistake, these are not new technologies, but they have been given a fresh breath of life because of the metaverse. We’ll also start to see more utilisation of AR and VR for events in 2022, providing more immersive experiences for attendees and more engagement opportunities for sponsors and partners. 

The metaverse will permeate the events industry

By now, you would have at least an inkling of the concept of the metaverse. For one, it’s the future version of the internet, but fundamentally, these are 3D and virtually integrated spaces through AR and VR as touched on above. 

With it touted to become a US$800 billion industry in 2024, this is something that should not be ignored. As of now, the likes of Epic Games and Roblox have already hosted concerts within their metaverses, whilst Unity is looking to provide live sports content and tools for the metaverse. 

Several ways that businesses can dip into the metaverse include virtual stores, employee training material, customisation of products, and more! Other opportunities include interactive advertising opportunities for sponsors, gamification, visual-audio immersion and shopability. 

Increased virtual networking opportunities at events

In the year ahead, we would already be hyper-familiar with online communication, with remote working becoming almost the norm for most people. We will also see this applied to virtual events, at a much deeper level. 

From joining discussion tables and online video networking to virtual networking lounges and even networking in the metaverse, the number of innovative opportunities for event platforms has never been more significant. 

Event data analytics will get more intricate and at a deeper level 

Data helps us keep pace with our customers’ wants, needs and intentions. Online event platforms will have even deeper capabilities to provide event organisers with robust analytics in the year ahead.

We will also see more marketers implement trackable attribution to online and hybrid events, as this part of marketing attribution traditionally fell into a manual black hole. 

Also Read: Designing the world a century into the future

From attendance to session watch times and audience engagement, event organisers will have even more data around which they can optimise and improve subsequent event flows, audience engagement, audience acquisition and more. 

The rise of NFTs for events

Another highly-anticipated opportunity for the event tech industry is the use of NFTs in events. Think about it. Pop stars can create exclusive content and issue them as NFTs to attendees or put it up for an exclusive auction.

Art exhibitions in hybrid events can implement NFTs for authentication or digital art. Ticketing can come in the form of NFTs for more excellent authentication. The opportunities are endless! 

Businesses and marketers will also need to think of the best ways to implement NFTs across their products and offerings, and once that is done, the shift to implementing NFTs in online events will be a much smoother process. 

Increased investments in event technology

We will definitely see more investments in event technology and peripheral technology with the above trends. Today’s landscape for events is already highly-promising.

From automated business matching and virtual gift bags to automatic captioning and live translations, businesses’ opportunities to quickly scale their events have never been more significant. 

However, businesses need to know the type of features and capabilities that they are looking for from an events platform and build a long term strategy around running events. This will undoubtedly ensure a strong short-term and long-term return on investment. 

Personalisation for event attendees

Today, personalisation happens every second. From Spotify recommendations to Netflix suggestions, you are being analysed, and more relevant content is being delivered to you.

How this personalisation applies to the events industry can come in the form of recommendations of sessions to watch or which booth to visit. 

Imagine you are attending one of the biggest startup events in this part of the world, RISE. There are hundreds of booths and sessions spanning the entire event. Which will you be interested in? With personalisation comes improved attendee experience, conversion rates and even lead generation. 

Also Read: The art of blockchain: What is the NFT craze all about?

Rounding things up

As we head into the new year, one thing is for certain: events, as we knew back in 2019, will never be the same.  With online merging with offline, opportunities will present themselves to businesses.

As the pandemic persists, event professionals must embrace hybrid and virtual ecosystems, champion diversity, prioritise health and safety, and create event experiences that keep attendees engaged and coming back for more. 

Can you grab these opportunities when they come?

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