Last Monday, Singapore-based Her Capital’s co-founder Gail Wong sent an email to inform us that the seed fund targetting female founders in Southeast Asia was shutting down. As per a Deal Street Asia report of August, there were differences between Wong and her co-founder Tanya Rolfe.

“I am entering the last quarter of 2021 with the optimism and possibility of new beginnings, having filed the paperwork to close Her Capital’s doors last month formally. I wholeheartedly believe in the hard decisions taken and give thanks for the many lessons learned,” she said in the email.

“I am excited to continue building my original vision of inclusive finance — investing for a better world, bringing women/ feminine energy into the economy’s centre, and the conversations needed to facilitate that,” she added.

Also Read: Her Capital invests into AI video interviewing platform Neufast

e27 spoke to Wong to know what exactly led to the shutdown of Her Capital and about her new projects.

Edited excerpts:

You announced the launch of Her Capital with a target size of US$10 million in July 2020. However, you couldn’t raise funds for this. Why was it hard to raise money and was there a reluctance among Limited Partners to support a female VC fund in general?

Launching a fund as a first-time manager amidst the COVID-19 pandemic was never a slam dunk. Much has been written about the challenges — lack of track record and entrenched investment requirements like ticket size/fund size, etc. Some of these do not favour female general partners who are a minority in the industry.

I was prepared to move forward on the basis that first-time funds raise and invest simultaneously in the early years.

Her Capital had seen investor interest and was working towards a first close earlier this year. The decision to stop was driven more by concerns around the partnership’s ability to deliver on our commitment to LPs and founders. Fiduciary obligations and integrity are paramount to me, and sometimes that involves hard choices.

As per the Deal Street Asia article, there were differences in working styles and views on the fund management and investment process between the co-founders/general partners. What is your comment on this?

Over time, it became clear that the partnership was not aligned around Her Capital’s thesis and other fundamental operating principles. With every yin/yang partnership, there is a fine line between being complementary and untenable. There were stark differences in abilities, working styles and opinions about making the fund a success.

Aside from the fund thesis and vision, there were also investment process and team culture issues.

What will happen to your existing portfolio companies?

“The fund was never established, and no capital was called. Her Capital was a fund manager that ceased operations before the fund (usually a separate entity from the fund manager) was formally established to take in external capital. The two investments (e.g. Neufast) announced under the Her Capital brand were initially privately funded, with the intention to transfer those investments to the fund entity at a future date. The investments remain and will be supported like other angel investments in my portfolio.

What is your next project? Do you plan to set up a new fund with a new team?

I remain committed to direct and mobilise capital inclusively. Starting a fund is not the only way to drive that — setting up a fund requires the right partner(s) and strategy. This is an opportunity to refine that and identify other capacities within the ecosystem to tackle that mission. I will keep you posted on this.

Do you think there is a conducive environment for female-led startups to survive and thrive in Asia?

In my opinion, there is a healthy supply of education, raw talent, and startup support (incubators and accelerators) in developed economies in Southeast Asia.

Also Read: These four women are changing the venture capital landscape across Southeast Asia

There are countries where network, connectivity and access are more challenged, especially for female founders. But the pipeline is there. The data has been there, too, for some time.

Along with the supply of capital, a conducive environment comes about through a willingness to shift mindsets. You cannot do what you cannot see — I believe the onus lies on the investors to awaken to the opportunity in examining their investment frameworks/lens. It’s not an easy fix, but those who do the work will reap the spoils.

The post ‘There were stark differences in abilities, opinions, working styles among partners’: Gail Wong on Her Capital shutdown appeared first on e27.

The global initial public offering (IPO) momentum has shown no signs of slowing, fueled by liquidity in the system and a robust global equity market performance. Asia Pacific (APAC) has remained a growth hotspot, with the region accounting for 44 per cent of international IPO activities in 2021.

Companies in Southeast Asia raised a record US$4.9 billion through IPO activity in the first half of the year. This number is poised to climb even further with the realisation of several ambitious deals in the pipeline, including the US$1.5 billion IPO by Indonesia e-commerce giant Bukalapak in July and other planned blockbuster IPOs by Grab and the GoTo group.

While many in the region may be raring to follow in the footsteps of these giants, the road ahead as a public company will not come easy.

Going public entails a company’s financial statements being subjected to rigorous scrutiny from various entities, with little room for error. Startups who have conventionally prioritised innovation, business development and go-to-market activities may find themselves inadequately prepared to handle the new requirements as a public company.

Without a finance and accounting (F&A) function that is in order, transparent, and ready to scale, companies could face delays in the IPO timeline. Moreover, financial figures that do not stand up to the test may negatively affect brand reputation and investors’ confidence in the company’s economic performance.

Gearing up before taking the leap

Before plunging head-first into the public spotlight and scrutiny, startups should strive to manage their internal processes as if they are already a public company.

From an F&A perspective, this means meeting reporting deadlines and keeping up with the internal controls testing to deliver an accurate, reliable and timely close consistently.

Also Read: As IDX commissioner, this is how Pandu Sjahrir aims to help more Indonesian startups go public

Startups can use these four steps to maximise their IPO readiness:

Take stock before selling your stock

Going public means that past and present financial records will be made available in the public domain. Any historical accounting issues will need to be addressed and aligned with the Singapore Financial Reporting Standards (SFRS) or the regulations in the country you intend to list early on to avoid roadblocks in the IPO process ahead.

Companies must engage relevant experts to identify any accounting issues and address them swiftly before being subjected to intense scrutiny from the public.

Evaluate your people

Getting the IPO and functioning as a public company is hard work, and companies would most likely require additional capacity and resources to keep up with the new requirements.

Planning to identify and fill any talent gaps, either by hiring new talent, outsourcing work or conducting training internally, would be essential in preparation for the IPO. In particular, revenue recognition, SEC reporting and general technical accounting are some of the most profound skill gaps that need to be addressed.

Invest in scalable processes

Companies will need robust systems to handle growing transaction volumes, and accounting complexities as the business evolves.

Before an IPO, it will be crucial to evaluate systems put in place for billing, expense reporting, stock administration, procurement and close management against the new requirements of the business.

Strengthen internal controls

Internal controls are the policies, procedures and processes established by the Board of Directors and senior management. They are meant to assure the institution’s operations’  safety, effectiveness and efficiency, the reliability of financial and managerial reporting,g and compliance with regulatory requirements.

It would be wise to implement new processes and systems early on as it will take time for everyone within the organisation to get used to the recent changes.

As a public company, stakeholders and customers will have expectations about the company’s growth, financial results and ethical behaviours.

Having comprehensive controls in place sets the stage for good business practices and enables better decision-making, increasing confidence for all parties.

Business owners must spend time understanding the controls in place and evaluating whether they are sufficient to mitigate risks posed to the organisation as it grows.

Also Read: What does Peter Thiel-backed Bridgetown’s IPO mean for SEA’s startup ecosystem?

Building solid foundations early will go a long way

 Going public is an exciting milestone for any company and especially significant for startup founders who have invested massive amounts of time and energy into building a company ready to be listed on the stock exchange.

However, business owners need to recognise that getting an IPO is not the end goal but the beginning of an incredible journey ahead.

To move forward as a successful public company, it would take more than a great product or service offering, but also expert management of a host of undertakings, such as paying attention to reporting and control requirements and handling increased scrutiny from shareholders, the government, regulatory bodies, customers and the media.

It will be of utmost importance for companies to start early and build solid foundations in their people, processes and controls to set themselves up for success as a public company.

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic.

Join our e27 Telegram group, FB community, or like the e27 Facebook page

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UnaBiz, a Singapore-based customised IoT solutions provider, has secured over US$25 million in an oversubscribed Series B round led by Tokyo-based SPARX Group through its US$700 million Mirai Creation Fund II.

Other co-investors who participated in the round include CDIB Capital Growth Partners, a fund managed by Taiwan’s CDIB Capital Group; Singapore-based G K Goh Holdings; and TOP Ventures, the investment arm of Thaioil.

With this latest injection of funding, UnaBiz will scale its foothold in strategic regions, such as Japan, Southeast Asia, Europe, the Middle East and Africa.

So far, UnaBiz has set up two offices in Taiwan and Japan, besides its headquarters in Singapore.

The startup also plans to strengthen the growth trajectory of its latest data platform UnaConnect, which aims to bridge the gap between fragmented IoT data collection technologies and enterprise systems.

“The IoT industry has become too fragmented, and it is our mission to simplify it and eradicate frictions to truly enable massive IoT, from 0G to 5G,” said Henri Bong, co-founder and CEO of UnaBiz. “Our vision is to accelerate corporate digital transformation with optimised end-to-end solutions which include hardware, software and connectivity.”

Also read: How to firm up your IoT strategy to combat online risks

Launched in 2016 by Henri Bong, UnaBiz aims to provide scalable, energy-efficient IoT solutions for firms in critical verticals, such as aerospace, facilities management, F&B, healthcare, logistics, supply chain and smart cities.

Its unique selling point lies in its advances in hardware designs and the company’s deep connection to Singapore and Taiwan’s supply chain and innovative ecosystem. UnaBiz counts sizable firms in Japan (Nippon Gas), Taiwan (Shin Kong Communications), Singapore (UEMS), and more among its clientele.

One of its prominent partners is French low-power wide-area network (LPWAN) provider Sigfox, which together rolled out the first IoT network in Singapore at a 95 per cent outdoor coverage island-wide in 2017.

UnaBiz claimed that the firm reached a triple valuation in its Series B compared to the last round, with total funding of US$35 million since inception.

In 2018, UnaBiz raised over US$10 million in its Series A funding round led by corporate VC arms of Global Brain and ENGIE.

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Image Credit: UnaBiz

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By 2030, ASEAN will be the fourth-largest economy in the world with a consumer market of roughly US$4 trillion. The entire region is projected to rapidly develop and take a significant step forward in its socio-economic progress, offering plenty of growth opportunities, even in spite of the pandemic.

Key insights into consumption patterns and consumer sentiments are vital in developing better strategic decisions for organisations and their products. Companies make use of data-driven marketing from interacting with customers and third-party research to better understand consumers’ needs and behaviours.

The COVID-19 crisis has accelerated the prevalence of several key consumption trends while creating a whole new generation of consumers, with newfound habits, concerns and needs that have to be addressed.

In many Southeast Asian countries, the onset of the pandemic has brought about disruption to daily life. Particularly, in Malaysia, a joint study by the National Population and Family Development Board and Vase.ai found that a significant number of Malaysians found that the pandemic outbreak changed their lives in little (48 per cent) and major (39 per cent) ways.

As such, many industries had to rethink their strategies and business models to ensure they remain relevant and competitive in an ever-changing environment. That doesn’t negate the need for understanding how the customers of today are presently interacting with products and brands.

In fact, it’s even more vital to gain updated, accurate and relevant information in order to make informed decisions about future marketing campaigns and product development. And that’s where technology can make the process a lot easier and quicker.

But before we get to that, what are some of the existing trends that have already begun to emerge?

The drastic shifts in consumer habits during the pandemic

The crisis fundamentally changed our daily lives as we knew it. It brought about unprecedented changes in almost every aspect of our lives including work, leisure activities, shopping, socialising and more.

Also Read: What influences customers’ attitudes and behaviour?

We lived differently, we shopped differently, our perspectives and priorities shifted dramatically. And many say that these changes are expected to be for the long haul, to remain even post-pandemic.

Pre-2020 studies about consumer sentiment conducted in-house or even those by external organisations are becoming less relevant in view of the changes to the lifestyle of consumers with some data even rendered to be useless, with the impacts of changing consumption patterns being more prevalent in Southeast Asia than in other markets like Europe and the US.

Similar to how it was the SARS epidemic that sparked the boom of e-commerce in China and MERS spurred the same in South Korea, the COVID-19 pandemic is doing the same for SEA.

A study by Bain & Company, in collaboration with Facebook, found that 30 per cent of the 8,600 digital consumers had an increase in their online purchases while 47 per cent decreased their offline purchases.

The same study highlighted an increase in digital channels, such as apps, amongst Asian consumers as they make use of social media, video streaming and instant messaging apps, amongst others, to keep themselves occupied while at home. This was followed by e-commerce, food delivery and digital payment platforms.

Fifty-seven per cent of digital consumers across Southeast Asia placed value-for-money to be one of the top three considerations during their consumer journey as compared to the considerably lesser figure of 22 per cent just the year prior.

Many of the projected trends of past studies and reports of past behaviours pre-pandemic have seen a rapid acceleration as the world covered a ” decade in days” through going digital. For example, within just five months, Disney Plus attained what took Netflix seven years as more people sought out online entertainment during lockdowns.

Similarly, there are numerous instances where past numbers and findings are proving to be increasingly less relevant or even becoming obsolete.

The unavoidable issue of consumer research

Marketers are able to adapt and tailor campaigns, messages and consumer experiences resulting in the highest possible return on investment (ROI) with businesses that use data-driven strategies driving as much as five to eight times more ROI than businesses that don’t.

Despite all this, however, consumer research and studies into consumption habits cannot be simply classified as “pre-pandemic” and “post-pandemic”.

Through working with various companies across industries to discover consumer trends, Vase.ai has found that consumption patterns will always be in a state of flux and preferences will continue to shift in the future.

The only way to truly understand consumer behaviour at any given period is to conduct regular surveys on them. However, conducting regular surveys can prove costly and time-consuming.

Additionally, many consumer goods companies do not have the budget or resources on hand to dedicate to such research when times are tough. As such, many marketers resort to using existing datasets from previous periods which may not accurately reflect current conditions.

Also Read: Consumer Behavior: How to create tomorrow’s consumers

Additionally, companies looking to conduct their own research, be it for a specific product or campaign, may not have the necessary research capabilities to do so and thus rely on external studies that don’t address their specific research objectives.

Even with the findings from research conducted by other third parties, which 88 per cent of marketers use to enhance their understandings of consumer attitudes, studies are still merely a reflection of the sentiments at the time or may not be tailored to specific questions or audiences that the organisation is looking for.

Traditional market research can take well over a month or two and as data has proven that plenty of things can change in a month so who’s to say that the results gathered would be even relevant when the campaigns or product launch?

Using technology to understand the ever-changing consumer

Technological advancements in recent years are transforming the way we conduct consumer research, helping in the collection, processing and even reporting of the data.

From making it easier to conduct surveys with online forms and questionnaires to the use of artificial intelligence (AI) and monitoring software to analyse consumer sentiments and opinions, startups like Vase.ai are simplifying the entire process for companies and market researchers.

What Vase.ai has done is to make use of AI-powered research capabilities to facilitate field engagement and develop surveys and questionnaires to better aid in understanding consumer patterns and behaviour. The information can then be incorporated in real-time for improved campaign performance.

With access to over 2.6 million Southeast Asian consumers, product owners and businesses have easy and direct access to knowledge-driven insights in as short as 24 hours.

As mentioned earlier, Southeast Asia is a rapidly growing potential market for brands and businesses. By 2030, ASEAN’s middle-class is expected to more than double in size with 70 per cent of the population being middle-class, doubling consumption in the region.

There are abundant opportunities for brands to position themselves within Asian markets and develop customised and personalised marketing strategies to ensure maximum ROI.

Consumer habits have been fundamentally changed as a result of the pandemic and will remain even in a post-covid world. In order to stay relevant, companies should be able to adapt their strategies and campaigns to the ever-changing needs and cater to the idiosyncrasies of the consumers.

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

Join our e27 Telegram group, FB community, or like the e27 Facebook page

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Malaysia-based home-cooked meals delivery platform Hometaste today announced that it has raised US$576,000 (MYR2.4 million) through equity crowdfunding platform pitchIN. Involving 89 investors, the highest individual investment in the round was valued at US$192,000 (MYR802,386).

“The funds raised will be used to scale Hometaste as a data-driven multi-brand cloud kitchen operated via tech-enabled channels with a target to open 70 cloud kitchens by 2023 in Malaysia and eventually expanding beyond the Malaysian shores to other Southeast Asia countries,” said Hometaste CEO and Founder Aston Chua Yee Shen.

Founded in 2017, Hometaste enables customers to order food from home chefs in their neighbourhood –currently concentrated in Klang Valley. It provides support for home chefs by giving them a platform to expand their F&B business.

It was part of MaGIC’s Global Accelerator Program (GAP) Cohort 5.

The company said that it has a 15,000 customer base to date, delivered over 18,000 home recipes’ orders on a monthly basis, and served over 500,000 pax of food. It also claimed to experience a 15 times growth on a yearly increment in revenue since it was founded.

Also Read: How cloud kitchen startup COOKHOUSE, started amidst COVID-19, managed to win 35 F&B clients in Malaysia within a year

In its expansion plan, Hometaste also plans to utilise data analytics, machine learning and artificial intelligence to optimise brands, cuisines, and menus for each target market. With over 70 per cent of programmes being automated currently, it also plans to utilise big data analysis to improve other aspects such as the estimation of ingredients to reduce food waste and increase revenue.

The ongoing COVID-19 pandemic has encouraged customers to change their behaviours, and eventually, opened up opportunities for businesses such as food delivery and its related services –including cloud kitchens. This also applies in markets such as Malaysia, where the F&B industry experienced a hit.

In our special feature, e27 uncovered that many traditional F&B players in Malaysia have turned to cloud kitchens to save operational costs. Some even went as far as opening their own cloud kitchens.

But for these F&B businesses, joining a cloud kitchen also push them to change the way they operate, requiring them to adapt.

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Image Credit: Hometaste

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Singapore-based on-demand services giant Grab has increased its stake in leading Indonesian e-wallet OVO by buying out the shares of its early investors.

With the latest deal, Grab will more than double its stake in OVO to 90 per cent from the current 39 per cent. Grab has bought shares from Lippo Group, Tokopedia, and Tokyo Century Corporation.

The deal is awaiting approval from the regulators.

Grab’s rival Gojek had merged with Indonesian e-commerce giant Tokopedia earlier this year to form GoTo.

“We welcome a greater commitment from Grab in OVO. We’re working in close consultation with the regulators to complete the ownership restructuring process,” OVO said in a statement.

Started as Lippo’s rewards system within its corporate ecosystem, OVO launched e-payments in 2017. It is now one of Indonesia’s leading e-wallet with about US$2.9 billion in valuation and nearly 100 million downloads. The e-wallet is accepted in more than 300 cities across Indonesia.

Also Read: Grab acquires US$274M-worth stake in Emtek, fuels talks of OVO-DANA merger: Report

As it stands, 5 per cent of OVO is owned by IDE Teknologi Indonesia, while local investment firm Cakra Finansindo Investama holds an equal number of shares.

Grab’s acquisition of a majority stake in OVO will likely face some bumps ahead as the Singaporean firm will have to find a local entity to transfer this stake. This is because the central bank Bank Indonesia’s rules stipulate that 51 per cent of an e-payment operator needs to be held by a local citizen or entity.

As per various media reports, Indonesian media and technology conglomerate Emtek may be a candidate to buy such a stake. Earlier this year, Grab had acquired a 4 per cent stake in Emtek for US$274 million.

Emtek owns another e-payment company DANA. As per the central bank’s regulations, an entity cannot become a minority owner in more than one e-payment company. What this means is that Emtek will need to divest its DANA shares for the OVO deal to realise.

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Image Credit: OVO

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The 2021 edition of the Facebook Community Accelerator program has launched!

With the difficulties that come with community building, it is important for leaders to garner support from reputable institutions and industry experts. This is the onus of the Facebook Community Accelerator Program: to help nurture communities by providing them with the tools, mentorship, and support that allow them to learn, network, share, and collaborate.

Spearheaded by community-building leader Facebook in partnership with startup ecosystem platform e27, the program is designed to help leaders harness the power of their community to turn impactful ideas into action. With access to new products, one of a kind training and coaching opportunities, and potential funding, this program is a game-changer for carefully selected communities across the Asia Pacific. 

Meet the 19 communities and their leaders

The Bicycle Scouts Project, Inc
Country Base: Philippines
Community Lead: Myles Delfin

“This opportunity to be connected to Facebook directly is important for us as a real-world community doing social good and fostering community-based disaster resilience.”

In 2013, Bike Scouts was created to provide a network of support and an alternative means of access to communication and essential supplies in the aftermath of severe disasters. Bike Scouts serves as a platform for social teamwork for anyone that wants to do something good in their own community or anywhere in the world where help is needed. Since its creation, Bike Scouts has grown to multiple pages and groups local to the different communities where they can make a difference.

Also read: ScaleUp Malaysia and e27: a partnership that could turn the tide for startups in the region

Bounce Back PH
Country Base: Philippines
Community lead: Jason Dela Rosa

“The Facebook Community Accelerator Program is an awesome way for us to make a real impact in the community that we want to serve and the social goals we want to achieve.”

In March 2020, Jason started Bounce Back PH to help small businesses and subject matter experts endure and recover from the pandemic. Bounce Back PH’s goal is to provide a community where businesses and business leaders can work together to help each other recover and rise above the crisis. With over 65,000 members, the group has launched hundreds of learning and mentorship programs, donation drives, retooling, and business matching activities for SMEs.

Doctorate Support Group
Country Base: Malaysia
Community lead: Anita Binti Adnan

“I am honoured to be selected for the Facebook Community Accelerator Program as I believe there should be more education content highlighted for Facebook users.”

In 2010, Anita created the Doctorate Support Group to provide support for Malaysian Postgraduates who were struggling to write their thesis and needed resources. The community has become a one-stop centre for all resources related to Postgraduates, especially in Malaysia and South East Asia. Members who have graduated come back and give support through webinars and thesis coaching to others who are still on the journey.

Entrepreneurs and Startups in Malaysia
Country base: Malaysia
Community Lead: Daniel Cerventus Lim

“Being selected to the Facebook Community Accelerator Program enables us to serve our community better.”

In 2009, Daniel started a group to empower entrepreneurs around Malaysia to grow and learn from each other. Entrepreneurs and Startup Malaysia aims to enable entrepreneurs to reach their full potential and lift Malaysia’s economy. Throughout the pandemic, the community has come together to help each other’s businesses survive.

Fifty Shades of Aid (50 SOA)
Country Base: Thailand
Community Lead: Maya Hasan

Founded in 2015, Fifty Shades of Aid is a community created by and for humanitarian aid workers to connect, support, and advocate for the people behind dangerous professions. The community’s network of 26,000+ members with chapters in 35 cities, including many active humanitarian crisis locations, benefit from a safe and brave space to share stories, seek advice, and find support.

GABUNGAN ANAK-ANAK PALSI SEREBRUM (GAPS)
Country Base: Malaysia
Community Lead: Rafidah Ahmad

Rafidah founded Gabungan Anak-Anak Palsi Serebrum (GAPS) in 2016 to support and empower the Cerebral Palsy (CP) community in Malaysia and to increase public awareness. GAPS creates awareness and provides socio-emotional support, information, and resources to empower people with CP, families, and society. The community’s 2,300+ members and non-members have benefited from the sharing, training, projects, and sports and recreations activities, significantly increasing visibility and reach.

Home Buddies PH
Country Base: Philippines
Community Lead: Frances Cabatuando

“We feel grateful to Facebook for recognising the impact we’ve shared with Filipinos through these challenging times, and we hope to positively transform more lives through the mentorship we’ll receive through this program.”

Frances created Home Buddies to inspire and equip Filipinos with ideas on how they can live and work comfortably while stuck at home during the pandemic. Home Buddies aims to give Filipino home enthusiasts a safe, creative space where they can share and exchange home improvement tips and design inspirations. The 2.7 million-strong community continues to shape the local home improvement scene, hosting free webinars, empowering small businesses, and creating jobs for displaced workers.

insKru
Country Base: Thailand
Community Lead: Namo Dulyakorn

“Always inspired, Always insKru”

In 2018, Namo established insKru with a determined dream for all kids in Thailand to learn happily and with a purpose along with their teachers to ultimately make good education accessible for all. insKru aims to spread ideas and possibilities for learning by creating an inspiring community for teachers and empower them to continue growing as kids’ learning partners.

Also read: Industrial IoT startup Sophic Automation set to scale up Industry 4.0 projects in the region

KakiRepair by KakiDIY
Country Base: Malaysia
Community Lead: Johnson Lam

“We only live once. But in your lifetime, touch as many lives as you can; you will be able to live your life through them.”

Johnson started KakiRepair in 2017 as a movement to encourage people to fix their own stuff rather than just throw them away. KakiRepair by KakiDIY is a collaborative platform powered by the community to post-repair related issues, diagnose, fix, and learn from one another. Its 14,000+ members actively post-repair related issues and constantly help each other to solve problems and share best practices.

Komunitas Peduli Skizofrenia Indonesia
Country base: Indonesia
Community lead: Bagus Utomo

Komunitas Peduli Skizofrenia Indonesia started in 2009 to provide group support for people with schizophrenia and their families. The group promotes mental health awareness and works to fight the stigma.

Mobile Chess Club Philippines
Country base: Philippines
Community Lead: Mark Angelo Godin

“In the game of chess, same as in life, it’s either we win or we learn.”

In 2019, Mark began travelling the country to promote chess. During the pandemic, and with travel no longer an option, he utilised Facebook to continue promoting chess.  Mobile Chess Club Philippines aims to make chess one of the popular sports in the country. The community members include chess masters, non-masters, and chess enthusiasts. The community conducts tournaments, match-ups, and other chess activities, funded by the community through donations and sponsorship. 

Peri Kertas
Country Base: Indonesia
Community Lead: Rauf Raphanus

“I am very honoured to be selected as one of the Community Accelerator participants. It’s our passion to develop papercraft and provide a safe place for others to learn more about it.”

Peri Kertas started in 2009 to provide a safe place for papercraft enthusiasts to learn, discuss, develop, interact with, and inspire each other. The group hosts free papercraft downloads, raises awareness to make environmentally friendly papercraft from reused paper, and gives free papercraft workshops for schools and foster houses.

Philippine Surfing Spot
Country Base: Philippines
Community lead: JP Pasaylo

“[Our goal is] transforming the children of the world as valuable human resources of their respective communities.”

In 2019, JP started Philippine Surfing Spot to open opportunities for children interested in surfing. The group has since become the go-to entity in training children in surfing and has helped nurture their sense of responsibility in protecting the seas, oceans, and marine life. The 5,000 members help conduct a series of community activities such as weekly coastal cleanup, mangrove tree planting activities, children surf training, safety awareness programs, and more.

Phonetography Community
Country Base: Philippines
Community Lead: Dem Oliva

“The Facebook Accelerator Program gives communities hope, opportunity, and support to grow sustainably and create more significant impact. Thank you, Facebook and team!”

Phonetography started in March 2017 to create a space for people passionate about mobile photography to connect, share, and learn from each other. The community grew from less than 1000 people in the Philippines to 280,000 people globally at the start of the pandemic. The group’s mission is to spread creativity, one photo at a time.

Pig Academy Group
Country Base: Philippines
Community Lead: Oreste David

“The Facebook Accelerator Program will help us promote backyard pig raising to help generate income for poor people in the countryside.”

Dr David started Pig Academy Group to help backyard pig raisers in the Philippines gain knowledge in hog raising and grow their income and production of pigs in the countryside. The community’s goal is to increase the profitability and productivity of backyard pig farmers in the Philippines by teaching them modern ways of pig farming and giving free pig veterinary consultation. The 53,000 members learn to raise pigs and grow their network of hog raisers and others in the pig industry through live training and Q&As with pig experts.

Play:On Indonesia Community
Country Base: Indonesia
Community Lead: Rangga Marvel

“It’s all about being a positive influencer — anyone can share anything, but not all influencing is a positive thing.”

Playon Indonesia Club is a hobby group where all members can do healthy sports and running activities. With thousands of members across the country, the community motivates others to do family activities outdoors and encourage healthy activities for kids. 

Queer Safe Spaces (Family RoTin)
Country Base: Philippines
Community Lead: Roanne Carreon

“We’re here, we’re queer, and we’re ready to take our space.”

In 2019, Roanne and her partner started Family RoTin to help young, queer people who are navigating through their sexuality feel seen and validated. The community serves as a support group for Filipino queer people and allies, especially during the pandemic, when many have been stuck in unsafe spaces. With over 14,000 members, this community was able to spearhead several donation drives, fundraising events, and outreach programs.

Also read: Protégé Ventures as a gateway for VCs to invest in the future

Scoliosis Philippines Support Group Inc. (ScoliosisPH)
Country base: Philippines
Community Lead: Amanda Bonife-Kiamko

“Alone, we are strong. Together, we are stronger.”

Amanda created Scoliosis Philippines Support Group on Facebook to raise awareness, help give scoliosis patients a forum to share their issues and stories, and provide psychosocial support. Its 31,000+ members have been able to connect with other patients and feel empowered through meetups, awareness events, learning sessions, and story sharing.

Solo Female Travelers
Country Base: Singapore
Community lead: Mar Pages

“We are excited to be a part of Facebook’s Accelerator and continue empowering women to travel solo safely and on their own terms.”

Solo Female Travelers started in 2015 as a place for women who love to travel on their own to connect with each other. The group empowers women to travel solo, safely, and on their own terms via the community, online resources, and women-only small group tours. Solo Female Travelers has empowered thousands of women to take their first solo trip safely and confidently, breaking stereotypes, expectations, and barriers.

Culminating in a demo day, the Facebook Community Accelerator Program also provides participants with the opportunity to share their goals and strike potential partnerships with other communities in the future.

For more information, visit the Facebook Community Accelerator Program official page.

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As per PwC’s 19th Annual Global CEO Survey, 81 per cent of banking CEOs are more concerned than any other industry sector about the speed of technological change. Consumers’ behaviours and expectations are also changing due to the COVID-19 pandemic. 

It’s no secret that traditional banks need to adopt technology solutions quickly to digitise their physical processes. This is to serve their current customer base better and regain their market share against fintech competitors such as neo-banks, online banks or Peer-to-Peer lending platforms. 

These 21 startups below are blazing a path in innovating and supporting traditional banks’ digital transformation and expansion on all fronts. 

Let’s look at how they are working with these financial institutions and heat the competition in the financial sector in Southeast Asia.

Also read: Digital transformation is crucial for banks to remain competitive amid the fintech buzz

1- Verihubs

Founded in 2019 by Rick Firnando and Williem Williem, Verihubs helps Indonesian digital businesses authenticate their customers’ identities, check their backgrounds, and get access to their financial information. 

While Verihubs’ solution is largely used in the banking and finance industries, it is also useful in e-commerce, rental markets, and hotels.

The company utilises AI-based identity authentication technologies and APIs to cut verification time from weeks to seconds, allowing businesses to continue authenticating returning customers via SMS, WhatsApp, or flash calls while still performing KYC checks.

Last month, the YC-backed startup bagged US$2.8 million in seed funding led by Insignia Venture Partners.

2- BJTech

Started in 2015, BJTech is an Indonesian AI conversation platform aiming to improve customer service for SMEs. 

Its first products are an intelligent banking app and a “virtual friend” that automatically does things for companies. It later developed an easy-to-use platform for businesses to create their chatbots. 

Its smart chatbot service assists banking, insurance, and logistics companies in connecting, building relationships, and understanding their target customers. The bot is deployed across various messaging apps simultaneously to target a diverse audience demographic.

As noted on Crunchbase, the firm has raised a total of US$1.4 million in seed funding from three investors, including GDP Venture and Stellar Kapital.

3- 6Estates

Co-founded in 2015 by Dr Luan Huanbo, Dr Wang Chao, Prof Chua Tat-Seng, and Roger Yuen, 6Estates is a spin-off from NExT Research Centre, a joint research centre by the National University of Singapore and China’s Tsinghua University. 

The company specialises in finance back-office intelligence automation using unstructured data. It combines AI and RPA technologies to deliver an AI-powered process automation solution for trade finance, credit assessment, audit and compliance.

In 2019, the startup collaborated with Indonesia’s Bank Central Asia to develop an AI and RPA solution for trade finance. In the same year, it received an undisclosed Series B funding round led by GDP Venture, with participation from Bank Central Asia through its VC arm named Central Capital Ventura.

4- Active.ai

Co-founded in 2016 and located in Singapore, Active.ai offers full-stack AI solutions for financial institutions. It provides machine learning, natural language processing, and natural language creation technologies, which could be used in messaging, speech, and IoT devices.

The firm supports clients in deploying products on-premise or in the cloud. It also offers a conversational banking platform to financial institutions.

Users may use the site to check their balances, see transactions, make payments, and obtain advice, among other things. The bot may be used on Facebook Messenger, WhatsApp, Line, Telegram, or a custom platform. Wealth managers and financial services firms may also utilise the platform to connect with consumers.

In 2019, the startup called US$3 million in its extension of Series A funding, bringing the total amount to over US$11 million. 

5- Silot

Built by Andy Li in 2017, Silot is a Singaporean startup that offers a suite of AI-enabled banking software and merchant banking services. 

Merchant onboarding, KYC, cross-channel banking, account opening, and QR-based payments are among its offerings. 

Silot’s current clients include leading banks in Southeast Asia, such as Nobu Bank (Indonesia) and Krungsri Bank (Thailand).

In 2018, the startup raised “multi-million US dollars” in a pre-Series A funding round from Arbor Ventures and Eight Roads Ventures to support its expansion in Thailand, Malaysia, Hong Kong, and other markets in the region.

6- CredoLab

Created in 2015 by Peter Barcak, CredoLab provides credit evaluation and decisioning solutions for banks, consumer financing firms, telecommunications, insurers, and retailers. 

The company analyses various data points from the smartphone device with its AI-based proprietary algorithm, transforming the digital footprint of consumers into predictive scorecards.

It creates bank-grade digital scorecards for banks, lenders, e-commerce, travel, ride-hailing, e-wallets, insurance, and retail businesses, as well as any other company that wants to make better credit choices.

In 2020, the Singapore-based company bagged a US$7 million in Series A investment led by GBG to expand in the US and other markets. 

Also read: AI-powered decision-making for the banks of the future

7- AntWorks

AntWorks was founded in 2015 to provide an operations processing automation platform called Robotic Process Automation (RPA). It targets to provide services ranging from AI-based data recognition to operational automation on a single platform. The platform reads data from non-standard format documents, which account for 90 per cent of all in-house papers, using fractal theory-based AI technology.

In 2018, the Singaporean startup took part in Season 2 of Bangkok Bank InnoHub and got the chance to collaborate with other members of the Bangkok Bank financial group and raise funds through the bank’s business networks. It raised a US$15 million Series A funding round from Japan’s SBI Holdings in the same year.

8- Pand.ai

Pand.ai was created in 2016 to provide AI-powered chatbots to financial institutions in Southeast Asia. It provides conversational-based micro-learning and gamification to help clients increase marketing efficiency while improving financial adviser sales productivity.

The Singapore-based startup uses a natural language processing (NLP) engine to allow financial institutions to communicate digitally with customers. 

Last year, Bualuang Ventures injected a 7-digit USD pre-Series A funding round into Panda.ai. It is also a member of Season 2 of Bangkok Bank InnoHub in 2018.

9- Growthbotics

Founded in 2018, Growthbotics is a provider of a conversational AI solution for finance and banking. Client onboarding, fraud detection, anti-money laundering, stable coins for intra-banking and cross-border banking, and other services are among the company’s offerings. 

Its features include client authentication based on facial and voice recognition, payment gateway integration, and bot-based chat assistance.

The Malaysia-based startup is powered by its own proprietary AI framework and uses Node.js, Python, Solidity as main programming languages.

10- Computer Vision

Established in 2020, Computer Vision (CVS) is a client identification and verification solution for fintech and banks based on sophisticated image processing technology. 

The Vietnam-based CVS owns the feature of extracting information from photos to help banks automatically process customers’ records more quickly and systematically. In addition, the project also includes image-related solutions such as searching on a data set of millions of customer-related images for businesses, time attendance, face attendance, license plate recognition, and analysis of facial features.

In 2020, CVS raised a US$500,000 investment from NextTech Group and the Next100.tech fund to help the financial and banking industry embrace digital change.

Also read: An unlikely duo: Will banks and fintech have a happy marriage?

11- akaBot

Launched in 2018, akaBot is a Robotic Process Automation (RPA) platform that helps businesses automate their processes and save money.

akaBot merge AI and Optical Character Recognition (OCR) to build complete smart automation solutions without intruding on the existing IT system. It can interface with corporate applications such as Microsoft Word, Excel, SAP, among others. 

The firm counts Vietnam’s most prominent banks such as Vietcombank, TPBank, BIDV among its clients.

12- FlowAccount

Founded in 2014, FlowAccount is a cloud-based accounting service that helps freelancers, small business owners, and accountants in Thailand manage their accounting, payroll, and expenditure responsibilities all in one place. The startup claims its services are used by 50,000 clients and are connected with banks and e-commerce platforms.

Earlier this year, Thailand’s KBank provided its 1,000 SME clientele with the FlowAccount solution to help them function more effectively by keeping them up to speed on their financial situation regularly, controlling expenditures, and gaining better access to financing sources.

The company raised US$4 million in a Series A round led by Sequoia Capital India in 2021.

13- ThitsaWorks

Launched in 2016, ThitsaWorks offers a banking software suite to microfinance institutions. 

It provides business intelligence for visualisation tools that collect aggregated financial data, cloud-based core banking software for supporting digital banking and lending, and a financial bot for payback plans, among other services. To control risks, it also provides solutions for collecting, managing and analysing data.

In Myanmar, the fintech company says that its solutions are utilised by 70 financial institutions, including banks, non-bank financial institutions and microfinance institutions. Its services assist over 2.5 million borrowers.

In 2020, the startup landed undisclosed funding round from BOD Tech to offer digitisation solutions to Myanmar’s banks.

14- HARA

Dattabot co-founders Regi Wahyu and Imron Zuhri started HARA in 2014. The Indonesian company is a global and open blockchain-based data exchange that allows customers to make better data-driven decisions.

It helps alleviate rural poverty by creating jobs and empowering and educating women to become “agripreneurs.” HARA also works with banks and insurance firms to provide these farmers with financial services.

Its mission is to solve the invisible territory for banks and insurance. The company provides knowledge that assists banks and insurance firms get the data they need to calculate risks.

Also read: Blockchain will force banks to change their feudal mindset

15- Ayoconnect

Co-founded by Jakob, COO Chiragh Kirpalani and CTO Adi Vora in 2016, Ayoconnect’s application programming interface (API) platform allows developers to easily offer a variety of white-label financial solutions to their consumers.

Ayoconnect combines financial data from several sources to enable its close partners to provide better, more inclusive financial services to millions of Indonesians.

Its clientele includes Bank BRI, Bank Mandiri, Permata Bank, DANA, Gopay, Shopee, Bukalapak, Lazada, Blibli and Akulaku. It has also partnered with several Indonesian banks to accelerate its open finance activities.

Earlier this year, the Indonesian startup snagged US$10 million in Pre-Series B funding from strategic investors to expand into Open Finance. 

16- STACS

Founded in 2021 in collaboration with Bluecell Intelligence, a Singapore-based online financing solutions provider, STACS aims to help companies certify and monitor green and sustainability-related loans and bonds. 

The startup allows loan and bond specifications to be encoded into security tokens. It interacts with data sources such as IoT devices and satellite photos to provide real-time impact reports on a distributed ledger. This helps to avoid “greenwashing,” when something is made to appear more ecologically friendly or sustainable than it actually is.

The firm counts Deutsche Bank, Bursa Malaysia, EFG Bank and Bluecell Intelligence among its clients. 

In April, STACS raised a US$3.6 million Pre-Series A funding round led by Wavemaker Partners.

17- Bento

Bento, a Singapore-based digital wealth management solution provider, offers a hybrid B2B platform designed for banks, wealth managers, brokers, and insurance firms. It enables consumers to deploy digital wealth solutions at a cheap cost of entry and with a short time to market.

Its module may be used as a complete solution or only to meet a specific requirement.

In 2020, Grab acquired Bento to provide retail wealth solutions to millions of people in Southeast Asia.

18- PrivyID

Co-founded by Marshall Pribadi and his partner in 2016, PrivyID is a legally binding digital signature provider. The firm integrates its digital signature technology with online credit card application systems of six prominent consumer banks in Indonesia, including Bank Mandiri, BRI, BNI, BNI Syariah, CIMB Niaga, and Bank Mega.

The Indonesia-based firm stated that this partnership enhanced the online credit card application experience for over 50 thousand consumers within a year of its launch.

19- Flow

Flow was founded in 2016 by banker-turned-entrepreneur Borowski. The startup utilises AI and machine learning to create debtor profiles to help banks and non-banking lenders recover their non-performing loans through mediums such as automatically-generated SMS, interactive voice recordings and predictive dialling systems.

The firm launched its first operations in Vietnam in 2016 and has since expanded to Indonesia and India.

In 2020, the startup raised a round of debt capital from Genesis Alternative Ventures.

20- Liquidity Marketplace (LMX)

LMX was founded in 2016 by financial and technology experts from HSBC and Goldman Sachs.

The firm connects corporates, banks and non-bank financial firms via an all-to-all marketplace, where they can borrow and lend directly with each other by eliminating intermediaries. This helps clients achieve lower costs and higher yields while also bolstering risk controls.

In 2018, LMX raised US$1 million in seed funding, led by Javelin Startup-O Victory Fund, a partnership between Singapore-based online assessment and venture building platform Startup-O and Javelin Wealth Management.

21- Bank-Genie

Founded in 2016 in Singapore, Bank-Genie is a mobile-native software that enables banks and financial institutions to create virtual retail branches.

Using a mobile device such as a tablet, POS terminal or smartphone, these financial institutions will be able to offer services such as bill payments, insurance premium payments, and other bank account management services.

The startup secured an undisclosed Series A investment from SBI FMO Emerging Asia Financial Sector Fund (SBI-FMO Fund) in 2017.

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Image Credit: Verihubs, AntWorks, FlowAccount, Ayoconnect

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edamama, an e-commerce startup targetting millennial mothers in the Philippines, has secured an undisclosed amount in debt funding from Innoven Capital.

This brings the company’s total investment raised thus far to over US$6 million. In July, edamama bagged US$5 million from a clutch of investors, including Gentree Fund, Robinsons Retail Holdings, Kickstart Ventures, Foxmont Capital and angels.

The deal marks Innoven’s first-ever investment in the Philippines.

The company will use the new capital to accelerate its logistics and fulfilment capabilities in advance of a Series A funding round early next year.

Also Read: edamama, an e-commerce platform for moms in Philippines, raises US$5M

edamama was established in 2020 by the husband-wife duo of Nishant and Bela Gupta D’Souza. edamama offers over 25,000 SKUs spanning nearly 1,000 brands. The company said in a press note that it leverages a personalized, content-driven approach to provide a digital gift registry, baby product subscription services, and a wide selection of online classes for children and parents.

The e-commerce startup claims it has millions of site visitors and has grown its gross merchandise value by over 50x since its launch.

The company also recently launched its direct-to-consumer fashion label ‘bean by edamama’.

Innoven Capital is a joint venture between Seviora Holdings (a wholly-owned subsidiary of Temasek) and the UOB Group. The firm has made over US$800 million in loan disbursements across Asia in the past six years. More than 20 of its portfolio are unicorns, including Byju’s, OYO, Carsome and FirstCry.

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Image Credit: edamama

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Singapore recently experienced several flash floods after heavy downpours, with the national water agency, PUB, issuing more than 30 flood warnings for at least 10 locations at one point.

Such extreme weather events look set to become the norm for Singapore should planet-warming emissions continue. According to a report by Intergovernmental Panel on Climate Change (IPCC), Singapore is at risk of experiencing more punishing heatwaves, severe coastal flooding events and bouts of heavier rain if planet-warming emissions are not reduced to net-zero by 2050.

The real estate sector has one of the highest carbon footprints of any sector, contributing 39 per cent of global annual process-related carbon dioxide, according to the United Nations (UN) Environmental Program.

Within Singapore, the sector is responsible for 20 per cent of the country’s carbon emissions. It is therefore crucial that property developers work to reduce such emissions by tapping into design and technology when retrofitting or developing new buildings.

Effects of climate change

Since the pre-industrial period from 1850-1900, the world’s temperature has risen by one degree Celsius and, according to the latest climate change report by the UN, every region in the world will experience more extreme droughts, intense and frequent rainfall and flooding.

In Singapore, annual mean temperatures have risen from 26.9 degree Celsius to 28 degree Celsius and rainfall in the city has become intense in recent years as well, with the annual rainfall total for Singapore increasing from an average rate of 67 millimetres per decade from 1980 to 2019.

Higher annual temperatures would likely drive an increase in the use of air-conditioners, leading to increased energy demands and higher domestic carbon emissions in the country. As such, the building of air conditioners will need to be continually monitored to ensure that they run optimally.

Sensors, such as those enabled by wireless powered solution Transferfi, can be used to help monitor vibrations and the need to maintain equipment, enabling facilities managers to ensure that building air-conditioning systems are running optimally.

Also Read: Komunidad nets US$1M funding to help businesses adapt to the consequences of climate change

Incorporating emerging technologies for sustainability

Building Information Modelling (BIM) is a technology that has been used by construction professionals to gain advanced insights into building design and infrastructure. Since 2012, the Building and Construction Authority of Singapore (BCA) has made the submission of BIM for certain projects mandatory.

By digitally representing all aspects of a given structure, organisations are able to cut down on waste and delays by identifying potential challenges before the field execution. While the submission of BIM has been mandated for certain projects, industry specialists who are not adequately trained are unable to access its benefits.

As such, industry specialists turn to companies like VRcollab, which offers a game-like experience of BIM models where architects, developers and specialist contractors can easily collaborate with a common view of the project, thus maximising efficiency and the potential for sustainability gains.

The use of digital modelling systems has also enabled architects to design buildings such that they work with, rather than against the local climate, thus reducing the energy needed to cool buildings.

Other emerging technologies being incorporated into buildings include motion sensors and smart controls, which help to regulate electricity consumption within a building or adjust indoor temperatures in response to current outdoor temperatures

One smart sensing technology example is Xandar Kardian, which uses radar to detect human presence through their heart rate and breath, turning down lights and air conditioning automatically when people are no longer detected. 

The benefits of net-zero and green buildings

Green buildings are energy-efficient structures and the global green building industry has the potential to cut energy consumption by 50 per cent or more by 2050. Presently, however, the building sector is responsible for global emissions roughly equivalent to that of China.

The sector must operate at “net zero carbon” by 2050 if global warming is to remain under 2 degrees Celsius. As such, net-zero buildings have come to the forefront as these highly energy-efficient buildings generate or supply the energy they require from renewable sources to achieve net-zero carbon emissions.

The adoption of net-zero buildings, however, has been slow, with the World Green Building Council (WorldGBC) recording only 500 net-zero commercial buildings and 2,000 net zero homes worldwide in 2017, well under one per cent of all buildings worldwide.

A monumental and coordinated effort is needed from businesses, governments and non-governmental organisations, to bring the building sector within striking distance of the Paris Agreement targets.

Increasing the adoption of green and net-zero buildings is beneficial for people as well. Green and net-zero buildings have been found to not only increase the health, functioning and well-being of inhabitants, they also foster higher productivity and improve cognitive functioning.

Recent studies have found that green buildings provide optimised environments that are beneficial for people’s health, through their features of natural lighting and better air quality. On the other hand, net-zero buildings help to improve the quality of outdoor air, given that they do not use fossil fuels and emit zero pollutants.

Net-zero buildings could, in fact, produce more energy than they use and would even be able to power electric vehicles with the energy produced, further reducing outdoor air pollution.

Also Read: Life after COVID-19: How and why smart cities need to focus on sustainability

Towards a sustainable future

While green buildings have been increasingly adopted worldwide and have been able to help us in reducing our carbon footprint, the building sector must work to operate at “net-zero carbon” significantly earlier than the deadline of 2050, if global warming is to remain under two degrees Celsius.

To achieve this, the building sector must shift its focus from green buildings to net-zero buildings in order to truly combat climate change.

While the incremental costs of net-zero buildings will be a concern for many, this premium will pay for itself in the long run as the savings from running the operation will offset the upfront incremental costs.

In our fight against climate change, the adoption of net-zero buildings will be an absolute key for us as we move towards a sustainable future.

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