The month of June was officially dedicated to celebrating the LGBTQ+ community, as part of growing international momentum to foster acceptance and equality. As pink celebrations continue to gain momentum amongst more companies, we are seeing a shift in the level of openness and acceptance towards people of various backgrounds from the LGBTQ+ community.

Companies are now taking a stand for equality and are making it known by raising their rainbow flags, changing their LinkedIn logos and organising events and virtual parties to celebrate employees in the LGBTQ+ community.

It is encouraging to see companies, especially in typically traditional sectors such as tech, take steps towards fighting against discrimination. However, these efforts should not cease just because June is over. 

True acceptance goes beyond raising rainbow flags for the sake of it and celebrating diverse backgrounds during certain time periods. True acceptance requires a change in mindset, action, policies and work environment all year round.

As a company that passionately believes in inclusivity, we at Thoughtworks want to continue cultivating true acceptance amongst its employees to create a safe space for all technologists to work and thrive in. It is only when employees are able to bring their full, authentic selves to work that they are at their best in the workplace.

Edward Hutchins, our Lead Consultant paints the picture of a safe space as a workplace where he does not have to worry about or hide his identity.

Also read: Pride Month and intersectionality: Why I hope that we will no longer need a special event to celebrate it

He shares that the mental state of worrying about juggling multiple identities can be stressful, causing anxiety, disengagement and ultimately preventing employees from bringing their best, most innovative and productive selves at work. 

The first step is setting the right foundation for an inclusive culture. One way is by rethinking the hierarchy structure. We value a flat hierarchy culture and prioritise people over processes, enabling them to operate with a greater degree of managerial independence and autonomy to perform their jobs to the best of their abilities.

More importantly, we look to provide a supportive infrastructure with room for growth and learning that allows employees to accomplish the task at hand while encouraging them to experiment new initiatives and take risks without fear. For us and many other tech organisations, cultivating this spirit of learning and development is key to encouraging innovation and empowering people in their own growth journeys. 

We apply this idea of sharing without fear to what we call the ‘feedback culture’, which is evident in various initiatives. For instance, we introduce the feeling of a safe environment to all new hires by providing the training to them in the first week to share their thoughts fearlessly.

For those who are more used to traditional workplace culture, sharing openly and being transparent may feel foreign to them in the earlier stages. Our training aims to help them unlearn certain behaviours and better understand and adjust to working in a safe and supportive environment.

On a monthly basis, we also hold town hall meetings to encourage transparency across all business functions and levels to collect feedback and varying opinions from others. These open channels of communication make it easy for employees on the ground to share feedback with management teams. 

Also Read: This gay founder is creating a safe media platform for LGBTQ community in SEA

At the management level, embracing true acceptance can look like re-envisioning policies, programmes and initiatives to drive actionable change.

As the head of talent, I feel especially responsible for recognising and catering to the unique needs of employees from various backgrounds, sexual orientations, gender, race and age.

Thanks to our feedback culture, workers are empowered to share the type of change they want to see and suggestions on what can be done to make that change.

At our recent panel discussion for Pride in Tech, we discussed the importance of having community programmes and global initiatives to provide a safe space for queer people to connect and feel seen, heard and understood, anti-discrimination policies and code of conduct to protect all employees and leadership training focused on empowering marginalised groups. 

While establishing policies and developing initiatives may take longer periods of time, it is the small steps we take everyday that will lead to effective change and transformation. Today, we practice the inclusion of pronouns in email signatures, share the stories of LGBTQ+ affirming personalities on our blog and drive LGBTQ+ engagement programmes all year round. 

Ultimately, true acceptance is more than just a checkbox to be ticked during annual Pride celebrations. Our commitment to building a more inclusive future must be underlined by action at every level, internally and externally, because it is the right thing to do. The heart of the matter is that inclusion is everybody’s job and companies must not only talk about these issues but walk the talk.

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The COVID-19 pandemic has undoubtedly triggered an unprecedented demand for digital technology and, as organisations turn to data to inform their business activities, analytics and data science skills continue to be in high demand among the global workforce.

As one of the top emerging jobs in the region according to LinkedIn, data scientists are — unsurprisingly — in high demand in Singapore.

As Southeast Asia’s technology hub, data analytics is central to Singapore’s economy, with studies indicating that it contributes at least S$1 billion (US$730 million) each year. Meanwhile, the value of regional big data and business analytics services is projected to reach US$27 billion (SG$37 billion) by 2022. 

The ability to communicate the analysis of data with precise acuity and brevity will become one of the most valuable skill sets moving forward, as Singapore accelerates its Smart Nation efforts, and as more companies turn to data to inform business recovery and future growth.

The pandemic only accelerated adoption of data-driven strategies across industries, especially in high-touch sectors like retail, healthcare, food and beverage that had to adjust to the changes brought about in their daily lives.

Other industries, like financial services, have drawn on data for years to inform business strategies and solve emerging challenges.

At the moment, data is seen as a competitive advantage. In the future, it will be the foundation of all businesses. Data science and analytics expertise will soon be commonplace skills throughout organisations, beyond just engineering or IT departments.

And with this need for greater data science capabilities, we can expect organisations to be equipped with a drive to secure the best talents in the field.

Also Read: Mind the trust gap: How does a company develop consumer trust through data stewardship?

To stay competitive, data scientists must focus on more than just perfecting the minutiae of data-related software and programs. They should invest in learning how to best translate their know-how into actionable insights and compelling stories that will resonate with stakeholders across their business.

These skills in particular will be critical to the success of future data scientists: 

Go back to the basics: Communicating probability, statistics, mathematics and more

Data science is a complex field. A study by Accenture found that 75 per cent of employees read data, yet only 21 per cent “are confident with their data literacy skill.” While this widening gap in data literacy indicates the need to invest in data skills throughout an organisation, today’s data scientists should learn how to best communicate the fundamentals behind that data. 

The ability to concisely explain different concepts like variance, standard deviation, and distributions will help data scientists give more insight into how data was collected, what the sample reveals about that data, and whether it appears valid.

These fundamentals enable you to easily explain the how or why behind a given data point and better address questions from executives or stakeholders on other teams.

The best data scientists value simplicity and build complexity only as needed. The same approach should be adopted for conversations on data.

During business discussions, it is best to avoid going too far into technicalities and instead focus on the value of that data by demonstrating the business impact or potential outcomes.

Be a data storyteller: Communicating data in an understandable way

Narrative storytelling has shown to enable a higher information retention rate. The ability to tell a story about data goes hand-in-hand with the ability to explain technicalities of data in the simplest way possible.

A study by Stanford Professor, Chip Heath on the analysis of participants’ memorability rate at a speaking conference detailed that only five per cent could remember a standalone statistic, whilst 63 per cent could remember stories.

Also Read: 5 career avenues for data scientists

The best data scientists are also adept storytellers, providing the necessary context about data sets and explaining its importance in the larger picture. When sharing a new set of data or the result of a data project with a wider team, focus on crafting a narrative around the top three things the audience should walk away with.

Reiterate these points throughout the chosen medium — presentation, email, interactive report, data visualisation, etc. — to facilitate action amongst your audience.

Not only will data storytelling break down communication barriers between different stakeholders, but this also makes new information easily digestible and actionable. 

Get creative: Visualising data to make an impact

Visual mediums are a great way to further enhance data communications. However, they are often undervalued. Consider the different types of graphs and charts examining various data sets related to the COVID-19 pandemic in Singapore.

From the Singapore COVID-19 Tracking Dashboard to the Collection of Worldwide pandemic-related graphs, data visualisation has proven to be an effective way to communicate data with precise acuity.

The best visual components explain and contextualise large volumes of data, allowing viewers (especially non-technical stakeholders) to quickly digest information and more easily spot key takeaways that may have otherwise been buried in the raw data.

Finally, stay curious: Balancing learning and teaching

Tomorrow’s best data scientists are those who believe in lifelong learning. It could be as simple as finding ways to build learning through everyday routines, reading the latest literature on data techniques and trends or even experimenting with new software programmes.

Not only can it bring new chances to showcase one’s value within an organisation, but it can also offer a helpful perspective: knowing how you approach information can improve the way of sharing insights with others. 

A common thread that runs throughout these skills mentioned is — making data understandable and actionable as the language of your organisation. 

Growing with the times is important, especially in today’s volatile climate. As more companies turn to data-driven insights to make smart business decisions, data scientists will increasingly take on more significant responsibilities within organisations.

Conducting cutting-edge data science is only half the battle; knowing how to explain the process and present findings in an engaging way will make tomorrow’s leading data scientists indispensable and ensure the organisation runs like a well-oiled machine.

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2021 is considered a breakthrough for Vietnamese startups; however, the resurgence of COVID-19 is hindering its growth. Vietnam recently imposed prolonged lockdown measures at its commercial hub Ho Chi Minh City to battle its latest COVID-19 wave, as the infection rates spiked with the government warning that the worst may be yet to come.

Consumer spending has plummeted, and even F&B and food delivery services have been suspended. The government is having a hard time dealing with a dilemma: how to keep the economy going while at the same time shutting it down to protect people from infection.

In face of adversity, that’s when the DNA of entrepreneurs comes into play. And the resurgence of COVID-19 is another opportunity for entrepreneurs to display their grit, tenacity, and flexibility to adapt to an evolving situation.

For some high-potential Vietnamese startups, this is not the time to stand still and just plan for survival.

Loship: Leverage available resources as a first response to the crisis

Loship, a one-hour delivery e-commerce startup, is an example of how Vietnamese entrepreneurs demonstrate their resilience in response to COVID-19.

Food delivery has always been its strength, but as the pandemic hit, Loship quickly focused its resources on other essential services such as grocery, parcel, and pharmaceutical delivery, filling the massive demand of shelter-at-home customers. At the pandemic peak, online grocery orders on Loship increased fivefold, whereas pharmaceutical orders also shot up.

What’s more, the skyrocketing demand for food delivery has resulted in an increased demand for food containers and packaging materials for F&B outlets. Capitalising on the situation, it ramped up investments in its B2B operations, putting on the platform a range of food takeout and packaging products, offering instant delivery to its merchant network.

Also Read: Emotional leadership in a post-COVID-19 business world

They also partnered with non-profit organisations to deliver food packs to the doors of needy households. These social support initiatives allow them to make full use of its delivery fleet while ensuring stable earnings for its drivers, and creating value for society.

“COVID-19 certainly has an impact on our expansion plans, but at least we are able to leverage all available resources and do all necessary preparations for the expansion in the meantime. During the last COVID-19 wave, we learned to cope. This time, we learn to thrive,” Loship CEO Trung Hoang Nguyen shared.

Docosan: Create products that address the real needs of the world

COVID-19 has revealed the importance of healthcare and telemedicine. As people are worried about crowded waiting rooms and hospital outbreaks, a service that helps patients talk to doctors and book appointments in advance becomes a necessity.

Founded in 2020, Docosan provides a platform to help patients find doctors and book appointments. Online media bookings are rare in Vietnam but needed more than ever due to COVID-19 causing clinic lockdowns, unpredictable doctor schedules, and pressure on the healthcare system.

Docosan not only helps patients secure a quick and easy booking, but it also helps clinics maintain their business with an additional source of income.

In June 2021, Docosan launched telemedicine, allowing patients to conduct digital consultations without visiting medical centres. These solutions help strengthen frontline health systems and address health problems for people who are isolated or uninfected with the virus. Telemedicine is a trend that is predicted to continue long after the pandemic has passed.

Kamereo: Swiftly change and capitalise on the new trends

The pandemic has shown businesses across industries that they need to have practices in place that allow them to respond to unexpected crises. To survive, businesses must be resilient, adaptive, and innovative.

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

Kamereo is a Vietnam-based wholesale ordering platform for restaurants and F&B businesses. At the start of the pandemic, the platform’s revenue dipped as restaurants weren’t allowed to open due to social distancing measures.

At the same time, demand for online grocery shopping has soared. Recognising this trend, Kamereo quickly launched an online B2C grocery platform called KameMart, providing customers with restaurant-quality grocery products.

It has proven its ability to respond quickly to changing situations, proactively modifying its business model from just B2B to both B2B and B2C.

That is to say, sometimes adapting to changing customer needs in times of crisis not only helps strengthen the relationships with customers but can also result in discovering whole new lines of business.

All three Vietnamese startups have, one way or another, provided some of the practical lessons on what we can do to make the best of a difficult situation and gain further advantage in the long run. These lessons are: leveraging available resources; creating products that address the real needs of the world; swiftly adapting to the changes and capitalising on the new trends.

COVID-19 is undoubtedly a test for survival, but it also presents a unique set of opportunities for startups to recalibrate and emerge stronger. By drawing on the lessons and seize every opportunity that comes their way, startups will be able to rise to the challenge and find their footing in the new normal.

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More than one year on since the pandemic first struck, economies across the world are still dealing with the devastating ripple effects of lockdowns, travel restrictions, and lower consumption levels.

Over the past year, COVID-19 has undoubtedly wreaked havoc on the global market. According to the International Monetary Fund, the world economy shrunk by 4.4% last year, the most severe contraction since the Great Depression.

The Dow Jones recorded the largest-ever single-day loss of almost 3,000 points on 16 March last year, at the height of the first wave. Unemployment rates surged, while tourism, airline, and hospitality industries came to a standstill. Supply chains were disrupted by nationwide shutdowns and staff shortages. Today, COVID-19 continues to pose the most threat to growth for businesses across the world.

Thailand is no exception. The tourism-dependent nation expects only 700,000 travellers to enter Thailand this year, compared to almost 40 million just two years prior. Amidst the latest wave of infections, the central bank has slashed its yearly economic growth forecast down to 1.8%.

But, despite the dim economic outlook, Thailand’s startup ecosystem is thriving.

Resilience amidst crisis

The country’s tech industry is among the few sectors that have stayed afloat in spite of the pandemic — and, in some cases, because of it.

Last year, there were 40 million new internet users across Southeast Asia, according to the 2020 Google e-Conomy SEA report. In Thailand, 3 out of 10 users were new and only adopted digital services because of the pandemic. Thais also now spend an average of 4.6 hours online every day, compared to 3.7 hours before the pandemic.

Some of Thailand’s leading startups have enjoyed double-digit revenue growth since the pandemic began.

Also read: Bringing the gold standard when it comes to gold trading powered by fintech

One of the areas that have seen blistering growth is e-commerce, which grew by 60% during the pandemic. E-commerce solutions startup aCommerce recorded year-on-year growth of 130% between the second quarters of 2019 and 2020, as consumers turned to online shopping amidst safe distancing measures.

Similarly, fintech firm SYNQA doubled its revenue from 2019 to 2020, thanks to spikes in online food delivery orders. Enterprise software startup Eko also saw 200% year-on-year growth last year, along with a 50% increase in revenue from February to August.

More recently, Thailand produced its first unicorn — a startup valued at more than US$1 billion. The honour went to homegrown e-commerce logistics company Flash Group, which raised US$150 million in its recent Series D+ and E funding rounds.

How Freshket remained agile and adaptable during the pandemic

Another homegrown success story from Thailand is food supply chain platform Freshket. The Bangkok-based startup leverages technology to deliver sustainable end-to-end solutions for both restaurants and households.

In a nutshell, Freshket simplifies the process of food supply management.

Also read: How SMBs grow their business with TikTok

They do this via digitalising, automating, and equalising the entire food supply chain process. This is done via developing order, warehouse, and logistics management systems, automating them, and then aggregating the products based on supply and demand to provide fairer prices.

This is how it works:

Restaurants first place their orders via the Freshket website or mobile apps. The orders are then consolidated and Freshket purchases the food products from suppliers and farmers in bulk. These products are then delivered to processing or distribution centres, where products are selected, aggregated, and packed into boxes.

Next, these boxes go out to hubs located across the city, which makes it easier and quicker to deliver to restaurants. Finally, drivers located at each hub will collect and deliver these boxes.

What makes Freshket unique is that they manage the entire food supply chain from start to finish and optimise it with technology.

“We control the whole food supply chain process end-to-end,” said Ponglada Paniangwet, chief executive officer and co-founder of Freshket. “All of this creates a reliable service experience for the restaurants.”

Growing up in a family that has been in agriculture for 25 years, Ms Paniangwet quickly realised that the food supply industry faced many problems.

For one, suppliers and farmers are unable to control variables such as product quality and delivery times. The fragmented nature of the food supply industry means that the ecosystem is inefficient and inconvenient. Hence, she set out to provide a solution, which eventually developed into Freshket.

Freshket has weathered through the past year despite the pandemic. Last year, Freshket raised US$3 million in a Series A round led by Singapore’s Openspace Ventures.

Also read: KoinWorks super financial app ecosystem sees growth in Q2 2021 as it helps boost SMEs amidst the pandemic

This milestone was achieved in spite of temporary restaurant shutdowns which resulted in more than 80% of their orders being cancelled. Within a single day — from 22 March, when the shutdown was announced, to 23 March — Freshket opened up its platform for consumers. The pivot proved successful, with consumer revenue making up for the loss in restaurant revenue, and helped them tide through the pandemic.

Freshket has successfully developed a supply chain network, targeting Thailand’s fragmented food supply chain. Currently, the country’s foodservice market is worth more than US$7.7 billion in annual purchases, which means that the startup has much room for expansion.

In the future, Freshket hopes to diversify its business segment and bring schools, hospitals, and modern trade into the fold. The startup also intends to develop a supply chain financing model and expand to cities abroad, bringing with it the industry-specific tech expertise needed to streamline food supply chains across the world.

Part of the reason Freshket has managed to thrive is because of the buzzing Thai startup ecosystem. Having persevered amidst the pandemic, Thailand’s startup industry boasts a plethora of promising startups that are poised for growth.

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This article is part of NIA’s Startup Thailand Marketplace project.

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Since the motive behind establishing a business is profit or to run more efficiently depending on whether it’s a for-profit or a not-for-profit organisation, a lot of measures put in place to run the business are usually determined by the size of the organisation’s budget.

If a measure does not seem to be generating enough ROI, it’s mostly abandoned by a for-profit organisation. This is where any startup’s decision-makers must bring their wealth of knowledge to bear. Digital transformation initiatives, incidentally, fall into this.

Digital transformation took centre stage with the COVID-19 pandemic. Research shows that more than 80 per cent of companies plan to accelerate their companies’ digital transformations, with 65 per cent expecting to increase the amount they’re investing, despite the downturn caused by the pandemic.

Due to the changes that businesses had to adapt as a result of the pandemic, it became necessary to integrate automation by manufacturers. Marketers resorted to using chatbots to replace human labour, which the lockdowns and social distancing kept away from workplaces.

It’s imperative for the success of your startup, before applying any new technology, to reach out to customers to find out if the solutions are really what the users need.

Digital transformation, which focuses on staying relevant in the eyes of customers, gaining an edge on the competition, streamlining internal processes, reducing overhead costs, and improving ROI, is the new approach of utilising a novel or existing technology that can help to improve or create a process, product, or experience which yields potential business desirability.

Your main objective must be how to improve customer experience by using technologies such as AI, machine learning, analytics, and self-service. While doing this, you must be able to measure your ROI.

Also Read: Accelerating digital transformation in air traffic management through open collaborations

Is your ROI commensurate with your digital transformation?

When calculating ROI for a particular project, you have to take into consideration a lot of factors such as tear and wear, net present value, additional ancillary costs that may not be very obvious at the time. A good yardstick must include measures of baseline figures, track costs, and the proposed time frame of project completion.

You must also put in place metrics for calculating long-term success. Comparing your startup to already established organisations may be a way to understand what the competition is like, however, it’s more important to focus on measures that will enhance improvement with each new digital transformation initiative.

This will allow you to have a comprehensive view of your outcomes and leverage what you have achieved to support new digital transformation projects. Before doing this, however, you must have planned for a reasonable ROI.

The fate of your startup depends on the ROI; digital transformation initiatives you may embark upon are to make your startup relevant in the market, but you can’t survive the competition if you fall short of funds.

Even where you don’t have the actual figures yet, you can still make use of projected figures to ensure you track all the necessary metrics.

If you leave it till the end of the project, any mistake that you may have made cannot be corrected again. The resources you utilised are gone. Everybody in the organisation must be on the same page about your digital transformation initiatives.

Even your customers should be in the picture; they probably know your startup with a particular culture, it takes time for people to adjust to any novel idea, hence you must start very early to prepare their minds towards the new technology you want to adopt.

ROI is a game of numbers, the more people key into your initiatives, the more the ROI. There is also the need for aggressive consultation before initiating your project. You must not rush into things; take time to experiment things out.

Also Read: Why the TradeGecko acquisition by Intuit is a promise fulfilled by the SEA tech startup ecosystem

Even where others have failed, there is no reason why you should fail. What led to their failures? What can you do differently?

To understand why your startup must not go the way of others, you need to think outside the box. And this takes time, time is a resource that will translate into ROI.

Do you have an IT team on the ground? Is there a need to outsource?

Adopting new technologies is not what you do without a careful evaluation. Looking at your budget may be reasonable, but that does not mean that you should go for the cheapest option. Sometimes, what comes easy, goes easy.

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The evolution of VC in Indonesia: An eyewitness’ perspective by Adrian Li, Founder and Managing Partner at AC Ventures

So much has changed in the Indonesian VC ecosystem since I first started working on a fund in 2014. From an investor’s perspective, among the most apparent challenges previously was finding entrepreneurial talent and significant downstream funding risk.

But back then we were pioneering and starting venture capital as an asset class in Indonesia along with several other players in the market.

However, entrepreneurs faced bigger challenges than just securing funding. The entire market for the online space, payment and logistics infrastructure was still very nascent. Smartphone capabilities were also far from where they are now, and of course, without the penetration of Gojek, Grab, and Shopee, consumer confidence was much lower.

Just seven years on, things have entirely changed. The majority of consumers do not think twice about buying online given the prevalence of online shopping apps.

What the world of travelling will look like post-pandemic by KC Cheah, CEO at Alpha Red Services

With the growth of mobile technology, OTAs, airlines, and hotel groups are also investing in technology to serve their customers more directly.

The last two decades have brought numerous changes to the travel industry. Travellers can now book hotels, flights, read reviews, and gather information about where they are visiting from the comfort of their homes or anywhere they are.

The travel industry will never remain the same again after the pandemic, at least for the first couple of years. Henceforth, here are some of the travelling trends you should expect.

Will Robinhood’s IPO lead to more short squeezes like GameStop? by Oleg Spilka, Investor, Founder and CEO

Now, as Robinhood prepares to go public, could we see more short squeezes like GameStop emerging on a regular basis?

Since the beginning of the COVID-19 pandemic, Robinhood has rarely strayed from controversy. The app’s imposition of restrictions on the investor accounts in the wake of the GameStop saga drew criticism from investors and onlookers alike.

In May, Warren Buffett, one of Wall Street’s most famous figures, likened Robinhood to a casino. “American corporations have turned out to be a wonderful place for people to put their money and save but they also make terrific gambling chips,” explained Buffett.

“If you cater to those gambling chips when people have money in their pocket for the first time and you tell them they can make 30 or 40 or 50 trades a day and you’re not charging them any commission but you’re selling their order flow or whatever … I hope we don’t have more of it.”

Notes for startups

User retention strategy: Why you need to add social experiences into your app by Angelique Parungao, Content at Amity

While app developers go full throttle on their app user acquisition, they fail to realise that they need to prioritise how they can engage and eventually retain their users in this stiff competition –a concept known as user retention strategy.

After all, it takes five times to acquire new customers than to keep one. This number just shows how a clear user retention strategy can be a powerful tool to ensure the success of an application.

User retention is a significant factor in determining the success of an app. If you have an active user base that stays engaged with your product, you are more likely to retain those customers and increase your in-app revenue.

3 reasons why Asian tech startups fail by Georg Chmiel, co-founder Juwai IQI

In my experience, most investment and industry insiders estimate that about nine out of every 10 Asian startups will fail to reach their fifth birthday.

I have the privilege of examining hundreds of fundraising memorandums from Asian startups each year. I also have extensive experience on the board and in the C-suite of successful technology companies such as the Australian unicorn, the REA Group.

Here, let me walk you through the three most common reasons Asian tech startups fail and how founders can avoid them.

How should non-tech companies approach AI? by Andrey Koptelov, Innovation Analyst at Itransition

Democratisation of AI-based tech is now leading to even the least tech-savvy companies using this technology to their advantage. Companies operating in healthcare, travel, insurance, retail, education, and many other industries now embrace AI software development to streamline their decision-making and make workflows more efficient.

For example, Johnson & Johnson uses AI to discover new drugs and make vaccines. Bloomberg uses AI to automatically generate financial news articles based on companies’ financial reports. Costco has managed to attract millions of new customers by utilising AI to detect the most effective locations for their new store locations.

Other uses of AI firmly resemble decades-old sci-fi movie scenarios. For example, Ping An, a Chinese insurance company, uses facial recognition to detect dishonest clients. Potential borrowers can now apply for loans through an app by answering questions about their finances using a mobile camera.

Playing it safe

Mind the trust gap: How does a company develop consumer trust through data stewardship? by Rajeev Peshawaria, CEO of Stewardship Asia Centre

Big Data sets can be used to track and predict consumer behaviour and analyse group psyche to influencing and nudging political and social views as well as buying habits.

At the other end of the spectrum, data breaches and compromised data security have continued to hit news headlines. According to a report by Risk Based Security (RSB), cited by TechRepublic, the number of breached records jumped 141 per cent in 2020 to 37 billion.

Regulators are doing their part. But regulatory pressure alone has not prevented violations because in most cases, it appears that companies are trying to satisfy the minimum regulatory requirements. Some may even risk ignoring the rules because of cost.

The plethora of corporate data breaches has human consequences, with ordinary people falling victim to scams and online fraud. No consumer wants their private data falling into the wrong hands.

Crypto trading: How to be sure you are doing it safely? by Jeremy Choi, COO, ABCC Exchange

Crypto exchanges play a crucial role in determining your trading experience. Other than being the medium to purchase, sell and trade crypto assets, crypto exchanges also act as a convenient vessel to store funds.

Choosing a crypto exchange platform is fundamental to have a safe trading experience. A secured exchange that complies with the regulatory requirements and ensures protection for all users and projects onboard is necessary to ensure user protection.

When choosing a platform, new traders have to look beyond fee structure and token pairs, rather they should ensure to read into the security and safety processes of these exchanges to protect themselves from being easy victims of fraud.

Platforms like ABCC Exchange, allow for their users to securely trade through their unique multi-layered security infrastructure. An exchange with such a user-centric layout allows current users and other crypto-enthusiasts to feel safe diving into the world of cryptocurrency.

Emotional leadership in a post-COVID-19 business world by Lesley J. Vos

And while it’s common to see 23 to 30-year-old entrepreneurs and startup-ers who are millennials themselves and supposed to set the corresponding leadership style, some aren’t yet emotionally intelligent enough to deal with their ambitious and mindful mentees on the way to business success.

In the post-COVID-19 world, when so many people became more self-aware and revised their life and career goals, emotional intelligence turns to be even more essential in the workplace.

With remote work from homes, the ability to recognise, evaluate, and control mentees’ sentiments is critical for responsible leaders to master.

Here’s what young entrepreneurs and team leads can do to get the ball rolling.

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Vietnamese startup Kamereo, which offers an online platform for F&B companies to optimise their sourcing and purchasing processes, has received US$4.6 million in a Series A round of funding, co-led by conglomerate CPF Group, Quest Ventures, and Genesia Ventures.

The Ho Chi Minh City-headquartered startup will use the funds for expanding its team and operations into Hanoi next year, as well as to build a new warehouse management system to optimise daily operations.

A portion of the money will also go into upgrading the user experience and service quality of its website and mobile app (available on App Store and Google Play) and expanding tech coverage to allow the in-house engineering team to make fast, data-driven decisions.

Also Read: In a post-COVID-19 world, Vietnam is SEA’s latest hotspot for venture capital investment

In the long term, Kamereo aims to become a one-stop procurement platform for F&B businesses.

The platform was launched in 2018 by long-term Japanese expatriate Taku Tanaka with a vision to redefine the food business by letting chefs and restaurateurs focus on serving the best culinary experiences to customers while leaving the nitty-gritty of supplier negotiations, order processing and management to the Kemereo team.

Before launching the company, Tanaka held the role of COO at renowned restaurant chain Pizza 4Ps. It was here where he began to find problems to overcome with the food supply chain, particularly with efficiency. It was this experience that led to his founding of Kamereo.

Kamereo is a tech-enabled supplier for restaurants, hotels, cafes, retail shops and offices. It is a one-stop platform where farmers, producers, importers and buyers connect to trade a range of fruit and vegetable products at the best prices. It also has its own warehouse, delivery team and customer support team. Some of its most notable clients are Pizza 4Ps, El Gaucho, Sol Kitchen & Bar, and L’usine.

The startup claims it has grown by 15 per cent every month in the last 12 months despite mobility restrictions and the temporary closure of some businesses. It attributes this success to the surging local F&B industry, which has shown a steady compound annual growth rate of over 10 per cent, as well as segment players’ growing discernment on sustainably and ethically sourced goods, and the country’s overall positive management of the coronavirus pandemic.

Currently, the foodtech startup has about a hundred employees serving more than 400 active customers who buy regularly from the platform.

Montri Suwanposri, CEO of CP Vietnam Corporation, said: “We are pleased to join forces with Kamereo, combining our state-of-the-art production and highest food standards with their unparalleled B2B F&B expertise. Together, we are helping and elevating F&B entrepreneurs with hygienic, tasty, and innovative food as they strive to do better for their customers.”

Also Read: How the gig economy is empowering women in Vietnam

Goh Yiping, Partner of Quest Ventures, added: “Kamereo sits in one of the largest food production hubs of Southeast Asia, and there is much room to grow in solving many of the inefficiencies of the supply chain today, improving farmers’ livelihood outcomes and procuring the best products for businesses and homes.”

As per a new report, Vietnam is expected to be the ‘rising star’ in Southeast Asia’s startup ecosystem. The country will emerge as the third-largest startup ecosystem in the region in 2022, with stronger signs of VC funds putting more efforts into early-stage investments in the country, according to the report released by Golden Gate Ventures.

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Image Credit: Kamereo

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Philippine media conglomerate GMA Network is setting up a holding company, GMA Ventures, Inc. (GVI), to identify and invest in tech startups within and outside of the Philippines, with an aim to tap into new markets and revenue streams.

As per a press statement, GVI will lead the GMA Group in identifying, investing in, and/or building strong and sustainable businesses.

GVI will focus on sunrise industries with substantial growth horizons and industries that continue to expand.

Aiming to be at the forefront of technology advancement and the growth of the digital economy, it will likewise engage in mergers and acquisitions, strategic partnerships, and fund investments.

In May, during the GMA’s annual stockholders’ meeting, the investors of GMA had approved to put in P25 million (~US$500,000) into GVI. According to its chairman and CEO Felipe L. Gozon, GVI will serve as its vehicle in investing in non-core or non-broadcasting business activities that may provide the company with additional revenues and profits.

Also Read: Philippines creating US$5M venture fund for local startups

“Following the successful roll-out of our digital TV products and a banner year in 2020, we are looking at surpassing our own achievements not just in terms of our main media business and content production. We are actively looking for ways to diversify the company’s portfolio by investing in sustainable businesses and, ultimately, providing the best returns to our shareholders in the years to come,” said Gozon.

GMA President and COO, and GVI’s Vice Chairman Gilberto R. Duavit, Jr. added: “While we tirelessly work on maintaining GMA’s leadership position within the industry, we also intend to further contribute to the growth of the Philippine economy as we protect and increase our shareholder value. GMA Ventures will be our arm in identifying other viable sources of revenue and future profit pools.”

“We now set our sights on making GMA one of the major conglomerates in the Philippines. We are taking this significant step to future-proof the Network, champion innovative industries and business models, and be at the forefront of technology advancement and the growth of the digital economy,” said GVI’s President and COO Regie C. Bautista who is also GMA’s Senior Vice President for Corporate Strategic Planning and Business Development, Chief Risk Officer, and Head for Program Support.

GMA Network, led by two of the richest people in the Philippines, became the leading broadcaster in the Philippines since the shutdown of its archrival ABS-CBN in May 2020 as the TV network failed to renew broadcast license with the government.

In March, the Department of Trade and Industry (DTI) of the Philippines announced that it was creating a P250-million (US$50 million) venture fund aimed at investing in local startups. The fund is line with the Innovative Startup Act 2019 and is aimed at supporting product research and development, product manufacturing, sales, and marketing of startups.

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Image Credit: GMA Network

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Desty, a startup providing social commerce solutions for Indonesia’s merchants, announced today it has secured US$3.2 million in a pre-Series A funding round led by Chinese VC firm 5Y Capital.

Formerly known as Morningside Venture Capital, 5Y is the backer of notable Chinese companies such as Xiaomi and Kuaishou. This marks 5Y’s inaugural investment in the archipelago.

Other participants in Desty’s latest round are Fosun RZ Capital, January Capital, IN Capital, as well as East Ventures, who is also Desty’s seed investor.

Also Read: YC-backed Super raises US$28M to grow its social commerce platform in Indonesia

The startup will use the funding primarily for team expansion and user acquisition. “We have our laser focus on serving online merchants and users in the ecosystem. We only have one goal, which is to make sure they can grow their business efficiently. Our team has over 15 years of experience with merchants and their digital operations, which we believe is key to the growth of the economy in Indonesia,” said co-founder and CEO Mulyono Xu.

Launched in October 2020 by Xu and Bill Wang (COO), Desty is a digital platform that helps merchants, influencers, and creators build a single online destination to promote and sell their products. Users can create landing pages optimised for links in bios and build their own branded online store in just several minutes for free.

Currently, the startup has two main offers: Desty Page and Desty Store. Desty Page is a landing page service optimised for links on social media accounts, especially Instagram, while the latter provides a platform for users to open an online store to complement their marketplace presence easily.

It has also established Desty Academy, a channel of information and training resources to help users grow their business with practical how-tos, best practices, and case studies.

Also Read: A look at the future of social commerce

It is essential for merchants and sellers to easily manage their multiple online presences in Indonesia’s dynamic e-commerce landscape. “We believe that as a merchant, users need options to do business, whether in the marketplace, in their own domain, and in social media channels. We are here to provide solutions for them, so that each channel can complement one another, instead of competing. This will result in less dependency on external parties and more sustainable business in the long run,” added Mulyono.

“Desty is creating a platform that enables merchants to go digital in five minutes. We have invested in similar companies in India and China, and these solutions create immense value. With a solid team behind Desty, we have no doubt it will change the whole landscape of small and medium enterprises in Indonesia and Southeast Asia,” said Tej Kapoor, co-executive president of Fosun RZ Capital.

“The Internet is all about links. Great internet companies build links. They link people to people, link online to offline, and link demand with supply. In the e-commerce world, there is a massive opportunity in linking social and content with e-commerce transactions. We have seen this great power when social and content meets e-commerce in China. We believe Desty can become the linking infrastructure in Southeast Asia’s e-commerce world and could contribute to a better ecosystem where social, content, and e-commerce transactions link closer and smoother,” said Hanson Hu, VP of Investment at 5Y Capital.

Desty’s launch and funding come at the perfect time to complement Indonesia’s massive e-commerce development during the pandemic. The nation’s online transactions jumped by 18.1 per cent to 98.3 million in 2020 while recording 12 million new e-commerce users.

Also Read: Leveraging social e-commerce to maximise your brand in China

In addition, Indonesian consumers’ most trusted shopping channels come in various platforms: marketplace (97 per cent), business’ own domain/website (91 per cent), and social media (82 per cent).

“Since our investment late last year, Desty has been paving the way for merchants, influencers, and creators to go online. As a result of the pandemic accelerating this shift to online, there is a continuously stronger use case for Desty and where they fit into the market. We are confident that Desty, backed by a team of experienced founders, will continue to create impact and provide value for the millions of Indonesian online sellers,” said Willson Cuaca, co-founder and managing partner of East Ventures.

Mulyono is one of Indonesia’s e-commerce veterans with years of experience at Alibaba Group, complemented by his expertise as a former VC at BAce Capital and President of EV Growth. His co-founder Bill Wang embodies 17 years of e-commerce experience under Alibaba Group.

Social commerce is a fast-growing industry in Indonesia. Thanks to the ongoing COVID-19 crisis, the social commerce sector is witnessing a boom, and many offline companies have set up their own digital stores on social sites like Facebook.

In April this year, Super, a startup that uses social commerce and a streamlined logistics chain to lower the cost of goods, raised an oversubscribed US$28 million Series B led by SoftBank Ventures Asia. Other social commerce companies in Indonesia include KitaBeli, ChiliBeli and Woobiz.

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Image Credit: Desty

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With the boom of tech startups in the region, Southeast Asia has grown to become one of the global hotspots for entrepreneurship in the last few years. Across different verticals including ride-hailing, e-commerce, AI, machine learning, blockchain, and many more, the region is home to some of the most promising young companies in the world. One particular vertical that has seen tremendous growth is fintech. As recent global events have accelerated developments in the fintech space with the increased demand for neobanks, cashless payments, and e-wallets, the industry has experienced many strides.

With that, the expected market growth of fintech is estimated to be between $70 to 100 billion by 2020, according to a senior research analyst at Finovate. This upward rally continues even in times of COVID-19, when more users try new digital services for the first time. This has undoubtedly led to an acceleration of the digital economy.

Another factor that contributed to this vast potential for growth is the lack of financial inclusion in the region. As the World Bank points out that there is a gap in terms of access to comprehensive financial tools in Southeast Asia, this makes it difficult for people to save, borrow, and manage money. Among all countries in Southeast Asia, Malaysia presents an opportunity for growth given its relatively large unbanked and underbanked population, coupled with high rates of smartphone penetration.

With Fintech changing the way people and businesses transact, save their money, borrow, invest, and buy investment products, the most disruptive innovations are those that operate within the fintech space. Fintech has given access to different forms of finances for people in remote areas, boosting the economy, and stimulating demand. Moreover, many economies have implemented regulatory sandboxes to motivate innovation in the fintech sector.

Malaysia — a microcosm of SEA’s diverse tech ecosystem

Just like the rest of Southeast Asia, Malaysia has a diverse mix of racial groups which means that oftentimes, the country enjoys a healthy blend of different cultures in the workplace. People from all cultural backgrounds are welcomed to the bustling city environment where top-notch talents can enjoy the various employment opportunities that the country offers.

Other than that, Malaysia is also well positioned to leverage global connections into a local market. As the country sits in the heart of the APAC region, Malaysia is ideal for international business and global startups, given the kind of regulatory support offered by the government. Moreover, its close proximity to other time zones and Asian countries means that setting up a hub in the country won’t translate to logistical discrepancies with people working in neighbouring territories. Experts also point out that the country is becoming the centre of innovation for Islamic finance, which gives Malaysia a niche position as a leader in Islamic Finance in the world amid the growing demand for Sukuk and other Islamic financial products.

Also read: How SMBs grow their business with TikTok

One particular fintech company that finds Malaysia a well-suited entry-point to grow their business in Southeast Asia is HelloGold, a fintech startup whose mission is to democratise financial products and services for the unbanked and underserved in Malaysia.

“While there are much larger markets than Malaysia in the region, its demographics was right for us — 30+ million population; 1/3rd of which fall in our target age group — in that it was the right size without being too big for HelloGold to test our business model, product-market fit etc,” said Robin Lee, CEO and co-founder of HelloGold

He added, “for fintechs, a conducive regulatory and business operating environment is key. For example, we need to have a definitive view on what is permitted or what is not; on what the process for securing permission is. This enables fintech startups like ours to make informed decisions quickly and move forward. Fortunately, Malaysia is one of these markets where there is legal and regulatory certainty; and where regulators and agencies are highly supportive in listening to and answering our queries.”

The first Shariah-compliant mobile app that helps people achieve financial security

HelloGold was set up in 2015 to change the way investors buy, save, sell, and redeem using physical gold. As a B2B2C operator, it has transacted more than USD26 million in gold for consumers over the past two years. The company also has a strong partnership with major brands in Malaysia and other countries in Southeast Asia, which aligns with the goal to be an integral financial inclusion provider for partners in emerging markets.

“We launched with gold because it is a key building block towards faster financial inclusion — not only because it is one of the 3 most favoured financial products with over USD70 billion saved in emerging markets each year but also because it is also popular among the 18-38 year-old demographic, with 80% showing interest in gold investment,” said Lee. Not only that, but the company is now in the process of bringing to market gold-backed micro-insurance and loans.

Lee added, “HelloGold is well-positioned to support our partners as they build out their financial services portfolio. We manage both the development and maintenance of the digital gold platform as well as the physical operations of the gold — buying and selling of the gold from the market, the safe custody and distribution of the customer’s gold, and the management of the customer’s account. Depending on the partner’s preferences, we can support them with a number of attributes such as gold-specific marketing content, customer on-boarding, cash-out management (as not all e-wallets currently have the ability to enable their customers to withdraw cash).”

A unique model of integrating with e-wallet partners

HelloGold has been doing extremely well after being certified by the AAOIFI (Accounting and Auditing Organisation for Islamic Financial Institutions), which sets the Shariah standards for Islamic financial institutions and the industry.

The company is in a unique position in which it integrates with e-wallet partners. As the digital gold platform which manages the transactions of digital and physical gold, HelloGold can support partners with different attributes depending on their preference — be it lowering the entry barrier for investors to start saving in investment-grade gold with as little as USD0.25, creating gold-specific marketing content or implementing customer on-boarding and cash-out management, all services are made to remove inefficiencies for consumers and to help partners in enabling their focus on their resources to build out an ecosystem that addresses the needs of customers.

Also read: KoinWorks super financial app ecosystem sees growth in Q2 2021 as it helps boost SMEs amidst the pandemic

“Integration into our partners’ mobile applications makes HelloGold’s products more convenient for consumers. It removes the need for one more app on their phones. Overarching this, integration enables our partners’ customers to start to save immediately in investment-grade gold with as little as USD0.25,” shared Lee.

Furthermore, given gold’s traditional role as a simple but effective way to preserve purchasing power, it has a very relevant role in protecting savers in emerging markets from the effects of both inflation and currency depreciation. For example, the 20-year return for gold vs. the ringgit was 685%, equating to an annualized return in excess of 9% against the annual interest of 0.4% or less that is typically offered by most bank savings accounts in Malaysia. More than this, over the same period, the consumer would have been better off buying gold (685%) instead of the KLCI (475%) — even with all the dividends reinvested. This performance against cash and the main equity index is typically repeated not only on a 5-, 10-, 15-, 25-year horizon but also in several other emerging markets.

Pursuing growth in the larger Southeast Asia

One of the best indicators for HelloGold’s determination to revolutionise the fintech space is their recent partnership with Boost, a homegrown lifestyle e-wallet that combines lifestyle needs and cutting-edge digital technology. Through this partnership, HelloGold has made its products more convenient and accessible to its partner’s customer base. This is the company’s first wallet integration which is proving to be quite a feat as the company serves as the first investment tile on the Boost app.

Amidst all these developments, the company hopes to expand across Southeast Asia and, over time, beyond the region. There are three key reasons that make Southeast Asia so compelling — not just for HelloGold but for many fintechs:

• Population: its total population is more than 670 million with a median age of 30 years old and millennials making up 25% of the population
• Financial inclusion: many in the region remain either unbanked or underserved with too many financial products and services that are inaccessible and unaffordable
• Digital connectivity: more than 460 million people in the region are connected to the internet and over 887 million mobile connections.

Also read: India’s first accelerator and VC fund gears up for its maiden demo day series

With the help of the Malaysian Global Innovation & Creativity Centre (MaGIC) under the Ministry of Science, Technology, and Innovation (MOSTI), the company was able to participate in the 2017 Grill or Chill and the 2017 Stanford Go2Market. These programmes have been instrumental in exposing HelloGold to global markets, enabling them to learn key insights and strategies, showcase their groundbreaking products, and network with some of the key players in the industry.

“MaGIC has been proactive in identifying initiatives that HelloGold can participate in to help us build out our presence beyond Malaysia. Like many startups with the usual constraints on people resources, it is great that there is an agency that is looking to support your growth ambitions,” expressed Lee.

As Malaysia’s digital economy continues to grow, we can only expect greater things from local fintechs like HelloGold. Moreover, as the company explores new opportunities across the region, and given their extensive experience in Malaysia’s vibrant economy, we can only anticipate as HelloGold takes the world by storm.

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

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