I have spent nearly half my career in SEA and have always been vocal about its economic potential. And the multitude of unicorn and decacorns in the region only second my view.

As do, our contributors this week, who are discussing the potential of warungs in Indonesia and why Asia is a lucrative ground for fresh investment ever more so now.

Plus, wrapping up the women’s day theme this month is a Vertex VC and her tips on how we can bridge gender inequality. Check out the top contributor posts from last week and stay up-to-date with the tech startup world trends.

We are open to sharing your views and perspectives with our readers. All you need to do is take a deep breath, think of what you want to share with the world badly, click on submit a post and write away!

Why 2021 is the year to embrace creative leadership by Simon Dale, managing director, Adobe Southeast Asia

“At the height of the COVID-19 pandemic, businesses that had embraced change and had the agility to launch new business models were better able to thrive in the new operating environment.

Those were the businesses whose leaders were competent in change management and were able to effectively guide their teams through a period of intense transformation.

As businesses increasingly embrace hybrid work environments, they need to find new ways to support a culture that develops employee creativity. Aim to recreate or simulate the aspects of the company culture that require in-person engagement, such as water cooler conversations and informal spaces for bonding, as these are familiar environments for collaboration that spark creativity.”

How this SEA VC is rising to the challenge of gender inequality by Carmen Yuen, VC at Vertex Ventures

“There is no question that gender disparity is a real issue: the trailing numbers in wage amounts and leadership representation compared to men are clear for all to see. We recognise now that women are just as capable as men, especially in the workforce, and broadly agree that maintaining gender diversity is not just a sensible thing to do but it also makes a lot of business sense.

Very often, businesses see securing the best talent as one of their key priorities and may even relate it to their profitability. On paper, men are the more reliable hires because they don’t need months of maternity leave.”

Land of opportunities

War of warungs: Decoding the race to win the warung game in Indonesia by Shauraya Bhutani, tech investment banker SEA/ANZ

“Indonesia is home to a US$380 billion retail market which accounted for about 35 per cent of total GDP in 2019.

Close to 80 per cent of the US$380 billion retail industry is dominated by the unorganised sector characterised by local “mom-and-pop” stores which come in various shapes and sizes (for simplicity, we will use a catch-all phrase “warung“).

There are a number of tech startups including unicorns (e.g. gojek), soonicorns (e.g. Warung Pintar) or upstarts (e.g. Ula) which are vying for a piece of this US$300 billion+ industry.”

What do I need to know as a first-time impact investor? by Greg Blackwood, impact investor

“As the demand for sustainable investing peaks, funds are now taking a more holistic view of investments by taking environmental, social and governance (ESG) factors into consideration. ESG funds are guided by these factors but not necessarily driven by impact.

Impact investing, on the other hand, involves specifically investing in solutions– solving global challenges while keeping in mind the risks and returns. If you are a first- time impact investor, you may want to understand the difference between the two and make your investment decision.”

The lure of the orient: How retail investors are being drawn to Asian investment markets by Oleg Spilka, seasoned investor and founder

“2021 may become a significant year for the Asian investment market as foreign hedge funds and individual investors alike appear to be tapping into the early pandemic recovery across the east whilst stepping away from overvalued US assets.

Although this trend appears to be largely driven by the fallout of the COVID-19 pandemic, there are indications that the shift towards Asia has been occurring at a somewhat slower pace long before the arrival of the virus.

This significant investment shift could help to foster growth in Asia’s relatively small hedge fund industry that’s centred heavily in Hong Kong and Singapore. Investors worldwide are looking for ways to profit from the region’s economic growth, and Asia hedge funds have outperformed their global counterparts.”

3 trends that will reshape the retail and logistics industries in Singapore this 2021 by Lee Chee Meng, COO, Pickupp

“The retail industry is affected the most by the effects of the pandemic. Businesses that have identified key industry and economic trends early benefited greatly, enabling them to adapt their services and operations to meet the changing demands.

There will be opportunities for growth in 2021 as we learn to adjust to the post-COVID-19 world and form business decisions around the new trends and parameters.

New trends have emerged at the back of these customer behaviour shifts and it is vital for SMEs to be on a constant lookout to capture opportunities as they weather the COVID-19 crisis. For starters, here are some that we’ve identified across the retail and logistics industries and expect to continue as the economy recovers.”

Nurturing talent

How this B-school aims to reinvent its learning experience in a year of disruption by Raphael Degrave, Head of Digital Programme & Architecture, INSEAD

“As one of the world’s leading and largest graduate business schools, INSEAD strives to deliver exemplary experiences for its students, staff and faculty alike. In the face of the pandemic, which closed off most of our global campuses like Singapore, we faced a new challenge: a seamless transition to digital learning experiences.

What’s more, the pandemic motivated many to future-proof their skills and secure their position amidst a period of uncertainty. Interest in MBAs grew significantly at the peak of the pandemic, INSEAD saw applications for its MBA programme increase by 58 per cent compared to pre-COVID-19 levels.

In the face of this new challenge we found an opportunity to continue delivering the standard of experience our students and staff expect, underpinned by strategic digitalisation initiatives we’ve implemented to modernise our systems around student scheduling and enrolments.”

Human capital is the biggest enabler of digital transformation. Here’s how to enhance it by Joanne Guo, Assistant CEO at the Singapore Business Federation (SBF)

“Many businesses recognise the importance of digitalisation to remain competitive and future-ready, particularly with the advent of the COVID-19 pandemic that has forced many businesses to accelerate their adoption of digital solutions and technologies. Nevertheless, the successful implementation of I4.0 is not easy.

Companies that have transformed successfully under I4.0 attest to the importance of placing people at the heart of their transformation efforts. Change management to get employee buy-in and involvement is crucial to keep the workforce motivated and engaged in embracing new ways of working.”

How early-stage deep-tech startups can attract and retain the right talent by Juliana Lim, SG Innovate

“The search for great talent is even more challenging for deep tech startups, competing with the tech giants of the world to fill highly sought-after technical roles such as robotics engineers, data scientists, and quantum researchers.

Yet deep tech startups still enjoy a certain draw, especially amongst Millennials and Gen Zs. A dipstick survey we conducted recently found that they enjoy contributing to a good cause, having more autonomy and flexibility built within the job, and being part of a team with strong potential growth.

The next generation of talent has also shared their aspirations to be part of a collective where they can make a difference and create a real-world impact on issues they care about.

This is where deep tech startups, with their promise of developing solutions that address pressing global problems, are well-positioned to appeal to this purpose-driven generation and compete to attract the ‘cream of the crop’.”

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SEA tech startups raised US$8.2bn in 2020 despite COVID-19 impact; The total number of deals stood at 333 in 2020, with mega deals from household names including Grab, Bukalapak, and Traveloka as well as gojek and Go-Pay accounting for about 50% of the year’s total investment volume. More here

6 SEA startups vying for an IPO in 2021; They are Grab, Tokopedia, Traveloka, Prestige Biopharma, M-DAQ, and JustCo; Singapore-based Prestige Biopharma is taking a different route: to South Korea; IPOs have become a measurable trend among startups in the region in the past year. More here

‘There’s no one-size-fits-all for corporate innovation, experimentation is key’: Sunway Group’s innovation chief; Matt Van Leeuwen believes that corporate VC has a long way to go in Asia, and a lot of corporates are only still scratching the surface. More here

In-depth: Female-led startups make strides, but venture funding lags; Recent reports demonstrate that female led startups are more likely to be bootstrapped, and less likely to be venture-backed than male-led digital health companies, which can lead to major hurdles for early-stage companies. More here

#dltledgers lands US$7M Series A to grow its blockchain-based cross-border trade digitisation platform; Investors include Regis & Savoy Capital (Bengaluru), Vittal Investments, and Walden International; Corporates and banks use #dltledgers to authenticate their commercial documents, contracts and bank interactions, enabling them to automate multi-party transactions, streamline processes and reduce cost. More here

Real estate developer sues Bukalapak for “illegal acts”, seeks US$6.2mn compensation; PT Harmas Jalesveva requested the court to confiscate 75% of Bukalapak’s shares as a collateral until a verdict is returned; The realty firm also filed a lawsuit against local property advisory and marketing company PT Leads Property Service Indonesia. More here

SEA’s e-commerce market to grow by 5.5%; According to a report by a research firm PPRO, Indonesia, Malaysia, Philippines, and Vietnam are the top five SEA markets that are leading the charge; Within the region, the growing popularity of live streaming on e-commerce platforms cannot be ignored. More here

Traveloka-SCB10X JV to offer digital financial services in Thailand; Coined Trex Ventures, the JV will utilise Traveloka’s platform to distribute services, targeting travellers and lifestyle consumers; In Thailand, only 30% of the population owns a credit card, which offers significant opportunity for Traveloka. More here

Vietnam — one of the leading startup hubs of SEA; Many factors constitute Vietnam’s emergence as a startup hub of the region; These include- rising consumer spending, revenue growth in digital sectors such as e-commerce and fintech, growing interest of foreign investment funds especially Singaporean, Korean and Japanese VC funds, along with targeted support from the government. More here

Is the future e-commerce? Here’s why brick-and-mortar is still relevant in S’pore today; Opening a physical store can provide a brand’s customers with a seamless and integrated online and offline experience; With the online marketplace being so saturated, better in-store experiences can help to attract and retain customers more effectively. More here

Homebase has become first Vietnamese startup to get accepted into Y Combinator; The proptech startup has also received US$125K from the US-based accelerator; This comes off its recent fundraise from Troy Steckenrider III, Darius Cheung, VinaCapital, etc. More here

Yoan Kamalski steps down as CEO of Hmlet; As per a Business Times report, Peter Kennedy, senior advisor at Burda Principal Investments, an investor in Hmlet, is serving as its interim CEO starting this month; Kamalski’s stepping down is the latest in a series of departures by the top management; Hmlet CTO Pramodh Rai is set to leave in June. More here

Huawei backs Indonesia’s HPN in Sharia-based MSMEs’ digital push; HPN is part of the country’s largest Muslim organisation Nahdlatul Ulama; Under the plan, Huawei would help build the tech infra and nurturing digital tech talent among the Sharia-compliant MSMEs in line with the government’s initiatives to leverage the digital and Sharia economy potential for Indonesia’s economic recovery. More here

SGProtein builds SEA’s first large-scale contract manufacturing facility for meat alternatives; The facility is expected to commence production this year and will offer an initial production capacity of over 3K tonnes a year; SGProtein successfully raised US$3mn in its recent seed round. More here

5 startups handpicked for Cyberview’s CLLA accelerator programme; These startups, which successfully outpitched their peers before a panel of judges, are Roomah, Pandai, Synapse Innovation, LinkUp Smart Solutions, and Move Robotic; CLLA aims to provide a launchpad for startups and innovators to accelerate their business development and growth in Cyberjaya. More here

How upstarts and bigger players are jostling to BNPL pie in SEA; What is driving the trend is shift towards online retail and rising mobile payments adoption; As the model finds growing acceptance among millennials, Gen Z and cash-strapped consumers, BNPL players are seeing significant user traction and investor interest in SEA. More here

Funding sources — what’s the best for your startup?; Singapore, Hong Kong, and Jakarta are the leading startup ecosystems in Southeast Asia due to the presence of strong venture capital investors, availability of funding, and great talent pool. More here

Vietnam to trial 5G services on a large scale in 2021; A report shows VN’s digital economy reached a total value of US$14bn in 2020, US$2bn higher than that of 2019; Of the total number of digital service users, new users in Vietnam accounted for 41%; This makes VN the country with the highest rate of new Internet users in the region. More here

Business Mentor: Startup mistakes every entrepreneur should avoid; You may have thought of a unique product to sell, but without a market need for it, your business is bound to fail; Before you even focus on a particular product to sell, do market research on what is really needed and in demand; From there, you can make your products more appealing than your competitors’ offerings. More here

Smart technologies will continue to transform workplaces post-COVID-19; The widespread adoption of automated tools featuring developments such as AI, robotics, cloud computing and IoT has transformed manufacturing and industrial practices and the way we work. More here

Here are 5 reasons to expand your business to Philippines; With a population of almost 110mn people, a GDP of US$367bn, and a GDP growth of 6.6%, Philippines is a developing market economy—ranking 3rd highest in nominal GDP among other SEA countries, just behind Indonesia and Thailand; The main contributors to the Philippines’ GDP are the service, industrial, and agricultural sectors. More here

Why 2021 is the year to embrace creative leadership; Organisational culture is crucial to an innovative company, yet it can often seem like an elusive and intangible concept; Based on the results of the Adobe Creativity Quotient, only 29% of APAC leaders have succeeded in creating a culture that embraces creativity. More here

Crowdtesting is the key to smooth digital payments; Despite the obvious benefits, a lot of complexity goes into building and maintaining the underlying network that allows people to pay with a swipe of a card or by tapping a few buttons on their smartphones. More here

How central banks can support sustainable growth through green finance and enhance cross-border payments; Green finance today is hampered by challenges that reduce the incentive for investors to invest in green projects; Technology can be an enabler to overcome two of these challenges. More here

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Image Credit: Prestige Biopharma

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One morning, the Nafas app on my phone sent a notification saying that the air quality in my neighbourhood was at a good level. True enough, I was able to see the mountain from my apartment window — a rare sight for the normally polluted city of Jakarta. I thought to myself that the app’s concept was interesting, but it’s also likely a hard thing to market.

“The air quality space is a completely new thing to think about in Indonesia,” says Piotr Jakubowski, co-founder and chief growth officer at Nafas. “You can’t see air quality, and if you can, then it’s far worse than it should be.”

Jakubowski is a familiar name among marketing veterans in Southeast Asia. He was the CMO of super app gojek from 2016 to 2018, where he helped build the brand into a household name. During his two and a half year stint at the now decacorn, gojek saw staggering business growth from five million monthly orders to more than 100 million.

Jakubowski shares three common content marketing pitfalls that practitioners today should try to avoid.

Pitfall #1: targeting “everyone” from the get-go

Jakubowski believes that marketers should prioritise targeting a specific group of people rather than a broad audience, especially when the company is still at an early stage such as Nafas. He explains, “Regardless of what you create, there is a community there — people who are either highly obsessed with the category or with the brand itself.”

The founder stresses the importance of understanding a brand’s early core audience. Even before discussing budget and strategy, marketers need to figure out who the core users are and then try to map their idiosyncratic behaviours. Eg: Athletes can use Nafas to check the current air quality level before exercising outdoors

He mentions that big companies first need to do things that don’t scale to reach their first 1,000 users. This will help marketers figure out a brand’s ideal target community and potential future champions. Then, marketers need to continuously add value to the lives of those in this community.

Also Read: This app from gojek’s ex-CMO notifies you about the quality of air in your location every 20 minutes

“Air quality affects everybody, but our target market at Nafas isn’t everybody. We have to start somewhere,” Jakubowski explains. According to him, Nafas provides the biggest value to those who spend a lot of time outdoors and eventually figured out that its early core users are in fact athletes and people who exercise regularly.

It’s a similar story with other tech companies. Facebook and Tinder, for example, started out by focusing on university students before offering access to the public. Likewise, Lyft and Uber targeted startup offices as their early core users.

Pitfall #2: publishing a large quantity of content with very little value

Content marketing as a discipline is fundamentally misunderstood. Jakubowski sees many people creating a bunch of different types of content and then trying to just see what delivers immediate results (e.g. just throw spaghetti at the wall and see what sticks). Some marketers even publish content just for the sake of routine.

A good content marketing strategy is about creating content that truly adds value to the customer’s life. “If it looks like it’s written by someone who does very basic research on Google, then you’re not really adding value to the audience’s lives,” says Jakubowski.

For this reason, Nafas takes its content section seriously. The team hired an experienced journalist to write an in-depth report about air quality in Jakarta. He fondly remembered that some people thought the initiative was crazy, as no one was likely to read a 93-page report.

“On the one hand, sure it’s crazy. On another, the report was geared toward athletes and people who take a great deal of data into consideration when trying to become a better athlete. So access to data falls into the habits that they already have. We’re not introducing anything completely new to them,” explains Jakubowski.

Nafas is on a mission to raise awareness around air quality in the archipelago. “In order for our mission around education to be successful, we need to publish data. But data without a story or context is meaningless,” he adds.

The report – titled Does exercising in Jakarta’s air pollution impact our health?– discovered one interesting piece of information. It turns out that Jakarta’s worst air quality happens between 4 AM to 9 AM. This is counterintuitive, as people in the city tend to exercise early in the morning to avoid pollution.

Also Read: Infographic: 8 content marketing tools you should use

The Nafas team then unpacked the issue further by combining other research papers about the health risks of exercising in highly polluted areas.

Nafas launched the report via an online webinar. The team invited a prominent local athlete to help attract interest from the app’s target community.

The online launch helped the team garner media coverage and made sure the story reached the right target group. But the report’s biggest success came a week later via Twitter.

Jakubowski broke down the content into digestible tweets, and they went on to receive more than 1,600 retweets and a few hundred thousand impressions. Because of this, the app’s user growth tripled over the course of a single week.

Pitfall #3: underestimating the power of social impact

Jakubowski believes it’s important to build a brand that stands for something. Looking back at his time with gojek in 2016, the team was establishing itself as the people’s champion in Indonesia.

“There’s a very fine line between ‘Pick me because I’m Indonesian,’ versus ‘Hey, I’m dedicated to the future of this country,’” he explains. “Today’s consumers want quality. They need to have a strong reason to buy or join your team apart from the fact that you’re from this country.”

According to a recent Deloitte report, customers indeed care about a company’s social mission. Nineteen per cent of respondents say that it has strongly influenced their purchasing decisions. In gojek’s case, consumers aren’t just buying the firm’s product, but also helping the app do something bigger for the nation.

But Jakubowski warns that marketing social impact is also a tricky thing to do. In a highly globalised world, consumers can filter through the bullshit a lot faster. As such, it’s all the more important to create real and authentic content.

In 2016, gojek held a nationwide video competition that attracted 800 submissions. These videos showcased gojek’s social impact on people’s daily lives. This is why gojek focused on producing a variety of patriotic content during its early years. It was not as simple as showcasing that the brand was a local company.

Jakubowski’s content marketing efforts were focused on how Gojek was opening new economic opportunities for all kinds of people, be it drivers, store owners, customers, and those in cities outside of Jakarta. The key message then was (and still is today): gojek is a business that has the interest of Indonesian people at its core.

Also Read: 6 simple steps for effective content marketing

Netflix is a great content marketing example

Jakubowski mentions his favourite current content marketing example: Netflix’s Formula 1: Drive to Survive. It’s an eight-hour documentary series about the ins and outs of F1. According to Piotr, it’s basically eight hours of F1 advertising.

But after watching it, he learned about the intricacies of all the teams, not just Ferrari and Mercedes. He got to understand that it’s not all about the race on F1, it’s also about the emotions. He got to learn about the drivers, who they are, what’s important to them, and more.

After watching the series, Piotr says that he’s now able to see a race beyond just F1 drivers Lewis Hamilton and Sebastian Vettel. Beyond just entertainment, Netflix also has a good record of influencing its viewers’ purchase decisions.

The company’s recent hit show The Queen’s Gambit was able to revitalise an old sport. After just three weeks of its premiere, sales of chess sets and books rose by 87 per cent and 603 per cent respectively in the US.

Jakubowski reiterates the point that content marketing is storytelling in its purest form. It’s important for marketers to leverage format and channels when executing their strategies. The format could be anything and it doesn’t have to be limited to blog posts or YouTube videos.

Meaningful content marketing adds value to people’s lives. Jakubowski says that after consuming your content, people should have a better understanding of who you are, what you stand for, and why they should care about you.

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This article appeared first on ContentGrip.

Editor’s note: e27 aims to foster thought leadership by publishing contributions from the community. Become a thought leader in the community and share your opinions or ideas and earn a byline by submitting a post.

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Elon Musk recently announced via Twitter that Tesla will now be accepting bitcoins as payment and will not be converting any of these bitcoins into fiat.

If you were to ask the average business owner what types of payments their business accepted, you would probably hear about cash, debit cards, credit cards, or some sort of virtual wallets such as PayPal or Monzo. What you might not hear about, however, is the use of some sort of cryptocurrency payment gateway.

Cryptocurrencies are a type of decentralised currency that has become rather popular in the last few years, especially bitcoin. A handful of businesses now accept crypto payments for goods and services but many do not. However, any forward-thinking business would do well to set up such payment structures for themselves. 

Why do businesses shy away from crypto payments?

Cryptocurrency has become wildly popular, with bitcoin, the most popular cryptocurrency, having its value skyrocket in the first few weeks of 2021 and being bought by companies like Tesla. Despite all of this, it is not overly common for businesses to accept bitcoin payments for their products and services, but why?

For many, there are concerns about setting up the payment infrastructure to accept cryptocurrency. Business owners are usually aware of how to set up debit cards and PayPal payments on their websites, but no idea how to set up bitcoin payment options. This is because bitcoin and other cryptos are stored in a different way than fiat currency and many do not know where to start.

Additionally, some are concerned about accepting bitcoin as payment because of possible price fluctuation during the time that the good or service is sold and when the payment itself is collected. While all these issues are valid, there are many reasons why any business should embrace crypto payments.

Also Read: Here’s why universities are turning towards blockchain partnerships and bitcoin

Why are they the future?

Despite whatever challenges might be involved, it would be a good idea for a business to accept bitcoin. First, bitcoin and other cryptocurrencies are very popular at the moment and more people are turning to them for payment. Not accepting bitcoin and other cryptos means shutting yourself out from a large potential market, and one that is very tech-forward. 

As time goes on, not having a bitcoin payment gateway will be as odd as not having an option for virtual payment and will be an indicator of a business being outdated and this can turn away customers. Additionally, enabling crypto payments ahead of time will allow a business to stay ahead of the curve and secure a larger share of the market. 

As a business owner, you might be concerned about how to accept bitcoin as payment with ease. An initial assumption might be that you need coding or blockchain experience in order to set up crypto payments for your business but this is untrue. 

Businesses such as CoinGate allow for the setting up of crypto payment portals on any business website and allow for the seamless integration of such payment models for businesses. When a custom opts to pay for a good or service with a merchant that uses CoinGate, they are taken to a checkout page where they select what cryptocurrency they wish to pay in. For example, if it is a business where Bitcoin is accepted, it will appear on the page. 

Once the payment is made, the proceeds are transferred to the merchant in either fiat currency or crypto depending on their preferences. This offers flexibility for businesses that would rather have their funds in traditional currency and those that favour crypto. 

How does this benefit cryptocurrencies?

You might wonder who accepts bitcoin and if there is any benefit to doing so. Thanks to innovation from companies such as PayPal, businesses such as AT&T and even KFC in certain territories have successfully integrated cryptocurrency into their payment structure. 

Cryptocurrency payments are irreversible and this reduces the instances of fraudulent transactions such as customers seeking credit card chargebacks after receiving their products. They also ensure a greater level of privacy for both the sender and the receiver due to the fact that cryptocurrency is built on distributed ledger technology.

Also Read: Fiat or crypto? Why the payment giants are warming up to digital assets

Finally, your business might want to allow cryptocurrency payments as a way to stock up on cryptocurrency ahead of time. Many cryptos have appreciated in value over time such as bitcoin that exceeded US$50,000 in value per token in 2021 after being worth just a few dollars years before.

Allowing crypto payments could allow your business is potentially double or triple the money received overtime should you choose to hold on to the tokens. Whatever reason you choose to allow crypto payments for, it is clear that they are the future of business and here to stay.

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It is known that Malaysia — given its strategic geographic position throbbing at the heart of Southeast Asia and its competitive talent pool armed with a largely English-speaking population — is a terrific place to launch one’s startup dreams.

All of these makes Malaysia the ideal location for tech companies to start and use Malaysia as a springboard to expand into the Southeast Asia region.

JF Gauthier, the founder and CEO of Startup Genome mentioned in his keynote presentation during Malaysia Tech Month 2020 that it is important for Malaysian startups to be ambitious and start thinking of going regional from day one of operations to capture a larger market and prepare for global dominance. Knowing this, the Malaysian Digital Economy Corporation (MDEC), has been working tirelessly to provide market access opportunities for Malaysian-based tech companies to expand their business ventures regionally and globally.

Also read: TuringCerts combats fraud with blockchain-powered certificate validation

Since 2017, MDEC has spearheaded various market-access initiatives under the GAIN Programme to catalyse the expansion of Malaysia-based tech companies to become global players.

To date, this programme has formed partnerships with over 200 parties globally and forged over 800 business matching opportunities for local tech companies. All of this has resulted in over US$1 Billion in digital export revenue.

Even through this pandemic-stricken times, MDEC has continued to provide market access support and connect global ecosystem partners virtually. In 2020, MDEC has conducted market access programmes in 10 countries: Philippines, Taiwan, Indonesia, Vietnam, Japan, Russia, Australia, China, Sri Lanka and Thailand.

Indonesia as a fertile ground for expansion

With its enormous digital economy and market potential, it is only fitting for Malaysia-based companies to anchor their plans for regional expansion in a vibrant economy like Indonesia.

In the Temasek-Google report published in 2020, it was predicted that Southeast Asia’s internet sector is poised to grow to over US$300 billion by 2025, with Indonesia accounting for US$44, or 14.6% of the region’s overall internet economy. With such staggering predictions in place, it is impossible for any ASEAN tech company with global ambitions to ignore Indonesia.

“While Malaysia is a great market to start in, Malaysian tech companies need to look outwards to truly soar and grow. Indonesia, being our closest and most populous neighbour with one of the largest digital economies in the world, is an obvious destination,” said Gopi Ganesalingam, VP for Global Growth Acceleration, MDEC.

Over the past few years, MDEC has assisted 60 Malaysian tech companies to expand into Indonesia. We spoke to four of these companies – Moovby, Accendo, Securemetric, and GHL to uncover how they have benefited from this support.

Successes of MDEC’s market access programmes in Indonesia

Having expanded its operations in Indonesia in 2018 after participating in MDEC’s market access programme, Moovby — Malaysia’s first peer-to-peer (P2P) car-sharing platform now operates more than 5,000 vehicles across multiple cities in Indonesia and Malaysia.

In undergoing the programme, Moovby successfully expanded into Indonesia and generated an impressive RM8.9 Million requested bookings to date.

“With MDEC’s help, I was able to connect with the right Indonesian partners that have given me valuable advice to successfully enter the market. This programme was also able to help us cut down the time and cost needed for basic exploration,” said its founder, Nik Muhammad Amin.

Since then, this company has successfully acquired approximately US$500,000 from angel investors and strategic partners, which is expected to gear up its regional expansion even further into other ASEAN countries such as Singapore and Thailand.

On the other hand, Accendo, an HRMS solutions provider, has engaged with three partners that are focused on Indonesia. They have also generated high quality leads over a four-month period, comprising 30% of their total leads during that period.

“MDEC is helping us build our brand in the Indonesian market. As you know, creating a brand is a long-term, multi-pronged approach. This process becomes even harder when we look at the fact that we are an SME with a limited budget, are new in the market, and the pandemic hasn’t made our job easier. So MDEC’s help is one component of the whole approach.” said Shobhit Mathur, CCO of Accendo.

Also read: Solving multiple medtech problems with a single device powered by AI

Meanwhile, Securemetric Berhad, a regional digital security company, invested a 5% stake in Indonesia’s PT Privy Identitas Digital (PrivyID) in January 2020. PrivyID is best known as the first private company in Indonesia to be granted access to the National Identification database for online customer onboarding verification. They are also the certified Certificate Authority by the Ministry of Communication and Informatics.

“We had benefited a lot with stronger market access into those Southeast Asia countries that make us a proud Malaysian Tech exporter,” shared Edward Law, CEO and Executive Director of Securemetric.

With PrivyID’s database of over 4.5 million users and 215 large enterprises including Indonesia’s largest banks and telco companies, prominent fintech startups, as well as several small-medium enterprises, this deal is set to advance Securemetric’s position in the regional ecosystem as one of Southeast Asia’s leading digital security players. “Looking forward for more engagement and work together with MDEC to ensure GAIN CONNEX will continue to shine and further groom more Malaysian Global champions,” Law added.

Meanwhile, GHL, a leading payment service provider and one of Southeast Asia’s top merchant acquirers, was able to approach and collaborate with Indonesia-based merchants after participating in MDEC’s GAIN Connex Programme in June 2020.

Since establishing their presence in Indonesia, GHL was able to approach merchants in major cities such as Jakarta, Bekasi, Tanggerang, Depok, and Bogo and have successfully integrated their innovation with Bank BNI, as well as e-wallet partners Gopay, OVO, Dana, and Shopee Pay. These deals have cemented GHL’s presence as a key fintech player in the ASEAN region.

Kevin Lee, CEO at GHL, shared, “GAIN CONNEX has helped GHL to connect with local potential partners for GHL to provide our end to end payment solutions and services. In addition to that, the programme has helped us to understand the local market landscape better.”

Indonesia continues to be a key market for expansion

Despite suffering from the impacts of the global outbreak, Indonesia continues to be a key market for regional tech expansion.

Ganesalingam added, “Our close bilateral trade relations and the extensive network between Malaysia and Indonesia will enable tech companies from both nations to mutually expand into becoming one of the fastest-growing digital regions in the world. This will allow us to grow more local champions and to empower them to go regional and global, elevating Malaysia as a regional powerhouse and being the Heart of Digital ASEAN.”

Backed by MDEC’s strong mission to continue supporting digital innovation, Malaysian tech companies stand a better chance at becoming major global players in the next coming years. Not only that but with Malaysian businesses expanding to Indonesia, this partnership is also poised to yield great benefits for Indonesians, such as the overall improvement of the quality of life through better technologies, jobs growth, and other socio-economic improvements.

Also read: KiWi New Energy: Making green energy available to all

The GAIN market access program is part of MDEC’s three strategic thrusts – empowering Digitally Skilled Malaysians, accelerating Digitally-Powered Businesses and attracting Digital Investments. It is part of their commitment to roll out key digital initiatives announced in Malaysia’s Budget 2021 and to ensure Malaysian society can fully leverage and benefit from 4IR technologies, ensuring shared prosperity for the many and towards realising Malaysia 5.0, as well as establishing the country as the Heart of Digital ASEAN.

For more information on MDEC’s market access programme, visit https://mdec.my/gain

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

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Budget airline operator AirAsia Group founder and CEO Tan Sri Tony Fernandes announced that it will soon be launching ride-hailing services, according to local media reports.

This move comes after the company launched a food delivery service in Singapore and the pilot trials for drone delivery service.

Understanding the potential comparison with existing ride-hailing giants such as Grab, Fernandes affirmed that AirAsia can become successful in this sector even with the heavy competition, citing history where the company managed to raise funding quicker than any other airline company.

“I don’t have a big shareholder like Khazanah (Nasional Bhd), okay? If you say that Malaysia Airlines is faster, of course, it is. Like who else? Singapore Airlines? They also have a big shareholder called Temasek. Name me a private airline that has been faster than AirAsia? It’s not easy to raise capital in the aviation business … The reality is, which private airline has received funding quicker than us or done a placement?” Fernandes told The Edge in an exclusive interview.

Also Read: AirAsia, MaGIC partner to introduce drone-based e-commerce delivery in Malaysia

“I’ve got eight years of Grab doing it to learn from. I don’t have to waste all that money, with experimentation, building technology, training drivers, and training the market how to order, they have done it all for me,” he asserted.

The COVID-19 pandemic has undoubtedly caused a hit for the travel and hospitality sectors, which is the primary reason why AirAsia has decided to pivot its services.

Subsequently, AirAsia has also revealed plans to enter the fresh produce delivery market in Singapore where consumers can order imported fish from Japan or short ribs from Korea directly to their homes in Singapore within 48 hours.

Despite the startup making attempts to enter various digital spaces, another Edge report has revealed that the company is posted experience a bigger-than-expected net loss of RM2.44 billion (~US$500 million) for the fourth quarter ended Dec 31, 2020 (4QFY20).

Commenting on the future prospects, AirAsia responded, “It is notable, however, that the Philippines doubled its passengers carried whilst Indonesia multiplied its number of passengers carried by 11 times quarter-on-quarter. This is a testament that for areas where travel restrictions are lifted, there is a solid domestic rebound for air travel,”.

“Even if borders remain closed, the group is well-prepared to rely solely on domestic operations alone this year,” it added.

Countries such as Singapore have also begun to prepare a comeback for their travel and tourism industry by collaborating with both local and global startups. These collaborations aim to create a safer travel and tourism experience for tourists in the post-pandemic era.

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Nongsa D-Town held a virtual grand launch on March 2nd, 2021. Opening statements for the event were officiated by Airlangga Hartarto, Indonesia’s Coordinating Minister for Economic Affairs, and Chan Chun Sing, Singapore’s Minister of Trade and Industry. The event was then subsequently split into three “fireside chats” — themed discussions, each featuring their own array of panellists and moderated by E27 co-founder Thaddeus Koh.

Speakers for each fireside chat hailed from all stakeholders involved with the development of D-Town, including government officials as well as current tenants at Nongsa, providing a glimpse of what Nongsa Digital Park (NDP), the initial tech office campus at Nongsa D-Town, has blossomed into so far since it started operation in 2018, and what the future may hold with the Nongsa D-Town masterplan to create a vibrant regional tech hub that represents a digital bridge between Singapore and Indonesia.

Introducing Nongsa D-Town

D-Town is a proposed digital hub built on the Indonesian island of Batam, situated a mere 40 minutes off the coast of Singapore. Nicknamed “The Digital Bridge between Singapore and Indonesia”, D-Town grew out of the existing tech ecosystem at NDP and the creative community that is spawned from Infinite Studio’s animation and film studio that has been in Nongsa for over a decade. Nongsa D-Town is designed with the tech and creative industries in mind with the intention to grow a digital ecosystem filled with regional talent between Indonesia and Singapore.

Also read: Here are 5 reasons to expand your business to the Philippines

Every element in D-Town was designed for the express purpose of building a vibrant community of digital talent who can work, live, and play, within 62-hectares of developed space.

The vision behind Nongsa D-Town

A common point of discussion throughout the webinar was the apparent tech talent gaps in Singapore. Being a small nation-state, Singapore’s small population alone is unable to meet the demands of its booming economy despite its technological and economic advantages, which larger populations like Indonesia are able to supplement.

Wilson Tan, the co-founder of the Webimp group, a bespoke IT solutions firm that set up shop at Nongsa three years ago, described the role businesses based in Nongsa have in bridging this talent gap during the event’s third fireside chat.

Also read: Making smart manufacturing a cost-efficient reality for SMEs

“In an entrepreneurship perspective, it doesn’t make sense for Singapore to keep treating Indonesia as a ‘factory,’ in the sense that local workers remain as programmers who only do work. At Webimp, we promote organically and train our local technical talent for the opportunity to become senior programmers and engineers so that they can fill the apparent gap.”

This kind of on-the-job training is exactly why the Indonesian government is so eager to support the project. An exchange of talent and technology between Singapore and Indonesia seems inevitable at a place like NDP, where tech talent from the two countries are able to collaborate with each other.

“Nongsa presents an opportunity to upskill our younger workforce for the digital economy,” said Tommy Suryopratomo, Indonesian ambassador to the Republic of Singapore, at the first fireside chat of the webinar.

How D-Town serves as a digital bridge between Singapore and Indonesia

Indonesia is a young country with a deep talent pool. Roughly 60% of the country’s 257 million people are within the productive age range of between 15-64 years old. It is not surprising, then, those hopes are high for Indonesian youth working for tech companies and startups at Nongsa to eventually bring back their newfound knowledge to their hometowns and villages across the archipelago.

This arrangement is a win-win situation for both employer and prospective employee as an operation in Nongsa also serves as a springboard for international, especially Singaporean, companies who want to expand into the Indonesian market.

Another overarching topic discussed during the grand launch is the geographical advantage of establishing a tech team in Nongsa for Singaporean companies or other multinational organizations. Batam’s close proximity to Singapore allows it to serve as a springboard for Singaporean companies, as the 40-minute commute between the two islands makes it possible for an executive or entrepreneur working in Singapore to visit the tech team in Nongsa and return home within a single day.

Also read: Innovating medical devices towards better dental patient care

Indonesia’s current tech capital in Indonesia is Jakarta, but NDP is an ideal bridge for Indonesian tech talent who desire to work for overseas companies due to said proximity to Singapore. Simultaneously, the increased flow of talent to Nongsa-based Singaporean companies solves Singapore’s finite tech talent gap.

NDP builds on Infinite Studio’s decade-long presence in Batam, which has been a success and a sort of “microcosm,” to quote Mike Wiluan, President Director of Nongsa D-Town, of what the settlement will look like in the future.

The future of D-Town

When asked about the estimated completion date, Marco Bardelli, Boardmember and Senior Director of NDP, and Andrew Wee, Director of Design at Surbana Jurong, predicted that the entire Nongsa D-Town would take 10 years to finish, with Phase 1 of development coming to a close in 2023. At that point, around 8000 tech and creative talents will be based in NDP in addition to the roughly 1000 currently living and working there.

As D-Town opens for business to the outside world, the incentives for companies on both sides of the Singapore strait to set up shop on Batam will continue to grow.

Interested in learning more? Watch the full Nongsa D-Town Virtual Grand Launch through this playlist on YouTube.

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This article is produced by the e27 team, sponsored by 
Nongsa D-Town

We can share your story at e27, too. Engage the Southeast Asian tech ecosystem by bringing your story to the world. Visit us at e27.co/advertise to get started.

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In mid-March 2020, Bitcoin price shot up beyond US$61,000. Just when the world thought the US$50,000 was the highest point the digital currency could breach, it zoomed past an unprecedented number and stunned many.

Based on research by Japan-based exchange bitFlyer, there is compelling enough reason to believe that “the last run-up in price was mainly driven by US investors.” The US still accounts for the overwhelming majority of activities and interest in Bitcoin.

According to the bitFlyer study, 30 per cent of people in the US consider Bitcoin and other cryptocurrencies as attractive investments in 2021. Stocks remain the most preferred investment option among Americans, but Bitcoin and crypto are already considered as the fourth most popular investment. These assets are twice more popular than gold.

Moreover, around a fifth of Americans say that they are currently using or have already used cryptocurrencies in the past. Also, more than three-quarters of people in the US say that they know about cryptocurrencies and have a positive perception of these assets as investments.

Digital currency interest in Southeast Asia

In contrast to the US situation, Bitcoin and other cryptocurrencies did not immediately get a warm welcome in Southeast Asia. In 2017, Singapore issued a warning and expressed uneasiness with the rise of Bitcoin. In the same year, Vietnam banned the use of bitcoin and other cryptocurrencies as methods of payment. Also in 2017, Indonesia declared Bitcoin payment as illegal.

Things have changed over the years, though. Many countries in the ASEAN bloc have already enacted policies and legislation that somehow legitimise the use of digital currencies. Most countries still do not consider Bitcoin and crypto as legal tender, but they have adopted rules that legalise digital currency in other forms of financial transactions.

Also Read: Tesla is now accepting bitcoin. Are crypto payments the future of business?

Notably, in a Statista survey, two ASEAN countries rank second and third among countries with the highest rates of cryptocurrency adoption. These are Vietnam and the Philippines, which have 21 per cent and 20 per cent of their respective populations saying that they have used or owned digital assets in the past year. The survey polled 1,000 to 4,000 respondents in each country.

These numbers for Vietnam and the Philippines, two of the most promising economies in Southeast Asia, compared to the 20 per cent of respondents in the US who say that they have used or are currently using cryptocurrencies according to bitFlyer’s study. “Seventy-six percent of people in the US that have heard about crypto have a positive perception about cryptocurrencies as an investment … Our research shows that the current (crypto) market sentiment amongst American investors is very bullish,” writes the bitFlyer study.

Other Southeast Asian countries also rank relatively high on the list. Thailand is fifth (17.6 per cent), while Indonesia, Malaysia, and Singapore are tenth (13 per cent), twelfth (12.3 per cent), and twenty-third (9.6 per cent) respectively.

With these many people admitting to having some experience in owning and using digital currency, it is not a stretch to think that Southeast Asia will soon have a significant impact on digital currency similar to what the US has.

The potential Southeast Asian impact

With a population of 655 million, the impact of the ASEAN bloc on digital currencies cannot be understated. The region has a massive digital economy estimated to be worth US$100 billion in 2020 and is expected to surge to US$300 billion by 2025. Countries in the ASEAN bloc also have some of the biggest internet-connected populations in the world. A report from Google approximates Southeast Asia’s number of internet users at around 400 million.

The question is this: Will a good portion of these 400 million adopt digital currency use? The answer is likely affirmative. According to bitFlyer’s study, the reasons for people’s interest in crypto assets are the same for almost everyone.

In its comparison between the US (where there is high interest in crypto) and Japan (with relatively low interest), the study noted similar answers to the question “what drives people’s positive perception about cryptos?”

Also Read: Tesla is now accepting bitcoin. Are crypto payments the future of business?

The reasons include the growing value of crypto assets, positive news about them, asset decentralisation and democratisation, and most notably the high-profile expression of interest or support by large institutions in these assets. These reasons are similar to what any Southeast Asian would likely say if asked why they want to obtain or use digital currencies.

“When you look at this Bitcoin rally that we’ve been seeing over the last couple of weeks and months, really there are two elements driving it. One is the continuous entry of institutional players,” says PwC’s Global Crypto Leader Henri Arslanian.

The growing and well-publicised interest of large corporations and organisations facilitates a bandwagon effect that convinces many to get involved with digital currencies.

By now, Bitcoin prices are gradually dropping after peaking at US$61,283 on March 13, 2021. There have been no steep decreases yet, but the trend points to a slow fall with some occasional marginal increases. According to Cryptocurrencies and Financial Market Strategist Aayush Jindal, “there is a key bearish trend line forming with resistance near US$57,500 on the hourly chart of the BTC/USD pair.”

This could indicate the moderation of interest in bitcoins for now, mostly in the United States. The same trend can be observed in ether price.

If Southeast Asian businesses, investors, and individuals were to start showing significant activity in support of digital currencies, they can easily make up for the diminishing interest in the United States. They can easily influence the perceived value of bitcoin, ether, and various other digital currencies.

Biting into American dominance

In a piece for CoinTelegraph, former SEC Legal Specialist and Florida International University School of Law Adjunct Professor Marc Powers expressed his worries over the possibility of other countries overtaking the US when it comes to digital currencies.

Also Read: Why Bitcoin is set to boom in a post-COVID-19 era

“What most politicians and regulators in the US fail to appreciate is that while we stifle blockchain advancement and the use of cryptocurrencies for capital formation, there are other countries and jurisdictions which welcome and embrace it. In failing to adapt, the US faces the real risk that this new technology will be ‘owned’ by other countries,” Powers wrote.

This point makes a lot of sense, as Southeast Asia is quickly becoming one of the major players in the blockchain and digital currency markets. As early as 2017, Singapore already gained the renown of being one of the world’s biggest ICO capitals. With tweaked policies and laws on dealing with digital assets, Singapore has been attracting more ICOs and crypto investments. Indonesia is already in the process of creating legal frameworks to facilitate blockchain and crypto innovations.

Additionally, Thailand passed cryptocurrency laws in 2018 to take advantage of blockchain-powered solutions for cross-border transactions. The Philippines is also making headways into digital currency adoption as it pioneered the use of blockchain for treasury bond distribution.

Meanwhile, Vietnam passed Resolution No. 17/NQ-CP to facilitate the country’s development of its e-government system while establishing a legal framework for blockchain use.

Slow but steady progress

Digital currency dominance may be a tall order for Southeast Asia, but it is not an impossibility. The openness and dynamism of the Southeast Asian market make it an agile player in modern technological and economical developments.

At the very least, the region is expected to become a formidable force in the decentralised digital currency market, especially with the perceived Asian digital currency leader making it clear that its state-backed digital currency does not intend to follow the footsteps of bitcoin and other decentralised and largely unregulated digital assets.

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Data is at the centre of banking and financial activities and will be even more in the future. Data related to the knowledge of the clients, such as individuals or legal entities are, definitely strategic.

That’s why the ecosystem (regulators, banks and providers) are considering the mean of optimising the data collection processes and, at the same time, the partnership with market KYC initiatives known as the ‘Utilities Services’ and e-KYC all around the world.

The existence of data governance, a strong internal process, and specific tools to serve a single vision of third party data –used on the client onboarding and during the KYC reviews– must go through the construction of an industrial and centralised approach to digital data processing.

Indeed, offers from data providers are still highly segmented. Banks are forced to use several solutions to cover the regulatory requirements and meet the needs of their business lines. Consequently, the huge number of utility providers and market solutions may result in higher costs for banks processing, rather than reducing them.

Also Read: Blockchain-based e-KYC platform claims the throne at Binar Academy and Tokopedia’s Hack of Thrones

Mergers between the same data providers and utilities have begun to take place with the aim to extend the offer over all the value chain and ultimately to address a wide range of clients. Data aggregators can become a serious competitor to utilities because they provide the tech flexibility via APIs, which frees banks from the constraints of interfacing with several data providers and promoting e-KYC digital process.

Several banks have established collaboration or investment links with the best external data and documents providers in the market while maintaining high-level internal expertise. Currently, there is no universal third-party data sharing model approved by markets, regulators and banks.

Some banks no longer wish to be the intermediaries and have already turned to a strategy of mix-sourcing through appropriate partnerships with data providers in Europe, the US and Asia. The consolidation between the various market providers, which has accelerated for almost three years now, will have to lead to conglomerates by large geographical areas.

Despite the good start to the consolidation process to serve a wider data value chain and extended geographical coverage, there is still a lot to be done to be able to share data –to standardise it and to make it reliable. A niche that can favour new players in the e-KYC aggregator utilities with better offers at the business and technical levels.

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Singapore-based Monk’s Hill Ventures has partnered with talent platform Glints to launch the Southeast Asia Tech Talent Compensation report.

The report scoured through more than 1,000 data points and interviews with over 20 founders to uncover the latest trends in building teams, attracting, and compensating tech roles in Singapore, Indonesia, and Vietnam.

It also encompasses the wider tech talent landscape in Southeast Asia, and the motivations and drivers of both startups and their employees.

Also Read: How foodpanda CTO approaches hiring and retaining the best tech talent

The report found while compensation packages for both tech and non-tech roles within the region have increased, it remains an attractive market for securing experienced and diverse talent to building quality tech teams.

Here are the main takeaways:

Talent crunch

There’s a talent crunch regionally — particularly in Singapore — for engineering and product manager roles. The US and China tech companies entering the region — including TikTok, Tencent, Alibaba, and Zoom — are more likely to pay above-market rates for tech talent or, in some cases, write blank cheques for high performers.

Cash is king

Cash is still king, though things are changing. Fewer than 32 per cent of participants reported being compensated in equity. However, the report revealed that some founders are spending time educating their teams on the benefits of equity.

Technical triumphs

Technical roles are still the most in-demand and highly remunerated across the region. Technical roles (product, data science, engineering) earned 54 per cent more than non-technical roles (marketing, operations, sales, finance).

Specialisation pays

The differences in base salary between product and data science roles over non-technical roles were one to two times higher than for engineering. This suggests that while engineering skills are becoming more common across the region, specialised product and data science skills remain hard to come by.

Vietnamese growth

Salary differences for senior roles relative to junior roles were the highest in Vietnam for both tech and non-tech talent compared to Singapore and Indonesia, suggesting strong potential for upward salary growth within the Vietnamese tech sector.

Following the big boys

Besides big tech companies, some startups are now offering annual wage supplements (AWS), bonuses, restricted stock units (RSU), or employee stock ownership plans (ESOP).

Remote-first

Remote work is here to stay. Most founders have adjusted to the new normal, implementing staggered work schedules in the office or 100 per cent work-from-home policies. The report revealed the emergence of founders building completely remote teams and being more flexible on where to source the best talent.

Leverage SEA

A regionally-distributed talent strategy is a winning strategy. Given the wide range of salaries across SEA, many startups are shifting towards a strategy of regionally-distributed teams to take advantage of skill sets and compensation benchmarks across the region.

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