In the ever-changing world of Artificial Intelligence (AI), we’ve seen a profound shift in the way teams collaborate and innovate. As these technologies rapidly advance, the ability to effectively work with remote teams has become an essential skill for AI professionals and organisations alike.

It’s no longer just about building incredible AI systems; it’s about doing it in a way that fosters connection, productivity, and seamless cooperation across distributed teams.

This article dives into three key strategies that can help AI experts navigate the challenges of remote teamwork. Drawing on industry insights and best practices, we’ll explore how to maximise productivity, drive innovation, and maintain strong connections, even when your team is miles apart.

Distributed tech and data architecture

Imagine you are part of an AI team, each member contributing their unique expertise. Whether it’s data collection, model development, or system integration, everyone plays a vital role. But how do these disparate pieces fit together?

Communication is key. Team chats, mandatory documentation on shared drives, and well-defined API interfaces and JSON documents are examples of items that keep everyone on the same page.

Think of it as building bridges between islands—bridges made of version control systems and collaboration tools on the cloud. Even when one teammate is sipping coffee in an office in Hong Kong while the second one is working from an outdoor cafe in Oxford, UK, our team is still working in sync over a conversation on great coffee.

Collaborative AI training

AI training is another area where remote teams can effectively collaborate. At our AI tech company, WealthRyse, our algorithms allow partial retraining in real time. Picture this: different teams working on various parts of the AI model simultaneously, without waiting for one another. It’s like a relay race where the baton keeps moving.

Also Read: Meet the finalists championing sustainable solutions at the Climate Impact Innovations Challenge 2024

Collaborative AI training gives us a significant advantage, allowing us to provide an outcome similar to the real-time retraining of our Genisys AI around the clock, automate many aspects of wealth management, and create the best possible rebalancing services so our professional investment manager users can scale their businesses.

Component-based strategy

Flexibility is key. We should never be tied to a single tool or technology. For example, we use AWS Comprehend for natural language processing today, but tomorrow? Who knows! The temporary unstructured data is saved in NOSQL databases, and then we can adapt whichever AI tech to turn the data into structured data for digestion by the AI engine.

The modular, component-based approach makes everything easier for our team members to experiment with emerging AI models and techniques, quickly test and deploy them, and remap the workflow using programmatic tools such as Apache Airflow, resulting in the most powerful AI models to provide the best rebalancing services to our clients.

As a result, Genisys is a powerful all-in-one package that is able to handle time-consuming tasks, enhance various efficiencies in operations, and hyper-personalisation. Besides using a set of parameters similar to those used by the largest asset managers, Genisys also allows users to adjust any of its weight and parameters, which provides the users with the ability to maintain the distinctive branding of your services.

This is a significant advancement over the primarily sentiment-driven generative AI models in fintech today and our track record of improved outcomes by two to three times as compared to traditional portfolio managers.

Final thoughts

In conclusion, the future of AI is not just about building remarkable systems but doing so in a way that fosters collaboration and innovation among remote teams.

By leveraging distributed tech and data architecture, embracing collaborative AI training, and adopting a component-based strategy, AI professionals can overcome the challenges of remote work and drive success in this rapidly evolving field.

With these strategies, AI teams can create powerful solutions that enhance efficiencies and hyper-personalisation and drive improved outcomes for their clients.

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

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The Southeast Asian (SEA) startup ecosystem is off to the end of 2024 on a high note, with significant funding and acquisition activities shaping the landscape.

Singapore-based Tyme Group has become the region’s first unicorn of the year, raising US$250 million at a valuation of US$1.5 billion, according to DealStreetAsia. This milestone underscores the continued investor confidence in the region’s digital banking and fintech potential.

In the proptech space, EQT has completed its acquisition of PropertyGuru, signalling its ambition to strengthen its foothold in Southeast Asia’s real estate technology sector. EQT plans to leverage its resources to accelerate innovation, expand PropertyGuru’s market reach, and enhance operational efficiency.

Meanwhile, Eureka Robotics, a leader in factory automation solutions, has secured US$10.5 million in fresh funding to advance its AI-powered robotics technologies. Eureka’s solutions—widely applied in precision handling, AI-based inspection, and assembly—highlight the growing importance of automation in manufacturing.

After a period of difficulties, these milestones help us feel more hopeful about the upcoming year. We can look forward to a much brighter future in 2025.

Anisa,
Editor

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NEWS & VIEWS

Singapore’s Tyme Group raises US$250M, becomes first SEA unicorn in 2024
The company raises fresh funding at the valuation of US$1.5 million, DealStreetAsia writes

EQT completes PropertyGuru acquisition, seeks to strengthen its position in SEA proptech sector
EQT aims to provide PropertyGuru with resources to accelerate tech development, expand market reach, and improve efficiency

Eureka Robotics raises US$10.5M to power the future of factory automation
Eureka Robotics’ solutions are commonly used in AI-based inspection, precision handling, 3D picking, assembly, and dispensing

Funding the green transition: Southeast Asia’s climate tech leaders of 2024
In this feature, we spotlight the region’s notable climate tech startups that raised substantial funding rounds in 2024

VCs eye exits in 2025 as funding winter begins to thaw
This year has not been a good one for players in the venture capital (VC) space, Tech In Asia writes

FEATURES & INTERVIEWS

Empowering innovation: The role of government in scaling ASEAN’s GenAI ecosystem
GenAI’s future in ASEAN is bright, driven by government initiatives shaping its path toward greater innovation and economic growth

How Circular Unite tackles the unique challenges of promoting green tech solutions in SEA
Circular Unite is working in the area of waste management and recycling which remains “very” traditional. How do they deal with this?

What AWS has in store for SEA startups to support their innovation
At the recent AWS re:Invent 2024 conference, AWS announced its allocation of US$1 billion in Activate Credits for global startups in 2025

Temu’s Vietnam pivot could trigger direct showdown with Shopee
Cross border shopping platform Temu is feeling the heat in Vietnam, Tech In Asia writes

Indonesia’s warung-techs make strategic shifts to navigate tough times
While some have pivoted, others have switched on to asset-light model, DealStreetAsia writes

FROM THE ARCHIVES

Securing the future: Transforming industries through blockchain’s immutable ledgers
Advancing blockchain into mainstream acceptance necessitates innovative business models that empower creators through automated commissions

From gigabytes to zettabytes: How to develop a data-driven mindset
There’s so much data going around, that it’s become invisible, ubiquitous and all-encompassing in our lives

How to streamline AI development with distributed tech and data architecture
The future of AI is not just about building remarkable systems but doing so in a way that fosters collaboration and innovation among remote teams

How companies can successfully drive digital transformation through consolidations
The amount of planning and alignment that goes into a company’s internal processes will “make or break” its digital transformation

AI and ethics in digital marketing: Building trust in the tech era
AI presents a world of opportunities in digital marketing, but it also demands a new level of ethical responsibility

Fertile ground for partnership: How agritech boom in SEA holds a promise for Latin America
While the two regions may be separated by geography, culture, and language, they both share the realities of emerging economies and developing agricultural spaces

What Asia’s smallholder farmers really need and why startups should lead this uncontested race
If a tech company could tap into the smallholder farmers market, they would help lift a lot of people out of poverty

Genetics AI in Asia: Pioneering the future of technology
One of the most significant areas of innovation is genetics AI—a fusion of artificial intelligence and genetics research

The future of medtech in Singapore: Innovation amid regulatory challenges
The future of medtech in Singapore is bright, but only if we continue to innovate and adapt to the regulatory landscape

Healthtech data: The race for new oil in Southeast Asia
How similar are oil and data in the emerging healthtech sector in Southeast Asia, where valuations are rising but exits remain unproven?

How Malaysia is championing regenerative medicine technology
The risk of rejections occurring post-surgery can be significantly reduced by replacing artificial implants with tissue regeneration technology

THOUGHT LEADERSHIP

Are you selling a product or a solution?
Shifting to value creation and solution selling changes the focus, making you 100 per cent dedicated to meeting your customers’ needs

Startups and economic cycles: Navigating growth and recession
Gain insights into economic cycles and their impact on startups to enhance your understanding and improve your fundraising efforts

Why continuous learning is key to employee retention in the modern workforce
To retain Gen Z employees, it’s crucial to understand their workplace values and why continuous learning is important to them

How Web3’s open-source technology will create a more equitable world
Open-source code and protocols shape the internet’s future, enabling global participation and driving the evolution of technology

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Image Credit: 123RF

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In the fiercely competitive landscape of generative AI (GenAI), ASEAN startups are discovering the crucial importance of building moats—defensible advantages that protect against competition and market changes. The ASEAN GenAI Startup Report 2024 offers insights into how startups in the region are navigating challenges by developing unique value propositions, fine-tuning their models, and focusing on niche applications. This strategic focus not only helps startups stand out but also establishes a sustainable foundation for growth.

Differentiation through specialisation

One of the most effective strategies for ASEAN GenAI startups is to specialise in niche applications. By targeting specific industry needs or complex problems that larger players may overlook, startups can develop deep expertise and customised solutions that are highly valued by their customers.

For example, companies like Mesolitica in Malaysia focus on creating fine-tuned language models that cater to the local linguistic diversity of Southeast Asia. This specialization in regional languages provides a competitive edge over global players that might not address local nuances as effectively.

Similarly, startups like Botnoi Group in Thailand leverage their local market knowledge to develop AI solutions tailored to the specific cultural and business contexts of ASEAN countries. This focus on local customisation helps them create more relevant and effective products for their target markets.

Leveraging data and AI capabilities

To build a moat, ASEAN GenAI startups are increasingly leveraging unique datasets to train their AI models. Access to exclusive or hard-to-replicate data sets allows these companies to offer superior predictions, analytics, and user experiences.

Also Read: Big Tech and ASEAN startups: Navigating the friend-foe dynamic in the GenAI era

For instance, Singapore’s Shieldbase uses proprietary datasets to enhance its AI-driven enterprise search and data privacy solutions. This not only improves the functionality of their offerings but also makes it difficult for competitors to replicate their success without access to similar quality data.

Creating high barriers to entry

Startups can create high barriers to entry by integrating their technologies deeply within customer workflows or by developing intellectual property that is legally protected. This approach not only discourages competitors but also increases the switching costs for customers, fostering long-term loyalty.

KeyReply, a Singapore-based startup, integrates its AI-powered virtual assistants so deeply within healthcare providers’ systems that replacing them would involve significant cost and disruption, thereby securing KeyReply’s position in the market.

Partnerships and ecosystem integration

Building strategic partnerships with other technology providers and integrating deeply with the broader ecosystem can also strengthen a startup’s moat. By collaborating with established players, startups can gain not only credibility and trust but also access to a wider customer base.

Startups like Pixel ML in Vietnam enhance their market positions by partnering with major cloud service providers like AWS to offer integrated solutions directly to enterprise clients through the AWS Marketplace. These partnerships make it easier for startups to reach a global audience while also benefiting from the scale and reliability of a larger platform.

Continuous innovation and adaptation

In the fast-evolving field of AI, continuous innovation is crucial. ASEAN GenAI startups must constantly evolve their offerings to stay ahead of technological advancements and changing market needs.

The commitment to ongoing R&D allows startups like ArcanicAI in Vietnam to continually improve their products and adapt to new market opportunities. By consistently introducing innovative features and capabilities, these startups not only reinforce their market positions but also keep competitors at bay.

For ASEAN GenAI startups, building a moat is essential for surviving and thriving in a competitive market. By focusing on niche applications, leveraging unique datasets, creating high barriers to entry, forming strategic partnerships, and committing to continuous innovation, these startups can secure a sustainable competitive advantage.

As the GenAI landscape continues to mature, those startups that have effectively built and maintained strong moats will be well-positioned to lead the market, drive innovation, and deliver significant value to their customers and investors alike. In a world driven by rapid technological change, the ability to sustainably differentiate oneself in the market is not just a strategy—it’s a necessity.

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This article is the seventh in a series from the ASEAN GenAI Startup Report 2024. GenAI Fund invests in early-stage GenAI startups across Southeast Asia, focusing on growth strategies and exit opportunities. Stay updated with new articles in this series by subscribing and following us on our channels. For more articles, visit: https://e27.co/category/reports/.

The post Building moats: Strategies for ASEAN GenAI startups to create sustainable value appeared first on e27.

Singapore-based fintech company Tyme Group raised US$250 million in an oversubscribed Series D funding round led by Brazilian neobank which injected US$150 million, according to various media reports. M&G’s impact strategy Catalyst, with existing investors Tencent, Apis Partners, BII, and Blue Earth, also participated in the funding round.

With this funding round, Tyme Group became the first company to secure a unicorn status this year with a US$1.5 billion valuation.

It plans to use the funding to scale operations, diversify product range, and expand customer base while pursuing growth plans in Vietnam and Indonesia.

Also Read: How Zed aims to set itself apart in the Philippines with its credit-led neobank

Launched in 2022, Tyme Group operates GoTyme Bank in the Philippines which offers a range of banking services. In South Africa, the group’s banking app TymeBank provides cash advances to low-income and rural communities in return for future sales to support small enterprises.

In a previous interview with e27 in 2023, Tyme Group Co-Founder & Executive Chairman Coenraad Jonker said that its flagship operation in South Africa, TymeBank, has joined the five per cent of neobanks globally to be profitable—which it managed to achieve in just four years.

“After successfully launching in South Africa, we looked for structurally similar markets with a larger addressable market and lower cost efficiency, which were ripe for disruption,” he said.

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Image Credit: Tyme Group

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In traditional finance, investors have long relied on methods that require locking up capital to generate reliable income. Certificates of deposit (CDs) and certain mutual funds, for example, offer predictable returns but require funds to be held for a set period, often with penalties for early withdrawal. These systems provide stable income opportunities through committed capital and support financial stability.

Building on principles from traditional finance, the Web3 industry introduced crypto staking as a profitable approach. Users earn rewards by holding and locking up cryptocurrency tokens to support a blockchain network, similar to how traditional investors gain returns through committed capital on financial products.

Why staking works

Previously, staking was limited to niche assets. Ethereum (ETH), one of the largest and most well-known blockchain networks, has significantly expanded its reach. Ethereum’s shift from the energy-intensive proof-of-work (PoW) consensus mechanism to proof-of-stake (PoS) has popularised staking, with Ethereum validators increasing over 30 per cent in the past year, surpassing the one million mark for the first time by mid-2024.

“The rise of liquid staking and more recently restaking has enticed institutions interested in both immediate liquidity and enhanced capital efficiency from restaking,” says Carlos Mercado, data scientist at Flipside Crypto.

Staking is more than a passive income method; it functions similarly to holding shares in a company in terms of decision making, albeit in a more decentralised manner. The more tokens a user stakes, the greater their influence in network governance. This model aligns interests, rewarding those committed to the ecosystem with transparent, automated governance and returns through newly minted tokens or transaction fees.

Challenges in staking

Despite its advantages, staking also comes with some drawbacks. For one, the minimum staking requirement to become a validator is 32 ETH (about US$96,000), which can be a high barrier for individual investors. A further challenge lies in centralisation risks, as validators with large staked holdings can dominate the network, reducing the decentralised aspect of the PoS mechanism.

Also Read: Liquid staking:  Bridging the gap with traditional finance

In addition, some assets impose lock-up periods that can limit liquidity. For example, unstaking Polkadot (DOT) requires a 28-day waiting period, while Cosmos (ATOM) involves a 21-day lock-up before assets become accessible. These restrictions can limit investors’ flexibility, as they must wait through the designated periods before accessing their staked assets.

The rise of restaking

Fintech innovations have addressed many of these challenges. Staking pools allow users to combine their assets, effectively lowering the barrier to entry for validators. Platforms are also building shared governance mechanisms to counteract the potential centralisation effect of big stakes.

Restaking builds on staking by letting users leverage staked assets across multiple platforms, boosting their earning potential. Unlike traditional staking, which locks tokens to one network, restaking allows Ethereum validators to secure additional services and earn extra rewards.

Staking and restaking are emerging as niche opportunities in fintech, similar to the evolution of certificates of deposit (CDs) in the past. However, instead of leveraging traditional financial systems, these products rely on decentralised platforms, where yield accumulation and disbursement are managed transparently and efficiently through blockchain technology.

Simplifying staking and restaking with established platforms

Several platforms are advancing staking and restaking with features that optimise rewards and user experience. Here are three leading platforms—Lido, EigenLayer, and StakeEase—that offer diverse solutions for crypto holders seeking flexible and efficient staking options.

Lido

As the largest liquid staking platform, Lido supports assets like ETH, SOL, and DOT. It utilises the Lido DAO to manage governance and employs a set of professional validators to secure the network. It uses liquid staking tokens like stETH for Ethereum, which can be traded or used across different applications, maintaining liquidity while earning staking rewards.

Lido’s growth is reflected in its Total Value Locked (TVL), which has surged from USD 1.48 million in December 2020 to USD 32.17 billion in November 2024.

EigenLayer

EigenLayer, a restaking platform, enables users to leverage their staked ETH to secure multiple protocols beyond Ethereum. By participating in EigenLayer, stakers can extend Ethereum’s security to new services and earn additional rewards.

As of February 2024, EigenLayer has raised a total of USD 171 million over three funding rounds from 27 investors, including notable firms such as Andreessen Horowitz (a16z), Coinbase, and Blockchain Capital.

Also Read: Cross-chain interoperability: The key to unlocking crypto’s true potential

StakeEase

StakeEase simplifies the complex process of staking and restaking across multiple networks and platforms, offering users an intuitive, unified interface that goes beyond Ethereum. Built on Router’s Cross-Chain Intent Framework (CCIF), the platform allows users to deposit any token, including ETH, USDT, or USDC, and receive their desired Restaked Token (RST). Users aren’t restricted to a single chain and can choose from various restaking platforms such as Kelp, Ether.Fi, and Renzo Protocol, or let the platform select the optimal options based on its path discovery algorithm.

StakeEase simplifies the complex process of staking and restaking across multiple networks and platforms, offering users an intuitive, unified interface that goes beyond Ethereum. Built on Router’s Cross-Chain Intent Framework (CCIF), the platform allows users to deposit any token, including ETH, USDT, or USDC, and receive their desired Liquid Restaked Token (LRT). Users aren’t restricted to a single chain; they can choose from various restaking platforms such as Kelp, Ether.Fi, and Renzo Protocol, or restake into an index that includes all of them along with sxETH.

StakeEase brings staking and restaking services together in one platform, making it simple and easy for users. It combines rewards from projects like Etherfi, Swell, and Taiko, so users can earn multiple rewards without hassle. The platform also helps maximise yield while keeping things secure with an insurance pool and a system to manage risks if any Liquid Restaked Token (LRT) becomes unstable.

Looking ahead: The path for staking and restaking

Web3 staking and restaking are creating passive income opportunities, promoting decentralisation and network security. Supported by fintech, these innovations are steadily becoming more accessible, driving the industry toward broader adoption.

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

Join us on Instagram, Facebook, X, and LinkedIn to stay connected.

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Echelon Singapore, organized annually by e27, is Southeast Asia’s leading conference for tech and startups. The event brings together startups, investors, and businesses, creating a vibrant platform for collaboration, innovation, and growth. With its engaging keynotes, thought-provoking panels, and an energetic exhibition space, Echelon fosters connections, showcases transformative technologies, and drives partnerships that propel the APAC ecosystem forward.

As we prepare for Echelon 2025, we are looking back at some of our partners who have made this event a resounding success. One of our partners is Josys. Josys is a trailblazer in IT management solutions, offering businesses an all-in-one platform to streamline their operations, enhance productivity, and reduce SaaS management complexity. Josys provides a unified SaaS management platform that centralizes IT processes, automates workflows, and enforces compliance policies. It enables companies to focus on innovation rather than administrative hurdles. Their commitment to simplifying IT for growing organizations aligns perfectly with Echelon’s mission of empowering the startup ecosystem.

Cutting edge SaaS management solutions at Echelon X

At Echelon X in Singapore, Josys made a notable impact by presenting its cutting-edge device and SaaS management solution. The team introduced visitors to its SaaS Management platform. The platform automates traditionally manual IT operations, optimizes operational costs, and enhances SaaS security. This presence allowed Josys to connect with tech leaders, startups, and potential clients. As a result, it highlighted its role in supporting businesses through scalable IT solutions.

Josys’ active role at Echelon X extends beyond its own growth. Its focus on SME digital transformation aligns closely with e27’s mission to support and connect startups in the region. By sharing its expertise, Josys not only showcased its platform but also contributed to the broader ecosystem by encouraging technology adoption and collaboration among SMEs and startups.

Also read: e27 and Prudence Foundation champion disaster tech innovation through strategic partnerships

Panel spotlight: Tech adoption of SMEs in SEA

One of the highlights of Josys’ participation was the panel session titled “Tech Adoption of SMEs in SEA – and the Way Forward,” featuring Josys’ APAC Regional Director, Iskandar Ahmat. The session explored strategies to overcome barriers faced by small and medium-sized enterprises (SMEs) in adopting new technologies. Ahmat shared insights on how Josys is helping SMEs streamline IT management, addressing challenges like cost, complexity, and security. By participating alongside other thought leaders such as Esevel, Zoho, and Eazy Digital, Josys reinforced its commitment to fostering technological innovation for SMEs in Southeast Asia.

Through its presence at Echelon X, Josys positioned itself as a thought leader in IT management and SaaS innovation. The discussions led by its team emphasized the need for accessible, cost-effective solutions. These solutions are tailored to the unique challenges of Southeast Asia’s business environment. This aligns with e27’s goals of empowering startups with the tools and knowledge needed to thrive in a competitive market.

Also read: e27 and Gateway of Asia transforming Asia’s startup landscape from Singapore to Manila

e27’s commitment to partners and the community

Josys’ participation provided valuable networking opportunities, strengthening its relationships with investors, partners, and fellow innovators. By engaging with the E27 community, Josys showcased its commitment to driving sustainable growth and contributing to the development of Asia’s tech landscape. This multifaceted involvement at Echelon X reflects Josys’ strategic vision of empowering businesses to embrace digital transformation while fostering a collaborative ecosystem in Southeast Asia.

By partnering with e27, Josys has been able to connect with the tech leaders, innovators, and decision-makers who attend Echelon, showcasing how their solutions can address the unique challenges faced by startups and enterprises. Together, Josys and e27 have created opportunities for businesses to adopt smarter IT strategies, driving growth and efficiency in Southeast Asia’s fast-evolving tech landscape.

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This article is produced by e27

We can share your story at e27 too! Engage the Southeast Asian tech ecosystem by bringing your story to the world. Reach out to us here to get started.

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On Friday, EQT Private Capital Asia and PropertyGuru Group Limited announced the completion of the acquisition of the property tech (proptech) company by BPEA Private Equity Fund VIII for US$6.70 per share in cash in a transaction that values PropertyGuru at an equity value of approximately US$1.1 billion.

In connection with the closing, PropertyGuru’s common shares ceased trading before the market open on December 13 and the company has been delisted from the New York Stock Exchange.

Following this move, PropertyGuru will operate as a privately held company. According to a statement, following the merger through January 12, 2025, each unexercised and outstanding warrant will be, upon valid exercise, exchangeable for US$0.7526 per warrant.

Hari V. Krishnan, Chief Executive Officer, PropertyGuru Group, said, “We are pleased to announce the successful completion of this transaction and we welcome EQT to PropertyGuru. Over the past seventeen years, our growth has been enabled by strong partnerships with our shareholders, led by TPG and KKR. On behalf of everyone at PropertyGuru, I want to thank them for their support and I am proud that we have delivered a solid financial exit for our long-term investors.”

Also Read: EQT Private Capital Asia to acquire PropertyGuru for US$1.1B

“On behalf of our group leadership team, I thank our Gurus for their hard work and the wonderful business we have built together, and our customers and partners for their continued trust and partnership. EQT shares our commitment to our continued sustainable growth, and we look forward to working with them towards our Group’s vision to power, communities to live, work and thrive in tomorrow’s cities.”

Founded in 2007 and headquartered in Singapore, PropertyGuru is one of the notable proptech platforms in Southeast Asia (SEA). The company said that it connects over 31 million property seekers with more than 50,000 agents across Singapore, Malaysia, Thailand and Vietnam each month.

Its services included extensive real estate listings, data-driven insights, and mortgage solutions such as PropertyGuru Finance and enterprise client solutions under PropertyGuru for Business.

According to a statement, EQT’s investment in PropertyGuru aims to support the company’s ongoing progress by providing resources and expertise to accelerate technology development, expand market reach, and improve operational efficiency.

“Leveraging its experience with leaders in the digital marketplace and real estate classifieds sectors –-including companies such as Idealista and Casa.it-– EQT seeks to advance PropertyGuru’s strategic initiatives, strengthen its position in SEA’s proptech sector, and drive growth in dynamic markets influenced by urbanisation, middle-class expansion, and digitalisation.”

The news about this acquisition was first announced in August this year.

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Image Credit: PropertyGuru

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The rapid evolution of Generative AI (GenAI) technologies presents a transformative opportunity for the ASEAN region. Governments across these nations recognise GenAI’s potential to propel economic growth and maintain global competitiveness, which is reflected in their initiatives to drive innovation in the sector. 

The ASEAN GenAI Startup Report 2024 highlights the critical role that public policy and government initiatives play in fostering a thriving GenAI ecosystem. By examining the strategies and actions of ASEAN governments, we can better understand how public support shapes the region’s future of technology and innovation.

Government-led initiatives boosting GenAI development

Across ASEAN, government-led initiatives are proving instrumental in removing barriers to innovation and providing the necessary support for GenAI startups to flourish. These initiatives range from financial incentives to regulatory frameworks and educational programs, each tailored to accelerate the adoption and development of GenAI technologies.

• Financial and regulatory support

Many ASEAN governments have implemented grants, subsidies, and co-investment funds to lower the entry barriers for new GenAI ventures. For example, Singapore’s Productivity Solutions Grant (PSG) aids small and medium-sized enterprises (SMEs) adopt IT solutions and equipment, including GenAI technologies. Meanwhile, the National Multimodal LLM Programme, also in Singapore, commits substantial resources to develop language models that cater to the region’s diverse linguistic landscape.

In Indonesia, the Ministry of Communications and Informatics (KOMINFO) is actively involved in promoting GenAI through development programs that align with the country’s digital economy strategy. These programs provide funding and help create a regulatory environment encouraging experimentation and innovation while ensuring data privacy and security.

• Education and workforce development

Understanding the need for a skilled workforce to drive GenAI innovation, ASEAN governments also focus on education and training programs. For instance, Vietnam’s collaboration with Google offers 40,000 AI and machine learning courses scholarships, aiming to build a highly skilled workforce adept at leveraging GenAI technologies.

Also Read: Big Tech and ASEAN startups: Navigating the friend-foe dynamic in the GenAI era

Similarly, the AI Verify Foundation in Singapore facilitates the development of trustworthy AI solutions and educates the AI workforce on ethical standards and best practices. This initiative helps ensure that the GenAI solutions developed are innovative, responsible, and aligned with global standards.

• Infrastructure development

Some ASEAN governments are investing in state-of-the-art digital infrastructure to support GenAI startups’ heavy computational demands. Establishing dedicated AI parks and innovation hubs in Malaysia and Thailand, where startups can access high-speed internet and cloud computing resources, exemplifies this trend. These hubs serve as centres of excellence that foster collaboration between academia, industry, and government, driving the development of advanced GenAI applications.

Challenges and opportunities for government intervention

While ASEAN governments are proactive in their support for GenAI, challenges remain. Regulatory discrepancies across borders can hinder the seamless operation of startups that wish to scale regionally. Additionally, there is an ongoing need to balance innovation with concerns around privacy, security, and ethical implications of AI.

To address these challenges, governments have a growing opportunity to harmonise regulations and create a unified digital market for GenAI products and services. Such efforts would enhance market access and ensure that ethical standards and consumer protections are uniformly enforced across the region.

The role of government in scaling the GenAI ecosystem in ASEAN is multifaceted and vital. By providing financial support, developing regulatory frameworks, investing in education, and building infrastructure, ASEAN governments are laying the groundwork for a robust GenAI landscape. These efforts are crucial for nurturing innovation, attracting investment, and ensuring the ASEAN region remains at the forefront of the global technology race.

As the GenAI sector evolves, ongoing collaboration between the public and private sectors will be essential. Governments that continue to adapt their strategies to support the dynamic needs of GenAI startups will foster national innovation and contribute to regional and global technological advancements. 

The future of GenAI in ASEAN looks promising, with government initiatives playing a pivotal role in shaping its trajectory towards a more innovative and economically vibrant region.

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This article is the sixth in a series from the ASEAN GenAI Startup Report 2024. GenAI Fund invests in early-stage GenAI startups across Southeast Asia, focusing on growth strategies and exit opportunities. Stay updated with new articles in this series by subscribing and following us on our channels. For more articles, visit: https://e27.co/category/reports/.

The post Empowering innovation: The role of government in scaling ASEAN’s GenAI ecosystem appeared first on e27.

Following its participation in the UOB FinLab’s GreenTech Accelerator 2024 programme, Circular Unite has secured pilot projects with UOB and its corporate partners. According to Emmanual Tay, CEO/Co-Founder at Circular Unite, this helps to validate the company’s solutions.

“For green tech in general, there is going to be a huge, rapid growth, especially in Southeast Asia (SEA) as more regulations trickled down from Europe and the US,” he tells e27.

“Many of these companies operating within SEA are part of the supply chain of larger entities from Europe and the US; that is where we will see more demand for solutions like ours.”

With a team based mostly in Singapore, Circular Unite helps businesses transition towards sustainability by focusing on the waste and recyclables they generate.

In this interview, Tay explains the unique challenges faced by the company in promoting its green tech solutions and how it is tackling them.

Also Read: Funding the green transition: Southeast Asia’s climate tech leaders of 2024

The following is an edited excerpt of the conversation.

What is the problem that your company aims to tackle with your solution, and why is your solution better than your alternative?

Our vision is to accelerate businesses’ transition towards profitable sustainability. We do that by empowering them with a data-driven solution that helps transform their waste and recycling activities into profitable and sustainable practices.

So, the problem that we are tackling in this space is that we address the lack of digitalisation in the waste management and recycling space, basically the fermented nature of the recycling processes and operations across various industries and various countries and regions as well.

Traditionally, waste and recycling processes are very manual and low-tech in nature. They are prone to human error and lack transparency and traceability, making it very difficult for businesses to track and report their waste streams accurately. It becomes increasingly evident that no such data needs to be transparent and that there needs to be a trust process in these predominantly traditional activities.

As a green tech startup operating in SEA, what challenges do you face in promoting this solution and convincing businesses that it is something they should be using?

Green tech, in general, is a relatively new space. In the past, there was not much focus on this area. But now, more than ever, there are many solutions [available in the market] because of regulations and compliance, as well as push from consumers and stakeholders.

Also Read: How to navigate the investment opportunity in climate tech sector

In our context in the waste management and recycling business, many companies are still relying on traditional and manual processes, and some of them may be hesitant to adopt new technologies. So, what we do is that for a lot of the companies, when we first started, we had to come up with proof-of-concepts (POCs) and pilot projects.

The POC and pilot projects demonstrate to them the actual ROI and the efficiency gained through all these data.

The next [challenge] will be, again, with waste and recycling being a very traditional business, there is not much data available for us to analyse. So, when I say my platform helps analyse waste data, we need data to begin with, right? We overcome this by helping our clients integrate some of these sensors into their activities.

This is a modular and scalable platform that can be easily connected to various equipment and systems already in place. Whatever infrastructure they have, our platform sits on top of it to help sensorise and provide that layer of data collection and analysis.

Lastly, there needs to be a lot of education and awareness so that people can understand this concept of waste digitalisation.

What are the barriers to your clients’ adoption of this technology?

ROI and cost-benefit analysis are things that they look at very often. So, with a new technology like this, it is very hard for them to compare and see, “Oh, how would adopting a solution like this help me save money or increase my manpower?”

Yes, there are companies that want to be the first to move, the first to try new things, but those are rare.

Also Read: How to navigate the investment opportunity in climate tech sector

What kind of organisations most of your clients are?

Currently, most of my clients are in the hospitality space: hotels, shopping malls, retail spaces, and manufacturers.

All industries generate waste and recyclables, so the question is which industry has the most problems managing them.

We also have a lot of inquiries from the healthcare and cultural industry as well.

What are your big plans for next year?

Partnerships will be the centre of our growth strategy.

We do have ongoing projects regarding scalability, and our plan is to scale our services and solutions not just in Singapore but also in Malaysia and Thailand.

In Malaysia, we will work with property owners like Sunway to help scale up our solution. In Thailand, we will work with the Central Group as well as some key manufacturers within the country. Then, in Singapore, we will continue to work with our hospitality stakeholders and onboard more hotel chains into this space.

We also have three ongoing projects with UOB FinLab GTA and are with the BSI Innovation Accelerator.

We are also building what we call the Circular Knowledge Library. It basically aggregates benchmarks, data, best practices, and industry know-how from various sectors and countries across different companies and industries.

Also Read: The Mills Fabrica aims to transform agrifood, textile industries through its climate tech investments

Currently, there is no unified platform that helps share or aggregate this information across various companies and industries, and we want to be the first in the market to have this.

Together with our AI capability, we will harness information from this Knowledge Library to provide alerts and customisable recommendations for different clients. This will allow them to benchmark their current performance.

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Image Credit: Circular Unite

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Crypto is much bigger than finances.

While the world is infatuated with crypto coins, chains, and gains, the revolutionary aspects of the new iteration of the Internet (Web3) are overlooked. Web3’s foundational open-source technology will change the world, not just cryptocurrencies. 

The focus of the industry, instead, needs to shift to open-source technology and its potential to decentralise not just the Internet but the global economy, financial markets and humanity. 

Open-source code and protocols aren’t just the future of the internet; it’s the future of evolution, opening up participation for anyone, anywhere. It’s the democratisation of success, where people in Silicon Valley and Singapore have equal opportunities. 

Web3 holds the key to unlocking opportunity in emerging markets, but significant challenges remain. In developing countries, there’s limited access to financial resources, infrastructure and internet issues, and a lack of funding and entrepreneurship spaces. For example, India had more internet blackouts in seven years than all other countries combined. 

These challenges hinder individuals in emerging markets to fully participate in the digital economy, further exacerbating inequalities and perpetuating marginalisation.

Bridging the digital divide

The transformative potential of open-source software in emerging markets is part of the Web3 narrative that the mainstream misses. By empowering individuals globally, open-source code extends innovation beyond traditional tech hubs, ensuring Web3 serves diverse, distributed audiences and spurs new use cases worldwide. 

Open-source code doesn’t discriminate or centralise capture. It creates a meritocratic environment accessible to everyone, where talent and creativity drive progress and innovation – not just in the Bay Area or tech hubs. 

For example, some resources list the top Web3 open-source projects that welcome contributors from around the world. 

With 1.1 per cent of people owning 45.8 per cent of the world’s economic wealth, open-source technology in the new iteration of the internet (Web3) is a pertinent social issue, too. 

India is a good example of how Web3 open-source initiatives are making a tangible impact and its possibility to drive future positive changes. Web3’s impact on India’s economy is predicted to hit US$1.1 trillion by 2032. In comparison, the US Web3 market forecast is US$69.24 billion in 2032. 

Also Read: The future of recruitment in Web3 era

Open-source software has opened up various use cases for Web3 in India, particularly where fraud and mistrust are rampant. The Delhi Forensic Science Laboratory (DFSL) and the Delhi Police integrated blockchain technology into their e-forensic application, creating an immutable and transparent record of the chain of custody for evidence. 

The release of the Indian government’s National Strategy on Blockchain has primed the country with the largest population in the world to embrace Web3 technologies.

A change of policies and perspective

The decentralised nature of open-source tech is challenging for governments and institutions, especially in Western countries. It requires conviction in crypto and a willingness to embrace a changing world. Most nations have inadequate regulation, further solidifying the need for open-source software for cross-border collaboration and innovation. 

The regions and jurisdictions that nurture this tech will become the innovation hubs of the future — with access to top talent, lower overheads and the conditions to redefine labor dynamics. For example, via Decentralised Autonomous Organisations (DAOs,) freelancers or completely anonymous workers. 

Indonesia stands out as a region leading digital transformation efforts, with its digital economy projected to reach US$130 billion by 2025, with a particular focus on blockchain’s potential. For the past several years it has maintained a status as one of the main blockchain markets in Southeast Asia.

This commitment extends to open-source technology, supported by initiatives like Indonesia Go Open Source (IGOS), a government-backed program promoting adoption to drive innovation and reduce software costs. Additionally, Asosiasi Teknologi Informasi & Open Source (ATIOS) fosters collaboration and development within Indonesia’s open-source ecosystem.

Just this year Indonesia’s Financial Services Authority (OKJ) introduced an updated roadmap for 2024-2028 that strengthens its position to support technological innovation, blockchain and digital finance development. The road map also ensures greater digital and financial safety for those involved in the space and improves transparency and efficiency across sectors. 

Also Read: How gaming innovations in Web3 are rewriting entrepreneurial playbooks

Compared to the more fragmented regulatory landscape in the US, Indonesia’s unified approach underscores its commitment to establishing a robust digital and open-source ecosystem, providing further evidence for the need for better policy and regulatory frameworks.

Open source, opening more doors

As with all technologies, it’s not a fix-all. Open source has criticisms and concerns such as reliability, liability, and support. However, there’s no doubting the transformative power of open-source technology in driving inclusivity and innovation in emerging markets. 

To build a truly equitable digital future, the industry must prioritise and protect open-source development. By investing in these initiatives, we can unlock opportunities for innovation, inclusivity and global economic growth.

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The post How Web3’s open-source technology will create a more equitable world appeared first on e27.