As the world enters the digital economy powered by Industry 4.0, digital transformation has reshaped the business landscape, increasing the degree of competition and leaving businesses which fail to embrace digital technologies at a huge disadvantage.

At the core of the digital transformation process is data management, the process of collecting, storing, and extracting valuable insights from the vast amount of data. To be specific, big data analysis can help businesses make strategic and data-driven decisions, enhance customer relationship management by uncovering consumer behavioural patterns and preferences, and eventually boost business performance and profitability.

In addition, big data also helps create new products and services by studying gaps in the market and understanding what consumers want, enabling businesses to tap into uncharted waters and identify business opportunities that were once deemed impossible. But big data analysis alone is not enough. In order to harness the full potential of data, we must ensure that insight and action from such information are rendered as swiftly as possible so that it can be used when it is at its most valuable: right now.

The limitations of traditional batch data processing systems

With an enormous amount of data generated within the digitally connected world, it is critical to process data in a timely manner to ensure effective decisions.

Traditionally, data is handled in a step-by-step workflow with raw data being collected, classified, usually stored in some database or storage system and then transformed, and analysed in iteration, before being presented in a manner for easy interpretation. On one hand, the traditional batch processing approach can facilitate periodic data transformation, logically extract valuable insights from the data, and inspire additional interactive data exploration to optimise the analytical process. On the other hand, one fundamental disadvantage of batch processing is the delay between data collection and data analysis, making insights generated from the data less relevant as time goes on.

Also read: Grooming local fintech talent at Airwallex

Despite the best efforts to minimise the waiting duration for batch processing, systems relying on this kind of data analytic process still suffer from inconsistencies and they might miss the golden opportunities for action that are presented by analysing data in real-time. Moreover, in many cases, users require such real-time processing capabilities to make decisions and respond to critical issues in a matter of seconds or even milliseconds such as detecting patterns, addressing inconsistencies or preventing financial fraud, and so on.

In these situations, processing data in real-time (otherwise referred to as ‘stream processing’) proves to be more beneficial since it allows data to be processed, transformed and analysed immediately upon arrival, creating real-time insights and solutions to challenges and setbacks at the time of event occurrence. 

How Aiven’s Apache Kafka and its open-source streaming ecosystem enable businesses to connect and optimise their streaming data

Serving the mission of facilitating the experience for developers and perceiving the increasing need for real-time or event-driven applications (applications powered by the processing of events in real-time), Aiven, the open-source cloud data platform, launched the first and fully open-source event streaming ecosystem for Apache Kafka to help companies optimise their data streaming in near real-time.

As a data hub and event streaming platform, Apache Kafka delivers answers right at the moment when the question arises, moving companies from waiting to acting. This is becoming increasingly important in today’s digital world, where more and more companies are employing microservice architectures. In this aspect, Apache Kafka can simplify communication between services in the organisation, publishing their events as they happen, and making them available to any (or all) microservices that are dependent on them. 

Also read: How should you engage customers in a rapidly changing market?

Adopting Aiven’s Apache Kafka and its open-source streaming ecosystem can offer businesses several advantages. In the first place, using Apache Kafka as-a-service, businesses can easily set up clusters, deploy data streaming services, migrate their data between cloud regions for better data resiliency, and bring products and services to market faster, without worrying about managing the underlying data infrastructure.

One of the unique features of Aiven’s Apache Kafka is its ability to flexibly increase or decrease the computing power and storage of users as they scale up or scale down their operations. Additionally, with the use of a fully-managed service like Aiven’s Kafka, you benefit from Aiven’s enterprise uptime and SLA of 99.99% which ensures continuous operation of the customers’ activities. More importantly, by subscribing to Aiven’s Apache Kafka, businesses can also gain access to its comprehensive ecosystem and supporting services such as Aiven for Apache KafkaConnectⓇ, Aiven for Apache Kafka MirrorMarker2Ⓡ, and more supporting tools and services.

Aiven’s Apache Kafka customers’ success stories

Aiven for Apache Kafka is suitable for businesses of all shapes and sizes, ranging from startups to established enterprises that have a need for an integrated, open source-based data streaming environment that can easily scale and handle real-time data feeds. The product can be set up easily, connecting to the client’s tech stack via over 30 connectors and integrating to end users’ preferred tooling via APIs, the CLI client, and Terraform provider, among others. As such, the product is currently being enjoyed by a slew of high-profile companies.

Wolt, a Helsinki-based commerce company, has decided to build its real-time data infrastructure based on Aiven for Apache Kafka as the core technology to build its digital solutions, achieving significant savings which were then used towards improving its own products and services. Particularly, for Wolt, Aiven’s Kafka acts as a message bus to communicate between services and ingest data from different databases. Wolt complimented Aiven for Apache Kafka on its ease of use, scalability, and its superior tooling support and interoperability.

Also read: Building resilience through the SAFE STEPS D-Tech Awards

Another long-term customer of the Apache Kafka service provided by Aiven is logistics business, Swift Solutions, which offers delivery and order fulfilment services in Indonesia. Swift Solutions has applied multiple services from Aiven’s product portfolio including its Apache Kafka service along with Aiven for MySQL and Aiven for RedisⓇ. The company has also adopted the Aiven Kubernetes Operator since its early development stage.

Moreover, GoTo Financial, a service within the tech giant Gojek, also noted the benefits of partnering with Aiven, particularly how the platform provided support for GoTo Financial in both its early attempts to separate Kafka instances for each product and function and its subsequent efforts to integrate every service into one single consolidated system with almost zero risk.

These are only some of the notable examples of businesses ranging from e-commerce, retail, to logistics, to fintech — all made better with the help of Aiven.

Interested in finding out more about how the different tools and technologies of Aiven’s ecosystem for Apache Kafka can help address your business challenges? Here’s a list of resources to get you started: 

• An introduction to Apache Kafka
• Aiven for Event Streaming
• Managed Apache Kafka by Aiven

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

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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Mapping technology has become an integral part of various products and services, proving its usefulness in both web-based and mobile applications. For example, ride-hailing services such as Uber, Grab, or e-commerce applications such as Shopee, among others, rely heavily on mapping technology to provide on-demand services, calculating accurate times of arrival, optimising transportation routes, and ensuring accurate traffic information for references.

Nevertheless, the current mapping and addressing solutions lack accuracy, context, and in many regions, content. In fact, 95% of drivers have reported problems with inaccurate mapping, and around 71% of drivers had to spend an average 4-11 minutes to locate the right drop-off location. Consequently, it was estimated that around $2.5 billion could have been saved annually if it weren’t for wrong mapping information.

Additionally, within our increasingly interconnected world especially in terms of integrated supply chain and logistics, one wrong address can lead to delay and disruption at multiple touchpoints, increasing costs of transportation and loss. 

The growing trend toward hyperlocal delivery and associated services

The trend towards hyperlocal delivery has been in the making for the past few years, reshaping delivery and logistics services.

The availability of location-based search enables customers to look for products and services from nearby providers, reducing time and cost of transportation, and allowing them to enjoy fresh local produce. Moreover, retailers can also benefit from minimising delivery efforts, and tailoring their services better to serve customers’ specific demands and preferences with location-based insights.

Also read: Data streaming in real-time made possible with Aiven’s Apache KafkaⓇ

Additionally, following the sudden emergence of the COVID-19 pandemic, consumers have also become increasingly attuned to online shopping as a means of adapting to the new normal of travel restrictions. All of these things are happening alongside the fast development of digital infrastructure, disruptive technologies including artificial intelligence and machine learning, and the high rate of adoption of mobile devices, especially smartphones. All of these things have come together to make hyperlocal delivery a reality.

As such, the global hyperlocal service market is predicted to post a strong compound annual growth rate of 12.5% over the period of 2022 – 2028 to reach an estimated value of $3730 billion.  

Limitations of existing mapping technology

Looking into the future of mapping technology and considering the robust growth in the demand for hyperlocal delivery, one-map-fits-all solutions no longer work in today’s digital economy. Instead, maps of tomorrow have to be hyperlocal and contextual, providing dynamic content and more precise and detailed information regarding each location.

Moreover, current mapping and addressing have been primarily concentrated on urban areas, and there is still a huge lack of mapping data when it comes to rural areas, venues, and indoor spaces. In addition, another weakness of current mapping technologies is that location data and changes are not updated in real-time. This presents a huge disadvantage for delivery services, especially for places in emerging and fast-developing economies like Southeast Asia where location data is dynamic — changing every day, every hour, and sometimes every minute. Hence, companies currently have to deal with data that does not reflect real-world context, or worse, that displays a distorted picture of reality.

Also read: Grooming local fintech talent at Airwallex

Companies do not own their location data. The location data that companies generate are added to the mapping provider’s database, making it difficult for companies to access these data at a later time. Logistics companies also do not have control and autonomy over additional location-data knowledge and insights gathered by their fleet workers that could add a competitive edge. This is a problem many businesses face today.

How UNL redefines the future of next-generation hyperlocal mapping technology

Recognising the gap in the market, UNL introduces Virtual Private Maps (VPMs) that enabled businesses to create their own private maps with just one click and organise location data and services. Following a modular, data-agnostic design, VPMs can connect multiple data sources, allowing businesses to benefit from a map that is truly contextual to their business case. 

“When it comes to infrastructure, addressing systems and local standards, each market comes with its unique challenges. Achieving a hyperlocal level of accuracy and relevance of maps and location data can be too resource, asset, tech and labour heavy for a single mapping provider to guarantee. The only way to do that is to make maps distributed, decentralised and hyperlocal. Establishing collaboration of all local stakeholders to contribute to the quality and relevance of these maps,” explained Xander van der Heijden, Founder and CEO of UNL.

What makes VPMs a powerful tool for businesses is the combination of data ownership and the ability to publish location and point-of-interest data updates in real-time. With VPMs, businesses can securely bring their own data and keep ownership and control within their organisation. Additionally, by connecting 3rd party data sources at various geographical levels and setting up continuous feedback loops, companies are able to maintain a single source of truth that represents the real world.

Also read: How should you engage customers in a rapidly changing market?

“Data autonomy and ownership have been core to UNL’s philosophy and values since day-1. Any data our clients bring remains under their control and ownership, and they can manage data access rights,” shared Xander van der Heijden.

UNL VPM data can be seamlessly integrated with all UNL location APIs, SDKs and connected applications, available via UNL’s do-it-yourself Micro-location Platform. UNL provides a suite of powerful location services, including plug-and-play mapping, geocoding, search, routing and data management APIs, SDKs and plug-ins.  

By creating their own Virtual Private Maps, businesses around the world can power their location-based services and applications such as e-commerce, delivery, smart city, and other autonomous solutions.

UNL Virtual Private Maps also come with a particularly resourceful tool: the UNL Studio. With an interactive visual design interface for users to visualise, manage, and update maps and location data, UNL Studio enables users to seamlessly interact with various location intelligence tools and data sources, edit map style, and visualise custom/business data — with no coding required.

In the near future, companies are also able to either keep their data private or they also have the option to open up their data and integrated applications to the marketplace and tap into opportunities to monetise their data.

In sum, thanks to UNL’s Virtual Private Maps, businesses no longer have to contend with the limitations of one-map-fits-all solutions. UNL’s VPM enables users to create private maps that scale alongside their business, control location data quality and ownership, and maintain the relevance of their private maps for reliable usage and monetisation.

For more information, visit https://unl.global.

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

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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2023 will be a year of fresh restarts and opportunities amid uncertainties. With a myriad of expected changes and global trickle effects coming our way during this economic cycle, this year will see the need for an even more nimble business strategy.

With that comes the greater calling for a complementary communications approach. Compared to Multinational Corporations (MNCs), which are generally already well-versed in communications due to their industry experience and resource, identifying a strong communications approach this year will be key for start-ups and Small and Medium Enterprises (SMEs).

According to EY’s latest CEO Outlook Survey, half of Asia-Pacific businesses (surveyed companies’ annual global revenues ranged from around US$500 million to more than US$5 billion) across key sectors like manufacturing, finance, health sciences and technology are planning to pursue an acquisition this year.

Also Read: Is the metaverse the future of social media?

With these businesses’ scale, they are aware that now is the opportune moment to best capture market share and even edge out SMEs or early-stage companies.

SMEs: Small in scale, big in influence

However, scale is not everything, especially for industry innovators, regardless of their stage of business, which can effectively tap into strategic communications for PR. Yet, in today’s communications context, it is no longer the case of ‘any PR is good PR’ – and SMEs need to go beyond that to achieve business success.

But what does it mean to have a strategic communications approach? Essentially, this means that SMEs take a proactive stance instead of simply reacting to events or issues by implementing a well-planned approach to communicate through various platforms. In doing so, they can close the gap with larger competitors. Usually the go-to for industry thought leadership.

Proactively looking to share valuable insights and expertise with its audience provides valuable content. It demonstrates expertise for SMEs to establish themselves as leaders in their field and influence industry narratives while growing brand awareness and attracting new customers.

Planning your next steps

As the saying goes, ‘Fail to plan, plan to fail’. To kickstart a strategic communications plan, there are a few key steps:

• Define your objectives: What do you want to achieve with your communication efforts? Objectives can include increasing brand awareness, driving sales, improving customer satisfaction, raising funds, attracting investment interest and more. It is important to lay out these objectives specifically as they will impact the subsequent considerations.
• Identify your target audience: Who are you trying to reach through your communications? Understanding your audience will help you determine the most effective channels and tactics.
• Determine your key messages: What do you want your audience to know, feel, or do as a result of your PR efforts? Clearly defining your key messages will help ensure that your communications are consistent and on-brand.
• Using the right platforms: Which platforms will most effectively reach and engage your target audience to deliver your key messages? This could include traditional media outlets, social media, and speaking at events.

Also Read: How myFirst aims to provide a safer social media experience for children

• Identifying the right content: One way to ensure businesses stay relevant and engage their audience is by creating interesting and relevant content. This can include blog posts, social media posts, press releases, and other communication materials. It is important to regularly assess the needs and interests of the target audience and to create content that resonates with them.
• Setting a timeline: When will communications outreach take place? What are the relevant occasions you can angle your communications around, and when is the campaign slated to end? Having a clear timeline is important to stay organised and on track.
• Metrics and analytics: Regularly measure and analyse the results of your outreach to determine what’s working and what isn’t – from share of voice (SOV) to key message pull-through and engagement. These metrics will help you fine-tune your strategy and make adjustments as needed.

Tapping on expertise

Gone are the days where PR and communications agencies purely focused on securing media coverage to grow their clients’ brand visibility without an aim. In the current economic climate, PR agencies must truly understand the respective sectors of their clients and the subject matter for information about the brand to be represented according to their business objectives.

With the right steps in place, SMEs who understand the investment into strategic communications will benefit from working with agencies to help identify and actualise their next steps.

Furthermore, with global instabilities abounding, SMEs not familiar with crises benefit from having a trusted partner manage and mitigate these situations. In today’s digital age, it’s more important than ever to have a plan for handling negative publicity or reputation management.

Setting the right communications goals will enable SMEs to find their voices while building and maintaining positive relationships with stakeholders. This will lead to increased brand awareness and loyalty from their target groups, which will be crucial in their stage of business in today’s economy.

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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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As the dreary funding winter continues to soar, at e27, we are kickstarting a new article series called: Line of Hire to understand an organisation’s culture and hiring philosophies to empower tech workers with the right growth tools and enable business owners to attract talent.

Farida Charania is the CEO and part of the founding team at Empauwer, which has created an AI-driven platform that helps companies engage and employ neurodiverse talents to cultivate a more inclusive workplace.

Charania is an economist by education, a banker by profession, and an entrepreneur by passion. She has lived and worked in Asia, Europe, and the UK. 

As the CEO of Empauwer, her mission is to build an inclusive workplace for every employee.

Charania talks about her company’s culture and hiring philosophies in this candid interview.

What personality traits/qualities do you look for in potential employees?

We seek candidates with good problem-solving abilities, a positive outlook, and the capacity to function well in a team. We also place a high priority on people with excellent communication skills and flexibility. For us, attitude is also critical, being a startup. We look for a can-do attitude in people we bring on board.

How do they fit into your company culture? Tell us a little more about your culture.

Innovation, teamwork, and open communication are valued in our organisational culture. We help our people reach their maximum potential by promoting a positive and welcoming workplace.

How do you foster transparency and encourage achievement in the workplace?

At Empauwer, we encourage openness by encouraging open communication and delivering frequent updates on the results and objectives of the organisation. Additionally, we support achievement by honouring and rewarding outstanding performance and offering chances for professional advancement.

Do you have a mental health policy? What does that look like?

A mental health policy is in place, yes. And because our crew is so small, it is essential. This entails enabling flexible work schedules and access to employee help programmes and resources to promote mental health.

Also Read: A tech worker should be all about improving customer experience: Kim Nguyen of Recruitery

WFH or WFO, or hybrid?

Our policy is hybrid. Empauwer encourages employees to work from home and the office for convenience and productivity.

How should a tech worker prepare for the funding winter?

An IT professional can prepare for the funding winter by broadening their skill set, developing a solid network, and following market trends. It’s crucial to have a sound financial strategy in place as well.

How do you measure the performance of your employees?

We measure the performance of our employees through a combination of regular performance evaluations, goal-setting, and feedback.

Will you consider a moderately skilled person with great honesty or a highly skilled person with less honesty when hiring?

We place great importance on honesty in all of our workers. Our firm’s success depends on various factors, including skill, but honesty and integrity are crucial traits.

Do you encourage ‘intrapreneurship’ in your organisation?

Yes, we support intrapreneurship by allowing employees to assume leadership roles and lead change within the company.

How do you support upskilling for your employees?

We encourage our staff to attend conferences and workshops and training and development programs to support their upskilling. We also allow staff members to engage in creative initiatives and take on challenging responsibilities.

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Fundraising or preparing your startup for fundraising? Build your investor network, search from 400+ SEA investors on e27, and get connected or get insights regarding fundraising. Try e27 Pro for free today.

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Eleos Labs, a company that focuses on providing anti-fraud solutions for Web3 assets, today announced its formation with notable security veterans in leadership and advisory positions. The company is set to launch a suite of protection products that help enterprises protect their users against Web3 threats.

According to a statement by the company, Dr Gennady “Ari” Medvinsky will serve as the Technical Advisor, having spent the last 20 years leading security teams at Google, Grab, and Microsoft. Wui Ngiap Foo, previously Head of Technology & Integrity at Grab, will join as Group Advisor.

They are also joined by Dr Ben Livshits as Scientific Advisor, former CEO of Zilliqa Research and Chief Scientist of Brave Browser.

Eleos Labs is building a resilient anti-theft system based on enterprise cybersecurity tools to ensure a safer crypto ecosystem. Its security tools are bolstered by ongoing partnerships with government agencies, blockchain projects, and wallet providers.

Called FailSafe, the solution is built based on the need to have increased regulation and consumer protection in the space, with the recent collapse of well-known crypto institutions.

Also Read: Indonesia’s antivirus reliance: A cybersecurity blindspot

In an email interview with e27, Dr Gennady “Ari” Medvinsky explains more details about the product and what is coming next for the company. The following is an edited excerpt of the interview.

Can you tell us more about your solutions and their advantages?
Firstly, Failsafe protects platforms and users by detecting the safety level of smart contracts and wallets – this is the first line of defense against theft and fraud because we can determine the risk level of interaction.

Secondly, in the event of an attack, we ensure optimal protection by successfully rejecting malicious transactions and minimising total loss by keeping the majority of users’ assets in a high-security vault (with enterprise-grade and best-in-class dual-cloud mpc key management solutions).

What is the specific problem that it aims to tackle?
US$4 billion in crypto was stolen in 2022. The rise in theft is a big prohibitor to Web3 adoption, and our mission is to ensure a safer crypto ecosystem by helping platforms and users access enterprise-grade security practices.

What is the product development process for this product?
We’re currently developing all FailSafe products in conjunction with government agencies, wallets, exchanges, and bridges through a series of pilot projects.

What about the profile of your targeted users? What is your user acquisition strategy?
Eleos Labs is enterprise-focused, specifically targeting wallet providers, blockchain protocols, and MNCs exploring a safe entry into Web3. We’re currently progressing through the pilot programme with partners, after which we will be rolling out the product suite to a wider customer base in the coming months. Market demand has been strong.

Also Read: Safeguarding digital assets through cybersecurity innovations

How big is your team?
Spearheaded by Technical Advisor Ari Medvinsky and General Manager Aneirin Flynn, the 10-member team at Eleos Labs has expertise across cybersecurity and data science.

Have your company secured external funding from other sources?
While there have been VC interest in funding the new enterprise endeavours within Eleos Labs, the priority for the team remains focused on the successful execution of the ongoing pilot projects and product development. We however continue entertaining new investor interest for like-minded partners who share our mission.

What is your major plan for 2023?
2023 is an exciting year given that Web3 adoption continues to grow and platforms are increasingly cognizant about the security of their assets. We will be rolling out the FailSafe product suite after several successful pilot projects – most likely in Q2.

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Fundraising or preparing your startup for fundraising? Build your investor network, search from 400+ SEA investors on e27, and get connected or get insights regarding fundraising. Try e27 Pro for free today.

Image Credit: Eleos Labs

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2022 has seen a proliferation of high-profile e-crime attacks. As we embark on 2023, it is only apt that there is a renewed focus on e-crime.

As global economies reopen and revenge spending surges in sectors such as tourism and luxury, retailers and organisations will be especially vulnerable during this period. e-crime groups are prolific and opportunistic and will strike where there is an opportunity to exploit vulnerabilities for financial gain.

Southeast Asia (SEA) and Singapore are not immune to such cyber-attacks. As data from OverWatch has shown, e-crime accounted for 33 per cent of interactive intrusion activity in APJ, while targeted intrusions increased to 35 per cent.

Policymakers and tech innovators in the public and private sectors must collaborate to drive dialogue and act on the latest trends. Securing your organisation has never been of greater importance during this period of festivities.

The rise of e-crimes in 2023 and the criminal marketplace

There is a popular misconception that cybercriminals operate solo or in small cells. The threat landscape operates as a microcosm of “the real world.” Adversaries also sell services to other criminals, much like how legitimate businesses offer services to other businesses.

Also Read: Safeguarding digital assets through cybersecurity innovations

According to the CrowdStrike 2022 Falcon OverWatch Threat Hunting report, when looking at e-crime activity, retail was identified as one of the top five verticals by intrusion frequency globally between July 2021 and June 2022.

In the Asia Pacific and Japan region during the same period, the retail industry stood out as one of the top five industry verticals overall when looking at the cumulative total of both e-crime activity and targeted intrusions.

Just as retailers are searching for and employing new cyber defences, cybercriminals are evolving in their methodology and craft. Criminal organisations are adapting their tactics, techniques and procedures to stay ahead of security teams through legitimate employee credential harvesting and exploitation of new vulnerabilities from remote access applications, to name a few.

The Global Dark Web Intelligence Market size is expected to reach US$1.3 billion by 2028, rising at a market growth of 22.3 per cent CAGR, driven in part by another trend in the e-crime landscape, namely, the proliferation of the ransomware-as-a-service (RaaS) model – a business model between ransomware operators and affiliates in which affiliates pay to launch ransomware attacks developed by operators.

According to the 2021 CrowdStrike Global Security Attitude Survey, Asia-Pacific also clocked the highest average ransomware payment of US$2.35 million per attack, compared to US$1.55 million in the US and $1.34 million in EMEA. The vast global majority (94 per cent) of those who ended up paying their attackers were also forced into paying additional extortion fees, equating to US$734,677 on average.

Also Read: How to tackle cybersecurity threats during the holidays

To maximise their financial gains, e-crime adversaries have added the threat of data extortion to their arsenal, extracting and then threatening to leak sensitive customer or proprietary information to fuel specific and repeated victim targeting.

As we move towards the holiday season, it represents an opportunity for e-crime adversaries to strike, and SEA businesses would learn from recent, high-profile attacks on large-cap companies like Solarwind, Microsoft and Kaseya.

Focusing on cybersecurity is key

Organisations need to better protect and secure themselves to enjoy peace of mind during this festive period. Some tools and information can include:

• Combination of robust security hygiene and proactive detection: The seemingly overwhelming amount of new vulnerabilities and tactics employed by criminals may seem overwhelming. However, organisations can formulate a deliberate plan of action by employing a combination of robust security hygiene and proactive detection. By understanding that there is a human behind every attack, organisations can proactively look out for adversaries targeting them.
• Reviewing systems and ring-fencing: Organisations must proactively monitor for tell-tale signs of a pre-attack by identifying unusual access, maintaining up-to-date network diagrams and finally ring, fencing any attackers should they manage to break in.
• Secure organisational identity: Maintain proper visibility of administrative changes, especially with user accounts, as this is an early identifier of attacks.
• Arming employees: Employees need to be trained in taking personal responsibility for the organisation’s cybersecurity defence in the event a cyberattack occurs, especially during the festive period when key personnel may not respond promptly.

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

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

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Small potters in his grandfather’s village in Bangladesh faced direct competition from larger companies. These small unorganised businesses struggled due to their lack of access to customers and inability to distribute products as cheaply as bigger firms.

Afeef Zaman wanted to do something to help these small potters reach customers nationwide and improve their earnings.

“ShopUp was founded to assist them in reaching customers nationwide,” Zaman told e27. “We developed products for them and gained valuable experience from our efforts.”

These learnings came in handy during the COVID-19 pandemic, he said. “As the pandemic struck and households struggled to access essential items, we shifted our focus to food and household categories to serve people across Bangladesh. And that was a turning point.”

What is ShopUp?

ShopUp was founded in Dhaka in 2017 by Zaman (CEO), Sujayath Ali (COO & CBO), Ataur Rahim Chowdhury (CPO), and Navaneetha Krishnan (CTO).

Zaman and Chowdhury earlier worked together in the former’s first startup. Ali is a serial entrepreneur who previously worked at Amazon and Visa. Ali and Krishnan were also co-founders of Voonik. Krishnan worked at Freshworks, Aryaka, and Zoho before co-founding ShopUp.

Also Read: These five startups are the dark horses of the frontier markets

In a nutshell, ShopUp is a B2B e-commerce platform connecting small and medium-sized enterprises (SMEs) with mills and manufacturers. Its mission is to supercharge SMEs with easy access to B2B sourcing, best prices, financing, and logistics.

“Our platform provides SMEs with a one-stop-shop solution for sourcing products, reducing the time and effort required to find suppliers, negotiate terms and orchestrate the operations. Additionally, it acts as a nationwide platform for small manufacturers, mills, and brands to sell their products,” Zaman explained the business model.

The startup offers various value-added services, including financing and logistics support. According to Zaman, this makes it easier for small firms to grow their businesses and compete against prominent players.

In addition, ShopUp has built a vast last-mile logistics network in Bangladesh and provides one-click credit access with minimal documents.

The ShopUp CEO boasted that the e-commerce startup’s “robust” technology infrastructure, including advanced algorithms and data analytics, provides SMEs with personalised recommendations and real-time insights. Its user-friendly interface with handwriting and voice recognition technology manages the end-to-end purchasing process — from product discovery to order placement and shipment tracking.

“This combination of a diverse product offering across sourcing, logistics, financing and customer success services powered by cutting-edge technology sets ShopUp apart from other B2B commerce platforms,” he claimed.

The startup has partnered with all major mills and FMCG companies to distribute essential food items like rice, sugar, oil, flour, dairy products, beverages, and hygiene products to 20 million people in Bangladesh through its network of 500,000 shops. The goal is to provide all the food and household products these shops sell to the people in their community. “We’re still early in that journey, but we’re making progress,” he said.

ShopUp’s logistics and fulfilment network, RedX, is now one of the largest in the country. In addition, the e-commerce firm provides an embedded micro-factoring product for small shops and suppliers to purchase products without making upfront payments. It charges separately for each of its offerings.

A trillion-dollar opportunity

Bangladesh’s consumer e-commerce market is rapidly expanding and is projected to become a trillion-dollar economy by 2040, according to a report by BCG in 2022.

Despite this growth, retail consumption remains highly fragmented, with 98 per cent of purchases coming from 4.5 million small shops. These shops purchase an estimated 130 billion worth of goods annually, as per a 2020 Redseer report. This means ShopUp has only started scratching the surface.

“The B2B e-commerce industry is in its early stages in Bangladesh, and only a few players are operating in this field at scale. We are excited to see some early-stage companies in this sector; hopefully, more players will enter this market,” he continued.

While Bangladesh consumers have higher incomes than India, they purchase less than half of the branded FMCG products. This means Bangladesh is still in the early stages of its consumer market journey; there is a potential for multiple new players to enter the market.

The market leaders of most FMCG categories in Bangladesh are yet to launch. These new brands and products will require future-ready distribution platforms to enter the market successfully.

“B2B e-commerce players are well-suited to this purpose. According to a report by Redseer in 2020, the market opportunity in Bangladesh stands at US$130 billion. However, B2B e-commerce players are not set to replace the existing local distribution system but rather to expand the overall consumer market. As such, the pie will get bigger for all involved,” Zaman elaborated.

Doubling down on partnerships

Currently, ShopUp wants to double down on its partnerships with suppliers. Its goal is to help the suppliers reach 50 per cent of the population through small shops by the year-end.

However, there are several hurdles to clear before achieving this goal. “We are working hard to create a distribution platform that is not only accessible to 80 million people but is also the most cost-efficient in the country. This is a difficult task, especially when it comes to food and household items. However, we have been successful in making most of these products available on a large scale profitably,” he said.

ShopUp is a heavily-funded company having secured over US$200 million in investments from global investors since its launch. Its backers include Peter Thiel’s Valar Ventures, Prosus (the investment arm of Naspers), Pierre Omidyar’s family office, Sequoia Capital India, VEON Ventures, and Flourish Ventures.

The five-year-old company recently raised US$30 million in debt financing from UK-based fintech lender Lendable (US$20 million) and The City Bank (US$10 million), a major commercial bank in Bangladesh. This new capital will be used to expand its embedded financial services business. A portion of it will go towards making long-term investments in the supply chain capacity of the profitable categories of the business.

Also Read: Accelerating Asia, South Asia Tech invest in Bangladesh startup Shuttle

But why debt funding when it already has a huge war chest?

“Let me clarify that debt investment is not a substitute for equity capital,” Zaman said. Startups raise equity funding to create platforms. When they are close to profitability, and the revenue is reliable, it is better to use debt to finance any additional working capital requirements.”We are well-capitalised and therefore do not need to raise equity capital at this time. Nevertheless, raised debt to finance profitable parts of the business.”

Anticipating slower growth

Zaman also mentioned that while Bangladesh is not expected to go into recession due to global macroeconomic headwinds, it will experience slower growth than anticipated.

Investors have become more cautious when deploying their capital due to increasing interest rates. As a result, well-capitalised late-stage investible startups have suspended their fund-raising plans, leaving investors in a wait-and-see mode.

This means VCs are sitting on billions of dollars and will have to deploy these funds in the mid-term. “In the near term, capital will likely remain scarce, particularly for Series A or Series B startups in Bangladesh. The bar for future investments is also likely to be higher than in 2021 and 2022,” Zaman observed.

However, this presents a great opportunity for local startups to collaborate and explore new possibilities, and ShopUp is very excited about these opportunities.

“In the long run, Bangladesh remains an attractive emerging market due to its strong base demand and political stability, making it ideal for well-capitalised companies to build enduring businesses,” Zaman signed off.

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Fundraising or preparing your startup for fundraising? Build your investor network, search from 400+ SEA investors on e27, and get connected or get insights regarding fundraising. Try e27 Pro for free today.

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SoftBank posts US$5.9B loss as Vision Fund takes hits
Vision Fund 1 generated US$2.5B in losses, while Vision Fund 2 slipped by US$2.2B as SoftBank’s portfolio firms slog through the current economic downturn.

Cross-border payments solutions firm Tazapay bags US$16.9M Series A
The investors include Sequoia, EscapeVelocity, PayPal Alumni Fund, Foundamental, January Capital, and Saison Capital; The B2B cross-border payments firm will use the money for Middle East and Europe expansion.

Paul Allen’s VC firm joins SwipeRx’s US$10M Series B2 round
The investors include Sanofi’s Global Health Unit, Cercano Management, SIG, and Patamar Capital; SwipeRx’s digital network has over 250K professionals and 50K pharmacies, with 12,000 retail pharmacies from Indonesia alone.

VFlowTech nets US$10M to expand into Japan, US, Turkey
The investors include SEEDS Capital, Wavemaker Partners, and Sing Fuels; VFlowTech is a vanadium-based redox flow battery company; It plans to set up a 200MWh production line capacity.

Thai mental health startup Ooca closes series A fundraise
The investor is Bangkok Dusit Medical Services; Ooca lets users arrange video consultations with psychologists and psychiatrists; It also offers corporate packages for business clients.

Indonesia’s FDA asks Halodoc to take down listings of prohibited drugs
A Tech in Asia report found that Temasek-backed Halodoc was enabling the sale of at least 11 restricted drugs, including antipsychotics, pharmaceutical precursors, and medication for erectile dysfunction.

Vietnam’s VinFast reduces headcount in the US
The company didn’t disclose the number of staff affected in the US, where it had hired about 160 people; VinFast managers were told to prep for a potential 30% headcount reduction at its headquarters in Vietnam.

Instill AI raises US$3.6M seed funding to make AI more accessible
The investors include RTP Global, Lunar Ventures, and Hive Ventures; Instill AI will use this seed fund fuel to boost the development of the unstructured data ML infrastructure.

Singapore 3D design startup PixCap scores US$2.8M
The investors include Sequoia Surge, Cocoon Capital, and EF; PixCap allows users with no 3D experience to find, edit and export 3D content, including images for graphic designs and animations for landing pages and social media.

SG kidtech firm myFirst bags US$2.2M seed round
The investors are tech founders and executives from PatSnap, Google, Rainforest, and TNB Aura; myFirst aims to help kids aged between three and 12 stay connected socially without the usual ills of social media.

Building energy management startup Ampotech raises US$1.3M
The investors are Earth VC, KSL Maritime Ventures, Silicon Solution Ventures and SEEDS Capital; Ampotech uses the IoT and edge computing to help energy, operations, and facilities managers improve the performance of their buildings.

GoTo announces management reshuffle
Co-founder Kevin Aluwi has stepped down from its board of commissioners; Anthony Wijaya will also step down from the board of directors to focus more on his role as Tokopedia COO.

Shariah-compliant Malaysian digital insurer OUCH! secures funding
Following the investment, Ouch! will look to acquire the final approval from Malaysia’s central bank BNM operate in its regulatory sandbox; Its mission is to become Malaysia’s first digital Takaful operator.

Binance to temporarily halt US dollar bank transfers
It said the suspension will only affect users of Binance.com, which is a separate entity from Binance US; CNBC reported that millions of stablecoins went to rival exchanges after the announcement.

‘ID is recession-resilient due to its demographic bonus, rich natural resources’
Indonesians have an entrepreneurial mindset, and its digital-savvy young population fuels the country’s digital economy growth, says Nobutake Suzuki, President and CEO at MUFG Innovation Partners.

Always be adventurous and inquisitive: Carl Jones of SAP Concur
The Managing Director for SEA at SAP Concur talks about risks he took with his career in his 20s and 30s and how they have played out.

Boardrooms to warehouses: How SEA leaders can build cyber resiliency from top-down
Southeast Asian business community needs to better understand cyber security’s benefits on long-term business

Unlocking the potential of SEA with accessible credit
With 70 per cent of the adult population in SEA still underbanked or unbanked, it still has a long way to go before it goes truly cashless.

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The TOP100 programme, created by e27 to provide early-stage startups with access to a platform that facilitates connections for partnerships, funding opportunities, and more in the Asia Pacific, returns this year.

Since its inception, the TOP100 pitching competition has brought the best-in-class early-stage startups to showcase and pitch onstage across various cities in Southeast Asia.

Past winners and participants include 99.co, Softinn, and Carousell.

After a three-year hiatus, the 2023 programme will evolve and leverage on e27’s Pro Connect platform, which has powered close to 20,000 online connections between startups and investors since 2020.

The 2023 TOP100 programme and meetups will adopt a hybrid format of conducting the application and scoring online while retaining an element of evening networking offline in major Southeast Asia cities.

Two key updates would include a special category for disaster tech (D-Tech) solutions as partnered and supported by Prudence Foundation’s SAFE STEPS D-Tech Awards, and the second being the inclusion of Web3.0 startups, particularly projects targeting Web2.0 tech companies as their users or customers.

Also Read: Sarawak shows off startup scene in final TOP100 stop

Thaddeus Koh, Co-Founder of e27, said: “Expanding our reach beyond key cities, TOP100’s decision to conduct the initial pitching and showcase elements online opens up a world of opportunities for startups across Asia. This shift allows us to showcase a wider range of innovation and technology and provide resources and fundraising opportunities to startups that may have been previously out of reach. We’re excited to bring the spotlight to startups from all corners of the region and highlight their solutions to the world.”

Throughout the selection period, all TOP100 participants will have e27 Pro Connect access, which allows them to connect with and pitch to 500+ verified investors on the e27 platform.

From the participants, 100 best-in-class startups will be selected to showcase at Echelon Asia Summit 2023 to exhibit in the TOP100 section and pitch in the crowd-favourite TOP100 Stage. Many will proceed to raise additional rounds of funding in the next 18 months to achieve their growth-stage status.

“TOP100 has always been a programme that facilitates startups’ connections with stakeholders who can best help their business. By giving the participants access to e27 Pro Connect and showcasing the semi-finalists during Echelon, we aim to help kickstart and boost their fundraising journey,” said Koh.

Interested startups can first apply through the TOP100 website.

Echelon Asia Summit is bringing together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore. The conference is scheduled from 14-15 June in Singapore. In 2023, the two-day conference is expected to draw in crowds of over 5,000 to discuss the latest in innovation, entrepreneurship, funding and more.

Echelon Asia Summit is e27’s flagship tech conference, bringing APAC’s startup ecosystem together to gain insights, build connections and meet talent from all over Asia. Explore how startups, investors, corporates and government bodies work together across borders to tackle similar challenges and pressing issues and empower the larger ecosystem to build the Future of Asia. Gather meaningful insights from industry leaders and stakeholders through stage discussions; build connections within the industry with over 300 exhibition booths. As Asia’s leading platform for tech startups and investments for 13 years now, Echelon Asia Summit will take on cross-border engagements, talent growth, and showcasing APAC’s emerging and leading companies from the heart of Singapore.

Founded in 2007, e27 has a strong mandate to give all entrepreneurs a winning chance to succeed, providing them with relevant tools and resources to build and scale their companies in Asia’s tech ecosystem. e27 provides a go-to platform for connections, insights, funding, and more — everything you need to build a billion-dollar company.

For media queries, please contact The Echelon Team.

Email: echelon@e27.co

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SEA is one of the fastest-growing regions in the world, with a population of over 650 million people and a GDP of US$3.3 trillion in 2021, which corresponds to 3.4 per cent of the global GDP. It is projected that by 2025, digital financial services will generate around US$38 billion. This accounts for 11 per cent of the entire financial services industry.

Waking an economic sleeping giant

But upon closer look, a massive potential in Southeast Asia (SEA) still remains untapped. The forecast shows that SEA, in 2025, has a full revenue potential of US$60 billion, around 58 per cent more than the expected revenue potential of US$38 billion.

The latest figures show that SEA still has ways before it reaches a truly cashless, all-digital, and accessible financial environment. 70 per cent of the adult population in the region remains either “underbanked” or “unbanked”.

To reach this potential, national governments must facilitate in release and implementation of strong and supportive regulatory policies and frameworks for digital financial services players.

Also Read: How technology has revolutionised operational efficiency in consumer finance

This untapped and massive digitalisation and financial inclusion potential can be further accelerated by bridging the gap between public and accessible retail credit. This is especially applicable to emerging SEA markets such as the Philippines.

Bridging the credit gap

Despite 90 per cent of Filipinos owning a smartphone with mobile internet, the Philippines has generally been a cash-centric society. Based on a study by McKinsey, only two per cent of Filipinos used credit cards.  An archipelago with over 7,000 islands, the country had suffered from limited accessibility from conventional, paper-based payment infrastructures.

This all changed during the pandemic, which jumpstarted the digitalisation journey and changed Filipinos’ behaviours forever: they created and transacted using e-wallets, purchased goods and services on e-commerce websites, and started saving their hard-earned money in digital banks.

Based on the 2021 Financial Inclusion Survey conducted by the Philippines’ central bank, formal account owners nearly doubled from 2019 to 2021 with 29 per cent and 56 per cent, respectively.

The pandemic may have paved the way towards digitalisation, yet four out of 10 Filipinos remain sceptical about the safety of online banking. From the same survey, what is interesting to note is that from 19 per cent in 2019, there was only a minor increase to 25 per cent for formal credit. In the country, informal credit has culturally been more popular than formal credit, wherein borrowers would seek credit from family and friends and informal loan providers.

Regarding formal credit, traditional or digital banks only ranked among institutions at a meagre four per cent in 2021. An insight in the same survey showed that informal credit sources were preferred due to their relative convenience, as little to no documents were required. Despite the need for quick credit, borrowers found the process in banks tedious, preferring informal credit sources that can disburse funds attached with higher interest rates.

This thought process is prevalent not just in the Philippines but across SEA. 2021 figures collated from World Bank, Euromonitor, Global Data, Bain, and Temasek reveal that consumer credit in the region, as a percentage of GDP, is at 13 per cent vis-à-vis to the US benchmark of 24 per cent of the US.

Building the road to credit inclusion

With online transactions ramping up exponentially because of the massive popularity of e-commerce and e-wallets, more users will become aware and interested in the plethora of financial services available. It is only a matter of time before accessible and digital credit becomes the preferred way for customers moving forward.

Governments across the region are becoming more supportive, with innovations such as a national and standardised QR code for mobile payment, digital bank licenses now being offered and granted, and national ID systems. Regulators, after seeing the success of digital financial services players in their shared vision of the digitalisation of the banking industry.

Also Read: ‘Neobanks can create a better digital CX by leveraging AI, blockchain’: banco CEO

Digital financial service providers must gain the public’s trust and confidence by ensuring all steps in the customer’s journey must be quick without sacrificing security and confidentiality. A company I co-founded, Singapore-based FLOW, was instrumental in redefining credit management by using professional, ethical, and highly efficient practices.

At present, we at Tonik are leading the way in driving financial freedom in the region. We provide Filipino customers a market-competitive, highly secure, and bespoke all-digital credit product range. In doing this, we empower Filipinos to use their available credit for various purposes, whether for their dream purchases and experiences, home improvements, or tuition fees, among others.

The sky is the limit when opportunities that are accessible, quick, and secure are presented.

By harnessing top-line and innovative technology with world-class fintech vendors, digital financial service providers can disrupt and change how people view money. What was once a far-fetched dream is now rapidly turning into reality. No longer are people confined to working for money; now, money works for us in pursuing our plans, goals, and dreams.  That is what true financial freedom is all about.

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