A few years ago, Sidhant Gupta, an ocean lover, and Utkarsh Goel, a techie, visited Bali, Indonesia, as part of their course at the University of Hong Kong. Miffed by the growing the ocean plastic pollution in the archipelago, a top contributor to global plastic pollution, the duo decided to leverage their technical expertise to tackle it.

Over 300 million tons of plastic are produced every year, of which about 14 million tons end up in the ocean every year. Plastic makes up 80 per cent of all marine debris. While many solutions are available to address this problem, they are grossly inadequate.

“Existing solutions are slow, with some communities still using paddle boats and diesel-powered boats for fishing trash. We realised technologies like Artificial Intelligence could address this problem effectively.”

This led the duo to start Clearbot in 2019.

Clearbot is a remotely operated vehicle designed to perform various tasks in the marine sector, including data collection, site monitoring, marine pollution cleaning, and goods delivery. Powered by an electric motor, it can complete these tasks without human intervention.

An autonomous platform, Clearbot maps and cleans the ocean using autonomous underwater vehicles (AUVs) powered by artificial intelligence (AI). The AI system allows operators to tackle multiple tasks remotely.

The beauty of Clearbot lies in its simplicity, as it can be easily deployed in any water body without complex installation requirements. This makes the technology accessible to governments as well as individuals, he says.

“Instead of hiring ten people to handle different things, you hire one to handle multiple Clearbots for different uses. The Clearbots also give you valuable data within minutes — locations visited, trash collected, and other custom information that matters to you,” explains Founder Gupta.

Also Read: Alibaba fund, Gobi, Earth VC back AI-powered all-electric and self-driving robot Clearbot

Gupta, a serial entrepreneur, aims to develop the world’s first autonomous marine platform to map and clean the oceans and preserve marine life. In the past, he built businesses backed by Alibaba and Razer.

Goel, CTO, has an extensive background in AI, Computer Vision and Deep Learning, executed projects on university campuses, and built open-source tools for the data science and machine learning community.

Clearbots, a winner of several awards, including the JUMPSTARTER 2022 Global Pitch Competition, has operations in India and Hong Kong and is looking to expand to other Asian countries, such as the Philippines, Indonesia and Singapore, soon.

In India, the startup is piloting its services for the “Clean the Ganga” project. “We are partnering with the government to provide an AI-based solution for cleaning trash, collecting hyacinths, performing surveillance, and even moving goods shortly,” Gupta adds.

There is growing awareness about the dangers of climate change and the need to protect the oceans. This has laid the foundation for adopting advanced technological solutions for combating these issues. “We believe that Clearbot can play a crucial role in solving these problems, especially in areas where conventional methods are impractical because of cost, human resources or lack of infrastructure,” he says.

In addition to helping prevent marine pollution, Clearbots also help reduce carbon emissions by eliminating the need for manual labour or fuel to power boats and AUVs. The product is entirely electrical, reducing the carbon footprint considerably compared to boats powered by fossil fuels.

The prices of Clearbot vary depending on the location, existing infrastructure within the region, the project’s scope, and the deployment duration.

“Since we provide a custom solution to our clients based on their specific requirements, we offer free consultations to understand their needs and provide a detailed proposal. Once a project has been sanctioned, we offer a detailed breakdown of the costs, including the hardware and for hosting the platform on our cloud servers, which are charged monthly.”

As of now, the startup serves different clients from various industries, including property management companies, government departments, and brands with sustainability goals. For these clients, it performs multiple services, including pollution recovery (i.e. collecting marine trash, oil, and hyacinths), surveillance and inspection and goods delivery.

Among its clients are the Drainage Services Department in Hong Kong, the Highways Department in Hong Kong, Sino, Kingspan, and Modern Terminals.

Last month, Clearbot closed an undisclosed seed funding round with Alibaba Hong Kong Entrepreneurs Fund and Gobi Ventures, with participation from Earth Venture Capital, Asia Sustainability Angels, and CarbonX Capital.

In his view, scaling up operations is Clearbot’s top priority and the most significant challenge. “We need to grow our team so that we can be more efficient in our operations and keep up with the demand that we see internationally. To do this, we recently raised funding, which will help scale up our business further with more time and resources to create an easily deployable and sustainable platform for solving the most pressing issues facing our oceans today.”

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The present cryptocurrency market is undoubtedly bearish, leading many casual investors to be sceptical about investing in Bitcoin.

But those who understand how Bitcoin is designed are looking forward to a potential surge in Bitcoin value in 2024, which is when an event known as “Bitcoin halving” is slated to occur. It would be the fourth Bitcoin halving since the cryptocurrency’s inception in 2009.

What is Bitcoin halving, and how does it impact Bitcoin’s value? Here’s everything investors should know about the upcoming halving.

What is Bitcoin halving?

Bitcoin halving is a mechanism built into the cryptocurrency’s code by its creator, Satoshi Nakamoto.

To understand how it works, first, remember that Bitcoin transactions are validated by a decentralised network of users known as miners. Miners compete to be the first to verify groups of transactions or blocks. Only after this rigorous computing process can these new blocks be added to the Bitcoin blockchain.

As a reward, miners who successfully validate blocks earn a certain number of Bitcoin tokens — currently 6.25 BTC. So for every new block, 6.25 BTC are released into the overall circulating supply of Bitcoin.

However, Bitcoin is designed such that the reward is halved after every 210,000 blocks. So, come the next Bitcoin halving, the reward will go down to 3.125 BTC. This tightens the supply of new Bitcoin on the market.

Also Read: Can Bitcoin help us in the fight against climate change?

This tightening mechanism essentially makes new Bitcoin increasingly scarce, thus preserving or even heightening its value.

In contrast, the fiat money supply is practically ever-increasing, which leads to inflation. Furthermore, the fiat supply is controlled by governments and lacks the transparency and pre-programmed regularity of Bitcoin halving.

What happens to Bitcoin during halving?

Because Bitcoin halving has happened thrice in the past, we can anticipate what would happen to Bitcoin’s value before, during, and after the event.

Below is a short history of previous Bitcoin halvings:

• November 2012: This was the first Bitcoin halving, during which mining reward went from 50 BTC to 25 BTC per block. In anticipation of this event, many investors bought into Bitcoin, so from about November 2011 to November 2012, the price of Bitcoin went up by over 340 per cent. After Bitcoin halved, the price of Bitcoin continued to soar for the following year. BTC peaked around 1 year after halving, in November 2013, when its price had surged to nearly +8,000 per cent of the original price.
• July 2016: The second halving was in July 2016. Again, an upwards trend had formed ahead of the event — about nine months prior — leading BTC’s price to increase by +112 per cent. Bitcoin enjoyed a bull run after the mining reward was halved. This time, the bull run lasted 18 months, at which point BTC peaked at about +2,800 per cent, its price at a halving point.
• May 2020: The third and most recent halving was in May 2020. Again, Bitcoin’s price began to climb in the lead-up to the event, starting slightly over a year before. BTC then soared dramatically from US$8,800 to US$69,000, or about +784 per cent, in the 18 months following the halving event.

What can we expect for the next Bitcoin halving?

The next Bitcoin halving was originally slated to occur in May 2024, but because mining activity has surged recently, it is now expected to take place in March 2024.

If data from the three previous Bitcoin halvings is anything to go by, we can anticipate a market rally before, during, and after the event.

• Before halving: We would expect increased investor interest in the lead-up to Bitcoin halving. According to an analysis by crypto service provider Matrixport, BTC starts rallying about 15 months before halving, on average. (If that’s the case, BTC’s price will decrease in December 2022 or January 2023.)
• During halving: Matrixport expects BTC to rally to US$63,000 by March 2024, the date of the expected fourth Bitcoin halving. However, the halving event tends to brighten, bringing about some volatility, according to Forbes.
• After halving: After the initial volatility, the period after Bitcoin halvings has historically offered even more dramatic surges in prices. Typically, Bitcoin enjoyed bull runs of about 12 to 18 months before hitting its new peak.

Investors should bear in mind, of course, that past performance cannot always reliably predict future price movements.

What happens after the last Bitcoin halving?

Bitcoin halving will not happen forever. Once Bitcoin hits the fixed supply cap of 21 million BTC, there will be no further new BTC released as rewards for miners, and therefore no further need for halving.

The last halving is expected to occur in 2140, which is when all 21 million BTC should have been created and be in circulation.

Does this spell the death of Bitcoin as a financial system? No. After the last halving, miners will be paid transaction fees in lieu of BTC. This ensures the long-term sustainability of the cryptocurrency.

Why invest in Bitcoin with a licenced fund manager?

The upcoming halving event has stimulated renewed interest in Bitcoin, the grandfather of cryptocurrencies.

Also Read: 13 years on since the birth of Bitcoin, it’s now blockchain’s time to shine

It’s a powerful reminder that Bitcoin was ingeniously designed with safeguards against inflation and in-built supply control mechanisms. There can only ever be 21 million BTC. This makes Bitcoin compelling as a store of value, hence the appeal for many long-term investors, including companies like MicroStrategy.

However, professional investors must proceed with care to avoid risky crypto exchanges and platforms, especially after recent events.

Fintonia’s Bitcoin Physical Fund is an institutional-grade fund managed by Fintonia Group. The purpose of the fund is to allow accredited investors to participate in this growing asset class in a safe and frictionless way with best-in-class security and regulatory practises in place.

Fintonia Group is a Singapore-based fund manager licenced by the Monetary Authority of Singapore with a provisional licence in the Virtual Assets Regulatory Authority in Dubai. We comply with strict standards and regulations regarding client funds and with proper due diligence conducted on the management team to ensure adequate experience and qualifications in terms of risk management.

Fintonia Group works with insured and licenced third-party custodians with state-of-the-art security measures where Bitcoins are stored in cold wallets. The client’s funds are segregated and not co-mingled with Fintonia funds, as required by regulations.

Speak to us for more information on our Bitcoin Physical Fund and gain insights into the best time to buy into Bitcoin.

–

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This April, Netflix surprised investors when its total audience fell for the first time in over a decade.

Thankfully, Netflix had a secret weapon – the Asia Pacific (APAC) market.

Between April and June 2022, Netflix added one million subscribers from the region due mainly to the popularity of TV shows like South Korea’s Emmy-award-winning Squid Game. APAC was the only region that Netflix added subscribers in that quarter.

GWI’s latest study on  ‘Why TV streaming services have their eyes on APAC‘ tells us that this makes perfect sense. Businesses and advertisers now have a big opportunity to learn about this growing audience and effectively reach them. Below, I’ve shared five key trends that will be useful to keep a pulse on.

Streaming is growing, and ads do not bother consumers as much anymore

In the latest wave of data, GWI reported that the time people spend watching online streaming has overtaken traditional TV for the very first time in APAC, and time spent watching online TV will only increase.

Also Read: What Netflix really missed? Not earnings

The more time people spend watching TV online, the more advertisements they will watch. Yet, contrary to popular belief, ads are not likely to dissuade APAC TV watchers from their streaming activities.

Why? APAC consumers are the most likely to approve of ad-supported tiers and to say they would exchange their personal data for free services. Tighter wallets due to economic pressures are a contributing factor. This also means that if ad-based subscription models were to land anywhere, there’s a good chance that it would be in APAC.

Mobile-first, but TV sets are still not going anywhere

More people in APAC are streaming content on their mobile phones than on TV sets, despite the fact that the opposite proved true in other parts of the world. The number of mobile streamers here is only growing.

Outside China, the number of people using TV subscription services on their phones grew by 33 per cent between 2018 and 2021. 57 per cent in APAC say they use their phones or tablets to watch on-demand TV, which means that mobile-friendly content is key to engage.

Nonetheless, TVs are still the go-to device for a good number of markets. This included half of the APAC markets that GWI studied, like Australia, New Zealand, and Vietnam. Around two in five APAC consumers now own a smart TV – a 25 per cent jump in the last two years – and 52 per cent say they use a TV set to watch on-demand content.

This is good news for advertisers. Google reports that Connected TV (CTV) users are more engaged and emotionally invested, being more likely to watch with someone else. Better audio and visual quality also lead to a more immersive experience. People who stream content through their TV sets are skewing older and wealthier compared to those who watch on mobile.

Indian food delivery service Swiggy understood this well when they adopted a CTV-first strategy that targeted customers who were ordering while streaming the Premier League. Swiggy reached 47 per cent more high-income households, raising its profile and prompting viewers to download the app – a true success story.

Consumers are re-evaluating the streaming services they are subscribed to

Just as the COVID-19 situation clears, the cost-of-living crisis hits. None of us can really catch a break.

This has led to APAC consumers becoming more price sensitive towards in-home entertainment purchases. The good news is that the crisis is not affecting their love for TV streaming. The bad news – consumers in APAC are streamlining their entertainment expenses.

Among the APAC markets, GWI studied – around one in four streamers in five of these markets are thinking about cancelling a TV subscription, citing ‘paying for too many services already’ or ‘wanting to use another one instead’ as the main reasons for doing so.

It might be fair to say that there is a limit to the number of platforms consumers are willing to pay for, and that limit may get smaller as inflation continues to bite, especially in parts of the region where price sensitivity is higher. Only time will tell which services will come out on top in each market, and the choice of where to advertise must be made wisely.

Value and original content triumph price concerns

Nonetheless – it’s value that APAC consumers are prioritising when making their decisions on entertainment subscriptions. Content that is relevant to their interests (60 per cent) and original content (49 per cent) are more important to them than price.

GWI’s data shows that interest in cultural channels, lifestyle shows, and soap operas is falling in APAC. The lack of sports in 2020 also contributed to its decreasing popularity, and we will soon see if major events like the World Cup will bring sports fever back.

Also Read: Streaming the dream: How live streaming technology can increase access to brands

Challenging times have made people more drawn to genres that offer an escape from everyday reality – including drama, comedy, and children’s TV. In particular, Korean dramas and Japanese anime shows are catching on in many different parts of the world. GWI’s July Zeitgeist data showed that more than half of foreign content viewers globally say they’ve enjoyed content from other countries and want to see more of it. This could be why Disney+ is spending big and looking to serve up 50 new APAC originals by 2023, producing plenty of local language content.

In terms of which streaming channels are currently leading the pack – GWI’s ‘Why People Watch‘ study shows that it is Netflix in APAC, followed by iQiyi, and then Disney Hotstar.

Strong competition from short-form video platforms

GWI’s 2022 Global Media Landscape Report shows that outside of China, the number of consumers using TikTok globally has grown 40 per cent since Q4 2020.

TV streaming services are now competing for viewers’ attention with other forms of media like short-form video platforms. Twitter and YouTube, for instance, are gaining traction, especially among younger generations. India is YouTube’s biggest market. Over two-thirds of Instagram users are watching videos on the platform every month.

The popularity of short-form video and social media platforms is only going to grow, which brings an opportunity for different viewing formats to work together and complement each other rather than cannibalise the other.

A great example of this in action was the 2021 Netflix series Arcane debuting across Netflix and Twitch to accommodate Netflix users and those who prefer free-to-use platforms.

As the online TV streaming landscape continues to see shifts, hits from economic pressures, and increasing saturation and competition, one thing’s for sure and reassuring – TV streaming is only going up.

It is crucial for businesses and advertisers to keep a close track of the industry and consumers’ preferences and stay tuned in to what and how people want to watch.

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Rachel Lau is the Co-Founder and Managing Partner at Malaysian VC firm RHL Ventures focusing on growth capital investments in Southeast Asia.

Before establishing RHL Ventures as a partner in February 2016, Lau was VP at Heitman Investment Management in Hong Kong and Australia.

Lau also serves on the Leadership Team of the Hong Kong chapter of Ellevate (formerly 85 Broads), a 34,000-member global network of professional women. She also sits on the Program Committee of EMpower, an international not-for-profit organisation that supports at-risk youths in developing countries.

In 2018, Lau was named one of the 50 People Redefining the Way We Live by Business Times Singapore. 

Lau graduated from Australian National University with a Bachelor of Commerce with Distinction (double major in Accounting and Finance) and received a Master of Law (major in Business Law) from the University of Sydney.

In addition, Lau represented Malaysia in rhythmic gymnastics in various tournaments and the British Council as a delegate in the Young Global Citizen Summit to solve global poverty and human rights issues.

She is a regular contributor of articles for e27 (you can read her thought leadership articles here).

In this candid interview, Lau talks about her personal and professional life.

How would you explain what you do to a five-year-old?

The easiest way to explain is to say I invest in people that change the world.

What has been the biggest highlight/challenge of your career so far?

RHL Ventures was founded in 2016, and we have always been focused on driving transformative growth in the ASEAN through investing in small and medium-sized companies in the region. Setting up RHL Ventures and building it to become Malaysia’s most prominent homegrown VC has been my career’s most significant challenge and highlight.

Also Read: Your identity should not be limited to what you do at work: Sheryl Chen of Qualgro

How do you envision the next five years of your career?

The best way to progress in life is through having a goal and working towards it. The next five years of my time will be focused on building RHL as the go-to VC in the region.

What are some of your favourite work tools?

The best tool ever created was Microsoft Excel. I am a pure nerd at heart.

What’s something about you or your job that would surprise us?

We all have a side of us that people don’t know. What surprises many people is that we invest in the unknown, taking risks into young innovative solutions. We believe in new ideas and support them in making their dreams a reality.

Do you prefer WFH or WFO, or hybrid?

The best version of me is when I am around people. So, Work from Office. I love the energy in the office, the chats, the lunch meetings, all of it.

What would you tell your younger self?

A piece of advice I will always hold close to me is to never listen to people who put you down. Destiny is not what you are born into; chart your path, for the future is what you make it. Be fearless, take risks, fall, and cry, but keep going.

Can you describe yourself in three words?

Disciplined, calm and fearless

What are you most likely to be doing if not working?

Reading. I love always keeping myself updated with new things. It is the one thing that everyone should cultivate.

What are you currently reading/listening to/ watching?

Listening to Smash Mouth’s All-Star and watching Money Heist.

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2022 has been fruitful and filled with growth and challenges, especially for the Innovate team. In a nutshell, our 2022 was focused on digitalisation, adaptability, building a solid foundation, and collaboration. These elements are vital for businesses to thrive in today’s fast-paced and constantly evolving business environment.

“If it’s not working, change it.”

We did a lot of pivoting this year but our goal to provide equal opportunities to startups and founders and to connect you with the right network remains unchanged.

Here’s a recap of what we did and the lessons you can take away from it:

Geography is no longer our master

In the last few years, we have seen a digital transformation happen faster than before. We were limited by geographical and anthropogeographical access, but with most processes now digitalised, it opened a whole new set of opportunities and challenges for everyone.

We worked with Zoom, which is now expanding its vision to support startups innovating hybrid workforce collaboration and delivering happiness to their customers. We organised:

• A webinar where we talked about what customer experience and customer communications are. You can watch the recording here.
• An in-person roundtable with selected VCs to empower companies in the ecosystem to build a memorable customer experience for all its customers and stakeholders.

We are also running the Meta Community Accelerator Programme for the third time to support online communities in APAC and Bangladesh. With community building at the heart of e27, we are honoured to empower online communities by providing them with the necessary tools, training, guidance, and connection to grow and nurture their communities.

We have supported 50+ communities to achieve their goals, conducted their dream activities, and connected them with relevant connections to further amplify their impact. What started as a hobby for some and a safe space for others, these community leaders are continuously providing value to the people around us.

Also Read: A year in review: How e27 served the tech ecosystem in 2022

What used to be physical has now turned digital, and we are no longer bound by geography.

Adaptability over sustainability

Put in a different context, sustainability is the ability to sustain your operations and support your customers, but sustaining your operations is not enough to meet the rapidly changing needs and expectations of your customers – especially in the digital world.

We partnered with CleverTap to discuss with key growth and top marketers in the region how to adapt and integrate optimised customer growth and retention strategies on mobile touchpoints to be able to double down on retention and win in the markets in which our businesses operate. 

We just finished our roadshow events in Jakarta and Singapore this year, and we are going to Malaysia, Vietnam, Thailand, and the Philippines in 2023 to discuss how you can craft innovative customer experiences.

Stay tuned to the events’ updates and registration openings through this link.

Building a solid foundation for innovation

Innovation doesn’t happen in a vacuum. The best innovation comes in response to long-standing problems we are facing, and having a stable foundation allows us to explore and innovate freely.

We have been using maps to navigate around cities and places. But despite having a lot of updates to our maps, approximately 75 per cent of the world is poorly addressed, leaving them underserved. 

We teamed up with UNL Global to host a webinar to talk about how they are planning to develop a next-gen micro-location and mapping technology to build maps that bring your business forward, empower your delivery agents, and build the internet of places.

Having accurate data and mapping play a significant role in your business operations. And In the context of e-commerce and last-mile delivery, it refers to the delivery of products and services quickly and seamlessly and to your customer’s doorstep.

Click here to watch the webinar recording.

Collaboration over individual endeavours

There are many benefits to collaboration. With this, individuals and organisations can pool their knowledge, skills, and resources and can achieve more than they could alone. Collaboration can also foster creativity and innovation as it encourages the sharing of ideas and the development of new approaches.

This year we worked with SAP and XS APAC over a series of engagements. Starting with a series of webinars focused on you can do business with large enterprises, a virtual roundtable with investors where they talked about how they can support investor portfolios, and a panel discussion during this year’s Echelon Asia Summit!

Also Read: ‘Focus on your north-star vision’: 30 startups speak of their learnings in 2022

The engagement focused on the importance of Startup-Corporate collaboration to boost:

• Innovation: By collaborating with a startup, a corporation can access this innovative thinking and potentially bring new products or services to market. Click here to learn how you can do business with enterprises to help you focus and improve your product.
• Offering more cost-effective solutions: Startups may be able to offer more cost-effective solutions to problems faced by corporations, potentially leading to cost savings for the corporation, especially during these challenging times. Click here to learn how you can optimize business solutions through customer-centricity.
• Access to new markets: Through collaboration, startups and corporates can work together to reach a wider set of audience, reach new markets, and impact more people. SAP shared some key points on regional expansion in the last Echelon Asia Summit 2022. See how you can explore corporate partnerships as a pathway to scaling your startup here.

Speaking of access to new markets, this year, we teamed up again with JETRO (Japan External Trade Organisation) for their 2022 Global Acceleration Hub Programme to support Japanese startups with their plans for overseas expansion. We’ve worked with:

• Credit Engine: a SaaS products provider for the financial sector that provides services that cover the online lending process to debt collection with data-driven digital technology.
• Cross Sync: Provides iBSEN – real-time monitoring of ICU patients and their severity using AI and ICT. They provide D-to-D Tele-ICU telemedicine service with an AI monitoring function.
• Terra Drone: Focuses on providing drone utilisation services for oil and gas, renewables, terminals, survey, and processing and storage.
• TB-M: Focuses on developing and manufacturing ecological new material, LIMEX – a composite material of over 50 per cent made of limestone. LIMEX has been developed in Japan that provides ecological and economic benefits

If you would love to work with them, please let us know, and we would be more than happy to connect you!

Collaboration is not just limited to startups or corporates partnering with each other or other entities to support their vision and mission. We also work with our network to connect startups with the right investors.

Together with Techstars, Facilitated the Demo Day with 200+ attendees and made more than 130+ matched connections with investors and strategic partners over a two-day programme split between Global Scale and Clean Tech cohorts.

The selected 26 startups also underwent a series of sessions to help address the issues they are facing specific to their companies to help them build and grow their companies. The event was attended by mentors, investors, and other startups, with more than 80 per cent of the attendees looking for business opportunities with the startups.

Collaboration can take many forms, and by working with other organisations, businesses can access new ideas, resources, and expertise and can achieve more together than they could alone.

Looking back at 2022

In recap, digitalisation, adaptability, building a solid foundation, and collaboration are all key factors that can help businesses to thrive in today’s fast-paced and constantly evolving business environment. By adopting these strategies, businesses can stay competitive, achieve their goals, and create value for their customers, employees, and shareholders.

What’s in store for 2023

2022 posed a different set of challenges, and we are anticipating that some of these challenges will remain.

As we mentioned, we did a lot of pivoting this year but our goal to provide equal opportunities to startups and founders and to connect you with the right network remains unchanged, and it doesn’t end here!

Send an email to programs@e27.co to see how we can work together to craft the right story to showcase your brand, how you can get connected and engage the community in Southeast Asia, and how you can amplify your impact. This is where you start!

This article has been co-written by Selma Ayuanshari and Mayeda Bidushi.

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Indonesia-based banking and digital finance platform Akulaku has secured a US$200 million investment from Japanese megabank Mitsubishi UFJ Financial Group (MUFG).

The investment will support its expansion of banking services across Southeast Asia, including underserved customers and markets.

The company’s future growth plans align with MUFG’s, and their joint expansion into new territories, markets, and products will accelerate heading into 2023.

This is the second strategic investment in the company this year, following the US$100 million in funding closed with Thailand’s Siam Commercial Bank early this year.

Along with the investment, Akulaku and MUFG will enter into a framework agreement for Akulaku to work with MUFG companies across Southeast Asia on technology, product development, financing, and distribution.

Also Read: ‘Asia’s BNPL sector has great potential’, says Akulaku CEO William Li

“Akulaku’s emphasis on emerging markets has highlighted a vast, underserved audience in the banking industry,” the company said in a statement. “By partnering with MUFG, another innovative financial institution, we will have the knowledge, resources, and services to meet the long-term needs of our growing customer base. Both companies will benefit from shared skills and knowledge, enabling us to expand our products and geographical reach.”

“Southeast Asia is key and a second home market to MUFG. Our investment in Akulaku will further solidify our commitment to this region to meet the growing financial needs of underserved customers. With Akulaku’s digital financial services backed by its strong technology, our journey with Akulaku will help us further contribute to the growth of this region,” said Kenichi Yamato, Managing Executive Officer and CEO of the Global Commercial Banking Business unit at MUFG Bank.

Akulaku is a leading banking and digital finance platform in Southeast Asia, with a presence in Indonesia, the Philippines, and Malaysia. Akulaku helps meet the daily financial needs of underserved customers in emerging markets through digital banking, digital financing/investment, and insurance brokerage services.

In addition to the Akulaku virtual credit card and e-commerce platform, the company operates Asetku, an online wealth management platform, and Neobank, a mobile digital bank supported by Bank Neo Commerce.

Akulaku has so far raised US$648 million over 12 equity rounds from investors such as Ant Group, Sequoia India, Qiming Venture Partners, and Arbor Ventures. 

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Remember the days of standing at the reservation counter of an airline company to buy your ticket? Neither do I. Thanks to the transformative effects of tech, industries like transport, food deliveries, groceries and travel bookings, amongst others, are a swipe away.

A big reason for the success of these businesses is that they do one thing, and they do it well. By zooming in on a single problem and solving it effectively, businesses can quickly acquire a targeted user base and build a reputation for reliably offering a service. Travel companies such as Skyscanner and Airbnb thrive on this model by growing and building a solid user base through a focus on customer satisfaction and retention.

Similarly, over the past decade, we have seen a rise in faith-based apps that were produced with a single utilitarian purpose in mind, such as providing accurate prayer times or locating the direction of the Qibla.

However, single-purpose apps – even successful ones – often don’t create enough consistent usage or demand to build a sustainable business in the long run, given the isolated function that they offer. Apps need to evolve with the times to reflect the demands of modern day-to-day life.

Diversification as the way forward

If we look at companies that are really leading the pack globally, diversification is key to many of their strategies. Popularly known as super apps, these are one-stop-shop apps that offer multiple services, including shopping, ride-hailing, groceries and banking through a single user interface.

For apps, diversifying their services helps to mitigate risks, makes the most of their current user base, and gives them access to entirely new audience segments by extending their core offering.

Also Read: Quadria Capital injects US$90M into Con Cung to build super app for Vietnamese mothers

This approach makes more sense, given that the average person has about 40 apps on their mobile device but spends nearly 90 per cent of their time on less than half of them. Not surprisingly, in ASEAN, super apps are growing rapidly – from a market valuation of US$4 billion in 2020 to hitting a forecasted value of US$23 billion by 2025.  

All this is to say that there is a massive opportunity for faith-based apps, such as ourselves, to diversify our offering and bridge the gap for tech-savvy users looking for relevant products and services. This is particularly true for Muslim users. Globally, the Muslim population stands at 1.9 billion, but there are only a handful of global lifestyle apps available to serve their needs. 

Among users of the Muslim Pro app, a survey found that seven in ten respondents struggled with having to tap into multiple sources and platforms when seeking viewer-appropriate content. Based on these insights and learnings from how other successful apps have grown, it’s clear that a diversified all-in-one platform is a crucial first step to meeting the demand for Muslim-centric lifestyle solutions.

Creating a faith-based super app

From prayers and other daily rituals to dietary requirements, fashion and media consumption, religion has an expansive influence on the day-to-day lifestyle of its practitioners. It is only natural for users to value the convenience of having all their go-to resources available on a single platform, where they can access the content they need in a seamless manner.

To this end, the Muslim Pro app has recently expanded its services into Qalbox; a subscription video-on-demand (SVOD) streaming platform that celebrates the best of Muslim-friendly entertainment. With hundreds of hours of films, documentaries, kids’ programmes and more, Qalbox offers content that is thoughtfully curated and carefully moderated in accordance with strict guidelines and experts, giving communities peace of mind through platform-based compliance. 

For us, this is only the start. It is no easy task to continuously understand, meet and address gaps in user demands, but this is critical for any business or app looking to deliver solutions that are helpful and sustainable in the long term. Regardless of the platform, this remains an ever-evolving challenge – but one that presents opportunities for growth.  

Super apps that are leading the pack across the region are doing so by keeping a finger on the pulse of consumer needs. For those of us seeking to close the gap in the faith-based lifestyle market, there is much we can learn and adapt from these success stories to achieve the same.

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Digital marketing is a dynamic field that gets more sophisticated and advanced every year. It also puts a lot of pressure on us as agencies to adopt best practice strategies faster. The more we understand these changes, the better we can cater to our clients.

There are many things to be excited about for the new year, and here is a breakdown of our top few.

Brands will focus on leading with purpose and impact

Leading with purpose and impact is important because every organisation runs because of people. People, by nature, are driven by purpose.

According to Forbes, “52 per cent of purpose-driven companies experienced over 10 per cent growth compared with 42 per cent of non-purpose-driven companies, and this included growth in purpose-driven companies benefiting from greater global expansion (66 per cent compared with 48 per cent), more product launches (56 per cent compared with 33 per cent), and success in major transformation efforts (52 per cent compared with 16 per cent).”

The organisation’s purpose starts from the hiring process all the way to the business’s day-to-day operations. Employees are starting to introspect and soul-search more when reflecting on their purpose in life, especially after the COVID-19 pandemic. 

Work is also no longer a place to solely make profits. It is a place where positive social impact can be made. This brings us to ESG (environmental, social, and governance) principles which more and more companies are looking into. This could mean taking measures to produce positive social outcomes, such as making efforts to lower pollution and CO2 output and also reducing waste.

Also Read: “Consolidation and explosion”: SEA startup investors reveal 2023 trends they are keeping close watch of

It could also mean creating a diverse and inclusive, well-rounded workplace. As time-consuming and expensive philanthropy is for an organisation to undertake, it will create deeper connections both internally within the organisation and externally with customers, which will be rewarding for the business in the long run. 

More and more companies will start figuring out ways to help employees feel more fulfilled and supported both purposefully and impactfully because if they get this right, the potentials are endless.

How brands will onboard Web3, creating utility for NFTs, metaverse

I am excited to see how marketing strategies will innovate to adapt to Web3. I’ve seen a lot of luxury brands onboard the metaverse and showcasing their craftsmanship in creative ways, and it’s fun to see how Web3 will take shape.

Building more relevant and personalised content experiences for customers

Brands can issue NFTs for collectors to gain access to new product launches (aka “drops”) and physical entry to clubs, events, and shows. They can also personalise the entire funnel and create a unique experience for individual collectors since it is built on blockchain, a decentralised network. And as this is still in the infancy stage, the possibilities for brands to be creative are endless.

Creating scarcity

Brands can also create exclusivity through NFTs to target a new generation who are constantly seeking to boost their digital presence. This can be done via investing in digital clothing like avatars, skins, and gliders. Think about it, we are living in an era of material culture and identity, and digital identities are becoming more of an extension of oneself.

Fortnight made US$9 billion in revenue in its first two years. Roblox boasts a collective US$1.2 billion on their in-game currency, up 171 per cent from last year. The more embodied one feels in their avatar, the more likely they are willing to pay to improve their appearance in the virtual space.

What does this mean for brands? It all comes down to how they decide to converge tokens and Web3 to drive business goals.

Interacting with customers in the metaverse

Decentraland and Sandbox are currently the top two leading metaverse platforms, and big brands are already heavily investing in this space. Brands can buy real estate in the metaverse to greet and communicate with their customers in a shared virtual space, which brings about a new form of “direct-to-avatar” marketing. It is pretty exciting to see how brands can personalise experiences to interact with individual customers in the metaverse over time.

A shift from Web2 marketing strategies to community building

Community building has also become the foundation of Web3. It’s time for brands to inspire people to join and engage by creating an inclusive space where they ideate, contribute and make a difference for them to thrive in the Web3 space. 

There are many competing versions of what Web3 will look like for businesses when it’s riper, and only time will tell.

SEO voice search

Voice search technology has advanced over the years due to improvements in natural language processing. It is becoming more exciting because it represents a new way for people to search for and find information online.

With the increasing popularity of speakers and other voice-activated devices, more and more people are using voice search as their primary method of accessing information.

A survey by PwC found that 40 per cent of adults use voice assistants on their phones at least once a week. This shift presents a new set of challenges and opportunities for brands to look into so that they can reach potential customers.

Google reports that 27 per cent of the global online population is using voice search on mobile devices. So while it is still in its infancy, voice technology is getting to a point where it has become mainstream. 

Also Read: How to leverage personalised advertising in 2023

We’ve been carefully considering the advantages of ranking for voice search when it comes to SEO optimisation as part of our client’s digital marketing strategies. The goal is to gain a competitive edge because, soon enough, voice search will become more widely available, with a growing number of people using smart speakers, phones, and other devices featuring voice search capabilities.

The growth of AI and automation

Automation

Automation is evolving and becoming more and more sophisticated as it helps brands personalise their communication to audiences better while also improving on cross-channel integration. This will enable brands to deliver more seamless and cohesive experiences to customers while saving time with monotonous, mundane tasks.

Artificial Intelligence

Then comes artificial intelligence (AI), which essentially takes broad rules outlined by humans but determines its pathway. These include analysing customer data, predicting customer behaviour, and even automating certain marketing processes. 

Our agency has been using Jasper.ai over the past year for our first layer of generating content drafts, but recently we’ve been fiddling around with Elon Musk’s Chat GPT, and it is pretty amazing what AI has evolved into.

Its been trained to engage conversationally so you will be able to ask mathematical questions, code, create content and also summarise content, acknowledge errors, refute false assumptions, and more.

We need to start thinking about the potential of AI and how we use it to improve business strategies and marketing efforts. 

It is exciting to learn about new innovations and market trends, and I am looking forward to technological developments that can improve the way my agency operates.

As an entrepreneur, you always need to be readily available to pivot to new changes because the business environment will constantly evolve. Having a growth mindset is key because it will help my team stay agile and responsive in a constantly changing business environment.

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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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Wareflex, an on-demand warehousing platform in Vietnam, has closed an undisclosed pre-seed funding round with lead investor Genesia Ventures.

Existing backer Antler also participated, bringing the startup’s total raise to US$785,000.

The company will use the money to develop its technology platform and expand the team.

Wareflex simplifies the warehouse procurement process with a B2B marketplace, a business network of related products and services, and a SaaS supply chain tool to support clients in optimising their operations.

The firm provides flexible warehouses of all types on a pay-per-use basis. It has a network of over 100 warehouses across Vietnam, including general/ambient warehouses, cold storage, open yards, and e-commerce fulfilment centres.

Also Read: Vietnamese EV maker VinFast files for US IPO

On-demand warehousing platforms match companies with underutilised warehouse and distribution centre capabilities and customers needing extra space or expanding their distribution network. This new business model has unique advantages in terms of flexible capacity and commitment granularity but also has different cost structures compared to traditional ways of obtaining distribution capabilities.

Wareflex’s Co-Founder and CEO Rajnish Sharma said: “We believe the supply chain industry in Vietnam has an opportunity to improve in terms of standardisation, transparency, efficiency, and innovation. With that in mind, Wareflex is helping to improve the openness of the warehouse attributes, service pricing, and availability. Secondly, we increase the efficiency and utilisation of warehouses across Vietnam by facilitating the matchmaking process between supply and demand. And finally, we boost innovation by providing flexibility and agility to businesses to access warehouse services and build their distribution network effectively.”

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Nowhere else in the last few years has there been as unexpected and unprecedented growth as there has been in the e-commerce industry, which was significantly influenced by the COVID-19 crisis. Consumer behaviour has changed due to the pandemic, lockdown measures, and uncertain economic times, driving more people to shop online rather than in person.

As more people lost trust in traditional commerce, they became more attracted to the convenience of online shopping. In economies where e-commerce already plays a significant role, the share of online spending increased more between January 2018 and September 2021, according to a study by the International Monetary Fund. The pandemic accelerated the shift away from physical stores to online shopping by up to five years, according to IBM’s US Retail Index.

A Visa study found that 31 per cent of Singaporeans made their first-ever online purchases during the pandemic, purchasing items from websites or mobile applications. 52 per cent of those surveyed said they shop less frequently in physical stores, compared to 74 per cent of Singaporean consumers who shop more frequently online.

However, the effects are reversing as the world gradually recovers from the pandemic’s aftermath, despite predictions that the digital and e-commerce industries will continue to grow quickly.

Challenges affecting the growth of the e-commerce industry

As we gradually leave behind lockdowns and other restrictions, the transition from the digital economy to a more mature e-commerce landscape will begin. Retailers should be cautious and watch what they expect as more and more shoppers are turning away from online shopping and returning to traditional commerce.

While retailers can expect growth in sales, they should watch for overgrowth, as well as overestimation. Some companies, like Shopify, over-delivered on the anticipated growth in e-commerce, causing the company to have too many employees.

Also Read: How Graas aims to help brands evolve their e-commerce strategy

Fast-paced industries like e-commerce are fuelled by advertising and marketing efforts, which require significant capital for larger businesses. The fast-paced nature of these industries also demands constant vigilance from retailers, as digital marketing is becoming more competitive than ever.

In 2021, the e-commerce industry was predicted to account for 21 per cent of global retail sales by the end of this year, a small increase of about 10 per cent from five years ago.

Access to funding to maintain growth momentum in a fiercely competitive market or enter a new market is the biggest pain point for businesses. In fact, according to CBInsights, running out of funds accounts for 38 per cent of startup failures.

E-commerce businesses will probably need to access additional funding as a result of the global slowdown in the industry to expand or, in some cases, maintain their current level of revenue. But for many businesses, this is where the issue lies.

The gradual decline of traditional funding

Traditional funding methods are the most common way for businesses to raise money; in fact, this practice has become standard in the business world. Various traditional funding options exist, including bank loans, venture capital, and angel investors.

Of the numerous traditional funding options, bank loans are probably the most preferred because they enable borrowers to raise capital at typically low-interest rates without giving up company ownership.

However, getting a bank loan is more difficult than one might imagine. Banks and other financial institutions typically analyse the borrower’s risk before approving a loan. The amount of the loan itself varies based on factors such as how much income a business generates, its record of profitable operations, the level of risk involved in its operations, and its capacity to repay debt.

In other words, a business is more likely to receive a loan if its asset value is higher. This is done primarily to safeguard the banks so that, in the event of a default, the bank can recoup its losses by selling the borrower’s assets.

However, the biggest flaw is that these digital businesses, like e-commerce businesses, typically don’t have many assets. The risk and return of these high-volume businesses, which may have high revenues but low-profit margins, are difficult for banks to assess.

In addition to not having eligible assets to pledge as collateral for loans, bank loans are usually time-consuming to apply for, and loan repayments in fixed instalments can put pressure on their companies’ cash flow, both of which are things businesses will want to avoid during this time of financial uncertainty.

Also Read: GuavaPass co-founders’ new alternative lending startup Jenfi lands US$6.3M led by Monk’s Hill

Bank loans can provide businesses with considerable amounts of capital at low-interest rates without the need to sell ownership, but because of rigid repayment terms, they aren’t as accessible to every business. This suggests that acquiring funding will become a bigger challenge for e-commerce businesses because these businesses are labelled as high-risk.

A fresh approach

Running a business has become a little bit simpler thanks to the development of new technologies over the past few years.  The advancements in financial technology have made it possible for businesses to expand beyond the limits imposed by traditional funding methods, changing the way business is conducted and attracting a new breed of investors.

Alternative revenue-based finance companies, such as Jenfi, are now better positioned to meet the funding needs of these companies. They assess risk for digital businesses and also control how their funding is used.

This ensures the entire amount can only be used for growth on digital platforms such as Google, Facebook, Instagram, LinkedIn, and other digital platforms. By doing so, there is a controlled use of funds and the ability to funnel the funds into growth solutions.

Companies who choose alternative revenue-based solutions such as Jenfi benefit from more flexible target repayment plans than fixed instalment repayment plans. Jenfi’s application procedure is entirely online, and companies have secured funding in as little as 24 hours in rare circumstances. This type of alternative funding is far better than traditional financing, which might take months.

Charting the future for the e-commerce industry

By 2025, it was predicted that the e-commerce industry would expand at a rate of 16.23 per cent, with a market value of US$11.45 billion. While it’s clear that e-commerce businesses are prepared for future growth, it will come with its own set of challenges. As the industry experiences a global slowdown, traditional funding methods are inadequate to support the expansion of e-commerce businesses.

To tackle the challenges that lie ahead, companies in the e-commerce industry should begin utilising alternative modes of funding to optimise their growth. Alternative funding can play a significant role in the growth of the e-commerce industry. It could give these businesses the tools they need to deal with the challenging effects of a slowing global 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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