At the recent AWS re:Invent 2024 conference in Las Vegas, Amazon Web Services (AWS) made several announcements about its latest product innovation for customers worldwide. However, for the global startup ecosystem, the most intriguing one might be the company’s allocation of US$1 billion in Activate Credits for startups in 2025.

In an interview with e27, Tiffany Bloomquist, Asia-Pacific and Japan Head of Startups, AWS, revealed how the company plans to continue supporting the startup ecosystem with the initiative. As an initiative that has been around for a while, Activate Credits enable startup customers to realise their ideas before they secure VC funding.

“How do we help those in the early stages—while they are finding their way—to get them to the best solution to meet their full potential? We are deeply committed to finding ways that startups can experiment and potentially disrupt industries. There are massive amounts of change that we think is coming and has been coming with AI, and startups are the ones to move the fastest,” she says.

“Startups are passionate about a particular customer outcome, and they look at ways that they can achieve that faster and in different ways. They tend to be some of the first to adopt to experiment.”

Bloomquist further explains that startup customers often require support from AWS, as their cloud platform provider, for their go-to-market initiatives.

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

“Once startups have had enough successful wins and references in their home market, they are finally ready to expand to international markets. But, where do you start?” she says.

“So, our job is to meet with them and help them understand the qualities that make them ready for an international market, the type of product, and how it fits into that market. We also help them choose which ones might be next. Often, we see people want to immediately jump to the US because it is a large market with many opportunities. Still, sometimes you need to skip that for a neighbouring ASEAN country or a market similar to the one you are operating in.”

To ease these steps, AWS already has platforms and toolsets, like its marketplace or partner programmes, which allow startups to interact with potential customers already in the AWS network.

“Our goal is to figure out the best way for these startups to connect with each other and into the ecosystem so they can continue to grow in the countries where they operate. We also need to evaluate what it means to scale long term and into international markets over time?”

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

To reach out to these startups, AWS set up several different activities, such as the Unicorn Tank startup competition. The company’s business development team also works closely with the investor and VC communities, allowing them to see the array of solutions that AWS offers for their portfolio companies. According to Bloomquist, this helps to create awareness in the community.

Lastly, she shares the most exciting innovation that Southeast Asian (SEA) companies have come up with.

“There is a focus in ASEAN on building culturally aware, Large Language Models that acknowledge the diversity that exists in the region and helps to leverage the latest technology.”

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Lead Image Credit: AWS

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Cyber-attacks are becoming more sophisticated, making strong online security more important than ever. And yet, many businesses, like small and medium enterprises (SMEs), remain unprepared. With limited resources and expertise, SMEs often become easy prey for ransomware. Enterprise-level organisations are not safe either. They are exposed to cyber threats as more remote teams access sensitive data through various networks.

The stakes have never been higher. For small businesses, a single data breach could mean downtime. This may result in added costs, regulatory fines, or even closure. For larger organisations, one compromised account can make them lose thousands of customers. This is why partnering with a reliable cybersecurity expert is essential. And it’s not just about preventing breaches! It’s also about building resilience in an ever-changing digital world.

How to solve cybersecurity challenges

A comprehensive cybersecurity strategy, like Kaspersky Premium, protects businesses in several key areas. These include security, performance, privacy, identity, and home Wi-Fi networks. Together, these measures ensure robust digital protection.

First, security tools stop threats before they escalate. This first line of defence includes antivirus software and vulnerability scans. Second, recovery options help organisations restore systems after incidents. Third, performance tools help keep those systems efficient. They do this by keeping apps up to date, saving battery life, and maintaining hard drive health. 

In addition, privacy tools secure sensitive information. This includes tools like data leak checkers and file shredders. Identity safeguards like secure digital wallets prevent fraud. Meanwhile, smart home and Wi-Fi monitoring tools ensure stable, safe connections across devices. These features combine to form a robust defence system. They protect organisations from cyber threats while keeping operations efficient. This holistic strategy ensures businesses stay secure and adaptable in a digital-first world.

Also read: Understanding cybersecurity threats: What you need to know to stay safe

Kaspersky Premium’s mission to eliminate cyberthreats

Kaspersky Premium delivers a powerful one-stop solution to address all cybersecurity challenges. Its single system integrates many aspects necessary for consumers. This includes security, performance optimisation, privacy protection, identity management, and home Wi-Fi monitoring. This all-in-one approach helps businesses protect their digital assets. It also ensures smooth systems performance and efficient operations.

Can Kaspersky be trusted? Absolutely. Kaspersky is a global leader in cybersecurity. Founded in 1997, they help protect businesses, governments, and individuals from digital threats. Kaspersky uses advanced security solutions that safeguard different devices and platforms. It stays ahead of cyber threats with reliable expertise and constant innovation. This gives users strong, trustworthy protection worldwide. As a result, it creates a safer digital world for all.

The importance of an extensive threat detection network

Kaspersky has built one of the most extensive threat detection networks in the world. This enables it to identify and respond to potential security risks in real-time. Businesses can secure their data by detecting malware and phishing attacks. These and other cyber threats are resolved before they can cause harm.

For example, the identity protection tools continuously watch and secure user credentials. As a result, unauthorised access is blocked and fraud is prevented. Further, its smart home security tools constantly protect businesses. It does this by monitoring Wi-Fi networks and connected devices. With this holistic approach, Kaspersky strengthens the digital infrastructure of organisations.

Also read: Cybersecurity in Asia: Trending toward a safer digital future

Leveraging Kaspersky’s premium support services

You might ask, “Is Kaspersky safe to use?” The answer to this is a resounding yes. On top of its comprehensive suite of solutions, Kaspersky provides premium support services. Kaspersky aims to provide enhanced customer experience and ensure optimal protection. As such, its priority support line offers reliable help for any security issues. It also offers expert remote installation services. This lets you install and customise Kaspersky applications according to your specific needs.

Kaspersky’s remote IT services offer expert guidance to resolve product-related issues. Its virus check and removal service ensures complete malware cleanup on your devices. Plus, Kaspersky’s PC Health Check Services maintains good device performance. These services work together to ensure your systems stay secure and function right.

Why Kaspersky makes sense for all businesses

Kaspersky provides a comprehensive, all-in-one cybersecurity solution. Its multi-layered approach covers core security needs like antivirus and malware protection. It also addresses privacy, performance, identity protection, and smart home security. Unlike many competitors, Kaspersky combines strong protection with premium support services. These include expert virus removal, remote IT support, and PC health checks. Kaspersky’s tailored, full-spectrum solution is a great choice for today’s online challenges.

Should I buy Kaspersky? If you want to protect your organisation with one solution, contact Kaspersky today. Jumpstart your journey towards a stronger, more reliable cybersecurity system with Kaspersky Premium.

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

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For the longest time, owning the consumer payments space has been Asian banks’ key focus

However, the shift is likely to change in favour of the under-serviced B2B payment segment and right now banks are coming up short in their offering.

The need for banks to lift their B2B payments game is being driven by three trends.

First, consumers’ use of digital wallets has reached an inflexion, where more than 50 per cent of purchases are now being transacted using digital wallets for the first time. This requires consumer-facing businesses to adapt. Second and related, these businesses — especially at the smaller end — are expecting more from their payment providers for their wider operational needs, such as virtual accounts. Finally, increasing consumer banking regulation is heating up (including consumer card interchange) in a way that isn’t affecting the B2B space.

B2B payments are at a tipping point for banks

Taken together, it’s a space that’s ripe for growth but the competitive pressure and opportunity on banks to offer real-time and flexible B2B payment solutions has never been more immense, and financial institutions that prioritise B2B payments can grab hold of new market share.

For example, in Japan, trillions of dollars of B2B transactions occur annually, yet only two per cent are processed through card-based systems. This stark untapped potential of card products in the corporate space has created a race among Japanese banks to launch platforms to better serve their clients. A trend that is now spreading throughout the Asia-Pacific region, where traditional payment systems are lagging far behind the needs of modern businesses.

Of course, Japan is a unique case study; the interest rates are going up and not down. For the first time in 20 years, they moved out of negative interest rate territory this year.

Conversely, those that fail to embrace change risk being left behind. Studies have already shown that one in five retail customers globally have left their bank due to inadequate digital services, and corporates are likely to follow the same pattern.

Also Read: The future of payments in SEA: Regional cooperation remains critical in pushing for progress

This is not an entirely new challenge, but the stakes are now higher than ever. As global economic uncertainties subside, businesses are feeling more confident in looking further afield in choosing their financial services partners, particularly as nimble entrants with digital licenses cash in on the opportunity to fix the unmet needs of businesses with modern, efficient payment solutions.

Making the move

Global payment giants like Visa and Mastercard are providing strong incentives for banks to adopt and offer B2B solutions. Banks in key markets including Thailand, Indonesia, Hong Kong, and Singapore are exploring these options to stay competitive.

This leaves Asia’s banking sector at an interesting juncture.

The quandary for banks in recent years has been balancing the reliability of legacy systems with the hyper customisation that their customers demand, including those in the B2B space.

However, the solution doesn’t have to be a binary choice between the retention of stable but unsuited legacy or a courageous IT overhaul.

Instead, a middle ground can be forged where technology infrastructure is updated incrementally to enable building on existing strengths while introducing modern platforms that work seamlessly with legacy systems.

Embedding

Beyond updating their technology infrastructure, banks must also focus on integrating their services within the ecosystems that their clients use.

Embedded finance, which is expected to account for up to 15 per cent of bank revenues by 2030, offers a pathway for banks to plug their services directly into the platforms their business clients are already using. By embedding financial services within these distribution networks, banks can tap into new revenue streams and provide greater value to their corporate customers.

Also Read: Southeast Asia’s fintech evolution: Embedded finance, CFO Tools, and collaborative infrastructure

This approach is already gaining traction in several markets across the region. Forward-thinking institutions are positioning themselves to offer Cards-as-a-Service and other embedded financial products to meet the evolving needs of their corporate clients. By enabling these seamless financial integrations, banks are not only improving the user experience but also opening substantial new business opportunities.

The time for action is now. Asia’s banking sector is at an inflection point where the adoption of modern platforms and a focus on B2B payments will determine its future competitiveness. Banks that embrace these changes will find themselves well-positioned to thrive in an increasingly digital economy, while those that cling to outdated systems risk being overtaken by more agile, tech-savvy competitors.

The opportunity for B2B payments in Asia-Pacific is huge, and financial institutions must move swiftly to capitalise on it. The future of banking in the region will be defined by digitalisation, personalisation, and embedded finance. For banks across Asia, the message is clear: adapt to the changing landscape or risk falling behind.

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Driving Innovation in Philippine Healthcare: Opportunities Beyond Telehealth

At Echelon Philippines 2024, the panel ‘Driving Innovation in Philippine Healthcare: Opportunities Beyond Telehealth’ explored the evolving healthcare landscape, focusing on digital health platforms, medical devices, and personalised medicine.

Moderated by Amanda Cua, Founder and CEO of BackScoop, the session featured insights from Hamilton Angluben, Founder and CEO at Kwik.insure; Jessica de Mesa-Lim, CEO and Co-Founder at Kindred Health Inc.; and Arvind Appavu, Deputy Managing Director at Pulse 63 Healthcare Ventures.

The panelists highlighted the transformative role of technology in democratising healthcare access and improving patient outcomes in the Philippines.

Also Read: Echelon Philippines 2024: Sabrina Tan on Lhoopa’s mission to make housing accessible

Angluben shared Kwik.insure’s efforts to provide affordable HMO plans, noting that 40 per cent of their subscribers were first-time users of health insurance. Lim discussed Kindred Health’s focus on women’s health through a combination of telemedicine and physical clinics, citing the achievement of administering 8,000 HPV vaccinations in a year.

Appavu emphasised the importance of smaller, accessible solutions in making healthcare equitable. The discussion also underscored how innovations in drug delivery systems, preventive healthcare solutions, and digital platforms are addressing gaps in the healthcare system.

The speakers agreed on the potential for technology to make healthcare more affordable and accessible, particularly for underserved communities. They encouraged startups to focus on building scalable, impactful solutions that meet the evolving needs of patients.

This panel provided a glimpse into the opportunities within the Philippine healthcare sector, showcasing how innovative approaches can drive meaningful change and improve health outcomes nationwide.

Watch the session video above to learn more about these insights and the strategies shaping the future of entrepreneurship.

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Hong Kong-based cross-border e-commerce logistics startup Jumppoint has secured an additional US$3.5 million in Series A+ funding, bringing its total funding to US$20 million.

The news round was led by returning investor MindWorks Capital, with participation from other investors, including IMM Global, Headline Asia, the Hong Kong Government, Beyond Ventures, Chinachem Group, and Boon Ventures.

Also Read: Beyond 3PL: BBTruck’s 5PL solution for a smarter, greener global supply chain

The funding will be used to scale Jumppoint’s AI-driven logistics platform, expand its regional network, and enhance its service offerings. This strategic allocation aims to drive the company towards profitability in the near future and solidify its presence in Southeast Asia’s rapidly evolving logistics landscape.

Jumppoint aims to tackle the fragmentation, high costs, and complexity that plague Southeast Asia’s logistics landscape. Traditional logistics giants have often prioritised Western markets, leaving a gap in efficient and affordable solutions for intra-Asia and China-to-Southeast Asia trade lanes. Jumppoint steps in to fill this void with its technology-driven platform that connects drivers, warehouses, airlines, and customs brokers into a seamless ecosystem.

The startup offers a 48-hour end-to-end logistics network that “significantly” reduces costs and improves efficiency for e-commerce merchants. By optimising routing and resource allocation with AI algorithms, Jumppoint claims to achieve over 50 per cent cost savings and 40 per cent faster deliveries. Its integrated operations streamline customs, order tracking, and delivery processes, simplifying supply chain management for businesses.

The company boasts a network spanning 192 countries and has served over 6,000 businesses, ranging from independent e-commerce sellers to large-scale merchants.

Also Read: How express delivery services can become a key differentiator for e-commerce businesses

Southeast Asia, home to 675 million people, presents a lucrative opportunity for e-commerce merchants. However, navigating the region’s logistical hurdles requires innovative solutions like those provided by Jumppoint. CEO Samson Ho believes that Jumppoint is well-equipped to capitalise on this burgeoning market: “By combining AI-driven technology with an asset-light model, we’re enabling merchants to overcome regional logistics challenges and unlock Southeast Asia’s immense consumer potential. This latest funding positions Jumppoint to continue scaling while advancing toward profitability, setting the stage for long-term success in the cross-border logistics market.”

With the global cross-border e-commerce market projected to grow at a CAGR of 25.4 per cent through 2030, Jumppoint appears poised to play a pivotal role in facilitating seamless and efficient trade within Southeast Asia and beyond.

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Singapore-based CarDekho SEA, the Southeast Asian arm of India’s leading digital automotive solutions provider CarDekho Group, has raised US$60 million in its first external funding round.

The investment was spearheaded by Navis Capital Partners and Dragon Fund, bringing the total funds raised to over US$100 million.

Established in 2020, CarDekho SEA provides a range of services, including used car financing and refinancing options, dealer inventory funding, and classifieds. It has a presence in Indonesia, the Philippines, Singapore, Malaysia, Thailand, and Vietnam. The company owns and operates a portfolio of brands, including OTO in Indonesia, and Carmudi and Zigwheels in the Philippines.

Also Read: Digitalisation is driving the new normal for Southeast Asia’s automotive sector

Since its inception, CarDekho SEA claims to have achieved over 200,000 disbursements and exceeded US$1 billion in gross merchandise value (GMV). The company has established partnerships with over 50 financiers and 20,000 dealers and retail agents, resulting in a 50-fold increase in GMV over the past three years. In Indonesia, CarDekho SEA commands a 3 per cent market share in the used auto finance sector and collaborates with over 40 financiers.

The newly acquired capital will be strategically allocated to bolster CarDekho SEA’s capabilities in used car financing and classifieds in Indonesia and the Philippines. The company will also focus on fortifying its B2B2C model and expanding its market reach through enhanced partnerships and distribution channels.

Future plans include building upon its existing ecosystem for distribution partners in the region by offering solutions such as inventory funding for used car dealer/agent partners. The company aims to accelerate growth by introducing complementary solutions in auto insurance, extended warranties, and electric vehicle financing.

CarDekho SEA distinguishes itself through its technology-driven loan processes, asset-light marketplace model with zero credit risk, extensive network among used car dealers and agents, and strong partnerships with financiers. The company utilises AI and machine learning to mitigate fraud and credit risks and aims to provide additional data insights to its financing partners. Efforts are underway to deepen technology and process integrations with financier partners, enabling a streamlined and secure digital loan journey.

 

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As ASEAN’s generative AI (GenAI) ecosystem evolves, startups are finding themselves both empowered and challenged by Big Tech. On one hand, tech giants like Amazon Web Services (AWS), Microsoft, and Google provide critical infrastructure, tools, and funding. 

On the other hand, these companies are increasingly becoming competitors, rolling out their own AI-driven solutions. This duality creates a dynamic where startups must carefully balance collaboration and competition to thrive in a rapidly changing landscape.

The role of Big Tech in ASEAN’s GenAI ecosystem

Big Tech companies have been instrumental in enabling the growth of GenAI startups across ASEAN. Cloud platforms such as AWS, Google Cloud, and Microsoft Azure provide the foundational infrastructure that powers the majority of GenAI applications.

According to the ASEAN GenAI Startup Report 2024, 67 per cent of startups in the region use AWS, 47 per cent use Google Cloud, and 41 per cent rely on Microsoft Azure. These platforms offer startups access to GPU resources, advanced AI models, and global distribution networks.

Foundation model providers, including OpenAI, Anthropic, and Meta, also play a key role. Startups leverage their pre-trained models—such as OpenAI’s GPT and Meta’s Llama—to build and fine-tune AI solutions for specific use cases. These models enable startups to develop applications rapidly without the need to build foundational AI capabilities from scratch.

Big Tech has further supported the ecosystem through accelerator programs, funding initiatives, and technical mentorship. Programs like the AWS GenAI Accelerator and Google AI Accelerator provide startups with cloud credits, marketing opportunities, and connections to enterprise clients. These initiatives not only reduce the cost of innovation but also enhance startups’ visibility in the market.

The competitive threat of Big Tech

While Big Tech’s contributions are significant, they also pose challenges to startups, particularly in the form of competition. These companies can quickly integrate AI capabilities into their own products, targeting the same enterprise customers as startups.

For instance, Microsoft’s integration of OpenAI’s GPT into its suite of productivity tools creates direct competition for startups offering similar solutions. Similarly, AWS and Google Cloud are increasingly bundling AI-powered tools into their platforms, which can undermine startups that rely on these providers’ infrastructure while competing for the same market segments.

Also Read: Navigating the go-to-market challenge: Helping ASEAN GenAI startups succeed

Moreover, startups that act as “wrappers” around foundation models—offering solutions that build on existing AI models with customised user interfaces or workflows—are especially vulnerable. As foundation models improve and expand their functionalities, startups risk being “steamrolled” by the very providers they depend on.

Despite these challenges, startups can mitigate risks by differentiating themselves through niche applications, fine-tuned models, and unique user experiences. For example, Vietnam’s Mesolitica and Thailand’s Botnoi Group have successfully built localised and specialised AI solutions that cater to unique regional needs, reducing direct competition with Big Tech.

Strategies for balancing collaboration and competition

ASEAN startups must adopt strategic approaches to leverage Big Tech’s resources while safeguarding their market position.

Leverage partnerships for growth

Startups can benefit from Big Tech partnerships to accelerate product development, gain market access, and enhance credibility. Many cloud providers and foundation model developers actively seek collaboration with startups to showcase their platforms’ capabilities.

Programs like the AWS Marketplace enable startups to onboard their solutions into enterprise ecosystems, bypassing lengthy procurement processes. Startups such as Malaysia’s Mesolitica and Vietnam’s Pixel ML have used these partnerships to secure proof-of-concept (POC) deals and scale their operations.

Adopt open-source and hybrid models

To reduce dependency on proprietary models, startups are increasingly turning to open-source alternatives like Meta’s Llama and Hugging Face. These models provide greater flexibility and allow startups to build proprietary solutions that are less vulnerable to direct competition.

For instance, Vietnam’s AI Hay and Thailand’s Typhoon are leveraging open-source models to create localised AI solutions optimised for their respective markets. This approach not only enhances differentiation but also reduces reliance on external providers.

Focus on niche applications

Specialising in niche markets or industry-specific solutions is another way for startups to navigate the competitive landscape. By addressing unique problems that require localised knowledge or custom datasets, startups can create value that Big Tech’s generalised solutions cannot match.

Also Read: From innovation to impact: Key sectors driving GenAI adoption in ASEAN

The path forward: Co-opetition in the GenAI ecosystem

The evolving relationship between ASEAN startups and Big Tech highlights the concept of “co-opetition”—a blend of competition and collaboration. While Big Tech provides essential resources and partnerships, startups must proactively manage the risks of over-reliance and direct competition.

Governments and ecosystem enablers can also play a role in balancing this dynamic. Policies that support startup innovation promote open-source adoption, and foster collaboration between enterprises and startups can help level the playing field.

For ASEAN startups, success in the GenAI era will depend on their ability to build defensible positions through differentiation, leverage partnerships effectively, and innovate faster than their larger competitors. By embracing the opportunities Big Tech offers while mitigating the risks, startups can navigate the complexities of the GenAI ecosystem and emerge as leaders in the region.

In the end, the key to thriving in this dual landscape lies in viewing Big Tech not just as a competitor but as an essential partner in driving innovation and scaling impact.

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

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During a transformative tour of Southeast Asia, visiting innovation hotspots like Singapore and Indonesia, my team and I were deeply inspired by the rapid adoption and integration of blockchain and AI technologies in the region.

This journey was punctuated by a landmark collaboration with the Cambodian government to champion blockchain initiatives, closely following a significant partnership with the UNDP Global Center in Singapore through the UTC Initiative. This initiative is poised to deploy the Internet Computer to facilitate digital credentials, dramatically expanding access to financial services for micro, small, and medium enterprises across Southeast Asia.

The vibrancy of Southeast Asia’s economies is undeniable, characterised by a young, dynamic population that’s increasingly embracing digital assets, making the region a close contender to North America and Western Europe in global crypto transactions. Alongside, there’s a surge in smart city investments through public-private partnerships, which naturally raises questions about the cybersecurity infrastructure safeguarding this digital leap.

The discussions with key stakeholders in the region underscored the urgent need for a robust infrastructure capable of supporting diverse applications within complex regulatory landscapes. Central to overcoming these challenges is the deployment of sovereign cloud infrastructures that not only ensure data sovereignty but also decentralise power and safeguard individual rights.

The mechanics of sovereign clouds

A sovereign cloud, tailored for single entities or defined groups like DAOs, operates under strict jurisdictional control, ensuring data governance, control, and security remain localised.

Also Read: Debunking misconceptions about FinOps and cloud spending reduction

Here’s how sovereign clouds transform digital infrastructure:

• Autonomy and control: Sovereign clouds ensure all data operations and governance are confined within a specific jurisdiction, aligning with the rightful data owners’ mandates.
• Redundancy and resilience: Optimised for disaster recovery, these clouds maintain critical service operability amidst natural or digital calamities.
• Decentralised architecture: Unlike centralised systems, sovereign clouds leverage a decentralised node network, eliminating single points of failure and employing cryptographic security to safeguard data integrity.
• Regulatory compliance: Each cloud is customisable to meet the nuanced regulatory demands of specific countries or regions like the EU, ensuring compliance without sacrificing operational fluidity.
• Customisation and personalisation: Sovereign clouds can be finely tuned to user-specific needs, including specialised AI model training, providing unmatched flexibility and security.

Contrasting sharply with conventional clouds offered by tech giants, which pose risks of centralised control and failure, sovereign clouds offer a decentralised alternative free from external corporate or political pressures.

A paradigm of sovereign clouds

UTOPIA, or Unstoppable Tamperproof Open Platform for Independent Autonomy, epitomises the pinnacle of sovereign cloud innovation using Internet Computer technology. Designed for enterprises, NGOs, and governments, UTOPIA platforms are fortified to operate beyond the reach of traditional cybersecurity threats, eliminating the reliance on firewalls and anti-malware.

Built on a robust distributed node system, UTOPIA clouds are inherently resilient to various threats, ensuring continuous service and data integrity even as nodes are dynamically adjusted. This architectural elegance emancipates operators from conventional IT dependencies, paving the way for a truly sovereign digital infrastructure.

As blockchain technology heralds a new era of secure, user-centric internet, the integration of sovereign clouds like UTOPIA is not just innovative but essential for the digital sovereignty of tomorrow’s global infrastructure.

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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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Dear reader,

Carro’s dramatic 92% reduction in operating losses signals a broader trend in Southeast Asia’s startup ecosystem: the shift from growth-at-all-costs to profitability-driven strategies.

With its FY24 results, Carro demonstrates that it’s possible to recalibrate business models for sustainability without entirely sacrificing expansion. The company’s focus on higher-margin revenues and ancillary services—now contributing 60% of gross profit—highlights a savvy pivot towards ecosystem monetisation.

This approach reflects the broader economic climate. Rising interest rates and a challenging funding environment have put pressure on startups to show tangible returns. Carro’s restraint in loan growth and impressive non-performing loan ratio below 0.5% underline its prudent financial management—traits increasingly valued by investors navigating uncertain markets.

As the company eyes a potential IPO, positive operating profit will be a crucial benchmark. Yet, Carro’s cautious tone regarding the macroeconomic landscape suggests it is bracing for headwinds, much like its peers. Rival Carsome’s recent performance and cautious loan book expansion indicate similar recalibrations.

The takeaway? Startups in Southeast Asia are learning to thrive in a more demanding financial ecosystem. For Carro, the road ahead may not be smooth, but its methodical approach to profitability offers a compelling playbook for others navigating the region’s evolving investment landscape.

Sainul,
Editor.

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NEWS & VIEWS

Carro swaps growth for profitability, as losses fall 92% in FY24
The used-car marketplace Carro says it cut its operating losses by 92% to US$6.7M in FY 2024); While this came at a cost, with the company posting a y-o-y decline in revenue growth of about 6% to US$781M, gross profit margins improved from 8% to 12%.

SG competition watchdog clears EQT’s takeover of PropertyGuru
The Competition and Consumer Commission of Singapore said after a public consultation last month that the deal was “unlikely to substantially lessen competition in Singapore’s digital real estate advertising services market.”

Kamereo secures US$7.8M Series B to scale Vietnam’s food supply ecosystem
The investors include Sumitomo Corporation, Inspire Co, and SMBC Venture Capital; Kamereo’s marketplace business connects producers and manufacturers with its existing network of over 3,000 customers.

InnoVen invests in SG e-commerce aggregator Rainforest
The investment aims to enhance the firm’s efforts in acquiring and scaling brands focused on parenting and children’s products; Founded in 2020, Rainforest has expanded its portfolio to include 17 brands.

Flipkart said to plan IPO, move HQ to India
The Walmart-owned company aims to complete the IPO process by late 2024 or early 2025; The IPO is expected to be pivotal for India’s startup ecosystem, placing Flipkart alongside recently listed consumer internet firms such as Zomato and Nykaa.

Singapore’s Belli wins FutureTravel Summit in Barcelona for innovative air cargo solution
Belli helps airlines manage their end-to-end air cargo operations by replacing their spreadsheets and manual processes with a fast and easy-to-use system.

OpenAI Startup Fund raises US$44M in its largest SPV yet
Launched in 2021, the Fund has an unusual structure; It uses OpenAI’s name, but says OpenAI is not an investor; Originally legally controlled by OpenAI cofounder and CEO Sam Altman, it has raised money from outside LPs, including Microsoft.

ByteDance, TikTok seek temporary halt to US ban pending Supreme Court review
The companies warned that without the order the law will take effect and will “shut down TikTok—one of the nation’s most popular speech platforms—for its more than 170M domestic monthly users on the eve of a presidential inauguration.”

Paytm sells PayPay stake to SoftBank for US$279.2M
The sale of Paytm’s stake in PayPay, a Japanese payments firm that it received through acquisition rights six years ago, follows months of restructuring that saw the Indian firm sell its entertainment ticketing unit to Zomato for US$246M in August.

FEATURES & INTERVIEWS

From innovation to impact: Key sectors driving GenAI adoption in ASEAN
As ASEAN’s GenAI ecosystem matures, the region is set to become a global leader in AI innovation, driving meaningful change across industries and improving lives at scale.

Echelon Philippines 2024: Strategies for success in climate tech ecosystem
The Echelon Philippines panel explored innovations, funding opportunities, and strategies for navigating regulatory landscapes.

Echelon Philippines 2024: Building an AI-first tech ecosystem for global competitive advantage
The Echelon Philippines panel highlighted the importance of a collaborative AI ecosystem uniting startups, tech companies, academia, and government.

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B Capital believes in startups, corporates collaboration to bring decarbonisation efforts forward
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Unlocking deeptech for sustainable development: SDTA launches revamped venture building programme
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The transformative power of sustainable technology and practices for businesses
Sustainable technology and practices can help businesses become more resilient in the fast-changing world we are living in.

How to navigate the investment opportunity in climate tech sector
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The post Ecosystem Roundup: Carro’s losses fall 92% in FY24 | Paytm sells PayPay stake to SoftBank for US$279.2M | Kamereo secures US$7.8M appeared first on e27.

Omni HR, a SaaS-based employee management startup based in Singapore, has closed US$7.4 million in funding.

The round was led by Picus Capital, with participation from Alpha JWC Ventures, January Capital, and Ratio Ventures.

This deal brought the startup’s total funding raised to date to US$9.8 million.

Also Read: How Remote is pioneering global talent management and the future of work

Omni HR will use the fresh funding to expand and further develop its product offerings across the Asia Pacific region and scale up its localisation efforts, including launching a multi-country payroll.

Founded in 2021 by former Goldman Sachs executive Brian Ip, Omni HR provides a unified, data-driven workspace for teams to automate HR tasks, manage teams, and handle multi-country payroll from a single platform. It automates manual HR processes from multi-country payroll to performance management while integrating with renowned office productivity suites.

“Asia has long been overlooked in the HR tech landscape, forcing companies to choose between global platforms that lack localisation or local platforms that fail to scale. We’re changing that by building natively for Asia, blending localised features with modern functionalities like automations and flexible workflows. Designed for the needs of modern, multi-country teams, we aim to be the foundational operating system for seamless and effective employee management,” said founder and CEO Brian Ip.

Currently, it serves hundreds of customers across Asia, with end users spanning 79 countries.

It claims to have helped optimise global workforce management—with nearly 70 per cent of its customers running multi-country teams—for a list of customers, including Endowus and Funding Societies.

Also Read: Remote hiring in 2024: The pros, cons, and everything in between

Rapid economic growth and business expansion within APAC—staggering estimates in a recent McKinsey report attribute 70 per cent of global post-pandemic economic growth to the region—underscore the critical need for HR solutions that cater to the region’s unique characteristics. As more businesses look to capitalise on this boom, navigating the complexities of managing a global workforce with regional nuances will prove to be a major HR challenge.

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