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About

Hi, it’s Edmund.
Green energy is now <a href="https://www.euronews.com/green/2022/07/21/the-race-for-renewable-batteries-whats-the-future-of-solar-and-wind-storage" target="_blank" rel="noopener noreferrer">cheaper than fossil fuels</a>.
Thanks to breakthroughs in solar, wind, and hydropower, the cost of generating clean energy has fallen sharply.
In fact, it’s now cheaper to build and operate new large-scale wind or solar plants in <a href="https://www.bloomberg.com/news/articles/2021-06-23/building-new-renewables-cheaper-than-running-fossil-fuel-plants" target="_blank" rel="noopener noreferrer">nearly half the world</a> than to run an existing coal or gas-fired power plant.
Which begs the question: if we have so many cheap renewable energy sources to fight climate change, why are we still so far off from the <a href="https://www.un.org/en/climatechange/net-zero-coalition" target="_blank" rel="noopener noreferrer">net zero emissions target, which is achievable only by 2050</a>?
<figure id="attachment_62119" aria-describedby="caption-attachment-62119" style="width: 1024px" class="wp-caption alignnone"><img class="size-large wp-image-62119" src="https://console.kr-asia.com/wp-content/uploads/2020/02/shutterstock_283751681-1024x678.jpg" alt="photovoltaics" width="1024" height="678" srcset="https://console.kr-asia.com/wp-content/uploads/2020/02/shutterstock_283751681-1024x678.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2020/02/shutterstock_283751681-300x199.jpg 300w, https://console.kr-asia.com/wp-content/uploads/2020/02/shutterstock_283751681-768x509.jpg 768w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption id="caption-attachment-62119" class="wp-caption-text">Photovoltaics in a desert solar power farm in the Negev desert, Israel. Source: Shutterstock.</figcaption></figure>
What is taking us so long to green our planet?
One major reason is this—it’s still quite <a href="https://www.weforum.org/agenda/2021/08/3-technologies-to-improve-renewable-energy-storage-capacity" target="_blank" rel="noopener noreferrer">expensive to store renewable energy</a>. Obviously, renewable energy, whether solar or wind, isn’t available all the time, so storage is essential.
Energy storage is most useful when it is <a href="https://www.newyorker.com/magazine/2022/04/25/the-renewable-energy-revolution-will-need-renewable-storage" target="_blank" rel="noopener noreferrer">predictable, convenient, and dense</a> enough to pack power into a small space. Battery storage systems are one such solution and are emerging as an <a href="https://www.macquarie.com/au/en/perspectives/battery-storage-to-power-the-growth-of-renewable-energy.html" target="_blank" rel="noopener noreferrer">economical way</a> to effectively integrate a high share of solar and wind renewables in power systems across the world.
For instance, Singaporean startup, Anzene has developed a battery pack that it calls an “energy block,” which is compact enough for end consumers to power up and use their everyday portable electronic devices.
And the startup has loftier aspirations. According to Joshua Sunny Chuah, Anzene’s co-founder, the company hopes to create a wider ecosystem of users to generate clean energy that can be stored in its battery packs in the convenience of their homes.
You can read more about how Anzene intends to help consumers become more eco-friendly in our latest Q&amp;A piece <a href="https://kr-asia.com/clean-energy-storage-qa-with-joshua-sunny-chuah-co-founder-of-anzene">here</a>.
RECENT POSTS
Industry leaders share insights at the <a href="https://kr-asia.com/industry-leaders-share-insights-at-the-endowus-wealthtech-conference" target="_blank" rel="noopener noreferrer">Endowus WealthTech Conference.</a>
<a href="https://kr-asia.com/the-bullet-heres-a-solution-you-didnt-ask-for" target="_blank" rel="noopener noreferrer">The Bullet</a>: Here’s a solution you didn’t ask for.
Huawei courts Thailand, Indonesia with <a href="https://kr-asia.com/huawei-courts-thailand-indonesia-with-supply-chain-support" target="_blank" rel="noopener noreferrer">supply chain support.</a>
<img class="alignnone size-large wp-image-140139" src="https://console.kr-asia.com/wp-content/uploads/2022/05/Startup-Wire-Collection-Banner_Landscape-02-1024x266.jpg" alt="KrASIA Startup Wire" width="1024" height="266" srcset="https://console.kr-asia.com/wp-content/uploads/2022/05/Startup-Wire-Collection-Banner_Landscape-02-1024x266.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2022/05/Startup-Wire-Collection-Banner_Landscape-02-300x78.jpg 300w, https://console.kr-asia.com/wp-content/uploads/2022/05/Startup-Wire-Collection-Banner_Landscape-02-768x199.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2022/05/Startup-Wire-Collection-Banner_Landscape-02-1536x399.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2022/05/Startup-Wire-Collection-Banner_Landscape-02-2048x531.jpg 2048w" sizes="(max-width: 1024px) 100vw, 1024px" />

The Uptake | Unlocking the potential of renewable energy

Battery

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… map.
<figure id="attachment_141202" aria-describedby="caption-attachment-141202" style="width: 1024px" class="wp-caption aligncenter"><img class="size-large wp-image-141202" src="https://console.kr-asia.com/wp-content/uploads/2022/09/Screenshot_20220923-012158_Cat-Quest-1024x489.jpg" alt="" width="1024" height="489" srcset="https://console.kr-asia.com/wp-content/uploads/2022/09/Screenshot_20220923-012158_Cat-Quest-1024x489.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2022/09/Screenshot_20220923-012158_Cat-Quest-300x143.jpg 300w, https://console.kr-asia.com/wp-content/uploads/2022/09/Screenshot_20220923-012158_Cat-Quest-768x367.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2022/09/Screenshot_20220923-012158_Cat-Quest-1536x733.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2022/09/Screenshot_20220923-012158_Cat-Quest-2048x977.jpg 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption id="caption-attachment-141202" class="wp-caption-text">Screenshot from Cat Quest.</figcaption></figure>
The controls and gameplay are very responsive—no lags on movement at all. The world looks great with vibrant colours and a pleasant soundtrack to add a friendly atmosphere throughout. There are plenty of quests to pick from the town noticeboards to keep you busy and learn the story as you progress through the map. There are no ads or micro transaction prompts popping up, which allows for a nice uninterrupted experience. It also didn’t feel like a grind-fest where you are forced to do a endless amount of tasks to level up like a Ubisoft game.
All in all, very impressed with the quality and would recommend this to anyone looking for a fun game for kids or to unwind a little themselves.
<h3>Nothing But Net</h3>
Recent Startup Wins
<ul>
<li aria-level="1"><a href="https://www.hq.xyz/">Headquarters</a> raises USD 5 million pre-seed round co-led by Crypto.com Capital, Forge Ventures and MassMutual Ventures</li>
<li aria-level="1"><a href="https://anymindgroup.com/">AnyMind</a> enters China with the opening of a new office in Shenzhen</li>
<li aria-level="1">Agritech startup <a href="https://glife.com.sg/">Glife</a> announced the close of a USD 3 million Series A1 round with investment from Tin Men Capital</li>
<li aria-level="1"><a href="https://yolofoods.sg/">YoloFoods</a>, a food delivery service that focuses on healthy options, announced a new partnership with Impact.com to expand its reach of its YoloFoods Health &amp; Wellness Program.</li>
</ul>
<h3>Pick &amp; Roll</h3>
Interesting Drops From the Week
<ul>
<li aria-level="1">The <a href="https://twitter.com/AndrewPetcash/status/1572946278505656327">incredible story</a> of Caleb Williams, a college quarterback for the USC Trojans who has become the first college player to invest in a startup and has a deal with a PE fund. [via @AndrewPetcash]</li>
<li aria-level="1">Spotify is bringing <a href="https://variety.com/2022/digital/news/spotify-audiobooks-launch-1235377204/">audiobooks to its users</a> with a launch of 300k titles in the US.  [via Variety]</li>
<li aria-level="1">The pressure is again on stablecoin Tether after a New York judge <a href="https://www.coindesk.com/markets/2022/09/21/stablecoin-issuer-tether-ordered-to-produce-documents-showing-backing-of-usdt/">ordered them</a> to show records of the financial backing of its coin. [via Coindesk]</li>
<li aria-level="1">The “kimchi premium” of crypto is very real in Korea and this <a href="https://www.coindesk.com/markets/2022/09/21/stablecoin-issuer-tether-ordered-to-produce-documents-showing-backing-of-usdt/">article explores</a> its effects from the Luna crash. [via Blockhead]</li>
<li aria-level="1">This applies to a lot of apps. [via @schuldberg]</li>
</ul>
<img class="aligncenter size-full wp-image-141203" src="https://console.kr-asia.com/wp-content/uploads/2022/09/twitter.jpg" alt="" width="530" height="517" srcset="https://console.kr-asia.com/wp-content/uploads/2022/09/twitter.jpg 530w, https://console.kr-asia.com/wp-content/uploads/2022/09/twitter-300x293.jpg 300w" sizes="(max-width: 530px) 100vw, 530px" />
<h3>On the Road</h3>
Events to check out
<ul>
<li aria-level="1">Quest Ventures is running their 6th iteration of Vietnam Global Innovation (VNGI) accelerator, which is developed to supercharge the go-to-market journey of startups into the Vietnam ecosystem.</li>
</ul>
Through this programme, participants can:
<ul>
<li aria-level="1">Gain access to world-class mentors and programmes to drive their business to the next level</li>
<li aria-level="1">Expect a diverse lineup of speakers covering topics on the startup ecosystem of Vietnam</li>
<li aria-level="1">Access a network of VC investors for subsequent funding</li>
</ul>
Don’t miss out on the opportunity in the region’s fastest growing market. Sign up <a href="http://www.quest.ventures/vietnam">here</a>.
<ul>
<li aria-level="1"><a href="https://500.co/accelerators/accelerate-aichi">Accelerate Aichi by 500 Global</a> is hosting a demo day on September 29 at the Nagoya International Legend Hall, Japan, for its Seed Program. The program is an eight-week support programme for seed and early-stage start-ups in and around Aichi Prefecture to strengthen their market entry and fundraising. <a href="https://www.eventbrite.com/e/accelerate-aichi-by-500-global-seed-program-demo-day-tickets-411250369927">Click here</a> to register.</li>
</ul>
If you are a startup that is raising funds, or have an interesting story or lead for us to feature in this newsletter, please fill out this <a href="https://form.typeform.com/to/oxMso3jX">form</a>.

Startup Wire | Only Built For Cuban Linx

A joint venture involving Indonesia's <a href="https://kr-asia.com/gojek-speeds-up-transition-to-electric-vehicle-fleet-in-indonesia-with-new-jv">Gojek</a> will be able to supply 2 million <a href="https://kr-asia.com/electric-motorbike-startup-ion-mobility-bags-seed-funding-from-monks-hill-ventures-others">e-motorbikes</a> to help the ride-hailing group make its fleet all-electric this decade, the company's top executive has told Nikkei Asia.
Electrum was formed last year by energy group TBS Energi Utama and Gojek, itself one-half of GoTo, a superapp provider. It is meant to help Gojek achieve its net zero carbon emissions goals.
The new company also intends to help expand <a href="https://kr-asia.com/japan-automakers-to-showcase-evs-at-indonesian-g-20-meetings">Indonesia's developing electric vehicle ecosystem—</a>a key policy of President Joko Widodo—by leveraging Gojek's nationwide presence and TBS's energy expertise.
In February, Electrum formed a partnership with Pertamina, the state-owned energy company, and <a href="https://kr-asia.com/smart-scooter-maker-gogoro-teams-up-with-gojek-to-supercharge-indonesias-electric-two-wheeler-market">Gogoro</a>, a Taiwanese battery-swapping electric scooter maker, to increase the Southeast Asian country's EV infrastructure and supply non-emitting vehicles to Gojek. The collaboration includes Gesits e-bikes, made by state-owned Wika Industri Manufaktur.
Pandu Sjahrir, president director of Electrum and vice president director of TBS, said in a recent interview that he needed a potential game changer and thus turned to an innovative solution. He expressed confidence that the venture will succeed as the global community worries more about climate change and grasps at ways to respond.
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Electrum operates 13 battery-swapping stations in Jakarta and so far has supplied Gojek with about 300 e-motorbikes that have racked up close to 2 million kilometers. "[That's] very fast adoption," Sjahrir said, "meaning there's a good product-market fit; people like to use [these bikes]."
Although Gojek's goal is to be <a href="https://www.cnbc.com/2021/05/03/indonesias-gojek-wants-all-vehicles-on-its-app-to-be-electric-by-2030.html">all-electric by 2030</a>, Sjahrir said it wants to achieve the changeover "as fast as possible." He added, however, that to significantly hasten the pace, "you probably would need some type of government public policy support."
Gojek, which with e-commerce company Tokopedia last year formed GoTo, has more than 2 million registered drivers for its Indonesian ride-hailing and <a href="https://kr-asia.com/southeast-asian-ride-hailing-services-race-toward-green-mobility">delivery services</a> that overwhelmingly utilize motorbikes, though also cars.
whereAdBanner.StartUpWire
Indonesia, a sprawling archipelago of more than 270 million people in which the motorbike is the main form of personal transportation, was recently hit with a fuel price hike of about 30%. Demonstrators took to the streets of Jakarta to vent their frustration, protesting outside parliament and central government offices to demand that the increase—the result of the government reducing subsidies—be canceled.
The costlier fuel has yet to exert a big impact on the ride-hailing business, Sjahrir said. "But over time, [with] more fuel price hikes, there's going to be movement going more into electric vehicle[s], just because it's much cheaper."
That budding shift comes with the government making a major push to leverage the country's position as the world's top supplier of nickel, a key <a href="https://kr-asia.com/catl-is-the-worlds-largest-ev-battery-maker-but-can-the-company-hold-onto-its-leading-position">EV battery</a> material. The intention is to kick-start a domestic battery and EV industry, but it also has a goal of achieving net zero carbon emissions by 2060.
Regarding Indonesia's plan to relocate its capital from Jakarta to Nusantara, on the island of Borneo, Sjahrir, who is also the founder of venture capital firm AC Ventures, expressed conditional interest in investing in the relocation.
"I was asked an opinion by them and said we'd love to invest," he said. "Just give us [the] incentive."
The government, which plans to transfer key functions in 2024, has been calling on foreign governments and companies to put money into the new city's development. It recently held several meetings with potential foreign investors, such as Taiwan's Hon Hai Precision Industry, better known as <a href="https://kr-asia.com/indonesia-and-foxconn-in-talks-over-electric-vehicle-investment">Foxconn</a>, and South Korean steelmaker Posco.
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Construction is expected to cost IDR 466 trillion (USD 31 billion). Officials want 80% of that to come from the outside, particularly the private sectors and governments of wealthy countries. But it is running into new headwinds in the form of pricier materials and rising interest rates.
Sjahrir stressed that ultimately it is up to Indonesia to be the catalyst.
"The most important [thing] is [for] us Indonesians to invest," he said.
This article first appeared on <a href="https://asia.nikkei.com/Business/Technology/Gojek-backed-JV-plans-to-deliver-2m-e-motorbikes-in-Indonesia" target="_blank" rel="nofollow noopener noreferrer" data-type="external">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing <a href="https://www.kr-asia.com/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/" target="_blank" rel="nofollow noopener noreferrer" data-type="external">partnership with Nikkei</a>.
&nbsp;

Gojek-backed JV plans to deliver 2 million e-motorbikes in Indonesia

GoTo

… the rest, and with a price tag of over RMB 388,900 (USD 55,170) for the BAIC ArcFox Alpha S, it’s clear that Huawei has its eyes set on the higher-end market.
With such different strategies adopted by DJI and Huawei, it’s difficult to predict who will get the lion’s share of the market.
<h3>DJI’s advantages in entering the intelligent vehicle market</h3>
DJI’s expertise in the UAV sector has given it an advantage when it comes to the hardware used in its intelligent assisted driving systems. One contribution it has made to LiDAR technology is improving the efficiency of prism scanning, which helps boost the reliability of the detection system in harsh environments like high temperatures and rough terrain. DJI developed a scanning mode that enables the system to achieve almost 100% field-of-view coverage, an improvement over other similarly-priced products in the market.
The company also adapted the motor technology used in its UAVs for autonomous vehicles, introducing a bearing that increases the service life of the onboard radar motor by more than six times while maintaining the rotation speed.
In addition to its hardware technology, DJI also has an edge when it comes to <a href="https://kr-asia.com/heres-everything-youll-find-in-your-fully-autonomous-vehicular-future">software systems</a>. Autonomous vehicles rely heavily on sensors, computing power, algorithm software, and data—all familiar areas for a UAV manufacturer. It makes perfect sense for DJI, then, to apply its existing resources and expertise to autonomous vehicles.
<h3>The challenge of sourcing talent in the autonomous driving sector</h3>
DJI never had to worry about recruiting talent to work on UAVs, since its name is well known in the sector.
However, it’s a <a href="https://kr-asia.com/key-stat-drone-manufacturer-dji-ventures-into-auto-sector-keeps-product-under-wraps">different story</a> in the autonomous driving industry, where the best candidates often choose to start their own businesses or are poached by other large companies.
whereRelatedArticle
Because DJI is not a household name within the automotive industry the company is struggling to recruit talent. In addition, according to information disclosed by headhunting companies and former DJI employees, DJI rarely grants stock options to externally-recruited staff. So far, DJI has not announced plans to be publicly listed either. All these factors may cause the UAV powerhouse to attract fewer senior personnel.
<h3>Will DJI succeed in the autonomous vehicle industry?</h3>
All things considered, DJI is a strong competitor in the autonomous vehicle industry with its transferable expertise in UAV technology. However, the competition continues to heat up as more contenders enter the market. The next few years will determine whether DJI can eventually dominate this sector, just as it has dominated the UAV industry, or whether it will fall flat, like a drone crushed by a thunderstorm.

DJI: From UAVs to AVs

Autonomous Vehicles

Robotics

Thailand and Vietnam have become the top crypto trading hubs among the 10 members of the Association of Southeast Asian Nations, beating even financial center Singapore, which has been grappling with new legislation to control the nascent sector.
The two ASEAN members recorded over USD 100 billion each in crypto buying and selling values from July 2021 to June 2022, according to numbers published on Wednesday by blockchain data platform Chainalysis.
"Users in lower-middle and upper-middle income countries often rely on cryptocurrency to send remittances, preserve their savings in times of fiat currency volatility," Chainalysis said. "These countries also tend to lean on bitcoin and stablecoins more than other countries."
The data company said Thailand and Vietnam saw high traffic to marketplaces for non-fungible tokens that give their owners the deeds to items like virtual art pieces on blockchain, which are decentralized digital ledgers that keep the cryptocurrency industry humming.
Thailand recorded USD 135.9 billion in crypto value transacted over the year, while Vietnam logged USD 112.6 billion. Singapore booked just USD 100.3 billion, as the city-state's financial regulator is in the process of drawing up rules to tighten scrutiny over retail trading of those tokens, which it frowns upon.
Several crypto players that set up shop in Singapore have been ensnared in a global crypto sell-off earlier this year. In May, the value of TerraUSD—also known as UST then—which was worth nearly USD 19 billion at its peak, and its sister token Luna, crashed spectacularly, rendering them largely worthless.
<img class="alignnone size-large wp-image-139843" src="https://console.kr-asia.com/wp-content/uploads/2021/08/The-uptake-banners-1620-x-420-1024x265.jpg" alt="The Uptake banner" width="1024" height="265" srcset="https://console.kr-asia.com/wp-content/uploads/2021/08/The-uptake-banners-1620-x-420-1024x265.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2021/08/The-uptake-banners-1620-x-420-300x78.jpg 300w, https://console.kr-asia.com/wp-content/uploads/2021/08/The-uptake-banners-1620-x-420-768x199.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2021/08/The-uptake-banners-1620-x-420-1536x398.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2021/08/The-uptake-banners-1620-x-420-2048x531.jpg 2048w" sizes="(max-width: 1024px) 100vw, 1024px" />
The tokens, which are stablecoins, fell below par to the dollar at which they were pegged, bringing down other cryptocurrencies and sparking a crisis for several digital asset companies. The slump in the value of these virtual coins set the stage for more caution toward tokens in ASEAN.
Last week, a long-awaited upgrade to Ethereum, the blockchain technology underpinning ether—the world's second-biggest cryptocurrency after bitcoin—did little to shake up token prices despite the excitement around what had been hailed as a landmark event for virtual assets.
The upgrade saw the network transit to a system which drastically cut energy use for the minting of new coins, which would in theory make investing in Ethereum more palatable to those who had concerns about environmental damage from the crypto industry.
"All risk-on markets are being weighed down by larger macro factors at play such as inflation and interest rates, leading to a potential recession ahead," said Vijay Ayyar, vice president for corporate development and global expansion at London-based crypto platform Luno.
With soaring prices across the globe on the back of Russia's invasion of Ukraine this year and the US Federal Reserve on a warpath to rein in rising costs with interest rate hikes, investors have been fleeing from riskier vehicles like crypto.
According to accountancy firm KPMG, corporate backers appear to also be losing appetite for investing in digital token players. KPMG figures showed that cryptocurrency funding in Singapore dipped by more than half its value in a report it issued earlier this month.
Crypto investment inflows tumbled to USD 539.1 million in the first six months of 2022, from USD 1.3 billion in the second half of last year. KPMG noted that crypto deals were also smaller in size and that the sector was undergoing some consolidation with seven exit or merger agreements inked.
This article first appeared on <a href="https://asia.nikkei.com/Spotlight/Cryptocurrencies/Thailand-and-Vietnam-emerge-as-ASEAN-crypto-trading-hot-spots" target="_blank" rel="nofollow noopener noreferrer" data-type="external">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing <a href="https://www.kr-asia.com/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/" target="_blank" rel="nofollow noopener noreferrer" data-type="external">partnership with Nikkei</a>.
<figure id="attachment_141018" aria-describedby="caption-attachment-141018" style="width: 1024px" class="wp-caption alignnone"><img class="size-large wp-image-141018" src="https://console.kr-asia.com/wp-content/uploads/2022/08/The-Bullet-SM-Banner-Article-CoverHero-1024x507.jpg" alt="" width="1024" height="507" srcset="https://console.kr-asia.com/wp-content/uploads/2022/08/The-Bullet-SM-Banner-Article-CoverHero-1024x507.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2022/08/The-Bullet-SM-Banner-Article-CoverHero-300x149.jpg 300w, https://console.kr-asia.com/wp-content/uploads/2022/08/The-Bullet-SM-Banner-Article-CoverHero-768x380.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2022/08/The-Bullet-SM-Banner-Article-CoverHero-1536x761.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2022/08/The-Bullet-SM-Banner-Article-CoverHero-2048x1014.jpg 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption id="caption-attachment-141018" class="wp-caption-text">Graphic by KrASIA.</figcaption></figure>

Thailand and Vietnam emerge as ASEAN crypto trading hot spots

Cryptocurrencies

Singaporean fintech startup <a href="https://endowus.com" target="_blank" rel="noopener noreferrer">Endowus</a> held its inaugural <a href="https://endowus.com/wealthtech-conference" target="_blank" rel="noopener noreferrer">WealthTech Conference</a> on September 12 this year at the Fullerton Hotel, bringing together key leaders from the finance sector to discuss industry trends and insights. Featuring speakers from organizations such as UBS, Dimensional Funds, KPMG, PIMCO, ADDX, TZ APAC, and the Monetary Authority of Singapore (MAS), the event covered the role of technology in the wealth management space in Southeast Asia.
The event kicked off with a fireside chat between Endowus chairman and CIO Samuel Rhee, and MAS CFO Sopnendu Mohanty, who spoke about the current state of wealthtech in Singapore. Backed by his personal experience dealing with wealth management companies, Mohanty was keen to see wealthtech make an impact on the financial sector by updating its technological capabilities. “Financial institutions providing wealth advisory services need a massive redesign of their backend platforms, and this is where wealthtech companies come in,” he said.
The panel discussions that followed covered a range of topics, including:
Private Wealth
This panel explored the growth of private wealth investors in Southeast Asia and the new digital tools and platforms used by private wealth managers in acquiring and retaining their clients.
ESG Investing 
The second panel focused on the rise of ESG investment and its social and environmental impacts. The panelists also discussed the challenges of balancing equity returns with real social impact.
Sustaining Scale
In recent years, the wealthtech sector, which has observed strong growth, has provided an increasing number of wealth management solutions for consumers. The third panel discussed how companies can create value for customers while driving business growth.
DeFi &amp; New Gen Investing
Decentralized finance (DeFi) has provided new financial offerings that leverage blockchain technology to make financial services more accessible to consumers. The speakers discussed how emerging DeFi platforms can work with existing banking institutions to create a thriving financial system.
Tech × Finlit
While the number of financial platforms and investment channels has grown, financial literacy has not kept pace. This panel explored how financial literacy is important and can help educate investors while tackling challenges such as financial misinformation.
<figure id="attachment_141170" aria-describedby="caption-attachment-141170" style="width: 1024px" class="wp-caption alignnone"><img class="size-large wp-image-141170" src="https://console.kr-asia.com/wp-content/uploads/2022/09/Endowus-211-1024x683.jpg" alt="" width="1024" height="683" srcset="https://console.kr-asia.com/wp-content/uploads/2022/09/Endowus-211-1024x683.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2022/09/Endowus-211-300x200.jpg 300w, https://console.kr-asia.com/wp-content/uploads/2022/09/Endowus-211-768x512.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2022/09/Endowus-211-1536x1024.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2022/09/Endowus-211-2048x1365.jpg 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption id="caption-attachment-141170" class="wp-caption-text">Endowus chairman and chief investment officer Samuel Rhee at the recent Wealthtech Conference. Photo courtesy of Endowus.</figcaption></figure>
Rhee told KrASIA that an event like this was important for Endowus to showcase its services and reaffirm its mission. “It's important that we place wealthtech at the forefront. When we started, we felt that there was a tremendous opportunity to adopt technology and digitize what was traditionally a very offline business,” Rhee said. “We built our platform to advise and provide access for individuals. We started four years ago, building what we felt was absolutely necessary for individuals and society to succeed, and building a strong safeguard for the retirement pension shortfalls that we face.”
The event also announced the release of the <a href="https://endowus.com/wealthtech-conference#wealth-report" target="_blank" rel="noopener noreferrer">“WealthTech: Looking Ahead” report</a>, which was carried out in partnership with KPMG. The study explored the opportunities for wealthtech within the region, as well as the key trends that will shape companies in the space.
For Rhee, the report highlights the importance of the client experience. “We feel very strongly about being aligned with the client's best interests. Going back to the basics of being conflict-free is critical, for instance, because if you’re aligned in the right way, you are likely to build a business model and wealth tech company in the right way,” Rhee said.
KrASIA is a media partner of the WealthTech Conference. To watch the replays, click <a href="https://www.youtube.com/playlist?list=PL7zZogWj-B1_GZ8pae0uWRqNuUOxpqZXH" target="_blank" rel="noopener noreferrer">here</a>.

Industry leaders share insights at the Endowus WealthTech Conference

Fintech

Web3 seems to be all the rage these days—here’s an <a href="https://kr-asia.com/fad-or-future-will-web3-define-our-online-experience">article</a> to catch you up to speed if you’re already lost.
While it is a novel concept, many companies are using <a href="https://kr-asia.com/blockchain-technology-redefines-southeast-asias-tech-scene-krasia-year-in-review">blockchain technology</a> to develop solutions that frankly, we don’t need. And even worse, they’re creating more problems than they are solving. Web3 has barely gotten past the conceptual stage, and already, companies are touting this next iteration of the internet as “the next big thing.”
As we know, blockchain technology can be used to track the movement of everything from finances, assets, and even <a href="https://www.farmtoplate.io/how-it-works/">where your food comes from</a>. But where does it cross the line from useful to farcical?
I was in a meeting a few months ago, and we were talking about Web3 solutions. Someone chimed in, “You could put your marriage certificate on the blockchain. Or, maybe even divorce papers!”
What?
Are a ring on my finger and the love in my heart not enough? Do you need a permanent ledger stored on the blockchain stating that we are married?
It gets worse.
Many platforms claim that you can use non-fungible tokens—or NFTs for short—as profile pictures but then <a href="https://techcrunch.com/2022/01/20/twitter-blue-subscription-users-are-first-gain-access-to-a-new-nft-profile-picture-feature/">require you to purchase the paid version</a> of the app in order to do so.
When people say, “Have you heard of Web3?" they often follow this by explaining how it will “decentralize” the internet, and while we acknowledge that’s true, it also creates several problems. It will allow anyone, anywhere, to create a Ponzi scheme or a rug pull using cryptocurrencies, <a href="https://kr-asia.com/the-bullet-were-not-using-nfts-to-their-full-potential">NFTs</a>, and the blockchain, and market it on social media from the comfort and “anonymity” of their parent’s basement.
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Web3 also allows the market to create a financial token game for every celebrity, every meme, every piece of art, and every political movement, with each competing in a war of hyperfinancialization. We’ve already seen this with <a href="https://www.nytimes.com/2021/05/24/arts/charlie-bit-my-finger-nft-auction.html">“Charlie Bit My Finger”</a> being removed from YouTube after it was sold as an NFT, John Legend cashing in on Web3 with his latest NFT project “<a href="https://www.fool.com/the-ascent/cryptocurrency/articles/john-legends-new-nft-project-what-you-need-to-know/">OurSong</a>,” and the marketing gurus over at NBA TopShot making money by selling NFTs of players while not directly sharing the profits with them. You can read about TopShot’s financial system <a href="https://www.interbasket.net/topshot/how-much-revenue-do-nba-players-earn-from-nba-top-shot/33126/">here</a>; it’s not great.
In addition to all the noise around Web3, <a href="https://www.theverge.com/2022/7/7/23199148/web3-lost-2-billion-hacks-flash-loan-certik-cryptocurrency">Web3 projects have lost more than USD 2 billion to hacks this year</a>. Are these just teething problems, as with any new tech? Or is this a sign of what’s to come, just on a greater scale?
Web3 certainly has the potential to help millions of people around the world, or at least make their lives a little easier, but so far, there’s been a lot of talking and not so much walking.

The Bullet: Here’s a Solution You Didn’t Ask For

web3

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Clean energy storage: Q&A with Joshua Sunny Chuah, co-founder of Anzene

Q&amp;A

Huawei Technologies has taken its annual technology showcase to Southeast Asia as it steps up efforts to grow in countries where it can avoid a crackdown by the West.
Digital and economic ministers from Thailand, Indonesia, the Philippines and Bangladesh were in Bangkok as the embattled Chinese company staged its Huawei Connect event overseas for the first time. All four countries have allowed mobile network operators to source 5th-generation telecommunications equipment from Huawei, despite security warnings and bans issued by the US and European governments.
"Huawei is committed to becoming a key contributor to the digital economy in the Asia Pacific [region]," said Simon Lin, Huawei's president for the Asia-Pacific region.
Executives touted the company's digital products and services for industrial application, which will be vital for Southeast Asian economies looking to shift to high-value manufacturing. Vietnam has become an alternative destination for electronics manufacturers leaving China, while Indonesia and Thailand are vying to be the center of a regional electric vehicle supply chain.
"Introducing new technology to industrial scenarios is not easy. There are not enough ready-to-use solutions and all industries have a real lack of experience and digital power," said Huawei's rotating chairman Ken Hu, who spoke via video link. "The time and cost are major barriers for most organizations."
The Huawei Connect event was one of the first at Bangkok's newly reopened Queen Sirikit National Convention Center, which was renovated ahead of the Asia Pacific Economic Cooperation summit in November.
The region's <a title="" href="https://asia.nikkei.com/Spotlight/Huawei-crackdown/Huawei-s-5G-deal-with-Indonesia-spearheads-Southeast-Asia-push" target="_blank" rel="noopener noreferrer">embrace of Huawei</a> and other Chinese tech champions is at odds with Western countries that have blacklisted Huawei on national security grounds.
Deepening its foothold in markets where it is still welcome will be key for Huawei as it faces a "challenging year" for its smartphone and electronics business. Cut off from chip supplies and Western markets, the company is focusing on 5G infrastructure and cloud and digital solutions.
After Thailand, Huawei Connect will be held in Dubai and Paris. France has discouraged telecoms operators from using Huawei 5G equipment, but has allowed Huawei to build a factory. Gulf countries including the United Arab Emirates have continued to use Huawei in their networks despite US concerns.
Huawei has also expanded into the automotive and artificial intelligence sectors. On Monday, it unveiled Pangu, AI-assisted drug-modeling technology that it said will accelerate research and development of antibacterial drugs, cutting costs by 70%.
Huawei on Monday unveiled a framework for Asia-Pacific policymakers as they guide their economies through a digital transformation. The white paper categorized the region's economies into four stages of digital development, identifying gaps and recommending actions for each.
Indonesia, Vietnam and the Philippines were placed in the lowest "adopter" tier, indicating the lack of nationwide connectivity. Thailand and Malaysia were "accelerator" countries, where increasing investment and upskilling the workforce will be necessary. Huawei says it aims to invest USD 100 million by 2024 to train 10,000 developers and support 1,000 startups in the region.
This article first appeared on <a href="https://asia.nikkei.com/Business/Technology/Huawei-courts-Thailand-Indonesia-with-supply-chain-support" target="_blank" rel="nofollow noopener noreferrer" data-type="external">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing <a href="https://www.kr-asia.com/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/" target="_blank" rel="nofollow noopener noreferrer" data-type="external">partnership with Nikkei</a>.
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Huawei courts Thailand, Indonesia with supply chain support

Huawei