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Singapore
Energy & Technology, News

Funds raised by Singapore’s tech startups up 59% in 2023

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SINGAPORE: Singapore’s early-stage technology start-ups secured $402 million (S$548 million) in funding in 2023, a 59 percent increase from the $253 million raised in 2022, according to SGInnovate, the national investment arm. The number of seed-stage deals also rose by 50 percent, from 20 in 2022 to 30 in 2023, across four key sectors: advanced manufacturing, agrifood and sustainability, and health and biomedical sciences. SGInnovate noted these figures in its report on the sector’s development in 2023, highlighting a growing interest in emerging tech investments as Singapore’s ecosystem matures. SGInnovate examined early-stage start-ups established between January 1, 2019, and December 31, 2023, defining emerging technology start-ups as those developing tangible products like devices, machinery, food, and pharmaceuticals based on physical sciences, life sciences, and engineering. Tong Hsien-Hui, SGInnovate’s executive director, remarked that these trends reflect Singapore’s evolving and dynamic emerging tech landscape, with specialized investors increasingly supporting specific industry verticals. Agrifood and sustainability emerged as leading sectors in funding and start-up incorporations, likely driven by public and private initiatives. Both sectors saw growth in funding events year-on-year, with the agrifood sector securing 13 deals in 2023 (compared to eight in 2022) and the sustainability sector closing 16 deals in 2023 (versus 12 in 2022). Despite overall increases in funding and deals, the number of start-ups incorporated in 2023 across the four sectors declined from 35 in 2022 to 25 in 2023. SGInnovate attributed this to ongoing macroeconomic uncertainties, potentially leading to deferred incorporations. Looking forward, SGInnovate anticipates increased private market investments in emerging technologies in 2024, especially with predicted rate cuts, and remains optimistic about start-ups addressing long-term challenges, supported by Singapore’s policy initiatives.

ICT Minister, Lee Jong-ho
Energy & Technology, News

Korea to Invest US$527 Mil to Integrate AI into All Sectors of Society

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KOREA: Korea is poised to make a substantial investment of 710.2 billion won (US$527 million) this year across 69 sectors to drive innovations powered by artificial intelligence (AI) in daily life, industries, and government services, according to announcements from the Ministry of Science and ICT. This initiative aims to catalyse transformative advancements and improve efficiency across various sectors through AI integration. Minister of Science and ICT Lee Jong-ho emphasized the significance of this investment, stating, “We bear a significant sense of responsibility as the primary ministry for AI in this era. Our commitment is to promptly implement measures that will yield tangible results for our citizens and businesses.” This strategic investment aligns with a broader government vision articulated through the establishment of the AI Strategy High-Level Consultative Council. The council, co-chaired by Minister Lee Jong-ho and Taejae University President Yeom Jae-ho, comprises 32 members, including private-sector experts and representatives from major IT companies like Samsung Electronics, SK Telecom, KT, Naver, and Kakao, alongside director-level officials from relevant government ministries. Minister Lee highlighted the council’s role, stating, “We hope that the council will serve as a stepping stone for the nation’s AI advancement, enriching the lives of our citizens, and setting a leading example of harmonious coexistence with AI on the global stage.” The government’s investment and the establishment of the consultative council are part of a comprehensive strategy to leverage AI as a catalyst for economic growth and societal advancement. A government-led study forecasts that the successful integration of AI across various sectors and daily life could generate an annual economic impact of 310 trillion won by 2026. “This analysis suggests that the revenue-generating effect of adopting AI could lead to an additional average annual GDP growth of 1.8 percentage points,” noted the ICT ministry. The council’s objectives extend beyond economic impact to include spearheading innovations in the global AI technology market, facilitating industry transitions through AI adoption, and enhancing the prevalence of AI-based services in daily life. Senior presidential secretary for science and technology, Park Sang-ook, underscored the multifaceted impact of AI, stating, “Given its profound social impact, addressing legal systems, policies, and ethical norms is crucial. However, it’s equally imperative to advance technological innovations, industrialization, and services in tandem to harness AI’s full potential.” The government sees AI technology as an opportunity to address structural challenges such as low growth and a declining birthrate in Korea. Through a joint study with Bain & Company, it is projected that the successful implementation of AI across the economy could yield an annual economic impact of 310 trillion won by 2026, with substantial revenue increases from AI-integrated products and significant cost reductions through enhanced efficiency and automation. Looking ahead, the ICT ministry plans to announce follow-up actions and agenda items following the council’s inaugural meeting, with the next strategic council meeting scheduled for June. This ongoing commitment underscores Korea’s ambition to become one of the top three AI nations globally by bolstering its competence in AI innovation.

News

Milieu Insight Survey Finds 55% of Southeast Asians Are Ready for Domestic Travel

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SINGAPORE – With the summer season approaching, Southeast Asia is poised for a rise in local travel, especially in the Philippines and Indonesia, where interest in domestic trips is highest. However, safety and affordability are pivotal concerns for many regional travelers. Milieu Insight, a leading survey software company in Southeast Asia, has released its latest findings on summer travel intentions among Southeast Asians. Milieu Insight’s quantitative study, drawing from its survey community, engaged 1,966 respondents from the Philippines, Thailand, Indonesia, and Malaysia. According to the report, more than 60% of respondents prioritize safety and cost when selecting domestic travel destinations, and 55% are inclined to travel domestically this year. sheds light on the summer travel plans of numerous Southeast Asians. As individuals look to explore their own countries, the key factors guiding their choices are affordability and safety,” stated Gerald Ang, Founder and CEO of Milieu Insight. “Moreover, many travelers in Asia are increasingly budget-conscious, favouring family-oriented experiences and finding value in land transportation and road trips.” Inflation is fueling the preference for budget-friendly travel options, with international travel becoming more expensive. As a result, domestic leisure travel is expected to remain robust among Southeast Asians. A majority of travellers across the region are now financially prudent, with 62% placing cost as a top priority, closely followed by 63% who emphasize the importance of secure destinations and scenic spots. This trend underscores the need for marketers to promote local destinations known for their safety. Land transport has emerged as the preferred mode of travel for domestic vacations, with 74% of respondents opting for this mode. Thai and Indonesian travellers, in particular, favour land transportation, with 88% and 76% opting for road trips to explore domestic destinations. Family-focused travel experiences, including culinary exploration and immersive touring, are gaining traction. Around 79% of Southeast Asian travellers plan to embark on adventures with their families, prioritizing quality time together and seeking out local hidden gems. While hotels remain the top choice for accommodations (preferred by 78% of respondents), alternative options like Airbnb and pool villas are gaining popularity. In Malaysia, 44% of travellers seek personalized experiences through Airbnb, while in Thailand, 47% are drawn to the luxury and exclusivity of pool villas. As Southeast Asia gears up for summer travel, there is a notable willingness among most travelers to opt for domestic destinations due to proximity and affordability. This shift reflects a pragmatic mindset amid evolving global circumstances, with safety and cost considerations taking precedence in travel planning. The study, conducted through Milieu Insight’s survey community, provides a comprehensive overview of Southeast Asian summer travel intentions, highlighting key insights and emerging travel trends. Representative of the online adult population aged 16 and above, the fieldwork for this study was conducted from 7th to 31st March 2024.

News

Whoscall Flags Over 1.6Mil Scam Calls in Malaysia for 2023, Second Top Country In Asian

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KUALA LUMPUR: The number of scam calls received by Malaysian Whoscall users increased by 100.92 per cent, totalling 1,632,290 in 2023 compared to 812,428 in the previous year, Whoscall’s 2023 annual report noted. Whoscall is the industry-leading digital anti-fraud app under the TrustTech service provider Gogolook. Gogolook Malaysia country marketing lead Man Yong said the report also shows that out of the 7 Asian countries, Malaysia is the second-top country seeing an increase in scam calls after Hong Kong, followed by Japan, which takes the third spot. Other Asian countries, such as Taiwan, Thailand, Korea, and the Philippines, are seeing a decrease in scam calls. She said that despite the increased risk of scam calls in Malaysia, Whoscall managed to help its users by identifying and adding the ‘scam’ tagging to 1,632,290 calls in 2023 alone. “However, 10.35 per cent, equivalent to 168,946 users, still chose to pick up the tagged scam calls. “This is a concern, and we would like to remind our users not to entertain any calls tagged as ‘scam’ and to take action to block the number immediately. “Taking these early preventive steps can save you from becoming a victim of scams,” she said in a statement. The Malaysia Royal Malaysia Police (PDRM) is a long-term strategic partner of Whoscall in Malaysia and works closely in database sharing to combat fraud cases amongst Malaysians. Commenting on the latest trends of online scams in Malaysia, PDRM Anti-Scam Ambassador ASP Rahmat Fitri Abdullah said phone scam is the leading online scam cases, with over 2,092 cases with loss amounting to RM65.8 million in just the first two months of 2024 (January – February 2024). “Another popular tactic is link or URL scams shared through messaging apps. We urge Malaysians to be alert and think twice before clicking on any links,” he said. Rahmat Fitri said that generative artificial intelligence (AI) is now used to create fake content, making it hard to differentiate the authenticity of information shared. He said Malaysia is now seeing emerging trends in AI-based scams involving manipulating news. “Scammers take real news footage and alter the audio clip to achieve a certain goal, such as producing positive news about an investment opportunity to win the victims’ trust. This trick has seen more and more Malaysians fall for it,” Rahmat Fitri said. As scam tactics evolve, Whoscall’s anti-fraud detection scope has expanded from calls and text messages to URL Scanner and ID security features. By integrating its AI-powered anti-fraud technology, Whoscall has established a leading global advantage in detecting risky links and checking unknown links from various sources under its URL Scanner feature. Recently, Whoscall’s new free feature, ID Security, is transforming user protection by swiftly detecting past leaks with just a phone number. Users gain instant insights into compromised accounts, passwords, and personal details, all at a glance. Plus, it offers vital remedial suggestions for added security. Whoscall is actively expanding its feature offerings to become an essential anti-fraud app that protects its users against constantly evolving scam tactics.

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