Kelvin Quee

🚀 SEA's Digital Economy: Strong Growth & Profitability on the Horizon! 🌐 The latest e-Conomy SEA report by Bain & Company, Google & Temasek reveals Southeast Asia’s digital economy is thriving in 2024 with impressive growth across key metrics: 💡 Gross Merchandise Value (GMV): $263B (+15% YoY) 💡 Revenue: $89B (+14% YoY) 💡 Profit: $11B (+24% YoY) Key highlights: - E-commerce boom: Video commerce now represents 20% of GMV, up from <5% in 2022 📱📹 - Gaming exports: SEA drives 12% of global mobile game downloads 🎮 - Profitability rising: Tightened commissions & new revenue streams, like ads, push profits up 2.5x in two years 💰 However, challenges remain: - Private funding down due to higher interest rates and geopolitical uncertainty 📉 - AI infrastructure: SEA’s growing AI investment positions it as a global player in data and applications 🤖 Despite economic challenges, investors are optimistic about SEA’s long-term potential, especially in AI and software. 🌟 #SEA #DigitalEconomy #Ecommerce #AI #Gaming #TechInnovation #Growth #Profitability #Investment #Startup #B2B #SoutheastAsia #eConomySEA #FutureOfTech

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Singapore 🇸🇬 here I come! Ee Fann Goh and I are co-hosting startups founded by Stanford University alumni that are part of the StartX equity free accelerator. It was founded by Cameron Teitelman & is now led by Kyle Wong. If you’re an active startup investor, please direct message Ee Fann or myself for the details. If you’re a startup founder, please dm me too and I can share more about the in-person program in Silicon Valley & Online. Kushagra Shrivastava and I were part of the program earlier this year. #stanford #startups #investors #singapore

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As a VC of mobility startups in Southeast Asia, I had the privilege to provide my comments on the future of ridehailing. While there are new competitors in the market, they would unlikely unseat Grab's dominant position. Ridehailing is now maturing across SEA, and margins are becoming increasingly difficult to generate. The future of the industry will depend on how efficiently players can generate profits. The days of venture money subsidizing costs are gone. Thanks to Samreen Ahmad for the thought-provoking questions. It will be interesting to see where the industry heads with the advent of new technology disruptions like EVs. #ridehailing #southeastasia #venturecapital Read more here: https://lnkd.in/g4TVaeyX

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As we kick off 11.11, one of Asia’s biggest e-commerce shopping festivals, with everyone at Klook fully engaged, I find myself reflecting on not just the past year, but on Klook’s incredible 10-year journey and my path as an entrepreneur. This journey has been anything but straightforward. It has demanded adaptability, agility, and above all, ambition at every step. In a recent chat with Siew Hoon Yeoh (check out our conversation here: https://lnkd.in/gudqPdbX), I shared thoughts on the three archetypes of entrepreneurship: the Gambler, the Promoter, and the Maker. Entrepreneurship requires us to embrace all three roles, often simultaneously. Here are three lessons that have shaped my journey so far: 1. Be Your Biggest Advocate: In the early days, believing in your mission is essential, especially when no one else does. You must fuel your own fire before others will. That unwavering belief is what propels you forward. 2. Embrace Change as the Only Constant: There’s no playbook for the curveballs you’ll face. I’ve learned to view uncertainty not as a threat but as an opportunity. Often, the greatest breakthroughs arise in moments of ambiguity when you stay agile, explore new ideas, and take calculated risks. 3. Master the Balancing Act: Entrepreneurship is about balancing risk-taking, promoting your vision, and executing relentlessly. To succeed, you must adapt and shift between these roles as needed. Most importantly, I’ve realized that if you want to go fast, go alone. If you want to go far, go together. I’m deeply grateful to the teammates, partners, and peers who have accompanied me on this journey over the past decade. Here’s to the next chapter—and to making 11.11 and beyond memorable! *Psst! If you’re planning your next getaway, now’s a great time to explore the Klook app for some of our best holiday deals 😉 (www.klook.com)

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❄ ♨ ❄ [HOT OR COLD] Are we truly seeing a "Startup Funding Winter" right now? ♨❄ ♨ My guest for "Under the Radar" today is Hian Goh, Founder and General Partner at Openspace Ventures. Founded in 2014, Openspace Ventures is a multi-stage investor that looks at Southeast Asian B2C and B2B businesses with a compelling vision for expansion. The firm prides itself as using active intelligence to find and back companies creating transformational impact at the intersection of tech and life It looks at three types of targets: (a) Series A and B firms with an established product-market fit and need capital for rapid scaling, (b) Series C and D firms who are market leaders with proven revenue traction but need capital for expansion into new markets or adjacent spaces and finally, (c) firms that belong to the rising asset class of crypto and Web3. Openspace Ventures currently has 6 funds and over US$800 million under management, supported by regional institutional investors including pension funds, family offices and state investors.  The VC firm has over 45 portfolio companies under its belt and is one of the early investors into GoTo. Other notable investments include those in Finnomena, Halodoc as well as homegrown fashion label Love, Bonito. Speaking of the VC landscape,  the SE Asia Deal Review compiled by DealStreet Asia revealed in May this year that startups in Southeast Asia raised US$1 billion in equity funding in the first quarter of 2024, down 41 per cent on a yearly basis. But are we truly experiencing a funding winter or is it more of a form of market correction? What does this mean for VCs like Openspace Ventures when it comes to screening for quality (particularly tech-based) investments? Find out more from Hian in the video below, and do tune in to our radio broadcast coming out today and tomorrow at 6.40pm Singapore time, as well as the full podcast out tomorrow evening! Shane Chesson Jessica Huang Pouleur Kelvin Goh Omesh Fabiani Amy Zhao, CAIA Ayu T. Gervin Yang Nichapat Ark Wenbo Zong Yiliang Zhao, Ph.D Jaclyn Seow Emma Payne Freddie Luchterhand-Dare Helen Marzolf Tania Shanny Lestari Vanessa Teo Dennis Le Kelvin Leung Matthew Windsor Juancho Jimenez, CFA Raunaq Nanwani Jocelyn Susilo Pareen Chaudhari Nicole Pua Trang (Amy) Vi Jonathan Kevin Chandra Aristo Setiawidjaja Linh Thai Azli M. Stephen CuUnjieng Jason Thompson Rachel Lim Dione Song Miles Wen Victor OK Li Jonathan Sudharta Patrick Walujo Andre Soelistyo

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One of the biggest takeaways from PM Wong's National Rally Speech for me was him bringing up how much burden, resource heavy and inefficient it is for SMEs when it comes to dealing with paperwork with agencies and how it has come to a point where rules have "overgrown" and is no longer business friendly. In fact it hurts small businesses more than they think. It is a domino effect- when SMEs lose precious opportunities in turn makes us less competitive against the global market. This snowballs and hurts the country as a whole. #singapore #nationaldayrally2024 #mti #ndr2024

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"Acquiring Growth: Grab's Strategic Acquisition Moves in the Ride-Hailing and Food Delivery Space" 📊 Objectives and Outcomes Grab's acquisition of Chope and its attempted acquisition of Trans-cab had varying outcomes.  The Chope acquisition aimed to enhance Grab's food and beverage offerings, providing more synergies for its merchant partners, especially in helping them capture online-to-offline opportunities. With over 13,000 restaurants in its network, Chope has seated over 110 million diners and helped maximize business for more than 8,000 restaurants around Asia.  In contrast, the Trans-cab deal aimed to expand Grab's ride-hailing services, but was blocked by regulatory concerns. 🍴 Unlocking Dining Opportunities Grab's acquisition of Chope is a strategic move to bolster its omnicommerce strategy and capture the dining out opportunity. With Chope's mature reservations and table management system, Grab aims to extend its services to its merchant-partner base across the region. The acquisition will also strengthen Grab's relevance as consumers' preferred everyday super app. By cross-selling Chope's services to its merchant-partners, Grab can create a stronger, more holistic online-to-offline value proposition for merchants and users in Southeast Asia. 🚨 Regulatory Scrutiny and Competition Concerns In contrast, the Trans-cab deal was blocked by the Competition and Consumer Commission of Singapore (CCCS) due to concerns about reduced competition and Grab's already-dominant position in the ride-hailing market. Grab's market share in the ride-hailing industry is significant, with over 85,097 private-hire cars as of June this year, compared to Trans-cab's fleet of 2,500 taxis. Grab's dominance in the ride-hailing market may limit its ability to acquire other players, while its expansion into new areas like food and beverage may be less scrutinized. 🚗 Impact on Consumers, Drivers, and Fares With 13,436 taxis operating in Singapore as of June this year, Trans-cab drivers may face uncertainty about their long-term prospects. Consumers may also benefit from the continued presence of Trans-cab as a competitor to Grab, which has a large market share of private-hire cars. The deal's failure may not significantly impact Grab's ability to set prices, as it is already a dominant player in the market, with over 72,632 private-hire cars at the end of 2022. The failure of the Trans-cab deal may lead to Trans-cab exploring partnerships with non-dominant players in the point-to-point industry. With private-hire cars increasing by 17.4% from 72,632 at the end of 2022 to 85,097 as of June this year, Trans-cab may need to adapt to changing market dynamics. As Grab continues to explore partnerships and acquisitions, its future growth and success will depend on its ability to navigate these complexities and adapt to changing market dynamics. https://lnkd.in/gcqAnYJu

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📊 Deep Dive: Southeast Asia's Startup Ecosystem - From Challenges to Opportunities I am honored to join Bernard Leong on the Analyse Asia podcast to unpack the compelling insights from Lightspeed's latest Southeast Asia report, authored by industry veterans Kevin Aluwi, Pachara (Pinn) Lawjindakul, and Dat Han. Key highlights from our discussion: 🔄 Evolution of SEA's ecosystem since 2018 📈 Current economic headwinds and growth opportunities 💡 Valuable lessons from India's B2B success story ♟️ Strategies to boost foreign investment inflows 🧟 The growing concern of zombie companies 🚨 Critical bottlenecks holding back startup growth The conversation offers insights for founders, investors, and anyone interested in Southeast Asia's tech landscape. Read the original report: https://lnkd.in/ecg5hcyA What do you think about Southeast Asia's startup ecosystem? https://lnkd.in/eFxZbqyW

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Singapore reclaims top spot in world competitiveness ranking after three years We are back where we belong … It is great to see that after four years in doldrums 😉 (well at least consistently under the top 4), Singapore has re-captured the top spot in the IMD World Competitiveness Ranking in 2024 – and this against a field of 67 countries! This Ranking evaluates countries around economic performance, government efficiency, business efficiency and infrastructure. Economic performance: The only field where Singapore tends to underperform (stagnating at #3). Not least due to its small size, cost of living (e.g. rents) is a major drag and the ability to generate sizeable revenues (outside of financial services) is limited. Government efficiency: Not much to be said about this – for years this has been the envy of many other locations – a stable, business friendly government that quickly addresses negative developments (see the recent corruption and money laundering scandals). Lastly a very smooth transition of power to the 4 Gen Leadership – this is a sweet spot. Business efficiency: The standout criteria for Singapore – a strong and efficient labour market (after all Singapore continues to be very attractive to top notch talent) and excellent management practices. Infrastructure: Maybe this is an area where Singapore has a bit of an unfair advantage to other countries in the field, as the size and location give it a head start. But then a lot has been invested in building and is consistently being invested in maintaining a first-class infrastructure including technical infrastructure. In summary, Singapore is back where it rightfully should be, at top of world competitiveness ranking and one can rest assured that resting on these laurels is not an option for the little red dot – more will consistently be done to further improve and maintain the top spot. Please do reach out, if you would like to learn how I can be of help in achieving your regional goals from Singapore. #singapore #businesscompetitiveness #easeofdoingbusiness #apac #tkasiaconsult https://lnkd.in/gP4pVvv9

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🚀 Pre-IC Pitch Time with Antler for the #VN6 cohort! 🌟 Unlike a scene from a Vietnamese TV drama I starred in back in 2020, this was no act—every seat was filled with some of Antler Vietnam's brightest waiting to hear my pitch. 🎭👥 Everyone was there, all ears on me... until I ran out of time! ⏰ To my cohort buddies gearing up for your own pitches, here's the game plan: 📝 Explain why you're starting your business NOW and why it’s the right move. 🕒 Dive deep into your competitors, and show where you can outshine them. 🌟 Most importantly, rehearse, rehearse, rehearse—unlike my two-take TV scene, pitching to VCs demands a lot of practice and perfection! 🎬 🔍 Feedback is scarce, so catch your coach beforehand if you can for insights! 🧠 Results drop on Friday—stay tuned! 📅 Meanwhile, the grind for the MVP continues! 💪 #AntlerVietnam #StartupLife #PitchPerfect

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Why is there such a big gap between the strategic narrative and operating reality in telcos? Sharing my personal experience yesterday with Starhub. Starhub calls itself a quad-play operator but can’t even combine two plays in its customer experience. 📞 Recently, I had a billing issue with both mobile and TV services. The call center’s response? “Dear Sir, I am from the mobile department, I cannot help you with the TV package change.” 📺 Then came the survey asking me to rate my “wonderful” experience with the agent, who urged, “Please give me a good rating 🤔 .An AI tool could’ve flagged this as a detractor-level conversation, but the survey was automated, lacking context. 📡 My roaming didn’t work because there was a lag between 2 systems at the telco, so I switched to another telco’s eSIM, only to find out they weren’t much better. Circles Life made me download an extra app, Jetpac, with a $1 promo that had no clear activation status. I downloaded it twice and lost the promo! 🤷‍♂️ Instead of making customers choose the least bad option, telcos should: 🛠️ Integrate their backend data with CX agents for a seamless customer experience. 🤖 Use gen AI to understand sentiments and improve customer interactions. 💬 Ensure clear communication in offers with instant activations even if its a new service like eSIM else be disrupted by agile players like Airalo Do you agree, Share your thoughts! 💬 #Telco #eSIM #CustomerExperience #AI

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[Request] Seminar topic: How to grow to Staff+ I'm planning a short weekend seminar to help senior engineers grow to Staff+. I need your help to know what topics to cover. If you're interested, or know someone who might be, please share this survey with them or just leave a comment below on topics! Thanks 🙏 Survey 👇 https://lnkd.in/gWPEpUAN

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𝐂𝐚𝐧 𝐩𝐫𝐨𝐟𝐢𝐭 𝐚𝐧𝐝 𝐩𝐮𝐫𝐩𝐨𝐬𝐞 𝐜𝐨-𝐞𝐱𝐢𝐬𝐭? (or is it always more talk, less action?) I would like you to meet two senior industry leaders, Guat Ling Ang and Thomas M. who live this everyday. - Brilliant business acumen? Check - Extreme customer centricity? Check - Industry leading commercial growth? Also check! But here's what sets them apart: they're also passionate about involving their clients in building a purpose-led culture! I'll never forget Guat Ling joining our 16-week disability inclusion mentoring program. As head of our public sector business, I thought she might be too senior to fully commit. But boy, was I wrong! Guat Ling dove in headfirst, mentoring with passion and empathy. Despite pandemic challenges, she found creative ways to connect and support her mentee's growth. She's since mentored women for better jobs, supported senior citizens with technology, and even learned henna art for our fundraisers! And then there's Thomas, who heads our life and health sciences business. Thomas was among the first leaders during the pandemic who came on board to support Smart Nation’s online tech series - to help the community stay on top of digital trends and leverage it fully to live, work and play. He and his team helped to reach out to Singaporeans with industry trends and as I write now, I realise much of what he shared during those sessions on AI and its impact… …has come true today! Thomas has always been a champion for women in tech. This is also evidenced by his own very high-performing team which is among the most diverse. Some of the most empowered women I've had the pleasure of working with have been from his team. He has literally walked the talk on sponsorship for more women to thrive in Data and AI. At #SheLovesData's “Walk the Talk” held recently he mentored young female leaders to navigate the challenges of corporate liife. But this post 𝘪𝘴𝘯'𝘵 about these leaders’ individual impact. It's about how they've 𝐦𝐮𝐥𝐭𝐢𝐩𝐥𝐢𝐞𝐝 𝐢𝐦𝐩𝐚𝐜𝐭 by taking it to the next level: involving their clients over a shared purpose. They turned business engagements into purpose-led collaborations, essentially institutionalizing purpose and creating a win-win-win for everyone! So when #Amcham, the American Chamber of commerce awarded us the Distinction Award for both Corporate and Societal excellence a couple weeks back... ...I knew it was time to give a shout out to Thomas and Guat Ling. The two leaders who have figured out that when... ...𝐩𝐮𝐫𝐩𝐨𝐬𝐞 𝐢𝐬 𝐢𝐧𝐟𝐮𝐬𝐞𝐝 𝐢𝐧𝐭𝐨 𝐭𝐡𝐞 𝐞𝐪𝐮𝐚𝐭𝐢𝐨𝐧, 𝐞𝐯𝐞𝐫𝐲𝐛𝐨𝐝𝐲 𝐩𝐫𝐨𝐟𝐢𝐭𝐬! Do you know a purpose-led leader who infuses impact through their work? Give them a shout out in comments 😀 #purposedrivenleadership #impacteexcellence #magicmondays

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“We are moving our finance and/or operations team to XXX ( another SEA Country)” - a sentence I have heard enough over the last few months among startup leaders for me to write about.  The fundraising challenges and the ensuing pressure on cash runway plus the push towards profitability has challenged SG based startups to “think outside the box" (or shall I say country). While it has been a practice for software devs and customer service, the expansion of the crossborder strategy to core operations and finance is a newer narrative. 𝐓𝐡𝐞 𝐢𝐦𝐩𝐚𝐜𝐭 (𝐨𝐭𝐡𝐞𝐫 𝐭𝐡𝐚𝐧 𝐜𝐨𝐬𝐭 𝐬𝐚𝐯𝐢𝐧𝐠𝐬): ☞𝐃𝐢𝐯𝐞𝐫𝐬𝐢𝐟𝐲𝐢𝐧𝐠 𝐨𝐟 𝐥𝐞𝐚𝐝𝐞𝐫𝐬𝐡𝐢𝐩 𝐛𝐚𝐬𝐞𝐬. As teams are formed outside of SG, so will #leaders. I am experiencing it firsthand as I turn to hiring a C-Suite position outside of SG, the first for this startup whose core leadership has always been in SG.  ☞𝐂𝐮𝐥𝐭𝐮𝐫𝐚𝐥 𝐚𝐧𝐝 𝐎𝐩𝐞𝐫𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐃𝐢𝐯𝐞𝐫𝐬𝐢𝐭𝐲: Expanding more teams across different countries introduces diverse cultural perspectives and operational practices. This diversity can lead to more innovative problem-solving approaches but also more intentional efforts needed on leadership and communication. The new normal is no longer a remote workforce but a #crossborder one. If this is on your mind, like this post with a 💡 so I can get a sense of the interest and perhaps gather an discussion group to delve further!

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Vietnam's digital economy grew 16% last year - and it's not hard to see why. A digitally savvy population, strong developer ecosystem, investment in digital infrastructure and an optimistic approach to AI mean Vietnam is extremely well positioned to take advantage of the emerging AI economy - if the right policy settings are put in place. It was very wonderful to co-host the AI Skilling and Policy Lab with the Vietnam National Innovation Center together with Vice Minister Đỗ Thành Trung and other senior officials. Read more about Vietnam's digital growth in our latest e-Conomy report: https://lnkd.in/gNufAWzM Big thanks as always to the amazing Google team - Lien Nguyen, Agung Pamungkas Kyle Gardner Ryan Rahardjo Wilson L. White Keane N. Quang Minh Dang

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Is it me or is Asia's fintech/e-commerce world starting to turn a corner these days? 🤔💡 1. Lazada hits EBITDA positive for the first time since 2012 Alibaba has injected $2bn in the Southeast Asian e-commerce firm over the last year alone. (Source: Momentum Works) 2. Sea Group Q2 2024 revenue beats analyst estimates, to deliver adjusted core operating profit in Q3 Their e-commerce arm, Shopee contributes two-thirds of the group's overall revenue. That grew 34% to $2.8bn also surpassing market expectations (Source: Thomson Reuters) 3. Filipino BNPL BillEase reports a profit for FY2023 The Saison Capital and Burda Principal Investments-backed firm said its growth was driven by new customer acquisitions, increased credit utilisation, new product and feature innovation, and merchant partnerships. (Source: DealStreetAsia) Meanwhile, bigger picture... 4. UK neobank Revolut makes a comeback One of rare global fintechs to be getting a valuation uptick. The London digibank is launching a share sale at a $45bn valuation. Last val? $33bn led by SoftBank Investment Advisers and Tiger Global in 2021. They’re setting sights on the UAE now, signaling a return to expansion mode. (Source: Financial Times, and Kristie Neo😅 ) 5. Swedish BNPL Klarna weighs secondary share sale ahead of 2025 IPO Discussions still preliminary, but is likely to land the fintech at a valuation of $10bn and higher. (Source: The Information) What else are you seeing? 🤓

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I’m a crazy one who Founded River Venture Studio overnight and got it supported by Enterprise Singapore. I do what I do because I believe in my vision to #inclusively empower #industry50 #deeptech ventures. The mission is to build and scale deeptech startups and this is how we do it at River. 1. ⚡Identify a Real Problem⚡: Being an innovator myself, I would first focus on a significant, real world problems that demands disruptive technology. Deep tech is all about pushing the boundaries, so I will choose a challenge where the technology I’m developing can have a transformative impact. We, at River Venture Studio, focus on industry 5.0 and deeptech startups to support and guide them throughout their startup journey from ideation to exit! 2. ⚡Build a Strong Team⚡: Teamwork makes the dream work! So assembling a multidisciplinary team with expertise in both technology and business is important. Having scientists, engineers, and entrepreneurs who share the vision would be essential to bringing innovative solutions to market. The founders must be of one mind! River Venture Studio, always brings together great minds to push the dreams forward. 3. ⚡Secure Intellectual Property⚡: Protecting the technology would be a priority, so make sure to secure patents or trade secrets early on. This would not only safeguard the innovations but also add significant value when it’s time to attract investors. 4. ⚡Develop a Prototype⚡: Creating a working prototype would be my next step to demonstrate the technology’s viability. This is crucial for gaining stakeholder confidence and securing the initial rounds of funding. 5. ⚡Focus on Market Fit⚡: Deep tech often has a longer path to market, so one must engage with potential customers from the outset. Understanding their needs would help ensure that the technology aligns with the market and can achieve product-market fit. My portfolio startups at River Venture Studio enjoy the benefits of networking with potential clients to acquire purchase orders. This is our USP 6. ⚡Seek Strategic Funding⚡: Rather than relying solely on traditional venture capital, I would look for investors who understand deep tech and are ready to support a longer development timeline. Government grants and corporate partnerships could be key here. We, at River, also connect our startups to angels and investors while also acquiring government grants as we are supported by Enterprise SG. 7. ⚡Stay Agile⚡: The deep tech landscape evolves rapidly, so I would be prepared to pivot as I learn more about the market and explore different applications of the technology. 8. ⚡Network and Collaborate⚡: Leveraging industry networks, research institutions, and accelerators that specialise in deep tech is part of our strategy. I strongly believe this is how it has to be , if anyone has to build a deeptech from scratch. It needs a multipronged approach and a village to support.

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