Shortly after, the two major telecommunications providers in the country, Globe Telecom and Smart Communications, announced they had been ordered by the country’s telecommunications regulatory agency to turn off cellular and Internet service in the affected areas.

Similarly, such steps had been undertaken during fiestas and other events where a mass gathering of people usually leads to potential terrorism or security threats. Telcos would turn off their service for anywhere from half a day to two days, in cooperation with the National Telecommunications Commission and police – all in the name of ensuring public safety.

Jesus Christ, some bomb exploded in Quiapo exploded last week and it turns out it got delivered via Grab??? That's scary as hell

— 白鷺 (@egret000) May 8, 2017

In Quiapo, the security concerns might be valid – just two weeks prior, a similar attack occurred in the same area, but with the Islamic State reportedly claiming responsibility for the bombing.

These developments beg the question: How far are tech companies going to protect their users against security threats like terrorism? Also, is it fair for service providers to deactivate phone and Internet service, which are today considered essential to daily life?

Delivery services and more stringent inspection

The Manila Police Department (MPD) has ruled out terrorism in the Quiapo blast involving Grab Express, citing the attack possibly targeted an individual. Still, this incident has raised concerns about safety in delivery and courier services. Notably, traditional service providers thoroughly inspect packages before conveyance, and also ban potentially explosive and hazardous items, such as chemicals, weapons and even rechargeable lithium-ion batteries.

While Grab has declined to comment due to the ongoing nature of investigation, the company cited its long-standing policy that empowers its drivers to inspect packages before conveyance.

“Grab will enforce more strictly, the rejection of all sealed packages for GE delivery, reinforcing the existing protocol on opening and inspecting all parcels prior to delivery,” the company said in a statement.

Source: Monthira/Shutterstock

The question remains on why the Grab Express partner was not able to inspect the package in the first place. Perhaps it was in the name of expediency? With respect to the deceased, it is perhaps something left to hindsight. And there is concern on whether Grab, as a service provider, had some lapses in its policies and procedures, which made it easy for the sender to consign a dangerous item for conveyance.

Turning off public service in the name of security

In developing economies like the Philippines, mobile data service is a driver of Internet connectivity, with users leapfrogging from desktop and laptop computers and jumping straight to mobile devices. For many, smartphones have overtaken landlines as the primary means of local communication.

According to a recent report by infrastructure provider Ericsson, smartphone usage in the country will rise to around 70 percent by 2018, underscoring the importance of mobile data connectivity for most of the country’s population who do not own computers and whose first “computer” would be their smartphone.

Thus, for any person who relies on cellular networks for calls, texts and Internet connectivity, having network service disabled for hours or even days can be disadvantageous. Imagine how debilitating this could be for businesses that rely on mobile data and cellular service for transactions.

In a public advisory on May 7, Globe posted this announcement on its official Twitter account:

PUBLIC ADVISORY: Globe to suspend mobile services in select areas in Quiapo, Manila for 48 hours. Read it here: https://t.co/fHjmE9DUHg

— talk2GLOBE (@talk2GLOBE) May 7, 2017

The question here relates to the necessity of turning off cellular service during sensitive security situations. The same situation arose during the “Sinulog” festival in Cebu City, as well as the Feast of the Black Nazarene in Quiapo – both in January – when both telcos turned off service for security purposes.

Smart Communications public affairs head said telcos usually complied with regulatory orders in these matters. “If authorities instruct us to temporarily suspend our wireless services in the interest of public safety, we will comply,” he said.

Officials have cited the use of alternative means of communication and coordination. ““Families should agree where to meet in case they decide to part ways during the procession or the Sinulog or when there will be emergencies. For members of the media, the alternative way of communication is the handheld radio,” said Cebu City Councilor Dave Tumulak, deputy mayor on police matters.

Cellular service usually becomes overloaded during disasters and terrorist attacks — as can be expected when users panic and call to check on their loved ones. Thus, one, aspect of “prepping” or disaster preparedness involves off-grid communication capabilities, part of which can include license-free radio usage or the amateur radio service.

However, such communication alternatives might not be available to the masses (especially those that require licenses), and these might not always be a viable means of mission-critical activities by businesses.

SEE ALSO: VSStory: Powering communications through ecosystems

The takeaway

For now, it’s probably easy for consumers to point fingers or to complain against service providers that provide conveyance like Grab, or access to communications like Globe and Smart. We have taken these service for granted and have enjoyed the benefits of having an on-demand infrastructure we can rely on for personal or business needs.

However, as with any technology, there is a potential dark side that unscrupulous users can take advantage of. With these past events, what is important is that both service providers and users, as well as authorities, can learn the lessons in order to better ensure security.

The post How should tech companies handle terrorist and local security threats? appeared first on Tech Wire Asia.

However, concerns about the viability of an influencer’s image might be tarnishing this practice, taking brands down with it.

Influencer marketing was once considered a brand’s secret weapon in engaging audiences and gaining a social following.

The numbers have proven it.

For example, according to eMarketer, Seventy percent of teenage YouTube users say they are more likely to relate more to influencers than they would believe a celebrity endorsement. The same goes for businesses — half of businesses have increased their budgets for influencer marketing in 2017 alone.

It's moments like these that my temper slips out #hulksmash #cokemini Want one? watch link in bio for clues

A post shared by Zach King (@zachking) on Feb 8, 2016 at 9:00am PST

Unfortunately, mistakes by brands, marketers and influencers have maligned the image of influencers and influencer marketing. In particular, some businesses have found influencer marketing is not achieving the right return on investment (ROI) for them.

To illustrate, audiences have started to view influencers as shills looking to jump from one brand to another, just to get quick money. With this image, audiences have started to compare influencers as similar to paid celebrity endorsers, and because of this, they now ignore the product because they understand it as advertising.

In essence, this negates the advantages of influencer marketing — the view influencers are power users who have the ability to, well, influence their peers, is now being replaced by the opinion they are just out there looking for attention, and that influencer endorsement has become the end-all be-all of their online existence.

SEE ALSO: Going global: Best practices when marketing to audiences in different countries

How to properly tap into influencer marketing

The question now for businesses is how to do influencer marketing differently, and how to tap into the right influencers so their business can get the right exposure – not just paying someone who is disinterested in your product in the first place.

We are bringing Spring into the #magnoliahome showroom ?

A post shared by Joanna Stevens Gaines (@joannagaines) on Apr 5, 2017 at 2:15pm PDT

Here are some thoughts and ideas:

Choose the right influencers. Perhaps the hardest part of influencer marketing is scouting the perfect person for the job. There are thousands of people out there who can potentially be influencers, but what’s important is to find someone who is relevant in your industry and who already has some exposure or familiarity with your brand.

You will also need to ask questions like whether the person is a good fit for your brand, and if their audience is similar to your target audience in the first place. One good rule of thumb to consider is this: Would your company’s CEO be comfortable being photographed with this influencer?

Find the right platform. According to eConsultancy, influencers in Asia Pacific each have their own preferred platform where they engage their audience and make their daily social connections. Some emerging influencers, for instance, have solidified their fanbase on WeChat. In Thailand, however, YouTube is the most popular space for influencers to engage their audiences. Australian influencers mostly converge on Instagram.

Engage influencers the right way. There are influencer agencies that have emerged in the region, ready to connect businesses with known icons in their respective communities and industries. You can also directly connect with influencers through their chosen channels and pitch your products, ideas, or proposals. If they are already an avid user of your product, they may agree to feature it in their content. If they use a competitor’s products or services, then you will need to show them your value proposition, in case they decide to switch.

Provide value. The concern about being considered a paid promoter is, of course, a big challenge to overcome. You will need to provide something in exchange for getting exposure through the influencers’ networks. While monetary compensation might sometimes be frowned upon, a few other options would include complementary products and services, invitations to sponsored media trips and junkets, or free trips and accommodations at product launch events.

Sponsored content. Content marketing has proven to be an effective means of engaging an audience, and getting influencers to engage their audiences on your behalf is another potential benefit of influencer marketing. It does help if your target influencers are already longtime or loyal users of your brand, although they can also provide a big impact to the visibility of new brands that are just starting out.

Tons of great looking food today at the World Food Expo at @CentralWorld! #Bangkok #Thailand #Foodie ? pic.twitter.com/AiWNfHaczF

— Tieland to Thailand (@TielandThailand) March 27, 2017

Measuring impact and ROI

It will also be important to measure the impact of influencer marketing in terms of ROI. Socialbakers has proposed a standard metric for measuring influencer impact, through Average Post Engagement Rate and Daily Page Engagement Rate.

The takeaway: Measure, rinse, repeat

Of course, the main point with influencer marketing is reaching the right audiences with the least amount of resources possible. One thing brands and marketers will need to avoid is the appearance influencers are just paid promoters who would recommend products just for a quick buck.

Being selective with the influencers you approach, and ensuring the platform they use can adequately reach your intended target audience is of the utmost importance.

Effective influencer marketing isn’t just about hiring a popular YouTuber to sing about your brand. Nor is it just paying the most popular blogger you can afford to write about your product.

Rather, it involves taking a nuanced and step-by-step approach to identifying your marketing needs, finding the right influencer, determining the right partnership model, and measuring it effectively.

The post Need to know: How businesses can utilize influencer marketing for effective campaigns appeared first on Tech Wire Asia.

Ad-blocking is reportedly growing 40 percent annually, and as of end 2016, there were over 600 million devices that implemented some form of ad-blocking software.

What’s alarming is the growth rate. In its 2016 update, PageFair found more than 140 million devices started implementing ad-blocking from end-2015 to end-2016, and the trend is seen to continue upward.

Why the concern about ads?

Source: Shutterstock/Achmad Fahmi Rosyad

To consumers, ad-blocking is a way to retain control over the content they consume. A big proportion cites security as the main reason for blocking ads, while many also cite “interruption” as the reason they install ad-blockers on their computers and mobile devices.

Speaking to Business Insider, PageFair head of ecosystem Dr Johnny Ryan says users are becoming savvier with their digital privacy and security.

“[Ad-blocker usage] has grown to a broader demographic for whom [an ad-blocker] is akin to using a remote control [to skip ads on TV],” he said.

“The genie is out of the bottle and if the industry had taken privacy and data protection seriously this might not have happened.”

SEE ALSO: WATCH: Google faces major fallout as brands withdraw YouTube advertising

For publishers and advertisers, this could be worrisome, especially with advertising being one of the major sources of revenue in an environment where free content is the norm.

Ad-blocking is seen as a safe haven of sorts, where users believe they are merely pushing back as publishers and advertisers are crossing boundaries in what is already a fragile relationship between publishers and users.

There are two sides of the argument here:

• Content developers are suddenly feeling the crunch because one of their main sources of revenue is being pulled out from right under them;
• Users believe it is their right to gain access to, and consume, content for free, and the display of advertising is a betrayal on the part of publishers.

Even massive platforms like Google are losing a lot of money.  It lost billions of dollars in potential revenue before whitelisting its AdWords platform with AdBlock Plus – which cost them billions of dollars in additional expense.

Even Facebook is not immune to the negative impacts of ad-blocking, losing an estimated US$1.1 billion in 2016 to ad blockers.

Interestingly, a large part of the trend comes from mobile devices – 62 percent of ad-blocking installs in 2016 were on mobile devices. According to PageFair’s data, the growth of ad-blocking on mobile devices accelerates at a higher rate than that on desktops. Perhaps with the limited screen real-estate that smartphones and tablets provide, ad-blocking might be more of a valid argument, compared to desktops.

Any solutions?

Ad-blocking can prove to be troublesome for businesses. Source: Shutterstock/Adha Ghazali

Of course, it goes without saying marketers and advertisers are also impacted by this trend, as ad-blocking can severely limit the visibility of their messaging. Among possible solutions being put forward to address this trend are:

1. Deploy anti ad-blocking scripts. Publishers can utilize anti ad-blockers in their code, which will detect an ad-blocking user, blacklist the provider and create a new script that forces ads through the filters. However, be warned – this is probably a lose-lose situation for everyone involved since it will appear the publisher is forcing ads to appear even when a user has opted out.
2. Block ad-blocking users. Disallowing access to those who have installed ad-blocking software on their devices could be another solution. Unfortunately, this could backfire; a Forbes study determined this strategy turns away 58 percent of users, who are most likely to go to a competing publication.
3. Use a paywall. Subscriptions have been a long-time revenue source for magazines and newspapers. Large publications still put up successful paywalls, with some offering a “freemium” model that lets users access a few articles per month but have to pay for more content.
4. Ad whitelisting. This might be the anathema of ad-blocking. It can be recalled AdBlocker Plus implemented white-listing of ads on its platform, which was quite controversial and ironic, given the platform itself is espousing an ad-free user experience. This significantly reduces the value of publications’ digital real-estate, however, as only text-based ads go through, thus severely impacting revenues and reach.

Publishers and advertisers will need to find solutions that will enable them to effectively monetize content, while at the same time ensuring a good user experience so that end-users do not resort to ad-blocking. So far, the aforementioned solutions only seek to recoup revenues lost to ad blockers.

SEE ALSO: Facebook now has 5 million advertisers and wants more SMEs on board

Perhaps what is needed, moving forward, is for publishers and advertisers to find more innovative solutions that move away from an advertiser-centric perspective toward a more egalitarian approach that will greatly take into consideration how to drive value for all involved – end-users, advertisers, and publishers.

It will also be a massive opportunity for anybody that can envision and enable such a solution, heralding the era of a significantly new model for content distribution and monetization.

The post Ad-blocking increasing at an alarming rate, publishing industry needs to take heed appeared first on Tech Wire Asia.

With artificial intelligence, machine learning and automation on the rise, the next frontier for technology companies is to automate otherwise labor-intensive tasks or things that otherwise need human intervention to operate.

Take for instance road travel. Companies like Google, Apple, Uber and others, are making inroads into developing driverless technologies that rely on sensors, data, machine learning algorithms, and a wide array of technologies.

SEE ALSO: Ride-sharing service operators in Dubai and China partner up to fend off Uber

For trailblazers like Google, such technology fits well into its playbook, particularly having established moonshot efforts under its holding company Alphabet. In particular, Google has been working on driverless technology through Waymo, a spin-off from its main holdings company. One salient characteristic of Google’s self-driving car is that, unlike other technologies that offer driver-assistance (like Tesla’s autopilot), Waymo’s cars do not have pedals or steering wheels and are fully autonomous.

For other companies, like Tesla and Uber, the applications are more direct. Uber, for instance, is currently focusing on its ride-hailing app business. But one evolution down the line of its product roadmap would include driverless technology – in particular, instead of employing independent partners or drivers who own their vehicles, Uber might run its own fleet of driverless cars to service its on-demand ride-hailing customers.

Did Uber steal intellectual property?

Amid all these exciting developments in transport tech is a potentially damaging legal battle between Uber and Google.

In the eye of the storm is Anthony Levandowski, an executive at Uber who is being accused of stealing intellectual property from Google. He previously worked at Google, during which he had allegedly copied confidential documents and poaching employees before leaving Google to found his own startup, a self-driving truck company called Otto.

Just a few months after Otto was launched, Uber acquired it for US$680 million – and along with it, whatever technology and intellectual property Otto had. Levandowski also joined Uber as part of its driverless technology efforts.

Waymo's Uber lawsuit reveals Anthony Levandowski's $120M pay https://t.co/XRa0tSiIWK

— Ashish Chauhan BSE (@ashishchauhan) April 4, 2017

But this wasn’t the happy beginning Uber had hoped for its foray into the technology. Waymo sought an injunction at the end of March against Uber’s driverless car development and alleges the latter’s acquisition of Otto included around 14,000 files (about 9.7GB) pertaining to Waymo’s driverless technology. As part of the motion seeking injunction, Waymo also asked Uber to turn over the said files.

Pleading the Fifth – a PR disaster?

In this regard, Levandowski has invoked the Fifth Amendment – a constitutional amendment in the United States that protects individuals against self-incrimination.

His lawyers argue turning over files that may pertain to the case as part of discovery in litigation might be self-incriminating, and an “obvious conflict,” particularly as the litigation might lead to a criminal case, his legal counsel shared with The New York Times.

Uber’s legal counsel says the company intends to prove its autonomous vehicle technology was not stolen from Waymo.

“We are very confident Waymo’s claims against Uber are baseless and that Anthony Levandowski has not used any files from Google in his work with Otto or Uber,” said associate general counsel Angela Padilla.

However, Levandowski’s pleading the Fifth may not exactly be helping, as it is tantamount to yet another PR disaster for Uber. It is equivalent to saying “No comment”, but not exactly confirming nor denying anything. Uber itself has sent a mass email to its employees warning of possible negative news coverage over the trial.

SEE ALSO: WATCH: Within four months, Uber’s reputation falls further down the drain

The takeaway: What happens to driverless tech now?

Legal battles are not uncommon in the high-technology industries, especially when intellectual property is involved. It may be recalled Apple and Samsung had been embroiled in years-long patent litigation that pertained to the design of Apple’s iPhone and Samsung’s own Android-powered Galaxy S line. However, that particular case was more about interface and physical design.

Waymo’s and Uber’s battles might potentially relate to more fundamental aspects of driverless technologies, which could have a bigger negative impact on the parties involved – particularly Uber – if it is found its autonomous car development was based on stolen data.

Closer to home, Asian ride-hailing giant Grab is also exploring driverless technologies, although in partnership with companies like NuTonomy. Singapore’s government is committed to developing autonomous vehicles and has planned to set aside sections of public roads for trials.

Another company, Delphi, is also currently testing its autonomous technology in the city-state, after demonstrating coast-to-coast autonomous drives in the US in 2014. Delphi plans commercial deployment by 2022.

With autonomous vehicles, it is the user who will ultimately benefit. Waymo cites 94 percent of crashes are due to human error and taking this out from the equation will mean better road safety. Companies like Google, Uber, Tesla, Grab, Delphi and others are taking small, but effective, steps toward this direction.

The question now is that – with or without intellectual property disputes or even criminal litigation along the way – when can we expect fully-autonomous vehicles to bring us places, and will this be limited to certain places where such drastic changes will be economically viable?

The post With Uber accused of industrial espionage, the heat is on in driverless tech appeared first on Tech Wire Asia.

Fintech itself holds much promise, in terms of providing smooth and fast transactions. And the use of blockchain technology extends through areas like proptech and insurance tech, wherein the combination of transparency and relatively frictionless transactions is geared toward making exchange of value easier.

Proptech involves different sectors, such as location-based services, finance, virtual tours, insurance and even security. This means it does not necessarily involve high-tech and data-driven technologies to be effective. Today, users can take advantage of even simple technologies that make buying, selling, renting, or just viewing of properties much easier.

Immersive experience through VR tours

Augmented reality (AR) and virtual reality (VR) were touted to be among the hottest tech sectors last year, although the technology did not gain much traction yet.

Perhaps Pokemon GO – with its heavy use of AR technologies – was just the beginning. The property market, with its heavy need for tours and previews, might just be one of the biggest beneficiaries in this space.

Several startups have explored the use of AR and VR to give prospective clients a tour of their listed properties without even leaving the premises.

Philippines-based Zipmatch is one such company, and it has combined the use of digital imagery and an immersive experience to bring properties closer to its clients. It has amassed photos in its database, and with the use of 360 Goggles, home buyers can take a virtual tour of at least 300 properties around key cities in the country.

The main difference with Zipmatch is that it targets a B2B market, particularly realty companies and real estate agents. Through a reasonably-priced monthly plan, realtors can offer their clients the service, which gives the prospective buyer all the benefit of virtual tours without having to pay a cent.

SEE ALSO: Singapore’s PropertyGuru invests in biggest real estate platform in Vietnam

Bringing the magic of 3D models to hand-drawn prototypes

Source: Shutterstock/NosorogUA

Imagine automatically converting your drawings into three-dimensional architectural designs. This is exactly what India-based startup Snaptrude does. Its platform lets users take a snapshot of any hand-drawn floor plan, and it will convert the design into a 3D mockup without the need for an expensive CAD application and CAD skills.

What’s more, Snaptrude has amassed materials and labor prices in its database, and it will automatically compute for costings based on the estimated materials needed to complete the design and build the property development.

This takes the guesswork out of the construction business, and both prospective homeowners and contractors alike can have an easier time managing their costs and expenses.

In addition, Snaptrude provides support for VR headgear, which lets users go through a virutal tour of their planned property, even before it is built. Apart from its main target market in India, the company has garnered enough interest in the US and Europe to expand its market there.

3D house printing just around the corner

3D printing may be considered by some to be a fad. But for a Chinese startup called WinSun, 3D may be the best solution for the property market.

In 2014, the company claims to have built 10 houses in 24 hours through 3D printing. In 2015, the company built a five-story apartment complex and a 1,100 sqm villa at Suzhou Industrial Park.

The process is done through large-scale 3D “printing” technology, and it is said to save between 30 to 60 percent of construction waste. 3D printing of properties can also potentially cut labor costs and production times by at least half.

Such construction technology can also help the environment by using recycled materials and reducing dependence on quarrying.

SEE ALSO: Innovative computer-aided design software for productive companies

The takeaway

The future of proptech is here and now. While smart contracts and frictionless transactions are coming to fruition through innovative and disruptive startups that aim to leverage blockchain and cryptocurrency tech in financial transactions, we can bank on other disruptions in the real estate industry, in order to gain the cost, efficiency, safety and other benefits offered by such innovations.

The post 3 Asian startups driving innovation in the proptech arena appeared first on Tech Wire Asia.

The value of Bitcoin peaked this first quarter of 2017, with speculation capital controls in China would further boost demand for the digital currency. However, some analysts are warning against a potential bubble.

SEE ALSO: Will tough regulations edge out startup innovation in Asia?

Amid all this speculative analysis about Bitcoin, the fundamentals of the cryptocurrency are what make it all the more interesting not only for fintech startups, but also for emerging companies in other industries. Take for example property tech and insurance tech (proptech and insurtech, respectively).

Transactions in real estate, insurance, and basically any industry which requires contracts and exchange of value, can potentially benefit from Blockchain technology, due to the decentralized transactions, which can also potentially disintermediate these industries – meaning cutting off the middleman.

What is Blockchain?

Blockchain technology essentially allows users to record transactions on a semi-public digital ledger. The system provides transparent and equal-access to all users, and it can include specific information about such transactions.

Thus, while Bitcoin’s blockchain only includes information on payor, payee, amounts, and history of Bitcoins transacted, such Bitcoin tech, when applied to real estate, can include other information, as well, such as ownership details, addresses, encumbrances, ownership history, and more.

This means buying, selling, and even renting, of properties can be done on a secure platform without the need for other paper trail. Users can own property titles on a secure digital wallet. They can also dispose of these properties just as easily in a secure online marketplace, wherein transactions will be verified, tracked, and recorded on the Blockchain.

What makes it viable in proptech?

Source: Shutterstock/doomu

Since blockchain can potentially eliminate the middleman, it can facilitate faster, more reliable, and cheaper transactions for both parties – seller and buyer.

Selling property has always been complicated and expensive – not to mention rife with information asymmetry – because of multiple middlemen. These can include brokerages, brokers, agents, conveyance law firms, and even government titling offices.

Each one holds a particular interest and piece of information, and each one needs to be paid his own percentage in the transaction. Introducing blockchain can cut through the bureaucracy. Buyers can deal directly with sellers, and all information is exchanged through the platform itself.

Aside from the cost, blockchain tech can also bring down the time it takes to complete a transaction. For example, the sales process involved in buying a property entails interacting with the owner or his agent, checking the legal title of the property, and checking the market for prevailing prices, among others. These are done by different parties and intermediaries, and it can take several months and considerable amount of money to facilitate a sale.

In contrast, a blockchain-powered real estate transaction will let all parties know the history of a title, any pre-existing or previous encumbrances, past sales transaction, and ownership confirmation. To proceed with a sale, both parties can execute a Smart Contract, which can factor in any financing requirements, interest, and underlying regulations. If a buyer has enough cryptocurrency (such as Bitcoin) to facilitate the sale or the initial down payment, then buying the property is just a literal click away.

https://twitter.com/dysinger/status/846163577949995010

Addressing on-demand economy

On-demand has shaped the lifestyles of many consumers today. The popularity of Uber and Grab in the region, for example, addresses the need for on-demand private car (and for car owners, a means to provide ad hoc services to make extra money). Airbnb – notwithstanding legal and regulatory issues in the region – also fulfils the same need.

Blockchain technology in property tech can also provide significant innovations in the rental space. In Singapore, for example, the Metropolitan Redevelopment Board has enforced a ban on short-term rentals, which means startups like Airbnb are essentially illegal. However, authorities are considering a new rental property type, which can particularly address the need for short-term rentals.

SEE ALSO: WATCH: Asia Pacific gets closer to embracing Airbnb

Incorporating Blockchain technology can also mean faster transactions when it comes to rental property. Airbnb was reported to have acquired a Blockchain tech startup last year, which could mean it is interesting in incorporating such technology into its rental platform. For instance, short-term renters can potentially unlock apartment or room doors automatically once they send payments in Bitcoin.

The takeaway

What does this all mean for the traditional realty industry? It is essentially a threat to traditional real estate brokers and agents, since Blockchain tech in proptech will potentially cut them out as middlemen.

This will require innovation and disruption on the part of the realty business, then. Startups like 99.co, Zipmatch, Bitmark, Bluzelle, and others are introducing their own innovations to the real property industry. Perhaps it’s time for traditional players to evolve – and quickly at that – in order to remain competitive.

The post Blockchain tech can deliver significant advancements in real estate industry appeared first on Tech Wire Asia.

This includes an increasing participation of girls and women in entrepreneurship, as well as the sciences, technology and mathematics professions.

The concepts of equality and equity are not lost to the region’s startup scene. In fact, there is a growing proportion of women entrepreneurs in Asia. One in five startups are founded by women, says a study by the OECD.

In addition, a few salient figures stress just how important female founders and entrepreneurs are in the region’s startup ecosystem:

• Women entrepreneurs have higher annual sales than their male counterparts
• Twelve percent of venture-funded startups have at least one female founder
• A larger percentage of women are taking on senior leadership roles in corporations and enterprises – as high as 39 percent in the Philippines, for example, although the figure is lower in Singapore, at around 26 percent.

In addition, businesses with female founders were determined to have higher valuations at first and last funding rounds.

Workplace culture and harassment

Ambition is never without challenge though, and this rings even more true for women in the industry.

In enterprises and startups in the region, women still feel the pinch in terms of opportunities for growth and flexibility when it comes to addressing their personal or family needs.

56 percent of women professionals leave their jobs mid-career due to various reasons.

These include unfavorable working conditions, limited number of women as mentors and difficulty in fitting in with the culture.

To make matters worse, and perhaps to highlight the difficulty of women entrepreneurs and professionals amid the IWD celebrations, last week saw at least two incidents where women professionals have accused their chief executives of sexual harassment.

In India, for instance, The Viral Fever’s (TVF) CEO Arunabh Kumar was accused of harassment in several first-hand accounts. The company has since denied the allegations.

Globally, women are also facing issues in the technology-driven workplaces.

Last month, global ride-hailing company Uber has faced backlash amid an engineer’s accusation of sexual harassment by a manager, and the company’s HR department being accused as complicit in said incident.

SEE ALSO: Uber’s sexual harassment allegations are no surprise in the ‘bro-culture’ tech world

The challenges go beyond harassment, as in some parts of the region, the trend of inclusiveness and equality is being met with cultural difficulties.

Kristen Nicole, editor at Silicon Valley media company SiliconANGLE, writes about the challenges that arise from cultural differences:

“Sitting in on meetings at work where most are males, I quickly get a sense of how differently males act when there is no female around. And from some of the office jokes my husband shares from his experiences, I can see why males and females often feel uncomfortable merging cultures in the workplace.”

Change in attitude

She goes on to say while the sciences were once considered to be the male domain, workplace attitudes need changing. “What still needs to be addressed is the attitudes of the workplace.”

However, the region sees promise. Even with the difficulties, women are emerging as influential and capable leaders in their respective fields.

“Over the last 12 years we’ve seen a dramatic shift in who is applying for tech jobs,” says Poungthong Thipdang, human resources director at Aware, a software development company based in Thailand.

“In the early days, only 10-20 percent of our applicants were female. Last year, the applicant split was 54:46, women to men.”

The takeaway

Women in technology fields are said to provide a balance, in terms of perspective and capability.

“I find male engineers think in more straightforward terms while women are more detail-oriented. They think out of the box and will consider all use cases, including edge cases and negative scenarios. When building a product, you want a good mix of those perspectives,” says Hannah Vergara, engineering lead for Quality Assurance at Grab.

SEE ALSO: Indian IT firms improve gender diversity but need more women in boardroom

Thus, even while there are challenges, women continue to play a bigger role in what have been traditionally male-dominated fields of technology.

The industry needs to celebrate differences and focus on how each person’s strengths can contribute to the productivity and value of one’s team.

The post Women entrepreneurs are on the rise, but challenges abound appeared first on Tech Wire Asia.

According to Business Insider, the trend has been influenced largely by Chinese fintech startups and investors, as well as those from Europe.

The trend is also supported by two facets. Firstly, traditional banks are shifting away from the usual banking infrastructure which involves branches and even ATMs, in favor of delivering services directly through mobile apps and peer-to-peer transactions.

Secondly, the so-called neo-banks, or fintech startups that don’t stem out from traditional banks, are also introducing their own disruptions through innovations that transcend the usual transactions (deposits, withdrawals, payments, etc.).

SEE ALSO: India: Banks told to digitize or risk becoming obsolete due to fintech

A cashless society?

Some argue the drastic change will encourage the use of electronic money rather than cash, which is prone to laundering and misuse. Source: ptnphoto/Shutterstock

The rise of fintech in Asia may have been given a nudge by the latest major financial news from India – and that is the demonetization of the country’s 500 and 1,000 Rupee notes in an almost overnight fashion.

With the authorities effectively making at least 80 percent of the country’s money useless in an instant, citizens have turned to electronic services to help with transactions.

Of course, there is an argument the demonetization has negatively impacted the lives of almost a billion people, with most Indians and Indian small businesses not having access to their own bank accounts.

Some argue the drastic change will provide a much-needed disruption which will encourage the use of electronic money rather than cash, which is prone to laundering and misuse.

Co-working spaces as banking centers

Another emerging trend is the region is the co-working space industry. According to a study by Emergent Research, 40 percent of Southeast Asian workforce will be composed of freelancers by 2020.

Data from FlySpaces indicate such freelancers and small businesses will be able to save up 20 to 26 percent in operations cost by working from co-working spaces instead of setting up their own establishments.

Such a trend will also extend to the fintech sector. New York-based startup WeWork, a network of co-working spaces valued at US$10 billion, is pushing itself as a “space as a service” company, and it is largely targeting the fintech circle as a target market.

SEE ALSO: U.S. office-sharing startup WeWork to receive $3bn investment from SoftBank

This means a large push toward finance-oriented startups, with the aim of eventually replacing bank branches with co-working for a more P2P approach to banking.

Thus, while fintech today might mean people being able to do transactions from their mobile devices on an ad hoc and person-to-person basis, the aim is to conduct such transactions at commons spaces like WeWork’s facilities.

Imagine meeting a banker at a co-working space, instead of a traditional bank branch, to deposit funds to your account or take out a loan.

Coinless by 2020

The roadmap to a cashless society features many prominent startup ecosystems and countries.

China, for one, is home to WeWork, which is planning to have its big IPO in the next few months.

South Korea is another nation which seeks to put itself on the map as Asia’s center for fintech. Singapore remains a strong contender to be the

Singapore remains a strong contender to be the fintech capital of Southeast Asia and beyond.

South Korea, for one, has taken some solid steps in this direction by advocating for receiving change as prepaid credits instead of minted metal. While this is not as drastic as India’s sudden demonetization of its rupees, it’s probably going to bring about a more welcome change.

All this flurry of innovative activity begs the question: What will be the biggest driver of the adoption of fintech in the region?

The post With rise of fintech, physical bank branches may become thing of the past appeared first on Tech Wire Asia.

Around the world and in Asia, there are hundreds of startups that have built platforms for just about anything – food ordering, e-commerce, education, healthcare, and more.

And yet, in most parts of the globe, there have been resistance to innovation, with some coming from the incumbents that wish to protect their business models. For example, taxi companies – even those in major US cities – have lobbied against the entry of Uber, claiming these are unnecessarily eating into their profits. It’s the same case in Asia – and to think that the old way of doing business can sometimes be slow, expensive and cumbersome. In the end, it’s the consumers who are likely to lose out.

SEE ALSO: China: Bitcoin may face tighter regulations, markets slide

Let’s have a look at two striking cases in Asia, which might bode darkly for startups wishing to make their mark in the region.

Uber – death by legislature?

Pic: Prathan Chorruangsak/Shutterstock

In November of 2016, Taiwan’s legislature passed a regulation that sharply increased fines for unlicensed ride-sharing services, which include Uber and its contemporaries. The Legislative Yuan raised the maximum fine for illegal passenger transportation from NTD50,000 to NTD25 million (from US$1,625 to US$812,400).

As reported by Fortune, Uber has been fined around NTD66 million, while its partners (drivers) have been fined a total of NTD20 million.

The provisions of the new law were made effective starting this year, and Uber had pulled out its operations in Taiwan on February 10th, calling it a “pause” in its operations. The company has called out the Taiwanese government for being anti-innovation. “Unfortunately, the government has moved further and further away from embracing innovation and setting the stage for a 21st century transportation policy,” the company wrote in a statement.

SEE ALSO: China: Uber, Didi could lose thousands of drivers as new regulations come in

Other cities are facing different scenarios, although not as drastic as Uber’s in Taiwan. For instance, in the Philippines, local regulators have put a cap on the dynamic pricing policy utilized by transport network services like Uber and Grab, effectively lowering prices even when demand for rides is surging. Regulators have also limited applications for new franchises and rejected nearly half of franchises on process.

Airbnb – stricter property rules, but a possible middle-road

It’s the same scenario in other industry verticals, such as short-term property rental through apps like Airbnb. In Singapore, short-term rentals are actually prohibited by the Urban Redevelopment Authority, which bans sub-letting properties for shorter than six-month periods.

The regulator cites safety and environmental concerns. “Allowing residences to be used for short stays leads to high turnovers of occupants, and gives rise to nuisance and safety concerns,” it states on its website. Violators are liable to be fined up to S$200,000 (around US$141,400) or face a one-year jail time.

While previously a regulatory stipulation, this has recently been legislated into law, which give the URA increased powers in going against suspected violators. The law also gives officers the authority to demand information or documents, take on-site evidence, and conduct forced-entry into homes in question.

SEE ALSO: Airbnb gets jitters from local rivals, ramps up efforts in China

Airbnb, in a statement, has said that the ability to sub-let their rooms or residences can be a big help in paying the bills and expenses. “For a lot of Singaporeans, the opportunity to list their home on Airbnb – for an average of S$5,000 per year – makes a real difference paying off the mortgage, electricity bills and other daily expenses.”

Still, the startup has expressed support for a “common sense approach to regulation that helps these hosts share their extra space.”

Toward this end, it would seem that the URA is considering a new category of private residences that would legally accommodate short-term rentals. “New residential sites can be sold with such an approved use, allowing flexibility for short-term rentals. For existing residential buildings, they would then require planning permission for change of use, and this would be subject to a set of guidelines which URA is looking into,” said Minister for National Development Lawrence Wong.

The takeaway

Startups introduce disruptions and innovations that can potentially change the game for businesses and users alike. The likes of Uber and Airbnb may be putting a dent to the bottom lines of taxi companies, hotels and inns, for example. However, these also provide users an alternative service, which they might find better in terms of quality, price or accessibility.

In addition, enabling users to access such services on-demand and conveniently through their devices, enhances the user experience. The question now is whether governments and incumbents will struggle with innovation, or whether they will adapt with the times with solutions of their own.

The post Will tough regulations edge out startup innovation in Asia? appeared first on Tech Wire Asia.

In late 2016, ValuePenguin’s Duckju Kang ran an article outlining how VC firms around the globe are shifting their resources away from startup ecosystems – this is particularly true in emerging markets, plus growth centers like China. For instance, global venture capital peaked at US$39.6 billion in the fourth quarter of 2015, but rapidly started sliding in 2016.

India was hit particularly hard, with VC funding falling 70 percent from the fourth quarter of 2015 to first quarter of 2016 – a significant drop, compared with the 30 percent decline in the US and 40 percent decline globally. In fact, around 800 startups were estimated to have run out of money, with most scuttling their business as cash dried up.

End of the Unicorn era?

Pic: Dado Photos/Shutterstock

During periods of market uncertainty or volatility, investors’ instinct would be to shift their investment toward less-risky endeavors. Startups, in this regard, are often considered as high-return, but high-risk investments, given the high rate of failure in these fledgling businesses. Thus, while hitting a goldmine in a particularly profitable startup that suddenly gains traction – think Google, Facebook or Snapchat – not all such businesses are destined to succeed.

In fact, analysts have been predicting the end of the so-called Unicorn era, in which “unicorns” are companies valued at billions of dollars, with the significant backing of institutional investors. The focus has not shifted toward the “cockroach” model – signifying hardiness and resiliency.

“A cockroach startup is the one which keeps struggling, going forward in spite of changing environments, market conditions and investment scenarios, just like a cockroach,” writes Garima Juneja on Indian startup publication YourStory. “They are the ones which are capable enough of knowing where they should spend money and where they shouldn’t.”

Case in point: Indian e-commerce startup Ola raised US$500 million in September 2016 at a valuation of US$5 billion. In November, the Unicorn startup tried to raise more cash at a valuation of US$3 billion – this meant a sudden decline in value by 40 percent. Clearly, something is going on. Even billion-dollar startups are experiencing significant cash burn, whilst not giving back value to investors and stakeholders.

SEE ALSO: Indonesia: Corporate venture capital Mandiri to invest $15m in startups in 2017

Sound fundamentals in sight

VCs have thrown money at startups in what can be characterized as FOMO or ‘fear of missing out’. In the quest to strike it rich one day, investors have placed their bets on high-growth startups, which focus on customer acquisition through growth hacking and other high-velocity methodologies. However, today investors are realigning their strategies toward providing resources to businesses with more sound fundamentals. Instead of just looking for rapid growth and expansive user bases, venture funds have shifted their priorities toward startups that are seen to have long-term sustainability.

5 stages of #startups, from initial funding to filing. #Fintech # Entrepreneurship #VentureCapital #IPO via @MikeQuindazzi pic.twitter.com/dQxs8zOs8B

— Startup Collider (@PwCCollider) February 6, 2017

With this in mind, the key trend today is ensuring a sustainable business model with a clear view of profitability. No longer is it enough to just grow a user base, but startups will need to be focused on real results. In his ValuePenguin post, Kang writes that “pockets could tighten & lead to a less vibrant funding environment in SE Asia.” However, entrepreneurs need not worry if they know how to focus on sustainable business.

Tips and advice

Be innovative: The so-called copy-and-paste startup culture is now passe. While it has been a trend in India for entrepreneurs to simply copy western concepts and apply these to the local context, the time has come for entrepreneurs to truly innovate in their home markets. In an opinion piece published on LinkedIn, Seedfund founder Mahesh Murthy writes that the age of copy-paste startups is now over in India. “Let’s go past this sad era of copy-paste and into a world of funding, backing and growing originals.”

Address a real and pressing need. Who needs the next Snapchat, after all? True, many apps provide an avenue for growth, gaining users by the hundreds of millions. But are these addressing real pain points in their respective markets, or are these startups and apps just a passing fad, ready to go the way of Pokemon GO when the next big thing comes?

SEE ALSO: 2 apps, 1.6 billion Muslims: How these startups are tapping the halal market

How about launching a fintech app that helps under-banked individuals gain access to financial services, instead? Or how about using machine learning to help improve insurance coverage for those who cannot afford expensive hospitalization, for instance?

Build a future-proof product. Sure, things like fintech, e-commerce platforms and augmented reality are hot today. But any startup would soon go the way of Yahoo after decades of being in the limelight. Startups need to learn to evolve and adopt with the times.

Which Industries Attract The Most Venture Capital? [Infographic] https://t.co/d0SMRagbaD [via @forbes] #AI #BigData pic.twitter.com/5gCAiee81f

— ipfconline (@ipfconline1) February 13, 2017

Start with profitability in mind from day one. Silicon Valley investor Chamath Palihapitiya says that not all business can turn a profit at day one, but it should be the target to be sustainable at the soonest. “As you start the company, you start spending spending spending ahead of revenue. But then you come out of it and very quickly you should become a company that spends less than it makes. And what I mean by very quickly, is that window of time should be in that 6 to 8 year time frame, 5 to 8 years.”

The takeaway

The startup ecosystem is drastically changing, and entrepreneurs will need to likewise shift focus toward better sustainability. It’s no longer a game of building the biggest platform with the most users and hoping to find profitability later on. Now, investors want something more solid to hold on to.

The post How startups in Asia can get through the venture capital winter appeared first on Tech Wire Asia.