Partior's bitter breakup with staff

This week’s On the Rise looks at the layoffs at a Temasek-backed blockchain startup and how AI is revitalizing blockchain. [Read from your browser]( On the Rise 🚀 Welcome to On the Rise! Delivered every Tuesday via email and through the Tech in Asia website, this free newsletter breaks down the biggest stories and trends in emerging tech. If you’re not a subscriber, get access by [registering here](. --------------------------------------------------------------- IN FOCUS In today's newsletter, we look at: - [Temasek-backed Partior laid off staffers following fresh funding]( - Blockchain’s new use case in the world of AI Hello {NAME} I’ve recently been replaying the video game [Frostpunk](. For those unfamiliar, it’s a city-building survival game that forces you to make tough, often heart-wrenching decisions. As the leader of a community of survivors in a frozen wasteland, your every move could mean the difference between life and death for your fellow citizens. Should you impose longer work hours to keep the generator running or prioritize their health at the risk of freezing? The dilemmas are brutal, and the consequences are immediate. But this kind of high-stakes decision-making obviously isn’t exclusive to video games. In our Big Story this week, we dive into the recent layoffs at Temasek-backed blockchain startup Partior. The company, much like the survivors in Frostpunk, found itself backed into a corner, forced to cut costs just after securing a conditional series B funding round. It’s a reminder that in both games and real life, survival often demands uncomfortable trade-offs.  --------------------------------------------------------------- [Temasek blockchain startup trims team amid technical troubles]( Singapore-based Partior terminated around 30 employees in July, significantly reducing its headcount. This was followed by the resignation of several more staff, including key members of its leadership team. The three-year-old startup has faced “greater challenges” than it had anticipated in onboarding banks despite being backed by major financial firms such as JPMorgan, DBS, and Standard Chartered. Meanwhile, its losses have continued to balloon as it attempts to scale. But the problems don’t seem to stop there.  --------------------------------------------------------------- Blockchain adoption gets a boost from AI Having jointly founded Partior themselves, it’s easy for JPMorgan and DBS to quickly [get on board]( with Partior’s solutions. JPMorgan, in particular, has been leading the charge in adopting blockchain technology. The US bank has been running its own private blockchain network, called Onyx, since 2020. In a recent [interview]( its CEO Jamie Dimon [claimed]( that the bank is very likely to be one of the biggest actual users of blockchain technology. However, the banking magnate was quick to point out that the way people interpret blockchain may differ, and that he still remains skeptical about cryptocurrencies. In his view, blockchain is simply “a great way to share data” that can help establish trust between banks and their customers more easily. Dimon also said that “not much has happened” with blockchain, despite us “having been talking about it for 12 years.” He compared it to AI, which has seen rapid adoption and innovation in just the span of two years. Outside the banking world, blockchain is increasingly gaining interest in the context of intellectual property (IP) rights protection. Last month, US-based startup Story raised [US$80 million]( to build a platform that helps IP owners track usage of their content more effectively using blockchain. Just two days later, Sony announced the development of a public blockchain network called [Soneium]( which is designed to help creators protect their rights and handle profit-sharing more fairly. Besides this, the use of generative AI in the creation of deep fakes has also [ignited the use of blockchain]( in creating digital identifications. Since people can easily create fake identities and even documents, it has become essential to verify what is authentic and what’s not. Since blockchain is immutable, it reduces the chances of fraud. For instance, the municipal corporation in the city of Ahmedabad announced this month that it aims to [use blockchain technology to manage]( key documents that are issued by the body. In terms of commercial adoption, blockchain still lags significantly behind AI. However, it’s interesting to see how the rapid adoption of AI - which spurred the growing [concerns over IP ownership and protection]( in the first place - could create new use cases for blockchain. – Glenn  --------------------------------------------------------------- DEEP READS Also check out Tech in Asia’s coverage of the emerging tech scene [here](. 1️⃣ [Should Bilibili move away from its roots to compete with the giants?]( Known as the “YouTube of China,” Bilibili has enjoyed strong growth over the past five years. However, its user numbers and revenue still lag behind those of ByteDance and Tencent. This may be due to Bilibili’s longstanding focus on anime, comics, and gaming content. But in the race against these giants, should Bilibili abandon its roots? In this story, we explore potential strategies the company could adopt to stay relevant in the battle for viewers' attention. 2️⃣ [What’s behind this Indonesian fashion brand dubbed the ‘LV of scarves?’]( Indonesian fashion brand Buttonscarves has been called the local “Louis Vuitton of scarves” due to its novel designs and high-quality materials. The brand is also consistently expanding into new fashion categories. This piece explores what makes Buttonscarves successful in the local fashion industry and how it’s aiming to enter several international markets. 3️⃣ [TransTrack CEO’s full transparency of her guilty verdict to investors]( Indonesia-based logistic solutions startup TransTrack recently secured a US$12 million series A funding round. In 2020, its CEO, Anggia Meisesari, was convicted for fraud, but the firm’s investors were fully aware of this. In this story, we look at how the CEO came into trouble in her previous company and how this experience has given her much to learn. 4️⃣ [Alleged fraud scandal of Beam entangles investors]( Beam Mobility, an e-scooter-sharing service based in Singapore, has been accused of defrauding town councils in Australia and New Zealand. Documents leaked by a whistleblower apparently show that the company was circumventing some limits set in the contracts. This piece looks at what this means for investors of Beam, which include several big names such as 500 Global, Momentum Ventures, and Peak XV Partners. ---------------------------------------------------------------  ELEVATE YOUR INVESTMENT STRATEGY AT TIA CONFERENCE JAKARTA Less than 50 Investor Passes left The clock is ticking on your chance to snag exclusive access to Southeast Asia's hottest startups at TIA Conference Jakarta. Here's why you need to be there: - Uncover hidden gems: Dive deep into the TIA startup network and find your next investment. - Make crucial connections: Secure exclusive meetings with the region's most promising founders through Investor Hour. - Fuel your hustle: Network with fellow investors over five-star catered meals and access on-demand sessions packed with actionable insights. Only 50 Investor Passes remain - [secure yours now]( before they're gone! ---------------------------------------------------------------  EVENTS HAPPENING You can also check out a curated list of trending tech events [over here]( and Tech in Asia’s signature events [here](. [Tech in Asia Conference Jakarta on October 23 - 24]( As Indonesia’s startup scene continues to evolve, new opportunities emerge beyond the traditional hotspots. Join us at TIA Conference Jakarta to dive into the latest trends and discover new investment opportunities in Indonesia's maturing startup ecosystem. [Get your tickets now]( at a special rate of 30% off. This offer is valid only until October 2. [Leadership Collective: Building at Scale on September 26]( Join the brightest minds from CIMB, Figma, Carousell, ShopBack, Pelago, and more who are ready to exchange insights on how AI is breaking down silos. Indeed, AI is building better products faster and unlocking a future where these disciplines can work together seamlessly. Seats are filling up fast - [apply now.]( [Gemini Day for Startups: Indonesia on September 26]( You want generative AI solutions that actually deliver, right? Cut through the noise with Google Cloud’s Hae Na Noh and discover how startups are winning with genAI right now - broaden your perspective, gain actionable strategies, and glean next-gen insights. Limited seats available - [apply for your invite today.]( [DNA Leadership Summit | Jakarta, November 14-15]( Leadership isn’t just a title; it's a superpower. Join us at the DNA Leadership Summit and learn how to harness your inner superhero. Discover the strategies that have propelled industry giants to the top and unlock your own path to success. Are you ready to lead the charge? [Sign up for free]( [SYNC 2024 on October 08]( SYNC 2024, taking place on October 8 at Capella Singapore, will bring together Asia's leading minds in AI. We're excited to announce our full speaker lineup: Oliver Jay from OpenAI, and Min-Liang Tan from Razer. These industry leaders will share their insights and expertise, providing valuable perspectives on the latest AI advancements and their impact on various sectors. This exclusive event is by application only. [Find out more today.]( ---------------------------------------------------------------  That’s it for this edition - we hope you liked it! Do also check out previous issues of the newsletter [here](. Not your cup of tea? You can unsubscribe from this newsletter by going to your “edit profile” page and choosing that option in our preference center. See you soon! [ADVERTISE]( | [SUBSCRIBE]( | [HIRE]( | [FIND JOBS]( P.S. Don't miss out on the biggest tech news and analysis. Add newsletter@techinasia.com to your address book, contacts, or safe sender list. Or simply move us into your inbox. Too many emails? Switch to a different frequency or get new content through our [preference center]( or [unsubscribe](. You can also break our hearts and remove yourself from all Tech in Asia emails over [here](  Copyright © 2024 Tech in Asia, All rights reserved. 63 Robinson Road, Singapore 068894