Guardians of SEA’s digital galaxy, volume 2

This week’s On the Rise maps new developments in SEA’s cybersecurity space, spotlights a profitable Indian edtech firm, and insights from Token2049. [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 - [Mapping]( cybersecurity startups in Southeast Asia - A [profitable]( Indian edtech firm - Insights from Token2049 Hello {NAME} , Today, I’d like to introduce you to a recurring guest of Tech in Asia email system: "Willis Wee," the mysterious man who happens to share a name with our founder and CEO. “Willis” - or whoever is hiding behind that name - has a knack for sending us bizarre emails asking for money transfers or incredibly specific email drops. Now imagine the same scenario, but on a much grander scale. There are huge corporations out there dealing with a million data points and fighting off digital dragons left and right. But the truth is, whether you're a small fry in a large ring or a big shot in a tech colosseum, the challenges of cybersecurity are very real. It's like a never-ending game of cat and mouse, and we're all just trying to keep our digital castles safe from marauding cybervandals. We have two Big Stories for you this week. For the first one, we’re zooming in on Southeast Asia’s digital frontier, which is as vibrant as it is vulnerable. My colleague Lokesh’s profile on Campus 365, an India-based edtech firm, is our second Big Story. In a country where several edtech giants struggle, the startup has achieved something notable: being profitable. Campus 365 has set ambitious goals, such as reaching 247% revenue growth for the financial year ending March 2024. However, hitting these targets comes with its own set of challenges and opportunities. Lastly, in this week’s Token Issue, Scott talks about Token2049 - a major crypto event that took place in Singapore last week - and why the industry needs to change its attitude. -- Deepti  --------------------------------------------------------------- THE BIG STORIES 1️⃣ [Mapping out SEA’s digital defenders (Update)]( The region’s cybersecurity sector has seen a decline in investments over the last two years due to a shift in investor appetite. 2️⃣ [Profitable Indian edtech startup prioritizes slow growth over hyperscaling]( Amid news of unprofitable edtech giants in India, Campus 365 seems to have built a profitable business.  --------------------------------------------------------------- TOKEN ISSUE [Token2049 showcased why crypto needs an attitude adjustment]( We are never ever going to get an apology for what happened to crypto. That’s different from knowing who’s to blame. In the 16 months since the crypto bubble popped, we’ve seen the arrest of fraudsters and self-appointed financial wizards who believed they were untouchable. In fact, the refusal of the industry to regulate or even self-regulate meant there was no shortage of people to blame for the fall. While this will not be a popular opinion, I also place some blame on the Ape, Hodl, and Moon crowd. It would have been impossible for the crypto bubble to even form if it weren’t for the relentless stream of shameless promotions, blind faith in technology, and misplaced anger at traditional financial institutions. When I walked into Token2049 last week, I did not expect anyone to offer an apology for letting hucksters thrive and destroy an industry. I realized there’s still plenty of people who don’t realize that 2022 is over. What I hoped to hear were industry insiders telling me why I should ever trust anyone in crypto again. Instead, what I saw was the Ape, Hodl, Moon crowd, who were more interested in blaming traditional financial institutions for their current problems than listening to people talk about how to move the industry forward. For example, [Jenny Johnson]( president and CEO of Franklin Templeton, spoke to an audience on Wednesday and didn’t disparage crypto. She was there to talk about the investment firm’s interest in it, and she spoke positively - and honestly - about how the crypto industry could continue, adding the caveat that there would be regulation. She received a loud cheer from a small number of people. Johnson was followed by co-panelist Dan Tapiero, founder and CEO of 1Roundtable Partners, which manages US$1.2 billion in investments. He blasted central banks for “printing money” and called the US Federal Reserve “the worst he’s ever seen.” That received a massive cheer. By the way, the value of Franklin Templeton’s assets under management - approximately US$1.4 trillion - is more than the combined value of all cryptocurrencies, which is about US$1.1 trillion, according to [CoinGecko](. I spent the rest of my time at Token2049 talking to people, trying to understand why the industry is so polarized and if that is a problem. Is crypto about investment and new technology? Or is it just an outlet for people to feel they got one over on “the man”? I do not have the answer, but I have put some thoughts together about what this schism means for the industry. Check out my [story]( on Token2049, where recklessness was applauded while regulation got shunned. -- Scott  --------------------------------------------------------------- FYI 1️⃣ [How Glints’ CEO envisions AI’s tremendous impact in the workplace playing out]( Oswald Yeo believes it’s all about augmenting - not replacing - jobs and creating new roles. 2️⃣ [Finally, Malaysia’s startup policy shows signs of stability, continuity]( The country still has US$43 million for startups. It will also look at developing the startup scene outside the Klang Valley. 3️⃣ [A VC perspective on building resilient startups in Southeast Asia]( With fundraising based on growth and customer acquisition no longer a viable option, startups have to focus on new metrics to secure VC funding nowadays.  --------------------------------------------------------------- NEWS YOU SHOULD KNOW Also check out Tech in Asia’s coverage of the emerging tech scene [here](. 1️⃣ [Delivery Hero CEO dishes out optimism]( In an email sent to employees, Niklas Östberg noted that orders have grown 2.5x compared to pre-pandemic levels, while sales grew by 18% outside of Asia. 2️⃣ [Awak Technologies' portable kidney dialysis gets $20m boost]( The Singapore-based startup is developing a wearable device for patients with end-stage renal disease that allows kidney dialysis to be performed on the go. 3️⃣ [Kae Capital seals $50m deal]( The firm has closed Winners Fund II, which aims to invest in 20 pre-seed to pre-series A startups in India across all sectors. The fund typically has an initial check size of US$1 million to US$3 million. 4️⃣ [A fashionable $9.5m win]( Novelship, a Singapore-based online streetwear marketplace, has secured US$9.5 million in a series B funding round led by East Ventures, iGlobe Partners, and GSR Ventures. 5️⃣ [Wavemaker Impact scores $15m for climate tech]( The US International Development Finance Corporation (DFC) has invested US$15 million in Wavemaker Impact to support the company’s climate goals in Southeast Asia.  --------------------------------------------------------------- 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. 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