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AC Ventures and Deloitte release 2024 Impact Report

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AC Ventures, a leading Southeast Asian venture capital firm, has officially released its 2024 Impact Report, titled “Accelerating Impact into New Heights.” Developed in collaboration with Deloitte in Indonesia, the report underscores AC Ventures’ commitment to fostering innovation, advancing sustainability, and driving meaningful change across Indonesia and the broader region. Covering the firm’s achievements and progress, the report offers an in-depth exploration of AC Ventures’ contributions across three core pillars: economic growth, social inclusion, and environmental sustainability.

Helen Wong, Managing Partner at AC Ventures, stated, “At AC Ventures, we firmly believe venture capital has the power to transform industries and lives for the better. This report highlights how our portfolio companies are championing innovation while making a tangible impact and fighting climate change. From empowering communities to accelerating sustainability, our mission is to build a future where businesses thrive alongside an inclusive society and a sustainable environment.”

The Impact Report highlights AC Ventures’ ongoing commitment to drive positive outcomes. Over 30,000 direct jobs were created by AC Ventures-backed companies, empowering more than four million individuals and businesses through digital tools and financial inclusion. 40% of these companies are led or co-led by women, advancing gender equity in Southeast Asia. Companies like Supermom are actively bridging opportunity gaps.

Sustainability is a core focus of AC Ventures’ investment strategy. The firm’s climate-tech portfolio companies have been instrumental in accelerating environmental impact. These companies have collectively reduced and avoided more than four million metric tons of CO2 emissions. Accacia, a leader in decarbonizing the real estate sector, helped its clients cut 3.5 million metric tons of CO2, while Xurya’s rooftop solar energy solutions prevented over 1.1 million metric tons of CO2 emissions. Xurya has generated over 1.18 billion kWh of renewable energy through solar projects, helping to significantly reduce dependence on fossil fuels across Indonesia. ASTRO recycled over 166 tons of cardboard packaging in collaboration with local vendors, and Fore Coffee reduced its plastic bag usage by 77%, recycling nearly one ton of cups across its stores.

Deloitte, which played a key role in guiding the development of the report, emphasised its importance as a tool for transparency and progress. Imelda M. Orbito, Director at PT Deloitte Konsultan Indonesia, and also serves as an expert in Sustainability and Climate Change said, “An Impact Report is more than just a set of metrics—it tells the story of an organisation’s journey toward positive transformation.

As AC Ventures looks to the future, the firm remains committed to strong governance and advancing gender diversity within its investment strategy. Looking ahead, AC Ventures is focused on accelerating innovation, championing sustainable growth, and driving measurable impact across Southeast Asia.
Download the full playbook via: https://acv.vc/resources/acv-impact-report-2024/

LG opens THINQ API to foster Smart Home innovation

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LG Electronics (LG) has fully opened the Application Programming Interface (API) of its smart home platform, LG ThinQ, enabling developers to easily create smart spaces with LG appliances.

Recently, LG launched the LG Smart Solution API Developer website to officially open up the LG ThinQ API. An API acts as a digital connector that allows different software to exchange functions seamlessly. Developers can utilise the open API to integrate various features from LG AI appliances into their programs or systems, enhancing their services.

The LG ThinQ API is divided into two categories: the ThinQ API for individual users and the ThinQ Business API for corporate partners. The ThinQ API allows for remote control of LG devices installed in homes or buildings and facilitates integration with various platforms.

For individual users, the ThinQ API supports the control and monitoring of AI appliances registered in the LG ThinQ app from various smart home platforms. By utilising the ThinQ API, anyone can easily create a customised smart home that fits their lifestyle. For example, users of the global smart home platform Home Assistant can now connect and control 26 types of LG AI appliances, including refrigerators and washing machines, within their existing smart home environment. Home Assistant is a community-based open platform with about one million users worldwide who collaboratively develop various smart home functions such as device automation and feature expansion.

For enterprises, the ThinQ Business API supports partners operating offices or residential buildings in integrating and managing various LG products, from appliances to commercial equipment like HVAC and signage, with their existing apps. For instance, large residential buildings can integrate LG appliances with their existing management apps for more convenient use. Residents can reserve the use of LG washers and dryers in common areas through the building management app, or administrators can detect abnormal conditions in the building using LG’s temperature and humidity sensors and quickly respond to issues through alert functions.

Meanwhile, LG has accelerated the integration of external products and services into the LG ThinQ platform by acquiring the smart home platform company Athom, known for its extensive IoT device connectivity. Athom’s smart home hub Homey currently connects over 50,000 types of appliances and IoT devices, and the Athom app store features around 1,000 apps that connect and control products and services from global brands like Philips and Aqara. LG plans to integrate Athom’s extensive open ecosystem and IoT device connectivity into the AI home hub LG ThinQ On, aiming to realise an AI home where generative AI better understands customers and provides optimal space solutions.

“With the official launch of ThinQ AI, we aim to deepen engagement with open-source community smart home power users in the open-source community and broaden our collaboration with B2B partners. This initiative will bolster our efforts to create smart home ecosystems powered by LG appliances, enhancing customer experiences across multiple touchpoints,” said Kim Kun-woo, vice president of LG’s Home Appliance Solution Company.

Osaka Emerges as Asia’s Next Global Financial Hub with Groundbreaking Special Zone Initiative

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Osaka has proposed a special zone framework utilising the government’s financial and asset management special zone programme to promote the concentration and enhancement of financial and asset management services alongside the development of growth sectors. The city is positioning itself to maximise its economic power and strategic location while harnessing the momentum of the Osaka-Kansai Expo 2025.

What are Japan’s Financial and Asset Management Special Zones?

In June 2024, the Financial Services Agency (FSA) designated four regions – Hokkaido, Tokyo, Osaka, and Fukuoka – as “Financial and Asset Management Special Zones.” This initiative aims to create a “virtuous cycle of growth and distribution” by accelerating capital flows through asset management reforms. These designated regions receive special regulatory exemptions and support measures to attract new domestic and international investments, fostering the development of both financial services and regional industries.

The Special Zones programme advances three key objectives:

1. Attracting domestic and international financial and asset management operators

  • English-language administrative procedures (commercial registration, social insurance, etc.)
  • Creating new residence status for foreign investors investing in startups
  • Support for opening bank accounts for foreign nationals

2. Supporting regional growth industries through financial and asset management operators

  • Easing investment regulations for bank groups’ specialized investment subsidiaries in startups
  • Relaxing regulations on qualified investors who can invest in professional venture funds

3. Promoting and nurturing growth industries

  • Promoting acceptance of overseas talent (GX, fintech, etc.) through the Highly Skilled Professional Points-based System

Beyond financial services, the programme implements regulatory reforms and operational initiatives encompassing business environments, living conditions, and target industries for investment.

Each of the four designated regions has established unique concepts and visions leveraging their distinct characteristics, promoting initiatives in collaboration with a broad range of stakeholders.

Osaka’s Strategic Vision and Implementation

The Global Financial City OSAKA strategy focuses on creating an environment where continuous innovation thrives, carrying forward the legacy of Expo 2025 into the future. It aims to implement regulatory reforms aligned with global standards to attract foreign investment and strengthen financial functions in the region. These efforts are being driven by the “International Financial City OSAKA Promotion Committee,” established in March 2021. The committee, which now comprises 40 organizations as of February 2024, represents a collaborative effort between industry, academia, and government institutions.

Future Outlook
The immediate focus is on attracting talent, businesses, and capital from Asia and worldwide while building a concentrated ecosystem of investment-ready startups. This initiative represents Osaka’s commitment to transforming into a major international financial center while fostering innovation and sustainable growth, as part of Japan’s broader strategy to enhance its financial markets through the Special Zones programme.

 

Kaspersky contributes to joint INTERPOL-AFRIPOL operation

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Kaspersky has assisted its partner law enforcement agencies INTERPOL and AFRIPOL in a joint effort to disrupt cybercrime across the African region. Dubbed “Serengeti,” the operation has led to the arrest of more than 1,000 individuals suspected of links to cybercrimes such as ransomware operation and business email compromise (BEC) attacks, resulting in nearly US $193 million in financial losses worldwide.

As Africa is going through a rapid digitisation, the threat of cybercrime on the continent is also escalating. In the African region in particular, ransomware has emerged as a prominent attack vector, targeting critical infrastructure, financial institutions, and manufacturing facilities, among others. During the first 10 months of 2024, there were over 165,000 ransomware attack detections in Africa, according to Kaspersky data. Other noticeable cyberthreats targeting users and organizations in the region include spyware and password stealers.

Conducted from September 2 to October 31, operation Serengeti dismantled 134,089 malicious infrastructures and networks linked to cybercrimes including ransomware operations, BEC attacks, digital extortion and online scams — all identified as prominent threats in INTERPOL’s  2024 Africa Cyber Threat Assessment Report.

Kaspersky has contributed to the operation by sharing information on threat actors, data on ransomware attacks and malware targeting the region, as well as up-to-date indicators of compromise (IoCs) for malicious infrastructure across Africa. Among the malware targeting African countries was also a well-known Brazilian banking trojan Grandoreiro – Kaspersky recently released new findings on this trojan at its Security Analyst Summit. Additionally, ransomware families detected in attacks on African organizations among others included LockBit, Rhysida, and Medusa.

The operation has also resulted in the identification of more than 35,000 victims of cyber offenses investigated.

Valdecy Urquiza, Secretary General of INTERPOL, said: “From multi-level marketing scams to credit card fraud on an industrial scale, the increasing volume and sophistication of cybercrime attacks is of serious concern. Operation Serengeti shows what we can achieve by working together, and these arrests alone will save countless potential future victims from real personal and financial pain. We know that this is just the tip of the iceberg, which is why we will continue targeting these criminal groups worldwide.”

“As an advocator of global cyberspace safety, it is meaningful for us to play a part in this joint operation. This is a testament of the importance of cooperation between governments, international law enforcement agencies, and cybersecurity companies like us to battle cybercrimes and threats. As cybercrimes are borderless, collective efforts are crucial to mitigate the risks and enhance cyber resiliency, thus helping to make the digital world safer for governments, businesses and individuals alike,” says Adrian Hia, Managing Director for Asia Pacific at Kaspersky.

Conlay by E&O celebrates topping-out ceremony

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Eastern & Oriental Berhad (E&O), in collaboration with Mitsui Fudosan Group, recently celebrated a major milestone in the construction of Conlay, its luxury 51-storey serviced residence, with a topping-out ceremony.

The topping-out ceremony marked the completion of Conlay’s structural framework, signifying that the building has reached its full height and remains on schedule for completion in the first quarter of 2025.

With an approximate Gross Development Value (GDV) of RM 900 million, Conlay features 491 meticulously designed units, ranging from 743 sq ft one-bedroom apartments to spacious 1,335 sq ft two-plus-one-bedroom layouts. Each unit is thoughtfully designed with premium appliances and luxurious finishes, ensuring a refined living experience that blends modernity with comfort.

Designed by Kerry Hill Architects, a name synonymous with iconic resort and urban design, Conlay was conceived as a contemporary tropical tower that melds timeless elegance with cutting-edge modernity. With its striking fin-lined, picture-framed façade, the tower will stand out against the city skyline, providing residents with unobstructed panoramic views of Kuala Lumpur’s landmarks.

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Managing Director of E&O Berhad, Kok Tuck Cheong delivering his speech during the topping out ceremony.

Speaking at the ceremony, E&O managing director Kok Tuck Cheong said the topping-out was an important step forward for the company and its vision for urban living.

“Conlay embodies E&O’s commitment to hospitality and craftsmanship, seamlessly blending Kerry Hill’s iconic design philosophy. It offers a sanctuary of elegance and balance, where every detail is thoughtfully crafted for a refined urban lifestyle,” he said.

He added that the project represented the culmination of E&O’s vision to create an oasis of luxury in the heart of Kuala Lumpur.

Strategically located, Conlay enjoys unparalleled connectivity and convenience. Situated adjacent to the Conlay MRT station, the development is within walking distance of the city’s premier shopping and lifestyle district which includes landmarks Pavilion Kuala Lumpur, and the bustling Bukit Bintang area.

It is also near the Tun Razak Exchange (TRX), Kuala Lumpur’s upcoming financial district, ensuring seamless access to key commercial and leisure hubs.

Managing Director of Mitsui Fudosan (Asia) Malaysia, Mr Masayoshi Saito said “We are honoured to partner with E&O on Conlay, a development that showcases our confidence in its success and our dedication to exceptional urban living.

“By drawing on E&O’s expertise in luxury living and hospitality, Conlay highlights the strength of our collaboration and our shared vision of creating iconic spaces for discerning residents,” he said.

Conlay offers residents access to an impressive range of premium amenities designed to complement the urban lifestyle. These include a heated infinity swimming pool, fully equipped gymnasium, sauna, multipurpose lounges, and themed communal spaces such as a library, music room, and games room. The development also boasts a dedicated lifestyle and F&B commercial space on the 50th floor, providing residents with exclusive conveniences.

E&O also revealed that the company is currently exploring the incorporation of branded serviced residences for Conlay, aimed at redefining luxury living and offering an exclusive lifestyle experience to residents.

Kok added that the team has assessed several exciting options and is poised to make an announcement in the first quarter of 2025, adding yet another layer of distinction to their offerings.

“Conlay is a testament to our belief that real luxury lies in the experience,” he said.

WCT Bahrain signs MoU to advance brine recovery solutions in Bahrain

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WCT Bahrain WLL (“WCT Bahrain”), a subsidiary of WCT Berhad, Tahliya Water Treatment WLL (“TWT”), and the Saudi Water Authority (“SWA”) has entered into a Memorandum of Understanding (“MoU”) to promote collaboration in implementing brine recovery solutions for desalination plants in Bahrain.

The initiative seeks to reduce the environmental impact of desalination processes while producing valuable by-products such as Sodium Chloride and other minerals. The project aligns with Bahrain’s goals of enhancing food security and reducing reliance on imports, contributing to sustainable regional development to combat sea level rise and climate change.

The MoU was signed in conjunction with the 3rd Innovation-Driven Water Sustainability Conference, hosted by SWA in Jeddah under the patronage of Saudi Arabia’s Minister of Environment, Water, and Agriculture.

Under the MoU, WCT Bahrain will serve as the design-and-build contractor, overseeing the engineering, procurement, and construction (EPC) aspects of the project while TWT will act as the plant owner, responsible for project CAPEX and operation management. SWA is responsible in providing strategic and technical advisory services, guiding the deployment of brine recovery technology.

This collaboration aims to develop and implement advanced brine mining technology, improve desalination efficiency, conserve energy, and produce valuable minerals locally to reduce import dependency.  Bahrain’s existing desalination plants will benefit from these advancements, aligning with the nation’s sustainability priorities.

Funding Societies extends partnerships with CGC Digital

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Modalku (Funding Societies), the largest unified digital finance platform for micro, small and medium enterprises (MSMEs) in Southeast Asia, has expanded its digital guarantee products in partnership with CGC Digital, the FinTech subsidiary of Credit Guarantee Corporation Malaysia Berhad, following the success of last year’s Proof of Concept programme on digital supply chain financing (DSCF).

The expansion of the partnership marks a key milestone following CGC Digital’s investment in Funding Societies earlier this year. It represents a major step forward in providing critical support to Malaysia’s MSMEs, positioning them for greater success amidst a competitive and dynamic economy. Funding Societies together with CGC Digital have developed two new digital credit guarantee products: Digital Term Financing and Micro Credit Line. These products not only provide access to financing but also offer micro and small businesses profit rate savings of up to 2% per annum.

In addition to Digital Term Financing and Micro Credit Line, Funding Societies and CGC Digital have expanded its DSCF programme to include a broader range of industries and suppliers with longer tenors, as part of the joint continuous effort to bridge the gap and address the challenges in micro and small businesses in accessing financing.

As at publication, since the launch of the two new programmes in September, more than RM10 million has been disbursed, benefiting over 200 creditworthy micro and small enterprises. This further underscore both organisation’s commitment to fostering financial inclusion and growth for Malaysia’s MSMEs and validates the demand for such financing solutions among micro and small businesses.

These initiatives align with the broader goal of focusing on inclusivity, digital growth, and sustainability, as well as enhancing MSMEs’ long-term resilience and competitiveness both domestically and internationally.

Chai Kien Poon, Country Head of Funding Societies Malaysia, remarked, “This partnership with CGC Digital represents a shared vision of empowering underserved businesses in Malaysia. We are committed to creating a more inclusive financing ecosystem that supports the growth of micro and small businesses across Malaysia. By combining CGC Digital’s extensive expertise in credit enhancement with Funding Societies’ state-of-the-art digital financing platform, our digital financing solutions allow business owners to access the capital they need to expand, employ, and contribute to the economy enabling improved access to capital and fostering financial inclusion.”

Yushida Husin, Chief Executive Officer, CGC Digital said, “I am delighted with the extended partnership, which has already made a profound impact on the financial accessibility for Malaysian MSMEs. This extension is a testament to our unwavering dedication to financial inclusion and product innovation. Furthermore, I am also excited for the expansion of our partnership, where we continue to push boundaries through product innovation. By breaking new ground, we are not just providing access to financing; we are enabling dreams and driving economic growth. Our joint efforts are paving the way for a future where every business has the opportunity to succeed and thrive”.

MSMEs make up more than 97% of businesses in Malaysia, contribute 39% to Malaysia’s Gross Domestic Product (GDP) and employ a substantial portion of the workforce. However, these businesses are often constrained by limited access to financing options. By joining forces, Funding Societies and CGC Digital aim to strengthen the financial backbone of the Malaysian economy, fostering resilience and economic growth through improved access to capital.

Kaspersky: Businesses in Southeast Asia faced over 140K web cyberthreats daily

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In Southeast Asia, businesses face a growing spectrum of web, or internet-born threats as they navigate an increasingly digital economy. The region’s rapid digitalisation has made it both a hub for growth and a target for cybercriminals.

In the first half of 2024, Kaspersky has detected and blocked over 26 million web threats from its security solutions for businesses in the region, averaging 146,944 web attacks every day.

Companies and organisations in Malaysia faced 19,615,255 web-based threats in the first six months of the year, placing the nation at the top of the rank among SEA countries. Indonesia trailed behind in second spot with 3,204,294.

Web-based threats, or online threats, are a category of cybersecurity risks that may cause an undesirable event or action via the internet. Web threats are made possible by end-user vulnerabilities, web service developers/operators, or web services themselves. Regardless of intent or cause, the consequences of a web threat may damage both individuals and organisations.

Vietnam and Thailand are sitting lower in the regional rank, with total web attacks of 1,445,452 and 1,057,732, while 846,837 threats were recorded in the Philippines and 574,292 in Singapore.

“As businesses and governments in the region continue to embrace digitalisation to drive economic growth, their increased reliance on digital platforms broadens their attack surface. This leads to more opportunities for cybercriminals to exploit vulnerabilities in unprotected systems, which can cause disruptions to supply chains, financial institutions, and critical infrastructure such as healthcare and energy. Such incidents can damage productivity, lead to financial losses, and erode trust in digital systems,” says Yeo Siang Tiong, General Manager for Southeast Asia at Kaspersky.

While governments are increasingly focusing on mandatory regulations and laws to protect data and enforce accountability for cybersecurity incidents, it is important that local businesses too must continue keeping round-the-clock vigilance, prioritising and strengthening their cybersecurity posture.

“Cybercriminals in the region are becoming more sophisticated, utilising AI-driven attacks and other tools and techniques Businesses must invest in robust cybersecurity tools like endpoint protection, firewalls, and real-time event monitoring and management. Regular security assessment and audits must be conducted to identify weaknesses and address vulnerabilities,” Yeo remarks.

Tune Protect Enhances Customer Experience with Hassle-Free Instant Travel Claims Payout

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Tune Protect Malaysia has launch of its Travel Easy Instant Travel Claims Payout feature, now accessible through the Tune Protect mobile app. This feature simplifies the claims process, offering travellers a fully digital and hassle-free experience with instant payouts via DuitNow upon claim approval.

Travel Easy is a travel insurance product which provides coverage for flights across all airlines. The Instant Travel Claims Payout feature is the latest innovation that is introduced to expedite the claims process, particularly for the Travel Delay benefit. By eliminating unnecessary documentation such as travel itineraries and delay confirmations for delays between 3 hours to under 9 hours, the claims submission process is also completely paperless and fully digital. Travellers can submit claims via the app, and payouts are processed on the day of approval through DuitNow, providing instant reimbursement.

Travellers purchasing the individual Travel Easy policy can receive RM200 for the first complete three hours of delay, followed by an additional RM200 for every subsequent six hours. This feature redefines the new norm for convenience and efficiency, delivering a faster and more seamless claims experience.

“Travellers today demand faster, more convenient solutions, and our Instant Travel Claims Payout feature is designed to meet those needs. We have integrated cutting-edge digital solutions to offer the speed, convenience, and security they deserve. By leveraging real-time flight data for claim verification and using DuitNow for instant payments, we ensure that the claims process is as seamless and expedited as possible,” said Jubin Mehta, Chief Executive Officer, Tune Protect Malaysia.

He added, “Our fully digital and paperless process allows travellers to submit claims efficiently and easily, from anywhere at any time. This ensures a seamless, stress-free experience, especially when it is needed most. By leveraging advanced technologies like Robotic Process Automation (RPA), we have automated the entire claims assessment process, from registration to payment. This not only eliminates tedious paperwork but also significantly accelerates approvals and payouts, delivering an enhanced insurance journey to our customers.”

Tune Protect has a 3:3:3 commitment where customers can buy in 3 minutes, receive a response in 3 hours, and get their claims paid in 3 working days[2]. The introduction of the Travel Easy Instant Travel Claims Payout further enhances this commitment by reducing the overall turnaround time for those opting for DuitNow as their reimbursement method, shortening the payout to within same day upon approval.

FedEx Singapore Singapore Rolls Out EV Fleet

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FedEx Express Corporation, one of the world’s largest express transportation companies, is introducing 31 electric vehicles (EVs) into its existing fleet in Singapore. Singapore is the first market within the FedEx Asia Pacific network to deploy the custom-built Mercedes-Benz eVito 112 panel vans to support its parcel pickup and delivery operations across the country. The EVs offer a 923 kg load capacity and an estimated range of up to 321 kilometers on a full charge. Collectively, the vehicles are estimated to avoid around 148 metric tons of tailpipe emissions per year when compared to diesel-powered vans.

FedEx Singapore is already replacing all its end-of-life vehicles used for parcel pickup and delivery with EVs, contributing to the company’s global goal to make 100% of new purchases of these vehicles electric by 2030. The addition of these new vehicles to its fleet marks a significant step towards the company’s commitment to sustainability in Singapore and its ongoing efforts to achieve zero-tailpipe emissions for last-mile parcel delivery operations across its global operations.

FedEx continues to explore innovative solutions and collaborations to enhance the sustainability of its operations, including the company’s vision of integrating renewable energy and enhancing facility efficiency. The South Pacific Regional Hub in Singapore will soon be able to use solar energy to meet more than half of the facility’s total electricity demands, helping to charge the EV fleet in Singapore via clean energy beginning in January 2025. Overall, these projects support the Singapore Green Plan 2030, which aims to lower national carbon emissions and promote sustainability.

“FedEx is committed to connecting people and opportunities in smarter ways,” stated Kawal Preet, president of FedEx Asia Pacific. “With the introduction of these electric vehicles, we are taking meaningful steps to lower greenhouse gas emissions while improving our efficiency, directly supporting Singapore’s bold sustainability initiatives. This is an important milestone on our path to achieving carbon-neutral operations by 2040, as we work to build a cleaner and more efficient logistics network that promotes sustainable growth throughout the Asia Pacific region.”

In addition to vehicle electrification, the company has also launched a cloud-based carbon emissions reporting tool, FedEx® Sustainability Insights, giving customers access to historical emissions information on eligible shipments within the FedEx network. FedEx customers can use the data to help make more informed decisions on their future shipping strategy to help reduce their impact on the environment.