Innovations reducing inequalities with technology and digitalisation from Singapore

Innovation has driven paradigm shifts throughout history: electricity turned night to day; the printing press launched mass communication; and the telephone let people connect across continents.

Today, the world’s haves are advancing more rapidly than its have-nots, as its populations have access to better financing, technology and digital tools. To address these inequalities, Singapore-based companies are using technology for good, leaning on the country’s supportive ecosystem to close gaps in Southeast Asia.

Both small businesses and consumers are part of their plans. ADERA Global’s biometrics technology makes banking and digital payments in the region safe, secure and fuss-free, speaking to a whopping 70% of ASEAN’s adult population who remain unbanked or underbanked. 

Funding Societies | Modalku, a Small and Medium Enterprises (SME) digital financing platform, aims to drive equitable financial access for underserved SMEs in Southeast Asia, which often have limited access to funding, so that they can continue driving economic growth and job creation. 

SAP’s 4W Wizard tool integrates machine learning, conversational artificial intelligence (AI) and natural language process to automate data processing which creates significant time savings for humanitarian operations in the Asia Pacific. What’s more, Kacific Broadband Satellites Group is launching satellites into space to bring high-speed Internet to marginalised communities, including 260 medical facilities, schools and community hubs. 

Kelvin Teo, Co-Founder and CEO at Funding Societies | Modalku; Anthony Ong, Group CEO at ADERA Global Smart Tech; Paul Marriott, President (APAC Japan) at SAP; and Christian Patouraux, Founder and CEO at Kacific Broadband Satellites Group, share their vision of how equitable access can level the playing field in the global economy. 

What are your company’s big dreams of making a positive impact for the world?

Christian: We believe that business can be a force for good. Through Kacific’s efforts to drive Internet connectivity for the region’s underserved, they will be able to access fundamental needs like good quality healthcare, education and public services.

Anthony: We dream of making basic banking and financial services available to anyone, anywhere, and anytime. At ADERA, we want to provide financial services, such as digital banking, microfinancing, and financial facilities, to the unbanked and underbanked groups — we believe in financial inclusion, so they will not be left further behind.
 

Kelvin: Funding Societies’ vision is to improve financial inclusion in Southeast Asia by providing SMEs with financing and achieve their business potential. As they form the backbone of our economies, we believe that a strong foundation of globally competitive and progressive SMEs will create a resilient, innovative and thriving economy.

Paul: SAP’s purpose is to use technology to help the world run better and improve people’s lives. Our objective is to create a positive economic, environmental, and social impact worldwide through digital transformation, emerging technologies like AI and cloud, and intelligent business networks among many others.

What issues are you trying to solve, and how is your company doing that through technology? 

Christian: There is a tremendous demand for connectivity in regions that other providers are not serving because they see them as unprofitable, but that is where connectivity is most needed. Health responses, emergency evacuation and disaster recovery are all reliant on connectivity, especially in many rural communities where medical and real-time communications are critical. With the launch of Kacific-1 in 2019 and subsequent satellites, people in areas with slow, unreliable communications can now connect for medical and disaster communications and support online education.
 

Paul: Being headquartered in Singapore means we are part of this powerful ecosystem and partnership that encourages us to create, innovate, and introduce solutions that are not only future-proof, but also sustainable and inclusive for all our customers in the region and beyond. 

Kelvin: Singapore was the starting point of our dream. In 2015, it was the only country in Southeast Asia that allowed us to start up without being physically present – we incorporated the company, hired our team and launched in Singapore all while still at Harvard Business School. The city-state’s progressive regulatory and commercial environment also allowed us to engage regulators in experimenting with a new fintech business model within reasonable boundaries. Our regulatory track record in Singapore has given us credibility to expand regionally, making it a good springboard to Southeast Asia.

What about Singapore inspires you the most?

Christian: The accessibility and ease of doing business in Singapore inspire how we market our products. Our products are small and easy to install so that they are accessible to those in isolated markets.

Paul: Singapore is known as one of the most innovative cities in the world. It attracts and fosters an incredible ecosystem of organisations creating innovation to solve the most critical challenges of today. Singapore doesn’t only think about today; it has an incredible, strong roadmap and plan for the future. This culture and approach align with what we do at SAP.