Developments in the crypto and blockchain arena occur in the blink of an eye, so the phenomenal pace of growth of crypto startups in Southeast Asia should come as no surprise. The Southeast Asian countries — particularly Singapore — have long been a hotbed for technology startups. With blockchain and fintech already very popular in the area, cryptocurrency and their use for businesses are obvious bedfellows.
Add in the fact that many of the area’s governments are on board the blockchain and crypto train, and you have a crypto startup incubator on your hands.
In this article, we take a look at some of the crypto startups shaking things up in the ASEAN region and examine the growth trends for the coming months. Spoiler alert: they are not all in Singapore!
How do you help agriculture grow in rural Indonesia? With blockchain of course! Indonesian startup Dattabot launched its HARA crypto company in 2015 to aid farmers in the sharing of data and real-time information. Along the way, the company has won awards and changed lives.
The system allows farmers to earn tokens that can be used to buy fertiliser and equipment, and allows access to micro loans, making funds more accessible to smallholders. This is possible through sharing data into the blockchain-secured database where banks, government, and other interested parties can access and use it.
Hara is helping Indonesia work towards the UN Sustainable Development Goals by enabling farmers to grow their way out of poverty and hunger while also combating gender inequality, providing decent work and economic growth, and building sustainable industries — all extremely laudable motives.
Taxi or DACSEE – however you say it, this Malaysian company is disrupting the ride-sharing industry in the country by using blockchain tokens as currency. DACSEE, short for Decentralized Alternative Cabs Serving & Empowering Everyone, is set up as a social ride-sharing company in an already crowded taxi market, but they offer some value adds that leaders in the market don’t.
DACSEE allows users to order the same driver time and again. The ride-share company also allows passengers to block a driver that may have been rude or unsafe, so you never have to get in their car again. They offer passengers the opportunity to make commission on every ride taken by anyone to whom they gave their specific sign-up code.
The drivers buy into the DAC coin, a cryptocurrency built on the Ethereum platform, and can accept fares in DAC or fiat currency. Most of the currency goes back into the platform where it is shared between drivers, passengers, and government authorities who have invested.
DACSEE’s aim is to grow without requiring outside corporate stakeholders and become a leader in ride-hailing.
Based in Singapore, Electrify is out to upset the energy producers of Asia by breaking up their monopoly. Using blockchain technology to create a digital ledger, Electrify removes the middleman from utility companies. This crypto startup asks consumers to fill out forms demonstrating their electrical needs and provides appropriate suggestions of suitable suppliers allowing consumers to buy directly from the energy producer or peer-to-peer with the security of blockchain contracts.
As these contracts can be executed automatically, fees are reduced and consumers save money on their energy bills. The deregulation of energy supplies also opens up the doors for greener, more sustainable methods of production. With Singapore’s government recently agreeing to deregulate, Electrify has found the perfect testing ground for their technology before the planned expansion to other countries in the region.
Using Ethereum’s platform to create smart contracts and a credit system, Tripio is a travel startup like no other. The company is the first in the world to use blockchain technology to connect consumers all over the globe with travel suppliers. Tripio allows customers to use the ERC-20 utility token (TRIO coin) to make payments and reward them for this action with reduced fees, while the use of fiat currency incurs conversion fees.
Tripio has built a transparent credit system which rewards users—consumers, service providers and arbiters—points for “good behaviour” that add up to a credit score. The higher your points, the more reliable and trustworthy you are deemed to be. People with higher credit scores reap benefits, such as lower deposit costs on hotel rooms, thus encouraging good behaviour and less fake reviews.
Another of Singapore’s offerings to the crypto startup club, Yojee uses blockchain and AI to aid logistics companies in their work. Everything from tracking to invoicing can be accomplished through Yojee’s system, and the company’s driver self-assigning software, Smart Despatching, removes management stress from companies and reduces costs.
Their groundbreaking use of crypto tech has reduced delivery times for some of the biggest companies in Southeast Asia. The next step for Yojee is driverless lorries to speed up transportation by removing the need for drivers who need breaks.
All of these companies are driving change in the region by utilising the latest blockchain and crypto technology. They have spotted gaps in the market and are forging ahead with products and software that make life easier for us all. As we enter 2020, there will be even more to look forward to in the ever-evolving and expanding crypto world.