Vesica AI, a promising medical startup company, has been selected as the winner of the inaugural Olympus Asia Pacific Innovation Program (OAIP). Vesica AI was chosen from a field of four finalists for its innovative AI-based clinical support system that supports and enhances the early detection of bladder cancer through the cystoscopy procedure. Vesica AI is the result of a collaboration between the University of Tsukuba Hospital in the Ibaraki-prefecture, Japan, and the National Institute of Advanced Industrial Science and Technology (AIST), a Japanese public agency promoting scientific development.
(From left) Olympus Corporation Asia Pacific CEO Marc Radatt, Vesica AI Co-founder, CMO, and CTO Atsushi Ikeda, Vesica AI CEO Albert Liu
Olympus Corporation (Olympus), a global MedTech company committed to making people’s lives healthier, safer and more fulfilling, partnered with MedTech Innovator Asia Pacific, the industry’s largest healthcare accelerator, to launch and facilitate the OAIP which ran throughout 2023. The program invited visionary startups with a connection to the Asia Pacific region to participate in the OAIP by submitting technologies that play a meaningful role in the advancement of minimally invasive care and new ways to detect, monitor, and treat conditions and diseases.
As the winning innovator, Vesica AI will receive grant funding of $75,000 as well as an exclusive mentorship program with key thought leaders from Olympus. The mentorship program will connect Vesica AI with experts from Olympus in meaningful ways that aim to support the future success of the company.
“All our four finalists showcased technology that could potentially revolutionize their respective fields in healthcare and improve patient outcomes. They presented strongly, and through this process, we are delighted to have selected Vesica AI as the inaugural winner of the Olympus Asia Pacific Innovation program. We are excited to help the Vesica AI team and the UroAI platform as we seek to elevate the standard of care in bladder cancer diagnosis,” said Felicia Chung, Business Development Head at Olympus Corporation Asia Pacific.
“This recognition is a testament to the hard work and dedication of our team, we strongly believe this mentorship program will be transformational for us in refining our business model, laser-focusing our commercialization and research and development efforts, and accelerating our fundraising and strategic collaboration plans,” said Albert Liu, Chief Executive Officer Vesica AI, and Charles Zahl, Chief Operating Officer Vesica AI, in a combined statement.
Marc Radatt, CEO of Olympus Corporation Asia Pacific, added: “We came away very impressed with Vesica AI’s innovative technology and the potential it has to transform the early detection of bladder cancer through cystoscopy as well as to make a real difference in the lives of patients across the Asia Pacific region and the world. As inaugural winners, we look forward to working with their talented team.”
About Olympus As a leading medical technology company, Olympus’ Medical Business uses innovative capabilities in medical technology, therapeutic intervention, and precision manufacturing to help healthcare professionals deliver diagnostic, therapeutic, and minimally invasive procedures to improve clinical outcomes, reduce overall costs, and enhance the quality of life for patients. Olympus’ Medical portfolio includes endoscopes, laparoscopes, and video imaging systems, as well as surgical energy devices, customer solutions, medical services, and a wide range of endotherapy instruments for endoscopic and therapeutic applications. For more information, visit https://www.olympus-global.com/ and follow our global X account: @Olympus_Corp.
About Vesica AI Vesica AI is a medical technology company that is engaged in the process of commercializing a proprietary and innovative AI-based clinical support system that supports and enhances the early detection of bladder cancer through cystoscopy. Its innovative AI-based system is the result of research and development by Dr. Atsushi Ikeda, MD and his team at the University of Tsukuba Hospital in Ibaraki-prefecture, Japan, in collaboration with the National Institute of Advanced Industrial Science and Technology (AIST), a Japanese public agency promoting scientific development.
About MedTech Innovator MedTech Innovator is the world’s largest accelerator of medical technology companies. Its mission is to improve human health by accelerating the growth of companies transforming care. MedTech Innovator has been a catalyst for groundbreaking healthcare solutions, reviewing nearly 10,000 applicants and fostering the growth of 613 companies that have collectively raised over US$ 7.2 billion in follow-on funding and introduced 285 products to the market, transforming the lives of millions. For more information about MedTech Innovator, its annual programs, portfolio of industry-leading startups, and insights on trends, visit MTI’s website, follow them on LinkedIn, and subscribe to its monthly newsletter.
Verofax a compliance and commerce SaaS solution provider has been selected among the top Future50 climate tech start-ups by PwC Middle East to help enterprises’ accelerate on their path to Net Zero.
PWC had scoured the region and short-listed from 500 businesses across 11 categories of impact. Verofax was selected among top 6 Climate Change Management and Report (CCMR) startups for its sustainable traceability solution to help decarbonize industries and enable validated exports in line with recent regulations like EU’s Carbon Border Tax (CBAM).
PwC Middle East revealed the 50 pioneering start-ups in the Middle East at Net Zero Future50′ launch event highlighting the groundbreaking technologies and achievements in climate management and carbon emissions reporting, in addition to opportunities and challenges in growing and scaling climate tech businesses.
Dr Yahya Anouti, Partner at Strategy& and Sustainability Leader at PwC Middle East, said: “Climate tech innovation in the Middle East is being driven by some of the most dynamic entrepreneurs in our region, championing new technologies to accelerate the path to net zero. As we stand just days away from the world’s most important climate conference — COP28, taking place here in the United Arab Emirates, we are excited to shine a light on regional innovators whose organisations, we feel, are making the biggest difference in reducing emissions and accelerating decarbonisation in our region. The PwC Net Zero Future50 – Middle
East report identifies leading organisations in this space, and discusses the challenges they face in their ambition to grow and scale. Their range and diversity highlights the vibrancy of the start-up and small companies scene in the region. “
Verofax’s automates compliance, traceability and verificationAs more countries are looking to decarbonize their economy, the EU and US have recently introduced regulations to curb imports of high-emission commodities such as steel, Aluminum, cement, fertilizers, chemicals and energy. The EU Carbon Border Tax regulation came into effect on August 17 and reporting became mandatory for exporters on October 1st. Existing ERP systems are not built to aggregate data across supply chain and prevent double counting. Thus compliance with operational standards for measuring and reporting in accordance with ISO 14064 standards becomes an unsurmountable challenge for exporters needing to have their multi-tier supply chain comply with such operating procedures, which increases cost significantly. Not complying is also not an option with up to 35% of revenue in tariffs levied at
European Union border customs. The problem necessitates commodity passporting and emissions tracking without the risk of double counting.
Wassim Merheby, CEO of Verofax, said, “Existing ERP systems are siloed by design, which hinders the capability of having immutable data and certifications verified on interoperable system for all stakeholders from material collectors to recyclers, exporters, customs and clients. Verofax offers an award-winning Digital Passporting and traceability solution for multi-tier supply chain verification, enabling seamless compliance and verification of Carbon emissions. The Gulf region trails behind India and other markets that recycle up to 80% of targeted commodities. Recycling can reduce emissions by up to 95%, thus markets with lower recycling threshold are at risk of being priced out of the EU market. The UAE for example, exports $1.5B to the EU mainly Aluminum, and recycles under 10% to date. With Verofax emission verification and commodity passporting, exporters have a great opportunity to trail a path towards export growth.”
Patricia Keating, Scale Lead at PwC Middle East, mentioned “In our analyses of the Middle East climate technology landscape, we see the founders of climate tech companies driving innovation that’s helping to reduce emissions and accelerate decarbonisation. We found that the largest share of our NetZero Future50 companies are working ontechnologies within the sectors responsible for most GHG emissions: With Industry, Manufacturing and Resource Management contributing 29% of Middle East GHG emissions and Energy at 46%.”
Verofax Digital passporting & Traceability solution for compliance verification automation ensures the validation of commodities emissions, commodity provenance, prevent recycling double counting, across tiered supply chain. By calculating and verifying low carbon emissions from mining or waste material collection, Recycling, repurposing and transportation, exporters will lower their costs and increase market access to EU & US in compliance with regulations.
About PwCAt PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 152 countries with nearly 328,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at www.pwc.com.
Established in the Middle East for 40 years, PwC Middle East has 30 offices across 12 countries in the region with around 10,000 people. (www.pwc.com/me)
PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details.
About VerofaxVerofax is a compliance and commerce SaaS solution provider, validated by Microsoft and holding PCT patents on Digital passporting, computer vision and AI analytics that enable intelligent supply chain and operations. Fortune 100 enterprises across 50 markets have adopted Verofax solutions for securing their supply chain and connecting directly to customers. Verofax is committed to achieving Net Zero by 2025 and promotes global offset and community relief projects across the globe. Visit https://verofax.com.
For media inquiries, please contact: Wassim Merheby, CEO, Verofax Email: info@verofax.com
Unlocking opportunities in the Greater Bay Area and beyond
The Hong Kong Trade Development Council(HKTDC) and Hong Kong Special Administrative Region (HKSAR) Government are jointly organising the 13th Business of IP Asia Forum (BIP Asia Forum). The 15th Entrepreneur Day(E-Day) will also be hosted by the HKTDC. These two events will be held concurrently from 7 to 8 December at the Hong Kong Convention and Exhibition Centre.
The Hong Kong Special Administrative Region Government (HKSAR Government) and Hong Kong Trade Development Council (HKTDC), will hold the 13th Business of IP Asia Forum (BIP Asia Forum) from 7 December to 8 December.
The mix of forums, exhibitions, competitions, workshops and business matching at these events provide start-ups and small and medium-sized enterprises (SME) infinite opportunities to network, engage in dialogue and find ways to collaborate for success.
By utilising HKTDC’s exhibition and business matching services to find potential business partners or investors, the events promote IP commercialisation, facilitate industry-academia collaboration and showcase the advances in scientific research in Hong Kong.
HKTDC Deputy Executive Director Patrick Lau said, “The BIP Asia Forum and Entrepreneur Day are held concurrently to provide a holistic presentation of the journey from ideation and IP commercialisation to starting your business and scaling up. The two events have resumed as fully physical events this year, bringing together over 90 industry leaders and more than 350 exhibitors from IP, innovation and technology (I&T), start-ups and sustainability. The events promote cross-industry and cross-sector exchanges, driving business opportunities in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA).
He added: “By facilitating interactions and exchanges between local companies, global industry leaders and internationally renowned speakers, we aim to equip event participants with a deeper understanding in diverse areas, ranging from the latest in start-up trends and sustainable development to new IP applications and opportunities.”
Business of IP Asia Forum:Steering New Economic GrowthThemed “IP & Innovation: Steering New Economic Growth”, the Forum brings together IP industry players and business leaders from around the world to discuss the latest IP developments and explore collaboration opportunities.
Dr Peter K N Lam, Chairman of the HKTDC; Michael Wong, Deputy Financial Secretary, HKSAR; Dr Lu Pengqi, Deputy Commissioner, China National Intellectual Property Organization; and Daren Tang, Director General, World Intellectual Property Organization (WIPO), will deliver remarks at the opening session.
Algernon Yau, HKSAR Secretary for Commerce and Economic Development, opens the Forum’s first session, the Policy Dialogue, with a welcome address. International IP policymakers discuss the importance of IP and innovation in stimulating worldwide economic growth in a conversation with Winnie Tam, Senior Counsel of Des Voeux Chambers. The speakers include Mr Tang; Rowel S. Barba, Chair of the Intellectual Property Rights Experts Group of Asia-Pacific Economic Cooperation (APEC); Santisouk Phounesavath, Chairman of the ASEAN Working Group on Intellectual Property Cooperation; and Dr. M. ZekiDurak, President of the Turkish Patent and Trademark Office.
For the Plenary Session, Mayeul Dastugue, Legal Director of Global IP Enforcement of Christian Louboutin; Laurence Morel-Chevillet, IP and Brand Protection Director of Bulgari S.p.A; and Mayank Vaid, Intellectual Property Director of Asia Pacific & China (Civil) of Louis Vuitton, share their brand strategy successes in the new economic landscape and discuss how the use of technology can reinvent brands.
At the Global Tech Summit, global tech leaders, including Olivier Klein, Asia Pacific Chief Technologist of Amazon Web Services; Fred Sheu, National Technology Officer of Microsoft Hong Kong; and Dr Ginny Wong, Data Scientist of NVIDIA AI Technology Center Hong Kong, deep dive into the latest trends of generative AI applications and their impact on IP.
The ASEAN Session, organised by the ASEAN Secretariat and the HKSAR Intellectual Property Department in collaboration with WIPO, features IP representatives from government and business in ASEAN and Hong Kong as well as experts, licensing agents and international brand owners, including MCM Group, S2O Factory, B.Duck Semk, who share their insights on ways to maximise the value of trademarks in today’s rapidly changing global business environment.
The two-day forum also features talks on a variety of topics, including IP collaboration and competition in the biomedical Industry in the GBA, and IP and dispute resolution in the age of AI, digital trade, IP protection and more. Additionally, there will be presentations by companies showcasing their latest innovations.
The IP & Innovation Market returns under the theme of Clean Tech, showcasing over 30 innovative projects from tertiary institutions, R&D centres and start-ups focused on recycling, sustainable energy, green materials, waste management and more to strengthen IP commercialisation and facilitate collaboration.
Entrepreneur Day: Latest Trends in Innovation and Technology With the theme Building Resilience, Boosting Collaboration, some 30 industry leaders from around the world share their insights on the latest developments and trends in the start-up ecosystem at E-Day.
With the theme Building Resilience, Boosting Collaboration, some 30 industry leaders from around the world share their insights on the latest developments and trends in the start-up ecosystem at E-Day.
Showcasing some 300 start-ups, projects and support services, the exhibition area offers an opportunity for networking and business matching. An Australian delegation, led by Investment NSW, participate in E-Day for the first time, showcasing nine start-ups in health tech, environmental protection tech and smart city.
The Asia Exhibition of Innovations and Inventions Hong Kong, co-organised by The Hong Kong Exporters’ Association and Palexpo in Geneva and featuring over 110 innovations from Asia at E-Day, showcases global breakthrough inventions and technological solutions.
This year’s E-Day sees an increased participation of incubators from the GBA. The HKSAR Home and Youth Affairs Bureau invited 50 local start-ups under the Funding Scheme for Youth Entrepreneurship in the Guangdong-Hong Kong-Macao Greater Bay Area to join the event. The scheme supports young entrepreneurs to establish their business in the GBA.
The seminars encompass four major series, including the Inspirational Masterclass Series, Emerging Trends for Tech and Innovation Series, Fuelling the Future Series and Market Exploration Series. On the first day, the conference will kick off with T-Chat featuring Serge Conesa, Founder and CEO of Swiss start-up Immersion4, which received the Most Innovative Use of ICT Award from the UN International Telecommunications Union (ITU) in 2019. At this seminar, he shares his entrepreneurial journey and explores the market potential of greentech in Europe and the Middle East.
At another session on the future of work on the second day, Daryl Lau, Sales Director of JobsDB Hong Kong; Leo Siu, Head of HRMS of Computer And Technologies Holdings Limited and Emrys Lam, Founder of HR Plus Limited, shed light on emerging trends reshaping the workplace and the ways in which these trends and new technologies influence talent acquisition and retention strategies.
On the same day, a seminar co-organised with GoGBA Business Support Centre in Futian features Zhang Yun, Minister of Vitality Promotion Department of the Futian District Investment Promotion and Enterprise Service Center in Shenzhen; and Chen Shan, President of the Guangdong-Hong Kong-Macao Greater Bay Area Innovation and Entrepreneurship Incubation Base in Guangdong. They highlight the latest policies and support services for start-ups, while Aldous Ng, CEO of CU Coding Limited, and Simon Cheung, Associate Director of BIM Limited, share their journey of establishing a presence in the GBA.
Last year, the HKTDC launched Start-up Express: International Edition to attract international start-ups to operate in Hong Kong and expand their business in the region. Following last year’s inaugural success, the event returns during E-Day with the support of 15 global partners from around the world, stretching from Mainland China to the wider Asia-Pacific region and Australia to Europe and the USA. On the first day of E-Day, this year’s seven out of 10 global winners join us in person.
As part of Start-up Express, the HKTDC provides comprehensive support to the top 30 start-ups through the Start in Hong Kong Programme. The support encompasses marketing, technical, business setup and peer support as well as mentorship to assist start-ups in accessing the markets of Hong Kong and the wider GBA.
InnoClub, a one-stop platform jointly developed by the HKTDC and Hang Seng Bank, is organising the inaugural InnoClub Award Presentation Ceremony on the second day of E-Day to recognise the exceptional achievements of InnoClub members in I&T. The three winners then engage in conversation on their entrepreneurial journey, which is followed by a networking reception.
Media representatives can complete the following form by December 7(Thursday) and email to hktdc@hkstrategies.com for pre-registration to receive a confirmation email for browsing Exhibition and Forum Website.
Members of the media wishing to interview speakers should email interview requests and proposed questions to hktdc@hkstrategies.com by 28 November.
About HKTDCThe Hong Kong Trade Development Council (HKTDC) is a statutory body established in 1966 to promote, assist and develop Hong Kong’s trade. With 50 offices globally, including 13 in Mainland China, the HKTDC promotes Hong Kong as a two-way global investment and business hub. The HKTDC organises international exhibitions, conferences and business missions to create business opportunities for companies, particularly small and medium-sized enterprises (SMEs), in the mainland and international markets. The HKTDC also provides up-to-date market insights and product information via research reports and digital news channels. For more information, please visit: www.hktdc.com/aboutus. Follow us on Twitter @hktdc and LinkedIn
Verofax, an award-winning product validation and traceability solution provider, is thrilled to announce its selection as one of the top three winners of the Emirates Global Aluminum (EGA) Ramp-Up Programme. The programme attracted over 600 startups from around the globe, all vying for a chance to make a significant impact in the industry.
About the EGA Ramp-Up Programme Emirates Global Aluminum, the largest industrial company in the United Arab Emirates outside of oil and gas, initiated the EGA Ramp-Up Programme to nurture the next generation of entrepreneurs. These businesses are expected to contribute to economic growth and job creation, particularly in the realm of low-emission commodity exports.
The programme, supported by C3, consisted of a three-month series of customized workshops focusing on business and impact for 20 finalist startups. These workshops were aligned with EGA’s strategic objectives of promoting growth and sustainability.
Verofax’s Unique Contribution Verofax’s commodity validation and traceability solution empowers exporters to automate compliance and streamline border clearance at customs in regulated markets. This is particularly crucial given the European Union’s recent introduction of Carbon Border Tax regulations, which impose tariffs of up to 35% on non-compliant exporters of high-emission commodities like steel and aluminum.
Wassim Merheby, CEO of Verofax, said, “We are very excited to have won the EGA challenge for Growth and Impact. This win underscores EGA’s commitment to low-emission commodity manufacturing. We are thrilled to promote regional exports from the Middle East with our seamless validation and traceability solutions. The EU imports of targeted high-emission commodities amount to over $80 billion, mostly catered today by China and Russia. The new regulations open doors for near-shore exporting countries like the UAE and Saudi Arabia to benefit and increase exports.”
A Commitment to Sustainability and Growth Abdulnasser bin Kalban, Chief Executive Officer of EGA, said, “Our goal with EGA Ramp-Up is to contribute further to the UAE’s economic diversification and development by supporting innovative young entrepreneurs to launch their impact-driven and sustainability-focused businesses. We hope our support will enable these companies to thrive and that some may even become EGA suppliers, further increasing our local procurement and supporting ‘Make it in the Emirates’ and achieving the UAE’s Operation 300bn industrial growth strategy.”
As part of the Entrepreneurial Nation strategy, EGA Ramp-Up supports achieving the Centennial 2071 goal of increasing entrepreneurship in the UAE.
“These startups represent some of the most promising talent in the UAE, and C3 is thrilled to have partnered with EGA to equip them with the tools needed to accelerate their businesses. Through our tailored mentorship programme, we have nurtured their growth trajectory, enabling them to create lasting impact,” said Kevin Holliday, Managing Director of C3 – Companies Creating Change.
About EGA EGA is a global leader in aluminum production, with operations in Abu Dhabi and Dubai, an alumina refinery in Abu Dhabi, and a bauxite mine and associated export facilities in the Republic of Guinea. EGA is committed to reaching net-zero greenhouse gas emissions from its operations and supply chain by 2050. Visit www.ega.ae/en/ramp-up.
About Verofax Verofax is a compliance and commerce SaaS solution provider, validated by Microsoft and holding four patents on AI analytics that enable intelligent supply chain and operations. Fortune 100 enterprises across 50 markets have adopted Verofax solutions for securing their supply chain and connecting directly to customers. Verofax is committed to achieving Net Zero by 2025 and promotes global offset and community relief projects across the globe. Visit https://verofax.com.
For media inquiries, please contact: Wassim Merheby CEO, Verofax Email: info@verofax.com
Verofax, an innovator in Brand & Retail solutions, was selected among 521 startups globally as the best solution offering for Web3 & Blockchain, at the GITEX 2023 Expo, Supernova Challenge in Dubai.
Verofax, a UAE-based startup and service provider for turning shopping & products interactive, has emerged as the winner of the 2023 Supernova Challenge at Expand North Star Dubai, the world’s largest startup event. The startup received the prize after rounds of pitching against global finalists.
Verofax’s groundbreaking solution combines interactive Product IDs with cutting-edge product recognition, enabled by advanced computer vision. This innovation has empowered consumers to:
Discover & Validate: Check before you buy product properties, ensuring complete transparency in terms of price, quality, and sustainability.
Engage Intimately: Through augmented reality, experience custom interactions that redefine brand loyalty.
Reap Rewards: Earn meticulously curated, personalized discounts anchored in individual purchase histories and preferences.
Verofax is on a mission to strengthen the bond between consumers and brands. This direct connection, established at the moment of purchase, accentuates trust and fosters unprecedented loyalty.
Wassim Merheby, CEO of Verofax, conveyed his gratitude, “We are profoundly honored by this recognition from the GITEX committee. It further fuels our mission – ‘Never trust, always verofax.’ As we look to the future, our resolve is only strengthened to bring forth innovations that redefine the consumer landscape.”
The Supernova Challenge is the biggest pitch competition in the Middle East, Africa and South Asia . The challenge is a key feature of Expand North Star Dubai, which hosted its biggest edition this year. It attracted over 1800+ startups from over 100 countries to explore the emerging opportunities in Dubai’s dynamic, diverse and tech-driven digital economy.
One of the judges at Supernova, Sharif El-Badawi, CEO of Dubai Future District Fund, commented, “The pitches we witnessed here at the Supernova Challenge are brimming with promise, unique innovations, and inspiring ideas.”
The Supernova Challenge Pitch Competition, a highlight of GITEX Global, in partnership with the Dubai Future District Fund, is the largest pitch competition in the Middle East, Africa, and South Asia. Startups vie for top honors in a range of categories, aspiring to become the next unicorn in the tech world.
Overall, thirteen category winners representing the USA, India, UAE, South Korea, France, UK, Nigeria, Switzerland, China and Bangladesh took home prize money:
Blockchain and Web3 Disruptor: Verofax from the UAE, a platform enabling real-time immersive shopper experiences instore and product quality validation.
Sustainability and ESG Disruptor: Zenerate from the USA, a platform providing AI-powered feasibility solutions for real estate development.
AI Disruptor: Knorish, a platform that enables hobbyists, professionals and niche experts to build, launch, market and sell online courses powered by their own knowledge and as an extension of their own brand.
Fintech and E-commerce Disruptor: Appro Technologies from the UAE, a digital platform simplifying retail banking onboarding.
Mobility and Smart Cities Disruptor: Innocel from France, a company providing clean energy solutions for a net zero future.
Healthtech and Wellness Disruptor: Skia from Korea, a digital surgery guide solution using augmented reality (AR) technology.
Martech Disruptor: Smartzer from the UK is a SaaS platform brands use to make live streams and videos interactive and shoppable to drive sales.
Female Founder Award: Matis from Switzerland, a platform empowering art market stakeholders with accessible and quantifiable tools for art authentication.
Africa Fast Award: Gifty from Nigeria, an app that helps people easily share gift lists with family and friends and avoid duplicating purchases.
Asia Fast Award: Urtopia from China, a company dedicated to revolutionizing urban transportation with its smart, sleek, and stealthy e-bikes.
India Fast Award: EyeROV from India, a marine robotics company providing underwater ROVs (remotely operated vehicles) to various industries.
Insurtech Disruptor: InsureCow from Bangladesh, a platform offering a 360° technology-powered cattle insurance and wellbeing monitoring solution.
MENA Award: Jalebi.io from the UAE is the world’s first restaurant operating system that helps restaurants save 5% on the cost of every order served.
The Supernova Challenge featured 40 finalist startups selected from the Expand North Star global roadshow, a series of international pitch competitions held by the Dubai World Trade Centre and DCDE to attract startups to Dubai and foster collaborations with digital ecosystems in various countries.
Expand North Star hosted by Dubai Chamber of Digital Economy (DCDE) is the powerhouse startup show of GITEX Global, organized by the Dubai World Trade Centre (DWTC) concluded this week marking its largest-ever edition at its new Dubai Harbour venue.
About Verofax Verofax is a blockchain-enabled Brand and Retail solution provider with a presence across North America, Europe, Asia and MEA regions. Verofax’ solution is available across multiple cloud environments, helping Brands and retailers turn products connected for meaningful engagements with customers in store.
For technical matters, visit Verofax at https://www.verofax.com or contact info@verofax.com.
REDEX, Asia’s leading Renewable Energy Certificates (RECs) solutions provider, announced today the successful completion of a USD 10 million Series A funding round.
REDEX’s mission is to accelerate the world’s transition towards renewable energy. The new funding will allow the company to expand beyond Asia, and to further innovate in streamlining and digitizing the issuance and trading of RECs.
Aramco Ventures led the investment, along with notable new investors from the Middle East, Southeast Asia, and Japan. Aramco Ventures is the corporate venturing subsidiary of Aramco, the world’s leading fully integrated energy and petrochemical enterprise.
“REDEX is well positioned as the leading marketplace for I-RECs, which will enable renewable energy markets in many parts of the world. We look forward to collaborating with the REDEX team to extend this capability into new geographies,” said Bruce Niven, Executive MD, Strategic Venturing at Aramco Ventures.
Established in 2018, REDEX Group is a first-mover RECs player in Asia, offering a full suite of RECs management solutions covering asset registration, verification, trading, and retirement.
“We are witnessing tremendous growth in the adoption of RECs by brand owners striving to be 100% renewable, both for themselves and their supply chains,” said Jen-Wee Kang, Founder and CEO of REDEX. “The demand for green energy is very real, and the number of RECs issued and retired is more than doubling year on year. Building on the trust we have established with key players in the ecosystem, REDEX is well-positioned to play a leading role in the exponential growth of RECs adoption globally.”
As a concept, RECs are very simple – the instrument traces one’s power consumption to renewable energy sources. Its simplicity is precisely why the instrument is the most convenient and practical way for companies to achieve Scope 2 neutrality.
RECs are endorsed and adopted by RE100, the main consortium of leading brand owners committed to 100% renewable electricity. The consortium was originally formed in 2014 by 13 corporate partners. Today, RE100 has more than 400 members who consume around 400 TWh of power.
REDEX believes there is great potential to apply RECs creatively in the industrial sector, like for green aluminium, steel, and cement – commodities that are covered in the starting phase of Europe’s Carbon Border Adjustment Mechanism (CBAM).
In April, the company announced that it was the first API-integrated Platform Operator Account on I-REC, the world’s largest RECs registry. In June, REDEX also announced its partnership with China Southern Grid, supporting the grid operator in its role as an I-REC Issuer in China.
About REDEX Group Pte Ltd
REDEX Group Pte Ltd operates Asia’s leading trading platform for Renewable Energy Certificates (RECs). The company offers a one-stop ecosystem for RECs, supporting clients through the full RECs lifecycle – asset registration, production verification, marketplace, and retirement. As an early mover in Asia with a proven track record, REDEX is developing practical and innovative solutions to meet the clean energy needs of corporates globally. The company’s mission is to accelerate the world’s transition towards renewable energy.
Aramco Ventures is the corporate venturing subsidiary of Aramco, the world’s leading fully integrated energy and petrochemical enterprise. Headquartered in Dhahran with offices in North America, Europe and Asia, Aramco Ventures strategic venturing programs invest globally in start-up and high growth companies with technologies of strategic importance to its parent, Aramco, primarily supporting the company’s operational decarbonization, new lower-carbon fuels businesses, and digital transformation initiatives. Aramco Ventures also operates Prosperity7, the company’s disruptive technologies investment program.
The Indonesia Investment Promotion Center (IIPC) London, in collaboration with the Embassy of the Republic of Indonesia (KBRI) and the local representation of Bank Indonesia, once again hosted the Indonesia Investment Forum (IIF) 2023 in London, UK, on October 5, 2023.
Thirteen sustainable investment projects in sectors such as energy, industry, electric vehicles, tourism, infrastructure, transportation, mining, and digitization were presented during the business matching session at IIF 2023. These projects managed to pique the interest of approximately 20 investors from London and the surrounding regions.
Participating virtually, Minister of Investment/Head of Indonesia Investment Coordinating Board (BKPM) Bahlil Lahadalia recognized the global economic uncertainty and slowdown, emphasizing Indonesia has maintained positive economic growth of 5.31% in the second quarter of 2023, with inflation remaining below 4%. This achievement is attributable to the significant contribution of investments, making Indonesia the second-largest investment destination in Southeast Asia.
“I invite our friends from the U.K. to be part of this development process. You have the technology, markets, and financial capabilities, while Indonesia possesses abundant natural resources, extensive territory, and market penetration potential worldwide. Come to Indonesia, bring your technology, and we will handle the licensing,” said Bahlil in his address.
Nurul Ichwan, Deputy for Investment Promotion at the Ministry of Investment/BKPM, participated as a panelist in a discussion titled ‘Powering Up: Advancing Sustainable Infrastructure, Financial Sustainability, and Investment in Indonesia.’ She discussed the progress and efforts of the Ministry of Investment/BKPM in advancing investment projects, especially in renewable energy, sustainable investment, and the development of the electric vehicle ecosystem in Indonesia.
“The IIPC London office serves as the main contact point for our British and European investor friends interested in our sustainable projects,” Nurul emphasized.
Several ready-to-offer sustainable investment projects presented by the Ministry of Investment/BKPM include the Electric Motor Industry for Electric Vehicles in Bekasi, West Java; Integrated Charging Station Facility in South Jakarta, DKI Jakarta; Solar Power Plants (PLTS) in Penajam Paser Utara, East Kalimantan, and Lebak, Banten; as well as the Bioethanol Industry in Bojonegoro, East Java, with a total estimated investment value of USD 276 million.
Additionally, the project for the development of the Super Priority Tourism Destination (DPSP) Toba Caldera Resort by the Lake Toba Authority Implementation Agency (BPODT) was offered with an estimated investment value of USD 1.7 billion. Indonesian Ambassador Desra Percaya, Bank Indonesia Governor Perry Warjiyo, and Minister of State for the Investment Security Unit Nusrat Ghani were also present and delivered speeches at the opening of IIF 2023, with the theme “Fostering Sustainable Growth Through Green Investment and Digital Transformation.”
Prominent speakers from both Indonesia and the UK discussed potential economic cooperation between the two countries, including Richard Graham, the UK Trade Envoy to Indonesia, Malaysia, the Philippines, and ASEAN; Lord Vaizey of Didcot, Chairman of the UK ASEAN Business Council; and Rino Donosepoetro, Chairman of the British Chamber of Commerce Indonesia. IIF 2023 was conducted in a hybrid format at the KBRI London office and was attended by more than 200 participants, including business leaders as well as senior banking and investment representatives.
According to data from the Ministry of Investment/BKPM, the UK has been the second-largest European investor in Indonesia in the last five years after the Netherlands, for food crops, plantations, and livestock (24%); mining (20%); food industry (9%); chemical and pharmaceutical industry (8%); and hotels and restaurants (7%), with a total investment realization of more than USD 1.75 billion.
The G20 summit held in India has proved to be a game-changer for Indian entrepreneurs and the business community. This prestigious event brought together world leaders and policymakers, creating a platform for collaboration, innovation, and growth.
The G20 Summit emphasized the importance of collaboration among nations to tackle the challenges faced by small and medium-sized enterprises. This opens up new avenues for Indian SMEs to forge international partnerships, access global markets, and enhance their competitiveness.
SMEs Considers India’s G20 Leadership as a Positive Step Towards India’s Global Leadership
India’s leadership in the G20 summit has been hailed by industry leaders worldwide. Let’s take a look at some insightful quotes that highlight the significance of India’s role on the global stage.
Commenting on G20’s impact on Indian startups and SMEs, CA Deepak Maheshwari, founder of DealPlexus stated, “As the world’s largest democracy, India’s leadership in the G20 summit reinforces the importance of democratic values in shaping global governance. This seminal event of G20 and the entire year-long activities of G20 gave a strong direction and clarity for the economic leadership of India. After this greatly successful global dialogue, we at DealPlexus clearly foresee that Indian SMEs and Startups shall take centre stage of this epic growth story of Indian economic emergence. I also firmly believe that this event has paved the way for India to achieve a remarkable milestone, propelling its economy to reach the $10 trillion mark in the next decade.
“India’s leadership in the G20 Summit is a testament to its growing economic prowess and diplomatic influence. ‘With its diverse economy and large consumer market, India has the potential to drive global growth and shape the future of international trade,” commented Mr JK Pathak, a socially responsible entrepreneur in the skill development space.
While talking to SMEStreet, Mr Pathak also emphasized on India’s strong commitment towards sustainable development, he said, ‘India’s emphasis on sustainable development and renewable energy during the G20 summit sets a positive example for other nations to follow. And as the world’s largest democracy, India’s leadership in the G20 summit reinforces the importance of democratic values in shaping global governance.”
“The G20 offered unparalleled showcasing and networking opportunities for Indian SMEs.Apart from the fact that, it brings together policymakers, industry leaders, and experts from various sectors, G20 also created a conducive environment for networking and collaboration. Through interactions with stakeholders from different countries, SMEs can gain valuable insights, exchange ideas, and forge strategic partnerships that can drive their businesses forward. In this brief report we tried to highlight core points that can be considered as key takeaways for Indian SMEs and startups from this huge effort,” says Dr Faiz Askari, Founder of SMEStreet.
SMEStreet’s Key Findings on G20’s Takeaways
According to a recently conducted SMEStreet outreach among Indian Business Owners mainly from the SME sector, on the impact of G20 Summit among Indian SMEs, here’s how Indian entrepreneurs and the business community have immensely benefited from this summit:
1. Enhanced Global Visibility: The presence of global leaders and media attention during the G20 summit has significantly enhanced the global visibility of Indian entrepreneurs and businesses. This exposure has opened up new avenues for collaborations, partnerships, and investments from international markets.
2. Access to Global Markets: The G20 summit provided an ideal platform for Indian entrepreneurs to showcase their innovative products and services to a global audience. This exposure has facilitated access to new markets, enabling Indian businesses to expand their reach and customer base beyond national borders.
3. Policy Reforms and Support: The discussions and deliberations during the G20 summit have led to crucial policy reforms that directly benefit Indian entrepreneurs and the business community. These reforms have streamlined regulatory processes, reduced bureaucratic hurdles, and created a more conducive environment for business growth and innovation.
4. Knowledge Sharing and Learning Opportunities: The G20 summit brought together industry experts, thought leaders, and policymakers from around the world. This created invaluable opportunities for Indian entrepreneurs to learn from global best practices, gain insights into emerging trends, and exchange ideas with their international counterparts.
5. Investment and Funding Opportunities: The G20 summit has attracted significant foreign investments and funding to India. This influx of capital has provided Indian entrepreneurs with the necessary resources to scale their businesses, invest in research and development, and explore new avenues for growth.
6. Networking and Collaboration: The G20 summit served as a networking hub, bringing together entrepreneurs, investors, and industry leaders from various sectors. This facilitated meaningful collaborations, strategic partnerships, and knowledge-sharing initiatives that have the potential to drive innovation and create new business opportunities.
In conclusion, the G20 summit in India has been a game-changer for Indian entrepreneurs and the business community. It has provided them with a global stage to showcase their potential, access new markets, and collaborate with international stakeholders. The outcomes of this summit will undoubtedly shape the future of Indian businesses, enabling them to thrive in an increasingly interconnected and competitive global economy.
About SMEStreet
SMEStreet is South Asia’s leading knowledge focused business ecosystem for MSMEs and Startups. In its 10th year of operations, SMEStreet is committed to add value in the Entrepreneurial Success stories. For more information, visit https://smestreet.in.
HUB.ID Summit, the annual keynote in the HUB.ID program for Indonesian start-ups, was held in Nusa Dua, Bali on September 15-16, bringing 80 digital startups and 80 global venture capitals together for investing in early-stage digital startups. HUB.ID is a government sponsored (Kominfo) program which focuses on startups in Fintech, Agritech and Fisheries, Healthtech, SME Enabler and Logistics, as well as ESG-Related sectors.
This year’s Summit adopted the theme “Recalibrating the Industry: Indonesia’s Tech Investment Moving Forward,” aiming to analyze changes in market behavior post-pandemic and the tech winter, which have affected the focus of digital startups on product development and venture capital investments. These changes are recalibrating market strategies for growth in Indonesia’s digital startup ecosystem.
Over two days, the early-stage digital startups and venture capitals participated in various events, including panel discussions featuring renowned speakers and business matchmaking sessions, expected to foster collaborations and investments after the Summit concludes.
On the first day, the panel discussion featured Christopher Madiam (CEO & Co-founder of Sociolla), Hero Choudhary (Managing Partner of Beenext), Yoshua Tanu (Jago Coffee Founder), and was moderated by Willis Wee (CEO & Co-founder of Tech in Asia). The session discussed strategies for startups to generate profits during the tech winter.
On the second day, the panel discussion included Eddy Danusaputro (Chairman of AMVESINDO), Ankur Vohra (Vice President L Catterton Asia), moderated by Donald Wihardja (Nexticorn Board). Additionally, Kevin Sugiarto (Senior Vice President Product Privy), ArdhantiNurwidya (Head Public Policy and Government Relation GOTO), Doddi Priyambodo (Solutions Consultant at Google/Cloudmile) and Edy Sulistyo (CEO Everywhere.id), and was moderated by Anugrah Pratama (Partner at EY-Parthenon Indonesia).
In his opening speech, I Nyoman Adiarna (Director of Digital Economy, Directorate General of Informatics Application, Ministry of Communication and Informatics) stated, “The technology startup landscape in Indonesia has seen rapid and exciting developments in recent years. Indonesia now boasts hundreds of startups across various sectors, including e-commerce, fintech, edtech, healthtech, and agritech, among others. The ministry continues to support startups to grow and access funding, including through events like HUB.ID Summit.”
It is estimated that more than 500 people attended the HUB.ID Summit 2023 event, which included the panel discussions, 1-on-1 business matchmaking, and a Networking Gala Dinner. Investors in attendance hailed not only from Indonesia but also from other countries such as Japan, Singapore, South Korea, India, Germany, the United Kingdom, the United States, and more. Over 1.500 business meetings were scheduled during the 2-day event, demonstrating a positive trend in investment potential for digital startups in Indonesia.
This year, HUB.ID Summit collaborated with the Nexticorn Foundation to facilitate more business meetings between startups and venture capital firms. HUB.ID Summit x Nexticorn 2023 is a collaborative effort between the Ministry of Communication and Informatics and the Nexticorn Foundation to support the digital startup ecosystem, foster partnerships, and networks between early-stage, growth-stage, and later-stage startups with global venture capitals.
HUB.ID is a program for startups initiated by the Directorate General of Informatics Application, Kominfo (Ministry of Communication and Informatics). It focuses on enabling post-seed Indonesian startups to scale regionally leveraging Kominfo’s network of corporate & governmental partners, and consists of short accelerators and business matching sessions based on vertical focus. Post program, startups can still enjoy the platform by extending membership status.For more information, visit: https://hub.id, or email: asksummit@hub.id.
Verofax, an award-winning Brand & Retail Martech solution provider, has been awarded AWS’ Full Technical Review (FTR) and approved for Amazon’s AWS Marketplace. As a result, Verofax services will now be available directly for retail and for global brands on the Marketplace, leveraging the unparalleled capabilities of AWS, and turning brand managers into advocates.
Verofax wins The Artificial Intelligence Award at the Rocket Fuel Startup Competition during LEAP 2023 in Riyadh, Feb 21, 2023.
Specializing in brand-customer direct engagement by transforming products into a brand’s greatest marketing channel with patented technologies such as computer vision, Artificial Intelligence (AI) and product digitization, Verofax enables a direct, seamless connection to customers and accesses first-party, real-time customer data to offer personalized brand experiences. The result: brands are able to reduce their cost of customer acquisition, increase promotional marketing ROI (conversion rate) and improve brand loyalty (NPS).
With the AWS FTR approval, Verofax’s advanced solutions have received the seal of validation and endorsement from AWS Solutions Architects. This recognition showcases Verofax’ commitment to delivering exceptional performance, security, and scalability with their Brand, ‘Asset management and traceability platform,’ and Retail, ‘Verofax omni channel retail automation solution,’ worldwide.
Brands that are choosing innovation in working with Verofax benefit from a range of advantages, circumventing traditional marketing channels and elevating customer acquisition rates by up to 60% with costs reduced 20-fold when compared to online Ads. Verofax successfully partners with renowned Fortune 100 brands, including industry giants like Budweiser & Corona, to power global marketing campaigns and create attractive direct-to-consumer experiences.
Rodrigo Cabaleiro, Global Director of Premium Brands, AB InBev said, “Verofax’ solution for interactive packaging improved acquisition and engagement during our FIFA World Cup promotion. By turning our products into a direct-to-consumer communication channel we observed higher ROI on promotional marketing and better data-driven decisions.”
Moreover, Verofax empowers brands with refreshingly new consumer insight from point of purchase through modality of engagement and the entire customer life-cycle. By leveraging this invaluable, previously unreachable data, brands can deliver exceptional marketing strategies, customer experiences, focus on building unwavering loyalty, and achieving unparalleled commercial success.
“We are incredibly proud to have achieved AWS Full Technical Review (FTR) status, which further solidifies Verofax’ position as a leading provider of martech solutions. Collaborating with AWS has been instrumental in our journey, and this approval underscores the exceptional capabilities and performance of our software services. Together with AWS, we look forward to delivering unparalleled benefits to our enterprise clients by increasing Marketing ROI, enhancing customer satisfaction, and turning operations data-driven in real-time,” said Wassim Merheby, CEO of Verofax.
Amazon’s comprehensive FTR approval involves a rigorous assessment of Verofax’ (AWS) architecture, infrastructure and software usability, helping to prove why Verofax is the partner of choice for unlocking revolutionary marketing potential, achieving unmatched cost optimization, and delivering exceptional and unique customer experiences.
About Verofax Verofax is the leader in product digitization, providing innovative solutions that empower brands, retailers, and governments to secure supply chains and transform customer engagement. Utilizing latest technologies such as blockchain and AI, Verofax offers a comprehensive suite of tools, immersive omni-channel consumer engagement and compliance validation. By leveraging the Verofax solution, brands can ensure supply chains are compliant and sustainable and customers are engaged through every step of the product lifecycle. Please visit www.verofax.com.
