Analyse Asia with Bernard Leong

"The whole of Southeast Asia has to come up as a group. Hence, my secret about what I know about the VC industry that people don't know. The secret is that you've got to be very sane when you come to investing, right? So, if you invest so high, we can't get exits. When we can't get exits, we can't return money to LPs, and then the investors will say, ‘Oh, Southeast Asia cannot find exits one.’ It cannot be, right? So to me, we must be able to show exits. That's the proof of the pudding.” - Carmen Yuen Fresh out of the studio, Carmen Yuen, general partner from Vertex Ventures SE Asia & India, joined us to discuss the current state of venture capital in Southeast Asia & India after the difficult fundraising climate in the past year. Carmen began the story of her career, moving from the government sector to venture capital. She shares the evolution of Vertex Ventures from their investment thesis to the portfolio of startups and evaluates the startup class of 2023 vs 2021. Last but not least, Carmen describes exits as the leading indicators for startup success and elucidates what great would look like for Vertex Ventures. Episode Highlights: [00:50] Quote of the Day #QOTD from Carmen Yuen. [01:21] Introduction: Carmen Yuen, General Partner, Vertex Ventures Southeast Asia & India. [02:16] Carmen’s career story from the government sector to venture capital. [05:03] Career lessons from Carmen Yuen. [08:32] Introduction to Vertex Ventures Southeast Asia and India. [12:41] Perspectives on Markets: Southeast Asia & India. [14:50] Finding Local champions vs Regional players in Southeast Asia. [16:12] The verticals that Carmen Yuen invests in Southeast Asia & India. [18:48] Carmen’s typical day as a VC. [20:22] Traits of Founders & Startup Teams that Carmen invests in. [22:50] The red flags that deter Carmen from investing in startups. [24:46] Solo Founders vs Startup Teams. [26:55] Interesting companies under Vertex SE Asia portfolio. [32:05] Advice to founders on market expansion in Southeast Asia. [35:44] The startup class of 2023 vs the startup class of 2021. [38:19] Outlook for 2024: Headwinds and Tailwinds. [40:00] The one thing that Carmen Yuen knows as a VC that very few do. [42:36] Advice to Startup Founders in a difficult fundraising climate. [44:42] How do you explain the Southeast Asia to LPs? [46:50] Exits are key to success in Southeast Asia: M&A and IPOs. [47:36] What does great look like in Vertex Ventures SEA and India? [48:11] Closing. Podcast Information: Bernard Leong hosts and produces the show. Proper credits for the intro and end music: "Energetic Sports Drive" and the episode is mixed & edited in both video and audio format by G. Thomas Craig.

"There are so many voices here that people can create their own unique things. And yet there is still this culture, that's still lingering from the past, that somehow the answers are in the West. And trust me, they are not. So the West is also confused and looking for their way to figure out things. And so the main inspiration for Yana TV was to create this particular platform where we can showcase the voices of Asian movers and shakers, which means people who are doing interesting things, who are standing up, who want to speak up, challenging the status quo, and the norms. People who are regional, who are thought leaders, and I also feel it is time there has to be a bigger platform where we can all go and see who are the people who are doing amazing things here." - Yana Fry Fresh out of the studio, Yana Fry, producer & host of Yana TV joined us in a conversation about the behind-the-scenes of her show and her perspectives on interviewing Asian change makers across the region. Our conversation kicked off with Yana's odyssey to Singapore and delving into what sparked the creation of Yana TV and its core themes. In the conversation, Yana shares the heartwarming tales featured on her show, ranging from a kidnapped diplomat to a heart-touching Singaporean Santa Claus and her perspectives as a content creator in the Asia Pacific. Last but not least, she shares what great would look like for Yana TV. [00:48] Quote of the Day #QOTD by Yana Fry, Founder & Host, Yana TV. [02:24] Introduction: Yana Fry, Founder & Host of Yana TV. [04:28] Perspectives on living in Singapore. [06:43] Yana shares lessons of her career journey. [08:20] Inspiration behind Yana TV. [10:28] Intended Audience behind Yana TV. [11:50] The Great Resignation and its Impact on Executives re-thinking work-life balance. [13:49] Main Themes and Key Takeaways from interviewing Asian change-makers in Yana TV. [16:18] How a seven-time convicted criminal becomes a change-maker to help prison inmates re-integrate into Singapore society. [17:43] The behind-the-scenes (BTS) behind Yana TV's production. [21:01] Different Profiles of Change-Makers on Yana TV. [25:14] How Asian change-makers differ from their Western counterparts. [29:35] Challenges faced by Asian Change Makers. [34:49] Tales of Asian Change Makers: A Diplomat. [36:30] Tales of Asian Change Makers: Singapore Santa Claus that moved the production crew on Yana TV. [41:23] How to tell stories in Asia with the digital format. [44:32] The challenge of distribution for Asian podcasters. Podcast Information: Bernard Leong (@bernardleong, Linkedin) hosts and produces the show. Proper credits for the intro and end music: "Energetic Sports Drive" and the episode is mixed & edited in both video and audio format by G. Thomas Craig (@gthomascraig, LinkedIn).

“[Glints] We would like to still be around and building an enduring company. A big part of why many of us at Glints are building what we want is we hope that our children and grandchildren can be using Glints to grow their careers as well. So we want this to be an enduring company. Our mission is to help realize human potential. And we would like to be a company that's here to last. That's one. Two, concretely we see a lot of opportunities in the platform business and in our cross-border business. We want to double down in this market, getting to market leadership in the market we're playing in, Indonesia, and Vietnam, and also expanding out to new markets for cross-border recruiting, helping employers around the world tap into their 300 million labour force in Southeast Asia, helping them to hire the people here." - Oswald Yeo Fresh out of the studio, Oswald Yeo, chief executive officer and co-founder of Glints joined us in a conversation to discuss how the startup has helped companies from all over the region to build out their talent hubs across Southeast Asia. We began the conversation with Oswald as he shared the journey of Glints and the importance of focus to find the product-market fit till scaling the company across the region. He shared his valuable insights on the application of generative AI in the human resources sector, particularly emphasizing its utility in cross-border recruitment and talent sourcing. Last but not least, he shared his vision on what great would look like for the startup in the future. Episode Highlights: [00:48] Quote of the Day #QOTD by Oswald Yeo, CEO & co-founder of Glints. [02:22] Introduction: Oswald Yeo. [03:09] Origin Story of Glints. [05:54] Career Lessons from Oswald Yeo - Finding the Right People. [08:15] Overview of Glints and its vision & mission today. [11:31] The total market opportunity of HR in Southeast Asia which Glints is poised to capture. [13:09] Borderless Mindset and its implications to cross-border talent acquisition. [15:54] Critical Mass of a Talent Hub. [16:33] Cross Border Hiring and its advantages. [17:54] How Glints adapts its approach across different countries in Southeast Asia. [20:50] Pivotal moments for Glints. [25:21] How Glints found product-market fit in Southeast Asia. [30:05] The one thing that Oswald knows that very few do. [30:32] Glints’ current investors & how they help them to scale. [32:34] Advice for Startup Founders to navigate the difficult fundraising climate. [34:02] Generative AI’s role in talent acquisition and retention for HR. [37:52] What does great look like for Glints? [38:38] Closing. Podcast Information: Bernard Leong (@bernardleong, Linkedin) hosts and produces the show. Proper credits for the intro and end music: "Energetic Sports Drive" and the episode is mixed & edited in both video and audio format by G.Thomas Craig (@gthomascraig, LinkedIn).

"Money is a very interesting kind of numerical way of measuring when you're levelling up. So that's where the distinction needs to be very clear. The way that I've positioned it in the book and what the research tells us is that if we force the games on people, it's very bad. But if we look at the games that they naturally play in their free time when they were younger, it's a very good predictor in terms of the type of work that they naturally would gravitate to. So if somebody is amazing and loves playing hours and hours of strategy games, and if we put that person in front of the machine, turning out widgets is going to be a very bad mismatch, and then we need to pay them a lot of money and continue trying to squeeze them to improve that performance. But if somebody is motivated by strategy games, and we give them the kind of problems that are very similar to the type of things that they naturally gravitate to they will be motivated. So we're not creating a new game for them, but we're looking at parallels and helping them to find that intrinsic motivation. And that's something that I think becomes super, super powerful where they then create their own games based on the work that we want them to achieve." - George Kesselman Fresh out of the studio, George Kesselman joined us to discuss his new book "The Power of Play". He shares the main themes and key takeaways on how games will drive the future of work. We began the conversation with George providing an overview of how work has evolved from a craftsman environment to the industrial age and explained why we need a re-thinking of work using game play. He dived deep into the different personas of gamers in work life and offered what success would mean for his book in redefining the workplace. Episode Highlights: [0:44] QOTD [2:02] Introduction: George Kesselman [3:31] Inspiration behind “The Power of Play” book [4:47] How George convinced Wiley of the book deal [5:41] The intended audience for “The Power of Play” [6:38] Main Themes & Key Takeaways behind “The Power of Play” [9:31] Remote Work vs Return to Office [12:02] The legacy of work 1.0 [17:24] Work 3.0 world [21:04] Introduction to Gamification and Game Design in Workplace [26:58] Different Personas in Games and how they map into real-world work [29:42] The different motivations that draw people to work [34:22] How to apply game development principles and design to work [38:22] Predictors of Success in Matching People to Work [40:40] Gauging Performances of Workers in remote and distributed environments [43:13] Things not in the book and is a sequel in the works? [44:58] What does success mean for “The Power of Play” book? [46:13] Closing Podcast Information: Bernard Leong (@bernardleong, Linkedin) hosts and produces the show. Proper credits for the intro and end music: "Energetic Sports Drive" and the episode is mixed & edited in both video and audio format by G.Thomas Craig (@gthomascraig, LinkedIn).  

"You will continue to see Western investment continuing to decline. The risk-reward calculations won't change in the next 12 months, as far as I can see. The Chinese economy is not about to take off. What you will see is the beginnings of some people who are willing to take the gamble. They are going to try different ways to exit. You're going to see more people experimenting with domestic IPOs, and onshore IPOs because you can get the money off. For example, if you're investing in LiDAR or approved industries, you can do a joint venture or a WOFE or anything. It'd be a joint venture to be able to try and do some kind of onshore listings. I think by chance will stay in this weird suspended state. I don't think we're going to get a resolution from them. The big question is - how much stimulus will the Chinese government throw at the economy and how far are they willing to go to goose the economy?" - Shai Oster Fresh out of the studio, Shai Oster, independent consultant and former Asia Bureau Chief from The Information is back for the sixth time with the annual review of what is happening to the China tech ecosystem in 2023. The conversation started with Shai's predictions last year on what happened and what did not happen. From there, we discuss the major themes of the year: the decline and restructuring of venture capital in China, how the 2nd generation CEOs from Shein, Pinduoduo and Bytedance have successfully expanded globally as compared to their predecessors, the October surprise of Huawei's 7nm chip. Last but not least Shai offered his predictions in the road ahead for 2024. Episode Highlights: [0:48] Quote of the Day #QOTD by Shai Oster [1:42] Introduction  [2:20] What has Shai been up to?  [3:18] Experience in Thailand is similar to being in China as compared to Hong Kong [5:30] What did Shai get right or wrong in 2023 [6:00] Sequoia splits into 3: US & Europe, China and India & Southeast Asia [12:41] Why Sequoia split out India & Southeast Asia to Peak XV [15:08] State of Venture Capital in China, the 2023 Edition [22:38] The restructuring of China’s tech ecosystem and where Alibaba Group is heading [26:10] Why 2nd generation tech founders in Shein, Pinduoduo and ByteDance did a better job in expanding globally compared to BAT [33:40] Will TikTok be banned in the US and will it go IPO as well? [38:30] Investors in public China tech companies in the US have now read the regulatory risk section in their S1 filings.  [41:51] Huawei’s October surprise with their 7nm chip and the US sanctions might have accelerated the Chinese’s chip development and independence. [45:52] Macroeconomics in China due to the declining real estate market in 2023. [47:49] Why China is still booming despite the doom and gloom of less foreign-directed investments. [49:55] Shai’s predictions on China for 2024 [53:46] Chinese entrepreneurs coming to Southeast Asia to start companies. [55:49] Gaming in China and Tencent’s ability to respond to the Chinese government’s demands is still going on. [59:10] Closing Podcast Information: Bernard Leong (@bernardleong, Linkedin) hosts and produces the show. Proper credits for the intro and end music: "Energetic Sports Drive" and the episode is mixed & edited in both video and audio format by G.Thomas Craig (@gthomascraig, LinkedIn).  

"Consumer demand will accelerate the need for security, privacy and regulation. Like zero-knowledge (ZK) where you can prove something is true without revealing all information. And of course, security infrastructure, which is very interesting and important at this current moment, even before the next bull market. For example, one of the companies we invested into Ledger, a digital asset hardware wallet. You basically have an app store interface where you can trade, you can stake. We see a lot of adoption of crypto in not just a retail space because of increased awareness, in the media, and new DeFi applications coming up, but also in the adoption of enterprise space. So a lot of these enterprises will be thinking to themselves, okay, in my treasury, not just do I need to hold USD and other currencies, maybe I need to also hold Bitcoins, or something else. DBS Bank, They're now holding some of this Sandbox Land, but where do they hold it? They can't hold it just in a wallet and then they throw it into some cabinet somewhere. They need to have the right, security hardware. So we believe this, will accelerate the adoption of applications like ledger, which is like a hardware wallet, for both retail and enterprise. So we believe that age-old saying of selling shovels during a gold rush is still very true." - Kelly Choo Fresh out of the studio, Kelly Choo, founding partner from True Global Ventures discusses the state of generative AI and crypto in 2023 and what to look forward in 2024. Kelly started with his take on the recent departure of CZ from Binance and the ouster and return of Sam Altman in Open AI and how this impacts the AI and crypto landscape. From there, he broke down how they are looking at the next wave of generative AI companies specifically in the education, metaverse and legal space and crypto companies from ERC 6551 in non-fungible tokens (NFTs) to zero-knowledge proofs. Last but not least, Kelly defines what success would mean for both AI and crypto in 2024. Episode Highlights: [0:50] Quote of the Day #QOTD from Kelly Choo [1:43] What has Kelly Choo been up to? [3:19] CZ, Binance, and the Rise of Singaporean CEOs [4:32] SamAltman OpenAI and Microsoft [7:30] OpenAI Developer Event  [10:05] The Current State of GenAI [14:41] What Kind of Business Models are Going to be Proving Successful in the GenAI Space? [16:48] True Global Ventures and AI Startups  [19:23] Review of 2023 Web3 Megatrends [28:03] What is ERC6551? AKA Programmable NFT's [30:44] Web3 Tech We Should be Paying Attention To [32:36] Impact of AI and Web3 on Gamer User Experience [35:02] The Saudi Government Gets into Crypto [38:55] Is the Apple Vision Pro a Game Changer? [39:31] AR and VR Market Predictions [41:01] BTC ETF and their Impact [44:26] Regulatory Changes [45:39] What Does Great Look Like for Crypto and Web3 in 2024? [46:38] Closing Podcast Information: Bernard Leong (@bernardleong, Linkedin) hosts and produces the show. Proper credits for the intro and end music: "Energetic Sports Drive" and the episode is mixed & edited in both video and audio format by G.Thomas Craig (@gthomascraig, LinkedIn).

We've got a 330 trillion dollar industry here, which arguably a lot of it, we talk about stranded assets, CRREM pathways to stranded assets, et cetera. I talked to a lot of funds. I've talked to a lot of developers. They're getting very worried about this. And it's not just about their existing portfolios. It's about how they are going to exit portfolios. Because many buyers now actually build in the cost of retrofitting a building to bring it up to sustainability when they're looking at acquiring an asset. So, that might bring the price down. So, for us, we look at everything you've just mentioned. We look at materials. We look at hardware. We look at software and anything that gets us to some of these impact targets we want to achieve in the built environment and also is something which is commercially viable and fixes some particular pain point within this ecosystem. - Alexander Bent" Fresh out of the studio, Alexander Bent, founder & managing partner from Undivided Ventures, joined us in a conversation on why this is the time to invest in sustainability within the built environment. Alexander started with his background as a real estate developer and the inspiration behind starting his venture capital firm. He dived deep into his investment thesis and shared his perspectives on how transforming technologies from AI to materials engineering will transform the real estate industry. Last but not least, Alex shares what great would look like for Undivided Ventures. Episode Highlights: [0:50] Quote of the Day #QOTD by Alexander Bent. [1:40] Welcome Message from the host. [2:20] Introduction to Alexander Bent and his career journey. [6:40] Perspectives on investing in climate adaptation rather than mitigation. [7:30] Lessons from Alexander's career journey. [9:40] The Vision and Mission of Undivided Ventures and why focus on built environment. [11:50] The total market opportunity behind the real estate industry. [13:20] The investment mandate for Undivided Ventures. [14:20] Undivided VC is based in Hong Kong but invests globally. [15:20] Typical day of a venture capitalist for Alexander. [17:20] What are the traits of founders & startup teams that Alex index for? [19:10] Business Models for Startups focusing on sustainability and built environment. [21:20] What are the red flags in founders that you would watch out for? [23:20] How Undivided VC helps their portfolio companies. [25:30] Interesting companies under Undivided VC. [28:10] The one thing that Alexander knows about investing in sustainability & built environment that very few do. [28:35] Advice to startups focusing on positive impact in sustainability & built environment. [31:50] #AI in sustainability & built environment. [34:40] #internetofthings #iot in sustainability & built environment. [36:20] #blockchain in sustainability & built environment. [40:20] #materialscience & #materialsengineering in sustainability & built environment. [42:50] Putting AI into materials science [43:50] What does great look like for Undivided VC? [48:00] Closing Podcast Information: Bernard Leong (@bernardleong, Linkedin) hosts and produces the show. Proper credits for the intro and end music: "Energetic Sports Drive" and the episode is mixed & edited in both video and audio format by G.Thomas Craig (@gthomascraig, LinkedIn).

Sapna Chadha and Florian Hoppe discussed the key takeaways from the Google e-Conomy SEA 2023 report. They emphasized the importance of user participation in the digital economy and the potential for growth. They also discussed the decline in funding for startups in Southeast Asia and how they are adapting. The concept of high-value users (HVUs) who account for 70% of economy spending was highlighted. The growth potential of digital payments in the region and the risks of excluding certain users were explored. The role of exits, profitability, and new technologies in achieving future advancements was also discussed.

"And so what we do at Dow Jones, very specifically, is look at - What are the regulators demanding? What do they want you to do? What are the specific data points that you require? And which workflows do you want to use them in? And, there are very different workflows, which within, for example, a financial institution. You have the onboarding of your new customers, and in those situations, you may have a little bit more time. Obviously, there's the service level in terms of opening a bank account is faster and faster. But you have a little bit more time in that regard. You want to look at potentially more data. Then once you are a customer of a bank, you're gonna be amongst millions of customers. How do banks can then adapt to check additional data points? And, today the customer may be clean and have no adverse media, may not be sanctions, but that could change." - Joel Lange Fresh out of the studio, Joel Lange, executive vice president & general manager of risk and research from Dow Jones, discussed how the company is leveraging artificial intelligence and data analytics to help companies tackle risk and compliance and combat financial crimes and money laundering. Joel also explored generative AI's role in risk management and concluded by envisioning the future of Dow Jones Risk & Compliance and what great would look like in the Asia Pacific. Episode Highlights: [0:00] Quote of the Day #QOTD from Joel Lange [0:50] Introduction to Joel Lange, EVP & GM, Risk & Research, Dow Jones [1:28] Support for freeing Evan Gershkovich from Wall Street Journal on his 32nd birthday. [2:20] How did Joel start his career and eventually end up in his role with Dow Jones  [3:58] Lessons learnt in Joel's career journey [5:40] Introduction to Dow Jones and its global vision & mission [8:20] Risk Management, Money Laundering and Financial Crimes 101 [10:08] Impact on businesses and other organizations if their risk is not well managed. [12:00] How Dow Jones Risk & Compliance division helps businesses to navigate the challenges [14:50] The challenge of cross borders makes managing risk and compliance difficult on a global level [17:00] RiskCenter Advanced Screening and Monitoring (ASAM) solution based on AI and big data [19:50] What makes ASAM different from other risk management solutions out there? [21:00] How the AI solution tackles false positives and the tradeoffs made between the specificity and sensitivity of the data. [24:30] How does the diversity of APAC both economically & politically impact the complex anti-money laundering processes? [27:00] The mental model to balance between economic recovery & anti-corruption efforts [29:05] Perspectives on Generative AI and how it impacts combating financial crime & AML [32:05] Advice to C-suite executives and government officials on risk management with AI [33:40] What does great look like for Dow Jones for market expansion and ASAM in the APAC region? [35:30] Closing Podcast Information: Bernard Leong (@bernardleong, Linkedin) hosts and produces the show. Proper credits for the intro and end music: "Energetic Sports Drive" and the episode is mixed & edited in both video and audio format by G.Thomas Craig (@gthomascraig, LinkedIn).

“It is useful both to internal and external, but it's also a really great litmus test. If you sit down to write your public letter and you can't explain why you're doing something, if it doesn't fit in with your overarching strategy, it goes back to that first thing we said as PMs [product managers], which is sometimes you have to say no to it. You're like, I actually can't explain to anyone why we're spending time on this particular feature. It doesn't fit any of the four themes we said we're doing this year. Does that mean we have a fifth theme or does that mean we shouldn't be doing that? And that clarity and that kind of litmus test. Is really, really useful as a leader when few people say no to you.” - Tom Verrilli Fresh out of the studio in SXSW Sydney, Tom Verrilli, former Chief Product Officer of Twitch joined us in a conversation to discuss the intricacies of product management. Tom shared his perspectives based on his experiences from navigating the delicate balance between feature addition and reduction in product roadmaps and managing normal and power users' expectations. With the recent advances in generative AI, Tom offered his insights on how this new wave will bring about changes in user behaviour and interfaces, and how it will bring about new thinking in product management. Last but not least, he laid out what great would look like for product managers in the next decade. Author's note: We thanked SXSW Sydney and Sennheiser ANZ for the podcast stage and appreciated the opportunity to have our episode recorded live on 18 Oct 2023.  Podcast Information: Bernard Leong (@bernardleong, Linkedin) hosts and produces the show. Proper credits for the intro and end music: "Energetic Sports Drive" and the episode is mixed & edited in both video and audio format by G.Thomas Craig (@gthomascraig, LinkedIn).