MYStartup accelerator picks 25 startups for Cohort 3 with USk funding and grants up to US9k available

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  • 4-month program designed to promote growth and innovation
  • Increasing Malaysian companies ‘ chances of becoming global leaders in the future

The chosen 25 startups with Cradle execs.

MYStartup, in partnership with NEXEA, a venture funds and company pedal company, has launched its second accelerator program where over 900  programs were received with a 60 percent, ensuring the final choice with  25 appealing tech companies chosen to be  onboarded  comprising four main industries: artificial intelligence, machine learning, care, and application development.

[Ed: Para updated for reliability. The number of uses received was omitted in an earlier type. ]

The top 25 startups may be subject to a four-month enrichment program, according to MYStartup, designed to promote innovation and develop significant changes in Malaysia’s startup ecosystem.

The preceding cohort saw some startups securing up to US$ 146,400 ( RM700,000 ) worth of investments within the past six months. These companies, which include Parkit, Engagelife, iJalan and EB Tech, even achieved an consolidated full assessment of 290 %, growing from US$ 2. 3 million to US$ 6. 7 million ( RM11 million to RM32 million ) over the same period.

MYStartup accelerator picks 25 startups for Cohort 3 with US$52k funding and grants up to US$209k availableNorman Matthieu Vanhaecke ( pic ), Group CEO of Cradle, said, “Startups are one of the fundamental building blocks in Malaysia’s economic development. Based on the Global Startup Ecosystem Report ( GSER ) report in 2023, Malaysia’s startup ecosystem was estimated to be worth US$ 4. 6 billion. At Cradle, we recognise the important need to develop a great performing, diverse, globalised, and green startup ecosystem in the country to enable these ventures for regional and global expansion. ”

Additionally, Normanan noted that Cradle’s objectives extend far beyond economic, with intensive mentorships and extensive resources, as the primary agency promoting the creation and growth of upcoming leading Malaysian tech companies. Through these initiatives, we hope to give our startups the necessary exposure and support to expand their businesses, thereby promoting Indonesian startups as potential future foreign leaders. ”

The MYStartup Accelerator programme is designed for scalable and technology-driven startups, either in the revenue-generating stage or with a minimum viable product ( MVP ). To day, the MYStartup Accelerator has effectively empowered 58 companies, across two groups. ” The next two groups of MYStartup Accelerator, guided by our investor-mentors and Cradle’s assistance, have on ordinary doubled their progress year-on-year. 25 of the 940 applications accepted this year will compete to become the best finalists and receive first funding of RM250,000 with offers up to RM1 million. Along with Cradle, we look forward to creating a bigger effect, accelerating their development and, finally, cultivating an equitable and sustainable business ecosystem in the country, ” said Ben Lim, founder and CEO of Nexea.

Eeyong Ho, chairman of Otter Barista, one of the 25 selected companies said,” Otter Barista aims to bring value espresso closer to you, making your experience more smooth and easy. With our superior robotics, consumers you easily connect with the system to place orders, and the machine handles the end-to-end process of newly brewing beverages, all at a lower cost. We are looking forward to taking part in this throttle program, particularly the one-on-one training sessions with our leader mentors and investors. Through the tutoring and designated seminars, we aim to better reinforce our company’s ideals and business unit, accelerating our progress across Malaysia. “

The 25 companies that were chosen for the MYStartup Accelerator Programme Cohort 3 are:

    Nakngaji, a platform that offers personalized virtual and home-based Quran understanding service.

  1. Otter Barista, an automated mechanical coffee brewing encounter with high-quality and new recipes.
  2. Ollie & Hana, the largest dog grooming and hotel board professional.
  3. ALT Synergy, a proper application of biology to increase product performance.
  4. WeAssist, mobile applications developer focusing on connecting people to healthcare services.
  5. Messengerco, a one-stop platform for corporate gifting.
  6. EasyRenz, an automated & smart tenant management solution.
  7. a mother who specializes in maternity and baby products with a focus on breastfeeding support.
  8. Resitku is a taxation solution as well as an application for expense receipts and income records.
  9. Dreamory, an all-in-one business event platform.
  10. Heycast. me, a casting platform for entertainment industry.
  11. Property Lab, AI-driven platform for precise property investment insights.
  12. DeepLogi, a smart shipping gateway for small and medium-sized business.
  13. A safety application called Siriren Networks connects users on a platform with emergency and care service providers.
  14. Axtraction AI, B2B document AI Software as a Service ( SaaS ).
  15. Quasa. ai, provides regulatory and compliance tech solutions to businesses.
  16. Infinitlab, a modular SaaS ERP solution empowered by an AI-ready framework for seamless and efficient business management.
  17. Choladeck, A web app that creates customized, brand-aligned presentations and offers insights on audience engagement.

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KL20 Summit hopes to boost Malaysia’s startup ecosystem with ambitious top 20 target by 2030

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  • Startups may benefit from the Summit’s ability to connect them with a wide range of funding options.
  • Allows traders to gain valuable insight into Malaysia’s modern surroundings

KL20 Summit hopes to boost Malaysia’s startup ecosystem with ambitious top 20 target by 2030

Malaysia is attempting to become one of the top 20 global business ecosystems by 2030 in terms of growth in its business landscape. Minister of Economy Rafizi Ramli just announced the KL20 Summit, with the aim of stimulating Malaysia’s business field. &nbsp,

In a statement, the Ministry of Science, Technology and Innovation ( Mosti ) stressed the Malaysian government’s commitment to making the country a hub for startups. It said the business scene may look forward to a surge in action during the KL20 Summit&nbsp, and beyond- including 10 star initiative launches, fuelled by friendly government policies, a growing talent pool and a vibrant innovative ecosystem.

At the same time, it acknowledges that obstacles remain, especially in accessing money, navigating governmental restrictions and attracting top talent.

Creating a blooming habitat

Mosti says investors are drawn to Malaysia’s vibrant startup field because it offers a wide range of opportunities across a range of industries, from finance to e-commerce, and that this diversity is appealing.

Mosti believes that activities like the KL20 Summit taking place on April 22 through April 23 will help accelerate Malaysia into the best 20 global business communities by 2030 because the government is playing a crucial role in creating a conducive atmosphere for startups. Startups can flourish more in a more supportive environment thanks to efforts to simplify regulations, promote useful resource management, and modernize public services.

The Malaysian Startup Ecosystem Roadmap ( SUPER ) has been developed as a guideline to help our nation’s startup ecosystem become a regional hub. &nbsp, SUPER addresses important areas like skill development, funding mobility, ensuring market admittance, and driving innovation in technology and social impact”, said Chang Lih Kang, Mosti Minister.

By streamlining procedures and combining tools under one software, Malta will be launching the Single Window Initiative to develop Malaysia’s startup ecosystem.

This program will eliminate bureaucratic strain, make certifications quicker, and make it easier for entrepreneurs to get started. This is important in boosting our development field towards achieving KL20’s objectives”, Chang added.

Addressing Funding Hurdles

Access to funding remains a hurdle for some business entrepreneurs, especially during the earlier rounds. KL20 and other activities aim to close this lull. The conference will assist businesses in establishing connections with a variety of financing sources, including government grants, venture businessmen, and angel investors. Pitching options, networking situations, and showcasing of success stories is further enable businesses to secure the funds needed for development.

” The Malaysia Venture Capital Roadmap ( MVCR ) and MyDigital initiatives, alongside incentives for foreign investment, makes Malaysia an attractive proposition for digital businesses seeking a regional foothold. Participation in the KL20 Summit allows international investors to gain valuable insight into our electronic environment, regulations and purchase opportunities”, said Chang.

Investing in talent and collaboration

Malaysia has a young, dynamic and tech- savvy workforce. To further enhance their skill sets, the government is investing in education and training programs. Additionally, initiatives are in place to attract international talent and encourage knowledge transfer, creating a robust talent pool that fuels our digital ecosystem.

For maintaining a vibrant startup ecosystem, education and knowledge sharing are essential. KL20 brings together thought leaders from the industry and experienced business owners to exchange their knowledge and best practices. Panel discussions and keynote presentations provide aspiring entrepreneurs with the knowledge and abilities necessary to navigate the difficulties of entrepreneurship and build profitable businesses.

A collaborative culture is essential to maximizing Kuala Lumpur’s potential as a leading startup hub. Collaboration between government agencies, investors, educational institutions, corporate entities, and startup founders is vital to create policies, programmes and initiatives that address the needs of entrepreneurs and foster innovation. By working together, stakeholders can position Kuala Lumpur as a premier destination for startups, driving economic growth and job creation.

The government is also supporting local innovation – through MDEC, Cradle, MRANTI and other agencies, providing startups with crucial financial and technical support. The implementation of clear guidelines is also among the government’s priorities, ensuring a more conducive environment for startups to operate and comply with requirements.

By addressing challenges, fostering collaboration and capitalising on the government’s supportive initiatives, Malaysia is poised to become a leading startup hub in Southeast Asia said Mosti.

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Who’s to challenge Silicon Valley, Shenzhen in AI? – Asia Times

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Artificial intelligence is emerging as a global radical power across the market in the 21st century, resulting in an unprecedented wave in technological developments. Important changes have been sparked by the inclusion of AI-based technologies into local economies through the production and design of goods like smartphones and wise speakers, which have resulted in higher efficiency, innovation, and economic growth.

Analysis has shown that the financial growth spurred by AI, like another high-tech waves, tends to focus on particular areas like the San Francisco Bay Area and the Washington-to-Boston Northeast Corridor, as well as Shenzhen, which is frequently referred to as China’s Silicon Valley.

In Silicon Valley, there are numerous AI startups in the cities of Shenzhen, Huawei and Tencent, and other leading global tech companies are located in lively technology ecosystems. The skill of AI-based technologies to enhance rather than replace individual features in these hubs has resulted in the creation of new job opportunities.

This suggests that areas that actively promote the development of these technologies are likely to experience a beneficial interaction between labor change and economic progress.

Systems and imagination

The industrial theorist Richard Florida makes two important points about provincial growth dynamics in relation to geographical growth that are related to AI-based technologies and local growth. Second, regions that want to grow economically need to get what he has coined the imaginative school: professionals, including but not limited to university professors, scientists and engineers.

Next, attracting those people is important because they possess creative money, or the ability to create new ideas, technologies, business models, social forms and whole new industries that can increase regional economies and lives. This implies that members of the artistic group are the primary force behind regional economic expansion and development.

How does AI fit into this well-established pattern of tech-led local creation that results in both winners and losers?

As local economy experts, my coworkers and I examined the application of AI-based systems and regional economic growth. By examining how AI-infused technologies benefit local economies and those producing creative goods over the long run, our analysis illuminates this crucial question.

A robot paints as people watch.
A machine painting show at a large- technology fair in Shenzhen, China, displaying artificial intelligence projects. Photo: Xinhua / Mao Siqian

AI and socioeconomic development

We focused on individuals using AI-based technology to create products like smartphones, automatic vehicles, and intelligent speakers in a fictional place that is representative of artistic hubs like Silicon Valley, Shenzhen, and the Toronto- Waterloo Corridor. These innovations enhance smartphones by including features like facial recognition, aid in the development of autonomous vehicles through AI-driven design and simulations, and make it possible for smart speakers and personal assistants to comprehend and respond to user commands using natural language processing and machine learning algorithms.

The use of AI-based technology enables creative people in a region to enhance the impact that their own creative capital, expertise, and talent have on the production of these goods. Our research indicates that a regional economy that is fueled by artificial intelligence will have a balanced growth trajectory, or the point where each creative person’s productivity is stable and positive.

How do initial variations in how creative regions use AI-based technologies affect long-term economic growth? What are the initial effects of the use of AI-based technologies in these cities on long-term economic growth, for instance, in San Francisco and Seattle?

Long- term growth

Consider two regions, A and B. Consider A as the Bay Area of San Francisco and B as Seattle. A and B can save twice as much as B does by investing in cutting-edge AI-based technology, and A also invests twice as much as B in developing its creative workforce’s skills.

Our research indicates that despite saving twice as much on AI and skill development as B, this small initial gap results in a 32-fold difference in long-term output per creative worker between the two regions. Simple put, even smallest variations in early savings rates can cause significant gaps in the creative person’s economic output over time.

Similar research also demonstrates that despite saving twice as much money as Creative Region B does to develop a more potent AI-based technology and skills, the two regions ‘ twofold differences in the long-run accumulation of skills per creative person are 64 fold different. Once again, the comparatively minor initial differences between the two savings rates result in a significantly greater impact on the long-term values of skills per creative person.

Some policy lessons

In terms of increased output and skills per creative person over the long run, taking steps now to create more powerful AI-based technologies is likely to result in significantly greater benefits for a given creative region like the Toronto- Waterloo Corridor in Canada.

Second, take into account a creative region that produces less and has less creative talent than another creative region. For such a region to advance, it will need to invest more in AI-based skills and technology.

Research shows that AI assets and capabilities in the US are concentrated in San Francisco, San Jose, New York, Los Angeles, Boston and Seattle. Without making specific investments in developing and improving AI-based technologies, the current highly skewed nature of US AI activity is likely to continue to result in significant amounts of high-skilled workers in some regions, while lower-skilled workers are likely to be left behind.

This influence is noteworthy, but it is also a double- edged sword. It promises to increase productivity and growth, but it also intends to widen the gap between creative regions that invest initial funds to advance AI-based technologies and skills ( currently coastal areas in the US) and those that do not in the vast American heartland.

Amitrajeet A. Batabyal is a renowned professor, the interim head of the Rochester Institute of Technology’s Department of Sustainability, and the Arthur J. Gosnell professor of economics.

The Conversation has republished this article under a Creative Commons license. Read the original article.

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Thailand’s mobility marketplace WYZauto raises US.25m with Malaysia’s Vynn Capital as lead investor

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  • Signs initial investment from Vynn Capital’s fresh Mobility &amp, Supply Chain account
  • Southeast Asia’s auto repair industry has area for significant growth.

Thailand’s mobility marketplace WYZauto raises US$2.25m with Malaysia’s Vynn Capital as lead investor

WYZauto, Thailand’s leading online tyre marketplace for vehicle maintenance businesses, has secured US$ 2.25 million ( RM10.7 million ) funding and a partnership with Vynn Capital, a Kuala Lumpur- based Southeast Asian venture capital firm specialising in mobility and supply chain sectors.

This marks the first investment from Vynn Capital’s new Mobility and Supply Chain fund, backed by Malaysian pension fund KWAP, Sime Darby Bhd, Malaysia Venture Capital Management Bhd ( Mavcap ), AEI Capital, and other regional limited partners. The funding round, led by Vynn Capital, welcomes fresh owners including Vincent Lee, an earlier investment into Malaysia’s first dragon, Carsome as well as other local buyers such as Oak Drive Ventures. Kaya Members, one of the country’s oldest stockholders, also participate in the round.

” We are quite happy to have Vynn Capital aboard. In our initial conversations, I realized that they could join us with possible strategic people. Since the launch, it is more than just money. Their strategy for freedom synergy is very pertinent as we strive to optimize the electrical maintenance sector, according to Louis Giraud, founder of WYZauto.

Southeast Asia’s automotive repair industry has area for significant growth, according to the report. &nbsp, WYZauto is positioned precisely where the business needs it: their streamlining of the wheel provide network creates a earn- win situation for both repair shops, maintenance networks, wholesalers as well as brand manufacturers, driving efficiency and cost savings. We are optimistic about the company’s future progress and look forward to WYZauto’s development abroad.Thailand’s mobility marketplace WYZauto raises US$2.25m with Malaysia’s Vynn Capital as lead investorMalaysia, the Philippines, Indonesia and Thailand”, said Victor Chua ( pic ), founder and Managing Partner of Vynn Capital.

WYZauto is a rubber marketplace that connects Thai two- or four-wheeler vehicle maintenance companies with a wide range of major tyre manufacturers. The software, which it claims to be, gives car maintenance companies access to the nation’s largest tire stock, and will soon expand its coverage to include other car parts, aiming to optimize the entire supply chain for vehicle maintenance. Through the WYZauto platform, the company collaborates with many distributors and brands to expand their e-commerce presence and gain new customers.

Last season, WYZauto expanded into Malaysia, a market that is carefully poised to be a key hub for the automotive and mobility sectors. As part of this new agreement, Vynn Capital, with its deep knowledge of the Indonesian business and leadership in mobility investments, will positively help WYZAuto’s expansion it.

Vynn Capital’s strategy includes acting as a strategic advisor to portfolio companies, acknowledging the need for more than just capital. Their strategy revolves around generating synergy throughout the entire investment network to create value. In WYZauto’s case, Vynn Capital’s aim is to facilitate mutually beneficial partnerships that accelerate WYZauto’s growth within the Malaysian market by leveraging their existing connections, particularly in the mobility and supply chain sector.

In addition to supporting WYZauto’s growth, Vynn Capital is actively looking into other opportunities as well as startups from key markets like Singapore, Thailand, and Indonesia. Vynn Capital believes in the long- term potential of Southeast Asia’s mobility market, with the region’s automotive products market alone expected to reach US$ 79 billion in 2028, significantly exceeding 2023’s US$ 61 billion. The company sees this as an opportunity to help with mobility solutions that can meet the region’s changing and distinctive mobility needs.

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Microsoft appoints Laurence Si to lead Malaysia

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  • succeeds K Raman, who for a document nine years led Microsoft Malaysia.
  • Aims to expand country’s modern transformation through fog adoption &amp, AI

Microsoft appoints Laurence Si to lead Malaysia

Starting on July 1st, Microsoft has announced the appointment of Laurence Si ( pic ) as its Managing Director for its operations in Malaysia. He will succeed K Raman, who led Malaysia for a 9-year, record-breaking nine-year run, in terms of operational tasks. His new position will be announced on July 1.

Laurence brings 30 years of business and technical experience and great industry knowledge to enhance growth and modern acceleration for Malaysia, its developer and startup ecosystem, enterprise businesses, small to moderate enterprises, the public sector, and critical industry horizontal sectors. &nbsp,

Through the use of artificial intelligence and sky adoption, Laurence and his leadership team at Microsoft will be able to give digital-first companies and startups the tools to level their innovation. &nbsp,

Andrea Della Mattea, president of Microsoft ASEAN, stated:” We continue to discover outstanding opportunities in Malaysia, and I’m excited that Laurence is joining us in this new century of modern empowerment, where organizations in Malaysia are adopting artificial intelligence and a society of innovation.

” I’m very excited to be a part of the AI evolution that Microsoft is leading, and I’m very appreciative of how well our communities are doing,” Laurence said. I’m looking forward to the amazing opportunities that this brings to Malaysian organizations because I’m leading the AI journey for our customers and partners.

He previously held leadership roles at AWS, VMware, Cisco, and Lucent, contributing significantly to establishing their presence advancing Malaysia to adopt cloud. &nbsp,

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ACE listed Systech acquires Wilstech, giving 3X return to ECF investors

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  • Next ECF return for Ata Plus after 2019 return of Skilafund
  • US$ 15m merger consists of US$ 4.2m money &amp, US$ 11.6m in stock

ACE listed Systech acquires Wilstech, giving 3X return to ECF investors

Bursa Malaysia has granted the approval to Systech Bhd, a company listed on the ACE Market, to acquire Wilstech Sdn Bhd, for a total purchase consideration of US$ 15.82 million ( RM75 million ) consisting of RM20 million in cash and RM55 million via the issuance of 152, 777, 777 Systech shares. Wilstech, an IT solutions provider, raised UD$ 316, 400 ( RM1.5 million ) through an equity crowdfunding (ECF ) campaign with Ata Plus Sdn Bhd in Sept 2020 at a RM25 million valuation.

Ata Plus applauds the merger as a testament to the utility of ECF as a viable investment platform for businesses with high-growth potential. This is the second Ata Plus ECF leave. The second return in 2019 was a corporate merger of Skolafund, a societal impact business.

]RM1 = US$ 0.211]

” Since 2020, I’m proud to say that we have grown from strength to strength. ECF funding “undoubtedly played a significant role in our development trip,” according to Wilson Low, founder and CEO of Wilstech, “particularly in our product development, business growth, and consumer acquisition.”

Nowadays, Wilstech specialises in business- to- business ( B2B ) IT options, IT infrastructure, IT management and offshoring and the offer of IT equipment. Its users span across the open market, GLCs, corporates and SMEs.

Since its ECF investment practice, Wilstech has experienced remarkable growth in both revenue and profit. The yr- on- time revenue growth for 2020/21 and 2021/22 are 146 % and 167 % between, whilst the Income- After- Duty is 113 % and 199 % both for 2020/21 and 2021/22. From an 8- person firm in 2020, it has grown to 40 team in 3 times. We are appreciative of the trust and confidence that ECF investors have in us and the support the Malaysian government has received from the MyCIF ( Malaysia Co-Investment Fund ) program. I am delighted to be able to offer good results to our shareholders, especially the ECF owners. Without their unwavering belief and aid, we would not have achieved the status we hold today”, Wilson added.

ECF offers investors exposure to a wide array of substantial- development companies spanning across different industries, such as technology, care, F&amp, B, agriculture, greentech, education and consumer goods. This growth, coupled with the high profit potential, makes ECF an interesting purchase avenue. ECF was created by the Securities Commission to give retail investors the opportunity to invest in and take advantage of the expansion of promising companies through regulated ECF platforms like ATA Plus. Investors should be aware of the risks involved and conduct thorough assessments before investing, despite platforms like ATA Plud conducting thorough due diligence, disclosing pertinent information and the terms of the companies listed on its platform.

ACE listed Systech acquires Wilstech, giving 3X return to ECF investorsThe success of Wilstech’s acquisition is a testament to the power of ECF in guiding businesses to success. Through ECF, the money that Wilstech raised helped it meet its business objectives and ultimately draw in a larger, established player like Systech. This success story underscores EC F’s value for investors and entrepreneurs alike”, said Elain Lockman ( pic ), Ata Plus ‘ CEO and co- founder.

With Systech’s acquisition of Wilstech as a prime example, ECF emerges as a promising investment avenue for portfolio diversification through curated high-growth ventures. Regulated platforms like Ata Plus provide access to such opportunities, fostering SMEs and startups and bolstering the nation’s economic growth. Visit Ata Plus at www.ataplus.com for more information about ECF and to learn about exciting investment opportunities. ata- plus.com.

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‘AI washing’ taking investors everywhere for a bath – Asia Times

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It is crucial to remain competitive in the finance industry, with many businesses adopting artificial intelligence ( AI ) quickly to lower costs and streamline operations.

The United States Securities and Exchange Commission ( SEC ) accused two businesses of using artificial intelligence, marking the first significant step in the fight against so-called” AI washing,” and two companies recently found themselves in trouble.

Delphia ( USA ) Inc and Global Predictions Inc boasted about using AI for designing investment strategies, but the SEC found their claims to be unsubstantiated.

There is a lot of speculating about AI, particularly with ChatGPT, a relational technology app, shook things up. But amid all the hoopla, AI cleaning is becoming more popular.

Companies may raise the powers of AI algorithms or create the illusion that AI plays a more important role than it really does by exaggerating or misrepresenting their Artificial capabilities.

There are many advantages to including AI into company functions. To help organizations stay away in a market that is constantly changing, it does streamline processes, quickly break down and evaluate difficult data, and help them stay away.

Promoting the use of AI helps to establish a business as high-tech and cutting-edge, even if the truth is unflinching.

The washing machine is n’t entirely new. It follows the similar concept as greenwashing, where firms believe to be ecological- pleasant to attract buyers and consumers.

It involves dressing up regular technology with expensive AI buzzwords such as “machine learning”, “neural networks”, “deep studying” and “natural language” processing to seem more impressive than they really are.

AI and the banking industry

Due to the high stakes, fierce competition, and sensual appeal of technology-driven solutions, Artificial washing thrives in finance and investment.

AI’s techniques can examine sizable datasets, improve predictability, and find out undiscovered patterns in economic data. Additionally, AI’s real-time processing abilities enable fluid adaptation to market changes.

A human hand shaking the hand of a robot
Owners should be wary of businesses using artificial intelligence inexorably. Image: Willyam Bradberry / Shutterstock via The Talk

Financial product difficulty allows companies to conceal the truth behind glitzy AI states. Additionally, the absence of rules only makes the issue worse.

Despite AI’s outstanding features, it’s not without its limitations, including moral issues, susceptibility to cyberattacks and exploitation, and the lack of accountability in how AI algorithms arrive at decisions or predictions.

Supporters of AI-related investments range from experienced institutional players to seasoned novice investors.

Venture capital firms last year allocated more money to AI startups than they did before as a result of this interest.

A lack of regulation

But without clear guidelines, firms can exploit loopholes and mislead investors.

The industry’s trust and credibility are undermined by this lack of oversight. AI washing may also stifle innovation. If investors are skeptical about AI, they’re less likely to invest in legitimate AI- powered solutions. This may stifle the development of truly revolutionary technologies.

It is crucial to deal with AI washing, echoing the cautionary tale of the dot- com bubble. The hype surrounding AI capabilities in finance poses the same risks as the exaggerated promises and speculative fervor surrounding internet companies that caused market turbulence and investor skepticism in the late 1990s.

Investors may be forced to invest in AI-related ventures without fully understanding the risks or potential limitations, which could result in financial losses when the bubble bursts.

The European Union AI Act is the first international law to regulate the use, creation, disclosure, and control of artificial intelligence. But in Australia, there are no specific laws. The Corporations Act currently governs regulation.

The Australia Securities and Investment Commission is currently thinking about ways to regulate AI, including imposing fines for AI washing.

Holding companies accountable for accurate information about technological applications helps to uphold financial markets ‘ integrity and promote fairness for investors.

How to spot AI washing

So, how can you, as an investor or consumer, avoid falling victim to AI washing? Here are some tips:

1. Verify registration status and credentials

Verify the investment company’s registration status and credentials before buying or investing in anything that claims AI capabilities by checking the professional register. Ensure they have no disciplinary ]history ] by checking the ASIC register.

2. Be cautious with AI- focused investments

Investing in AI- driven companies may seem promising, but be wary of companies that tout their “revolutionary” or “industry- leading” AI without providing specifics. What exactly makes their AI revolutionary? What problems does it solve? Companies that rely on vague buzzwords without providing specifics are likely to be exaggerating their capabilities.

3. Boost your knowledge

Learn the fundamentals of AI and machine learning. Learn terms and common AI practices used in finance. There are many beginner-friendly resources available online.

4. Ask questions

Do not solely rely on AI-generated data for investment decisions. AI-generated data may contain biased or inaccurate information. Ask businesses and financial advisors about the specific AI implementation they want to use. What kind of data do they collect? How are their algorithms trained? What are the limitations of their technology?

5. Be wary of high returns and little risk.

Be wary of financial products that promise high returns with little risk, especially those that claim to be successful through AI. This tactic is a typical example of AI washing. Before investing, conduct independent research by following the financial news or checking company regulatory filings. Do n’t rely solely on a company’s claims.

Angel Zhong is Associate Professor of Finance, RMIT University

This article was republished from The Conversation under a Creative Commons license. Read the original article.

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 Seven local startups selected to join Cyberview Living Lab® Accelerator Programme’s 18th Cohort

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  • Companies will go through a 5-month program designed to achieve product-market-fit&nbsp,
  • Project nurtured 98 businesses, attracted over US$ 53.7M opportunities &amp, generated US$ 167M in earnings

 Seven local startups selected to join Cyberview Living Lab® Accelerator Programme's 18th Cohort

Seven small startups are being evaluated by Cyberview’s Living Lab Accelerator ( CLLA ) Program to accelerate their growth and business development. This includes, among others, digital and data-centric solutions for smart and green living, as well as technologies like artificial intelligence ( AI), industrial Internet of things ( IIoT), and robotics.

The selected companies are MengajiOnline, NexoPrima, MindnRobotics, Solvnex, SmartPeep, Bual Design, and BriqBloq.

According to Cyberview, these companies are undergoing a five- month program designed to support their research and development, with a focus on achieving Item- Marketplace- Fit, to maintain conference market demands. Additionally, they will have the support of Cyberview to system and join with appropriate business professionals both domestically and internationally.

Shafinaz Salim, mind of the Technology Hub Development Division at Cyberview, stated,” In line with the Madani Economy Framework, Cyberview supports the government’s dedication to businesses through the Cyberview Living Lab Accelerator initiative. As one of Malaysia’s longest- running pedal applications, we have seen many alumni making significant contributions to Cyberjaya’s technology ecosystem and the country’s online business”.

She added,” We are always on the lookout for solutions employing the latest technology, such as generative AI and robotics. We may continue to support these businesses as they test their options in Cyberjaya and enter new businesses.

Startups under the 2024 cohort may love incentives over US$ 21, 000 ( RM100, 000 ) per startup throughout the programme, including rent- completely workspace at Colnnov8- Cyberview’s sweet landing zone, business advisory, and mentoring to develop sustainable business models and gain market access. At the end of the five- month period, the companies may pitch and display their options at a Demo Day to potential buyers, partners, and the press.

The CLLA programme has nurtured over 98 startups, attracted investments exceeding US$ 53.7 million ( RM255 million ) and generated over US$ 167 million ( RM792 million ) revenue over the past decade. Additionally, the programme has created more than 1, 400 jobs. &nbsp,

Successful alumni include TheLorry, MoneyMatch, Medkad, MHub, Supagene, Monsta, BillPlz, and Trackerhero.

The CLLA program offers a platform for funding, partnerships, market validation, market access, and commercialisation, whether harnessing the power of technologies or creating solutions to address pressing challenges.

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Disruptive Doctors teams up with 1337 Ventures for the H-Innovators Challenge

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  • aims to promote a culture of creativity in the healthcare industry.
  • Six month challenge invites medical students, doctors to introduce impressive solutions

Selina Chew, CEO & co-founder & Vivek Subramaniam, co-founder & business development director, Disruptive Doctors

Destructive Doctors, a pioneer in medical technology, and 1337 Ventures have announced their collaboration for the annual Disruptive Doctors H- Innovators Challenge. This six-week problem asks medical students from all over the world and health professionals from Malaysia to come up with creative solutions to pressing issues facing healthcare in the real world.

Participants may have the opportunity to pitch their medical technology ideas, receive coaching from business experts, and compete for resources to take their solutions to life through this collaboration, which is a major step toward fostering a culture of innovation within the healthcare sector.

” We are working with 1337 Ventures to give the next wave of medical entrepreneurs greater access.” This problem is more than a contest, it’s a call to action for those excited about improving care through destructive innovation”, said Dr Selina Chew, CEO &amp, inc- founder of Disruptive Doctors.

As we increase our expense in medical technology, “partnering with problematic physicians for the H-Innovators Challenge is a proper move.” The program is proper, it’s a chance to develop technology straight from the front of healthcare”, said Bikesh Lakhmichand, Founding Partner of 1337 Ventures. &nbsp,

He continued,” The company is excited to discover and help groundbreaking solutions from medical students and physicians, whose goals are to transform patient attention.” &nbsp,

This is a call to action for creative ideas that have the potential to influence the future of heath, not just a competitors. At 1337 Ventures, we’re committed to being portion of this revolutionary journey”, Bikesh said.

Proposals for the Disruptive Doctors H- Innovators Challenge are due between April 1st, 2024, and May 31st, 2024. Interested persons are encouraged to use and play a role in shaping the future of care. For more information on how to participate or sponsor the challenge, please visit https ://disruptive-doctors.com/h-innovator/

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