Agetech finds new ways to deal with old issues in Asia

This week’s On the Rise dives into the rise of agetech in Asia, Starlink’s Indonesia dream, and why OpenAI's GPT-4o is worrisome to Apple’s Siri. [Read from your browser]( On the Rise 🚀 Welcome to On the Rise! Delivered every Tuesday via email and through the Tech in Asia website, this free newsletter breaks down the biggest stories and trends in emerging tech. If you’re not a subscriber, get access by [registering here](. --------------------------------------------------------------- IN FOCUS In today's newsletter, we look at: - [The agetech startups eyeing the [growing silver economy in Asia]( - [The distance Starlink may have to go [for market domination in Indonesia]( - How Apple’s Siri is feeling the heat with GPT-4o’s launch Hello {NAME} , In a few days, I will be turning a year older. Birthdays brought me joy when I was in my 20s, but now that I’m in my 30s, I just end up contemplating my future and what it holds for me. While I know I shouldn’t be too worried about aging yet, one of my main concerns is how my wife and I will take care of ourselves in our twilight years. I still want to be my own person, without having to depend on anyone for basic things like mobility. I’m assuming, of course, that we even have a choice. India today has very few care centers for the growing population of older people, which will reach [347 million]( by 2050. In line with this, my colleague Elyssa spotlights agetech startups in Asia, particularly in India and Southeast Asia, in our first Big Story. She discusses startups offering services for older adults, ranging from simple tasks such as ordering a cab to complex matters like legacy planning. These pioneering players face several hurdles in Asia, as talking about aging and end of life is still taboo. For instance, it is commonly expected for children to take care of their parents, and very few older adults are keen to make a will. In our second Big Story, my colleague Glenn tackles Elon Musk’s recent visit to Indonesia and plan to expand Starlink satellite-based internet services to the public. While this is an alluring prospect for Indonesians, it won’t be an easy feat for Starlink. Finally, in this week’s AI Odyssey, I look at why OpenAI’s newly launched GPT-4o is making Apple sweat. -- Collin  --------------------------------------------------------------- THE BIG STORIES 1️⃣ [These Asian startups offer a silver lining to aging issues]( Asia’s older adult population is expected to double by 2050, but some agetech startups are already positioning themselves to serve this market. 2️⃣ [Why Elon Musk’s Starlink won’t get an easy pass in Indonesia]( While local internet service providers don’t feel threatened by Starlink’s expansion beyond rural areas, concerns of unfair competition linger.  --------------------------------------------------------------- AI ODYSSEY Promising AI projects we’re noticing. Why OpenAI’s GPT-4o has got Apple Siri-ously worried Two weeks ago, OpenAI executives went onstage for the launch of its [voice assistant product, GPT-4o](. This was the first live demo from OpenAI - a move popularized in the tech industry by the late Steve Jobs of Apple, decked in a turtleneck shirt. GPT-4o has taken the world by storm, thanks to how closely its speaking and reasoning abilities resemble a human’s, unlike the robotic responses of Apple’s Siri or Amazon’s Alexa. The new product also displayed an eerie degree of emotion in its responses. OpenAI CEO Sam Altman even drew a [connection between Sky, a voice used by GPT-4o, and Her]( a [2013 movie]( starring Joaquin Phoenix and Scarlett Johansson in which a human falls in love with an AI system. Altman’s comment seemed off the cuff, but it could land OpenAI in legal trouble after the [similarity between Sky]( and Johansson’s voice in Her was noticed not just by the public but also by the actress herself. OpenAI did not get Johansson’s permission to use her voice despite several attempts. Putting the issue with Sky aside, GPT-4o seems to have caught everyone by surprise. There’s already talk about how this conversational AI could [affect several industries, from edtech to call centers](. But one segment that will definitely feel the impact is the voice assistant space, which is dominated by Apple and Amazon. While OpenAI has not been much of a threat to Apple so far, GPT-4o seems to hit close to home. Siri’s future may be on the line. Historically, Apple has not been a first mover of any technology. Instead, it comes in later, often causing a massive disruption in those areas - think MP3 players and smartphones. However, with generative AI developing at an extremely rapid pace, can Apple afford to retain the same strategy? Maybe not. Unlike Google, Apple is averse to partnerships with other tech companies and often chooses to create its own ecosystems. This means they will probably seek ways to up Siri’s game. Bloomberg reported that Apple plans to introduce a host of AI features, including [an upgrade to Siri]( for “more natural-sounding interactions,” with the help of the firm’s own large language model. These AI features are expected to be unveiled at Apple's Worldwide Developers Conference (WWDC) in June. Apple is also said to be [nearing a deal with OpenAI]( to introduce ChatGPT features in the next iPhone operating system. But OpenAI, with the backing of Microsoft, is already making inroads into the hardware tech space. In November 2023, Humane rolled out the AI Pin - a novel wearable AI device that acts a personal assistant - together with its [partnership with OpenAI and Microsoft](. If Humane integrates AI Pin with OpenAI’s GPT-4o, this certainly could give Apple a run for its money. Integrating GPT-4o with smart speakers and other hardware devices could also spell trouble for Apple. Sales of its [HomePod devices fell]( to 13.6 million units in 2022 from 14.8 million a year earlier. While HomePod isn’t a bestseller like the iPhone, iPad, and MacBook, they all have one thing in common: Siri, which is integral to Apple’s future. It’s no wonder that the company is reportedly [spending millions per day]( to equip Siri with genAI capabilities. For now, all eyes will be on Apple’s WWDC next month to see if it can still get onboard the AI bullet train. The company has too much at stake to be left behind at the station. -- Collin  --------------------------------------------------------------- FYI 1️⃣ [Startups ditch SEA expansion for American Dream, but it’s not that simple]( Heading West or staying regional? Higher consumer spending and greater investor risk appetite are drawing some early-stage founders to the US. 2️⃣ [Mapping the family offices spreading wealth across startups in SEA (updated)]( Family offices investing in Southeast Asia usually seek wealth safety, which makes Singapore a key location due to its currency stability. 3️⃣[Mighty Jaxx collects $11m more in series A+ round to fuel US, Europe growth]( The Singapore-based collectibles firm is targeting EBITDA profitability by the end of this year on the back of growing demand in the US. --------------------------------------------------------------- NEWS YOU SHOULD KNOW Also check out Tech in Asia’s coverage of the emerging tech scene [here](. 1️⃣ [Sam Altman’s crypto project halted in Hong Kong]( Worldcoin is facing hurdles in Hong Kong due to its data collection process, Agence France-Presse reported. The venture aims to create a secure digital identity using each user’s unique iris patterns. 2️⃣ [Oyo hits the brakes on IPO bid]( The Indian hospitality major halted its attempt to list on India’s Securities and Exchange Board (SEBI), TechCrunch reported. Oyo had initially attempted to go public in 2021 and refiled in 2023. SEBI has not approved either filing, casting doubt on Oyo’s readiness for a stock market debut. 3️⃣ [Bangladeshi employment platform gets $1m boost]( B2B platform Shomvob has landed US$1 million in a pre-seed funding round led by Singapore-based VC firm Cocoon Capital. The Bangladeshi startup also announced that it has received a grant from the Bill & Melinda Gates Foundation to help the country’s low-income women find job opportunities. 4️⃣ [Elon Musk’s xAI valuation to rise to $24b]( The AI startup is set to close a fundraising round in June with a potential post-money valuation of over US$24 billion, reported Bloomberg. Originally, the company aimed to get US$6 billion in funding this month. 5️⃣ [Nvidia, Meta back $1b round of ScaleAI]( Scale AI, which calls itself an AI data foundry services firm, helps AI model developers like OpenAI, Toyota, and even the US Department of Defense to label their data. The startup has raised US$1 billion in a series F round from Amazon, Meta, Nvidia, and Y Combinator. ---------------------------------------------------------------  EVENTS HAPPENING You can also check out a curated list of trending tech events [over here]( and Tech in Asia’s signature events [here](. [Saigon Summit 2024 : Charting Vietnam’s Tech Future on May 30]( From local heroes to global players, Saigon Summit unites the brightest minds in tech, from Vietnam and beyond, to ignite collaboration and innovation. Join executives from Monk's Hill Ventures, Social Bella, and Selex Motors as they share their insights on funding, regional expansion, and the future of mobility. Make Vietnam’s tech ecosystem a global force to be reckoned with - [get your ticket now!]( [Tech in Asia Conference Kuala Lumpur 2024 : Malaysia on The Rise on July 24-25]( We'll be joined by some amazing speakers, including Khailee Ng, managing partner of 500 Global, who will deliver a keynote speech on opportunities in Malaysia’s tech ecosystem; Kah Meng Wong, co-founder of Funding Societies, who will share his insights on the Islamic fintech industry; and Dione Song, CEO of Love, Bonito, who will talk about business expansion beyond Asia. Don't miss out - [purchase your tickets]( today! [Product Development Conference (Jakarta, 25-26 June 2024)]( Ready to refresh your product development skills? Learn from industry leaders like Zoho, DANA Indonesia, and more to level up your product game! Discounted tickets vanishing faster than a viral tweet! Score 35% off before prices rise May 22nd. [Secure your tickets]( now to sharpen your product skills! [Tech in Asia’s Founders Meetup in Vietnam on May 30]( Founders Meetup brings together leading minds from across the tech industry. Whether you’re a founder, an investor, or something in-between, the event is a great opportunity to connect with people from across the tech ecosystem, learn about new trends and opportunities, and be part of the exciting energy of Vietnam's tech scene. [Use the code VNTIASPECIAL10 to get 10% off your ticket now!]( [Saigon Summit Exclusive: Kickoff Mixer on May 29]( Forget awkward icebreakers - May 29’s Kickoff Mixer is your fast track to building meaningful connections. Mingle with fellow tech enthusiasts, industry veterans, speakers, and partners, all while enjoying panoramic city views and delicious treats at The Sentry P. This event is complimentary for Saigon Summit Pro Pass holders. Please [confirm your slot on our guest list via this link](. [Saigon Summit Exclusive: AWS GenAI Showcase on May 30]( The future of AI is generative – get a front-row seat to the latest advancements. This Saigon Summit exclusive features top startups unveiling cutting-edge genAI solutions that can revolutionize your business and give valuable insights for your own AI journey. Connect with leading founders, investors, and enterprise innovators, and learn from experts who have successfully implemented genAI solutions. Seats are limited, so [RSVP today!]( ---------------------------------------------------------------  That’s it for this edition - we hope you liked it! Do also check out previous issues of the newsletter [here](. Not your cup of tea? You can unsubscribe from this newsletter by going to your “edit profile” page and choosing that option in our preference center. See you soon! [ADVERTISE]( | [SUBSCRIBE]( | [HIRE]( | [FIND JOBS]( P.S. 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