It's gonna get worse before it gets better

More: Layoffs at Flipkart co-founder’s fintech firm and the US$400 billion green growth opportunity in Indonesia. [Read from your browser]( Daily Newsletter --------------------------------------------------------------- Welcome to Tech in Asia's free Daily Newsletter! Get full access to our subscribers-only Daily Newsletter and other insightful analysis on the big and messy topics of Asia’s tech and startup community by [registering here](. --------------------------------------------------------------- IN FOCUS In today's newsletter, we spotlight: - [The numbers underlying the current predicament of Southeast Asia’s tech funding scene]( - The rise of AI assistants in the ecommerce space - Other newsy highlights such as layoffs at Indian fintech firm Navi Technologies and the US$400 billion green growth opportunity of Indonesia --------------------------------------------------------------- Hello {NAME} Have any of you been in this situation before? All this recession stuff. It sucks, man. I haven’t had to pivot this much since trying to impersonate [Hakeem Olajuwon on the basketball court](. According to our data, it looks like things will continue to get worse before it gets better - Southeast Asia is on track this year to hit the lowest point in tech funding since 2016. Read on for some hard - but necessary - truths -- Winston  ---------------------------------------------------------------  THE BIG STORY [Southeast Asia tech funding set for worst year since 2016]( Investors we spoke to expect recovery to start in 2024 at the earliest. We also look at the silver lining in the tech winter. --------------------------------------------------------------- TRENDING NEWS [JD, Shopify join AI hype with large language model, digital assistant]( JD.com aims for “serious commercial applications” of ChatRhino in early 2024. [Flipkart co-founder’s fintech firm said to have laid off 200 employees]( Last year, Navi Technologies was approved for a domestic IPO to raise US$490 million. [AC Ventures, BCG peg green growth opportunity in Indonesia at $400b]( The country is expected to spend US$350 billion a year by 2030 to achieve net-zero emissions by 2060, according to a new report. [F&B SaaS platform Deliverect expands Asia footprint with new hire]( Joey Cheung will lead the European firm’s growth in Asia, where it plans to help restaurants streamline their online ordering solutions. ---------------------------------------------------------------  VISUAL STORY OF THE DAY [Tracking startup closures across Southeast Asia]( There are several reasons why startups in Southeast Asia go bust, but we lack data about it. This piece helps you track the region’s macro-level trends. ---------------------------------------------------------------  SYNC 2023: CLIMATE TECH  Unveiling the future of sustainable innovation with industry powerhouses SYNC is back this year with a first-of-its-kind gathering that spotlights Asia’s climate tech leaders. Mark your calendar for August 21, 2023 and join us at the iconic Gardens by the Bay in Singapore for our annual tech summit. Experience the future of tech through state-of-the-art product demos, interactive networking sessions, insightful expert roundtables, inspiring fireside chats, and thoughtful business matchmaking. Want to be part of this invite-only event? Find out more details and apply for a ticket [here](. Avoid FOMO and request for an invitation to SYNC 2023: Climate Tech today! ---------------------------------------------------------------  EVENTS HAPPENING You can also check out a curated list of trending tech events [over here](. - [Tech in Asia’s Founders Meetup: Thailand on July 26]( Want to be where Thailand’s founders converge? Join us at our networking event, which will be held on July 26 at theCOMMONS, Thonglor, 335/1 Sukhumvit 55 Klongton Nua, Wattana, Bangkok 10110 from 5:30 p.m. to 7:30 p.m. - [SYNC 2023: Climate Tech on August 21]( Do you want to make a positive impact on the fight against climate change? Join SYNC 2023 on August 21 at Singapore's green haven, Gardens by the Bay, to learn more about sustainable innovation and eco-friendly practices. Besides spotlighting climate tech via this invite-only event, Tech in Asia is committed to reducing our carbon footprint. Be part of this movement towards a sustainable future - send in your application for a SYNC 2023 ticket today! - [Tech in Asia Conference]( from October 18 to October 19 Do you see the light at the end of this funding winter’s tunnel? We do, and we believe Southeast Asia is that very light. That’s why this year’s Tech in Asia conference’s theme is Southeast Asia: A Bright Spot in the Tech World - signaling how the region can provide hope and guidance for the tech sector amid some troubling times. Hosted in Jakarta from October 18 to October 19, we’re excited to bring you a great lineup of speakers, thought-provoking sessions, and other activities. Click [here]( to get your early bird tickets. ---------------------------------------------------------------  PRESS PEEKS The following press releases were published as they were received, without any editing from the Tech in Asia team. You too can publish your own press release on Tech in Asia by simply filling in [this form](. Our team will get back to you by the next business day. - Geniebook - [Discover the Geniebook Summer Festival 2023: Unlocking Excellence in Education]( Singapore's leading EdTech platform, is hosting the highly-anticipated Summer Festival in Hanoi on 14 - 16 July - ChargeSini - [ChargeSini Powers New MINI EV Charging Facility in Melaka]( Local EV charging solutions provider ChargeSini collaborated with BMW Group Malaysia. ---------------------------------------------------------------  WHO'S HIRING You can post a job [here]( or search for jobs [here](. - [Backend Developer (Golang)]( at Pintar Ventura Group Jakarta, Indonesia - [Small Medium Enterprise Lending Department Head Area Jabodetabek]( at PT Qerja Manfaat Bangsa Jakarta, Indonesia - [Game Developer]( at Forest Technologies Jakarta, Indonesia - [Performance Marketing Consultant]( at Ematic Solutions Bangkok, Thailand - [Engineering Manager]( at Jala Tech Yogyakarta, Indonesia - [Senior Institutional Relationship Manager]( at HP Asset Management Jakarta, Indonesia [ADVERTISE]( | [SUBSCRIBE]( P.S. 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