Interviewed By Akhlaqur Rahman Sachee, Team MBR

With the goal of transforming the blue food value chain and empowering small-scale participants in the fisheries and aquaculture industries, Seaqua is the first tech-driven startup in Bangladesh to explore the blue economy. Seaqua offers cutting-edge solutions that are intended to reduce waste and maximise efficiency. By integrating real-time catch data into the supply chain, Seaqua guarantees a steady flow of fresh blue food with traceability, in addition to keeping retailers aware of precise, up-to-the-minute information on fair market prices. Team MBR was in conversation with Mr. Amirul Mostafa Arefeen, founder and CEO of Seaqua, to learn about his inspirations behind forming the startup and his future aspirations surrounding Seaqua.

Akhlaqur Rahman Sachee: Founded in 2022, Seaqua takes pride in being the first ever bluetech startup in Bangladesh, aiming to bring transparency and efficiency to the blue food value chain. Would you kindly share your thoughts behind your profound interest in the blue food niche?

Amirul Mostafa Arefeen: At Seaqua, we are passionate about the blue food industry because we know it is crucial for feeding the world population while conserving our planet. Looking ahead to 2050, when there will be 10 billion people to be fed, we will need to increase our food production by 70%. But it is not just about producing more food. It is also about making sure that food is accessible to everyone. Blue food will play a major role here, since billions rely on blue food for a lion’s share of their protein needs and livelihoods.

Growing up, I saw my family struggling in the fisheries business. After my dad passed away in 2021, I tried to keep his business going, but it was tough. That experience made me want to solve the problems in the industry so others do not have to struggle like we did.

The experience catalysed me to delve deeper into the systemic issues plaguing the industry. Challenges such as struggles to secure fair market values, lack of access to finances, under-optimised logistics, and a fragmented supply chain are pervasive. Furthermore, the looming threat of overfishing underscores the urgency of transitioning to sustainable practices, with aquaculture offering a viable solution.

My resolve to address these challenges led me to form Seaqua, focusing on empowering small-scale blue food producers to meet global demand sustainably. By tackling these issues head-on, we aim to create a more equitable and resilient blue food ecosystem for generations to come.

Akhlaqur Rahman Sachee: The concept of integrating technology into the blue food value chain is relatively new in Bangladesh. Would you kindly share with us how Seaqua is integrating technology into the blue food value chain?

Amirul Mostafa Arefeen: We are on a mission to transform the global blue food industry by tapping into technology to streamline the journey from catching the fish to making them available on the market. Our aim? Ensuring efficiency, transparency, and sustainability across the value chain.

Seaqua is making sure that every step of the process, from the moment the fish is caught to when it reaches consumers, is as seamless as possible. We are big on enhancing traceability so that you always know where your fresh fish and seafood come from. Plus, we are cutting down on waste by optimising logistics.

We are not just stopping there. Our vision is to be a major player in the market, using frontier technology to match supply with demand, maintain consistent quality, and keep track of everything digitally. We are not afraid to push the boundaries even beyond that, developing new ways to monitor fisheries for sustainability and using satellite imaging for top-notch aquaculture.

Looking ahead, we have big plans. We are thinking of developing a one-stop marketplace, more ways for the community to get involved, better digital management for factories, personalised ERP systems, and smarter ways to generate demand through different channels. Our efforts are all about making the blue food industry better for everyone involved.

Akhlaqur Rahman Sachee: Small-scale participants in the fisheries and aquaculture industries struggle to receive financing from formal lenders. How is Seaqua addressing this issue so that the small-scale participants receive financing on easier terms?

Amirul Mostafa Arefeen: Paying off loans is a major concern for small-scale fisheries. The concern is even more severe than actually securing the loans in the first place. Microcredit is a real burden for these players, with high interest rates leading to a debt trap. On top of that, banks are hesitant to finance floating assets due to a lack of insurance. When fishermen resort to local loan sharks for dadon to finance their working capital, they often end up sacrificing their bargaining power and getting less than fair value for their catches.

At Seaqua, we are tackling this issue head-on by forging strategic partnerships with financial institutions and devising Halal financing solutions specifically tailored to the needs of small-scale producers. Through our platform, we are not only providing access to interest-free finances but also offering financial literacy programmes, empowering these individuals to secure funding on more favourable terms. By bridging the gap between financial institutions and small-scale producers, Seaqua is on a mission to democratise access to capital and bring fairness back to the fisheries market.

Akhlaqur Rahman Sachee: Under the Whole-X, Process-X, and Global-X banners, Seaqua is offering sourcing alternatives for hotels, restaurants, cafes, fish processing factories, global blue food importers, and so on. Would you kindly share the benefits these entities will enjoy from sourcing blue foods via Seaqua over other channels?

Amirul Mostafa Arefeen: Sourcing blue food via Seaqua presents numerous advantages for various entities across the industry. Hotels, restaurants, cafes, fish processing factories, and global blue food importers stand to benefit from our platform's streamlined processes and transparent supply chain. Through Seaqua, these entities gain access to a diverse range of high-quality and sustainably sourced blue food products that are fresh and compliant with rigorous standards. Our direct sourcing alternatives eliminate unnecessary intermediaries, leading to cost savings, improved efficiency, and fair pricing.

Akhlaqur Rahman Sachee: In the traditional value chain of the fisheries and aquaculture industries, there are multiple middlemen between the fish farmers and the retailers, such as farias, aratdars, and beparis, which ultimately result in lower shares of total profits for the fish farmers. Would you kindly share how Seaqua is working to provide fish farmers with convenient access to retailers, avoiding middlemen?

Amirul Mostafa Arefeen: At Seaqua, our approach is not about eliminating middlemen altogether. Rather, it is about streamlining the process to eliminate unnecessary intermediaries. By doing so, we are fostering a more direct connection between fish farmers and retailers, reducing the inefficiencies and waste associated with unnecessary multiple handovers along the supply chain.

Through our platform, we are empowering fish farmers with convenient access to retailers, cutting out the middlemen where possible. This not only ensures that farmers receive fairer shares of the profits but also improves market transparency and efficiency. Additionally, by facilitating direct relationships between producers and buyers, we are creating opportunities for better communication, quality control, and long-term partnerships.

In essence, Seaqua's goal is to create a more connected and efficient ecosystem within the fisheries and aquaculture industries, ultimately benefiting both producers and consumers alike.

Akhlaqur Rahman Sachee: SDG 14 is one of the sustainable goals Seaqua is intending to achieve, and minimising overfishing and unregulated fishing are important parts of SDG 14. Would you kindly share about the mechanisms that Seaqua employs to minimise overfishing and unregulated fishing?

Amirul Mostafa Arefeen: To achieve this, Seaqua employs a multifaceted approach. Firstly, we prioritise literacy and awareness among fishermen about sustainable fishing practices and the importance of adhering to regulations. This includes providing training on selective fishing techniques, gear modifications to reduce bycatch, and adherence to catch quotas.

Secondly, we leverage technology for enhanced monitoring and enforcement. We aim to utilise data analytics and satellite tracking to monitor fishing activities in real-time, enabling authorities to identify and address instances of overfishing or illegal fishing promptly. Seaqua actively engages with policymakers and regulatory bodies to advocate for stronger regulations and enforcement measures to combat overfishing effectively.

Regarding the broader impact of Seaqua's efforts on marine conservation and livelihoods, our work in improving the efficiency and sustainability of fisheries and aquaculture directly contributes to the conservation and sustainable use of marine resources. By promoting sustainable fishing practices, reducing wastage, and enhancing traceability, we help preserve marine ecosystems while safeguarding the livelihoods of coastal communities.

Akhlaqur Rahman Sachee: Minimising waste and enhancing efficiency ultimately drive the value chain to cut costs and generate better profits. How do Sequa’s services facilitate waste minimization and efficiency enhancement in the blue food value chain? 

Amirul Mostafa Arefeen: Seaqua facilitates waste minimization and efficiency enhancement by providing comprehensive solutions throughout the value chain. We prioritise sustainable fishing practices and work closely with fishermen to implement techniques that reduce bycatch and prevent the capture and mishandling of small and juvenile fish. By doing so, we not only protect marine biodiversity but also ensure that valuable resources are utilised efficiently.

Additionally, Seaqua emphasises hygienic handling and storage practices to prolong the shelf life of fresh fish and seafood. Our platform encourages the adoption of methods such as drying, salting, and smoking, which not only enhance the flavour and texture of fresh fish and seafood but also extend its shelf life, reducing the likelihood of waste.

Seaqua promotes the use of lightweight and eco-friendly packaging materials, reducing environmental impact while also optimising transportation and storage efficiency. By incorporating recycled content and innovative packaging designs, we aim to minimise waste while maintaining product quality and safety.

We actively promote collaboration and knowledge sharing within the industry. By sharing data and lessons learned on blue food loss and waste, we help stakeholders identify opportunities for improvement and implement best practices. We also focus on increasing operational efficiency through the adoption of technology and streamlined processes, ultimately driving down costs and maximising profitability for all participants in the value chain.

Akhlaqur Rahman Sachee: How does Seaqua envision the prospect of a blue economy in Bangladesh, which is renowned for its deltaic features? What are the areas of the blue economy that startups can explore and play crucial roles in to reap the potential of the blue economy?

Amirul Mostafa Arefeen: The concept of the blue economy encompasses various sectors beyond fisheries and aquaculture, including maritime transportation, coastal tourism, marine renewable energy, and more. In Bangladesh, startups have a unique opportunity to explore and innovate within these sectors, playing crucial roles in unlocking the full potential of the blue economy.

Fisheries and aquaculture undoubtedly remain a pivotal area within the blue economy, given their significant contributions to food security, nutrition, and livelihoods. However, the emphasis must be on sustainable practices to ensure the long-term health of the marine ecosystem and the resilience of coastal communities.

Startups can play a vital role in promoting sustainability within the fisheries and aquaculture sectors by developing innovative solutions for resource management, traceability, and market access. For example, technology-driven platforms can facilitate transparency and traceability throughout the supply chain, ensuring that blue food products meet stringent sustainability standards.

Apart from that, startups can explore opportunities in other sectors of the blue economy, such as coastal tourism and marine renewable energy. With its picturesque coastal landscapes and rich biodiversity, Bangladesh has the potential to attract tourists interested in ecotourism and marine-based recreational activities. Similarly, the country's coastal areas offer favourable conditions for the development of marine renewable energy projects, such as offshore wind farms and tidal energy installations.