Dear reader,

The ASEAN electric vehicle (EV) market is poised for significant growth, driven by favourable regulations, partnerships with Chinese automakers, and a robust automotive production base.

Maybank Investment Bank highlights that countries like Malaysia, Indonesia, Vietnam, Singapore, and Thailand are witnessing a notable uptick in EV sales.

In Malaysia, a 142% increase in fully electric car sales is fuelled by potential cuts in fuel subsidies, which would make EVs more competitive. Indonesia’s market is buoyed by government incentives like sales tax discounts and import duty suspensions, encouraging companies like BYD and VinFast to establish local facilities.

Singapore and Thailand also show impressive growth, with Singapore’s EV sales surging by 218%, aided by significant tax incentives and a shift towards greener transportation. Thailand’s market, although currently experiencing a slowdown, is set to benefit from substantial investments by Chinese automakers despite a broader decline in overall car sales.

Globally, the EV market faces challenges such as the end of European subsidies and tariff increases on China-made cars.

However, the overall trend remains positive, with global EV sales expected to reach 17 million units in 2024. Hybrid vehicles are also regaining popularity as a transitional solution, addressing range anxiety and infrastructure concerns, particularly in regions like Japan and the US.

This dynamic landscape suggests a promising future for EV adoption, especially in ASEAN, as regulatory support and strategic partnerships continue to drive growth.

Sainul,
Editor.

NEWS & VIEWS

Maybank says electrical vehicle sales will pick up in ASEAN
The research house said favourable regulations, local brands and penetration of Chinese carmakers would drive EV sales higher in ASEAN; ASEAN is witnessing a pick-up in electric car sales, mainly in Malaysia, Indonesia and Vietnam.

EDBI, SEEDS Capital merge to form SG Growth Capital
This brings together the investment expertise and networks of EDBI and SEEDS Capital to support the growth of innovative enterprises and anchor key operations and capabilities in Singapore. The change will take place on April 1, 2025.

Ayala acquires an additional 8% stake in Mynt for US$394.54M
Mynt is the parent of the finance super app and digital cashless ecosystem GCash in the Philippines; This transaction values Mynt at approximately US$4.93 billion and increases Ayala’s ownership in Mynt to about 13%.

Grab-led GXBank to invest US$333M in Malaysia over the next five years
It will also establish the GX Untuk Semua initiative, which is designed to focus on nurturing local tech talent, developing core competencies and best-in-class industry practices, and innovative solutions.

‘Amazon for fresh farm produce in SEA’ Secai Marche raises US$3.5M
The investors include Beyond Next Ventures, Spiral Ventures Asia, and Mitsubishi UFJ Capital; The funds will be used to expand its fulfilment centres, enhance the accuracy of demand forecasts using AI, and optimise last-mile deliveries.

AI Singapore releases SEA-LION v2 designed to understand SEA’s linguistic, and cultural diversity
SEA-LION v2, built on Meta’s Llama 3, is part of AI Singapore’s mission to develop AI capabilities, create social and economic impacts, and nurture local talent.

OpenAI co-founder John Schulman leaves for Anthropic
Schulman said it stemmed from a desire to deepen his focus on AI alignment—the science of ensuring AI behaves as intended—and engage in more hands-on technical work.

Flipkart blitzes into India’s 10-minute quick commerce battle
The new service offers customers the ability to have a wide range of items, from groceries to smartphones, delivered to them within 10 to 15 minutes; The e-commerce firm is offering customers free delivery on orders priced at INR 100 (US$1.20).

US expected to propose barring Chinese software in autonomous vehicles
The US administration will also propose barring vehicles with Chinese-developed advanced wireless communications abilities modules from US roads, according to sources.

Google loses massive antitrust case over search, will appeal ruling
A US District Court judge found the tech giant acted illegally to maintain a monopoly in online search; It’s a major defeat for Google that could alter the way it does business.

YouTuber files class action suit over OpenAI’s scrape of creators’ transcripts
A YouTube creator alleges that OpenAI trained its generative AI models on millions of transcripts from YouTube videos without notifying or compensating the videos’ owners.

Five US states push Musk to fix AI chatbot over election misinformation
Social media platforms have been under scrutiny for years over the spread of misinformation and conspiracy theories; There’s been growing concern that AI-generated content could mislead voters in the November presidential and congressional elections.

FEATURES & INTERVIEWS

From standalone to lead magnet: How SugarOKR will fuel Happy5’s global expansion
Happy5 CEO Doni Priliandi and SugarOKR CEO Timothy Kua discuss the strategic acquisition and their expansion plans, starting with the US.

Echelon X: Peng Ong of Monk’s Hill Ventures on AI’s transformative impact in Southeast Asia
The Echelon X fireside chat took a retrospective look at the evolution of AI and the trends in investing within Southeast Asia.

Lydea Quek: Championing cybersecurity innovation in APAC
Quek is passionate about guiding customers through their security challenges and customising solutions to meet their specific needs.

Meet the founder who built and sold a US$600M enterprise software startup from Sri Lanka
Sanjiva Weerawarana’s WSO2, an open-source enterprise software provider with customers such as Samsung, Axa, and AT&T, recently agreed to be acquired by PE giant EQT at a valuation of US$600 million.

THOUGHT LEADERSHIP

Genetics AI in Asia: Pioneering the future of technology
One of the most meaningful areas of innovation is genetics AI—a fusion of artificial intelligence and genetics research.

How a data-driven approach can optimise decarbonisation in the built environment
Granular data is key to decarbonising real estate, enabling targeted improvements and optimising ESG goals for greater sustainability.

FROM THE ARCHIVES

Why the right framework creates impactful apps
While this leap to a new framework might seem daunting at first, this article explores why it can be worth making that change.

The future of mobility is in public-private collaboration
Foxconn-initiated MIH Consortium and Techstars are paving the way as they engage startups in Southeast Asia and globally.

How do angel investors source opportunities?
This article is meant to help angel investors build a routine in order to make sure they get to see the great opportunities out there.

Angel investors vs Venture Capitalists for startup funding: Which is right for you?
Choosing the right investors, whether angels, VCs, or a mix, is crucial for providing both financial support and invaluable guidance to ensure startup success.

The pros and cons of signing on an angel investor for your startup
They are seeking to invest their hard-earned savings in your venture in hope of cashing out if your company ends up being a future unicorn. But there are a number of trade-offs you must consider before taking an angel investor’s money.

All you need to know about how angel investors evaluate their opportunities
It is important to take a step back and see if the founder is persistent and pursues the investment opportunity or if we simply feel a deal is not ready for our investment yet but might be in several months; We want to spectate.

How technology is making our food safer
Emerging technologies, including blockchain, RFID tags, and sensors, offer the ability to fight food fraud efficiently.

Why finding your co-founder is a lot like meeting your soulmate
What I learned about finding co-founders from my experiences at MaGIC, Entrepreneur First, and Singapore-Deep Tech Alliance.

The business of social responsibility: Why brands are redefining their social conscience
Here, we examine best practices and guidelines for brands looking to publicly communicate their social conscience.

Is generative AI the game-changer for productivity?
While Generative AI can automate various tasks, it cannot entirely replace human creativity, empathy, and critical thinking.

Pivoting beyond product: You need to look at your company culture, too
During a crisis, getting the team on board with pivoting amidst a very palpable crisis requires shifts in culture.

What are some networking benefits that are essential for startups?
From trading information to cultivating relationships with mutual benefits, networking should be a part of any startup’s marketing efforts.

How Southeast Asian businesses can overcome employee training challenges
The challenge of bringing employees aboard the digital transformation ship is not exclusive to SEA. However, most firms admit to not being adaptable enough.

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Image Credit: 123RF.

The post Ecosystem Roundup: EV sales will pick up in SEA: Maybank | EDBI, SEEDS Capital merge | AI Singapore releases SEA-LION v2 appeared first on e27.

Artificial Intelligence (AI) is rapidly reshaping the business landscape in Southeast Asia, opening up new opportunities and transforming traditional models. As AI technologies continue to advance, the region’s startups find themselves in a unique position to leverage these innovations.

In light of this, e27‘s flagship conference, Echelon X, hosted a fireside chat titled ‘Global Market Expansion: A Spotlight on Patsnap’s AI Story’.

The session explored the journey of Patsnap, an innovation intelligence platform, from its inception to its current status as a global market leader in innovation, research, and development. The discussion highlighted how AI has enabled Patsnap to enhance its offerings, streamline processes, and provide unparalleled insights to its customers.

Moderated by Caela Tanjangco, Director of Endeavor Catalyst at Endeavor, and featuring Guan Dian, Co-Founder, APAC General Manager and CMO of Patsnap, the fireside chat delved into key milestones, trends, and insights that have shaped Patsnap’s success. The conversation underscored the transformative power of AI in driving innovation and economic growth in the region.

The fireside chat also explored the future of AI in Southeast Asia, emphasising how startups like Patsnap are well-positioned to capitalise on AI advancements to drive further growth and success.

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Fundraising or preparing your startup for fundraising? Build your investor network, search from 400+ SEA investors on e27, and get connected or get insights regarding fundraising. Try e27 Pro for free today.

The post Echelon X: Co-founder Guan Dian discusses AI’s role in Patsnap’s global expansion appeared first on e27.

EDBI, a fully owned subsidiary of the Singapore Economic Development Board (EDB), a government agency under the Ministry of Trade and Industry, has announced a merger with SEEDS Capital, a fully owned subsidiary of Enterprise Singapore.

The new entity, SG Growth Capital, brings together the investment expertise and networks of both investment firms to support the growth of innovative enterprises and anchor key operations and capabilities in the island nation.

Also Read: EDBI’s ex-CEO Chu Swee Yeok launches US$250M fund August Global Partners

The change will take place on April 01, 2025.

Over the past decades, EDBI and SEEDS have contributed to Singapore’s economic development through their investments.

EDBI has attracted and anchored foreign growth-stage companies and nurtured tech-centric local companies. At the same time, SEEDS Capital has grown the local startup ecosystem and worked with private funds to catalyse support for Singapore-based, early-stage technology startups.

SG Growth Capital will better leverage EDBI’s and SEEDS’s expertise and networks to grow their portfolio companies. There will be more collaboration opportunities between local and foreign companies.

This will also enable SG Growth Capital to develop more profound expertise in startup financing, venture building and deep tech areas.

Under SG Growth Capital, EDBI and SEEDS Capital will continue to work closely with the EDB and Enterprise Singapore to ensure that their investment focus remains aligned with both agencies’ economic priorities.

Png Cheong Boon, Chairman of EDB, will chair the Board of SG Growth Capital, with Cindy Khoo, Managing Director of Enterprise Singapore, as Deputy Chair.

Choo Heng Tong, Executive VP, EDB, will hold the concurrent appointment of SG Growth Capital’s CEO. Paul Ng, EDBI CEO, and Tan Kaixin, General Manager of SEEDS Capital, will continue leading EDBI and SEEDS divisions under SG Growth Capital.

Also Read: SEEDS Capital backs Singapore’s manufacturing-tech startup Factorem

Established in 1991, EDBI aims to attract and anchor high-potential foreign companies to Singapore and nurture tech-centric local companies into global and regional champions. Such investments are made both directly into startups and indirectly through a fund-of-funds approach.

Founded in 2001, SEEDS Capital seeks to build a vibrant early-stage VC ecosystem in Singapore by co-investing with private VC firms and corporate venture funds in local startups, with the private sector partners leading investment rounds.

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Image Credit: EDBI

The post EDBI, SEEDS Capital merge to form SG Growth Capital appeared first on e27.

Mobile fintech penetration in six Southeast Asian countries has more than tripled since 2019, reaching 49 per cent in May 2024, a recent UnaFinancial research showed.

The Philippines leads with 63 per cent, followed by Malaysia (55 per cent), Indonesia (49 per cent), Thailand (45 per cent), Singapore (45 per cent), and Vietnam (32 per cent).

According to this report, the penetration of mobile fintech apps is expected to grow to 60 per cent by 2030. The highest levels will be observed in the Philippines (72 per cent), Indonesia (64 per cent) and Malaysia (61 per cent).

Also Read: How fintech is disrupting the Southeast Asian payments market

“The leadership of the Philippines is due to several factors, including the large share of the unbanked population, regulatory efforts to develop digital financial technologies, a large proportion of the young and tech-savvy population and a growing level of mobile and Internet penetration,” analysts at UnaFinancial explained.

“Indonesia also stands out with the highest growth rate of fintech users over the past five years. The level of mobile fintech app adoption increased from 9 per cent in 2019 to 49 per cent in 2024. Similar to the Philippines, Indonesia is actively developing fintech, supported by government efforts and a large share of the unbanked population,” they added.

The leading segments of fintech apps are digital wallets and payments (35 per cent) and mobile banking (18 per cent). The fastest-growing segment is lending apps, which increased from 1 per cent in 2019 to 5 per cent in 2024.

The lowest penetration levels are seen in investing and cryptocurrency trading apps (2 per cent each), likely due to decreased investment activity amid the unstable global economic situation.

The analysts considered data from data.ai on the number of active users of fintech applications starting in May 2019. In total, the sample included 8,740 apps (iOS + Android) across six Southeast Asian countries (Singapore, Malaysia, Thailand, Indonesia, the Philippines, and Vietnam).

Also Read: A new breed of fintech payment is here to slay the game

UnaFinancial is a group of companies developing digital financial solutions across Asia and Europe. Since its foundation, UnaFinancial claims to have served over 14 million clients and granted access to over US$1.5 billion in loans.

The post Philippines leads mobile fintech app adoption in SEA: Study appeared first on e27.

In an era where technology is reshaping the global economic landscape, platforms that bring together innovators, investors, and industry leaders are crucial.

Since its inception, Echelon has stood at the forefront of this movement. The platform empowers startups, corporates, SMEs, government institutions, and other ecosystem stakeholders with essential tools and insights. Renowned for its impact, it offers access to market insights, growth programmes, digital solution marketplaces, market access programmes, brand credibility, and a platform for collaboration among some of the region’s most exciting innovators.

Held for the first time in the country through a partnership with BrainSpark, Echelon Philippines 2024 promises to be a landmark event, poised to drive the next growth phase in one of the fastest emerging tech markets globally.

Supporting and empowering the fastest emerging tech market

Echelon Philippines 2024 aims to harness the collective expertise of the Philippine and Southeast Asian startup ecosystems. The event seeks to catalyse growth and innovation by uniting visionary entrepreneurs and forward-thinking investors. On the cusp of a technological renaissance, the Philippines presents a unique opportunity for stakeholders to engage in meaningful dialogues about the drivers of collective progress.

Also Read: Riding into its first profitable year, CARSOME looks forward to strengthen its presence in the Philippines

One of the primary objectives of Echelon Philippines 2024 is to foster regional partnerships for funding and investments. Through showcases and business matchings, the event will facilitate connections essential for scaling innovative ventures.

This focus on regional collaboration is particularly relevant as the Philippine tech ecosystem mirrors the growth trajectory seen in Indonesia between 2017 and 2019.

The surge of activity from local conglomerates and the emergence of capital-intensive business models underscore the potential for substantial growth and investment in the region.

Echelon Philippines 2024 will also spotlight thriving and emerging sectors, unveiling new opportunities for entrepreneurship and innovation. By sharing insights from these sectors, the event aims to inspire new ventures and encourage the entry of fresh talent into existing markets. This influx of new ideas and capabilities is essential for sustaining growth and maintaining a dynamic, competitive ecosystem.

Towards a promising future with Echelon Philippines 2024

As the Philippines’ tech ecosystem embarks on its early stages of growth, engaging in discussions about the fundamental drivers propelling progress becomes imperative. Echelon Philippines 2024 will serve as a platform for these crucial conversations, fostering an environment where new talent and innovative ideas can thrive. By providing a stage for regional and international stakeholders to connect, the event will play a key role in shaping the future of the Philippine tech landscape.

Recent reports from Cento Ventures and Foxmont Capital Partners, in collaboration with BCG, highlight the resilience and potential of the local startup ecosystem. In 2023, Philippine startups raised US$956 million in funding, showcasing the robustness of the market.

This surge in investment activity further strengthens the belief that the Philippines is poised for significant technological and economic growth. As we progress through 2024, the continued momentum and positive outlook underscore the strategic importance of events such as Echelon Philippines 2024.

Also Read: AI Singapore releases SEA-LION v2 designed to understand SEA’s linguistic, cultural diversity

By bringing together the brightest minds and key stakeholders, Echelon Philippines 2024 is set to empower the Philippine tech ecosystem and position it as a formidable player on the global stage.

Find out more about it here.

The post Echelon Philippines 2024: Catalysing innovation in SEA’s fastest emerging tech market appeared first on e27.