Dear reader,

The global rise in electric vehicle (EV) sales in September highlights the growing dominance of the sector, driven largely by China and a recovering European market.

China’s remarkable 47.9% sales increase signals its commitment to solidifying a global leadership role, despite cooling global demand and rising EU import duties.

Meanwhile, Europe’s resurgence—boosted by strong growth in the UK, Germany, and other key markets—reflects the continent’s ongoing push for green mobility, even as countries like France and Germany adjust their subsidy policies.

While the US lags behind, with modest growth of just 4.3%, the upcoming election introduces uncertainty into the market’s trajectory. As policy shifts loom, the true test will be whether the country can match the pace set by global leaders in EV adoption.

Looking ahead, Rho Motion’s revised forecasts for European EV sales—down by nearly 20% for 2030—suggest a more cautious outlook, influenced by evolving market conditions and policy changes.

However, as intermediate emissions goals come into play, Europe remains a battleground for automakers competing for market share in the green transition, with Chinese manufacturers pressing forward despite trade barriers. The coming months will reveal whether growth can sustain the momentum in this pivotal sector.

Sainul,
Editor.

NEWS & VIEWS

Lazada eyes US$100B GMV by 2030 in SEA
To pursue this goal, the Singapore-based e-commerce platform has partnered with luxury brands, including Armani DG, to strengthen its position in Southeast Asia’s e-commerce market.

Global EV sales up 30.5% in Sept as China shines, Europe recuperates
EVs sold worldwide reached 1.69M in September; Sales in China jumped 47.9% in September and reached 1.12M vehicles, while in the United States and Canada, they were up 4.3% to 0.15.

TikTok’s research reportedly acknowledges negative effects on teens
The company’s own research shows that “compulsive usage correlates with a slew of negative mental health effects like loss of analytical skills, memory formation, contextual thinking, conversational depth, empathy, and increased anxiety.”

Singapore’s ticketing platform GlobalTix closes US$4.97M Series B round
The investors include Tin Men Capital, SEEDS Capital, and ORZON Ventures; GlobalTix is one of the largest ticket aggregators in Southeast Asia, hosting over 150,000 experiences and 12,000 travel agents and issuing over 12M tickets annually.

Filipino lending startup OneLot raises US$4M pre-seed funding
The investors include 468 Capital, Kaya Founders, Crestone Venture Capital, 21yield, and Founders Launchpad; OneLot specialises in offering working capital financing exclusively to used car dealers.

Singapore’s XA Network expands to Africa
XA Africa aims to connect exceptional African tech founders with seasoned investors and industry experts, primarily from global and regional technology companies, to provide not just capital but also the guidance and support needed to scale their ventures.

Malaysia’s Gamuda launches AI Academy
Gamuda Al Academy offers a comprehensive three-month curriculum focusing on full-stack Al development, including front-end, back-end, and Al technologies; The programme is open to students, graduates, industry professionals, and start-up founders.

Singapore’s Vouch raises US$2.5M for AI development
Vouch is a hotel operations management solutions provider; By analysing guest behaviour, Vouch AI anticipates what guests want and recommends high-performing room service pairings, upgrades, and add-ons.

Indian AI robotics startup Perceptyne secures US$3M seed funding
Endiya Partners and Yali Capital co-led the round; Perceptyne’s products have features including computer vision, advanced AI algorithms, and adaptive sensing tech designed for assembly and packaging applications in the automotive and electronics industries.

MYStartup launches pre-accelerator cohort 5 to support early-stage startups
The programme will run from October 2024 through February 2025, providing an intensive, hands-on learning experience designed to accelerate startup growth and development.

OneCFO bags US$500K to automate financial management for Philippine SMEs
The investment will be used to develop its suite of B2B financial management apps and hire people; OneCFO has integrated cloud accounting systems, ERPs, payroll software, business intelligence, and other software into one platform.

Apple might release a US$2K Vision headset next year
The headset combines the digital and real worlds; Apple will use cheaper materials and a less powerful processor, and it will not include the EyeSight feature that shows a user’s eyes outside the headset.

FEATURES & INTERVIEWS

Investing in climate tech: Why investors should focus on impactful, low-hanging fruits
According to SOSV Founder Sean O’Sullivan, when it comes to climate tech investment, investors should also realign their expectations.

From admin headache to AI-driven insights: How Earlybird AI empowers SME founders
Just out of stealth mode, Earlybird mainly caters to solopreneurs and founders of early-stage startups and e-commerce firms.

FROM THE ARCHIVES

The extraordinary tale of a Filipino geek who swam against the odds in life
Clark Urzo is one of the two geeks from Southeast Asia to make it to Pioneer, a programme run by Daniel Gross and funded by Marc Andreessen.

Book Excerpt: How I survived an elevator pitch session with Tim Draper
In this book, Zopim Founder Royston Tay shares his experience pitching his startup idea to legendary investor Tim Draper.

Mastering the art of fundraising: Winning strategies to engage investors
The VC financing landscape is constantly evolving so new businesses must know how to successfully approach investors while fundraising.

7 trends changing the reality of immersive gaming
Immersive gaming is now a profession for competitive e-sports organisations and players of all backgrounds.

Unlocking success: These 3 startups reveal their product development strategies
These professionals from three different startups in Southeast Asia explain how they are doing product development in their respective companies.

Women in tech have leaned in enough. This is what we should do instead
Lack of equal opportunities has always been a key issue faced by women in tech. We can never solve this through motivational speeches.

How AI enhances content creation and sales strategies for live commerce in the Philippines
The rapid growth and profitability of live commerce have driven brands to seek innovative ways to maintain a competitive edge.

How is fintech different in Asia
The faster fintech develops in Asia, the richer the local digital landscape becomes, leading further spread of digital financial services.

Are traditional conglomerates in the Philippines finally embracing corporate investing?
What stops the big conglomerates in the Philippines from getting their skin into the startup game? This article will answer that.

Will digital banks take off in the Philippines?
Technology is now turning the Philippines’ unbanked population into a viable demographic with enormous potential for financial institutions.

Beyond the hospital: Challenges and opportunities in Indonesian healthtech scene
Healthtech in Indonesia may have been a niche sector at the moment, but there is plenty of room for startups to grow.

Finding the right co-founder involves having tough conversations–and a great sense of humour
On a personal level, a co-founder can provide invaluable emotional support and motivation during the highs and lows of building a company together, especially at the start when one has to do everything oneself.

Essential tips for scaling in Southeast Asia: 4 key insights to consider
Southeast Asia is not uniform but is a region with distinct user bases which imposes a challenge for tech companies who want to scale up.

Uncovering the rise and challenges faced by deep tech startups in Singapore
While considerable work has been done to grow the deep tech startup scene in Singapore, it remains far from the finished article.

Between data and gut feeling, which one do Singaporean customers trust to make decisions?
Qlik’s report also found that Generation Zs are more wary about the privacy concerns that surround technology.

How behavioural science is transforming corporate learning
In the context of corporate learning, behavioural science principles can be adapted to nudge people to accept change positively.

The art of letting go and how it makes you an even better entrepreneur
As an entrepreneur, are we agile enough to let go of our “grit” and change direction when the twists and turns call for it?

How to craft your startup’s financial projections
Creating a financial projection is not about accuracy; it is about understanding the founder’s thought process.

Unlikely mentors: What kids can teach you about entrepreneurship
I distilled some key habits and characteristics that business owners can develop to thrive in entrepreneurship.

THOUGHT LEADERSHIP

A decade of Japan’s mandatory stress checks: Why work-related mental health is still declining?
Japan’s decade of mandatory stress checks shows that improving workplace mental health demands ongoing innovation, cultural change, and empathy.

Storytelling in diverse markets: How you can effectively market as you expand
Creating brand storylines in SEA’s diverse markets can be challenging; here are tips on highlighting your company’s strengths for customers.

Strategic communication: A core element in building and leading a business
Strategic communication is not merely reactive but a forward-looking function that builds momentum and resilience.

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Image Credit: 123RF.

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OneLot, a Filipino lending company for used car dealers in the Philippines, has raised US$4 million in pre-seed funding led by 468 Capital.

Kaya Founders, Crestone Venture Capital, 21yield, Founders Launchpad, and unnamed angels also participated.

The company plans to use the funding to extend its services to more dealers as well as accelerate product and AI development.

OneLot was founded in 2023 by Harm-Julian Schumacher, Tommy Campos, and Subramaniam Srinivasan. The startup addresses the most pressing problem used car dealers face: the lack of access to credit.

Also Read: South Asia, SEA rank high in potential for fintech lending in Asia: Study shows

OneLot’s loan products are geared towards car dealers’ buy-and-sell cycles. It handles loan applications and disburses capital “in a matter of hours” by leveraging an AI-enabled underwriting algorithm.

“Our platform was designed with the dealer’s needs in mind, avoiding the lengthy and cumbersome procedures typical in financing. Thanks to our AI-driven processes, we offer higher credit limits, more competitive interest rates, and faster fund disbursement than any other provider in the market,” said OneLot CTO Srinivasan.

Since its launch earlier this year, OneLot claims it has disbursed over US$1.3 million in loans, financed over 200 cars, and has experienced 10x revenue growth through the second and third quarters of 2024.

“We saw the potential of OneLot to address significant problems in the rapidly growing used car market. The team combines in-depth knowledge about car dealerships and SME credit in the Philippines with decades of experience building digital products and AI,” said Guilherme Steinbruch, Partner at 468 Capital.

The Philippines is home to one of the fastest-growing used car markets in the world today. Strong growth in car sales is buoyed by rising income levels, greater demand from middle-income groups, and poor availability of public transportation.

Also Read: How Generative AI will advance embedded lending

This US$8 billion industry is dominated by small dealerships and family-run businesses, which account for more than 90 per cent of car transactions. Meanwhile, banks only play a limited role in used car and dealership financing, leading to three times lower finance rates than in Europe or the US.

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Singapore-headquartered GlobalTix, a leading ticket aggregator for the tourism industry in Asia Pacific, has concluded its SGD6.5 million (~US$5 million) Series B funding round led by Tin Men Capital.

SEEDS Capital, ORZON Ventures, and an undisclosed family office in the US also joined.

The fresh funding will fuel GlobalTix’s expansion plans. A key focus will be exploring and implementing AI-driven solutions to enhance its technology offerings further.

Also Read: Tin Men Capital injects US$9M more into Singapore’s travel-tech company GlobalTix

Chan Chee Chong, CEO of GlobalTix, stated, “This investment will enable us to strengthen our foothold in APAC and expand our market access. We will also deploy AI and predictive analytics to identify trends and optimise pricing for our partners in the tours and activities space, and enhance traveller interactions with attractions.”

Established in 2013, GlobalTix is a reservation and distribution platform in the Asia-Pacific region focused on providing end-to-end solutions for attractions, tours, and activities. It also enables the same partners to connect tourist activities to travel agents around the globe seamlessly

GlobalTix is used by renowned attractions like Mount Faber Leisure Group, Taman Safari Indonesia, Mandai Wildlife Group, and National Gallery Singapore, and partners with industry players such as Singapore Airlines and many global online travel agents.

The platform hosts over 150,000 experiences, 12,000 travel agents, and over 12 million tickets annually. It has ten offices across Asia, including China, India, Indonesia, Japan, Korea, Malaysia, the Philippines, Thailand, and Vietnam.

Tin Men co-founder and Managing Partner Jeremy Tan said: “Since Tin Men Capital invested in 2018, GlobalTix has grown to become the largest tour aggregator in SEA while becoming cash flow positive. Their performance, capital efficiency and resilience has inspired investor confidence to return in this round of funding to scale further.”

The post GlobalTix nets US$5M to enhance AI-powered ticketing for tours, attractions appeared first on e27.

Singapore-based startups secured US$397 million in Q3 2024, a 26 per cent decline from US$536 million raised in the corresponding quarter last year and a 9 per cent uptick over the previous quarter, according to Tracxn’s Geo Quarterly Report.

In Q3 (July 01 to September 30) 2024, late-stage investment rose 48 per cent to US$80 million from US$53.9 million in Q2 2024. Early-stage funding fell 8 per cent to US$237 million.

Also Read: Healthtech, edutech dominated SEA’s funding scene in past 5 years: Tracxn

On the other hand, seed-stage financing grew 56.5 per cent to US$80.3 million, driven by small-ticket rounds.

No US$100 million+ rounds were recorded in Q3 2024 in Singapore. No new unicorns emerged during the period, similar to the scenario in Q3 2023.

Fintech, enterprise applications, and retail were the top-performing sectors in Q3 2024.

Fintech raised US$208 million in Q3 2024, a 10 per cent drop over Q3 2023. The enterprise application segment funding rose 55 per cent to US$157 million in Q3 2024 from US$101 million in Q3 2023.

At the same time, the retail sector witnessed a massive 229 per cent increase in funding in Q3 this year to US$97 million in Q3 2024 from US$29.5 million in the corresponding quarter last year.

The number of acquisitions in Q3 saw a slight drop to 13 from 14 in the corresponding quarter last year. However, this is an upward move from six acquisitions in Q2 2024.

Only two Singapore tech startups have gone public this year so far, one each in Q1 and Q2 of 2024. Q3 did not witness any IPOs.

Also Read: Southeast Asia’s startup scene sees 59% drop in funding amid economic headwinds

Wavemaker Partners, Antler, and Entrepreneur First were the all-time top investors observed in Q3 2024. Antler, Orbit Startups, and East Ventures took the lead in seed-stage investments, while Peak XV Partners, SEEDS Capital, and Temasek were the top early-stage investors.

In Asia, Singapore’s tech startup ecosystem ranks fourth after China, India and Israel based on all-time funding to date. Singapore witnessed its peak startup funding in Q3 2021 (US$4.1 billion), after which a downward trend was observed. The decline can be attributed to a notable shift in investor interest due to global economic challenges, including macroeconomic conditions and geo-political issues.

The post Singapore startup funding dips 26% in Q3 2024 amid global economic challenges appeared first on e27.

As someone who lived in East Asia for most of my life and learned about Bitcoin in 2015, I had the opportunity to observe the rise of the crypto industry in my region from the very beginning. First, these were pretty local projects with a small audience and trading volume, neglected by traditional institutions. Then, major centralised exchanges emerged, showing that crypto could become the next big thing. 

And here we are in 2024: Eastern Asia is the sixth largest crypto economy worldwide, accounting for nearly nine per cent of on-chain value received between July 2023 and June 2024. A multitude of factors — from concerns about TradFi to the struggling real estate market — have made crypto a popular asset class in the region, even in areas with the strictest regulations. 

There is now a discussion about whether East Asia will remain a strong player in the crypto niche. With China imposing strict restrictions on the sector and other regions strengthening their positions, the matter has taken on even more importance. 

As a patriot of Asia, I firmly believe in the potential of my region. As an independent observer, I clearly see the exact reasons why the crypto industry here will continue to thrive. As the CEO of a leading cryptocurrency exchange, I am convinced that CEXes will continue to drive the market forward, serving as an entry point for the next billion crypto users.

What’s behind Eastern Asia’s crypto market growth?

Eastern Asia has always boasted a strong IT sector: industry giants like Samsung, Sony, and Tencent have been born and thriving here for decades. A skilled workforce, strong manufacturing base, and high technology adoption have fuelled this growth, making the region one of the world leaders in internet and smartphone penetration rates. The same factors helped shape a vibrant crypto market in the region. 

Also Read: Does investing in Bitcoin still make sense?

Eastern Asia is home to some of the world leaders in crypto adoption, including Hong Kong, Japan, China, and South Korea. The latter tops the list: South Korea received US$130 billion of on-chain value between June 2023 and June 2024, and every tenth country resident is an active crypto exchange user. Both individuals and institutions have turned to digital coins in South Korea: as the population questioned traditional finance and embraced crypto as an alternative asset class, corporations followed suit. Giants like Samsung embarked on their blockchain journey, which increased trust in the industry and further boosted the crypto adoption rate.

High demand for crypto in South Korea goes with the relative isolation of the country’s market, creating phenomena like Kimchi Premium: Bitcoin on local exchanges often costs more than on the global market. As a result, Koreans flock to global exchanges — a trend that has intensified since local platforms listed USDT.

Strong interest in digital assets in Eastern Asia withstands regulatory challenges. In China, access to crypto exchanges was shut down in 2021, but it sparked a rapid rise in over-the-counter platforms and peer-to-peer services. Economic uncertainty and the post-COVID-19 downturn in the real estate market have driven people to seek alternative savings methods, and many have turned to crypto as a fast and low-cost way to transfer value.

The Hong Kong crypto industry also holds great potential for capital inflows. Recently, local authorities approved several Bitcoin and Ethereum ETFs and are now considering new stablecoin regulations, which promise to make them more accessible to investors. Institutional investors recognising the potential of crypto have entered the market. With an 85.6 per cent YoY surge, Hong Kong has become the fastest-growing crypto market in Asia.

Hong Kong is an emerging crypto hub within Greater China. Its well-thought-out policies have transformed it into a thriving environment for the digital asset industry. Hong Kong is open to innovation yet remains focused on strict licensing policies and consumer protection — its success may serve as a gateway to the main China market. 

Centralised exchanges: Driving growth, poised to onboard millions

Centralised exchanges are the most popular category of crypto services in Eastern Asia. They account for nearly 65 per cent of the total on-chain value received in the region, which roughly corresponds to the global level.

Also Read: Are CBDCs better than Bitcoins? Here’s why Asia should bank on them

Much of this volume comes from large transactions, most likely made by professional and institutional investors. In Asia, the share of professional-sized transfers is the highest among all world regions. This category of crypto enthusiasts represents the primary user type of most CEXes.

Here’s what lies behind dry figures: centralised exchanges have arguably been the leading global gateway into digital assets. The crypto economy is not isolated — recognition from the global community is what gives it value. Cryptocurrencies benefit from growing integration with it, and centralised exchanges help build these ties better than anything else.

No other type of product has been able to build such a solid bridge between TradFi and crypto as CEXes: fiat and crypto deposits and withdrawals, trading, token swaps, peer-to-peer exchange, custody solutions, and much more. For retail investors, centralised exchanges are convenient for day trading, long-term savings, and remittances.

For professional traders, exchanges provide a full arsenal of tools to multiply capital. For institutional investors, CEXes serve as a convenient entry point into the market, sparing them from the hassle of self-custody and ensuring compliance when investing in digital assets.

As economic instability worldwide persists, centralised exchanges will continue to act as one-stop platforms for anyone willing to protect and increase their capital. In Eastern Asia and globally, they have helped millions embrace the new digital economy. As CEXes adapt and evolve, they will pave the way for a future where digital assets weave into the fabric of daily financial life.

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The post The Asian crypto tigers: Roaring into the future of digital currency in Eastern Asia appeared first on e27.