Dear reader,

The Southeast Asian fintech sector’s funding decline in 2024 marks a pivotal moment in the region’s post-pandemic economic narrative. With investments dropping to US$1.6 billion—returning to pre-pandemic levels—the sector reflects the broader impact of global macroeconomic headwinds, rising interest rates, and geopolitical instability.

However, the challenges have not dampened its innovative spirit.

While late-stage and early-stage funding bore the brunt of the downturn, certain segments demonstrated exceptional resilience. Payments technology, with its 53 per cent growth to US$366 million, highlights the region’s ongoing digital transformation.

Similarly, cryptocurrency and banking tech saw notable funding surges, emphasising investor confidence in these areas despite broader sectoral setbacks.

Singapore’s dominance in fintech funding, raising US$955 million, reiterates its position as a regional hub. Jakarta and Bangkok, while trailing, showcase emerging growth potential, supported by active investors like East Ventures and 500 Global.

The absence of IPOs in 2024 and the limited number of new Unicorns suggest a cautious investment environment. Yet, the sector’s fundamentals remain strong, driven by a youthful, tech-savvy population and government-led financial inclusion initiatives.

As fintech continues to adapt and innovate, its enduring potential to reshape SEA’s financial landscape is clear, promising a dynamic recovery and long-term growth trajectory.

Sainul,
Editor.

—-
NEWS & VIEWS

SEA fintech sector faces 23% funding drop in 2024; payments and crypto shine
The decline is attributed to macroeconomic headwinds, rising interest rates and geopolitical tensions | The sector saw 27 acquisitions, a slight uptick from 26 in 2023.

Mirxes raises US$40M to expand early cancer detection solution into SEA, Japan, China
R-Bridge Healthcare Fund is the investor | Mirxes creates a blood-based multi-cancer early detection test to alleviate cancer burden, save lives and reduce healthcare costs.

Lewis Ng replaces Hari V. Krishnan as PropertyGuru CEO
Krishnan, who played a key role in transforming PropertyGuru into a market leader, will play the role of Senior Advisor to the Board | The new CEO Ng has experience in leadership positions at big brands such as Apple, TripAdvisor, and Carousell.

Indonesian AI character generator Bythen nets US$5M seed
The investors include Vector Inc., Skystar Capital, East Ventures, Beenext, Osk, and AppWorks | Bythen allows users to create personalized digital characters called “Bytes.”

Vietnam’s Kyna English raises Series B to enhance AI-powered edutech platform
The investors include Asia Business Builders and DTP Education Group | This financial injection will allow Kyna English to extend its reach beyond Vietnam, into markets such as Thailand, Indonesia and Laos.

Vingroup to launch robotics research firm
VinMotion will be 51% owned by Vingroup and will have a charter capital of US$39M | The company aims to specialise in researching and developing multifunctional robots.

Meta disbands global DEI team amid policy shifts
Meta is no longer factoring diversity into hiring, training, or supplier selection and has ended US fact-checking policies while relaxing content moderation.

Saudi government launches accelerator for 32 startups
The 10-month program offers mentorship, consulting services, co-working spaces, and opportunities for international exposure | Participants will receive 192 hours of expert guidance and travel abroad twice to understand global market trends.

FEATURES & INTERVIEWS

Bobobox aims to expand to 12 new locations in Indonesia with Bank Mandiri partnership
The growing trend of business and leisure travel, especially among remote workers, has created a need for accommodations supporting work and relaxation, says Indra Gunawan, co-founder and CEO of the capsule hotel network.

FROM THE ARCHIVES

Zero-Error Systems: Safeguarding space travel from satellite collisions and debris
Zero-Error Systems’s radiation-hardened solution safeguards commercial off-the-shelf semiconductor devices, which are not designed to withstand the harsh conditions in outer space.

Revolutionising retail: A blueprint for future success
The speed of change in the retail landscape is not slowing down anytime soon, but the technology available to retailers is also quickly advancing.

Is there a future for Buy Now Pay Later?
Rather than waning popularity, the loss of Pace and ShopBack highlights one of the key challenges faced by BNPL providers: the capital-intensive nature of the business model and the imperative of achieving scale for profitability.

Building future sustainable business: The role of rural commerce platforms
Rural commerce platforms have emerged as transformative tools, unlocking the potential of rural economies and empowering local entrepreneurs in the process.

Why Soul Ventures’s Warren Hui looks for founders with a vision “so big it seems impossible”
With extensive ties throughout Asia and the US, Soul Ventures has been instrumental in helping companies in both regions grow and expand internationally, especially in the AI space.

Can Singapore unlock Gen Z’s spending power with unified commerce?
Singapore’s retail sector can be revitalised by adopting unified commerce, capitalising on Gen Z’s significant global spending power.

Cultivating loyalty in live commerce: A lesson in progressive ownership
The best way to target niches within a crowded e-commerce landscape: theme-based live streaming | Uncover the potential of Mela’s progressive ownership model to cultivate user loyalty.

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.

From idea to reality: Why an MVP is essential before full-scale development
An MVP helps identify opportunities and challenges, minimise risks, and ensure the final product meets your audience’s needs and preferences.

Unleashing the power: The fierce talent battle in deeptech innovations
The rise of these inspiring deeptech entrepreneurs and the ecosystem around them is one of the more exciting business developments of our time.

Are brands ready for the future of loyalty?
As customers increasingly seek to feel valued and connected with brands, businesses must prioritise listening, visibility, and recognition to earn and maintain loyalty.

Small country and market? Punch heavier with an ecosystem strategy
Exploring LEGO’s enduring success through ecosystem strategy and its parallels with ARM’s semiconductor dominance.

Charting the roadmap for the era of pervasive AI
Leaders need to grasp the current AI landscape, its key technologies, opportunities, and how organisations can advance AI technology.

MADCash develops a ‘unique’ approach to micro-funding to empower woman entrepreneurs
MADCash combines zero per cent micro-funding with entrepreneurship development for the women entrepreneurs that it serves.

Securing tomorrow’s metaverse today: Why safety in the new frontier must leverage on hardware
As the metaverse continues to evolve and draw nearer to reality, securing data within this virtual landscape becomes increasingly vital.

How to scale voluntary carbon markets with DeFi and Web3
DeFi and Web3 protocols are the way forward to create a secure, liquid and scalable decentralised carbon markets infrastructure.

The role of corporate pathfinders and activators in deep tech
Deep tech startups experience a very different evolution cycle than a traditional B2B company, let alone a B2C company.

Is ChatGPT taking over financial management?
Will the emergence of ChatGPT’s advanced algorithms and machine learning capabilities replace the need for human expertise?

How Web3 will revolutionise borderless banking in Southeast Asia
The evolution of Web3 marks the beginning of a financial revolution across Southeast Asia, and its potential is boundless.

Rethinking wastewater treatment to support Singapore’s ambitious water goals
One area with immense potential for enhancing water self-sufficiency lies in improving industrial wastewater treatment.

A new era of automation: Establishing best practices for intelligent automation and generative AI
Done right, generative AI can support an automation strategy that is even more innovative, cost-effective, and productive.

THOUGHT LEADERSHIP

Singapore aims to lead in AI — but where’s the talent?
AI talent remains largely immobile, and Singapore faces additional challenges due to its limited domestic talent pool as a city-state.

Elevating your e-commerce strategies with livestreaming and hero products
With the opportunities available today, brands have a unique advantage to propel their sales to new peaks of success previously uncharted.

The future of digital payments and cross-border transactions
In a global economy, businesses entering new markets need flexible digital payment solutions for local and international users.

—

The post Ecosystem Roundup: Fintech funding drops 23% in 2024 | Mirxes raises US$40M funding | Hari V. Krishnan quits as PropertyGuru CEO appeared first on e27.

Bythen, an online platform that enables users to create and use personalised digital characters, has announced a US$5 million seed funding round.

Vector Inc. (Japan) and Skystar Capital led the round, which also included East Ventures, BEENEXT, OSK, and AppWorks, as well as angel investors William Tanuwijaya and Ryan Lee.

The funding will be used to support a global launch and Bythen aims to onboard 15,000 virtual influencers from diverse sectors including Web3 and gaming. The company also plans to launch original IP collections and collaborate with international IP owners. Vector has committed to assisting Bythen in acquiring high-value content and establishing strategic partnerships.

Also Read: Blockchain not a magic wand to solve everything that’s wrong with the digital world: Sankalp Shangari of Lala World

Founded in 2024, Bythen aims to democratise the virtual influencer space, allowing anyone to create their own AI-powered “Bytes”. These digital twins can be used to generate content, livestream, and engage with audiences across various social media platforms, thus providing users with new avenues to build an online presence and monetise their influence.

The startup operates on a revenue-sharing model, ensuring that creators benefit directly from their digital work. The platform provides users with tools to create content and video replies autonomously, which can be used across multiple platforms. Bytes can also be used for video calls on Zoom or Google Meet and for live streams on platforms like YouTube and Twitch.

The founding team behind Bythen has a history of collaboration, having previously co-founded Magnivate and Bridestory. The team consists of Kevin Mintaraga, Erick Saputra, Ferry Dianto, and Nathalia Isadora, along with William Nagata.

The firm’s launch is motivated by the shifting preferences of younger users towards pseudonymous social media personas, prioritising privacy, freedom of expression and the ability to shape digital identities independent of physical attributes. This trend is occurring alongside a booming global creator economy, valued at US$325 billion, with over 200 million content creators, an area Bythen aims to reshape.

Also Read: The future is virtual: Inside 17LIVE’s plans for avatars and immersive experiences

“Bythen is all about amplifying creators’ potential,” stated Kevin Mintaraga, co-founder of Bythen. “By providing an accessible platform and revenue-sharing model, we’re cultivating an environment where anyone can thrive as a virtual creator.”

The post Bythen secures US$5M seed financing to democratise virtual influencer market appeared first on e27.

The Lee Kuan Yew Global Business Plan Competition (LKYGBPC), a prominent university-led startup challenge in Asia, has announced the opening of applications for its 12th edition.

The biennial competition, organised by Singapore Management University’s (SMU) Institute of Innovation and Entrepreneurship (IIE), is focused on Urban Solutions and Sustainability, inviting young founders globally to develop cutting-edge solutions for future cities.

This year’s LKYGBPC is enhancing its support for participants by connecting finalists with Southeast Asia’s leading business families, as well as offering exclusive access to senior venture capitalists at the region’s largest Venture Capital Office Hours.

Also Read: German startups MEDEA Biopharma, PlasticFri win LKYGBPC competition

The competition also welcomes the Agency for Science, Technology and Research (ASTAR) as its first official Scientific Knowledge Partner, to evaluate applications for scientific excellence and mentor startups. ASTAR will collaborate with teams to transform their ideas into real-world solutions.

The competition has grown significantly since its inception in 2002, attracting over 1,000 entries from 1,100 universities across 77 countries in its 11th edition. LKYGBPC alumni have raised US$1 billion in the past five years, with some startups expanding into Singapore.

SMU’s Vice President of Partnerships and Engagement, Professor Lim Sun Sun, stated that this edition will focus on urban solutions and sustainability. She added that the competition’s global reach will enable them to drive positive change for a better future.

The competition is popular among founders because of its increasing prize pool, which is over S$1 million (US$730,000), its global exposure platform, and access to international industry leaders.

Fifty finalist teams will be flown to Singapore for BLAZE, a week-long innovation festival that culminates in the LKYGBPC Grand Finale from 29 September to 2 October 2025. BLAZE will also include innovation showcases and networking opportunities and will coincide with the Singapore Grand Prix night race, creating an extraordinary platform for startup founders.

Key events during BLAZE include:

Southeast Asia’s Largest VC Office Hours

• Networking with Southeast Asia’s Business Families
• Grand Finals, featuring live pitches
• Fireside Chats & Changemaker Conversations
• Mixer Night

Participants can enter individually or as a team in one of two categories:

• 0 to 1: For pre-revenue teams
• 1 to Infinity: For revenue-generating early-stage start-ups.

The winners will share a prize pool supported by partners including Kajima, Lee & Lee law firm, TRIREC and Wavemaker.

In the 11th edition, held in 2023, MEDEA Biopharma from the Technical University of Munich (Germany) and PlasticFri from Karlsruhe Institute of Technology (Germany) were declared Grand Final winners.

Applications are now open and can be submitted here.

The post Urban solutions, sustainability take centre stage at SMU’s LKYGBPC startup challenge in 2025 appeared first on e27.

The pressing need for credible and efficient carbon abatement solutions has led to the birth of Qatalyst, a due diligence platform aimed at transforming the carbon finance market. This initiative, developed collaboratively by SC Ventures, Standard Chartered’s fintech and innovation arm, and ENGIE Factory, the startup studio of French utility multinational ENGIE Group, promises to streamline investment processes in support of global climate goals.

Qatalyst’s platform was incubated and developed in collaboration with carbon teams from both ENGIE and Standard Chartered. The goal is to simplify and expedite the identification, due diligence, and oversight of carbon abatement projects, thereby addressing longstanding inefficiencies in the sector.

As Poyan Rajamand, Venture Lead at SC Ventures, explains, “Financiers currently face extensive due diligence requirements to ensure projects deliver the promised carbon impact. Qatalyst brings credibility to this market, enhancing funding opportunities.”

The platform leverages advanced technology, including AI-enabled tools, to provide investors with greater confidence in project outcomes. By integrating requirements from external registries, internal compliance needs, and evolving regulations, Qatalyst seeks to address the credibility gap that has long plagued the carbon finance market.

Addressing key pain points

Carbon abatement projects often suffer from fragmented workflows, prolonged documentation processes, and challenges in aligning with regulatory changes.

Also Read: Urban solutions, sustainability take centre stage at SMU’s LKYGBPC startup challenge in 2025

Rajamand notes, “A misconception exists that generating carbon credits from nature-based solutions simply requires allowing nature to grow. In reality, significant funding is needed to kickstart these projects.”

Qatalyst tackles these pain points by providing a streamlined digital environment where financiers and project developers can efficiently exchange information and make informed decisions.

This efficiency has already been demonstrated during the platform’s development phase, where it enabled ENGIE and Standard Chartered to conduct evaluations in a fraction of the usual time. Such time savings open doors for financiers to consider smaller or unconventional projects previously deemed unfeasible due to resource constraints.

Rajamand highlights, “As more financiers join, projects seeking funding will increasingly turn to Qatalyst, creating a virtuous cycle.”

A growing market for carbon offsets

The global carbon market is poised for substantial growth as awareness of climate challenges intensifies. Developing nations have significantly increased funding commitments to carbon projects, with figures tripling to US$300 billion.

Despite these positive signals, Rajamand acknowledges that challenges remain: “The road ahead will be bumpy, but the signs point to a bright future for carbon markets.”

Also Read: Need of the hour: How agritech platforms can protect farmers from climate change

The urgency to achieve 2030 climate targets is another driving factor. As the deadline approaches, reliance on carbon credits and offsets is expected to grow. “Reducing carbon footprints will become increasingly challenging, making offsets a critical component of the transition,” Rajamand explains.

Qatalyst’s inception and development underline the importance of collaboration in addressing complex global challenges.

Rajamand also highlights the role of digital strategies in scaling the platform’s impact. As legislative and market awareness around carbon credits grows, Qatalyst is positioned to attract stakeholders through both traditional networks and digital outreach.

—

Image Credit: Qatalyst

The post SC Ventures, ENGIE Factory launch Qatalyst to transform carbon finance market appeared first on e27.

In the shadow of a global slowdown and uncertainty, where discussions of a VC winter persist, Southeast Asian startups are defying these economic headwinds. Forbes’s bold prediction of a trillion-dollar valuation by 2025 – nearly tripling the region’s tech worth from 2020 – begs the question: what is driving the region’s success?

The answer isn’t found in Silicon Valley playbooks or traditional economic models. Southeast Asia’s startup success is a nuanced symphony of unique drivers that defy conventional wisdom. At the heart of this innovation ecosystem lies an unprecedented confluence of factors: a young, digitally native population, rapidly expanding digital infrastructure, supportive government policies, and a crucible of cultural diversity that turns potential fragmentation into a competitive advantage.

From the bustling tech hub of Singapore to the emerging startup scenes in Jakarta, Manila, and Ho Chi Minh City, the region demonstrates how difference can be a source of strength, not division. Unlike monolithic tech environments, this region thrives on its complexity.

Yet, the very complexity that fuels innovation can also erect formidable barriers, especially for fledging startups seeking to expand and scale their businesses across national borders. Language differences, varied communication styles, and distinct work practices can create substantial barriers to seamless collaboration.

Fortunately, technology emerges as a great equaliser, transforming potential obstacles into highways of collaboration and innovation.

Bridging cultural gaps for seamless collaboration

According to a Forbes Insights survey, two-thirds of executives reported that language barriers between managers and workers in diverse workplaces have led to inefficiencies. This issue extends beyond logistical difficulties; it poses a serious threat to innovation. Consider the cautionary case of Dolce & Gabbana and its ill-fated “DG Loves China” campaign. The root of such failures isn’t just linguistic difference, but a fundamental lack of nuanced, cross-cultural communication.

It’s in situations like these that technology can provide practical solutions to language and cultural barriers. No science fiction reminiscent of Star Trek’s universal translator required, just smart, accessible tools. Such translation tools do more than convert words; they have the potential to decode cultural contexts, bridge understanding, and transform potential miscommunication into collaborative insight. With this simple feature, teams can communicate without hesitation or misunderstanding, transforming what could be a cumbersome exchange into fluid dialogue.

Also Read: Building bridges to close gaps in cross-border payment

Imagine a startup team spanning multiple Southeast Asian countries. A marketing strategist in Bangkok can now share a creative concept in Thai, have it accurately and instantly translated to receive nuanced feedback from a Bahasa-speaking colleague in Jakarta. No more lost-in-translation moments. Just pure unfiltered collaboration, free from language hindrances. In Southeast Asia’s vibrant startup ecosystem, such technologies are more than conveniences – they are strategic infrastructure.

An intentional mobile-first strategy

For Southeast Asian startups, productivity and efficiency is not just a work ethic – it is an intricate part of the cultural DNA of the region. Picture a startup founder who transforms a casual Kopitiam meeting into multimillion dollar opportunity. Meanwhile, a software engineer from the same startup, balances her coding sprint with picking up her children from school, embodying a workplace philosophy that defies conventional workplace boundaries.

A 2022 study reveals the heartbeat of the region’s fluid workplace ecosystem: eight out of ten professionals reported increased productivity through mobile technology, with over two-thirds highlighting enhanced connectivity as their secret weapon.

The days of rigid hierarchies and fixed working hours are behind us. But with great technology and connectivity comes great responsibility – the same technologies that enable this dynamic work culture, must also provide intelligent guardrails. For a team that spans multiple time zones from Singapore to India, the challenge isn’t just connectivity but creating sustainable work rhythms.

So, while the hustle remains a fundamental expression of the region’s entrepreneurial spirit, technology must help work evolve to a more conscious system that prioritises both innovation and individual well-being. There is a need for a more fluid, dynamic ecosystem where work is less about physical space and more about continuous innovation and unbounded potential.

Intelligent notification systems, focused work modes, and clear communication boundaries are as important as project momentum. Advanced platforms now offer not just connectivity, but mindful connectivity. Features that enhance collaboration by nudging team members to review documents, alerting them on project status, and encouraging natural interactions. What may seem like a minor feature such as a chat interface or expressive emojis, actually play a crucial role in spreading micropositivity, transforming digital interactions from mere transactional exchanges to more human, nuanced communications that subtly boost team morale and engagement.

Fostering an agile and innovative roadmap

As entrepreneurs embark on their journey, they often dive headfirst into the immediate demands of their business, grabbing readily available tools that promise quick solutions. However, as they experience success and begin to scale, their teams may inadvertently develop fragmented workflows, juggling various applications – each one addressing a specific need but collectively creating a chaotic digital landscape.

Also Read: Scaling beyond borders: ASEAN GenAI startups and their global expansion strategies

What initially appears to be minor inconvenience, can quickly escalate into a productivity bottleneck, particularly, when startup teams are spread across multiple countries. The entanglement in tool sprawl can lead to inefficiencies and communication breakdowns, making it challenging to navigate the patchwork of platforms.

In fact, according to a Harvard Business Review study, an average employee toggles between different apps and websites nearly 1,200 times each day. This constant switching results in almost four hours a week spent reorienting themselves after each transition. Over the course of a year, this adds up to five working weeks, equivalent to nine per cent of their annual time at work, lost to inefficiency.

There is also the deeper issue of siloed information, a critical challenge that chokes off the smooth information flow across organisations. These information silos create barriers that impede communication from decision-makers to action-takers, effectively fragmenting organisational knowledge and undermining collaborative potential. According to a McKinsey report, employees spend nearly nine hours each week searching for information across various applications. This inefficiency stems from siloed tools that hinder organisational productivity and slow down workflows.

In the fast-paced environments of Southeast Asia, the ability to pivot swiftly is crucial. Yet, tool sprawl can hinder this agility by tying teams down with cumbersome processes and inefficient workflows. This is where a strategic approach to technology becomes essential. By implementing all-in-one tools that align to the region’s diverse work cultures, startups can streamline their operations while maintaining the robust capabilities needed for resource-intensive tasks.

Consolidating essential functions, such as video conferencing, task management, and extensive data analytics, into a single platform, startups can eliminate the inefficiencies associated with the toggle tax, the silent productivity killer. This approach not only reduces costs but also delivers the agility needed for fast-growing startups, where business goals and objectives can shift overnight. Embracing a cohesive workflow from the outset empowers teams to work more effectively and adapt quickly to changing demands.

The journey of Southeast Asian startups represents more than a regional success story – it offers a blueprint for global technological collaboration. By turning complexity into competitive advantage, entrepreneurs are rewriting the rules of innovation. These startups show that technological solutions are most powerful when they transcend mere functionality, becoming platforms for genuine understanding, collaboration, and shared growth. The Digital Silk Road they are constructing is not just about connecting markets, but about connecting people – breaking down barriers, celebrating differences, and unlocking collective potential.

For entrepreneurs worldwide, the message is clear: innovation thrives not in isolation, but in collaboration. The future belongs to those who can navigate complexity with empathy, leverage technology with wisdom, and view diversity and cross-border operations not as a challenge, but as the most potent source of creativity and progress.

—

Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic.

Join us on Instagram, Facebook, X, and LinkedIn to stay connected.

Image credit: Canva Pro

The post The digital silk road: How Southeast Asian startups are redefining cross-border collaboration appeared first on e27.