eFishery is currently under investigation for allegedly inflating its revenue and profit figures.

A draft report by FTI Consulting suggests that the Indonesian agritech startup overstated its revenue by nearly US$600 million for the nine months leading up to September 2024.

The report indicates that the actual revenue was US$157 million, significantly lower than the reported US$752 million. Furthermore, instead of the previously stated profit of US$16 million, the company recorded a loss of US$35.4 million.

Also Read: The great decline: How Indonesia’s tech funding hit a 3-year low

Internal records also reveal accumulated losses of approximately US$152 million since its inception up to November 2024.

The investigation has also cast doubt on the number of fish feeders the company claims to operate. While eFishery stated it had over 400,000 fish feeders, investigators believe the actual number is closer to 24,000. These accounting discrepancies led to the dismissal of CEO and co-founder Gibran Huzaifah in December.

Despite these allegations, eFishery’s product manager, Elsa Vinietta, has defended the company’s core technology on LinkedIn. She states that its IoT, AI, and apps are real products used by farmers, not just prototypes. She emphasizes that all core aspects of the company were developed in-house.

Meanwhile, a labour union was formed, and eFishery employees rallied outside the Bandung office. The union voiced concerns about the company’s future as reports circulated about potential mass layoffs and a complete shutdown in February. They have demanded that the company cancel any potential layoffs and reassess its business lines, noting that eFishery still possesses substantial assets.

The union also criticised statements that have unfairly tarnished the reputations of all employees, stating that most employees were not involved in any fraud. They have further urged eFishery to resume business operations and to publicly address the fraud allegations.

Patrick Walujo, CEO of GoTo Group and an investor in eFishery, has described the situation at eFishery as “embarrassing.”

Also Read: eFishery gets US$30M loan from HSBC Indonesia

Co-founders Gibran Huzaifah and Chrisna Aditya have stepped down following the investigation and interim CEO Adhy Wibisono has also resigned.

Founded in 2013, eFishery is one of Indonesia’s largest digital co-operatives for fish and shrimp farmers. It offers an integrated aquaculture ecosystem that provides access to technology, supporting fish and shrimp farmers across Indonesia.

Last June, the firm received US$30 million in green and social loans from leading lender HSBC Indonesia.

The post Indonesia’s eFishery faces turmoil amidst fraud allegations appeared first on e27.

Dear reader,

The Indonesian agritech startup, eFishery, is currently facing a major crisis amid allegations of financial misrepresentation.

A draft report indicates the company overstated its revenue by nearly US$600M for the nine months ending September 2024, claiming US$752M instead of the actual US$157M. This discrepancy also revealed a loss of US$35.4 million, a stark contrast to the previously reported profit of US$16 million. Furthermore, internal records show accumulated losses of around US$152 million since the company’s inception.

The company’s claims about the number of operational fish feeders also appear to be exaggerated, with investigators suggesting 24,000 instead of the reported 400,000. Following these revelations, eFishery’s CEO and co-founder was dismissed. The company’s future is now uncertain as union members claim the company plans mass layoffs and closure.

However, eFishery’s employees are pushing back against the fraud allegations. They stress that the core technology is in-house, and many employees weren’t involved in the financial misreporting. The union is calling for management to acknowledge that the majority of the staff was not involved in the fraud. They also insist that the company has sufficient assets to resume operations.

This situation serves as a cautionary tale about the importance of financial integrity for startups.

Sainul,
Editor.

—

NEWS & VIEWS

eFishery allegedly overstated revenue by US$600M
A draft report by FTI Consulting claims EFishery overstated its revenue by nearly US$600M for the nine months ending September 2024 | The report states that the company had actual revenue of US$157M, significantly lower than the reported US$752M.

eFishery employee denies entire company commits fraud
eFishery is facing investigations for allegedly inflating revenue by almost US$600M for its September 2024 results | The company also claimed it operated over 400K fish feeders, while investigators suggested the number was closer to 24,000.

eFishery staff demand answers amid layoff, closure rumours
eFishery labour union members claimed they heard that eFishery, which recently halted operations, is planning to do mass layoffs and close down in February | Workers also criticised “negative and unbalanced” reports of alleged fraud within the company.

The great decline: How Indonesia’s tech funding hit a 3-year low
The total amount raised by Indonesia’s startups in 2024 was US$323M, a 75% drop from the US$1.3B raised in 2023 and a 90% fall from the US$3.24B in 2022 | Fintech, enterprise applications, and insurtech stood out.

iMotorbike gears up for growth with US$10M Series A funding led by Headline Asia
Ondine, 500 Global, Gobi Partners, Endeavor Catalyst, and Astor FMO | The funding will support iMotorbike’s expansion into Malaysia, including new inspection centres and showrooms in key locations and its launch in Taiwan.

SoftBank shares rise on US$100B AI deal with OpenAI, Oracle
This initiative involves partnerships with OpenAI and Oracle Corp. for projects related to data centres and physical campuses | Microsoft and Nvidia are also expected to play roles in this project.

Acquiring the acquirer: Thai proptech firm FazWaz takes the helm at Lifull Connect
This strategic move comes after Lifull Connect’s acquisition of FazWaz in 2023 | FazWaz is a real estate platform that provides brokerage services to make buying, selling, or renting a property easy.

uHoo secures US$3.7M to drive growth in smart indoor air quality solutions
Wavemaker Ventures and Menarco Development Corporation led the round | uHoo Aura provides real-time data on critical environmental factors, including temperature, humidity, air quality, noise levels, and chemical pollutants.

East Ventures completes GP-led secondary transaction with Coller Capital
According to East Ventures, the transaction brings the fund’s distributions-to-paid-in capital (DPI) ratio to approximately 2.0x.

500 Global launches Saudi-based fund
The fund, based in Riyadh, is supported by Saudi Arabia’s Public Investment Fund and Saudi Venture Capital | 500 Global manages US$2.3B in assets and has been active in the region since 2012.

New JV to power Southeast Asia with 500MW of renewable energy projects
Sustainable Asia Renewable Assets has been established within the SUSI Asia Energy Transition Fund and aims to develop a 500MW portfolio of greenfield renewable energy projects across select SEA’s markets by the end of SAETF’s fund life.

Consumer spending on AI apps reaches US$1.1B in 2024: report
Users engaged with these AI-powered apps for over 7.7B hours, and downloads of apps featuring “AI” hit 17B worldwide | The rise in AI app usage followed launches such as Google’s Gemini app and the wider availability of OpenAI’s ChatGPT.

South Korea to build US$1.7B AI centre by 2027
The centre aims for a computing capacity of 1 exaflop, a significant milestone | This initiative is part of South Korea’s strategy to strengthen its AI infrastructure and rank among the top three global AI leaders.

Singapore-based TikTok-like app gains traction in US
Likee, known for its AI-powered video feed, experienced a 143% spike in downloads and a 37% rise in user activity on Jan. 18 compared to the previous day | The trend continued on Jan. 19 with an additional 11% rise in usage.

Intudo leads US$1.25M investment in Banyu to elevate Indonesia’s seaweed value chain
Banyu supports local farmers through high-quality seedlings, advanced farming techniques, and access to stable incomes | The funding will enable it to establish a seedling cultivation laboratory and nursery.

MDI Ventures invests in CYFIRMA to fortify Indonesia’s cybersecurity ecosystem
CYFIRMA’s AI-powered external threat landscape management platform provides cyber defenders with a hacker’s view to help clients prepare for impending attacks.

Line launches apps to boost Asia’s blockchain adoption
The Mini Dapps by Line Next, accessible through the Line app, include games, social media services, and Web3 content powered by Kaia, a Layer 1 blockchain developed with Kakao.

Singaporean startup launches AI tool to automate M&A processes
Navi aims to minimise the time for tasks like buyer research, data enrichment, and outreach, which typically take weeks | It also automates the creation of marketing materials, including teasers and investment memos.

Fintech firm Revolut launches robo-advisor in Singapore
This service provides users with automated investment options through diversified portfolios, starting with a minimum investment of US$100 | It customises portfolios based on users’ financial goals and risk tolerance, assessed through a series of questions.

FEATURES & INTERVIEWS

Fly0 seeks to transform travel finance for the underserved in Bangladesh
Fly0 is built on Islamic finance principles, ensuring its services are ethical, inclusive, and free of interest | Instead of charging interest, the platform earns revenue through pre-arranged commissions with travel providers.

Achieving 202%+ CAGR: How Casa Mia redefines coliving for Singapore’s young professionals
From its inception, Casa Mia catered to a growing need: affordable and community-focused solutions for individuals early in their careers.

The intersection of tech and climate change: 5 key forces that will redefine the global market
According to this Kearney report, the dual nature of tech highlights its disruptive impact and transformative potential.

FROM THE ARCHIVES

How East Ventures adopts materiality-driven ESG strategy for its portfolio companies
East Ventures Partner Melisa Irene explains how the venture capital firm promotes ESG values to its portfolio companies.

How climate tech companies in Asia measure the impact of their work
To answer this big question, we reached out to climate tech companies in the Asia Pacific and get them to explain the details.

Understanding the role of fintech, blockchain in transitioning to net zero
This includes the technological know-how that is believed to be “pivotal” in developing and funding innovations to support net-zero transition.

Kickstarting a sustainable ‘change’ reaction with material innovation
Forward-thinking companies are using material innovation to transform the traditional linear product lifecycle into a circular one.

From grid to code: Why good cybersecurity will help deliver net zero
As Asia becomes a key player in the renewable energy transition, stakeholders must remain vigilant about cybersecurity threats and practices.

Digital transformation for nonprofits: 3 strategies for success
By embracing a culture of learning and innovation, nonprofits can use these tools to make a greater impact on the communities and causes they support.

Asia’s role in climate change: Risks, rewards, and the road to net-zero
As a region that is rich in natural, human, and technological capital, Asia is well poised for a net-zero future.

ESG frameworks and standards: Cutting through the complexity of private markets
Having navigated ESG frameworks myself, I’ve created a concise guide with useful links to demystify these concepts for private markets.

Rewiring our world: How neuroscience unlocks the secret to sustainable tech
Neuroscience offers tools designed to engage, motivate, and inspire — tools that can make sustainability a core part of the tech culture.

Blockchain to the rescue: How tech can combat food waste and secure our food supply
Blockchain holds immense promise in revolutionising food production, consumption, and distribution, addressing critical industry challenges.

Breaking silos and building sustainable synergy: The importance of an integrated sustainability strategy
Integrated sustainability strategies streamline business efforts, ensure cohesiveness across various units and seize green economy opportunities.

The unseen link: How cybersecurity and sustainability converge on Earth Day
Strong cybersecurity practices not only protect data but also contribute to a sustainable digital future, safeguarding our planet.

Is traditional finance failing you? How blockchain can unlock a more secure, personalised future
Blockchain is poised to be the cornerstone of open finance, enabling secure and frictionless transactions in a new financial ecosystem.

Europe’s financial challenge: Can tech bridge the gap to sustainable practices?
Emerging tech like AI, IoT, and blockchain are tackling sustainability issues in finance, boosting accessibility, impact, and reach.

Beyond apps and telehealth: The power of the Village approach for mental well-being
The village offers a platform for genuine conversations, creating a safe space to share challenges and find support in overcoming them.

Will climate change force us to re-imagine travel in the future?
Explore how virtual environments offer a solution for experiencing culture amidst climate change challenges such as water scarcity crises.

How AI and blockchain collaborate for a transparent Web3 future
From politicians to major tech companies, there’s growing recognition, and more efforts are being made to bring AI and blockchain closer together.

From potential to prosperity: Blockchain’s role in reshaping Southeast Asian economies
Blockchain integration in nations like Malaysia marks a transformative era, addressing real-world challenges; a robust solution, not just a trend.

How we designed the future of digital pets in just six weeks
With MetaPals, it isn’t just about looking after a digital animal, it is forming emotional connections and being responsible too.

How the blockchain could change the way the government works
Blockchain’s potential to enhance the public sector has prompted governments to begin testing the technology.

How is Vietnam taking the lead in the blockchain market?
Vietnam leads in global cryptocurrency adoption for 2021 and 2022, second only to Thailand in ASEAN for holders.

On-chain data and Web3 security: Insights from industry experts
Web3 security will shift from a reactive to a proactive approach, prioritizing prevention over post-attack responses.

Navigating the evolving landscape of blockchain regulation in the metaverse era
This article analyses the current and future prospects of blockchain regulation in the United States based on the executive order.

Acing in hackathons: What every tech enthusiast needs to consider
After participating in over 80 hackathons, a journey of multiple wins and experiences, here are my key takeaways.

THOUGHT LEADERSHIP

The climate tech odyssey: Beyond the ‘Valley of Death’ is decades of prosperity
Navigating the ‘Valley of Death’ requires understanding its complexities and its role in the growth of most climate tech startups.

South Africa and Southeast Asia: A new frontier in fintech collaboration
The partnership between Southeast Asia’s investment acumen and South Africa’s fintech ingenuity holds immense promise.

How AI is revolutionising the product management domain
With advancements in quantum computing, reasoning AI, and the potential of AGI, the future of product management looks both exciting and challenging.

Decoding Indonesia’s Personal Data Protection Law: Implications for fintech companies
Indonesia’s PDP Law drives digital progress, urging fintechs to prioritise consumer trust and excellence beyond compliance.

10 mistakes any new founder should avoid in personal branding
Personal branding might seem like a task that can wait, but it significantly influences how people perceive our business.

Squid Game’s Front Man: A masterclass in persuasion
As someone with over 10 years of experience in Public Relations, I couldn’t help but notice the Front Man’s incredible ability to manipulate and persuade.

The post Ecosystem Roundup: eFishery faces fraud allegations | Indonesia’s tech funding hits a 3-year low | iMotorbike raises US$10M appeared first on e27.

 

It was a prescient statement in 2011 that “software is eating the world” by Marc Andreesen.

The appetite for software has continued unabated since then and has become the overwhelming focus of business spend and growth.  It is intrinsic to any and all initiatives in enterprises, startups,   governments, or militaries.

If you break down how and why software ate the world, there are some inevitable conclusions, and also guide us on the next big “feast” that will occur across the business.

Intrinsic and participatory

Software is not a nice enhancement to have: it is at the guts of any business and its processes.  Similarly, on the consumer side, it is part of our daily lives.  Consider your most critical connectivity/comms/social device – your smartphone – now considered “90 per cent software and 10 per cent hardware”.

Software is so intrinsic to the business and our daily lives that IT as a function has largely become a custodian.   The IT leadership in most companies maintains the network and core infrastructure, but gone are the days of IT dictating what specific applications and software Marketing, Sales, Product Engineering, or Strategy and Planning use.

Business units and functions decide on what supporting software they need to execute and compete.   The software thus became not only intrinsic to the business but “participatory” across the entire organisation.   Everybody uses common infrastructure and apps and then utilises specific software at their functional level.  Software, quite simply, is everywhere and at the heart of any company and its activities.

And Greentech — defined as net zero cities; clear air/carbon capture; low carbon mobility; recycling/circular resources; clean energy, and efficiency — will follow an adoption even rivalling that of software!

Valuation and measurement

The ubiquity of software has been significantly driven by the explicit value that it drives for the business and its measurement. We no longer think of monolithic, standalone apps such as ERP and years-long estimates of bottom-line impact.   It is now a continuous alignment between the company business unit’s end goals and the software-based initiative.

What business impact and outcomes will the software drive?  What is the cost of delay if we don’t invest?

Also Read: Empathetic software development: Creating accessibility-first apps for greater inclusivity

Thus “valuation” of what software delivers is a clear and recognised process across organisations. It guides us on how and where to invest and what to expect regarding impact.  And because it is now integral to companies and their ability to execute, it is a key competitive driver and differentiator.

Process and integration

The ability to implement, consume, and maintain software became more and more efficient over time.  It evolved from “programs” and monolithic systems to the building of apps that live on the edge and interact with distributed systems.  Software development and implementation moved through phases such as “Agile” and “scrum” and eventually concepts such as “DevOps”.

These modular, faster methods meant clearer processes for how to build and deliver software.  And any software necessarily interacts and integrates into existing processes and applications.  It is interoperable and delivered across an incredibly rich ecosystem, interacting with components such as IoT and big data.   This maturation around the process and delivery of software has made it the greatest source of startups, wealth creation, and new categories that we have seen in the history of business.

And these are key learnings that we can apply to how and why Greentech will evolve and be adopted across the business and our daily lives.

“Great leaders know that under the turmoil of chaos and change, there is a beauty of patterns and designs.”

Let’s start with intrinsic and participatory, the first major factor in software eating the world.

From a Greentech perspective, the adoption and impact will be felt across:

• Employees
• • Candidates and new recruits will increasingly push the recruiter/employer on the company’s Greentech agenda and results. This is accelerating as pressure as demographic groups such as GenZ are very focused and vocal on this.
  • Employee Engagement is a key issue (e.g. quiet quitting, great resignation) and has a bottom-line financial impact. Ample research and findings validate that Engagement is improved with a sense that the company is actively “doing good” and has a common purpose.

• Business unit and management
  • Business units and line management are pressured to deliver continual efficiencies and improved performance.  Technologies such as Process Mining not only uncover inefficient processes but also have implications for carbon reduction or green and more efficient mobility.
  • These “wins” at the business unit level can be rolled up into the broader corporate Greentech progress, with a positive impact, therefore, on business unit performance and recognition.

• Executive leadership
  • ESG has now become a common component of overall corporate planning, execution and communications. And while it is a useful early-stage framework for sustainable growth targets (carbon footprint metrics, diversity and inclusion), it is still evolving and lacks standardisation.
  • New models and metrics will evolve with the top leadership acutely concerned and involved in understanding how to execute with a cleaner/greener footprint, as well as communicate internally/externally around its efforts.

• Investors
  • Whether current or potential, investors are keenly sensitive to the sustainability and Greentech positioning of the company. This focus and expectation will only continue to grow and pressure the adoption of Greentech across companies.

Greentech will be inexorably driven across the company and, like software, become intrinsic to operations.

Valuation and measurement

The massive, continual software adoption was driven by an ever-clearer ability to define its value.  With valuation and metrics, clear decisions around trade-offs, bottom-line impact, and investment can be made.  Execution and implementation lead to results, which are communicated, and the cycle goes on.

Is Greentech here yet? No. But think about how software evolved, clear processes, metrics and Categories emerged, and the massive economics that was driven.

Also Read: How Singapore is leveraging technology to become a sustainable fashion hub

To look at potential drivers around new ways of modelling and valuation, consider two leading areas of thought: Dasgupta and Doughnuts.

Partha Dasgupta’s ground-breaking work focuses on the real valuation of what we consume. For example, what is the true cost of the power we consume?  Or the full impact and cost of a consumer good we use?  There is huge momentum around this new microeconomic thinking and models.

It will be the industry’s true Innovators and Category Designers who take on and solve this problem in terms of modelling, process, and technology enablers.  Greentech will be valued in the context of the resources used and impacted.

In parallel, the concept of the traditional circular-flow diagram of an economy and GDP is being challenged.   Historical mapping of resource and transaction flow does not capture the energy or the materials on which the economy depends, nor the society in which those activities develop.

A new macroeconomic approach gaining traction is the “doughnut economy”, where thinking and a visual framework for sustainable development are presented – shaped like a doughnut– combining the concept of planetary resources and thus a boundary in which we must operate and live.

In either of the above new ways of thinking, we have the ecosystem around us and the need to rethink the valuation of resources and the full impact we are making. Innovators and creators in Greentech who define these new models will unleash tremendous new wealth, technologies and Category Leadership.

Process and integration

The delivery models and enterprise-wide integration associated with the software must also mature and manifest for Greentech. These initiatives must be interoperable with other company systems and seamlessly feed into the company’s data, tracking and reporting.

Innovations and technologies such as Process Mining which uncover inefficiencies (and the opportunity to lower carbon footprint) are examples of how Greentech can be adopted and accelerated.  But this is only the tip of the iceberg.

Because of the magnitude of the problem (and financial upside), innovators and creators will make Greentech easier and easier to adopt and measure.  There will be new Categories that emerge around this problem-solving.

And history shows that the ones who design the Categories are usually the ones who end up leading them!

“Our economies are embedded within nature, not external to it.”

Internal efficiencies have driven the software and have become integral to the “guts” of a company.

Greentech is driven from the opposite direction – the outside in.  We only need to look around or read the news to understand how big this will be.  So let’s learn from history and create legendary new companies and Categories in the Greentech space!

—

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

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This article was first published on May 31, 2022

The post Greentech revolution: Catalysing software’s success to drive a sustainable future appeared first on e27.

The Asia-Pacific (APAC) region’s digital economy is undergoing a transformative shift, powered by the rapid growth of e-commerce, travel, and cross-border trade. This momentum is fuelled by technological advancements, a thriving startup ecosystem, and an increasing demand for efficient financial solutions. Businesses in APAC are looking for ways to operate more seamlessly across borders, and fintech players like Airwallex are at the forefront of this change, offering innovative solutions that empower companies of all sizes.

Arnold Chan, General Manager of APAC at Airwallex (above), reflects this confidence, “The region’s robust e-commerce, travel, and cross-border trade, coupled with a vibrant startup ecosystem, present significant opportunities. As businesses adapt in this evolving landscape, technology and innovation are crucial for success.”

This vision has been reflected in Airwallex’s strong performance in 2024. In Q3 alone, the company reported an 83% year-on-year revenue increase. It also posted a 49% year-on-year growth in transaction volume across APAC. These figures underscore the increasing demand for digital-first financial solutions that facilitate seamless transactions across borders.

Southeast Asia: a key digital economy growth driver within APAC  

Within APAC, Southeast Asia stands out as a dynamic and rapidly expanding region. With its young, digital-savvy population, rising middle class, and booming digital economy, the region is emerging as a powerhouse for fintech innovation. Countries like Singapore and Malaysia are leading the way, fostering robust startup ecosystems and driving cross-border commerce.

Beyond these established hubs, Indonesia and Vietnam are also experiencing significant fintech growth. Indonesia, with its dynamic economy and growing digital ecosystem, presents a huge opportunity for digital payments and financial services. Meanwhile, Vietnam’s fast-growing economy and rapid digital transformation make it an attractive market for fintech expansion. Businesses in these markets seek faster, more efficient financial solutions. Accordingly, Airwallex is well-positioned to support their cross-border payment needs and operational efficiencies.

Airwallex recognises Southeast Asia’s potential and has made significant strides in the region by supporting businesses of all sizes – whether startups, SMEs, or large enterprises – to manage everything from payments, treasury, and spend management to embedded finance. 

Also read: How these Airwallex talents found their way in the fintech world

Singapore: fuelling startup growth and enterprise expansion

Singapore is a key hub for innovation in APAC, and Airwallex has continued to deepen its presence in the city-state. Building on successful launches in Hong Kong and Australia, Airwallex expanded its Airwallex for Startups programme in Singapore. This programme provides local businesses with resources and tools to scale internationally.

In November 2024, Airwallex awarded its first S$10,000 Level-Up Business Grant to NatureThings, a promising Singapore-based startup that integrates nature into urban environments for enhanced human and spatial wellbeing. To date, over 2,000 startups across various regions have benefited from the programme’s networking events, partner offers, and mentorship.

Low Cher Hao, Head of SME and Growth at Airwallex Singapore, reaffirmed the company’s commitment to the local ecosystem, “Startups and SMEs form the backbone of innovation and entrepreneurship in Singapore. The programme is designed to help them accelerate their growth by offering them the right means and channels to build their business beyond borders.”

Looking ahead to 2025, Cher Hao aims to expand Airwallex’s engagement with the local business community: “The launch of the Airwallex for Startups programme last year was just the beginning. We are looking to do a lot more and offer the support that’s needed to grow their businesses, particularly amidst the variety of challenges local businesses face in today’s macroeconomic climate.”

Beyond startups and SMEs, Airwallex is also focused on empowering larger enterprises in Singapore. This is true particularly through the integration of embedded finance solutions. David Brady, Director of Sales, Enterprise, Southeast Asia, highlights the potential of embedded finance in the region, “Singapore’s strategic position as a financial hub makes it an ideal market for embedded finance. As businesses seek to streamline operations and enhance customer experience, embedded financial solutions will play a key role in enabling seamless payments, digital banking, and innovative financial services across Southeast Asia.”

Also read: Breaking barriers: My journey with Airwallex this International Women’s Day

Malaysia: strengthening fintech innovation and B2B growth

With over 300 fintech companies, Malaysia is rapidly strengthening its position as a startup hub in Southeast Asia. The country’s strong digital economy, coupled with its government’s push for fintech innovation, has created ‌fertile ground for B2B financial solutions.

At the inaugural KL20 Summit hosted by Malaysia’s Ministry of Economy, Jack Zhang, Co-founder and CEO of Airwallex, shared insights into the company’s trajectory and the broader potential of Malaysia in the evolving global fintech landscape. He highlighted the importance of financial technology in driving business efficiency, particularly in cross-border trade.

Looking into 2025, Aren Yip, Country Manager, Malaysia, Airwallex, believes Malaysia’s B2B fintech sector is primed for accelerated growth. “Malaysia is poised to become a regional leader in B2B fintech, driven by global trade, cost efficiency, and AI integration. SMEs are increasingly leveraging fintech for seamless cross-border payments, operational efficiency, and data-driven insights. On top of that, AI is becoming a key enabler in the industry, helping businesses address unique challenges specific to their workflows, industries, and end users.”

Airwallex has also been active in fostering collaboration with key industry players, participating in events alongside Amazon and Xero as well as ecosystem players like Malaysia External Trade Development Corporation (MATRADE), the national trade promotion agency under the Ministry of Investment, Trade and Industry (MITI) and Malaysian Research Accelerator for Technology & Innovation (MRANTI) under the Science, Technology and Innovation Ministry (MOSTI). This engagement underscores Airwallex’s commitment to facilitating trade and supporting businesses in navigating the complexities of international growth.

The road ahead: Driving financial innovation across the region  

As digital transformation accelerates across Southeast Asia and APAC, the demand for financial solutions that facilitate borderless business operations will continue to grow. Fintech players like Airwallex are not only responding to this demand. They are also shaping the future of finance by using AI, embedded finance, and cross-border payment innovations.

With continued growth in key markets like Singapore, Malaysia, Indonesia, and Vietnam, Airwallex is set to play a pivotal role in empowering businesses – whether startups, SMEs, or large enterprises – to unlock new opportunities and scale beyond borders. As the fintech ecosystem in APAC matures, businesses will need a robust and flexible financial infrastructure to stay competitive in an increasingly digital and interconnected world.

–

This article is sponsored by Airwallex

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Featured Image Credit: Airwallex

The post Navigating Southeast Asia’s digital economy in 2025: Trends, growth and innovation appeared first on e27.

It’s no longer just imagination—over the past year, we’ve witnessed AI technology becoming more powerful and accessible. Unfortunately, this also means it’s easier than ever for cybercriminals to exploit AI for hacking and other malicious activities.

Whether it’s generating convincing phishing emails, automating attacks, or bypassing traditional defences, AI has raised the stakes for cybersecurity. That’s why preparing a robust cybersecurity strategy for 2025 is essential, especially for corporations and startups. With the right approach, you can stay ahead of the threats while embracing the opportunities AI offers.

Let’s dive into the steps you can take to future-proof your organisation.

Assess where you are today

Before you can move forward, you need to know where you stand. Start with a full review of your current cybersecurity setup:

• Are your devices protected? Endpoint security is critical for safeguarding workstations, mobile devices, and servers.
• Is your network secure? Regularly check for misconfigurations or gaps in your defences.
• How secure is your cloud? Cloud misconfigurations are a common vulnerability, and the shift to remote work has made this a prime target.

Leverage AI-powered tools to automate this process and uncover vulnerabilities you might otherwise miss.

Bring AI to your defence

When cybercriminals use AI, so should you—but for the right reasons. AI can help your organisation:

• Spot unusual activity in real time.
• Automate responses to stop threats before they spread.
• Predict potential attacks by analysing historical data and trends.

Invest in solutions like AI-driven threat detection platforms or Managed Detection and Response (MDR) services that bring both speed and precision to your security operations.

Lock down your cloud environment

The cloud isn’t just convenient—it’s critical for modern business operations. But with that comes responsibility:

• Use Cloud Security Posture Management (CSPM) to detect and fix misconfigurations automatically.
• Review user access regularly and enforce strict permissions—AI can help by identifying accounts with excessive privileges.
• Keep compliance in check. Whether it’s GDPR, PCI DSS, or NIST, make sure your cloud setup meets the necessary standards.

Also Read: Indonesia’s antivirus reliance: A cybersecurity blindspot

Protect your data at all costs

In the AI era, data is a top target. To safeguard your organisation:

• Encrypt sensitive data at every stage—whether it’s stored on your servers or travelling through the network.
• Adopt a zero-trust architecture, where every access request is verified, even from within your organisation.
• Regularly back up data and test your recovery plans. This ensures you’re ready to bounce back if ransomware strikes.

Train your team to spot AI-powered scams

AI has taken phishing and scams to a whole new level. Sophisticated fake emails, cloned voices, and even deepfake videos can easily trick untrained employees. To counter this:

• Run regular training sessions so your team can identify suspicious emails, links, or requests.
• Use tools that analyse email content and block potential phishing attempts.
• Implement multi-factor authentication (MFA) to add an extra layer of security.

Be ready for breaches

No system is completely invincible. What separates resilient organisations from the rest is how prepared they are to respond:

• Have a detailed incident response plan and ensure everyone knows their role in it.
• Conduct regular simulations to test your defences and refine your recovery process.
• Invest in forensic tools that can quickly analyse breaches, contain the damage, and prevent repeat attacks.

Build security into development processes

If your organisation builds software or digital products, this step is a must. DevSecOps integrates security right into your development pipeline, ensuring vulnerabilities are addressed from the start:

• Automate security checks during coding and deployment.
• Run regular tests on APIs and third-party libraries.
• Encourage developers to prioritise secure coding practices through training and tools.

Also Read: Cybersecurity in Asia: Trending toward a safer digital future

Collaborate with trusted cybersecurity partners

You don’t have to go it alone. Partnering with experienced cybersecurity providers can give you access to advanced tools and expertise without overburdening your team. Look for solutions that:

• Provide round-the-clock monitoring and rapid response.
• Offer scalability, so your security grows with your business.
• Continuously adapt to new threats, especially those driven by AI.

Prioritise compliance and governance

With AI amplifying risks, staying compliant isn’t just about avoiding fines—it’s about maintaining trust with customers and stakeholders. To keep up:

• Monitor regulatory changes in your industry.
• Conduct regular audits to identify and address gaps.
• Use AI-powered compliance tools that map requirements and flag non-conformities automatically.

Stay informed and stay ahead

The cybersecurity landscape is always changing, especially with AI in the mix. Make it a priority to keep your team informed about new threats and best practices.

• Join industry forums and attend webinars to stay updated.
• Subscribe to trusted threat intelligence feeds.
• Create a culture of adaptability, where your team is always ready to embrace new challenges and solutions.

Wrapping up

As we head into 2025, AI will continue to reshape how businesses operate—and how cybercriminals attack. The good news is that with the right strategy, you can turn AI into your greatest ally rather than a looming threat.

By assessing your current setup, leveraging AI for defence, and building a culture of security across your organisation, you’ll be well-equipped to face whatever the future holds. Whether you’re a startup navigating limited resources or a corporation managing complex systems, the time to act is now.

Remember, cybersecurity isn’t just a technical responsibility—it’s a business enabler. Let’s make 2025 the year your organisation thrives securely in the age of AI.

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