It is clear that the world is navigating a complex and uneasy landscape. I will be sharing my observations for 25 February 2025. Monday’s choppy trading session on Wall Street painted a vivid picture of the uncertainty gripping investors, with major US equity indices finishing the day as a mixed bag.

The MSCI US index slipped 0.6 per cent, dragged lower by a 1.5 per cent drop in the information technology sector, while the tech-heavy Nasdaq took an even sharper hit, tumbling 1.2 per cent. What’s driving this jittery sentiment?

Trade war fears are casting a long shadow, fuelled by President Donald Trump’s latest comments on sweeping tariffs targeting imports from Canada and Mexico, set to kick in next week after a month-long delay expires. Add to that his memorandum aimed at curbing Chinese investment in key American sectors like tech and energy, and you’ve got a recipe for heightened global risk aversion.

Let’s start with the trade war angle, because it’s the elephant in the room. Trump’s insistence that tariffs on Canada and Mexico “will go forward” has sent ripples through markets already on edge. These aren’t small players—Canada supplies roughly 60 per cent of US crude oil imports, while Mexico is a critical cog in the North American supply chain, particularly for auto parts and manufacturing.

A 25 per cent tariff on these imports, as Trump has hinted, could jolt consumer prices for everything from gasoline to cars, stoking inflation fears at a time when the Federal Reserve is gearing up to digest key inflation data later this week. The personal consumption expenditures (PCE) price index, a Fed favourite, is on the horizon, and any sign of tariff-driven price spikes could complicate its delicate balancing act between growth and inflation control.

Markets are already pricing in this tension, with US Treasury yields dipping slightly—10-year yields fell 2 basis points to 4.40 per cent, and 2-year yields hovered around 4.17 per cent. It’s a subtle shift, but it signals investors seeking safety amid the storm.

Across the Atlantic, there’s a glimmer of stability amidst the chaos. Germany’s federal election on Sunday delivered a win for Friedrich Merz and the conservative CDU/CSU coalition, a result that’s been met with cautious optimism. Merz’s victory sidesteps the extremes of populist upheaval, offering a steady hand to Europe’s largest economy at a time when trade tensions could easily spill over into the Eurozone.

Also Read: Navigating the capital winter: Strategies for successful fundraising in a slow market

German stocks have seen a modest lift from this outcome, though broader European indices like the Stoxx 600 haven’t escaped the tariff-related gloom, shedding 0.7 per cent earlier this week. It’s a reminder that while domestic politics can provide a buffer, the interconnectedness of global trade means no one’s fully insulated from Trump’s tariff salvo.

Over in Asia, the mood is decidedly sour. The MSCI Asia ex-Japan index dropped 0.91 per cent on Monday, with Hong Kong’s Hang Seng and China’s CSI 300 relinquishing early gains to close down 0.58 per cent and 0.22 per cent, respectively. Chinese tech stocks, already battered by regulatory scrutiny and a slowing domestic economy, took another hit as Trump’s memorandum targeting Chinese investment in US tech and energy sectors added fuel to the fire.

This isn’t just about tariffs—it’s a broader signal of escalating US-China rivalry, with strategic sectors like semiconductors and renewable energy caught in the crosshairs. Early trading in Asia this morning showed indices still in the red, though US equity futures are hinting at a potential rebound when Wall Street opens later today. It’s a classic push-and-pull—risk-off sentiment clashing with bargain-hunting optimism.

Commodities, meanwhile, are telling their own story. Gold climbed 0.4 per cent to a record high on Monday, a clear sign that safe-haven demand is surging as investors brace for turbulence. Brent crude nudged up 0.5 per cent, buoyed by fresh US sanctions on Iran and OPEC’s pledge to offset overproduction, though the bigger picture remains murky.

Tariffs on Canadian oil could tighten North American supply chains, potentially pushing prices higher, but a broader trade war might dampen global demand, pulling them back down. It’s a tug-of-war that’s keeping oil traders on their toes. The US Dollar Index, meanwhile, held steady at 106.66, reflecting a market that’s not yet ready to bet big on either a flight to safety or a risk-on rally.

Now, let’s pivot to the crypto corner, where the mood is even bleaker. Ether, Solana, and Dogecoin are reeling, down 5 per cent, 8.3 per cent, and 7 per cent respectively, as the sector licks its wounds from last week’s massive hack—the biggest in its history. Since mid-December, most altcoins have shed 30-80 per cent of their value, according to Arca, a digital asset manager.

Bitcoin’s holding up better, hovering around US$94,300, but the broader crypto market is under siege. The guilty plea from OKX, a major exchange, for violating US anti-money laundering laws doesn’t help—it’s a US$505 million reminder of the regulatory risks still haunting the space.

Also Read: From boom to bust: SEA’s insurtech market faces funding slump in 2024

Yet, there’s a silver lining in South Korea, where the Financial Services Commission (FSC) just greenlit a roadmap for institutional investors to dive into digital assets. Starting in the second half of 2025, corporates can open real-name accounts to sell crypto for fiat, with plans to expand access gradually. Blockchain advisor Anndy Lian’s bold prediction—that this could vault South Korea to the top of global crypto trading by year-end—might seem ambitious, but it underscores the shifting tides in institutional adoption.

So, where does this leave us? From my vantage point, the global risk sentiment feels like a tightrope walk. The tariff threats are real and imminent, with Canada and Mexico bracing for impact next week. The US economy, already navigating a post-pandemic recovery, could face higher costs and slower growth if trade frictions escalate, though Trump’s camp would argue it’s a necessary move to protect American jobs.

China’s tech clampdown adds another layer of complexity, potentially accelerating a decoupling that’s been years in the making. Yet, there are counterweights—Germany’s political stability, South Korea’s crypto pivot, and the resilience of safe-haven assets like gold suggest pockets of calm amid the storm.

I can’t help but see this as a pivotal moment. The data backs up the unease: equity indices are faltering, yields are softening, and crypto’s taking a beating. But there’s also a case for cautious optimism—US futures are pointing up, and Asia’s losses could be a buying opportunity for the bold. My take? We’re in for a bumpy ride, but markets have a way of finding their footing.

The real test will come later this week with those US inflation numbers—if they’re hotter than expected, all bets are off. For now, I’d keep an eye on gold and the dollar, the quiet sentinels of a world holding its breath.

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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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Commerce media company Criteo has unveiled key shopping trends from Ramadan 2024 across Southeast Asia (SEA), offering valuable insights for brands aiming to optimise their retail strategies during the festive season.

Based on indexed sales data from regional retailers, the findings highlight notable shifts in consumer behaviour and spotlight product categories that experienced heightened demand during the period from March 10 to April 9, culminating in Eid al-Fitr.

Retail activity across SEA demonstrated a steady increase throughout Ramadan, with a marked surge in the last two weeks. Overall, retail sales in the region grew by three per cent compared to the pre-Ramadan period in late February. However, the most significant growth occurred closer to Eid al-Fitr, as sales rose by eight per cent on average during the final fortnight, peaking at an impressive 28 per cent on April 4.

Indonesia recorded the most substantial spikes in retail activity, with sales surging by 74 per cent on 31 March. Malaysia followed suit with a 34 per cent peak on April 1, while Singapore displayed more stable sales patterns, lacking the dramatic surges seen in its neighbouring markets.

Essential shopping drives product category growth

The festive season triggered notable increases in specific product categories, particularly those tied to traditional Ramadan practices. Religious and ceremonial items experienced the highest growth, with sales climbing by 63 per cent across SEA.

Religious veils were especially sought after, witnessing a 150 per cent surge on both March 25 and 31.

Apparel and accessories also saw significant gains, with sales rising by 23 per cent, driven by the custom of purchasing new clothing for Eid celebrations. In Malaysia, dresses saw a 41 per cent increase, while Indonesia recorded a 96 per cent surge in pants sales.

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Food, beverages, and tobacco products followed suit, with regional demand increasing by 19 per cent. Families stocked up for Iftar meals, leading to spikes in sales of soda (+76 per cent), cookies (+66 per cent), and butter and margarine (+49 per cent).

Home and garden products also benefited, with sales growing by seven per cent. Items such as tablecloths (+67 per cent) and air conditioners (+42 per cent) were particularly popular as households prepared for large Eid gatherings.

Early discovery, late-night buys

The report highlighted a unique consumer journey during Ramadan, with product discovery beginning nearly 20 days before major purchasing periods. This extended consideration phase emphasises the need for brands to start campaigns early to capture shopper interest.

Late-night shopping emerged as a dominant trend, particularly between Sehri (pre-dawn meal) and Iftar (breaking of fast). In Indonesia, online sales more than doubled between 3–5 AM, while Malaysia saw a peak in sales from 6–7 AM.

Interestingly, online sales dipped during Iftar hours—6–7 PM in Indonesia and 7–8 PM in Malaysia—but rebounded afterward, with strong sales continuing late into the night.

Singapore, however, exhibited more stable shopping behaviours, with only modest declines during Iftar and relatively consistent activity throughout the day.

Ramadan 2024 saw an average 16 per cent increase in retail sales across SEA compared to the previous year. Malaysia experienced the highest year-on-year growth, with a 21 per cent rise in retail transactions, while Singapore saw a more moderate seven per cent uptick.

Also Read: How to retain local talent as global demand for remote tech workers surges

Despite these gains, Indonesia presented a contrasting picture, with an 11 per cent decline in online sales, suggesting shifting consumer preferences and highlighting the need for local brands to reevaluate their Ramadan strategies.

Optimising retail strategies for Ramadan

Criteo’s findings offer actionable insights for brands looking to maximise sales during future Ramadan periods.

One critical takeaway is the importance of planning promotions and managing inventory around key shopping days. Retailers should target the high-traffic periods of the last two weeks of Ramadan and leverage double-day events with well-timed promotions and flash sales. Accurate demand forecasting, based on historical sales data, can help ensure supply chain readiness and avoid stockouts during peak periods.

Understanding the Ramadan shopper journey is equally vital. With consumers beginning product discovery weeks in advance, brands should initiate awareness campaigns early, aiming to capture interest before the final purchasing surge.

Retargeting strategies can also play a significant role in re-engaging potential customers who browse but do not immediately convert.

Personalisation remains a powerful tool for deepening shopper engagement. Brands can enhance ad relevance by tailoring product recommendations and offers based on individual preferences and shopping behaviour. This targeted approach can drive higher conversion rates and strengthen customer loyalty.

Lastly, leveraging retail media channels offers brands the opportunity to reach high-intent shoppers actively searching for Ramadan-related products. Sponsored ads and targeted promotions within retail ecosystems can significantly boost visibility and engagement during this crucial shopping period.

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During his recent visit to Singapore, e27 met with Robert Young, Vice President of Strategic Innovation at Aicadium, Temasek’s global AI centre of excellence.

We discussed the role of AI in enabling SMEs to scale efficiently and compete in the evolving tech landscape, a process that begins with quality and productivity, according to Young.

“If you are going to assess how well it works, you need to have a structure, a framework. A lot of things look really nice in a brochure, but how do you measure before you start implementing a new thing, before you change your processes and behaviours around it? With that whole process, an SME can actually evaluate the performance of a technology, not just based on feelings,” he says.

“It is an area of maturity for SMEs.”

Young brings over 15 years of experience successfully delivering solutions to customers in various industries. He joined Aicadium after founding Lab Insights. At the company, he was the principal owner and principal consultant leading dozens of laboratory informatics projects over the last 15 years.

In this interview, Young explains how SMEs can maximise the advantages of AI in their operations. The following is an edited excerpt of the conversation.

Is there any other challenge that SMEs face when it comes to getting this technology on board?

One is data literacy, which means being able to understand data and the technology that is also moving so fast. How can we differentiate between the science and the science fiction of these technologies?

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I will give you an example. We are at a restaurant. When they are making food here, as a person running the restaurant, they might think, “Sometimes I get hair in my food, but I do not want that to happen anymore.”

[Understanding] how often this happens is the data literacy part. How often does it happen? How much does it cost to your reputation and bottom line? How can you assess the value of fixing that problem as compared to the cost?

Is there any advantage that SMEs have compared to big corporations when it comes to AI adoption?

They had the expertise of their data decorations, which I have experienced in my journey to technology.

Coming from an SME point of view allows you to approach problems differently. First of all, you are not thinking about these problems academically; you are approaching them practically. Because you understand the entire business process or the entire science behind what you do on a daily basis, you actually have more insight into the things that are important.

How can SMEs begin the process of adopting AI without affecting their existing process?

So, “you cannot” is the short answer.

It is a combination of people, process and technology. You have the technology that can analyse and summarise all of your notes for the day while before, you have to write this down by hand. If I do not change what I am doing, I cannot make the most of its usability.

Another way to think about it is this: back then, we were using typewriters, and then all of a sudden, we had to move to printers and computers. If you just tried to replicate what you were doing with typewriters in the age of the computer, then there would be a lot of value that you were not able to grab.

In terms of people, you also have to bring them along with you. Yes, you can have a leader. You can have top-down thinking about where the most valuable pieces of AI use cases could be. But if you do not go down to understand the day-the-day of SMEs workflows, then you might be limiting their ability to do their best work.

They will have to change something, but you do not want to completely overturn everything they do.

Also Read: The future of work with AI: 2025 and beyond

Now, while we are on the topic of the people … there has been a lot of buzz about workforce upskilling. Do you have any ideas about how SMEs can do this?

It is important to first create a framework for the acceptable use of AI and provide tools and education for people who want to adopt it. As I said before, it starts with data literacy, being able to understand the right language to describe AI’s performance and outcomes. I think that is really important.

You also need to provide a welcoming culture for discovery and the right tooling and framework for SMEs to discover how to use these technologies constructively and contain them so that they do not unknowingly harm operations.

For example, many people nowadays are coming up with frameworks for the appropriate use of chatbots. What are the do’s and do n’ts? What information am I, as a company, allowed to put in there? How do you create the right framework for exploration? How do you create a community inside organizations where lessons learned from one team can be shared with others so the knowledge grows exponentially?

Balancing automation and human expertise. So, how do these two work together?

I think there are ways that you can use AI to codify some of the human expertise, but there are things that you always have to think about intended use. So, any AI that you build, there is a certain amount of capability that it has.

You have to understand what it can and cannot do, and put in processes and controls around the AI so that it is doing what it is supposed to do. You are able to monitor what it is doing and make sure that the human is always in the driver’s seat.

What are the upcoming trends in the next few years?

Predicting the next few years is tough. Five years ago, we did not think of Generative AI as this transformational technology that would revolutionise the world.

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In the current year of 2025, all the way to 2026, I see us starting to unlock things that are actually useful. People are familiar with the Hype Cycle curve; I think we are just coming out of the trough of disillusionment.

In the next few years, we are going to start to see which of the hype was real and which are going to be put aside. Agentic AI has the opportunity to be transformative in a lot of areas in ways that our smartphones have revolutionised how we live every day … but there will also be things that we spend way too much investment on that did not work out. And that is just the nature of new technology adoption.

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Mosaic Solutions, a business technology provider in the Philippines, has announced the acquisition of e-commerce enabler HelixPay alongside a strategic partnership with payment solutions startup PayMongo.

This move aims to create the Philippines’s first unified commerce platform, connecting in-store and digital operations for businesses across all consumer sectors.

The integrated platform seeks to eliminate the complexity of managing multiple systems by incorporating point-of-sale (POS), payments, and digital commerce into a single solution. Through one platform, local businesses can now manage operations, from in-store sales to digital payments and business intelligence.

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According to Brett Doyle, CEO of Mosaic Solutions, this integration marks a fundamental shift in how Philippine businesses operate. By bringing together Mosaic’s enterprise technology, HelixPay’s commerce capabilities, and PayMongo’s payment infrastructure, the partnership aims to remove the complexity that has held businesses back.

He added that the integration promises simplicity in business operations. Businesses can process any payment through a single POS terminal—from tap-to-pay to QR payments—without additional hardware.

This unified system connects with online operations, providing a complete view of inventory and customers across all sales channels. The platform’s analytics offer real-time insights into business decisions.

PayMongo’s payment infrastructure ensures transaction processing across payment methods, from cards to e-wallets to online banking.

This technology integration is already transforming business operations across the Philippines. Restaurants can process tableside payments instantly while updating inventory systems. Retail stores can unify in-store and online operations. Entertainment venues can streamline ticketing and concessions through a single platform.

For businesses with multiple locations, the system provides consolidated reporting across all branches and channels, enabling data-driven decision-making.

Luis Sia, Chairman of PayMongo, believes that the future of commerce in the Philippines is being reshaped through this partnership, enabling businesses to sell smarter, get paid faster, and scale without friction.

Mosaic Solutions provides end-to-end commerce and business management solutions that help businesses optimise operations, enhance customer experience, and drive growth through technology-driven efficiencies. Its clients include F&B brands, such as Pickup Coffee, Pan de Manila, Wildflour, The Moment Group, BBK, and The Grid Food Market.

Also Read: Why live commerce is here to stay in Asia

HelixPay is a commerce enablement platform that provides ticketing, venue management, marketing analytics, and digital sales solutions. Its clients include Warner Music Philippines, Anjo World Theme Park, and Newport World Resorts.

PayMongo empowers online businesses to accept the full range of payment options, including credit cards, e-wallets, and over-the-counter payments. It provides an easy-to-integrate PayMongo API and e-commerce plugins.

The post Mosaic Solutions acquires HelixPay, partners with PayMongo to streamline PH commerce appeared first on e27.

Southeast Asia is at the cusp of an extraordinary transformation. With its digital economy projected to exceed US$1 trillion by 2030, the region is becoming a global hub for innovation and technology. Among the many forces driving this growth, AI stands out as a game-changer. AI is reshaping industries and empowering businesses of all sizes to automate repetitive tasks, personalise customer experiences, and foster creativity in problem-solving.

However, AI’s potential in Southeast Asia will only be fully realised if businesses embrace transformation—beyond just adopting technology. This requires a shift in strategy, how success is measured, workforce readiness, and the fundamental role of trust in AI.

To harness AI’s transformative potential, organisations must commit to a holistic transformation at every level—strategic, operational, and cultural.

Here are four key strategies that leaders can consider when planning their transformation journey.

Balancing short-term gains with long-term vision

The urgency to adopt AI is palpable—85 per cent of mid-market leaders in Asia Pacific fear losing their competitive edge without rapid adoption. However, rushing into fragmented implementations can undermine scalability and long-term value.

Businesses need a cohesive AI roadmap to act as their “north star.” This roadmap should align AI initiatives with strategic business goals, ensuring that adoption is both sustainable and impactful. By adopting an agile, iterative approach, companies can refine AI applications based on real-world outcomes, balancing immediate wins with long-term objectives.

Redefining the measurement of AI ROI

Traditional metrics like headcount reduction or cost savings are no longer sufficient to capture AI’s true value. AI is not just about automating tasks; it’s about redefining work itself. Metrics should focus on how AI enhances decision-making, drives customer satisfaction, and fosters new revenue streams.

Business leaders must embrace a broader definition of ROI that reflects AI’s impact on productivity, innovation, and workforce empowerment. Organisations that rethink productivity and success will be better positioned to sustain gains and thrive in an AI-driven economy.

Workforce transformation

Up-skilling employees is critical for businesses to stay relevant. The Avanade Trendlines report found that a notable 79 per cent of organisations plan to grow investment in AI training and fluency, recognising that people need the knowledge and tools to work alongside AI.

Also Read: Navigating the capital winter: Strategies for successful fundraising in a slow market

Tailored programs, which include practical, role-specific applications of AI, can help employees build confidence and see the relevance of AI in their daily work. Visible leadership is also vital. Internal champions who advocate for AI adoption can inspire teams and ensure that transformation initiatives are embraced across the organisation. By embedding a culture of learning and collaboration, businesses can turn resistance into enthusiasm.

Cultivating a culture of trust

Trust is the cornerstone of successful AI adoption. To build it, businesses need to implement responsible AI practices, including transparency in decision-making, robust governance frameworks, and continuous monitoring.

Creating safe spaces for experimentation is equally important. Leaders should empower teams to test AI solutions on non-critical tasks, encouraging innovation without fear of failure. This fosters resilience and accelerates the path from experimentation to competitive advantage.

Conclusion: Shaping Southeast Asia’s AI-powered future

The future of Southeast Asia’s digital economy depends on its ability to embrace AI with purpose, innovation, and integrity. The question is no longer whether AI will transform the region — it’s how prepared organisations are to lead that transformation. The region’s dynamic businesses are particularly well-positioned to lead the AI revolution, leveraging their ambition to shape the future of industries.

By addressing challenges like data readiness, workforce fluency, and trust, organisations can create environments where AI doesn’t just complement human ingenuity but amplifies it. Leaders who take bold, decisive action today will not only unlock new opportunities but also set a powerful example for how businesses worldwide can thrive in the AI era.

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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.

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