Day: March 25, 2025

Over the weekend, fresh headlines hinted that President Donald Trump’s much-discussed reciprocal tariffs, slated for April 2, might not be the broad, blunt instrument markets initially feared. Instead, they could be more targeted, potentially easing some of the anxiety that’s kept investors on edge. But let’s not kid ourselves—the situation remains fluid, and a major risk still looms large. Markets hate uncertainty, and this story is far from written.

Last week offered a glimpse into how these dynamics are playing out. The Federal Open Market Committee’s (FOMC) latest dot plot stuck to its script, signalling expectations of two rate cuts this year despite a bump in near-term inflation projections from 2.5 per cent to 2.8 per cent.

That’s a notable shift—it suggests the Fed sees price pressures sticking around a bit longer than anticipated. Meanwhile, the median growth forecast took a hit, sliding from 2.1 per cent to 1.7 per cent, a clear nod to the mounting headwinds facing the US economy.

Friday’s market action encapsulated the mood: equities spent most of the day in the red, only to be yanked into positive territory by a late rally from mega-cap tech giants, nudging the S&P 500 up 0.1 per cent by the close. It’s a classic case of the market’s bipolar nature—pessimism giving way to a flicker of optimism driven by a handful of heavyweights.

The bond market, meanwhile, told its own story. The US Treasury yield curve steepened, with long-end yields creeping higher after Fed Governor Christopher Waller suggested the banking system still has plenty of reserves to handle the Fed’s ongoing Treasury runoff without disruption. The 10-year yield edged up 0.9 basis points to 4.246 per cent, reflecting confidence in the longer-term outlook.

At the front end, however, yields dipped—the 2-year yield fell 1.6 basis points to 3.948 per cent—as markets priced in more Fed easing to come. It’s a delicate balancing act: the Fed resisting short-term pressure to pivot aggressively while signalling it’s not blind to the softening growth picture.

The US Dollar Index, up 0.2 per cent to 104.09, notched its first weekly gain in three weeks, a subtle flex of muscle amid the uncertainty. Commodities offered a mixed bag: gold, often a safe-haven darling, shed 0.7 per cent as profit-taking kicked in, while Brent crude eked out a 0.2 per cent gain, buoyed perhaps by geopolitical jitters or steady demand signals.

Over in Asia, the MSCI Asia ex-Japan index dropped 0.9 per cent on Friday—its third straight day of losses—dragged down by tariff fears, though it still managed a 1.22 per cent weekly gain. Chinese tech stocks weren’t so lucky; profit-taking hammered the Hang Seng and CSI 300, which slumped 2.19 per cent and 1.52 per cent, respectively, as investors cashed out amid the overhang of potential trade disruptions.

Also Read: Examining global hybrid and remote work trends beyond the West

Looking ahead, this week’s economic calendar is packed with potential market movers. Friday’s US Personal Consumption Expenditures (PCE) data—the Fed’s preferred inflation gauge—will be the headliner, offering fresh clues on whether those upwardly revised inflation projections hold water.

Earlier in the week, the UK’s February CPI on Tuesday and Tokyo’s March CPI on Friday will shed light on global price trends. Stateside, the Congressional Budget Office’s debt ceiling estimate on Wednesday could stir the pot, especially with the Treasury’s cash pile under scrutiny.

And let’s not forget the steady drumbeat of Fedspeak—comments from Fed officials could either soothe or spook markets, depending on their tone.

Asia’s in the spotlight too. The China Development Forum, which kicked off in Beijing on Sunday and wraps up today, Monday, March 24, has drawn global business leaders eager to gauge China’s next moves. Some are slated to meet President Xi Jinping later this week, a rare chance to take the pulse of China’s leadership amid trade tensions. Early trading in Asian equities today has been a mixed bag, reflecting the push and pull of optimism over narrower tariffs and lingering unease about what’s next.

Then there’s the crypto angle, which has been lighting up financial headlines. Bitcoin, XRP, and Solana (SOL) kicked off Monday with gains, riding a wave of positivity tied to those reports of more targeted Trump tariffs. Bitcoin’s hovering around US$86,500, up 2.7 per cent in the last 24 hours, while SOL’s outpacing the pack with a near six per cent jump to US$138. The S&P 500 futures are cheering, too, pointing to a higher open for US stocks.

It’s tempting to see this as a sign that Bitcoin may have found a floor, with some analysts eyeing a rebound toward US$90,000 if tariff fears continue to ease and the Fed holds steady. Trump’s signalling of a lighter touch on trade and the Fed’s resistance to knee-jerk rate cuts last week seems to have injected a dose of cautious optimism into the crypto space.

Also Read: Global economic shake-up: Bitcoin hits US$90K, German bonds slide

Michael Saylor’s MicroStrategy is another piece of this puzzle. The company’s CEO has been dropping hints via his “Saylor Bitcoin Tracker” posts on X, a reliable signal that more Bitcoin buys are coming. Sure enough, the word is that MicroStrategy might announce a massive purchase—potentially 500,000 BTC, worth billions—tomorrow morning.

Saylor’s strategy of scooping up Bitcoin during dips has turned MicroStrategy into a crypto behemoth, with its holdings currently valued at US$8.73 billion, down from a peak of US$19.50 billion. It’s a bold bet on Bitcoin’s long-term value, and if this rumoured US$21 billion acquisition pans out, it could light a fire under the market just as sentiment starts to thaw.

Fidelity Investments is making waves too, stepping into blockchain tokenisation with a filing to register a tokenised version of its US dollar money market fund on the Ethereum network. Submitted last Thursday to the SEC, the plan involves a new “OnChain” share class for its US$80 million Fidelity Treasury Digital Fund, mostly made up of US Treasury bills.

It’s a move that echoes efforts by BlackRock and Franklin Templeton, signalling that traditional finance is increasingly cozying up to blockchain’s promise of transparency and efficiency. If approved, it could mark a turning point for how institutional money flows into digital assets.

Ethereum itself is a bit of a paradox right now. The price has been sliding—down over 51 per cent from its December peak of US$4,100 to around US$2,000—yet so-called “Ethereum whales” are quietly stacking their bags. Glassnode data shows wallets holding at least US$100,000 worth of ETH jumped from 70,000 on March 10 to over 75,000 by March 22, a stark contrast to the 146,000 seen when ETH was flying high in December. Analysts are eyeing a potential breakout to US$2,200 if buying pressure builds, but for now, ETH’s stuck in a rut, caught between whale accumulation and broader market malaise.

The prospect of more targeted tariffs is a lifeline for markets desperate for clarity, but the risks haven’t vanished—they’ve just shifted shape. The Fed’s juggling act—balancing inflation worries with growth concerns—keeps everyone guessing, and this week’s data could tip the scales either way.

Crypto’s riding a wave of cautious hope, bolstered by big players like Saylor and Fidelity, but it’s tethered to the same macro uncertainties as equities and bonds. Asia’s fate hinges on how China navigates this tariff tightrope, and the US debt ceiling looms as a wildcard. It’s a high-stakes game, and while the pieces are moving, the board’s still a mess.

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In the bustling streets of Chandigarh in north India where two-wheelers weave through traffic and helmet laws are strictly enforced, Arvind Sethi, CEO and co-founder of DualSafe, experienced a life-altering moment. Years ago, a near-fatal accident left him shaken but unscathed—thanks to a properly strapped helmet.

That incident, coupled with the daily hassle of managing helmets for himself and his wife, planted the seed for an idea: a smarter, more practical safety solution for riders.

Fast forward to 2025, and DualSafe’s innovative two-in-one wearable safety helmet is turning heads, not just in India but globally, as it redefines road safety with a blend of ingenuity and advanced technology.

A helmet born from pain points

For Sethi, the inspiration behind DualSafe’s flagship product, the dual helmet, was deeply personal. Growing up in Chandigarh, a city known for its disciplined traffic culture, he was no stranger to the logistical headache of carrying, storing, and maintaining helmets. “Even one helmet can be a hassle, let alone two,” he recalls.

The problem compounds for pillion riders, who are often handed substandard helmets—if any at all—leaving them disproportionately vulnerable in accidents. Add to that the wear and tear from sun, pollution, and moisture, plus hygiene issues like hair fall from sweaty, dirty helmets, and it’s no wonder many riders skip this critical safety gear altogether.

DualSafe set out to solve these pain points with a helmet that’s more than just protective headgear—it’s a safety gadget. Launched after over four years of development, the dual helmet is a two-in-one design that fits seamlessly into the limited storage of standard two-wheelers while packing advanced features like mobile connectivity, helmet-to-helmet communication, and an integrated camera.

Recognised by SiliconIndia as one of the Top 10 wearable startups in 2023, DualSafe’s minimum viable product (MVP) showcases IoT capabilities that hint at its potential to evolve into a fully connected device.

How it works: Safety meets convenience

The dual helmet tackles the practical and safety challenges head-on. Its compact, patented design ensures both rider and pillion helmets slot into a single unit, eliminating the need to juggle multiple pieces.

A protective shell shields the interior from environmental damage, while enhanced ventilation and a cooling effect keep riders comfortable, even at sweltering traffic stops.

Also Read: Indonesian startup Helmad turns your two-wheeler helmet into a moving billboard

Perhaps most impressively, the helmet’s structural design mimics the multi-directional impact protection system (MIPS)—a premium feature that typically adds €50-60 (US$54-65) to a helmet’s cost—without the extra price tag.

In a country like India, where road accidents claim over 150,000 lives annually, and helmet non-compliance remains a stubborn issue, DualSafe’s approach could be a game-changer. By addressing usability (storage and hygiene) alongside safety (MIPS-like protection), the helmet encourages consistent use—potentially shifting rider behaviour in a market where enforcement alone isn’t enough.

Watch it in action here: Dual helmet demo.

From concept to reality: A four-year journey

The road to DualSafe’s MVP wasn’t without bumps. Sethi and his team finalised the concept in April 2020, partnering with InventIndia Innovations Private Limited to bring it to life. But the COVID-19 pandemic threw a wrench in their plans.

“We couldn’t find a single vendor in India with the capacity and capability to develop the protective shell per our design,” Sethi explains. After a global search, DualSafe turned to manufacturers in Hong Kong and China to complete the critical component.

Four years later, the result is a helmet that’s not only functional but scalable. With patents secured in India, the UK, and the USA, and a Patent Cooperation Treaty (PCT) clearing 10 claims, DualSafe has already brainstormed 11 additional features based on expert feedback—think geospatial photography, RFID sensor scanning, and volumetric video cameras for AR/VR integration.

A business model built for scale

DualSafe’s revenue strategy is as ambitious as its product. The company is targeting B2B sales, with ongoing talks with two-wheeler manufacturers, taxi aggregators, delivery organisations like Zypp Electric and rental organisations (details remain under NDA).

From there, the plan is to flow into B2B2C and B2G channels through dealerships, eventually hitting a threshold of 150,000 helmets annually to launch direct-to-consumer (D2C) sales via their website and marketplaces.

Globally, DualSafe has its sights on 62 countries with significant two-wheeler populations, 34 of which mandate helmets for both riders and pillion passengers. Exports are on the horizon, starting with the US, UAE, and South Africa. For markets with stringent certifications like DoT, SNELL, or ECE, Sethi envisions a royalty model, licensing DualSafe’s patented tech to local manufacturers. “It’s impossible to achieve every certification ourselves,” he admits, “but we can still bring the benefits of DualSafe to riders everywhere.”

Beyond two-wheelers: A helmet for all

While two-wheeler safety is DualSafe’s core focus, its applications extend far beyond. Industries like mining, construction, cement, oil rigs, and defence have shown interest, drawn by the helmet’s compact storage and IoT features.

Imagine a construction site where helmets double as communication hubs via Wi-Fi or RF, or an oil rig where a chinstrap alarm ensures compliance. Features like speed monitoring, geospatial tracking, and 360-degree environmental scanning could even transform the Dual Helmet into an industrial “black box” for safety audits.

Driving change in India and beyond

In India, where helmet compliance lags despite alarming accident stats, DualSafe’s strategy hinges on redefining the helmet experience. “It’s not just about meeting regulations,” Sethi says. “It’s about making helmets something riders want to wear.” Enhanced comfort and built-in safety features address the root causes of non-compliance— inconvenience, discomfort, and poor quality—while partnerships with major manufacturers could flood the market with DualSafe helmets, normalising their use.

Internationally, regulatory navigation remains a challenge, but Sethi is optimistic. Tie-ups via the royalty model will ease entry into complex markets, ensuring DualSafe’s vision reaches riders worldwide.

The future is smart—and safe

As smart wearables gain traction—much like wristwatches evolved into fitness trackers—Sethi sees helmets following suit. “Safety headgear will be replaced by safety gadgets, especially two-in-one designs,” he predicts. With its blend of practicality, protection, and IoT potential, the dual helmet is poised to lead that charge, proving that innovation can save lives, one ride at a time.

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Vietnamese solar energy firm Stride has announced that it has secured a Series A equity investment from new investor UOB Venture Management, alongside existing investors Clime Capital and Touchstone Partners.

This round comes less than a year after the company secured US$3 million in a debt financing facility from the Swedish solar investment platform Trine.

The company stated that this fresh capital injection will be crucial in scaling its operations and unlocking further green financing opportunities from current and potential lenders.

Stride’s business model revolves around a platform that integrates tailored financing, technology, and quality assurance to simplify adopting rooftop solar and battery energy storage systems for residential and small and medium-sized enterprise (SME) customers across Vietnam.

The firm claims it has experienced rapid growth through strategic partnerships with a wide network of solar installers. This network, combined with Stride’s proprietary digital platform, ensures that homeowners and SMEs receive high-quality solar installations.

This development aligns with Vietnam’s ambitious plans to increase its solar power capacity. The Ministry of Industry and Trade (MoIT) is revising its Power Development Plan VIII (PDP8) to elevate the targeted solar power capacity from over 25GW to 34GW by 2030.

Also Read: Swedish firm Trine backs Vietnamese solar energy startup Stride

Notably, solar energy is expected to constitute approximately 45 per cent of this added power capacity. Stride believes its innovative platform will play a significant role in supporting PDP8 and facilitating the widespread adoption of solar energy in Vietnam.

Andrew Fairthorne, co-founder and CEO at Stride, said this funding will contribute to Vietnam’s climate goals by enabling more households and small businesses to access cost-efficient green energy.

Clarissa Loh, Executive Director at UOB Venture Management, commented on Stride’s unique position in supporting micro businesses transitioning to solar energy via rooftop installations. She stated that Stride is making a significant contribution to Vietnam’s clean energy transition needs, especially considering the country’s vulnerability to climate change impacts. Furthermore, she added that this new financing round will enable Stride to expand its solution and generate positive social and environmental impact within the ASEAN region.

Since its establishment in 2021, Stride has rapidly expanded its presence across Vietnam, establishing itself as a leading provider of financed clean energy solutions for Vietnamese residential and SME customers.

Previously, Stride raised seed-stage equity capital from Clime in May 2023 through its first fund, SEACEF I, and Touchstone Partners.

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Moving towards greener solutions in Singapore’s logistics industry is about more than just meeting environmental goals. It’s about businesses collectively enhancing operational efficiency, reducing costs, and leading the way in innovation.

As we continue to focus on shaping the future of logistics, DSV Singapore is proud to announce a recent milestone in our journey toward a greener supply chain with the acquisition of two Volvo Electric Trucks in Singapore. The delivery of the Volvo FL Electric and Volvo FM Electric models marks a significant moment for our operations and signals our commitment to adopting advanced technologies that help reduce environmental impact while delivering effective logistics solutions.  

The acquisition of these electric vehicles is essential for our green logistics operations, significantly reducing carbon emissions across supply chains. The Volvo FL Electric, optimised for urban distribution, is ideal for navigating Singapore’s busy streets and supporting cargo deliveries.

On the other hand, the Volvo FM Electric, with its larger capacity and longer-range capabilities, will support our long-haul operations. Together, these trucks represent the latest advancements in electric vehicle technology and offer cleaner, more efficient transportation solutions to our customers. 

At DSV, we recognise the importance of supporting Volvo’s goal of achieving net-zero emissions by 2050. As businesses, we have a responsibility to contribute to global sustainability efforts by adopting environmentally responsible practices that reduce our collective carbon footprint. This responsibility extends beyond simply meeting regulatory requirements; it is about taking proactive steps to help address the pressing environmental challenges of our time.  

The Singapore Green Plan 2030 sets ambitious targets, including increasing the adoption of electric vehicles (EVs) for both public and private sector fleets. As part of this strategy, Singapore plans to make significant investments in EV infrastructure, encourage the use of green technologies, and reduce the carbon footprint of the transport sector.

Also Read: Electrifying Southeast Asia: Unleashing the radical potential of electric vehicles

Furthermore, the Green Plan emphasises the importance of collaboration among businesses, government agencies, and the public to achieve these sustainability goals. Our partnership with Volvo supports this collaborative approach.

By adopting Volvo electric trucks, DSV contributes to Singapore’s long-term vision of becoming a carbon-neutral city-state by 2050, in line with Singapore’s national climate target. This commitment to further reduce emissions sets a benchmark for responsible logistics aligned with global and national sustainability goals. 

Feedback from our clients has been overwhelmingly positive, and we see this as the onset of a promising transition. We are confident that this shift will not only enhance the efficiency of our operations but also support our customer’s own sustainability initiatives.

As we continue to grow, we are actively working with other stakeholders in the logistics industry to explore how electric vehicles can further optimise supply chains and contribute to a greener logistics landscape.  

The positive strides we’re making here in Singapore are part of our broader global vision to lead the logistics industry toward sustainable practices. The partnership with Volvo Trucks is a critical part of this strategy, and we are confident that this will deliver a lasting impact on our operations, the environment, and the logistics needs of our customers.  

As we drive forward with our green initiatives, we remain focused on fostering innovation, delivering high-quality service, and helping our customers achieve their sustainability goals. The introduction of Volvo Electric Trucks into our fleet is just one step in our broader journey, but it is one that positions DSV and our partners for success in the future of green logistics. 

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Manila-based early-stage VC firm Kaya Founders has announced a series of new and follow-on investments at the start of 2025, demonstrating a strong belief in the potential of the Philippine tech startup ecosystem despite a more subdued funding environment across Southeast Asia in recent quarters.

The latest additions to Kaya Founders’s portfolio include fintech company LenderLink, an alternative credit data provider for consumer lenders; insurtech ProTech, which offers device insurance for emerging markets; and Foodoo, an F&B startup streamlining transactions within the B2B food industry. These investments were made through its ‘Zero to One Fund’ and seed to Series A-focused’ One to Ten Fund’.

Also Read: Kaya Founders looks to back 30-40 startups in SEA with new funds

In addition, Kaya Founders has participated in follow-on pre-Series A funding rounds for two existing portfolio companies: Sourcy, a B2B AI product recommendation engine, and EDGE Tutor, an online tutoring outsourcing company.

Ray Alimurung, General Partner at Kaya Founders, stated, “We believe in investing in the foundational rails for key industries in the Philippines, such as lending and food service. Like the Meta’s and the Amazon’s of the world have previously enabled, we see a future where new business models can be unlocked and built on top of the infrastructure and technology created by our latest portfolio companies.”

Founded in 2021, Kaya Founders is led by Campos (co-founder and former CEO of ZALORA Philippines), Ray Alimurung (former CEO of Lazada Philippines), and Lisa Gokongwei-Cheng (founder and CEO of Summit Media). Kaya invests in the next generation of tech-enabled companies in the Philippines and Southeast Asia. It invests in pre-seed to Series A companies, with cheque sizes ranging between US$100,000 and US$500,000.

Earlier in 2025, Kaya Founders outlined its investment themes for the year, which centre on three key areas: (1) AI-powered B2B platforms transforming the Philippines’s largest industries, (2) tech-enabled B2C models for the country’s emerging middle class, and (3) embedded credit solutions fuelling SME growth and empowering consumers.

Also Read: Mapping the future: 30 most exciting startups in the Philippines

The VC firm has made 50 investments, spanning e-commerce, SaaS, healthcare, financial services, and agriculture. Its noteworthy investments include Etaily (announced a US$17.8 million Series A funding round in November 2023), cloud logistics platform Locad (raised its own US$11 million Series A round in January 2023), salary on-demand provider Advance, global plastic credits marketplace Plastic Credit Exchange, and microinsurance platform RuralNet.

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