WeLab, a Hong Kong-headquartered fintech platform with a presence in Indonesia, has secured an investment from the HKIC, the investment arm of the Hong Kong SAR government.

This strategic partnership will enable WeLab to develop innovative AI agents that will provide more tailored financial solutions, dynamically responding to customers’ personalised needs and behaviours, as well as to expand its business across Asian markets.

The fintech firm will also foster financial innovation and enhance fintech development across the region. As part of the strategic partnership, WeLab aims to upskill 100 per cent of its staff by 2025 through training programmes focused on AI-driven financial skills.

Also Read: Lighthub Asset, WeLab partner to form new digital bank in Thailand

Furthermore, WeLab will support the HKIC’s ecosystem by assisting companies in expanding their operations in Southeast Asia. WeLab also plans to nurture the next generation by providing fintech training to secondary school and university students.

WeLab offers mobile-based consumer financing solutions, digital banking services to retail individuals, and technology solutions to enterprise customers. It claims to have over 70 million individual users and 700 enterprise customers. It operates in three markets under several key brands, including WeLend, WeLab Bank in Hong Kong, various business lines in Mainland China, and Bank Saqu in Indonesia.

Bank Saqu claims it has amassed over two million customers within its first year. The company is actively pursuing a regional growth strategy, with Thailand identified as a key target for its third digital banking license.

WeLab is backed by Allianz, China Construction Bank International, International Finance Corporation, Khazanah Nasional Berhad, TOM Group, and Sequoia Capital.

Paul Chan, the Financial Secretary of the Hong Kong SAR government, said: “This strategic partnership will assist more local and regional enterprises in leveraging AI and fintech, unlocking the potential of finance to support economic development across Asia. At the same time, it will inspire more cross-sectoral innovation and support talent development for the fintech sector.”

Also Read: WeLab acquires Bank Jasa Jakarta to launch digital bank in Indonesia

Clara Chan, CEO of the HKIC, stated, “The HKIC has been very focused on investment in three key themes relating to technology and closely monitoring the development and application of technology in finance as one of the leading industries in Hong Kong, particularly the integration of open-source AI large language models to explore new, AI-based solutions for smart finance and inclusive development in a target-oriented manner. This approach will provide practical scenarios and support for the advancement of smart finance in Asia, enrich the development of Hong Kong’s capital market and enhance Hong Kong’s strengths as an international finance centre.”

The HKIC, wholly owned by the HKSAR government, manages approximately US$7.95 billion (HK$62 billion). Its dual mandate involves seeking reasonable long-term financial returns and channelling capital to build a vibrant innovation and technology ecosystem, with a focus on hard and core technology, biotech, and new energy and green technology.

The post HK government arm invests in WeLab to power fintech innovation across Asia appeared first on e27.

After a turbulent 2024 marked by layoffs and hiring freezes, the 2025 edition of the NodeFlair Salary Report points to a cautiously optimistic outlook for the tech industry in Asia. Drawing from over 130,000 verified data points, the report highlights hiring momentum and mixed salary developments across various roles and markets in the region.

The findings are grounded in NodeFlair’s proprietary database, comprising user-submitted payslips and offer letters, as well as job postings aggregated from leading job portals.

A minimum threshold of 200 data points ensures reliability for each category, with flags placed on entries lacking sufficient data.

The report also notes that job titles and seniority levels may vary across companies, which could affect categorisation accuracy.

“While 2024 was a year of correction for many tech companies, the rebound in hiring seen in early 2025 suggests renewed confidence in digital transformation and emerging technologies,” the report states.

In Singapore, compensation trends for tech professionals present a mixed picture. Software Engineers, a broad category encompassing frontend, backend and full-stack roles, saw a modest 3.3 per cent increase in 2025. However, this figure masks wide disparities based on seniority.

The report found that salaries for Mobile Engineers dipped slightly by 0.2 per cent, while Blockchain Engineers experienced a healthier 3.9 per cent increase. Data-related roles were generally under pressure: Data Engineers and Data Analysts saw declines of 1.5 per cent and 2.4 per cent, respectively. Data Scientists registered a 1.2 per cent drop.

Also Read: Work, tech, and talent: Kristen Lim on the evolving nature of leadership

Cybersecurity Engineers, once a hot commodity, experienced a 4.6 per cent decrease in compensation. In contrast, Solutions Engineers witnessed a robust 11.3 per cent rise, and Game Engineers saw the largest jump, with salaries climbing 28 per cent overall.

Other notable changes include:
– DevOps Engineers: +0.1 per cent
– Site Reliability Engineers: +1.0 per cent
– Systems Engineers: +4.2 per cent
– Product Managers: +3.5 per cent
– SysOps Engineers: +7.6 per cent

While these figures offer a granular view of salary movements, NodeFlair cautions that broader market sentiment, evolving job expectations, and role definitions continue to influence pay scales. Titles such as “Software Engineer” or “Data Scientist” are often used broadly, further complicating year-on-year comparisons.

Competitive edge in employer branding

NodeFlair also analysed the top-searched companies in Singapore, offering insight into how compensation aligns with perceived desirability.

All of the top 15 firms paid Software Engineers at least 10 per cent more than the market median, with 70 per cent offering 20 per cent more. Notably, so-called “FAANG-ish” companies stood out, offering salaries 35 to 52 per cent above the market median.

The report combines salary data with employer reviews, offering a multifaceted perspective on what drives talent interest. This trend suggests that top firms are continuing to use compensation as a lever to attract and retain talent in a recovering job market.

Regional overview: A patchwork of outcomes

Outside Singapore, salary trends across Asia reveal significant variation. India saw an overall decrease in compensation across many tech roles in 2025, suggesting a cautious hiring climate.

In contrast, Vietnam’s data paints a more uneven picture, with some roles experiencing gains while others registered losses.

Also Read: Building an AI-ready Asia by bridging talent, technology, and cyber threats

Indonesia also saw widespread reductions in compensation, reflecting broader macroeconomic pressures. Malaysia’s figures were more mixed, with no consistent trend across roles. The Philippines showed a general decline in pay across most tech roles.

“While market recovery is underway in some regions, others are still navigating a challenging economic landscape,” the report notes. “Employers continue to calibrate their compensation strategies to balance cost management with the need to secure in-demand talent.”

Looking Ahead

As hiring rebounds in early 2025, tech professionals and employers alike are navigating a new normal shaped by shifting role expectations, regional competition, and broader economic pressures. While the salary outlook remains uneven, the industry appears to be stabilising after a volatile period.

For tech workers, the data offers both reassurance and a reality check: opportunities are growing, but compensation trends will likely remain dynamic and role-specific.

As the report concludes, “Adaptability remains key—not only for companies but for talent seeking to thrive in an evolving industry landscape.”

—

Image Credit: Microsoft Edge on Unsplash

The post NodeFlair: Signs of recovery in Asia’s tech sector amid shifting compensation trends appeared first on e27.

Singapore’s tech sector is showing early signs of revival in 2025, following a difficult year marred by hiring freezes and widespread layoffs across the region. According to the NodeFlair Salary Report 2025, companies have begun to cautiously reinitiate hiring activities, fuelling cautious optimism for the months ahead.

This shift suggests that the worst post-pandemic correction may be behind the sector, although uncertainty remains amid ongoing shifts in technology and workplace expectations.

Among the most impactful trends influencing the tech landscape is the growing integration of artificial intelligence (AI) into day-to-day development work.

While the report does not quantify AI’s direct effect on salaries, it offers anecdotal insights from industry leaders that point to a deeper shift in the nature of tech work.

In the report’s “Humans of Tech Q&A” section, several senior leaders reflect on how AI is reshaping workflows, priorities, and potentially the skill sets that drive compensation.

Li Hongyi, Director at Open Government Products (OGP), cautions against the indiscriminate use of AI tools.

“AI is a effective tool as long as you are clear on what problem you’re trying to solve,” he says. “Teams focused on solving problems naturally use AI effectively, while those just trying to ‘use AI’ might build frivolous things.”

Also Read: How can we maximise the full spectrum of tech talent in the digital age?

Li also notes that AI could reduce the cost of building disposable prototypes, hinting at greater efficiency in early-stage software development. This in turn may shift hiring criteria, favouring engineers who can iterate quickly and adapt to changing product demands.

At Carousell Group, CTO Igor Volynskiy observes that most engineers now use AI assistance in some form.

He suggests that AI allows developers to “move up levels of abstraction,” focusing less on code and more on user experience and system design. This could lead to a re-evaluation of how value is measured in technical roles.

Similarly, Rajat Malhotra, CTO at GXS Bank, highlights a distinction that may shape future hiring practices. “AI might replace a developer who simply codes, but not an engineer who engineers a solution,” he states.

Around one-third of GXS engineers now regularly use AI tools, which Malhotra believes improves productivity and enables more personalised product development.

These insights suggest a subtle but growing divide between roles centred on routine coding and those requiring higher-order problem-solving and systems thinking. If these patterns continue, it is plausible that future salary structures will begin to reflect this divergence, rewarding individuals who can integrate AI meaningfully into their work.

Shuyang Quek, Country Head Singapore at Padlet, reinforces the point about AI’s utility when used purposefully. “AI can be efficient if used in a way that’s fit for purpose, like writing code in well-supported languages and stacks,” she notes, underlining the importance of choosing the right tools for the job rather than following trends.

Also Read: How to scale talent in Southeast Asia during unprecedented times

While the NodeFlair Salary Report 2025 does not draw direct correlations between AI use and pay, the shift in discourse among tech leaders indicates that compensation trends may evolve alongside the changing nature of work. Roles that emphasise strategic thinking, user-centric design, and system-level problem-solving may become more highly valued than those focused purely on execution.

As Singapore’s tech industry continues to navigate recovery and transformation, AI’s role appears set to change not only how work is done but potentially who gets paid more for it.

—

Image Credit: Alex Kotliarskyi on Unsplash

The post Senior leaders in Singapore tech industry reflect on how AI is reshaping the workplace appeared first on e27.

Indonesian premium affordable coffee chain Fore Coffee has attracted significant investor interest in its recent initial public offering (IPO).

The offering, which concluded between April 8 and 10, 2025, saw 114,873 retail investors participate and was oversubscribed by 200.63 times via the Indonesia Stock Exchange (IDX) e-ipo system.

This development comes despite the uncertainty in the capital market. According to Wilson Cuaca, Fore Coffee’s IPO success underscores how “an authentic product from a local startup can resonate strongly”.

Fore Coffee, trading under the ticker symbol FORE, is slated to commence trading on the IDX on April 14. The company priced its IPO at IDR 188 per share.

Also Read: Fore Coffee eyes expansion with US$23.2M IPO on Indonesia Stock Exchange

Through the issuance of 1.88 billion new shares, representing 21.08 per cent of its total issued and fully paid-up capital, Fore Coffee is set to raise approximately IDR 353.44 billion (~US$ 22.8 million based on an assumed exchange rate of IDR 15,500 to US$1 for April 2025) in fresh capital.

The newly acquired funds are earmarked for strategic business expansion. Approximately US$ 17.7 million will be directed towards expanding Fore Coffee’s physical presence, with a goal of launching 140 new coffee shops across Indonesia over the next two years.

Furthermore, US$3.9 million is allocated for establishing new donut outlets through its subsidiaries, while the remaining US$1.2 million will be used for working capital.

Established in 2018 with an online-to-offline business model, Fore Coffee offers premium local coffee at an accessible price point. As of September 2024, it has over 216 outlets in 43 Indonesian cities, including tier 2 and 3 cities, and one outlet in Singapore.

The company claims to have demonstrated significant financial growth, with net sales surging by IDR 418 billion (135 per cent year-on-year) to IDR 727 billion as of September 2024, up from IDR 309 billion in September 2023.

Gross profit also witnessed substantial growth, increasing by IDR 252 billion (128 per cent year-on-year) to IDR 447 billion in the same period.

Furthermore, Fore Coffee’s EBITDA growth rose by an impressive 187 per cent year-on-year to IDR 135 billion in September 2024.

The post Fore Coffee’s IPO oversubscribed 200x amid market uncertainty appeared first on e27.

Diversity and inclusion are essential elements in creating a more equitable future for everyone. As we celebrate International Women’s Day (IWD), it is crucial to acknowledge the importance of promoting diversity and inclusion in all aspects of life, including the business world. 

The statistics highlight the need for more action in this area:

• Only 2.5 per cent of startups have solely female founders.
• Startups founded by women have received only 4.4 per cent of venture capital backing since 2016.
• Only 14 per cent of startups have a female CEO.

These numbers show that there is still a long way to go in achieving gender parity in the business world. In Singapore, the situation is even more concerning:

• Women-owned businesses constitute only 27 per cent of all businesses.
• Women-owned businesses account for just 13 per cent of sales in the country.

These figures indicate that women entrepreneurs face significant barriers and challenges in accessing resources and scaling their businesses.

Key challenges women face in business

According to an article in Business News Daily, women entrepreneurs face several challenges in the business world. 

• Some of these challenges include limited access to funding, gender bias, lack of mentorship, balancing work-life responsibilities, and overcoming societal stereotypes. 
• Limited access to funding is a major challenge for women entrepreneurs as they often struggle to secure the necessary capital to start or grow their businesses. 
• Gender bias is another significant obstacle that women face, as they are often subjected to unfair treatment and discrimination based on their gender. 

Also Read: Invest in women, accelerate progress: Why gender equality matters now more than ever

• Additionally, the lack of mentorship and role models can hinder women’s progress in the business world, as they may not have access to guidance and support from experienced professionals. 
• Balancing work-life responsibilities is yet another challenge for women, as they often bear the burden of managing their careers and family obligations. 
• Lastly, women entrepreneurs often have to overcome societal stereotypes and biases that question their abilities and undermine their credibility. These challenges collectively impede women’s progress and limit their opportunities for growth and success in the business world.

Supporting women-owned businesses

By buying from women-owned businesses, we can contribute to closing the gender gap and empowering women entrepreneurs. When we support these businesses, we help create a more inclusive and diverse business landscape that benefits everyone. 

Supporting women-owned businesses is not just about making a purchase; it’s about taking action and making a difference. It’s about discovering their brands, reaching out to them, engaging with their stories, and sharing their successes. It’s about amplifying their voices and championing their cause. 

We’ve created a dedicated space at HitPay called Buy From Her, where we spotlight the online store of the women who have most inspired us in 2023. 

There are stories that are not just about business; they’re personal journeys that resonate with me. Every woman entrepreneur, driven by a commitment to solve real needs in their community, has crafted products not just from passion but from a call to action. These are tales of identifying gaps, taking action, and doing the work to make a meaningful impact.

• Amanda Tan from The CloudTots Singapore, a mother of three kids, realised that today’s kids’ clothes lacked the comfort and creativity that children envision in their imagination. This realisation led her to create clothes with coordinated sets and fun patches for little ones.
• Joana, the creator of The Oneisagi, crafts adorable designs that bring together the love of Japanese aesthetics and cute furry pets. These designs come to life in cute bags or wristlets.
• Maribel created the Tamales Mexicanos restaurant here in Singapore, bringing the flavours of Mexico to Singapore with tasty tamales.

By supporting women-led businesses like these, you not only get access to great products and services but also contribute to building a more diverse and inclusive business ecosystem.

Diversity and inclusion are crucial for creating a more equitable future. As we celebrate International Women’s History Month, let’s take action and prioritise diversity and inclusion within our organisations. By supporting women-owned businesses, we can make a tangible impact and contribute to a more inclusive business landscape.

HitPay is proud to support women entrepreneurs and provides the tools and services they need to thrive. Together, we can create a world where everyone has an equal opportunity to succeed. So, let’s buy from her and make a difference.

—

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 our e27 Telegram group, FB community, or like the e27 Facebook page

Image credit: Canva

This article was first published on March 14, 2024

The post Buy from her: Elevating women’s entrepreneurship appeared first on e27.