The first half of 2025 has delivered a sobering wake-up call to the crypto community. As highlighted in Chainalysis’s latest report, illicit activity in the space has not only accelerated—it has shattered previous records.

With over US$2.17 billion in stolen funds already this year, the industry faces a pivotal moment in its security evolution. Particularly alarming is the rise in state-sponsored hacks, with the DPRK’s ByBit breach accounting for a staggering two-thirds of this year’s stolen service funds.

But it’s not just exchanges under siege. The growing sophistication of attacks on individual wallets—fuelled by social engineering, AI tools, and even physical coercion—signals a shifting threat landscape. That over US$8.5 billion in crypto is currently held in vulnerable personal wallets underscores the scale of the challenge ahead.

For APAC and especially Singapore, where Web3 ambitions remain strong, these developments pose urgent questions about regulation, security standards, and user awareness. The tools for defence exist, but the race to deploy them effectively is on.

REGIONAL

GCash’s IPO is not expected this year, CEO confirms
The company is waiting for what it believes is the most opportune moment to launch, having previously aimed for an IPO by the end of 2025.

Airwallex launches new fund investment tool in Singapore
Its local entity, Airwallex Capital, was granted a Capital Markets Services (CMS) license, which allows it to provide investment fund management and custodial services.

Lamudi’s new parent firm unifies SEA presence with fresh brand
Global real estate group Lifull Connect has launched a new brand called SEA Connect Ventures | The group seeks to consolidate its operations in SEA, where it’s present in Thailand, Indonesia, Cambodia, and the Philippines.

REPORTS, FEATURES & INTERVIEWS

Chainalysis mid-year report: How 2025 became the most dangerous year in crypto
Crypto thefts hit US$2.17B in H1 2025, driven by DPRK hacks and rising wallet attacks, signalling urgent security concerns.

The taste of innovation: Southeast Asia’s emerging F&B tech startups to watch
From sustainable coffee to AI-powered kitchens, discover the startups transforming the region’s food industry through bold, tech-driven innovation.

INTERNATIONAL

Saudi Arabia leads MENA startup funding in H1 2025
In H1 2025, Saudi attracted US$1.34B in investments | This marks a 342% increase from H1 2024 | The Kingdom accounted for 64% of the region’s total funding, led by the fintech sector with US$969M across 20 transactions.

Korean firms race to launch facial recognition payments
Shinhan Card was an early adopter, launching a pilot in 2019 and later expanding to select convenience stores and supermarkets | However, in-person face registration and public skepticism hindered the rollout.

S Korea’s Doosan Robotics to acquire US firm Onexia for US$25.8M
Onexia, established in 1984, specialises in designing automated systems for various industries, including manufacturing, logistics, and packaging.

Nvidia CEO predicts AI will create more millionaires in 5 years
Jensen Huang said that advancements in AI have simplified the creation process | He forecast a future where countries operate both physical and digital factories.

Japan’s Metaplanet buys 780 bitcoins, holdings reach US$2B
This purchase was made at an average price of US$118,622 per bitcoin | According to data from Bitcointreasuries, the company ranks seventh among public corporate bitcoin holders globally.

BYD struggles to expand EV business in India
Since the 2020 border clash, BYD India’s MD Ketsu Zhang has been unable to secure a visa, forcing the company to manage operations remotely from Sri Lanka, Nepal, and Singapore.

Antler-backed EV financing startup Ohm Daily shuts down
The company said it struggled to establish a scalable and sustainable business model | It aimed to offer micro-financial products for gig workers and auto drivers by linking them with institutional lenders.

SEMICONDUCTOR

US fines chip design firm Cadence US$140M for illegal China sales
The charges involve the sale of chip design software and hardware to front companies linked to China’s National University of Defense Technology, a military institution involved in nuclear simulations.

Nvidia reportedly orders 300K H20 chips from TSMC
This move follows strong demand from China and adds to an inventory of 600,000 to 700,000 chips | In 2024, Nvidia sold about 1 million H20 units, according to SemiAnalysis.

AI

Alibaba chief: 90% of AI tech may vanish in 10 years
Alibaba’s cloud and AI unit founder Wang Jian said that OpenAI’s introduction of ChatGPT sparked public interest in AI but also created a “bias” regarding the technology’s potential.

AI cuts tech jobs, but boosts non-tech pay by US$18K: study
A Lightcast report, which analysed over 1.3 billion job postings, reveals that in 2024, more than half of all AI-related job listings came from outside the tech industry.

How AI and Web3 are rewiring music’s infrastructure for a new creative economy
AI-powered platforms are combining Web3 and intelligent infrastructure to streamline rights and royalties in the music industry.

5 AI trends to watch in the next 12 months: Intelligent agents, cost reductions and compute power
Companies are turning to AI-powered knowledge systems to retain expertise and up-skill ageing workforces amid demographic shifts.

People-first teams: How SEA startups embrace remote-first culture in the AI era
Southeast Asian startups are embracing remote-first models and AI tools to scale efficiently while prioritising flexibility and wellbeing.

Inclusive AI isn’t optional – it’s Asia’s tech advantage
If AI is built without inclusion, it won’t just replicate bias; it will amplify it, and Asia must lead with fairness, not just speed.

THOUGHT LEADERSHIP

US-Japan ties strengthen markets, crypto rides the wave
The US-Japan and US-EU trade deals boost global market optimism, with equities rising as investors shift from safe havens like gold.

From molecules to markets: Embedding commercial thinking in biotech from day one
Biotech innovation succeeds when commercial thinking is embedded early, aligning science with market needs, scalability, and user adoption.

Why founders should stop hustling and start automating
Startups scale sustainably when they replace hustle with simple, smart workflow automation using tools tailored to their actual needs.

In the age of AI, people matter more than ever
Organisations that foster emotional safety, reward outcomes, and support AI training will build stronger, future-ready teams.

Why fear is your greatest ally
Fear, when embraced and channeled, becomes a vital feedback tool for entrepreneurs to sharpen ideas and accelerate meaningful growth.

Founders, stop building companies that trap you
One founder’s journey from hustle to clarity, rethinking success, using AI with intention, and building a business that serves life.

From classroom to boardroom: How Singapore’s universities nurture future investment leaders
Singapore’s universities actively foster entrepreneurship and innovation skills among students, enabling them to thrive in dynamic business landscapes.

Beyond competition: Harnessing the power of partnerships in business
The philosophy of proactive partnership is integral to our agency and partners’ progress, serving as more than just a strategy but a core business practice.

The bite-sized path to success: Microlearning in the digital age
Microlearning, with its bite-sized, accessible format, empowers individuals and organisations to thrive in this dynamic environment.

Why continuous learning is key to employee retention in the modern workforce
To retain Gen Z employees, it’s crucial to understand their workplace values and why continuous learning is important to them.

CSR as a core strategy: How Asia’s tech companies are leading the way
By implementing strong CSR strategies, Asian tech firms boost their reputations while advancing sustainable development goals.

Markets on the move: Trade talks, housing slumps, and crypto whales stirring
US-EU trade negotiations edge forward amid tariff threats, as markets rally and a Bitcoin whale move sparks fresh crypto speculation.

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The image was generated using ChatGPT.

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The announcement of a US-EU trade agreement on Sunday has acted as a catalyst, easing tensions that had previously weighed on investor confidence. This development has had a ripple effect across various markets, influencing equities, bonds, commodities, and cryptocurrencies.

As we approach a week marked by high-stakes economic events and corporate earnings, understanding these dynamics becomes increasingly crucial. In my view, the renewed optimism is a welcome change, though the mixed signals in some markets suggest that caution remains warranted.

Let me tell you more.

A boost from the US-EU trade agreement

The US-EU trade agreement has emerged as a pivotal factor in lifting global risk sentiment. For months, trade uncertainty had cast a shadow over markets, with investors wary of escalating tariffs and disruptions to global supply chains.

The deal announced on Sunday has alleviated some of these concerns, fostering a more risk-on environment. Investors are now more inclined to allocate capital to growth-oriented assets like stocks, rather than seeking refuge in traditional safe havens like bonds or gold.

This shift reflects a broader belief that economic stability might be within reach, at least in the short term. However, with major events like the Federal Open Market Committee meeting and US payroll data looming, the sustainability of this optimism remains an open question.

US markets: Choppy trading and rising yields

In the United States, stock markets closed mixed after a volatile session, capturing the complexity of the current environment. The S&P 500 inched up by 0.02 per cent, signalling modest gains, while the NASDAQ climbed 0.33 per cent, driven by strength in technology stocks.

Meanwhile, the Dow Jones Industrial Average dipped by 0.14 per cent, hinting at lingering caution among traders. This uneven performance suggests that while the trade agreement has bolstered confidence, investors are still grappling with uncertainties tied to upcoming economic releases and corporate earnings.

Also Read: US-Japan deal, EU talks, and Japan’s Bitcoin bet: A new chapter for global finance

US Treasury yields, which often serve as a barometer of market sentiment, edged higher across the curve. The 10-year Treasury yield rose by 2.2 basis points to 4.410 per cent, and the two-year yield ticked up by 0.2 basis points to 3.926 per cent.

These increases suggest that investors are shifting away from the safety of government bonds, aligning with the broader risk-on sentiment. Higher yields also reflect expectations of stronger economic growth, though they could pressure equity valuations if the trend accelerates.

The US Dollar Index, a measure of the dollar’s strength against major currencies, advanced by 1.01 per cent. A stronger dollar typically accompanies periods of economic optimism, as it did here, fuelled by the trade deal and improving risk appetite. This dollar rally could pose challenges for US exporters, but it also underscores the market’s faith in the resilience of the US economy.

Commodities: Diverging paths for gold and brent crude

Commodities have displayed divergent trends amid the shifting sentiment. Gold, a classic safe-haven asset, extended its retreat, falling by 0.68 per cent to US$3,315 per ounce.

This decline is understandable in the context of a rising risk appetite, as investors reduce their holdings of gold in favor of assets with higher potential returns. I see this as a natural response to the trade agreement, though gold could regain favor if new uncertainties emerge.

In contrast, Brent crude oil surged by 1.9 per cent to US$70 per barrel, propelled by President Trump’s proposal to impose secondary tariffs on nations purchasing Russian oil ahead of a 50-day deadline. This move has raised concerns about a tighter oil supply, which is expected to boost prices.

The rally also reflects the improving global economic outlook, which tends to lift energy demand. The energy market remains vulnerable to geopolitical shifts, and any escalation in trade disputes could alter this trajectory.

Asian markets and US futures: A mixed outlook

Asian stock markets mirrored the uneven performance seen in the US, with Japan’s Nikkei 225 pulling back by 1.1 per cent. This decline likely stemmed from profit-taking after recent gains, though it highlights that not all regions are fully embracing the risk-on wave. Despite this, US equity index futures suggest that US stocks will open higher, pointing to sustained positive momentum.

Also Read: The future of global payments? Ant bets on AI and tokenized money

Investors are now fixated on a packed week ahead, featuring the FOMC meeting, US ISM manufacturing data, non-farm payrolls, second-quarter GDP figures, and earnings from four of the “Magnificent Seven” tech giants. These events will likely determine whether the current optimism persists or wanes.

Cryptocurrencies: Ethereum’s surge and Bitcoin’s mining milestone

The cryptocurrency market has also captured attention, with Ethereum briefly topping US$3,900, its highest level since December, before pulling back. This surge underscores growing investor enthusiasm for Ethereum, driven by its expanding role in decentralised finance and smart contract applications.

Bernstein analysts have noted that Ethereum treasuries, companies holding Ethereum as a reserve asset, are adopting a distinct approach compared to their Bitcoin-focused counterparts. These treasuries generate staking rewards, providing a yield on their holdings, which marks a significant evolution in how institutions utilise cryptocurrencies.

The analysts caution that this model introduces liquidity and security risks. Staking contracts, while generally liquid, can require days-long queues to unstake, forcing Ethereum treasuries to balance availability with yield optimisation. More advanced strategies, such as restaking or DeFi-based yield generation, further complicate matters by exposing firms to vulnerabilities in smart contracts.

This trade-off between yield and risk highlights the maturing nature of the crypto market, where innovation often comes with growing pains. Companies will need to navigate these challenges carefully to sustain Ethereum’s momentum.

Bitcoin, meanwhile, has seen its mining power approach a new record, with the 7-day average hashrate reaching 942 exahashes per second. This figure sits just below the all-time high of 943.6 exahashes per second set in mid-June, according to data from Blockchain.com.

The hashrate, which tracks the total computing power dedicated to mining Bitcoin, offers insight into the network’s security and the confidence of miners. The recent surge suggests that miners remain bullish on Bitcoin’s long-term prospects, despite its price cooling off in recent weeks.

This increase in mining power has persisted despite a new all-time high in Bitcoin’s difficulty, which adjusts to make mining more challenging as more power is added. Miners’ willingness to expand operations under these conditions reflects their belief in future price gains, likely driven by Bitcoin’s historical resilience and growing institutional adoption.

Also Read: Trump’s trade barriers and crypto bets: Rewriting the rules of global markets

I find this development encouraging, as it signals a robust foundation for Bitcoin, though it also raises questions about energy consumption and profitability if prices stagnate.

My perspective: Optimism tempered by caution

From my standpoint, the advance in global risk sentiment is a positive development, particularly after months of trade-related uncertainty. The US-EU agreement has provided a much-needed lift, and its effects are evident across equities, currencies, and commodities.

The strength in the US dollar and Brent crude, coupled with Ethereum’s price surge and Bitcoin’s mining milestone, paints a picture of a market eager to move forward. Yet, the mixed performance of US and Asian stock markets, along with gold’s decline, reminds us that not all investors are thoroughly convinced.

The week ahead will be crucial in determining whether this momentum is sustained. The FOMC meeting could signal shifts in monetary policy, while economic data, such as payrolls and GDP, will shed light on the health of the US economy. Earnings from tech giants will also play a role, given their outsized influence on market indices.

In my opinion, the current risk-on environment offers opportunities, but investors should remain vigilant. The cryptocurrency space, with its blend of innovation and risk, exemplifies this duality. Ethereum treasuries and Bitcoin miners are pushing boundaries, yet they face hurdles that could temper their progress.

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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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A new study from Japan’s Waseda University sheds light on why university spin-offs, despite abundant academic resources and deep scientific expertise, often struggle to match the success of corporate-born startups. The research, led by Professor Alex Coad of Waseda Business School, dissects the entrepreneurial DNA of both groups and finds key differences in motivations, culture, and identity that may explain the disparity in outcomes.

While University Startup Entrepreneurs (USEs)—faculty, researchers, or students launching ventures from academic labs—bring cutting-edge innovations to the table, they frequently lack the commercial edge that Corporate Startup Entrepreneurs (CSEs) develop from their industry experience.

Coad’s analysis, published in The Journal of Technology Transfer in June 2025, argues that the divergence starts with motivation. USEs often pursue entrepreneurship as an intellectual extension of their research, prioritising scientific exploration over financial returns.

In contrast, CSEs are driven by a mix of autonomy, financial ambition, and market validation, which makes them more responsive to customer needs and commercial dynamics.

As Professor Coad notes, despite robust institutional support, USEs often underperform in the startup arena, a pattern with implications for national innovation strategies across the region.

Also Read: Global sentiment lifts off: The US-EU agreement’s ripple through stocks, commodities, and digital currencies

Moreover, USEs rely heavily on codified, academic knowledge, which may not transfer effectively across industries. CSEs, by contrast, leverage tacit business insights, gleaned from real-world experience, making them more adept at navigating markets and building customer relationships.

Identity also plays a role. USEs often struggle to shed their academic persona and fully embrace an entrepreneurial identity. This psychological barrier, combined with a reluctance to engage in managerial tasks or customer-facing roles, creates organisational friction that hampers growth.

Despite these challenges, Coad is optimistic. “Mentoring and peer networks can help USEs smoothly transition and adapt to their entrepreneurial role,” he says.

He advocates for tailored support from incubators and accelerators, encouraging USEs to adopt lean startup principles and deepen their understanding of customer needs.

This is particularly pertinent for governments and universities in Asia, where national policy often ties innovation performance to the success of academic startups. Adjusting these support systems to account for the unique traits of USEs could improve venture outcomes and help unlock the full potential of university-driven innovation.

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Image Credit: Sincerely Media on Unsplash

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At Echelon Singapore 2025, BNI Ventures CEO Eddi Danusaputro offered an in-depth look at corporate venture capital (CVC) through the lens of his extensive experience in private equity and venture capital. In a candid fireside chat, he underscored that CVCs exist not purely to generate returns but to solve internal organisational challenges. Their role, he argued, is strategic—aligning startup partnerships with core business needs.

Danusaputro highlighted the often underappreciated complexities of integrating startups into large financial institutions, noting cultural clashes and regulatory friction as key hurdles. He recommended that startups engage with CVCs only after achieving post-Series A stability, ensuring they have the right talent and infrastructure in place to support meaningful collaboration.

For global startups eyeing the Indonesian market, Danusaputro stressed the critical importance of local knowledge and nuance, warning against a one-size-fits-all approach. He also proposed the adoption of a “maturation map”, a structured framework to help startups navigate their growth trajectory in a more deliberate and effective manner.

The session served as a practical guide for founders and investors alike, offering clarity on how CVCs can be more than capital providers: they can be catalysts for sustainable, strategic growth.

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Japan’s transport system may be world-renowned for its punctuality and efficiency, but beneath that polished surface lies a growing challenge: how to serve an ageing, decentralising population without sinking under the weight of unprofitable, outdated routes.

Into this complex landscape steps SWAT Mobility, a Singapore-born AI routing startup that’s rapidly becoming one of Japan’s most intriguing transport partners.

Since entering the market in 2020 with encouragement from Japanese investors like UTEC, SWAT Mobility has quietly expanded into over 70 Japanese municipalities.

But what’s driving this demand? It’s not just the tech—it’s timing. With the Japanese government now formally backing demand-responsive transport (DRT) as a key model for modern mobility, SWAT’s AI-powered solutions have found both relevance and resonance.

Also Read: “SEA + Japan is a long game”: MUIP’s Gerrard Lai on cross-border startup collaboration

In this conversation, CEO Jarrold Ong shares what drew SWAT to Japan, how its platform powers more inclusive, efficient transport networks, and why Japan is not just a proving ground but a launchpad for Southeast Asian innovation on the global stage.

Excerpts:

What first drew SWAT Mobility to Japan’s mobility space? Was there a specific gap or challenge that made it clear your solution would fit? How would you describe the key structural challenges that SWAT is trying to solve in Japan’s transport ecosystem?

Our Japanese investors, like the University of Tokyo Edge Capital (UTEC), encouraged us to explore the Japanese market. We discovered that many of the smaller towns in the country faced challenges such as rural transport issues and an ageing population. By 2050, one-third of Japan’s population will be 65 or older, with a concentration of older adults in rural regions due to urban migration.

Current public transport options like fixed-schedule buses fail to meet the specific needs of elderly residents, including inconvenient bus stops, long distances, or poorly timed schedules for essential trips like hospital visits. Public transport operators also struggle with profitability due to low ridership.

The central government has embraced demand-responsive transport (DRT) as a viable solution to these challenges. Multiple regional trials have demonstrated DRT’s potential to deliver more flexible, cost-effective transportation for elderly residents. The government has formally endorsed DRT as an official public transport model, targeting implementation in 500 cities in the next few years. To encourage adoption, municipalities receive subsidies to explore proof-of-concept (POC) projects.

This initiative creates substantial opportunities for tech-driven solutions like SWAT Mobility’s platform to revolutionise public transportation efficiency.

Japan is known for its efficiency and strong transport infrastructure. Where do you see the most enormous inefficiencies or gaps your AI platform helps close?

City governments and public transport operators in Japan face a growing challenge: their public transport systems are often unprofitable, with subsidies used to sustain inefficient fixed-schedule bus routes. These routes, however, fail to meet the needs of elderly residents due to inaccessible bus stops, inconvenient schedules, and limited flexibility.

SWAT Mobility’s platform provides city governments and public transport operators with the tools to transition from traditional, inefficient bus routes to a flexible, data-driven, cost-effective DRT system. This not only benefits elderly and underserved populations but also supports the long-term viability of public transport systems across Japan.

Can you explain how SWAT’s AI-powered vehicle routing works in the Japanese context, especially when layered over local taxi networks?

Transport Analytics Platform: Our Transport Analytics solution enables city governments and public transport operators to visualise their ridership data, uncover insights, and optimise their existing services. Municipalities can analyse current fixed-route operations with our platform to identify inefficiencies and test alternative solutions like Demand-Responsive Transport (DRT).

Also Read: Japan’s innovation dilemma—and why SEA startups could be the answer

Additionally, the platform allows simulations to compare the effectiveness of replacing traditional routes with DRT services. We also provide data analytics consulting services where we source, study, and process relevant data to generate useful insights, enabling clients to make data-driven decisions. Our platform will automatically suggest improvements in the future, streamlining the optimisation process.

DRT System: It offers a flexible and cost-effective alternative to fixed-schedule buses. This solution can be tailored to fit each city’s unique boundaries and service requirements, allowing public transport operators to offer more personalised and efficient service.

• Booking flexibility: Passengers can easily book rides through the Passenger app or via the call centre. This allows for greater flexibility in scheduling, making it easier for elderly passengers to secure rides for appointments like medical visits or grocery shopping.
• Optimised operations: Once a booking is made, our algorithms automatically assign rides to the most efficient vehicle, minimising the number of vehicles on the road and reducing unnecessary mileage. This means fewer empty vehicles driving around, leading to significant cost savings.
• AI-driven driver support: Drivers use the Driver app, which provides turn-by-turn navigation and guides them to pick up and drop off passengers in the most efficient order. By leveraging AI, the system ensures drivers operate only when passengers are onboard, further optimising vehicle utilisation.
• Enhanced accessibility: The system can also offer doorstep pickups and more flexible service times, ensuring that elderly residents have easier access to public transport at times that fit their schedules.

Our DRT solution has consistently proven to be more cost-effective than traditional fixed-route services. By reducing the number of vehicles needed, optimising routes, and increasing accessibility, DRT services can deliver better outcomes with the same or lower operational costs. This results in greater ridership, improved public satisfaction, and a more sustainable transport system.

What kind of data inputs does your system rely on in Japan, and how do you localise your tech to fit unique traffic flows, road layouts, or cultural commuting habits?

We partnered with Zenrin to obtain more accurate map data. Our end-user applications, such as the Passenger and driver apps and call centre software, can be white-labelled and localised in the Japanese language. As part of the service setup, we typically also run simulations and transport planning for our clients.

How does Japan fit into SWAT’s broader growth strategy? Are you targeting other developed markets with similar demographic and infrastructure dynamics?

Japan is a key part of our growth strategy and one of our most exciting markets. It has a mature transport ecosystem, high urban density, and a rapidly ageing population, creating a strong need for efficient, tech-driven mobility solutions.

What also sets Japan apart is the strong appetite for high-quality, optimised services, especially in sectors where labour shortages are becoming more pronounced. We’ve found that developed markets like Japan, where operational efficiency is critical, tend to see greater value in our optimisation technology.

We’re also actively exploring other developed markets with similar infrastructure and demographic dynamics, where we believe we can deliver the same level of impact.

What does success look like for SWAT in Japan over the next 12-24 months?

We currently have operations in over 70 areas in Japan. Our aim is  to be able to triple that in 12-24 months.

We’ve also expanded our product offering to the logistics sector with a Dispatch Management System designed to address complex last-mile challenges. Our solution helps tackle issues related to the “Japan 2024 Problem,” which limits driver overtime hours, as well as the new Logistics Efficiency Act aimed at promoting sustainability. Our technology helps logistics companies improve operational efficiency while ensuring compliance with these evolving regulations.

Also Read: ‘If Japan doesn’t open up, it will stagnate’: UntroD’s Kumamoto on what must change

What does your expansion into Japan say about the capabilities of Southeast Asian startups in solving global-scale infrastructure problems?

Japan is often seen as a challenging market for foreign entrants, especially startups. While established companies have traditionally played a leading role, there’s a growing openness to innovative startups, creating new opportunities for Southeast Asian businesses. That is why our expansion in Japan is a meaningful milestone, not just for SWAT, but for startups across the region. Navigating language and cultural differences has been a valuable learning experience, helping us grow and become more competitive globally.

What are some learnings from Japan that could be applied back to Southeast Asia or other regions that SWAT is exploring?

Collaborating with clients in Japan has been incredibly valuable for our growth. The market strongly emphasises precision, consistency, and high-quality service—traits that have helped us refine our software and operations in meaningful ways. These enhancements have improved our work in Japan and strengthened our capabilities across Southeast Asia and other regions we’re entering.

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