Global markets have entered a phase of heightened caution as fiscal stability concerns ripple across major economies, prompting investors to reassess risk assets and flock toward safer havens.

Investors pulled back from equities amid worries over government debt levels and potential policy missteps, leading to declines in key indices. This retreat reflects broader anxieties about how governments will manage swelling deficits in an environment of elevated interest rates and geopolitical tensions.

This pullback serves as a necessary correction after months of optimism driven by central bank easing expectations, but it also highlights vulnerabilities that could persist if fiscal policies fail to instil confidence. The interplay between rising yields and weakening currencies underscores a market grappling with the realities of post-pandemic debt burdens, where any sign of instability can quickly amplify losses.

US equities under pressure

In the United States, stock markets experienced notable declines, with the S&P 500 dropping 0.7 per cent, the NASDAQ falling 0.8 per cent, and the Dow Jones slipping 0.6 per cent. These moves came as traders digested ongoing fiscal debates in Washington, including discussions around debt ceilings and spending priorities that could strain the economy further.

Federal Reserve outlook and market pause

The broader context involves speculation about Federal Reserve interest rate decisions, with markets pricing in a high probability of a September cut amid softening economic data. From my perspective, these dips in equities represent a healthy pause rather than the start of a deeper bear market, as underlying corporate earnings remain robust in sectors like technology and consumer goods.

If fiscal concerns escalate into actual policy gridlock, we could see more pronounced selling pressure, especially in overvalued tech stocks that have led the rally so far this year.

Also Read: Empathy-first algorithms: The marriage of AI and human psychology in marketing

Dollar strength amid global uncertainty

The US Dollar Index strengthened by 0.6 per cent to close at 98.33, benefiting from its safe-haven status amid global uncertainties. This uptick pushed the index higher to 98.37 in subsequent trading, reflecting weakness in counterparts like the British pound and Japanese yen.

The dollar’s resilience stems from relative economic strength in the US compared to Europe and Asia, where growth forecasts have been revised downward due to trade tensions and energy supply risks. I believe the dollar’s strength will continue in the near term, acting as a buffer against imported inflation, but it risks exacerbating export challenges for American firms if it appreciates too aggressively.

Rising yields and treasury market dynamics

US Treasuries faced selling pressure, with yields on the 10-year note climbing five basis points to around 4.28 per cent. This increase followed weakness in European bonds, where longer-dated securities bore the brunt of investor unease. The par yield curve data for early 2025 shows a steepening trend, indicating market expectations for higher long-term rates amid persistent inflation worries.

In my opinion, this yield surge signals investor skepticism about the Fed’s ability to engineer a soft landing without reigniting price pressures, particularly if fiscal spending remains unchecked. Treasuries, traditionally a refuge, now compete with alternatives like gold, which offer hedges against both inflation and currency debasement.

UK fiscal challenges and gilt sell-off

Across the Atlantic, the United Kingdom grapples with its own fiscal headaches, as long-term bond yields soared to levels not seen since 1998. The 30-year gilt yield jumped to 5.72 per cent, driven by a sell-off that also dragged the pound lower by as much as 1.5 per cent against the dollar.

Prime Minister Keir Starmer faces mounting pressure to clarify budgetary plans, with investors fretting over potential tax hikes or spending cuts that could stifle growth. The pound traded at a three-week low of 1.3375 against the dollar, highlighting the currency’s vulnerability to domestic policy shifts.

I see this as a critical juncture for the UK economy, where Starmer’s administration must balance fiscal prudence with economic stimulus to avoid a prolonged sterling slump. The surge in yields, while painful for borrowers, might force necessary reforms, but it risks tipping the economy into recession if not managed carefully.

Also Read: China, US, Japan to drive 40 per cent of global mobile gaming by 2030

Commodities: Gold and oil diverge

Commodities provided a mixed picture, with gold surging 2.2 per cent to a record high of US$3,533 per ounce. This rally gained traction from expectations of Fed rate cuts and concerns over the central bank’s independence in the face of political pressures.

Analysts project gold averaging US$3,220 in 2025, buoyed by seasonal demand and monetary easing. Brent crude oil edged up 0.7 per cent, as traders weighed supply risks from renewed US sanctions on Russia and OPEC+’s reluctance to increase output. Ukrainian drone attacks and geopolitical escalations have kept prices supported, with Brent trading around US$68 per barrel.

Gold’s ascent underscores its role as a premier safe-haven asset in uncertain times, potentially outperforming equities if fiscal woes deepen. Oil’s modest gains, meanwhile, reflect a delicate balance between supply disruptions and demand concerns, with OPEC+’s upcoming meeting likely to dictate near-term direction.

Asian markets and big tech boost

Asian equity indices opened lower in early trading, mirroring the global risk-off mood, while US equity futures ticked higher, supported by after-hours gains in Alphabet following a favourable antitrust ruling.

A federal judge decided Google would not need to divest its Chrome browser, sparking an eight per cent surge in Alphabet’s stock. This decision avoided harsher penalties, boosting investor confidence in big tech. I interpret this as a positive for the broader market, as it reduces regulatory overhang on tech giants, potentially fuelling a rebound in US indices despite Asian weakness.

In foreign exchange markets, the USD/JPY pair rose 0.8 per cent to 148.40, its highest since early August, amid fiscal concerns in Japan. Near-term support for GBP/USD lies at 1.3500-1.3560, while resistance for USD/JPY is at 148.40-148.90. These levels suggest potential consolidation as traders await clearer signals from central banks.

Bitcoin momentum and institutional interest

Turning to cryptocurrencies, Bitcoin rose 1.63 per cent to US$111,342.85 over the past 24 hours, outpacing the broader market’s 1.6 per cent gain and reversing a 2.95 per cent decline over the prior 30 days. This uptick draws from bullish institutional sentiment and technical momentum.

JPMorgan’s declaration that Bitcoin appears undervalued relative to gold stands out as a key driver. The bank notes Bitcoin’s volatility has plummeted from 60 per cent to 30 per cent over six months, the narrowest gap with gold ever recorded. Their volatility-adjusted model pegs Bitcoin’s fair value at US$126,000, about 13 per cent above current levels.

This assessment positions Bitcoin as digital gold, attracting risk-averse institutions. BlackRock’s US$58 billion stake in Bitcoin ETFs and corporate treasury allocations, now holding six per cent of supply, bolster this demand. However, Bitcoin lingers 12 per cent below its recent all-time high, offering upside potential if stability holds.

I find this JPMorgan call compelling, as it marks a shift from traditional finance’s skepticism toward embracing Bitcoin’s maturation as an asset class. Reduced volatility not only draws in more capital but also diminishes the narrative of Bitcoin as a speculative gamble, paving the way for broader adoption.

Whale accumulation and custody shifts present a mixed but largely positive impact. Institutions like MicroStrategy have added 41,875 BTC since April 2025, while custodians such as Coinbase and Anchorage Digital manage about 80 per cent of ETF-held Bitcoin. Exchange reserves have hit multi-year lows as coins move to custody, reducing immediate sell pressure. This centralisation raises risks if regulators scrutinise custodians or liquidity issues arise. Retail participation stays muted, capping organic demand.

Also Read: Asia Pacific redefines biotech: Global pharma’s strategic shift from West to East

Recent data shows whales holding 1,000-10,000 BTC adding 16,000 coins during dips, while smaller wallets sold off. From my standpoint, this dynamic favours bulls in the long run, as institutional hoarding creates scarcity, but it demands vigilance against concentration risks that could amplify volatility in downturns.

Technically, Bitcoin shows neutral to bullish signals. The price sits above the 200-day simple moving average at US$101,388, with the 50-day SMA at US$114,675 nearing a golden cross. The RSI-14 at 45.54 indicates neutral momentum, while the MACD at -1,830 suggests consolidation. Fibonacci retracement points to resistance at US$113,836 and US$115,864.

A golden cross could draw algorithmic traders, but mixed indicators imply a period of range-bound trading. Predictions see Bitcoin reaching US$120,593 by early September. I view these technicals as supportive of gradual upside, particularly if Bitcoin breaks above US$115,864, which might trigger fresh buying. Failure to do so could test support at US$107,271, but overall, the setup aligns with institutional optimism.

On X, discussions echo this sentiment, with users highlighting JPMorgan’s undervalued call and whale accumulations as bullish catalysts. Posts note corporate treasuries going crypto-native, like SharpLink Gaming’s ETH buys, reinforcing Bitcoin’s appeal. Semantic searches reveal rising institutional sentiment since August, with whales adding significant holdings.

In my opinion, these trends solidify Bitcoin’s trajectory toward US$126,000, driven by convergence with gold and structural demand shifts. While global fiscal concerns weigh on traditional markets, Bitcoin’s resilience positions it as a standout performer, potentially decoupling from equity weakness if adoption accelerates.

Conclusion: Safe havens and Bitcoin’s rise

In summary, the retreat in risk sentiment amid fiscal worries has pressured stocks and currencies, but commodities like gold and Bitcoin shine as hedges. The UK’s bond turmoil exemplifies broader challenges, while US futures hint at selective recoveries.

For Bitcoin, the combination of undervaluation signals, whale activity, and technical poise suggests substantial upside ahead. As a journalist tracking these developments, I remain optimistic about Bitcoin’s role in portfolios, viewing current dips as entry points in a maturing asset class.

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In Asian asset management, the only thing that stays the same is how nothing really stays the same.

While the sheer size and influence of mainland China can’t be ignored, it is Singapore and, more recently, Hong Kong, that are driving fund innovation in the region. Boosted by forward-thinking government initiatives that encourage firms to automate, embrace new technologies like tokenisation and meet the growing demand among Asian investors (and investors in Asia) for overseas exposure, they’ve experienced impressive growth.

From 2022 to 2023, Singapore’s assets under management (AUM) grew by 10 per cent, reaching over US$4 trillion. Hong Kong’s AUM grew by over two per cent, while net fund flows grew by more than 300 per cent. Japan, Taiwan and many other APAC markets have racked up equally impressive numbers.

Behind these headline figures is a more nuanced situation, with much of the growth being fuelled by overseas investors. Seventy-seven per cent of Singapore’s AUM comes from international investors, of which 89 per cent is invested outside the country. In Hong Kong, investors outside of Mainland China and Hong Kong have consistently accounted for 54-56 per cent of total AUM over the past five years.

The exposure local investors get to overseas markets, however, pales in comparison, with access restricted by a lack of automation and interoperability, as well as cross-border regulation that adds further costs and delays. This is not the case for all firms, however, with some pulling away from their competitors and opening up a world of investment opportunities for their clients.

Recently, Calastone commissioned a survey of asset managers, asset servicers and fund distributors across Asia, focussing primarily on Singapore and Hong Kong. We wanted to explore the challenges and opportunities within the space and understand how technology can be harnessed to better serve investors’ cross-border ambitions.

Among the respondents, almost all cited global diversification for local investors as ‘very’ or ‘extremely’ important, with 89 per cent of respondents highlighting further expansion into APAC as a priority. Considering the growth across the region, this is understandable. This is also being driven by a desire to access the influence of the Chinese Mainland’s asset management industry, especially in Hong Kong where local regulatory bodies are making a considerable effort to further open access.

Also Read: How blockchain is optimising payments, assets and workflows

North America was the second most popular market for global diversification, with 63 per cent of respondents seeing it as a priority market. Asian investors understandably want to cash in on the booming equity markets in North America. When asked what their priorities are when selecting investment products, they focus on returns above all else, so enabling better access to global markets is key.

Likewise, the second biggest factor was ‘brand recognition/reputation’ of the fund manager. Despite the rapid growth of domestic fund markets, providing investors access to the biggest names in Western fund management can still be a significant differentiator for Asian firms.

In an attempt to meet this diversification demand, regulatory bodies across APAC have implemented swathes of new regulation. This should be commended, but there’s still work to be done: over half of our respondents cited ‘cross-border investment & market access’ as a regulatory priority. Perhaps unsurprisingly, it’s the Monetary Authority of Singapore (MAS) that has been pushing for progress.

The country’s Variable Capital Company (VCC) framework was a step in the right direction, but, despite attracting considerable interest, it’s still not classified as registered by many overseas jurisdictions, which presents a major hurdle for global acceptance. Hong Kong initiatives such as the Wealth Management Connect (WMC) and Mutual Recognition of Funds (MRF) schemes, launched to open up access to Mainland China, are also in need of refinements to be truly effective.

Many of these issues stem from a lack of standardisation of digital fund infrastructure. While not unique to the Asian market, the problem is exacerbated by the region’s continued reliance on commission-based fund distribution, whether it’s front-end, back-end, or trail commissions. These varying commission structures across different jurisdictions create a fragmented landscape, further complicating the distribution and settling of cross-border transactions.

Asset managers that are able to access seamless and interoperable order routing and settlement systems will gain a huge advantage. These systems not only enhance operational resilience and scalability, but also lay the groundwork for  a truly connected financial ecosystem.

Also Read: Speaking before you scale: Your voice is your most powerful asset

To make that a reality, standardisation built on interoperability and global standards is essential, enabling smoother cross-border collaboration and allowing firms to innovate at the pace of market demands. While some networks have emerged to address these challenges, most remain confined to domestic markets, restricting Asian funds and their investors from accessing overseas opportunities. Connectivity with global reach can bridge that gap, with forward-thinking funds already partnering with third parties to support cross-border distribution and settlement.

All of this is taking place against a backdrop of almost constant product innovation. Our survey found that the two biggest factors driving competition in Asia were product innovation – particularly specialised investment products such as ETFs, REITs, and customised wealth management products – and new technology, including robo advisors and digital brokerages. The next stage of this innovation will be tokenised assets, with regulatory bodies in Singapore and Hong Kong both working to establish themselves as the region’s primary hub for tokenised products.

Initiatives like MAS’ Project Guardian and Hong Kong’s VA Funds Circular mean that the regulatory framework is in place for forward-thinking funds to take advantage of the benefits tokenisation can bring, from increased efficiency and liquidity to seamless cross-border fund transfers.

McKinsey & Company forecasts that US$4 trillion to US$5 trillion of tokenised digital securities could be issued by 2030. Yet, despite the clear potential, just over 55 per cent of respondents to our survey have begun working on tokenised offerings, indicating that there is still plenty of room in the market for firms to gain an early-mover advantage.

Delivering the overseas exposure that domestic investors seek will require a joint effort from the regulators and the funds they govern. The groundwork has been laid, but to fully realise the benefits, automation, interoperability, and global connectivity need to be leveraged to ensure these advancements drive impact both at home and abroad.

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TeamCXO has launched a new platform focused on Asia that connects startups with fractional C-suite executives.

The programme offers part-time and project-based senior leadership to founders in Southeast Asia. It aims to provide startups with seasoned operational experience to help with fundraising, go-to-market strategy, and product development without the overhead of a full-time senior hire.

A fractional executive is a seasoned operator, such as a CFO or CTO, who takes ownership of outcomes, roadmaps, and budgets on a part-time basis or for a fixed duration. This model provides embedded leadership and accountability without the permanent financial commitment.

Also Read: Fractional helps startups figure out marketing leadership with its fractional CMO service

While the trend began in Western markets like Silicon Valley, it is seeing increased adoption in Southeast Asia, where a deepening pool of experienced talent exists. The current downturn in regional investment may also drive founders to seek high-quality input on a more reasonable budget, a scenario where fractional leadership can be highly beneficial.

TeamCXO’s executives are “co-pilots” who assist founders in specific areas. “We’re co-pilots, not the stars,” said Shannon Kalayanamitr, founder of TeamCXO. “Think of us as your sparring partner on strategy, your door-opener when you need one, your interim CXO until traction justifies a full-time hire, your advisor, and even a pre-launch test bed for things like tokenisation–so you move faster with fewer unforced errors.”

Founders can use these co-pilots to manage fundraising processes, rebuild customer relationship management (CRM) systems, accelerate product delivery, establish AI and automation, or explore new business lines.

The platform’s advisory bench is curated and features an array of senior talent. It includes former operators from major regional companies like Lazada, Grab, aCommerce, Ampverse, and Animoca Brands, as well as global firms such as Vice Media, Netflix, and Uber.

The roster also includes exited founders, a “Shark” from Shark Tank Thailand, a former TechCrunch editor, and specialists in areas like actuarial risk and pricing. Access is provided only through a guided matching process to ensure each pairing is individually tailored.

The service is also designed to address the needs of investors and large corporations. Venture capital and private equity firms can utilise the platform to accelerate value creation and enhance governance across their portfolio companies.

Similarly, corporates can gain execution speed for digital, AI, and market expansion projects without expanding their permanent headcount.

For founders navigating a challenging funding environment, the platform aims to provide the necessary traction and added credibility to close investment rounds successfully.

TeamCXO offers support across eight executive functions, including:

• Finance (CFO/strategy): For fundraising narratives, financial models, and business-model proofing.
• Technology & digital (CTO/CDO): Covering architecture modernisation, AI pilots, and Web3 go-to-market advisory.
• Growth & brand (CMO): Focused on CRM rebuilds for lifetime value (LTV), performance marketing, and public relations.
• Product & delivery (CPO): To improve development cadences, define roadmaps, and increase velocity.
• Data & AI: Providing dashboards, forecasting, risk scoring, and actuarial-grade pricing models.
• People & Talent (HR): Assisting with organisational design, compensation, and hiring for hard-to-fill roles.
• Board & Advisory: Supplying independent advisors for governance and regional expansion.

Also Read: The future of work: Navigating the shift to flexible talent models

Startups can engage with TeamCXO through several flexible formats. These include short-term Sprints (2-6 weeks) for tightly scoped projects like a CRM rebuild; a Part-time CXO (1–3 days per week) for 3-6 months to manage a function during a growth phase; On-demand blocks of hours for reviews and decision support; and integrated Pods that combine multiple roles, such as a CFO and CMO.

The engagement process begins with an email or by filling out a short intake form, after which TeamCXO provides a “concierge match” with one to three best-fit operators or pods to align on scope and begin work.

Visit TeamCXO for more details.

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IdeaSpace Foundation, the accelerator backed by the MVP Group of Companies, has officially announced the six startups joining the 13th cohort of its flagship accelerator programme. Themed “Startups for the Future,” this year’s cohort champions early-stage ventures that tackle complex local challenges with scalable, tech-driven solutions.

Spanning proptech, fintech, AI-enabled content, and digital commerce, the chosen startups reflect a growing maturity in the Philippine startup scene where founders are anticipating the next wave of user needs.

“This cohort perfectly embodies our mission to help startups that can scale and contribute meaningfully to the economy,” said Alwyn Rosel, Executive Director of IdeaSpace. “We are excited to partner with them on their journey to build scalable and sustainable businesses”.

The IdeaSpace Accelerator Program goes beyond funding, offering mentorship, network access, and support on operations, fundraising, and marketing. This hands-on approach has made the program a consistent pillar of the Philippine startup ecosystem since its launch in 2012.

Backed by some of the country’s largest conglomerates including PLDT-Smart, Meralco, and Maynilad, IdeaSpace aims to play a unique role in marrying corporate strength with entrepreneurial agility.

Also Read: China, US, Japan to drive 40 per cent of global mobile gaming by 2030

The following is a list of the startups:

Soolok Properties Inc.
Offers a digital platform that aggregates foreclosed property listings from major banks, streamlining the discovery process using a proprietary pricing model to identify high-value deals.

KaHero
A cloud-based point-of-sale (POS) system that empowers small businesses to manage sales, inventory, and operations from anywhere.

Xure
A mobile platform for collectors to buy, sell, and trade collectibles, with built-in appraisal and certification features through a decentralized clearinghouse.

DashoContent
Combines AI with human editorial oversight to streamline content operations—an increasingly critical task for digital-first businesses.

Cloverly
Targets the real estate space with an internal onboarding tool that makes property sales smoother for developers and brokers.

Polka Motors
A loan facilitation platform for motor vehicles, simplifying credit access for aspiring vehicle owners.

“These startups are not just tech-driven; they are purpose-driven,” noted Butch Meily, President of IdeaSpace. “The strength of our network—connecting founders, mentors, investors, and the broader MVP Group—will undoubtedly drive these ventures to new heights”.

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Image Credit: IdeaSpace

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“Just let them try it first.”

That was the common advice when I first started building digital products. In my earlier ventures, from a media-tech startup to a social commerce platform, we defaulted to freemium. The logic was simple: remove the barrier, increase sign-ups, convert later.

It made sense — until it didn’t.

Free users signed up out of curiosity. Many never returned. Others used the free tier indefinitely. Meanwhile, we were burning resources: Backend space, team bandwidth, mental energy. Eventually, we realised we weren’t scaling a product. We were scaling load — without commitment.

When free isn’t really free

Founders often overlook the hidden costs of free trials:

• Support queries from users who may never convert.
• Infrastructure load from inactive accounts.
• Distorted product feedback from non-serious users.
• And most critically: Diluted focus and energy across the team.

If you’re bootstrapped or running lean, this can burn you out before real growth even begins.

I ran the experiments — so you don’t have to

Across multiple ventures, including software, community platforms, and AI tools, I’ve tested different user onboarding and pricing models. Here’s what I’ve learned.

• Freemium

In one of my early platforms under People’s Inc., we offered a freemium model for our social commerce product. While we saw a surge in sign-ups, many accounts remained inactive. And without external funding, the overhead created by these dormant users became unsustainable.

• Time-limited free trials

Later, we tested free trials for our software-as-a-service with a fixed timeframe. After a period, users had to upgrade or lose access. This helped reduce long-term bloat, but the lack of initial commitment meant usage remained inconsistent.

Also Read: Joanna Wong’s second act: Reinvention as a founder strategy

• Paid upfront

In another project, we switched to upfront payments. Fewer sign-ups, but more serious ones. However, the friction was high, and many potential customers hesitated without first seeing the value.

• Free setup + paid commitment

Eventually, we settled on a hybrid approach: Offering free setup or onboarding, while requiring upfront payment for full access. This created trust and reduced friction, while still ensuring the user was invested. The difference in activation and retention was immediate.

This didn’t just apply to SaaS

The commitment-first approach also proved effective in other models. For example, in one community-driven programme, we structured upfront payments for enrolment and bundled access for the first six months. Only later did we open the community as a standalone paid membership.

When launching a new AI tool, Seraphina AI, we ran a paid beta model from the beginning. Users weren’t just testing a tool — they were invested in helping shape it. That focus improved feedback quality and helped us iterate faster with fewer distractions.

In all these cases, asking for commitment upfront helped us build more intentional relationships, and sustainable businesses.

What AI helped (and what it didn’t)

Today, much of our backend and customer engagement is supported by automation and AI. In these ventures, systems we developed in-house help:

• Qualify leads faster.
• Maintain engagement through automated follow-ups.
• Track readiness to buy.
• Reduce repetitive work for the team.

Also Read: The quiet ambition: How Vietnam is winning AI without the noise

But AI didn’t eliminate the need for clear pricing and onboarding design. It simply made the results of each decision more visible — fast.

The commitment-first growth framework

Here’s the approach I now use when designing digital products and programmes:

• Lead with clarity: Be specific about what users will get, and what’s expected in return.
• Charge early (but offer support): Free setup or onboarding creates trust. Full access should require investment.
• Automate the heavy lifting: Use tools to streamline lead management, without losing the human connection.
• Invest in the engaged: Once commitment is clear, prioritise users who are serious about growth.
• Let it compound: Sustainable growth often starts slower, but builds stronger over time.

If you’re building a startup in Southeast Asia, especially with a lean team or limited runway, it’s worth rethinking free trials. What feels like a growth strategy might be delaying your path to product-market fit — or worse, burning out your team in the process.

Upfront commitment isn’t just about revenue. It’s a filter. It helps you focus on people who are ready, and let go of those who aren’t. And in my experience, that’s what makes all the difference.

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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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