The Asia-Pacific (APAC) region has solidified its position as the global centre of grassroots cryptocurrency activity, spearheaded by widespread adoption in India, Vietnam, and Pakistan, according to a new report.

The sixth annual Chainalysis Global Crypto Adoption Index for 2025 shows that while India and the United States lead the world overall, several Southeast Asian nations feature prominently in the top rankings, signalling a significant shift in crypto momentum towards the Global South.

The report highlights that APAC is the fastest-growing region for on-chain crypto activity, recording a 69 per cent year-over-year increase in value received in the 12 months ending June 2025. Total crypto transaction volume in the region surged from US$1.4 trillion to US$2.36 trillion, more than doubling last year’s growth rate of just 27 per cent.

Also Read: Tether, Binance, OKX join forces with police to halt US$50M crypto scam in SEA

Within the top 20 countries for grassroots adoption, Vietnam ranks fourth globally, followed by Indonesia (7th), the Philippines (9th), and Thailand (17th). This strong showing is attributed to robust engagement from their populations across both centralised and decentralised crypto services.

The index ranks 151 countries based on four sub-indices designed to measure grassroots crypto adoption, focusing on where ordinary people are embracing digital assets the most. Each country is scored on a scale of 0 to 1, and characteristics like population size and purchasing power are weighted in rankings.

A new picture: Population-adjusted rankings

A different picture emerges when the index is adjusted for population size to provide a clearer view of where crypto is gaining real grassroots traction. While Eastern European countries like Ukraine, Moldova, and Georgia top this list, Vietnam still holds a strong position at sixth place.

Notably, this population-adjusted list also ranks Hong Kong SAR fifth and Singapore 15th for the region, indicating high levels of crypto activity relative to their population sizes. The report suggests that factors like economic uncertainty and strong technical literacy can drive adoption in these areas.

Methodology shifts to reflect a maturing market

In a significant update, Chainalysis has revised its methodology better to capture the current state of the crypto ecosystem. The 2025 index introduces a new sub-index for institutional activity, designed to measure the growing influence of traditional financial players.

This metric tracks transactions over US$1 million, reflecting the entry of hedge funds, custodians, and other large-scale entities into the space. The report notes that this addition provides a fuller view of global engagement by capturing both “bottom-up (retail) and top-down (institutional) activity”.

This change was driven by significant market developments, including the approval of multiple spot bitcoin ETFs in the US and expanded regulatory clarity in key markets.

The report removed the retail decentralised finance (DeFi) sub-index to avoid a skewed representation of crypto engagement. The analysis found that while DeFi represents a significant portion of total transaction volume, it constitutes a much smaller share of overall user activity compared to centralised platforms. This adjustment ensures the index gives a more accurate measure of broad, user-level adoption.

Global trends: Stablecoins, on-ramps, and broad-based growth

The report also sheds light on key global trends impacting the crypto landscape:

Also Read: Laundering, layered: The strategy, psychology, and mistakes of crypto thieves

• Stablecoin surge: While USDT (Tether) and USDC remain dominant, processing trillions of US dollars in monthly volume, smaller, regulated stablecoins are experiencing rapid growth. EURC saw its monthly volume rise from approximately US$47 million to over US$7.5 billion in the past year, an average month-over-month growth of nearly 89 per cent. This coincides with major financial institutions like Stripe, Mastercard, Visa, Citi, and Bank of America launching stablecoin products or exploring new offerings. This trend suggests an expanding stablecoin landscape where local use cases and regulatory frameworks are shaping global volumes.
• Bitcoin as the main gateway: Bitcoin remains the primary entry point for fiat currency into the crypto economy, accounting for over US$4.6 trillion in fiat inflows between July 2024 and June 2025. This figure is more than double the volume of the next-highest category. The United States remains the world’s largest fiat on-ramp with over US$4.2 trillion in volume.
• Truly global adoption: The current wave of crypto adoption is broad-based, with high-, upper-middle-, and lower-middle-income countries all showing strong growth simultaneously. This suggests crypto is benefiting both mature markets with clear regulations and emerging markets where it serves vital functions for remittances and access to finance.

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e27 has been nurturing a supportive ecosystem for entrepreneurs since its inception. Our Contributor Programme offers a platform for sharing unique insights. As part of our ‘Contributor Spotlight’ series, we shine a spotlight on an outstanding contributor and dive into the vastness of their knowledge and expertise.

This episode features Zijian Khor, Senior Assistant Director at the National Environment Agency (NEA), Singapore, where he currently drives innovation and improvements in the Operations Transformation Division. With over a decade of experience in the environment and sustainability space, Khor has led initiatives spanning corporate strategy, policy, and operations at both the Ministry of Sustainability and the Environment (MSE) and NEA.

At MSE, he worked on climate science and adaptation, contributing to Singapore’s engagements with the Intergovernmental Panel on Climate Change (IPCC), as well as national research efforts in coastal protection and heat resilience. At NEA, he managed the carbon budget for the Waste Sector and long-term planning for key infrastructure, including Semakau Landfill. He also spearheaded the rollout of Pneumatic Waste Systems, business intelligence functions, and major process reviews.

Outside of work, he keeps one eye on the world stage. He runs Geopolitical Action 4 Leaders, a newsletter, and hosts GeoPol in a Pod, a podcast, where he unpacks the hidden signals shaping global policy, finance, and the economy for supply chain leaders and investors. He is also an active contributor of our community, where he writes a bi-weekly column on climate policies and sustainability, examining their impact on Southeast Asia’s startup and investment landscape.

In the sections below, he reflects on his journey, the lessons he’s learned, and what keeps him going.

How I got here

Working at the Ministry of Sustainability and the Environment allowed me to broaden my horizons to real-world issues that all aspects of society face: climate change, food and water security, even frontier topics like heat resilience. I also came to realise how geopolitical relations quietly impact our day-to-day lives behind the scenes.

This piqued my interest in geopolitics and started me on a journey to constantly think about how these forces shape our society. Now, I produce a newsletter and podcast to raise awareness, as I believe we need more analysts thinking along these lines — especially in the corporate space.

Also Read: Rails of fortune: How China’s US$124B BRI boom is creating new startup arteries in SEA

If I had to explain my work to a kid

I help my teammates work better together and get ready for the things we’ll need to do in the future.

Lessons learned along the way

One thing I’ve learned is that government tends to be slow in adopting new technology. But locally, we’ve started to see AI and large language models (LLMs) being more closely incorporated into government work. They’ve been a great support in sharpening our thinking, improving how we communicate, and boosting the effectiveness of the services we deliver.

What more people should notice

Startups and investors should place more emphasis on geopolitical and climate risks as emerging dimensions. Signals around resilience, compute, and energy sovereignty are already shaping supply chains and affecting the value chains that startups rely on.

Why I write

My advice for aspiring thought leaders

I was once told to “keep it simple,” and that’s the mantra I follow when I write. Oh, and AI does a pretty good job of making things easier to read too!

Also Read: Why perfect carbon audits could cripple climate finance — and what to fix instead

What drives my curiosity

Aside from topics like climate change and carbon credits, geopolitics and AI are always top of mind. The world is moving too fast and often in unpredictable ways, through my newsletter and podcast, I try to offer some semblance of clarity amidst the noise.

Influences that shaped me

Take a look at Khor’s articles here for more insights and perspectives on his expertise.

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Singapore-based smart mobility startup RushOwl has secured US$10 million in Series A funding led by Gobi Partners.

Government-owned Hong Kong Investment Corporation Limited (HKIC) also participated in the round.

RushOwl will use the capital to expand its operations from Singapore, India, and Hong Kong into the Philippines, South Korea, and Malaysia. It also plans to grow its B2B sales team and pursue a strategy of licensing its RushOS software to fleet partners. A new R&D centre in Malaysia is also in the plans.

Founded in 2018 by CEO Shin Ng, CTO Songyan Ho, and COO Kris Lee, RushOwl uses a proprietary AI platform to reduce carbon emissions and commute times for corporations and schools.

At the heart of RushOwl’s service is RushOS, an AI-based dynamic routing algorithm that pools trip requests into shared, carbon-efficient journeys. The company states its technology cuts carbon emissions by 50 per cent through saved mileage and reduces commute times by 30 per cent compared to public transport. One shared journey replaces more than three vehicles.

Also Read: On the sustainability of AI: Why measuring digital carbon emissions is key to a greener future

A key differentiator for RushOS is its focus on being ready for autonomous vehicles, emphasising optimal asset utilisation for a sustainable return on investment.

The company claims to have powered over 1.5 million rides, manages over 4,000 trips daily so far and supports 250,000 users on its mobile app RushTrail.

The startup has secured eight-figure annual contracted revenues through long-term agreements of at least 24 months with key partners, including Asia Pacific Breweries, CBRE, and Singapore’s Ministry of Education.

“One of the most vital elements of smart cities is transportation that is not only affordable, but also sustainable,” said Chibo Tang, Managing Partner of Gobi Partners. “RushOwl addresses urban challenges such as congestion and excess emissions, while preparing for the future by developing technologies compatible with autonomous vehicles.”

In 2021, RushOwl raised ~US$479,000 in a seed financing round led by Silicon Solutions Partners, an investment firm focusing on servicing and accelerating startups in the smart city sector.

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Indonesia’s Attorney General’s Office (AGO) has named former Gojek CEO Nadiem Makarim a suspect in the laptop procurement corruption case that occurred during his time as Minister of Education, Culture, Research, and Technology.

According to local media reports, Makarim was declared a suspect after the AGO questioned 120 witnesses and four expert witnesses.

He will be detained in Salemba, Central Jakarta, for 20 days.

Previously, the AGO declared four individuals suspects in the laptop procurement case, which has reportedly cost the state close to IDR2 trillion (US$121 million).

The case began in 2019, before Makarim was formally appointed minister in President Joko Widodo’s administration. It started with the creation of a WhatsApp group called “Mas Menteri Core Team” (“Brother Minister’s Core Team”) that includes Makarim, Jurist Tan, and Fiona Handayani.

Also Read: Grab introduces Gercep to protect drivers during unrest in Indonesia

This group’s discussions revolved around a plan to foster digital transformation in the national education system, which led to a plan to procure Chromebook laptops.

After his appointment in October 2019, Makarim deployed his close aide Tan to engage in technical talks about Chromebook laptop procurement. Tan brought in consultant Ibrahim Arief, whose involvement allegedly influenced a shift in procurement direction.

By April 2020, an internal technical study concluded that Chrome OS devices were unsuitable for teachers and students. Despite this, a virtual meeting led by Makarim allegedly reversed course and pushed for full adoption of the Chromebooks.

This led to a second, revised technical study favouring Chrome OS, ultimately justifying the purchase of 1.2 million Chromebooks using a mix of state and Special Allocation Funds totalling IDR9.3 trillion (US$565 million).

This arrest was the second announced this week after executives at BRI Ventures and MDI Ventures were arrested for involvement in the TaniHub fraud investment case.

More on this story as it develops.

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Southeast Asia faces deep healthcare disparities, particularly in rural and low-income communities. Yet, with rapid mobile adoption and AI-powered health innovations, the region is uniquely positioned to leapfrog traditional barriers. Impact-first health platforms are showing that affordable, inclusive care can be delivered at scale while still offering investors measurable social returns.

The persistent healthcare divide

Despite rapid economic growth, Southeast Asia (SEA) continues to struggle with uneven access to healthcare. Millions in remote islands of Indonesia, rural Cambodia, Laos, and Myanmar face long travel times, poor infrastructure, and financial barriers that make even basic healthcare difficult to reach.

Add to this a shortage of doctors, nurses, and specialists, and the challenge becomes more than an infrastructure issue. Cultural and language barriers also play a role, limiting trust and uptake of outside healthcare interventions.

Digital health: A proactive solution

The good news is that telemedicine, mobile health tools, and AI diagnostics are reshaping access to care—shifting the region from reactive crisis management to proactive prevention and early intervention.

• Telemedicine: With internet access now reaching 80 per cent of adults — 90 per cent of them via smartphones — virtual consultations are bridging the urban-rural divide. Patients who once faced hours of travel can now connect with specialists instantly.
• Mobile health tools: Apps, wearables, and medication reminders empower patients to manage chronic conditions, monitor vital signs, and take preventive steps before complications escalate.
• AI diagnostics: From detecting tuberculosis and malaria to managing hypertension and diabetes, AI-powered diagnostic stations and chatbots are democratising specialist-level expertise.

“Digital health is not replacing doctors—it is amplifying their reach.”

Also Read: The hardest industries to disrupt and start in Asia: A focus on healthcare

Building for inclusion: Why impact-first tech matters

For all its promise, digital health risks leaving some behind unless inclusion is a design priority. Platforms must be:

• Language- and culture-sensitive, addressing SEA’s multi-ethnic, multi-lingual context.
• Affordable, ensuring access is not limited to wealthier urban populations.
• Low-bandwidth ready, for rural areas with patchy connectivity.
• Community-embedded, building trust through partnerships with local NGOs and health workers.

“Technology without inclusion risks widening the gap. Impact-first design ensures the underserved remain at the centre.”

This philosophy underpins MaNaDr’s model—building a platform that serves not just urban elites, but also the most vulnerable communities across the region.

Funding for good: Why investors should care

The next wave of healthcare innovation in SEA won’t just be driven by technology—it will depend on capital. And here lies an opportunity for investors.

• Measurable impact: Digital health solutions can quantify outcomes—reduced hospitalizations, earlier diagnoses, and improved medication adherence.
• Resilient demand: Healthcare is non-cyclical. A platform that addresses systemic gaps in a region of 680 million people will not lack growth.
• ESG alignment: Investors globally are under pressure to deliver not just returns but also impact. Inclusive healthcare is one of the clearest ESG opportunities in SEA today.

“When investors back impact-first healthcare, they’re not just funding apps—they’re funding equity, dignity, and resilience.”

Also Read: Asia’s new AI wave: Startups driving smarter healthcare, safer roads, better living

Partnerships to close the last mile

NGOs such as Project HOPE, Health in Harmony, and Sustainable Health Empowerment are already working alongside startups and governments to deliver education and care to underserved communities. Yet key questions remain:

• How do we connect patients in no-internet zones with doctors abroad?
• How can medicines reach patients scattered across Indonesia’s thousands of islands?
• How do we foster trust across multiple cultures and languages?

Answering these requires collaboration, not competition—between governments, innovators, investors, and communities themselves.

Final thoughts

We believe digital health must be built for inclusion and funded for good. Only then can Southeast Asia fully harness telemedicine, AI, and mobile tools to deliver on healthcare’s promise: equitable access for all.

Healthcare is not a privilege. It is a basic human right. By aligning innovation with inclusion, and capital with impact, Southeast Asia can become a global model for how digital health transforms not just systems—but lives.

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