The widening TaniHub corruption probe has now drawn Indonesia’s financial regulators into the spotlight.

With the CEOs of BRI Ventures and MDI Ventures named as suspects, OJK moved quickly to issue a statement: the scandal, it insists, does not represent the state of the venture capital industry as a whole. Instead, OJK doubled down on the importance of venture capital in fuelling startups and MSMEs, stressing its commitment to supervision, governance, and compliance.

Yet the case is hard to ignore. What began as questions over TaniHub’s meteoric rise and abrupt decline (warehouse closures, layoffs, and TaniFund’s loan defaults) has escalated into allegations of fictitious projects, manipulated data, and more than US$25 million in questionable investments. The presence of marquee investors, including Telkom subsidiaries and global VCs, underscores how systemic blind spots may have allowed enthusiasm to outrun accountability.

For Indonesia’s startup ecosystem, the moment is sobering. The promise of venture capital as a growth engine is now clouded by governance failures at some of its most prominent institutions. The sector’s resilience will depend on whether transparency, oversight, and trust can be restored–not just by regulators, but by the industry itself.

REGIONAL

Prosecutors name TaniHub, VC execs as corruption suspects
The South Jakarta District Attorney’s Office announced that Nicko Widjaja (CEO of BRI Ventures), William Gozali, (former VP of investment at BRI Ventures), and Aldi Adrian Hartanto (VP of investment at MDI Ventures in 2021) were detained on September 3, with detentions lasting until September 22.

GoTo says Gojek founder Nadiem has no role in company
The company clarified that Nadiem stepped down as president commissioner in October 2019 and has had no involvement since | It also said he is not a controlling shareholder and that its activities are not linked to his work as a minister.

Ex-Gojek execs, founders react to Nadiem Makarim corruption case
Most of the reactions so far seem supportive of Makarim, particularly those who once worked with him at Gojek | Michaelangelo Moran, who co-founded the company with Makarim, said in an Instagram post, “We cannot stay silent in the face of injustice.” | He believes Makarim is innocent.

SGInnovate leads US$1.5M seed round of biopolymer startup Greenitio
Greenitio uses a patented process to produce biopolymers from fungal chitosan, targeting the replacement of microplastic- and petrochemical-based ingredients | The company plans to use the new funding to scale manufacturing, pursue regulatory approvals, and grow commercial partnerships.

REPORTS, FEATURES & INTERVIEWS

Navigating the gender divide in the Southeast Asia’s fintech landscape
A Fintech Nation study reveals that only 33 women founders or CEOs are identified across SEA fintech companies, constituting a mere nine per cent | Post-Series-B funding, this number dwindles to just six per cent, highlighting the challenges women face in attaining leadership roles as companies mature.

Can Malaysia build a home-grown battery industry?
Despite growing enthusiasm, Malaysia’s battery sector remains young. According to Dr. Rezal Khairi Bin Ahmad, CEO of NanoMalaysia, the local lithium-ion based battery industry is still at its infancy stage and primarily driven by foreign direct investments and technologies from abroad, leaving little room for local intellectual equity.

Inside Thailand’s EV and battery push: Balancing growth with sustainability
While shifting from combustion engines reduces tailpipe emissions, Thailand must also tackle the carbon footprint of battery production and electricity generation | With fossil fuels still a mainstay of the national grid, greening the electricity supply is vital to realising the climate benefits of mass EV adoption.

INTERNATIONAL

MENA startup funding drops to US$337.5M in August
Funding was concentrated in Saudi Arabia and the United Arab Emirates, with Saudi startups raising US$166M across 19 deals and UAE startups raising US$154M from 11 deals | Egypt recorded US$14.7M in funding, continuing its recent slowdown, while Iraq fell to fifth place with a single US$1.5M deal.

South Korea launches AI strategy committee, boosts funding
The committee, led by President Lee Jae Myung, will coordinate AI strategy and policy across government and private sectors | The committee includes 34 private sector members, working across subcommittees on infrastructure, data, applications, social adaptation, global cooperation, science, skill development, and defense and security.

CoinShares to go public in US via US$1.2B SPAC merger
The agreement will see CoinShares list on Nasdaq, with a US$50M commitment from an institutional investor as part of the deal | CoinShares manages about US$10B in assets and is currently listed on Nasdaq Stockholm | The merger, if completed, would make CoinShares one of the largest publicly traded digital asset managers globally.

Global investors boost bets on S Korea’s beauty sector
KKR acquired Samhwa, a Seoul-based maker of plastic containers and pumps for cosmetics, for US$528M from TPG Capital Asia | Blackstone also agreed to invest in Juno Hair, Korea’s largest hair salon chain with over 180 locations in Korea, Singapore, Vietnam, and the Philippines.

China to launch at least five AI models for energy by 2027
Together with the National Energy Administration, it plans to create a framework for integrating AI into power grids, coal, oil, and gas by 2027 | The policy outlines more than 10 pilot projects and 100 application scenarios in smart power regulation, resource exploration, and renewable energy forecasting.

Ex-Redmi chief fired by Xiaomi over leaks
Xiaomi said an investigation found Thomas Wang Teng, General Manager of Xiaomi China Marketing and Redmi, engaged in unauthorised disclosure of sensitive data and had conflicts of interest | The company cited violations of its disciplinary and integrity codes as the reason for the dismissal.

HK venture accelerator Brinc acquires web3 community OG Club
OG Club is a decentralised autonomous organisation focused on Web3, and will rebrand its community as VentureVerse | OG Club has organised more than 300 Web3 events, built partnerships with over 100 companies, and has a community of more than 25,000 members and 10,000 wallet holders across 10 countries.

China’s e-commerce giants burn billions in price war
Alibaba, Meituan, and JD.com are offering deep discounts and subsidies in the one-hour delivery segment, leading to higher cash burn and squeezed margins | Analysts at Nomura estimate industry-wide cash burn surpassed US$4.1 billion in Q2 2025.

SEMICONDUCTOR

TSMC faces operational risks after US ends China waiver
The US government has revoked Taiwan Semiconductor Manufacturing Co’s (TSMC) authorisation to freely ship US-made chipmaking equipment to its Nanjing facility in Jiangsu, China, effective December 31, 2025 | Analysts warned that if license approvals are delayed, the Nanjing plant could face operational disruptions within months due to equipment shortages.

Nvidia opposes GAIN AI Act, warns on global chip trade
The Act, part of the National Defense Authorisation Act, would require AI chipmakers to prioritise US domestic orders over foreign customers and mandate exporters seek licenses for chips that exceed certain performance thresholds.

Chinese chipmaker firm YMTC launches US$2.9B chip venture
YMTC holds a 50.2 per cent stake, while the rest is owned by state-backed Hubei Changsheng Phase III Investment Development Co. | The venture will operate across the chip supply chain, including design, manufacturing, and sales, though specific products have not been disclosed.

Nvidia-backed firm Nebius to supply AI infra to Microsoft
Operations will begin later this year from a new data centre in Vineland, New Jersey | The Amsterdam-based AI infrastructure provider is listed on Nasdaq | The company will finance capital expenditures through cash flow from the deal and debt secured against the agreement.

OpenAI to launch first AI chip with Broadcom in 2026
The chip will reportedly be used for OpenAI’s internal operations and not sold to external customers | OpenAI needs massive computing power for training and running its AI models, including ChatGPT | The company has also worked with Broadcom and TSMC on chip development while still relying on AMD and Nvidia.

AI

Global investors turn to Asia on AI boom: report
Browning noted that Asia is seeing more investment, particularly in tech and AI sectors, as valuations offer a buffer compared to expensive US stocks | BofA estimates the global AI market will rise from US$300 billion in 2025 to nearly US$1.2T by 2030, with about US$1T potentially in Asia Pacific.

AI disruption unveiled: Hidden opportunities for startup survival and success
At its core, startup success isn’t about having the “perfect” plan—it’s about having the agility to execute, adapt, and scale in a constantly evolving market | In an era where AI is revolutionising industries at an unprecedented pace, the ability to implement and iterate will separate the true innovators from those who simply follow the trend.

Accelerating financial inclusion with AI: Unleashing potential with prudence
AI is transforming industries at a rapid pace, and Southeast Asia’s consumer finance landscape is no exception | By speeding up data collection and analysis, AI-powered technologies enable quicker pre-lending assessments and lending procedures.

Unleashing AI’s potential: The vital role of human guidance in AI’s growth and learning
As AI becomes increasingly integrated into our lives, 60 per cent of people expect significant changes in sectors like education, transportation, shopping, entertainment, and safety within the next three to five years | ChatGPT, with its one hundred million monthly active users as of January 2023, has been a game-changer in the recent excitement around AI.

THOUGHT LEADERSHIP

Job security in the gig economy: Do employees still seek stability?
In the gig economy, job security is redefined as trust, inclusion, and growth—values that tech leaders must embed across all workforce models.

The Goldilocks office: Finding the sweet-spot where space, experience and value converge
Finding the right office space balance boosts experience and cuts costs by shifting focus from capacity provided to desks actually used.

The rise of AI-powered investors: How technology is reshaping retail investing in Southeast Asia
AI is reshaping retail investing in Southeast Asia by making financial tools more intuitive, accessible, and psychologically empowering.

When your story unravels: The hidden risk in Southeast Asia’s startup boom
eFishery’s collapse shows how disciplined, culturally attuned communication is now critical to trust, funding, and survival in SEA’s startup scene.

Riding the affluence surge: How Generative AI can power growth in financial advisory
Banks in SEA are starting to roll out Generative AI tools, starting with internal ‘co-pilots’ like virtual assistants to improve productivity.

VC deal-breakers: How anti-dilution clauses could sink your startup
Every term sheet is negotiable, and it’s in your best interest to seek legal counsel to ensure your startup’s future remains secure.

Mastering the art of fundraising: Winning strategies to engage investors
The VC financing landscape is constantly evolving so new businesses must know how to successfully approach investors while fundraising.

Operators turned investors: Navigating the shift to startup investing
The involvement of experienced operators in the investment process brings a multitude of advantages | Their industry-specific knowledge enables them to conduct more thorough due diligence, identifying not only the strengths and potential of startups but also the risks and challenges that lie ahead.

Is your investing game defined by your emotions?
Emotional investing is using different emotions to make investment decisions, relying more on one’s reaction to the market trends than investing fundamentals such as technical analysis | Emotional investing is more common among those who manage their own portfolios, rather than those who engage with a financial consultant.

Venture debt: How it stacks up against loans and equity
Venture debt can be a powerful tool for startups looking to extend their financial runway without diluting equity | However, its suitability depends on the company’s specific needs, growth stage, and ability to handle repayment.

Why agritech is the key to Asia’s food security
Food security, once treated as a distant policy matter, is now a pressing economic challenge | Without innovation to help farmers produce more with less, yields will drop, produce will become scarcer, and the costs of living will spiral | The stakes are high not just for farmers but for everyone who relies on affordable, stable access to food.

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A fresh analysis by consumer research firm Milieu Insight shows a major shift in Vietnamese e-commerce consumer behaviour. While affordability still matters, the rising middle class is placing higher value on consistent service, dependable delivery, and streamlined problem resolution via a single point of contact.

This evolution signals a strategic pivot for Southeast Asia’s e-commerce landscape, where competitive differentiation is no longer rooted solely in price but in trust and quality of experience.

Vietnam’s e-commerce sector is booming, recently crossing the US$25 billion threshold. But as digital adoption deepens, with 41 per cent of consumers report increased online spending over the past six months compared to the regional average of 25 per cent, expectations are rising.

Milieu’s research, which spans Vietnam, Indonesia, Malaysia, and the Philippines, finds that Vietnamese shoppers are increasingly driven by product variety (52 per cent) and emerging features such as livestream shopping (50 per cent) and AI-based recommendations (32 per cent).

“Vietnamese shoppers are raising the bar for e-commerce,” said Juda Kanaprach, CMO at Milieu Insight. “They want more than bargains. They expect platforms to stand behind every step of the shopping experience, from accurate product descriptions and transparent fees to, most critically, dependable delivery.”

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

Milieu’s findings reveal that Vietnamese consumers are not only more engaged, but also more demanding. A striking 90 per cent of respondents believe that platforms, instead of couriers, should enforce delivery standards.

Furthermore, 79 per cent said they do not care which courier is used, as long as deliveries are reliable.

This expectation for “centralised accountability” where platforms act as the single point of contact for service issues represents a meaningful shift. It is no longer acceptable for platforms to deflect blame onto logistics partners or sellers.

While affordability (64 per cent) remains a significant factor, reliability (53 per cent) and better package handling (51 per cent) now rank higher than lower delivery fees (45 per cent) for Vietnamese shoppers. This is in stark contrast to regional counterparts, where 56 per cent prioritise cost savings.

Loyalty is directly tied to performance: 70 per cent of shoppers are willing to pay more to sellers who offer reliable delivery, while a third will stop purchasing from those who falter.

Transparent return policies also influence buying decisions, with 46 per cent of shoppers abandoning purchases when returns aren’t guaranteed.

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Image Credit: Andreea Popa on Unsplash

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Singapore-based Atlas Consolidated has raised US$18.1 million in Series B funding, led by Southeast Asia-focused VC Tin Men Capital, with participation from Getz, Inc. and Woodside Holdings Investment Management.

This fresh capital injection is aimed squarely at accelerating the growth of HugoHub, Atlas’s flagship digital banking platform, as demand for core-to-customer modular banking infrastructure surges worldwide.

Banks globally struggle with outdated infrastructure that hampers agility, inflates costs, and stifles innovation. HugoHub is designed to address this challenge head-on.

The Banking-as-a-Service (BaaS) platform claims to reduce tech spending by 90 per cent and overall operational expenses by up to 80 per cent, while enabling higher customer-to-staff ratios compared to traditional models.

Its modular, no-code architecture allows banks to integrate digital capabilities incrementally—avoiding the disruption of a full core system replacement. This makes it particularly appealing for institutions looking to innovate without overhauling their entire stack.

Also Read: Navigating the gender divide in the Southeast Asia’s fintech landscape

Jeremy Tan, Co-Founder and Managing Partner at Tin Men Capital, sees HugoHub as a key enabler for banks navigating digital transformation. “Atlas’ solution exemplifies the kind of ambitious innovation we are excited to back in our region,” said Tan. “It allows banks to innovate faster, compete with challenger banks, and operate with radically better economics.”

David Fergusson, CEO of Atlas Consolidated, emphasised the raise’s strategic significance: “With Tin Men Capital’s support, we can accelerate HugoHub’s expansion to new markets, helping financial institutions create more efficient, inclusive, and sustainable systems.”

Beyond banking efficiency, Atlas is positioning HugoHub as a tool for financial inclusion across the Asia Pacific. Millions remain unbanked in the region, and the company believes its low-cost, scalable model can sustainably bridge this gap.

HugoHub empowers institutions to serve underserved populations more effectively by decoupling digital infrastructure from complex overheads.

The platform is already being deployed in emerging and developed markets. It supports initiatives such as Hugosave in Singapore and HugoBank in Pakistan, two ventures designed to showcase HugoHub’s flexibility and impact.

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Image Credit: Alicja Ziajowska on Unsplash

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Accion has announced the final close of its US$61.6 million Accion Venture Lab Fund II. Managed by Accion Impact Management under its newly rebranded Accion Ventures strategy, the fund will invest in up to 30 early-stage fintech startups that are solving systemic financial access challenges in underserved markets.

The fund secured backing from a diverse group of Limited Partners, including Dutch entrepreneurial development bank FMO, Proparco, the Ford Foundation, MetLife Asset Management, Mastercard, and ImpactAssets.

Accion Ventures is targeting startups that leverage next-gen technologies—including embedded finance, alternative data, and Generative AI—to create accessible financial solutions.

The fund’s recent initial investments include PaidHR in Nigeria, FinFra in Indonesia, Flowcart in Kenya, and Foyer in the US.

More than just capital, Accion Ventures brings strategic and operational support to its portfolio. Startups benefit from governance, go-to-market expertise, and a dedicated Portfolio Engagement team to help them scale.

Also Read: Navigating the gender divide in the Southeast Asia’s fintech landscape

The fund aims to be among the first institutional checks for these companies and retains reserves to support successful ventures in later rounds.

“With the huge uptick in mobile technologies in emerging economies, we see a significant opportunity to connect small businesses and low-income consumers to the digital economy for the first time,” said Michael Schlein, President and CEO of Accion.

Rahil Rangwala, Managing Partner at Accion Ventures, added: “We are excited to support incredible innovators using tech like Gen AI and satellite imagery to deliver sustainable returns alongside real-world impact.”

The new fund builds on over a decade of impact investing under the original Accion Venture Lab strategy. Since 2012, Accion Ventures has deployed US$59.4 million across 76 companies in 39 countries, with 13 exits.

Notable exits include Apollo Agriculture and Pula in Africa, and Lula, a digital SME lender in South Africa.

This shift to the Accion Ventures brand signals a sharpening of strategy: a focus on finding and scaling the most impactful early-stage fintech companies worldwide, especially in markets often overlooked by traditional venture capital.

Also Read: How the global growth of fintech defies age and gender

With one of its earliest investments from this new fund going to Indonesia’s FinFra, the fund underscores its intent to double down on Southeast Asia.

The region’s rapid digitalisation, mobile-first populations, and large unbanked demographics make it a fertile ground for inclusive fintech innovation.

“From Jakarta to Manila, founders are developing localised solutions for unique financial pain points. We’re well-positioned to support them with capital, networks, and expertise,” said Amee Parbhoo, Managing Partner at Accion Ventures.

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Image Credit: Accion Ventures

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Building a climate deep tech startup in Southeast Asia means navigating a unique set of challenges: development timelines twice as long as software startups, capital requirements that exceed typical seed rounds, and commercialisation cycles often stretching 7–10 years.

Yet opportunity exists for founders willing to work within these constraints. In 2024, climate tech investment in Southeast Asia reached US$26 billion, spanning clean energy, alternative fuels, and decarbonisation technologies, a clear signal that capital is shifting away from fossil fuels.

Still, breakthrough technologies remain critically underfunded, creating selective opportunities for founders building solutions in undercapitalised sectors like industrial process innovation, advanced materials, and specialised applications where performance differentiation creates sustainable competitive advantages.

Fundraising: Peeling the risk onion

Raising money for deep tech isn’t about selling upside. It’s about de-risking, layer by layer, milestone by milestone. Successful founders understand they must systematically peel the “risk onion” for investors: from technical feasibility to product functionality, market readiness to team execution. 

The key insight? Different risk layers matter most at each stage. Early-stage founders should focus on technical validation and initial market signals, while growth-stage companies must demonstrate scalable unit economics and regulatory pathway clarity. This requires tailoring capital strategy accordingly, moving beyond Southeast Asia’s limited deep tech investor base of fewer than 50 active players to tap into a global network of over 500 climate-aligned investors.

Also Read: Eco-investing: Driving change through climate technology and strategic finance

Smart founders diversify capital sources early, blending non-dilutive grants, corporate partnerships, venture debt, and global equity capital into a coherent runway. The message is clear: don’t wait for the regional capital market to mature, build globally from day one.

Product-market fit (PMF): Redefining traction

For deep tech founders, product-market fit (PMF) is less about rapid iteration and more about bridging long R&D cycles, complex technologies, and slow-moving markets. Unlike SaaS startups that can pivot overnight, deep tech ventures must validate not only demand, but also technical feasibility, regulatory fit, and infrastructure compatibility. 

Meaningful traction looks different here: pilot-to-production conversions, repeat orders from strategic customers, and stakeholder validation matter more than traditional user growth metrics. The real challenge? Timing. Many deep tech products solve genuine problems, but adoption stalls if policy, infrastructure, or customer readiness isn’t aligned.

In deep tech, achieving PMF often means creating the conditions for adoption, not just responding to demand. Early traction doesn’t always signal true PMF, and PMF doesn’t always manifest as immediate growth. The critical questions become: what truly signals sustainable demand in deep tech, and how should founders sequence their validation efforts?

IP and patents: Legal shield as a competitive edge

In climate deep tech, you’re often building in public but competing in private. That makes intellectual property (IP) more than a legal formality, it’s your shield, leverage, and growth engine. Yet too often, founders treat IP as an afterthought, rather than an asset that underpins defensibility, valuation, and long-term scale. 

This becomes especially critical in Southeast Asia, where most countries follow a first-to-file system. In a region with major manufacturing hubs and fast-moving competitors, a lack of international patent coverage can open the door to replication and erode your competitive advantage. The challenge lies in balancing patent protection with trade secret strategies while navigating territorial filing requirements across fragmented markets.

Smart founders move from reactive protection to proactive control, treating IP strategy as a core business function rather than a legal checkbox.

Also Read: Climate tech’s shift from doing good to doing well

Go-to-market: Don’t just sell “impact”

Having breakthrough tech doesn’t guarantee sales, especially in Southeast Asia’s fragmented, regulation-heavy markets. Too many climate tech founders double down on R&D and technical validation, only to stall at the pilot stage because go-to-market strategy was treated as an afterthought.

Southeast Asia is not one market. It’s a patchwork of energy systems, regulatory frameworks, and procurement processes. To scale, founders must localise their approach, build in-market partnerships, and design solutions that integrate into existing operations rather than requiring wholesale infrastructure changes.

For founders navigating these complexities, success often depends on having the right frameworks at the right time. Analysis of successful climate tech exits reveals that winning companies translate their technology into clear business value: cost savings, efficiency gains, or risk reduction strategies, not just emissions cuts. While climate impact remains essential, customers still buy ROI.

Scaling in SEA and beyond: What comes next? 

As deep tech ventures move beyond pilots, founders encounter friction that goes far beyond product development: replicating physical systems, embedding operations into local ecosystems, and navigating diverse regulatory regimes, often amid infrastructure gaps and policy uncertainty. 

Scaling in this context isn’t just about growth; it’s about building efficiency, repeatability, and sustainable revenue models in fragmented, complex markets. The biggest scale-stage challenges include upfront capital requirements, regulatory complexity, technology spillover risks, value communication gaps, and the critical need for strategic partnerships.

Also Read: Investing in climate tech: Why investors should focus on impactful, low-hanging fruits

The real edge for founders thinking beyond borders isn’t just great technology—it’s knowing when to lead with innovation, when to localise for market fit, and when to partner for credibility and access.

The path forward

These insights represent patterns observed across successful climate tech ventures in Southeast Asiam, companies that have navigated the region’s unique combination of opportunity and complexity. The frameworks discussed here emerged from analysing real portfolio data, conducting field research, and synthesising expert voices across the region.

Drawing on insights from leading investors and successful exits, this tactical approach was developed through collaboration between, Earth Venture Capital, ENGIE Factory, The Radical Fund, and ADB Ventures, organisations collectively backing the next generation of climate solutions across Asia.The complete Green Scale-Up Guidelines provide founders with battle-tested frameworks for each stage of this journey, from initial validation through regional scale.

For deep tech founders, the message is clear: Southeast Asia’s friction can become opportunity, but only for those equipped with the right tools and regional expertise to navigate the path from pilot to scale.

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