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Banks globally struggle with outdated infrastructure that hampers agility, inflates costs, and stifles innovation.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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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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Across Asia, the twin pressures of land scarcity and climate change are threatening the stability of our food systems. The lessons of the recent COVID-19 pandemic made it clear to many countries that food security needs to be addressed at multiple levels.

Unpredictable weather patterns, floods, and droughts are already putting pressure on fragile harvests. Rising input costs and supply chain disruptions make life even harder for farmers, many of whom operate at subsistence levels.

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.

The role of agritech startups

Agritech startups are at the forefront of reshaping agriculture to meet these challenges. They are combining financing, technology, and market access to empower smallholder farmers. These aren’t just productivity tools, they’re interventions addressing deep structural weaknesses in the agricultural value chain.

By introducing precision agriculture, alternative financing models, and fairer market linkages, agritech ventures are helping farmers adapt to modern realities while building resilience against shocks. Technologies that were once the preserve of the global north are now being developed domestically to meet local needs, and that’s exactly the kind of tech I like.

I grew up hearing stories of overpaid consultants in the West creating “solutions” farmers couldn’t afford, which sometimes left them worse off. The founders I’ve met and worked with are flipping that story on its head.

Also Read: Indonesia’s agritech landscape: Keys to building a scalable agriculture startup

Agritech companies to watch out for

I’ve always believed that entrepreneurs are the greatest catalysts for positive change, and that would be one of the main reasons I’ve been so actively involved with Accelerating Asia Ventures. Through them I’ve had the privilege of working with founders who are reimagining farming across diverse markets:

• iFarmer: Transforming farming in Bangladesh by providing access to financing, affordable inputs, and reliable buyers, reducing the uncertainty that discourages small-scale farming investment.
• WeGro: Connecting investors with rural farmers in Bangladesh, enabling capital to flow into agricultural projects that generate both financial returns and social impact.
• Aunker (iPAGE): Offering tech-driven advisory services and precision agriculture tools to help farmers make informed decisions that boost productivity and profitability.
• EasyRice: Using AI-powered image recognition to improve rice grading, helping Thai farmers get fairer prices and reducing post-harvest losses.
• Godaam: Expanding into input financing so farmers can access seeds, fertilisers, and equipment when they need them most.
• Farmdar: (Not an AAV portfolio company, but amazing founders and tech) – Leveraging satellite imagery and AI to provide insights on irrigation, fertilisation, and crop health, enabling higher yields with fewer resources.

Fintech takes a twist

You might not immediately think fintech has a role here, but WeGro, iFarmer,in particular are performing fintech functions and could become significant fintech players in their markets without even pitching to anyone as a fintech.  One of these founders has an ex-banking and finance executive as a CFO after realising this was something he needed to build trust and credibility as an agritech founder.

Too often we think of fintech as remittance, banking, or other “first-world” solutions. But the agricultural fintech market is huge, overlooked, and underdeveloped. Financing farmers and enabling seamless transactions in rural economies could unlock enormous value.

Insuretech too

Beyond boosting yields, protecting farmer livelihoods is critical. Livestock and crop failures can wipe out an entire year’s income. In Bangladesh, two innovators are stepping up:

• InsureCow (introduced to me at Tenity’s demo-day): Bringing accessible livestock insurance to rural farmers, protecting incomes against cattle loss from illness or accidents.
• Chhaya: An emerging insurer looking to expand into agricultural insurance, protecting farmers from unpredictable events that threaten their harvests.

Why agritech matters for everyone

It’s easy to think of agritech as benefiting only rural communities. The truth is it underpins the resilience of our entire food system. In many Asian countries, smallholder farmers produce a large share of the domestic food supply.

If these farmers can’t access affordable financing, modern tools, or insurance, they face lower yields and higher risks. This reduces supply, pushes up food prices, and increases inflationary pressures in urban areas, thus impacting everyone from market vendors to city residents.

Also Read: How Southeast Asia’s agritech startups are turning smallholder farms into high-tech powerhouses

Technology as a multiplier

The solutions being built today aren’t just incremental improvements, they’re exponential multipliers. Precision agriculture reduces wasted inputs, digital marketplaces improve price discovery, and agricultural insurance empowers farmers to take calculated risks on higher-yield crops without fear of financial ruin.

For investors, agritech offers high-impact opportunities that can scale regionally while tackling urgent sustainability challenges. For policymakers, it’s proof that private-sector innovation can complement public efforts on food security.

The road ahead

The next decade will be decisive for agriculture in Asia. We’ll need to produce more food for a growing population, with less land and more volatile climate conditions. Meeting this challenge requires collaboration between governments, development agencies, investors, and the startups driving innovation.

At Accelerating Asia Ventures, I’ve seen determined founders reshape entire industries. The agritech entrepreneurs we work with aren’t just building profitable companies but they’re laying the foundation for a food-secure future. Supporting them isn’t just good business; it’s a necessity for economic stability and social wellbeing.

The future of farming will be digital, data-driven, and inclusive. Thanks to these innovators, that future is already taking root (pun totally intended!).

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The narrative of a year-end rally persists but faces headwinds from softening labour data and geopolitical shifts. In my view, this moment represents a healthy pause in an otherwise robust bull market that began surging after the dramatic events of April 2025. That month marked what President Trump dubbed Liberation Day on April 2, when he unveiled sweeping tariffs across nearly all sectors of the US economy.

The announcement sparked immediate panic and a sharp sell-off, but markets quickly rebounded as companies announced massive onshore investments to sidestep the trade barriers. This rally propelled the S&P 500 and Nasdaq to impressive heights over the summer. Still, now signs of fatigue emerge in both the US and China, the two economic powerhouses driving global growth.

Market exhaustion and sector pressures

The United States stock market showed clear exhaustion last Friday, with major indices closing lower amid broader concerns about the pace of economic expansion. The S&P 500 declined by 0.32 per cent, the Nasdaq Composite edged down 0.03 per cent, and the Dow Jones Industrial Average fell 0.48 per cent. Energy and financial sectors led the downturn, as traders reacted to softer-than-expected labour figures and anticipation of Federal Reserve actions.

Nvidia, the bellwether of the technology sector, dipped below its 50-day moving average for the first time in weeks, trading around US$172 per share, while the average hovered at US$172.32 per share. This technical breach signals potential volatility in tech-heavy indices, where Nvidia’s performance often sets the tone.

The AI hype meets reality

Investors poured billions into artificial intelligence plays earlier this year, fuelled by the post-Liberation Day optimism, but now they demand tangible results rather than vague promises. Companies must demonstrate how AI translates into revenue and efficiency gains, or risk sharp corrections.

Salesforce exemplified this shift last week when its shares faced pressure amid fierce competition in the AI arena. The company rolled out new AI products under its Agentforce platform, aiming to empower small and medium-sized businesses with autonomous agents for tasks like customer service and data analysis.

However, rivals like Microsoft and Google intensified their offerings, with integrations that challenge Salesforce’s dominance in customer relationship management. Salesforce executives highlighted predictions that AI agents will transform industries by 2025, enabling smaller firms to compete with giants through more intelligent automation. Yet, market reaction turned skeptical as earnings reports revealed slower adoption rates than anticipated.

Also Read: Unleashing AI’s potential: The vital role of human guidance in AI’s growth and learning

In my opinion, Salesforce remains well-positioned for the long term because its ecosystem seamlessly integrates AI across sales, marketing, and service tools. However, short-term hurdles from competition could cap the upside until proof of widespread deployment materialises. This evolving AI theme underscores a broader market maturation, where hype gives way to fundamentals.

Currency markets and the dollar debate

On the currency front, bets against the US dollar appear overly aggressive at this juncture. The Dollar Index closed 0.6 per cent lower last Friday at around 97.93, reflecting heightened expectations for Federal Reserve rate cuts. A steadier US economy, combined with persistent inflation above the Fed’s target, suggests fewer cuts than the market currently prices in, anticipating about five 25-basis-point reductions through September 2026.

The August non-farm payrolls report added fuel to this fire, showing only 22,000 jobs added, far below the forecasted 75,000, while June figures were revised to an outright loss. Unemployment climbed to 4.3 per cent, the highest in nearly four years, prompting traders to bake in a 25 basis point cut for the September 17 meeting and even 12 per cent odds of a 50 basis point move.

Yet, I believe the dollar’s downside remains limited. President Trump’s administration has secured over US$5 trillion in new onshore investments from companies and countries alike, including a US$1 trillion commitment from Japan and US$600 billion from Saudi Arabia over the next four years.

These inflows, aimed at bolstering domestic manufacturing amid the trade war, will sustain demand for the greenback. If the Dollar Index surges past 100, it could pressure US equities, particularly megacap stocks like those in the Magnificent Seven, which derive significant revenue from overseas operations.

Seasonal corrections and buying opportunities

A pullback of five to seven per cent in the S&P 500 seems likely, and perhaps steeper for the Nasdaq given its outsized gains since the Liberation Day rebound. The index wiped out all 2025 losses by mid-May, climbing from April lows around 6,000 to current levels near 6,450. No major negative catalysts loom on the horizon, such as earnings disappointments or policy shocks, so any correction should prove shallow and short-lived.

Strong buy orders cluster at key support levels, like the 200-day moving average for the S&P around 6,200, which could absorb selling pressure and preserve constructive sentiment heading into the traditional post-September rally. Historically, markets often experience the “September blues” but rebound strongly into year-end, especially when central banks ease their policy. With the Fed poised for cuts and global liquidity ample, I see this dip as a buying opportunity for long-term investors focused on AI and infrastructure themes.

Global macro landscape

Turning to the macro landscape, global risk appetite found some relief after US indices trimmed losses from recent peaks. Traders parsed the soft labor data, which highlighted a cooling job market without tipping into recession territory. The Bureau of Labor Statistics reported that average hourly earnings rose 0.3 per cent to US$36.53, indicating that wage pressures persist and could keep inflation sticky.

Also Read: Gold slumps, oil tanks, Bitcoin hangs by a thread: The global market meltdown no one saw coming

US Treasuries extended their rally, with the two-year yield dropping 7.9 basis points to 3.51 per cent and the ten-year yield falling 8.7 basis points to 4.07 per cent. This flight to safety reflects bets on aggressive Fed easing, but longer-term yields remain elevated due to fiscal expansion under the current administration. Gold prices climbed 1.2 per cent to hold above US$3,500 per ounce, reaching US$3,590 on Monday as a hedge against uncertainty.

Brent crude oil retreated 2.2 per cent toward US$65 per barrel, with OPEC+ signalling plans to increase production amid ample supply and softening demand forecasts. S&P Global analysts predict dated Brent could slide to US$55 by year-end, pressured by trade tensions and slower global growth.

Asia’s market resilience

Asian equity markets opened stronger on Monday, buoyed by political developments in Japan. The Nikkei 225 advanced 1.62 per cent to 43,714, leading gains after Prime Minister Shigeru Ishiba announced his resignation over the weekend. Ishiba stepped down following his Liberal Democratic Party’s historic election losses in July, which eroded his support and raised questions about fiscal policy continuity.

The yen weakened against the dollar on fears that political instability would delay Bank of Japan rate hikes, trading near 150 yen per chat. South Korea’s Kospi rose 0.24 per cent to 3,212, while Australia’s ASX 200 dipped 0.45 per cent.

Investors now await China’s August trade data, released later today, to assess the trade war’s toll. Exports grew at the slowest pace in six months, missing forecasts as shipments to the US declined sharply despite a brief truce in tariffs. Imports fell even more, signaling weak domestic demand. The US imposed tariffs up to 145 per cent on Chinese goods this year, escalating the conflict and prompting Beijing to retaliate with measures on American agriculture and tech.

In my assessment, China’s economy faces headwinds from this standoff, but stimulus measures, such as fee cuts in its US$4.9 trillion mutual fund industry, could provide a buffer. Overall, Asian markets demonstrate resilience, with tech and value stocks trading below their estimated worth, offering attractive entry points.

Crypto markets: Signs of recovery

The cryptocurrency market mirrored broader risk assets, with Bitcoin staging a modest recovery after three weeks of declines from its all-time high of US$124,474. The leading digital asset steadied at around US$110,900 on Monday, up nearly three per cent for the week. Technical indicators support further upside if momentum builds. The Relative Strength Index on the daily chart rose to 46, indicating a shift toward the neutral 50 level as bearish pressure subsides.

The Moving Average Convergence Divergence flashed a bullish crossover on Saturday, signalling improving sentiment and potential buy opportunities. Should Bitcoin push past its daily resistance at US$116,000, it could extend the rally toward US$120,000, driven by institutional inflows and halving cycle dynamics. However, a breakdown below US$105,573 in support might trigger a deeper correction toward US$100,000, especially if equity markets wobble.

Also Read: Markets plunge into September chaos: Tech titans tumble as global tensions ignite

Ethereum, meanwhile, consolidated between US$4,232 and US$4,488 for nine straight days, trading around US$4,300 after bouncing from the lower boundary. The RSI hovered near 50, reflecting trader indecision. A close above US$4,488 could propel Ethereum toward its record high of US$4,956, bolstered by network upgrades and ETF approvals.

Conversely, a drop below US$4,232 risks testing the 50-day exponential moving average at US$4,077. In the crypto realm, I remain bullish on both assets as adoption accelerates, but volatility tied to macro events like Fed decisions warrants caution. Bitcoin’s role as digital gold strengthens amid dollar strength debates, while Ethereum’s utility in decentralised finance positions it for outsized gains if AI integrations proliferate.

Closing thoughts: A balanced outlook

In reflecting on this market snapshot, I advocate a balanced yet optimistic stance. The post-Liberation Day rally transformed the economic landscape, channeling trillions into US onshore projects that promise job creation and supply chain resilience. Sure, trade wars with China inflict pain, curbing export growth and inflating costs, but they also spur innovation and domestic investment.

The weak jobs report underscores the need for Fed easing, which should lubricate markets without igniting inflation spirals. Political turbulence in Japan adds uncertainty, but history shows such transitions often lead to pro-growth policies.

For investors, focus on quality names in AI, renewables, and infrastructure to navigate the pullback. A five to seven per cent dip offers a chance to accumulate, as year-end tailwinds from holiday spending and tax strategies loom large.

Crypto enthusiasts should view Bitcoin’s technical rebound as a sign of resilience, while Ethereum’s consolidation suggests a breakout if global liquidity flows in. Overall, markets are taking a breather now, but the underlying momentum remains upward. Prudent positioning today sets the stage for substantial rewards by 2026.

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Malaysia is standing at a pivotal moment in its pursuit of a cleaner, more resilient economy. With the government pledging carbon neutrality by 2050, the country is accelerating its adoption of electric vehicles (EVs) and energy storage solutions.

At the heart of this transformation lies the battery, the linchpin technology shaping the pace and direction of the nation’s low-carbon future.

Despite growing enthusiasm, Malaysia’s battery sector remains young. According to Dr. Rezal Khairi Bin Ahmad, CEO of NanoMalaysia Berhad (NMB), “The lithium-ion based battery industry in Malaysia is still at its infancy stage and primarily driven by foreign direct investments and technologies from abroad, leaving little room for local intellectual equity.”

The government’s decision to grant tax exemptions on completely built-up (CBU) battery electric vehicles (BEVs) until 2025 has spurred consumer uptake. Yet Dr. Rezal cautions this is only a short-term measure: “While it is a great catalytical start, it is not sustainable. With global supply chain uncertainty due to current geopolitical situation, the country requires a long-term game plan to ensure local technology and commercial ownership.”

Also Read: Soil, smoke, and solutions: Farming meets climate action

Recognising these vulnerabilities, NMB has led the launch of the NanoMalaysia Energy Storage Technology Initiative (NESTI) in 2022, part of the 12th Malaysia Plan.

“A key result manifested in the form of a commercially viable lithium-ion battery technology with 60 per cent energy density advantage over current market offerings,” Dr. Rezal says.

This breakthrough supports plans for a Gigafactory Malaysia, an industrial-scale production hub that could anchor the nation’s role in EV and battery supply chains. Beyond cars, the opportunity is even broader.

“The growth in low carbon mobility market and push for the national grid and renewable energy sector to adopt battery energy storage system (BESS) present demand for locally produced batteries,” he adds.

Circular economy as a resource strategy

Malaysia’s limited natural reserves of lithium, nickel, manganese and cobalt present a fundamental challenge. To address this, NMB is turning to sustainability-driven innovation.

“In the absence of naturally resourced battery materials, circular economy approach is adopted to extract lithium, nickel, manganese and cobalt and upcycle graphite from biomass. The relevant process technologies are all developed in-house,” Dr. Rezal explains.

Such an approach reduces dependency on imports while aligning with global climate goals. Still, scaling up requires significant capital. “The next crucial step would be securing investments to fund the scale-up activities,” he notes.

Also Read: Why agritech is the key to Asia’s food security

A potential pitfall lies in repeating past mistakes. “Having observed the way how the solar panel industry had developed in Malaysia, unchecked market entry of foreign players and technologies in the domestic battery market may stifle the deployment of local innovations,” Dr. Rezal warns.

He believes the solution is a careful mix of incentives: “There is a need to strike a balance between FDI-centric industrial development and incentivising and activating domestic direct investments to support the commercialisation of home-grown batteries.”

His preferred approach, dubbed the “Build Some, Buy Some” philosophy, emphasises parity between imported and local energy storage components.

Looking ahead to 2026

The future of Malaysia’s battery industry may not revolve around lithium alone. “We are looking ahead in developing new battery chemistries based on aluminium and sodium ions to reduce dependency on global lithium supply chain,” Dr. Rezal says.

Other promising avenues include solid-state electrolytes and nanomaterials that could boost energy density, reliability, and safety. Meanwhile, government-backed initiatives such as EMERGE (Enabling Mobility Electrification for Green Economy) and the approval of the ICE-to-EV conversion white paper in 2024 underscore Malaysia’s commitment to developing critical EV technologies.

By 2026, Dr. Rezal expects several industry-shaping shifts.

“Further drop in battery prices in terms of USD/kWh due to over-supply of LFP batteries in the market, greater deployment of batteries (BESS) for renewables, an increase in localisation of manufacturing and re-emergence of interest in NMC battery chemistry with improved energy density, capacity retention, reliability and safety.”

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Image Credit: Dr. Rezal Khairi Bin Ahmad

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In mid-2025, Indonesia’s agritech unicorn eFishery seemed untouchable. Its founders had positioned the company as the darling of Southeast Asia’s aquaculture sector, serving thousands of fish farmers, attracting global investors, and reporting financial results that appeared flawless: US$750 million in revenue and a US$16 million profit.

An audit revealed the reality. Actual revenue was closer to US$150 million, and the company had recorded a US$35 million loss. More than 75 per cent of reported sales were fabricated. Within weeks, credibility was gone, investors withdrew, and the story that had fuelled eFishery’s rise became the instrument of its collapse.

For founders across Southeast Asia, the lesson is clear. In a region where competition is intense and trust is fragile, communication determines both growth and survival.

A market where voice is currency

The numbers suggest a strong future. Google’s e-Conomy SEA 2024 report estimates that the region’s digital economy will triple to US$230 billion by 2026, growing at 22 per cent annually. As of mid-2024, Southeast Asia’s tech startups had a combined market valuation of US$454 billion, with 55 unicorns operating.

Funding patterns are shifting. Scandals such as eFishery’s have made investors more selective. Consumer-facing companies without a clear path to profitability are losing access to capital, and competition for investment now depends heavily on credibility.

Messaging as a strategic asset

In this climate, a disciplined communication strategy is essential. Regional consultancy Precious Communications states that messaging is now considered a strategic asset rather than an optional tool. Consistent and credible communication can align teams, attract investment, and reassure customers.

Also Read: How eFishery lost control of its narrative

Southeast Asia’s diversity adds complexity. In Indonesia, the Philippines, and Vietnam, more than half of e-commerce transactions still use cash or cash-on-delivery. In Malaysia, halal certification can determine market entry. In Thailand and Vietnam, visual storytelling often has more impact than direct sales pitches. One product can require several distinct narratives, and the most successful companies adapt their message while keeping the brand coherent.

Founder voices: Stories that stick

Korawad Chearavanont, founder of Bangkok-based enterprise messaging platform Amity, recalls a pivotal line from his investor pitch: “I could only quit college if I raised US$5 million.” The statement conveyed urgency, risk, and determination, and it helped him secure the capital.

By contrast, eFishery’s numbers told a story that investors wanted to believe, but when the truth emerged, trust collapsed. Authentic narratives can create lasting relationships, while false ones destroy them quickly.

Lessons from politics

Singapore’s 2025 general election showed the power of direct and authentic communication. Candidates used podcasts, livestreams, and open Q&A sessions to connect with voters, which built trust rapidly. Startups can learn from this example, because engaging directly and responding openly can create stronger connections than controlled corporate announcements.

Trust as the growth multiplier

Startups that maintain a clear, culturally informed voice across investor updates, marketing, and internal communication project reliability. In markets with low trust in digital services, that reliability can lead to higher adoption, better retention, and greater investor patience. The “3Cs” framework—clarity, consistency, and cultural context—has become a standard for companies in the region, and it builds a reputation that extends beyond products.

The final word

Southeast Asia’s startup sector is still expanding, but it is less forgiving than before. Capital is cautious, consumers are selective, and competition is constant. The eFishery case is a warning that a compelling narrative can raise a company’s profile faster than any marketing campaign, but if that narrative rests on false foundations it can also dictate the speed and scale of the collapse.

A communication strategy functions as the structure that supports the business, and for founders in Southeast Asia, the way they tell their story can be the most valuable asset they own.

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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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The post When your story unravels: The hidden risk in Southeast Asia’s startup boom appeared first on e27.

Asia-Pacific is rapidly becoming a global hotbed for next-generation modalities, from mRNA therapeutics to AI-driven drug discovery, attracting significant investment and innovation.

However, this growth is occurring against a backdrop of intensifying geopolitical tensions, particularly between the US and China, which are compelling biotech firms and global pharmaceutical companies to adopt sophisticated strategic restructuring and diversification.

Explosive Growth in Advanced Therapeutics and AI

As per a new report by Bain & Company, titled “Empowering Biotech Innovation in Asia-Pacific”, the region has seen a surge in investment in advanced therapeutics. Modalities such as mRNA, cell and gene therapies (CGTs), and antibody-drug conjugates (ADCs) are gaining significant traction, particularly within Chinese biotechs. A prime example is SystImmune’s US$8.4 billion ADC co-development and licensing deal with Bristol-Myers Squibb.

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

AI-enabled platforms are also revolutionising early-stage drug discovery, promising to streamline processes and accelerate development. Insilico Medicine’s FDA investigational new drug (IND) approval for its AI-designed MAT2A inhibitor, followed by a US$110 million raise in 2025, underscores the viability of these technology-led approaches.

Chinese pharmaceutical giant Jiangsu Hengrui Pharmaceuticals (Hengrui) has partnered with Paris-based Iktos, leveraging its proprietary AI-driven molecular design platform to enhance the speed and efficiency of hit-to-lead and lead optimisation processes.

China’s biotech dominance and potential

China has long been the engine of biotech investment in Asia-Pacific, accounting for over 75 per cent of regional venture capital (VC) and private equity (PE) funding since 2019. Its strong pipeline includes mRNA therapeutics company Abogen, which raised over US$1 billion in PE/VC funding, and clinical-stage biotech LaNova Medicines, which secured a US$600 million licensing agreement from AstraZeneca for a potential first-in-class ADC.

After decades of strategic focus and streamlined regulatory processes, these innovations have positioned China as a global biotech standout, with the potential to challenge – and even surpass – Western players in first-in-class assets over the next five years.

Navigating geopolitical headwinds

Despite China’s innovative prowess, rising tensions with the US are creating uncertainty for cross-border collaborations and access to Western capital markets. The proposed US BIOSECURE Act, which flagged companies like WuXi AppTec and BGI Genomics as potential national security threats, has led many US pharmaceutical firms to rethink their reliance on Chinese contract research organisations (CROs) and contract development and manufacturing organisations (CDMOs). Although the Act has stalled, the impetus for geographic diversification to hedge against geopolitical risk is palpable.

In response, Chinese biotechs are strategically adopting offshore “NewCo” structures and IP-splitting strategies to manage international risk.

Also Read: Asia-Pacific governments step in as private biotech investors pull back

Examples include Hengrui’s licensing of its GLP-1 portfolio to US-based Kailera Therapeutics and Keymed Biosciences’ formation of Belenos Biosciences with OrbiMed. Firms are also shifting global headquarters and restructuring ownership, as seen with Legend Biotech expanding its US operations and reducing GenScript’s voting power.

In this complex environment, biotech firms’ success will increasingly hinge on scientific excellence,  regulatory fluency, funding adaptability, and astute cross-border strategic positioning.

The post AI, advanced therapeutics, and the geopolitical balancing act in biotech appeared first on e27.

Every organisation, every community, starts with a simple “why.” For centuries, the “why” of farming was survival—providing food for the family and community. Today, technology promises to make that “why” easier, but are we truly understanding the goal? We talk about precision agriculture and digital marketplaces, but are we asking the right questions about the revolution we are creating?

The old way of farming was not just a job; it was a way of life. A farmer’s expertise came from generations of shared knowledge. They knew the land, the seasons, and the subtle signs of a coming storm. But this deeply intuitive knowledge was also a shield against the complex, scientific realities of farming. A single-crop disease or a nutrient deficiency could wipe out a harvest, and the farmer had to rely on observation and gut feeling alone.

Technology offers a powerful upgrade, translating complex data into simple, actionable insights. An app that identifies a pest from a photo or a sensor that tells a farmer to water less isn’t just a tool; it’s a bridge between ancient wisdom and modern science. It elevates the farmer from a passive observer of nature to an active, informed decision-maker.

This is the promise, but it’s a promise that comes with a critical, unspoken question: What are we risking in this pursuit of efficiency?

The uncomfortable truths we need to confront

The push for technological adoption in farming is often framed as a win-win. But we must be honest about the potential for creating a new digital divide. The technology is available, but is it accessible to everyone? A farmer in a remote village without a stable internet connection or the financial means to afford a smartphone can’t participate in this revolution. We are not just creating a gap in income; we are creating a gap in knowledge, opportunity, and resilience.

If the technology is only available to those who can afford it, we risk leaving the most vulnerable farmers further behind, creating a two-tiered agricultural system—one for the digitally connected and another for the digitally excluded. This isn’t just a matter of fairness; it’s a matter of global food security. A system that leaves behind the smallholder farmers who produce a significant portion of the world’s food is inherently unstable and unsustainable.

Also Read: Indonesia’s agritech landscape: Keys to building a scalable agriculture startup

Then there’s the issue of data. Farmers are being asked to share a tremendous amount of information—from soil composition and crop health to market prices and weather patterns. This data is incredibly valuable, not just for the farmer but for the companies that provide the platforms.

The central question we must ask is: Who owns the data, and who truly benefits from it? If the farmer’s data is being collected and used to create market insights that only benefit large corporations, we are not empowering the farmer; we are simply making them a data point in a new, more efficient system of exploitation.

True empowerment means farmers must have ownership and control over their data, ensuring that the insights generated are used for their collective benefit, not just for someone else’s bottom line. This requires a fundamental shift in the business models of agri-tech companies—moving from a model that extracts value from farmers to one that shares it equitably.

Another uncomfortable truth is that technology can inadvertently erode traditional knowledge. As farmers rely more on digital tools for guidance, will they stop trusting their own intuition and the wisdom passed down through generations? Will the intimate knowledge of a particular plot of land—its history, its quirks, its unique ecosystem—be lost in a sea of generic data?

The goal isn’t to replace the farmer’s skill set but to enhance it. The most successful technology will be that which serves as a co-pilot, not a replacement. It should be a tool that helps a farmer make a better decision, not one that makes the decision for them. This requires designing technology that is intuitive and understandable, and which respects the farmer’s agency and experience.

Also Read: How Southeast Asia’s agritech startups are turning smallholder farms into high-tech powerhouses

Finally, we have to challenge the idea that profit is the only measure of success. In our pursuit of productivity and efficiency, are we losing sight of the deeper “why” of farming? A farm is a system of life, not just a factory for crops. The health of the soil, the cleanliness of the water, the well-being of the local community—these are the true indicators of a healthy agricultural system. Technology gives us the tools to measure and improve these things, but it’s up to us to decide that they are what truly matter.

The purpose of this digital transformation shouldn’t just be to make farmers a little more money; it should be to make our food systems more resilient, more sustainable, and more equitable for everyone. For instance, sensors that monitor soil moisture aren’t just about saving money on water; they’re about preserving a finite, essential resource. A transparent supply chain isn’t just about securing a better price; it’s about building trust and connection between the consumer and the person who grows their food.

The future of agriculture is not just about what technology we adopt, but about the values we embed in that technology. It’s about building a system that serves the farmer, the community, and the planet. It’s a challenge that requires us to look beyond the apps and gadgets and ask ourselves the uncomfortable questions about who we are leaving behind and what we truly want to achieve.

The digital revolution in farming has already started, but its final chapter is still unwritten. It will be up to us—tech developers, policymakers, farmers, and consumers—to decide if this powerful new era will be a story of shared prosperity or one of further division.

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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.

Enjoyed this read? Don’t miss out on the next insight. Join our WhatsApp channel for real-time drops.

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The post The unspoken crisis: Are we building a new digital divide in agriculture? appeared first on e27.