Asia stands at the fault line of two escalating crises: climate change and persistent health inequities. The impacts, ranging from air pollution and heat stress to vector-borne diseases, are already defining the lives of billions, reveals a new report titled ‘Unlocking Capital For Climate x Health: The Investment Landscape in Asia’ prepared by social investor network AVPN and Prudence Foundation, in partnership with Catalyst Management Services (CMS).

Data confirms the severity of this convergence: the World Meteorological Organisation reported that Asia experienced the highest number of climate-related disasters in 2023, with storms and floods driving significant casualties and economic losses.

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

In 2021 alone, climate-driven disasters resulted in US$253 billion in damages globally, largely uninsured in low-income regions, and 470 billion work hours were lost due to heat-related impacts. Climate disruption is now considered Asia’s most urgent public health crisis.

Despite this alarming confluence of risk, capital flows remain critically misaligned. The region requires an estimated US$1.1 trillion annually for climate adaptation and mitigation efforts. However, only around 30 per cent of this figure is currently mobilised.

Crucially, only 5 per cent of the global climate finance, which totals US$1.46 trillion, reached adaptation efforts, and only an even smaller fraction was directed towards health.

Health adaptation specifically attracts a meagre 0.5 per cent of global climate finance and just 2 per cent of adaptation funding. This significant mismatch means that frontline solutions required to redesign systems to withstand climate shocks are starved of necessary capital.

The adaptation investment lag

The focus of climate finance has historically leaned heavily towards mitigation, meaning cutting emissions, rather than adaptation, which involves strengthening resilience to endure future risks. While institutional investors in Asia Pacific show significant appetite, with 74 per cent citing climate transition as a strategic priority, fewer than 40 per cent feel confident in their progress.

This gap underscores the structural barriers preventing private capital, especially venture capital (VC) and impact funds, from flowing at the required scale into climate x health solutions.

The adaptation finance landscape in Asia is primarily dominated by public sector entities, with development finance institutions (DFIs) contributing approximately 68 per cent of tracked public climate flows in the region.

Even though the Green Climate Fund (GCF) directed US$976 million to Asia-Pacific between 2019 and 2020 for water, sanitation, and hygiene (WASH) projects, these efforts are insufficient to drive the systemic transformation needed at the climate x health nexus. In fact, between 2018 and 2019, merely 8 per cent of Asia’s climate finance was allocated to adaptation, with an even smaller share targeting health.

Building a cohesive financing architecture

To address this challenge, investors and ecosystem builders are being called upon to shift the narrative around climate x health from a mere co-benefit to a core investment strategy. The convergence of health equity, planetary boundaries, and the just transition provides a compelling frame for Environmental, Social, and Governance (ESG)-aligned capital.

Also Read: Asia’s role in climate change: Risks, rewards, and the road to net-zero

There is early momentum visible in innovations like AI-driven disease surveillance, cooling technologies, and clean air technologies. To truly unlock the necessary private capital, the challenge lies in structuring capital stacks, navigating complex public procurement systems, and proving product-market fit in environments where traditional VC logic often falls short. The overall goal is a long-term reallocation of capital towards adaptation and resilience solutions that can recover from and thrive in the face of climate stressors.

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The SAFE STEPS D-Tech (Disaster Tech) initiative is a regional programme by Prudence Foundation that supports the development and deployment of innovative technology solutions to improve disaster preparedness, response, and resilience. Through the annual SAFE STEPS D-Tech Awards and Community Hub, the initiative brings together startups, NGOs, governments, investors, and humanitarian actors to co-create impactful solutions that save lives before, during, and after disaster events. By catalysing partnerships and enabling scale, D-Tech serves as a platform to turn promising ideas into real-world systems that strengthen communities across Asia and beyond.

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The convergence of Federal Reserve policy expectations, cryptocurrency market maturation, and ongoing geopolitical challenges has created a multi-layered investment environment where traditional risk metrics are being redefined.

Federal Reserve policy evolution and market response

The Federal Reserve’s September meeting minutes have revealed a central bank caught between competing economic pressures, with officials displaying marked division over the appropriate course of monetary policy. The decision to implement a quarter-point rate cut, bringing the federal funds rate to a range of four per cent to 4.25 per cent, represents just the beginning of what appears to be a carefully orchestrated policy recalibration. Most committee members expressed support for additional rate reductions throughout the remainder of 2025, though this consensus masks deeper disagreements about the pace and extent of such cuts.

The appointment of Stephen Miran as the newest Fed governor has introduced a particularly dovish voice to the committee, with his advocacy for more aggressive half-point reductions reflecting broader concerns about economic momentum. This internal debate is occurring against the backdrop of a labor market showing signs of deceleration, with initial jobless claims rising moderately to 224,269 in late September. The economic data blackout caused by the ongoing government shutdown has created additional uncertainty, potentially forcing Fed officials to make decisions with incomplete information.

The market’s interpretation of Fed policy has been notably positive for risk assets, with the expectation of continued monetary easing providing support for both equities and alternative investments. Treasury yields have remained relatively stable despite rate cut expectations, with the 10-year yield hovering around 4.12 per cent and the two-year yield at 3.58 per cent. This yield curve positioning suggests that markets are pricing in a measured approach to monetary easing rather than emergency-style cuts.

Cryptocurrency market institutional integration

The cryptocurrency market’s performance through early October 2025 represents a fundamental shift toward institutional legitimisation, with Bitcoin ETF inflows reaching unprecedented levels and establishing new benchmarks for institutional participation. The seven-day inflow streak totalling over US$5 billion into US spot Bitcoin ETFs demonstrates a level of institutional commitment that extends well beyond speculative positioning. BlackRock’s iShares Bitcoin Trust alone captured US$969.9 million on a single day in October, reflecting the scale of institutional capital allocation.

The cryptocurrency market capitalisation of US$4.26 trillion, with Bitcoin trading near US$122,000-US$124,000 after touching highs above US$126,000, represents a maturation of the asset class that goes beyond retail speculation. The 24-hour crypto-Nasdaq correlation of +0.71 indicates that Bitcoin is increasingly behaving like other risk assets, responding to macroeconomic conditions and monetary policy expectations rather than operating in isolation[provided data].

Also Read: Global risk-off sentiment emerges as political instability meets cryptocurrency correction

The Binance ecosystem rally, with BNB surging 27.97 per cent weekly to claim the third-largest cryptocurrency position by market capitalisation, illustrates the diverse nature of crypto market growth. BNB Chain’s transaction volumes have quadrupled since mid-2025, with PancakeSwap processing nearly US$80 billion in September volume, highlighting the infrastructure development supporting this growth. The total value locked across BNB Chain DeFi protocols reaching US$9 billion demonstrates real economic activity rather than purely speculative trading.

Currency market disruption and safe haven dynamics

The Japanese yen’s dramatic weakness, with USD/JPY reaching 152.68 and extending gains for five consecutive sessions, reflects fundamental shifts in both monetary policy expectations and fiscal policy direction. The surprise victory of Sanae Takaichi in the Liberal Democratic Party leadership election has introduced significant uncertainty about Japan’s economic policy trajectory, with markets interpreting her pro-stimulus stance as potentially inflationary and yen-negative.

The yen’s decline is particularly significant given its traditional role as a safe-haven currency, with the weakening suggesting that investors are reassessing traditional safe-haven relationships in light of fiscal expansion concerns. The possibility of increased government spending under Takaichi’s leadership, combined with the Bank of Japan’s reluctance to tighten monetary policy aggressively, creates a perfect storm for yen weakness.

Gold’s surge past US$4,000 per ounce for the first time, reaching US$4,044.09 with gains of 1.52 per cent, represents a recalibration of safe-haven demand away from traditional currencies toward hard assets. The precious metal’s 54 per cent year-to-date gain, following a 27 per cent increase in 2024, reflects not just geopolitical uncertainty but also concerns about fiat currency stability and central bank policy effectiveness. Silver’s concurrent rally to record highs above US$49 per ounce demonstrates that demand for precious metals extends across the complex.

Energy markets and geopolitical risk assessment

The energy sector’s performance reflects the complex interplay between geopolitical tensions, supply chain disruptions, and the effectiveness of sanctions. Brent crude’s movement to US$66.25 per barrel, with gains of 1.2 per cent, occurs against a backdrop of intensifying Ukrainian strikes on Russian oil infrastructure and ongoing uncertainty about sanctions implementation. The targeting of Russian refineries has reduced processing capacity by approximately 10 per cent, creating supply chain disruptions that extend beyond crude oil to refined products.

Also Read: Diverging signals: Dow rises, gold breaks records, and crypto faces derivatives squeeze

The effectiveness of Western sanctions on Russian energy exports continues to evolve, with Russia managing to redirect substantial volumes to non-sanctioned buyers while accepting deeper price discounts. Russian seaborne crude exports to Price Cap Coalition countries have dropped by 91 per cent, but exports to non-coalition countries have increased by 67 per cent, demonstrating the limited global impact of unilateral sanctions. The maintenance of Russian crude shipments near 16-month highs, despite ongoing military conflict and infrastructure attacks, illustrates the resilience of global energy supply chains.

Market correlation dynamics and risk assessment

The evolving correlation patterns between asset classes reveal fundamental changes in how markets assess and price risk. The negative correlation between Bitcoin and the Nasdaq of -4.3 per cent as of July 2025, followed by the recent positive correlation of +0.71, demonstrates the dynamic nature of crypto-traditional asset relationships[provided data]. This correlation volatility suggests that Bitcoin is transitioning between different market roles – sometimes behaving as a risk asset correlated with technology stocks, other times functioning as an alternative store of value.

The relationship between gold and other safe-haven assets is also evolving, with gold’s outperformance occurring simultaneously with dollar strength rather than weakness. This decoupling suggests that investors are seeking alternatives to all fiat currencies rather than simply rotating between traditional safe havens. The gold-silver ratio dynamics, with silver outperforming gold on a percentage basis, indicate broad-based precious metals demand rather than flight-to-quality concentrated in gold alone.

Institutional flow dynamics and market structure

The scale of institutional flows into both cryptocurrency and precious metals markets represents a structural shift in portfolio allocation that extends beyond cyclical positioning. Global crypto ETF inflows of US$5.95 billion in a single week, led by US$5 billion in US inflows, demonstrate the magnitude of institutional reallocation. The diversification across Bitcoin (US$3.55 billion), Ethereum (US$1.48 billion), Solana (US$706 million), and XRP (US$219 million) indicates a sophisticated institutional approach rather than concentrated Bitcoin positioning.

The precious metals market is experiencing similar institutional attention, with global gold ETF inflows reaching US$64 billion year-to-date and a record US$17.3 billion in September alone. This institutional participation is occurring alongside central bank purchases, with China and other nations reducing Treasury holdings in favour of gold reserves. The combination of institutional and sovereign demand creates a support level for precious metals that extends beyond traditional economic cycles.

Also Read: AI dreams, crypto magic and shutdown realities: The contradictions fuelling today’s market rally

Technology sector integration and network effects

The growth in blockchain network activity, particularly on BNB Chain, illustrates the maturation of cryptocurrency infrastructure beyond speculative trading. The quadrupling of BNB Chain transactions since mid-2025, combined with the success of decentralised applications and the growth of the DeFi ecosystem, demonstrates real economic utility. The launch of new token launch platforms and the integration of Layer-2 solutions indicate ongoing infrastructure development that supports long-term adoption.

The correlation between network activity and token performance, evident in BNB’s rise to third-largest cryptocurrency status, suggests that utility-driven value creation is becoming increasingly important relative to speculation. The US$154 billion market capitalisation achieved by BNB reflects not just trading demand but the economic value generated by the underlying blockchain infrastructure.

The implications of this market environment extend well beyond short-term trading opportunities. The convergence of institutional cryptocurrency adoption, precious metals accumulation, and currency market disruption suggests a fundamental reassessment of monetary systems and store of value concepts. The Federal Reserve’s policy uncertainty, combined with fiscal policy concerns globally, is driving institutional portfolio diversification that may prove persistent rather than cyclical.

Looking ahead, the sustainability of these trends depends heavily on the resolution of several key uncertainties. The path of Federal Reserve policy, the effectiveness of international sanctions regimes, the stability of currency relationships, and the continued development of alternative financial infrastructure will all play crucial roles in determining whether current market dynamics represent temporary dislocations or permanent structural changes. The upcoming CPI data release, when government operations resume, will provide critical information about the sustainability of current monetary policy expectations and their impact on cross-asset correlations.

The market environment reflects a world where traditional relationships between risk, return, and correlation are being redefined by technological innovation, policy uncertainty, and evolving geopolitical realities. Institutional investors are adapting by diversifying across asset classes that were previously considered uncorrelated or speculative, while maintaining exposure to traditional markets through ETF structures that provide regulatory compliance and operational efficiency.

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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.

In this episode, we feature James Spurway, the Co-Founder and CIO of Eco Solutions Capital, Inc. (Massachusetts) and leads Business Development at Indochina Consulting Pte Ltd, the second generation of a company he founded in 1993. He also serves on the Advisory Board of over a dozen global startups and scale-ups.

Originally from Australia, James has spent 35 years abroad, including 15 years in Singapore. He has started 10 businesses, sold seven, and invested in 75 startups since becoming a full-time angel investor in 2001. Over the years, he has reviewed more than 10,000 pitch decks, met 5,000 founders, and achieved two unicorn exits with an average 5X ROI. His focus today is on deeptech and hardtech solutions tied to SDGs 7, 12, and 13, usually coming in as the first cheque. He also mentors founders through programs such as 500 Global, MassChallenge, Creatella Impact, and Silicon Beach.

Beyond investing, James enjoys long walks of 10-20 km, volunteers monthly at local food banks, and has a soft spot for stray animals. He co-authored a book on raising debt and equity in Singapore, has published poetry, and is currently writing a memoir titled Bloodied but Unbowed, and Never Beaten – An Unconventional Life of Someone Not Destined to Succeed – Who Did It Anyway.

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

How I got here

I collapsed and flatlined four times in six hours. After that, I walked away from a successful run in transactional businesses and chose to become a full-time angel investor and mentor. I needed to feel I was giving back, creating something tangible, and helping to solve real problems for many people.

Also Read: My heart gave out, but my purpose came alive

If I had to explain my work to a kid

I find people who have invented something that solves big problems, and I support them with some money and spend time helping them do the best job they can.

Lessons learned along the way

I used to live by the rule that “it’s better to beg forgiveness than seek approval”. That kind of gels with the “move fast and break things” dogma as espoused by Mark Zuckerberg, except I was living by my CODEX before Silicon Valley was a “thing” and 20 years before Zuc was born. I still follow this.

I realised, however, that I should not suggest to everyone I meet to follow the same mantra. If a person hasn’t developed their sense of “self” and hasn’t had enough failures to know if the decision they’re about to make might kill the company, they may need to consult first.

What more people should notice

Unless governments, industry, academia, and trained entrepreneurs come together to build a platform that channels more capital into solving global warming, expanding renewable energy, and developing technologies that turn 100 per cent of waste into valuable, sustainable products, then AI and every other breakthrough will mean very little. Without this, the quality of life on our planet as we know it will not exist.

Why I write

I’ve been creating content for as long as I can remember. Having spent much of my life in Southeast Asia, I’ve seen how daily life here differs from the US, Australia, or Europe. That perspective, along with the knowledge I’ve gathered along the way, felt like something worth sharing.

I don’t plan much. I get inspired and start. Sometimes an idea just pops into my head, or while I’m working on a problem, I recall another experience and realise it could offer a new way of solving something. When that happens, I want to tell others about it.

Also Read: AI in Southeast Asia: The silent force powering today and the engine for tomorrow’s growth

My advice for aspiring thought leaders

I believe readers want to connect with authors as much as with their content. That’s why I try to include personal stories and examples of how a topic affected me, or how a takeaway from one situation helped me later in my career. I also tell founders preparing a pitch deck to picture their audience as a 10- to 12-year-old: keep the concepts simple and jargon-free, and link ideas in a natural way that feels understandable, relatable, and believable.

What drives my curiosity

I know that I need to nourish the other aspects of my soul. I have always written poetry and still do, and now I am revisiting music. I have long been curious about the human mind, how we tick, and I am always working on myself. People often tell me one of my “superhero” skills is the ability to connect with someone in seconds and make them feel seen and respected. At the same time, I know I am flawed in many ways, and I make it a practice to work on myself every day.

Influences that shaped me

• Richard Branson taught me, both figuratively and literally, how to carry myself in a genuine and caring way while building something as large as a multi-billion-dollar empire.
• John Doerr through Measure What Matters and Speed & Scale, showed me the value of the old-school VC approach that worked, as well as the substance of those two books. Measure What Matters is essential reading for every founder, reminding them to focus on controlling outcomes rather than letting outcomes control them. Speed & Scale gave us a roadmap for closing the Climate Finance gap and moving toward a Net Zero world.
• My wife, Sylvia Spurway, taught me that I need to nourish, exercise, and tune my mind the way a violinist tunes strings, if I want to play the lead role in the biggest symphony on the world stage.

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

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Join the e27 Contributor Programme and become a valuable voice in our ecosystem.

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Singapore-based equity management platform Qapita has secured US$26.5 million in a Series B funding round led by US investment giant Charles Schwab Corporation. Existing backers Citi and MassMutual Ventures also returned for this round.

The partnership includes the development of “Schwab Private Issuer Equity Services powered by Qapita,” a platform aimed at helping US-based private companies manage their cap tables and stock plans efficiently. Apart from supporting Qapita’s US expansion, the capital will also launch of a fund administration product targeting multiple markets.

“To enter into the US with both a significant Series B investment from Charles Schwab and a strategic product collaboration brings together the best private market solution and one of the leading public platforms,” said Ravi Ravulaparthi, Qapita’s co-founder and CEO, in a press statement. “We think we can add immense value to the US start-up ecosystem.”

Also Read: Redefining risk: Monetary policy, crypto maturation, and the new safe havens

Lakshman Gupta, co-founder and COO, added: “From the beginning of our journey to expand into the US, to now closing this fundraise—the momentum is undeniable. With our focus on product innovation, we’re raising the bar for how ownership is managed across private market ecosystems.”

Operating in India, Southeast Asia, and now targeting the US, Qapita is positioning itself as a critical layer of infrastructure in the innovation economy, as these three markets are some of the world’s largest startup ecosystems.

Qapita’s offering extends beyond cap table management. Its platform also facilitates secondary transactions and liquidity programs, helping startups and their stakeholders unlock value. The upcoming fund administration solution will cater to fund managers and family offices, offering tools to streamline portfolio and investor reporting—a pain point across private markets.

This multi-layered approach allows Qapita to serve startups, employees, and investors, embedding itself deeply into the lifecycle of venture-backed companies.

Qapita’s focus aligns with a growing global trend: the professionalisation of private market infrastructure. As startups stay private longer, the complexity of managing cap tables, liquidity events, and investor reporting has created a surge in demand for digital equity management solutions.

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Image Credit: Qapita

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Artificial Intelligence (AI) is no longer a distant idea. It is here, and it is changing how businesses operate every day. Startups and enterprises use AI to automate tasks, analyse data, and accelerate growth. For small teams, AI offers a way to achieve more with fewer resources. It has shifted from being an optional tool to becoming an essential one.

But while AI boosts efficiency, it is also reshaping the threat landscape. The same technology that helps businesses scale is being weaponised by cybercriminals to launch faster, more convincing attacks.

The rise of AI-powered attacks 

Cyberattacks used to be easy to spot. Phishing emails were filled with poor grammar and obvious mistakes. Today, AI has erased those red flags. Attackers now generate professional, personalised messages that mimic trusted communication almost perfectly.

The risks extend far beyond emails. Deepfake technology can clone executives’ voices or faces to trick employees into approving transactions or sharing sensitive information. AI-driven systems can also scan digital infrastructure for weaknesses at a speed no human could match.

Early-stage companies often underestimate how quickly even small vulnerabilities can be exploited. Startups often assume cybersecurity can wait until after growth and customer traction, but AI-powered attacks do not wait. Smaller businesses are prime targets precisely because attackers know they often lack strong defences. A single breach can destroy customer trust, cause financial loss, or even force a business to shut down. For early-stage companies, the consequences can be irreversible.

The lesson is clear: no business is too small to be targeted. Cybersecurity must be built in from the beginning, not treated as an afterthought.

Also Read: How AI detection transforms trading psychology: A 63% improvement study

Why AI alone is not enough 

It is true that AI is also transforming defence. Security tools powered by machine learning can monitor networks, detect anomalies, and flag potential vulnerabilities. These capabilities provide speed and scale that humans alone cannot achieve.

But AI has limits. It can identify patterns, but it cannot fully understand business context or weigh the consequences of a breach. Nor can it anticipate the creativity and unpredictability of human attackers. 

Cybersecurity requires more than detection. It requires judgment, prioritisation, and foresight. These areas where human expertise remains irreplaceable.

The human touch in cybersecurity

The strongest defence comes from the combination of AI and human intelligence. AI delivers rapid monitoring and analysis. Humans bring creativity, intuition, and strategic thinking. Together, they form a defence that is adaptive and resilient.

Cybersecurity professionals can assess which vulnerabilities matter most and craft responses that align with business goals. Machines cannot replicate this judgment. The future of cybersecurity is not about AI replacing people, but about people and AI working in partnership.

For organisations, a few lessons stand out:

• Treat AI as a tool, not a replacement. Use it to strengthen security, but rely on human expertise for strategy and decisions.
• Invest in security early. Prevention is always less costly than recovery, especially for startups.
• Balance growth with resilience. Scaling products and acquiring customers are important, but protecting trust is what ensures long-term success.

Looking ahead 

AI is an engine of productivity and innovation, but it also fuels a new generation of cyberattacks. The organisations that succeed will be those that harness AI for growth while preparing for the sophisticated threats it enables.

The most resilient organisations are those that integrate security into their foundation, not as an afterthought. Cybersecurity is not just about tools. It is about people making sense of technology, applying judgment, and staying one step ahead.

In a world where AI can be both a growth accelerator and a weapon, human expertise remains the strongest safeguard.

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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.

Image courtesy of the author.

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