Southeast Asia’s fintech startups collectively raised US$839 million during the first nine months of 2025 (9M 2025), reflecting a continued cooling trend in regional investment.

The total capital inflow marks a 39 per cent decline compared to the US$1.4 billion raised in 9M 2024 and a 56 per cent drop compared to the US$1.9 billion recorded in 9M 2023, according to the Southeast Asia FinTech Report by Tracxn.

Also Read: Fintech rebound: Singapore bags US$1.04B, outpaces global peers

Despite the overall contraction in funding activity, Singapore solidified its position as the central hub for fintech investments, capturing 84 per cent of the total funding raised across the region. Jakarta followed distantly, contributing 4 per cent of the region’s fintech funding.

The massive decline in overall funding was primarily driven by steep drops in investments across the seed and early stages. Seed-stage funding stood at US$62.3 million in 9M 2025, a reduction of 63 per cent from 9M 2024 and 64 per cent lower than 9M 2023. Early-stage investments fared similarly, totalling US$219 million, which represents a 66 per cent drop compared to 9M 2024 and 70 per cent less than 9M 2023.

However, late-stage funding showed stability. Late-stage investments held steady at US$558 million, matching the level seen in 9M 2024. This figure was still 45 per cent below the US$1.0 billion recorded in 9M 2023.

Mega rounds stabilise late stage

The stability in late-stage funding was supported by three significant US$100 million-plus funding rounds, up from two such rounds in 9M 2024. The notable mega-rounds recorded during the period included Thunes (US$150 million, Series D), Airwallex (US$150 million, Series F), and bolttech (US$147 million, Series C). These deals underscore strong investor backing for select growth-stage fintech players.

Investor participation remained active across all stages. DST Global Partners and Unbound were identified as the top late-stage investors, while Iterative, 500 Global, and 1337 Ventures were the most prominent investors at the seed stage. Peak XV Partners, OSK Ventures International Berhad, and Citi Ventures played leading roles in early-stage growth investments.

Acquisitions and public markets

The region recorded two initial public offerings (IPOs) in 9M 2025–Antalpha and TCBS–marking a 100 per cent increase compared to the single IPO seen in 9M 2024. The number of IPOs matched the two recorded in 9M 2023. Additionally, the fintech ecosystem saw the creation of one new unicorn in 9M 2025, consistent with the number created in 9M 2024.

Also Read: Is fintech in SEA changing its focus for further development?

Acquisition momentum, however, slowed down. Fintech companies in Southeast Asia recorded 13 acquisitions in 9M 2025, a 43 per cent drop compared to 23 acquisitions in 9M 2024. Strategic consolidation within the sector continued, with the highest-valued acquisition being KFin Technologies’s acquisition of ASCENT for US$34.7 million. This was followed by Titanlab’s acquisition of Coinseeker for US$30.0 million.

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In today’s linked world, people and businesses can’t succeed alone; they need to form partnerships and collaborate in order to accomplish shared objectives. Partners can promote innovation, solve challenging challenges, and generate positive change by combining their networks, resources, and skills. Partnerships of all kinds—between businesses, nonprofits, and the government—need open lines of communication, mutual respect, and a shared goal for the future in order to be effective.

Collaboration not only makes things easier to accomplish, but it also brings people closer together and fosters understanding and empathy. Cooperative efforts allow for the exchange of varied viewpoints and ideas, which in turn generates novel and original solutions. As an added bonus, when people pull together, it builds a support system of people and groups that can help each other out when times go tough. Collaboration is crucial because it allows individuals and organisations to create a greater impact when they work together.

This includes things like being able to make better use of resources, communicating more effectively, and increasing efficiency. By bringing together complementary perspectives, strong partnerships facilitate improved decision-making and problem-solving. In order to accomplish shared objectives and effect positive change in any setting, it is crucial to establish solid partnerships.

Benefits of partnerships

Facilitates thorough and fast resolution of complex issues that can be shared by project partners. Partners can have a bigger effect by pooling their resources. Partnerships also allow firms to share information and skills to solve problems more creatively. Partners’ resources and knowledge can lead to innovative solutions and long-term benefits.

Partnerships can help address social, environmental, and economic issues more sustainably and effectively. Collaboration allows businesses to build on their strengths and overcome their weaknesses, resulting in a more complete and effective problem-solving approach. This collaboration helps the partners and the communities and people they serve, creating a beneficial ripple effect. Partnerships can alter the world by sharing knowledge and experience.

Partnerships allow organisations to reach more stakeholders and have more influence, making it more feasible. Sharing resources and abilities can sometimes lead to innovative solutions that were previously impossible. These ties allow companies to work together to achieve goals and make a difference. If they collaborate, they can solve tough issues and create a more sustainable future.

Also Read: Grab supports digital currencies top-ups under partnership with Triple-A

This allows for more investments in research, development, and worldwide problem-solving solutions. Organisations can use their combined expertise and resources to have a big impact on society and the environment by working together. Partnerships allow companies to do more together than they could alone, creating a more successful and sustainable future for all.

Improved innovation and creativity

When organisations collaborate in partnerships, they are able to pool their expertise and knowledge, leading to increased innovation and creativity. By working together, different perspectives and ideas can be shared, sparking new approaches and solutions to complex problems.

This collaborative environment fosters a culture of continuous learning and improvement, driving organisations to push boundaries and think outside the box. Ultimately, improved innovation and creativity within partnerships can lead to groundbreaking advancements and breakthroughs that benefit society as a whole.

Things have the potential to bring about a revolution in various industries and to enhance the quality of life for people all over the world. We can move society toward a brighter and more sustainable future by embracing variety and supporting collaboration among partners. This can result in exponential growth and advancement on the part of society.

In the context of the global landscape, the opportunities for effective change become endless as firms promote diversity and teamwork. This presents the opportunity for a new era of invention and creativity to emerge. When brought together, different points of view have the potential to make a significant contribution to the creation of a better tomorrow for everyone.

Enhanced impact and reach

When organisations collaborate, they are able to harness their combined resources and experience to have a greater effect on a broader scale, thereby benefiting a greater number of individuals and communities who are in need. Because of this enhanced reach, it is possible to implement solutions in a more effective and efficient manner, which will ultimately result in a future that is more viable and equal for everyone. The potential for positive change is limitless, and it will inspire optimism and progress for decades to come if efforts to improve impact and reach are increased.

Working together, various organisations can reach more people with important topics and raise more awareness about them. It is possible to increase the impact of messages and the momentum of projects by pooling resources and working together.

In addition to bringing more attention to pressing problems, this has the dual benefit of inspiring more people to take action and build a better world for everybody. Teamwork has the potential to make a bigger difference than what any one person could achieve on their own, leading to long-term improvements for everyone.

Tips for building strong partnerships

Enhancing the visibility of a partnership through the utilisation of networks can serve to amplify the message and reach of the collaboration, thereby bringing more supporters and resources to the cause.

It is possible to have a greater impact and mobilise a larger group towards a common goal if one is able to reach a wider audience with shared objectives.

Also Read: Why partnerships are key to reduce environmental crisis impact in Asia

Partnerships have the potential to generate more support and engagement, which in turn can lead to more participation, funding, and overall success in the accomplishment of shared goals. By emphasising case studies of successful partnerships, businesses have the opportunity to gain knowledge from the methods and practices that have resulted in successful collaborations in the past.

Additionally, providing advice on how to form effective relationships, such as having open lines of communication, having values that are equal to one another, and respecting one another, can assist in guiding future attempts toward success.

In conclusion

Therefore, in order for companies to promote innovation, attain sustainability, and create an influence that will last, it is vital for them to cultivate solid partnerships. Organisations are able to construct partnerships that are founded on trust and mutual benefit if they adhere to best practices and get knowledge from many successful case studies.

A partnership has the potential to flourish and contribute to better success in the accomplishment of shared objectives if there is clear communication, a commitment to collaboration, and shared values.

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In Malaysia, the culture of overworking has become a widespread issue. Several reasons drive overworking: long working hours, the pressure to “always be available”, or the increased cost of living, which is taking a toll on the workforce. Malaysians find themselves sacrificing their time for work with little time to rest, often struggling with stress and burnout. This is evident as Malaysia is ranked the second most overworked country in Asia by 2023.

Some industries promote excessive work cultures, believing that pushing employees to their limits will yield better results and productivity. This remains one of the most common mistakes that managers make because while employees are always appreciated for putting in hard work, they do not draw a line between hard work and working extremely hard. This leads to decreased productivity, burnout, mental health issues, and strained family relationships.

As remote work has gained popularity since the COVID-19 pandemic, many have found it difficult to draw a line between work and personal life, and they always feel like they’re on the clock. A 2023 report indicates that remote job listings have risen by 8% in the previous year. Although remote work comes with its benefits, employees may have to be “always available”, which pressures them to respond to emails and calls at all times.

The problem with overworking in Malaysia

High living costs in areas like Kuala Lumpur force many workers to push themselves to make ends meet. Meanwhile, employees have to put in extra hours to secure promotions or to just keep their jobs in the competitive job market. Managers often see working overtime as increased productivity. Although research shows that overworking leads to reduced productivity and is prone to more mistakes, many companies are still promoting the overtime culture.

The solution lies in rethinking how and where we work. This is where co-working space comes in but how exactly can it help alleviate overwork in offices?

Flexibility and control over work schedules

Co-working spaces provide an alternative to both traditional and fully virtual office environments. They offer flexible work settings where individuals can rent desks or private offices, meeting rooms, and other amenities on a short-term or long-term basis. Co-working spaces are not just shared offices, they can offer a sense of community and collaboration which can directly address overworking.

Also Read: Can co-working spaces change Malaysia’s work habits?

Co-working spaces are built on the idea of flexibility, giving employees the freedom to choose when and how they work, effectively managing their time to reduce overworking. Employees can choose to work during their most productive hours, whether early in the morning or later in the day, without the constraints of a rigid 9-to-5 schedule.

WORQ offers solutions that can be customised and designed to suit companies’ frameworks and policies. For example, MNCs can utilise the hub-and-spoke model allowing employees to work from any WORQ outlet depending on their locations. This helps to reduce the pressure to conform to rigid office hours and encourages more sustainable and efficient use of time, leading to improved productivity at work.

It also fosters a community where businesses can connect and collaborate, opening the door to potential business growth. This support network gives businesses the resources they need to work smarter by leveraging one another’s strengths.

Work-life boundaries are clearer

One of the hardest parts of remote work is the blurring lines between professional and personal time. When your living room or bedroom acts as your office too, it can be hard to switch off from work, potentially leading to extended hours. Co-working spaces provide a clear physical boundary between home and work. Employees can mentally separate their work from their personal space when working in a dedicated office space.

This physical separation establishes a healthy work-life balance. When they leave the space at the end of the day, they can truly “clock out” and focus on personal or family time. This simple act creates a sense of routine and structure that are lacking in remote work.

Encouraging a result-oriented culture

In many traditional office environments, employees are judged by the hours they spend on their tasks rather than the quality of work they produce. This culture contributes to overworking, as employees feel the need to stay late or arrive early just to be seen as
dedicated. The goal is to work smarter, not harder and this shift helps employees manage their time effectively, reducing the need for excessive hours.

WORQ aims to break away from the “factory mindset” that equates physical attendance to productivity. They provide an environment where results matter more than the hours clocked in, allowing employees to deliver their best work without being confined to rigid schedules. Employees can choose to work at their preferred working schedule to maximise productivity,
in the morning or evening, as co-working spaces can operate 24/7 to accommodate business needs.

Also Read: How companies can manage data privacy in hybrid and multi-cloud work environments

Supporting creativity and comfort

Unlike traditional office spaces, co-working environments are designed to foster creativity and flexibility. Instead of sitting in a cubicle all day, employees have the freedom to move around and work in different areas of the space, choosing the environment that suits their mood or task.

At WORQ, we offer a range of professional amenities, including coffee and snacks, a printing station, telephone booths, and meeting rooms. For moments of relaxation, there are leisure facilities such as game rooms, sleeping pods, gym rooms, and a pantry. These amenities make it easier for workers to strike a balance between productivity and relaxation, reducing stress and preventing burnout.

The role of co-working in reducing overworking

By creating an environment that promotes work-life balance, encourages breaks, and focuses on productivity over hours, co-working spaces can play a crucial role in reducing the culture of overwork. As more Malaysians embrace this flexible way of working, there’s potential for a shift toward healthier work habits and a more sustainable approach to professional life.

Co-working spaces are not just an alternative office solution—they are a way to rethink how work is done. For individuals looking to break free from the pressures of overworking, co-working spaces provide a supportive, flexible environment that could lead to a healthier and more balanced future for Malaysia’s workforce.

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As artificial intelligence (AI) becomes more embedded in our daily lives, I find myself focusing more and more on trust. For me, trust is now just as crucial as innovation, especially when AI ventures into deeply personal domains like faith, wellness, and mental health. These are not merely technical fields; they are emotional, spiritual, and profoundly human.

Where AI meets the soul: Wellness, faith, and spirituality

I have watched and personally experienced how AI is intruding into areas once thought to be exclusively human. Whether it is mental health support or spiritual guidance, the technology is being tasked with empathy, nuance, and moral sensitivity.

• Mental health and wellness: AI tools now provide 24/7 counselling support, offering personalised meditation guidance, and even detecting early signs of mental health issues. For friends in remote areas who cannot easily access a therapist, these tools have been a lifeline. Some are getting daily emotional check-ins, or, as a caregiver, using guided AI breathing exercises to manage stress; these experiences are increasingly real.
• Faith and spiritual exploration: In my faith community, people are turning to AI for scriptural guidance, tailored prayer support, and spiritual reflection in safe, non-judgmental environments. For those far from traditional religious centres or hesitant to approach clergy, these tools provide new avenues for spiritual growth and exploration.
• Personalised wellness: I have also tried wellness apps that build custom fitness routines and nutrition plans, adapting to my evolving needs.  Although convenient and personalised, I am acutely aware they raise serious ethical as well as emotional questions.

The risks: When AI oversteps

Despite the appeal of personalisation and convenience, I am keenly aware of the risks that come when AI edges into life’s most intimate spaces. I can think of a few pitfalls:

• Harmful or inaccurate advice: AI often lacks human judgment, sometimes oversimplifying or misreading complex emotional or spiritual problems.
• Commodifying the Sacred: I worry about reducing spiritual growth or mental wellness to just algorithms. These journeys usually need real human connection, discernment, and community.
• Privacy and data sensitivity: Some AI tools gather deeply personal beliefs and struggles, raising pressing fears about data misuse or surveillance.
• Conflicting guidance: AI can unintentionally reinforce harmful ideas or contradict doctrine and best practices. Because it “feels” authoritative, this can be dangerous.
• Replacing human roles: Will AI gradually edge out therapists, spiritual leaders, or wellness professionals? The loss of human presence concerns me, especially where healing and personal growth are concerned.

Also Read: The real story behind AI project implementation: Why it’s not (just) about technology

My case study: Magisterium AI and the catholic church

I have extensively used Magisterium AI, a Vatican-endorsed tool to answer questions and learn about Catholic doctrine, Canon law, and Church teachings. Unlike generic chatbots, it is unique: every answer draws from a curated library of over 23,000 official Church documents, encyclicals, and scriptural references.

I trust Magisterium.com because:

• Its expert curation delivers doctrinal accuracy I can rely on.
• Every answer is transparently sourced; I can trace anything it says straight to an authoritative document.
• It has already been widely adopted by clergy, scholars, and lay people in over 125 countries and multiple languages.

The level of transparency and traceability are exactly what I now see as non-negotiable in faith-based AI. It has become my personal benchmark for responsible spiritual technology.

However, when I first tried it, I did wonder; can any AI truly grasp the nuance of spiritual life? I have heard similar feedback from others: sometimes the tone is too mechanical, or the answers feel detached from the lived experience of faith. Users often ask for more empathy and practical connection.

The Vatican, for its part, has put strong guardrails in place:

• All AI-generated Church content must be clearly labelled. In the Church’s case, this is “IA” (intelligensa artificiale).
• A dedicated AI ethics commission oversees both development and compliance.
• All AI use is held to principles of human dignity, peace, and responsible oversight.

Also Read: Operational AI: The silent, yet, strategic revolution shaping modern business

Southeast Asia: A unique landscape of faith and AI

Here in Southeast Asia, I noticed that religious and administrative bodies are taking a proactive, hands-on role in the spiritual uses of AI. Malaysia’s JAKIM and Singapore’s MUIS are prime examples; these organisations curate AI development closely, using locally-relevant texts and ensuring doctrinal fidelity and cultural fit for Shariah-compliant AI.

In multi-racial,-cultural and -religious heterogenous Southeast Asia, these features stand out:

• Increasing digital literacy and rapid adoption blend with deep religious diversity and unique doctrinal standards.
• Religious and government bodies are not spectators; they regulate and guide AI development directly.
• Radical transparency and contextual sensitivity are essential.

Final thoughts: Building trust in the age of AI

AI’s impact on faith, wellness, and mental health has enormous potential, but one must be highly cognisant of the risks. The way forward demands:

• Absolute transparency about how AI tools are built and what data they use.
• Real human oversight to guarantee empathy and ethical alignment.
• Deep cultural and doctrinal sensitivity, especially in pluralistic places like Southeast Asia.

Ultimately, we need to keep asking: not just what AI can do, but how it should do and, above all, who it should truly serve.

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The development of smarter algorithms and higher processing power to drive deeper artificial intelligence (AI) adoption must be accompanied by efforts to capture, analyse, and optimise data more efficiently. Cities that position themselves as testbeds for innovation are experimenting with ways to combine infrastructure, policy, and talent to make this possible.

Dubai is one example. Its pragmatic approach to business has attracted interest from Singapore for years, with Singapore ranking among the top 10 sources of foreign direct investment (FDI) into the city. According to the Dubai FDI Results & Rankings – Highlights Report 2024, 22 per cent of all project announcements from Singapore fall in the software and IT services segment.

This dovetails with the trajectory of Southeast Asia’s tech start-up ecosystem, which reached a combined market valuation of US$454 billion in H1 2024, according to the Destination Southeast Asia Report 2024 published by Founders Forum Group in partnership with EDB Singapore.

The report underscores the growing potential for Southeast Asian enterprises to expand their footprint globally, including into Middle Eastern markets. Dubai’s role as a growing technology hub highlights one pathway for such collaborations, particularly in AI, smart cities, and fintech.

Shared ambition and vision

For mature and late-stage Southeast Asian startups exploring international expansion, Dubai offers a case study in how supportive ecosystems are structured.

The city combines legislation designed to streamline business operations with infrastructure and amenities that support socioeconomic development. Its geographic position at the crossroads of Europe, Asia, and Africa strengthens this appeal by connecting global experts who are focused on improving data curation, accessibility, and application.

Policy instruments such as long-term visas, including Golden and Remote Working Visas, illustrate how talent mobility is being addressed, while strategies such as the Dubai Economic Agenda ‘D33’ and UAE Digital Economy Strategy frame the city’s broader innovation goals. Together, these measures highlight the role of policy frameworks in creating environments conducive to research, development, and international collaboration.

Also Read: B Capital General Partner Yanda Erlich on the red flags he notices when investing in AI space

An evolving ecosystem

Over the past 25 years, Dubai Internet City has become a focal point for this shift. It has served as a base for global firms as well as start-ups and scale-ups, and today hosts more than 4,000 companies and 31,000 professionals, along with innovation and R&D centres. Singaporean companies such as Wego, an online travel marketplace, are among those that have established a presence there.

The district’s initiatives — including mentorship programmes, co-working spaces, incubators like in5 Tech, and flexible platforms such as D/Quarters — offer a glimpse into how ecosystems can be structured to support entrepreneurs. According to publicly available figures, companies within Dubai Internet City’s ecosystem have collectively raised around AED 8 billion in investment to date.

Looking ahead

These developments connect with broader regional conversations. At events such as the debut edition of GITEX Asia in Singapore in April, the emphasis on fostering talent and data-driven innovation resonated with Southeast Asia’s own ambitions. Both Singapore and Dubai are prioritising ecosystems that enable experimentation, scaling, and cross-border collaboration.

Efficient data management will be central to accelerating AI adoption. As Southeast Asian start-ups look to new markets, examining how ecosystems such as Dubai’s are structured provides lessons on what it takes to integrate infrastructure, policy, and global talent into meaningful innovation pathways.

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