At e27, we’ve always believed that every step forward — no matter how big or small — deserves to be celebrated. From early-stage startups launching new products to accelerators driving innovation across borders, these milestones represent the collective progress of Southeast Asia’s tech and innovation ecosystem.

Through our Milestones Spotlight series, we highlight the achievements of founders, SMEs, and investors who continue to push boundaries, spark collaboration, and inspire others to build boldly.

Want to shine a spotlight on your own company’s progress? It’s simple:

• Create your company profile: https://e27.co/startupprofile/
• Post your milestone: https://e27.co/milestone/post/

Also Read: Big Wins and Bold Moves: 10 SEA Companies Sharing Their Latest Milestones

Sharing your milestone on e27 is an easy way to get noticed by founders, potential investors, and the wider community — and maybe even get featured in our next roundup, just like the companies below.

Good Bards shortlisted for GenAI Fund Open Innovation Malaysia

Good Bards proudly announced its selection as a shortlisted participant in the GenAI Fund Open Innovation Malaysia, held in collaboration with Amazon Web Services (AWS). The program connects innovators with enterprises exploring generative AI solutions, and Good Bards’ participation underscores its growing role in building creative, AI-driven content tools across industries. Through 1:1 sessions with leading enterprises, the company is gaining valuable insights and partnerships to refine its solutions for real-world adoption.

LenderLink secures investment from Amand Ventures

LenderLink has raised an undisclosed investment from Amand Ventures, a Singapore-based venture capital firm focused on early-stage startups in Asia. This strategic funding will accelerate LenderLink’s efforts to innovate within the lending ecosystem, strengthen its data infrastructure, and onboard more financial institutions across the region. The company’s mission — to make lending smarter, faster, and more inclusive — gains fresh momentum as it scales operations and product development.

Nahkoda expands regulatory data coverage across Malaysia

Through its platform Otonoco AI, Nahkoda has expanded its regulatory data coverage to include the Securities Commission Malaysia, Bank Negara Malaysia, and Labuan FSA. With over 1,300 regulatory documents processed, Nahkoda is redefining how compliance intelligence is accessed and analysed. The company plans to extend coverage to MAS (Singapore), OJK (Indonesia), and BURSA, marking a major step toward building a pan-regional compliance AI engine that serves financial institutions across Southeast Asia.

Safe Space partners with BenefitHub to scale mental health access

Safe Space, a leading digital mental health platform, has announced a partnership with BenefitHub to expand mental health support for employees in the Singapore and Philippines markets. The collaboration will make it easier for companies to offer confidential therapy and wellness sessions as part of their employee benefit programs. By integrating into BenefitHub’s platform, Safe Space is extending its reach to thousands of employees, advancing its mission of normalising mental healthcare at work.

Billease launches “Deals” for exclusive in-app offers

Billease, one of the Philippines’ leading consumer finance apps, introduced Deals, a new in-app feature that rewards customers with exclusive discounts, free shipping, and product offers — all accessible directly within the Billease app. Users can now enjoy savings and perks while managing installments of up to 24 months. The launch enhances customer loyalty and reinforces Billease’s position as a lifestyle-driven fintech that goes beyond payments to deliver everyday value.

MUI Robotics wins the AI category at the One ASEAN Startup Award 2025

At the One ASEAN Startup Award 2025 by ERIA, MUI Robotics was named winner in the AI category, earning a US$10,000 research grant. The Thailand-based startup is building an AI-powered sensory nose that detects and analyses odour data for quality control and environmental monitoring — an innovation bridging AI and sustainability. The award marks a key validation of MUI’s technology and opens new research opportunities across ASEAN markets.

HAOSHi Accelerator gears up for 2025 Demo Day 8: “Foodture in Motion”

HAOSHi Accelerator announced Demo Day 8 – Foodture in Motion, Taiwan’s largest agri-food tech startup showcase, happening on October 30, 2025. The event will spotlight 13 startups innovating across AI Smart Tech, Food Innovation, Logistics, and the Value Chain. The showcase embodies HAOSHi’s vision of empowering agri-food innovators through mentorship, market access, and investor engagement — continuing to nurture a vibrant ecosystem at the intersection of sustainability and technology.

Be part of the next feature

Every milestone — from funding and partnerships to product launches and awards — tells a story of progress worth celebrating. If your company has recently achieved something big, let the ecosystem know!

• Create your company profile at e27.co/startupprofile
• Post your milestone at e27.co/milestone/post

Your next big move could inspire the region’s founders, investors, and innovators — and might just land you in our next Milestones Spotlight.

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Photo by Mikhail Nilov

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Climate tech startup Vycarb has secured US$5 million in seed funding to advance its novel approach to carbon capture and storage (CCS) using natural waters. SGInnovate is among the investors joining the round.

Led by Australia’s Twynam, the funding also saw participation from MOL Switch, Hatch Blue, Clocktower Ventures, Idemitsu, and SGInnovate, underscoring growing confidence in new solutions that combine scalability, permanence, and measurable impact in the fight against climate change.

With this new capital, Vycarb aims to accelerate commercialisation and expand its deployments globally, positioning its water-based CCS system as a critical enabler of industrial decarbonisation and a meaningful step toward a low-carbon future.

Vycarb’s system enables distributed CO₂ storage at the source, offering an alternative to conventional CCS methods that often rely on energy-intensive compression and transport infrastructure. By using readily available minerals, the company converts CO₂ from industrial or natural sources into dissolved bicarbonate within natural waters, a stable and abundant carbon storage lasting from 10 to over 100,000 years.

“The world urgently needs scalable carbon storage that’s permanent, measurable, and practical,” said Dr Garrett Boudinot, Founder and CEO of Vycarb.

Also Read: Meet the 10 Asia Pacific startups of the third cohort of AWS Generative AI Accelerator

“Our mission is to make carbon capture and storage permanent, fully measurable, and scalable to address the urgency of the climate crisis. This investment enables us to further build our expert team and expand deployments at more sites worldwide, particularly where traditional carbon storage solutions are too expensive or infrastructure-intensive to be practical.”

Vycarb’s tech leverages existing water and coastal infrastructure, transforming it into a platform for climate action. The process removes carbon dioxide and helps reduce acidification in surrounding waters. Its sensor-driven system provides real-time measurement and verification of CO₂ capture and storage — a key feature as global standards for carbon credit integrity continue to evolve.

The company has conducted field demonstrations, including a major deployment at the Brooklyn Navy Yard in New York City, where Vycarb is capturing and storing CO₂ in the East River.

Collaborations with partners such as at depth, a marine monitoring and verification leader, and TOMCO, a CO₂ management specialist, have reinforced the system’s ability to store low-concentration emissions cost-effectively and on-site.

“Decarbonising industry at scale demands bold solutions, and that’s exactly what Vycarb delivers,” said Johnny Kahlbetzer, CEO and Chair of Twynam. “Their system is elegant, effective, and deeply aligned with our vision to remove and permanently store CO₂ at breakthrough unit economics.”

For SGInnovate, the investment reflects its strategy to support deep tech ventures that translate scientific research into practical solutions with global relevance.

“Vycarb’s approach aligns with SGInnovate’s mission to back innovative companies turning research into tangible solutions,” said Hsien-Hui Tong, Executive Director – Investments at SGInnovate.

“With global demand for deployable, measurable carbon capture and storage technologies and Singapore’s goal of reaching net zero emissions, we are proud to support the Vycarb team as they scale their impact worldwide.”

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Image Credit: Marcin Jozwiak on Unsplash

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Global financial markets experienced heightened volatility as political upheaval in Japan and France sparked concerns about fiscal stability, while cryptocurrency markets underwent a significant correction despite Bitcoin’s recent record highs. The convergence of unexpected political developments, yield curve steepening, and profit-taking activities created a complex backdrop that tested investor confidence across asset classes.

Political instability drives market uncertainty

The most significant catalyst for Tuesday’s risk-off sentiment emerged from unexpected political developments in two major economies. In Japan, Sanae Takaichi’s surprise victory in the Liberal Democratic Party leadership election sent shockwaves through currency markets. Takaichi, a hardline conservative positioned to become Japan’s first female prime minister, represents a stark departure from market expectations and has already begun reshaping the political landscape.

The implications of Takaichi’s victory extended beyond domestic politics. Her appointment of key allies to senior positions, including Suzuki Shunichi as secretary-general and Arimura Haruko as chairperson of the General Council, signaled a consolidation of conservative power within the LDP. These developments have raised concerns about the party’s ability to maintain its coalition with the centrist Komeito party, as the Buddhist-affiliated group has expressed “significant worries and concerns” about Takaichi’s positions.

The political uncertainty in Japan was compounded by an equally dramatic crisis unfolding in France. Prime Minister Sébastien Lecornu resigned after merely 26 days in office, becoming the third government to collapse in recent months. Lecornu’s departure highlighted the persistent political gridlock that has plagued France since President Emmanuel Macron’s decision to call snap elections in 2024 resulted in a hung parliament.

France’s political instability has deep structural roots. The country’s deficit reached 5.8 per cent of GDP in 2024, while national debt stands at 114 per cent of GDP, representing the third-highest public debt burden in Europe. This fiscal strain has made it increasingly difficult for any government to secure parliamentary support for necessary budget measures, creating a cycle of political instability that shows no signs of abating.

Currency markets react to political developments

The Japanese yen bore the brunt of the political uncertainty, extending its decline to 151.90 against the dollar, marking its weakest level since February. This continued weakness reflects market concerns about Takaichi’s pro-stimulus stance and her potential impact on Bank of Japan monetary policy. Currency traders have reduced their expectations for aggressive interest rate hikes, given Takaichi’s historical support for accommodative monetary policy.

The yen’s decline represents part of a broader trend that has seen the currency lose more than one-third of its value since early 2021. The fundamental driver remains the substantial interest rate differential between Japan and other major economies, with US short-term rates at 5.25-5.5 per cent compared to Japan’s 0-0.1 per cent range. This gap has created attractive carry trade opportunities, where investors borrow yen at low rates to invest in higher-yielding currencies.

Also Read: From Tokyo to crypto: How political shifts and policy bets are reshaping global markets

Meanwhile, the US Dollar Index strengthened for a second consecutive day, reaching 98.58. This rise reflected both safe-haven demand amid global political uncertainty and the relative stability of US economic fundamentals. The dollar’s strength was broad-based, with gains registered against all G-10 currencies as investors sought refuge in what they perceived as the world’s most liquid and stable currency market.

Bond markets signal fiscal concerns

The global yield curve steepening that accompanied Tuesday’s political developments reflected renewed concerns about fiscal sustainability. US Treasury yields provided a mixed picture, with the 2-year yield declining 2.5 basis points to 3.564 per cent while the 10-year yield fell 2.9 basis points to 4.123 per cent. This flattening of the yield curve suggested that while investors remained concerned about near-term economic growth, longer-term inflation expectations remained elevated.

The bond market movements were particularly significant given the backdrop of the ongoing US government shutdown. The political stalemate in Washington, which began on October 1, has delayed key economic data releases and heightened policy uncertainty. Despite this domestic political challenge, US Treasuries continued to benefit from safe-haven flows as investors sought quality assets amid global uncertainty.

The government shutdown has created operational challenges across multiple federal agencies. The Labor Department indicated that only 3,100 of its roughly 12,900 employees would remain on the job, while the Bureau of Labor Statistics would operate with just one employee. These staffing reductions have delayed critical economic data releases, including the Consumer Price Index, which could impact Social Security cost-of-living adjustments.

Equity markets show mixed performance

US equity markets declined overnight, with the S&P 500 falling 0.4 per cent, the Nasdaq dropping 0.7 per cent, and the Dow Jones decreasing 0.2 per cent. The technology sector led the decline as investors engaged in profit-taking following a strong recent run. This correction came despite generally positive underlying economic fundamentals and continued optimism about artificial intelligence applications.

The contrast was stark in Asian markets, where Taiwan’s TAIEX surged 1.68 per cent to a fresh record high as the island resumed trading after a holiday. The rally was driven by continued optimism about artificial intelligence demand, with Taiwan’s semiconductor sector benefiting from robust global appetite for AI-related hardware and applications. Taiwan’s market performance highlighted the geographic divergence in investor sentiment, with Asian markets showing greater resilience to global political uncertainty.

Also Read: SCB 10X announces AI-VOLUTION, its first Global AI Virtual Summit

Taiwan’s exceptional performance reflected its central position in the global technology supply chain. The TAIEX has gained 28 per cent in 2024, making it the best-performing major Asian market. This outperformance has been driven primarily by electronics shares, which account for more than 70 per cent of TWSE market capitalisation and have surged 43.2 per cent on the continued AI boom and US tech stock rallies.

The strength in Taiwanese equities also extended to individual companies. TSMC, the world’s largest contract chip manufacturer, has seen its shares rise significantly as the company continues to benefit from the growing demand for artificial intelligence. Other technology companies, including Foxconn and Quanta Computer, have also seen their shares rise, driven by the surge in demand for AI servers.

Commodity markets reflect global uncertainty

Commodity markets provided mixed signals as investors grappled with competing forces. Brent crude oil settled marginally lower at US$65.45 per barrel as traders assessed OPEC+’s latest supply decisions. The oil cartel’s decision to increase collective production by 137,000 barrels per day starting in November was smaller than market expectations, providing some support to prices.

The modest nature of OPEC+’s output increase reflected the group’s cautious approach amid concerns about global demand and potential oversupply. Analysts noted that the decision fell short of market expectations for a more aggressive increase, suggesting that OPEC+ members remain concerned about the outlook for oil consumption. The group’s restraint was particularly notable, given predictions for a global supply surplus in both the fourth quarter and the following year.

Gold, traditionally viewed as a safe-haven asset, gained 0.6 per cent to reach a new record high, driven by the US government shutdown and the political crisis in France. The precious metal’s rally reflected its enduring appeal during periods of political and economic uncertainty. Gold prices have surged over 31 per cent this year, breaking several previous records as investors seek protection against inflation and currency debasement.

The gold rally was particularly pronounced during Asian trading hours, suggesting strong demand from emerging market investors and central banks. This geographic pattern has become increasingly common in 2024, with much of gold’s price appreciation occurring outside traditional Western trading hours. The trend reflects the growing influence of Asian investors and central bank purchasing in driving gold demand.

Cryptocurrency market correction

Despite Bitcoin reaching a new all-time high above US$126,000 earlier in the week, the cryptocurrency market fell 2.69 per cent in the past 24 hours. This correction was driven by a combination of profit-taking after recent gains, ETF outflow concerns, and high leverage unwinding. The pullback highlighted the volatile nature of digital asset markets and their sensitivity to both technical and fundamental factors.

Also Read: AI for everyone: 25 tools to automate, create, and innovate

The most significant concern emerged from ETF flow reversals. Grayscale’s Bitcoin ETF experienced US$28.6 million in outflows, marking its first negative day in three weeks. This development was particularly noteworthy given that Bitcoin ETFs had been experiencing strong inflows, with total net inflows reaching US$3.2 billion in the first week of October.

The cryptocurrency market’s leverage structure amplified the correction. Perpetuals volume spiked 22 per cent to US$540 billion, with over US$20 million in liquidations adding downward pressure to prices. This leverage flush turned what might have been a routine pullback into a more significant correction, as over-leveraged positions were forced to close.

Market sentiment indicators reflected the changing mood among cryptocurrency investors. The Fear & Greed Index dropped from 62 (Greed) to 55 (Neutral) as Bitcoin failed to hold its US$126,000 all-time high. This shift from greed to neutral territory suggested that some of the speculative excess had been removed from the market, potentially setting the stage for more sustainable price appreciation.

Central bank policies and market outlook

The divergent monetary policy stances of major central banks continued to influence market dynamics. The Federal Reserve’s gradual approach to interest rate normalisation contrasted sharply with the Bank of Japan’s ultra-accommodative stance, creating opportunities for carry trades that have contributed to yen weakness.

Market participants are closely watching for signs of policy coordination among major central banks. The current environment of divergent monetary policies has created significant cross-border capital flows and currency volatility that could become destabilising if left unchecked. The political developments in Japan and France have added another layer of complexity to this already challenging policy environment.

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

Looking ahead, investors will be monitoring several key developments. The resolution of political crises in Japan and France will be crucial for market stability. In Japan, Takaichi’s ability to maintain the LDP’s coalition with Komeito will determine the government’s effectiveness and longevity. In France, President Macron’s next steps will determine whether the country can break out of its current political gridlock.

The global economic outlook remains uncertain, with multiple factors contributing to market volatility. Political instability in major economies, divergent monetary policies, and ongoing geopolitical tensions have created a complex environment for investors. While some markets, particularly in Asia, have shown resilience, the broader trend suggests that volatility will remain elevated as these various factors continue to evolve.

The current market environment underscores the interconnected nature of global financial systems. Political developments in individual countries can quickly spread, affecting currency, bond, and equity markets worldwide. This interconnectedness means that investors must remain vigilant about political developments across multiple jurisdictions, as local events can have global implications for portfolio performance and risk management strategies.

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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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Qapita, an equity management platform headquartered in Singapore, has closed a Series B equity financing round totalling US$26.5 million.

The round was spearheaded by US-based Charles Schwab Corporation by taking a strategic minority stake. Existing investors Citi and MassMutual Ventures also participated in the funding round.

Also Read: Understanding cap tables: A guide to equity ownership

The investment will fuel the company’s expansion into the US market and facilitate the launch of its fund administration product across multiple geographies.

Founded by Ravi Ravulaparthi, Lakshman Gupta, and Vamsee Mohan,
Qapita builds digital infrastructure for private markets across Asia and beyond. Its full-stack digital platform and service offerings seek to transform how ownership is managed, reported, and unlocked in private market ecosystems.

The platform aids private companies in digitising and managing cap tables, employee stock ownership plans (ESOPs), and shareholder workflows.

Qapita also facilitates secondary transactions and liquidity programmes and is currently expanding into fund administration services tailored for private equity, venture capital, and family offices. The fund administration solution assists fund managers with portfolio management and meeting investor ownership and reporting requirements.

The firm has offices in Singapore, India, Indonesia, and now the US.

As a key component of the investment, Qapita and Charles Schwab will collaborate on a new platform: “Schwab Private Issuer Equity Services powered by Qapita”. This platform allows US-based private companies to manage their cap tables and stock plans “seamlessly” while ensuring a smooth transition process when preparing for a public listing.

Ravi Ravulaparthi, founder and CEO of Qapita, said: “To enter he United States 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 to help create a smooth transition through IPO. Our modern, configurable platform is designed to meet the needs of companies throughout their growth journey, and we think we can add immense value to the US start-up ecosystem,” he stated.

COO Lakshman Gupta added: “Entrepreneurship in the private markets drives innovation, and innovation shapes the future of every economy. With our focus on product innovation, we’re raising the bar for how ownership is managed across private market ecosystems.”

Also Read: Qapita banks US$5M pre-Series A to enable companies to digitally manage their ESOPs and cap table

Before this latest round, Qapita secured US$10 million from Analog Partners. Nyca Partners, Endiya Partners, Cercano, and East Ventures are its other backers. Previously, the fintech startup received US$15 million in a Series A round of investment.

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When Andy Ng, a veteran trainer and speaker with nearly three decades of experience, joined my Speakers Society Accelerator, he thought he’d seen it all.

“It wasn’t just about stage presence,” he later wrote. “It was about how to think, act, and grow like a Speaker CEO.”

That line stayed with me — because it wasn’t about what he learnt; it was about how he evolved.

Ng came in as a seasoned trainer and speaker. He left thinking like a brand, acting like a business, and scaling like a system. And that, to me, perfectly captures the future of influence: Where human connection meets intelligent automation.

Because AI won’t replace influence. It will amplify it.

From stage to system: The evolution of the modern influencer

The world of influence has changed more in the last two years than in the last two decades. Speakers, creators, and founders are no longer just voices — we’re systems. And those systems now run on AI.

I’ve seen it first-hand. During our latest Speakers Society Accelerator Cast 3, something magical happened: Participants weren’t just learning how to speak better — they were learning how to scale their message.

They used AI tools to brainstorm ideas, repurpose content, and even automate follow-ups. But the turning point wasn’t the technology itself — it was the moment they realised that automation didn’t make them less human; it made their human moments more powerful.

Also Read: AI for everyone: 25 tools to automate, create, and innovate

“The mix of human interaction and AI automation can help scale business faster,” I often tell founders and creators. “Because the goal isn’t to replace what you do — it’s to multiply it.”

Automation with soul

At this year’s e27 Flux Series 2025, I will be sharing about “Automating Marketing: AI Workflows for Follow-Ups and Content Creation.”

We’ve entered a time where AI is no longer just a tool — it’s an amplifier of intent. Agentic AI systems can plan, execute, and even speak on our behalf. Multimodal models can see, listen, and act. But even the most advanced algorithms still rely on something only humans can provide: Purpose.

• AI can mirror your voice, but not your values.
• It can express your brand, but not your belief.
• It can deliver your message, but not your meaning.

And that’s why influence remains deeply human, because what people follow isn’t the automation, it’s the authenticity behind it.

The AI amplifier: Scaling the human edge

AI has given us superpowers — speed, precision, and scale. But scale without soul is noise.

In the Speakers Society Accelerator, we teach speakers and creators to think like CEOs — to design systems that grow even when they’re not on stage. That’s where AI shines: in amplifying your reach without diluting your voice.

Let me explain it through what I call the AI amplifier framework:

• Human-led, AI-assisted: You set the direction; AI accelerates the execution.
• Automate the mechanics, not the magic: Let AI handle repetitive workflows, while you focus on storytelling and empathy.
• Data-driven, heart-powered: Use AI for insight, but let your message be inspired by human experience.

When Ng shared his “13 Lessons” from the Accelerator, one stood out most: “Use AI as a partner, not a master.”

That’s the mindset shift every modern creator, founder, and leader needs.

Also Read: Why bootstrapping remains the key to survival in Asia’s funding winter

Trust: The new currency of influence

One of Ng’s other reflections was simple but profound: “People don’t buy your slides or your words — they buy you.”

As we move into an era where AI voices and deepfakes can clone authenticity, trust becomes the currency that sets humans apart.

This is why I believe the next generation of influential leaders will be those who combine credibility, transparency, and technology seamlessly.

Singapore, for instance, is already pioneering digital trust frameworks — from verified content to watermarking systems — to ensure authenticity in AI-generated media. The message is clear: in a future filled with synthetic voices, being real is revolutionary.

Beyond automation: The rise of AI-enabled influence

Across my ventures, I’ve seen the same pattern repeat: AI doesn’t just save time; it creates space. Space to innovate. Space to connect. Space to lead.

Seraphina AI, my own digital twin, manages parts of my communication and systems, but she doesn’t replace me. She amplifies me. She gives me the freedom to focus on relationships, creativity, and thought leadership — the very things that make a brand human.

And that’s the shift I see happening globally: Founders, speakers, and creators are learning that automation doesn’t strip away identity — it strengthens it.

From hustle to harmony

Once upon a time, I believed hustle was the only way to succeed. Then I learnt automation was the smarter way. Now I realise — harmony is the sustainable way.

Harmony between tech and touch. Between data and emotion. Between AI precision and human imperfection.

The entrepreneurs who will thrive in this next decade aren’t those who do more, but those who design systems that do more for them.

That’s why my next project, Money and AI, explores how creators and founders can monetise smarter — not by adding more tasks, but by building intelligent ecosystems that grow influence and income simultaneously.

The final word: Leadership with a voice

AI is learning to write, speak, and even persuade. But leadership — real leadership — still belongs to those who dare to lead with meaning.

Ng’s journey reminded me that influence starts with intention. Technology will continue to evolve, but it will always take a human to define what matters.

Because AI can replicate our style. But only we can give it soul.

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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: Canva

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The current macro landscape presents a fascinating juxtaposition of caution and exuberance, where geopolitical friction and fiscal paralysis coexist with a surge in risk appetite driven largely by artificial intelligence optimism and institutional crypto adoption.

At the heart of this duality lies the extended US government shutdown now in its sixth day, a development that would typically trigger risk-off behaviour across global markets. Yet investor sentiment has not only held firm but advanced, propelled by a confluence of factors that underscore a deeper structural shift in how capital allocates across traditional and digital assets.

Wall Street’s mixed performance on Monday reflects this nuanced environment. The Dow Jones Industrial Average edged lower by 0.1 per cent, signalling lingering unease among industrial and legacy sectors. In contrast, the S&P 500 climbed 0.4 per cent and the Nasdaq surged 0.7 per cent, both reaching new all-time highs. This divergence is not random. The rally in chipmakers, companies at the epicentre of AI infrastructure development, has become the primary engine of equity market gains.

Investors are betting that the AI boom is not a fleeting narrative but a multi-year secular trend, and they are positioning accordingly. This tech-led optimism has spilt over into other risk assets, including cryptocurrencies, which posted a 1.43 per cent gain over the past 24 hours, extending weekly and monthly advances of 8.76 per cent and 12.58 per cent, respectively.

Simultaneously, traditional safe-haven assets are also rallying, which at first glance seems contradictory. Gold surged 1.9 per cent to a record high of USD3961 per ounce. This move is directly tied to the US government shutdown, which has injected fresh uncertainty into the coordination of fiscal and monetary policy. With Congress unable to pass a budget, questions linger about the government’s ability to manage debt, respond to economic shocks, or even maintain consistent data reporting, all of which erode confidence in the US dollar as a stable store of value.

The US Dollar Index rose modestly by 0.4 per cent to 98.11, but this uptick appears more technical than fundamental, especially as Treasury yields climbed amid global bond market turbulence. The 10-year yield rose 3.3 basis points to 4.152 per cent, pressured by soaring long-end Japanese yields and political instability in Europe. These crosscurrents illustrate how investors are simultaneously hedging against systemic risk while pursuing growth in high-conviction themes, such as AI and digital assets.

Also Read: How fiat and crypto are redefining cross-border payments

The crypto market’s recent strength cannot be divorced from this macro backdrop. Institutional demand has emerged as the dominant force behind the rally, with spot Bitcoin ETFs recording US$627 million in inflows over a 24-hour period and Ethereum ETFs adding US$307 million. Total assets under management in Bitcoin ETFs now stand at US$161.6 billion, while Ethereum ETFs hold US$25.73 billion. These are not speculative retail bets but deliberate allocations by traditional finance players who increasingly view crypto, particularly Bitcoin, as a macro hedge akin to gold.

The correlation between crypto and gold over the past 24 hours reached 0.74, a striking signal that both assets are being used interchangeably as hedges against inflation and policy uncertainty. This institutional embrace is occurring against a backdrop of cooling inflation data and growing expectations of Federal Reserve rate cuts in 2025, which lowers the opportunity cost of holding non-yielding assets like Bitcoin and gold.

The rally is not solely driven by fundamentals. Derivatives markets are amplifying price action through a surge in leveraged activity. Perpetual futures volume spiked 53.7 per cent to US$1.71 trillion in 24 hours, with funding rates jumping 475 per cent on a weekly basis to 0.0083 per cent. Binance alone accounted for 87 per cent of Bitcoin futures taker volume, underscoring its outsized role in price discovery.

While this derivatives frenzy fuels momentum, it also introduces fragility. Open interest, though near yearly highs, declined 1.24 per cent over the past day, a potential early warning sign of profit-taking or de-leveraging. With the 14-day Relative Strength Index for Bitcoin at 73.3, the market is entering overbought territory, increasing vulnerability to sharp corrections if sentiment shifts.

Adding another layer to this dynamic is the performance of Binance ecosystem tokens, which rose 0.97 per cent in 24 hours and 8.76 per cent for the week. BNB hit an all-time high of US$1,190, supported by the exchange’s record US$2.55 trillion in monthly futures volume and the launch of new AI-powered trading tools.

Binance’s dominance, capturing 41 per cent of global spot trading, provides a sense of stability to the broader crypto market, as its operational strength reassures participants during periods of macro stress. However, this leadership masks underlying retail fatigue. Active addresses across major blockchains have declined by 57 per cent since June, suggesting that while institutions and sophisticated traders are driving volume, everyday users remain on the sidelines. This dichotomy raises questions about the sustainability of the rally if it remains confined to professional players.

Also Read: From Tokyo to crypto: How political shifts and policy bets are reshaping global markets

Looking ahead, several key inflection points could reshape the current trajectory. The most immediate is the October 18 decision on Grayscale’s Ethereum ETF application. An approval would likely unlock another wave of institutional capital, particularly from firms that have thus far remained cautious about direct crypto exposure.

Conversely, a rejection could trigger a short-term pullback, especially if it coincides with a slowdown in ETF inflows or a reversal in tech stock momentum. The Nasdaq’s performance remains critical, given the 0.72 correlation between crypto and the tech-heavy index. Should volatility return to US equities, perhaps triggered by renewed inflation concerns or a deeper fiscal crisis, the crypto market may struggle to decouple.

In sum, today’s market moves reflect a delicate balance between fear and greed, where institutional confidence in digital assets as a legitimate macro hedge is colliding with leveraged speculation and geopolitical uncertainty. The US government shutdown, rather than derailing risk appetite, has reinforced the case for alternative stores of value.

The very forces driving gains, ETF inflows, derivatives leverage, and exchange dominance, also create conditions for heightened volatility. As we navigate this complex environment, the interplay between traditional macro drivers and crypto-specific catalysts will determine whether this rally evolves into a sustained bull market or unravels under the weight of its own momentum.

For now, the data suggests that institutional adoption has fundamentally altered crypto’s role in the global financial system, transforming it from a fringe asset into a core component of modern portfolio construction.

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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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At Echelon Singapore 2025, Walter Oude, founder and CEO of Chocolate Finance, shared the company’s journey of resilience in the face of early challenges. Chocolate Finance positions itself as a modern asset management firm offering higher returns than traditional banks without exposure to the risks of bank failures.

Oude recounted a pivotal moment when the company launched a debit card featuring an ambitious mileage rewards program. While designed to enhance customer value, the initiative backfired as user confusion and dissatisfaction triggered withdrawals. Despite the turbulence, Chocolate Finance upheld its promise of competitive returns and safeguarded customer funds, showcasing both financial and operational resilience.

The episode became a turning point that reinforced the importance of transparency, simplicity, and customer education in financial innovation. By addressing concerns head-on and communicating more clearly, the company began to rebuild trust. Today, Chocolate Finance reports a steady return of customers, drawn by consistent yields and a reputation for reliability. Oude’s story highlighted how even in fintech, sustainable growth depends on learning from missteps, maintaining integrity, and staying focused on long-term value creation.

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Singapore’s digital economy continued to strengthen in 2024, reaffirming its role as a key pillar of national growth. According to the Singapore Digital Economy Report 2025, the country’s digital sector not only grew faster than the overall economy but also showed deeper integration of artificial intelligence (AI) across enterprises and the workforce.

In 2024, Singapore’s digital economy reached a nominal value added (VA) of S$128.1 billion, contributing 18.6 per cent of gross domestic product (GDP). This marked an increase from 18.0 per cent in 2023, underscoring the steady expansion of digitalisation across industries.

Between 2019 and 2024, the digital economy grew at a compound annual growth rate (CAGR) of 12 per cent, outpacing the overall GDP growth rate of 7.3 per cent during the same period. This sustained momentum illustrates the country’s continued success in harnessing technology as a driver of innovation and competitiveness.

Interestingly, the bulk of digital economic activity came from digitalisation within non-tech sectors. In 2024, digitalisation in industries outside the Information and Communications (I&C) sector accounted for two-thirds of total digital economy value, or 12.6 per cent of GDP.

The Finance and Insurance, Wholesale Trade, and Manufacturing sectors were key contributors to this expansion, reflecting how traditional industries are embedding technology at every level. The I&C sector, meanwhile, accounted for the remaining six per cent of GDP.

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

AI adoption reaches new highs

The report highlights a striking surge in AI adoption across both firms and workers in 2024. Among non-small and medium enterprises (non-SMEs), AI adoption jumped from 44.0 per cent in 2023 to 62.5 per cent in 2024. This surge points to a growing confidence in deploying AI for productivity, decision-making, and innovation.

More notably, SME adoption tripled, rising from just 4.2 per cent to 14.5 per cent within a year. This rapid uptake was driven largely by off-the-shelf generative AI (Gen AI) tools, which have lowered the barrier for smaller firms to integrate AI into daily operations.

The Information and Communications and Professional Services sectors led the charge, with adoption rates of 35.9 per cent and 25.7 per cent respectively. Across AI-using firms, the technology was most commonly applied in Information Technology (49 per cent), Customer Service (43 per cent), and Finance and Accounting (40 per cent) functions.

Looking ahead, companies plan to deepen their AI capabilities by investing in workforce training (68 per cent), job redesign (63 per cent), and AI-related infrastructure (59 per cent). These priorities signal a proactive shift from experimentation to long-term capability building.

AI adoption is not limited to organisations. The report found that nearly three in four workers (73.8 per cent) used AI tools in their jobs, with most engaging them daily or several times a week.

Also Read: The missing link in AI: Why clean, verifiable data is the new oil for enterprises

Workers reported leveraging AI for brainstorming and ideation (58 per cent), writing and editing (54 per cent), and administrative tasks (42 per cent). The findings indicate that AI is increasingly used beyond routine automation, supporting both cognitive and creative processes.

The benefits were widespread: 85 per cent of AI users cited improved efficiency, productivity, and work quality. Nearly half (48 per cent) said AI enhanced their creativity, while a third (33 per cent) found it helpful for learning and skill development.

Employers have also played a crucial role in supporting this shift. Around 70 per cent of AI-using employees received organisational backing, primarily through training programmes (62 per cent), access to paid AI tools (42 per cent), and usage guidelines (30 per cent). This structured support has enabled more workers to use AI confidently and responsibly.

As Singapore’s digital economy matures, the findings from the 2025 report reveal a country in transition. One where the benefits of technology are extending beyond tech companies to the wider business community and workforce.

The next phase of growth will depend not just on technology adoption but also on developing a future-ready talent base. With strong emphasis on digital literacy, reskilling, and inclusive access to AI tools, Singapore is positioning itself as a leader in both digital innovation and sustainable economic transformation.

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Singapore VC funds have become the go-to for savvy fund managers who want access to Asia’s booming startup scene without drowning in red tape. With a pro-business environment, clear regulations, and attractive tax incentives, Singapore makes it founder-friendly to launch and scale a fund.

In this guide, we’ll walk you through how to set up your own Singapore VC fund and position it for long-term success.

Why Singapore VC funds are attracting investors

Singapore has cemented its reputation as one of the most dynamic startup ecosystems in the world, drawing entrepreneurs, venture capitalists, and family offices alike. Its strategic location in Southeast Asia, transparent regulations, and investor-friendly policies make it a natural hub for capital formation.

This didn’t happen overnight. Singapore’s government first laid the foundation back in 1991 through the National Technology Plan, designed to strengthen science and technology capabilities. Since then, initiatives like Startup SG, Enterprise Singapore, and the Economic Development Board (EDB) have expanded access to funding, mentorship, and international networks.

The city-state is also home to accelerators, incubators, and co-working spaces that enable startups to scale rapidly. For venture capitalists, Singapore offers three core advantages:

• A predictable regulatory framework that reduces friction for fund managers.
• Deep tax treaty networks (DTAs) that minimise withholding tax on cross-border income.
• A progressive stance on deep tech and innovation, expected to shape the next decade of growth.

MAS licensing requirements for VC fund managers

In Singapore, anyone managing venture capital funds must obtain a Venture Capital Fund Manager (VCFM) licence from the Monetary Authority of Singapore (MAS).

To qualify, managers must meet MAS’ “fit and proper” standards, which assess financial soundness, integrity, reputation, and professional conduct. MAS also acknowledges that venture capital investing benefits from diverse backgrounds and entrepreneurial experience.

Key requirements under the VCFM licence include:

• Corporate structure: The management company must be incorporated in Singapore.
• Board and staffing: At least two directors and two full-time staff must be appointed.
• Office premises: A dedicated private office in Singapore is required to house staff and operations.
• Fund scope: VCFM licensees may only manage venture capital funds under this regime.
• Use of service providers: Any outsourcing of functions must comply with MAS’ Outsourcing Guidelines.

Also Read: From pilot to scale: Why traditional VC metrics don’t work for climate deep tech

Ongoing obligations under the licence include:

• AML/CFT compliance: Strict adherence to MAS’ anti-money laundering and counter-terrorism financing standards
• Misconduct rules: Compliance with MAS’ standards on misconduct, ensuring integrity and accountability
• Conflict management: Identifying, avoiding, and managing potential conflicts of interest
• Investor disclosures: Providing all investors with clear, specific, and timely disclosures.

Traditionally, fund managers would handle all of this themselves, from setting up the entity, applying for the license, to managing compliance end-to-end. While effective, this route can be resource-heavy and slow.

In Singapore’s market, there are many platform who offer fund in a box or External Asset Manager (EAM) solutions which you can consider if you’re looking for a lighter model.

Choosing the right fund structure in Singapore

The first step in launching a fund is selecting the right structure. Singapore VC funds can be set up under several frameworks, but the most widely used today is the Variable Capital Company (VCC), introduced in 2020 for its flexibility and asset segregation benefits.

Here’s a quick comparison of available structures:

• Variable capital company (VCC): Allows multiple sub-funds under one umbrella, with flexibility in share issuance and redemption.
• Unit trusts: Popular with hedge funds; assets are held by a trustee for investors.
• Limited partnerships (LPs): Common for private equity and VC; partners share profits with varying liability levels.
• Private companies: Traditional corporate vehicle for smaller funds.
• Business trusts: Separate ownership and management, suitable for infrastructure projects or specialized assets.
• REITs (Real estate investment trusts): For funds investing directly in real estate portfolios.

Sometimes a Fund might not be required and a Special Purpose Vehicle or SPV can suffice.

Tax incentives and benefits for Singapore VC funds

Singapore’s appeal is further enhanced by its robust tax incentive framework, designed to attract high-value economic activities. According to PwC, “Tax incentive applications are subject to detailed evaluation of an applicant’s business plans, requiring strong commitments to Singapore’s economy.”

Also Read: The power of networks: How David Blumberg built a thriving VC firm with a billion dollar portfolio

It’s important to note that many of Singapore’s headline corporate incentives such as the Pioneer Incentive, Development and Expansion Incentive, and Double Tax Deduction scheme apply primarily to startups or corporates that VC funds may invest in. These do not directly affect the taxation of licensed VC Fund Managers.

For fund managers themselves, the most relevant exemptions fall under Singapore’s Income Tax Act, specifically Sections 13H, 13R, 13O, and 13U:

• Section 13H (Venture capital funds incentive): Grants tax exemption on income from funds investing in unlisted Singapore-based companies, with fund managers of approved funds eligible for a 5% concessionary tax rate under the FMI (Fund Management Incentive) scheme.
• Section 13R (onshore fund exemption): Applies to Singapore-incorporated and resident funds, offering exemption on specified income from designated investments.
• Section 13O (enhanced tier fund exemption): Applies to onshore Singapore funds, granting tax exemptions on specified gains provided the fund is tax resident in Singapore, managed locally, and meets business spending conditions.
• Section 13U (enhanced tier fund incentive for large funds): Grants tax exemptions on income from designated investments like stocks, bonds, and derivatives, for funds managed in Singapore with a minimum size of SGD 50M.

Step-by-Step: How to launch your VC fund

Building a venture capital fund in Singapore requires more than securing capital; it’s about establishing credibility, structuring effectively, and operationalising your fund. Here’s a step-by-step roadmap:

Build your track record

Your track record reflects your past performance as an investor, including the types of investments you’ve made, why you made them, and the returns you’ve generated. Limited partners (LPs) evaluate key performance metrics such as:

• Total Value to Paid-In (TVPI)
• Multiple on Invested Capital (MOIC)
• Internal Rate of Return (IRR)

Also Read: VC deal-breakers: How anti-dilution clauses could sink your startup

If you’re a first-time fund manager without prior fund metrics, you can establish credibility through:

• Angel investing: Building a personal investment portfolio with smaller checks, typically under $100K.
• Special purpose vehicles (SPVs): Pooling capital for single-company deals, giving your network access to investment opportunities.
• Warehousing investments: Making early investments before officially forming your fund, then transferring them into the fund after close.

Partner with the right people

While it’s possible to launch a VC firm solo, partnering with someone whose skills complement your own strengthens credibility. For example, an operator with a COO background might team up with someone experienced in finance or technical expertise.

Choose the right structure

Most VC firms in Singapore establish a Private Limited Company (Pte. Ltd.) as their licensed management entity. The actual funds they manage are typically structured as Variable Capital Companies (VCCs), which provide flexibility in share issuance and redemption, as well as tax and regulatory advantages tailored for investment funds.

Fundraise and form the fund

Raising a VC fund involves pooling capital from external investors who become limited partners. This step is crucial in demonstrating your ability to attract backers who believe in your strategy.

Operationalise your fund

To run smoothly, your VC fund needs the right service providers. From fund administration and legal structuring to compliance support, outsourcing operational tasks ensures efficiency and investor confidence.

As PKF O’Connor Davies highlights, “A successful fund launch requires operational readiness, regulatory compliance and investor preparation. Taking the right steps early can set the foundation for long-term success.”

Final thoughts

Singapore has become the preferred launchpad for venture funds in Asia, offering clarity of regulation, world-class infrastructure, and unparalleled tax incentives. For new and experienced managers alike, it provides a powerful ecosystem to scale globally.

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Walk into just about any fintech or crypto conference, and one of the first things you can see is the gender imbalance. Rows of booths and panels, conversations all over the place — but women are still noticeably underrepresented. Even after almost two decades of working in financial markets, I often find myself in rooms where women can be counted on two hands.

This imbalance isn’t just about social fairness; it’s about missed business opportunities. It’s a gap that costs the industry real innovation and growth. Fintech is one of the fastest-developing sectors, both in Southeast Asia and globally, but by keeping women on the sidelines, it leaves enormous potential untapped. An estimated US$700 billion worth of potential, if we are to speak in more specific terms.

The good news is that things are gradually changing. The world is learning to recognise that women having equal space to lead and build in finance is not just possible but also beneficial for everyone involved.

Let me explain what I mean by that.

Why inclusion equals innovation

When women are at the table — as founders, executives, employees, and customers — financial products stand a real chance of getting better. Why? Because they can be designed with more people in mind and reflect real-world needs.

Take lending, for example. Women entrepreneurs often face unique challenges securing credit due to a lack of collateral or traditional financial histories. According to past reports by the World Economic Forum, 80 per cent of women-owned businesses with credit needs are either unserved or underserved by financial systems globally

This means that female founders are more interested than many others in developing more inclusive products and services. Drawing on personal experiences and needs, they can design solutions like alternative credit scoring or micro-lending platforms that stand to benefit not just women, but many other underserved markets.

Also Read: Why AI inclusion matters: Lessons from Mongolia’s Girls Code movement

At the same time, a team with more diverse representation can hedge better against risks. Members from different backgrounds are more likely to identify overlooked niches or spot potential drawbacks. All of which will help your business respond better to evolving consumer demands. In fintech, where the landscape shifts on a daily basis, that adaptability can make or break a company.

Southeast Asia: A region at a crossroads

Southeast Asia makes for a promising case in female inclusion because its fintech ecosystem is still young. Unlike the more mature markets, there is still room to shape the rules of the game, set new norms. This region has a unique opportunity to build gender diversity from the start instead of trying to “fix” things afterwards.

That said, there are still barriers that get in the way of female participation. Only nine per cent of fintech firms in Southeast Asia are founded or led by women, and the number of management positions held by them is limited to roughly 15 per cent. What’s worse, this number drops even further during the later growth stages, becoming closer to 10 per cent. 

Also Read: Inclusion starts at the top: Why listening beats moving fast in Southeast Asia

Curiously, Singapore shows comparatively better performance than the rest of the region. In 2024, women held 25 per cent of board seats in the top 100 locally listed companies. This figure is slightly up from 2023, so we can see that progress is happening, even if it is slow. 

But if we look in perspective, Asia already has a higher proportion of female leadership compared to some other regions. Take GCC countries, for example: in 2024, women there held only five per cent of board seats on average. The UAE had been the only major outlier, standing at 10.8 per cent. By comparison, the above-mentioned Singapore is already considerably ahead. 

And that gives us a glimpse of what the future can be. While far from perfect, Asia already has the momentum it could use to become a role model for inclusive growth in fintech. Whether or not it takes that opportunity — that’s the question now.

Using the ripple effect to overcome barriers

Of course, numbers alone aren’t the whole story. What women in financial markets really need are stories: real experiences, shared by women who have faced scepticism in male-dominated boardrooms but pushed through it. Many female workers currently feel like outsiders in finance because there are few role models they can look up to.

To change this, we need to pay greater attention to community support and culture-building. Young women entering the workforce need to see those who came before them — female CEOs, business leaders, investors. And by knowing that their predecessors succeeded, they can, in turn, find inspiration and believe in themselves.

Also Read: Built for all or built to fail? Why tech for social impact must start with inclusion

It’s for that very reason that I began my own initiative called Women Leading the Way a couple of years back. Even though I myself haven’t actually run into that many cases of toxic behaviour, it felt to me that I could help give voice to women who have. And so I set out to build a networking platform where female professionals could meet and talk openly, sharing their stories, struggles and successes.

And one thing I found inspirational is that, as the initiative gained popularity, it wasn’t just women who took part in it. Yes, many wrote to us with feedback saying that it felt heartening to see many of their own problems being openly discussed by others. But, even more interestingly, many men also joined the effort, talking about our platform with their acquaintances. Some of them would even recommend female colleagues who could take part in our discussions. 

It proved a simple but effective point: representation can create change. So long as there are people committed to speaking out and championing a cause, there will be those who will choose to follow. That kind of change won’t happen in a day, but it will happen so long as we keep pushing for it. 

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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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