Higala, an inclusive banking infrastructure startup in the Philippines, has closed its seed funding round at US$4 million.

The investors include Talino Venture Studios, Chemonics International, Kadan Capital, Tenco Capital, and 1982 Ventures.

This round follows Higala’s seed extension round led by 1982 Ventures in March this year.

Also Read: Talino Venture Studios launches, invests in inclusive instant payment system Higala

The fresh capital will support the company’s push to digitise rural banks and microfinance institutions operating in underserved parts of the Philippines, where access to financial services remains limited.

“This funding will help us bring unprecedented growth to financial institutions and their customers in places bereft of digital enablement,” said Higala founder and CEO Winston Damarillo.

Higala, a registered operator of a payment system, promotes inclusion by lowering the cost of real-time payments, helping financial institutions price their instant payments reasonably. It also aims to provide inclusive financial solutions to the underbanked and rapidly enable merchants to accept digital payments.

The fintech startup’s open payments platform, SynerFi, is designed to lower entry barriers for smaller financial institutions participating in InstaPay, the Philippines’ real-time payments network. Rural banks already onboarded to SynerFi include Rural Bank of San Antonio, Rural Bank of Lipa City (Batangas), Progressive Rural Bank, Banco Abucay, Rural Bank of Hermosa (Bataan), Money Mall Rural Bank, First Philippine Partners Bank (A Rural Bank), and Lagawe Highlands Rural Bank.

A significant portion of the funds will be used to strengthen SynerFi.

Also Read: How digital banking is driving financial inclusion in SEA

“Connecting rural banks to Instapay and the wider digital ecosystem is not simply an act of digitalisation, but a deeper commitment to accelerate financial inclusion in underserved areas,” said Lito Villanueva, Executive Vice President and Chief Innovation and Inclusion Officer at Rizal Commercial Banking Corporation (RCBC).

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In Indonesia’s increasingly competitive and cautious economic climate, small and medium-sized enterprises (SMEs) are facing a complex set of challenges.

According to Arthur Adisusanto, Country Head for Indonesia at Funding Societies, the slowdown in consumer spending has had a direct impact on SME revenues and their ability to grow. While inflation and global headwinds contribute to the uncertainty, the bigger issue is that Indonesia’s economic expansion has not met expectations. As Adisusanto notes, first-quarter GDP growth fell short of the government’s 5.2 per cent target, dampening the growth prospects of the very businesses that power much of the country’s economy.

Against this backdrop, the demand for financing among SMEs remains strong. Yet, not every business is positioned to secure credit. Funding Societies—long recognised as a leading SME digital financing platform in Southeast Asia—has adapted its strategy in response to this evolving landscape. The company has shifted its focus away from ultra-micro and micro enterprises, such as sole proprietors and home-based operations, and is concentrating on SMEs with more established structures, financial records and cash-flow visibility.

This shift is part of a broader effort to ensure sustainable growth and responsible lending. “We obviously want to be there and bridge the financing gap,” Adisusanto says in an interview with e27. “But at the same time, we also need to protect the lenders. If the clients that come to us don’t meet our criteria, then we have to reject them.”

Operating across Indonesia, Singapore, Malaysia, Thailand and Vietnam, Funding Societies adapts its offerings to the unique needs of each country. In Malaysia, the company has established a strong presence in dealer financing, supporting vehicle dealerships with inventory funding. Singapore has developed a niche in fixed-asset financing backed by property.

Also Read: Starting off with the goal to empower Malaysian SMEs, Fiuu reveals the secret sauce behind its growth

Indonesia, however, takes a distinctly horizontal approach. Rather than focusing on specific industries, Funding Societies assesses SMEs based on their financial fundamentals. “We don’t necessarily look at verticals. We assess the business, the financials, the cash flow and the credit history,” Adisusanto explains.

This enables the platform to support a diverse range of Indonesian SMEs, particularly those that traditional banks often overlook.

How institutional investors power growth

Indonesia has nearly 3,000 financial institutions, from commercial banks to rural banks and multifinance companies. While banks generally serve larger SMEs, many lack the infrastructure to lend to smaller businesses. This is where Funding Societies sees tremendous potential. Through partnerships, banks can channel funds to smaller SMEs via the platform, using Funding Societies’ technology, underwriting and monitoring capabilities.

Apart from that, Funding Societies often steps in when banks decline credit applications. While this places the company in a higher-risk segment, it also fills a critical financing gap for businesses that still have strong fundamentals but lack the collateral, credit history, or scale required by banks.

When SMEs compare financing alternatives, three factors typically matter most: pricing, speed and certainty of capital. Adisusanto is candid that Funding Societies is not the cheapest provider and does not promise the fastest disbursements. Its due diligence process takes more time compared with lenders that offer approvals in minutes because SME financing is inherently more complex and demands careful assessment. However, the company excels where it counts: reliability.

“Where I think we would win is the guarantee that the capital is there when they need it,” he says.

A key driver behind Funding Societies’ ability to guarantee capital lies in its growing partnerships with institutional investors. While the platform once maintained a balanced mix between retail and institutional funders, retail investor participation has dwindled amid negative perceptions of the wider peer-to-peer lending industry.

Institutional investors, ranging from funds to financial institutions, have become Funding Societies’ primary source of financing. These institutions are more receptive to data-driven risk assessments and can appreciate the platform’s differentiated approach and robust credit evaluation.

Also Read: Higala closes US$4M round to bring real-time payments to rural banks in Philippines

“With institutions, you can reason with them,” Adisusanto notes. “[With retail investors,] there’s a lot more pre-work to make them understand how we’re different and how we manage our risk.”

In the next two to three years, Adisusanto envisions deeper collaboration across the financial sector, enabling more SMEs to “graduate” to better, cheaper facilities, whether through Funding Societies or traditional banks. “If they grow and get better facilities, that means we’ve done our job,” he says.

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When I was working with an EV brand in Indonesia last year, I was impressed to see that over 70 per cent of the vehicle components were locally sourced. It was a rare glimpse into what a more self-reliant Southeast Asian manufacturing ecosystem could look like.

But behind that milestone lurked a deeper question: can our region scale up as a global alternative without repeating the environmental and social missteps of past industrial booms? 

The region’s industrial rise

Southeast Asia is increasingly emerging as a viable alternative to China for manufacturing Electric Vehicles (EVs) and semiconductors.

In the Southeast Asia semiconductor market, revenue is projected to reach US$95.89 billion in 2024, with integrated circuits dominating the market, accounting for US$86.54 billion of the total revenue. The market is expected to grow at an annual rate of 11.25 per cent (CAGR 2024-2029), reaching a market volume of US$163.40 billion by 2029.

The hidden costs of rapid growth

However, while Southeast Asia’s manufacturing potential is undeniable, it comes with a critical caveat: many of the region’s industrial gains have historically come at a high cost—to both the environment and local communities.

Also Read: The secret weapon of marketing? Why every business needs a CDP

In Indonesia, for example, the rapid expansion of nickel mining—driven by soaring global demand for electric vehicle batteries—has resulted in widespread deforestation and ecosystem degradation.

The Indonesia Weda Bay Industrial Park (IWIP) in Halmahera has been linked to the clearing of thousands of hectares of forest and the pollution of rivers and coastal waters, with severe consequences for local livelihoods and biodiversity.

Across the region, industrial growth has consistently outpaced environmental safeguards. Studies show that unsustainable resource extraction and pollution not only harm ecosystems and public health, but also undermine long-term economic growth.

According to the World Health Organisation (WHO), air pollution alone causes over 500,000 premature deaths in Asia annually—representing both a human tragedy and a significant economic burden on healthcare systems and productivity.

Aligning strengths across borders

But the challenges facing Southeast Asia’s industrial future are not inevitable—they are solvable. With the right policies, partnerships, and priorities, the region can build a manufacturing ecosystem that is not only competitive, but also clean, inclusive, and resilient. Despite the missteps of past industrial booms, each country in the region brings unique strengths to the table.

Indonesia, for instance, is home to vast nickel reserves, estimated at 17.7 billion tons of ore and 177.8 million tons of metal, with accessible reserves reaching 5.2 billion tons of ore and 57 million tons of metal. Meanwhile, Vietnam’s manufacturing and processing sectors continue to attract significant investment, with 106 new projects and US$3.13 billion in newly registered capital recorded in November 2024. 

Singapore is reinforcing its global semiconductor supply chain position with a SG$500 million investment in the upcoming National Semiconductor Translation and Innovation Centre (NSTIC).

These examples highlight the immense potential of Southeast Asian nations to lead in next-generation manufacturing. But in my view, the region’s future success won’t depend on which country takes the lead—it will depend on how well we integrate and collaborate as a unified ecosystem. 

Also Read: From burn rate to break even: Why Southeast Asia’s startups must rethink growth

Without a coordinated, ethical industrial strategy, Southeast Asia risks becoming a low-cost manufacturing zone at the expense of its people and environment. The opportunity to lead the EV and semiconductor future must not be built on the mistakes of the past—but on a shared ASEAN framework that enforces sustainability, inclusivity, and cross-border innovation.

Despite encouraging bilateral moves, such as Indonesia-Vietnam digital cooperation and ASEAN clean energy commitments, these remain fragmented and often lack regulatory teeth.

Without a unified ASEAN mechanism to enforce ethical sourcing, transparent technology transfer, and just industrial transition, the region risks exporting its future while importing its problems.

A shared path for a stronger tomorrow

Southeast Asia doesn’t need to wait for global frameworks—it can lead. An ASEAN Green Manufacturing Charter could set enforceable ESG standards across borders, while a shared tech-sharing protocol would turn isolated innovation into collective leverage.

Most importantly, the region must treat its mineral wealth not as a quick win, but as a shared trust that demands ethical stewardship.

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Asia-Pacific (APAC) is at the forefront of the global green revolution, but the region still faces several challenges in accelerating its clean energy journey. Chief among them is the need for robust support in transitioning from fossil fuels to greener power. This transition requires the widespread deployment of low-carbon technologies to enable high-emitting industries to decarbonise effectively and transition toward a cleaner future.

The investment challenge

Addressing these challenges demands not only technological innovation but also substantial investments in new infrastructure and financial mechanisms. The Asian Development Bank (ADB) estimates that Asia will need to invest approximately US$1.7 trillion annually in infrastructure through 2030 to sustain economic growth, combat poverty, and address escalating climate risks.

When it comes to climate financing specifically, the challenge is even more acute, with the region facing a shortfall of at least US$800 billion annually, according to the International Monetary Fund. This underscores the urgent need for innovative financial tools, such as “transition finance,” to bridge the capital gap for both large-scale renewables projects and early-stage climate tech ventures.

APAC’s pivotal moment

Asia is leading the charge in creating investor opportunities, nurturing groundbreaking innovations, and establishing itself as a global hub for the incubation of low-carbon technologies.

The region stands at a pivotal moment, with a unique opportunity to act decisively and leverage the green transition not only as a pathway to decarbonisation but also as a catalyst for long-term competitive advantage and economic growth. To fully unlock this potential, there is an urgent need for actionable decarbonisation strategies and transformative accelerators that can drive immediate progress and scale sustainable solutions across the region.

According to a 2024 study by Boston Consulting Group, by 2030, renewables could account for 30–50 per cent of the power generation mix in many APAC markets, underscoring the region’s vast potential. To move the needle further, private-sector organisations can play multiple roles. Collaboration between corporations and startups offers a powerful opportunity to leverage their respective strengths, with two key objectives: supporting climate tech startups in Asia and fostering a robust Asian investment community.

Also Read: What does Trump mean for SEA climate scene?

Companies like Towngas are paving the way by creating ecosystems that bring together climate tech startups and innovative ideas. Besides directly funding or operating renewable energy projects, they can serve as platforms for incubating and amplifying early-stage innovations.

Global competitions like the TERA-Award Smart Energy Innovation Competition offer a case in point. Such competitions gather the brightest ideas in hydrogen, carbon neutrality, energy storage, and more—then connect emerging innovators to venture capital and the broader industry ecosystem.

Bridging the gap between innovation and commercialisation

By doing so, they bridge the critical gap between concept and commercialisation, allowing impactful clean-tech solutions to scale quickly in APAC’s fast-moving markets. This synergy not only drives the growth of climate tech in Asia but also strengthens the region’s position as a global leader in sustainable innovation.

APAC industries are accelerating the adoption of sustainable fuels like hydrogen, green methanol, and sustainable aviation fuel (SAF) to advance decarbonisation across marine, land, air, and industrial sectors. Past TERA-Award winners have showcased novel approaches to hydrogen production, energy storage solutions, and other clean-energy breakthroughs.

The path to a sustainable future

From advanced methods of manufacturing green hydrogen to high-efficiency systems for capturing and reusing carbon, these teams demonstrate how emerging technologies can help public and private sectors alike meet ambitious sustainability targets.

As more companies step up with funding, partnerships, and platforms for innovation, APAC’s green tech leadership is set to flourish—positioning the region as a key driver of the sustainable, low-carbon future that the world urgently needs.

Also read: Balancing economic growth and climate action: Decarbonising SEA’s built environment

Achieving emission targets requires unified, collective action from all stakeholders. Collaboration between governments and private enterprises is paramount to overcoming regulatory hurdles and ensuring a well-orchestrated rollout of green initiatives that can truly transform marine, land, air, and industrial sectors.

As the region accelerates the development of its green technology ecosystem, it is rapidly closing the gap with global leaders in clean energy and solidifying its position as a key player on the international stage.

At Towngas, we reflect our commitment to combating climate change through innovation, actively contributing to green tech development and fostering strategic energy partnerships. These efforts highlight APAC’s critical role in driving a sustainable, low-carbon future and shaping global climate action.

The fourth edition of TERA-Award is now open for application. Learn more from here.

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For over two decades, corporations compensated for inefficiency by adding layers of coordination instead of fixing the system. When something didn’t work, they didn’t redesign it — they hired someone to “manage” it.

Soon, entire ecosystems of meta-work emerged — jobs that existed to describe, oversee, or justify other jobs. They multiplied inside large organisations — roles that filled reporting gaps, not production gaps.

As anthropologist David Graeber famously wrote: “A bullshit job is one that, even the person doing it, secretly believes need not exist.”

These positions kept the corporate machine comfortable — absorbing graduates, padding hierarchies, and maintaining the illusion of growth.

These roles didn’t produce value — they performed it. Their output was visibility: reports, alignment sessions, status meetings, dashboards, updates.

But when AI arrived, it became the ultimate performance review. Anything that didn’t create measurable value became a candidate for deletion.

The great correction

When AI arrived, it didn’t have the patience for this theatre. Algorithms don’t need “alignment calls. They only need inputs and clear parameters.

AI didn’t just automate repetitive work — it audited the entire white-collar economy.

It isn’t just replacing labour — it’s revealing how much of it never created value in the first place.

It exposed:

• How much of “knowledge work” was actually administrative overhead?
• How many middle layers existed to repackage data and PowerPoints?
• How many decisions could be made faster, cheaper, and more accurately by algorithms?

Suddenly, entire strata of “pseudo-productive” roles were wiped out, and the pendulum swung from overemployment to over-efficiency.

What’s left now is a leaner economy — one that prizes execution, creativity, and synthesis over attendance, meetings, and memos.

Also Read: Levelling the playing field: How AI can transform SME hiring

The new problem: The missing middle

The irony? This over-correction might have been a step too far.

Automation isn’t just transforming industries — it’s compressing the career ladder. Across every sector, entry-level roles once considered “training grounds” are disappearing.

Many of those “bullshit jobs” accidentally functioned as incubators. Junior staff learned how organisations worked, how decisions were made, and how to navigate pressure.

Customer service? Now handled by AI chatbots. Data entry and basic analysis? Automated by APIs. Assistant and junior admin functions? Replaced by workflow software.

What looks like efficiency today creates an invisible problem tomorrow: A generation entering the workforce without ever learning how to work.

A leadership gap in the making

For decades, career development followed a predictable rhythm:

Learn by doing -> Manage a small process -> Lead a team.

But when the doing gets automated, the learning disappears. Graduates who might have started as analysts, assistants, or coordinators now face a jump directly into mid-level roles without the muscle memory of execution.

This creates a silent bottleneck:

• Fewer people trained in operations -> fewer competent managers.
• More theoretical graduates -> less real-world decision-making skill.
• An over-supply of “strategy talent” but an under-supply of “execution talent.”

That’s how an economy ends up with brilliant resumes but brittle organisations.

Also Read: AI bubble fears trigger market rotation: What it means for crypto and tech stocks

The opportunity: Build value, not vanity

This is where the real entrepreneurs and builders step in. The correction creates room to rebuild the work ecosystem around true value creation.

It’s not about bringing the old jobs back — it’s about building smarter ladders. If the bottom rungs are gone, we need new scaffolding:

• Apprenticeship ecosystems: partnerships between companies, startups, and governments to provide project-based learning.
• Fractional roles: part-time or remote junior assignments across multiple SMEs, giving broad exposure fast.
• AI-assisted training: using automation not as a replacement, but as a coach — teaching new workers how systems think and operate.

These are the new entry points into experience.

What businesses can do

For companies, this isn’t just a social issue — it’s a strategic one. Without a functioning entry pipeline, your future management pool shrinks.

Forward-thinking firms are already experimenting with:

• “Shadow roles” where junior hires train alongside AI systems.
• Cross-border internships connecting young professionals in emerging markets to remote SMEs abroad.
• Skill micro-certifications that replace old job titles with verifiable execution capability.

This is where companies can make a difference, building the frameworks that connect ambition to apprenticeship, learning to leadership.

—

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Financial markets stand at a pivotal intersection where technical pressures, valuation concerns, and shifting monetary policy expectations converge to create both opportunity and risk. The S&P 500 index recently breached key moving averages, though the 200-day moving average remains a robust support level. This technical development suggests short-term volatility remains likely, yet it does not warrant abandoning core equity positions.

Instead, prudent risk management through strategic hedging becomes essential as markets digest mixed signals. Professional fund managers currently maintain exceptionally low cash levels, while exchange-traded funds drive the majority of market flows, creating a paradoxical environment of high liquidity and stretched positioning that could amplify any sudden market reversals.

The concentration of market leadership within the Magnificent Seven technology stocks has begun to show signs of fragmentation, with valuations now trading below 30 times earnings and performance dispersion widening significantly. This development marks a crucial transition point where passive indexing strategies may underperform active stock selection.

Investors must avoid crowded trades and instead focus on selective exposure to genuine outperformers within the technology sector. The recent relief rally across US equities on Friday, with the Dow Jones Industrial Average climbing 1.1 per cent, the S&P 500 gaining one per cent, and the Nasdaq Composite rising 0.9 per cent, reflected improving risk sentiment driven by growing expectations of Federal Reserve rate cuts.

Market participants now price in a 62 per cent probability of a December rate cut, with UOB economists maintaining their expectation for a 25 basis point reduction at the upcoming Federal Open Market Committee meeting. The Fed will enter its mandatory blackout period from November 29 to December 12, 2025, limiting official communication during this critical decision window.

Fixed income markets responded to these shifting expectations with Treasury yields edging downward, the 10-year note settling at 4.063 per cent, and the 2-year note at 3.507 per cent. This movement signals growing defensive positioning among institutional investors, supporting the strategic case for maintaining duration exposure in the four to five year range. The spread between equity and bond valuations has widened sufficiently to make quality fixed income increasingly attractive as a portfolio diversifier ahead of anticipated Fed easing.

Simultaneously, currency markets exhibited nuanced behaviour with the US dollar gaining strength for the week while the Japanese yen rose sharply on Friday following Japan’s strongest warning yet regarding recent currency weakness. This intervention risk near the 160 yen per dollar level requires close monitoring as currency volatility could spill over into broader market stability.

Commodity markets reflected geopolitical sensitivity with Brent crude oil dipping on prospects of a potential Russia-Ukraine peace deal, while gold maintained its position above the psychologically significant US$4,000 level. Gold’s resilience underscores its continued role as a defensive hedge against market uncertainty, while oil prices remain acutely sensitive to geopolitical developments that could disrupt supply chains.

Also Read: 43 per cent chance of a Fed rate cut isn’t enough: Markets brace for a volatile December

Asian equity markets declined on Friday as concerns over stretched artificial intelligence valuations weighed on investor sentiment, though US futures pointed higher at the start of the new week. Within regional allocations, technology exposure combined with dividend-paying stocks appears preferable for maintaining Asian market participation while managing valuation risks.

The cryptocurrency market experienced a modest 1.36 per cent gain over the last 24 hours, rebounding from extreme fear sentiment and oversold technical conditions. However, this recovery appears fragile when viewed against a 6.62 per cent weekly decline and a substantial 19.44 per cent monthly drop. The Relative Strength Index reached an extremely oversold reading of 18.98 before the recent bounce, suggesting technical exhaustion rather than fundamental conviction.

Regulatory developments provided temporary support as Grayscale’s Dogecoin and XRP exchange-traded funds received approval for NYSE Arca listing, scheduled to begin trading on November 24. These approvals, alongside Franklin Templeton’s XRP ETF launch and BlackRock’s staked Ethereum ETF filing, signal institutional demand and regulatory progress that temporarily offset broader market anxiety. XRP and Dogecoin outperformed Bitcoin during this period, with XRP gaining 1.58 per cent compared to Bitcoin’s 1.36 per cent rise, though early trading volumes for the new ETF products will determine whether this optimism sustains.

Binance continued to demonstrate ecosystem strength, maintaining its position as the world’s leading cryptocurrency exchange with over US$2 trillion in monthly trading volume, representing 41.1 per cent of global crypto trades. BNB token rose 1.35 per cent, supported by ecosystem updates including the CMC20 index token launch on BNB Chain. While Binance’s liquidity depth provides price stability benefits, derivatives trading volume fell 52 per cent over 24 hours, indicating cautious leverage usage among sophisticated traders. This mixed signal highlights the market’s transitional nature, where retail enthusiasm meets institutional caution.

From a global asset allocation perspective, US equities appear relatively expensive compared to international value-oriented strategies that have begun showing strong relative performance. This valuation disparity creates a compelling case for strategic diversification beyond US borders while maintaining exposure to high-quality American companies.

Selective non-US value investments and mid-cap strategies offer opportunities to generate alpha as market leadership broadens beyond the narrow technology concentration that dominated recent years. The combination of reasonable valuations in international markets and attractive entry points in quality fixed income creates a unique opportunity for portfolio rebalancing.

Also Read: Markets on edge: Fed ambiguity fuels risk-off mood as Aster surges amid crypto bloodbath

My perspective on this market juncture emphasises cautious optimism tempered by rigorous risk management. The technical breakdown in major indices, combined with stretched positioning metrics, suggests near-term volatility will persist, yet the fundamental case for equities remains intact, given anticipated monetary policy easing.

The widening dispersion within technology stocks represents not a warning sign but rather a healthy maturation of the market cycle where stock selection matters more than sector allocation. The approval of cryptocurrency ETFs marks genuine institutional acceptance, though the asset class remains highly speculative and should represent only a small portfolio allocation for most investors.

The most critical factor for investors remains maintaining discipline amid conflicting signals. The 200-day moving average’s resilience as support for the S&P 500 provides a valuable technical anchor, while the 62 per cent probability of December rate cuts offers fundamental justification for maintaining equity exposure.

However, the extremely low cash levels among professional managers and the dominance of ETF flows create vulnerability to sharp reversals that could test even the strongest support levels. Bond markets offer increasingly attractive risk-reward characteristics as yields remain elevated relative to expected inflation and growth trajectories.

Geopolitical risks continue to influence commodity markets disproportionately, with oil prices sensitive to peace negotiations while gold maintains its safe-haven appeal. Currency markets require particular attention as central bank policies diverge, with the yen’s intervention risk near 160 representing a potential flashpoint for global volatility. Asian markets face the dual challenge of high technology valuations and economic growth concerns, making selective exposure to dividend-paying stocks and established technology leaders more prudent than broad regional bets.

The cryptocurrency market’s fragile recovery underscores the importance of distinguishing between regulatory progress and fundamental value. While ETF approvals represent significant milestones, the 19.44 per cent monthly decline and extremely oversold technical conditions suggest caution remains warranted. Binance’s ecosystem strength provides stability, but the 52 per cent drop in derivatives volume reveals underlying caution that contradicts surface-level price gains.

Also Read: The hidden growth engine: How offshore creative teams are powering global marketing innovation

Looking ahead, the Federal Reserve’s December meeting will likely serve as the next major catalyst, with markets already pricing in significant easing. This expectation creates both opportunity and risk, as any deviation from anticipated policy could trigger substantial volatility.

Investors should focus on quality across all asset classes, maintaining core equity exposure while strategically adding high-grade fixed income as yields remain attractive. International diversification offers valuable valuation benefits, particularly in value-oriented strategies that have underperformed during the recent technology-driven rally.

The crossroads markets face today require neither panic nor complacency, but rather thoughtful adaptation to changing conditions. Technical support levels, valuation disparities, and monetary policy expectations all point to a transitional period in which active management and risk-aware positioning will outperform passive approaches.

By maintaining core exposures while hedging downside risks, selectively participating in institutional adoption trends like cryptocurrency ETFs, and diversifying globally toward more attractive valuations, investors can navigate this complex environment while positioning for long-term success. The path forward demands patience and discipline, recognising that market leadership transitions rarely occur smoothly but ultimately create stronger, more sustainable growth foundations.

—

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Touchstone Partners has unveiled a new US$10 million Green Transition Fund at the Grand Finale of the Net Zero Challenge 2025, marking a major boost for climate-tech innovation in Vietnam and Southeast Asia.

The firm said the fund will begin deployment in December, targeting startups working in sustainable agriculture, the circular economy, waste management and new energy tech.

The initiative aims to strengthen the region’s fast-developing climate-innovation landscape. Each funded startup will receive capital alongside hands-on coaching and strategic guidance from Touchstone Partners and its international advisory network.

Since 2021, Touchstone Partners has positioned itself at the forefront of climate-tech investment, backing notable companies such as Selex Motors, Stride, Alterno, Enfarm, Neorice and Forte Biotech.

According to the firm, this portfolio has “consistently outperformed while supporting Vietnamese SMEs and farmers to leapfrog to sustainability,” showcasing what it calls the “high-impact, high-return” potential of the new green economy. Several of its investees — including Alterno, Enfarm and Forte Biotech — have expanded into markets such as China, Japan, Indonesia, Malaysia, the Philippines and Thailand.

Also Read: How to tackle climate change by choosing a career in cleantech

Beyond equity investment, Touchstone Partners works closely with major international grant-making organisations, such as the Temasek Foundation, P4G, and the Global Green Growth Institute.

Between 2023 and 2025, startups within its climate-tech portfolio secured more than US$3 million in catalytic funding through these collaborations. The new Green Transition Fund aims to deepen such partnerships, offering blended finance packages that combine non-dilutive grants with targeted investment to help investors de-risk and startups scale responsibly.

The fund’s launch comes amid a surge in global and local interest in Vietnam’s climate innovation potential. Since 2023, Touchstone Partners and Temasek Foundation have co-hosted the Net Zero Challenge — supported by the Ho Chi Minh City Institute for Development Studies — attracting over 1,600 startup submissions from 60 countries and territories.

Agriculture remains a critical sector for Southeast Asia, accounting for 30 per cent of jobs, generating 54 per cent of the region’s emissions and using 31 per cent of its land. A recent Project Drawdown assessment found Vietnam’s greatest opportunities lie in improving rice production and converting agricultural waste into value-added products.

Vietnam’s policy landscape is also shifting. Following the country’s pledge at COP26 to reach net-zero emissions by 2050, Ho Chi Minh City implemented Resolution 98 to pilot special mechanisms that accelerate green initiatives. National frameworks now aim to enhance climate resilience, strengthen urban planning and foster low-carbon growth driven by the private sector.

Also Read: Will climate change force us to re-imagine travel in the future?

“While most impacted by climate change, Vietnam and Southeast Asia also flourish with advanced agriculture and adaptation innovations … We’re standing at a turning point in our sustainability journey,” said Ms Tu Ngo, General Partner at Touchstone Partners.

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Image Credit: Touchstone Partners

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As a star of the Malaysian fintech ecosystem, Fiuu has reported a 32 per cent increase in total payment volume for the first three quarters of 2025, processing over US$8.3 billion across its network of merchants. This milestone is further strengthened by the company’s new and expanded partnerships with Affin Bank, Pos Malaysia, and PayNet.

It has also recently become the first payment acquirer in Malaysia to enable Samsung Pay Online for e-commerce merchants, a feature that is now live with more than 300 merchants.

In an email interview with e27, Fiuu CEO Eng Sheng Guan spoke about the national records that the company broke this year, which included two national records in the Malaysia Book of Records for its performance in 2024. It was also honoured with the Trusted Payment Partner Award in SEA by Trip.com.

“The biggest lesson we have learned from the process is the evolution of Malaysia’s digital economy. Malaysia ranks among the world’s top adopters of digital payments, even ahead of North America and Europe. In such a fast-moving space, it is easy to innovate for the sake of innovating. However, innovation must meet real-world needs; that is what builds trust in the long run,” he wrote.

“Our recent partnership with Pos Malaysia and PayNet also exemplified this lesson. We recognised the difficulty and inconvenience faced by delivery riders when handling cash-on-delivery transactions. With this partnership, we can now eliminate the need for physical cash while still allowing consumers to pay on delivery.”

Also Read: Clearing the air on Malaysia’s air pollution

In this interview, the CEO provides further details about the company’s mission and its next steps in the Malaysian fintech ecosystem. The following is the edited excerpt of the conversation.

What is the story behind the development of Fiuu? 

The idea for Fiuu was born during my previous venture, an e-commerce solutions company that helped businesses establish their online presence and shopping cart systems. We realised that getting paid was a real bottleneck. Digital payments were complicated, costly, and broadly available only to larger companies with established financial histories, leaving SMEs at a disadvantage.

This gap became the inspiration for Fiuu. Alongside two co-founders, I set out to build a payment platform from scratch, one that would make accepting digital payments simple and affordable for all businesses. Our goal was to empower SMEs and create a level playing field as Malaysia’s digital economy grew. Over time, we expanded beyond a gateway solution to become a full-fledged fintech partner, offering omnichannel payment acceptance, contactless options, and strategic collaborations with leading card schemes and banks.

That same pioneering spirit drives Fiuu today. We have grown to become Malaysia’s largest payment solutions provider and a leading player across Southeast Asia. What makes this journey meaningful is that I have been actively involved through every shift – whether changing consumer habits or evolving regulations – always focused on building something sustainable.

It is this long-term mindset, paired with deep local insight and regional reach, that continues to define Fiuu’s growth story.

What is the problem that you aim to tackle? Why are your solutions better than the existing alternatives? 

The world is more connected than ever before, and with the rapid digitisation of commerce, it is easy for SMEs and even established businesses to be left behind. In today’s environment, not having a secure and reliable way to accept digital payments is not just an operational issue – it is a brand risk.

When we started, digital payments in Southeast Asia were complicated, fragmented, and expensive. We built Fiuu to remove that barrier and make payments accessible, secure, and seamless for every business.

Also Read: Antler backs Malaysian AI startups M3TRIQ, NCSpeech driving innovation in biotech and fintech

Today, Fiuu has evolved into the quiet backbone of Malaysia’s digital economy, helping merchants and partners simplify how they accept, distribute, and manage payments.

What sets us apart is flexibility. Our platform is fully modular, allowing us to customise solutions for enterprises while empowering partners – such as POS vendors and digital solution platforms – to become payment providers themselves, earning revenue from every transaction that flows through their system, without needing to go through compliance or licensing burdens, as we have already built that foundation.

We also bring regional expertise. Having operated across multiple Southeast Asian markets, we understand the local nuances, like regulatory frameworks, consumer behaviours, and market demands – and design our solutions to fit naturally within them.

With over 20 years of experience and millions of transactions processed daily, Fiuu has proven reliability at scale. We are trusted by global brands and financial institutions alike. As Malaysia’s first payment acquirer to enable Samsung Pay Online for e-commerce merchants, we continue to lead the evolution of digital payments in the region.

Who are your users? Why do you choose to aim for this particular segment? What is your user acquisition strategy? 

We serve a diverse range of users, including global brands and financial institutions, regional enterprises, and digital-first merchants. While we initially focused on empowering SMEs, our role has since expanded. Many of the world’s leading companies now rely on Fiuu to power their payment infrastructure because we offer the scale, reliability, and flexibility they need to operate seamlessly across markets.

Our focus is on businesses that demand stability, security, and scalability, whether they’re processing thousands or millions of transactions daily. That is why Fiuu is trusted as the payment layer beneath many enterprise ecosystems, retail networks, and financial platforms.

Our acquisition strategy reflects this focus. We build deep partnerships with banks, fintechs, digital solutions providers, and payment networks, integrating directly into their ecosystems to reach merchants at scale. This includes initiatives such as Merchant Recruitment Partners (MRP) programmes and payment facilitator (PF) partnerships, which enable us to efficiently unlock broader merchant acquisition opportunities through our partners’ existing networks.

Also Read: Malaysian SMEs grapple with a growing “confidence gap” in AI adoption

At the same time, our technology enables fast, low-friction onboarding, allowing businesses, large or small, to go live quickly and grow with us.

What is your strategy to build a sustainable business?

For Fiuu, sustainability means building something that lasts – an ecosystem where every partner grows stronger together. Our broader strategy is to move beyond payments and become part of an integrated financial ecosystem that seamlessly connects commerce, liquidity, and technology.

We are creating a smoother journey for our partners and their merchants – enabling faster onboarding, simplified reconciliation, and access to financial tools that support business growth. It’s a natural extension of our long-term vision to be an enabler of integrated financial services, not just a payment gateway.

Our broader strategy involves building and being part of an integrated financial ecosystem. We are creating a smoother journey, along with our partners such as banks, to enable businesses to onboard faster and access the right financial tools as they grow. That is a big step toward our long-term vision of becoming an enabler of integrated financial services, not just a payment gateway.

That is how we define sustainability. We are creating value through partnerships that simplify complexity and strengthen the entire payment ecosystem for the long term.

Have you raised external funding? Do you have plans to? 

We have always focused on building a strong, profitable foundation before seeking external capital. That discipline has enabled us to maintain full control over our vision, invest in innovation at our own pace, and reinvest profits in strengthening our infrastructure, regional capabilities, and, most importantly, our people.

Our team has been the driving force behind every milestone we have achieved, and we continue to invest in their growth, expertise, and development as we expand across Southeast Asia.

Also Read: Antler backs Malaysian AI startups M3TRIQ, NCSpeech driving innovation in biotech and fintech

At the same time, we are not closed to opportunities. We are open to strategic partnerships or investments that can accelerate our regional growth, particularly in technology, data intelligence, artificial intelligence, and cross-border payment innovation. But for us, funding is never just about capital. It’s about finding the right partners who share our long-term vision for an integrated, inclusive digital payments ecosystem across Southeast Asia.

What is your 2026 plan? 

For 2026, our goal is to solidify Fiuu’s role as the trusted backbone of digital commerce across Southeast Asia. We are focusing on expanding cross-border payment capabilities, growing acquiring partnerships, and improving interoperability so merchants can operate seamlessly across markets.

We are doing this through continued investment in our technology infrastructure and strategic regional alliances that strengthen connectivity. By enhancing our AI and data capabilities, we are delivering smarter fraud prevention, optimised transaction routing, and deeper merchant insights – ensuring the platform remains robust and adaptive as transaction volumes increase.

At the same time, we are working closely with regional banks, networks, and fintechs to build a more connected financial ecosystem. This includes expanding our footprint beyond Malaysia into high-growth markets such as Singapore, the Philippines, Indonesia, and Thailand, where digital adoption is accelerating and where our capabilities can create immediate impact.

Ultimately, our focus is on creating infrastructure that allows businesses to scale with confidence while accelerating Southeast Asia’s digital economy through speed, trust, and inclusion.

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Image Credit: Fiuu

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For over a decade, Echelon has been a cornerstone of Southeast Asia’s tech ecosystem, a platform where investors, startups, corporates, and governments converge. That core mission, to bring our community together, is not changing. But how we show up for this community must change, because the world is fundamentally shifting beneath our feet.

The relationship with technology, the way we work, and the tools we use are undergoing a transformation unlike anything we have seen before. AI isn’t coming; it’s here. And as a region, Southeast Asia cannot afford to be left behind.

This sense of urgency is what is driving the most significant evolution in Echelon’s history. In a recent post, our CEO, Mohan Belani, shared his personal perspective on this critical moment:

“I’ve been watching our region closely. While the US and China race ahead, we’re stagnating. The attention has shifted away from us. The investments are flowing elsewhere. And I worry that we’re not evolving fast enough to stay relevant in this new world.”

This observation is at the heart of our new direction. The models that brought us here, including the traditional “startup conference” model that we helped build, are no longer sufficient for the challenges that lie ahead. That is why Echelon 2026 is going to be different. It has to be.

Also read: Exhibit smart, spend lean: Your Start Up Booth at Echelon 2026

From fundraising theater to an implementation marketplace

There is a palpable sense of event fatigue in the market. As Mohan notes, “Too many conferences feel the same, talk after talk, panel after panel, everyone nodding along and then going home to do nothing.” The focus has too often been on “fundraising theater”- the endless cycle of pitching and valuation chatter, rather than on building sustainable, tech-enabled businesses.

This is a critical distinction. The challenge for most companies in Southeast Asia today is not a lack of ideas, but a lack of practical implementation. The real work lies in helping established businesses, the SMEs and corporations that form the backbone of our economy – discover, vet, and deploy technology that drives real-world growth and efficiency.

Echelon 2026 is our strategic response to this new reality. We are evolving from a startup-centric event into Southeast Asia’s premier business technology adoption platform. Our focus is shifting from hype to implementation, from theory to tangible ROI.

The three pillars of the new Echelon

This evolution is built on three core pillars designed to address the ecosystem’s most pressing needs. As Mohan puts it, the goal is to move beyond “generic trend pieces or high-level talks” and get into “practical implementation.”

1. An implementation marketplace: We are going deep on AI and other frontier technologies, but with a strict focus on application. We want to see demos, live showcases, and real products. The central question will no longer be “How much are you raising?” but “How does this work, and what can it do for my business today?” This is about connecting qualified buyers with implementation-ready solutions.
2. Actionable insights & hands-on participation: We are moving beyond passive listening. A prime example is the new Echelon AI Workflow Competition, a structured program where developers build production-ready AI solutions for real SME business challenges, with deployment support from partners like IMDA and NTUC LHub. The goal is for people to leave “energized, not exhausted. With clarity, not confusion.”
3. Qualified connections: While our community of investors, startups, corporates, and governments remains our foundation, we are sharpening our focus on curating a network of decision-makers. Echelon 2026 is where business leaders come to solve problems, and where solution providers get direct access to a high-intent audience with the authority and budget to make purchasing decisions.

Also read: e27 recognised among Financial Times’ fastest-growing companies in APAC

An urgent mission for a resilient future

This change is driven by a sense of responsibility and opportunity. For Mohan, the mission is also personal:

“There’s a lot of doom and gloom around AI and job displacement. I understand the fear. But I also see the opportunity. The chance for people to upskill, find new purpose, and genuinely transform their careers and lives. Southeast Asia has the talent, the hunger, and the entrepreneurial spirit. What we need is clarity, direction, and the belief that we can compete on this new playing field.”

This belief is what fuels our commitment to the ecosystem. We are not abandoning our audience; we are ensuring we stay relevant for them as the world changes. Echelon has always been about bringing our community together. This year, we are doing it with a renewed sense of urgency.

The world is not waiting for us to catch up. We cannot afford to watch from the sidelines.

More details will be coming soon, but as Mohan stated, we want you to hear it from us first: Echelon 2026 will not be just another event. It will be the platform where Southeast Asia’s technology transformation begins in earnest.

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In the current funding climate, cash discipline has become the defining skill for early-stage founders. The days of raising capital on promise alone are gone; investors now expect clear metrics, controlled burn, and a path to sustainable revenue. Managing runway is not simply about cutting costs. It’s about deploying every dollar with intent, preserving time, flexibility, and the ability to grow on your own terms.

Below are ten focused principles for managing your startup’s runway effectively.

Know your numbers like a pilot knows fuel

Runway is the measure of how long you can keep operating before the cash runs out. Calculate it monthly: divide your current cash balance by your net monthly burn. Track this trend closely. Set clear triggers for cost reviews and fundraising timelines. When the runway drops below twelve months, adjust spending; at six months, start raising. Numbers drive survival; guessing does not.

Be frugal, not cheap

Frugality means spending with purpose; cheapness means cutting without thought. Eliminate waste (unused software, unnecessary perks, overstaffing) but protect the investments that drive customer value and product quality. A frugal founder builds lean systems. A cheap one erodes momentum.

Use dashboards that everyone understands

Build a single source of truth for financial data. A live dashboard showing cash balance, burn rate, and runway should be accessible to key team members and investors. Keep it simple and visual. When the entire team sees how their actions affect the runway, financial discipline becomes part of the company culture.

Spend to reach milestones, not dates

Tie spending decisions to progress, not time. Hire or launch only when specific milestones justify the investment, not because the calendar says it’s “time to scale.” Spending linked to metrics ensures money follows evidence, not optimism.

Chase revenue early

Even at an early stage, start charging. Early revenue validates the product, extends the runway, and strengthens investor confidence. Perfect is the enemy of paid; start small, refine fast, and learn from every transaction.

Also Read: Founders face a brutal new reality: Tiny exits, tougher buyers, endless earnouts

Track your burn multiple

Measure how much cash you spend for every dollar of new revenue. A burn rate of multiple below two indicates efficient growth; above five signals poor capital use. Monitor it monthly. Efficiency compounds faster than funding rounds.

Hire with discipline

Every hire shortens your runway. Treat recruitment as an experiment with a clear expected return. Delay permanent hires until the need is proven. Contract non-core functions when possible. A small, focused team beats a bloated one in uncertain markets.

Manage cash flow aggressively

Runway depends as much on timing as on spending. Negotiate extended payment terms with vendors and push for faster collections from customers. Invoice early, collect promptly, and keep a close eye on working capital. Startups rarely die from a lack of profit; they die from cash gaps.

Build a buffer before you need it

Begin fundraising when you still have nine to twelve months of runway. Aim for at least eighteen months of operating capital between rounds. Market conditions shift quickly, and leverage belongs to the founder who still has time left.

Communicate transparently

Investors and teams value clarity. Share runway metrics, burn trends, and revenue updates regularly. Transparency builds confidence and prevents panic. Clear reporting also simplifies future fundraising; credibility compounds just like capital.

Also Read: The hustle’s toll: Why some of Southeast Asia’s brightest founders are stepping back

The bottom line

Managing runway is a discipline of control and clarity. Spend with intent, measure constantly, and treat every dollar as a strategic decision. Frugality buys time, but focus creates progress. In a funding environment defined by scrutiny, the startups that master both will be the ones still standing when others run out of runway.

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Runway formulas and benchmark metrics

Core formula

Runway (months) = Current Cash Balance ÷ Net Monthly Burn

• Gross Burn: Total monthly cash outflow (expenses).
• Net Burn: Gross burn minus monthly revenue. Use Net Burn for a more accurate picture once you have revenue coming in.

Benchmark targets

• Healthy runway: 18–24 months
• Warning zone: <12 months
• Critical zone: <6 months >> begin immediate cost control or fundraising

Burn multiple (Efficiency ratio)

Burn Multiple = Net Burn ÷ Net New Revenue

• <1.5 = Excellent
• 1.5–3 = Acceptable
• >3 = Unsustainable

This shows how efficiently your startup converts cash into revenue.

CAC–LTV relationship

Customer Acquisition Cost (CAC) should be ≤ one-third of Lifetime Value (LTV). If CAC rises faster than LTV, your growth is unsustainable regardless of runway length.

Cash flow timing metrics

• Days Payable Outstanding (DPO): Extend where possible
• Days Sales Outstanding (DSO): Reduce aggressively
• Rule of thumb: DPO > DSO keeps cash flow positive

Fundraising rule of thumb

Start fundraising when you have 9–12 months of runway left. Never start with less than 6 months; negotiation power evaporates under time pressure.

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