The Singapore Exchange (SGX Group) and Nasdaq have established a strategic partnership aimed at simplifying dual listings and enhancing the integration of the capital markets of the US and Singapore.

The collaboration will introduce a Global Listing Board, creating a harmonised cross-border framework designed to ease capital raising, enhance visibility, and improve access to investors for large companies.

Scheduled to commence operation around mid-2026, the Global Listing Board aims to foster a transparent and efficient environment for global capital formation. The framework is tailored for companies possessing a market capitalisation of SGD 2 billion (US$1.5 billion) and above.

Also Read: SGX turns 25 with historic financials—and a warning for Southeast Asia’s startup ecosystem

This initiative is set to significantly reduce the friction, complexity, and cost associated with pursuing a dual listing on both Nasdaq and SGX. A critical feature of the framework is the streamlining of regulatory obligations and fundraising requirements across the Pacific Ocean. This is achieved through the use of a single set of documents and a simplified review process, allowing issuers to navigate the complexity of dual regulatory regimes more efficiently.

Strategic implications for Asia

The platform has received strong support from institutional asset owners and managers in Singapore, viewing it as a crucial springboard into both the US and Singapore markets for issuers. This regulatory alignment and combination of market liquidity are intended to enable a new wave of growth companies — ranging from innovative start-ups to established industry leaders — to scale agilely and unlock new pools of growth capital.

Chee Hong Tat, Minister for National Development and Chair of the Equities Market Review Group, emphasised the strategic connectivity provided by the partnership. He stated that the “dual listing bridge will bring together the strengths of two major market operators SGX and Nasdaq, and help anchor the listings of dynamic companies in Asia and attract liquidity around these listings”.

Loh Boon Chye, CEO of SGX Group, noted that the proposition for issuers is clear: “access to US market depth and Asian growth in a streamlined pathway”. He expressed the hope of attracting quality, growth-oriented companies with an Asian nexus that seek to expand their investor base while remaining true to their roots.

Regulatory and financial support

The proposed regulatory framework aims to establish prospectus disclosure requirements in Singapore that are comparable to those in the US, which will permit the utilisation of a single set of offering documents for the dual listing process. Implementation details and relevant regulatory processes are currently being finalised.

This move aligns with the Singapore government’s broader efforts, led by the Equities Market Review Group, to strengthen the attractiveness of the local stock market for companies seeking to list and access growth capital. Supporting these efforts is the “S$1.5 billion Anchor Fund @ 65”, established in 2021 by the Ministry of Trade and Industry and Temasek.

Also Read: Why crypto can’t escape the Nasdaq and what it means for the next 30 days

This fund is designed to support promising high-growth enterprises and market leaders in their public fundraising in Singapore’s public equity market, including listings on the new Board.

Adena Friedman, Chair and CEO of Nasdaq, highlighted the importance of cooperation, stating: “In a world of increasing complexity and sometimes fragmenting markets, this initiative demonstrates that cooperation, smart regulation, and shared standards can create opportunity at scale that benefits both global and regional economies.”

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A decade ago, marketing innovation was centralised. Brands worked with big-city agencies and creative hubs that dominated the advertising world. But the post-pandemic shift to remote work — and the rise of AI-powered collaboration tools — broke that model open.

Today, marketing success is no longer confined by geography. A brand in London can brainstorm with a designer in Cebu, test copy written in Ho Chi Minh, and analyse campaign data visualised in Warsaw — all within the same 24-hour cycle.

This evolution has given rise to offshore creative teams — not as cost-saving measures, but as strategic growth partners. They are now the unsung heroes behind some of the most agile and high-performing marketing operations across industries.

Why global companies are going offshore — and thriving

Offshore marketing teams are no longer seen as “external vendors.” They’ve become extensions of the brand itself. According to the 2024 Deloitte Global Outsourcing Survey, 78 per cent of global businesses now use offshore partnerships to drive innovation, not just reduce operational costs.

The reasons are clear:

• Speed and scalability: Time zones are now an asset. When one team signs off, another begins — enabling continuous campaign iteration.
• Access to specialised skill sets: From PPC managers to growth hackers, offshore markets offer a deep talent pool of professionals trained in modern tools like HubSpot, Marketo, and Meta Business Suite.
• Global creative diversity: Offshore teams bring multicultural insights that shape campaigns with universal appeal — crucial in an era of personalisation and inclusivity.

Offshore talent and the new creative tech stack

Offshore teams are not only using new technology; they are also learning how to use it well. The greatest global marketing teams are using AI-driven analytics and human creativity to make campaigns that are smarter and based on facts.

Also Read: Why AI is essential to understanding consumer behaviour for marketing success in 2025

According to the 2025 HubSpot State of Marketing Report, 63 per cent of marketing leaders indicated that their offshore partners “significantly improved campaign performance” by using tools like predictive analytics, A/B testing, and marketing automation.

Here’s how offshore professionals are leading the transformation:

• AI-assisted copywriting: Offshore marketers are using generative AI to create high-converting ad copy at scale while maintaining human tone and cultural nuance.
• Performance optimisation: Data analysts offshore use advanced dashboards to monitor ad performance in real time, enabling faster decision-making.
• Cross-platform mastery: From TikTok to LinkedIn, offshore social strategists often have hands-on expertise across diverse markets and demographics.

Emerging markets, emerging skill sets

The Philippines, India, Vietnam, and Colombia are now creative and technical powerhouses, making specialists who can combine storytelling with data.

The Philippines is a good example. The country’s schools focus on English language skills and media literacy, which helps marketers think strategically and talk to Western audiences clearly.

Meanwhile, India and Vietnam are developing large cohorts of data-driven marketers — professionals who bridge the gap between creative ideation and measurable ROI.

According to LinkedIn’s 2025 Global Skills Report, digital marketing, data analysis, and SEO strategy are among the top five fastest-growing skill categories in emerging markets — a sign that the talent evolution is accelerating.

How offshore teams turn campaigns into conversions

Offshore teams aren’t just supporting campaigns — they’re building them. Many now handle end-to-end processes, from market research to creative production and performance tracking.

A strong example is the rise of offshore growth marketing units, which integrate:

• SEO and content marketing to establish long-term organic visibility
• Paid media expertise to optimise ad spend through granular audience segmentation
• CRM integration, ensuring that leads flow directly into automation systems like HubSpot or Salesforce
• Data-driven storytelling transforming analytics into narratives that connect emotionally with customers

This full-funnel expertise makes offshore marketing teams especially valuable for startups and scale-ups that need enterprise-level capabilities without enterprise-level budgets.

Also Read: Generative engine optimisation: The missing strategy in Asia’s marketing playbook

The hybrid creative model: Collaboration redefined

As more and more people work from home, many businesses are adopting a hybrid creative approach that combines in-house strategists with execution teams based in other countries.

This methodology creates a “follow-the-sun” workflow, where creative assets, ad improvements, and data reports move easily between time zones. The result? Campaigns go out faster, testing happens continuously, and conversion rates rise.

Cross-cultural collaboration is another way that hybrid models encourage new ideas. When people from different backgrounds share their points of view, ideas move faster, and marketing becomes not just global — but truly human.

Offshore hiring as a long-term strategy

Hiring people from other countries isn’t a short-term solution. It’s a planned change in the way marketing is done today.

Businesses are learning that being flexible is important for success as they move more of their activities online. Distributed teams make this possible. Brands become more agile, resilient, and competitive on a global scale by combining creative talent from other countries with local leadership.

A 2025 Gartner Report highlights that companies using distributed marketing structures — including offshore teams — experience 27 per cent faster campaign turnaround times and 32 per cent higher engagement rates than those relying solely on local teams.

The bottom line: Global creativity is the new currency

Teams that think outside the box will be in charge of marketing in the future. Offshore creative professionals are changing the way we tell stories online by integrating the accuracy of data with the understanding of people.

Creativity moves faster than ever in our modern times. And for businesses that are open to working with people from all over the world, the next big campaign may be made thousands of miles away — by a team that views your industry in a new, global manner.

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In early June this year, when Stefan Figueiredo Pereira from the Hong Kong Representative Football Team (HKRT) converted a penalty to secure a 1–0 victory over India, a record-breaking crowd of more than 40,000 erupted in joy. The sea of red jerseys roared as one, waving flags and chanting until their voices cracked.

Long after the final whistle, the passion lingered. As fans streamed out of Kai Tak Sports Park, one detail stood out. Alongside face paint and team flags, many carried power banks printed with the images of their football heroes. To outsiders, they might have looked like simple charging devices. But for fans, they were souvenirs of history, badges of loyalty, and symbols of identity.

That moment outside Kai Tak wasn’t an isolated scene. It points to a broader trend: everyday objects are turning into cultural symbols. Nowhere is this more evident than in the rise of intellectual property (IP), which is driving what might be called functional fandom. They’re becoming canvases for self-expression and brand identity.

For marketers, it’s a signal: the next brand platform isn’t confined to screens or shelves, but in what people carry, charge with, and hold close.

The rise of functional fandom

Behind this shift lies the unstoppable rise of intellectual property (IP). Across Asia, the IP economy is booming. The gross merchandise value (GMV) of IP-themed goods jumped nearly fivefold in the past year, with sales and order volumes more than doubling. Characters like LABUBU, with its mischievous grin, or Japan’s fluffy Chiikawa, have grown from niche icons into mass-market phenomena.

Today’s fans expect more than shelf-bound collectibles. They seek products that blend form and function — items they can use daily yet also signal belonging. A product that is both practical and personal has become a social marker. For brands, that creates a high-frequency, high-visibility channel that lives in pockets, not feeds.

Also Read: Labubu made it viral but Fuzozo made it strategy: Inside the AI toy wave

Data backs this up. According to the inaugural Powered Up Index 2025 by CHARGESPOT, Asia’s largest shared power bank provider, over a third of IP-themed rentals came from new users, and nearly one in ten kept devices as collectibles. A humble utility had become a platform for self-expression.

Functional devices have always carried cultural meaning, and power banks are becoming the latest canvas for that expression. At recent events such as ComplexCon Hong Kong, collaborations between artists, designers, and utility providers drew long queues, suggesting that people increasingly treat everyday tools as extensions of personal identity rather than purely practical items.

Similar experiments in Taipei, where familiar character designs were applied to limited-run devices and even retired units were repurposed as part of an installation, highlight a broader shift: the boundary between technology, culture, and self-expression is blurring. What was once a purely functional object is now part of how individuals signal taste, belonging, and affiliation.

The shift isn’t unprecedented. Pagers once were clipped to belts, cell phones were adorned with jewel cases, and headphones were worn like fashion accessories. Functional utilities have always found ways to signal identity. Power banks are simply the latest to join the club, but in an era of rising device dependence, their role is amplified, offering marketers a rare opportunity to move from sponsored moments to sustained presence — living not just around people, but with them, in their pockets, hands, and daily rituals.

Portable passion: The next wave of brand engagement

If fandom explains why people want these objects, dependence explains why they need them. And in Hong Kong — a city where a low battery can strand you financially and socially — that dependence transforms power banks into powerful tools for brand engagement. According to the Powered Up Index 2025, most Hongkongers feel battery anxiety once their charge dips below 30 per cent. That’s not just a stat; it’s a clear opening for marketers to turn need into connection.

The Hong Kong Representative Football Team offers a useful illustration of how everyday utilities can become carriers of cultural meaning. In 2024, CHARGESPOT released limited-edition power banks to commemorate milestones from HKRT’s debut at Kai Tak Stadium to goalkeeper Yapp Hung Fai’s 100th cap. Ahead of the upcoming Asian Cup qualifiers, another series featuring new player imagery has already attracted attention, signalling how fans treat these items as more than simple accessories.

What stands out is how quickly these objects moved beyond the confines of match days. They appeared on public transport, in casual photos, and in the daily routines of supporters, effectively turning a sporting activation into a mobile narrative that travelled across the city. With the devices reaching other Asian hubs such as Singapore, Tokyo and Taipei, a local story began circulating regionally, showing how functional items can quietly extend the cultural footprint of a team long after the final whistle.

Also Read: From following to fandom: Why startups should invest in building engaged online communities

In a world where digital ads are skipped and branded content is buried in feeds, power banks offer something different: in-hand storytelling that meets fans where they are, literally. For marketers, it’s a chance to reimagine media not as something we push, but something people carry, use, and share.

Rental stations as IP activation hubs

It’s not only the devices themselves that matter. The places where people borrow and return them — thousands of stations embedded in the city’s fabric — are becoming just as important. These aren’t just charging points; they’re evolving into programmable, brandable media surfaces. From compact kiosks in cafés to large-format screens in shopping centres, every surface can be reimagined: broadcasting trailers, unlocking digital rewards, or distributing collectibles. 

An upcoming collaboration with The Football Association of Hong Kong, China (HKFA) illustrates how this can take shape. Power bank stations across the city were re-skinned with visuals tied to the Hong Kong Representative Team’s match against Bangladesh in the AFC Asian Cup 2027 qualifiers. Hundreds of screens lit up with fan chants and team imagery, echoing the public excitement building around the tournament.

Rather than serving as straightforward functional infrastructure, these stations became part of a wider fan journey where identity, utility, and engagement converged. Similar activations with well-known entertainment IP across Hong Kong have shown how city infrastructure can double as narrative and cultural touchpoints. For marketers, this signals an emerging programmable media network that turns everyday rental stations into urban canvases, integrated seamlessly into the rhythm of daily life.

From everyday matches to everyday lives

The lesson for marketers is simple: the future of branding won’t just be streamed or displayed. It will be carried, pocketed, and recharged. A power bank isn’t just a backup device; it’s a mobile billboard, a badge of fandom, and a shared social signal.

Whether it carries the face of a football player, the grin of LABUBU, or the magic of Disney, these limited-edition power banks don’t end up in drawers. They travel across transit lines, coffee shops, and borders, becoming part of the stories people carry.

In a world where attention is fleeting, the most surprising marketing platform may be the one that fits in your hand and keeps you powered through it all.

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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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In Southeast Asia, much of the regional tech media coverage is on the larger, more mature startup ecosystems. However, the rapid acceleration of startup ecosystem development in the less developed corners of ASEAN has largely gone unnoticed. Cambodia occupies one such corner where there exists much excitement and a great concentration of blue ocean opportunities.

From 2008 to 2019, I had the opportunity to witness the development of the Thai startup ecosystem from its very beginnings to its more mature stage prior to the pandemic. I chronicled this development in my third book, Building Startup Ecosystems. For the past five years, I have had the pleasure of occupying a front row seat to the emergence of the Cambodia startup ecosystem. The positive vibe permeating the Cambodia startup community is indeed eerily reminiscent of the early startup community-building days in Thailand.

My arrival in Cambodia in January 2020 afforded me the opportunity to work with local founders at the onset of the pandemic. I was impressed with their strong resilience and their drive to not merely survive but to be a driving force in the accelerated economic and social development of their country post-pandemic. I have identified and categorised over 240 tech startups in Cambodia in 26 different sectors. Such a number and variety in a country the size of Cambodia is quite respectable, and post-pandemic, they enjoy several tailwinds.

Favourable economic growth and young demographics

The favourable economic growth and young demographics that continues to distinguish Cambodia among its ASEAN neighbours provides a very favourable marketplace.

Cambodia is one of the fastest-growing economies in the world. According to a 2023 IMF Report, Cambodia’s 6.1 per cent real GDP growth projection ranked it 14th globally. In September 2024, the Asian Development Bank (ADB) upheld its economic growth forecasts for Cambodia of 5.8 per cent in 2024 and 6.0 per cent for 2025.

E-commerce revenue is expected to continue its impressive growth. The Compound Annual Growth Rate (CAGR) through 2029 is expected to be 9.98 per cent. Cambodia’s e-commerce market has much room to grow compared to its more mature neighbouring markets. Cambodia’s emerging e-commerce market represents only 4-5 per cent of GDP, while in the more mature neighbouring markets like Thailand and Malaysia, their e-commerce markets represent approximately 25 per cent of GDP.

Cambodia also has a very favourable demographic relative to other ASEAN members. More than 60 per cent of Cambodia’s population is under 35. This represents the highest percentage of the population that is digitally native. Ahead of second-place Philippines at 45 per cent and third-place Indonesia at 28 per cent.

Also Read: Homegrown AI: Mongolia’s blueprint for developing nations

Another advantageous demographic for Cambodia is its working-age population, which is expected to grow by 24 per cent in the 2021-2050 period. This is the largest in the region. In comparison, the working-age population is expected to grow by only one per cent in Vietnam and decrease by 23 per cent in Thailand during this period.

Cambodia’s digital economy and digital infrastructure

What is perhaps less known is the rapid development of the digital economy and digital infrastructure in Cambodia. In the past decade, Cambodia’s hard and soft digital infrastructure has rapidly expanded, guided by a comprehensive suite of digital strategic frameworks, plans, laws and roadmaps.

In addition to these policy-enabling laws, the Royal Government of Cambodia (RGC) has developed an equally broad range of digital services and platforms in support of local startups. They include Bakong (blockchain-powered digital payments infrastructure), CamDX (unified yet decentralised data exchange), CamDL (hybrid permissioned blockchain Web3 experimental platform) and CamDigiKey (easy and secure mobile application eKYC system).

Active startup event space

The Cambodia startup community is a buzz with numerous startup events organised throughout the year. I have identified and recorded over 230 startup events that occurred in 2024. The variety of events in terms of size, format and featured topics is also quite impressive.

Events range from small informal meet-ups to large tech conferences and expositions. An inspiring characteristic of the Cambodia startup community is the proliferation of grass-roots informal groups that meet on a regular basis, such as Khmer Coders, Startup Grind Founders, La French Tech Cambodge and Cnai Connects. We do have perennial TEDx and BarCamp events as well.

Dynamic sub-ecosystems and communities

There are several communities of mutual support that have developed, which further enhance the vibrancy of the ecosystem. They include the well-organised and mature social impact sub-ecosystem, the women entrepreneurship community, and the emerging communities of stakeholders rapidly coalescing around key technologies such as blockchain, AI, Big Data and Robotics.

Also Read: Exit or be left behind: The harsh new reality for SEA startups

Funding environment

Currently, the most active funding sources for local pre-seed startups are public sector-sourced grants and NGO operated incubator and accelerator programs. At the Early Seed stage (US$50-100k), there is a very active angel investor community, and crowdfunding platforms (both local and global) are utilised by local startups. At the Early Seed Stage, the Choice Accelerator is active, but stands as the lone institutional investor.

At the Seed Stage (US$200-500k), there is a persistent funding gap, which may present an excellent opportunity for investors to engage. In 2024, there were two notable funding deals. They included Global pharma giant Sanofi’s strategic investment in PillTech and Nasdaq-listed Grab Holdings’ Acquisition of Nham24.

Breakout year for Cambodia

The year 2024 was very much a breakout year, given the sheer number and frequency of local startups and supporting stakeholders venturing abroad. This provided an opportunity to showcase local innovations and learn from more mature ecosystems.

The pitch

The Cambodia startup community is open for business and positioned well with a bounty of blue ocean opportunities to be harvested, a dynamic and rapidly expanding ecosystem, favourable economic growth and demographics, a comprehensive suite of digital public goods, a full startup event calendar, strong mutual support communities, easy access to the larger ASEAN marketplace and investment opportunities at the seed stage where such opportunities have largely dried up elsewhere in ASEAN.

In aggregate, these factors make Cambodia an ideal base to launch a startup targeting not only the Cambodian market but the vast ASEAN market as well.

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Growing startups and securing investment depend not on a “title of expertise,” but on execution—the ability to take action that meets real needs. When I first joined my organisation, I knew little about entrepreneurship. Over the past decade, observing countless founders up close taught me that what startups ultimately need are networks—the people and capital that connect and accelerate their growth.

Early stage: When setbacks became my first real lesson

Nurturing startups outside Seoul was never easy. I rushed from meeting to meeting, but geography and time were constant barriers. I still remember one early attempt—emailing a well-known accelerator partner to introduce our portfolio companies.

Their reply was brief and cold: “Please send it to the company’s representative email address.”

My heart sank.

In that moment, I learned a hard truth: before anyone will listen, you must first build your own credibility as the connector.

A new approach: Breaking through with digital networking

Still, giving up was not an option. To help startups raise investment, I had to find a new way forward.

I turned to the digital world — starting with Facebook, where Korean investor networks were most active at the time, and LinkedIn, the global hub for professional connections.

Working at a government-affiliated organisation gave me some initial credibility and opened doors for early introductions. But proving that the startups I supported were truly viable and innovative — that was an entirely different challenge.

Before reaching out to investors and tech experts, I rebuilt my profile as a trust signal. I invested in a professional studio photo, commissioned a clean banner, and crafted every line of my bio and organisational experience with care—clear, specific, and outcomes-focused.

The goal was simple: make credibility visible before making any ask. Only then did I begin expanding my network with targeted connection requests to investors and operators.

Also Read: How network aggregators can thrive in a disconnected world

Content strategy: Turning writing into a bridge of trust

Once I had grown my networks to over 3,000 connections on each platform, I began to write. I shared insights from an investor’s perspective — startup appeal factors, funding trends, expert interviews, and even film reviews about entrepreneurship. I posted these articles on social media and in investor group chats.

The result was astonishing. Within a short time, my name became more widely recognised, and the “barrier to investor persuasion” began to lower.

Investors who had already encountered my content started responding more positively — open to collaboration, conversation, and new opportunities.

Global expansion: When LinkedIn unlocked the world

Then came a new mission: global expansion and overseas investment attraction.

It felt almost impossible at first. But everything changed the day I connected—through LinkedIn—with an influencer and startup community manager at a global tech company in Singapore.

Soon after, a LinkedIn connection introduced me to e27, Asia’s leading startup and tech media platform. I began contributing articles on investment and tech trends, and before long, I was honoured as a top contributor and thought leader for two consecutive years.

That recognition became a powerful bridge—connecting me with accelerators and innovation leaders across Silicon Valley, Singapore, the Middle East, Europe, and Africa. It proved that when you consistently share insights your audience truly needs, opportunities find their way back to you.

Expanding into practice: Turning insight into collaboration

Our organisation is based in Osong, a national biotech cluster in Korea, where we nurture startups in beauty tech, medical devices, and biotechnology.

Through multiple surveys, I found that many of these startups were eager to enter the US market. With that insight, I began ongoing online networking, which eventually led to co-hosted IR sessions and global expansion seminars with experts, investors, and institutional leaders in Los Angeles and Houston.

It was a reminder that meaningful partnerships aren’t built overnight, but through persistence, trust, and visible action.

Also Read: Rethinking communication, connection, and empathy in the age of AI

Writing and influence: When action opens unimaginable doors

Helping startups grow requires more than just networks or content. Real opportunities emerged when writing and execution came together. Sharing stories and insights on social media unexpectedly opened new personal and professional doors.

As a result, I found myself stepping into new and exciting roles:

• Collaborations with global tech accelerators,
• Being named one of the “Global Women Influencers” and recognised as a leading “LinkedIn Influencer,” with features in Korean and global media.
• Serving as a Global Ambassador for the WomenTech Network.

Each milestone reaffirmed a single truth — that influence is not built through visibility alone, but through consistent contribution, credibility, and meaningful connection.

The final lesson: Write, record, share

In the end, the fastest way to reach investors was not by chasing them, but by continuously sharing credible, in-depth insights that they genuinely want to read.

I still write regularly about complex topics such as quantum computing, AI, and climate tech, translating them into accessible language so that investors and founders can meet in the middle, through understanding.

To any founder out there dreaming of global growth, I would say:

“Start writing. Start recording. Start sharing — today. The results waiting for you may be far greater than you can imagine.”

Credibility compounds when it’s shared — write to be understood, execute to be believed, and connect to be remembered.

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The recent cooling of risk sentiment across global financial markets has sparked a pronounced defensive rotation, revealing a market grappling with conflicting signals on growth, monetary policy, and the sustainability of the AI-driven rally that has underpinned equity performance for much of the year. This shift lies in a confluence of macroeconomic data, corporate earnings uncertainty, and a reassessment of valuation premiums, particularly among the so-called Magnificent Seven tech stocks.

The S&P 500’s 1.6 per cent decline, which pushed it below its 100-day moving average, and the Nasdaq 100’s sharper 2.4 per cent drop underscore a growing investor wariness. This pullback occurred despite robust headline earnings from major technology firms, suggesting that earnings quality and forward guidance now matter more than top-line results alone. The market’s reaction reflects a maturing phase of the AI investment cycle, where speculative exuberance gives way to scrutiny over capital discipline and return on investment.

Nvidia’s post-earnings decline of 3.2 per cent, despite reporting record revenue of US$57 billion for the quarter ending October 2025, up 22 per cent from the prior quarter and exceeding its own guidance, highlights this tension. The company’s announcement of US$500 billion in AI chip orders for 2025 and 2026 combined speaks to immense underlying demand, yet investors are increasingly concerned about the pace and efficiency of capital deployment.

Analysts have begun questioning whether the current infrastructure build-out is inherently speculative, with data centre investments potentially outstripping near-term revenue generation. This scepticism has catalysed a broader reevaluation of AI-linked equities, triggering a selloff that spilt over into other risk assets, including cryptocurrencies. The market is no longer rewarding growth at any price. Instead, it demands proof of sustainable, profitable scaling.

This tech-driven equity weakness directly influenced the sharp deterioration in crypto market sentiment. Bitcoin fell 3.7 per cent during the session, and the broader crypto market shed 6.22 per cent in 24 hours, mirroring a four per cent intraday drop in the Nasdaq. The correlation between Bitcoin and the Nasdaq-100 has surged to 0.88, its highest level since March 2025, firmly re-establishing crypto’s role as a high-beta risk asset rather than a diversifying hedge.

This tight linkage means that any fear of an AI bubble or a broader tech valuation correction now directly translates into selling pressure on digital assets. The market has effectively priced in a future of unfettered AI growth, and any hint of a slowdown in hyperscaler spending or a more rational approach to capital expenditure is met with immediate repricing.

Also Read: Singapore crypto adoption hits new high as 61 per cent now hold digital assets

Compounding this sensitivity to equity market moves is a sudden and severe repricing of Federal Reserve policy expectations. The delayed release of the September US jobs report delivered a mixed but ultimately hawkish signal. While nonfarm payrolls showed a stronger-than-expected gain of 119,000 jobs, well above the 75,000 forecast, the unemployment rate simultaneously ticked up to 4.4 per cent, its highest level since late 2021. This combination of resilient job creation with a rising jobless rate, driven by an expanding labour force, has muddied the Fed’s data-dependent outlook.

The market has responded by aggressively pricing out the prospect of near-term monetary easing. The probability of a 25 basis point rate cut at the Fed’s December 10 meeting has collapsed to just 30 per cent, a sharp decline from the 55 per cent chance priced in a month earlier. This higher-for-longer rate environment increases the opportunity cost of holding non-yielding assets like Bitcoin and elevates volatility across all risk markets, as evidenced by the VIX index sitting at 26.4.

This macro-induced risk aversion triggered a violent process of leverage unwinding in the crypto markets. As Bitcoin broke below the critical US$87,000 support level, a cascade of liquidations was set off, with over US$636 million in long positions being forcibly closed. This selling pressure was amplified by the fact that open interest in perpetual swap markets had recently risen by nearly five per cent to US$856.5 billion, indicating that traders had been adding leveraged long positions near the market’s peak.

The resulting feedback loop of margin calls and stop-loss triggers pushed the Fear & Greed Index into Extreme Fear territory at a reading of 11, its lowest point since March. This dynamic illustrates a key vulnerability in the current crypto market structure. High leverage in a low-liquidity environment can turn a modest price move into a full-blown panic, stripping away any illusion of its independence from traditional financial drivers.

In this climate of uncertainty, capital has rotated into traditional defensive sectors. Consumer Staples rose 1.1 per cent, led by a 6.5 per cent jump in Walmart’s share price, as investors sought refuge in stable, cash-generative businesses with inelastic demand. This flight to safety extends beyond equities, with gold holding firm above US$4,000 as a classic hedge against both economic slowdown and policy uncertainty. For investors, the implications are clear.

Also Read: AI stocks soar while crypto bleeds: What’s really driving the great market divergence?

A broad, diversified portfolio that extends well beyond the narrow leadership of the tech sector is now a prudent necessity. Being selective among the Mag7 is paramount, as not all AI plays are created equal, and the market is now differentiating between those with real earnings power and those riding on pure narrative.

Looking ahead, the critical questions hinge on the Federal Reserve’s next move and the long-term capital discipline of the tech giants. The December FOMC meeting is a pivotal event, and a failure to deliver the expected rate cut could unleash another wave of volatility. The more profound, unanswered question for the market’s structural health is whether the hyperscalers, Microsoft, Amazon, Google, and Meta, will maintain their current breakneck pace of AI-related capital expenditure into 2026. Their 4Q earnings calls will provide the first real glimpse into their 2026 guidance.

A decision to spend at a more measured, rational pace would be a sign of mature, shareholder-friendly discipline that benefits their own balance sheets. Such prudence would be a double-edged sword, as it would likely inflict significant pain on the vast ecosystem of downstream semiconductor, hardware, and software companies whose growth is entirely dependent on this torrent of spending.

The market’s current weakness is a reflection of its fear that the golden age of unconstrained AI capex may be coming to an end, forcing a painful but necessary reassessment of valuations across the entire technology and crypto landscape.

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Cultural moments shape how people connect, celebrate, and make decisions across Southeast Asia. For brands and partners operating in this diverse region, the opportunity is not just about seasonal timing. It is about understanding the communities they serve and showing up with relevance and respect. This is where e27 plays a critical role.

In January, e27 partnered with TikTok for Business in Kuala Lumpur to help more than 400 small and medium-sized business leaders prepare for Ramadan and Hari Raya. The event, Ramadan Ready for SMBs, was a showcase of how e27 enables partners to educate, engage, and activate business communities at scale. It demonstrated what happens when the right content, audience, and on-ground execution come together with precision.

Why cultural moments matter for Southeast Asia’s business ecosystem

Across Malaysia and the wider region, Ramadan is a moment of reflection, generosity, and community. It influences everything from purchasing habits to brand loyalty to how people engage online. Yet many SMBs lack access to the insights, frameworks, and best practices that larger organisations rely on.

Partners turn to e27 because this gap is exactly where e27 creates value. As a platform that connects Asia’s innovation ecosystem, e27 helps translate complex opportunities into accessible, practical knowledge for thousands of business owners. Cultural moments require both sensitivity and strategy. e27 provides the bridge between partners who have the expertise and communities who need guidance.

Also read: The mindset shift turning mobile growth into a self-sustaining loop

Inside Ramadan Ready for SMBs

The Kuala Lumpur event brought together more than 400 entrepreneurs, advertisers, and marketers for a day of programming designed to help SMBs navigate Ramadan campaigns with confidence. e27 curated a learning experience that integrated insights, real-world examples, and hands-on exercises.

TikTok SMB Account Managers Michelle Lau and Eric Chen led sessions on the importance of authenticity during Ramadan and how brands can craft stories that resonate with community values. They shared case studies of businesses that improved awareness, engagement, and sales by aligning messaging with reflection, generosity, and togetherness.

A panel featuring Nestlé and Applecrumby added another layer of depth. Speakers highlighted how short-form, visually compelling content helps brands participate in cultural conversations. They also stressed how collaborations with trusted creators strengthen community connection.

Workshops later in the day equipped attendees with practical strategies for optimisation, measurement, and creative development. Participants left with clear steps they could immediately apply to their upcoming Ramadan campaigns.

Also read: Marketing’s next big challenge? Making AI feel human

How e27 delivers impact for partners

From planning to on-site management, e27 ensured a seamless experience for both partners and attendees. Audience outreach was strategically designed to maximise participation. Communications were timed to support strong attendance, and the flow of the program was carefully coordinated to keep energy and engagement high throughout the day.

TikTok’s Daniel R. highlighted the quality of the collaboration, commending e27’s professionalism, proactivity, and project management. He noted that every detail, from pre-event coordination to on-ground execution, reflected the team’s readiness and capability. For partners like TikTok for Business, this level of delivery is essential. It ensures their expertise reaches the right audience and creates real impact within local business communities.

This is the value of e27’s partnership model. Whether through roundtables, webinars, or large-scale ecosystem events, e27 works closely with partners to amplify their knowledge, reach their audiences, and deliver programs that strengthen Southeast Asia’s innovation ecosystem.

Also read: Rethinking connection: Why belonging is the new currency of global teams

Looking ahead

The success of Ramadan Ready for SMBs showed how powerful community-first programming can be when guided by the right insights and executed with intention. It also reaffirmed e27’s role as a connector that brings partners and business communities together to learn, collaborate, and grow.

As brands prepare for Ramadan 2026 and other cultural milestones across the region, the lessons from this event will continue to influence how they build authentic and impactful campaigns. For partners, there is clear opportunity to replicate this model across new markets and moments. For e27, this is one example of how strategic partnerships can translate into meaningful outcomes for the wider ecosystem.

Interested in creating impact with us? Contact Innovate here.

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In a fundraising climate defined by caution and shrinking liquidity, Southeast Asian founders are being forced to confront a truth the ecosystem has long avoided: exits don’t “happen” — they are engineered.

RETVRN Research’s State of Exits 2025 reinforces this shift, showing that most acquisitions occur far earlier than expected, often at or before Series A. That finding alone reframes how young companies must think about strategy. The path to a strong exit now begins at seed stage, not at scale.

The report’s emphasis on relationship-building is especially timely. With buyers highly selective, founders can no longer rely on last-minute interest or opportunistic outreach. The 18-24 month timeline for cultivating corporate relationships — and the need for five to seven active strategic conversations — highlights how exits are increasingly a process, not an event.

Perhaps the most revealing insight is how multidimensional “exit readiness” has become. Financial discipline, operational hygiene, timing awareness, and team alignment are now evaluated with near-institutional rigour. Weakness in any area can delay or depress outcomes.

Singapore’s growing infrastructure for structured exit preparation, including RETVRN’s local programme, signals a maturing ecosystem. In a market where capital scarcity demands discipline, founders who treat exits as core strategy rather than a distant milestone will define the region’s next cycle of innovation.

REGIONAL

Singapore’s surgical imaging firm Ultragreen.ai to raise US$400M IPO: The medical imaging company, which develops fluorescence-guided surgery technology and supplies indocyanine green dyes, aims to list on the Singapore Exchange Mainboard on December 3.

Temasek joins US$80m Series A in Singapore startup Amperesand: The funding will support the deployment of 30MW of its Medium Voltage Solid-State Transformer systems in 2026, aimed at AI data centers and critical power customers. Amperesand plans to expand engineering and manufacturing operations in the US and Singapore.

Vietnamese biotech startup Gene Solutions seeks US$100M pre-IPO: The company, which offers prenatal and cancer screenings using next-generation sequencing and AI, is considering listing in either Singapore or Hong Kong, according to CFO Keng Hsu.

Singapore’s e-commerce shift: Trust, not price, now drives loyalty: Milieu Insight reveals that the island nation’s online shoppers now prioritise trust, reliable service, and transparent value, signalling a shift from price-led loyalty to integrity-driven preferences.

Singapore crypto adoption hits new high as 61 per cent now hold digital assets: Singapore’s crypto market matures with rising long-term holders, modest portfolio allocations, and trust-driven platform choices despite persistent education and volatility concerns.

SGX, Nasdaq forge a global bridge for dual listings: The Global Listing Board will unify disclosure standards, cut costs, and enable large firms to raise capital efficiently across Singapore and the US.

Billease enters digital banking via rural bank buy: The acquisition of Rural Bank of Sta. Maria will enable the buy-now-pay-later company to introduce features including digital savings accounts, fund transfers, cash in, and cash out directly into the Billease app.

With US$6M in support, GenAI Fund aims to close the gap between AI innovation and corporate adoption: GenAI’s FastTrack programme connects innovators with corporates like Coca-Cola Vietnam, helping AI startups overcome cashflow hurdles, adoption delays, and product-market-fit challenges early.

Indonesia may block ChatGPT, Cloudflare over registration: Under regulations introduced in 2020, both foreign and local digital platforms must register before operating in Indonesia. Officials said that failing to register after receiving notification may lead to administrative sanctions, including access restrictions.

REPORTS, FEATURES & INTERVIEWS

Exit or be left behind: The harsh new reality for SEA startups: SEA’s valuation premiums now depend on early relationship building, disciplined operations, and exit-focused execution that starts years before negotiations begin.

Why Cambodia is becoming Southeast Asia’s most underrated tech frontier: Cambodia’s young digital-native population, rising infrastructure, and impact-focused investment funds are accelerating the country’s transformation into a compelling regional tech frontier.

From agritech to AI ops: 15 startups driving Philippines’s innovation shift (Part 2): The next wave of Philippine startups demonstrates how technology is streamlining operations, empowering communities, and opening new economic opportunities.

How East Ventures adopts materiality-driven ESG strategy for its portfolio companies: Its investment strategy fosters positive impacts and mitigates ESG risks. Through its ‘Doing Good’ approach, it evaluates its investments’ potential positive environmental and societal outcomes using a Theory of Change framework.

Bridging the valley of death: How C3H is powering the next wave of climate, health tech startups: As the climate crisis intensifies, technologies that address the intersection of climate and health are becoming increasingly urgent.

INTERNATIONAL

ChatGPT introduces global group chat feature: The feature allows users to collaborate with others and the AI in a single conversation. Users can add up to 20 people to a group chat by sharing a link, and group chats are kept separate from private conversations.

Baidu founder Robin Li casts AI as the driver of China’s ‘new productive forces’: The company is a major participant in China’s broader “AI Plus” initiative, which aims to integrate AI across sectors, and is also promoting its Ernie large language model as a flagship technology.

SoftBank to invest US$3B for OpenAI data centres: SoftBank, which previously sold a US$5.8B stake in Nvidia to fund its AI efforts, is working with OpenAI and Oracle on five US data centres for the US$500B Stargate project.

SEMICONDUCTOR

US charges four people over Nvidia chip smuggling to China: The indictment alleges that two Chinese nationals and two US citizens used a fake real estate company in Tampa, Florida, to ship graphics processing units through Malaysia to China without required US Commerce Department licenses.

TSMC receives US$4.7B in subsidies to support global expansion: Financial data showed TSMC secured US$154M in subsidies in Q3 2025, bringing the total for the first three quarters of 2025 to roughly US$2.31B, in addition to US$2.42B received in 2024.

SoftBank, TSMC stock fall after Nvidia drops in US: The selloff hit both major and smaller Asian chip firms, after Nvidia’s 3% drop overnight in the US, despite beating Wall Street expectations for Q3 and offering stronger Q4 guidance.

Nvidia CEO dismisses AI bubble fears after strong Q3 results: Investors have questioned whether the rapid investment in AI data centres could sustain long-term returns, with Nvidia at the centre of this trend due to soaring demand for its GPUs.

AI

Malaysian SMEs grapple with a growing “confidence gap” in AI adoption: Companies are drawn to AI tools that “solve today’s problems before tomorrow’s ambitions.” Only 47% associate AI with driving innovation, while a mere 33 per cent see it as a means for competitive differentiation.

Why the AI revolution depends on reinventing energy infrastructure: The world’s most advanced computation networks are running on infrastructure built for another era. Without rapid innovation at the intersection of energy and intelligence, the very systems driving the AI revolution could face their own energy ceiling.

How founder misalignment quietly erodes companies in the age of AI: When something feels off but not urgent, founders tend to deprioritise the check-in. Work continues. Deliverables move. The business looks healthy. And yet, momentum begins to decline in ways that are not easily measurable.

AI in action: How governments are using technology to predict, prevent, and personalise: AI is reshaping public services by making government more proactive while raising critical questions about fairness, accountability, and privacy.

A prettier you: How AI avatars make storytelling easier for midlifers: It is not about faking who you are. It is about saving time, money, and energy. Why spend hundreds on new clothes for one video when AI can give you a polished look at the click of a button?

THOUGHT LEADERSHIP

Crypto’s fragile comeback: Oversold RSI, Solana ETFs, and the US$86K Bitcoin test: Digital assets rose 1.93% after a steep decline, supported by Solana ETF inflows, Binance liquidity strength, and oversold technicals, though broader macro risk-off sentiment keeps the rebound tentative and fragile.

How network aggregators can thrive in a disconnected world: As globalisation slows and regionalisation accelerates, the new competition isn’t between countries, it’s between networks: Whoever can connect supply chains, talent pools, and markets fastest will dominate the next decade of trade.

Fractional CFOs: The missing link for startups struggling with finance: A fractional CFO brings structure, forecasting, investor reporting, and discipline, but at a fraction of the cost. They step in to build financial clarity, strengthen controls, and create a foundation for scalability.

Optimising AI frameworks for a decentralised AI (DeAI) future: The foundation of DeAI lies in robust AI frameworks that enable AI agents to operate in a decentralised environment. However, existing frameworks are not yet optimised for this shift. Here’s a list of the key challenges that AI frameworks face along with their solutions.

Will climate change force us to re-imagine travel in the future?: As Catalonia grapples with a drought emergency, the glaring dissonance between political priorities and pressing environmental challenges underscores the pressing need for meaningful action and collective resolve in confronting the existential threat of climate disruption.

Why Cambodia’s startup ecosystem is the next big bet for investors: Cambodia is one of the fastest-growing economies in the world. According to a 2023 IMF Report, its 6.1% real GDP growth projection ranked it 14th globally. In Sept. 2024, the ADB upheld its economic growth forecasts for Cambodia of 5.8% in 2024 and 6% for 2025.

How to spot the hidden gems: A guide for savvy angel investors: Seek founders who can eloquently articulate their vision, showcasing a profound understanding of the problem they intend to solve. It’s often these fervent founders who weather storms and inspire their teams to do the same.

Beyond unicorns: Building successful startup starts and ends with impact: With how fast the landscape is changing, it’s important for startups to be agile and resilient to be able to pivot when necessary but still keep impact at the core of every decision.

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Cove has announced the acquisition of Casa Mia Coliving for an undisclosed sum, adding around 500 fully furnished rooms to its Singapore network and strengthening its position in the city-state’s co-living market.

The deal brings Cove’s total to more than 2,000 rooms in Singapore and over 8,000 across Asia Pacific. The additional Casa Mia units, which are mainly located in central areas such as River Valley and Orchard, will expand the Cove Classics co-living range.

Cove said the purchase will also enhance its operational capacity through Casa Mia’s BCA-certified facility management team, which will join the company after the transaction closes.

Once the integration is complete, the combined business will operate under the Cove brand.

Cove expects the enlarged group to generate more than US$50 million in annualised rental income in 2025. The company stated that this represents approximately 50 per cent year-over-year growth in revenue and inventory, driven by both new openings and acquisitions.

Also Read: Ecosystem Roundup: SEA startups face shakeout; Ultragreen.ai eyes US$400M IPO; Trust drives SG e-commerce; Crypto adoption surges

Cove also said the acquisition will bring the business closer to being free cash flow positive. The company reported a profitable second half of 2025, despite significant spending to support its launches in Japan and South Korea.

Management said these results, combined with the Casa Mia deal, strengthen its financial position as it enters 2026.

Luca Bregoli, Co-Founder of Cove, said the acquisition aligns with the company’s focus on scale and efficiency. “This acquisition reinforces our leadership and commitment to the Singapore market … Integrating Casa Mia’s properties and team into our platform will drive significant operational synergies, while also enhancing our service delivery. This deal also unlocks additional resources to accelerate our expansion across the Asia Pacific.”

Casa Mia, founded in 2019, offers move-in-ready accommodation for young professionals. The company has reported strong margins and steady expansion during the past several years.

Co-Founder Eugenio Ferrante said the deal will support Casa Mia’s original goals. “We believe Cove offers the best possible home for our Casa Mia members and for us as a team, to continue our original mission of making it easy for young professionals to move to Singapore and find quality accommodation.”

Also Read: Why Cambodia’s startup ecosystem is the next big bet for investors

For current tenants and property partners of both brands, Cove said it expects a smooth transition with no changes to existing arrangements or service delivery.

Founded in 2018 by Guillaume Castagne and Bregoli, Cove is a flexible-stay platform offering long-, medium- and short-term rental options across Asia Pacific.

It operates in Singapore, Indonesia, South Korea and Japan, providing serviced accommodation aimed at residents seeking convenience and stability. Cove is backed by investors including Keppel, Eurazeo, Picus Capital, Venturra, Xander and Antler.

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Image Credit: Cove

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Ronin, the blockchain developed by Sky Mavis, is preparing to bring stablecoin payments into the Philippine mainstream through an integration that will allow PHPC (the peso-backed stablecoin launched by Ronin) to be used across the country’s QR payment network (QRPH).

The move, enabled through a deepened partnership with local crypto platform Coins.ph, would make the stablecoin spendable at more than 600,000 QRPH-enabled merchants, pending regulatory approval.

Also Read: QR payments: Southeast Asia’s digital lifeline or just a stepping stone?

The plan was announced at the YGG Play Summit and represents Ronin’s broader push to expand beyond gaming into digital payments, savings, and remittances across Asia Pacific.

QRPH is the backbone of the Philippines’s rapidly expanding digital payments ecosystem. Data from the Bangko Sentral ng Pilipinas (BSP) shows that digital payments now account for 57.4 per cent of all retail transactions, while 66.4 per cent of person-to-merchant payments have already shifted online.

The Philippines also remains one of the world’s largest remittance destinations, receiving more than US$40.2 billion in 2024. Ronin and Coins.ph believe that this combination of high digital adoption and large capital inflows presents strong potential for on-chain payment rails.

“Once we secure the necessary permits, the integration of PHPC into the QRPH network by 2026 would be a game-changer. Soon, anyone will be able to pay with PHPC simply by scanning a QR code through Ronin Wallet, just like with other leading mobile wallets, but with the unprecedented speed and security of on-chain value,” said Wei Zhou, CEO of Coins.ph.

PHPC, launched in July 2024 under the BSP sandbox, is a Philippine peso-backed stablecoin with reserves managed by Coins.ph, a regulated virtual asset service provider.

Ronin previously outlined plans to support payments and remittances across Asia Pacific, positioning the Philippines — a long-standing hub of Web3 gaming — as a proving ground for real-world blockchain utility.

“This integration completes the loop that was foreshadowed back when merchants began accepting SLP and AXS for goods during the 2021 pandemic. Millions of Ronin Wallet users in the Philippines will soon have a seamless way to transmute in-game items and tokens into food, transportation costs, and the necessities of daily life,” said Jeffrey Zirlin, co-founder of Sky Mavis.

Also Read: Asia’s payment evolution: 5 trends shaping the 2025 landscape

Ronin Wallet, which today serves millions of users within the Axie Infinity ecosystem, is expected to broaden into payments, savings, and other financial use cases once PHPC becomes interoperable with QRPH. All deployment timelines remain subject to regulatory clearance.

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