Kearney’s Global Business Policy Council has released its 10th annual report, World in Flux: Global Wildcards 2025–2030, offering insights into five transformative forces that are poised to redefine the global operating environment for businesses and governments over the next five years.

The report explores key disruptions and opportunities, emphasising the growing influence of the Global South, shifting trade dynamics, tech advancements, and the rising impact of powerful individuals in shaping global agendas.

One of the primary themes is the rise of the Global South. Middle powers such as India, Indonesia, and Brazil, along with nations in Africa such as Egypt, Ethiopia, and South Africa, are gaining greater influence as their economies expand. This trend presents businesses with both challenges and rewards, including access to younger, more productive workforces and emerging production hubs.

The report also predicts heightened tariff wars in international trade policy, with tit-for-tat measures likely to intensify. While these could restructure the global economy, the associated risks—slower growth, inflationary pressures, supply chain disruptions, and increased costs—pose significant concerns for businesses and consumers alike.

Technological shifts feature prominently, with the report examining their dual role in the fight against corruption. Emerging technologies offer tools to combat corruption but can also exacerbate it by creating new vulnerabilities in the information environment.

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

This year’s report also revisits themes from its 2024 edition, including biodiversity loss, industrial policy, rapid transit, e-waste value recovery, and digital twin adoption. Produced by Kearney’s Global Business Policy Council, the report aims to help leaders anticipate emerging trends and navigate the uncertainties of an increasingly complex world.

As these forces unfold, the report underscores the importance of innovation and foresight in adapting to a rapidly changing global environment.

Why emerging tech is a double-edged sword

Emerging tech are shaping the future by acting as both drivers of change and potential solutions to some of the world’s most pressing challenges, according to the report. The dual nature of these tech highlights their disruptive impact and transformative potential across key sectors.

One prominent area of focus is the rising global electricity demand, fuelled by rapid adoption of technologies such as AI and EVs. The report identifies AI-driven data centres and EVs as significant contributors to this surge, necessitating urgent investment in power grid modernisation. By 2030, electricity demand from EVs alone is projected to increase by an astonishing 630 per cent, while the energy consumption of AI data centres is expected to grow substantially.

However, emerging tech are not just creating challenges; they also offer innovative solutions. Advanced transmission technologies (ATTs) can boost the capacity of existing power grids, enabling better integration of renewable energy.

Also Read: Need of the hour: How agritech platforms can protect farmers from climate change

Small modular reactors (SMRs), a new generation of nuclear reactors, are being explored by companies such as Google and Amazon to power data centres sustainably. Other promising tech include geothermal energy and digital twins—virtual models that enhance grid management and operational efficiency.

Beyond infrastructure, these tech are making strides in governance and societal impact. While tools such as generative AI can perpetuate disinformation, they are also being employed to counter corruption. AI applications are already helping to identify risks in public procurement, flag potentially corrupt contracts, and estimate behavioural risks among civil servants.

Emerging tech are also empowering individuals in unprecedented ways. The rise of “super-empowered individuals” has been accelerated by social media platforms such as X (formerly Twitter), enabling figures such as Elon Musk and Greta Thunberg to influence industries and drive global movements. These platforms amplify voices and create opportunities for individuals to shape economic and environmental landscapes.

As emerging technologies continue to evolve, their role as both disruptors and enablers becomes increasingly clear. Governments and businesses must navigate this complexity, leveraging technological advancements to address challenges while mitigating associated risks. Balancing these dimensions will be critical to harnessing the transformative power of innovation for the benefit of society.

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On January 21, Straits Times published a list of Singapore’s fastest-growing companies of 2025 as a result of its collaboration with Statista. Coliving company Casa Mia came in fourth place with a growth rate of 2,675.37 per cent.

“Many coliving brands have been acquired or disappeared from Singapore with the exception of Casa Mia. We managed to stay healthy and strong,” says Casa Mia CEO and Founder Eugenio Ferrante in a call with e27.

“We focus on making sure that we are sustainable from a financial perspective from the beginning; we did not really rely on a lot of external capital for growth.”

Singapore’s appeal as a vibrant hub for young professionals and students from across the globe has catalysed the success of Casa Mia, which was founded in 2019. Spearheaded by Ferrante, the company weathered the challenges of the pandemic, used the period to refine its operational framework, and has since emerged as a significant player in Singapore’s accommodation market.

From its inception, Casa Mia recognised and catered to a growing need: affordable, flexible, and community-focused living solutions for individuals early in their careers or academic pursuits. Ferrante highlighted Singapore’s allure to people from neighbouring Malaysia and Indonesia, as well as further afield from Europe and other regions. Yet, for those arriving on limited budgets, the city’s notoriously high living costs make shared accommodation a necessity.

Also Read: Lewis Ng replaces Hari V. Krishnan as PropertyGuru CEO

Casa Mia’s solution offers more than just affordability. “We make it easier with a more consistent experience,” Ferrante explained, contrasting their model with traditional room rentals.

With curated homes situated in vibrant neighbourhoods such as River Valley, Casa Mia appeals to its demographic by ensuring proximity to amenities such as cafés, restaurants, and transport. Additionally, the company fosters a sense of community through initiatives encouraging interactions among its residents, who typically share homes with four—to six-bedrooms.

Casa Mia’s growth trajectory has been notable which resulted in its place in the Straits Times ranking. Doubling its business year-on-year during its early years, the company said that it achieved a 30 per cent revenue increase in 2024, culminating in an annualised revenue of US$8 million.

This expansion aligns with Singapore’s post-pandemic recovery and the rise of hybrid work models, which Ferrante identified as a key trend.

“We have ensured our homes accommodate this shift,” he says, referring to rooms designed with work-from-home needs in mind. High-speed internet, ample natural light, and designated desk spaces are now standard features in their properties. Sustainability has also become a focus, with eco-friendly practices embedded across their operations.

A meticulous screening and matching process underpins Casa Mia’s service. “We’ve always been focused on 20- to 30-year-old young professionals and students,” Ferrante shares.

Also Read: EQT completes PropertyGuru acquisition, seeks to strengthen its position in SEA proptech sector

Prospective tenants undergo a questionnaire, with only around 25 per cent progressing to the next stage. The goal is to create harmonious living arrangements, leading to longer stays—an average of 14 months, which Ferrante says is twice the industry norm in Singapore.

Cautious expansion strategy

Despite its success, Casa Mia has opted for a conservative approach to regional expansion. While markets across Southeast Asia are being evaluated, Ferrante stresses that their current model is uniquely suited to Singapore’s environment.

“We have been very cautious,” he notes, adding that the company is focusing on growing its local portfolio.

The recent launch of two new homes in River Valley marks a return to its roots while reinforcing its presence in a sought-after area. Discussions on broader expansion remain in exploratory phases, with Ferrante promising updates as opportunities solidify.

This strategic restraint reflects an understanding of the nuances that shape the coliving market. Factors such as regulatory frameworks, cultural preferences, and economic conditions vary significantly across countries, making a one-size-fits-all model unfeasible.

Ferrante also shares the company’s user acquisition strategy. Ninety per cent of its tenants discover the company online, either through search engine optimisation, digital advertising, or organic traffic. The remaining 10 per cent arrive via referrals from past or current members, underscoring the strength of the community and the satisfaction of its residents.

Also Read: The intersection of tech and climate change: 5 key forces that will redefine the global market

Notably, Casa Mia eschews traditional real estate agents, relying instead on its in-house processes and technology. This streamlined model has enabled the company to maintain control over the customer experience and reduce overheads, ultimately benefiting its tenants.

As Singapore continues to draw global talent, Casa Mia is well-positioned to capitalise on this influx. The company’s emphasis on community, sustainability, and adaptability reflects broader trends shaping the modern housing market.

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Image Credit: Casa Mia

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In a country where financial constraints often tether aspirations, a new fintech startup has emerged to offer a lifeline.

Fly0, founded by serial entrepreneur Mehedi Hasan with his co-founders Shah Arafat Hossain and Dr Rahman, is reimagining travel financing in Bangladesh, particularly for those excluded from traditional banking systems.

A social enterprise with a mission

Fly0 is a social enterprise driven by the goal of dismantling financial barriers that prevent millions of Bangladeshis from accessing affordable and ethical travel solutions. From migrant workers and Hajj pilgrims to individuals seeking medical treatment abroad, Fly0 aims to empower communities to achieve life-changing goals.

Also Read: Singapore neobank IN Financial Technology acquires 500 Global-backed MyCash

“With 85 million non-credit card holders in Bangladesh, traditional ‘buy now, pay later’ (BNPL) services simply don’t work. I wanted to create a system that uses alternative financial data to extend credit responsibly and ethically,” explains Hasan, whose previous startup, MyCash Online, was acquired by Singapore-based neobank IN Financial Technology (INFT).

Fly0 was conceived to bridge the gap between financial limitations and essential travel needs. The platform, launching next month, promises a transformative approach to travel financing.

Shariah-compliant and transparent financing

Fly0 is built on Islamic finance principles, ensuring its services are ethical, inclusive, and free of interest (riba). Instead of charging interest, the platform earns revenue through pre-arranged commissions with travel providers, such as airline ticket wholesalers and hotels.

Customers can finance essential travel—such as Umrah pilgrimages, medical trips, and migrant work journeys—through fixed monthly instalments with no hidden fees or penalties.

“Our model prioritises affordability, transparency, and Shariah compliance,” says co-founder and country head Arafat Hossain. “We provide interest-free financing for essential travel needs, enabling customers to focus on their journeys without the financial burden of upfront costs.”

A cornerstone of Fly0’s operations is its proprietary AI-powered credit engine, which evaluates alternative financial data such as mobile financial service (MFS) transactions, utility bill payments, and remittance receipts. This approach enables it to assess creditworthiness without relying on traditional credit scores, empowering millions of Bangladeshis without access to credit cards.

Also Read: Singapore neobank IN Financial Technology acquires 500 Global-backed MyCash

By using predictive modelling and dynamically adapting to ongoing data collection, the system reduces human bias in credit assessments. The platform also ensures transparency by clearly communicating the criteria used for credit evaluations, helping customers build a digital financial footprint.

Meeting essential travel needs

Fly0 focuses on financing essential travel categories:

• Migrant workers: Addressing high upfront travel costs with its ‘FlyNow, PayLater’ model.
• Hajj and Umrah pilgrimages: Offering interest-free plans to help pilgrims fulfil their spiritual obligations.
• Medical travel: Facilitating fast credit approvals for urgent trips and alleviating financial strain through flexible payment plans.

Fly0 has partnered with over 100 airlines and 6,000 hotels to provide users with extensive travel options, easy instalment plans, and special discounts. The company also plans to expand its services to include group travel packages and medical assistance in the near future.

Navigating challenges in a complex market

Implementing AI-driven financial solutions in Bangladesh hasn’t been without hurdles. Issues such as low digital literacy, limited standardisation of mobile financial data, and regulatory challenges required innovative solutions. Fly0 has overcome these obstacles through careful planning, strategic partnerships, and a commitment to ethical practices.

“By focusing on transparency, ethical lending, and Shariah compliance, we’ve earned the trust of our customers and partners,” says Arafat Hossain.

A vision for regional expansion

Looking ahead, Fly0 plans to expand to Pakistan and Malaysia in 2025, with further ambitions to enter the Middle East. The company aims to facilitate cross-border payments for families and essential travel while promoting financial inclusion on a larger scale.

Also Read: 20 game-changing startups driving Bangladesh’s innovation wave

Its broader mission is clear: to drive social impact by empowering marginalised communities, fostering financial mobility, and providing opportunities for individuals to realise their potential.

Fly0’s journey is a testament to how innovation, ethics, and a deep understanding of local needs can converge to create meaningful change. By enabling ethical and affordable travel financing, Fly0 is not just transforming how Bangladeshis travel—it’s empowering them to explore new horizons and achieve their dreams.

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iMotorbike, an online platform for pre-owned motorcycles in Malaysia, has completed a US$10 million Series A funding round led by Headline Asia.

Ondine, 500 Global, Gobi Partners, Endeavor Catalyst, and Astor FMO participated in the round.

The funding will support iMotorbike’s expansion into Malaysia, including new inspection centres and showrooms in key locations like Penang and Johor. The company also plans to launch operations in Taiwan.

Also Read: How can Malaysia leverage AI for growth and not see it as a threat?

In addition, the company will be growing its workforce, hiring skilled mechanics and operations staff.

Co-founded by Gil Carmo and Sharmeen Looi, iMotorbike is a platform for buying and selling pre-owned motorcycles, currently operating in Malaysia and Vietnam. Its mission is to tackle four pain points of buying and selling preloved motorcycles —  reliability, transparency, market fragmentation, and time consumption.

iMotorbike claims to offer a fast, secure, easy and hassle-free online experience with 170-point motorbike inspections, 6-day return, 6-month warranty, countrywide delivery and a bundle of finance, road tax and insurance.

The startup claims to have seen rapid growth, reaching a milestone of 10,000 customers. Its three-story, 46,806-square-foot showroom in Glenmarie, Selangor, launched in 2024, has further fuelled the company’s growth in Malaysia.

“iMotorbike has shown remarkable vision and execution in addressing the gaps in the pre-owned motorcycle market,” said Akihiko Okamoto, Partner at Headline Asia. “Their focus on quality, transparency, and customer satisfaction has enabled them to become the leader in this space, which is a growing market.”

Also Read: Malaysia’s digital dilemma: Stuck in the past or embracing the future?

“From day one, our goal has always been to create a platform that people can trust, whether buying or selling motorcycles,” said Gil Carmo, co-founder and CEO of iMotorbike. “This funding validates the work we have done and the potential of pre-owned motorcycles in Southeast Asia.”

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As a Managing Partner at Makarim & Taira S., I have witnessed how regulatory shifts shape industries. Indonesia’s fintech sector underscores the critical need for robust data protection. The Personal Data Protection Law (PDP Law), enacted in October 2022 and concluding its transitional period in October 2024, drives this transformation as fintech companies align their practices with stricter standards.

For fintech companies, the PDP Law is not merely a compliance obligation but a strategic opportunity to foster trust with consumers and regulators. By aligning with global operational standards, fintech firms can navigate this regulatory shift while driving innovation and accountability.

With decades of experience advising businesses in Indonesia—particularly in the fintech and technology sectors—I have seen how laws like the PDP Law reshape compliance strategies.

Indonesia’s Personal Data Protection milestone

The PDP Law—modelled after the European Union’s General Data Protection Regulation (GDPR)—aims to establish a comprehensive framework for personal data protection.

Key provisions include:

• Data subject rights: Individuals have enhanced rights, such as the ability to access, correct, and delete their personal data.
• Data controller obligations: Companies must obtain explicit consent for data processing, ensure secure handling of data, and appoint a Data Protection Officer (DPO).
• Penalties: Non-compliance can result in fines of up to two per cent of a company’s annual revenue or administrative sanctions, including suspension of business licenses.

These measures align with global best practices, offering a more secure environment for data transactions. However, their implementation poses challenges for fintech firms already navigating Indonesia’s complex regulatory landscape, particularly in balancing compliance requirements with operational efficiency.

Implications for fintech companies

The PDP Law introduces transformative implications for Indonesia’s fintech landscape as its scope includes financial data, reshaping how businesses handle customers’ personal, payment transactions and financial data. These implications span across operational processes, cybersecurity, and cross-border transactions, posing challenges but also opening new opportunities for innovation and trust-building.

For instance, the PDP Law raises significant considerations regarding data ownership and liability, and therefore fintech companies must clearly delineate data ownership responsibilities when collaborating with third parties. Issues may arise when multiple parties, such as payment processors and merchants, handle a single transaction involving consumer data.

Nonetheless, the PDP Law suggests fintech companies as data controllers to retain ultimate responsibility for ensuring compliance with the PDP Law, and therefore they must adopt precise data-sharing agreements to avoid ambiguities regarding compliance obligations and potential liabilities in the handling of customers’ personal, payment transactions and financial data.

Also Read: Practical legal advice for navigating Singapore’s data privacy laws

Operational adjustments

The PDP Law requires fintech companies to overhaul their data-handling processes. Firms must establish robust systems for obtaining and managing user consent. For example, digital wallets and peer-to-peer lending platforms must ensure that customers clearly understand how their data will be used before granting consent. This may necessitate investing in new technology to automate compliance processes and developing user-friendly interfaces for consent management.

Strengthened cybersecurity

Given the financial sector’s vulnerability to cyberattacks, the PDP Law’s emphasis on secure data processing pushes fintech companies to prioritise cybersecurity. A notable example is the rapid adoption of automated threat detection systems by leading digital wallet providers in Indonesia, who faced increased scrutiny following high-profile cyber breaches in recent years.

Companies will need to conduct regular audits, encrypt sensitive data, and establish rapid response mechanisms for data breaches. This presents a dual challenge of managing costs while maintaining operational efficiency.

Appointing a Data Protection Officer (DPO)

Under the PDP Law, appointing a DPO is mandatory for companies processing significant volumes of personal data. For fintech startups with limited resources, this requirement could be a strain. However, the DPO’s role is crucial in navigating regulatory compliance and building consumer trust.

Cross-border data transfers

As fintech companies often operate across borders, compliance with rules governing cross-border data transfers becomes critical. For example, several Indonesian fintech firms have had to renegotiate contracts with overseas partners to ensure alignment with the PDP Law’s equivalent protection standards.

Also Read: Dear app developers in Singapore, don’t forget the PDPA

The PDP Law stipulates that cross-border data transfers must ensure equivalent levels of protection or obtain data subject’s consent for the transfer, which may create additional hurdles for fintech companies operating internationally, as payment platforms that process transactions between Indonesian consumers and overseas merchants (or vice versa) may require renegotiating contracts with international partners or adopting localised data storage.

Opportunities amidst challenges

Despite these challenges, the PDP Law offers fintech companies an opportunity to distinguish themselves through robust data governance. Firms that effectively implement compliance measures can enhance their reputation, attract investors, and build long-term customer loyalty. For example, fintech platforms that integrate transparent data handling practices into their user interfaces are likely to gain a competitive edge.

Moreover, aligning with the PDP Law prepares Indonesian fintech companies for potential expansion into markets with stringent data protection standards, such as the European Union.

To navigate the PDP Law effectively, fintech companies should consider the following steps:

• Conduct a data audit: Identify and categorise all personal data assets to understand their usage and storage.
• Invest in compliance technology: Leverage software solutions to automate data protection processes and monitor compliance.
• Train employees: Regular training programs on data privacy and cybersecurity can empower staff to handle sensitive data responsibly.
• Collaborate with regulators: Engage proactively with Indonesia’s Ministry of Communication and Information Technology to stay updated on guidelines and implementation standards.

Indonesia’s PDP Law represents a transformative step in the nation’s digital evolution. For fintech companies, it’s not just about compliance but about building a future that prioritises consumer trust and operational excellence. Embracing these regulations offers a pathway to innovation, resilience, and competitiveness, ensuring that Indonesia’s fintech sector remains a vital part of Southeast Asia’s dynamic economy.

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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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MDI Ventures, the venture capital arm of Indonesian telecommunications giant Telkom Group, has made a strategic investment in Singapore-based threat intelligence and external threat landscape management startup CYFIRMA.

The investment aims to boost CYFIRMA’s growth and enhance its global cybersecurity solutions for enterprises, particularly in Southeast Asia.

This funding will enable CYFIRMA to expand its market reach, especially in Indonesia and extend into other global markets. It will also fuel the startup’s R&D initiatives, allowing it to enhance its capabilities in countering advanced cyber attacks.

Also Read: Worried about cyber threats? Here’s 7 reasons to get an all-in-one solution

“Southeast Asia, including Indonesia, is facing increasingly complex cyber threats, driving the urgent need for advanced cybersecurity solutions. Through our investment in CYFIRMA, MDI Ventures is addressing these challenges by enabling the development and delivery of proactive and innovative solutions to protect organisations across the region from evolving cyber risks,” stated Donald Wihardja, CEO of MDI Ventures.

CYFIRMA combines cyber-intelligence with attack surface discovery and digital risk protection to deliver early warnings and multi-layered insights. Its AI-powered external threat landscape management (ETLM) platform provides cyber defenders with a hacker’s view to help clients prepare for impending attacks.

The company has a global presence with offices in Japan, India, the US, and the EU.

Kumar Ritesh, founder and CEO of CYFIRMA, said: “MDI’s investment will also allow us to greatly enhance our capacity to drive innovation, broaden our solutions, and better serve our clients both regionally and globally.”

Also Read: Indonesia’s antivirus reliance: A cybersecurity blindspot

The collaboration also has significant implications for Telkom Group. MDI Ventures envisions CYFIRMA playing a crucial role in strengthening Telkom Group’s cybersecurity by integrating CYFIRMA’s threat intelligence and external threat landscape management solutions.

MDI Ventures, with a total committed valuation of US$830 million, aims to bridge the gap between innovative startups like CYFIRMA and the resources of Telkom Group to foster a secure digital ecosystem in Indonesia and beyond.

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Banyu, an integrated seaweed company in Indonesia, has closed a US$1.25 million seed funding round led by Intudo Ventures.

The funding will enable the company to establish a seedling cultivation laboratory and nursery and expand its farming and exporting operations.

Indonesia is the world’s largest producer of tropical seaweed, yet several issues plague the industry, including low-quality inputs, labour-intensive practices, a lack of price transparency, and poor access to financing. Banyu addresses these challenges by providing comprehensive support to farmers, traders, and processors.

Founded in December 2023, the company supports local farmers through high-quality seedlings, advanced farming techniques, and access to stable incomes. Its approach includes proprietary seedling production methods, which have been shown to increase yields by up to 20 per cent compared to traditional methods.

Also Read: Why ‘Indonesia-only’ Intudo Ventures believes SEA as one cohesive market is a fallacy

Led by Dodon Yamin (CEO), Anis Nur Aini (Chief Sustainability Officer), and Anthony Kwik (President Commissioner), Banyu works closely with international FMCG and ingredient companies, offering seaweed for food production and emerging applications like biofertilisers and bioplastics.

The company tailors its offering to meet specific buyer requirements, including seaweed species, quantity, and environmental and social standards. This allows buyers to start with a small-scale demo plot before scaling up production. Banyu provides ongoing training, knowledge transfer and technology to help farmers cultivate high-quality seaweed.

Banyu intends to become Indonesia’s largest high-volume seedling producer, initially targeting Sulawesi before expanding to other major seaweed-producing regions.

Intudo, an investment firm with operations in Indonesia and Silicon Valley, sees Banyu as helping Indonesia move up the seaweed value chain. By improving productivity and sustainability, Banyu can expand its addressable market worldwide, positively impacting Indonesian coastal communities.

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Singapore-based uHoo, a provider of smart indoor environmental quality (IEQ) monitoring and management solutions, has closed a US$3.7 million funding round.

The funding, a mix of equity and debt, will propel uHoo’s growth, particularly in the B2B sector and facilitate the development of new hardware and software products.

Wavemaker Ventures and Menarco Development Corporation led the funding round, which was participated in by Undivided Ventures, Raymond Rufino, Lighthouse Canton, and existing shareholders.

This investment comes as organisations globally increasingly focus on sustainability and environmental, social, and governance (ESG) initiatives. The demand for healthier, greener buildings is rising as businesses recognise the direct impact of indoor air quality (IAQ) on employees’ health, productivity, and well-being.

Also Read: uHoo raises fresh funding led by Wavemaker to ‘meet the increased demand’ for its indoor air quality sensors

uHoo’s flagship product, the uHoo Aura, is a comprehensive IEQ solution that monitors at least 13 parameters, with the ability to upgrade to 16. It provides real-time data on critical environmental factors, including temperature, humidity, air quality, noise levels, chemical pollutants, and various particle sizes.

These insights help building owners, managers, and tenants create more comfortable and healthier indoor environments while improving building performance. The system seamlessly integrates with existing building systems, allowing for automated controls of air conditioning, ventilation, and heating, which enhances occupant health and saves energy.

uHoo’s diverse clientele includes major property developers, multinational corporations in real estate, healthcare, finance, hospitality, and manufacturing, and government entities across Asia, Europe, and the Americas. Capitaland and JLL are among its clients.

According to Joel Ang, Principal at Wavemaker Ventures, uHoo’s approach to IEQ monitoring and management is comprehensive and can transform building operations. He noted that uHoo’s data and actionable insights enable customers to create healthier environments, enhancing their sustainability efforts.

Carmen Jimenez Ong, founder of Menarco Development Corp, stated that uHoo has helped them identify previously unseen issues, such as ventilation problems in high-traffic areas.

In 2020,  uHoo raised an undisclosed amount in a funding round led by Wavemaker Partners with participation from Enterprise Singapore and PropertyGuru Group co-founder Steve Melhuish.

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East Ventures, a Southeast Asian (SEA) venture capital firm, announced that it has concluded its first general partner-led (GP-led) secondary transaction.

Led by global secondary market specialist Coller Capital, the deal offered liquidity to investors in East Ventures 5 L.P. (EV5), a fund focused on seed and early-stage investments in SEA tech companies.

According to the firm, the transaction brings the fund’s distributions-to-paid-in capital (DPI) ratio to approximately 2.0x.

EV5, a top-performing fund within the firm’s portfolio, is anchored by notable technology companies such as IDN and Waresix. The transaction includes a profit participation component, allowing investors to secure returns while maintaining exposure to the fund’s future growth.

East Ventures will remain a key shareholder in these companies, continuing its role as an active partner to their management teams.

Also Read: uHoo secures US$3.7M to drive growth in smart indoor air quality solutions

Co-Founder and Managing Partner Willson Cuaca said, “We are pleased to partner with Coller Capital in designing a solution that delivers significant liquidity for our investors while maintaining strong partnerships with the companies in our portfolio. We believe these businesses are well-positioned to benefit from the growth of Indonesia’s digital economy.”

Coller Capital underwrote the transaction and praised the collaboration. “SEA is an exciting market with substantial growth potential, and we are proud to partner with East Ventures on this transaction,” said Peter Kim, Partner and Head of Asia and RMB at Coller Capital. “This deal reflects our ability to provide innovative liquidity solutions that align the interests of sponsors and their limited partners.”

UBS Private Funds Group served as an advisor on the transaction, with legal counsel provided by Gibson, Dunn & Crutcher for East Ventures and Debevoise & Plimpton for Coller Capital.

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Image Credit: East Ventures

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Have you watched Squid Game 2?

As someone with over 10 years of experience in Public Relations, I couldn’t help but notice the Front Man’s incredible ability to manipulate and persuade. The Front Man is truly a character who continues to fascinate me, as I’m constantly deconstructing how people influence and argue.

His tactics felt eerily familiar. They also reminded me of someone I know in real life with Type A personality traits, which made it easy for me to connect with the Front Man’s persuasion patterns. Even as his methods took a darker turn, they felt unsettlingly real.

Recap: A clash of ideologies

At the heart of Squid Game 2 lies an ideological battle between the Front Man and Gi-hun. The Front Man believes humanity is inherently selfish and irredeemable, while Gi-hun represents hope, believing people can change and support one another. Their conflict forces viewers to grapple with their own beliefs about human nature.

Halfway through Squid Game 2, I was suddenly reminded of a conversation I had with a wealthy crypto bro who knew several business people of eight to nine figures in net worth.

I once asked him, “Why don’t the privileged and powerful pool their resources to solve the world’s problems?” His reply stopped me in my tracks: “They’re the ones who created the persistent problems, why would they fix them?”

Over time, I began to see the truth in his words. Like the VIPs in Squid Game, there are forces that thrive on keeping the status quo intact. Especially with AI today, we now definitely have the resources to address issues like poverty and climate change but solving these problems very often do not align with the interests of those in control.

The top one per cent of the world’s elite set the rules, leaving the rest of us to play within the games that they have created. To truly change the system, good intentions and hard work alone won’t suffice. The 99 per cent will need to elevate ourselves—mentally, emotionally, and strategically—to access the influence and resources necessary to create meaningful change.

But is that even possible, because the majority of human beings may not fundamentally want change?

Was this also what The Front Man was driving at? There seems to be a part of him that secretly wishes to change the system through Gi-hun.

But after finding out that Gi-hun would rather sacrifice his own allies for his horribly-thought out coup, the Front Man probably realised that change was not possible and stopped playing.

The Front Man’s mastery of persuasion

This made me feel that The Front Man is truly a master persuader. His strategies rely on a deep understanding of emotions and motivations.

Unlike his role as Game Operator in Squid Game 1, he takes on the role of Player 001 in Squid Game 2, and his actions are nothing short of calculated genius.

Also Read: Failing the Olympic hurdle: Is it the beginning of the end for the Airbnb boom?

One of the most striking moments happens during the first round of voting. The Front Man casts the deciding vote, choosing “O” (to continue the games) despite the overwhelming tension in the room. This move isn’t random—it’s designed to demonstrate to Gi-hun how desperation drives people to do anything for money. Through this single action, he puts his ideology on full display.

When Gi-hun confronts him about the vote, the Front Man doesn’t miss a beat. He uses Gi-hun’s own logic against him, explaining that he voted “O” because Gi-hun’s previous victory gave other gamblers hope. It’s a masterful manipulation that reframes the situation entirely.

Another chilling moment occurs during the mingling game. The Front Man and Gi-hun save Player 149, Geum-ja, and ask her a seemingly innocent question: “Where is your son?” in the room. This question is far from casual. It’s designed to strike a nerve, forcing Geum-ja to confront the painful truth that her son has abandoned her when push came to shove.

This wasn’t idle conversation—it was a strategic move to trigger an emotional reaction. Geum-ja’s realisation leaves her shaken and she retaliated emotionally, highlighting the power of the Front Man’s subtle yet devastating methods.

He doesn’t lie or manipulate facts; he simply holds up a mirror, forcing others to see the truths they’d rather ignore.

A deep understanding of human nature

This mastery raises an unsettling question: Is it his persuasion that’s dark, or is it a reflection of human nature itself? The Front Man’s tactics reveal the power of understanding human instincts and using them as leverage to achieve desired outcomes.

What do you think? Could you beat the game—and how?

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Image courtesy: Squid Game 2

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