Meet Putri, a determined young woman studying in her final year as a vocational school graduate. She is eager to learn and work in the digital infrastructure space in Indonesia, yet her access to theoretical and practical knowledge is extremely limited. Even accessing courses in digital infrastructure is a challenge due to the lack of such courses, both digitally and physically, in the local language. Opportunities in the digital world seem increasingly out of reach for Putri and her peers.

This story is heard repeatedly.

Putri is not a single case but represents millions of young people in similar marginalised areas in Indonesia. They have great potential, but without proper educational support and adequate access, their dreams feel distant.

Why standard tech misses the mark and what startups can learn

When we initially used conventional digital learning platforms, we found a major problem: most online education solutions are not designed to consider the specific context and needs of communities like Putri’s. They require relatively expensive appliances, stable connectivity, and content that is not always relevant to local conditions.

Many ultimately gave up because they felt the technology was ‘not suitable’ or that they were ‘disconnected’ from the tech world, not due to lack of interest or capability. We realised that without addressing these basic needs and practical barriers, technology would never become a true bridge to meaningful change.

Building a digital community: The design that made a difference

When I founded Nusantara Academy, I decided to start by building a strong digital community as the foundational digital infrastructure of Indonesia. This strategic step is essential because having technological infrastructure is a prerequisite for digital education to spread evenly.

Also Read: Edutech is surging, but here are the 3 issues it is facing

The team then designed a program combining technical training in data centre technology with building an inclusive network community involving various social layers—including local industry practitioners and marginalised groups. The focus on mentoring, coaching, and practical guidance created a vibrant and supportive learning environment.

What made it work was the local and personal approach: we listened directly to community needs, tailored the material to their real conditions, and paid attention to social and cultural barriers often overlooked by standard tech tools.

At Nusantara Academy, inclusion is a core value — empowering women and underserved groups to lead, while expanding digital training to marginalised regions. By building capacity and providing locally adapted programs, the academy drives social impact, narrows gender gaps, and fosters resilient communities.

We believes true change comes from inclusive education that equips forgotten groups with the right tools and support. By using technology smartly and empathetically, education can drive equitable economic and social growth for all.

Reflection and a challenge for the future: Building technology for all

Building Nusantara Academy has taught me that technology and education must be designed not only for those who are ‘ready’ but also for those who are still struggling to ‘get ready’.

The focus must be on empowerment, not exclusion. I constantly ask myself: How can we ensure digital technology is not just for certain privileged groups? How do we realise real inclusion so that every young Indonesian has equal opportunity facing the future?

Also Read: The digital classroom: How edutech is sculpting the minds of tomorrow

As a founder, I urge startup communities to rethink their definition of product-market fit. Instead of optimising for the loudest segment, challenge yourself: Does your solution empower the “Putris” of the world? Are you brave enough to go beyond convenience and design for true accessibility, relevance, and impact?

Building tech for all goes deeper than metrics. It requires empathy, patience, and relentless iteration. But when we do, the change isn’t temporary. It’s transformative, rippling through families, communities, and the next generation of founders.

Nusantara Academy’s journey is proof: Lasting impact comes from building for those who need it most.

As you embark on your startup’s next chapter, ask yourself this question: Are you designing for real inclusion, or for the already served?

I have the utmost conviction that the future belongs to those bold enough to include everyone. That’s a journey worth taking.

—

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Singapore is firmly establishing itself as Southeast Asia’s strategic hub for global biotech innovation, says a new report titled “Empowering Biotech Innovation in Asia-Pacific” by Bain & Company.

It is a testament to decades of visionary planning and sustained investment. With its unwavering commitment to innovation, political neutrality, robust intellectual property (IP) protections, and world-class infrastructure, the city-state offers an unparalleled environment for biotech startups and multinational corporations alike.

A foundation built on vision and investment

Singapore’s journey in biomedical sciences began nearly three decades ago, underpinned by a holistic strategy encompassing infrastructure, talent, and private sector development.

Also Read: Asia Pacific redefines biotech: Global pharma’s strategic shift from West to East
Key milestones include the National Science Scholarship programme, the establishment of BioOne Capital by the EDB to invest in 50 local and overseas companies, and the creation of Biopolis, a purpose-built hub dedicated to biomedical sciences.

Today, Singapore’s ongoing Research, Innovation, and Enterprise (RIE) plan allocates substantial public funds, with S$28 billion (approximately US$20.72 billion) earmarked for science and technology development under RIE2025 (2020–25), and a similar commitment planned for RIE2030.

Strategic pillars: Talent, regulation, and infrastructure

Singapore’s appeal as a trusted hub for biotech expansion rests on several strategic pillars:

• Talent attraction: The government has launched individual talent visa programmes such as ONE Pass and Tech.Pass to attract top talent, including founders and technical experts, from around the world. Initiatives like SGInnovate’s Helix Immersion Programme further integrate research talent into commercial ventures.
  Innovation-friendly policy: Singapore offers a strong IP regime and biotech-friendly tax structures, alongside the ability to conduct first-in-world regulatory evaluations and work-sharing arrangements with international regulatory agencies like the FDA and EMA.
  World-class infrastructure: The Biopolis hub co-locates public research institutes, startups, and multinational corporations, facilitating seamless research translation. The city-state’s expanding capacity in advanced modalities like CGT is supported by facilities such as ACTRIS’s 2,000-square-metre CGT R&D and manufacturing site, alongside incubators like NSG BioLabs and dedicated land plots in Tuas Biomedical Park.

Success stories and global partnerships

Singapore’s ecosystem has nurtured and attracted global leaders, validating its position as a burgeoning biotech powerhouse:

Also Read: Asia-Pacific governments step in as private biotech investors pull back

• Hummingbird Bioscience, a Singapore-based clinical-stage biotech focused on precision biologics, has raised over US$150 million and recently spun out its ADC platform into Callio Therapeutics, which launched with US$187 million in Series A funding.
• Mirxes, an RNA technology company pioneering early disease detection, achieved unicorn status on the Hong Kong Stock Exchange in May 2025 with US$180 million in venture funding, becoming the first Southeast Asian biotech to do so. Its flagship cancer screening product, GASTROClear, is set to ramp up operations across Asia-Pacific.
• Chugai Pharmabody Research (CPR), a subsidiary of Japan’s Chugai Pharmaceutical, invested over US$300 million in Singapore, leading to the creation of crovalimab, the first globally approved drug originating from Singapore. CPR’s collaboration with A*STAR and the National University of Singapore (NUS) on an anti-dengue antibody has further advanced with a new development partnership with GSK.
• Major global players are deepening their commitment, with WuXi Biologics investing US$1.4 billion into local R&D and manufacturing infrastructure, and AstraZeneca establishing its first-ever US$1.5 billion end-to-end ADC manufacturing facility in Singapore. Flagship Pioneering, the venture creation firm behind Moderna, also launched its regional hub in Singapore, committing up to S$100 million (approximately US$74 million*) with A*STAR to advance biotech and healthtech innovation.

Also Read: AI, advanced therapeutics, and the geopolitical balancing act in biotech

By consistently investing in foundational scientific capabilities, fostering a stable environment for startups, and attracting top-tier talent, Singapore is not just a regional R&D base but a gateway to broader international markets, solidifying its role as Southeast Asia’s anchoring hub for global biotech innovation.

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In Kedah, a rural state in Malaysia where most rice cultivation activities take place, Pak Amir walks through his rice fields, watching the sky and hoping the rains come on time. The soil has been tired for years, worn down by decades of chemical fertilisers. Leftover crop residues, once a resource, are often burned in open fields or left to rot in piles. Both methods have their costs. Smoke clouds the village in haze, and decomposition can leach nutrients into nearby streams. For farmers like Pak Amir, every season is a balancing act between keeping crops alive and protecting the environment.

In Selangor, the story is slightly different but just as pressing. Farmers who want to farm organically face the steep price of certified inputs, sometimes three times higher than conventional fertilisers. Producing enough to sustain their farms without breaking the bank is a constant struggle.

The promise and challenge of biochar

Biochar has been around for centuries. Amazonian tribes discovered long ago that turning biomass into charcoal and mixing it into the soil made it fertile again. Today, the knowledge exists, but scaling it for smallholders has been tricky. Making biochar at meaningful levels can be expensive and labour-intensive, and historically, there were limited financial incentives to adopt the practice.

At Reclimate, we addressed both the technical and financial barriers. Carbon finance creates a clear incentive. Each ton of biochar applied can lock away carbon, which farmers can translate into verified credits. Suddenly, the centuries-old practice becomes not just useful but financially viable.

Finance alone is not enough. Many farmers do not know how to make biochar efficiently, safely, or without smoke. We provide simple, low-cost techniques so they can turn residues into biochar directly on their fields. This avoids costly transport to central hubs and reduces emissions along the way. Producing biochar in place means farmers can control the process, reduce risks, and adopt the practice even in remote areas.

Also Read: Eco-investing: Driving change through climate technology and strategic finance

The benefits are immediate. In Kedah, Pak Amir sees healthier rice plants and soils that hold water longer during dry spells. Open burning is gone, and decomposition is managed, keeping nutrients in the field instead of in rivers. In Selangor, organic farmers are turning waste into their own soil amendments, cutting costs and staying within certification rules.

Biochar also improves water retention. Its porous structure keeps moisture in the soil, meaning crops need less irrigation. At the same time, runoff is reduced, so fewer nutrients and chemicals reach rivers and streams. Some trial plots show a 15 to 25 percent increase in water retention compared with untreated soil. This boost can make the difference in a dry season.

Climate impact and regional lessons

The climate benefits are measurable. Agricultural burning in Malaysia alone releases more than 1.2 million tons of CO₂ equivalent each year. Biochar locks roughly 2.5 tons of CO₂ per ton applied, keeping it stable in the soil. That is a tangible way smallholders can fight climate change right from their fields.

Beyond Malaysia, similar challenges exist. In Sri Lanka, government bans on chemical fertilisers and financial pressure have reduced crop yields. Farmers using coconut-shell biochar have restored soil health and stabilised production, strengthening food security. The solution tackles both adaptation by making soils resilient to climate shocks and mitigation by capturing carbon before it reaches the atmosphere.

Scaling this practice has required careful thinking. Traditional centralised biochar hubs, where biomass is transported miles for processing, are costly and energy-intensive. By producing biochar directly on farms, we cut both costs and emissions. Farmers also gain practical skills for applying biochar effectively and tracking outcomes, which is crucial for carbon finance programs.

The results are real. Pak Amir reports stronger rice growth and fewer losses during dry periods. Organic farmers in Selangor have cut reliance on external inputs by up to 60 percent, saving money while protecting their soils. Across the region, agricultural residues are no longer waste; they are a resource that builds resilience, reduces environmental harm, and contributes to climate action.

Communities see the benefits too. Soils that hold water better mean more reliable food production. Eliminating open burning improves air quality. Reduced runoff protects waterways. Carbon finance offers additional income, creating incentives for long-term sustainability. When adopted at scale, these practices reduce regional greenhouse gas emissions and help communities adapt to climate change.

Scaling for Southeast Asia

Looking ahead, we are exploring expansion into the Philippines, Cambodia, Laos, and beyond. Many of these countries are low- or middle-income and face severe climate impacts. Smallholders there need solutions that combine adaptation and mitigation. Biochar fits perfectly. It improves soils, stabilises yields, cuts waste burning, stores carbon, and saves water.

For farmers like Pak Amir, the future is about more than surviving each season. It is about thriving with practical tools that boost productivity, reduce costs, and strengthen resilience. For communities and governments, it is proof that smallholder agriculture can be part of the climate solution when combined with accessible technology, knowledge, and measurable incentives.

Also Read: Investing in impact: High-growth tech for climate and community

The challenge now is scaling these practices even further. How do we ensure every smallholder in Southeast Asia has access to the tools and know-how that make climate-smart agriculture possible? How can governments, NGOs, and private actors work together to provide incentives, training, and monitoring systems that turn a centuries-old practice into a modern, sustainable solution?

Low-cost, in-place biochar production combined with technical training and carbon finance offers a blueprint for resilient agriculture. It respects the realities of smallholder farming while addressing climate, water, and soil challenges. As Southeast Asia faces increasingly severe climate threats, solutions like this at the intersection of adaptation and mitigation may define the future of sustainable farming.

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When I started working on HeroX, my goal was simple: use technology to reach people who are often left behind. Not just to digitise an experience or make something “smarter,” but to ensure those at the margins, especially the elderly, the disabled, and those without consistent access to care, will have their needs seen, heard, and met. What I’ve learned early on is this: if your tech isn’t built for the most vulnerable, it isn’t built to last.

Building for those left behind

One of the first communities we tried to serve was a group of elderly residents in a public housing estate in Singapore. Many of them lived alone. Some had mobility issues, others were struggling with loneliness or health conditions. Their children often lived far away, and access to regular care was inconsistent. We thought, at the time, that a mobile-first approach could work like simple check-in tools, appointment reminders, wellness prompts. We imagined sleek user flows and smart backend systems.

What we didn’t account for was this. Most of them didn’t use smartphones. They had phones but had never opened an app store. Our idea, though well-intentioned, was built for convenience, not context. And that mistake taught us more than any user survey ever could.

The shift to a hybrid model

So we went back. We spent time on the ground. We walked the corridors. We listened. We learned that many of them trusted the people who delivered food or medicine more than they trusted tech. That human interaction, even brief, was a lifeline. That’s when the idea for a hybrid tech-human model began to take shape. HeroX evolved to focus on a last-mile service and wellness platform that used real community-based agents, powered by tech, not replaced by it.

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

We used a decentralised logistics system where delivery partners second as wellness checkers. These weren’t just gig workers. They were neighbours, caregivers, and volunteers. The app they used had to be simple, localised, and intuitive, but the service they provided had to feel deeply personal. That’s what worked. And not because it was technically advanced, but because it was emotionally attuned.

Why inclusive design matters

This is why inclusive design matters not as a buzzword, but as a non-negotiable starting point. The real challenge in health, education, and agriculture isn’t just infrastructure. It’s accessibility. It’s cultural fit. It’s trust. If we build in a silo designing for what’s fast, scalable, or VC-friendly, we risk creating beautifully engineered systems that don’t land where they’re needed most.

In Southeast Asia, where socio-economic divides are vast and digital literacy varies widely, tech must do more than perform. It must translate. This means design choices can’t be made in boardrooms alone. They have to be shaped by fieldwork, community dialogue, and, sometimes, failure.

Inclusive design isn’t a feature, it’s a philosophy. It asks, who’s being left out? What assumptions are we making? And are we building solutions for real needs or for ideal users who only exist on pitch decks?

Redefining inclusion as a process

For HeroX, inclusion meant slowing down. It meant building trust before features. It meant asking residents if they preferred reminders via phone call, text, or a knock on the door. It meant testing interfaces with caregivers who only had one hand free. It meant letting community delivery agents co-design their onboarding experience. And it meant being okay with the reality that not all tech has to look cutting-edge to be life-changing.

Also Read: Why diversity and inclusion are key for startups to succeed in the Philippines

Sometimes the most “transformative” thing isn’t what you build, it’s how you choose to build it, and with whom.

The true test of tech for good

I still don’t think we’ve gotten it perfectly right. But I know we’re closer to the mark because we’ve made inclusion not just a value, but a process. It shapes how we recruit, how we test, how we scale. It’s not always efficient. But it’s effective.

So here’s what I’m still holding onto as we continue to build in this space. Great tech doesn’t just serve users, it respects them. And respect looks like asking, listening, adapting, and co-creating.

If you’re building something, ask yourself this. Are you designing for the person with the newest iPhone and fastest Wi-Fi? Or are you designing for the mother of three with one prepaid phone and an unstable signal? One will give you early traction. The other will give you a lasting impact.

Because at the end of the day, the true test of tech for good isn’t just how advanced it is but how far it reaches, and who it brings along with it.

—

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A new survey reveals that Singapore’s small and medium-sized enterprises (SMEs) are grappling with significant operational inefficiencies, with a staggering three-quarters (75 per cent) identifying financial reconciliation as a major pain point.

This challenge is a direct result of a fragmented digital ecosystem, which is pushing most businesses to seek new software-as-a-service (SaaS) solutions and driving demand for integrated platforms with robust reporting capabilities.

Also Read: From hesitation to action: How SMEs in Southeast Asia can start AI adoption

The report, commissioned by Adyen (an end-to-end payments, data, and financial management platform), shows that while digitalisation is now a business baseline, many SMEs struggle to manage it efficiently. Although 64 per cent of SMEs rely on SaaS platforms, many use a patchwork of different tools, leading to data silos and complex workflows.

Nearly half (49 per cent) of platform users rely on more than one SaaS platform for reconciliation alone, with 24 per cent using two platforms and 15 per cent using three.

Reconciliation woes cost time and efficiency

The burden of reconciling payments is not felt equally. The problem escalates significantly with business size, affecting 87.5 per cent of medium-sized businesses (20-199 employees) compared to 67 per cent of small businesses (1-19 employees). The issue is most acute in the retail sector, where 81 per cent of SMEs report it as a major challenge, followed by hospitality and tourism at 73 per cent.

This operational friction translates into lost time. Singaporean SMEs spend an average of six hours weekly on accounting and payment reconciliation. This time commitment increases with company size, as medium-sized businesses dedicate seven hours weekly to accounting, two hours more than the five hours spent by small businesses.

Dissatisfaction fuels search for new platforms

This widespread inefficiency is causing high levels of dissatisfaction. The survey found that only 23 per cent of SME decision-makers are happy with their current SaaS platform and are not considering a change. The primary motivation for the majority who are open to switching is a desire for better tools to manage financial complexity.

The top reason for switching platforms, cited by 36 per cent of SMEs, is the need for better consolidated reporting. This feature is particularly crucial for medium-sized businesses, with 67 per cent ranking it as a key reason to switch, compared to 50 per cent of small businesses. Other significant drivers for switching include:

• More payment method options (15 per cent), crucial for meeting customer preferences.
• Better business lending options (14 per cent), which help manage cash flow and fund growth.
• Improved risk management tools (12 per cent) to protect against fraud and ensure compliance.

Industry needs shape tech priorities

Different sectors prioritise different platform features based on their unique operational demands. While consolidated reporting is the most important feature for 60 per cent of health, beauty, and wellness businesses, the retail sector places a higher value on adding new payment methods (39 per cent).

Also Read: AI adoption is an area of maturity for SMEs, but they have advantage over big corporations: Aicadium’s Robert Young

Meanwhile, the hospitality and tourism industry, exposed to risks like ticket scalping, prioritises risk management more than other sectors, with 33 per cent citing it as most important.

Investment in integrated solutions on the rise

Looking ahead, a vast majority of SMEs recognise the value of investing in better technology. About 72 per cent of local SMEs plan to invest in more SaaS solutions over the next 12 months to optimise their performance. Again, medium-sized businesses are leading this trend, with 88 per cent planning to increase their investment compared to 61 per cent of small businesses.

 

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A2D Ventures backs US AI startup LineWise’s US$1.1M funding
LineWise, a US-based artificial intelligence firm creating a “virtual engineer” for manufacturers, has raised US$1.1 million in pre-seed funding.

The round saw participation from renowned accelerator Y Combinator, Southeast Asia’s angel syndicate A2D Ventures, Exitfund, REMUS Capital, SBXi Fund, and Team Ignite Ventures.

With the new capital, LineWise plans to expand its operations across North America and Asia, scale its AI engineering team, and enhance its platform’s capabilities for defect prevention and troubleshooting, with an initial focus on can-making and packaging lines.

Also Read: Empowering early-stage startups with A2D Ventures

LineWise was founded by CEO Tanachart (James) Kujareevanich, an MIT MBA and former McKinsey consultant; CTO Zhichu Ren, an MIT PhD who developed autonomous robotics for materials research; and CPO Wenbo Zhang, an MSE in AI & Robotics from the University of Pennsylvania’s GRASP Lab.

The startup’s mission is to tackle two of the most significant and costly challenges in the manufacturing sector: unplanned factory downtime and yield loss resulting from product defects.

Factory stoppages cost manufacturers upwards of US$100,000 per hour, creating significant ripple effects throughout production and supply chains. Simultaneously, defects on high-speed lines–such as wrinkles, leakers, or false seams in canning and packaging–lead to wasted materials, downstream process strain, and expensive rework.

LineWise addresses these issues with a multi-agent AI system designed to operate as a 24/7 engineer. The platform is trained to think like experienced process and maintenance engineers by ingesting vast amounts of data, including sensor readings, event logs, original equipment manufacturer (OEM) manuals, and records of past fixes.

This enables it to provide rapid root-cause analysis and step-by-step troubleshooting instructions, reducing the need to wait for senior engineers to manually analyse problems.

“Every minute of uptime and every defect-free unit matters,” said James Kujareevanich, CEO of LineWise. “With this funding, we’re scaling our platform so every factory has a 24/7 AI engineer–cutting losses, protecting yields, and freeing teams to focus on innovation instead of firefighting.”

Also Read: Beyond the buzz: How AI and sustainability are reshaping design, manufacturing, and construction in APAC

LineWise has secured five paid pilot programmes with large manufacturers, including NASDAQ-listed industry leaders in packaging, food and beverage, and consumer electronics. It claims that early deployments have demonstrated measurable reductions in downtime and defect-related yield loss, proving a return on investment within weeks.

The startup’s long-term vision is to become the core industrial AI backbone for manufacturers adapting to Industry 4.0.

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Economists projected a modest addition of 75,000 jobs, barely edging out the 73,000 from July, with whispers of a downward revision to the prior month’s figures adding an extra layer of uncertainty. This report carried significant weight, as it could sway the Federal Reserve’s decision on interest rates later in the month, especially amid signs of a cooling labour market.

Initial jobless claims surged to 237,000 for the week ending August 30, marking the highest level since June and underscoring a gradual softening in employment trends. Traders positioned themselves defensively, knowing that a weak print might fuel expectations for aggressive rate cuts. At the same time, a stronger-than-expected number could dampen hopes for monetary easing and pressure risk assets.

US equities managed a solid rebound on September 4, with the S&P 500 climbing 0.8 per cent to close at a fresh record high of around 6,506 points, buoyed by robust July services activity data that exceeded forecasts. The Nasdaq Composite advanced 1.0 per cent, reflecting renewed enthusiasm in technology stocks, while the Dow Jones Industrial Average matched the S&P’s gain at 0.8 per cent.

This rally provided a brief respite from recent volatility, as market participants digested the implications of a resilient services sector amid broader economic slowdown signals. Investors appeared to interpret the data as supportive of a soft landing scenario, where growth moderates without tipping into recession, though the looming payrolls report tempered any excessive exuberance.

Bond markets also drew attention, with Treasuries attracting bids that pushed yields lower. The benchmark 10-year US Treasury yield dropped six basis points to 4.161 per cent, flirting with levels not seen in over a year and signalling investor flight to safety ahead of key data. Shorter-dated two-year yields hovered near one-year lows, highlighting expectations for Federal Reserve action. This movement in yields reflected broader concerns about economic momentum, as lower rates typically encourage borrowing but also hint at underlying weaknesses in growth prospects.

Currency and commodity markets offered mixed signals. The US Dollar Index strengthened by 0.2 per cent to settle at 98.35, benefiting from the relative stability in US data compared to global counterparts. Gold, often viewed as a haven during uncertain times, slipped 0.4 per cent after an eight-day winning streak, trading around US$3,552 per ounce as some profit-taking emerged amid the dollar’s firmness.

Brent crude oil declined 1.0 per cent to US$68 per barrel, pressured by ongoing demand worries and ample supply, though OPEC’s potential output decisions loomed as a wildcard. These shifts underscored a market grappling with inflation fears receding but growth risks mounting.

Also Read: How the global growth of fintech defies age and gender

In Asia, equity benchmarks largely trended lower on September 5, dragged by underperformance in major hubs. Hong Kong’s Hang Seng index fell 1.1 per cent, while the Shanghai Composite dropped nearly two per cent, reflecting investor unease over domestic economic stimulus measures and lingering trade tensions. Other markets like Tokyo and Seoul bucked the trend with modest gains, but the overall tone remained subdued, influenced by the anticipation of US data that could ripple through global trade and capital flows.

Amid this backdrop, the debut of American Bitcoin Corp on the Nasdaq captured headlines, intertwining politics, family business, and cryptocurrency in a way that raised eyebrows across Wall Street. The Bitcoin mining company, partially owned by Donald Trump’s sons Eric and Donald Jr., saw its shares surge as high as US$14.52 before closing up 16.5 per cent at US$8.04, valuing the firm at billions and the brothers’ 20 per cent stake at over US$1.5 billion.

Eric Trump, serving as executive vice president of the Trump Organisation, appeared at Bitcoin Asia 2025 in Hong Kong, further spotlighting the family’s pivot from real estate to digital assets. This move expanded the Trump empire into cryptocurrency, with the company planning to mine and hold Bitcoin while raising funds for growth, including partnerships such as one with Hut 8.

From my perspective, this development strikes me as a potent mix of opportunity and peril. The Trump family’s foray into Bitcoin aligns with a broader trend where influential figures leverage their platforms to enter high-growth sectors, potentially accelerating mainstream adoption. It also invites scrutiny over conflicts of interest, especially given the administration’s crypto-friendly policies that could directly benefit such ventures.

Critics point to the risk of blurred lines between public office and private gain, a concern amplified by the family’s history in real estate and now extended to volatile digital assets. While supporters hail it as innovative entrepreneurship, I see it as emblematic of how political dynasties adapt to new economic frontiers, often at the expense of transparency. The stock’s volatile debut, doubling in value before pulling back, mirrors the crypto market’s own unpredictability, and it will be fascinating to watch if this boosts or burdens Bitcoin’s legitimacy in traditional finance circles.

Turning to Bitcoin itself, the cryptocurrency traded near US$110,700 on September 5, clinging just above the short-term holder realised price of US$107,600. This critical support level gauges the average entry point for newer investors. A rare signal emerged on Binance, where the Bitcoin-to-stablecoin ratio approached parity at 1, a threshold that historically signaled major cycle bottoms, as seen in March 2025 when it preceded a rally from US$78,000 to US$123,000.

However, the current consolidation phase lacks the deep capitulation of past bottoms, raising doubts about whether this indicates a genuine rebound or merely turbulence ahead. Stablecoin reserves on Binance hit a record US$37.8 billion, suggesting ample liquidity is sidelined and ready to deploy, which could fuel a surge if sentiment shifts.

Longer-term metrics painted a bullish picture despite short-term jitters. The overall realised price stood at US$52,800, with long-term holders’ realised price at US$35,600, indicating firm conviction among seasoned investors. The net unrealised profit/loss ratio hovered at 0.53, firmly in profit territory but below euphoric peaks, implying room for growth without immediate overheating.

A key risk loomed: Bitcoin’s 50-week simple moving average, a reliable trend indicator since 2018, sat near US$95,000. A drop below this level could trigger the cycle’s first bearish signal, potentially leading to prolonged declines akin to the 63 per cent drop in 2018 or the 67 per cent decline in 2022. Bitcoin has held above this average since March 2023; however, its current positioning places it perilously close.

In my view, these signals highlight Bitcoin’s maturation as an asset class, blending technical rigor with on-chain insights that traditional markets envy. The Binance ratio’s reappearance excites me because it underscores crypto’s unique data-driven edge, where exchange flows offer real-time glimpses into capital movements. That said, the absence of capitulation worries me; markets often need pain to purge excess before true bottoms form. If Bitcoin slips below US$95,000, it might test investor resolve.

Still, I suspect that sidelined stablecoins and improving macroeconomic conditions, such as potential Fed cuts, could cap the downside and propel a fourth-quarter rally. September has historically been Bitcoin’s weakest month, averaging negative returns, but 2025’s cycle dynamics, including ETF inflows and political tailwinds, might defy the pattern. Analysts eye US$150,000 by year-end if supports hold, a target that feels ambitious but plausible given the asset’s resilience.

Also Read: Looking at the global market dynamics: Cryptocurrencies, regulatory challenges, and the potential for market abuse

To expand on the labor market dynamics, the August nonfarm payrolls report arrives at a time when other indicators already suggest a deceleration in the economy. For instance, the JOLTS report from earlier in the week showed job openings dipping to their lowest since early 2021, with hires and quits also moderating, signalling reduced churn in the workforce.

Economists attribute this to a normalisation after the post-pandemic hiring frenzy, but persistent weakness could prompt the Fed to accelerate its pivot toward easing. Chair Jerome Powell has emphasised the importance of data dependence, and a subpar jobs number might solidify bets for a 50-basis-point cut at the September meeting, rather than the standard 25-basis-point cut. Markets currently price in about a 40 per cent chance of the larger move, up from negligible levels a month ago, reflecting how quickly sentiment can shift.

Equities’ Thursday rally built on gains in sectors such as technology and consumer discretionary, with companies like Nvidia and Amazon leading the charge after positive analyst notes on AI demand. The services PMI from ISM came in at 55.7, well above the 52.5 consensus, indicating expansion and alleviating fears of a broader slowdown spilling over from manufacturing.

This divergence between goods and services has characterised the current cycle, with services proving more resilient due to steady consumer spending. However, with personal consumption expenditures showing signs of fatigue amid high interest rates, the sustainability of this strength remains in question.

In the Treasury space, the yield curve’s subtle steepening warrants attention, as the spread between two-year and 10-year notes has widened slightly to around 15 basis points. Historically, an inverted curve precedes recessions, and its gradual normalisation could signal the end of that inversion phase, potentially heralding better growth prospects ahead. Traders also monitored auction results for new debt issuances, which absorbed smoothly despite elevated supply, thanks to foreign demand and domestic institutions seeking duration.

The dollar’s modest uptick occurred against a basket where the euro and yen weakened, the former due to uncertainty over ECB policy and the latter amid the Bank of Japan’s cautious tightening path. Gold’s pullback interrupted a rally driven by central bank purchases and geopolitical tensions, but fundamentals like real yields remaining low support its medium-term appeal. Oil’s slide extended a multi-week downtrend, with inventories building unexpectedly and global demand forecasts revised lower by agencies like the EIA, though Middle East risks provide a floor.

Asian markets’ weakness stemmed partly from China’s ongoing property woes and export slowdown, with recent stimulus announcements falling short of investor hopes for aggressive fiscal support. Hong Kong’s drop amplified regional contagion, as property developers faced renewed selling pressure. In contrast, Japan’s Nikkei edged higher on exporter gains from a weaker yen, illustrating how currency dynamics can offset broader pessimism.

The Trump sons’ Bitcoin venture adds a layer of intrigue to an already politicised crypto landscape. American Bitcoin Corp aims to capitalise on the mining boom, leveraging cheap energy sources and advanced hardware to build a substantial hash rate. Their stake’s valuation surge on debut day highlights the froth in crypto-related stocks, reminiscent of the 2021 bull run when similar firms commanded premium multiples. Eric Trump’s public engagements, including speeches at industry conferences, position the family as advocates for deregulation, aligning with the president’s pro-crypto stance that has included proposals for a national Bitcoin reserve.

This familial involvement raises ethical concerns, as policy decisions regarding digital assets could impact personal holdings. Observers note parallels to past Trump Organisation dealings, where real estate projects benefited from zoning changes or tax incentives.

Also Read: Eric Trump is headlining a Bitcoin conference and China just silenced its top officials

In the crypto industry, the push for clearer regulations may expedite approvals for mining operations or ETF expansions, indirectly boosting the company’s prospects. Supporters argue it democratises access to Bitcoin wealth, but skeptics see it as another avenue for influence peddling in a lightly regulated space.

Bitcoin’s price action around US$110,700 reflects a tug-of-war between bulls holding the line and bears testing supports. The short-term holder realised price acts as a psychological barrier, where breaches often lead to cascading liquidations. On-chain data from Glassnode shows exchange inflows rising modestly, but not to panic levels, suggesting sellers are tactical rather than capitulatory. The Binance ratio nearing 1 implies balanced reserves, historically a precursor to volatility resolution upward.

The stablecoin buildup on exchanges like Binance indicates a significant amount of “dry powder,” with USDT and USDC accounting for over 90 per cent of holdings. This liquidity could spark a rally if macroeconomic catalysts align, such as a dovish Fed or election outcomes that favour crypto. Long-term holders continue to accumulate, with their cohort’s realised price far below current levels, underscoring the diamond-handed conviction forged through multiple cycles.

The 50-week SMA’s proximity adds technical gravity, as crosses below it have heralded regime shifts. In 2018, the breach preceded a crypto winter amid regulatory crackdowns and macro headwinds. 2022’s drop coincided with FTX’s collapse and rising rates. Today’s environment differs, with institutional adoption via spot ETFs providing a buffer, having absorbed billions in inflows since January. A close below US$95,000 would invalidate the uptrend, but dip buyers might emerge, viewing it as a generational entry point.

My take is that Bitcoin’s narrative has evolved from fringe experiment to portfolio staple, and signals like these reinforce its cyclical nature. The lack of deep fear, as measured by the Fear & Greed Index at neutral 50, suggests more downside potential before a sustainable bottom.

But with halving effects still unfolding and supply growth halved, upward pressure builds organically. Political developments, including the Trump connection, could catalyse sentiment, especially if pro-crypto policies gain traction post-election. I anticipate choppy trading through September, but a breakout above US$120,000 remains feasible by Q4, driven by seasonal patterns and improving fundamentals.

Pulling it all together, today’s market wrap reveals a world on edge, with US strength contrasting Asian weakness and crypto injecting fresh drama via the Trump connection. The payroll data will likely dictate the near-term narrative, but broader trends like softening jobs and yield compression point to a pivotal moment for risk assets.

As someone who has tracked these cycles, I believe the current caution masks underlying opportunities, particularly in Bitcoin, where structural bullishness persists amid tactical risks. Investors should closely watch the US$107,600 level; its defence could spark the next leg up, while a failure might invite a healthy reset.

Regardless, the fusion of politics and markets, as seen in American Bitcoin’s splashy entry, reminds us that finance evolves not in isolation but through bold, sometimes controversial, human endeavours. This interplay will shape portfolios for months to come, demanding vigilance and adaptability from all participants.

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Thailand is positioning itself as a key player in Southeast Asia’s battery and electric vehicle (EV) industries. Yet the path forward is complex, with opportunities tied closely to the challenges of supply chain resilience, green credentials, and global competition.

Dr Pimpa Limthongkul, President of the Thailand Energy Storage Technology Association, says the country’s next steps will determine whether it can capture long-term value from the global transition to new energy.

“The most pressing issue related to battery and EV in Thailand is balancing the rapid EV uptake with healthy local manufacturing,” Dr Limthongkul explains in an email interview with e27.

Imported vehicles have accelerated adoption, but long-term success, she argues, requires a domestic supply chain that is not only robust but also sustainable. That means securing reliable sources of raw materials, building capacity for recycling, and ensuring safety in handling end-of-life products.

Equally important, Dr Limthongkul stresses, is the need to make EVs genuinely green. “How do we make the battery and EV truly low carbon?” she asks.

While shifting from combustion engines reduces tailpipe emissions, Thailand must also tackle the carbon footprint of battery production and electricity generation. With fossil fuels still a mainstay of the national grid, greening the electricity supply is vital to realising the climate benefits of mass EV adoption.

Also Read: Can AI make clean energy pay off? CynLing Software thinks so.

Opportunities for local industry and innovation

Thailand has already made significant progress with incentive packages such as EV3.0 in 2022 and EV3.5 in 2024, which introduced subsidies and tax exemptions to make EV ownership more appealing. These schemes also linked incentives to local production, catalysing investment in domestic battery and component manufacturing.

“We need to lock in and promote local manufacturing, and at the same time secure volume for export of both EV and batteries produced in Thailand,” Dr Limthongkul says.

She also highlights the role of regulation in shaping a competitive yet safe industry. “Improving and ensuring safety by putting in proper regulations and standards will be critical,” she notes.

Beyond manufacturing, Dr Limthongkul emphasises that Thailand must also accelerate its transition to renewable energy: “We need to increase the percentage of green electricity in the grid at a faster pace.” Alongside this, energy storage systems can serve as a backbone for renewable integration, supporting both grid resilience and the growth of the EV ecosystem.

Human capital development is another pillar. The Ministry of Higher Education, Science, Research and Innovation is expanding training programmes to reskill and upskill the workforce in battery technologies. Multi-year R&D initiatives are underway to improve recycling and materials recovery, reducing reliance on imports while fostering a circular economy.

Threats on the horizon

Still, Dr Limthongkul is candid about the risks. “Oversupply and price wars are potential threats,” she warns.

Excess inventory can lead to aggressive pricing that undermines supplier profitability while discouraging consumers from buying immediately, expecting even lower prices ahead.

Also Read: The shifting geopolitics of sustainability, energy, and climate

Cost competitiveness is another concern. “High production costs for local manufacturing, especially compared with mass-produced units from China, are a real challenge,” Dr Limthongkul observes. The lack of reliable after-sales services—from limited parts availability to long repair times—also risks undermining consumer trust.

Macroeconomic conditions and political instability only add to the uncertainty. “An overall economic slowdown can lead to hesitation in new EV purchases and investment from foreign and local players,” Dr Limthongkul says. Global and local unrest, she adds, can slow the pace of critical investments, including those needed for green grid transformation.

Despite these risks, Pimpa is optimistic about the role of innovation in creating a safer, greener industry. “I am looking forward to battery technologies that lead to higher safety and sustainability—those innovations that can bring us closer to the net zero goal,” she says.

For transportation, she points to next-generation chemistries that deliver high energy density and affordability. She sees promise for the grid in low-cost, safe energy storage systems that enable large-scale renewable integration.

Equally important, Pimpa notes, are technologies that extend batteries’ lifespans: “What has been invested in producing the batteries should be utilised most effectively.” She cites better sensing, predictive tools, and modular designs that make batteries easier to disassemble, repair, and repurpose.

Recycling is another frontier. “We need technologies that make battery recycling more efficient and green, from identification through digital battery passports to low-carbon recycling processes,” Dr Limthongkul says. Advances in fault detection, fire protection and storage safety also form part of this innovation landscape.

Milestones achieved

Since the launch of the EV30@30 initiative in 2021, which set the target that 30 per cent of vehicles produced in Thailand would be zero-emission by 2030, the country has achieved remarkable progress. EV registrations are on track to exceed 20 per cent of passenger car sales by 2025, reflecting both growing consumer appetite and the success of incentive programmes.

Also Read: A2D Ventures backs LineWise to put a 24/7 AI engineer on every factory floor

Global manufacturers have responded by committing to building battery plants in Thailand, reinforcing the country’s reputation as an emerging hub. The education and R&D ecosystem is also advancing, with initiatives focused on recycling and materials recovery to reduce import dependence.

Meanwhile, the Ministry of Industry is working on a comprehensive battery recycling framework that could close the loop in Thailand’s battery lifecycle.

Looking ahead to 2026

Dr Limthongkul predicts that by 2026, Thailand will see EV prices becoming competitive with internal combustion vehicles, driving broader adoption. Industrial sectors will increasingly turn to battery-powered mobility, while the commercial and industrial energy storage market will expand on the back of cheap solar power and falling storage costs. Local supply chains will deepen, not just in manufacturing but also in after-sales and repair services.

“By then, we will see more focus on end-of-life battery management and safety,” Dr Limthongkul says.

She believes this will ensure that the industry matures in a way that balances rapid growth with sustainability.

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Image Credit: Michael Fousert on Unsplash

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The Asia-Pacific (APAC) region has solidified its position as the global centre of grassroots cryptocurrency activity, spearheaded by widespread adoption in India, Vietnam, and Pakistan, according to a new report.

The sixth annual Chainalysis Global Crypto Adoption Index for 2025 shows that while India and the United States lead the world overall, several Southeast Asian nations feature prominently in the top rankings, signalling a significant shift in crypto momentum towards the Global South.

The report highlights that APAC is the fastest-growing region for on-chain crypto activity, recording a 69 per cent year-over-year increase in value received in the 12 months ending June 2025. Total crypto transaction volume in the region surged from US$1.4 trillion to US$2.36 trillion, more than doubling last year’s growth rate of just 27 per cent.

Also Read: Tether, Binance, OKX join forces with police to halt US$50M crypto scam in SEA

Within the top 20 countries for grassroots adoption, Vietnam ranks fourth globally, followed by Indonesia (7th), the Philippines (9th), and Thailand (17th). This strong showing is attributed to robust engagement from their populations across both centralised and decentralised crypto services.

The index ranks 151 countries based on four sub-indices designed to measure grassroots crypto adoption, focusing on where ordinary people are embracing digital assets the most. Each country is scored on a scale of 0 to 1, and characteristics like population size and purchasing power are weighted in rankings.

A new picture: Population-adjusted rankings

A different picture emerges when the index is adjusted for population size to provide a clearer view of where crypto is gaining real grassroots traction. While Eastern European countries like Ukraine, Moldova, and Georgia top this list, Vietnam still holds a strong position at sixth place.

Notably, this population-adjusted list also ranks Hong Kong SAR fifth and Singapore 15th for the region, indicating high levels of crypto activity relative to their population sizes. The report suggests that factors like economic uncertainty and strong technical literacy can drive adoption in these areas.

Methodology shifts to reflect a maturing market

In a significant update, Chainalysis has revised its methodology better to capture the current state of the crypto ecosystem. The 2025 index introduces a new sub-index for institutional activity, designed to measure the growing influence of traditional financial players.

This metric tracks transactions over US$1 million, reflecting the entry of hedge funds, custodians, and other large-scale entities into the space. The report notes that this addition provides a fuller view of global engagement by capturing both “bottom-up (retail) and top-down (institutional) activity”.

This change was driven by significant market developments, including the approval of multiple spot bitcoin ETFs in the US and expanded regulatory clarity in key markets.

The report removed the retail decentralised finance (DeFi) sub-index to avoid a skewed representation of crypto engagement. The analysis found that while DeFi represents a significant portion of total transaction volume, it constitutes a much smaller share of overall user activity compared to centralised platforms. This adjustment ensures the index gives a more accurate measure of broad, user-level adoption.

Global trends: Stablecoins, on-ramps, and broad-based growth

The report also sheds light on key global trends impacting the crypto landscape:

Also Read: Laundering, layered: The strategy, psychology, and mistakes of crypto thieves

• Stablecoin surge: While USDT (Tether) and USDC remain dominant, processing trillions of US dollars in monthly volume, smaller, regulated stablecoins are experiencing rapid growth. EURC saw its monthly volume rise from approximately US$47 million to over US$7.5 billion in the past year, an average month-over-month growth of nearly 89 per cent. This coincides with major financial institutions like Stripe, Mastercard, Visa, Citi, and Bank of America launching stablecoin products or exploring new offerings. This trend suggests an expanding stablecoin landscape where local use cases and regulatory frameworks are shaping global volumes.
• Bitcoin as the main gateway: Bitcoin remains the primary entry point for fiat currency into the crypto economy, accounting for over US$4.6 trillion in fiat inflows between July 2024 and June 2025. This figure is more than double the volume of the next-highest category. The United States remains the world’s largest fiat on-ramp with over US$4.2 trillion in volume.
• Truly global adoption: The current wave of crypto adoption is broad-based, with high-, upper-middle-, and lower-middle-income countries all showing strong growth simultaneously. This suggests crypto is benefiting both mature markets with clear regulations and emerging markets where it serves vital functions for remittances and access to finance.

The post US$2.36 trillion: Asia Pacific becomes crypto’s growth engine appeared first on e27.

e27 has been nurturing a supportive ecosystem for entrepreneurs since its inception. Our Contributor Programme offers a platform for sharing unique insights. As part of our ‘Contributor Spotlight’ series, we shine a spotlight on an outstanding contributor and dive into the vastness of their knowledge and expertise.

This episode features Zijian Khor, Senior Assistant Director at the National Environment Agency (NEA), Singapore, where he currently drives innovation and improvements in the Operations Transformation Division. With over a decade of experience in the environment and sustainability space, Khor has led initiatives spanning corporate strategy, policy, and operations at both the Ministry of Sustainability and the Environment (MSE) and NEA.

At MSE, he worked on climate science and adaptation, contributing to Singapore’s engagements with the Intergovernmental Panel on Climate Change (IPCC), as well as national research efforts in coastal protection and heat resilience. At NEA, he managed the carbon budget for the Waste Sector and long-term planning for key infrastructure, including Semakau Landfill. He also spearheaded the rollout of Pneumatic Waste Systems, business intelligence functions, and major process reviews.

Outside of work, he keeps one eye on the world stage. He runs Geopolitical Action 4 Leaders, a newsletter, and hosts GeoPol in a Pod, a podcast, where he unpacks the hidden signals shaping global policy, finance, and the economy for supply chain leaders and investors. He is also an active contributor of our community, where he writes a bi-weekly column on climate policies and sustainability, examining their impact on Southeast Asia’s startup and investment landscape.

In the sections below, he reflects on his journey, the lessons he’s learned, and what keeps him going.

How I got here

Working at the Ministry of Sustainability and the Environment allowed me to broaden my horizons to real-world issues that all aspects of society face: climate change, food and water security, even frontier topics like heat resilience. I also came to realise how geopolitical relations quietly impact our day-to-day lives behind the scenes.

This piqued my interest in geopolitics and started me on a journey to constantly think about how these forces shape our society. Now, I produce a newsletter and podcast to raise awareness, as I believe we need more analysts thinking along these lines — especially in the corporate space.

Also Read: Rails of fortune: How China’s US$124B BRI boom is creating new startup arteries in SEA

If I had to explain my work to a kid

I help my teammates work better together and get ready for the things we’ll need to do in the future.

Lessons learned along the way

One thing I’ve learned is that government tends to be slow in adopting new technology. But locally, we’ve started to see AI and large language models (LLMs) being more closely incorporated into government work. They’ve been a great support in sharpening our thinking, improving how we communicate, and boosting the effectiveness of the services we deliver.

What more people should notice

Startups and investors should place more emphasis on geopolitical and climate risks as emerging dimensions. Signals around resilience, compute, and energy sovereignty are already shaping supply chains and affecting the value chains that startups rely on.

Why I write

My advice for aspiring thought leaders

I was once told to “keep it simple,” and that’s the mantra I follow when I write. Oh, and AI does a pretty good job of making things easier to read too!

Also Read: Why perfect carbon audits could cripple climate finance — and what to fix instead

What drives my curiosity

Aside from topics like climate change and carbon credits, geopolitics and AI are always top of mind. The world is moving too fast and often in unpredictable ways, through my newsletter and podcast, I try to offer some semblance of clarity amidst the noise.

Influences that shaped me

Take a look at Khor’s articles here for more insights and perspectives on his expertise.

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The post Zijian Khor on climate, policy, and the power of geopolitical awareness appeared first on e27.