Singapore-based smart mobility startup RushOwl has secured US$10 million in Series A funding led by Gobi Partners.

Government-owned Hong Kong Investment Corporation Limited (HKIC) also participated in the round.

RushOwl will use the capital to expand its operations from Singapore, India, and Hong Kong into the Philippines, South Korea, and Malaysia. It also plans to grow its B2B sales team and pursue a strategy of licensing its RushOS software to fleet partners. A new R&D centre in Malaysia is also in the plans.

Founded in 2018 by CEO Shin Ng, CTO Songyan Ho, and COO Kris Lee, RushOwl uses a proprietary AI platform to reduce carbon emissions and commute times for corporations and schools.

At the heart of RushOwl’s service is RushOS, an AI-based dynamic routing algorithm that pools trip requests into shared, carbon-efficient journeys. The company states its technology cuts carbon emissions by 50 per cent through saved mileage and reduces commute times by 30 per cent compared to public transport. One shared journey replaces more than three vehicles.

Also Read: On the sustainability of AI: Why measuring digital carbon emissions is key to a greener future

A key differentiator for RushOS is its focus on being ready for autonomous vehicles, emphasising optimal asset utilisation for a sustainable return on investment.

The company claims to have powered over 1.5 million rides, manages over 4,000 trips daily so far and supports 250,000 users on its mobile app RushTrail.

The startup has secured eight-figure annual contracted revenues through long-term agreements of at least 24 months with key partners, including Asia Pacific Breweries, CBRE, and Singapore’s Ministry of Education.

“One of the most vital elements of smart cities is transportation that is not only affordable, but also sustainable,” said Chibo Tang, Managing Partner of Gobi Partners. “RushOwl addresses urban challenges such as congestion and excess emissions, while preparing for the future by developing technologies compatible with autonomous vehicles.”

In 2021, RushOwl raised ~US$479,000 in a seed financing round led by Silicon Solutions Partners, an investment firm focusing on servicing and accelerating startups in the smart city sector.

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Indonesia’s Attorney General’s Office (AGO) has named former Gojek CEO Nadiem Makarim a suspect in the laptop procurement corruption case that occurred during his time as Minister of Education, Culture, Research, and Technology.

According to local media reports, Makarim was declared a suspect after the AGO questioned 120 witnesses and four expert witnesses.

He will be detained in Salemba, Central Jakarta, for 20 days.

Previously, the AGO declared four individuals suspects in the laptop procurement case, which has reportedly cost the state close to IDR2 trillion (US$121 million).

The case began in 2019, before Makarim was formally appointed minister in President Joko Widodo’s administration. It started with the creation of a WhatsApp group called “Mas Menteri Core Team” (“Brother Minister’s Core Team”) that includes Makarim, Jurist Tan, and Fiona Handayani.

Also Read: Grab introduces Gercep to protect drivers during unrest in Indonesia

This group’s discussions revolved around a plan to foster digital transformation in the national education system, which led to a plan to procure Chromebook laptops.

After his appointment in October 2019, Makarim deployed his close aide Tan to engage in technical talks about Chromebook laptop procurement. Tan brought in consultant Ibrahim Arief, whose involvement allegedly influenced a shift in procurement direction.

By April 2020, an internal technical study concluded that Chrome OS devices were unsuitable for teachers and students. Despite this, a virtual meeting led by Makarim allegedly reversed course and pushed for full adoption of the Chromebooks.

This led to a second, revised technical study favouring Chrome OS, ultimately justifying the purchase of 1.2 million Chromebooks using a mix of state and Special Allocation Funds totalling IDR9.3 trillion (US$565 million).

This arrest was the second announced this week after executives at BRI Ventures and MDI Ventures were arrested for involvement in the TaniHub fraud investment case.

More on this story as it develops.

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Southeast Asia faces deep healthcare disparities, particularly in rural and low-income communities. Yet, with rapid mobile adoption and AI-powered health innovations, the region is uniquely positioned to leapfrog traditional barriers. Impact-first health platforms are showing that affordable, inclusive care can be delivered at scale while still offering investors measurable social returns.

The persistent healthcare divide

Despite rapid economic growth, Southeast Asia (SEA) continues to struggle with uneven access to healthcare. Millions in remote islands of Indonesia, rural Cambodia, Laos, and Myanmar face long travel times, poor infrastructure, and financial barriers that make even basic healthcare difficult to reach.

Add to this a shortage of doctors, nurses, and specialists, and the challenge becomes more than an infrastructure issue. Cultural and language barriers also play a role, limiting trust and uptake of outside healthcare interventions.

Digital health: A proactive solution

The good news is that telemedicine, mobile health tools, and AI diagnostics are reshaping access to care—shifting the region from reactive crisis management to proactive prevention and early intervention.

• Telemedicine: With internet access now reaching 80 per cent of adults — 90 per cent of them via smartphones — virtual consultations are bridging the urban-rural divide. Patients who once faced hours of travel can now connect with specialists instantly.
• Mobile health tools: Apps, wearables, and medication reminders empower patients to manage chronic conditions, monitor vital signs, and take preventive steps before complications escalate.
• AI diagnostics: From detecting tuberculosis and malaria to managing hypertension and diabetes, AI-powered diagnostic stations and chatbots are democratising specialist-level expertise.

“Digital health is not replacing doctors—it is amplifying their reach.”

Also Read: The hardest industries to disrupt and start in Asia: A focus on healthcare

Building for inclusion: Why impact-first tech matters

For all its promise, digital health risks leaving some behind unless inclusion is a design priority. Platforms must be:

• Language- and culture-sensitive, addressing SEA’s multi-ethnic, multi-lingual context.
• Affordable, ensuring access is not limited to wealthier urban populations.
• Low-bandwidth ready, for rural areas with patchy connectivity.
• Community-embedded, building trust through partnerships with local NGOs and health workers.

“Technology without inclusion risks widening the gap. Impact-first design ensures the underserved remain at the centre.”

This philosophy underpins MaNaDr’s model—building a platform that serves not just urban elites, but also the most vulnerable communities across the region.

Funding for good: Why investors should care

The next wave of healthcare innovation in SEA won’t just be driven by technology—it will depend on capital. And here lies an opportunity for investors.

• Measurable impact: Digital health solutions can quantify outcomes—reduced hospitalizations, earlier diagnoses, and improved medication adherence.
• Resilient demand: Healthcare is non-cyclical. A platform that addresses systemic gaps in a region of 680 million people will not lack growth.
• ESG alignment: Investors globally are under pressure to deliver not just returns but also impact. Inclusive healthcare is one of the clearest ESG opportunities in SEA today.

“When investors back impact-first healthcare, they’re not just funding apps—they’re funding equity, dignity, and resilience.”

Also Read: Asia’s new AI wave: Startups driving smarter healthcare, safer roads, better living

Partnerships to close the last mile

NGOs such as Project HOPE, Health in Harmony, and Sustainable Health Empowerment are already working alongside startups and governments to deliver education and care to underserved communities. Yet key questions remain:

• How do we connect patients in no-internet zones with doctors abroad?
• How can medicines reach patients scattered across Indonesia’s thousands of islands?
• How do we foster trust across multiple cultures and languages?

Answering these requires collaboration, not competition—between governments, innovators, investors, and communities themselves.

Final thoughts

We believe digital health must be built for inclusion and funded for good. Only then can Southeast Asia fully harness telemedicine, AI, and mobile tools to deliver on healthcare’s promise: equitable access for all.

Healthcare is not a privilege. It is a basic human right. By aligning innovation with inclusion, and capital with impact, Southeast Asia can become a global model for how digital health transforms not just systems—but lives.

—

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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Global markets have entered a phase of heightened caution as fiscal stability concerns ripple across major economies, prompting investors to reassess risk assets and flock toward safer havens.

Investors pulled back from equities amid worries over government debt levels and potential policy missteps, leading to declines in key indices. This retreat reflects broader anxieties about how governments will manage swelling deficits in an environment of elevated interest rates and geopolitical tensions.

This pullback serves as a necessary correction after months of optimism driven by central bank easing expectations, but it also highlights vulnerabilities that could persist if fiscal policies fail to instil confidence. The interplay between rising yields and weakening currencies underscores a market grappling with the realities of post-pandemic debt burdens, where any sign of instability can quickly amplify losses.

US equities under pressure

In the United States, stock markets experienced notable declines, with the S&P 500 dropping 0.7 per cent, the NASDAQ falling 0.8 per cent, and the Dow Jones slipping 0.6 per cent. These moves came as traders digested ongoing fiscal debates in Washington, including discussions around debt ceilings and spending priorities that could strain the economy further.

Federal Reserve outlook and market pause

The broader context involves speculation about Federal Reserve interest rate decisions, with markets pricing in a high probability of a September cut amid softening economic data. From my perspective, these dips in equities represent a healthy pause rather than the start of a deeper bear market, as underlying corporate earnings remain robust in sectors like technology and consumer goods.

If fiscal concerns escalate into actual policy gridlock, we could see more pronounced selling pressure, especially in overvalued tech stocks that have led the rally so far this year.

Also Read: Empathy-first algorithms: The marriage of AI and human psychology in marketing

Dollar strength amid global uncertainty

The US Dollar Index strengthened by 0.6 per cent to close at 98.33, benefiting from its safe-haven status amid global uncertainties. This uptick pushed the index higher to 98.37 in subsequent trading, reflecting weakness in counterparts like the British pound and Japanese yen.

The dollar’s resilience stems from relative economic strength in the US compared to Europe and Asia, where growth forecasts have been revised downward due to trade tensions and energy supply risks. I believe the dollar’s strength will continue in the near term, acting as a buffer against imported inflation, but it risks exacerbating export challenges for American firms if it appreciates too aggressively.

Rising yields and treasury market dynamics

US Treasuries faced selling pressure, with yields on the 10-year note climbing five basis points to around 4.28 per cent. This increase followed weakness in European bonds, where longer-dated securities bore the brunt of investor unease. The par yield curve data for early 2025 shows a steepening trend, indicating market expectations for higher long-term rates amid persistent inflation worries.

In my opinion, this yield surge signals investor skepticism about the Fed’s ability to engineer a soft landing without reigniting price pressures, particularly if fiscal spending remains unchecked. Treasuries, traditionally a refuge, now compete with alternatives like gold, which offer hedges against both inflation and currency debasement.

UK fiscal challenges and gilt sell-off

Across the Atlantic, the United Kingdom grapples with its own fiscal headaches, as long-term bond yields soared to levels not seen since 1998. The 30-year gilt yield jumped to 5.72 per cent, driven by a sell-off that also dragged the pound lower by as much as 1.5 per cent against the dollar.

Prime Minister Keir Starmer faces mounting pressure to clarify budgetary plans, with investors fretting over potential tax hikes or spending cuts that could stifle growth. The pound traded at a three-week low of 1.3375 against the dollar, highlighting the currency’s vulnerability to domestic policy shifts.

I see this as a critical juncture for the UK economy, where Starmer’s administration must balance fiscal prudence with economic stimulus to avoid a prolonged sterling slump. The surge in yields, while painful for borrowers, might force necessary reforms, but it risks tipping the economy into recession if not managed carefully.

Also Read: China, US, Japan to drive 40 per cent of global mobile gaming by 2030

Commodities: Gold and oil diverge

Commodities provided a mixed picture, with gold surging 2.2 per cent to a record high of US$3,533 per ounce. This rally gained traction from expectations of Fed rate cuts and concerns over the central bank’s independence in the face of political pressures.

Analysts project gold averaging US$3,220 in 2025, buoyed by seasonal demand and monetary easing. Brent crude oil edged up 0.7 per cent, as traders weighed supply risks from renewed US sanctions on Russia and OPEC+’s reluctance to increase output. Ukrainian drone attacks and geopolitical escalations have kept prices supported, with Brent trading around US$68 per barrel.

Gold’s ascent underscores its role as a premier safe-haven asset in uncertain times, potentially outperforming equities if fiscal woes deepen. Oil’s modest gains, meanwhile, reflect a delicate balance between supply disruptions and demand concerns, with OPEC+’s upcoming meeting likely to dictate near-term direction.

Asian markets and big tech boost

Asian equity indices opened lower in early trading, mirroring the global risk-off mood, while US equity futures ticked higher, supported by after-hours gains in Alphabet following a favourable antitrust ruling.

A federal judge decided Google would not need to divest its Chrome browser, sparking an eight per cent surge in Alphabet’s stock. This decision avoided harsher penalties, boosting investor confidence in big tech. I interpret this as a positive for the broader market, as it reduces regulatory overhang on tech giants, potentially fuelling a rebound in US indices despite Asian weakness.

In foreign exchange markets, the USD/JPY pair rose 0.8 per cent to 148.40, its highest since early August, amid fiscal concerns in Japan. Near-term support for GBP/USD lies at 1.3500-1.3560, while resistance for USD/JPY is at 148.40-148.90. These levels suggest potential consolidation as traders await clearer signals from central banks.

Bitcoin momentum and institutional interest

Turning to cryptocurrencies, Bitcoin rose 1.63 per cent to US$111,342.85 over the past 24 hours, outpacing the broader market’s 1.6 per cent gain and reversing a 2.95 per cent decline over the prior 30 days. This uptick draws from bullish institutional sentiment and technical momentum.

JPMorgan’s declaration that Bitcoin appears undervalued relative to gold stands out as a key driver. The bank notes Bitcoin’s volatility has plummeted from 60 per cent to 30 per cent over six months, the narrowest gap with gold ever recorded. Their volatility-adjusted model pegs Bitcoin’s fair value at US$126,000, about 13 per cent above current levels.

This assessment positions Bitcoin as digital gold, attracting risk-averse institutions. BlackRock’s US$58 billion stake in Bitcoin ETFs and corporate treasury allocations, now holding six per cent of supply, bolster this demand. However, Bitcoin lingers 12 per cent below its recent all-time high, offering upside potential if stability holds.

I find this JPMorgan call compelling, as it marks a shift from traditional finance’s skepticism toward embracing Bitcoin’s maturation as an asset class. Reduced volatility not only draws in more capital but also diminishes the narrative of Bitcoin as a speculative gamble, paving the way for broader adoption.

Whale accumulation and custody shifts present a mixed but largely positive impact. Institutions like MicroStrategy have added 41,875 BTC since April 2025, while custodians such as Coinbase and Anchorage Digital manage about 80 per cent of ETF-held Bitcoin. Exchange reserves have hit multi-year lows as coins move to custody, reducing immediate sell pressure. This centralisation raises risks if regulators scrutinise custodians or liquidity issues arise. Retail participation stays muted, capping organic demand.

Also Read: Asia Pacific redefines biotech: Global pharma’s strategic shift from West to East

Recent data shows whales holding 1,000-10,000 BTC adding 16,000 coins during dips, while smaller wallets sold off. From my standpoint, this dynamic favours bulls in the long run, as institutional hoarding creates scarcity, but it demands vigilance against concentration risks that could amplify volatility in downturns.

Technically, Bitcoin shows neutral to bullish signals. The price sits above the 200-day simple moving average at US$101,388, with the 50-day SMA at US$114,675 nearing a golden cross. The RSI-14 at 45.54 indicates neutral momentum, while the MACD at -1,830 suggests consolidation. Fibonacci retracement points to resistance at US$113,836 and US$115,864.

A golden cross could draw algorithmic traders, but mixed indicators imply a period of range-bound trading. Predictions see Bitcoin reaching US$120,593 by early September. I view these technicals as supportive of gradual upside, particularly if Bitcoin breaks above US$115,864, which might trigger fresh buying. Failure to do so could test support at US$107,271, but overall, the setup aligns with institutional optimism.

On X, discussions echo this sentiment, with users highlighting JPMorgan’s undervalued call and whale accumulations as bullish catalysts. Posts note corporate treasuries going crypto-native, like SharpLink Gaming’s ETH buys, reinforcing Bitcoin’s appeal. Semantic searches reveal rising institutional sentiment since August, with whales adding significant holdings.

In my opinion, these trends solidify Bitcoin’s trajectory toward US$126,000, driven by convergence with gold and structural demand shifts. While global fiscal concerns weigh on traditional markets, Bitcoin’s resilience positions it as a standout performer, potentially decoupling from equity weakness if adoption accelerates.

Conclusion: Safe havens and Bitcoin’s rise

In summary, the retreat in risk sentiment amid fiscal worries has pressured stocks and currencies, but commodities like gold and Bitcoin shine as hedges. The UK’s bond turmoil exemplifies broader challenges, while US futures hint at selective recoveries.

For Bitcoin, the combination of undervaluation signals, whale activity, and technical poise suggests substantial upside ahead. As a journalist tracking these developments, I remain optimistic about Bitcoin’s role in portfolios, viewing current dips as entry points in a maturing asset class.

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In Asian asset management, the only thing that stays the same is how nothing really stays the same.

While the sheer size and influence of mainland China can’t be ignored, it is Singapore and, more recently, Hong Kong, that are driving fund innovation in the region. Boosted by forward-thinking government initiatives that encourage firms to automate, embrace new technologies like tokenisation and meet the growing demand among Asian investors (and investors in Asia) for overseas exposure, they’ve experienced impressive growth.

From 2022 to 2023, Singapore’s assets under management (AUM) grew by 10 per cent, reaching over US$4 trillion. Hong Kong’s AUM grew by over two per cent, while net fund flows grew by more than 300 per cent. Japan, Taiwan and many other APAC markets have racked up equally impressive numbers.

Behind these headline figures is a more nuanced situation, with much of the growth being fuelled by overseas investors. Seventy-seven per cent of Singapore’s AUM comes from international investors, of which 89 per cent is invested outside the country. In Hong Kong, investors outside of Mainland China and Hong Kong have consistently accounted for 54-56 per cent of total AUM over the past five years.

The exposure local investors get to overseas markets, however, pales in comparison, with access restricted by a lack of automation and interoperability, as well as cross-border regulation that adds further costs and delays. This is not the case for all firms, however, with some pulling away from their competitors and opening up a world of investment opportunities for their clients.

Recently, Calastone commissioned a survey of asset managers, asset servicers and fund distributors across Asia, focussing primarily on Singapore and Hong Kong. We wanted to explore the challenges and opportunities within the space and understand how technology can be harnessed to better serve investors’ cross-border ambitions.

Among the respondents, almost all cited global diversification for local investors as ‘very’ or ‘extremely’ important, with 89 per cent of respondents highlighting further expansion into APAC as a priority. Considering the growth across the region, this is understandable. This is also being driven by a desire to access the influence of the Chinese Mainland’s asset management industry, especially in Hong Kong where local regulatory bodies are making a considerable effort to further open access.

Also Read: How blockchain is optimising payments, assets and workflows

North America was the second most popular market for global diversification, with 63 per cent of respondents seeing it as a priority market. Asian investors understandably want to cash in on the booming equity markets in North America. When asked what their priorities are when selecting investment products, they focus on returns above all else, so enabling better access to global markets is key.

Likewise, the second biggest factor was ‘brand recognition/reputation’ of the fund manager. Despite the rapid growth of domestic fund markets, providing investors access to the biggest names in Western fund management can still be a significant differentiator for Asian firms.

In an attempt to meet this diversification demand, regulatory bodies across APAC have implemented swathes of new regulation. This should be commended, but there’s still work to be done: over half of our respondents cited ‘cross-border investment & market access’ as a regulatory priority. Perhaps unsurprisingly, it’s the Monetary Authority of Singapore (MAS) that has been pushing for progress.

The country’s Variable Capital Company (VCC) framework was a step in the right direction, but, despite attracting considerable interest, it’s still not classified as registered by many overseas jurisdictions, which presents a major hurdle for global acceptance. Hong Kong initiatives such as the Wealth Management Connect (WMC) and Mutual Recognition of Funds (MRF) schemes, launched to open up access to Mainland China, are also in need of refinements to be truly effective.

Many of these issues stem from a lack of standardisation of digital fund infrastructure. While not unique to the Asian market, the problem is exacerbated by the region’s continued reliance on commission-based fund distribution, whether it’s front-end, back-end, or trail commissions. These varying commission structures across different jurisdictions create a fragmented landscape, further complicating the distribution and settling of cross-border transactions.

Asset managers that are able to access seamless and interoperable order routing and settlement systems will gain a huge advantage. These systems not only enhance operational resilience and scalability, but also lay the groundwork for  a truly connected financial ecosystem.

Also Read: Speaking before you scale: Your voice is your most powerful asset

To make that a reality, standardisation built on interoperability and global standards is essential, enabling smoother cross-border collaboration and allowing firms to innovate at the pace of market demands. While some networks have emerged to address these challenges, most remain confined to domestic markets, restricting Asian funds and their investors from accessing overseas opportunities. Connectivity with global reach can bridge that gap, with forward-thinking funds already partnering with third parties to support cross-border distribution and settlement.

All of this is taking place against a backdrop of almost constant product innovation. Our survey found that the two biggest factors driving competition in Asia were product innovation – particularly specialised investment products such as ETFs, REITs, and customised wealth management products – and new technology, including robo advisors and digital brokerages. The next stage of this innovation will be tokenised assets, with regulatory bodies in Singapore and Hong Kong both working to establish themselves as the region’s primary hub for tokenised products.

Initiatives like MAS’ Project Guardian and Hong Kong’s VA Funds Circular mean that the regulatory framework is in place for forward-thinking funds to take advantage of the benefits tokenisation can bring, from increased efficiency and liquidity to seamless cross-border fund transfers.

McKinsey & Company forecasts that US$4 trillion to US$5 trillion of tokenised digital securities could be issued by 2030. Yet, despite the clear potential, just over 55 per cent of respondents to our survey have begun working on tokenised offerings, indicating that there is still plenty of room in the market for firms to gain an early-mover advantage.

Delivering the overseas exposure that domestic investors seek will require a joint effort from the regulators and the funds they govern. The groundwork has been laid, but to fully realise the benefits, automation, interoperability, and global connectivity need to be leveraged to ensure these advancements drive impact both at home and abroad.

—

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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TeamCXO has launched a new platform focused on Asia that connects startups with fractional C-suite executives.

The programme offers part-time and project-based senior leadership to founders in Southeast Asia. It aims to provide startups with seasoned operational experience to help with fundraising, go-to-market strategy, and product development without the overhead of a full-time senior hire.

A fractional executive is a seasoned operator, such as a CFO or CTO, who takes ownership of outcomes, roadmaps, and budgets on a part-time basis or for a fixed duration. This model provides embedded leadership and accountability without the permanent financial commitment.

Also Read: Fractional helps startups figure out marketing leadership with its fractional CMO service

While the trend began in Western markets like Silicon Valley, it is seeing increased adoption in Southeast Asia, where a deepening pool of experienced talent exists. The current downturn in regional investment may also drive founders to seek high-quality input on a more reasonable budget, a scenario where fractional leadership can be highly beneficial.

TeamCXO’s executives are “co-pilots” who assist founders in specific areas. “We’re co-pilots, not the stars,” said Shannon Kalayanamitr, founder of TeamCXO. “Think of us as your sparring partner on strategy, your door-opener when you need one, your interim CXO until traction justifies a full-time hire, your advisor, and even a pre-launch test bed for things like tokenisation–so you move faster with fewer unforced errors.”

Founders can use these co-pilots to manage fundraising processes, rebuild customer relationship management (CRM) systems, accelerate product delivery, establish AI and automation, or explore new business lines.

The platform’s advisory bench is curated and features an array of senior talent. It includes former operators from major regional companies like Lazada, Grab, aCommerce, Ampverse, and Animoca Brands, as well as global firms such as Vice Media, Netflix, and Uber.

The roster also includes exited founders, a “Shark” from Shark Tank Thailand, a former TechCrunch editor, and specialists in areas like actuarial risk and pricing. Access is provided only through a guided matching process to ensure each pairing is individually tailored.

The service is also designed to address the needs of investors and large corporations. Venture capital and private equity firms can utilise the platform to accelerate value creation and enhance governance across their portfolio companies.

Similarly, corporates can gain execution speed for digital, AI, and market expansion projects without expanding their permanent headcount.

For founders navigating a challenging funding environment, the platform aims to provide the necessary traction and added credibility to close investment rounds successfully.

TeamCXO offers support across eight executive functions, including:

• Finance (CFO/strategy): For fundraising narratives, financial models, and business-model proofing.
• Technology & digital (CTO/CDO): Covering architecture modernisation, AI pilots, and Web3 go-to-market advisory.
• Growth & brand (CMO): Focused on CRM rebuilds for lifetime value (LTV), performance marketing, and public relations.
• Product & delivery (CPO): To improve development cadences, define roadmaps, and increase velocity.
• Data & AI: Providing dashboards, forecasting, risk scoring, and actuarial-grade pricing models.
• People & Talent (HR): Assisting with organisational design, compensation, and hiring for hard-to-fill roles.
• Board & Advisory: Supplying independent advisors for governance and regional expansion.

Also Read: The future of work: Navigating the shift to flexible talent models

Startups can engage with TeamCXO through several flexible formats. These include short-term Sprints (2-6 weeks) for tightly scoped projects like a CRM rebuild; a Part-time CXO (1–3 days per week) for 3-6 months to manage a function during a growth phase; On-demand blocks of hours for reviews and decision support; and integrated Pods that combine multiple roles, such as a CFO and CMO.

The engagement process begins with an email or by filling out a short intake form, after which TeamCXO provides a “concierge match” with one to three best-fit operators or pods to align on scope and begin work.

Visit TeamCXO for more details.

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IdeaSpace Foundation, the accelerator backed by the MVP Group of Companies, has officially announced the six startups joining the 13th cohort of its flagship accelerator programme. Themed “Startups for the Future,” this year’s cohort champions early-stage ventures that tackle complex local challenges with scalable, tech-driven solutions.

Spanning proptech, fintech, AI-enabled content, and digital commerce, the chosen startups reflect a growing maturity in the Philippine startup scene where founders are anticipating the next wave of user needs.

“This cohort perfectly embodies our mission to help startups that can scale and contribute meaningfully to the economy,” said Alwyn Rosel, Executive Director of IdeaSpace. “We are excited to partner with them on their journey to build scalable and sustainable businesses”.

The IdeaSpace Accelerator Program goes beyond funding, offering mentorship, network access, and support on operations, fundraising, and marketing. This hands-on approach has made the program a consistent pillar of the Philippine startup ecosystem since its launch in 2012.

Backed by some of the country’s largest conglomerates including PLDT-Smart, Meralco, and Maynilad, IdeaSpace aims to play a unique role in marrying corporate strength with entrepreneurial agility.

Also Read: China, US, Japan to drive 40 per cent of global mobile gaming by 2030

The following is a list of the startups:

Soolok Properties Inc.
Offers a digital platform that aggregates foreclosed property listings from major banks, streamlining the discovery process using a proprietary pricing model to identify high-value deals.

KaHero
A cloud-based point-of-sale (POS) system that empowers small businesses to manage sales, inventory, and operations from anywhere.

Xure
A mobile platform for collectors to buy, sell, and trade collectibles, with built-in appraisal and certification features through a decentralized clearinghouse.

DashoContent
Combines AI with human editorial oversight to streamline content operations—an increasingly critical task for digital-first businesses.

Cloverly
Targets the real estate space with an internal onboarding tool that makes property sales smoother for developers and brokers.

Polka Motors
A loan facilitation platform for motor vehicles, simplifying credit access for aspiring vehicle owners.

“These startups are not just tech-driven; they are purpose-driven,” noted Butch Meily, President of IdeaSpace. “The strength of our network—connecting founders, mentors, investors, and the broader MVP Group—will undoubtedly drive these ventures to new heights”.

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Image Credit: IdeaSpace

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“Just let them try it first.”

That was the common advice when I first started building digital products. In my earlier ventures, from a media-tech startup to a social commerce platform, we defaulted to freemium. The logic was simple: remove the barrier, increase sign-ups, convert later.

It made sense — until it didn’t.

Free users signed up out of curiosity. Many never returned. Others used the free tier indefinitely. Meanwhile, we were burning resources: Backend space, team bandwidth, mental energy. Eventually, we realised we weren’t scaling a product. We were scaling load — without commitment.

When free isn’t really free

Founders often overlook the hidden costs of free trials:

• Support queries from users who may never convert.
• Infrastructure load from inactive accounts.
• Distorted product feedback from non-serious users.
• And most critically: Diluted focus and energy across the team.

If you’re bootstrapped or running lean, this can burn you out before real growth even begins.

I ran the experiments — so you don’t have to

Across multiple ventures, including software, community platforms, and AI tools, I’ve tested different user onboarding and pricing models. Here’s what I’ve learned.

• Freemium

In one of my early platforms under People’s Inc., we offered a freemium model for our social commerce product. While we saw a surge in sign-ups, many accounts remained inactive. And without external funding, the overhead created by these dormant users became unsustainable.

• Time-limited free trials

Later, we tested free trials for our software-as-a-service with a fixed timeframe. After a period, users had to upgrade or lose access. This helped reduce long-term bloat, but the lack of initial commitment meant usage remained inconsistent.

Also Read: Joanna Wong’s second act: Reinvention as a founder strategy

• Paid upfront

In another project, we switched to upfront payments. Fewer sign-ups, but more serious ones. However, the friction was high, and many potential customers hesitated without first seeing the value.

• Free setup + paid commitment

Eventually, we settled on a hybrid approach: Offering free setup or onboarding, while requiring upfront payment for full access. This created trust and reduced friction, while still ensuring the user was invested. The difference in activation and retention was immediate.

This didn’t just apply to SaaS

The commitment-first approach also proved effective in other models. For example, in one community-driven programme, we structured upfront payments for enrolment and bundled access for the first six months. Only later did we open the community as a standalone paid membership.

When launching a new AI tool, Seraphina AI, we ran a paid beta model from the beginning. Users weren’t just testing a tool — they were invested in helping shape it. That focus improved feedback quality and helped us iterate faster with fewer distractions.

In all these cases, asking for commitment upfront helped us build more intentional relationships, and sustainable businesses.

What AI helped (and what it didn’t)

Today, much of our backend and customer engagement is supported by automation and AI. In these ventures, systems we developed in-house help:

• Qualify leads faster.
• Maintain engagement through automated follow-ups.
• Track readiness to buy.
• Reduce repetitive work for the team.

Also Read: The quiet ambition: How Vietnam is winning AI without the noise

But AI didn’t eliminate the need for clear pricing and onboarding design. It simply made the results of each decision more visible — fast.

The commitment-first growth framework

Here’s the approach I now use when designing digital products and programmes:

• Lead with clarity: Be specific about what users will get, and what’s expected in return.
• Charge early (but offer support): Free setup or onboarding creates trust. Full access should require investment.
• Automate the heavy lifting: Use tools to streamline lead management, without losing the human connection.
• Invest in the engaged: Once commitment is clear, prioritise users who are serious about growth.
• Let it compound: Sustainable growth often starts slower, but builds stronger over time.

If you’re building a startup in Southeast Asia, especially with a lean team or limited runway, it’s worth rethinking free trials. What feels like a growth strategy might be delaying your path to product-market fit — or worse, burning out your team in the process.

Upfront commitment isn’t just about revenue. It’s a filter. It helps you focus on people who are ready, and let go of those who aren’t. And in my experience, that’s what makes all the difference.

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Grab Indonesia has rolled out a new support feature, Grab Quick Response (Gercep), in the wake of violent protests that have left two ride-hailing drivers dead and several others injured.

The feature, launched on Tuesday, aims to provide immediate legal and psychological assistance to Grab’s driver community, disproportionately affected by the unrest.

The Gercep feature introduces a set of dedicated channels and a help centre explicitly designed for driver partners. Through these channels, drivers can access legal support services and counselling sessions to cope with the trauma of recent events.

Grab is also equipping its partners with real-time notifications about high-risk locations, helping them avoid areas where demonstrations and violence are ongoing.

Neneng Goenadi, CEO of Grab Indonesia, emphasised the company’s commitment to protecting its workforce. “Every driver partner and employee of Grab Indonesia must receive fair treatment and their rights, including security guarantees, when conveying their aspirations to the government. Seeing a crisis situation like this, we feel the need to provide comprehensive support,” she said at a press conference.

Also Read: Driving change: How women are redefining ride-hailing

The feature’s launch comes after the tragic deaths of a Gojek driver in Jakarta and a Grab driver in Makassar during riots in the two cities. The company confirmed that three other drivers remain in intensive care in both cities after sustaining serious injuries.

Goenadi expressed condolences to the families of the deceased, underscoring the urgency behind the introduction of Gercep.

Riots escalated by fatal incidents

The unrest was sparked by the death of Affan Kurniawan, a Gojek driver who was struck and killed by a tactical vehicle belonging to the Indonesian National Police Mobile Brigade on August 28 in Jakarta, as reported by Tempo English.

On the following day, another casualty was recorded when Rusmadiansyah died during clashes near the University of Muslim Indonesia (UMI) campus in Makassar.

These incidents have escalated tensions in several cities nationwide, with driver groups demanding accountability and stronger protections.

On September 1, hundreds of students met across various cities in Indonesia after deadly riots on the weekend. The riots left eight dead in the worst violence witnessed in the country in more than two decades; the number of casualties has grown to 10 people across Indonesia by September 2.

The series of protests began on Monday, August 25, in response to the government’s move to enhance lawmakers’ perks.

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Image Credit: Grab

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While US markets observed the Labour Day holiday, the quiet trading session masked underlying tensions simmering across multiple continents.

Europe on edge: France’s political turmoil spreads to bonds

European bond markets experienced broad-based weakness, particularly in France, where the spectre of a confidence vote threatening the stability of the government sent ripples through sovereign debt markets. The spread between French and German 10-year yields, a critical gauge of perceived risk within the Eurozone’s core, stabilised at 79 basis points. This figure, while slightly below the August 27 peak of 82 basis points, the highest level since January, remains deeply concerning.

Historically, such widening indicates heightened investor anxiety about fiscal sustainability and political cohesion. The French situation is not merely a domestic issue; it directly impacts the broader European project. A collapse of the current government could derail crucial budget negotiations and reignite fears about the Eurozone’s structural fragility, potentially forcing the European Central Bank into an uncomfortable position between managing inflation and preventing a sovereign debt flare-up.

The market’s nervousness reflects a very real possibility that political paralysis could lead to delayed fiscal adjustments, increasing the risk of a ratings downgrade and further capital flight from French assets.

Indonesia’s market shock: Politics trigger capital flight

Turning eastward, Indonesia emerged as a focal point of volatility. Its main stock index, the Jakarta Composite Index, plummeted 3.6 per cent on Monday, marking the steepest single-day decline in nearly five months. This sharp selloff was directly attributable to escalating political tensions following the recent presidential election.

The specific nature of these tensions involves contested results and legal challenges that have cast doubt on the smooth transition of power, a critical factor for emerging market stability. Investors reacted swiftly and severely, withdrawing capital perceived as exposed to potential policy uncertainty or social unrest.

Also Read: Markets plunge into September chaos: Tech titans tumble as global tensions ignite

The immediate consequence extended beyond equities; yields on Indonesia’s 10-year government bonds surged to their highest level in almost three weeks. Rising bond yields signal increased borrowing costs for the government and corporations, tightening financial conditions within the economy.

This dual pressure on stocks and bonds creates a challenging environment for the Bank of Indonesia, which must now weigh the need to potentially support the rupiah and contain inflation against the risk of further stifling economic growth. Indonesia’s vulnerability highlights a recurring theme in emerging markets where political instability can rapidly translate into significant financial market stress, deterring foreign investment and increasing the cost of capital across the board.

Commodities react to sanctions and safe-haven demand

Commodity markets displayed a more mixed picture. The US Dollar Index held relatively steady at 97.81, reflecting a temporary pause in the greenback’s recent trajectory as traders awaited key US economic data. Gold, however, saw a modest increase of 0.8 per cent, climbing to US$3476 per ounce.

This movement suggests a slight shift towards safe-haven assets, possibly driven by the European political anxieties and broader global uncertainties, even if the US market holiday limited overall activity. Brent crude oil futures rose 1.0 per cent to settle at US$68 per barrel.

This gain stemmed from a specific supply disruption: Saudi Arabia and Iraq halted crude oil shipments to a refinery in western India following European Union sanctions. While the immediate impact on global supply appears contained, it underscores the persistent vulnerability of energy markets to geopolitical friction and the complex interplay of international sanctions.

The incident serves as a reminder that regional political conflicts can quickly constrict supply chains, creating localised price spikes even amidst generally stable global oil fundamentals. Early Tuesday trading saw Asian equity indices open higher, potentially reflecting a degree of relief or positioning ahead of anticipated US economic data releases later in the week, though this initial move requires confirmation as trading volumes increase.

Crypto divergence: Bitcoin finds support, Ethereum stumbles

The cryptocurrency sector presented a stark contrast between Bitcoin and Ethereum, revealing divergent market dynamics.

Bitcoin edged up 0.81 per cent over the past 24 hours to US$109,151, slightly outperforming the broader crypto market which saw only a negligible 0.03 per cent gain. This minor recovery, while modest, carries significance as it occurred against a backdrop of a 3.5 per cent monthly decline.

The technical structure provided the immediate catalyst. Bitcoin stabilised just above a critical pivot point at US$108,804 after its Relative Strength Index (RSI) indicated oversold conditions, climbing from 38.59 to 40.56. This technical rebound suggests short-term traders actively bought the dip near this psychological and technical support level, anticipating a bounce.

Also Read: A guide on the go-to-market models that startups use

Simultaneously, institutional activity offered a glimmer of positive sentiment. Spot Bitcoin ETFs recorded substantial inflows totalling US$550 million during the week, a notable figure given the prevailing market uncertainty. This institutional accumulation, even amidst volatility, signals continued long-term conviction from major players, providing a structural underpinning for the asset. However, the broader technical picture remains cautious.

Bitcoin continues to trade below all key moving averages, including the 7-day Simple Moving Average at US$110,039, indicating that the dominant momentum trend is still bearish. The Moving Average Convergence Divergence (MACD) histogram, while showing slowing selling pressure at -625, remains firmly in negative territory.

The critical juncture now lies at the US$110,000 psychological and technical resistance level. A sustained break above this mark could trigger significant short-covering and attract fresh buying, potentially altering the near-term trajectory. Conversely, failure to hold above US$108,804 risks a retest of the June swing low near US$107,271, deepening the correction.

Ethereum told a markedly different story, falling 2.26 per cent to US$4,307.74 and significantly underperforming the broader market. Two primary forces drove this weakness. First, a decisive technical breakdown occurred as Ethereum breached the critical support zone at US$4,350 and the 100-hour Simple Moving Average around US$4,342. Such breaks often trigger automated stop-loss orders from algorithmic trading systems, accelerating the downward move.

The technical indicators confirmed the bearish shift. The RSI dipped to 42.24, showing weakening momentum, while the MACD histogram at -60.16 exhibited bearish divergence, meaning the price made a lower low but the momentum indicator did not confirm it strongly, often a sign of exhaustion before a potential reversal, though currently reinforcing the downtrend.

The immediate path of least resistance points lower, with the next significant support identified at the 38.2 per cent Fibonacci retracement level near US$4,344. A decisive close below this level could propel the price towards the stronger 50 per cent Fibonacci support at US$4,155. The second major factor was a substantial outflow from Ethereum ETFs.

On August 18, a significant US$196.6 million was withdrawn from these newly launched products, effectively reversing the positive momentum generated by earlier institutional interest. This outflow directly increased sell-side pressure in the spot market.

Compounding this, large holders, often termed whales, reduced their Ethereum holdings by approximately 1.2 million ETH, representing a value of roughly US$5 billion over the preceding 30 days. Such movements by major players historically erode market confidence and can trigger follow-on selling.

Also Read: Markets at a crossroads: Trump’s Fed clash, Powell’s pivot, and global ripple effects

However, a nuanced detail offers a potential counterbalance. Smaller addresses, holding between 10 and 100 ETH often categorised as “sharks” representing active retail or smaller institutional players, accumulated a substantial 4.4 million ETH during the same period.

This suggests that while large entities retreated, a different segment of the market saw value at lower prices, potentially establishing a floor. The long-term picture retains a stabilising element, as approximately US$6.3 billion worth of Ethereum remains locked within the ETF structures, providing a foundational level of institutional support even during periods of outflow volatility.

A fragile global balance ahead

The convergence of these disparate market movements paints a picture of a global financial system operating under significant strain but not yet in crisis.

Political risks in Europe and Asia are actively pricing in potential instability, forcing investors to demand higher compensation for perceived sovereign and emerging market risks. Commodity markets react to both geopolitical friction and the underlying strength or weakness of the US dollar.

Within the volatile cryptocurrency sector, the divergent paths of Bitcoin and Ethereum underscore the maturation of the market. Bitcoin increasingly demonstrates characteristics of a macro asset, reacting to broader risk sentiment and attracting institutional capital flows even during downturns, while Ethereum remains more susceptible to technical breakdowns and specific product dynamics like ETF flows.

Traders globally are now intensely focused on upcoming US economic data, particularly the non-farm payrolls report. This data will be pivotal in shaping expectations for the Federal Reserve’s next moves on interest rates. A stronger-than-expected report could delay anticipated rate cuts, strengthening the dollar and increasing pressure on risk assets including equities and cryptocurrencies.

Conversely, weaker data could accelerate expectations for monetary easing, potentially providing relief across risk markets. The current environment demands constant vigilance. Thin holiday trading can amplify moves, political risks can escalate rapidly, and technical levels can trigger significant momentum shifts.

The stability observed in some areas, like the US Dollar Index, feels provisional, dependent on the next data point or political development. Investors must navigate a landscape where traditional correlations can fracture under stress, and localised political events can have outsized global financial repercussions.

The coming weeks will test whether the current market structure can absorb these pressures or if the underlying tensions will coalesce into a broader reassessment of risk across multiple asset classes. The path forward hinges on the interplay between political resolution, central bank communication, and the resilience of technical support levels holding firm against waves of selling pressure.

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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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