As Asia accelerates its digital transformation, responsible technology development has become increasingly crucial. It ensures that innovation and organisational practices align with societal interests, actively considering values, consequences, and potential impacts while proactively managing risks.

This approach is especially critical for artificial intelligence (AI), given its unprecedented capabilities to process vast amounts of data, make autonomous decisions, and transform industries. As AI applications expand across finance, healthcare, education, and smart city development throughout Asia, the need for robust governance frameworks becomes ever more pressing.

The importance of responsible tech

The reach of technology is constantly expanding into sensitive areas — from aid delivery to public health monitoring and educational systems — affecting people’s daily life. As we navigate the digital age, Hong Kong intends to promote sustainable and inclusive innovation through responsible technology practices that go beyond technical compliance to embrace human rights, equality, and sustainability.

Embracing these practices will enable us to better utilise data and digital tools to improve lives, whilst preventing unintended side-effects and potential pitfalls. This commitment extends to ensuring data privacy, promoting digital literacy, and fostering transparency in algorithmic decision-making. The goal is to create a digital ecosystem that is both innovative and ethically sound, ensuring that all members of society can benefit from technological advancements.

Hong Kong leading in responsible tech development

The Hong Kong Government exemplifies its commitment through comprehensive policy initiatives and regulatory frameworks. The establishment of the Digital Policy Office (DPO) in July 2023 demonstrates the government’s proactive stance, with its Ethical AI Framework guiding the responsible implementation of AI across public sectors.

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

The Hong Kong Monetary Authority (HKMA) launched the ‘Generative Artificial Intelligence Sandbox’, helping financial institutions to experiment with AI applications while maintaining robust risk management. This initiative is part of the government’s broader commitment to fostering technological advancement in the financial sector while maintaining robust governance frameworks.

In October 2024, the Hong Kong government released a policy statement emphasising responsible application of AI in finance.  This document highlights AI’s data-driven, dynamic nature and outlines the need for financial institutions to adopt risk-based governance strategies with human oversight.

These coordinated efforts position Hong Kong as a key player in balancing innovation with ethical considerations, setting a practical example for other Asian markets on fostering AI advancement while maintaining public trust and safety.

Thriving ecosystem accelerates adoption

While government initiatives provide the framework, it’s the vibrant startup ecosystem that accelerates responsible tech adoption through real-world applications and market validation. Hong Kong’s interconnected network of innovators, investors, and institutions creates a powerful multiplier effect, turning policy frameworks into practical solutions while fostering a culture of responsible innovation.

This was highlighted at last year’s StartmeupHK Festival’s LOUDER Connect, where stakeholders explored crucial topics like AI governance, data privacy, and sustainable tech development. Among the thought leaders was Esther Wong, founder and CEO of 3Cap, an AI-focused Venture Capital targeting global opportunities. Her firm’s commitment to foundational AI technologies and sustainable artificial general intelligence (AGI) development exemplifies how Hong Kong’s ecosystem players are actively shaping a future where intelligent systems enhance humanity responsibly.

Also Read: How AI and automation are shaping the future of work

3Cap has invested in several innovative AGI companies, including Palantir, which aims to create an exceptional user experience for working with data. Their goal is to enable users to analyse complex data without needing expertise in querying languages, statistical modelling, or command-line interfaces. Palantir achieves this by building platforms for data integration, management, and security, complemented by applications that support interactive, human-guided and machine-assisted analysis.

Building a more equitable future for all

Responsible technology, particularly in AI development, goes beyond risk mitigation to actively create a more equitable and inclusive society.

As AI systems become more sophisticated and widespread across the globe, Hong Kong is focused on advancing the development of responsible AI in Asia to ensure these technologies serve all segments of society by addressing digital divides, ensuring accessibility, and embedding ethical considerations in their design and deployment.

Through InvestHK’s dedicated startup support and ecosystem-building initiatives, Hong Kong continues to attract and nurture innovative companies committed to responsible technology development, serving as a gateway for technological advancement across Asia.

This collaborative ecosystem approach demonstrates how balancing innovation with ethical considerations can create a digital landscape that empowers all stakeholders. As we harness AI’s transformative potential, Hong Kong’s leadership in responsible innovation helps drive Asia’s journey toward a more equitable, secure, and prosperous future for all.

—

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Analysts at UnaFinancial predict a significant shift in Southeast Asia’s fintech user demographics, with Generation Z and Millennials potentially comprising 79 per cent of the total user base by 2030.

This is a substantial increase from the estimated 65 per cent in 2024.

This growing influence necessitates fintech firms to adapt their strategies to cater to these younger generations’ preferences and financial behaviours.

Also Read: Why is open banking the future of fintech?

The analysis, which considered six Southeast Asian nations – the Philippines, Indonesia, Vietnam, Thailand, Singapore, and Malaysia – estimated approximately 400 million unique fintech users at the close of 2024. Of this total, Millennials accounted for 31.8 per cent (127 million), Gen Z represented 33.4 per cent (134 million), and Gen X and Boomers constituted the remaining 34.8 per cent (139 million).

Looking ahead to 2030, experts at UnaFinancial anticipate the total number of fintech users in the region could reach 505.6 million. Among these, Millennials are projected to make up 40.9 per cent, Gen Z 38.5 per cent, with the remaining users accounting for around 20.6 per cent.

The analysts, drawing on public data and surveys, highlighted several key trends in the financial habits of younger demographics. A prominent observation is the demand for maximum flexibility and personalised approaches, with both generations placing a high value on customer experience and convenience.

Notably, Millennials are inclined to pay for an excellent customer experience, while 77 per cent of Gen Z in Singapore indicated a willingness to pay more for solutions that simplify their lives. This underscores the importance of investing in bespoke offerings and superior customer support for fintech companies.

Furthermore, the report suggests a growing trust among young individuals towards fintech companies, paving the way for developing alternative financial products, such as lending and payment solutions. In the realm of investing, the availability of educational resources to facilitate informed decision-making is crucial.

A survey revealed that while 80 per cent of Gen Z and Millennials engage in investing, six in 10 respondents described themselves as “very new to” or possessing “a basic understanding of” investing.

Additionally, 38 per cent of Millennials and 26 per cent of Gen Z in Singapore expressed a perceived lack of knowledge in managing finances.

Interestingly, 79 per cent of Millennials and 75 per cent of Gen Z consider sustainability to be important. This presents a significant opportunity for environmentally and socially conscious fintech companies to develop solutions that align with these values.

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

“Financial habits of Millennials and Gen Z are having a significant impact on the development of the entire fintech industry. In this context, it’s crucial for fintech companies to understand how the needs of these generations are changing in order to adapt their services and remain competitive. Those who take into account digital demands, provide a high level of personalisation and customer service, and consider requests for sustainability and innovation have higher chances of leading the market,” UnaFinancial analysts said.

UnaFinancial is a group of companies focused on developing user-friendly digital financial solutions across Asia and Europe. It aims to provide accessible and reliable finance through innovative technologies, prioritising customer needs. Since its inception, UnaFinancial has served over 19 million clients and facilitated loans worth over US$2 billion.

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Deep into product testing.

Contracts need to be signed.

Getting revenue in is the only thing on my mind because hardware is already in production.

One night, after a call with a potential customer in the US, my teammate in New York said something that caught me off guard. “You’re leading all these men, bringing everyone together on this mission. And you’re the only woman on the team, too.”

I paused.

Not because it bothered me. But because I hadn’t even noticed.

When you’re building at speed, you don’t stop to count

I didn’t pause to think, “Do we need balance?” I thought, “Who can deliver under pressure?”

That’s what founders do. They move.

So I moved fast. I found people who were skilled, focused, and could execute. And somewhere along the way, I ended up in a room where I was the only one of us with a womb.

That’s not a problem to solve. It’s just a reality I noticed.

Also Read: 6 lessons I learned as a B2C hardware startup founder

I don’t need a label, I just want to win

People love to box everything.

“Female founder.”

“Woman in tech.”

“Trailblazer.”

Honestly, I’m just here to build. I care about products that work, systems that scale, and teams that move fast without drama.

If you can do that, I don’t care where you come from, what you look like, or what box the world puts you in.

Build products for people who need it most, with the heart and intention to do good for humanity.

That’s it.

This moment wasn’t about identity, it was about clarity

I didn’t feel left out. I didn’t feel special. I felt something else: clarity.

Clarity that leadership isn’t about checking boxes. It’s about setting the standard. And right now, that standard is execution.

We’ve got SDKs in the wild. We’re integrating with real-time rendering stacks. We’re closing on deals across verticals from healthcare to sports and entertainment. And we’re about to launch a full-stack AI glasses platform into global distribution.

You don’t need a headline to lead. You just need to show up, make decisions, and move.

Final founder thought

I didn’t notice I was the only woman. Then someone else did. And I moved on. Because the point isn’t who’s in the room.

The point is whether we’re shipping and bringing in the signed contracts.

—

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Malaysia-based venture capital firm 1337 Ventures has announced a strategic investment in Betterteem Technologies, an AI-powered HRtech startup headquartered in the Philippines.

“At Betterteem, our mission is to equip business leaders with data-driven insights to navigate the complexities of talent management and retention. Partnering with 1337 Ventures marks a pivotal moment for us, providing the resources and expertise needed to enhance our technology and expand our impact,” said founder and CEO Bo Discarga.

Founded in 2021 by Discarga and Rey Leonard Dumasig (CTO), Betterteem is a predictive workplace app focused on the overall employee journey. It uses machine learning to predict churn, provides on-demand mental health support, and is a digital community platform to influence their experience positively. Betterteem does this by sifting through volumes of data coming in and out of the app after its daily use by employees.

In simple words, Betterteem amalgamates the features of several HR apps like Slack, Microsoft Teams, HRIS, SharePoint, and Intranet. This allows the app to collect usage data and create predictive analytics of a team member’s experience. It alerts people leaders/HR executives about their experience and attrition possibility using its predictive analytics.

Also Read: Betterteem is Slack, Microsoft Teams, SharePoint, Intranet all rolled into one

The firm has clients across Thailand, Singapore, South Korea, and the Philippines.

Beyond its predictive analytics capabilities, Betterteem also offers integrated employee assistance programmes aimed at supporting mental health alongside flexible benefits functionality. This allows companies to personalise their offerings and enhance employee satisfaction levels.

Bikesh Lakhmichand, CEO and Founding Partner of 1337 Ventures, commented: “Betterteem addresses one of the most critical pain points in business with a unique blend of predictive analytics and mental health support. Their innovative approach has already gained traction across multiple countries, and we believe they are well-positioned to make a global impact.”

In 2022, Betterteem secured an undisclosed sum in funding from Techstars, Crestone Venture Capital, 1337 Ventures (Malaysia), and Suresh Thiru (ex-CEO of JobStreet). Previously, the firm raised undisclosed funding from local angel fund Buko Ventures and IdeaSpace.

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Dear reader,

The latest State of the ASEAN Technology Ecosystem Report CY2024 underscores a paradox in the region’s startup landscape—while capital deployment is stabilising, early-stage founders continue to struggle with fundraising. This reflects a broader global trend where investors remain cautious, prioritising proven business models over speculative growth.

The sharp 23% decline in deal volume highlights a key challenge: the scarcity of dedicated seed funding. Without robust early-stage investment, ASEAN’s startup pipeline could face long-term constraints. While Series A and B funding appear to be stabilising, founders are often forced to accept lower-than-expected valuations, signalling a market still favouring investors over entrepreneurs.

Geographically, the shifting focus beyond Singapore and Indonesia suggests a maturing ecosystem, where emerging markets like Malaysia, Thailand, and the Philippines offer fresh opportunities. However, capital invested remains below pre-pandemic levels, reinforcing the uneven recovery.

Sector-wise, fintech’s dominance is unsurprising, given its established role in the region. What’s more striking is ASEAN’s relative lag in AI investment, especially compared to North America and Europe. This suggests a potential gap in deep tech funding that could hinder long-term innovation.

Ultimately, despite challenges, founder optimism remains strong. However, without renewed early-stage capital and stronger investor-founder alignment, ASEAN’s tech growth may remain constrained.

Sainul,
Editor.

—–

REGIONAL

Fundraising remains tough in ASEAN despite capital stabilisation
As per a January Capital report, fintech remained the most active sector in 2024 in ASEAN, followed by healthtech, F&B/agritech, and software/AI | The total number of deals completed witnessed a 23 per cent year-on-year decrease.

Chocolate Finance takes US$374M hit in 2-week withdrawal spree
It has slashed the firm’s assets under management (AUM) by some 40% | The genesis of Chocolate Finance’s troubles, arguably, lay in its decision to pull the plug on transactions via payment services provider AXS.

Philippine startups break records in 2024: What’s driving the boom?
The Philippine startup scene is booming with record investments and fintech growth—but can it sustain momentum amid lingering challenges?

SEA embraces crypto payments, but security and merchant adoption lag
For 51% of respondents in the region, the speed and efficiency of transactions are the paramount reasons for embracing crypto payments | However, security risks were cited by 43% of users as a major barrier.

Millennials, Gen Z will shape 79% of SEA’s fintech landscape by 2030: Report
By 2030, UnaFinancial anticipates the total number of fintech users in the region to reach 505.6 million from the current 400 million.

Blibli posts 14% revenue growth in 2024
The Indonesian omnichannel commerce firm’s direct sales business grew 66% to US$51.89M | Meanwhile, its marketplace sales, including travel and lifestyle products on tiket.com, rose 26% due to higher customer demand.

SeaX Ventures unveils US$6M climate fund to back startups focusing on carbon reduction
SeaX Zero plans to invest in 15 to 20 startups by the end of 2025, deploying initial cheques between US$100,000 and US$500,000.

Flagright clinches US$4.3M to bolster AI-native anti-money laundering solutions
The investors include Frontline Ventures, Y Combinator, and Pioneer Fund | Flagright’s no-code platform offers a centralised solution encompassing dynamic risk scoring, automated case management, real-time transaction monitoring, and AML screening.

Singapore Deep Tech Alliance charts new course for impact-driven innovation
The SDTA has marked the past year with significant milestones, including the launch of a non-profit division, which is designed to leverage philanthropic and catalytic capital for projects outside the traditional venture capital model.

Meet the 7 founders from SEA selected for EY’s Entrepreneurial Winning Women 2025
This bespoke executive initiative aims to identify and champion a select group of high-potential founders who have established profitable enterprises.

1337 Ventures invests in Philippines-based Betterteem
Betterteem is a business intelligence platform that leverages AI to predict and mitigate employee resignations while enhancing workplace satisfaction | It has secured clients in Thailand, Singapore, South Korea, and the Philippines.

FEATURES & INTERVIEWS

SEA’s US$48B agritech revolution: Startups cultivating a smarter future
Southeast Asia’s agritech market, projected at US$24-48B by 2030, grows with IoT, AI, and startups enhancing efficiency and sustainability.

For SMEs eyeing global growth, efficiency is everything: Insights from Payoneer’s Nagesh Devata
According to the Payoneer SVP of APAC, steady cash flow is critical for SMEs to survive economic instability.

INTERNATIONAL

OpenAI nears US$40B funding round led by SoftBank
Additional investors include Magnetar Capital, Coatue Management, and Founders Fund. According to PitchBook data, this round could value OpenAI at US$300B, nearly doubling its US$157B valuation from October 2023.

Trump may cut China tariffs to secure TikTok deal
ByteDance must sell TikTok to a non-Chinese buyer by Apr. 5 or face a US ban due to national security concerns | Trump indicated he may extend the deadline and offer tariff reductions to encourage a resolution.

ByteDance pressures US team as TikTok Shop falls short
TikTok’s shopping division failed to hit its goals in the US last year, and leadership is cracking down, company insiders told Business Insider | During a call, Bob Kang, the company’s China-based e-commerce head, singled out the US team as underperforming.

US-based 2am VC targets India’s Gen Z with new US$25M fund
Set to close by July, the new fund plans to invest in up to 30 Indian startups at the pre-seed to seed stages | Its average ticket size ranges from US$500,000 to US$1 million.

BYD targets 800K overseas EV sales by 2025
To address potential tariff challenges, BYD plans to assemble vehicles locally while sourcing key components from China | It’s building factories in Brazil, Thailand, Hungary, and Turkey but has no plans to enter the US or Canada due to tariffs.

SEMICONDUCTOR

From lab to fab: Inside Applied Ventures’s stage-agnostic deep tech investments
Applied Ventures’s Global Head Anand Kamannavar speaks about the key focus areas, investment criteria, trends, and expansion.

Malaysian chip designer SkyeChip secures investment from Gobi Partners
The funding will bolster SkyeChip’s talent acquisition, business expansion initiatives, and working capital | SkyeChip designs and develops semiconductors for cutting-edge applications in areas such as AI and high-performance computing.

AI boom drives increased demand for semiconductors: Industry leaders
According to industry leaders at the Nano Electronics Roadshow and Conference, they observed a sharp uptick in semiconductor consumption, with expectations for substantial growth moving forward.

ARTIFICIAL INTELLIGENCE

Is AI the end of originality or a new dawn for creativity?
The future of creativity extends beyond adapting to AI; it’s about riding the wave to unlock new imaginative dimensions.

AI infrastructure: The unsung hero of technological innovation
While AI’s applications and ethics dominate discussions, the crucial infrastructure powering its development remains a silent force shaping our future.

Responsible technology and AI: Shaping Asia’s digital future
Hong Kong leads responsible AI development in Asia, balancing innovation with ethics through governance, transparency, and inclusivity.

THOUGHT LEADERSHIP

US consumer confidence dips: How it’s hitting Asian stocks, crypto and beyond
Asian markets tread cautiously as Trump’s tariff plans loom, impacting stocks, currencies, and crypto amid shifting economic trends.

US tariffs vs crypto wins: An economic shift
Trump’s 25% auto tariff shakes markets, impacts industries, fuels crypto shifts, and raises big questions on trade, inflation, and policy.

The shifting geopolitics of sustainability, energy, and climate
Policy shifts in Europe, the UK, and Canada reveal a new balance between sustainability, energy security, and geopolitical strategy.

The impact of eSIM on international roaming and travel
eSIMs simplify travel—no roaming fees, SIM swaps, or WiFi hunts. Stay connected seamlessly and affordably worldwide.

Embracing sustainability: A circular design perspective on e-waste
Explore sustainable design’s impact on tackling e-waste, focusing on responsible product lifecycles and recycling for a greener future.

Profitable e-commerce: Making real money in the new year
In the world of e-commerce, the most common tailwinds are the events and occasions when people are ready and willing to shop more.

How fintech in Asia is enabling and making education affordable for everyone
Financing has always been the key barrier for enrolment and retention, and is a top-of-mind issue for schools.

Navigating the diverse crypto regulatory landscape in Southeast Asia
Cryptocurrency regulation and adoption in Southeast Asia vary widely, reflecting each country’s unique circumstances.

How to tackle employee mental health to build a resilient workforce
World Mental Health Day is the perfect opportunity to reflect on how organisations have supported their workforce.

A better way to work: independent doers lead the way
No matter how you’re employed, embracing change is the best way to stay relevant; and independent doers are leading the way, let’s keep up.

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The market wrap offers a fascinating snapshot of where we stand on March 28, 2025—a moment marked by cautious sentiment, looming trade tensions, and a bold proposition from Senator Cynthia Lummis about Bitcoin’s potential to halve the US national debt over two decades. Let me offer my perspective on this complex tapestry, weaving together the threads of traditional finance, geopolitical strategy, and the disruptive promise of cryptocurrency.

The global risk sentiment pulling back isn’t surprising given the spectre of reciprocal tariffs and an escalating trade war under US President Donald Trump’s administration. Trump’s promise to announce new tariffs by April 2, following the already imposed 25 per cent tariff on car imports, has investors on edge. Trade wars are notoriously double-edged swords—they can protect domestic industries in the short term but often lead to higher consumer prices, disrupted supply chains, and retaliatory measures that dampen global growth.

The cautious mood in the markets reflects this uncertainty, with investors weighing the immediate risks against the longer-term implications. The fact that Asian equities are trending lower in early trading and US equity futures suggest a flat open only underscores the hesitancy rippling through the financial world.

Amid this unease, attention is shifting toward key economic data points like the upcoming US personal consumption expenditures (PCE) report due later today. As the Federal Reserve’s preferred gauge of inflation, the PCE will offer critical insights into the health of the US economy. If it signals slowing growth—perhaps exacerbated by trade tensions—we could see louder calls for interest rate cuts.

The bond market seems to be pricing in this possibility already, with shorter-maturity yields dipping as the prospect of Fed easing looms. The steepening of the 10Y-2Y Treasury yield curve, with the 10-year yield ticking up to 4.36 per cent and the 2-year falling to 3.99 per cent, suggests a nuanced outlook: short-term relief from potential rate cuts, but longer-term concerns about inflation or debt sustainability. It’s a delicate balance, and one that investors are watching closely.

Meanwhile, defensive sectors like Consumer Staples and Health Care are holding up better than the broader MSCI US index, which slipped 0.4 per cent. This flight to safety is a classic move when uncertainty reigns—staples and health care tend to weather economic storms more resiliently than cyclical sectors. Gold’s 1.3 per cent climb toward US$3,100 per ounce reinforces this haven-seeking behaviour, as does Brent crude’s modest rise to US$75 per barrel despite the tariff threats.

The US Dollar index, down 0.2 per cent, seems to be taking a breather after recent gains, perhaps reflecting mixed signals between Fed cut expectations and the dollar’s safe-haven status. Across the Pacific, Tokyo’s accelerating inflation keeps the Bank of Japan on its gradual rate-hike path, a contrast to the Fed’s potential pivot that highlights the diverging monetary policies shaping global markets.

Also Read: 3 stages of marketing for your startup that can drive effective results

But the real headline-grabber in this market wrap is Senator Cynthia Lummis’s audacious claim at the DC Blockchain Summit that Bitcoin could slash the US national debt—currently a staggering US$36 trillion—in half over 20 years. It’s a bold statement, one that demands scrutiny given its implications for both fiscal policy and the role of digital assets in the global economy.

Lummis argues that Bitcoin’s scarcity (capped at 21 million coins), immutability (thanks to blockchain’s tamper-proof nature), and storability make it an ideal long-term asset for national stability. She’s not alone in this vision—Microstrategy CEO Michael Saylor, a vocal Bitcoin advocate, doubled down at the summit, calling it “Manifest Destiny” for the US Together, they’re pushing for Bitcoin to become a strategic reserve asset, a move that could redefine America’s financial playbook.

Let’s unpack this idea. The US national debt has ballooned over decades, fuelled by deficit spending, wars, tax cuts, and economic stimulus packages. At US$36 trillion, halving it to US$18 trillion by 2045 would be a monumental feat. Lummis’s plan hinges on the government acquiring and holding a significant Bitcoin stash—Saylor has suggested five per cent of all Bitcoin, or roughly 1 million coins.

At today’s price of US$86,680 per Bitcoin, that’s about US$86.7 billion—a drop in the bucket compared to the debt. The magic lies in Bitcoin’s potential appreciation. If its price were to soar 250-fold over 20 years, as some optimistic models suggest, that US$86.7 billion could balloon to US$21.7 trillion—enough to offset half the current debt, assuming it doesn’t grow further (a big assumption given historical trends).

Is this plausible? Bitcoin’s historical performance lends some credence. Since 2010, its price has surged from pennies to tens of thousands, driven by adoption, scarcity, and speculative fervor. But past performance isn’t a crystal ball. A 250x increase from US$86,680 would push Bitcoin to over US$21 million per coin by 2045—an astronomical leap requiring sustained demand, regulatory clarity, and global economic shifts favouring digital assets.

Critics, like Judd Legum in an X post last year, have called this math “implausible,” noting that even static debt levels would demand unprecedented growth. Add in compounding debt from interest and new deficits, and the hurdle grows steeper.

Yet, Lummis and Saylor see Bitcoin as more than a speculative bet—it’s a hedge against a weakening dollar and a tool to “shore up” its status as the world’s reserve currency. With the dollar losing purchasing power over time (a point Lummis emphasised), a rising Bitcoin stash could offset that erosion, providing a growing asset to balance the books.

It’s a radical rethink of sovereign wealth, akin to nations hoarding gold in the 20th century. Posts on X reflect a mix of enthusiasm and skepticism—some hail it as visionary, others dismiss it as crypto hype. The sentiment is split, but the idea’s boldness is undeniable.

Also Read: When tariffs danced with Bitcoin and markets held their breath

Today’s Bitcoin market offers a microcosm of this tension. At US$86,680, it’s bracing for a record-breaking US$16.5 billion options expiry—yet a recent drop below $90,000 has flipped the script.

Bullish call options, with US$7.6 billion tied to strikes at US$92,000 or higher, now look shaky, needing a 6.4 per cent rally by day’s end. Bears, meanwhile, dodged a US$3 billion bullet, gaining leverage that could pressure prices short-term. This volatility underscores Bitcoin’s dual nature: a high-stakes asset with transformative potential, but also a rollercoaster prone to sharp swings.

Contrast this with Ethereum, where spot ETFs saw a US$4.2 million net outflow yesterday. Unlike Bitcoin’s haven appeal, Ethereum’s ecosystem—tied to smart contracts and decentralised finance—seems less insulated from risk-off sentiment. Its US$6.871 billion ETF net asset value pales beside Bitcoin’s dominance, hinting at differing investor narratives. Bitcoin’s story is increasingly one of scarcity and stability; Ethereum’s is innovation and utility, with less immediate allure in turbulent times.

So, where do I land on all this? I’m both intrigued and cautious. The market’s current mood—wary of tariffs, hopeful for Fed cuts, and leaning into havens—feels like a prelude to bigger shifts. Lummis’s Bitcoin proposal is a lightning rod: it challenges conventional fiscal wisdom while spotlighting cryptocurrency’s growing clout.

The data backs its theoretical upside—Bitcoin’s scarcity and past growth are real—but the leap to national debt savior requires faith in uncharted waters. Trade wars and inflation could bolster its case if traditional systems falter, yet execution risks (regulation, custody, market crashes) loom large.

Ultimately, we’re at a crossroads. The markets are jittery, policymakers are experimenting, and Bitcoin’s role is up for debate. Whether it’s a pipe dream or a game-changer, Lummis has ignited a conversation that’s worth watching—preferably with a keen eye on the PCE data tonight and a tariff announcement next week. The stakes, like the debt, are sky-high.

—

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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Singapore’s National University of Singapore (NUS) is expanding its footprint in Japan by launching its second BLOCK71 office in Tokyo to propel deeptech innovation.

This follows the inauguration of its first Japanese location in Nagoya in November 2024.

NUS Enterprise, the entrepreneurial arm of NUS, collaborates with key partners Central Japan Innovation Capital (CJIC), Kyoto University, and TIS Inc., a leading Japanese IT company, to support startups, researchers, and students while fostering investor connections. These strategic alliances align with Japan’s national agenda to accelerate the growth of its burgeoning startup ecosystem.

Also Read: Why Japanese startups are interested in the Southeast Asian market

Located at the TAKANAWA GATEWAY Link Scholars’ Hub, BLOCK71 Tokyo will serve as a crucial hub for Southeast Asian tech-driven startups seeking to expand into Japan. The initiative also aims to equip Japanese startups with the necessary resources to venture into Southeast Asia and beyond.

The strategic location within an urban development focused on environmental sustainability, mobility and robotics, and smart health provides a pertinent ecosystem for relevant startups.

Professor Tan Eng Chye, NUS President, emphasised Japan’s robust foundation in technology and research as an “ideal environment for startup growth”. He highlighted that Japan ranks among the top three globally for patent applications and invests over three per cent of its GDP in R&D.

“With BLOCK71 Tokyo located in the country’s latest innovation hub, we have a strategic platform to connect startups and drive cross-border collaboration,” Professor Tan stated. He further noted the partnerships with a leading Japanese university, a major corporation, and a prominent venture capital firm, all sharing a vision to cultivate deep tech innovation and establish a robust global ecosystem.

To deepen its impact, NUS has forged three new strategic partnerships. Under a Memorandum of Understanding (MOU) with CJIC, a subsidiary of the Tokai National Higher Education and Research System, CJIC will invest up to five per cent of its assets under management in NUS-affiliated deep tech startups. CJIC’s fund aims to raise approximately ¥5 billion (approximately US$32.5 million) by the end of its fundraising, expected in November 2025.

The collaboration with Kyoto University will enhance entrepreneurial support for deeptech startups. As a primary step, Kyoto University will send startups to participate in the NUS Graduate Research Innovation Programme (NUS GRIP) and become the first overseas university partner in a localised version of the programme.

Also Read: Vertex Ventures Japan launches with US$67M fund to propel Japanese startups globally

NUS partnered with TIS to build a globally connected startup ecosystem through the Deep Tech Seed to A Growth Expansion Programme (Deep-SAGE). TIS will commit a total of ¥840 million (~US$5.46 million) to support Deep-SAGE over the next three years, with plans to invest a minimum of ¥55 million (~US$357,500) each in at least two startups per cohort.

Following the success of previous immersion programmes, BLOCK71 Japan will launch its third edition in Tokyo in May 2025, focusing on environmental sustainability, mobility and robotics, and smart health. This will provide Southeast Asian startups with opportunities to showcase their solutions and build connections with local partners.

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As someone who has spent years in both the travel and telecom industry, I’ve witnessed how frustrating and expensive international roaming was in the past. As a frequent traveller, I vividly remember the days of handling multiple SIM cards, dealing with spotty local networks, having to constantly search for wifi spots in cafes, and that inevitable bill shock after returning from a trip overseas without knowing why. Traditional roaming wasn’t just inconvenient — it was a costly burden for travellers.

Then came the eSIM technology, a game-changer that has now redefined how we stay connected globally. Instead of hunting for a local SIM card or relying on expensive roaming plans from home carriers, travellers can now activate a digital SIM in minutes without swapping a physical card. The impact of eSIMs on international travel has been nothing short of revolutionary, offering huge cost savings, enabling seamless connectivity, and finally, enabling the flexibility of choice to the traveller.

In this article, I’ll dive deep into how eSIMs are reshaping international roaming, the benefits for both leisure and business travellers, and what the future holds for this transformative technology.

How eSIM is transforming international roaming

For years, international roaming was a hassle. Travellers had limited options:

• Stick with their home carrier and pay exorbitant roaming fees for a mere 500MB
• Buy a local SIM card at each destination (often requiring passport registration and long waiting times at the airports)
• Use unreliable WiFi hotspots or rent portable routers 

eSIM technology eliminates all these issues, allowing travellers to switch networks instantly without the need for a physical SIM swap. Here’s how it’s changing the game:

• No more physical SIM cards: Gone are the days of fumbling with tiny SIM cards or carrying multiple ones for different countries. With an eSIM, travellers can download a travel data pack directly into their devices and activate it instantly in a few clicks.
• Seamless connectivity across borders: For frequent travellers, moving from one country to another no longer means losing network service or manually swapping SIMs. Many eSIM providers offer global or regional plans that automatically connect to the best available network in each location.
• Instant activation and remote management: Unlike physical SIMs, which require purchasing and inserting, eSIMs can be activated remotely. This means travellers can purchase and activate an eSIM before departure, ensuring they have internet access as soon as they land.

Also Read: Business travel in the new normal: Strategies and tools for SME travel programme

Cost savings with eSIM for travellers

One of the biggest advantages of eSIMs is cost efficiency. Anyone who has experienced international roaming knows how expensive it can be. In the past, travellers either had to pay hefty roaming fees or spend time finding and purchasing local SIMs in each country.

How eSIM saves money:

• Avoiding high roaming charges: Most traditional carriers charge roaming fees that can add up to hundreds of dollars per trip. eSIM providers, however, offer affordable global regional and single-country plans with fixed rates.
• Competitive pricing: Many eSIM providers work with multiple carriers, allowing them to offer cheaper data plans compared to standard roaming.
• Pay-as-you-go flexibility: Instead of being locked into expensive roaming plans for a minimal amount of data allocation, travellers can purchase short-term eSIM packages that suit their trip duration and data needs.

Real cost comparison

Option	Cost Estimate (Per Week)	Coverage	Convenience
Traditional Roaming	US$50 – US$200+	Limited to home carrier’s partners	Requires activation, expensive
Local Sim Cards	US$10 – US$50	Single country only	Requires physical purchase
eSIM Plans	US$10 – US$60	Multi-country coverage	Instant activation, flexible

For most travellers, the math is simple: eSIMs provide better value and flexibility than traditional roaming.

Flexibility and convenience of eSIM for travellers

Beyond cost savings, one of the biggest reasons travellers are embracing eSIM technology is the unmatched convenience it offers. Before eSIM, arriving in a new country often meant searching for a telecom store, dealing with language barriers, and sometimes even providing passport details just to buy a local SIM card. With an eSIM, travellers can simply purchase and activate a plan before they even leave the comfort of their homes.

Unlike physical SIM cards, eSIM allows travellers to store multiple plans on a single device. This means:

• Business travellers can keep their work number while using a travel data eSIM.
• Frequent flyers can switch between regional plans depending on their destinations or purchase a global eSIM plan like JetPac for seamless connectivity across multiple countries.
• Tourists have the flexibility to test different carriers to find the best network coverage.

Switching between carriers is now as easy as selecting a new plan in the device settings. There’s no need to physically remove and insert SIM cards, making the process much faster and more seamless. Furthermore, eSIM isn’t just for smartphones—tablets, smartwatches, and even laptops now support eSIM technology. This means travellers can stay connected on all their devices without needing multiple SIMs.

Also Read: How to not let the bots ruin your travel plans

The role of telecom providers in eSIM adoption

While eSIM adoption is growing rapidly, not all telecom providers have embraced it at the same pace. Some are pushing forward aggressively, while others remain hesitant.

How telecom providers are responding

• Major global carriers leading the way: Large telecom companies have started offering eSIM plans for both local and international use.
• Virtual Mobile Operators (MVNOs) expanding: New providers specialising in global eSIM plans are emerging, offering travellers more choices.
• Telecoms expanding travel verticals: Recognising the demand for seamless connectivity, some telecom providers are integrating travel-focused solutions into their offerings. For instance, Circles has expanded into the travel segment with JetPac eSIM, providing travellers with a reliable and flexible connectivity option.
• Resistance from some traditional carriers: Some legacy telecom companies have been slow to adopt eSIM due to concerns about losing control over customer switching behaviour.

The rise of eSIM is forcing telecom providers to rethink their business models. Instead of relying on long-term contracts, many are now offering flexible prepaid and subscription-based eSIM roaming plans tailored for travellers.

A look at the future

As demand for eSIMs grows, telecom providers will inevitably need to adapt. Companies that fail to support eSIM could risk losing customers to more flexible, digital-first providers.

eSIM technology is fundamentally changing the way travellers stay connected. The days of expensive roaming fees, juggling multiple SIM cards, and hunting for a local network upon arrival are quickly fading. As someone who has worked in both the travel and telecom industries, I’ve seen firsthand how eSIMs are simplifying global connectivity for both leisure and business travellers and I expect the trend to continue growing. 

The benefits are clear—cost savings, flexibility, and seamless connectivity—but the real impact of eSIM extends beyond convenience. It’s reshaping how telecom providers operate, forcing them to adapt to a more digital-first world. It’s also empowering airlines and travel companies to integrate connectivity into their services, enhancing the overall travel experience.

While challenges like device compatibility and provider availability still exist, the direction is clear: eSIM adoption is growing, and it’s only a matter of time before it becomes the standard for international connectivity. For travellers looking to stay connected effortlessly and affordably, embracing eSIM is no longer an option—it’s the smarter way forward.

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I’ve been closely following the unfolding events surrounding President Trump’s announcement of a 25 per cent tariff on all autos manufactured outside the United States, set to take effect on April 2, 2025. This decision, coupled with the ripple effects across financial markets, commodities, and the cryptocurrency sector, paints a complex picture of risk, opportunity, and uncertainty.

My perspective on this topic is shaped by a careful analysis of the data, historical precedents, and the broader implications for both traditional and decentralised financial systems. What we’re witnessing is a pivotal moment where geopolitics, trade policy, and technological innovation are colliding, with far-reaching consequences for investors, industries, and everyday consumers.

Let’s start with the tariffs themselves. The announcement of a 25 per cent levy on imported autos and car parts is a bold move, one that harkens back to Trump’s earlier trade policies during his first term. The stated goal, presumably, is to bolster domestic manufacturing and protect American jobs—a narrative that resonates with his political base. However, the immediate market reaction suggests that investors are less convinced of its efficacy.

Major US indices retreated, with the S&P 500 dropping 1.1 per cent, the Dow Jones slipping 0.3 per cent, and the Nasdaq taking a steeper 2.0 per cent hit. The technology sector, already reeling from negative news in AI and data centre developments, bore the brunt of this decline. The VIX, often dubbed the “fear gauge,” spiked 7.1 per cent to 18.36, signalling heightened volatility and unease among traders. This isn’t surprising—tariffs introduce uncertainty, and markets despise uncertainty.

The impact on the auto industry is particularly stark. Countries like Japan, Germany, South Korea, Mexico, and Canada, which collectively account for a significant share of US auto imports, now face a steep cost increase. For example, Japan’s Toyota and Germany’s Volkswagen rely heavily on the US market, and a 25 per cent tariff could force them to either absorb the cost (cutting into profit margins) or pass it on to consumers (raising prices).

Domestic producers like General Motors and Ford aren’t immune either, as the tariff extends to car parts—many of which are sourced globally. This could disrupt supply chains and elevate production costs, potentially offsetting any competitive advantage the tariffs aim to create.

I see this as a double-edged sword: while it might encourage some manufacturers to relocate production to the US, the short-term pain of higher costs and disrupted logistics could outweigh those gains, especially in an industry already grappling with inflation and semiconductor shortages.

Also Read: US consumer confidence dips: How it’s hitting Asian stocks, crypto and beyond

Turning to the bond market, US Treasuries yields climbed across the curve, with the 2-year yield rising 2.3 basis points to 4.017per cent and the 10-year yield advancing 3.9 basis points to 4.352 per cent. This uptick reflects a shift in investor sentiment—higher yields suggest expectations of stronger economic growth or, more likely, inflationary pressures stemming from the tariffs. The US Dollar Index, up 0.4 per cent to a three-week high, further underscores this flight to safety and confidence in the dollar amid global uncertainty.

Commodities offered a mixed picture: gold held steady, a sign that investors aren’t fully panicking yet, while Brent crude rose 1.1 per cent to US$74 per barrel, buoyed by reports of declining US inventories. In Asia, the MSCI Asia ex-Japan index edged up 0.2 per cent, with Indonesia’s Jakarta Composite surging 3.8 per cent on domestic dividend news, though early trading hinted at broader regional weakness. This divergence highlights how global risk sentiment is fracturing—some markets are finding local resilience, while others brace for a tariff-induced storm.

Now, let’s pivot to the cryptocurrency angle, which adds another layer of intrigue. On the same day as the tariff announcement, Congress struck down an IRS regulation that would have required decentralised digital asset platforms to report customer transactions starting in 2027. This move, which saves the crypto industry an estimated US$4 billion in taxes, is a significant win for the sector—and, notably, for President Trump’s own World Liberty Financial platform.

Decentralised exchanges like Uniswap had argued that the rule was impractical, given their lack of custody over user assets or access to personal data. I find this development fascinating because it juxtaposes Trump’s protectionist trade stance with a deregulatory push in the crypto space, potentially benefiting his personal financial interests. It’s a reminder that policy decisions often carry a personal dimension, and here, the optics are hard to ignore.

Meanwhile, GameStop’s pivot to Bitcoin adds a wild card to the mix. The retailer’s plan to sell US$1.3 billion in zero-coupon convertible bonds to fund Bitcoin purchases—following the playbook of Michael Saylor’s MicroStrategy—sent its stock soaring 12 per cent on March 26. This isn’t just a quirky corporate move; it reflects a growing trend of companies embracing cryptocurrency as a treasury reserve asset.

With Bitcoin’s price historically sensitive to macroeconomic shifts, the tariff-induced uncertainty could either amplify its appeal as a hedge or expose it to sharper volatility. Ethereum, too, is in the spotlight with its Pectra upgrade successfully launching on the Hoodi testnet, though its price dipped three per cent amid a bearish technical pattern. If Pectra hits the mainnet by April 25, as developers hope, it could bolster Ethereum’s long-term utility—yet the immediate market mood remains cautious.

Also Read: Despite decline, global fintech funding remains fairly stable: McKinsey report

The stablecoin front offers a counterpoint of stability. Custodia Bank and Vantage Bank’s launch of a US bank-backed stablecoin on Ethereum marks a milestone in bridging traditional finance and blockchain. This isn’t just a technical achievement; it’s a regulatory breakthrough, showing that US banks can tokenise assets within legal bounds.

Caitlin Long of Custodia has long championed this integration, and her optimism seems warranted—stablecoins could smooth out some of the volatility plaguing other cryptocurrencies, especially as tariff-related turbulence looms.

My take on this is that the tariffs are a gamble—potentially revitalising US manufacturing but risking higher costs, strained trade relations, and inflation that could squeeze consumers already stretched thin. The market’s initial retreat and the VIX’s jump suggest that investors share my skepticism about the short-term outlook, though the dollar’s strength hints at underlying resilience in the US economy.

In the crypto realm, deregulation and corporate adoption (GameStop, Trump’s platform) signal a maturing industry, yet one still tethered to broader risk sentiment. The stablecoin breakthrough offers a glimmer of hope for stability, but Ethereum’s wobble reminds us that volatility remains a constant.

I can’t help but think about the people behind these numbers—the autoworkers hoping for job security, the investors watching their portfolios, the crypto enthusiasts betting on a decentralised future. The tariffs might protect some livelihoods but raise car prices for millions. The crypto wins might empower innovation but also widen inequality if gains concentrate among the well-connected.

My role here is not to pick winners or losers. What’s clear is that we’re in for a bumpy ride—April 2, when the tariffs kick in, will be just the beginning. For now, I’ll keep watching the data, the markets, and the human stories, because that’s where the real truth lies.

—

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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A comprehensive report by January Capital, analysing the ASEAN technology ecosystem for the calendar year 2024, reveals a nuanced landscape characterised by stabilising capital deployment alongside a continued decline in overall deal volume.

The State of the ASEAN Technology Ecosystem Report CY2024 draws extensively on data from Alternatives.pe, an affiliated platform providing private market data for the Asia-Pacific region.

Funding landscape: Stabilisation in capital deployment, decline in deal flow

Overall funding for ASEAN technology companies began stabilising in the latter half of the calendar year 2024, marking the first half-on-half increase in invested capital since CY2021. However, the total number of deals completed witnessed a 23 per cent year-on-year decrease, with seed and early-stage funding experiencing the most significant contraction. Fundraising remains a paramount challenge for founders in the region, with 74 per cent of surveyed founders identifying it as one of their top three hurdles.

Also Read: Tracxn: Top-funded business models reveal shifting tech investment priorities in SEA

A closer examination of funding by stage indicates a growing scarcity of dedicated seed capital. While the seed-stage deal count saw the most significant decline in H2 2024, Series A and B financing stages show signs of stabilisation.

Notably, the amount of capital deployed stabilises, with Series A, B, and C deal values showing either half-on-half or year-on-year improvement in the latter half of 2024. Nevertheless, the seed stage remains the most constrained in terms of capital availability.

Despite average valuations stabilising or even rising across all stages in 2024, with venture stage (seed to Series B) valuations remaining relatively constant year-on-year, 58 per cent of surveyed founders reported raising at a valuation more than 10 per cent below their expectations.

This discrepancy is potentially due to ASEAN founders benchmarking against global peers in the US and Europe, where the fundraising recovery occurred earlier.

Average deal sizes at the Series A and B stages remained moderate, attributed to the absence of traditional follow-on momentum investors, necessitating greater capital efficiency from founders.

Conversely, later-stage financing rounds saw substantial improvements in average deal size in CY2024, suggesting the presence of growth and private equity capital eager to invest in proven business models.

Geographic trends: Emerging opportunities beyond Singapore and Indonesia

Geographically, Singapore and Indonesia continue to be the most active technology investment markets in Southeast Asia in terms of deal count. However, markets such as Malaysia, Thailand, and the Philippines have demonstrated greater funding resilience, highlighting emerging opportunities across the region.

Total investment declined materially year-on-year in Indonesia and Vietnam, although other markets showed sequential stabilisation in the second half of 2024.

Looking ahead, 31 per cent of surveyed founders anticipate Indonesia will offer the most startup opportunities over the next five to ten years, followed by Singapore (28 per cent) and Vietnam (20 per cent). Most ASEAN markets saw a stabilisation of deal activity in CY2024, with Singapore experiencing a material year-on-year decline in seed activity and Indonesia seeing a lesser decline than the previous year. For most markets, capital invested remains below CY2020 levels, with Singapore being an exception.

Annual valuation changes remained relatively stable across most markets, with seed to Series A valuation uplifts consistently trending at 4-6x.

Sector-specific insights: Fintech dominates, AI investment lags

In terms of sector-specific funding, fintech remained the most active sector in CY2024 in the ASEAN region, followed by healthtech, food & beverage/agritech, and software/AI. All sectors, except HRtech, experienced a year-on-year decline in deal count, with edtech seeing the most pronounced decrease.

Also Read: Millennials, Gen Z will shape 79% of SEA’s fintech landscape by 2030: Report

A significant 41 per cent of all capital invested in CY2024 flowed into fintech companies, indicating the relative maturity of this segment in ASEAN.

Interestingly, the report notes that there has not yet been a substantial increase in AI investments in the region, contrasting with trends in North America and Europe.

Seed valuations across most sectors remained relatively consistent, below US$10 million, while Series A valuations showed more variability.

SaaS and AI, as well as e-commerce, exhibited strong valuation growth in Series B and Series C+ respectively, driven by a few larger deals. Average deal sizes generally moderated at the seed stage across most segments, while Series A rounds hovered between US$7.5 to US$10 million.

The founder journey: Fundraising challenges and investor priorities

The report also delves into the founder’s journey, based on a survey of 125 Southeast Asian founders who raised funding in the last three years. An identified market opportunity stands out as the primary motivation for starting a business (81 per cent for first-time founders, 73 per cent for repeat founders, and 52 per cent for serial founders).

Securing the first investment remains challenging, with 68 per cent of founders engaging with more than 10 investors for their first institutional round.

On average, founders experience 18 per cent dilution in their first institutional fundraise. A significant 64 per cent of founders complete their first institutional fundraise within 12 months of starting their business.

Valuations for initial institutional rounds are typically at or below US$10 million. Notably, 58 per cent of founders reported raising rounds at lower-than-expected valuations in 2024, a significant increase from 29 per cent in 2023. Market conditions (39 per cent) and lack of traction (32 per cent) were cited as key reasons for not meeting fundraising targets.

Despite a challenging fundraising environment, 77 per cent of surveyed founders remain confident in scaling their businesses in the ASEAN region. When selecting lead investors, founders prioritise potential value add (80 per cent of all founders) and strategic fit (76 per cent). The biggest challenges faced by founders in working with venture capitalists include finding the right investor fit (49 per cent), lack of support post-investment (33 per cent), and misalignment of vision or goals (37 per cent).

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