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From fraud fighters to zero-trust builders: SEA’s cyber stars

Southeast Asia’s cybersecurity ecosystem is rapidly gaining momentum, driven by rising digital adoption, expanding attack surfaces, and growing demand for stronger cyber resilience across industries.

From incident response and threat intelligence to fraud prevention, identity security, and zero-trust infrastructure, a new wave of startups is stepping up to address the region’s evolving security challenges.

Also Read: How cybersecurity crises are redefining corporate accountability

The following companies represent some of the region’s promising and fast-growing players, building cutting-edge solutions to protect enterprises, governments, and consumers in an increasingly high-stakes digital landscape.

1. Blackpanda

Country Profile Founder(s) Founding year
Singapore Blackpanda is a digital forensics and incident response firm helping organisations respond to cyber breaches, ransomware, and fraud incidents. Chandra Kirana, Mohammad Rahadian 2015

 

2. CYFIRMA

Country Profile Founder(s) Founding year
Singapore CYFIRMA provides predictive cyber threat intelligence by monitoring digital risk exposure and adversary behavior. Its platform enables enterprises to anticipate and mitigate cyber-attacks proactively. Ritesh Kumar 2017

 

3. Secuna

Country Profile Founder(s) Founding year
The Philippines Secuna is an offensive security platform that connects enterprises with ethical hackers to identify vulnerabilities. It offers bug bounty programs and penetration testing at scale. Ian Felix, Michelle Bustillo 2017

 

4. Peris.ai

Country Profile Founder(s) Founding year
Singapore Peris.ai leverages AI to deliver real-time cyber threat monitoring and predictive risk intelligence. The platform focuses on automated detection and response to emerging threats. R. S. Pradeep 2022

 

5. Scantist

Country Profile Founder(s) Founding year
Singapore Scantist secures software supply chains by identifying vulnerabilities and license risks in open-source components. It integrates into development pipelines to reduce application security risks. Shashi Jayakumar, Lee Chong Hon 2016

 

6. Riskimmune

Country Profile Founder(s) Founding year
Singapore Riskimmune helps organizations assess and manage cybersecurity risks through governance and compliance frameworks. It focuses on cyber resilience and risk visibility. Nandhakumar Narayanan 2016

 

7. Horangi Cyber Security

Country Profile Founder(s) Founding year
Singapore Horangi provides cloud security, penetration testing, and managed security services. It operates as part of Bitdefender following its acquisition. Paul Hadjy, Jeevan Singh 2016

 

8. InsiderSecurity

Country Profile Founder(s) Founding year
Singapore InsiderSecurity focuses on protecting sensitive data from insider threats and breaches through data-centric security solutions. Goh Eng Yeow 2015

 

9. Swarmnetics

Country Profile Founder(s) Founding year
Singapore Swarmnetics develops secure communications and networking technologies for defense and critical infrastructure. Ong Kim Pong 2015

 

10. Heron Cybersecurity

Country Profile Founder(s) Founding year
Singapore Heron Cybersecurity offers managed detection, response, and cybersecurity consulting services for enterprises. Kelvin Leong 2017

 

11. i-Sprint Innovations

Country Profile Founder(s) Founding year
Singapore i-Sprint Innovations delivers cybersecurity, regtech, and digital identity solutions to governments and enterprises. Ravi Menon 2000

 

12. Forter

Country Profile Founder(s) Founding year
Singapore Forter is a fraud prevention platform that uses machine learning to protect online merchants from payment fraud. Michael Reitblat

 

13. SecurityBox

Country Profile Founder(s) Founding year
Vietnam SecurityBox provides penetration testing, vulnerability assessments, and security consulting services. Nguyen The Hung

 

14. Flexxon

Country Profile Founder(s) Founding year
Singapore Flexxon delivers hardware-based cybersecurity solutions focused on secure storage and embedded security. Camellia Chan 2007

 

15. TurisVPN

Country Profile Founder(s) Founding year
Singapore TurisVPN provides encrypted VPN and secure communication services to protect user privacy. Kelvin Wong 2024

 

16. SecureMetric

Country Profile Founder(s) Founding year
Malaysia SecureMetric specialises in digital identity, authentication, and PKI solutions for enterprises and governments. Datuk Seri Dr. Haji Noor Azman 2007

 

17. ArmourZero

Country Profile Founder(s) Founding year
Singapore ArmourZero provides a zero-trust security platform for managing access across cloud and SaaS environments. Mark Johnson 2021

 

18. watchTowr

Country Profile Founder(s) Founding year
Singapore watchTowr enables continuous monitoring of an organization’s external attack surface. Benjamin Harris, Matthew Hull 2021

 

19. SafeSync

Country Profile Founder(s) Founding year
Singapore SafeSync provides secure data backup, storage, and synchronization solutions for enterprises. Jimmy Tan 2024

 

20. Fazpass

Country Profile Founder(s) Founding year
Indonesia Fazpass delivers passwordless authentication using biometric and device-based identity verification. Fajrin Rasyid 2021

 

21. Shield

Country Profile Founder(s) Founding year
Singapore Shield offers AI-powered fraud detection and prevention for digital transactions. Darren Teo, Ong Lye Guan

 

22. Finema

Country Profile Founder(s) Founding year
Thailand Finema builds digital identity and blockchain-based verification solutions. Topp Jirayut Srupsrisopa 2017

 

23. SILENT EIGHT

Country Profile Founder(s) Founding year
Singapore Silent Eight provides AI-powered AML and compliance solutions for financial institutions. Konrad Kaczmarek 2013

 

24. Tookitaki

Country Profile Founder(s) Founding year
Singapore Tookitaki develops AI-driven platforms for AML and financial crime prevention. Abhishek Chatterjee 2014

 

25. Microsec

Country Profile Founder(s) Founding year
Singapore Microsec provides cybersecurity consulting, risk assessments, and security testing services. Jimmy Ong 2017

 

The image was generated using AI

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Singapore’s AI adoption surges, but data complexity raises security risks: Report

Singapore businesses are moving quickly in AI adoption, but growing data complexity and cybersecurity concerns could limit long-term returns, according to new research from Hitachi Vantara.

The data storage, infrastructure and hybrid cloud management subsidiary of Hitachi Ltd. released its findings in the Hitachi Vantara State of Data Infrastructure 2025 Report, a global study examining how organisations are preparing their data environments to support AI at scale.

The report is based on a survey of more than 1,200 C-level executives and senior IT leaders across 15 markets worldwide. The Asia and Oceania sample included 425 respondents, with 51 senior leaders surveyed in Singapore.

The findings suggest that while Singapore enterprises are among the most active adopters of AI in the region, many remain uncertain about their ability to sustain business value as deployments expand.

High AI usage, but uneven confidence in long-term ROI

Nearly all Singapore respondents (96 per cent) reported some level of AI use, highlighting strong momentum in AI adoption across industries.

Also Read: Travel is back, and it’s more cutthroat than ever

Two-thirds (66 per cent) said their organisations have already seen success using AI, reflecting early gains from automation, analytics and emerging AI-driven decision-making tools.

However, confidence declines when it comes to sustained returns. Only 23 per cent of Singapore leaders rated their organisation as having strong, industry-leading readiness to achieve long-term ROI from AI.

This gap points to a growing disconnect between deploying AI systems and building the operational foundations needed to support them at scale.

Hitachi Vantara’s research found that as AI workloads increase, data infrastructure challenges are shifting from technical concerns to strategic risks. Many organisations are struggling with fragmented data environments, which can weaken governance, visibility and resilience.

Among Singapore respondents, 52 per cent said data complexity makes it more difficult to detect a security breach, reinforcing the link between infrastructure sprawl and cyber risk.

In addition, 64 per cent agreed that if leadership fully understood how fragile their data infrastructure is, it would “keep them up at night,” highlighting a potential gap between technical experts and executive decision-makers.

The findings suggest that AI adoption alone does not resolve underlying data management weaknesses and may expose them further as systems become more interconnected and mission-critical.

Singapore enterprises taking a more risk-aware approach

Despite these challenges, Hitachi Vantara noted that Singapore firms are demonstrating a more disciplined approach to AI adoption compared with earlier phases of experimentation.

Also Read: Low liquidity, high stakes: Why this crypto pullback feels different

As AI becomes embedded in business operations, enterprises are placing greater emphasis on governance, security and reliability, particularly as AI tools begin to influence high-stakes decisions.

“AI success is no longer about experimentation alone. It depends on whether data environments are resilient, governed and trusted,” said Joe Ong, vice president and general manager for ASEAN at Hitachi Vantara.

“Singapore businesses are clearly ahead in adoption, but the next phase will be defined by how well they manage complexity, security and performance as AI scales,” he added.

The report concludes that while AI adoption in Singapore is widespread and early success is common, rising data complexity and security risks could undermine confidence and returns if left unaddressed.

As AI investment accelerates, organisations will need to simplify data environments, strengthen governance frameworks and improve infrastructure visibility to move from early wins to sustained value creation.

The ability to build trusted and resilient data foundations may ultimately determine which enterprises can fully capitalise on AI adoption in the years ahead.

The lead image in this article was generated by AI.

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Opinion: AI adoption is the easy part. Scaling it safely is the real challenge.

Singapore’s rapid AI adoption is no longer a question of ambition. It is now a reality shaping enterprise strategy across industries. Nearly every business leader surveyed in Hitachi Vantara’s latest State of Data Infrastructure 2025 Report reported some level of AI use, signalling that AI has moved firmly beyond experimentation.

But the report also delivers a clear warning: while adoption is widespread, long-term value is far less certain. As Singapore enterprises accelerate AI deployment, growing data complexity and cybersecurity risks are emerging as the next defining challenges.

Over the past two years, many organisations have embraced AI through pilots and early-stage deployments. Quick wins have come from automating routine processes, improving analytics, and supporting decision-making with machine learning tools. Hitachi Vantara’s research shows that 66 per cent of Singapore respondents say their organisation has already been successful using AI. However, confidence drops sharply when it comes to sustained returns. Only 23 per cent believe their organisation has industry-leading readiness to achieve long-term ROI from AI.

This gap highlights a critical turning point: AI adoption is no longer about whether companies can deploy AI tools, but whether they can support them at scale over time. The next phase of adoption will be defined not by innovation alone, but by operational resilience.

Data complexity becomes a strategic constraint

AI systems are only as effective as the data they rely on. As enterprises expand AI workloads, many are discovering that their data environments are fragmented across cloud services, legacy systems, and siloed business units.

Also Read: Singapore’s AI adoption surges, but data complexity raises security risks: Report

What once appeared as a technical issue is now becoming a strategic risk.

More than half of Singapore respondents (52 per cent) said data complexity makes it more difficult to detect a security breach. This finding underscores how sprawling infrastructure reduces visibility and increases vulnerability.

Instead of accelerating progress, unmanaged complexity can slow AI adoption by forcing organisations to spend more time cleaning data, integrating systems, and strengthening governance frameworks before AI can deliver meaningful outcomes.

In practice, the ability to simplify and modernise data infrastructure may become the true differentiator between enterprises that scale AI successfully and those that stall after early pilots.

AI adoption is also expanding the enterprise attack surface. As AI tools connect to sensitive datasets, internal applications, and privileged workflows, weak infrastructure can introduce new pathways for cyber threats.

The report found that 64 per cent of Singapore leaders agree that if executives fully understood how fragile their data infrastructure is, it would “keep them up at night.” This reflects a growing awareness that AI is not only an innovation driver but also a source of operational risk.

Moving forward, enterprises are likely to adopt a more security-first approach. AI investment decisions will increasingly depend on questions of trust, compliance, governance, and resilience — not just capability.

Organisations may demand stronger controls around credentials, access management, model usage, and vendor accountability. AI adoption will continue, but with higher expectations for security maturity.

Also Read: Low liquidity, high stakes: Why this crypto pullback feels different

ROI expectations will reset

The next chapter of AI adoption will also require a shift in mindset. Early success often comes from quick automation wins, but sustained ROI depends on discipline: monitoring, performance optimisation, governance, and cost control.

As AI becomes embedded in mission-critical operations, enterprises will become more selective, prioritising use cases with measurable business impact rather than broad experimentation.

The organisations that succeed will be those that treat AI as a long-term capability supported by strong infrastructure, not a standalone technology layer.

Singapore’s enterprises are already demonstrating a more risk-aware approach compared with earlier phases of AI expansion. Governance, reliability, and trust are becoming central themes, particularly as AI systems influence high-stakes business decisions.

This positions Singapore to set the tone for mature AI adoption across APAC, one that balances speed with security and innovation with resilience.

Ultimately, AI adoption will not slow down. But it is entering a more demanding phase, where success depends less on deploying models and more on building trusted, scalable foundations.

The companies that close the gap between adoption and readiness will define the next wave of AI-driven growth in the region.

The lead image of this article was generated by AI.

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Kopi Kenangan posts first profitable year as it expands to 1,324 stores across six countries

Kopi Kenangan CEO Edward Tirtanata

Kopi Kenangan, the Indonesia-founded coffee chain, reported its first full year of profitability for fiscal 2025 while continuing rapid international expansion and tightening governance in preparation for an eventual public listing.

CEO Edward Tirtanata claimed in a LinkedIn post that net revenue for FY2025 reached US$184 million, a 45 per cent increase year-on-year. Net profit was US$17 million, and EBITDA climbed to US$37 million.

Sequoia Capital-backed Kopi Kenangan ended the year with 1,324 stores across six countries and added 347 net-new outlets during the year. The chain’s digital ecosystem brought in 4.47 million new customers in 2025, and the firm reported a same-store sales growth (SSSG) of 15 per cent for the year.

Also Read: From a single brew to unicorn: Kopi Kenangan’s journey of coffee and creativity

The firm employs more than 8,000 people and plans roughly 550 new store openings in 2026.

A shift from growth-at-all-costs

The CEO framed the results as a shift from early-stage expansion toward disciplined, sustainable scaling. He described the company’s focus moving to fundamentals (revenue, profitability and capital allocation) and said the business is building processes and controls typical of companies preparing for an IPO.

Kopi Kenangan highlighted that it has maintained unqualified audit opinions from Big Four auditors over eight financial years and is accelerating its financial close and reporting cadence. The company is also investing in internal controls, tax and legal compliance, and data analytics to strengthen governance and due diligence readiness.

Performance across markets

In its largest market, Indonesia, Kopi Kenangan reported 40 per cent year-on-year revenue growth driven by solid same-store sales. In Malaysia, the company said revenue nearly doubled and that the business delivered positive EBITDA as unit economics improved with scale.

Kopi Kenangan also reported expansion into markets beyond Southeast Asia, naming India and Australia among its newer markets.

Technology and unit economics

The management attributed the fiscal-year performance to “technology-led customer acquisition,” pointing to the 4.47 million new customers acquired through its digital channels. It emphasised that increased scale improved unit economics — a point it presented as evidence that its model can be profitable rather than reliant on market-funded subsidies.

The firm’s stated goal is to “compound responsibly through cycles” rather than pursue top-line growth without regard for margins.

Context in Southeast Asia’s startup cycle

Tirtanata placed Kopi Kenangan’s results in the broader context of a regional reset. After a funding cycle driven by low interest rates, investor sentiment shifted, and many startups reoriented toward profitability.

He argued that the reset, while painful, was healthy for the region and that Southeast Asia still offers structural opportunities — demographic growth and economic expansion — for companies that prioritise unit economics and execution.

Outlook

Kopi Kenangan plans an aggressive rollout in 2026 (about 550 store openings globally) alongside continued efforts to tighten governance, speed up financial reporting and prepare documentation for potential public markets. The company presents its recent profitability and improved EBITDA as markers that it is transitioning from a rapid-growth startup to a more mature, investment-grade consumer business.

Also Read: Brewing success: A comparative analysis of Kopi Kenangan and Kopi Janji Jiwa coffee chains in Indonesia

By focusing on unit economics and “compounding responsibly,” Kopi Kenangan is positioning itself to be a resilient, long-term player in the global coffee market rather than a subsidised startup.

In 2026, one can expect the company to prioritise operational maturity alongside its aggressive physical expansion.

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Code, power, and chaos: The geopolitics of cybersecurity

Off the coast of Ireland, beneath the Atlantic Ocean, lies a vast nervous system of cables. These strands of fibre-optic wiring form the invisible infrastructure of our globalised world. These aren’t just conduits for internet traffic; they’re arteries of modern civilisation, carrying everything from financial transactions to state secrets.

And now, they’re under siege. This seabed has been making headlines as it is not just an ocean that connects us but underwater cables that ar the lifeline of our virtual connections. In todays world we are seeing daily threats to the very infrastructure that allows us the freedom to connect, explore and trade with the rest of the world.

The hyper-sensitivity to globalisation has inserted fear where there was opportunity. Instead of viewing these connections as extremely valuable points of cultural intersections we are seeing them as threats to the viability of local industries. 

It is not just the fibre-optic wiring stretching thousands of miles across the seabed that is threatened, but rather the ability to operate, trade and communicate globally. Stability in geopolitics is crucial for doing business in all shapes and forms today. 

As recent global tensions rise, cybersecurity threats multiply, and there is an increasing risk of disruption. 

The new frontline is digital

The world is teetering on the edge of a new era, one where firewalls matter more than fences, and zero-day exploits can be as devastating as missile strikes. “I look at the current political landscape and see a world under strain,” says Rhythm Jain, a Marketing Development Manager at Resonance Security.

This battleground is vast and largely invisible, stretching from the inboxes of public officials to the seabeds off Ireland’s coast. In 2024, NATO released a bold new strategy to secure undersea infrastructure, citing increased Russian submarine activity near British waters. The message is clear: cables are now targets, and data is a strategic asset.

The cables are just one piece. From the 2020 SolarWinds breach to daily ransomware attacks on hospitals and water systems, it’s clear that the digital realm is now where the most consequential battles are fought.

“If you’re building anything that holds value, you’re a target,” says Jain. In a world where physical borders blur and kinetic warfare feels like an artifact of the 20th century, the real battles are happening in code. The firewalls of corporations and nations alike are now the new frontlines, and the stakes have never been higher.

“Geopolitical rivalries, economic uncertainty, and fractured alliances are fuelling a surge in cyber threats. Tensions between major powers like the US, China, and Russia, alongside regional flashpoints like Iran or North Korea, have turned cyberspace into a battleground.”

The past decade has seen an explosion in digital espionage, ransomware, and infrastructure sabotage. From hospitals being locked down by ransomware during a pandemic to energy pipelines halted by keystrokes, it’s clear, cybersecurity is now a necessity.

Also Read: AI power shift: How geopolitics and innovation are rewriting global rules

Vital infrastructure is exposed and vulnerable

Modern critical infrastructure including power grids, healthcare networks, financial systems were never designed with state-sponsored hackers in mind. “I believe ransomware attacks on critical infrastructure are a growing threat, often fueled by geopolitical tensions,” says Jain. “They exploit weak identity and access controls, letting hackers lock up vital systems.”

The situation demands a radical rethink. Blockchain-based decentralised identity (DID) systems are being explored as a solution, offering cryptographic verification instead of passwords and making impersonation significantly harder.

“Blockchain’s strength is its decentralised, tamper-proof ledger,” says Jain. “Imagine a power plant where every technician’s access is verified on a blockchain; hackers couldn’t easily impersonate someone to gain entry.”

Early implementations are promising, with companies experimenting with blockchain to verify machine identities and reduce unauthorised access to vital infrastructure. But this tech isn’t 100 per cent secure.

“Blockchain doesn’t stop phishing or social engineering. It’s also resource-heavy. And if private keys are mismanaged, then the whole system becomes vulnerable.”

In other words, there is no silver bullet but there is a smarter way forward. And it starts with layered, adaptive defenses built on a deep understanding of threat evolution.

Regulation is a hot topic

As cyber threats escalate, so too does the conversation around regulation. But not all regulation is created equal.

“Regulations create a baseline,” says Jain. “They force companies and institutions to adopt minimum standards: multi-factor authentication, encryption, incident response plans. Without that push, many organisations wouldn’t prioritise security until it’s too late.”

However, regulation can backfire when reduced to checklists and certifications. “Compliance is not security,” he warns. “I’ve seen companies with all the right certifications still fall victim to ransomware because no one was monitoring their logs.”

The solution? Thoughtful oversight that prioritises real-world resilience over audit-readiness. “The goal of regulation should be to raise the floor, not define the ceiling. It should encourage companies to build a real security culture and not just tick boxes once a year.”

Also Read: Asia’s trade turning point: How tariffs and geopolitics are redrawing supply chains

Security experts are a voice of reason in the storm

This fragmentation of global digital infrastructure has global implications. If countries begin developing separate, competing networks, the internet as we know it could become increasingly divided, where national security priorities override the free flow of information. 

For businesses, this could mean increased costs and inefficiencies as they navigate multiple regulatory and security frameworks. For individuals, it could mean a future where access to information is dictated by geopolitics rather than technological progress. 

Addressing these risks requires a multi-pronged approach. First, international cooperation must be strengthened to safeguard all infrastructure. The US and its allies are also working on developing quantum encryption technologies to prevent cyber intrusions on data transmitted through undersea cables. Secondly, offering public and private partnerships where security experts can provide case studies, evidence, and education with regards to vulnerable areas of work.

Welcome to the era of cyber geopolitics where the interconnected world is adding layers of new security challenges. By safeguarding the infrastructures that unite us and thoughtfully navigating the currents of globalisation, we can transform challenges into avenues for cooperation and mutual growth. How nations respond in the coming years will determine whether the internet remains a tool for progress or a source of conflict.

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