The question isn’t whether your board understands today’s risks — it’s whether you’re governing for a future that hasn’t arrived yet.

As board members and executives navigating Asia’s dynamic markets, we face a distinct challenge: the very velocity of change in our region makes historical precedent an increasingly unreliable guide. What worked in governance terms even three years ago may be inadequate for the complexities emerging now. The regulatory shifts in China, the technological leapfrogging across Southeast Asia, the geopolitical realignments reshaping supply chains — these aren’t incremental changes requiring incremental responses. They demand boards that can anticipate, not just react.

Why futurist thinking belongs in the boardroom

Traditional governance frameworks ask boards to exercise oversight, ensure compliance, and manage known risks. This remains necessary but insufficient. Forward-looking governance recognises that the board’s fiduciary duty extends beyond protecting today’s enterprise value to stewarding the organisation’s relevance and resilience across multiple possible futures.

Consider the practical implications. When your board reviews a five-year strategic plan, are you stress-testing it against scenarios where digital currencies reshape treasury management, where carbon border adjustments fundamentally alter your cost structure, or where AI transforms not just operations but the very nature of competitive advantage in your sector? If these conversations feel speculative rather than essential, that’s precisely the gap forward-looking governance must close.

Also Read: How biotech is changing the global agriculture game for investors

The Asian context demands it

Our region presents specific imperatives. Family-controlled enterprises navigating generational transitions must balance legacy preservation with radical adaptation. State-linked entities face the complexity of commercial imperatives intersecting with policy objectives that themselves are evolving. High-growth companies in technology and manufacturing confront the reality that regulatory frameworks are being written in real-time, often in response to the very innovations they’re pursuing.

Moreover, stakeholder expectations in Asia are shifting with particular intensity. ESG is no longer a Western import but increasingly embedded in local capital allocation decisions, talent acquisition, and social license to operate. Boards that treat this as a compliance exercise rather than a strategic and operational imperative are already behind.

What forward-looking governance requires

This isn’t about crystal balls or abandoning governance fundamentals. It’s about augmenting traditional board competencies with three capabilities:

• Structured foresight: Building systematic processes to identify emerging risks and opportunities beyond the typical planning horizon. This means engaging with weak signals — the regulatory proposal still in consultation, the technology still in labs, the social trend visible in adjacent markets — before they become urgent crises or missed opportunities.
• Adaptive oversight mechanisms: Ensuring your governance architecture itself can evolve. When disruption accelerates, the cadence of board meetings, the composition of committees, and the information flows that boards rely upon may all need reassessment. Does your board’s calendar reflect the actual velocity of change in your business environment?
• Strategic courage informed by rigorous analysis: Perhaps most critically, forward-looking governance means cultivating the board’s capacity to make decisions under deep uncertainty. This requires both intellectual rigour — scenario planning, red-teaming assumptions, diverse expert input — and the institutional courage to act on convictions about the future even when consensus is elusive.

Also Read: Funding for good: Why investors should bet on tech with measurable social impact

An invitation to dialogue

Having worked across financial services, airlines, e-commerce, government, telcos, and more — from agile startups to sprawling, highly matrixed multinationals spanning Asian and global markets, I’ve watched boards grapple with these questions. The best ones aren’t just asking these questions. They’re embedding foresight into strategy reviews, bringing future-relevant expertise into the boardroom, and carving out real time to debate where they’ll be in five years, not just next quarter.

The boards that will distinguish themselves in the coming decade won’t be those that governed the past most efficiently, but those that prepared their organisations most effectively for futures that few could clearly see. This is the essence of forward-looking governance — and it’s not optional in Asia’s rapidly evolving landscape.

The question for your board: When you look at your agenda for the next meeting, what percentage addresses what has already happened versus what should happen next? The answer to that question may reveal how ready you are for the governance challenges ahead.

This article was first published on The Boardroom Edge.

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Southeast Asia’s startup ecosystem has entered a more sober phase. Capital is harder to access, growth expectations are sharper, and teams are being asked to deliver more with fewer resources. In this environment, hiring has quietly become one of the most critical and expensive decisions a company makes.

Yet, recruitment methods across the region have barely evolved. Many organisations still rely on manual resume screening, subjective interviews, and long coordination cycles. These approaches may have worked when teams were small and timelines forgiving, but they struggle when companies hire across countries, functions, and time zones. This growing mismatch between how companies hire and how fast they need to operate is where AI is beginning to play a meaningful role.

The real cost of slow and inconsistent hiring

In a tighter market, hiring mistakes show up quickly. A delayed hire slows execution. A poor hire drains management time and morale. For early- and growth-stage startups, these costs compound fast. Across Southeast Asia, several issues are common:

• Recruiters are overwhelmed by application volume
• Interview quality varies from one interviewer to the next
• Scheduling stretches hiring cycles unnecessarily
• Early-stage bias filters out capable candidates
• Candidates disengage due to slow or unclear processes

These issues directly affect a company’s ability to execute, particularly when operating with lean teams and limited runway.

Why precision hiring matters more than ever

In today’s market, hiring is no longer just about filling roles quickly. It is about making fewer mistakes and getting more value out of every hire. This is where precision hiring becomes critical.

Precision hiring means reducing guesswork at every stage of the recruitment process and clearly defining what a role actually requires, evaluating candidates against consistent criteria, and making decisions based on evidence rather than intuition alone. As startups operate with tighter budgets and leaner teams, the margin for hiring error has narrowed significantly.

In Southeast Asia, this need is amplified. Talent markets are diverse, career paths are often non-linear, and resumes do not always reflect true capability. Relying solely on unstructured human judgment increases the risk of bias, inconsistency, and missed potential. Two interviewers can walk away from the same conversation with very different conclusions. Multiply this across teams and countries, and hiring outcomes become unpredictable. As organisations scale, this inconsistency turns into a real operational risk.

Also Read: The future of recruitment in Web3 era

AI enables precision by introducing structure where human effort struggles to scale. It helps clarify job requirements, standardise early evaluations, and surface clearer signals about candidate capability. The result is not automated decision-making, but better-informed human judgment.

A shift toward structure and skills

Many startups are rethinking how they evaluate talent, and three shifts stand out.

First, there is a move toward skills-based hiring. Capability is increasingly valued over pedigree, which better reflects how talent develops in emerging markets.

Second, companies are recognising the need for standardisation. As teams grow, hiring can no longer depend solely on individual interview styles. Shared evaluation criteria are becoming essential to ensure consistency.

Third, AI is being introduced in areas where human effort does not scale well—particularly in screening and early-stage interviews.

Where AI actually helps

The most practical use of AI in recruitment today is not decision-making, but consistency. AI-led or AI-assisted interviews help standardise early-stage conversations. Questions are structured, follow-ups are consistent, and candidates are assessed against the same dimensions.

For startups, the impact is tangible. Hiring cycles shorten. Candidate drop-off reduces. Feedback becomes more reliable. Recruiters spend less time coordinating and more time evaluating. AI manages volume; humans retain judgment.

AI also addresses long-standing challenges such as high application volumes, subjective interviews, slow scheduling, delayed feedback, and unconscious bias—issues that have historically weakened decision-making and damaged candidate experience.

From gut feel to clearer signals

Hiring will always involve intuition, but intuition works best when supported by clear signals. AI tools increasingly provide structured input such as interview transcripts, skill alignment, communication clarity, and problem-solving indicators.

These insights do not replace human judgment. Instead, they make it more grounded. Some platforms apply this model by structuring interviews and evaluations while leaving final decisions with hiring managers. When used thoughtfully, this approach improves consistency without removing human context.

Also Read: AI-powered recruitment: Revolutionising hiring in Southeast Asia

AI-enabled recruitment systems also help standardise job requirements, accelerate resume screening, automate scheduling, and capture feedback in a comparable, data-backed format. Together, these capabilities enable faster hiring cycles, fairer evaluations, and smarter decisions—without proportionally increasing recruiter workload.

What this means for startups

As Southeast Asia’s startup ecosystem matures, execution quality will matter more than speed alone. Talent decisions sit at the heart of execution.

Over the next decade, hiring is likely to become faster but more deliberate; more structured yet still human-led; focused on capability rather than credentials; and increasingly transparent and accountable. Startups that adapt their hiring practices early will make fewer costly mistakes as they scale.

AI is not here to replace recruiters or founders. Culture, leadership potential, and team dynamics cannot be automated. What AI can do is remove friction — long delays, inconsistent screening, and avoidable bias, so humans can focus on decisions that truly require judgment.

In today’s startup environment, hiring is a strategic function. AI is not changing hiring by making it impersonal; it is changing hiring by making it more precise. For startups in Southeast Asia, precision hiring may prove to be one of the most important advantages they build in the years ahead.

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Singapore’s modern workforce is an intricate tapestry woven not only from diverse cultures and skills but also from distinct generational experiences and expectations. Today, the office is commonly composed of Gen X, Millennials, and Gen Z, each shaped by unique social contexts and world events that influence their personalities, working attitudes, and career goals.

As of 2024, Millennials make up the largest share of the workforce at 43 per cent, followed by Gen X at 32 per cent, and Gen Z at 15 per cent. While Gen Z currently represents a smaller proportion, their presence is expected to grow rapidly. Projections suggest they will make up around 25 per cent of the workforce by 2030, largely shaping the trajectories of the employment landscape.

Gen X professionals have matured during turbulent times such as the Asian Financial Crisis, the Cold War, and the dawn of the internet era. They are often known for their resilience and work ethic. The economic uncertainty and rapid technological advancements they faced influenced their reputation as steadfast grinders, keen on climbing the professional ladder.

Millennials, known as the “sandwich generation,” bridge Gen X’s steadfast grinders and Gen Z’s vocalists. Launching careers amid globalisation and digital growth, they adapted quickly to evolving technologies and became agile hustlers. While tech-savvy, their skills are often surpassed by Gen Z’s native fluency, and they have adjusted their work styles as Gen Z shifted workplace culture toward new values and priorities.

Gen Z are true digital natives, shaped profoundly by the acceleration of Gen AI technologies such as ChatGPT. This generation champions flexibility, balance, mental health, and purposeful work, marking a clear contrast to older cohorts. Distinctively, Gen Z are vocalists in the workplace— unafraid to speak their minds.

The blend of these generations brings both vibrancy and complexity to Singapore’s workplaces. Employers face challenges in harmonising diverse mindsets, skillsets, and expectations across age groups. An employer may themselves embody a different generational perspective than their team, making “one size fits all” management strategies ineffective. Understanding these nuanced differences is essential to building inclusive, resilient, and innovative workplaces that leverage generational strengths.

Generational differences in career aspirations

Generational differences in career priorities are evident across Singapore’s workplaces. It shapes not just what individuals value, but also how employers must engage and retain talent.

For Gen X, the digital and automation era has intensified concerns about job stability and security. This generation remains attentive to practical needs—competitive compensation, healthcare benefits, retirement savings (such as CPF), and supporting children’s education—reflecting a focus on security and tangible rewards as they navigate the risk of technological displacement.

Millennials, by contrast, are driven by aspirations for career progression and development opportunities. They seek clear advancement pathways, leadership roles, and continuous learning, wanting to work for organisations that offer purposeful missions and tangible social impacts alongside professional growth. For these workers, personal fulfilment and societal contribution increasingly intersect with traditional ambitions.

Gen Z, meanwhile, diverge even further—valuing flexibility and autonomy above all. For them, hybrid work options, flexible hours, and freedom in how tasks are approached are not added perks, but basic expectations in the modern job landscape. Just as importantly, Gen Z highly prioritises work-life balance and the ability to pursue interests beyond work, placing strong emphasis on mental health and personal well-being. They expect employers to support this ethos, making the pursuit of balance and autonomy integral to their choice of workplace.

Also Read: Are you a human resource?

Rising costs of living and salary transparency have driven Gen Z fresh graduates to enter the workforce with significantly higher salary expectations compared to previous generations. According to the 2024 Graduate Employment Survey, the median gross monthly salary for fresh graduates in full-time permanent employment rose to SG$4,500 (US$3,492), up from SG$4,317 (US$3,350) in 2023. This shift reflects heightened salary demands by the younger cohort, leading some employers to hesitate in hiring fresh graduates. Some opt for candidates with industry experience or replace roles with technology due to cost considerations.

Given such diverse priorities and evolving salary expectations, employers can no longer rely on traditional offerings like salary, annual leave, or medical benefits alone to attract, motivate, and retain talent. Instead, organisations must adopt a more holistic, flexible approach—empowering line managers to work closely with team members.

Embracing digital diversity for workplace cohesion  

Technological disparity among Gen X, Millennials, and Gen Z is a defining feature of today’s multigenerational workplace, requiring thoughtful attention from employers before introducing new processes or systems.

Gen X entered the workforce amid typewriters, fax machines, and the earliest computers. For many, digital adoption occurred mid-career, where they picked up productivity tools like Word, Excel, and email. However, they may be less comfortable with advanced cloud collaboration, data analytics tools, or AI-driven software unless they have upskilled through training. Their strengths often lie in institutional knowledge and business acumen rather than digital agility, making rapid adoption of new tech platforms a greater challenge.

Millennials, whose formative years coincided with the rise of Windows computers, Internet connectivity, and mobile phones, have a natural ease with digital tools and communications. Most are proficient in enterprise platforms, social media, and online research, adept at adopting new digital workflows, and flexible with evolving work technologies. However, they may still feel less “native” than Gen Z when it comes to cutting-edge trends like AI prompt engineering, advanced data visualisation, or blockchain solutions.

Gen Z, on the other hand, are truly digital natives—raised in an environment dominated by smartphones, high-speed internet, and cloud-based platforms. Their exposure to coding, digital creation tools, and seamless multitasking across devices means they possess unparalleled digital agility and confidence in picking up new apps or software. They are quick to adopt new tools but may lack depth in legacy enterprise systems and soft skills needed.

Also Read: Anchanto CEO on why human resource is essential for a growth stage startup

For employers, the difference in the pace of technology adoption across generations cannot be overlooked. Gen X may show resistance when new systems are introduced, requiring more support and reassurance. Educating older workers on the use and benefits of technology is beneficial, giving them time to adapt and creating opportunities to build new capabilities, such as AI adoption. By recognising these varying paces and adopting inclusive strategies, organisations can harness the strengths of all generational cohorts and achieve cohesive progress in an increasingly digital business environment.

Navigating generational communication styles at work  

Different generations in the workplace exhibit distinct communication styles shaped by their formative experiences and technology exposure.

Gen X professionals, accustomed to traditional modes of communication and with a preference for direct, concise communication, typically prefer face-to-face interactions and formal channels like email. For most of their careers, remote work was uncommon, and many relied on direct, official communication methods for clarity and efficiency.

Millennials began their careers similarly but adapted to more digital communication tools with the rise of remote work, especially during the COVID-19 pandemic. They value frequent feedback and are versatile, comfortably switching between emails, instant messaging, and video conferencing based on the context, showing adaptability in communication preferences.

Gen Z entered the workforce post-pandemic, with remote and hybrid work norms firmly established. They prefer informal, casual, quick communication through platforms like WhatsApp, Microsoft Teams, or Zoom.

Also Read: Scaling is hard: Here are 7 things Human Resources can do to manage it

While many Gen Zs are vocal about workplace matters, this tends to be the case only when they feel engaged — disengaged individuals are often less outspoken. Employers should actively demonstrate that feedback is heard and acted upon to better manage and retain this cohort.

With these generational differences, communication gaps can arise if no understanding is established, potentially leading to miscommunication. Employers must foster awareness and create environments where diverse communication preferences are respected and bridged effectively, ensuring that message delivery remains consistent and inclusive across all generations.

Leading across generations: A call for flexibility and inclusion

In today’s diverse workforce, differences exist not only among employees but also within leadership and management teams, as individuals come from varying generations. These generational differences can significantly impact working relationships, team dynamics, and overall performance.

Employers must recognise that a one-size-fits-all approach will not work. As Gen X and Millennials increasingly find themselves managing Gen Z, it is vital to recognise that this younger cohort brings a distinct set of expectations and perspectives on work. Leaders must step beyond their comfort zones to communicate, engage, and include Gen Z in meaningful ways. When properly engaged and their energy channelled, Gen Z can be a powerful asset. They can leverage their digital agility to challenge the status quo, driving innovation and strengthening the business landscape.

Acknowledgement: Bahvaani A, Assistant Research Manager, IndSights Research.

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I have always believed that a voice does not expire. It grows, shifts and sometimes hides, but it never disappears.

As a coach, I encourage people to share their stories. On stage. Online. In classrooms and in life. Some tell their stories with trembling voices. Some cannot speak them at all.

Now with AI, a new kind of storytelling is possible.

When the story is true, it finds a way

I often tell my learners, AI can help you tell your story, but it cannot feel it for you. You can use AI to help with your script, your visuals or even your voiceover. But the story still needs to come from your truth, your thoughts, your emotions, your experiences.

AI can generate words, but it is your meaning that gives them heartbeat. AI can sing your song, but it is your story that gives it soul.

When I created my first AI song, I put pieces of my own story into it. It was fun, simple and a little silly, but it felt alive. Because even when a digital voice sang it, the story behind it was mine. Our voices evolve, they do not end.

From stage to screen to AI storytelling

Not everyone dares to speak on stage. Some struggle to record videos because they do not like their voice or fear judgment.

Now with AI narration, you can still tell your stories. You can write your thoughts and let AI speak them for you. You can create a video, an animation or even a song that carries your message.

AI gives us another way to share what matters. It does not replace us. It supports us. It is like having a digital friend whispering, you can do this.

The important thing is not how you tell the story. It is what you do.

Also Read: AI, authenticity and the future of founder storytelling

Stories that evolve, not fade

The most beautiful part of AI storytelling is that it preserves stories that might otherwise be lost. You can record your wisdom, your memories, your ideas and let them travel further than your lifetime. You can turn reflections into AI videos, podcasts or songs. You can even animate your story so your grandchildren will one day see and understand who you were.

That is legacy, not fame, but remembrance.

Our stories evolve. From notebooks to microphones. From live stages to digital screens. And now, through AI voices that echo our own truths.

The creative inside me

The creative inside me is enjoying every new AI feature and trying everything I can. Calling all the crazy, creative people out there, get those juices spilling out. No right or wrong. Art is a rebel. So create. Experiment. Play.

Let the tools help you discover new ways to express who you are because creation is not about control. It is about freedom.

The gentle reminder

You do not need to sound perfect to be powerful. You just need to be honest.

AI can help shape your story, sing it or even speak it for you. But what matters most is that it is still your story. Your thoughts. Your ideas. Your voice.

So whether you share it on stage, online or through AI storytelling, remember this. Your voice does not expire. It evolves.

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JP Morgan Chase (JPMC), the world’s largest bank by market capitalisation, has acquired Sri Lankan fintech startup WealthOS for an undisclosed sum.

The deal — first reported by The Examiner — is described as a buyout of all existing shareholders, enabling both investors and employees to cash out.

Also Read: From civil war to innovation: nVentures’s Chalinda on the rise of Sri Lanka’s entrepreneurship

While the price tag has not been made public, a source familiar with the transaction told The Examiner that the deal is larger than the London Stock Exchange Group’s acquisition of MillenniumIT, which was valued at US$30 million in 2009. If accurate, that puts WealthOS in the mid-eight-figure-plus exit range, marking one of the most significant outcomes in Sri Lanka’s modern startup ecosystem.

What WealthOS does

Founded in late 2019 by Anton Padmasiri and Chamat Arambewela, UK-incorporated WealthOS builds software that helps financial institutions run wealth management digitally. Rather than being a consumer investing app, it is closer to “infrastructure”: the kind of platform a bank or wealth manager uses behind the scenes to onboard clients, manage portfolios and products, automate workflows, and integrate with other systems via APIs. It enables a wealth business to operate at scale without constantly patching legacy technology.

The fintech currently employs over 50 people in Sri Lanka and four in the UK. Barclays and Singapore- and Sri Lanka-based nVentures are also its investors.

“This is the fund’s [nVentures] second successful exit. From the start, our focus has been on identifying exceptional founders early, supporting them closely, and staying engaged as they build. Outcomes like this reinforce our approach to early-stage investing and the kind of long-term value we aim to build as a fund,” said nVentures’s Managing Partner Chalinda Abeykoon in a LinkedIn post.

Why JP Morgan Chase is acquiring WealthOS

For JPMC, the strategic logic is straightforward: banks increasingly compete on the quality and speed of their digital wealth experiences, and modernising wealth infrastructure internally can take years. Acquiring a platform like WealthOS can deliver three immediate advantages.

1. Speed: Buying a functioning product and a delivery team shortens timelines for upgrading or launching digital wealth capabilities.
2. Architecture: A platform built in the past few years is typically more API-friendly and easier to integrate than older, monolithic wealth stacks.
3. Talent and execution: Sri Lanka has a reputation for strong engineering, and an established Colombo-based team can accelerate delivery while reducing build risk.

How big a deal is this for Sri Lanka’s exit track record?

Sri Lanka is rich in technical talent and respected tech companies, but large, clean, venture-style exits remain uncommon.

Also Read: Small market, big dreams: Meet the 30 Sri Lankan startups that are punching above their weight

The Examiner report notes that WealthOS is the “fourth major exit” following MillenniumIT, WSO2, PickMe, and Ncinga. One clearer Sri Lanka-linked fintech acquisition in recent years is Kaiju Labs, which was acquired by KAST Finance in November 2024. Against that backdrop, a JPMC acquisition of WealthOS would stand out not only for size but also for the buyer: a global-tier financial institution, not a regional consolidator.

Sri Lanka’s startup scene and fintech’s evolution over the past 4-5 years

Sri Lanka’s startup ecosystem is best characterised as small but technically strong, with a concentration in software and product engineering, enterprise IT, and fintech-adjacent categories such as commerce enablement. The country has hundreds of active startups, supported by hubs and industry bodies such as Hatch and SLASSCOM-linked programmes, alongside public-sector-linked initiatives that have aimed to catalyse entrepreneurship and digital adoption.

Fintech in particular has evolved rapidly since roughly 2020, driven by three forces: COVID-era digitisation, the push for more efficient payment and commerce infrastructure, and the behavioural shift accelerated by the economic crisis, which encouraged merchants and consumers to adopt more trackable, cash-light options.

Who are the top fintech players to watch in Sri Lanka?

Sri Lanka’s fintech landscape spans payments, merchant enablement, lending/BNPL, and wallet ecosystems. Notable names frequently cited by market watchers include:

• PayHere (online payments and SME merchant tooling)
• Koko (consumer credit/BNPL-style product)
• Mintpay (BNPL pioneer, now part of Atome Financial)
• Genie (a major wallet/super-app product backed by an incumbent; influential even if not a classic VC startup)
• LankaPay (not a startup, but critical national payments infrastructure that many fintechs build atop)

What the WealthOS deal could change

If the reported details hold, it could be a confidence event for Sri Lanka’s startup ecosystem. Employee and early-investor liquidity can seed a “second generation” of founders and angels, strengthening the local capital and mentorship layer. It also reinforces the country’s positioning as a place that can produce globally relevant financial infrastructure products, not just engineering services.

Also Read: Re-awakening Sri Lanka’s legacy of innovation: The story of TRACE

In practical terms, the deal signals that the path from Colombo-based product development to global outcomes is real, and that may be the most important datapoint for founders and investors watching Sri Lanka’s next wave.

“JPMorganChase’s acquisition of a company entirely powered by Sri Lankan talent is a strong signal of our island’s ingenuity. It raises confidence across the ecosystem and sets a higher bar for founders building globally from emerging markets,” added Abeykoon.

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January 22 delivered a compelling narrative of a global financial landscape in flux, where traditional equities soared on the wings of diplomatic optimism while the volatile realm of digital assets cooled significantly. The day was marked by a second consecutive session of gains for major US stock indices, a direct consequence of easing geopolitical tensions and a corresponding retreat of the US dollar. This confluence of factors painted a complex picture for investors everywhere, highlighting a clear rotation of capital back into regional markets and safe-haven commodities.

My view is that these events highlight a fragile market sentiment, heavily influenced by headline news and the immediate unwinding of risk positions. The market’s sharp positive reaction to President Trump’s reported “framework” deal over Greenland, which ostensibly cooled global tensions and averted a looming trade war with new European tariffs, reveals a nervous system quick to price in relief. This optimism was evident in the performance of the S&P 500, which advanced 0.55 per cent to close at 6,913.35, the Dow Jones Industrial Average, which rose 0.63 per cent (306.78 points) to 49,384.01, and the Nasdaq Composite, which gained 0.91 per cent to settle at 23,436.02. This movement was not without specific stock stories, as tech giants such as Nvidia, Microsoft, and Meta Platforms all ended higher, and Intel shares rose slightly ahead of their quarterly results. Conversely, Abbott Laboratories shares fell sharply, reminding us that company-specific fundamentals, such as the impact of higher prices on sales growth, always matter, even amid broader market rallies.

The easing of global tensions also had a palpable effect on commodities and currencies. The US dollar index was 0.5 per cent lower at 98.30, marking its biggest single-day fall in a month. This decline acted as a potent catalyst for gold, the traditional safe-haven metal, which soared to an all-time high, climbing above US$4,960 an ounce in the spot market. It is a classic market reaction: a weakening dollar and reduced global risk perception often see a surge in the appeal of the yellow metal. Concurrently, WTI crude futures fell below US$60 a barrel, declining more than two per cent to US$59.35, as the geopolitical risk premium that often elevates oil prices evaporated with news of the diplomatic breakthrough. The bond market remained relatively stable throughout, with the 10-year Treasury yield at approximately 4.25 per cent, little changed from the previous day’s close.

Also Read: JP Morgan acquires WealthOS in landmark Sri Lanka startup exit

However, a different, more cautious mood permeated the digital asset ecosystem. While traditional assets rallied, the crypto market fell 0.64 per cent over the last 24 hours, extending a seven-day decline of 6.5 per cent. This divergence suggests a distinct risk-off environment within the crypto space, driven by specific structural concerns rather than immediate global headlines. My take is that the crypto market is currently grappling with a crisis of conviction, primarily stemming from large institutional players. The data is clear: spot Bitcoin ETFs recorded US$1.58 billion in net outflows this week, a powerful signal of institutional profit taking and reduced exposure. This consistent selling pressure is outweighing retail buying, creating a market that lacks a necessary institutional bid to support prices.

The lack of institutional support is compounded by a significant plunge in trading activity. Total 24-hour trading volume fell 32.8 per cent to US$98.43 billion, with derivatives volume down 37 per cent. This sharp drop indicates low trader conviction and reduced liquidity, making prices prone to slippage even on modest sell orders. In thin markets, downward moves are often amplified. Technically, the market is testing a critical support level at the 78.6 per cent Fibonacci retracement level of US$3.01 trillion global market cap. The RSI sits at 43.74, neutral but weak. The conclusion I draw is that this is not a broad market panic but a targeted period of consolidation rooted in institutional caution and evaporating volumes.

For holders, the immediate future hinges on whether these ETF outflows persist and if that crucial US$3.01 trillion support level can hold firm over the next 48 hours. The contrasting performance of traditional and digital markets on this day provides a fascinating study of how different asset classes react to unique combinations of macro and microeconomic pressures.

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The lead image of this article is generated by AI.

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Singapore has launched a new Model AI Governance Framework for Agentic AI, positioning itself at the forefront of global efforts to regulate the responsible deployment of advanced AI systems, including AI agents.

Announced on January 22 at the World Economic Forum, the framework was introduced by Minister for Digital Development and Information Josephine Teo. Developed by the Infocomm Media Development Authority, the framework is the first in the world to provide a comprehensive, practical guide for organisations deploying agentic AI responsibly.

The framework builds on Singapore’s original Model AI Governance Framework for AI, introduced in 2020, and reflects the country’s balanced approach to AI governance. It seeks to put guardrails in place to manage risks while leaving room for innovation, ensuring that the benefits of AI agents can be realised in a trusted and safe manner.

Unlike traditional or generative AI, AI agents can reason, plan across multiple steps and take actions on behalf of users to achieve specific objectives. These capabilities allow organisations to automate repetitive tasks in areas such as customer service and enterprise productivity, freeing up employees to focus on higher-value work and supporting broader sectoral transformation.

However, the increased autonomy of AI agents also introduces new risks. These systems may have access to sensitive data and the ability to make changes to their environment, such as updating databases or executing payments. This raises the risk of unauthorised or erroneous actions, as well as challenges around human accountability. One concern highlighted is automation bias, where users may over-trust AI agents that have performed reliably in the past.

Also Read: Voice does not expire: How AI helps us keep our stories alive

To address these issues, the new framework emphasises that humans remain ultimately accountable for the actions of AI agents. It stresses the importance of maintaining meaningful human control and oversight throughout the deployment and use of agentic AI.

Targeted at organisations deploying AI agents either in-house or through third-party solutions, the framework offers a structured overview of key risks and emerging best practices. It provides guidance across four main dimensions: assessing and bounding risks upfront by selecting appropriate use cases and limiting agent autonomy and access; ensuring human accountability through clearly defined approval checkpoints; implementing technical controls throughout the AI agent lifecycle, including baseline testing and controlled access to approved services; and enabling end-user responsibility through transparency, education and training.

The framework was developed with input from both government agencies and private sector organisations. April Chin, co-chief executive officer of Resaro, said the framework fills a critical gap in policy guidance by addressing the specific risks associated with agentic AI. She noted that it helps organisations define agent boundaries, identify risks and implement mitigations such as agentic guardrails.

IMDA described the framework as a living document and said it welcomes feedback from interested parties, as well as case studies demonstrating responsible deployments of AI agents. Building on its existing starter kit for testing large language model-based applications, the authority is also developing additional guidelines focused on testing agentic AI applications.

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As AI agents move from experimental tools to operational systems with real-world impact, Singapore’s newly launched Model AI Governance Framework for Agentic AI is set to reshape how businesses deploy, manage, and scale these technologies.

Unveiled at the World Economic Forum in Davos, the framework is the first in the world to offer structured, practical guidance specifically for agentic AI, systems capable of planning across multiple steps and taking actions on behalf of users. While not a law, the framework is likely to influence business practices quickly, especially in regulated and customer-facing sectors.

For companies in Singapore, the message is clear: AI agents can drive productivity and transformation, but only if governance is designed into systems from the start.

Unlike traditional or generative AI, AI agents can initiate transactions, update databases or trigger workflows autonomously. This expanded capability raises new risks, including unauthorised actions, data misuse and over-reliance on automated decisions. The framework responds by emphasising that humans remain ultimately accountable, even as autonomy increases.

“Agentic AI systems will make decisions with real-world consequences,” said Elsie Tan, country manager for Worldwide Public Sector, Singapore, at Amazon Web Services, in a press statement issued by IMDA. “We need concrete mechanisms for visibility, containment, and alignment built into infrastructure, along with human judgment to use them wisely. Singapore’s Model AI Governance Framework is a step in the right direction.”

Also Read: Voice does not expire: How AI helps us keep our stories alive

In practical terms, businesses are expected to rethink how AI agents are authorised, monitored and approved. One of the framework’s core recommendations is to assess and bound risks upfront by selecting appropriate use cases and limiting an agent’s autonomy, access to tools and exposure to sensitive data. For enterprises, this means more formal approval processes for agent deployments, especially for systems that can trigger payments, modify records or interact directly with customers.

The framework also elevates the importance of human checkpoints. As AI agents become more reliable, organisations risk automation bias, the tendency to over-trust systems that have performed well in the past. By requiring defined moments where human approval is mandatory, companies can reduce the risk of silent failures or cascading errors.

For tech vendors and cloud providers, the framework may shape how products are built and sold. It encourages technical controls such as baseline testing, lifecycle monitoring and restricted access to whitelisted services, alongside non-technical measures such as training and transparency. These expectations could increasingly become standard requirements in enterprise procurement.

“Building trust in agentic AI is an ongoing, shared responsibility, and IMDA’s framework is a constructive first step,” said Serene Sia, country director for Malaysia and Singapore at Google Cloud.

She added that open standards will play a key role in enabling secure multi-agent systems. “Having pioneered open standards like the Agent2Agent Protocol and Agent Payments Protocol, Google has been playing a key role in establishing the foundation for interoperable and secure multi-agent systems.”

Also Read: Forward-looking governance: Why Asian boards must think like futurists

The impact will be felt most strongly in sectors where AI agents operate close to money, data or safety. Financial services firms, fintech companies and banks are likely to introduce stricter approval gates, audit trails and monitoring to meet expectations of accountability. E-commerce platforms and logistics providers may need tighter controls around customer service agents who can issue refunds or amend orders.

For organisations already deploying AI agents at scale, the framework offers validation and direction.

“At KBTG, we have already begun deploying AI agents across the bank and have a strong pipeline of additional agents ahead,” said Dr. Komes Chandavimol, principal AI evangelist at KASIKORN Business-Technology Group, the technology arm of KASIKORNBANK. “As we move toward deployment at scale, we are strengthening our agentic AI governance. The Model Governance Framework for Agentic AI is a timely and practical document that will help guide this journey.”

Small and medium-sized enterprises may face capability gaps, particularly around testing and monitoring. This could accelerate demand for managed services and “governed-by-design” AI agents that embed compliance features by default.

Positioned as a living document, the framework is likely to evolve alongside the technology. For businesses in Singapore, it sets a clear direction of travel: AI agents are welcome — but only with accountability, oversight and trust built in.

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The lead image of this article is generated by AI.

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Airwallex’s acquisition of Paynuri is less about headline-grabbing expansion and more about quietly doing the hard, unglamorous work that actually scales fintech: licences, local compliance, and settlement rails. Coming on the heels of its US$330 million Series G, the deal signals a clear strategic pivot — capital is being deployed to lock in regulated infrastructure, not just chase user growth.

Korea is a logical next frontier. It is a sophisticated, high-volume market with demanding regulators, strong domestic incumbents, and businesses that increasingly sell beyond national borders. For Korean merchants riding the K-wave — from e-commerce to entertainment — cross-border payments are no longer a “nice to have” but a margin issue. FX spreads, slow settlement, and fragmented providers quietly tax growth. Airwallex is positioning itself as the layer that removes that friction.

Buying Paynuri accelerates this ambition. Rather than entering Korea cautiously and negotiating licences over years, Airwallex gains speed, legitimacy, and local operational grounding. That matters in a market where regulators expect compliance first and iteration second.

For customers, the promise is straightforward: fewer intermediaries, cleaner FX, and faster access to global markets — whether you’re a Korean brand selling overseas or a foreign company localising into Korea. The bet is that payments infrastructure, not consumer-facing apps, will capture the most durable value.

Viewed through that lens, Korea isn’t a side quest. It’s a test of whether Airwallex can turn regulatory complexity into competitive advantage — and scale globally without losing its infrastructure-first discipline.

REGIONAL

Why Airwallex chose acquisition over patience in Korea: The purchase provides Airwallex a faster path to operate locally, at a time when cross-border commerce is rising and Korean businesses are trying to sell overseas without getting strangled by FX spreads, settlement delays, and fragmented payment rails.

Danantara to deploy US$14B this year: Launched in February 2025 with an initial US$20B, Danantara aims to support Indonesia’s economic transformation by investing in renewable energy, digital infrastructure, healthcare, and food security over the next 12 to 24 months.

Salesforce’s startup push in ASEAN is really a customer acquisition engine: Salesforce has rolled out its Startup Program in Malaysia and the Philippines as it looks to turn fast-growing local founders into long-term platform users. The program was started in 2021 and now supports a community of over 435 startups.

What Toku’s IPO reveals about demand for enterprise AI in Asia: The AI CX platform raised US$11.86M. Toku enters the market on a credible growth trajectory. It reported revenue growth of 47% and net revenue retention exceeding 150% over the past three years for its subscription and licensing revenue stream.

SCBX brings Korea and China’s digital banking playbooks to Thailand: The collaboration combines SCBX’s domestic banking muscle with KakaoBank’s mobile‑first product playbook and WeBank’s heavyweight tech stack, including AI and cloud‑scale infrastructure, to launch a new virtual bank in Thailand.

Vietnam fines TikTok over data privacy violations: In addition to TikTok, the commission also fined Zalo, a messaging platform operated by VNG Corp, US$30,900 for failing to provide mechanisms for users to control the scope of personal data they share.

Indonesia’s Hypefast plans 2027 IPO after rebrand: Hypefast positions itself as a full-stack operator managing brand manufacturing, distribution, and D2C sales, with over 10,000 retail points across Indonesia. Hypefast reported positive EBITDA and cash flow since 2024.

FEATURES & INTERVIEWS

Why Nansen believes AI agents are the future of on-chain markets: CEO Alex Svanevik talks about what this shift says about the maturity of crypto markets, the evolving role of AI in trading, and how access to institutional-grade workflows could reshape who gets to move first on-chain.

INTERNATIONAL

JP Morgan acquires WealthOS in landmark Sri Lanka startup exit: This acquisition signals global validation for Sri Lankan fintech, unlocking liquidity, talent flywheels, and confidence in product-led exits. UK-incorporated WealthOS builds software that helps financial institutions run wealth management digitally.

OpenAI’s Altman said to meet Middle East investors for US$50B round: OpenAI has previously raised billions to fund infrastructure costs such as chips and data centres and has committed to spending over US$1.4T on AI infrastructure in the coming years.

Jungle Ventures joins Indian travel tech startup Escape Plan’s US$25M round: Escape Plan sells luggage, backpacks, and travel accessories, with a strong focus on offline retail in non-metro markets. It aims to open over 200 stores across India and follows an inventory-led model.

Australia watchdog orders Airwallex audit over compliance issues: The regulator expressed worries that Airwallex’s transaction monitoring system may not fully address the risks, especially as it facilitates fund transfers across multiple jurisdictions.

Amazon reportedly to cut thousands more jobs: The layoffs are part of a broader effort to cut nearly 10% of its corporate workforce, affecting units such as AWS, retail, Prime Video, and HR. The company previously cut around 14,000 jobs in October, about half of its initial 30,000 target.

TikTok shifts US assets to Oracle-led joint venture: The JV, majority American-owned, will oversee data storage, content moderation, and algorithm security for US users, with Oracle managing data storage. The leadership team includes CEO Adam Presser and CTO Will Farrell.

CYBERSECURITY

AI vs AI: Inside Southeast Asia’s new cybersecurity war: As Southeast Asia’s digital economy tops US$1 trillion, escalating AI-driven cyber threats collide with rapid innovation, pushing startups and governments to build resilient, coordinated defences across the region.

Seqrite, Terrabyte Group partner to strengthen cybersecurity footprint in SEA: The collaboration brings Seqrite’s full-stack enterprise cybersecurity ecosystem to the region, enabling organisations to secure endpoints, networks cloud environments, data, users and applications through an integrated, AI-driven approach.

Super apps, fintech wallets and mobile payments: Southeast Asia’s fintech boom has driven near-universal digital payments, but super apps and mobile wallets are creating concentrated cybersecurity risks as fraud shifts decisively toward mobile-first attacks across the region.

SEMICONDUCTOR

Memory chip prices surge on AI demand, hit consumer electronics: Major memory chip producers Samsung, SK Hynix, and Micron report difficulty meeting demand, driven by prioritisation of data centre components. As a result, companies like Apple and Dell may face higher costs, potentially passing them to consumers.

China, Hong Kong dominate India’s chip imports: China supplied nearly 30% of integrated circuits and microassemblies worth US$5.8B from April to November FY26. Hong Kong contributed 18.5%, amounting to US$3.7B, with both sources increasing their shipments by 3.5% and 10%, respectively.

Intel shares fall over 13% despite Q4 earnings beat: The company reported a net loss of US$600M, compared to a US$100M loss a year earlier. Intel’s revenue was US$13.7B, beating analysts’ predictions. Adjusted earnings per share were 15 cents, above the expected 8 cents.

AI

Indonesia expects to finalise AI regulations within two months: The regulations include the AI Roadmap and AI Ethics. The AI Roadmap outlines national development and utilisation strategies, while the AI Ethics regulation sets principles for responsible AI use but does not specify sanctions.

Voice does not expire: How AI helps us keep our stories alive: AI expands how stories are told, but authenticity remains human. Voices evolve through technology, preserving meaning, emotion, and legacy while enabling expression beyond fear, format, or stage limitations.

AI in recruitment: Why precision hiring will matter more than ever in Southeast Asia: Regional startups face tighter capital and higher execution pressure, making hiring strategic. AI-driven precision hiring reduces bias, shortens cycles, and improves decision quality without replacing human judgment.

How AI, AR, and live streaming are changing the online shopping experience: As e-commerce becomes dominant, brands are using AI, live commerce, AR/VR, and generative tools to deliver personalised, interactive experiences that boost engagement, differentiation, and online sales globally.

THOUGHT LEADERSHIP

Why marketing agencies are more essential than ever in 2026: In 2026, marketing agencies thrive as strategic growth partners, blending human judgment, specialised expertise, and AI-powered execution to navigate complexity, culture, and competition beyond what tools or in-house teams alone can achieve.

Leading a multigenerational workforce: How Singapore’s employers can turn diversity into strength: Singapore’s multigenerational workforce blends Gen X resilience, Millennial adaptability, and Gen Z digital-native values, forcing employers to rethink leadership, technology adoption, communication styles, and flexible talent strategies.

Forward-looking governance: Why Asian boards must think like futurists: Asian boards must move beyond reactive oversight toward forward-looking governance, embedding foresight, adaptive structures, and strategic courage to anticipate regulatory, technological, and geopolitical shifts shaping long-term resilience across Asian markets.

Life in plastic, it’s not fantastic: Understanding the problems: Asia’s plastic crisis persists as recycling faces high costs, technology limits, quality degradation, poor traceability, and inadequate policy, limiting scale, discouraging investment, and demanding action from corporations, governments, and startups.

The data revolution: Innovation and evolution in APAC’s hospitality industry: Technology and data are transforming APAC’s hospitality industry, enabling personalised guest experiences, operational efficiency, and post-pandemic recovery—turning traditional venues into smarter, more resilient, growth-driven businesses.

How Southeast Asia’s Supermom retains its Fortune 500 clients: Supermom is Southeast Asia’s leading parenting data platform, connecting millions of moms, empowering peer influence and income creation, while supplying global brands with unique first-party consumer insights and client retention.

Profitable e-commerce: Making real money in the new year: Online sellers should focus on profitable growth, not raw revenue, by leveraging shopping tailwinds, preparing for stockouts, optimising pricing, and applying proven e-commerce best practices instead of chasing growth hacks.

Trump’s Davos reversal sparks massive relief rally in global stocks, cryptocurrencies: Global markets rebounded sharply as trade tensions eased, stocks surged, gold fell, AI optimism lifted tech, and crypto showed maturing strength amid whale accumulation and landmark institutional milestones worldwide confidence.

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India’s payments infrastructure firm Juspay has raised US$50 million from WestBridge Capital in a Series D follow-on round, valuing the company at US$1.2 billion.

The transaction combines primary capital with a secondary component that offers liquidity to early investors and employees holding ESOPs — the second such liquidity event Juspay has facilitated within a year.

Also Read: Juspay’s Nakul Kothari on building, scaling, and the future of fintech

That structure matters almost as much as the cheque size. Across Asia, secondary investments (purchases of existing shares rather than new issuance) are growing quickly as late-stage startups stay private for longer and IPO windows remain inconsistent. For investors, secondaries offer exposure to more mature businesses with clearer unit economics and governance; for founders, they can reduce pressure to “time the market” for an IPO; and for employees, they convert paper wealth into cash without waiting years for a listing.

In Juspay’s case, the deal also signals a shift in how late-stage capital is being deployed in the region: less about subsidising growth at any cost, more about backing infrastructure companies that can scale across markets while keeping stakeholders incentivised.

Juspay in numbers

Juspay sells payments infrastructure to enterprises and banks, sitting behind consumer-facing checkout flows and routing transactions across payment methods, gateways, and networks. The company claims its annualised total payment volume (TPV) now exceeds US$1 trillion and that it processes more than 300 million transactions daily for brands, including Agoda, Amazon, Flipkart, and Swiggy.

It also states 99.999 per cent reliability and a workforce of 1,500+ across offices, including Singapore, alongside San Francisco, Dublin, São Paulo and Dubai.

What is less clear from the release is how fast those topline metrics have grown over the last two years. Juspay does not provide year-by-year TPV, revenue, take-rate, or profitability figures, which makes it difficult to benchmark performance against other infrastructure players. Still, two datapoints stand out: the claimed US$1 trillion+ annualised TPV and the fact that it has created two liquidity events within a year, suggesting confidence in internal valuations and a desire to retain talent in a competitive market.

Sheetal Lalwani, Co-founder and COO of Juspay, said: “Our focus over the last decade has been on solving the core complexities of global payments through first-principles engineering and design.”

Secondaries are gaining traction in Asia

Secondary transactions are rising across Asia for structural reasons:

• Longer private-company lifecycles: strong companies are delaying IPOs, either by choice (more private capital available) or necessity (volatile public markets).

Also Read: Secondaries take centre stage: How VCs are navigating the exit drought

• Tighter growth funding: as primary rounds become more selective, secondaries help balance stakeholder needs without forcing aggressive expansion.
• Talent retention: periodic ESOP liquidity is increasingly used to retain senior engineering and product talent, especially in fintech.
• Cleaner cap tables and price discovery: secondaries can consolidate early positions and create a reference price without a full fundraise.

In India, in particular, where many startups built large ESOP pools during the boom years, employee liquidity is becoming a recurring feature rather than a one-off event.

India’s fintech growth in Asia — and the constraints

India remains one of Asia’s most influential fintech markets, driven by UPI, widespread smartphone adoption, digital-first merchants, and the broader “digital public infrastructure” stack that reduces friction in onboarding and payments. Indian fintechs are also increasingly exporting capabilities — especially in payments orchestration, risk, reconciliation, and compliance tooling — to Southeast Asia and the Middle East.

But growth is shaped by countervailing forces: regulatory scrutiny, persistent concerns around fraud and consumer protection, shifting economics across payment rails, and intense competition among infrastructure and aggregator layers. In short, the demand is massive, but sustainable scale increasingly requires compliance maturity and strong operational controls.

Juspay in Southeast Asia

Juspay already has a Singapore base and counts Agoda among customers, giving it a practical entry point into Southeast Asia’s cross-border travel and commerce flows. The region’s opportunity lies in its fragmentation: multiple domestic real-time payment schemes, wallets, bank transfer rails, and differing regulatory requirements across markets. That complexity typically pushes large merchants and platforms towards orchestration and infrastructure providers that can unify routing, retries, reconciliation, and risk controls across countries.

Also Read: What stands in the way of fintech growth in Asia?

If Juspay executes well, Southeast Asia offers a route to grow beyond India-centric rails into a broader APAC infrastructure play — especially as real-time payments and cross-border linkages expand.

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