Nadiem Makarim
Indonesia’s startup ecosystem is entering a defining moment. For years, the country’s tech narrative was powered by optimism: a massive market, charismatic founders, and the belief that innovation could modernise both business and government. But recent controversies surrounding former minister and Gojek co-founder Nadiem Makarim, alongside the governance questions raised by the eFishery saga, have exposed a deeper issue: trust.
These are fundamentally different cases. One concerns alleged misconduct in public procurement, while the other centres on corporate governance and financial transparency. Yet global investors may interpret them through the same lens: weak institutional controls.
The long-term impact is unlikely to be a collapse of investor interest. Indonesia remains too important strategically and economically. However, the terms of engagement are changing. Investors will demand stronger governance, earlier diligence, cleaner reporting structures, and greater accountability from founders and boards alike.
Ultimately, this may become a painful but necessary transition. Mature ecosystems are not built on mythology alone. They are built on institutions capable of supporting ambition with transparency, oversight, and trust. Indonesia’s next startup chapter will depend not just on innovation, but on credibility.
Regional
Nadiem, eFishery and the end of blind faith in Indonesia startups: The prosecution’s demand for an 18-year prison sentence for Gojek co-founder Nadiem Makarim, alongside the eFishery scandal, signals a widening credibility gap in Indonesia’s tech ecosystem, forcing investors to demand governance over storytelling.
Ibrahim Arief verdict threatens Indonesia’s innovation compact: A Jakarta court sentenced tech consultant Ibrahim Arief to four years in prison for advisory work on a Chromebook procurement project, a split verdict that criminalises advisory roles and risks driving talent away from public-private collaboration.
VinFast sells manufacturing assets for US$505M in asset-light pivot: The Vietnamese EV maker will transfer production assets from its subsidiary to a founder-led buyer group while retaining R&D, sales, and after-sales units, a restructuring move as it reported a US$1.34B net loss in Q4.
Thailand’s Konvy closes US$22M Series B: The leading beauty e-commerce platform secured investment from Cool Japan Fund to scale its omnichannel model into the Philippines and Malaysia, leveraging exclusive access to Japanese brands.
Melazyme closes US$2M seed round for precision fermentation: Founded by Perfect Day veterans, the Singapore-based startup uses a proprietary fermentation platform to produce melanin and other biomolecules for cosmetics, materials, and environmental remediation, backed by SeaX Ventures.
Southeast Asia’s nuclear question gains urgency amid energy pressures: As electricity demand rises and fossil fuel vulnerabilities deepen, nuclear energy is quietly re-entering ASEAN policy debates, but public trust, not technology, remains the decisive constraint.
Why logistics is becoming Southeast Asia’s startup goldmine: Asia’s 4PL market is projected to reach US$44.7B by 2032, driven by supply chain shifts out of China, cross-border e-commerce growth, and a near-total absence of orchestration-layer technology to manage it all.
Interviews & Features
How 65labs founder Sherry Jiang is wiring Singapore’s AI scene: Co-founder of 65labs and CEO of fintech startup Peek, Sherry Jiang explains why grassroots infrastructure, not top-down mandates, is what Singapore’s AI builder community was always missing, and why the city is structurally wired to look both East and West.
Meet Malaysia’s AI startups pushing beyond the ChatGPT hype: Sixteen emerging Malaysian startups spanning enterprise automation, speech AI, biotech, and food safety are solving region-specific problems through localisation and scalable infrastructure, quietly shaping Southeast Asia’s AI landscape.
International
SoftBank posts US$11.6B quarterly profit on OpenAI gains: The Vision Fund’s US$19.7B investment gain, driven largely by rising OpenAI valuations, pushed SoftBank to its fifth straight profitable quarter, even as it pledges another US$30B to OpenAI, lifting total committed investment to US$64.4B.
Cerebras Systems surges 68% in blockbuster Nasdaq debut: The AI chipmaker priced at US$185 and closed at US$311.07, valuing it at roughly US$95B in the biggest US tech IPO since Uber in 2019, despite heavy revenue concentration in Abu Dhabi-linked entities.
Alibaba’s AI revenue logs triple-digit growth for 11th straight quarter: With annualised AI recurring revenue potentially reaching US$4.42B by end-2026, Alibaba is accelerating data centre spending well beyond its planned US$56B, and expects AI products to contribute more than half of cloud revenue within a year.
OpenAI explores legal options against Apple over stalled partnership: Expected distribution gains from ChatGPT integration into iPhones failed to materialise, renegotiation talks have stalled, and OpenAI is now considering a possible breach notice, even as Apple reportedly tests Anthropic’s Claude and Google Gemini.
Anthropic and Gates Foundation commit US$200M to AI public goods: The four-year partnership will fund African language data labelling, AI tools for teachers in sub-Saharan Africa and India, and drug-candidate prediction for HPV and preeclampsia, following the foundation’s earlier US$50M OpenAI deal.
Fasset raises US$51M Series B for stablecoin banking expansion: Backed by SBI Group and others, the Los Angeles-based platform processed over US$32B in annualised transaction volume across 2 million wallets in 125 countries and will use the funds to expand lending, SME banking, and trade finance.
Uber doubles down on India with two engineering campuses: The ride-hailing giant is building campuses for 9,600 people in Bengaluru and Hyderabad by end-2027, and plans its first local data centre through a partnership with Adani Group, hiring for AI, machine learning, and autonomous vehicle roles.
Ant Group profit falls 79% as AI healthcare spending surges: Alipay operator Ant Group posted just US$166M in quarterly profit as it stepped up investment in healthcare AI, large language models, and robotics following a 91% profit drop the prior quarter.
Lightspeed trims India fund target, pivots to AI and deeptech: The US venture firm has cut its fifth India-focused fund target from US$500M to US$300-350M, shifting focus to early-stage AI and deeptech after facing questions over several growth-stage bets.
LinkedIn plans to cut 5% of workforce despite 12% revenue growth: Microsoft’s professional network is reorganising teams and redirecting headcount to faster-growing business units, affecting roughly 875 of its 17,500-plus employees globally.
74% of enterprises rolled back live AI customer agents, survey finds: A Sinch study of 2,527 senior decision-makers found widespread post-deployment governance and reliability failures, with 81% of organisations with mature governance frameworks reporting rollbacks, even as 98% plan to increase AI communications spending.
China’s Eve Energy signs battery supply deal with India’s Godawari: Starting at 8 gigawatt-hours and potentially rising to 60 gigawatt-hours over five years, the deal taps India’s rapidly expanding storage market, which could reach 393 gigawatt-hours by 2036 and become the world’s sixth-largest.
Sam Altman testifies he was uncomfortable with Musk’s control push: On the stand in OpenAI’s ongoing lawsuit, Altman said Elon Musk refused to put in writing any limits on his proposed control of a for-profit unit, and his proposed equity split sidelined other co-founders, claims central to Musk’s suit seeking the reversal of OpenAI’s for-profit conversion.
Cybersecurity
Thailand is suddenly on the frontline of a new ransomware wave: Check Point Research’s Q1 2026 data shows ransomware consolidating around fewer but more capable groups, with The Gentlemen, a fast-rising operator using pre-positioned access, targeting Thailand for 10.8% of its victims.
Cyber insurance won’t save OT, but it can change behaviour: Industrial operators mistakenly treat cyber insurance as a recovery tool, but its real value lies in forcing boards to make OT risk financially visible and compelling security teams to prove controls rather than merely assume them.
Exaforce raises US$125M Series B for AI-driven cyberattack response: Valued at US$725M and with US$200M in total funding, the startup has added 20 enterprise customers since its Q4 2025 launch and competes with Palo Alto Networks and CrowdStrike in the rapidly growing AI threat detection market.
Semiconductor
FusionAP’s US$2M raise signals Malaysia’s push up the chip value chain: Founded by former Intel and TSMC veterans, FusionAP is building a geopolitically neutral advanced packaging platform backed by Vertex Ventures and a matching MOSTI grant, targeting a move from commodity assembly to higher-margin 2.5D and 3D chip packaging.
SoftBank injects US$457M into AI chip firm Graphcore: The fresh capital into its 2024 acquisition adds to SoftBank’s growing AI hardware portfolio alongside Arm, Ampere Computing, and the US$500B Stargate initiative with OpenAI and Oracle.
Why robotic hands could make or break the humanoid industry: With the robotic hands and end-effectors market projected at US$9B-US$26B by 2035, current models lack industrial durability and tactile sensing, but solving this unlocks environments designed entirely for human hands.
AI
The US$7T bet: why the AI boom looks a lot like the dark-fibre crash: With hyperscalers spending US$413B on AI infrastructure in 2025 alone and Bain projecting an US$800B annual revenue shortfall even in the most optimistic scenario, today’s AI capex race echoes the dark-fibre collapse of 2002, when overcapacity wiped out investors, not the infrastructure they built.
The real battle in humanoid robotics is about data, not hardware: Roland Berger finds software ecosystems lag hardware by three to five years, with proprietary operational data, not AI algorithms, becoming the decisive competitive advantage, and Southeast Asia’s industrial diversity offering a unique deployment edge.
China builds robot armies while the West chases robot brains: China’s 15,000 humanoid units produced in 2025 outpace North America by a factor of 30, while Western firms, with comparable total funding of US$3.8B vs US$4.1B, bet on AI-first approaches that could ultimately overcome manufacturing scale with human-comparable adaptability.
As AI agents gain autonomy, liability shifts to immediate business risk: Agentic AI breaks existing accountability models by acting on goals rather than instructions, and Singapore’s Model AI Governance Framework is showing how governance embedded into systems, not policy added after failures, becomes a competitive advantage.
The unexpected ways AI is already changing Malaysia’s economy: From an AI-powered WhatsApp chatbot doubling rice yields to drone-based pest detection boosting palm oil productivity by 25%, AI’s most transformative impact in Malaysia is happening in agriculture, gig work, and construction safety — not in data centres.
Technological telepathy: is an internet of minds possible?: Advances in BCIs, silent speech systems, and neural decoding are progressively collapsing the gap between intention and digital output, but what emerges is not raw thought transmission, it is AI-mediated, device-constrained cognition raising urgent questions about authorship, consent, and governance.
Thought Leadership
Bitcoin vs stocks: why crypto dipped on PPI while S&P 500 hit record highs: April’s PPI shock, 6% year-on-year versus a 4.9% consensus, triggered US$304M in crypto long liquidations while the S&P 500 hit an all-time high of 7,444, revealing that crypto traders now implicitly trade inflation trajectories and Federal Reserve policy, not just on-chain fundamentals.
The future of stablecoin payments will be decided in emerging markets: With stablecoin payment activity reaching US$390B in 2025, the real test is not settlement speed but whether providers can maintain liquidity and reliable payouts in high-friction corridors across Africa, MENA, South Asia, and Southeast Asia where correspondent banking most frequently fails.
ChuHai: the business opportunity nobody in Southeast Asia is talking about: With 613,000 Chinese private enterprises actively trading internationally and 175,000 new SMEs expected to go global annually through 2028, ASEAN captures 48% of Chinese outbound expansion targets, creating massive gaps in talent acquisition, compliance-as-a-service, and cultural localisation.
AI made execution cheap, human judgment became premium: As AI commoditises task execution, the strategic differentiator shifts to contextual intelligence, discernment, and the ability to direct AI effectively, qualities machines recognise as patterns but cannot replicate as lived business reality.
Brand vs marketing: understanding the difference that startups miss: When Airbnb cut performance marketing spend by 58%, 95% of its traffic returned unpaid, demonstrating that brand equity, built through earned presence and consistent positioning, is what makes every marketing dollar work harder.
AI in PR and marketing: redefining strategy, creativity, and results: From predictive sentiment analysis to automated content optimisation, AI is shifting agencies from reactive to proactive strategy, but the firms that win will be those that pair data-driven efficiency with human creativity rather than treating AI as a replacement.
The post Ecosystem Roundup: When the halo fades and trust becomes the real currency appeared first on e27.


