The recent detentions of MDI Ventures CEO Donald Wihardja and former TaniHub executives mark a stunning turn in Indonesia’s startup investment narrative, where optimism around tech-for-good ventures now collides with a sobering accountability reckoning. Allegations of corruption, money laundering, and data manipulation not only cast a shadow over TaniHub’s agritech promise but also raise broader concerns about governance in venture-backed startups.

What makes this scandal particularly troubling is the cognitive dissonance between TaniHub’s social mission—empowering farmers—and the alleged financial misconduct. As whistleblower testimony reveals, internal misreporting, vague “Special Projects” expenditures, and the artificial inflation of success metrics suggest a culture where perception took precedence over transparency. The revelation that failed farmer loans were reclassified as produce losses to mask defaults is emblematic of deeper systemic flaws.

This case also implicates investors and ecosystem enablers, who may have turned a blind eye to red flags in pursuit of impact narratives and portfolio growth. With both private and state-affiliated funds now under scrutiny, there is a clear call for stronger due diligence, post-investment oversight, and whistleblower protections.

TaniHub’s fall from grace should serve as a cautionary tale: mission-driven startups are not immune to scrutiny, and good intentions cannot excuse ethical lapses in financial stewardship.

REGIONAL

“Special Projects” and shady metrics: TaniHub whistleblower speaks as top execs detained
A former employee reveals financial misreporting and questionable practices at TaniHub, as authorities detain top executives in corruption probe.

Grab posts Q2 2025 earnings of US$35M on rising revenue, margins
This is a reversal from US$53M loss in Q2 last year | Revenue rose 23% y-o-y to US$819M | The turnaround was driven by operating profit and lower finance costs, though this was partially offset by higher income tax expenses.

PropertyGuru rebounds with double-digit growth after US delisting
The group’s newly appointed CEO Lewis Ng said the revenue and adjusted EBITDA saw double-digit growth between June 2024 and June 2025 | Its last announced adjusted EBITDA was US$5.3M for the quarter ended June 30, 2024.

Grab joins Foxmont’s US$30M Fund III to back Philippine startup boom
The Philippine funding surge from US$440M in 2019 to US$1.12B in 2024 | The nation now commands 19% of the regional funding, a substantial increase from just 2% in 2021.

Singapore ranks second globally in AI readiness, leading Asia Pacific
With robust regulation, strong digital infrastructure, and a focused national strategy, Singapore cements its leadership in agentic AI.

Indonesia’s AI ambitions face hard limits amid foundational gaps: Salesforce
Indonesia stands to benefit significantly from AI—but only if it can address the structural weaknesses that currently hold back its progress.

Blibli H1 revenue rises 22% to US$592.6M
The company operates online and physical retail platforms, including the Blibli and Tiket.com brands, and holds a 70.6% stake in PT Supra Boga Lestari Tbk, which operates Ranch Market.

Peak XV leads US$8.5M Series A in Singapore startup SixSense
SixSense develops an AI platform that helps semiconductor manufacturers detect and predict chip defects on production lines in real time.

REPORTS, FEATURES & INTERVIEWS

Crypto crime has a map: Where victims—and losses—are concentrated in 2025
New data reveals 2025’s crypto crime hotspots, highlighting regional disparities in victim counts, asset types, and severity of losses.

Laundering, layered: The strategy, psychology, and mistakes of crypto thieves
Crypto laundering in 2025 reveals diverging tactics by threat actors, with rising costs, regional shifts, and growing reliance on blockchain obfuscation.

From Singapore to 70+ areas in Japan: How SWAT is using AI to rewire ageing transit systems
SWAT Mobility brings AI-powered, demand-responsive transport to Japan, tackling ageing demographics and inefficient transit with scalable, smart mobility solutions.

Crypto-security race: Sysdig believes real-time visibility is non-negotiable
As crypto exchanges face relentless cyber threats, Sysdig champions real-time visibility and AI-driven defence as essential for cloud resilience.

The power of automation: How Sabrina ‘Princessa’ Wang uses AI to create time for what matters most
Wang reflects on her journey, blending resilience, tech, and storytelling to guide entrepreneurs and creators to thrive.

How Hasan Venture Capital uses AI to build an ethically grounded investment future
Hasan Venture Capital views AI as a catalyst for ethical transformation. The firm uses the tech in reviewing and supporting halal innovation.

Tariff fallout: What performance marketers must know to stay competitive
According to Stella Zhu of Playturbo, performance marketers can create a real edge through their creative strategy.

ECHELON SINGAPORE 2025

10 powerful sessions now available to stream
​​For less than the cost of your daily coffee, you can access every one of these thought-provoking sessions—and hundreds more—via Echelon Recorded Sessions On Demand.

Investing in innovation: The role of banks and CVCs in the Indonesian tech startup ecosystem
The session offers clarity on how CVCs can be more than capital providers: they can be catalysts for sustainable growth.

INTERNATIONAL

Apple revenue hits US$94B, strongest growth since 2021
IPhone sales rose 13% to US$44.6B, while Mac revenue increased nearly 15% to US$8.1B | The services business grew 13% to US$27.4B | However, iPad and wearables revenue declined 8% each.

CEO Tim Cook says Apple ready to spend big on AI
Apple’s AI strategy has included developing in-house improvements to its Siri voice assistant | The company has also partnered with OpenAI to integrate ChatGPT into certain iPhone features.

OpenAI reportedly doubled annualised revenue to US$12B
This suggests OpenAI is generating about US$1B in monthly revenue | The company reportedly has around 700M weekly active users for its ChatGPT products used by both consumers and business customers.

Coinbase drops after Q2 revenue miss on low trading volume
The US cryptocurrency exchange’s shares fell 7% in after-hours trading after the company reported second-quarter revenue of US$1.5B, missing analyst expectations of US$1.59B.

SEMICONDUCTOR

Korean chipmaker FuriosaAI bags US$125M to scale chip production
The investors include Korea Development Bank, Industrial Bank of Korea, and Kakao Investment | FuriosaAI plans to use the funds to ramp up production of its RNGD inference chip and develop its next-generation chip.

US chip equipment supplier KLA forecasts strong Q1 revenue
KLA Corp expects first-quarter revenue of US$3.15B, plus or minus US$150M, surpassing Wall Street’s average estimate of US$3B | This is attributed to strong demand for AI-supporting advanced processors.

ARTIFICIAL INTELLIGENCE

AI at work: Moving forward with employee engagement
While AI can revolutionise employee engagement, it requires thoughtful implementation, ethics, and a human-centric approach.

What big tech won’t show you about the future of AI
Real AI progress is being made by focused startups solving business problems with speed urgency and practical innovation.

AI and the frontline revolution: Rethinking workforce efficiency in Asia’s next chapter
AI is reshaping frontline work in Asia, driving efficiency, inclusivity, and trust while redefining digital transformation.

The tri-economy: How AI is reshaping our economic future
The rise of AI is shaping a new tri-economy, blending human skill, AI collaboration, and autonomous agent-driven systems.

THOUGHT LEADERSHIP

The Fed, tariffs, and Bitcoin: Unpacking the market dynamics
Global markets balance strong US data with Fed caution, trade tensions, and crypto volatility as investors await clearer signals.

Classroom capitalism: Why private equity is quietly taking over Indian schools
Private equity is quietly reshaping India’s school sector with billion‑dollar investments, raising questions on profit and purpose.

Why traditional wealth strategies are failing India’s new-age investors
Most Indian investors still rely on outdated wealth models even as a new data-driven generation seeks smarter, adaptive strategies.

From founder to investor: Shifting your mindset to sustainably grow your company
Smaller companies can scale sustainably by adopting an investor mindset and making strategic acquisitions that align with long-term goals.

Indonesia’s fitness pivot: From big-box gyms at the mall to agile shophouse startups
Shophouse gyms are reshaping Indonesia’s fitness scene as health-conscious youth drive growth beyond malls into accessible spaces.

The evolution of influence: The next chapter of creator leadership
Influence today is no longer about chasing noise, it is about clarity, balance, and building connections that truly last.

Startup winter hits SEA: Choosing investors wisely matters more than ever
In Southeast Asia’s funding slowdown, startups must target smart capital that offers networks, expertise, and long-term strategic alignment.

You can scale a product, but can you scale purpose?
Purpose-driven teams endure startup pressure by anchoring on shared values and fighting industry imbalances with integrity and clarity

A new insights attitude for SMEs in the era of the ‘insights engine’
Adopting an all-hands-on-deck insights attitude, SMEs can reach new horizons with sails as effective as insights engines.

A startup founder’s guide to navigating a VC funding round: A lawyer’s perspective
A guide for founders on navigating VC funding rounds with legal prep, smart negotiations, and long term success in mind.

The SEA headcount trap: Why more people ≠ more progress
In SEA, growing headcount doesn’t always mean progress; scaling smartly with clear roles and goals is what drives results.

Inside SEA’s new work culture: A look into Vietnam’s hybrid transformation
Hybrid work in SEA is evolving slowly but deeply, with Vietnam at the centre of a shift toward more flexible, human-first models.

The post Ecosystem Roundup: TaniHub whistleblower speaks | Grab swings to US$35M Q2 profit | Crypto crime map revealed appeared first on e27.

SixSense, a Singapore-based startup that applies artificial intelligence (AI) to semiconductor manufacturing, has closed a US$8.5 million investment round led by Peak XV’s Surge.

Alpha Intelligence Capital, Febe Ventures, and other unnamed investors also participated.

Founded by engineers Akanksha Jagwani and Avni Agarwal, SixSense directly addresses one of the semiconductor industry’s most formidable challenges: transforming vast quantities of raw production data–ranging from intricate defect images to precise equipment signals–into actionable, real-time intelligence.

Also Read: ‘The future of semiconductor manufacturing is regional’: Global TechSolutions CEO

This intelligence is critical for factories to pre-empt quality issues, enhance throughput, and ultimately produce a greater number of high-quality chips from existing production lines.

The demand for advanced chips is escalating rapidly, driven by emerging technologies such as AI, 5G, the Internet of Things (IoT), and electric vehicles. Chipmakers are under immense pressure to design and manufacture smaller, more intricate chips, leaving significantly less margin for error.

“Making a single chip is one of the most demanding feats in modern manufacturing; it happens in cleanrooms thousands of times cleaner than hospital operating rooms and relies on precise coordination across hundreds of machines and thousands of ultra-sensitive steps,” said Akanksha Jagwani, co-founder and CEO. “Imagine trying to build a skyscraper out of microscopic Lego blocks, where a tiny shift in one brick–invisible to the eye–can collapse the whole structure. That’s what chip factories face every day.”

Identifying early indicators of potential failure before they escalate into costly defects or delays remains a significant hurdle, making AI an indispensable tool for the industry.

The SixSense AI platform empowers engineers with the crucial early warnings to address problems proactively. It achieves this by analysing massive volumes of production data to detect, classify, and predict failure patterns, thereby enabling factories to transition from reactive inspection processes to proactive control mechanisms.

Also Read: Singapore’s semiconductor stars: A look at key players and startups

With the SixSense platform, manufacturers gain the ability to:

• Catch rare, minute, and critical defects that often elude human detection.
• Avoid over-rejecting perfectly good chips, consequently boosting usable output, commonly known as yield.
• Predict process drifts before they precipitate larger, more significant failures.

Avni Agarwal, Co-founder and CTO, added: “Unlike traditional AI tools, SixSense is hardware-agnostic, explainable, and built for engineers, not data scientists.” This design philosophy ensures that process engineers can fine-tune models using their proprietary fab data, deploy them in under two days, and trust the results – all without the need to write a single line of code. “That’s what makes the platform both powerful and practical.”

The platform has already established a presence globally, powering inspection lines at leading semiconductor manufacturers, including GlobalFoundries and JCET. According to SixSense, its customers have processed 100 million chips through the system, consistently achieving “substantial benefits”.

These typically include:

• 30 per cent faster production cycles.
• 1-2 per cent higher yield through the recovery of chips that would otherwise have been incorrectly rejected.
• Up to 20 per cent fewer errors and more than 90 per cent less manual effort.

Furthermore, the SixSense platform is well-integrated with major inspection equipment vendors, collectively covering over 60 per cent of the market.

Also Read: South Korea’s semiconductor revolution: The startups behind the boom

The new funding round is set to fuel SixSense’s ambitious expansion plans.

The company intends to:

• Expand its footprint into key chipmaking hubs across Malaysia, Taiwan, and the United States.
• Forge deeper partnerships with more AI-first inspection equipment makers to deliver enhanced on-the-ground AI integration.
• Invest significantly in next-generation research and development (R&D), transitioning from isolated inspection tools towards comprehensive line-level intelligence. This future development aims for multiple machines to communicate with each other through AI, optimising factory-wide decisions in real time.

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The gaming ecosystem in Southeast Asia is evolving rapidly, not just in terms of player numbers but also in how gamers interact with digital goods and spend. Once considered a niche or youth-driven domain, gaming is now a sprawling digital economy. This presents a clear opportunity for small and medium enterprises (SMEs) and payments providers to tailor solutions to fit the preferences of an increasingly sophisticated user base.

“We’ve observed a significant shift in how gamers perceive and interact with digital goods,” said Ken Chee, Group CEO and Founder of G2G, a global marketplace for gaming assets. “What used to be a niche segment has become mainstream. Gamers today are more willing to spend on in-game assets, microtransactions, and account enhancements that personalise and optimise their gaming experience.”

Chee notes that this transformation is driven by multiple factors: the rise of competitive gaming, the gamification of social identity, and increasing professionalisation among digital traders. Importantly, this behavioural shift is not uniform across regions, and local context plays a critical role in how gamers spend and what they demand from platforms.

“Users in Southeast Asia (SEA) and the MENA region show a stronger preference for mobile-first interfaces and region-specific digital services,” Chee explained. “They also expect seamless and secure transactions, regardless of where they are in the world.”

Gamers demand fast, frictionless checkout processes—expectations that mirror their real-time gaming environments. Pooja Sanan, Head of Sales for Southeast Asia at PayPal, says, “Gaming has evolved into a fast-moving economy where seamless, secure payments are a critical part of the user experience.”

Also Read: From dollars to digital coins: Tariffs shake the financial world

The significance of this evolution is reflected in global trends. “In-game spending is up 12 per cent since Q4 2024. Gaming has become a high-frequency commerce category, and payments need to be instant, reliable, and invisible to the player,” Sanan noted.

This is particularly true for platforms such as G2G, where success depends on handling large volumes of low-value transactions with minimal delay. One failed payment or a slow checkout can disrupt gameplay and erode user trust.

An example of a product designed with such scenarios is PayPal’s Complete Payments platform (PPCP). It supports over 200 markets and enables real-time settlement, multi-currency payments, and advanced fraud protection—critical infrastructure for high-volume environments like gaming. Chee said, “Integrating PPCP has brought measurable improvements across user experience and operational efficiency.”

SMEs must meet gamers where they are

For SMEs exploring the gaming sector—whether by selling digital goods, game-related merchandise, or adjacent services—the imperative is clear: offer payments that feel local, fast, and secure. This is where payment providers can play a transformative role.

“In SEA, merchants face everything from fragmented payment preferences to evolving regulations,” said Sanan. “We meet businesses where they are—whether a startup launching with no-code tools or an enterprise integrating via API.”

This is not just about technical support, but also cultural and commercial adaptability. Localisation is essential. For G2G, multi-currency support and seamless integration helped avoid the need for separate technical configurations for each region. “With transparent fees and instant settlements, we’ve been able to accelerate fund flow and reinvest faster in growth initiatives,” Chee added.

Also Read: Singapore’s SME fintechs face growth hurdles amid restricted API access

As gamer expectations rise, so too must the sophistication of payment systems. Mobile-first, cross-platform behaviour is the norm, and platforms must offer embedded checkouts where users already spend their time—on social media and in-game environments.

“Gamers are increasingly mobile-first, with more than 84 per cent spending at least 30 minutes per day on social,” Sanan said. “That means checkout experiences must feel native to where users already are.”

The growth of the gaming industry in Southeast Asia signals a larger shift in digital behaviour—one that merges entertainment, commerce, and identity. For SMEs and payment providers alike, the opportunity lies in understanding and meeting gamers on their terms.

“Gaming is no longer just about playing. It’s a digital economy in its own right,” said Chee. “And those who can enable trust, speed, and adaptability will be best positioned to grow with it.”

—

Image Credit: Sean Do on Unsplash

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A newly released study by MetaComp Research, the analytical arm of Singapore-based digital finance infrastructure firm MetaComp, has issued a decisive recommendation for regulated digital asset entities: deploy three Know-Your-Transaction (KYT) tools to strike the optimal balance between anti-money laundering/counter-financing of terrorism (AML/CFT) compliance and operational efficiency in cryptocurrency transactions.

The study, which analysed over 7,000 real transactions across the Ethereum and Tron blockchains, sheds light on growing concerns within the crypto compliance ecosystem, particularly around fragmented KYT systems, inconsistent risk scoring, and the lack of standardisation among blockchain monitoring providers.

Also Read: Laundering, layered: The strategy, psychology, and mistakes of crypto thieves

“No single blockchain screening tool can provide complete visibility into on-chain risks,” the report states, citing significant blind spots when institutions rely on a single or dual-tool setup.

One tool isn’t enough

MetaComp’s research finds that relying on only one or two KYT tools may result in up to 25 per cent of medium-high risk transactions being incorrectly marked clean. In contrast, a three-tool configuration reduces this “false clean rate” to just 0.10 per cent, closely approaching the accuracy of a four-tool system.

However, a four-tool setup comes at the cost of speed: screening times stretch up to 11 seconds, compared to 2 secondswith three tools—an operational liability for businesses requiring near real-time decisions.

Tron blockchain poses greater risk

In addition to benchmarking KYT performance, the report highlights stark differences between the two examined blockchains. Tron was shown to have a significantly higher risk profile:
Severe-risk transactions were 10x more frequent on Tron than Ethereum.
Over 20 per cent of Tron transactions were flagged as medium-high risk or above, compared to 8.61 per cent on Ethereum.

Implications for the region

These findings are poised to shape compliance strategies across Southeast Asia’s increasingly regulated crypto markets, where digital asset service providers must navigate stringent AML/CFT requirements under evolving frameworks. MetaComp’s proposed three-tool KYT methodology offers a scalable path forward for balancing regulatory scrutiny with operational agility.

Also Read: Crypto crime has a map: Where victims—and losses—are concentrated in 2025

MetaComp intends to build on this foundational study with continued research into tool harmonisation and real-world case testing, signalling a push toward industry-wide KYT standardisation.

The post MetaComp finds 3-tool KYT setup reduces crypto compliance blind spots by over 99 per cent appeared first on e27.

Global risk sentiment holds steady, yet an undercurrent of caution persists, shaped by a blend of robust economic data, trade policy turbulence, and a Federal Reserve that refuses to tip its hand.

Federal Reserve Chair Jerome Powell recently signalled that no firm decision has been reached for the September Federal Open Market Committee (FOMC) meeting, leaving investors guessing about the likelihood of a rate cut. With interest rates unchanged at 4.25 per cent to 4.50 per cent for the fifth consecutive meeting, the Fed aligns with market expectations but offers little clarity on its next move.

Meanwhile, economic indicators like a strong US GDP and employment figures paint an optimistic picture, only to be muddied by new tariffs and a volatile commodity market. Add to this mix the evolving cryptocurrency narrative, highlighted by Bitcoin’s potential to hit US$141,000, and the stakes for understanding these dynamics grow even higher. What does this all mean for traditional markets and digital assets alike? I will try to explain.

Global risk sentiment and the Federal Reserve’s stance

Global risk sentiment remains balanced, neither plunging into panic nor surging with unchecked optimism. This stability stems from a tug-of-war between encouraging economic signals and unsettling policy developments.

The Federal Reserve plays a central role in this narrative. By maintaining rates at 4.25 per cent to 4.50 per cent, the Fed reinforces a wait-and-see posture, a decision that met market forecasts but left room for debate. Two voting members dissented, the most since 1993, hinting at internal divisions over the path forward.

Powell’s remarks during the post-meeting news conference underscored this uncertainty, dampening expectations for a September rate cut. According to the CME FedWatch tool, the odds of a cut dropped to 47 per cent from 63 per cent just a day prior, reflecting a market recalibration after the Fed’s cautious tone collided with upbeat economic data.

This steady sentiment faces pressure from external forces. New tariffs on India and Brazil, coupled with the removal of the “de minimis” exemption for small packages, signal a tougher US stance on trade. The White House’s proclamation of 50 per cent tariffs on “processed” copper (but not “refined” copper) starting August 1st sent shockwaves through commodity markets, with Comex copper prices plummeting by as much as 20 per cent at one point.

Also Read: Global sentiment lifts off: The US-EU agreement’s ripple through stocks, commodities, and digital currencies

These moves threaten to disrupt global supply chains and stoke inflation, challenges the Fed must weigh as it plots its course. For now, the central bank opts for patience, balancing the vigour of the US economy against these looming risks.

Economic data: A bright spot amid uncertainty

The US economy offers compelling reasons for optimism. Second-quarter GDP growth clocked in at a robust 3.0 per cent quarter-over-quarter seasonally adjusted annual rate, surpassing expectations and signalling resilience. July’s ADP employment report added to the good news, revealing a surprising 104,000 new private-sector jobs.

These figures suggest a labor market and broader economy that continue to defy slowdown fears, providing a counterweight to global uncertainties. Investors and policymakers alike find reassurance in these numbers, which bolster the case for the Fed’s steady-hand approach.

Yet, this strength does not exist in a vacuum. Rising Treasury yields hint at underlying concerns. The 10-year US Treasury yield climbed 5 basis points to 4.370 per cent, while the 2-year yield jumped 7.2 basis points to 3.941 per cent. Higher yields often reflect expectations of inflation or a belief that rate cuts remain distant, both of which align with the Fed’s current rhetoric and the tariff-driven pressures on prices.

The US Dollar Index advanced 0.93 per cent, buoyed by the Fed’s stance and perhaps some safe-haven demand amid trade tensions. Gold, typically a refuge in uncertain times, slipped 1.5 per cent to US$3,275 per ounce, possibly due to the stronger dollar or profit-taking after recent gains. Brent crude oil, however, rose 1.0 per cent to US$73 per barrel after President Trump threatened tariffs on India over its energy purchases from Russia, a reminder of how geopolitics can sway commodity prices.

Market reactions: A mixed bag

US stock markets mirrored the broader uncertainty, closing with varied results. The S&P 500 dipped 0.12 per cent, the Dow Jones fell 0.38 per cent, and the NASDAQ eked out a 0.15 per cent gain. This patchwork performance reflects investor efforts to parse positive economic data against trade policy risks.

In Asia, early trading showed similarly mixed equity indices, while US equity futures pointed to an indecisive opening. The day ahead promises more clues, with China’s July manufacturing and non-manufacturing PMI data, alongside Taiwan and Hong Kong’s second-quarter GDP figures, set to influence sentiment further. These releases could either reinforce the steady outlook or tip the scales toward caution, depending on their strength.

Commodity markets, meanwhile, felt the tariff fallout acutely. The copper price collapse underscores how swiftly policy shifts can ripple through global trade. Such volatility could feed into inflation, challenging the Fed’s efforts to maintain stability. For now, markets navigate a landscape where economic growth coexists with policy-induced turbulence, leaving investors on edge but not in retreat.

Bitcoin and the cryptocurrency angle

Bitcoin offers a compelling subplot in this financial drama. On-chain analytics firm Glassnode highlights US$141,000 as a potential next significant resistance if Bitcoin breaks higher with conviction. This projection ties to the Short-Term Holder (STH) Cost Basis, which tracks the average acquisition price for investors holding coins for less than 155 days.

Also Read: From strategic reserve to everyday use: Navigating Bitcoin’s next chapter

Currently at US$105,400, this level shows STHs enjoying an 11.5 per cent unrealised profit at recent prices. Historically, trading above this basis signals bullish momentum, a pattern Bitcoin has followed since breaching it earlier this year.

Glassnode’s analysis adds depth with standard deviation bands. The +1 SD band, at US$125,100, has repeatedly capped Bitcoin’s upward moves, with two rejections in recent months. A decisive break above this could target the +2 SD level at US$141,600, where STH profits would swell, possibly triggering profit-taking and new resistance. For now, Bitcoin hovers between US$105,000 and US$125,000, a range that may hold until a catalyst, be it policy or market sentiment, sparks a breakout.

The Fed’s announcement and Powell’s remarks dented cryptocurrency prices, with Bitcoin sliding in afternoon trading. This sensitivity to monetary policy underscores Bitcoin’s role as a barometer for risk appetite and expectations of Fed action. Matthew Sigel of VanEck argues Bitcoin serves as a hedge against monetary debasement, suggesting that signals of easier policy could ignite crypto enthusiasm.

Historical data support this: Bitcoin rose after four of the year’s prior FOMC meetings, though it dipped post-June before recovering. Lower rates, by reducing borrowing costs, often drive investment into alternative assets like Bitcoin, a dynamic worth watching if the Fed shifts gears.

The White House’s digital asset vision

The White House’s new report, Strengthening American Leadership in Digital Financial Technology, adds another layer to the crypto story. Compiled by the Working Group on Digital Asset Markets, it champions digital assets and blockchain as transformative forces for finance and beyond.

Legislative priorities like the Genius stablecoin act and the Clarity Act aim to provide structure. At the same time, recommendations urge the SEC and CFTC to clarify rules on trading, custody, and record-keeping at the federal level. Support for decentralised finance through safe harbors and regulatory sandboxes signals openness to innovation, a boon for the sector.

Also Read: Leading global from SEA: Lessons from scaling SaaS, cultures, and team from Amity Group’s journey

The report’s stance on a Bitcoin reserve stands out. Administered by the Treasury, this stockpile of seized digital assets will be held, not sold, as reserve assets. This move could legitimise Bitcoin further, boosting confidence among investors wary of regulatory hostility.

Conversely, the report opposes a US central bank digital currency, aligning with the Anti-CBDC Act and reinforcing a decentralised ethos that crypto advocates cherish. These developments suggest a regulatory tailwind for Bitcoin, though their full impact will unfold over time.

My take on the situation

I see a world of opportunity and risk in equal measure. The US economy’s strength, evident in GDP and jobs data, offers a solid foundation, but trade tensions and tariffs threaten to erode it. The Fed’s caution makes sense given these crosscurrents, yet its indecision leaves markets vulnerable to swings.

For traditional assets, volatility seems likely as investors grapple with these forces. Bitcoin, meanwhile, intrigues me most. Its potential to hit US$141,000 hinges on breaking key resistance, a feat that regulatory clarity and a dovish Fed could enable. The White House’s embrace of digital assets feels like a game-changer, though execution will matter.

I lean cautiously optimistic on crypto, believing its hedge appeal and policy support could shine amid uncertainty. Still, prudence dictates watching the Fed and global data closely—volatility cuts both ways.

—

Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic.

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Chocolate Finance, a Singapore-based fintech firm, has closed a US$15 million Series A+ funding round and secured a regulatory licence to operate in Hong Kong.

The funding round was led by Nikko Asset Management, with participation from returning investors Peak XV, Prosus, Saison Capital, and founder Walter de Oude.

This financial injection will be used to scale the business and innovate.

Also Read: Chocolate Finance wants to be a ‘happy place’ for Singaporeans to grow their wealth

“We have built such a great business in Singapore and helped so many people get a decent return on their cash. Now it’s time to accelerate international expansion, and this new capital allows us to progress in our regional growth aspirations,” said Walter de Oude, CEO and founder of Chocolate Finance.

“It [the funding] allows us to double down on product innovation, regional expansion, and most importantly, continuing to build a financial platform that prioritises simplicity, and just delivers what it promises – a great place for your spare cash,” he added.

Securing regulatory approval to operate in Hong Kong represents a critical step in Chocolate Finance’s regional growth strategy. This expansion will enable the company to serve users in one of Asia’s most dynamic financial hubs and provide an alternative platform for consumers to grow their idle cash, which often remains in low-interest accounts, into what they term ‘happy money’.

Founded in 2022, Chocolate Finance focuses on providing an enhanced solution for SGD and USD spare cash savings, allowing users to grow their spare cash daily with no lock-ins or complex rules. Customers can see their returns on the app daily, benefiting from simple account setup and the flexibility to spend through their linked Visa card while holding investments in SGD or USD.

Since launching in Singapore in July 2024, Chocolate Finance claims to have reached almost US$666 million in assets under management and delivered ~US$16.8 million in returns to nearly 100,000 users (the return represents the total of all returns earned across all funds and currencies by customers from July 2024 to June 2025).

The company was recently under fire following a botched rewards campaign and poor crisis management. On March 10, the firm froze instant withdrawals, later restoring them with delays, capped debit card spending at SGD250, and blocked wallet top-ups—triggering widespread customer frustration and negative sentiment online. The turmoil stemmed from a February promotion with rewards platform HeyMax, which offered air miles for card spending, including bill payments via AXS.

Also Read: Singapore’s SME fintechs face growth hurdles amid restricted API access

Usage spiked far beyond expectations, prompting Chocolate to suspend AXS payments abruptly. Founder Walter de Oude admitted the programme’s unsustainability but was criticised for poor communication.

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Salesforce’s newly released Global AI Readiness Index paints a sobering picture of Indonesia’s preparedness for an AI-powered future. Despite clear ambitions and ongoing policy initiatives, the country remains in the early stages of ecosystem development, with significant challenges in areas such as innovation, investment, and talent development.

The index, which evaluated 16 global markets across five dimensions—regulatory frameworks, AI adoption, innovation, investment, and human capital—places Indonesia in the lower tier of AI readiness overall. While the country has introduced a national AI strategy and signalled commitment to digital transformation, these intentions have yet to translate into robust infrastructure or capability.

In the area of regulatory readiness, Indonesia earned a relatively strong score of 7.6 out of 10. The country has adopted AI strategies and digital governance policies that signal a clear intent to embrace AI’s economic and societal potential. However, the report notes the absence of scale-ready institutional mechanisms and legal clarity, which remain key barriers to effective deployment.

Without frameworks that enable risk-based, globally interoperable governance, the strategies remain largely theoretical.

Indonesia’s efforts to integrate AI into public services and industry are still nascent. With a score of 6.3 in the “diffusion and adoption” dimension, the country trails behind more mature ecosystems where AI is actively reshaping service delivery and operational efficiency. Though some initiatives are underway—particularly in smart city development and industrial modernisation—the overall integration of AI into mainstream business and public sector functions remains limited.

Also Read: Indonesia’s fitness pivot: From big-box gyms at the mall to agile shophouse startups

The index’s authors recommend that governments prioritise AI adoption in public sector transformation, including revising procurement processes, investing in digital maturity, and training civil servants. Such steps, it suggests, could enable Indonesia to bridge the gap between policy design and operational impact.

Indonesia scored just 0.2 out of 10 in the innovation category, underscoring deep constraints in the research and development ecosystem. The index points to limited R&D funding, sparse academic-industry collaboration, and a lack of institutional infrastructure as core issues. These challenges have made it difficult for the country to adapt AI technologies to local needs, resulting in a high reliance on imported platforms and tools.

The findings suggest that without a stronger innovation base, Indonesia risks falling behind in the development of agentic AI systems—those capable of autonomous decision-making within digital or physical environments. To address this, the report calls for increased cross-border collaboration and shared R&D efforts, particularly in areas related to AI safety and standards.

Fragmented investment landscape, human capital inhibit scale-up

Indonesia’s investment environment for AI ventures is marked by fragmentation and low risk appetite. With a score of 0.3 out of 10 for AI investment readiness, the index highlights the limited access to growth-stage capital as a major stumbling block. National AI strategies exist, but they have not yet catalysed a supportive investor ecosystem or meaningful policy incentives.

This funding gap particularly affects small and medium-sized businesses (SMBs), many of which struggle to adopt AI due to resource constraints. The index recommends targeted incentive schemes—such as cloud credits or innovation vouchers—to help lower the barriers to entry for these enterprises.

The final dimension assessed in the index—human capital, AI talent, and skills—yielded a score of 3.1 out of 10 for Indonesia. The report highlights misalignment between the education system and industry needs, a lack of applied AI training programmes, and limited opportunities for reskilling. These factors are seen as critical in explaining the country’s relatively low AI workforce readiness.

To close this gap, the report advocates for the establishment of AI centres of excellence, expanded public-private partnerships in training, and the introduction of sector-specific curricula. The goal is to build a more agile and technically competent workforce capable of supporting Indonesia’s digital ambitions.

A roadmap for transformation, not just diagnosis

Though the report stops short of offering country-specific recommendations, its six global policy guidelines are clearly applicable to Indonesia’s situation. From scaling AI in the public sector to improving governance, investing in talent, and enabling cross-border innovation, the steps outlined provide a roadmap for countries at an inflection point in their digital journey.

Indonesia, with its large population and growing digital economy, stands to benefit significantly from AI—but only if it can address the structural weaknesses that currently hold back its progress. The path forward will depend not just on strategic intent, but on sustained institutional effort, policy execution, and international collaboration.

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Singapore has ranked second globally—and first in Asia Pacific—for overall AI readiness, according to Salesforce’s newly released Global AI Readiness Index. The recognition reinforces Singapore’s longstanding leadership in artificial intelligence and underscores its national strategy’s effectiveness in laying the groundwork for the next phase of AI transformation: agentic AI.

The Salesforce index evaluates 16 key global markets using 31 indicators across governance, adoption, innovation, investment, and talent. Singapore’s high scores, particularly in AI governance and diffusion, highlight its success in fostering an enabling ecosystem through strong public-private collaboration and proactive policymaking.

As AI continues to reshape global industries, the ability of countries to harness its potential—especially agentic AI, which enables autonomous decision-making and task execution—is becoming a defining metric of economic competitiveness. For Singapore, this is not just about technology deployment; it’s about preparing its workforce and institutions for an AI-augmented future.

Brian Kealey, Country Leader at Salesforce Singapore, emphasised this direction: “The Index highlights Singapore’s success as a global leader in AI readiness, stemming from early investments in infrastructure, regulatory frameworks, and human capital.”

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Singapore achieved the top global rank in regulatory frameworks, scoring 9.8 versus a global average of 8.6. Its robust policies—such as the Model AI Governance Framework and National AI Strategy 2.0—translate principles into real-world governance via sandboxes and assurance frameworks.

The city-state also leads in AI diffusion, scoring 8.0 compared to the global average of 5.8, thanks to initiatives such as Smart Nation and AI procurement guidelines that integrate AI into urban planning, transport, and public services.

On talent, Singapore ranks third globally, backed by a national upskilling strategy. Its AI talent pipeline, while strong, still trails leaders such as Germany and the US, signaling further room for growth.

Innovation lags, but potential is high

Despite high marks across most areas, Singapore lags in AI innovation ecosystems, scoring 0.7 versus the global average of 1.7. The challenge lies in expanding beyond a concentrated innovation landscape into emerging subfields such as agentic AI—a category that could redefine productivity.

Agentic AI is seen as representing the next frontier. With potential efficiency gains of up to 30 per cent, agentic systems allow organisations to deploy autonomous agents that can work around the clock—especially critical for economies such as Singapore facing tight labour markets and demographic shifts.

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A new generation of tech-savvy entrepreneurs, professionals, and sophisticated investors in India is building wealth faster than ever before.

Yet, most of the wealth management industry remains stuck in outdated models. This disconnect isn’t just a missed opportunity; it’s a critical flaw that costs investors performance, peace of mind, and the chance to truly compound wealth in a fast-evolving market.

India’s private wealth market is booming and set to expand dramatically, projected to grow at a 10 per cent CAGR and reach US$5 trillion by 2026. Yet, a large share of this capital is still managed through traditional Portfolio Management Services (PMS) and advisory models that rely heavily on gut-based decisions and static asset allocations.

In a world where markets can shift in milliseconds, these emotion-driven frameworks are increasingly obsolete. They were designed for a different era and fail to protect investors from volatility or capture new opportunities in time.

The hidden flaws of static portfolios

The classic advice of “buy and hold” or sticking to a rigid 60/40 equity-debt split has long dominated wealth conversations. But today, this approach has critical flaws:

• Regime blindness: As per Bridgewater’s All Weather Strategy Paper, Markets operate in different “regimes” defined by changes in inflation, rates, and growth. A strategy that thrives in one regime can fail completely in another. A 2022 study by BlackRock showed that static portfolios significantly underperformed dynamic models during recent inflation spikes. These traditional setups simply aren’t designed to recognise or adapt to shifts.

Also Read: Investing in climate tech: Why investors should focus on impactful, low-hanging fruits

• The illusion of diversification: In theory, diversification reduces risk. In practice, during crises, assets that seemed uncorrelated can move together, known as “correlation breakdown”. In recent downturns, equities and certain bonds fell at the same time, leaving supposedly diversified investors exposed. True diversification today comes not just from owning different asset classes, but from employing adaptive strategies that can evolve with market conditions.
• The high cost of emotional drag: One of the most damaging yet under-discussed costs is emotional decision-making panic selling during dips or rushing in during peaks. Research from Dalbar’s Quantitative Analysis of Investor Behavior consistently shows a large gap between market returns and actual investor returns, largely driven by poorly timed emotional moves. Traditional advisory models, which often amplify short-term fear or greed, can worsen this gap rather than close it.

The new rules of wealth

The future of intelligent investing lies in systematic, data-driven approaches. This isn’t about removing human insight, but strengthening it with technology to overcome behavioural biases.

Today, massive volumes of data, macro trends, corporate fundamentals, and real-time sentiment can be analysed to uncover patterns invisible to the naked eye. AI and machine learning models now process these signals to build predictive frameworks that identify shifts before they become consensus.

Adaptability is the real edge. Adaptive or “all-weather” strategies are designed to evolve continuously. By using quantitative signals, these systems can systematically reduce risk exposure during turbulent periods (for example, shifting to cash or safer assets) and re-risk when opportunities arise. Prioritising downside protection is a mathematical necessity. Avoiding large losses has a far greater impact on long-term compounding than chasing big wins.

A 50 per cent loss requires a 100 per cent gain just to break even, a truth most investors underestimate.

A new perspective on portfolio engineering

From my experience designing adaptive investment systems, I’ve learned that no single strategy works in all market conditions. The real goal is to move beyond simple “asset allocation” and toward dynamic, engineered portfolios that are built to respond to regime changes and evolving risk signals.

Also Read: The ageing economy: Why investors should bet on longevity over AI

My philosophy as the founder of Aeonaux Capital has always been to treat wealth-building like an engineering problem, design robust systems, automate decisions where possible, and focus on minimising human biases. Rather than chasing hype or gut feelings, I believe the future belongs to frameworks that are built to think, adapt, and protect first.

A disciplined, evidence-based approach helps investors move past emotional decision-making. Instead of a roller coaster of booms and busts, the aim is to create a smoother, more resilient journey focusing on capital preservation first and then on sustainable, long-term growth.

The way forward for Indian investors

The next era of wealth management in India will be defined by three core principles: data-driven, systematic, and transparent. The age of opaque strategies and high-conviction gut calls is fading. Investors deserve approaches that are as sophisticated and forward-looking as they are.

The most important action investors can take today is to ask harder questions. How is downside risk managed? How does the strategy adapt to changing markets? Are decisions driven by data or by emotions?

Thinking beyond holding periods and adopting adaptive, systematic frameworks can help investors build wealth that is designed to withstand market cycles and remain resilient for decades to come.

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Raising capital from a venture capital (VC) firm is an important moment for any startup founder, but it’s a process fraught with complexities, demanding adherence to the industry norms. As a startup lawyer, I’ve guided countless founders through this journey. 

This article sets out five steps to successfully navigate a VC funding round, from preparation to closing, ensuring you’re equipped to secure investment while protecting your startup’s interests.

Step one: Preparation and due diligence

Before approaching VCs, ensure your startup is ready for scrutiny. VCs will usually conduct thorough due diligence, so your legal and financial stuff must be in order. 

Formally incorporate your company based on where you are domiciled, ideally as a company, which is the standard for VC-backed startups due to its flexibility and investor familiarity. 

Ensure all founders, employees, and external contractors have signed agreements covering equity, intellectual property (IP) assignment, and confidentiality agreements. Confirm that all intellectual property assets (e.g. source code, patents, trademarks, or proprietary technologies) are properly documented and owned by the company.

Organise your financial records, including balance sheets, cap tables, and revenue projections. A clean cap table, free of disputes or unclear equity allocations, signals that you know what you’re doing. 

Engage a lawyer to take a look at your corporate documents, as any gaps (e.g., missing board approvals or unsigned contracts) can derail negotiations. 

Finally, prepare a compelling pitch deck that highlights your team, market opportunity, traction, and financials. 

Step two: Identifying and approaching VCs

Before reaching out to any investor, take time to identify a potential VC firm that may have a proven interest in your industry and stage of growth. Use platforms like e27 to look up recent investments and understand each VC’s focus areas.

Some VCs specialise in early-stage or seed deals, while others only come in at Series A or later. Pay attention to sector preferences, some funds are deep into fintech, climate tech, or enterprise SaaS, while others stay clear of capital intensive or hardware driven businesses.

Also Read: VC funding can’t guarantee a crypto project’s survival: Chainplay

As a founder, it may also be important to understand how VC funds actually work behind the scenes. Don’t be afraid to ask if the VC is still deploying capital, especially if it’s later in their fund cycle. Most funds operate on a 10-year life cycle, and VCs typically make new investments during the first 3 to 5 years. If you’re speaking to a fund that’s nearing the end of its deployment period, they may be more focused on follow-on investments or supporting portfolio companies, rather than backing new ones.

Leverage your network to seek warm introductions. Cold emails might work, but a personal referral from a mutual connection like a founder they’ve backed may increase your chances of getting a meeting.

From a legal perspective, resist making overly optimistic claims about revenue or market share that could be construed as misleading. If you get asked for projections, label them clearly as estimates. At this stage, you may wish to sign a non-disclosure agreement (NDA), but many VCs usually avoid NDAs to maintain flexibility so you may want to discuss sensitive information cautiously.

Step three: Term sheet negotiations

If a VC is interested, they’ll issue a term sheet outlining the deal’s key terms. A term sheet should contain valuation, investment amount, equity stake, and governance rights. 

This is where legal expertise is critical. A term sheet isn’t usually legally binding but sets the framework for the final agreements. Focus on valuation (pre-money and post-money), as it determines your dilution. A startup lawyer can help model scenarios (e.g., how dilution affects your stake in future rounds) and push back on terms that could harm long term flexibility.

Be wary of liquidation preferences, which dictate how proceeds are distributed in an exit. A 1x non-participating preference is standard, but more aggressive terms, like 2x participating preferences, should be resisted as it is not the usual norm.

VCs often request board seats so you may need to negotiate board composition carefully while maintaining founder control. Anti-dilution provisions, reserved matters, and tag-along and drag-along rights also require scrutiny. 

Step four: Due diligence and definitive agreements

Once the term sheet is signed, the VC’s due diligence intensifies. They’ll request detailed records of contracts, financials, IP filings, and compliance documents that you may make available in a virtual data room. 

Any discrepancies (e.g., unfiled taxes or unresolved disputes) can lead to re-negotiation or deal termination. 

Also Read: How do you raise VC funding as a student entrepreneur? Find out the answers here

Concurrently, your lawyer can help to review  the definitive agreements, including the shares subscription agreement and the shareholders agreement in a priced round. These documents formalise the term sheet’s terms.

Pay attention to representations and warranties, where as a founder you would be needed to attest to the company’s legal and financial health. Negotiating the warranties is crucial to limit your exposure as missteps here may lead to post-closing liabilities. 

Step five: Closing and post-funding

After due diligence clears and agreements are signed, you would need to fulfil the conditions precedent set out inside the agreement. 

The conditions precedent include delivering the signed copies of the board and shareholders resolutions of the company for the allotment of the new shares to the VC and obtaining the existing shareholders preemptive right waiver for the new shareholders

Once these are satisfied, VC disburses the funds, and the company secretary may give effect to the shares issuance.

Post-closing, maintain open communication with your new VC shareholder as they’ll expect regular updates on financials, milestones, and strategic decisions, often based on the agreed investor reporting obligations.

Final thoughts

A VC funding round is a marathon, not a sprint. Get an experienced startup lawyer early to avoid pitfalls. By preparing diligently you may increase your chances of securing capital while positioning your startup for long-term success.

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