HEINEKEN has announced the establishment of its first Global Generative AI (GenAI) Lab in Singapore, marking a significant milestone in the brewer’s digital transformation journey. Developed in collaboration with AI Singapore, the lab aims to harness the potential of GenAI to enhance productivity, customer engagement and operational efficiency across its global business.

The new GenAI Lab will serve as a central hub for the development of scalable AI solutions designed to tackle complex business challenges, ranging from intelligent financial reporting to next-generation customer support systems.

It will also play a key role in standardising AI-driven solutions for implementation across HEINEKEN’s global operations.

Ronald den Elzen, Chief Digital and Technology Officer at HEINEKEN, underscored the strategic importance of this move. “HEINEKEN aims to be the world’s best-connected brewer. GenAI will play an increasingly important role in understanding consumer needs, enhancing customer engagement, and improving productivity throughout the company.”

“The establishment of the Global GenAI Lab marks a significant milestone in HEINEKEN’s digital transformation journey, highlighting our strategic focus on advanced GenAI technologies as essential drivers for growth, efficiency and innovation,” he said.

The Lab will operate as an ongoing partnership with AI Singapore. It will foster continuous knowledge exchange and talent sharing, combining HEINEKEN’s digital specialists with AI Singapore’s expertise.

Also Read: Tech taps into beer: 5 ways breweries are winning with digital transformation

A highly specialised full-time team is expected to be in place by the end of 2025, drawing talent from both organisations and tapping into Singapore’s robust AI ecosystem.

Kenneth Choo, Managing Director, APAC, HEINEKEN, highlighted the lab’s regional significance. “By taking this significant step, HEINEKEN is strategically positioning ourselves for a resilient and thriving future, reaffirming our commitment to Singapore and the Asia Pacific region,” he said.

“By harnessing Singapore’s exceptional AI ecosystem, skilled talent and supportive government policies, we are excited to drive the development of innovative solutions that will transform the beverage industry for years to come.”

The GenAI Lab’s research and development agenda will focus on creating intelligent agentic systems capable of solving complex problems autonomously. Planned applications include automated marketing content creation, intelligent financial reporting, advanced customer support, and knowledge management systems.

Laurence Liew, Director of AI Innovation at AI Singapore, expressed confidence in the collaboration’s potential impact. “We are excited to partner with HEINEKEN on this long-term strategic collaboration, marking them as the first organisation to work with AI Singapore in building an AI lab and centre of expertise for AI innovation.”

“By combining HEINEKEN’s industry expertise with AI Singapore’s cutting-edge AI capabilities and talent, we are creating a powerful model for how private and public sector collaboration can drive innovative solutions with real-world impact.”

Venturing into GenAI

HEINEKEN’s venture into GenAI builds upon its existing track record of leveraging AI technologies. Previous initiatives include a financial insights platform providing instant access to a decade’s worth of financial data and the KIM (Knowledge and Insight Management) system, which streamlines how marketing teams access consumer and market insights.

Also Read: How beer delivery startup Wishbeer raised US$300K in funding — by using Facebook Ads

The company outlined its dual focus for GenAI projects: developing accessible AI tools to boost individual employee productivity and building specialised applications to solve functional challenges.

“Our most impactful AI products are designed to tackle business challenges and are chosen based on their potential to create value or provide a strategic edge,” a HEINEKEN spokesperson explained. “Our product lifecycle always starts with the end user, and our GenAI products are tailored to their needs and developed to solve their pain points.”

Beyond the Lab, HEINEKEN continues to scale AI initiatives across markets. In Mexico, AI has transformed distribution processes, with 80 per cent of orders now placed online. AI tools guide sales strategies, helping determine promotional targets or predict customer churn.

Several AI-driven products have already had a measurable impact on the company. The Artificial Intelligence Data-Driven Advisor (AIDDA), deployed in eight markets, supports 490,000 daily customer engagements by guiding sales representatives on optimal actions.

The Product Recommender system, active in seven markets, offers personalised suggestions based on customer behaviour, while Falcon, an image recognition tool, simplifies retail audits.

In marketing, Allocation AI optimises spending across brands and channels, delivering incremental gross profit in three markets. Additionally, the Promo Advisor suite enables targeted promotion planning and optimisation, supporting sales growth and return on investment.

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Image Credit: HEINEKEN

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The tech industry has undergone seismic changes over the past two decades, with advances in artificial intelligence (AI), cloud computing and mobile technology reshaping the global digital landscape. Yet beyond the technical revolutions, the human side of the sector is evolving too—particularly for women.

According to the Tech Salary Report 2025, experienced women in tech are among those most likely to acknowledge that workplace culture has improved.

Among professionals with over 20 years in the industry, 64 per cent of women believe the culture has become better, compared to just 46 per cent of their male counterparts. This makes women nearly 1.5 times more likely to report positive changes in their work environments.

“Early in my career, I faced significant gender bias,” shared one woman with more than 25 years of experience in the sector. “I needed to get an MBA just to be considered for the same roles my male colleagues walked into. It’s exciting to see younger women coming in now and being trusted with complex roles right from the start. That was almost unheard of when I began.”

This reflection encapsulates a wider trend that suggests a gradual shift in the culture of the tech industry, especially for women. While challenges remain, there is a growing sentiment among seasoned female professionals that progress is finally tangible.

Also Read: From authentic leadership to talent investment: 5 proven tips to win the startup game

The past two decades have seen technology professionals ride a wave of innovation, from the rise of JavaScript reshaping software development to AI and machine learning now dominating conversations around the future of tech. Yet, for many women, the most remarkable change has been the slow but steady improvement in inclusivity and opportunities.

Significant changes in the tech industry

Despite economic uncertainties, salary trends in 2024 remain robust. The average tech professional now earns US$112,521 annually—a modest 1.2 per cent increase from the previous year.

However, when adjusted for purchasing power, today’s figures remain almost identical to those from 2005. Industries such as consulting, software, and banking/finance lead the pack, offering salaries exceeding US$125,000.

AI expertise has also emerged as a premium skillset. Tech professionals responsible for AI projects earn nearly 18 per cent more than their peers, underscoring the growing value placed on this area.

Interestingly, while entry-level salaries have seen consecutive declines, mid-career professionals with three to five years of experience enjoyed the most significant salary growth in 2024.

Against this backdrop of fluctuating compensation trends, women in tech are standing out for another reason—higher levels of salary satisfaction. The report identifies women, alongside consultants, experienced professionals, software developers, and those with security clearances, as the groups expressing the most contentment with their pay.

Also Read: Future-proofing talent management: The impact of AI on retention in Southeast Asia

This relative satisfaction is noteworthy, given that overall satisfaction with compensation is declining across the industry. The reasons behind women’s greater contentment remain unclear, but the finding suggests a narrowing of the historical pay gap, at least among certain demographics.

Career mobility also plays a crucial role in earning potential. The report highlights that the sweet spot for switching jobs among those with over two decades of experience is between four and ten times. Those who change roles six to nine times throughout their careers tend to achieve the highest salaries.

For women, particularly those who navigated male-dominated environments early on, this strategic job mobility may have contributed to both career growth and compensation satisfaction. As one seasoned professional reflected, seeing younger women ascend the ranks more swiftly is a testament to the pathways carved out by earlier generations.

Still, challenges remain. The tech industry continues to grapple with broader issues, including diversity gaps at leadership levels and persistent biases.

However, the data from the Tech Salary Report 2025 offers a glimmer of progress—an acknowledgment from women who have witnessed, and helped shape, two decades of industry change.

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Image Credit: Mimi Thian on Unsplash

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Fore Coffee, a leading premium coffee retail chain in Indonesia, has announced its intentions to launch an Initial Public Offering (IPO) on the Indonesia Stock Exchange (IDX).

Trading under the ticker symbol “FORE”, this strategic move is designed to bolster the company’s ambitious expansion plans.

Fore Coffee will offer 1.8 billion ordinary shares to the public, representing 21.08 per cent of its total issued and fully paid-up capital. The indicative offering price has been set between IDR 160 and IDR 202 per share, potentially raising up to approximately US$23.2 million (IDR 379.8 billion).

Also Read: The 2 forces shaping coffee consumption and how Fore Coffee uses them to push for growth

The company intends to allocate 76 per cent of the net IPO proceeds to expand its outlet network across Indonesia. It targets establishing around 140 new coffee outlets over the next two years.

A further 18 per cent of the raised capital will be used to open new doughnut outlets via its subsidiary, while the remaining 6 per cent will be used for working capital purposes.

The book-building period commenced on March 19 and will conclude on March 21, 2025. The indicative public offering period is slated for March 26 to April 9, 2025.

“We see a huge opportunity in the Indonesian premium coffee market, and this IPO will give us the resources we need to capitalise on that opportunity,” stated Vico Lomar, CEO of Fore Coffee.

“Fore Coffee’s IPO is a historic moment that reflects the solidity of their sustainable business model. We believe this IPO will accelerate Fore Coffee’s expansion process, open up opportunities to reach more coffee lovers across Indonesia, and strengthen their position as an innovation leader in the coffee industry,” commented Willson Cuaca, President Commissioner of Fore Coffee and co-founder and Managing Partner at East Ventures.

Established in 2018 with an online-to-offline business model and the tagline “Grind the Essentials,” Fore Coffee has grown to become a leading company. As of September 2024, the company boasted 217 outlets across 43 cities in Indonesia and Singapore, including 61 new openings in 2024 alone.

The company claims to have demonstrated significant financial growth, with net sales surging by IDR 418 billion (135 per cent year-on-year) to IDR 727 billion as of September 2024, up from IDR 309 billion in September 2023. Gross profit also witnessed substantial growth, increasing by IDR 252 billion (128 per cent year-on-year) to IDR 447 billion in the same period. Furthermore, Fore Coffee’s EBITDA growth rose by an impressive 187 per cent year-on-year to IDR 135 billion in September 2024.

Also Read: Fore Coffee sharpens business strategy to achieve profitability

According to a Redseer Analysis report from December 2024, the Indonesian coffee market is projected to expand at a compound annual growth rate (CAGR) of 11 per cent over the next five years, reaching a potential market size of US$12.6 billion (IDR 206 trillion based on an exchange rate of IDR 16,350 to USD). Fore Coffee caters to diverse customer needs through its three outlet formats: flagship, medium, and satellite.

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As a startup lawyer, we regularly get feedback from overseas clients that  navigating the different government entities and accessing the support system can feel overwhelming considering the vast number of entities which also raises questions about potential overlap in duties. 

This article looks at several government agencies and their respective functions. We hope that they may be useful for you in pinpointing the correct entity when you need to access support such as funding or other assistance.

Ministry of Science, Technology and Innovation (MOSTI)

MOSTI acts as the central authority, spearheading national policy and initiatives that will help startups thrive in the country. 

The latest national agenda is the  Malaysia Startup Ecosystem Roadmap (SUPER) 2021–2030, which aims to make Malaysia a preferred startup ecosystem in the region for the next decade.  The top-down approach usually entails guidance for other agencies to comply and follow from time to time.

Cradle Fund Sdn Bhd (Cradle)

As a funding agency, Cradle serves as a critical source of capital for pre-seed or seed startups. 

In the past, Cradle has experimented with different funding products, ranging from cash grants to equity financing using redeemable preference shares. Presently, Cradle offers 2 funding products, namely CIP Spark, which funds up to RM150,000 (US$32,250) and CIP Sprint, which is a form of conditional convertible grant of up to RM600,000 (US$129,000) for commercialisation initiatives. 

Additionally, Cradle is in charge of MYStartup portal, a new centralised platform offering valuable information known as the ‘Single Window Initiative’. MYStartup portal is aimed toward anyone from aspiring founders to VCs new to the startup scene in Malaysia seeking resources, and connections to navigate Malaysia’s startup ecosystem. For instance, Cradle regularly organises events such as startup accelerator and investor matching events.

Malaysia Digital Economy Corporation (MDEC)

Founded in 1996, MDEC was formed as the lead agency to implement the MSC Malaysia initiative. takes the lead in propelling the growth of the digital economy in Malaysia. 

As an agency, the entity also conducts activities ranging from talent development and market access to activities designed to get people involved in the digital economy. 

As a foreign founder, MDEC plays key functions in helping foreign companies, such as obtaining work visas, especially for technopreneurs who want to start a company or move their existing company to Malaysia. For a company, MDEC also assists in the Malaysia Digital Status (formerly known as MSC Status), which usually entails specific tax incentives for its successful recipients.

Also Read: Gear up and grow: Key regulatory updates for Malaysian startups in H1 2024

Malaysia Venture Capital Management Berhad (MAVCAP)

This government-owned VC firm provides equity financing to high-growth Malaysian companies, primarily focusing on later-stage startups (Series A onwards). As the government’s VC, MAVCAP may invest directly or via a “fund-of-funds” structure by investing in other leading VCs such as Gobi Partners and 500 Global.  

MAVCAP also deploy capital via the “fund of funds” structure, especially to first-time fund managers and regularly comes in as an anchor investor, which seeks to further grow the local venture capital ecosystem.

Malaysian Research Accelerator for Technology & Innovation (MRANTI)

MRANTI is a newly merged entity of two former government entities, Technology Park Malaysia (TPM Corp) and the Malaysian Global Innovation and Creativity Center (MaGIC). MRANTI is Malaysia’s central research commercialisation agency, helping high-technology adoption in the country. 

MRANTI is headquartered at MRANTI Park, an extensive 686 acres in Kuala Lumpur, supporting the growth of smart manufacturing, biotech, agritech, smart city, green tech and enabling technology clusters and offers leasing of the space for interested tenants.

According to a local news article, the entity may be in the midst of another rebranding exercise, so we may likely have to wait if it will also entail any change in the entity’s mandate.

Khazanah Malaysia Berhad 

Khazanah, Malaysia’s sovereign wealth fund of Malaysia is expected to play a more active role in the startup space it announced the Dana Impak (‘Impact Fund’) in 2023, an RM6 billion (US$1.29 billion) commitment over five years aiming to address critical national challenges such as healthcare, social mobility, food and energy security, and climate change via capital investment.  

Also Read: How can Malaysia leverage AI for growth and not see it as a threat?

At the KL20 Summit 2024 this year, the prime minister announced that Khazanah would provide an initial RM1 billion (US$215 million) allocation via a national “fund of funds” to invest in Malaysian companies.

Therefore, we may likely foresee further announcements in the future on other partnerships, such as VCs that may be selected as the fund manager to be deployed by Khazanah.

To date, the sovereign wealth fund has announced several partnerships with  VCs such as Gobi Partners, 500 Global, Antler, and ecosystem players like Plug and Play as investors in view of getting more local startups funded. In addition to the “fund of funds” structure, Khazanah may also invest directly in startups (which may likely involve larger ticket sizes, such as from Series B onwards, such as recently in PolicyStreet, an insurtech startup). 

The government also announced that present government’s “fund of funds” funding entities such as MAVCAP and Penjana Kapital  will be under Khazanah’s supervision, which indicate bigger role that the fund will be involved in the startup ecosystem.

Malaysian Technology Development Corporation (MTDC)

Since 1992, MTDC has been the first government VC to invest in SMEs. The present funding mandates include early-stage technology companies that are involved in deep-tech or present peripheries that may complement the government’s current initiatives. 

The funding structures usually entail equity financing in the investee via Redeemable Convertible Preference Shares (RCPS).

Malaysia Debt Ventures Berhad (MDV)

MDV was established in 2002 to offer more flexible and innovative financing products to develop the technology sector. MDV ordinarily provides venture debt or quasi-debt financing to selected companies that fulfil its funding conditions. 

Final thoughts

It is crucial to note that Malaysia has an extensive network of other government agencies that may also be available and relevant. Therefore, it is crucial for you to understand the specific functions and objectives of these government entities so that you can figure out the necessary resources and programmes available from them. 

As a founder, it is worthwhile to stay up to date on the latest initiatives launched by these entities so that you can leverage specific insights that may be beneficial to your startup.

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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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This article was first published on July 26, 2024

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The global financial landscape has been buzzing with activity following the Federal Open Market Committee (FOMC) meeting, where the US Federal Reserve opted to keep benchmark interest rates steady within the 4.25 per cent to 4.5 per cent range, a decision that was broadly anticipated by markets.

This move, coupled with a significant reduction in the pace of quantitative tightening (QT)—slashing the monthly redemption of US Treasury securities from US$25 billion to US$5 billion—has injected a dose of optimism into US equities, propelling a rally that saw the MSCI US index climb by 1.1 per cent.

Fed Chair Jerome Powell, in his post-meeting press conference, struck a cautious yet steady tone, acknowledging the swirling uncertainties tied to President Donald Trump’s sweeping policy shifts while emphasising that the central bank is in no rush to tweak borrowing costs.

Powell’s message was clear: the Fed can afford to wait for the dust to settle on these policy changes before making any bold moves. This measured approach seemed to resonate with investors, who found comfort in the Fed’s updated projections and its handling of inflation and growth forecasts.

Diving into the numbers, the Fed’s dot plot—a key indicator of future rate expectations—held steady, signalling two rate cuts anticipated for the year, with no notable shift in dispersion among committee members. However, the Fed did adjust its economic outlook, trimming the median growth forecast for 2025 to 1.7 per cent from 2.1 per cent, a nod to potential headwinds, while nudging up the median inflation forecast to 2.8 per cent from 2.5 per cent.

Markets, however, latched onto Powell’s reassurance that the uptick in the core Personal Consumption Expenditures (PCE) projection is confined to 2025 and likely transitory. This distinction quelled fears of entrenched inflation, allowing risk sentiment to advance.

The immediate market reaction was telling: equities surged by the end of Powell’s presser, US Treasuries flipped course with the 2-year yield dipping below 4 per cent and the 10-year yield shedding 4 basis points to 4.24 per cent, while the Dollar Index edged up 0.2 per cent. Gold, ever the barometer of economic unease, rose 0.4 per cent to a record US$3,048 per ounce, and Brent crude ticked up 0.3 per cent to US$71 per barrel. These movements paint a picture of a market buoyed by easier financial conditions yet still hedging against uncertainty.

Across the Pacific, the Bank of Japan (BOJ) mirrored the Fed’s steady hand, holding interest rates unchanged as expected. Governor Kazuo Ueda offered a cautiously optimistic take, noting that wage hike momentum remains on track—a critical factor for Japan’s long battle against deflation—but tempered this with concerns over US trade policies, a clear nod to the potential ripple effects of Trump’s agenda.

Similarly, Bank Indonesia followed suit, keeping its benchmark rates steady, aligning with market expectations. Asian equity indices, however, showed a mixed response in early trading, reflecting the region’s sensitivity to both US developments and local dynamics. Meanwhile, US equity index futures pointed to a higher open, suggesting that Wall Street’s rally might have legs yet.

Also Read: Startup in the AI era: Building global companies piece by piece

The cryptocurrency market, often a bellwether for risk appetite, didn’t miss the beat either. Bitcoin soared past US$86,800 on Wednesday, a nearly five per cent jump, fuelled by the Fed’s signals of looser financial conditions and growing investor bets on a liquidity-driven rally.

The Fed’s decision to slow the runoff of its US$6.8 trillion balance sheet—capping Treasury redemptions at US$5 billion per month—aims to avert disruptions in funding markets, especially as debt ceiling tensions loom large. This dovish tilt has weakened the US dollar, which posted its third-largest three-day drop since 2015, while Treasury yields and bond market volatility have tumbled.

In the crypto space, the ETH/BTC trading pair ticked up from 0.23 to 0.24, a sign that investors are leaning into riskier assets like Ether over Bitcoin’s relative safety. Ether’s rise, though lacking an immediate catalyst, comes as the Ethereum network gears up for its Pectra upgrade, a major update set to roll out over 20 Ethereum Improvement Proposals (EIPs). These include EIP-7702, enhancing smart account functionality, and EIP-7251, which boosts validator staking limits—moves that promise to improve scalability and user experience, potentially stoking further interest in Ether.

From my perspective, the Fed’s latest stance is a masterstroke of pragmatism. By holding rates steady and dialling back QT, Powell & Co. are threading the needle between supporting growth and keeping inflation in check, all while navigating the wild card of Trump’s policy shifts. The market’s upbeat response—equities popping, yields dropping, and risk assets like Bitcoin and Ether surging—suggests that investors are interpreting this as a green light for risk-taking, at least in the near term.

The Fed’s acknowledgment of slower growth and higher inflation in 2025, paired with its “transitory” caveat, strikes me as a calculated effort to manage expectations without spooking markets. It’s a delicate dance, and so far, the Fed seems to be leading with confidence.

Also Read: A shifting global landscape: Trade wars, market sentiment, and the rise of crypto amid uncertainty

That said, the muted revisions to the dot plot—still pointing to two cuts—feel a tad optimistic given the uncertainties Powell himself flagged. If Trump’s policies (think tariffs, tax cuts, or deregulation) ignite inflation or disrupt trade, the Fed might find its hands tied, forced to choose between rate hikes that could choke growth or holding pat and risking credibility on inflation.

Globally, the BOJ’s steady stance feels like a missed opportunity. Japan’s economy could use a jolt, and with wage hikes gaining traction, a slight nudge on rates might have signalled more conviction in its reflationary push. Ueda’s caution about US trade policies is valid—Trump’s “America First” rhetoric could slam Japan’s export-driven economy—but it also underscores how interconnected these central bank decisions are.

Back in the US, the crypto rally is a fascinating subplot. Bitcoin’s surge past US$86,800 and Ether’s uptick reflect not just Fed-driven liquidity but a broader shift in investor psychology. The Pectra upgrade could be a game-changer for Ethereum, making it more competitive with newer blockchains, though its lack of an immediate trigger suggests this is more sentiment-driven than fundamentals-based for now.

In sum, the FOMC’s moves have lit a spark under global risk sentiment, with US equities, Treasuries, and cryptocurrencies all riding the wave of easier financial conditions.

The Fed’s cautious optimism, paired with its QT slowdown, has given markets room to breathe, even as it braces for the unknown of Trump’s policy fallout. Asia’s mixed response and the BOJ’s conservatism highlight the uneven global picture, but for now, the US is setting the tone.

Whether this rally has staying power will hinge on how those uncertainties play out—and whether the Fed’s wait-and-see approach holds up under pressure. For investors, it’s a moment to savor the upside while keeping an eye on the horizon.

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The countdown to Echelon Singapore 2025 is on, and the energy is unstoppable! With a couple of months more to go, the numbers speak for themselves—bigger, bolder, and packed with more opportunities than ever before. If you’re not in yet, now’s the time.

14 industry powerhouses backing Echelon

Momentum attracts momentum. This year, 14 key organisations have already stepped up to power the region’s most important startup and tech gathering; industry leaders like Prudence Foundation, Remote, IMDA, and Wallex who believe in driving innovation with real impact.

These sponsors aren’t just names on a banner—they’re opening doors, fueling discussions, and making deals happen. And if they’re backing Echelon, you know it’s the place to be.

Join the industry leaders shaping the future: let’s collaborate 

56 speakers who are defining the future

We’re bringing you experienced and influential leaders From startup trailblazers to global investors, 56 powerhouse speakers have already been announced to take to the stage to share the strategies, trends, and insights that actually move the needle.

Expect unfiltered conversations on fundraising, AI, fintech, market expansion, and the tech breakthroughs shaping Southeast Asia. If you’re ready for real insights that translate into action, this is where you need to be. Check out our updated speaker lineup.

80+ companies exhibiting and showcasing

The exhibition floor is buzzing—because that’s where deals get done. With 80+ companies already taking over booths and pavilions, startups, scaleups, and major tech players are securing their spots to showcase their solutions to investors, corporates, and decision-makers.

From AI breakthroughs to game-changing SaaS, fintech disruptors to cutting-edge industrial solutions, this is where innovation meets opportunity.

Want to showcase at Echelon? Enquire about our available booths.

50 community partners driving the movement

Echelon isn’t just an event—it’s an ecosystem. This year, we’ve joined forces with 50 leading community partners across Southeast Asia, ensuring that the brightest minds, boldest founders, and most forward-thinking investors are in the room.

These partnerships supercharge networking, amplify innovation, and expand market reach. Together, we’re building a stronger, more connected startup ecosystem. Meet our partners.

In the heart of the action: Suntec Singapore

This year, Echelon Singapore 2025 happens at Suntec Singapore for the first time, right in the heart of Singapore’s Central Business District. Easily accessible by public transport, major business hubs, and top hotels, it’s the perfect place to bring together founders, investors, and industry leaders from across the region. Whether you’re flying in, commuting from the office, or making deals over coffee, you will be right where the action happens.

Echelon Singapore 2025 is already on track to be our most game-changing edition yet. But here’s the thing—we’re still building, still adding, and still unlocking even more opportunities. If you haven’t signed up, now is the time.

Echelon Singapore 2025 is happening on 10-11 June at Suntec Singapore. For more information, visit the website.

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SME digital finance platform Funding Societies (also known as Modalku in Indonesia) today announced a strategic equity investment from
venture capital firm Gobi Partners.

Kelvin Teo, Co-founder and Group CEO of Funding Societies, said, “We are honoured to receive this strategic investment from Gobi Partners. At a time when market conditions have led to increased caution toward fintech firms, this partnership is a testament to our strong fundamentals and commitment to financial inclusion. SMEs remain the backbone of Southeast Asia’s economy, and we will continue to be dedicated to providing them with accessible and responsible financing solutions to help them grow and thrive.”

In a press statement, Funding Societies said that this investment from Gobi Partners will help further enhance its technology-driven approach, leveraging AI and automation to streamline lending processes and improve risk management.

The company also said that despite economic uncertainties, it remains committed to its mission of empowering SMEs with tailored digital financial products that address their evolving needs.

Also Read: SmartSolar lands US$1.85M to help SMEs cut energy costs with solar power

Funding Societies said it has already disbursed over US$4 billion in business financing to approximately 100,000 SMEs and processed an annualised payments gross transactions value (GTV) of over US$1.4 billion.

The company is licensed in Singapore, Indonesia, and Thailand, registered in Malaysia, and operates in Vietnam.

Recent milestones announced by Funding Societies include equity investments from Cool Japan Fund and Maybank and a third annual credit facility from HSBC’s ASEAN Growth Fund, which is part of an accumulative commitment of over US$100 million credit facility with the bank.

Thomas G. Tsao, Co-founder and Chairperson of Gobi Partners, commented, “Funding Societies has consistently demonstrated strong execution and resilience in SME financing, making a meaningful impact on businesses across the region. Our investment underscores our confidence in their ability to navigate economic cycles, drive fintech innovation, and continue closing the SME credit gap. We are excited to partner with them on this journey to strengthen financial inclusion across Southeast Asia.”

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Image Credit: Funding Societies

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Southeast Asia’s (SEA) tech investment landscape displayed a distinct shift in priorities during the first quarter of 2025, with late-stage deals and enterprise infrastructure dominating funding activities. According to the latest SEA Tech Quarterly Funding Report by Tracxn, the types of business models that attracted the most capital clearly reflect investor sentiment and changing market dynamics.

The region secured a total of US$909 million in Q1 2025, marking a 30.79 per cent increase from the US$695 million raised in Q4 2024. However, this still represented a 9.10 per cent decline year-over-year compared to Q1 2024’s US$1 billion.

The surge was largely attributed to a significant rise in late-stage tech investments, underscoring investors’ preference for backing more established players in uncertain economic conditions.

Late-stage funding reached US$700 million in the first quarter, a 110.21 per cent increase from the previous quarter and a 140.55 per cent rise year over year.

In contrast, early and seed-stage funding suffered substantial declines. Early-stage deals totalled US$164 million, down 42.05 per cent from Q4 2024 and 70.82 per cent from Q1 2024. Seed-stage funding dropped even further, falling 43.07 per cent quarter-on-quarter and 76.67 per cent year-on-year to just US$44.8 million.

The disparity between late-stage and early-stage funding highlights investors’ growing risk aversion. More capital is now being channelled into mature companies with proven business models rather than early ventures still navigating product-market fit.

Also Read: Healthtech, edutech dominated SEA’s funding scene in past 5 years: Tracxn

A single, large round drove a significant share of Q1’s late-stage funding. Digital Edge, a data centre provider, secured US$640 million in Series D funding—the only round exceeding US$100 million during the quarter.

This single deal not only elevated the total late-stage funding figures but also underscored the rising importance of enterprise infrastructure within the regional tech ecosystem.

The sector attracted US$640 million in total funding, a staggering 3,182.05 per cent increase quarter-on-quarter and 5,665.77 per cent surge year-on-year.

Tech investment priorities: A focus on future-proof models

The report’s breakdown of top-funded business models provides further insight into where investors are placing their bets. Data Centre Providers led the list, reflecting confidence in the long-term potential of digital infrastructure as a backbone for continued technological advancement in the region.

Cryptocurrency Banking followed with US$58 million in funding, signalling that, despite regulatory uncertainties, there is continued interest in blockchain-powered financial services.

Crop Financing rounded out the top three, raising US$28 million and highlighting investor recognition of agri-fintech’s role in addressing Southeast Asia’s (SEA) food security and rural financial inclusion challenges.

These funding priorities suggest a clear trend: investors are increasingly favouring business models that are either critical to digital transformation or aligned with macroeconomic needs such as financial inclusion and food security.

Beyond business models, sectoral performance in Q1 2025 painted a mixed picture. While enterprise infrastructure soared, other sectors experienced notable downturns.

Also Read: SEA startups raised US$371M across 42 rounds in March: Tracxn report

Fintech raised US$171.6 million—still a sizeable amount—but this marked a 37.40 per cent quarter-on-quarter decline and a steep 71.69 per cent fall year-on-year. High Tech faced similar headwinds, with funding dropping by 44.36 per cent from Q4 2024 and 77.53 per cent compared to Q1 2024, landing at US$111.1 million.

The performance disparity indicates that while foundational technologies and infrastructure attract robust backing, sectors once seen as high-growth areas, such as Fintech and High Tech, are now grappling with more cautious investor sentiment.

Geographically, Singapore continued to cement its status as SEA’s leading tech investment hub. The city-state’s tech firms accounted for 95.16 per cent of total funding in Q1 2025, raising US$865 million.

Thu Duc trailed far behind with US$28 million, followed by Jakarta with US$6.2 million.

Singapore’s dominance further reflects the consolidation of late-stage capital toward companies operating in more mature markets with regulatory clarity, established infrastructure, and access to global networks.

Exit activity and unicorn creation remain muted

Despite increased tech investment in select areas, exit activity remained muted.

There were no IPOs in Q1 2025, and acquisition activity saw mixed results. Thirteen acquisitions were recorded—an 8.33 per cent increase from Q4 2024 but a 50 per cent decline compared to Q1 2024.

The largest acquisition was Dropsuite’s US$252 million buyout by NinjaOne, followed by Coinseeker’s US$30 million acquisition by Titanlab.

On the unicorn front, only one new unicorn emerged in Q1 2025: Sygnum, a Singapore-based digital asset banking firm. This mirrored the same number in Q1 2024 but fell short of the two unicorns minted in Q4 2024, suggesting that mega-deals remain scarce.

Also Read: With Giken Sakata partnership, 5.0 ROBOTICS is bringing human-centered robotics to Southeast Asia

Investor activity also reflected the broader funding trends. AppWorks, Selini Capital, and Orbit Startups were the most active in the seed stage, while JAFCO Asia, Prosus, and Citi Ventures led early-stage investments. However, the surge in late-stage funding indicates that the most significant influence came from investors targeting mature companies.

Meanwhile, East Ventures, 500 Global, and Wavemaker Partners maintained their positions as the region’s most active investors overall.

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Image Credit: Muhammad Faiz Zulkeflee on Unsplash

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DeepSeek, a notable player in the artificial intelligence field, has generated significant interest since the launch of its flagship model, DeepSeek-R1, in January 2025. This AI system promises to reshape the technological landscape with its innovative approach and fresh perspective on AI development. The industry is watching closely as DeepSeek introduces a new framework that challenges conventional methods.

As stakeholders and companies explore what DeepSeek offers, its potential impact on large language models (LLMs), which are the backbone of much of today’s “AI”, is becoming increasingly apparent.
However, amid all the excitement, it is important to keep a balanced perspective. Although DeepSeek’s approach is impressive, its long-term benefits, especially for startups, remain uncertain.

This article examines the various factors that have led my company to postpone adopting DeepSeek. It highlights the complexities of AI adoption and the careful choices that organisations like ours must make in our efforts to drive sustainable innovation.

What is DeepSeek and how is it different?

DeepSeek was founded in 2023 and is supported by the Chinese hedge fund High Flyer. It gained prominence with the release of its flagship model, DeepSeek-R1, in January 2025. Matching the reasoning and mathematical abilities of leading competitors, DeepSeek has set itself apart, at least in popular opinion, with its unique development approach.

• Open-source ethos

Many view DeepSeek as following an open-source philosophy, which contrasts with the more closed approaches seen in models such as OpenAI’s ChatGPT and Anthropic’s Claude. Although DeepSeek provides its code, technical details, and even its model weights for public use, modification, and implementation, questions about its overall transparency remain, including reports of censorship during the application and training phases.

• Cost-effectiveness

Advocates point out that DeepSeek is reportedly trained at only 10% of the cost incurred by Meta’s Llama. This economical approach challenges the common belief that AI development must be prohibitively expensive, prompting a reconsideration of funding requirements in the field.

• Environmental considerations

Proponents also argue that a less resource-intensive training process makes DeepSeek more environmentally friendly, addressing concerns over high carbon emissions from energy-intensive AI operations. This sustainable model not only lowers operational costs but also offers an environmentally conscious pathway for scaling AI.

Given these features, the enthusiasm surrounding DeepSeek suggests that its growth could democratise AI, enabling smaller companies and individual developers to access technology comparable to the most advanced LLMs. Reflecting its popularity, DeepSeek surpassed ChatGPT as the most downloaded free app in the US Apple app store by the end of January 2025.

Also Read: Second order effects in AI from DeepSeek AI

The DeepSeek dilemma: Innovation vs practicality

We are not convinced.

DeepSeek’s progress has undoubtedly pushed the boundaries of LLM development, and while mainstream media may herald it as a breakthrough, practical realities present a more complex picture. Although DeepSeek will bring benefits to various sectors, these advantages do not necessarily translate into tangible benefits for all.

For many startups, the direct gains from DeepSeek appear limited. There might be indirect benefits, such as cost reductions and performance improvements from established providers reacting to the competitive challenge posed by DeepSeek, but for startups like ours, these advantages do not seem substantial enough to warrant switching.

For context, my team at Transparently.ai currently uses Google’s Vertex AI for our generative AI needs. After conducting extensive preliminary tests on DeepSeek, we decided to stick with Vertex AI. Here is why:

• Infrastructure demands: Running DeepSeek in a self-hosted environment requires considerable memory and GPU resources, whether on physical hardware or cloud services. In any case, the required resources lead to significant costs in order to maintain acceptable latency.
• Direct API usage concerns: While using APIs directly from the DeepSeek service might seem like an economical alternative, the associated privacy concerns are too significant to ignore, ultimately forcing companies to either self-host or rely on hosted endpoints provided by cloud vendors.
• Production complexity: Setting up a production-grade system involves addressing redundancy, availability, and global distribution, which can be daunting for startups with limited resources.
• Operational costs: The overall expenses and operational overhead can quickly add up. The cost of GPU resources, combined with the complexities of managing multiple regional instances for high availability, networking, and load balancing, significantly increases the financial burden.
• Scalability constraints: With self-hosted setups there is no elasticity—the ability to scale up and down upon demand. Planning and building for peak load scenarios becomes necessary, further driving up overall expenses.
• Cloud provider offerings: Although some cloud providers offer DeepSeek through hosted endpoints, the advantages appear minimal. DeepSeek R1 is comparable to or only slightly more advanced than current reasoning models. With major providers expected to incorporate similar innovations soon, the effort and cost to modify existing software for DeepSeek do not seem justified.

Also Read: The DeepSeek debate: Opportunity or overhype for startups in ASEAN?

The bottom line: Stick with established frontier models

One major advantage of established frontier model providers is their commitment to continuous improvement. These companies invest heavily in research and development, ensuring that their models are consistently upgraded.

It is also important to note that major AI companies are likely to quickly adopt DeepSeek’s innovations, which could reduce costs and further improve their own models. This rapid uptake might diminish DeepSeek’s competitive edge over time. As users, we benefit from these ongoing enhancements without additional effort. This is an area where DeepSeek may struggle to compete with industry leaders.

While DeepSeek marks an important development in the LLM ecosystem, its overall impact remains uncertain. For startups, the practical and cost-effective choice is to continue using established API services from major providers, which offer continuous improvements, robust infrastructure, and the financial strength to support ongoing AI innovation.

In our case, we have chosen to remain with Google’s Vertex AI while keeping an eye on how DeepSeek evolves in the future. Although DeepSeek holds promise, the current environment favours established providers for their practicality, cost efficiency, and steady progress.

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The post Why we’re saying “no” to DeepSeek for now appeared first on e27.

Since its launch in 2012, TOP100 has been a platform for identifying and supporting the most promising startups in the region. Over the years, we witnessed remarkable growth stories like Gojek, Carousell, Carro, 99.co, and numerous others, nurtured through our program. As the startup ecosystem continues to evolve, so does TOP100, ensuring that the new generation of startups get access to regional visibility, investor connections, and business-matching opportunities.

Meet the next wave of innovators who are set to leave a lasting mark on the Southeast Asian startup landscape.

Anlyvis Limited (Hong Kong)

Anlyvis is transforming Edge AI management with its cutting-edge platform, enabling seamless deployment and management of AI solutions across industries. With an adaptable and scalable framework, Anlyvis is bridging the gap between AI and real-world applications.

ArmasTec (Singapore)

ArmasTec introduces the AireLevate, a lightweight, fabric-powered exosuit designed to reduce strain and boost endurance. By redefining workplace safety and performance, this innovation provides essential ergonomic support for physically demanding industries.

BIMASAKTI (Indonesia)

BIMASAKTI offers comprehensive home services, specialising in telecommunication solutions, security systems, and renewable energy. Their mission is to simplify access to critical home services and drive sustainability in households across the region.

Also read: Startup wins of the week: 10 milestones that matter

ConnectingDNA (Singapore)

ConnectingDNA is the Yelp of Wellness—a platform that connects consumer DNA data to curated wellness solutions, allowing individuals to achieve their health goals faster, safer, and easier. By leveraging genetics, ConnectingDNA personalizes health recommendations, creating a future where wellness is truly tailored to individuals.

ExpertOps AI (Singapore)

ExpertOps AI delivers AI-driven digital employees that automate workflows, boost productivity by 10x, and reduce staffing needs. Their intelligent AI workforce future-proofs businesses, allowing them to operate with higher efficiency and reduced overhead.

Good Bards (Singapore)

Good Bards brings Agentic AI to marketing. Their integrated marketing platform transforms business requirements into effective marketing objectives, making marketing execution smarter, more efficient, and results-driven.

SOMIN (Singapore)

SOMIN is an AI-powered marketing tool that helps brands track competitor ads, analyze audience behavior, and optimize digital campaigns. By providing actionable insights, SOMIN empowers companies to drive higher engagement and ROI.

SSL Logistics (Thailand)

SSL Logistics is the creator of The Truckers, a B2B cargo platform connecting truck owners with cargo owners for real-time freight matching. Their platform streamlines cross-border logistics with instant order confirmations, integrated payments, and a carbon emission tracker to help businesses reduce their environmental impact.

Also read: The startups of the TOP100 Growth Program 2024 [Updated]

Tasted Better (Thailand)

Tasted Better is a food innovation company creating low-carb, ketogenic, and healthy food products. Their award-winning offerings include low-carb breads, sugar-free waffles, and innovative pizza crusts, making healthy eating more accessible without sacrificing taste.

Tessera (Singapore)

Tessera is reshaping the future of ticketing, ensuring that the event experience begins from the moment a customer buys their ticket. With seamless and engaging ticketing solutions, Tessera enhances audience interaction and creates unforgettable event experiences.

Turing Space (Taiwan)

Turing Space develops Decentralized Identity (DID) technology and provides e-credential solutions to over 400+ authorities and 40+ governments, including WHO and UNESCO. Their goal? Creating a borderless digital trust network that ensures secure, verifiable identities across global industries.

 

Unlocking opportunities through TOP100

These startups gain access to a range of branding, networking, and investment opportunities designed to accelerate their growth and visibility. 

Beyond digital visibility, startups get exclusive networking opportunities with investors and industry leaders through e27 PRO Connect, matched investor meetings at Echelon Connect, and a high-traffic exhibition booth in the TOP100 Zone at Echelon Singapore 2025. 

The TOP10 startups will also get a chance to showcase onstage at Echelon Singapore. live on the Echelon TOP100 stage. Additionally, selected participants gain access to closed-door networking sessions with ASEAN government agencies, helping facilitate market expansion and business opportunities.

Excited to witness the future of innovation? Get your tickets now and meet the startups shaping the future at Echelon Singapore!

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