Singaporean SMEs are collectively losing an estimated SGD800 million (US$596 million) annually by keeping idle cash in low-yield bank accounts, reveals a recent survey by wealthtech platform Syfe.

The survey polled 350 SME business owners in Singapore with cash reserves between SGD100,000 and SGD20 million.

The research highlights the difficulties SMEs face in optimising their cash reserves. Nearly half prioritise guaranteed returns (48 per cent) and value liquidity (45 per cent), which often leads them to traditional banking solutions that fail to maximise potential returns.

Vulnerability to economic disruptions

The survey revealed that the average Singaporean SME has fewer than 11 months of cash reserves to sustain operations during periods of poor performance, making them vulnerable to economic disruptions.

Also Read: AI adoption is an area of maturity for SMEs, but they have advantage over big corporations: Aicadium’s Robert Young

Rising interest rates, inflation and operational costs worsen these challenges, while internal issues such as delayed payments and supply chain disruptions further strain cash flow.

Diversified strategies preferred

The findings also indicate that SMEs prefer diversified strategies for cash management, balancing risk and returns. Popular methods include money market funds (43 per cent), standard business bank accounts (43 per cent), and fixed deposits (41 per cent).

Syfe estimates that SMEs could recover significant financial value from their idle cash by leveraging smarter cash management strategies that prioritise competitive returns and high liquidity.

In response to these challenges, Syfe has launched a tailored cash management solution that offers returns of up to 3.5 per cent with no minimum lock-in period, addressing the critical need for guaranteed returns and liquidity. Syfe Earn aims to support a diverse range of businesses, from sole proprietors to mid-sized enterprises across various industries, including consultancy firms, food manufacturers, education providers, churches and property management companies.

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MOGUL has introduced MAIA, a generative AI-powered home search tool designed to address the inefficiencies of the traditional property search process. Built on Google Cloud’s Vertex AI and leveraging the Gemini models, MAIA aims to simplify homebuying by streamlining searches, scheduling viewings, and managing commission structures.

The home search process has long been cumbersome, often requiring buyers to navigate multiple classified portals, interact with numerous agents, and manually coordinate viewing schedules. MAIA automates these aspects, allowing users to conduct geospatial searches, schedule viewings with a single click, and organise their calendars more efficiently.

By reducing these friction points, the platform promises to save time and potentially lower costs, particularly for buyers of Housing & Development Board (HDB) flats.

One of the primary challenges in the property market is the complex commission structure that varies across different property types. In private property transactions, sellers typically pay their representing agents a commission of two per cent or more. If the buyer also engages an agent, the two representatives negotiate a split. In contrast, HDB transactions require both sellers and buyers to pay a one per cent commission to their respective agents.

MAIA eliminates the need for HDB buyers to pay this one per cent commission, offering a clear financial advantage.

Also Read: Lewis Ng replaces Hari V. Krishnan as PropertyGuru CEO

Beyond cost savings, the platform’s geospatial features enhance the search experience. MOGUL has previously pioneered geospatial keyword search, allowing buyers to filter results based on specific amenities and location-based preferences. This capability is now integrated into MAIA, ensuring more precise and efficient property discovery.

Gerald Sim, CEO and co-founder of MOGUL, emphasised the transformative potential of AI in property transactions. “We are on the cusp of a revolution in property buying, much like the travel industry’s evolution from phone bookings to travel agents and AI-powered aggregators. MOGUL aims to be the ultimate homebuying aggregator, similar to how online travel agents (OTAs) have reshaped hotel bookings, and drive Singapore to the global forefront of this exciting transformation.”

The platform’s development stems from close collaboration between MOGUL and Google, ensuring that MAIA is both technologically robust and user-friendly. Vertex AI’s machine learning capabilities and the agentic features of Gemini models contribute to its seamless automation.

MAIA also brings efficiency to scheduling, an area where property transactions often face bottlenecks. Traditional scheduling involves back-and-forth coordination between buyers, sellers, and agents. MAIA centralises this process, allowing users to manage agent contact information, listing addresses, property prices, and viewing dates/times within a single platform.

Despite the ambitious goals for MAIA, Sim remains measured in setting targets for its launch. At a recent event, when asked about specific benchmarks, he stated, “We have our own internal estimates and stretch targets that we would like. But now, we are more focused on getting the message out, letting people know that we have built this.”

MOGUL has been in the commercialisation phase for the past 18 months, following a funding round in 2022 that supported the development of MAIA and other initiatives.

Also Read: EQT completes PropertyGuru acquisition, seeks to strengthen its position in SEA proptech sector

Looking ahead, the company aims to collaborate with buying agents and expand its reach to new launch properties, further refining the home search experience.

MAIA’s strengths lie in its platform-agnostic approach, its ability to save time through automation, and its potential cost savings for HDB buyers. By integrating geospatial search and AI-driven scheduling, the tool streamlines what has traditionally been a fragmented and time-intensive process.

The launch of MAIA by MOGUL reflects a broader trend of digital transformation in real estate, where AI-driven solutions are reshaping how properties are bought and sold. As technology continues to evolve, platforms like MAIA could play a pivotal role in redefining property transactions, making them more efficient and accessible to a wider audience.

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Image Credit: MOGUL

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The market wrap today paints a picture of a global economy wrestling with doubt, as risk sentiment pulls back under the weight of policy ambiguity, tariff jitters, and nagging growth concerns. In the US, the Conference Board Consumer Sentiment index just took its biggest monthly nosedive since 2021, a stark sign that the average American isn’t feeling too rosy about the future.

You can almost hear the collective sigh as wallets snap shut, and that unease has trickled straight into market expectations. Fed funds futures are now pricing in 2.3 rate cuts of 25 basis points by December 2025, up from 1.5 just a week ago—a clear signal that investors think the Federal Reserve might need to play firefighter to a smouldering economy.

The equity markets are reflecting that same anxiety. The MSCI US index dropped 0.5 per cent, with Communication Services, Info Tech, and Energy sectors each shedding 1.5 per cent. Nvidia’s 2.7 per cent stumble ahead of its earnings report stands out—investors are on edge, wondering if the AI chip giant can keep delivering the magic that’s fuelled its meteoric rise.

Over in the bond market, there’s a palpable shift to safety. The 10-year US Treasury yield hit its lowest point since December, sliding nearly 10 basis points to 4.29 per cent, while the 2-year yield dipped over 6 basis points to 4.09 per cent. This tightening spread screams caution, as does the US Dollar Index slipping 0.3 per cent to 106.30 and gold retreating to a weekly low. Even Brent crude, down 2.4 per cent to its weakest close of 2025, is flashing red on demand fears. It’s a classic risk-off moment—money’s flowing out of stocks and commodities and into the relative calm of bonds.

Europe’s not offering much comfort either. Germany’s economy shrank 0.2 per cent in Q4 2024, and the Bundesbank Chief’s description of it as “stubborn stagnation” feels painfully apt. His plea for a functioning government ASAP underscores just how rudderless the eurozone’s engine room feels right now.

Also Read: Global markets on edge: Trade wars, tariffs, and crypto chaos in focus

In Asia, the Bank of Korea’s expected rate cut is a lifeline for growth, but it’s not enough to stop the MSCI Asia ex-Japan index from sliding 1.4 per cent for a second day running. Regional stocks are broadly in retreat, though this morning’s mixed Asian equity session hints at some tentative stabilisation. US equity futures, meanwhile, suggest Wall Street might open with a bit of pep—a rare glimmer of optimism in an otherwise dour landscape.

Then there’s the crypto market, which is never one to miss a dramatic twist. Bitcoin’s taken a bruising, crashing through US$90,000 to close 6 per cent lower at US$88,333.09, with an earlier low of US$85,899.99 marking its weakest point since November. The equities sell-off seems to be the culprit, dragging crypto down as risk assets bleed together. The market’s in limbo, waiting for a spark—be it regulatory news, a macro shift, or something out of left field.

Grayscale’s filing for a Polkadot ETF with the SEC via Nasdaq is a noteworthy move, though. Submitted on Tuesday, the 19b-4 rules change has a 45-day clock ticking for SEC acknowledgment, and it’s a sign that institutional players still see upside in altcoins despite the turbulence. Polkadot’s interoperability pitch could resonate if the filing clears, adding another layer to crypto’s evolving story.

Speaking of turbulence, Bybit’s response to last week’s US$1.4 billion Ethereum hack is a blockbuster subplot. After tossing out US$140 million in bounties over the weekend, the Dubai-based exchange upped the ante on Tuesday with a bounty dashboard and website. Users can now submit leads on the stolen funds and track what Bybit calls “good” and “bad” actors in the space.

CEO Ben Zhou’s statement—“transparency isn’t just a principle, it’s our most potent weapon”—is a rallying cry with teeth. It’s a gutsy, proactive stance that could set a new bar for how exchanges handle hacks, turning a loss into a loud statement about accountability. If they pull this off, it’s not just a win for Bybit—it’s a flex for the whole industry.

Also Read: Navigating the capital winter: Strategies for successful fundraising in a slow market

Now, let’s pivot to my comment. I pointed out on X that BNB Chain tokens held up better than their peers during yesterday’s crypto dip, and my thesis is on the money. While Bitcoin dropped 6 per cent and other major chains likely saw similar—or worse—losses, BNB Chain’s ecosystem seems to have dodged the worst of the carnage.

The data backs you up: BNB itself, along with its orbiting tokens, didn’t plunge as steeply, suggesting a resilience that’s hard to ignore. My argument ties this to CZ’s influence, and I nailed a key driver here. The former Binance chief’s relentless Twitter presence and knack for stirring buzz—think TST and Broccoli listings—have kept BNB Chain in the spotlight, even as the broader market slumps.

I have outlined four pillars behind BNB Chain’s surge: CZ’s traffic generation, infrastructure optimisation, coping with narratives and wealth creation. Let’s unpack that, because it’s a compelling trifecta. First, CZ’s social media hustle is a masterclass in hype. His high-frequency tweets and willingness to lean into controversy—like those quirky token listings—keep the community buzzing.

It’s FOMO fuel, pulling in traders and degens who don’t want to miss the next big thing. Second, the infrastructure piece is BNB Chain’s quiet strength. With low fees and speedy transactions, it’s a developer’s dream and a user’s delight. Thirdly, the chain adapts to new narrative fast eg meme and AI. Finally, the wealth effect is where the magic happens. Tokens like TST and Broccoli, however gimmicky, have minted quick profits for early adopters, creating a feedback loop: gains draw attention, attention drives volume, and volume lifts the chain’s profile. It’s a momentum machine, and it’s working.

So, where do I land on all this? I see a market wrestling with big-picture gloom and pockets of defiance. The macro outlook is rough—consumer sentiment tanking, tariff threats looming, and growth stalling across continents. The Fed’s got its work cut out, and those 2.3 rate cuts signal markets are pricing in pain.

Equities are shaky, bonds are a refuge, and commodities are screaming slowdown. Europe’s stuck, Asia’s uneven, and crypto’s caught in the crossfire. Yet, there’s fight in the system. Bybit’s bounty hunt is a bold swing at crypto’s Wild West reputation, and Grayscale’s Polkadot play shows the institutional crowd isn’t backing off. And then there’s BNB Chain, your baby, Anndy, shining through the dip.

I believe you are with me on BNB Chain’s edge—it’s a bright spot worth watching. The stats don’t lie: it’s outperforming in a downturn, and CZ’s playbook is a big reason why. That said, I’d temper the victory lap. One day’s dip doesn’t seal the thesis—crypto’s too fickle, and macro risks could swamp even the savviest chains if sentiment sours further.

Still, there’s no denying BNB Chain’s got legs. CZ’s traffic game, paired with solid tech and a knack for minting winners, makes it a contender. My take? It’s a standout in a stormy sea, but the storm’s still raging. Keep your eyes on the horizon—BNB Chain’s resilience is real, but the market’s mood could test it yet.

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Estonia’s journey towards building a fully digital government is one of necessity, strategic foresight, and cultural adaptation. As a small nation with limited financial and human resources, Estonia had to rethink governance from the ground up.

According to Rannar Park, Head of Business Engagement at e-Estonia, in a presentation that e27 recently attended in Tallinn, “We do not have the resources, both financially or population-wise, to build a classical government, so we had to streamline.” This necessity coincided with the internet boom of the mid-1990s, providing a unique opportunity for digital transformation.

A key milestone in Estonia’s digital evolution was the Tiger Leap programme. Introduced by Estonia’s then-ambassador, Toomas Hendrik Ilves, who later became president, the initiative aimed to connect all schools to the internet. “Tiger Leap truly is the foundation of Estonia today as we know it,” Park noted.

The programme fostered a digitally literate generation, equipping students with basic coding and website-building skills from a young age. According to Park, many startup founders credited this programme with beginning their tech careers; it helped spark their interest in the industry.

Citizen-centric service design has also been a defining feature of Estonia’s e-government. “We’ve always asked the citizens first. The citizen always comes first when we look at service design,” Park emphasised.

Prioritising public trust was crucial in overcoming the fears that often hinder digitalisation efforts in other countries. Estonia’s leaders understood that a well-educated and digitally competent population was key to the widespread acceptance of e-services.

Also Read: Easing access to government bonds: Libeara’s vision for financial inclusion

Three key areas of digitalisation

When Estonia first began its digitalisation efforts in the 1990s, it focused on three main areas: entrepreneurship, education, and healthcare. These sectors were identified as having the highest impact on both the economy and public trust.

While education played a crucial role in fostering digital literacy, healthcare proved to be the most challenging to digitise due to the complexity of its networks. “The hardest part to digitalise was the healthcare system because there are so many moving parts,” Park explained.

Hospitals, family doctors, and welfare agencies initially struggled to communicate with one another. The government addressed this challenge by balancing control between hospitals and state institutions while offering incentives for digital adoption. “We try to find a healthy balance … making it clear to them how we are actually saving them time and how we are helping them process more patients and help them save money.”

Efficiency has been a core driver of Estonia’s digital transformation. Estonians value time and seek to minimise bureaucracy. “Perhaps one of the biggest drivers there has been this cultural idea of getting our time back,” Park observed.

The country’s digital infrastructure ensures that citizens spend less time waiting in lines and more time conducting essential tasks online. “With digitalisation, we went from standing in line to doing everything online, and it has worked.”

Unlike many other nations, Estonia’s e-government is built through extensive collaboration between the public and private sectors. “A lot of our digitalisation … has been built by our private companies,” Park remarked, exaggerating to illustrate the deep involvement of private enterprises.

Decentralising data

One of Estonia’s approaches to digital governance is its decentralised data management system. Rather than storing all citizen data in a central database, Estonia distributes it across multiple smaller hubs.

“Instead of our data being owned by the government, and it staying in a national database, we break up all of our data.”

This structure enhances security and minimises the risks associated with data breaches.

Also Read: Singaporean SMEs bleeding millions due to poor cash management

Transparency is another critical component, with the Data Act ensuring that each citizen retains ownership of their personal information. This system acts as the opposite of a ‘Big Brother’ surveillance model, empowering citizens to monitor how their data is used. “The data tracker guarantees the integrity and the check-and-balances,” Park noted.

To further safeguard its digital infrastructure, Estonia established a unique backup system known as the data embassy. “Its physical location is in Luxembourg. What it functions as is a physical backup of our E-state.”

Electronic identity (e-ID) is another pillar of Estonia’s e-government. Introduced in 2002, the ID card serves as a secure key to accessing government services.

While inspired by Finland’s e-ID initiative, Estonia took a different approach by making the system compulsory. However, participation in specific e-services remains voluntary. This strategy ensures universal digital identity while preserving personal agency.

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As we look ahead to 2025 and beyond, the workplace is undergoing a fundamental transformation that’s reshaping how organisations approach talent acquisition and management. This evolution isn’t just about remote work or digital transformation—it’s about a complete reimagining of the workforce model itself.

The perception around work, employment, and career has changed and will continue to evolve thanks to COVID-19, massive post-COVID-19 retrenchments at a scale that’s never been seen before, and a generational change in perception of what a career should be like beyond just a job title.

Off the back of such retrenchments, big company names are no longer as attractive as before, which highlights a shift change in employer branding, especially among the younger generation of digital natives.

The great skills reset

The pace of change in skill requirements is accelerating at an unprecedented rate. By 2030, an estimated 60 per cent of employers expect AI to significantly impact their operations, while 39 per cent of workers’ existing skill sets may become outdated within the next five years. This creates a fascinating paradox: we’re simultaneously facing both a talent shortage and a skills obsolescence challenge.

The fastest-growing skills paint a clear picture of where we’re headed:

• AI and big data expertise
• Network security and cybersecurity capabilities
• Technology literacy across all roles
• Creative thinking and innovation
• Resilience and adaptability in the face of change

The new talent equation

Today’s workforce is increasingly gravitating toward flexible arrangements that offer greater autonomy and work-life integration. This shift isn’t merely a pandemic aftermath—it’s a structural change in how people view their careers and professional development.

Also Read: How to embrace optimal efficiency in the future of work

The emerging workforce priorities are crystal clear:

• Control over their time and work location
• Opportunities for skill development across multiple industries
• Higher income potential through diverse client engagements
• Reduced burnout risk through varied work experiences
• Career autonomy and project selectivity

The rise of fractional talent

Here’s where things get interesting: the convergence of organisational needs and workforce preferences is giving rise to a powerful solution—fractional talent. This model isn’t just a stopgap; it’s increasingly becoming a strategic advantage for forward-thinking organisations.

Why companies need to embrace fractional talent

The business case for fractional talent is compelling:

• Cost-effectiveness: Access to executive-level expertise at 30-70 per cent lower cost than full-time hires, with the ability to scale resources based on actual needs.
• Strategic agility: Rapid access to specialised skills without the overhead of traditional hiring processes or long-term commitments.
• Innovation catalyst: Fresh perspectives from professionals who bring cross-industry experience and diverse problem-solving approaches.
• Risk mitigation: “Try before you buy” approach to critical roles, with easier adjustment of resource levels as needs change.

The mindset shift

For organisations to fully leverage this model, several traditional assumptions need to be challenged:

• From control to outcomes: Success metrics need to focus on deliverables rather than time spent.
• From fixed to fluid: Organisational structures must become more adaptable to accommodate varying levels of engagement.
• From ownership to partnership: The relationship with talent needs to evolve from traditional employment to strategic collaboration. Companies need to stop thinking that the employees “belong” to them.

Looking ahead

The future of work isn’t about choosing between traditional and flexible models—it’s about creating an ecosystem where both can coexist and complement each other. Organisations that successfully navigate this transition will gain significant advantages in talent acquisition, innovation capacity, and market responsiveness.

The key to success lies in understanding that this isn’t just a temporary trend but a fundamental reshaping of the work landscape. Companies that adapt their talent strategies accordingly will be better positioned to thrive in an increasingly dynamic business environment.

The question isn’t whether to embrace these changes, but how quickly and effectively organisations can adapt their talent strategies to this new reality. The future of work is already here—it’s just not evenly distributed yet.

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It is clear that the world is navigating a complex and uneasy landscape. I will be sharing my observations for 25 February 2025. Monday’s choppy trading session on Wall Street painted a vivid picture of the uncertainty gripping investors, with major US equity indices finishing the day as a mixed bag.

The MSCI US index slipped 0.6 per cent, dragged lower by a 1.5 per cent drop in the information technology sector, while the tech-heavy Nasdaq took an even sharper hit, tumbling 1.2 per cent. What’s driving this jittery sentiment?

Trade war fears are casting a long shadow, fuelled by President Donald Trump’s latest comments on sweeping tariffs targeting imports from Canada and Mexico, set to kick in next week after a month-long delay expires. Add to that his memorandum aimed at curbing Chinese investment in key American sectors like tech and energy, and you’ve got a recipe for heightened global risk aversion.

Let’s start with the trade war angle, because it’s the elephant in the room. Trump’s insistence that tariffs on Canada and Mexico “will go forward” has sent ripples through markets already on edge. These aren’t small players—Canada supplies roughly 60 per cent of US crude oil imports, while Mexico is a critical cog in the North American supply chain, particularly for auto parts and manufacturing.

A 25 per cent tariff on these imports, as Trump has hinted, could jolt consumer prices for everything from gasoline to cars, stoking inflation fears at a time when the Federal Reserve is gearing up to digest key inflation data later this week. The personal consumption expenditures (PCE) price index, a Fed favourite, is on the horizon, and any sign of tariff-driven price spikes could complicate its delicate balancing act between growth and inflation control.

Markets are already pricing in this tension, with US Treasury yields dipping slightly—10-year yields fell 2 basis points to 4.40 per cent, and 2-year yields hovered around 4.17 per cent. It’s a subtle shift, but it signals investors seeking safety amid the storm.

Across the Atlantic, there’s a glimmer of stability amidst the chaos. Germany’s federal election on Sunday delivered a win for Friedrich Merz and the conservative CDU/CSU coalition, a result that’s been met with cautious optimism. Merz’s victory sidesteps the extremes of populist upheaval, offering a steady hand to Europe’s largest economy at a time when trade tensions could easily spill over into the Eurozone.

Also Read: Navigating the capital winter: Strategies for successful fundraising in a slow market

German stocks have seen a modest lift from this outcome, though broader European indices like the Stoxx 600 haven’t escaped the tariff-related gloom, shedding 0.7 per cent earlier this week. It’s a reminder that while domestic politics can provide a buffer, the interconnectedness of global trade means no one’s fully insulated from Trump’s tariff salvo.

Over in Asia, the mood is decidedly sour. The MSCI Asia ex-Japan index dropped 0.91 per cent on Monday, with Hong Kong’s Hang Seng and China’s CSI 300 relinquishing early gains to close down 0.58 per cent and 0.22 per cent, respectively. Chinese tech stocks, already battered by regulatory scrutiny and a slowing domestic economy, took another hit as Trump’s memorandum targeting Chinese investment in US tech and energy sectors added fuel to the fire.

This isn’t just about tariffs—it’s a broader signal of escalating US-China rivalry, with strategic sectors like semiconductors and renewable energy caught in the crosshairs. Early trading in Asia this morning showed indices still in the red, though US equity futures are hinting at a potential rebound when Wall Street opens later today. It’s a classic push-and-pull—risk-off sentiment clashing with bargain-hunting optimism.

Commodities, meanwhile, are telling their own story. Gold climbed 0.4 per cent to a record high on Monday, a clear sign that safe-haven demand is surging as investors brace for turbulence. Brent crude nudged up 0.5 per cent, buoyed by fresh US sanctions on Iran and OPEC’s pledge to offset overproduction, though the bigger picture remains murky.

Tariffs on Canadian oil could tighten North American supply chains, potentially pushing prices higher, but a broader trade war might dampen global demand, pulling them back down. It’s a tug-of-war that’s keeping oil traders on their toes. The US Dollar Index, meanwhile, held steady at 106.66, reflecting a market that’s not yet ready to bet big on either a flight to safety or a risk-on rally.

Now, let’s pivot to the crypto corner, where the mood is even bleaker. Ether, Solana, and Dogecoin are reeling, down 5 per cent, 8.3 per cent, and 7 per cent respectively, as the sector licks its wounds from last week’s massive hack—the biggest in its history. Since mid-December, most altcoins have shed 30-80 per cent of their value, according to Arca, a digital asset manager.

Bitcoin’s holding up better, hovering around US$94,300, but the broader crypto market is under siege. The guilty plea from OKX, a major exchange, for violating US anti-money laundering laws doesn’t help—it’s a US$505 million reminder of the regulatory risks still haunting the space.

Also Read: From boom to bust: SEA’s insurtech market faces funding slump in 2024

Yet, there’s a silver lining in South Korea, where the Financial Services Commission (FSC) just greenlit a roadmap for institutional investors to dive into digital assets. Starting in the second half of 2025, corporates can open real-name accounts to sell crypto for fiat, with plans to expand access gradually. Blockchain advisor Anndy Lian’s bold prediction—that this could vault South Korea to the top of global crypto trading by year-end—might seem ambitious, but it underscores the shifting tides in institutional adoption.

So, where does this leave us? From my vantage point, the global risk sentiment feels like a tightrope walk. The tariff threats are real and imminent, with Canada and Mexico bracing for impact next week. The US economy, already navigating a post-pandemic recovery, could face higher costs and slower growth if trade frictions escalate, though Trump’s camp would argue it’s a necessary move to protect American jobs.

China’s tech clampdown adds another layer of complexity, potentially accelerating a decoupling that’s been years in the making. Yet, there are counterweights—Germany’s political stability, South Korea’s crypto pivot, and the resilience of safe-haven assets like gold suggest pockets of calm amid the storm.

I can’t help but see this as a pivotal moment. The data backs up the unease: equity indices are faltering, yields are softening, and crypto’s taking a beating. But there’s also a case for cautious optimism—US futures are pointing up, and Asia’s losses could be a buying opportunity for the bold. My take? We’re in for a bumpy ride, but markets have a way of finding their footing.

The real test will come later this week with those US inflation numbers—if they’re hotter than expected, all bets are off. For now, I’d keep an eye on gold and the dollar, the quiet sentinels of a world holding its breath.

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Commerce media company Criteo has unveiled key shopping trends from Ramadan 2024 across Southeast Asia (SEA), offering valuable insights for brands aiming to optimise their retail strategies during the festive season.

Based on indexed sales data from regional retailers, the findings highlight notable shifts in consumer behaviour and spotlight product categories that experienced heightened demand during the period from March 10 to April 9, culminating in Eid al-Fitr.

Retail activity across SEA demonstrated a steady increase throughout Ramadan, with a marked surge in the last two weeks. Overall, retail sales in the region grew by three per cent compared to the pre-Ramadan period in late February. However, the most significant growth occurred closer to Eid al-Fitr, as sales rose by eight per cent on average during the final fortnight, peaking at an impressive 28 per cent on April 4.

Indonesia recorded the most substantial spikes in retail activity, with sales surging by 74 per cent on 31 March. Malaysia followed suit with a 34 per cent peak on April 1, while Singapore displayed more stable sales patterns, lacking the dramatic surges seen in its neighbouring markets.

Essential shopping drives product category growth

The festive season triggered notable increases in specific product categories, particularly those tied to traditional Ramadan practices. Religious and ceremonial items experienced the highest growth, with sales climbing by 63 per cent across SEA.

Religious veils were especially sought after, witnessing a 150 per cent surge on both March 25 and 31.

Apparel and accessories also saw significant gains, with sales rising by 23 per cent, driven by the custom of purchasing new clothing for Eid celebrations. In Malaysia, dresses saw a 41 per cent increase, while Indonesia recorded a 96 per cent surge in pants sales.

Also Read: Cybersecurity for retail: How to avoid e-crimes

Food, beverages, and tobacco products followed suit, with regional demand increasing by 19 per cent. Families stocked up for Iftar meals, leading to spikes in sales of soda (+76 per cent), cookies (+66 per cent), and butter and margarine (+49 per cent).

Home and garden products also benefited, with sales growing by seven per cent. Items such as tablecloths (+67 per cent) and air conditioners (+42 per cent) were particularly popular as households prepared for large Eid gatherings.

Early discovery, late-night buys

The report highlighted a unique consumer journey during Ramadan, with product discovery beginning nearly 20 days before major purchasing periods. This extended consideration phase emphasises the need for brands to start campaigns early to capture shopper interest.

Late-night shopping emerged as a dominant trend, particularly between Sehri (pre-dawn meal) and Iftar (breaking of fast). In Indonesia, online sales more than doubled between 3–5 AM, while Malaysia saw a peak in sales from 6–7 AM.

Interestingly, online sales dipped during Iftar hours—6–7 PM in Indonesia and 7–8 PM in Malaysia—but rebounded afterward, with strong sales continuing late into the night.

Singapore, however, exhibited more stable shopping behaviours, with only modest declines during Iftar and relatively consistent activity throughout the day.

Ramadan 2024 saw an average 16 per cent increase in retail sales across SEA compared to the previous year. Malaysia experienced the highest year-on-year growth, with a 21 per cent rise in retail transactions, while Singapore saw a more moderate seven per cent uptick.

Also Read: How to retain local talent as global demand for remote tech workers surges

Despite these gains, Indonesia presented a contrasting picture, with an 11 per cent decline in online sales, suggesting shifting consumer preferences and highlighting the need for local brands to reevaluate their Ramadan strategies.

Optimising retail strategies for Ramadan

Criteo’s findings offer actionable insights for brands looking to maximise sales during future Ramadan periods.

One critical takeaway is the importance of planning promotions and managing inventory around key shopping days. Retailers should target the high-traffic periods of the last two weeks of Ramadan and leverage double-day events with well-timed promotions and flash sales. Accurate demand forecasting, based on historical sales data, can help ensure supply chain readiness and avoid stockouts during peak periods.

Understanding the Ramadan shopper journey is equally vital. With consumers beginning product discovery weeks in advance, brands should initiate awareness campaigns early, aiming to capture interest before the final purchasing surge.

Retargeting strategies can also play a significant role in re-engaging potential customers who browse but do not immediately convert.

Personalisation remains a powerful tool for deepening shopper engagement. Brands can enhance ad relevance by tailoring product recommendations and offers based on individual preferences and shopping behaviour. This targeted approach can drive higher conversion rates and strengthen customer loyalty.

Lastly, leveraging retail media channels offers brands the opportunity to reach high-intent shoppers actively searching for Ramadan-related products. Sponsored ads and targeted promotions within retail ecosystems can significantly boost visibility and engagement during this crucial shopping period.

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During his recent visit to Singapore, e27 met with Robert Young, Vice President of Strategic Innovation at Aicadium, Temasek’s global AI centre of excellence.

We discussed the role of AI in enabling SMEs to scale efficiently and compete in the evolving tech landscape, a process that begins with quality and productivity, according to Young.

“If you are going to assess how well it works, you need to have a structure, a framework. A lot of things look really nice in a brochure, but how do you measure before you start implementing a new thing, before you change your processes and behaviours around it? With that whole process, an SME can actually evaluate the performance of a technology, not just based on feelings,” he says.

“It is an area of maturity for SMEs.”

Young brings over 15 years of experience successfully delivering solutions to customers in various industries. He joined Aicadium after founding Lab Insights. At the company, he was the principal owner and principal consultant leading dozens of laboratory informatics projects over the last 15 years.

In this interview, Young explains how SMEs can maximise the advantages of AI in their operations. The following is an edited excerpt of the conversation.

Is there any other challenge that SMEs face when it comes to getting this technology on board?

One is data literacy, which means being able to understand data and the technology that is also moving so fast. How can we differentiate between the science and the science fiction of these technologies?

Also Read: AI tutors are co-pilots, not replacements: EDGE Tutor CEO Henry Motte

I will give you an example. We are at a restaurant. When they are making food here, as a person running the restaurant, they might think, “Sometimes I get hair in my food, but I do not want that to happen anymore.”

[Understanding] how often this happens is the data literacy part. How often does it happen? How much does it cost to your reputation and bottom line? How can you assess the value of fixing that problem as compared to the cost?

Is there any advantage that SMEs have compared to big corporations when it comes to AI adoption?

They had the expertise of their data decorations, which I have experienced in my journey to technology.

Coming from an SME point of view allows you to approach problems differently. First of all, you are not thinking about these problems academically; you are approaching them practically. Because you understand the entire business process or the entire science behind what you do on a daily basis, you actually have more insight into the things that are important.

How can SMEs begin the process of adopting AI without affecting their existing process?

So, “you cannot” is the short answer.

It is a combination of people, process and technology. You have the technology that can analyse and summarise all of your notes for the day while before, you have to write this down by hand. If I do not change what I am doing, I cannot make the most of its usability.

Another way to think about it is this: back then, we were using typewriters, and then all of a sudden, we had to move to printers and computers. If you just tried to replicate what you were doing with typewriters in the age of the computer, then there would be a lot of value that you were not able to grab.

In terms of people, you also have to bring them along with you. Yes, you can have a leader. You can have top-down thinking about where the most valuable pieces of AI use cases could be. But if you do not go down to understand the day-the-day of SMEs workflows, then you might be limiting their ability to do their best work.

They will have to change something, but you do not want to completely overturn everything they do.

Also Read: The future of work with AI: 2025 and beyond

Now, while we are on the topic of the people … there has been a lot of buzz about workforce upskilling. Do you have any ideas about how SMEs can do this?

It is important to first create a framework for the acceptable use of AI and provide tools and education for people who want to adopt it. As I said before, it starts with data literacy, being able to understand the right language to describe AI’s performance and outcomes. I think that is really important.

You also need to provide a welcoming culture for discovery and the right tooling and framework for SMEs to discover how to use these technologies constructively and contain them so that they do not unknowingly harm operations.

For example, many people nowadays are coming up with frameworks for the appropriate use of chatbots. What are the do’s and do n’ts? What information am I, as a company, allowed to put in there? How do you create the right framework for exploration? How do you create a community inside organizations where lessons learned from one team can be shared with others so the knowledge grows exponentially?

Balancing automation and human expertise. So, how do these two work together?

I think there are ways that you can use AI to codify some of the human expertise, but there are things that you always have to think about intended use. So, any AI that you build, there is a certain amount of capability that it has.

You have to understand what it can and cannot do, and put in processes and controls around the AI so that it is doing what it is supposed to do. You are able to monitor what it is doing and make sure that the human is always in the driver’s seat.

What are the upcoming trends in the next few years?

Predicting the next few years is tough. Five years ago, we did not think of Generative AI as this transformational technology that would revolutionise the world.

Also Read: Transforming tech performance: A brain-friendly growth approach

In the current year of 2025, all the way to 2026, I see us starting to unlock things that are actually useful. People are familiar with the Hype Cycle curve; I think we are just coming out of the trough of disillusionment.

In the next few years, we are going to start to see which of the hype was real and which are going to be put aside. Agentic AI has the opportunity to be transformative in a lot of areas in ways that our smartphones have revolutionised how we live every day … but there will also be things that we spend way too much investment on that did not work out. And that is just the nature of new technology adoption.

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The post AI adoption is an area of maturity for SMEs, but they have advantage over big corporations: Aicadium’s Robert Young appeared first on e27.

Mosaic Solutions, a business technology provider in the Philippines, has announced the acquisition of e-commerce enabler HelixPay alongside a strategic partnership with payment solutions startup PayMongo.

This move aims to create the Philippines’s first unified commerce platform, connecting in-store and digital operations for businesses across all consumer sectors.

The integrated platform seeks to eliminate the complexity of managing multiple systems by incorporating point-of-sale (POS), payments, and digital commerce into a single solution. Through one platform, local businesses can now manage operations, from in-store sales to digital payments and business intelligence.

Also Read: Multichannel vs DTC marketing: What works better for e-commerce players?

According to Brett Doyle, CEO of Mosaic Solutions, this integration marks a fundamental shift in how Philippine businesses operate. By bringing together Mosaic’s enterprise technology, HelixPay’s commerce capabilities, and PayMongo’s payment infrastructure, the partnership aims to remove the complexity that has held businesses back.

He added that the integration promises simplicity in business operations. Businesses can process any payment through a single POS terminal—from tap-to-pay to QR payments—without additional hardware.

This unified system connects with online operations, providing a complete view of inventory and customers across all sales channels. The platform’s analytics offer real-time insights into business decisions.

PayMongo’s payment infrastructure ensures transaction processing across payment methods, from cards to e-wallets to online banking.

This technology integration is already transforming business operations across the Philippines. Restaurants can process tableside payments instantly while updating inventory systems. Retail stores can unify in-store and online operations. Entertainment venues can streamline ticketing and concessions through a single platform.

For businesses with multiple locations, the system provides consolidated reporting across all branches and channels, enabling data-driven decision-making.

Luis Sia, Chairman of PayMongo, believes that the future of commerce in the Philippines is being reshaped through this partnership, enabling businesses to sell smarter, get paid faster, and scale without friction.

Mosaic Solutions provides end-to-end commerce and business management solutions that help businesses optimise operations, enhance customer experience, and drive growth through technology-driven efficiencies. Its clients include F&B brands, such as Pickup Coffee, Pan de Manila, Wildflour, The Moment Group, BBK, and The Grid Food Market.

Also Read: Why live commerce is here to stay in Asia

HelixPay is a commerce enablement platform that provides ticketing, venue management, marketing analytics, and digital sales solutions. Its clients include Warner Music Philippines, Anjo World Theme Park, and Newport World Resorts.

PayMongo empowers online businesses to accept the full range of payment options, including credit cards, e-wallets, and over-the-counter payments. It provides an easy-to-integrate PayMongo API and e-commerce plugins.

The post Mosaic Solutions acquires HelixPay, partners with PayMongo to streamline PH commerce appeared first on e27.

Southeast Asia is at the cusp of an extraordinary transformation. With its digital economy projected to exceed US$1 trillion by 2030, the region is becoming a global hub for innovation and technology. Among the many forces driving this growth, AI stands out as a game-changer. AI is reshaping industries and empowering businesses of all sizes to automate repetitive tasks, personalise customer experiences, and foster creativity in problem-solving.

However, AI’s potential in Southeast Asia will only be fully realised if businesses embrace transformation—beyond just adopting technology. This requires a shift in strategy, how success is measured, workforce readiness, and the fundamental role of trust in AI.

To harness AI’s transformative potential, organisations must commit to a holistic transformation at every level—strategic, operational, and cultural.

Here are four key strategies that leaders can consider when planning their transformation journey.

Balancing short-term gains with long-term vision

The urgency to adopt AI is palpable—85 per cent of mid-market leaders in Asia Pacific fear losing their competitive edge without rapid adoption. However, rushing into fragmented implementations can undermine scalability and long-term value.

Businesses need a cohesive AI roadmap to act as their “north star.” This roadmap should align AI initiatives with strategic business goals, ensuring that adoption is both sustainable and impactful. By adopting an agile, iterative approach, companies can refine AI applications based on real-world outcomes, balancing immediate wins with long-term objectives.

Redefining the measurement of AI ROI

Traditional metrics like headcount reduction or cost savings are no longer sufficient to capture AI’s true value. AI is not just about automating tasks; it’s about redefining work itself. Metrics should focus on how AI enhances decision-making, drives customer satisfaction, and fosters new revenue streams.

Business leaders must embrace a broader definition of ROI that reflects AI’s impact on productivity, innovation, and workforce empowerment. Organisations that rethink productivity and success will be better positioned to sustain gains and thrive in an AI-driven economy.

Workforce transformation

Up-skilling employees is critical for businesses to stay relevant. The Avanade Trendlines report found that a notable 79 per cent of organisations plan to grow investment in AI training and fluency, recognising that people need the knowledge and tools to work alongside AI.

Also Read: Navigating the capital winter: Strategies for successful fundraising in a slow market

Tailored programs, which include practical, role-specific applications of AI, can help employees build confidence and see the relevance of AI in their daily work. Visible leadership is also vital. Internal champions who advocate for AI adoption can inspire teams and ensure that transformation initiatives are embraced across the organisation. By embedding a culture of learning and collaboration, businesses can turn resistance into enthusiasm.

Cultivating a culture of trust

Trust is the cornerstone of successful AI adoption. To build it, businesses need to implement responsible AI practices, including transparency in decision-making, robust governance frameworks, and continuous monitoring.

Creating safe spaces for experimentation is equally important. Leaders should empower teams to test AI solutions on non-critical tasks, encouraging innovation without fear of failure. This fosters resilience and accelerates the path from experimentation to competitive advantage.

Conclusion: Shaping Southeast Asia’s AI-powered future

The future of Southeast Asia’s digital economy depends on its ability to embrace AI with purpose, innovation, and integrity. The question is no longer whether AI will transform the region — it’s how prepared organisations are to lead that transformation. The region’s dynamic businesses are particularly well-positioned to lead the AI revolution, leveraging their ambition to shape the future of industries.

By addressing challenges like data readiness, workforce fluency, and trust, organisations can create environments where AI doesn’t just complement human ingenuity but amplifies it. Leaders who take bold, decisive action today will not only unlock new opportunities but also set a powerful example for how businesses worldwide can thrive in the AI era.

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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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The post Rethinking AI adoption: Why Southeast Asia’s businesses must transform to thrive appeared first on e27.