As AI-native language platforms race beyond flashcards and drills, Hyperbond Studio’s Call Me Sensei is betting that engagement, not curriculum, is the true unlock. Blending character-driven AI, memory systems, and relationship mechanics, the Singaporean startup is reimagining language learning as an emotionally immersive experience rather than a structured syllabus.

The AI startup — founded by Shawn Tan (who is also General Partner at TRIVE Ventures) and Jack Vinijtrongjit — recently raised US$500,000 from investors, including NLS Ventures, Loyal VC, and Attribute Global Ventures, for its innovative platform.

In this interview, Tan breaks down the thesis, technology, safeguards, localisation strategy, and business model behind their unconventional approach.

Edited excerpts:

What core problem is Call Me Sensei solving, and what evidence convinced you engagement is the main bottleneck?

Language learning itself is not a new problem. However, most language products start from the assumption that better outcomes come from better curricula (e.g. more structured lessons, more innovative drills, better sequencing). This leads to experiences that feel like work, resulting in high attrition and extremely low long-term retention across the category.

Also Read: Edutech war: How NativeX is taking on the likes of ELSA, Duolingo in Vietnam

Platforms like Duolingo illustrates the limitation of this approach. While it has succeeded as a product, much of its engagement is driven by external mechanics, such as streaks. Many users return daily to protect a streak rather than because they enjoy learning or can communicate fluently. It’s not uncommon to see users with 500-day/1,000-day streaks who still struggle to hold a basic conversation. The system optimises for habit formation, not sustained, intrinsic motivation to communicate.

We take the reverse approach. Instead of starting with “what should someone learn today?”, we begin with “what would someone enjoy doing, voluntarily, for 20 to 30 minutes?” We design an emotionally engaging experience first, and let language learning happen as a byproduct. This makes users want to return and spend more time practising the language.

How do you define and measure “learning” in Call Me Sensei, and will you run studies against Duolingo, Babbel, or human tutors?

Given our approach, we deliberately do not define learning through a fixed curriculum or prescribed outcomes. There is no roadmap, syllabus, or linear progression. Learners decide what and when they want to learn — buying groceries one day, ordering coffee the next — based on immediate interest and context.

As such, we do not “prove” learning through test scores or completion rates. Instead, we focus on retention, session frequency, and time spent as leading indicators. We hypothesise that a learner who voluntarily spends more time speaking and listening will ultimately learn more than one who follows an optimal curriculum and then abandons it.

What makes Call Me Sensei meaningfully different from a generic LLM chat with prompts, characters, and memory?

Call Me Sensei is built on a proprietary AI architecture designed for character-driven, relationship-based interaction, not generic assistance.

Generic LLMs are optimised to be helpful and agreeable. Our system is designed to produce human-like personalities – characters with consistent traits, emotional reactions, memory, and boundaries. Responses are not just linguistically correct; they are situationally and emotionally grounded.

In addition, the experience is conversation-first and embedded within structured scenarios and relationship states. Conversations evolve over time, shaped by past interactions, rather than resetting each session. This creates continuity, emotional stakes, and a sense of progression that cannot be replicated by prompting a general-purpose chatbot.

How does your memory system work, what does it store, and how do users control or delete it without reinforcing unhealthy dynamics?

Memory helps make interactions feel coherent and personalised, but it’s designed with clear limits. Each sensei has a defined personality that influences what they tend to remember—for example, learning preferences or recurring topics while avoiding unnecessary or overly personal data.

Memories are stored in a controlled and privacy-conscious manner and are meant to support learning continuity, not permanence. Users can reset interactions or delete their account at any time, and we intentionally design memory systems to allow for change over time so users aren’t locked into past behaviour, mistakes, or emotional states.

This ensures the experience remains flexible, age-appropriate, and supportive rather than prescriptive or restrictive.

What safety guardrails are in place for romance mechanics, sexual content, manipulation, minors, and self-harm scenarios?

The app is designed for users aged 13 and up, with all romantic mechanics strictly non-sexual and framed around age-appropriate, consent-based interactions. Safety is a core requirement at every level of the experience. We apply strict age-appropriate guardrails around sexual content, harassment, manipulation, and power-imbalanced dynamics.

Interactions are evaluated on a per-message basis using automated systems designed to prevent inappropriate content and to discourage emotional dependency, exclusivity, or coercive behaviour. The system is also designed to respond to signs of distress or self-harm by redirecting conversations and encouraging users to seek trusted external support.

Also Read: Training Gen Z: Why gamification is their language of learning

While conversations are end-to-end encrypted to protect user privacy, we use privacy-preserving safety signals and extensive internal testing to ensure policies are consistently enforced as the product evolves.

What are the key cost drivers of running relationship-based AI at scale, and how will you protect gross margins?

We are not able to share unit economics at this stage. What we can say is that emotionally rich, voice-first AI experiences are computationally expensive, and cost discipline is a core part of our technical design and roadmap as we scale usage.

How do you localise scenarios culturally beyond translation, and who validates tone, taboos, and context across languages?

We do not treat localisation as simple translation. For each language, we work with native speakers and cultural reviewers to ensure interactions feel natural rather than generic. The system is built to support culturally distinct narratives, not one global template reskinned across markets.

Is this a tutoring product, entertainment subscription, or hybrid — and what monetisation model and metrics will guide scaling revenue

Call Me Sensei is intentionally a hybrid. Education defines the outcome; entertainment drives engagement.

The product follows a freemium model for consumers, with premium subscriptions and in-app purchases over time. In the long term, we also see opportunities in B2B partnerships. Monetisation will scale in step with engagement; our priority is first to build something users genuinely want to return to.

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Cryptocurrency assets bore the brunt of a liquidity reassessment triggered by robust American employment data. While Japan’s Nikkei 225 surged past the historic 58,000 threshold amid domestic political momentum and the broader Asia Pacific index touched a record high, digital asset markets retreated two per cent to a US$2.3 trillion valuation.

This divergence underscores a fundamental reality I have observed throughout market cycles. When the Federal Reserve’s policy trajectory shifts, risk assets with the highest duration sensitivity are affected first and most severely. Cryptocurrencies continue to trade as premium risk instruments tethered to global liquidity conditions despite persistent narratives of independence.

The catalyst came from January’s US nonfarm payrolls report, which reported 130,000 new jobs, nearly double economists’ median forecast. This figure alone recalibrated market pricing for Federal Reserve action, pushing anticipated rate cuts from June into July 2026. Traditional equity markets reacted with restraint, with the S&P 500 and Nasdaq Composite closing nearly flat. Crypto markets exhibited a 68 per cent correlation with the Nasdaq 100 index and absorbed the shock with characteristic volatility. This statistical linkage confirms what seasoned observers recognise.

Digital assets function less as an inflation hedge and more as a leveraged bet on expansive monetary policy. When the prospect of cheaper capital recedes, speculative positioning unwinds rapidly. The two per cent decline in market cap represents not a fundamental rejection of blockchain technology but a mechanical repricing of future cash flows under tighter financial conditions.

Compounding this macro-driven pressure, derivatives markets amplified the downturn through forced liquidations. Bitcoin alone saw US$188 million in long-position liquidations in 24 hours, a 130 per cent surge that transformed a measured pullback into a sharp correction. These cascading liquidations reveal the fragility embedded in leveraged crypto trading ecosystems.

When price momentum reverses, algorithmic liquidation engines accelerate selling pressure beyond organic market depth, creating self-reinforcing downward spirals. This dynamic operates independently of underlying project fundamentals, punishing even robust protocols alongside speculative ventures. The phenomenon reflects a structural vulnerability in digital asset markets that persists despite a decade of maturation. Excessive leverage remains the accelerant that turns policy shifts into panic.

Also Read: Markets on edge: AI rally fizzles as crypto plunges below US$2.42 trillion

Sentiment metrics further illustrate the psychological dimension of this retreat. The market-wide fear and greed index plunged to eight, registering extreme fear across participant cohorts. Such readings typically emerge during capitulation phases when retail investors abandon positions after sustained losses. Historically, these moments often coincide with short-term bottoms and also signal prolonged recovery periods ahead. Extreme fear does not reverse instantaneously. It requires sustained positive catalysts to rebuild confidence.

Currently, no such catalyst exists on the immediate horizon. Investors face a rising probability of a US government shutdown to 84 per cent ahead of the February 14 deadline, introducing fiscal uncertainty that compounds concerns about monetary tightening. This dual pressure on both fiscal and monetary fronts creates an unusually constrained environment for risk assets.

Technical structure now determines the near-term trajectory. The US$2.17 trillion market capitalisation represents this year’s low and serves as critical psychological and algorithmic support. A decisive break below this threshold could trigger additional liquidations targeting the 78.6 per cent Fibonacci retracement near US$2.4 trillion.

Current positioning suggests markets may stabilise above the yearly low if macro conditions do not deteriorate further. Any sustained recovery requires reclaiming momentum toward the 38.2 per cent Fibonacci resistance at US$2.86 trillion. This level demands either a dovish pivot from central banks or significant organic capital inflows. Neither scenario appears imminent, given the Fed’s data-dependent stance and persistent institutional caution toward digital assets.

I view this correction as a necessary recalibration rather than a structural breakdown. Crypto markets have expanded dramatically since the previous cycle, attracting capital that entered during periods of abundant liquidity. As monetary conditions normalise, weaker hands exit, concentrating ownership among long-term holders with higher conviction.

This consolidation phase, though painful in the short term, often precedes more sustainable growth trajectories. The current market cap of US$2.3 trillion still reflects substantial institutional adoption compared to prior cycles, suggesting foundational demand remains intact despite tactical withdrawals.

Also Read: Risk assets retreat under macro pressure: Gold, crypto, and tech lead the decline

Tomorrow’s US Consumer Price Index report looms as the next pivotal data point. Should inflation show unexpected moderation, markets might reprice rate cut expectations forward, providing temporary relief. I remain sceptical that one data release will override the Fed’s commitment to ensuring inflation remains anchored.

The central bank has consistently prioritised credibility over market comfort, and recent communications suggest officials welcome some financial tightening to reinforce their anti-inflation resolve. Crypto markets must therefore navigate an extended period of constrained liquidity rather than anticipating imminent policy relief.

The path forward demands discernment between cyclical pressure and secular decline. Digital assets face genuine headwinds from tighter monetary policy, but their underlying utility continues expanding across payments, identity, and programmable finance. The current two per cent drawdown represents a liquidity-driven adjustment within a maturing asset class, not a verdict on blockchain’s long-term viability. Investors who recognise this distinction will view periods of extreme fear not as exit signals but as opportunities to accumulate quality assets at discounted valuations.

Markets ultimately reward patience during liquidity droughts, though the duration of such periods remains unpredictable. For now, preservation of capital and selective positioning offer wiser strategies than either panic selling or aggressive leverage. The US$2.3 trillion market cap reflects a market in transition, shedding speculative excess while retaining its core value proposition for those willing to endure the volatility inherent in technological transformation.

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Southeast Asia’s superapp giant has agreed to acquire US-based investing platform Stash at an enterprise value of US$425 million at closing, a deal that will hand Grab a 50.1 per cent stake upfront.

The remaining shares will be acquired over the next three years at fair market value.

The transaction is subject to regulatory approvals and is expected to close in the third quarter of 2026. Payment at closing will be made in cash and stock, with subsequent payments made in cash and/or stock at Grab’s discretion.

Also Read: Grab-Gojek merger talks resurface amid market optimism and regulatory challenges

On paper, it’s an unusual geographic leap for a company that has repeatedly stressed its operational focus on Southeast Asia. In strategy terms, it’s a very Grab-like move: expand capability first, then decide how and where to deploy it.

Why the US and why Stash?

Grab’s entry into the US via Stash is less about planting a flag in New York and more about buying a proven Operating System for mass-market wealth products — one that has already been stress-tested under some of the world’s strictest financial regulations.

Stash sits squarely in a segment Grab has long wanted to deepen in Southeast Asia: consumer fintech that goes beyond payments and credit into wealth-building. The platform serves over one million subscribers and manages more than US$5 billion in assets.

Importantly for Grab’s post-profitability era, Stash runs on a subscription model, recurring revenue that is typically less volatile than transaction-driven income.

Grab also said Stash is adjusted EBITDA and cash flow-positive and has been profitable on that basis since its Series H fundraising round in 2025. Based on current performance, Grab expects Stash to generate more than US$60 million in adjusted EBITDA in the 2028 calendar year. Those numbers matter because they signal something Grab’s investors have been demanding for years: growth that doesn’t set cash on fire.

Anthony Tan, Group CEO and co-founder of Grab, framed the acquisition as both a revenue and capability play: “This acquisition brings more than just recurring, high-margin subscription revenue; we will strengthen Grab’s fintech know-how with Stash’s AI-powered investing app, designed with existing US regulatory requirements at its core.

While we remain operationally focused on Southeast Asia and scaling our regional loanbook, this move reinforces our mission of democratising financial services for everyone.”

Also Read: Wealthtech, insurtech, SaaS fintech are the new hot verticals in Indonesia: AC Ventures report

In plain English, the US is where you learn to build fintech with the safety rails bolted on, and then you bring the playbook home.

The long game: capability transfer, not just country expansion

In the long run, this deal helps Grab in four compounding ways.

1. It diversifies Grab’s fintech earnings. Grab’s financial services push has leaned heavily on lending and payments. Stash adds a different revenue profile: subscription-led, high-margin, and less sensitive to day-to-day consumer spend patterns.
2. It upgrades Grab’s product stack. Instead of building a mass-market investing platform from scratch (and learning the hard way about user education, compliance workflows, and suitability), Grab is acquiring an established machine with an existing customer base and behaviour data.
3. It creates an option for Southeast Asia’s wealth products. Grab said it will support Stash’s US growth while exploring whether to introduce its investing capabilities in Southeast Asia over time. That “over time” is doing work: it implies sequencing and regulatory pragmatism, not a rushed cross-border rollout.
4. It brings in AI-led personal finance engagement, which could become a moat in a region where customer acquisition is expensive and retention is fickle.

What the acquisition reveals about Grab’s global expansion strategy

The structure of the deal is a tell. Grab takes majority control now and then buys the rest over three years. That’s a risk-managed approach to global expansion: secure strategic control, keep founders incentivised, and stage capital deployment while performance and regulatory approvals play out.

It also suggests the superapp’s international growth strategy is shifting from “new geography, same playbook” to “new capability, multiple geographies”. Rather than exporting the superapp model into the US — a market crowded with entrenched consumer platforms — Grab is importing a fintech capability that can strengthen its core Southeast Asian ecosystem.

In other words, Grab is going global selectively: buying assets that can deepen the company’s competitive edge at home, while still capturing upside abroad.

How Stash’s AI could reshape financial services in Southeast Asia

The headline capability here is Stash’s AI Money Coach, designed to provide personalised financial guidance. Stash said interactions are auditable and governed by defined policies and controls, a critical point for any AI tool touching consumer finance.

Since launching in late 2024, Stash says about one in two users have taken a financial action on the same day, with that figure up nearly 40 per cent in 2025. That kind of conversion is not just a nice product metric; it’s a blueprint for changing financial behaviour at scale.

If Grab ultimately adapts similar AI-driven coaching for Southeast Asia, the impact could be significant:

• Lower-cost, always-on guidance for first-time investors who don’t have access to traditional advisors.
• Better financial literacy embedded in the product, rather than as separate, easily ignored content.
• Personalised nudges tied to real behaviour, which can drive saving, investing, and responsible borrowing.
• Regulator-friendly controls via auditable interactions — crucial in markets where AI governance in finance is tightening.

For Grab, which already sits on rich signals from mobility, deliveries, payments, and lending, layering AI financial coaching could turn its ecosystem data into something consumers actually feel day to day: clearer decisions, fewer missteps, and more confidence. That’s how fintech becomes sticky.

How the deal strengthens Grab’s financial performance

Beyond the narrative of “entering the US”, this acquisition is fundamentally a financial architecture upgrade.

• Recurring, high-margin subscription revenue can stabilise Grab’s fintech earnings and improve predictability.
• EBITDA-positive operations reduce the integration burden: Grab is not buying a turnaround story; it’s buying a running engine.
• Cross-ecosystem monetisation potential: if Grab eventually brings investing to Southeast Asia, it can increase ARPU and retention across its user base, while creating more reasons to keep money within the Grab ecosystem.
• A stronger fintech mix: pairing lending (which can be cyclical and risk-sensitive) with wealth and subscription services can smooth performance over time.

The timing is also notable. Grab reported its first full year of net profit in 2025, after years of losses, alongside continued growth in revenue and user engagement. Profitability changes the playbook: it gives Grab more credibility to pursue acquisitions that are strategic, not desperate.

Also Read: Super apps, fintech wallets and mobile payments: Southeast Asia’s next big cyber risk

After closing, Stash will continue operating as an independent brand in the United States under its existing leadership, including co-founders and co-CEOs Brandon Krieg and Ed Robinson, who said: “Grab has a track record of ecosystem-building through harnessing user data and a culture of entrepreneurship that will serve our growth ambitions.

This acquisition gives us the best of both worlds: the capabilities to double down on growth in the US, and the resources of a technology powerhouse to accelerate our vision of personalised, AI-driven financial guidance for millions of people across all parts of their financial lives.”

In Southeast Asia, the subtext is clear: Grab is not abandoning its home turf but it’s importing sharper tools to win it.

The post Grab’s US$425M Stash acquisition is about AI coaching, not America appeared first on e27.

Across Asia, startups are continuing to execute across markets, sectors, and stages. While macro conditions may shift, founders are still expanding operations, launching products, strengthening intellectual property, and building partnerships that push their companies forward.

Many of these developments are shared directly through company profiles and milestone updates on e27. For investors, corporates, and ecosystem players, these updates provide real-time insight into where traction is forming. For founders, publishing milestones creates visibility, documents progress, and signals credibility in a competitive landscape.

If you are building a startup in Asia, creating your company profile and posting milestones on e27 ensures your updates are discoverable by the wider ecosystem. Product launches, expansions, patent filings, partnerships, and event participation all contribute to your public track record. Below are some of the latest milestones shared by startups on e27.

Also Read: As Asia’s startup ecosystem moves forward, these milestones show what founders are building

Recent milestones from startups on e27

• PriyoShop: Scaling up with seven new hubs

PriyoShop expanded its footprint by launching operations in Sonargaon in partnership with Grameenphone, followed by six additional hubs across Netrokona. The expansion enables local grocery retailers with streamlined ordering, timely delivery, and transparent transactions to support their digital transformation.

• ExpertOps AI: Formation of Advisory Board of Industry Leaders

ExpertOps AI announced the formation of its Advisory Board, bringing together senior leaders with experience across analytics, AI, and enterprise software. The move strengthens strategic guidance as the company scales its AI and enterprise capabilities.

• Demokraft AI: Demokraft AI Studio Beta Launch

Demokraft AI launched the beta version of Demokraft AI Studio, enabling B2B teams to convert raw product recordings into polished videos and interactive guides within minutes. The accompanying AI Hub transforms these assets into conversational, self-guided demos that qualify leads and support revenue generation around the clock.

• Unified Intelligence: SFAIX IP milestone with patent filings in Singapore and the United States

Unified Intelligence filed patents in Singapore and the United States for SFAIX, its Secure Federated AI eXchange. The privacy-preserving network layer is designed to support governed intelligence exchange and expand the company’s intellectual property portfolio toward scalable network effects.

• Good Bards: 2026 product enhancements now live

Good Bards released its 2026 product updates, strengthening its AI-powered MarketingOS platform. Enhancements include full campaign creation, advanced planning tools, AI-driven audience segmentation, native email marketing, integration with SEA-LION, and seamless connectivity with Google Suite.

• FEHA: Showcased solutions at Cybersec Asia Thailand

FEHA participated as an exhibitor at Cybersec Asia Thailand, connecting with cybersecurity leaders across APAC and presenting its compliance and risk management solutions. The event reinforced its positioning in supporting ISO 27001 implementation and automated risk workflows.

• 2nd.digital: Launch of dotSpotlight

2nd.digital launched dotSpotlight, a new platform dedicated to highlighting the human stories behind digital builders and creators. The initiative focuses on elevating narratives within the digital ecosystem.

Also Read: Celebrating innovation and momentum across Asia’s startup and SME ecosystem

Turning milestones into visibility

Each of these updates reflects progress that founders chose to share publicly. When milestones are documented on e27, they become part of a broader ecosystem narrative that investors, corporates, and partners actively monitor.

If your startup has expanded, launched a new product, formed a partnership, filed intellectual property, or participated in a major industry event, consider publishing that update on your e27 company profile. Visibility compounds over time.

From online visibility to in-person opportunities

Your emails are not getting opened. Your booth will. Echelon Singapore 2026 brings together 300+ investors, 500+ corporates, and 100+ media over two days, focused on meaningful connections and outcomes. Founders leave with term sheets, pilot projects, and partnerships, not just business cards.

Secure your Startup a booth now at 40 per cent OFF here.

Unsure if you are the right fit? Reach us at events@e27.co.

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Image credit: Canva

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Oneteam, a Singapore-headquartered SME acquisition platform focused on succession solutions, has secured a dedicated M&A financing facility from Polaris, the alternative financing arm of GB Helios, to fund its second acquisition, completed in September 2025.

The facility is designed to help Oneteam scale its approach to what it describes as long-term stewardship of profitable local SMEs, with an initial push into essential services within the built environment.

Also Read: Oneteam nets US$2.6M funding to revolutionise SME succession planning in Singapore

The bigger story here is not simply “startup raises money” but that a non-bank financier embedded in Singapore’s SME ecosystem is backing an acquisition-led operator with a model that aims to keep businesses alive after founders retire, without defaulting to trade sales, shutdowns, or fire-drills inside the family.

Financing the “missing middle” of SME M&A

Polaris’s facility introduces a dedicated financing structure for SME acquisitions with annual revenue below about SGD 10 million (US$7.4 million), a segment that Oneteam and its partners say is often underserved by traditional M&A lenders.

That gap matters because many succession-driven deals sit in an awkward band: too small and operationally messy for conventional acquisition finance, but too important to the real economy to be left to chance. In practice, the hardest part of SME succession is rarely “finding a buyer” but structuring a deal that is responsible, financeable, and operationally survivable once the founder steps away.

GB Helios, which has supported local enterprises through multiple economic cycles and is a Participating Financial Institution under Enterprise Singapore’s Enterprise Financing Scheme, is betting that Oneteam’s platform can turn succession from a cliff-edge into a repeatable process.

How employee ownership tackles the succession crisis

Oneteam’s core pitch is an employee ownership succession model: it acquires profitable SMEs from retiring owners and transitions them into employee-owned entities, with a focus on developing next-generation leaders from within the company rather than flipping the asset for a short-term exit.

This addresses several structural failure modes that show up repeatedly in SME succession:

• Continuity risk: When a founder exits abruptly, institutional knowledge often walks out the door. Transitioning ownership and leadership to internal talent reduces operational shock.
• Talent retention: Employee ownership can turn key staff into long-term stewards, not flight risks. In labour-tight sectors, that can be as valuable as a new sales pipeline.
• Alignment over extraction: Traditional buyouts can incentivise aggressive cost-cutting to service debt. A permanent-ownership approach is positioned as prioritising durability, service quality, and compounding operational improvements.
• “No heir, no sale” dead-ends: Many SMEs are not easily sold to competitors (who may dismantle teams) or passed to family (who may not want the business). Employee ownership offers a third route.

Matthew Pay, CFO of Oneteam, framed the constraint bluntly: “Access to financing options is one of the biggest missing pieces in local SME succession. This partnership with GB Helios gives us the ability to scale our acquisition strategy prudently, while continuing to invest in people, systems, and long-term value creation.”

What Oneteam has done so far, and the growth it is claiming

Over the past 12 months, Oneteam — which in November last year secured US$2.6 million in seed funding — has completed two acquisitions of profitable businesses within the facilities and property management ecosystem, part of a broader strategy to build a suite of services for Singapore’s built environment sector.

The company has not disclosed broader pipeline numbers or a run-rate of acquisitions beyond these two completed deals. However, it said the portfolio companies have delivered double-digit growth since acquisition, which Oneteam is using to argue that its operating playbook is more than financial engineering.

Also Read: Growth-minded Singapore SMEs turn to fintech amid cost pressures: Airwallex survey

That matters because acquisition platforms live or die on post-deal execution: upgrading systems, professionalising processes, retaining frontline teams, and maintaining customer satisfaction while leadership changes hands.

Joel Ang, Principal at Wavemaker Ventures, said: “From day one, our conviction in Oneteam was built on its mission-driven approach and disciplined execution. Seeing GB Helios come onboard as a strategic financing partner validates both the model and the long-term opportunity. This is exactly the kind of ecosystem collaboration needed to strengthen Singapore’s SME backbone.”

Strategic synergies with the GB Helios ecosystem

The Polaris facility is the headline, but the partnership is also setting up practical synergies that matter in the unglamorous, day-to-day reality of SME operations.

According to the release, the collaboration can extend into:

• Working capital support, which is often the difference between a smooth transition and a cashflow crisis
• Operational financing and equipment leasing, especially relevant for facilities and property management businesses that rely on vehicles, tools, and equipment uptime
• Human resource management solutions, to standardise hiring, retention, and performance processes across a fragmented sector

For Oneteam, this can compress the time needed to stabilise an acquired business post-transition. For GB Helios, it creates a pipeline of SMEs being professionalised and digitised — a healthier credit and operating profile over time, rather than one-off lending.

Global alternatives: not a new idea, but a local execution game

Globally, Oneteam’s model resembles a few well-established approaches:

• Search funds/entrepreneurship through acquisition (ETA): common in the US and increasingly elsewhere, where operators buy a “boring but profitable” business and run it long-term.
• Employee ownership trusts (EOTs) and ESOP-style transitions: used in markets like the UK and US to move ownership to employees while preserving business continuity.
• Permanent capital holding companies: such as Permanent Equity (US) and other long-term hold buyers that prioritise durability over quick exits.
• SME roll-up platforms: some tech-enabled acquirers focus on standardising operations across many small businesses, though not all are explicitly employee-ownership-led.

Also Read: From admin headache to AI-driven insights: How Earlybird AI empowers SME founders

The difference in Southeast Asia is the operating terrain: fragmented industries, uneven digitisation, and a financing landscape that can leave sub-scale deals stranded. That is why the Oneteam-Polaris partnership is worth watching. It is trying to make succession financeable at the size band where most real businesses actually live.

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Image Credit: Oneteam.

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Office space might only account for around 10 per cent of a company’s operating costs, but it sets the stage for everything else. The decisions made about space shape how people work, what kind of culture forms, and how much money and carbon is quietly lost in the background.

Too much space creates dead zones. Too little, and things get tense fast. The challenge is not just about cost-saving anymore. It is about creating the kind of working environment people want to show up to without overcommitting on a footprint you do not need.

Why space still matters more than you think?

Even with hybrid work becoming the norm, office costs have not caught up. CBRE’s 2024 research found that although three-quarters of companies see decent midweek attendance (above 60 per cent), only 28 per cent sustain that across the whole week.

In other words, we are paying for a space that works well for three days and sits underused for two.

The lease does not pause on Thursdays and Fridays.

The bias towards empty chairs

There is a strong, often unspoken bias in favour of oversizing. As researcher William Fawcett points out, leaders are more likely to be blamed when people cannot find desks than when space sits unused.

But the costs add up. Fawcett’s long-term studies suggest that carrying excess capacity can raise lifecycle costs by 20–30 per cent. Even after COVID-19, fewer than one-third of organisations are averaging more than 60 per cent desk use.

We keep renting chairs no one is sitting in. Not because it is rational, but because running short feels riskier than running wasteful.

Also Read: Top 5 strategies on how startup founders can drive healthy, rapid growth in an uncertain economy

Introducing the Goldilocks curve

Through years of client work, we have noticed a pattern. As space per person increases, employee experience initially improves but only to a point. After that, it dips.

• Too tight (Red) – It’s noisy, hard to book a meeting room, and mentally tiring.
• Just right (Green) – There’s just enough density for a sense of energy, casual learning, and spontaneous collaboration.
• Too loose (Red again) – Floors feel empty, culture thins out, and the office starts to feel optional at best, irrelevant at worst.

Quantifying the sweet spot

• What the data says

Space-time surveys back from 2005 in large portfolios show a typical 57  per cent desk utilisation during any half-day —remarkably close to CBRE’s numbers 20 years later! Pushing utilisation from 60 per cent (historical “full” demand) to 85 per cent (modelled “expected” demand) lets organisations drop about one-third of fixed desks yet maintain service quality.

• Cost-and-capacity trade-offs

When you plot desk count (cost) against probability of “no-desk” events (service risk), returns diminish fast. Each extra desk buys a little more certainty but at escalating cost and detriment in employee experience.

In practice, portfolios that aim for ~95-97 per cent seating certainty (≈ 1–2 “no-desk” moments in entire years, usually over 200 effective working days) capture most savings without harming morale. The right KPI therefore shifts from cost per desk provided to cost per desk actually used (CPDU).

Three-step method for CRE + CFOs

Also Read: Strategic investment 101: A founder’s playbook for winning without losing control

Implementation roadmap

You do not have to commit to everything at once. Start small and scale.

• Pilot for five days in one hub.
• Map the full regional portfolio within a month.
• Roll out internally over 6–12 months: dashboards, lease reviews, and workplace improvements.
• Create a review loop: quarterly usage checks, annual KPI refresh.

Track progress using:

• Cost per desk used
• Workplace experience scores (e.g., Leesman)
• Carbon per employee

Takeaways for 2025

Too much space quietly eats into profit. Too little makes people uncomfortable fast. But there is a middle ground, one that is informed by real usage patterns and supported by flexible tools.

We have seen what happens when companies find that sweet spot: the office becomes useful again, budgets become manageable, and people actually want to show up.

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Well, both yes and no.

Yes, these tools are a boon for non-tech-savvy individuals who want to create aesthetically pleasing and functional websites—whether for blogs, small businesses, or startups. They’re affordable for businesses aiming to enhance their digital presence to drive sales and conversions.

No, because they can’t entirely replace the expertise of professional developers. Building a high-quality (or even mid-quality) website often involves plugins, domain and hosting management, UI/UX optimisation, and ongoing maintenance. No one wants to face a dreaded “404 Error” on their site due to poor oversight.

So, what’s all the buzzabout low-code and no-code web builders? And how can businesses make the most of them?

What is a no-code builder?

As the name suggests, no-code website builders allow users to create websites without writing a single line of code. These platforms rely on intuitive drag-and-drop interfaces, pre-built templates, and design elements, making the process accessible even to those with no technical background.

No-code platforms simplify website development, enabling users to launch professional-looking sites quickly while saving time and resources. However, creating a powerful, polished site still requires understanding web design basics and advanced practices.

While these platforms accelerate the design and development process, they don’t necessarily make it “easier”. Choosing a no-code website builder for your site will give you much better results in a shorter time, but you’ll still have to burn the midnight oil to get there. They make it faster and more efficient, particularly for users who are willing to invest effort in learning the system.

What is low-code builder?

For developers with limited time and non-techies with a vision, low-code platforms are a game changer—you only need to have little to no knowledge of writing codes. It’s the same, but also very different from no-code website builders—a kind of halfway place between no-code and complete human coding.

Unlike no-code platforms, low-code solutions offer greater flexibility. They combine drag-and-drop simplicity with the ability to write custom code, enabling developers to build scalable, feature-rich websites without starting from scratch. Features like open APIs, scalable designs, and deployment options (cloud or on-premises) make low-code platforms a robust choice for more complex projects.

Also Read: The year in clicks: 2024’s top 20 startup headlines

No or low? Which one is the best?

Low-code and no-code platforms primarily provide the means to build apps without writing code. With a visual approach, developers don’t need to understand various types of programming languages. Both options in a Platform as a Service (PaaS) form factor also remove the overhead of setting up environments and maintaining infrastructure.

But that’s where the similarities between low-code and no-code end.

This is where they draw the lines.

• No-code platforms: Designed for users with no coding expertise. Best for simple websites or applications with limited functionality.
• Low-code platforms: Require some basic coding knowledge. Suitable for developing more complex applications or integrating with existing systems.

Choosing between the two depends on your specific needs. No-code platforms might suffice for straightforward projects but could create challenges when scaling or integrating with advanced tools. On the other hand, low-code platforms offer more flexibility and scalability but require a basic understanding of coding.

Top five no-code builders for 2024

Softr

• A no-code app builder designed for integrating data from Airtable or Google Sheets. With Softr, you can create apps and websites step-by-step using its comprehensive and versatile toolkit.
• Pricing: Starting from US$49/month
• Rating: G2: 4.8/5 (200+ reviews)

Glide

• Ideal for mobile app creation, Glide ensures your app’s design stays up-to-date with the latest industry trends. It’s a great choice for beginners or anyone looking to create a straightforward app with ease.
• Pricing: Starting from US$25/month
• Rating: G2: 4.7/5 (350+ reviews)

Studio Creatio

• Perfect for AI-powered app development, Studio Creatio features a composable architecture that facilitates configuring and deploying AI-driven use cases, especially for CRM and app development tasks.
• Pricing: From US$25/user/month
• Rating: 4.9 /5

Zeroqode

• Best for template-based app building, Zeroqode simplifies data management through integrations like Google Sheets. Their extensive template library caters to various needs, including e-commerce, project management, CRM, and dashboards.
• Pricing: From US$25/user/month (billed annually)
• Rating: None yet

Bubble

• Ideal for visual web application development, Bubble stands out for its ability to turn ideas into fully functional web apps without requiring knowledge of complex programming languages. Its emphasis on a visual-first approach solidifies its reputation as the top choice for building web applications visually.
• Pricing: From US$25/user/month
• Rating: G2: 4.4/5 (100+ reviews)

Also Read: Remote hiring in 2024: The pros, cons, and everything in between

Top five low-code builders for 2024

Zoho Creator

• Best for database-driven application design, Zoho seamlessly integrates with its suite of products while also connecting to external platforms like Salesforce, MailChimp, and Slack, enhancing its versatility within a business ecosystem.
• Pricing: From US$10/user/month (billed annually) + US$20 base fee per month
• Rating: 4.3/ 5

Xano

• Best for scalable backends, Xano is a no-code API builder that empowers users to create and manage APIs effortlessly. Its integration with a flexible PostgreSQL database enables handling complex data relationships and executing advanced queries—eliminating the need for a traditional SQL database administrator.
• Pricing: From US$85/month (billed annually)
• Rating: 4.8 /5

Appsmith

• Best for rapid low-code development, Appsmith provides extensive customisation options, including in-line JavaScript and reusable code blocks. It features a built-in IDE-like editor with advanced tools such as autocomplete, multi-line editing, debugging, and linting. Additionally, Appsmith supports self-hosting and role-based access control for enhanced flexibility and security.
• Pricing: From US$40/month
• Rating: 4.7 / 5

Superblocks

• Best for building secure internal apps, Superblocks streamlines development cycles with drag-and-drop components, robust database and API integrations, and Git-based version control. It supports a variety of databases and APIs, including Postgres, MySQL, MongoDB, Snowflake, and Salesforce, making it a versatile choice for internal application development.
• Pricing: From US$15/user/month + US$49/creator/month
• Rating: 4.7 / 5

Mendix

• Best for agile development, Mendix’s Epics feature functions as an integrated project management tool, enabling teams to work seamlessly with Scrum or Kanban methodologies. It offers customisable workflows with sections like backlog, refinement, to-do, in-progress, testing, and done, ensuring efficient project organisation and progress tracking.
• Pricing: From US$58/user/month (five seats included, billed annually)
• Rating: 4.4 / 5

Takeaways

Low-code and no-code web builders have now proved that they are valuable, especially for those non-techies who are looking to make the perfect DIY website without having to know what coding is.

For startups and small businesses, these platforms offer a cost-effective, fast-track solution to establishing an online presence. However, investing in low-code platforms—or hiring experienced developers—remains crucial for more sophisticated projects.

Whether you’re a tech-savvy entrepreneur or a seasoned developer, embracing the strengths of these tools can help you build smarter, faster, and more impactful digital experiences.

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The Hong Kong Trade Development Council (HKTDC) will host two prominent exhibitions from 13-16 April 2026 — InnoEX and Electronics Fair (Spring Edition) at the Hong Kong Convention and Exhibition Centre, presenting global innovation and technology (I&T) achievements, latest electronics products and advanced technology solutions.

Industry professionals, investors, buyers, and technology users from different sectors, including SMEs are encouraged to attend the fairs. In 2025, the two fairs successfully brought together more than 2,800 exhibitors from 29 countries and regions. It also attracted around 88,000 industry buyers from 148 countries and regions. 

Secure your spot and register now to be part of the global innovation showcase.

InnoEX highlights innovation focus and industry partnerships

InnoEX is a core event of the Business of Innovation and Technology Week, driven by the Innovation, Technology and Industry Bureau of the HKSAR Government and the HKTDC, showcasing cutting-edge technologies and global innovations. Under the theme of “Innovate • Automate • Elevate”, InnoEX 2026 will spotlight five dynamic areas. These are: AI+, Robotics, Low-altitude Economy (such as unmanned aerial vehicle and electric vertical take-off and landing aircraft), Property Technology, and Retail Technology.

Last year, the fair successfully helped buyers and exhibitors establish important partnerships. Philippine buyer Digital Pilipinas and International Digital Economies Association signed a distribution agreement with the United Kingdom’s exhibitor Unifi.id. They will introduce its smart card system for buildings to the Philippines, with hopes of expanding into other emerging markets in the future.

Xi’an Meinan Biotechnology Co. Ltd also signed a strategic cooperation agreement with H & Y Building Decoration Electrical Engineering (HK), aiming to enhance the quality of construction projects in Hong Kong and internationally by utilising Meinan’s waterproof mortar technology, promoting sustainable development.

Electronics Fair expands global tech showcase and product zones

Entering its 22nd edition, the Electronics Fair (Spring Edition) continues to connect international exhibitors with buyers worldwide, displaying groundbreaking electronics products and solutions aligned with evolving tech trends. The 2026 fair will spotlight products and solutions in the sectors of Smart Home & Solutions, Health Tech and Pet Intelligence.

The fair will host over 20 product zones, including the Hall of Fame that will feature more than 500 global renowned electronics brands and their creation; the Tech Hall will showcase next-generation electronics and modern lifestyle solutions; the Immersive Experience Zone will offer visitors hands-on experiences with wearable technology and interactive games; and the Start Up Zone will highlight the latest innovations and creative ideas from entrepreneurs. 

Other thematic product zones will cover categories such as Energy Storage & E-mobility, Home Appliances, Audio-Visual Products, Computing & Gaming, Automotive & In-Vehicle Electronics, and more.

Also read: Innovation on display: Discover the tech shaping Asia’s future at Hong Kong’s leading fairs

Exhibitor momentum and robotics innovation take centre stage

Shenzhen Antop Technology Co. from Chinese Mainland, exhibitor of last year’s Electronics Fair stated, “We have made contact with many potential buyers from India and South America at the exhibition, and in the first two days, we received about 50 potential leads, with at least one third showing significant collaboration potential.”  The company was also discussing a contract for an order valued at approximately USD2.5 million. Additionally, Hong Kong medical technology exhibitor CYBERMED, discussed business deals with two buyers from Mainland China and the Middle East, with each order valued at approximately USD200,000.

The two fairs will also introduce the RoboPark, unveiling robots’ potential and innovations through immersive scenario-based demonstrations and live robotics performances. From humanoids and robotic arms to quadrupeds and autonomous mobile robots, visitors can explore how robotics is reshaping business, daily life, healthcare, and industries today.

During the fair period, forums, presentations, and other events will be held. Experts are invited to share insights and provide valuable networking opportunities for industry professionals. Additionally, start-ups will have excellent platforms to promote innovative ideas, seek support from investors, and gain advice from experts on business development.

Hybrid exhibition format and digital networking opportunities

The fairs will be held in EXHIBITION+ hybrid model, complemented by the “Click2Match.” It is an online smart business matching platform that will operate from 6 to 23 April. This provides a convenient and efficient platform for traders to connect. In addition, the “Scan2Match” function also enables offline-to-online connections. By using the HKTDC Marketplace App, buyers can scan the dedicated QR codes of exhibitors to bookmark their favorite exhibitors, browse product information, view e-floor plans, and chat with exhibitors even after the fair to continue the sourcing journey. 

Register now for free admission.

For more details, please visit the fair websites at InnoEX and HKTDC Hong Kong Electronics Fair (Spring Edition).

13 – 16 April 2026: Hong Kong Convention and Exhibition Centre

 6 – 23 April 2026: Click2Match (Online)

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Major US stock indices climbed on Tuesday, February 10, 2026, thanks to a strong rebound in technology shares that calmed worries about recent spending on artificial intelligence. Investors watched the S&P 500 rise 0.5 per cent to close at 6,964.82, inching nearer to the all-time high from two weeks earlier. The Nasdaq Composite, heavy with tech stocks, jumped 0.9 per cent to 23,238.67, while the Dow Jones Industrial Average barely moved, adding less than 0.1 per cent to end at 50,135.87.

This uptick came after a tough stretch last week, where tech stocks faced heavy selling. Chipmakers drove much of the recovery, with Nvidia gaining 2.4 per cent and Broadcom advancing 3.3 per cent. Oracle stood out with a sharp 9.6 per cent increase. These moves highlighted how quickly sentiment can shift in the tech sector, especially amid ongoing debates about AI investments.

Beyond US markets, international developments added to the positive tone. Japan’s Nikkei 225 reached a fresh all-time high, surging 2.8 per cent after the incumbent government secured a historic election mandate. This boost reflected growing confidence in Japan’s economic policies and stability. Treasury yields stayed calm, with the 10-year note holding near 4.20 per cent.

Traders largely ignored news that China encouraged its banks to reduce holdings of US Treasuries, suggesting that markets focused more on domestic factors. In commodities, gold dropped about 0.7 per cent to US$5,023.82 per ounce, while West Texas Intermediate oil fell 0.4 per cent to US$64.13 a barrel. Traders kept an eye on potential supply disruptions in the Strait of Hormuz, but no immediate threats materialised. Bitcoin hovered just under US$71,000, steady after briefly topping that mark over the weekend.

Attention now turns to key economic data releases. Retail sales figures arrive on Tuesday, and CPI inflation numbers follow on Friday. These reports will shape expectations for the Federal Reserve’s next interest rate move. Investors have begun shifting some funds into real-economy sectors, and demand for AI-related tech stocks remains robust, supporting overall index levels. This rotation shows a market balancing innovation hype with practical economic signals.

From my perspective, this setup feels like a fragile equilibrium. The tech rebound offers relief, but if upcoming data disappoints, volatility could return swiftly. Markets often overreact to hints of inflation, and with AI spending under scrutiny, any sign of cooling could pressure gains.

Also Read: Markets on edge: AI rally fizzles as crypto plunges below US$2.42 trillion

In cryptocurrencies, the market edged up 0.28 per cent to a total capitalisation of US$2.4 trillion over the last 24 hours. This modest gain marks a brief halt after a steep downtrend, aligning closely with traditional stocks. A strong 89 per cent correlation with the S&P 500 points to shared influences from broader economic relief. Bitcoin’s tentative support after a 46 per cent drawdown stands as the main driver. Selective institutional buying has helped stabilise prices.

Secondary factors include sharp pumps in smaller altcoins and slightly upbeat social sentiment around Ethereum accumulations. Looking ahead, the market’s strength depends on Bitcoin maintaining the US$65,000 to US$70,000 range. Dropping below that could push prices back to the US$60,000 yearly low.

Bitcoin’s stabilisation follows a brutal capitulation phase. The total market cap tries to hold at US$2.4 trillion after plummeting 46 per cent from its October 2025 peak. This aligns with Bitcoin testing a critical historical support at the 1.25x realised price level, which historically divides regular corrections from deeper selloffs. The small uptick indicates that the intense selling from January and early February might ease, paving the way for a technical rebound.

Investors should closely monitor Bitcoin’s defence of US$65,000. A failure there might spark fresh liquidations, extending the pain. In my view, this support level acts like a psychological floor. Historical patterns suggest bounces often follow such tests, but current macro uncertainties make outcomes less predictable. The correlation with stocks amplifies risks, as any equity dip could drag crypto lower.

Speculative activity and changes in sentiment add layers to the recovery. While the overall market stayed flat, low-cap altcoins like GPS, AXS, and ZKP surged 20 per cent to 75 per cent on large volume. This shows capital flowing into riskier bets for fast profits, though it falls short of a full altcoin rally. Social sentiment for assets like Ethereum improved to a mildly bullish 4.83 out of 10. On-chain data reveals significant accumulations by major players, such as Bitmine.

For instance, Bitmine, linked to Tom Lee of Fundstrat, recently acquired another 20,000 ETH valued at US$41.08 million from FalconX’s hot wallet. This transaction, highlighted in on-chain tracking, fits a pattern of inflows. Just six days earlier, Bitmine received another 20,000 ETH worth US$46.04 million from the same source. Over the past two weeks, additional batches included 40,320 ETH at US$113.39 million, 38,400 ETH at US$107.99 million, 30,720 ETH at US$86.39 million, another 38,400 ETH at US$107.99 million, 28,800 ETH at US$80.99 million, 26,880 ETH at US$75.59 million, 30,720 ETH at US$86.39 million, 34,560 ETH at US$97.19 million, and 23,040 ETH at US$64.79 million. These moves signal structured buying by institutions, boosting short-term confidence.

Community reactions underscore this as smart money at work. Observers note the buys as strategic positioning rather than random trades. One commenter compared it to aggressive corporate strategies in crypto, while others highlighted the scale of the accumulation amid market fear. Ethereum’s positive whale activity provides a counterweight to broader caution.

From where I stand, these accumulations reveal an underlying belief in crypto’s long-term value. Institutions like Bitmine spot opportunities in dips, betting on future growth. This contrasts with retail hesitation, resulting in an uneven recovery. If more entities follow suit, it could spark broader buying, but isolated actions might not sustain momentum on their own.

Also Read: Fear and greed at 28: Why traders are fleeing crypto right now

The near-term outlook remains guarded. Two key elements will determine the path: Bitcoin’s push to reclaim and defend the US$73,000 resistance level, and the flow direction in US spot Bitcoin ETFs after recent net outflows. The Fear and Greed Index sits at 10, indicating extreme fear, which often precedes relief rallies when buying picks up. Holding above US$70,000 might drive the total cap toward US$2.5 trillion over time.

Without consistent spot demand, prices could revisit last week’s lows near US$60,000. Upcoming stock market data ties in here, as retail sales and CPI could sway Fed decisions, indirectly affecting crypto through risk sentiment. My take is that this moment offers a chance for stabilisation, but fragility persists. The 46 per cent drawdown scarred investors, and rebuilding trust takes time. If Bitcoin holds its ground, we might see a slow grind higher, fuelled by tech’s AI tailwinds and institutional dips.

In conclusion, today’s market action reflects cautious stabilisation across assets. Stocks rebounded on tech strength, easing AI concerns, while crypto paused its slide with help from Bitcoin support and selective buys. The interplay between traditional and digital markets grows clearer with that 89 per cent correlation. Institutional moves, like Bitmine’s ETH hauls, inject optimism, but the outlook hinges on key levels and data.

I see potential for a relief bounce if supports hold, and I warn against overconfidence. Extreme fear levels suggest upside if sentiment flips, but macro headwinds loom. Traders should watch Bitcoin’s US$65,000 to US$70,000 zone closely, as it will dictate whether this uptick endures or fades. Overall, markets catch their breath after tough times, setting up for pivotal days ahead.

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Singapore has mounted its largest coordinated cyber incident response effort to date after a sophisticated threat actor was found targeting the nation’s telecommunications backbone — the systems that keep everything from banking OTPs to government communications moving.

In a joint update on Monday, the Cyber Security Agency of Singapore (CSA) and the Infocomm Media Development Authority (IMDA) revealed details of a multi-agency operation, Operation CYBER GUARDIAN, launched to counter an Advanced Persistent Threat (APT) actor tracked as UNC3886.

Also Read: After cyber attacks, silence can be the biggest brand killer: Penta’s Dan La Russo

Over 100 cyber defenders across CSA, IMDA, CSIT, the Digital and Intelligence Service (DIS), GovTech and the Internal Security Department (ISD), working alongside the country’s four major telcos: M1, SIMBA Telecom, Singtel, and StarHub, are involved in the operation.

The target set matters. Telcos are not “just another industry”; they are the connective tissue of a digital economy. If an attacker can burrow into telecom networks, they can potentially observe or manipulate traffic, map relationships, and position themselves for follow-on attacks, including against other critical sectors that rely on telecom infrastructure.

How the attackers got in, and what the scale looked like

CSA and IMDA characterised the campaign as “deliberate, targeted, and well-planned”, consistent with what cyber defenders typically expect from APT groups: patient intrusions designed to stay hidden long enough to extract strategic advantage rather than to smash-and-grab.

The agencies disclosed two key intrusion methods used by UNC3886:

1. In one case, the attacker used a zero-day exploit to bypass a perimeter firewall, gaining access to telco networks. They “managed to exfiltrate a small amount of technical data”, believed to be network-related data intended to advance the actor’s operational goals.
2. In another case, the attacker used rootkits and other advanced techniques to maintain persistent access, cover tracks, and evade detection — forcing defenders to perform comprehensive checks across networks to identify and flush out the intruder.

This is the uncomfortable truth of modern telecom security: even well-defended networks can be penetrated when attackers chain together previously unknown vulnerabilities, stealth tooling, and deep operational discipline.

As for the scale, the statement stops short of providing counts of compromised devices, affected sites, or dwell time per environment — likely because those details can help adversaries refine their methods.

What it does confirm is significant on its own:

• All four major telcos were targeted.
• The threat actor gained unauthorised access into some parts of telco networks and systems.
• In at least one instance, the actor obtained limited access to critical systems, but “did not get far enough to have been able to disrupt services”.

That combination — confirmed intrusion, but no confirmed customer data theft and no service disruption — points to a campaign that looks more like strategic reconnaissance and positioning than immediate monetisation. In other words, this was not a typical ransomware crew looking for a quick payday. It was closer to an adversary trying to understand, persist, and potentially hold options open.

Why a multi-agency operation is essential, and what it actually delivers

A telecom intrusion is not a “single-company incident” once it crosses certain thresholds. It becomes a national security problem because telecom networks intersect with emergency services, government communications, financial services, and the everyday operations of millions of residents and businesses.

Also Read: Southeast Asia’s cyber boom is fuelled by fear—and AI

That is why a multi-agency operation matters — not as bureaucratic theatre, but as a practical requirement:

• Speed and coordination across four telcos: When multiple operators are targeted, defenders need a unified view of tactics, techniques and procedures (TTPs) to prevent a whack-a-mole response where attackers simply hop to the next environment.
• Broader intelligence picture: Agencies such as ISD, DIS and CSIT can contribute threat intelligence and analytical capabilities that typical enterprise security teams may not have access to — especially for state-linked or state-grade actors.
• Specialised technical muscle: Rootkits and stealth persistence can require deep forensics, network-wide threat hunting, and high-confidence remediation. Coordinating that at national scale demands extra manpower and specialist tooling.
• Clear incident command: A large incident needs disciplined governance: who makes decisions, how evidence is handled, how remediation is sequenced, and how communications are managed without tipping off the attacker.

So what results will Operation CYBER GUARDIAN yield?

The agencies say defenders have:

• Limited the actor’s movement within networks;
• Implemented remediation measures and closed off access points;
• Expanded monitoring capabilities in the targeted telcos;
• Increased ongoing activities such as joint threat hunting, penetration testing, and “levelling up of capabilities”.

In plainer terms: the operation is intended to produce a cleaner network, fewer blind spots, and faster detection-and-response if UNC3886 attempts to re-enter — which the agencies explicitly warn may happen.

Has Singapore seen similar attacks before — and what does the world tell us?

Singapore has faced major cyber incidents in the past, including the 2018 SingHealth breach, which highlighted how determined attackers can target systems holding sensitive information. While that case was not a telecom network intrusion, it did shape the country’s posture around critical systems and the reality that sophisticated adversaries will target high-value national assets.

Globally, critical infrastructure has repeatedly been in the crosshairs. A few widely cited examples illustrate the spectrum of risk:

• Ukraine’s power grid attacks (2015/2016): Demonstrated that cyber operations can translate into real-world disruption.
• WannaCry (2017): Showed how fast-moving malware can cripple essential services, including healthcare systems.
• SolarWinds supply-chain compromise (2020): Proved that attackers can infiltrate many organisations at once by compromising a trusted supplier, then quietly expand access over time.
• Colonial Pipeline (2021): Underlined how cyberattacks can trigger broader economic and social disruption even when the target is not “digital-only”.

Telecommunications firms, in particular, have long been attractive to sophisticated actors because they sit on metadata, routing infrastructure, and signalling systems, and because compromising them can create downstream access to other targets.

Against that global backdrop, CSA and IMDA’s emphasis that this incident has “not resulted in the same extent of damage as cyberattacks elsewhere” reads as both reassurance — and a reminder that the ceiling for harm can be very high.

Does this incident bring ignominy to Singapore and its government?

Not in the way that term implies.

A headline-grabbing breach can feel like reputational damage, especially for a country that markets itself as a trusted digital hub. But sophisticated APT intrusions are not a simple scoreboard of competence versus incompetence; they are an ongoing contest between defenders and adversaries with significant resources.

Two points stand out from the government’s disclosure:

• Detection and escalation happened: The activity was “initially detected by the telcos”, which then notified IMDA and CSA — a sign that monitoring and reporting pathways functioned.
• Containment without confirmed service disruption or customer data theft: Based on the information shared, the operation prevented the incident from turning into a nationwide outage or confirmed mass data compromise.

Also Read: Are cyber attacks more life-threatening than we think?

If anything, the choice to disclose the operation — while holding back specifics that could compromise defences — signals an attempt to balance transparency with operational security.

Minister for Digital Development and Information Josephine Teo, speaking at an engagement event for cyber defenders involved in the operation, underscored the stakes and the shared responsibility. She said, “Your actions, or inaction, can determine whether we succeed or fail in protecting our critical infrastructure, and our national security. I urge all of you to continue investing in upgrading your systems as well as your capabilities”.

The broader message is clear: this is not a one-off firefight. It is a long campaign. And because telcos are “strategic targets for threat actors, including state-sponsored ones”, Singapore’s defence has to be equally strategic — spanning government, industry, and the broader cybersecurity ecosystem.

Operation CYBER GUARDIAN is, in effect, Singapore treating telecom cyber defence like what it is: national resilience work, not just IT housekeeping.

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