AI adoption across Southeast Asia is accelerating, yet many cities still rely on ageing CCTV networks that cannot support modern analytics without costly hardware upgrades. Governments want smarter, safer, more efficient urban environments, but legacy systems and rising privacy expectations often make large-scale transformation difficult. This tension has created space for solutions that can modernise existing infrastructure without adding new risks or exceeding public budgets.

To support companies building this kind of practical, region-ready technology, the Taipei City Government launched the Global Pass programme in 2024. The initiative embeds Taiwan-based startups directly into overseas ecosystems. This gives them access to market insights, local partners, and on-the-ground opportunities to demonstrate their products.

AIRA is one of the clearest examples of this approach in action. With a privacy-first, hardware-light system that upgrades standard CCTVs into intelligent, on-premise AI tools, the company reflects the mission-driven innovation Global Pass was built to champion. Their expansion journey shows how thoughtfully designed AI can strengthen smart-city infrastructure across Southeast Asia without replacing what already exists.

Privacy-conscious AI for Southeast Asia’s smart city ambitions

As cities across the region pursue digital transformation, many still grapple with concerns around surveillance, data governance, and the financial burden of upgrading legacy equipment. AIRA’s model responds directly to these challenges by offering a way to enhance existing CCTV networks rather than rebuild them, which makes adoption both faster and more feasible for budget-conscious governments.

According to Stephanie Chen, Business Development Manager at AIRA Corp, “most companies still need GPU cards for camera analytics, but one GPU card can cost as much as five or six servers.” AIRA instead uses compact CPU-based devices that are “as small as a palm,” making deployment significantly more accessible.

At the same time, public expectations around privacy continue to shape how smart-city technologies are evaluated. As Chen explains, keeping everything on-site is a deliberate design choice. “We run fully on-premise, so customers keep control of their own data. Nothing is sent to the cloud, which reduces exposure and keeps everything secure.”

Also read: How GliaCloud is turning AI video into a growth engine for Southeast Asia

AIRA’s product suite designed for real-world deployment

AIRA’s approach starts with a simple idea: smart-city systems work best when they enhance existing infrastructure rather than replace it. Their flagship tools address three core needs in the region. These are: access control, investigations support and perimeter safety. They are all powered by energy-efficient AI designed to minimise false alarms and improve day-to-day reliability.

First, airaFace provides enrollment-based facial recognition for access management and visitor flow. Second, airaTrack supports rapid, privacy-conscious investigations. It does this by enabling fast cross-camera search without prior enrollment and can process up to 10,000 matches per second. Chen explains its value for large venues: “You can simply click on a face and investigate the whole footage across cameras, even if the person is wearing a mask or it’s low light.”

Third, airaFence focuses on real-time virtual fencing and intrusion detection and is already deployed across more than 100 construction sites in Taiwan. Its precision is a key differentiator. “Some AI cameras produce thousands of false alarms a day,” Chen says. “We focus on human detection so birds, cats and shadows do not trigger alerts.”

All three solutions run on AIRA’s lightweight CPU-based AI, delivered through compact NUC devices that plug into existing CCTV networks. This removes the need for GPU hardware, large servers or cloud infrastructure and keeps all processing on-premise. The browser-based interface can be learned in under two hours, and export tools automatically blur non-target individuals, which reflects AIRA’s commitment to privacy within everyday workflows.

Global Pass as a catalyst for meaningful market entry

For AIRA, Global Pass played a strategic role in bridging the gap between technological readiness and real-world adoption. Instead of entering Thailand with assumptions about the market, the programme allowed the team to observe firsthand how smart city ambitions intersect with practical constraints like legacy infrastructure, budget pressure, and rising privacy expectations. While in Thailand, they also made use of the co-working spaces partnered under the Global Pass, where live demos replaced theoretical pitches, giving C-level leaders and system integrators a clear view of what CPU-based, on-premise AI could actually deliver.

This early access shaped AIRA’s expansion philosophy. By working directly with distributors and system integrators from day one, the company understood how to localise enablement materials, structure proof-of-concept kits, and support partners through remote training. The Solution Day sessions hosted by their Thai distributor reflected this approach, creating a shared understanding of the technology that could scale beyond one event or one country. Global Pass ultimately helped AIRA refine a regionally attuned, partnership-driven strategy that now guides their growth across Southeast Asia.

Also read: How IsCoolLab is shaping the future of industrial automation in Southeast Asia

Expanding a partnership-driven model across Southeast Asia

Beyond Thailand, AIRA is applying the same partnership-driven approach to scale across the wider region. In the Philippines, their distributor is leading more than ten active projects across malls, government facilities and major venues. The team also maintains a sales representative in Malaysia and collaborates with multiple system integrators across Southeast Asia. Its expansion strategy lowers the barrier to adoption and allows partners to demonstrate value quickly while maintaining AIRA’s emphasis on privacy and on-premise processing.

Looking ahead, the company plans to replicate this approach across more markets through partner launches, additional Solution Day sessions, small-box demo units and scalable reseller ecosystems. As Stephanie Chen summarises, “Our mission is to bring AI to life. We want cities to use their existing CCTV not just as decoration, but as tools that truly improve safety and operations.”

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Across Southeast Asia, video has become the language of the internet. Audiences scroll, swipe and consume visual content at a pace that challenges even the most resourceful publishers and marketers. For startups in Taipei looking to enter these fast-moving markets, breaking in requires more than a good idea. It requires cultural fluency, trusted local partners and a front-row view of how regional audiences behave online.

Taipei City’s Global Pass initiative was designed with this reality in mind. The programme gives founders a way to step directly into new markets, test their products with real users and build the relationships that shape sustainable international growth. GliaCloud is one of the companies taking full advantage of this opportunity. How did this Taiwan-based AI video startup use Global Pass to immerse itself in Thailand’s vibrant digital ecosystem?

GliaCloud as an AI video creation partner

GliaCloud helps publishers, marketers and e-commerce brands turn text and data into high quality, impactful video content at scale. According to co-founder and COO Agnes Peng, the company solves a growing challenge in Asia where “the demand for video content is exploding, but professional video production is still expensive, time consuming and requires specialised skills.”

Their suite of tools streamlines the entire process. First, GliaNetwork automatically converts daily articles into video summaries for news publishers. Next, GliaDirector supports enterprises that need hundreds of branded videos. Another tool is GliaCommerce, which specialises in product videos and A/B tested creatives that drive measurable business performance.

Peng emphasises that GliaCloud’s differentiation lies in its focus on outcomes. “We are an outcome based platform. Video creation has to be tied to engagement, conversions and business impact,” she said. In many ways, GliaCloud grows alongside the industries it serves.

Also read: How IsCoolLab is shaping the future of industrial automation in Southeast Asia

Using Global Pass to build presence and gather market insights

Recently, GliaCloud leveraged the Global Pass programme in Thailand. Their team gained access to physical meeting spaces, partner introductions and networking events that would otherwise be difficult without a local office.

“The programme gave us a physical environment to meet partners, get spontaneous feedback and have real conversations,” Peng explained. “It’s very different from just searching online or doing remote calls. For video solutions, cultural understanding is everything.”

Because video performance varies dramatically across Southeast Asia, in-person exposure was crucial. Peng noted that “every market in Southeast Asia is different. People think of the region as one block, but it is actually many cultures with different habits, tastes and content preferences, especially in video.”

This included discovering insights such as local colour preferences, content pacing, and audience behaviour unique to Thai platforms.

Strengthening traction in Thailand’s media and e-commerce ecosystem

GliaCloud already works with over a hundred publishers in Thailand. Peng shared that many of Thailand’s well known digital outlets use GliaNetwork, noting that “they produce thousands of articles every day, and we help curate the top stories into video summaries with monetisation built in.”

GliaCloud is now moving deeper into Thailand’s e-commerce market with Global Pass support. “E-commerce is huge in Southeast Asia, and video has become essential for online buying behaviour,” Peng said. “But many brands don’t know how to measure whether a video is actually good. They struggle with digital literacy, data analysis and A/B testing.”

Their team is returning to Thailand to conduct more field research and explore proof of concept projects. “We want to understand what types of videos really work for Thai consumers. We need real market feedback to help brands improve their results,” she added.

Also read: The rise of privacy-conscious smart-city infrastructure powered by AIRA

Expansion across Southeast Asia

Beyond Thailand, GliaCloud already has customers in the Philippines, Singapore, Malaysia and Indonesia. Across Asia, it serves over 2,000 publishers. Japan remains its largest market, but Peng said the company sees strong long term potential in Southeast Asia, especially for its e-commerce solutions.

A key part of GliaCloud’s strategy is cultural localisation. “AI models today don’t fully understand local culture,” Peng said. “If you ask a model to generate something in a Taiwanese or Filipino style, it often creates a Western version of it by default. We collect cultural data so our videos reflect real local tastes and user scenarios.”

Her long term vision is to empower organisations across the region to create effective video content at scale. “We want to help publishers and marketers use AI in a way that leads to measurable business results,” Peng concluded. “That has always been our focus.”

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Expanding into Southeast Asia is a milestone many Taipei startups aspire to reach, but the reality is that early market entry often feels like navigating in the dark. Taipei City’s Global Pass programme was created to change that story by giving founders a guided route into fast-moving ecosystems like Thailand and Vietnam, where timing and access make all the difference.

Instead of searching for the right partners or cold-messaging their way into local networks, participating startups enter these markets with curated pathways and built-in credibility. Global Pass acts as a regional compass, helping companies understand where the opportunities are, who matters, and what it takes to move from interest to real traction.

Advancing smart manufacturing through intelligent automation

IsCoolLab is one of the startups putting this support to work. The company has been carving out a name for itself in industrial automation by answering a simple question: how can factories modernize quickly without overhauling everything they already have? Their answer is Robotiive, a computer-vision-driven RPA platform that allows machines to observe screens, signals, and workflows with the same situational awareness as a trained operator.

By removing the need to modify hardware or production lines, the team gives manufacturers a realistic way to upgrade. Deployments happen in days, not months. Factories that once viewed Industry 4.0 as a costly, complex transition now have a practical path forward. This is what positions IsCoolLab as one of Taiwan’s most compelling industrial innovators.

Also read: How GliaCloud is turning AI video into a growth engine for Southeast Asia

Understanding the opportunity in Thailand and Vietnam

When IsCoolLab looked across the region, Thailand and Vietnam stood out. Both markets are scaling their industrial sectors at impressive speed, yet many facilities still run on manual processes and legacy systems. The mismatch between ambition and infrastructure creates an urgent need for automation that adapts to existing realities.

Robotiive fits naturally into this gap. Instead of expecting factories to change their systems to accommodate automation, it adapts to the systems they already have. This alignment between market need and product capability is what made Thailand and Vietnam strategic entry points for the company’s Southeast Asia expansion.

Using Global Pass to accelerate market entry

Even with a strong product-market fit, entering a new country requires the right local relationships. This is where Global Pass shifted the trajectory for IsCoolLab. By placing the team in front of accelerators, investors, and ecosystem leaders, the programme turned potential cold starts into warm conversations that mattered.

Each pitch session and meeting was more than a presentation. It was a chance to test messaging, understand market expectations, and hear first-hand how regional stakeholders viewed industrial automation. These insights shaped the company’s approach and helped them speak the language of the local ecosystem with growing confidence.

Achieving traction and partnerships through Global Pass

As the conversations deepened, meaningful traction followed. Visibility through the programme helped IsCoolLab connect with investors who were actively exploring industrial AI opportunities. These discussions sharpened the company’s regional positioning and expanded its network far more quickly than independent outreach could have.

Equally important were the commercial introductions tailored to the team’s goals. The meetings facilitated by Global Pass connected IsCoolLab with partners who immediately saw value in their solution. These early interactions laid the groundwork for pilot discussions and future deployments, proving that the market was not only interested but genuinely ready.

Also read: The rise of privacy-conscious smart-city infrastructure powered by AIRA

Extending momentum across Southeast Asia

This growing momentum soon translated into concrete milestones. In Thailand, IsCoolLab formalized a partnership with Digital Focus, a respected system integrator with deep experience in the local landscape. This agreement marks the company’s official market entry and opens a pathway for scaled adoption.

In Vietnam, the team is already engaged in proof-of-concept work with partners in the petroleum sector and related industries. These projects signal that Robotiive is resonating with industries that are seeking efficiency, reliability, and faster pathways to modernization.

Setting the direction for regional expansion

With progress underway in two pivotal markets, IsCoolLab is now shaping a wider Southeast Asia roadmap. The company sees rising demand in regions where factories are expanding capacity yet still operate on older equipment and manual processes. These environments are ideal for a flexible automation layer like Robotiive.

The Global Pass experience continues to guide IsCoolLab’s next steps by sharpening their understanding of regional dynamics and partnership models. As the company scales, its goal is to help Southeast Asia’s manufacturing sector transform sustainably, efficiently, and at the pace that today’s global landscape demands.

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Workplace trends in Singapore are shifting significantly as employees increasingly seek stability and emotional fulfilment amid a cautiously evolving economic climate. The “job hugging” phenomenon captures this mood perfectly, with more workers choosing to stay put in their current roles rather than chase faster progression or higher pay elsewhere.

This trend reflects a marked departure from the fast-paced job hopping that characterised previous years, favouring predictability over rapid advancement. “Employees today are finding success through job stability, emotional fulfilment, and healthier career pathways,” said Karen Ng, Regional Head of Expansion for North and South Asia at global HR platform Deel.

Alongside this preference for steadiness, Singapore’s workforce is embracing an expanded concept of reward called “emotional salary.” Traditional pay rises are becoming less common, pushing employers to offer more personalised benefits that resonate with employee values, such as recognition, autonomy, flexibility, and personal growth.

Deel’s 2025 Singapore Payday Expectations Report reveals that only 13 per cent of local employees say their pay has kept pace with inflation, while nearly 80 per cent want more flexible pay cycles. This dual demand for financial and emotional support underscores a growing trend where compensation packages are measured not only in dollars but also in terms of meaningful workplace experiences.

Adding to this evolution is the rise of “microshifting,” a flexible work style that allows employees to split their day into bursts, seamlessly accommodating personal commitments such as caregiving or fitness. This innovative approach acknowledges the importance of balance between productivity and life’s demands, signalling a more fluid and adaptive workday structure. Meanwhile, new workplace attitudes such as “conscious unbossing” reflect younger generations’ desire for autonomy and wellbeing over climbing traditional corporate ladders.

Also Read: At 60, I joined the creator economy by accident…

In this email interview with e27, Ng describes in detail this rising phenomenon and what businesses can do about it. The following is an edited excerpt of the conversation.

On the job hugging phenomenon: What is driving this shift most strongly, and how should employers respond to employees who are “hugging” their jobs rather than seeking advancement?

The combination of economic uncertainty and employee pragmatism is primarily driving the job-hugging trend. Amid shifting market conditions and a more competitive job market, employees are clinging to the comfort of their current roles rather than changing roles as the job security and stability are more attractive than the risk of being the first on the retrenchment list in a new organisation, even if it is offering higher pay.

At the same time, some employees who feel settled and comfortable in their present roles may also feel less motivated to work for advancement opportunities.

To better understand employees who are “hugging” their jobs, employers should strive to learn more about the needs and perspective of its employees’ career growth goals. This open communication can not only provide insights and clarity into skill gaps, training needs and general mindset, it can help deepen a culture of trust and empathy.

Additionally, employers can take steps to ensure employees have a clear sense of their own career development path, that workloads are fair and that the company is championing initiatives to boost employee well-being. When information is transparent and employees feel supported, employers can transform their team’s hesitation and cautiousness into motivation for career growth with the organisation.

Also Read: Are you a human resource?

How should organisations redesign their leadership development strategies when fewer people want to climb the corporate ladder?

With fewer people keen to climb the traditional corporate ladder, companies must adapt their leadership development strategies from traditional promotion-focused models to skill-based, performance-centred models.

This might mean designing tailored leadership development plans with specific, measurable, achievable, relevant, and time-bound (SMART) goals, while providing ongoing feedback for employees. Combined with in-house initiatives like mentorship that nurtures soft skills such as communication and on-the-job learning methods like department rotations, employers can develop adaptable leaders beyond typical managerial roles.

Redesigning leadership development strategies can also include an expansion of leadership definitions and roles. This promotes inclusion and empowerment of employees who do not seek conventional leadership positions, but have proven their abilities to contribute to the company’s success.

Deel’s research shows employees increasingly value recognition, autonomy and purpose as much as compensation. What does an effective “emotional salary” package look like in practice?

The key to an effective “emotional salary” package is recognising what employees value today. On top of the raw monetary compensation, it will include non-financial perks such as guaranteed paid leave days meant for upskilling courses.

These perks show that the employer supports its employees, motivating them to work towards personal and professional development. One particular value of note is flexible pay, as it is growing in importance for Singapore talent. Deel’s 2025 Singapore Payday Expectations Report has shown that nearly eight in 10 employees are looking for flexible pay cycles and 54 per cent want greater control over their compensation structure.

Also Read: How AnyMind Group achieved profitability through its approach to human resource and leadership

This signals that Singapore’s employees value autonomy over their salaries, and want to be trusted to have more say in how and when they receive their compensation.

With only 13 per cent of employees saying their pay keeps pace with inflation and many wanting more flexible pay cycles, how should companies rethink compensation and payroll structures?

Companies can redesign their compensation packages to blend base salaries with incentives and equity grants. This might offer a more competitive package for employees, while allowing the company to manage costs.

With greater demand for flexibility, companies can also consider offering on-demand access to wages. This arrangement may help alleviate financial stress from sudden emergencies and provide employees more control over their finances throughout the pay cycle, which can boost overall employee satisfaction.

How realistic is microshifting for Singaporean employers across different industries, and what conditions must be in place for it to succeed without compromising productivity?

Similar to the idea of providing flexible work, microshifting offers employees the flexibility to structure their working hours around their peak-productivity windows as well as personal commitments, providing more effective work-life balance.

It is especially effective for roles that prioritise independent output and do not require real-time, in-person interaction with colleagues, clients or other stakeholders. In contrast, roles that require coordination with multiple stakeholders, such as professional services or customer care, may be less suited for microshifting since real-time communication and face-to-face interactions are essential. This means fixed hours are still a priority and microshifting is less feasible.

Also Read: Moving mental health out of Freud’s era and beyond the couch with big data

For employers offering microshifting as a flexible work benefit, it’s important to implement a system that ensures accountability.

Managerial roles and team members must still work cohesively, with clear protocols and handovers to maintain continuity when work is passed between microshift blocks. It may also be worth setting core working hours for easier alignment and team syncs. Ultimately, teams and managers need to work together, continuously fine-tuning processes until microshifting works to meet productivity and employee needs.

On LinkedIn Envy and other forms of external peer pressure: What role can companies play in reducing the pressure employees feel from external career benchmarks, and how can leaders foster a healthier culture?

Companies have little control over how employees use their personal LinkedIn. However, to alleviate external comparative pressure, a good approach is to ensure your company culture champions transparency in communication, celebrates contributions beyond titles, and emphasises individual development over competition.

Internally, organisations can assure employees and keep them regularly engaged through town halls and company updates. Externally, as employees seek visibility and recognition, leaders and managers can also choose to celebrate key achievements on LinkedIn to highlight the good work from the team.

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Singapore-founded deeptech startup SynaXG Technologies has raised over US$20 million in its first funding round, marking one of Asia’s largest early-stage investments in the fast-rising field of AI-Radio Access Networks (AI-RAN).

The round, backed by Qualgro, Vertex Ventures, and January Capital Growth Credit, positions the company as one of the region’s most ambitious contenders in AI-native wireless infrastructure.

Also Read: Deeptech’s secret: Ignore the market, master the engineering, and let opportunity find you

The investment arrives at a moment when Singapore’s deeptech ecosystem is entering a period of unprecedented growth. The city-state now leads Southeast Asia in AI activity, capturing an overwhelming 91.1 per cent of the region’s deeptech funding, supported by US$1.6 billion in government AI commitments and US$26 billion in broader tech investments.

With 650 AI startups, 32 unicorns, and a projected AI market size expected to reach US$4.64 billion by 2030 at a compound annual growth rate of 28.1 per cent, Singapore has quickly become the regional centre of gravity for advanced computing and frontier technologies.

It is within this accelerating landscape that SynaXG has emerged as a standout deeptech player. Founded by industry veteran Xin Huang, the company has quietly spent nearly four years engineering AI-native RAN systems, supported by a team with decades of wireless and compute expertise. Today, its partners already include global AI-RAN chipmakers, Network Equipment Providers, and major telecom operators.

“SynaXG is building products and solutions for the next generation of AI-powered wireless infrastructure,” said Chin Chao, Partner at January Capital. “A true deeptech AI-powered wireless-infrastructure startup is rare in this part of the world, and SynaXG is well-positioned to pioneer the next wave of innovation in this space. The team has both the ambition and the capability to shape the future of AI-driven connectivity, and we are proud to support them.”

AI-RAN: the backbone of the physical AI era

AI-RAN refers to radio access networks in which AI is embedded directly into the wireless architecture, enabling networks to process both cellular and AI workloads in real time. Unlike traditional RAN systems, AI-RAN architectures are cloud-centric, multi-tenant, and compute-rich, leveraging CPUs, GPUs, and DPUs to deliver ultralow latency, secure operations, anomaly detection, and enhanced privacy compliance.

This new category of network infrastructure is considered foundational to the rise of Physical AI (AI systems interacting with the real world across robotics, autonomous vehicles, drones, and industrial automation). These applications demand real-time responsiveness and adaptive decision-making at the network edge, making AI-RAN the critical enabler.

“We believe AI-RAN is the foundation of the next technology revolution – much like the iPhone reshaped the mobile era,” said Xin Huang, founder and CEO of SynaXG. “With four years of pioneering work and strong global partners, we are ready to scale and lead the next generation of AI-native wireless networks and Physical AI.”

Also Read: Funding deeptech: Balancing potential and complexity in the search for capital

The global momentum behind the sector has accelerated sharply. In one of the most significant signals of confidence to date, NVIDIA announced a US$1 billion investment in Nokia, granting it a 2.9 per cent equity stake and deepening their strategic collaboration to embed AI into next-generation 5G and 6G radio networks. The partnership focuses on integrating Nokia’s RAN software with NVIDIA’s CUDA platform, establishing a unified AI-native foundation for future telecom infrastructure.

Industry-wide coordination is also rising. The AI-RAN Alliance, comprising more than 80 members, is spearheading research and standards across Asia-Pacific, while operators such as Indosat Ooredoo Hutchison have become among the world’s first to roll out commercial AI-RAN deployments—highlighting Southeast Asia’s growing leadership in the domain.

SynaXG’s global ambition aligns with rising regional momentum

With fresh capital in hand, SynaXG plans to accelerate product development, expand its global engineering teams, and deepen collaborations with telecom operators and enterprise partners worldwide. Early traction with AI-RAN chip providers and network equipment companies suggests that SynaXG is positioning itself not just as a participant but as a potential category leader.

“We believe that the deep AI capabilities of SynaXG’s team will position the company very well for capturing significant opportunities in a market driven by the demand for significantly more computing capacity,” said Heang Chhor, Managing Partner at Qualgro. “SynaXG has the potential to become a global player, growing out of Singapore.”

AI-RAN is shaping up to be one of the most consequential technological shifts since the emergence of cloud computing. By merging AI and telecom infrastructure into a single, adaptive computing fabric, AI-RAN unlocks applications previously considered unfeasible—from large-scale industrial automation to real-time public safety systems and next-generation smart cities.

SynaXG’s full-stack portfolio — spanning L1/L2/L3 RAN software, virtualised distributed and centralised units (vDU/vCU), radio units, and heterogeneous compute-optimised systems — positions it to serve operators transitioning from conventional RAN to AI-native architectures. As telecom providers increasingly seek software-driven agility and AI-enhanced intelligence, demand for such solutions is expected to rise sharply.

Preparing for the next stage: a global Series A

To support global rollouts and scale deployments, SynaXG is now preparing for its Series A fundraising. The company aims to broaden commercial adoption of AI-native RAN systems across international markets, leveraging Singapore’s growing reputation as a strategic base for deep-tech scaleups.

Also Read: How early-stage deeptech startups can attract and retain the right talent

Singapore’s dominance in AI investment, coupled with Asia’s expanding telecom modernisation efforts, creates a fertile environment for innovators like SynaXG. Although Southeast Asia’s deeptech funding dipped 34 per cent year-on-year in 2024, its share of regional venture capital rose to a record 17.6 per cent, indicating strong underlying momentum despite the temporary capital contraction.

Against this backdrop, SynaXG’s emergence as a well-funded AI-RAN pioneer demonstrates how Singapore’s deep-tech ecosystem is evolving from research-driven to globally competitive. With accelerating sector growth, strategic global partnerships, and its upcoming Series A, SynaXG is on course to become one of Asia’s most influential forces in AI-native wireless networks.

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At first glance, the sharp drop in US jobless claims to 191,000, the lowest level in over three years, should have sparked optimism. Fewer Americans filing for unemployment typically signals labour market resilience, which in turn supports consumer spending and broader economic activity. Despite this positive development, market participants remained unmoved, with equities trading in narrow ranges and volatility suppressed.

This disconnect underscores a deeper uncertainty about the path ahead, particularly as monetary policy remains in flux. National Economic Council Director Kevin Hassett’s public call for a 25 basis point interest rate cut at the upcoming December FOMC meeting adds another layer to the narrative, suggesting growing political and economic pressure on the Federal Reserve to pivot toward easing. While such a move may be anticipated by some, markets appear to be holding their breath, waiting not just for confirmation of a cut, but for evidence that it will mark the start of a durable easing cycle rather than a one-off adjustment.

Equity markets reflected this indecision. The S&P 500 inched up by 0.1 per cent, the Nasdaq gained 0.2 per cent, and the Dow Jones Industrial Average slipped by 0.1 per cent, painting a picture of consolidation rather than conviction. This sideways movement aligns with the broader implication that investors should maintain exposure to high-quality US equities while selectively exploring non-US value and mid-cap opportunities for alpha generation.

The emphasis on quality suggests that in an environment of ambiguous macro signals, investors are prioritising balance sheet strength, earnings visibility, and resilient business models. Meanwhile, the fixed-income market responded with modest yield increases. Ten-year US Treasury yields rose 3.5 basis points to 4.098 per cent, and two-year yields climbed 3.9 basis points to 3.523 per cent.

This upward move may seem counterintuitive ahead of an expected rate cut, but it likely reflects positioning shifts and the market pricing in both near-term easing and longer-term inflation or growth concerns. With spreads widening, however, bonds are regaining appeal as a defensive asset class, particularly for those looking to front-run the Fed’s pivot and lock in relatively attractive yields before they decline further.

Also Read: Markets rally on Fed easing bets: Here’s why Crypto’s move is different

In foreign exchange markets, the US dollar rebounded, but an important shift emerged in yen dynamics. The Japanese yen advanced 0.1 per cent to 155.10 against the dollar following reports that key members of Prime Minister Takaichi’s government would not oppose a potential Bank of Japan rate hike in December.

This development marks a subtle but significant shift in Japan’s policy stance, long anchored to ultra-loose monetary conditions. If the BoJ does act, even modestly, it would further narrow the yield differential between Japanese and US assets, likely fuelling additional yen strength. For global investors, this suggests a reorientation of capital flows and potential repricing of carry trades that have underpinned certain risk strategies for years.

In commodities, Brent crude rose 0.9 per cent to settle at US$63.26 per barrel, while gold held steady at US$2,407 per ounce, consolidating for a fourth consecutive day. Gold’s stability amid choppy risk sentiment reaffirms its role as a defensive hedge, especially as geopolitical uncertainties linger. Oil, meanwhile, remains hypersensitive to supply-chain disruptions and Middle East tensions, though demand concerns continue to cap its upside.

Turning to Asia, regional equities traded mixed, with Chinese markets showing signs of recovery. The rebound in China, supported by both policy expectations and valuation support, has prompted a strategic barbell approach, favouring both high-growth tech names and high-dividend, stable earners.

This duality captures the dual forces shaping China’s market: optimism over long-term innovation potential and pragmatism around near-term economic uncertainty. With US futures pointing higher, the global equity backdrop appears supportive, but the lack of strong directional momentum suggests that traders remain cautious until clearer signals emerge from next week’s labour market data.

The cryptocurrency market, however, diverged from this cautious stability, declining 1.36 per cent over the past 24 hours. This pullback encapsulates three distinct but interrelated dynamics. First, a significant leverage unwind occurred in Bitcoin markets, with US$86.78 million in liquidations, 58.98 million of which came from long positions. This surge in long squeezes, up 20 per cent from previous levels, coincided with a 4.4 per cent drop in perpetual futures open interest and elevated funding rates of plus 0.0027 per cent.

The spot-to-perpetual ratio of 0.21 further signalled an over-leveraged long bias, leaving the market vulnerable to even minor price corrections. As small dips triggered margin calls, cascading sell-offs amplified downside pressure. The Fear and Greed Index’s decline to 25, down from 27 just a day earlier, confirms a waning appetite for speculative risk.

Also Read: December Fed cut countdown: The 25 basis point move that will reshape every asset class

Second, Ethereum’s much-anticipated Fusaka upgrade, launched on December 3, failed to sustain bullish momentum. Despite the technical improvement aimed at reducing transaction costs, ETH dipped 1.5 per cent as traders appeared to treat the event as a classic buy-the-rumour, sell-the-news scenario.

The upgrade itself represents a meaningful step forward for Ethereum’s scalability and user experience, but short-term market dynamics often prioritise positioning over fundamentals. With ETH’s 14-day relative strength index at 65.75, the asset remains in neutral territory, not yet oversold, but lacking immediate upside catalysts. This opens the door for further consolidation as the market digests the upgrade’s real-world impact.

Third, Binance’s announcement of a dual-CEO structure, appointing Yi He alongside Richard Teng, introduced a layer of governance uncertainty. While the move ostensibly balances innovation with compliance, markets interpreted it as a sign of internal recalibration, possibly influenced by lingering regulatory scrutiny and the indirect role of founder Changpeng Zhao.

The resulting 3.75 per cent weekly decline in BNB reflected broader concerns about platform stability and regulatory risk, which spilt over into the wider crypto ecosystem. In an environment already marked by caution, such leadership shifts can amplify bearish sentiment, particularly when they raise questions about strategic direction.

Taken together, these three forces, leverage flush, post-upgrade selloff, and governance concerns, explain the crypto market’s retreat. The rise in Bitcoin dominance to 58.7 per cent further underscores a flight to perceived safety within the digital asset space, as altcoins underperformed amid risk-off flows.

Looking ahead, all eyes turn to tomorrow’s US jobs data. A strong report could rekindle the positive correlation between Bitcoin and the Nasdaq, currently at plus 0.53, by reaffirming the narrative that crypto behaves as a risk asset in a growth-friendly macro regime. Conversely, any sign of labour market weakness might accelerate the Fed’s pivot, potentially reviving demand for yield-sensitive assets, including crypto.

For now, Bitcoin’s US$3.04 trillion Fibonacci support level stands as a critical test of market resilience. In a world where macro signals are improving, but sentiment remains subdued, the path forward will hinge on whether fundamentals can finally overpower fear.

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Southeast Asia’s tech ecosystem showed renewed resilience in November 2025, pulling in US$328M across 21 deals, says a Tracxn data. This is a sharp rebound that underscores improving investor sentiment.

The surge represents a 203.7% jump year-on-year and a 21.9% rise from October, signalling that capital is once again flowing more confidently into the region after several uneven months.

A striking feature of November’s activity is its capital concentration: the top 10 deals accounted for over 81% of total funding, reflecting a continued “power law” dynamic where standout companies capture the lion’s share of investment.

Early-stage momentum remained strong—10 early-stage rounds and eight seed deals made up more than 85% of activity—highlighting investors’ ongoing conviction in SEA’s emerging venture pipeline.

The month’s performance was anchored by major raises, with Ampersand leading at US$80M, followed by Roojai (US$60M) and Olares (US$45M). Additional deals from Moladin, Paywatch, and deeptech players such as Transcelestial and LightSpeed Photonics added further depth to the landscape.

While November’s total sits well below the billion-dollar peaks seen in late 2024 and mid-2025, it marks a clear recovery from recent troughs, suggesting that SEA’s funding environment is stabilising, and potentially primed for a stronger 2026.

REGIONAL

The US$328M comeback: SEA tech posts massive 204% YoY funding spike: Southeast Asia’s tech ecosystem rebounded strongly in November 2025, securing US$328M across 21 rounds, driven by early-stage momentum and top deals that captured over eighty-one per cent of total funding.

Singapore’s SynaXG scores US$20M to shape the future of AI-powered wireless networks: Investors include Qualgro, Vertex Ventures, and January Capital; The new funding enables SynaXG to expand engineering, speed product development, and scale AI-RAN deployments as global Physical AI demand surges.

bolttech acquires Kenya’s mTek to expand embedded insurance to East Africa: mTek is one of Kenya’s leading digital insurance innovators. Its paperless, mobile-first platform allows customers to compare, purchase, and manage insurance policies seamlessly.

Tonik secures US$12M to power profitability push as digital bank eyes 2026 breakeven: Investors include Diligent Capital, Plio Limited, and Altara Capital. Tonik’s fundraise sends a signal that SEA’s digital banking landscape is transitioning from experimentation to sustainable, regulated growth.

SEA neobank Circle Asia to launch Vietnam’s AI paylater card: The new card will use Pismo’s API-based platform to offer instant credit approval, flexible installment options, and virtual payments without requiring a bank account.

Google DeepMind starts research team in Singapore: The research team will focus on advanced reasoning and LLMs, according to research scientist Yi Tay, who will lead the group. The team will work on developing and improving models such as Gemini and Gemini Deep Think.

PulseTech lands US$3M to wage war against Bangladesh’s counterfeit medicine crisis: With the help of AVV and Iterative, PulseTech plans to expand into South and Southeast Asia, where fragmented supply chains and counterfeit drug risks mirror Bangladesh’s challenges.

TusStar strengthens Singapore’s AI ecosystem through new SEA partnership: TusStar, SEA Bound and AI Singapore have partnered to accelerate people-centric agentic AI adoption, bringing global AI firms to Singapore while enabling local enterprises and mid-career talent to co-develop industry-ready AI solutions.

REPORTS, FEATURES & INTERVIEWS

Online travel becomes 2025’s breakout winner as accommodation prices lift SEA’s GMV: Accommodation rate hikes drive sharp value growth, pushing online travel GMV toward US$33 billion and strengthening revenue performance across ASEAN’s digital markets.

From US$40B to US$300B: SEA’s digital economy ends a transformative decade: With 71% internet penetration and strong revenue growth, SEA is closing the gap with mature global markets, shows the e-Conomy SEA 2025 report.

Autonomous vehicles, ads, and new dining models: The future of SEA mobility takes shape: With GMV hitting US$51B in 2025, SEA’s delivery platforms push deeper monetisation, diversifying beyond delivery as autonomous vehicle pilots reshape mobility’s next phase.

SEA e-commerce surges to US$185B as video commerce becomes the new growth engine: SEA’s e-commerce sector surges on video commerce adoption, rising seller participation, strong monetisation, and growing grocery and non-grocery demand.

Why agritech is key to securing long-term food resilience in Indonesia: An analysis by Foundry Collective highlights how digital innovation and new business models can build food resilience in Indonesia through a three-part framework known as the 3R Pathways: Robustness, Recovery and Reorientation.

The Singapore workplace in 2025: Job hugging, emotional salary, and a whole new approach to leadership development: More workers in the island nation’s workplace choose to stay put in their current roles rather than chase faster progression or higher pay elsewhere.

INTERNATIONAL

Elon Musk warns AI risks, urges focus on truth: He said that AI must focus on truth, beauty, and curiosity. He warned that AI systems can absorb false information from the internet, leading to faulty reasoning and dangerous conclusions.

Nexus Venture closes US$700M fund for AI, fintech, consumer startups: Nexus Ventures VIII will target companies at the inception, seed, and series A stages. It has invested in 130+ companies and achieved 30+ exits, including IPOs. Its portfolio includes Postman, Apollo, Zepto, and Delhivery.

InMobi founders buy back US$250M stake from SoftBank: This reduces SoftBank’s holding in the company from roughly 35% to between 5% and 7%. The buyback was financed through debt, with InMobi’s founders pledging their shares as collateral.

Binance names co-founder Yi He as new co-CEO: He will join Richard Teng in a dual leadership structure. Yi He, a longtime Binance executive, has been with the company for more than eight years and currently serves as its Chief Customer Service Officer.

Taiwan may launch first stablecoin by late 2026: The timeline depends on the passage of the “Virtual Assets Service Act,” which is set for review by the Cabinet this week. The Cabinet is scheduled to review the act this week, following three prior meetings that produced a high level of consensus.

SEMICONDUCTOR

EY, Nvidia partner on physical AI platform: Built with Nvidia’s computing infrastructure, the platform helps companies deploy and manage AI systems for robots, drones, and edge devices. The lab offers facilities to prototype, test, and deploy robotics and automation solutions.

Nvidia CEO unsure China would take its H200 chips if US export restrictions were relaxed: Jensen Huang said that Nvidia cannot offer downgraded chips to China, as the country would likely reject them. The US has imposed export restrictions on advanced AI chips since 2022 to limit China’s access to sensitive technology.

Nvidia says US$100B OpenAI investment is still pending: Nvidia, the world’s most valuable company, revealed a letter of intent in September to deploy at least 10 gigawatts of its systems for OpenAI, but a definitive deal is still pending.

AI

Reimagining weight loss with AI: How Welling AI stands out: Rather than rely on manual calorie logs, Welling AI users can record meals through voice, text, or photos. The platform uses AI to analyse food choices and provide tailored feedback, replacing tedious tracking with a conversational interface.

Why your AI pilot failed: Inside the 7 mistakes that cost enterprises millions: AI pilots fail for predictable reasons: from static models to centralised bottlenecks. Understanding these seven errors is the key to unlocking real business value.

How AI is transforming Asia’s universities and the future of talent: Asian universities are rapidly integrating AI, with Hong Kong and Singapore leading bold initiatives reshaping education, workforce readiness, and industry partnerships as the region races to build future-proof talent for an AI-driven economy.

Preserving memories in the age of AI: How technology helps us remember who we are: AI powered storytelling helps families preserve memories and identity, turning personal moments into lasting emotional legacies.

AI or human? The wrong question in a world that demands both: The founders who thrive in the next decade won’t be the ones who avoid AI, nor the ones who blindly automate everything. It will be the leaders who strike the right balance: Human where it matters. AI where it scales. And transparency woven throughout.

THOUGHT LEADERSHIP

Why SEA and India would take centre stage in startup and VC world in the next decade: Vertex Ventures SEA & India’s US$541M fund underscores SEA’s rising startup potential, driven by growing consumer markets, SME digitisation, healthcare needs and AI, despite structural challenges.

From job-hopping to growth-hacking: What SMEs can learn from Gen Z’s approach to work: Gen Z grew up with YouTube tutorials, online courses, and side hustles. We don’t wait for permission to learn. That’s good news for SMEs, who often can’t afford the formal training programmes of larger corporations.

Why institutional money is flowing into crypto, even as fear grips retail: Markets held steady as soft labour data and strong services activity boosted expectations of a December Fed rate cut, lifting equities, weakening the dollar, and sustaining cautious crypto gains driven by rising institutional adoption.

Asia’s Fifth Industrial Revolution: Leading the next wave of sustainable prosperity: Asia’s unique strengths position it to lead the Fifth Industrial Revolution by aligning human-centric innovation, sustainability, and resilience for shared prosperity.

The future of consumer tech: Founders who design for human agency, not dependency: Founders are rejecting extractive consumer tech models to build agency-driven systems where users become stakeholders rather than products.

The culture conundrum: Why private equity’s best CEOs still fail and how Moneyball thinking can fix it: Data-driven analytics reveals the real driver of PE returns is firing toxic employees in month three, not cap table optimisation.

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In the high-stakes world of healthcare startups, innovation is the lifeblood of success. Disruptive technologies like AI-driven diagnostics, personalised medicine, and wearable health trackers are transforming how we access and deliver care. Yet, for every groundbreaking idea, there are countless replicative models—startups that adjust existing solutions rather than introducing true innovation.

While imitative strategies may offer faster market entry and lower risk, they often lack the transformative potential that defines long-term success in healthcare. This article explores the tension between innovation and imitation in the healthcare sector, shedding light on why the distinction matters and how startups can navigate this dynamic.

The temptation of imitative strategies

Replicative startups, or those that mirror existing solutions with minor modifications, are common in competitive industries. In healthcare, where barriers to entry are high, imitation may seem like a practical shortcut to success.

Why imitative strategies persist in healthcare:

• Lower risk: Mimicking a proven model reduces uncertainty, particularly in healthcare, where regulatory hurdles and clinical validation processes are time-intensive and expensive.
• Faster time to market: By bypassing the lengthy R&D phase required for true innovation, startups can focus on execution and scaling.
• Localised solutions: Some imitative models adapt successful global concepts to fit regional needs, addressing gaps in underserved markets.

Example: Several telemedicine startups in Asia have drawn heavily from Western platforms like Teladoc Health, adapting features for local languages, pricing, and cultural contexts.

The cost of imitation

While imitative strategies may yield short-term gains, they often limit long-term impact and scalability, particularly in healthcare, where trust, differentiation, and regulatory compliance are critical.

• Lack of differentiation: Imitative startups struggle to stand out in crowded markets, leading to price wars and diminishing returns.
• Missed opportunities for true impact: By focusing on replication, startups risk overlooking unaddressed problems or emerging trends that could define the future of healthcare.
• Regulatory challenges: Imitating a model from a different market often overlooks region-specific regulations, creating compliance risks.

Example: A healthtech startup that replicated a Western mHealth app failed to account for data privacy laws in Southeast Asia, resulting in legal setbacks.

Also Read: Beyond apps and telehealth: The power of the Village approach for mental well-being

The power of innovation in healthcare

Healthcare is an industry ripe for innovation, with numerous unmet needs and inefficiencies waiting for creative solutions. Startups that prioritise innovation can achieve meaningful impact, not just financial success.

• Addressing complex problems: True innovation tackles systemic issues, such as improving access to care in rural areas or reducing diagnostic errors.
• Building competitive moats: Innovative solutions create barriers to entry for competitors, securing long-term market leadership.
• Driving better outcomes: At its core, healthcare innovation is about improving patient outcomes—whether through faster diagnoses, better treatments, or more personalised care.

Example: Butterfly Network revolutionised diagnostic imaging by creating a portable, smartphone-compatible ultrasound device, making advanced imaging accessible and affordable globally.

Balancing innovation with feasibility

Innovation doesn’t have to mean reinventing the wheel. The most successful healthcare startups strike a balance between originality and practicality.

• Incremental innovation: Improving existing technologies or processes can be just as impactful as creating entirely new ones. Example: Many electronic health record (EHR) startups are focusing on simplifying user interfaces and improving interoperability—innovations that address real pain points without requiring groundbreaking inventions.
• Customer-centric design: Listening to patients, providers, and other stakeholders ensures that innovation solves real-world problems rather than creating solutions in search of problems.
• Adapting proven models thoughtfully: Adapting successful ideas for new markets or use cases can bridge the gap between innovation and imitation. Example: Halodoc (Indonesia) adapted the telemedicine model for a fragmented healthcare market, integrating pharmacy delivery and insurance services into a single platform.

Innovation vs imitation: The role of ecosystems

A startup’s ability to innovate is often influenced by the ecosystem it operates in. Factors like funding availability, regulatory support, and access to talent shape whether companies lean toward innovation or imitative strategies.

• Developed markets: Established ecosystems like the U.S. and Europe foster cutting-edge innovation through robust R&D funding and strong IP protection.
• Emerging markets: In regions like Southeast Asia and Africa, the focus is often on solving accessibility and affordability challenges, which may require adapting existing models rather than starting from scratch.

Example: MPharma (Ghana) innovatively addressed medication accessibility by introducing shared ownership models for pharmacies, enabling affordable treatments without replicating Western models.

Also Read: Decoding digital preferences: A glimpse into the future of health tech ecosystem in SEA

Lessons for founders: How to lead with innovation

• Identify real gaps: Instead of imitating what’s popular, focus on unaddressed needs in your target market. Pro tip: Conduct deep customer research and map pain points that existing solutions fail to address.
• Leverage technology: Technologies like AI, blockchain, and IoT are enabling entirely new ways to approach healthcare problems. Example: A startup using AI to identify biomarkers for early-stage diseases can leapfrog traditional diagnostic models.
• Collaborate across disciplines: Innovation often emerges at the intersection of fields. Collaborate with technologists, clinicians, and policymakers to develop holistic solutions.
• Focus on impact, not trends: Resist the urge to follow the latest hype cycles. Long-term success comes from solving problems that truly matter.

The future of healthcare: Innovation as the standard

As the healthcare landscape evolves, the bar for innovation is rising. Startups that embrace creativity, bold thinking, and patient-centred solutions will lead the industry forward. Meanwhile, imitative strategies, while still prevalent, will likely fade in relevance as ecosystems mature and demand greater differentiation.

The most impactful startups won’t just change how healthcare works—they’ll redefine what’s possible.

The choice between imitation and creation

In healthcare, the stakes are high. Startups have the power to save lives, improve quality of care, and transform how systems operate. While imitation offers a safer, faster path to market, the long-term rewards of innovation far outweigh the risks.

For founders, the question isn’t just how to build a business—it’s how to build a legacy. In the race to shape the future of healthcare, those who choose innovation will always lead the way.

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Up to 3,000 micro, small, and medium enterprises (MSMEs) in Singapore will gain access to free AI advancement training through the AI for MSME Advancement in ASEAN (AIM ASEAN) Programme, a regional initiative led by the ASEAN Foundation in collaboration with AVPN, part of the AI Opportunity Fund: Asia-Pacific, and with support from Google.org and the Asian Development Bank (ADB).

Project Asia Data (by BlackStorm Group) serves as the official implementing partner for the Singapore edition, supporting the regional objectives of the ASEAN Foundation and AVPN under the AIM ASEAN initiative. The Singapore programme officially launched at AIMX Singapore 2025 and has now opened registration for local MSMEs interested in exploring practical AI applications for their businesses.

Helping MSMEs build AI readiness and competitiveness

Small businesses play a vital role in Singapore’s economy, but many still face challenges in adopting emerging technologies. The AIM ASEAN Programme seeks to bridge this gap by offering accessible, hands-on learning designed for non-technical business owners.

Participants will learn how AI can be applied in real-world business contexts—from improving marketing efficiency and customer engagement to enhancing operations and decision-making. The programme adopts a hybrid learning format, combining online self-learning, live sessions, and in-person workshops to make AI education practical and engaging.

“We are proud to bring the AIM ASEAN Programme to Singapore as part of a regional effort to make AI learning accessible to every MSME,” said Jeslin Bay, Co-Founder of Project Asia Data. “Digital transformation doesn’t start with technology — it starts with people. Through this programme, we aim to equip small business owners with the practical knowledge and tools to integrate AI into their daily operations, drive productivity, and stay competitive in an evolving digital economy.”

Also read: AI-powered EPOS360 turns small shops into smart businesses

A regional initiative for inclusive AI growth

The following statements were originally shared in the joint ASEAN Foundation and AVPN media release, “Helping Small Businesses in Southeast Asia Tap into AI: ASEAN Foundation and AVPN Introduce Local Partners for AIM ASEAN Programme,” published on 3 October 2025 via PR Newswire.

The AI for MSME Advancement in ASEAN (AIM ASEAN) Programme is a two-year initiative endorsed by the ASEAN Coordinating Committee on MSMEs (ACCMSME). It aligns with ASEAN Vision 2045, which envisions a resilient, inclusive, and digitally connected regional economy.

Through practical, localised AI training, AIM ASEAN aims to empower 100,000 MSMEs across all ten ASEAN Member States to use AI tools to improve their operations, grow their markets, and build resilience. Beyond the training, the programme will also bring together policymakers and experts through national and regional convenings, building a stronger, more supportive ecosystem for MSMEs to thrive in the AI era.

“We are proud to partner with AVPN, with support from Google.org and ADB, to announce and work alongside these outstanding local organisations,” said Dr. Piti Srisangnam, Executive Director of the ASEAN Foundation. “The AIM ASEAN programme represents a critical step toward equipping MSMEs with the tools and knowledge they need to thrive in the digital era. It aligns closely with the aspirations of ASEAN Vision 2045, particularly in fostering a resilient and inclusive digital economy. By helping MSMEs across the region understand and use AI in practical, everyday ways, we’re investing in the long-term strength and sustainability of Southeast Asia’s economy.”

Also read: The AI imperative: Why transactional relationships are obsolete in the new tech ecosystem

AIM ASEAN’s endorsement by ACCMSME confirms its strong alignment with ASEAN’s ongoing efforts to help MSMEs adapt to digital change and stay competitive.

“Building an AI-ready workforce is no longer a ‘nice-to-have’—it’s a shared social mandate that governments, businesses, and impact organisations must act on together,” said Naina Subberwal Batra, CEO of AVPN. “Through the AI Opportunity Fund, AVPN is working with local impact partners who bring deep community insights and sector knowledge to ensure AI upskilling is both relevant and scalable. By strengthening these on-the-ground efforts, we aim to catalyse a digital transition that ensures all workers can benefit as Southeast Asia moves towards an AI-enabled economy.”

Registration now open

Registration for the AIM ASEAN Programme – Singapore Edition is now open. MSME owners, entrepreneurs, and professionals can register at: https://projectasiadata.com/aim-asean/ 

Participation is free of charge and open to all eligible MSMEs in Singapore.

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Tonik Financial, the controlling shareholder of Tonik Digital Bank and the first licensed digital-only bank in the Philippines, has secured US$12 million in pre-Series C financing as it continues its push towards sustainable profitability and expanded financial inclusion.

The round was led by Diligent Capital Partners, with participation from Plio Limited, existing shareholder Altara Capital, and Tonik’s senior management.

Also Read: How digital banking is driving financial inclusion in SEA

According to the company, the fresh capital will fortify Tonik Digital Bank’s regulatory capital base under regulator Bangko Sentral ng Pilipinas (BSP) requirements, while accelerating continued investment in technology, customer acquisition, automation, and cross-selling.

A trajectory defined by profitability and scale

Tonik said in a press note that it enters this round following three years of scale driven by profitability fundamentals rather than growth-at-all-costs. The digital bank, which closed a US$131 million Series B round in 2022, has grown its loan portfolio 15x to US$83 million, while its annualised revenue now exceeds US$40 million.

The company claims it continues to deliver more than 25 per cent risk-adjusted return on capital (RAROC), and its risk-adjusted gross margin expanded 4.5x over the past twelve months. Contribution margin turned positive in late 2024.

With efficiency gains compounding and operating burn continuing to decline, Tonik projects reaching cash-flow breakeven around the first half of 2026.

A defensible moat built on technology and distribution

Tonik blends low-cost deposit funding, a seasoned AI risk model, and a rapidly expanding B2B2C distribution network. The bank works with nearly 400 employers and more than 500 retail partners, while its cloud-native stack supports real-time underwriting, behavioural scoring, and automated servicing.

This combination “significantly” lowers cost-to-serve, stabilises cost of risk, and enables scale in an underserved yet high-potential market. The country’s unsecured consumer lending landscape (part of a wider Southeast Asian market exceeding US$100 billion) remains one of the least penetrated in the region, providing fertile ground for Tonik’s credit-led approach.

Also Read: Securing tomorrow’s finances: Navigating the rise of digital banks with cybersecurity

Founder and CEO Greg Krasnov said: “This round is about scaling with discipline — protecting our capital ratios while growing a profitable, credit-led model. Tonik was built to prove that financial inclusion in emerging markets can be delivered with truly world-class returns. The momentum we’re seeing in risk performance, technology leverage, and channel scale shows that the model works — and is ready for another 10x in the next 2-3 years.”

Relevance to the Philippine market

Tonik’s growth and this funding round carry significant implications for the Philippines, a country where more than 70 per cent of adults were historically unbanked. By operating with a fully branchless, cloud-based infrastructure and leveraging national payment rails such as PESONet and InstaPay, Tonik enables remote and underserved communities to access financial services through mobile devices.

Its focus on consumer lending, including payroll loans, instalment financing, and digital cash loans, taps into an enormous unmet demand. Tonik’s rapid expansion of its loan book, coupled with declining cost of risk and improving collections, signals that its AI-driven approach is particularly suited to emerging markets where credit histories are often thin.

The deal also reaffirms investor confidence just as the country’s digital transactional ecosystem reaches new highs. Monthly digital transaction values have now exceeded US$110 billion, supported by rising smartphone adoption, strong remittances, and regulatory measures such as BSP Circulars 1195 and 1198, which strengthen user trust and widen accessibility. National payment rail values surpassed US$230 billion (PHP 12.86 trillion) in 2023, with analysts expecting double-digit growth annually through 2030.

A signal for Southeast Asia’s digital banking sector

Tonik is widely recognised as Southeast Asia’s first operational digital bank and one of the earliest to pioneer a credit-led model. Its traction and clear path to profitability offer a compelling blueprint in a region where many digital banks have struggled with high acquisition costs, low deposit stickiness, and challenging economics.

The successful fundraise sends a signal that the region’s digital banking landscape is transitioning from experimentation to sustainable, regulated growth. With more investors prioritising robust credit models and demonstrable profitability, Tonik’s performance could influence how other digital banks in Indonesia, Vietnam, and Malaysia shape their strategies over the next five years.

Also Read: Digital bank licences: Why does everyone want a slice of the unbanked?

As the sector continues to mature, Tonik’s combination of AI-led risk management, disciplined balance sheet expansion, and broad distribution may help redefine what a successful digital bank looks like in Southeast Asia, not just in terms of financial inclusion, but also in achieving world-class returns.

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