Asia’s climate-health crisis is no longer a looming threat; it’s a lived reality. As the region grapples with record-breaking heatwaves, floods, and rising disease burdens, the intersection between planetary and human health has become impossible to ignore. Yet, as the Unlocking Capital for Climate x Health report highlights, the financial response remains perilously out of sync with the scale of the problem.

The data is damning: while trillions flow into global climate finance, a mere 0.5 per cent supports health adaptation. The imbalance between mitigation and adaptation reveals a dangerous blind spot–one that leaves communities unprotected against the very impacts already unfolding.

To bridge this divide, Asia needs a reimagined investment framework that places health resilience at the centre of climate strategy. This means mobilising catalytic capital, incentivising private participation, and building blended-finance models that can unlock systemic change. The rise of innovations–from AI-driven disease monitoring to cooling solutions–shows promise, but these require patient capital to reach scale.

Ultimately, Asia’s ability to withstand the climate era depends not just on cutting emissions, but on fortifying human systems. Health must move from the sidelines of climate finance to its beating heart, where lives and livelihoods truly intersect.

REGIONAL

Iterative tops Southeast Asia VC rounds as startups raise US$1.4B:
VC investment in the regional startups hit US$1.4B in over 110 rounds in 2025, according to Tracxn. More than 200 VC firms participated, with Iterative leading 14 rounds, surpassing Antler as the region’s most active investor.

Qapita secures US$26.5M Series B, enters US with Schwab partnership: The Singaporean fintech firm builds digital infrastructure for private markets across Asia and beyond. Its full-stack digital platform and service offerings seek to transform how ownership is managed, reported, and unlocked in private market ecosystems.

SGInnovate backs Vycarb’s US$5M seed round to accelerate water-based carbon capture: Vycarb aims to accelerate commercialisation and expand its deployments globally, positioning its water-based CCS system as a critical enabler of industrial decarbonisation and a meaningful step toward a low-carbon future.

HSBC launches cross-border tokenised deposit service in Singapore: The service enables real-time, 24/7 settlement and was used by Ant for instant SGD and USD payments between corporate wallets at HSBC Singapore. In September, HSBC completed its first USD cross-border digital token transaction for Ant between Hong Kong and Singapore.

Green GSM to deploy 2,000 EVs in Philippines with local partner: It will supply the vehicles to AMRC Renewable Corporation/Xentro Motors, with the first 1,000 units already secured and the remaining to be delivered over two years. Xentro plans to use its nationwide network for pick-up zones, EV charging stations, and parking areas.

REPORTS, FEATURES & INTERVIEWS

Asia’s climate-health crisis deepens amid massive funding gaps: As per an AVPN study, climate-driven disasters resulted in US$253B in damages globally in 2021 alone, largely uninsured in low-income regions, and 470B work hours were lost due to heat-related impacts.

Transparency, accuracy and validation key to building Singapore consumers’ trust in AI agents: According to Salesforce’s latest Connected Financial Services report, 65 per cent of Singapore consumers somewhat trust AI agents in financial services, yet only 12 per cent express full confidence. 60 per cent expect AI to play a more significant role in financial services than in other industries.

Report: AI adoption fuels record growth in Singapore’s digital economy: The Singapore Digital Economy Report 2025 highlights a striking surge in AI adoption across both firms and workers in 2024. Among non-SMEs, AI adoption jumped from 44 per cent in 2023 to 62.5 per cent in 2024.

The illusion of intelligence: Why LLMs are not the thinking machines we hope for: LLMs like GPT-4 are trained on trillions of words and can generate human-like text in response to prompts. Their outputs are fluent, coherent, and at times insightful. But this is not intelligence. It is sophisticated pattern completion.

INTERNATIONAL

AI expert Yao Shunyu leaves Anthropic over anti-China stance: Yao Shunyu’s move comes as Anthropic’s position on China aligns with a broader trend among US AI firms, while DeepMind’s leadership has advocated for US-China collaboration in AI safety.

Bank of England warns of market risk from AI bubble: Its financial policy committee said equity market valuations, especially for AI-focused firms, appear stretched and could be exposed if optimism around AI dims. OpenAI’s value jumped from US$157B last October to US$500B, while Anthropic soared from US$60B in March to US$170B last month.

Musk’s xAI team reportedly worked on adult content for Grok: Grok drew criticism after launching avatars that users flagged for generating sexually explicit, not safe for work content. The company is said to have recruited workers willing to review semi-pornographic scripts and those with experience in adult content.

India’s NPCI tests ChatGPT payments with Razorpay: The new service, still in testing, lets users make purchases on ChatGPT using Unified Payments Interface (UPI), India’s digital payments network. The pilot will assess if UPI can be used to let AI agents handle payments for users while maintaining security and user control.

Citi backs stablecoin firm as US banks expand into digital assets: BVNK provides payment tech that enables businesses to transact using stablecoins. The move comes as US regulation for digital assets becomes more defined, with the recent passage of the GENIUS Act aimed at regulating stablecoins.

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ECHELON

From bean to breakthrough: Chocolate Finance’s recipe for resilience: Today, Chocolate Finance reports a steady return of customers, drawn by consistent yields and a reputation for reliability. Walter Oude, founder and CEO of Chocolate Finance, shared the company’s journey of resilience in the face of early challenges.

SEMICONDUCTOR

Chinese subsidiaries of US chip firm face sanctions over Iran ties: The US government has sanctioned over two dozen companies in China, Turkey, and the United Arab Emirates, including subsidiaries of US chip distributor Arrow Electronics, for allegedly supplying technology to Iran’s military or its proxies.

US approves some Nvidia chip exports to UAE: The approval follows an Emirati commitment to invest a matching amount in the US, with plans to invest US$1.4T over the next ten years. The initial batch of licenses does not cover G42, an AI firm from the UAE working with OpenAI, though a fifth of future shipments may go to them.

Chinese chip designer VeriSilicon’s Q3 revenue up 120 per cent on AI demand: The company said orders related to AI computing made up 65 per cent of new orders in Q3, with new order volume up 146 per cent year-on-year to nearly US$220M. VeriSilicon offers custom chip design and semiconductor IP licensing services.

AI

AI for everyone: 25 tools to automate, create, and innovate: Lovable simplifies app and website building. It’s like telling a robot what you want, and it builds the website for you. On the other hand, Napkin.ai simplifies idea mapping. You type an idea, and it draws the flowchart for you.

‘AI sees deep into your business, not just the surface’: NetSuite’s Evan Goldberg: “Transactions are the ‘atomic unit of business’,” he said, giving AI a clean, consistent starting point. “AI doesn’t just guess; it starts from the source because your data is unified. AI understands your full context… it sees deep into your business, not just the surface,”

How voice AI is revolutionising the fintech scene
Conversational technology offers the possibility of interactions that are more valuable, simple, intuitive and personalised for the customer, thanks to the data collection and analysis required for conversations.

Operational AI: The silent, yet, strategic revolution shaping modern business: Renowned for its capability to craft content, spanning images, text, and even music, akin to human-generated creations, Generative AI is exemplified by technologies such as OpenAI’s GPT-3, adept at generating human-like text, and DALL-E.

AI won’t replace influence — it will amplify it: The world of influence has changed more in the last two years than in the last two decades. Speakers, creators, and founders are no longer just voices; we’re systems. And those systems now run on AI.

THOUGHT LEADERSHIP

The real story behind AI project implementation: Why it’s not (just) about technology: There’s a cruel irony in many AI initiatives: the executives demanding “AI transformation NOW!” are often the furthest from the daily operational inefficiencies that AI could actually provide the best value.

Low-altitude economy hubs in the Indian Ocean: Nairobi, Madagascar, and Sri Lanka: In Nairobi, investors should focus on expansion county corridors, integrated e-commerce and health supply chains, and regulatory sandboxes for new payload types. Madagascar, on the other hand, focuses on heavy-lift airship cargo.

Scaling business growth and efficiency with embedded payments: Instead of managing the relationship and integration with the payments providers themselves, SMEs are now ready to use embedded payment services by their platforms – integrating payments into their full business process.

How travel apps are stirring up wanderlust among youngsters in Asia: It can be said that allowing young people to freely decide whether to travel freely or travel alone is a big contribution from convenient travel apps. Travel apps solve everything you need when travelling, and that’s why it’s more and more popular among young people.

Bridging the financial inclusion gap in Asia: The role of fintech: If fintechs are going to develop solutions that will help to narrow the bankable gap, they need to understand and meet the unique needs of Asian consumers and the commercial landscape more broadly. It also requires fintechs to be alive to the mega trends facing the region.

The future of payments is frictionless, orchestrated and agentic: A frictionless experience is one where the checkout anticipates user needs, where biometrics replace forgotten passwords, where currencies and taxes are handled seamlessly in the background, and where compliance doesn’t interrupt the flow but is embedded naturally into the journey.

Southeast Asia’s fintech can help set the standard for gender inclusion: The region makes for a promising case in female inclusion because its fintech ecosystem is still young. Unlike the more mature markets, there is still room to shape the rules of the game, set new norms.

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The past week has seen a noticeable retreat in global risk appetite, with traders and institutional investors adopting a more cautious stance ahead of the third-quarter earnings season. This consolidation phase reflects a natural pause following a strong rally in equities, with market participants reassessing valuations and positioning themselves for potential volatility once corporate earnings reports begin to roll in.

US equities closed lower on Thursday, with the Dow Jones Industrial Average shedding 0.5 per cent, the S&P 500 down 0.3 per cent, and the Nasdaq Composite slipping 0.1 per cent. These modest declines underscore a broader theme of profit-taking rather than panic selling, suggesting that the market remains fundamentally sound but increasingly selective.

Adding to the uncertainty, key US economic data releases have been disrupted by the ongoing government shutdown. Weekly jobless claims and wholesale trade figures, initially scheduled for Thursday, remain delayed, depriving analysts of timely insights into labour market resilience and inventory trends. Market attention now shifts to Friday’s release of the University of Michigan’s preliminary consumer sentiment index for October.

Given that consumer confidence often serves as a leading indicator of spending behaviour and economic momentum, this report could significantly influence near-term market direction, especially if it reveals a sharp deterioration in household outlooks amid persistent inflation concerns or rising borrowing costs.

Meanwhile, the bond market continues to reflect a nuanced outlook on monetary policy. US Treasury yields edged higher, with the benchmark 10-year yield climbing 2.1 basis points to 4.138 per cent and the two-year yield rising 1.2 basis points to 3.593 per cent. The modest uptick in yields suggests that investors are recalibrating expectations for future Federal Reserve rate cuts, possibly in response to resilient economic data or hawkish commentary from central bank officials. This dynamic places additional pressure on equities, particularly growth-oriented sectors that are sensitive to higher discount rates.

Currency and commodity markets also mirrored the prevailing risk-off mood. The US Dollar Index strengthened by 0.6 per cent to reach 99.54, benefiting from its traditional safe-haven status during periods of market caution. Conversely, gold retreated 1.6 per cent to US$3976 per ounce after briefly touching a record high.

The pullback in the precious metal appears driven by profit-taking rather than a fundamental shift in its appeal as a hedge against uncertainty. Similarly, Brent crude oil settled 1.6 per cent lower at US$65.22 per barrel, pressured by easing geopolitical tensions in the Middle East and the broader retreat from risk assets.

Also Read: Global risk-off sentiment emerges as political instability meets cryptocurrency correction

In Asia, equity markets displayed a mixed performance. The Chinese CSI 300 index surged 1.48 per cent on Thursday, its first trading day following the week-long National Day holiday. The rally was led by sectors tied to artificial intelligence and gold, reflecting both domestic policy optimism and global commodity trends.

However, early trading sessions on Friday showed more subdued activity, indicating that the initial post-holiday euphoria may be giving way to more cautious positioning. Notably, US equity index futures point to a higher open on Wall Street, suggesting that the recent dip may have created attractive entry points for bargain hunters.

Amid this backdrop, Bitcoin has emerged as a focal point of intense speculation and technical scrutiny. The cryptocurrency is currently trading above US$121,000, yet it faces mounting bearish pressure that could trigger a test of critical support levels. On Thursday, Bitcoin briefly dipped below the psychologically important US$120,000 mark, reaching an intraday low of US$119,810 before recovering slightly. This move, which represented a nearly three per cent decline in a single session, highlights the asset’s vulnerability despite its lofty valuation. Technical indicators reinforce this cautionary tone.

The hourly chart reveals a developing bearish trend line, with resistance forming around US$122,750. Bitcoin now trades below both the US$121,500 level and its 100-hour Simple Moving Average, signalling weakening short-term momentum. Immediate resistance sits at US$121,750, while the hourly MACD shows increasing strength in negative territory and the RSI has fallen below the pivotal 50 level, both classic signs of bearish dominance.

The derivatives market further underscores this fragile sentiment. Total derivatives volume plummeted by 15.24 per cent to US$478.15 trillion, while open interest in perpetual contracts declined by 1.29 per cent. This contraction coincided with Bitcoin’s drop below US$124,000 and triggered approximately US$700 million in liquidations.

The high leverage embedded in the system, evidenced by open interest standing at US$1.12 trillion, amplified the downside as leveraged positions were forcibly unwound. Traders appear to be reducing exposure in response to stretched technical conditions, with the 14-day RSI hovering near 69.88, just shy of overbought territory. Moreover, the spot-to-perpetuals trading ratio of 0.22 indicates that derivatives activity continues to dominate the market, rendering it especially susceptible to sharp swings and cascading liquidations.

Also Read: From Tokyo to crypto: How political shifts and policy bets are reshaping global markets

Compounding Bitcoin’s challenges, the altcoin ecosystem is experiencing its own wave of selling pressure. New token launches such as ASTER and MIRA have faced immediate post-listing declines, driven by large-scale airdrops and token unlocks. ASTER’s Phase 2 airdrop released four per cent of its total supply, prompting whales to offload 28.3 million tokens and driving the price down by 10 per cent.

Similarly, MIRA’s circulating supply surged by 191 million tokens following its Binance listing, overwhelming market demand. These events highlight a recurring pattern in the crypto space: token unlocks often lead to immediate sell-offs, particularly when projects lack robust utility or sustainable demand drivers. The Altcoin Season Index has consequently fallen by 11.76 per cent, signalling a clear rotation of capital back into Bitcoin as investors seek relative safety within the digital asset class.

Regulatory uncertainty adds another layer of complexity. In the United States, Senate negotiations on comprehensive crypto market-structure legislation have stalled, with Democratic proposals on decentralised finance (DeFi) oversight meeting resistance from Republican lawmakers. This legislative gridlock prolongs the regulatory limbo that has long plagued the industry, creating headwinds for institutional adoption and altcoin valuations.

However, there remains a counterbalancing bullish narrative. Former President Donald Trump’s recent overtures toward establishing a US strategic Bitcoin reserve have reignited speculation about potential pro-crypto policies should he return to office. While purely aspirational at this stage, such rhetoric provides a psychological floor for long-term Bitcoin bulls who view regulatory clarity, even if delayed, as inevitable.

In sum, the current market environment reflects a delicate equilibrium between optimism and caution. Equities are consolidating after a strong run, bonds are pricing in a more hawkish Fed, and commodities are reacting to shifting risk sentiment. Bitcoin, despite its record-breaking price, shows clear signs of technical fatigue and structural vulnerability.

Yet, beneath the short-term turbulence lies a persistent belief in its long-term potential, particularly if it can overcome key resistance levels and navigate the evolving regulatory landscape. For now, investors remain in a holding pattern, awaiting the next catalyst, whether from corporate earnings, economic data, or policy developments, to determine the next major market move.

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Singaporean companies are increasingly looking abroad to scale their workforce as local talent shortages persist. According to Remote’s Global Workforce Report 2025, 76 per cent of HR leaders in Singapore expect that over half of their new hires in 2026 will be based overseas, a sharp shift that signals global hiring has moved from opportunistic to strategic.

The report, released on October 9 by global HR tech firm Remote, is based on insights from more than 3,600 business leaders across 10 countries. The findings spotlight how Singapore-based companies, particularly mid-sized ones, rapidly adopt cross-border hiring to tap into new markets and talent pools.

The trend is not just speculative. In the past six months, nearly half (49 per cent) of new hires by Singapore companies were in international roles. That momentum is expected to continue, with projections that 40 per cent of new positions will be filled abroad over the next six months.

Singapore companies now employ talent in an average of three or more countries, and this number is poised to grow by 2026. With homegrown talent pipelines unable to meet demand, international expansion is no longer just about market access but about survival.

While the benefits of a global workforce are clear, managing one is proving increasingly difficult for lean HR teams. In Singapore, most HR departments have five or fewer staff, yet their responsibilities span continents and regulatory environments.

Also Read: Are you a human resource?

Key challenges flagged by respondents include managing multiple HR systems (24 per cent), misclassification risks (24 per cent), and ensuring a consistent employee experience (26 per cent). Perhaps most pressing: 66 per cent of Singapore firms report facing compliance issues when hiring abroad, with each incident costing upwards of US$36,200 on average. Additionally, 29 per cent said they’ve been unable to enter a new market due to onboarding challenges.

To cope with rising complexity, HR leaders are turning to technology. Over half (51 per cent) of Singapore HR leaders are actively seeking an all-in-one solution to manage global payroll, compliance, and reporting. The shift toward integrated platforms and AI-driven systems marks a turning point in managing global workforces.

“The first wave of technology in HR made it possible to hire globally. The next wave is transforming how those teams are managed,” said Job van der Voort, CEO and co-founder of Remote. “AI is becoming the operating system for companies’ global workforce.”

Singapore’s pivot toward international hiring is aligned with a broader trend across the Asia Pacific region. South Korea, like Singapore, shows strong momentum among mid-sized firms, while Australia lags in global hiring appetite. This divergence suggests differing levels of readiness and regulatory complexity within the region.

With Singapore positioning itself as a global business hub, its companies are leading by example in demonstrating how nimble hiring strategies and the right technology stack can enable efficient cross-border growth.

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Image Credit: Annie Spratt on Unsplash

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Asia stands at the fault line of two escalating crises: climate change and persistent health inequities. The impacts, ranging from air pollution and heat stress to vector-borne diseases, are already defining the lives of billions, reveals a new report titled ‘Unlocking Capital For Climate x Health: The Investment Landscape in Asia’ prepared by social investor network AVPN and Prudence Foundation, in partnership with Catalyst Management Services (CMS).

Data confirms the severity of this convergence: the World Meteorological Organisation reported that Asia experienced the highest number of climate-related disasters in 2023, with storms and floods driving significant casualties and economic losses.

Also Read: Climate tech’s shift from doing good to doing well

In 2021 alone, climate-driven disasters resulted in US$253 billion in damages globally, largely uninsured in low-income regions, and 470 billion work hours were lost due to heat-related impacts. Climate disruption is now considered Asia’s most urgent public health crisis.

Despite this alarming confluence of risk, capital flows remain critically misaligned. The region requires an estimated US$1.1 trillion annually for climate adaptation and mitigation efforts. However, only around 30 per cent of this figure is currently mobilised.

Crucially, only 5 per cent of the global climate finance, which totals US$1.46 trillion, reached adaptation efforts, and only an even smaller fraction was directed towards health.

Health adaptation specifically attracts a meagre 0.5 per cent of global climate finance and just 2 per cent of adaptation funding. This significant mismatch means that frontline solutions required to redesign systems to withstand climate shocks are starved of necessary capital.

The adaptation investment lag

The focus of climate finance has historically leaned heavily towards mitigation, meaning cutting emissions, rather than adaptation, which involves strengthening resilience to endure future risks. While institutional investors in Asia Pacific show significant appetite, with 74 per cent citing climate transition as a strategic priority, fewer than 40 per cent feel confident in their progress.

This gap underscores the structural barriers preventing private capital, especially venture capital (VC) and impact funds, from flowing at the required scale into climate x health solutions.

The adaptation finance landscape in Asia is primarily dominated by public sector entities, with development finance institutions (DFIs) contributing approximately 68 per cent of tracked public climate flows in the region.

Even though the Green Climate Fund (GCF) directed US$976 million to Asia-Pacific between 2019 and 2020 for water, sanitation, and hygiene (WASH) projects, these efforts are insufficient to drive the systemic transformation needed at the climate x health nexus. In fact, between 2018 and 2019, merely 8 per cent of Asia’s climate finance was allocated to adaptation, with an even smaller share targeting health.

Building a cohesive financing architecture

To address this challenge, investors and ecosystem builders are being called upon to shift the narrative around climate x health from a mere co-benefit to a core investment strategy. The convergence of health equity, planetary boundaries, and the just transition provides a compelling frame for Environmental, Social, and Governance (ESG)-aligned capital.

Also Read: Asia’s role in climate change: Risks, rewards, and the road to net-zero

There is early momentum visible in innovations like AI-driven disease surveillance, cooling technologies, and clean air technologies. To truly unlock the necessary private capital, the challenge lies in structuring capital stacks, navigating complex public procurement systems, and proving product-market fit in environments where traditional VC logic often falls short. The overall goal is a long-term reallocation of capital towards adaptation and resilience solutions that can recover from and thrive in the face of climate stressors.

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The SAFE STEPS D-Tech (Disaster Tech) initiative is a regional programme by Prudence Foundation that supports the development and deployment of innovative technology solutions to improve disaster preparedness, response, and resilience. Through the annual SAFE STEPS D-Tech Awards and Community Hub, the initiative brings together startups, NGOs, governments, investors, and humanitarian actors to co-create impactful solutions that save lives before, during, and after disaster events. By catalysing partnerships and enabling scale, D-Tech serves as a platform to turn promising ideas into real-world systems that strengthen communities across Asia and beyond.

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The convergence of Federal Reserve policy expectations, cryptocurrency market maturation, and ongoing geopolitical challenges has created a multi-layered investment environment where traditional risk metrics are being redefined.

Federal Reserve policy evolution and market response

The Federal Reserve’s September meeting minutes have revealed a central bank caught between competing economic pressures, with officials displaying marked division over the appropriate course of monetary policy. The decision to implement a quarter-point rate cut, bringing the federal funds rate to a range of four per cent to 4.25 per cent, represents just the beginning of what appears to be a carefully orchestrated policy recalibration. Most committee members expressed support for additional rate reductions throughout the remainder of 2025, though this consensus masks deeper disagreements about the pace and extent of such cuts.

The appointment of Stephen Miran as the newest Fed governor has introduced a particularly dovish voice to the committee, with his advocacy for more aggressive half-point reductions reflecting broader concerns about economic momentum. This internal debate is occurring against the backdrop of a labor market showing signs of deceleration, with initial jobless claims rising moderately to 224,269 in late September. The economic data blackout caused by the ongoing government shutdown has created additional uncertainty, potentially forcing Fed officials to make decisions with incomplete information.

The market’s interpretation of Fed policy has been notably positive for risk assets, with the expectation of continued monetary easing providing support for both equities and alternative investments. Treasury yields have remained relatively stable despite rate cut expectations, with the 10-year yield hovering around 4.12 per cent and the two-year yield at 3.58 per cent. This yield curve positioning suggests that markets are pricing in a measured approach to monetary easing rather than emergency-style cuts.

Cryptocurrency market institutional integration

The cryptocurrency market’s performance through early October 2025 represents a fundamental shift toward institutional legitimisation, with Bitcoin ETF inflows reaching unprecedented levels and establishing new benchmarks for institutional participation. The seven-day inflow streak totalling over US$5 billion into US spot Bitcoin ETFs demonstrates a level of institutional commitment that extends well beyond speculative positioning. BlackRock’s iShares Bitcoin Trust alone captured US$969.9 million on a single day in October, reflecting the scale of institutional capital allocation.

The cryptocurrency market capitalisation of US$4.26 trillion, with Bitcoin trading near US$122,000-US$124,000 after touching highs above US$126,000, represents a maturation of the asset class that goes beyond retail speculation. The 24-hour crypto-Nasdaq correlation of +0.71 indicates that Bitcoin is increasingly behaving like other risk assets, responding to macroeconomic conditions and monetary policy expectations rather than operating in isolation[provided data].

Also Read: Global risk-off sentiment emerges as political instability meets cryptocurrency correction

The Binance ecosystem rally, with BNB surging 27.97 per cent weekly to claim the third-largest cryptocurrency position by market capitalisation, illustrates the diverse nature of crypto market growth. BNB Chain’s transaction volumes have quadrupled since mid-2025, with PancakeSwap processing nearly US$80 billion in September volume, highlighting the infrastructure development supporting this growth. The total value locked across BNB Chain DeFi protocols reaching US$9 billion demonstrates real economic activity rather than purely speculative trading.

Currency market disruption and safe haven dynamics

The Japanese yen’s dramatic weakness, with USD/JPY reaching 152.68 and extending gains for five consecutive sessions, reflects fundamental shifts in both monetary policy expectations and fiscal policy direction. The surprise victory of Sanae Takaichi in the Liberal Democratic Party leadership election has introduced significant uncertainty about Japan’s economic policy trajectory, with markets interpreting her pro-stimulus stance as potentially inflationary and yen-negative.

The yen’s decline is particularly significant given its traditional role as a safe-haven currency, with the weakening suggesting that investors are reassessing traditional safe-haven relationships in light of fiscal expansion concerns. The possibility of increased government spending under Takaichi’s leadership, combined with the Bank of Japan’s reluctance to tighten monetary policy aggressively, creates a perfect storm for yen weakness.

Gold’s surge past US$4,000 per ounce for the first time, reaching US$4,044.09 with gains of 1.52 per cent, represents a recalibration of safe-haven demand away from traditional currencies toward hard assets. The precious metal’s 54 per cent year-to-date gain, following a 27 per cent increase in 2024, reflects not just geopolitical uncertainty but also concerns about fiat currency stability and central bank policy effectiveness. Silver’s concurrent rally to record highs above US$49 per ounce demonstrates that demand for precious metals extends across the complex.

Energy markets and geopolitical risk assessment

The energy sector’s performance reflects the complex interplay between geopolitical tensions, supply chain disruptions, and the effectiveness of sanctions. Brent crude’s movement to US$66.25 per barrel, with gains of 1.2 per cent, occurs against a backdrop of intensifying Ukrainian strikes on Russian oil infrastructure and ongoing uncertainty about sanctions implementation. The targeting of Russian refineries has reduced processing capacity by approximately 10 per cent, creating supply chain disruptions that extend beyond crude oil to refined products.

Also Read: Diverging signals: Dow rises, gold breaks records, and crypto faces derivatives squeeze

The effectiveness of Western sanctions on Russian energy exports continues to evolve, with Russia managing to redirect substantial volumes to non-sanctioned buyers while accepting deeper price discounts. Russian seaborne crude exports to Price Cap Coalition countries have dropped by 91 per cent, but exports to non-coalition countries have increased by 67 per cent, demonstrating the limited global impact of unilateral sanctions. The maintenance of Russian crude shipments near 16-month highs, despite ongoing military conflict and infrastructure attacks, illustrates the resilience of global energy supply chains.

Market correlation dynamics and risk assessment

The evolving correlation patterns between asset classes reveal fundamental changes in how markets assess and price risk. The negative correlation between Bitcoin and the Nasdaq of -4.3 per cent as of July 2025, followed by the recent positive correlation of +0.71, demonstrates the dynamic nature of crypto-traditional asset relationships[provided data]. This correlation volatility suggests that Bitcoin is transitioning between different market roles – sometimes behaving as a risk asset correlated with technology stocks, other times functioning as an alternative store of value.

The relationship between gold and other safe-haven assets is also evolving, with gold’s outperformance occurring simultaneously with dollar strength rather than weakness. This decoupling suggests that investors are seeking alternatives to all fiat currencies rather than simply rotating between traditional safe havens. The gold-silver ratio dynamics, with silver outperforming gold on a percentage basis, indicate broad-based precious metals demand rather than flight-to-quality concentrated in gold alone.

Institutional flow dynamics and market structure

The scale of institutional flows into both cryptocurrency and precious metals markets represents a structural shift in portfolio allocation that extends beyond cyclical positioning. Global crypto ETF inflows of US$5.95 billion in a single week, led by US$5 billion in US inflows, demonstrate the magnitude of institutional reallocation. The diversification across Bitcoin (US$3.55 billion), Ethereum (US$1.48 billion), Solana (US$706 million), and XRP (US$219 million) indicates a sophisticated institutional approach rather than concentrated Bitcoin positioning.

The precious metals market is experiencing similar institutional attention, with global gold ETF inflows reaching US$64 billion year-to-date and a record US$17.3 billion in September alone. This institutional participation is occurring alongside central bank purchases, with China and other nations reducing Treasury holdings in favour of gold reserves. The combination of institutional and sovereign demand creates a support level for precious metals that extends beyond traditional economic cycles.

Also Read: AI dreams, crypto magic and shutdown realities: The contradictions fuelling today’s market rally

Technology sector integration and network effects

The growth in blockchain network activity, particularly on BNB Chain, illustrates the maturation of cryptocurrency infrastructure beyond speculative trading. The quadrupling of BNB Chain transactions since mid-2025, combined with the success of decentralised applications and the growth of the DeFi ecosystem, demonstrates real economic utility. The launch of new token launch platforms and the integration of Layer-2 solutions indicate ongoing infrastructure development that supports long-term adoption.

The correlation between network activity and token performance, evident in BNB’s rise to third-largest cryptocurrency status, suggests that utility-driven value creation is becoming increasingly important relative to speculation. The US$154 billion market capitalisation achieved by BNB reflects not just trading demand but the economic value generated by the underlying blockchain infrastructure.

The implications of this market environment extend well beyond short-term trading opportunities. The convergence of institutional cryptocurrency adoption, precious metals accumulation, and currency market disruption suggests a fundamental reassessment of monetary systems and store of value concepts. The Federal Reserve’s policy uncertainty, combined with fiscal policy concerns globally, is driving institutional portfolio diversification that may prove persistent rather than cyclical.

Looking ahead, the sustainability of these trends depends heavily on the resolution of several key uncertainties. The path of Federal Reserve policy, the effectiveness of international sanctions regimes, the stability of currency relationships, and the continued development of alternative financial infrastructure will all play crucial roles in determining whether current market dynamics represent temporary dislocations or permanent structural changes. The upcoming CPI data release, when government operations resume, will provide critical information about the sustainability of current monetary policy expectations and their impact on cross-asset correlations.

The market environment reflects a world where traditional relationships between risk, return, and correlation are being redefined by technological innovation, policy uncertainty, and evolving geopolitical realities. Institutional investors are adapting by diversifying across asset classes that were previously considered uncorrelated or speculative, while maintaining exposure to traditional markets through ETF structures that provide regulatory compliance and operational efficiency.

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

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Image courtesy: DALL-E

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e27 has been nurturing a supportive ecosystem for entrepreneurs since its inception. Our Contributor Programme offers a platform for sharing unique insights. As part of our ‘Contributor Spotlight’ series, we shine a spotlight on an outstanding contributor and dive into the vastness of their knowledge and expertise.

In this episode, we feature James Spurway, the Co-Founder and CIO of Eco Solutions Capital, Inc. (Massachusetts) and leads Business Development at Indochina Consulting Pte Ltd, the second generation of a company he founded in 1993. He also serves on the Advisory Board of over a dozen global startups and scale-ups.

Originally from Australia, James has spent 35 years abroad, including 15 years in Singapore. He has started 10 businesses, sold seven, and invested in 75 startups since becoming a full-time angel investor in 2001. Over the years, he has reviewed more than 10,000 pitch decks, met 5,000 founders, and achieved two unicorn exits with an average 5X ROI. His focus today is on deeptech and hardtech solutions tied to SDGs 7, 12, and 13, usually coming in as the first cheque. He also mentors founders through programs such as 500 Global, MassChallenge, Creatella Impact, and Silicon Beach.

Beyond investing, James enjoys long walks of 10-20 km, volunteers monthly at local food banks, and has a soft spot for stray animals. He co-authored a book on raising debt and equity in Singapore, has published poetry, and is currently writing a memoir titled Bloodied but Unbowed, and Never Beaten – An Unconventional Life of Someone Not Destined to Succeed – Who Did It Anyway.

In the sections below, he reflects on his journey, the lessons he’s learned, and what keeps him going.

How I got here

I collapsed and flatlined four times in six hours. After that, I walked away from a successful run in transactional businesses and chose to become a full-time angel investor and mentor. I needed to feel I was giving back, creating something tangible, and helping to solve real problems for many people.

Also Read: My heart gave out, but my purpose came alive

If I had to explain my work to a kid

I find people who have invented something that solves big problems, and I support them with some money and spend time helping them do the best job they can.

Lessons learned along the way

I used to live by the rule that “it’s better to beg forgiveness than seek approval”. That kind of gels with the “move fast and break things” dogma as espoused by Mark Zuckerberg, except I was living by my CODEX before Silicon Valley was a “thing” and 20 years before Zuc was born. I still follow this.

I realised, however, that I should not suggest to everyone I meet to follow the same mantra. If a person hasn’t developed their sense of “self” and hasn’t had enough failures to know if the decision they’re about to make might kill the company, they may need to consult first.

What more people should notice

Unless governments, industry, academia, and trained entrepreneurs come together to build a platform that channels more capital into solving global warming, expanding renewable energy, and developing technologies that turn 100 per cent of waste into valuable, sustainable products, then AI and every other breakthrough will mean very little. Without this, the quality of life on our planet as we know it will not exist.

Why I write

I’ve been creating content for as long as I can remember. Having spent much of my life in Southeast Asia, I’ve seen how daily life here differs from the US, Australia, or Europe. That perspective, along with the knowledge I’ve gathered along the way, felt like something worth sharing.

I don’t plan much. I get inspired and start. Sometimes an idea just pops into my head, or while I’m working on a problem, I recall another experience and realise it could offer a new way of solving something. When that happens, I want to tell others about it.

Also Read: AI in Southeast Asia: The silent force powering today and the engine for tomorrow’s growth

My advice for aspiring thought leaders

I believe readers want to connect with authors as much as with their content. That’s why I try to include personal stories and examples of how a topic affected me, or how a takeaway from one situation helped me later in my career. I also tell founders preparing a pitch deck to picture their audience as a 10- to 12-year-old: keep the concepts simple and jargon-free, and link ideas in a natural way that feels understandable, relatable, and believable.

What drives my curiosity

I know that I need to nourish the other aspects of my soul. I have always written poetry and still do, and now I am revisiting music. I have long been curious about the human mind, how we tick, and I am always working on myself. People often tell me one of my “superhero” skills is the ability to connect with someone in seconds and make them feel seen and respected. At the same time, I know I am flawed in many ways, and I make it a practice to work on myself every day.

Influences that shaped me

• Richard Branson taught me, both figuratively and literally, how to carry myself in a genuine and caring way while building something as large as a multi-billion-dollar empire.
• John Doerr through Measure What Matters and Speed & Scale, showed me the value of the old-school VC approach that worked, as well as the substance of those two books. Measure What Matters is essential reading for every founder, reminding them to focus on controlling outcomes rather than letting outcomes control them. Speed & Scale gave us a roadmap for closing the Climate Finance gap and moving toward a Net Zero world.
• My wife, Sylvia Spurway, taught me that I need to nourish, exercise, and tune my mind the way a violinist tunes strings, if I want to play the lead role in the biggest symphony on the world stage.

Take a look at Spurway’s articles here for more insights and perspectives on his expertise.

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Singapore-based equity management platform Qapita has secured US$26.5 million in a Series B funding round led by US investment giant Charles Schwab Corporation. Existing backers Citi and MassMutual Ventures also returned for this round.

The partnership includes the development of “Schwab Private Issuer Equity Services powered by Qapita,” a platform aimed at helping US-based private companies manage their cap tables and stock plans efficiently. Apart from supporting Qapita’s US expansion, the capital will also launch of a fund administration product targeting multiple markets.

“To enter into the US with both a significant Series B investment from Charles Schwab and a strategic product collaboration brings together the best private market solution and one of the leading public platforms,” said Ravi Ravulaparthi, Qapita’s co-founder and CEO, in a press statement. “We think we can add immense value to the US start-up ecosystem.”

Also Read: Redefining risk: Monetary policy, crypto maturation, and the new safe havens

Lakshman Gupta, co-founder and COO, added: “From the beginning of our journey to expand into the US, to now closing this fundraise—the momentum is undeniable. With our focus on product innovation, we’re raising the bar for how ownership is managed across private market ecosystems.”

Operating in India, Southeast Asia, and now targeting the US, Qapita is positioning itself as a critical layer of infrastructure in the innovation economy, as these three markets are some of the world’s largest startup ecosystems.

Qapita’s offering extends beyond cap table management. Its platform also facilitates secondary transactions and liquidity programs, helping startups and their stakeholders unlock value. The upcoming fund administration solution will cater to fund managers and family offices, offering tools to streamline portfolio and investor reporting—a pain point across private markets.

This multi-layered approach allows Qapita to serve startups, employees, and investors, embedding itself deeply into the lifecycle of venture-backed companies.

Qapita’s focus aligns with a growing global trend: the professionalisation of private market infrastructure. As startups stay private longer, the complexity of managing cap tables, liquidity events, and investor reporting has created a surge in demand for digital equity management solutions.

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Image Credit: Qapita

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Artificial Intelligence (AI) is no longer a distant idea. It is here, and it is changing how businesses operate every day. Startups and enterprises use AI to automate tasks, analyse data, and accelerate growth. For small teams, AI offers a way to achieve more with fewer resources. It has shifted from being an optional tool to becoming an essential one.

But while AI boosts efficiency, it is also reshaping the threat landscape. The same technology that helps businesses scale is being weaponised by cybercriminals to launch faster, more convincing attacks.

The rise of AI-powered attacks 

Cyberattacks used to be easy to spot. Phishing emails were filled with poor grammar and obvious mistakes. Today, AI has erased those red flags. Attackers now generate professional, personalised messages that mimic trusted communication almost perfectly.

The risks extend far beyond emails. Deepfake technology can clone executives’ voices or faces to trick employees into approving transactions or sharing sensitive information. AI-driven systems can also scan digital infrastructure for weaknesses at a speed no human could match.

Early-stage companies often underestimate how quickly even small vulnerabilities can be exploited. Startups often assume cybersecurity can wait until after growth and customer traction, but AI-powered attacks do not wait. Smaller businesses are prime targets precisely because attackers know they often lack strong defences. A single breach can destroy customer trust, cause financial loss, or even force a business to shut down. For early-stage companies, the consequences can be irreversible.

The lesson is clear: no business is too small to be targeted. Cybersecurity must be built in from the beginning, not treated as an afterthought.

Also Read: How AI detection transforms trading psychology: A 63% improvement study

Why AI alone is not enough 

It is true that AI is also transforming defence. Security tools powered by machine learning can monitor networks, detect anomalies, and flag potential vulnerabilities. These capabilities provide speed and scale that humans alone cannot achieve.

But AI has limits. It can identify patterns, but it cannot fully understand business context or weigh the consequences of a breach. Nor can it anticipate the creativity and unpredictability of human attackers. 

Cybersecurity requires more than detection. It requires judgment, prioritisation, and foresight. These areas where human expertise remains irreplaceable.

The human touch in cybersecurity

The strongest defence comes from the combination of AI and human intelligence. AI delivers rapid monitoring and analysis. Humans bring creativity, intuition, and strategic thinking. Together, they form a defence that is adaptive and resilient.

Cybersecurity professionals can assess which vulnerabilities matter most and craft responses that align with business goals. Machines cannot replicate this judgment. The future of cybersecurity is not about AI replacing people, but about people and AI working in partnership.

For organisations, a few lessons stand out:

• Treat AI as a tool, not a replacement. Use it to strengthen security, but rely on human expertise for strategy and decisions.
• Invest in security early. Prevention is always less costly than recovery, especially for startups.
• Balance growth with resilience. Scaling products and acquiring customers are important, but protecting trust is what ensures long-term success.

Looking ahead 

AI is an engine of productivity and innovation, but it also fuels a new generation of cyberattacks. The organisations that succeed will be those that harness AI for growth while preparing for the sophisticated threats it enables.

The most resilient organisations are those that integrate security into their foundation, not as an afterthought. Cybersecurity is not just about tools. It is about people making sense of technology, applying judgment, and staying one step ahead.

In a world where AI can be both a growth accelerator and a weapon, human expertise remains the strongest safeguard.

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

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Image courtesy of the author.

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At e27, we’ve always believed that every step forward — no matter how big or small — deserves to be celebrated. From early-stage startups launching new products to accelerators driving innovation across borders, these milestones represent the collective progress of Southeast Asia’s tech and innovation ecosystem.

Through our Milestones Spotlight series, we highlight the achievements of founders, SMEs, and investors who continue to push boundaries, spark collaboration, and inspire others to build boldly.

Want to shine a spotlight on your own company’s progress? It’s simple:

• Create your company profile: https://e27.co/startupprofile/
• Post your milestone: https://e27.co/milestone/post/

Also Read: Big Wins and Bold Moves: 10 SEA Companies Sharing Their Latest Milestones

Sharing your milestone on e27 is an easy way to get noticed by founders, potential investors, and the wider community — and maybe even get featured in our next roundup, just like the companies below.

Good Bards shortlisted for GenAI Fund Open Innovation Malaysia

Good Bards proudly announced its selection as a shortlisted participant in the GenAI Fund Open Innovation Malaysia, held in collaboration with Amazon Web Services (AWS). The program connects innovators with enterprises exploring generative AI solutions, and Good Bards’ participation underscores its growing role in building creative, AI-driven content tools across industries. Through 1:1 sessions with leading enterprises, the company is gaining valuable insights and partnerships to refine its solutions for real-world adoption.

LenderLink secures investment from Amand Ventures

LenderLink has raised an undisclosed investment from Amand Ventures, a Singapore-based venture capital firm focused on early-stage startups in Asia. This strategic funding will accelerate LenderLink’s efforts to innovate within the lending ecosystem, strengthen its data infrastructure, and onboard more financial institutions across the region. The company’s mission — to make lending smarter, faster, and more inclusive — gains fresh momentum as it scales operations and product development.

Nahkoda expands regulatory data coverage across Malaysia

Through its platform Otonoco AI, Nahkoda has expanded its regulatory data coverage to include the Securities Commission Malaysia, Bank Negara Malaysia, and Labuan FSA. With over 1,300 regulatory documents processed, Nahkoda is redefining how compliance intelligence is accessed and analysed. The company plans to extend coverage to MAS (Singapore), OJK (Indonesia), and BURSA, marking a major step toward building a pan-regional compliance AI engine that serves financial institutions across Southeast Asia.

Safe Space partners with BenefitHub to scale mental health access

Safe Space, a leading digital mental health platform, has announced a partnership with BenefitHub to expand mental health support for employees in the Singapore and Philippines markets. The collaboration will make it easier for companies to offer confidential therapy and wellness sessions as part of their employee benefit programs. By integrating into BenefitHub’s platform, Safe Space is extending its reach to thousands of employees, advancing its mission of normalising mental healthcare at work.

Billease launches “Deals” for exclusive in-app offers

Billease, one of the Philippines’ leading consumer finance apps, introduced Deals, a new in-app feature that rewards customers with exclusive discounts, free shipping, and product offers — all accessible directly within the Billease app. Users can now enjoy savings and perks while managing installments of up to 24 months. The launch enhances customer loyalty and reinforces Billease’s position as a lifestyle-driven fintech that goes beyond payments to deliver everyday value.

MUI Robotics wins the AI category at the One ASEAN Startup Award 2025

At the One ASEAN Startup Award 2025 by ERIA, MUI Robotics was named winner in the AI category, earning a US$10,000 research grant. The Thailand-based startup is building an AI-powered sensory nose that detects and analyses odour data for quality control and environmental monitoring — an innovation bridging AI and sustainability. The award marks a key validation of MUI’s technology and opens new research opportunities across ASEAN markets.

HAOSHi Accelerator gears up for 2025 Demo Day 8: “Foodture in Motion”

HAOSHi Accelerator announced Demo Day 8 – Foodture in Motion, Taiwan’s largest agri-food tech startup showcase, happening on October 30, 2025. The event will spotlight 13 startups innovating across AI Smart Tech, Food Innovation, Logistics, and the Value Chain. The showcase embodies HAOSHi’s vision of empowering agri-food innovators through mentorship, market access, and investor engagement — continuing to nurture a vibrant ecosystem at the intersection of sustainability and technology.

Be part of the next feature

Every milestone — from funding and partnerships to product launches and awards — tells a story of progress worth celebrating. If your company has recently achieved something big, let the ecosystem know!

• Create your company profile at e27.co/startupprofile
• Post your milestone at e27.co/milestone/post

Your next big move could inspire the region’s founders, investors, and innovators — and might just land you in our next Milestones Spotlight.

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Photo by Mikhail Nilov

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Climate tech startup Vycarb has secured US$5 million in seed funding to advance its novel approach to carbon capture and storage (CCS) using natural waters. SGInnovate is among the investors joining the round.

Led by Australia’s Twynam, the funding also saw participation from MOL Switch, Hatch Blue, Clocktower Ventures, Idemitsu, and SGInnovate, underscoring growing confidence in new solutions that combine scalability, permanence, and measurable impact in the fight against climate change.

With this new capital, Vycarb aims to accelerate commercialisation and expand its deployments globally, positioning its water-based CCS system as a critical enabler of industrial decarbonisation and a meaningful step toward a low-carbon future.

Vycarb’s system enables distributed CO₂ storage at the source, offering an alternative to conventional CCS methods that often rely on energy-intensive compression and transport infrastructure. By using readily available minerals, the company converts CO₂ from industrial or natural sources into dissolved bicarbonate within natural waters, a stable and abundant carbon storage lasting from 10 to over 100,000 years.

“The world urgently needs scalable carbon storage that’s permanent, measurable, and practical,” said Dr Garrett Boudinot, Founder and CEO of Vycarb.

Also Read: Meet the 10 Asia Pacific startups of the third cohort of AWS Generative AI Accelerator

“Our mission is to make carbon capture and storage permanent, fully measurable, and scalable to address the urgency of the climate crisis. This investment enables us to further build our expert team and expand deployments at more sites worldwide, particularly where traditional carbon storage solutions are too expensive or infrastructure-intensive to be practical.”

Vycarb’s tech leverages existing water and coastal infrastructure, transforming it into a platform for climate action. The process removes carbon dioxide and helps reduce acidification in surrounding waters. Its sensor-driven system provides real-time measurement and verification of CO₂ capture and storage — a key feature as global standards for carbon credit integrity continue to evolve.

The company has conducted field demonstrations, including a major deployment at the Brooklyn Navy Yard in New York City, where Vycarb is capturing and storing CO₂ in the East River.

Collaborations with partners such as at depth, a marine monitoring and verification leader, and TOMCO, a CO₂ management specialist, have reinforced the system’s ability to store low-concentration emissions cost-effectively and on-site.

“Decarbonising industry at scale demands bold solutions, and that’s exactly what Vycarb delivers,” said Johnny Kahlbetzer, CEO and Chair of Twynam. “Their system is elegant, effective, and deeply aligned with our vision to remove and permanently store CO₂ at breakthrough unit economics.”

For SGInnovate, the investment reflects its strategy to support deep tech ventures that translate scientific research into practical solutions with global relevance.

“Vycarb’s approach aligns with SGInnovate’s mission to back innovative companies turning research into tangible solutions,” said Hsien-Hui Tong, Executive Director – Investments at SGInnovate.

“With global demand for deployable, measurable carbon capture and storage technologies and Singapore’s goal of reaching net zero emissions, we are proud to support the Vycarb team as they scale their impact worldwide.”

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Image Credit: Marcin Jozwiak on Unsplash

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