Nine months into 2025, the cryptocurrency landscape has proven to be one of the most perilous on record, characterised by a worrying paradox: while the volume of attacks has plummeted, the financial damage caused by criminals and hackers has soared.

According to recent data, illicit activities in 2025 have already caused more economic damage than the totals recorded in 2023 or 2024.

Also Read: Crypto-security race: Sysdig believes real-time visibility is non-negotiable

CryptoPresales.com reports that the number of crypto scams and thefts halved in 2025, yet total losses climbed to US$2.34 billion. This unprecedented loss figure is 35 per cent higher than the total recorded in 2024.

The paradox of professionalised crime

The stark trend suggests that crypto scams are becoming fewer in number but significantly more sophisticated and larger in scale.

Despite improved blockchain tracking tools and tightened regulatory rules, crypto crime is climbing again, following a sharp drop in 2023 and a flat performance in 2024. In just nine months, the US$2.34 billion stolen marks a 35 per cent increase compared to the combined losses of 2023 and 2024, cementing 2025 as the third-worst year for this type of crime ever recorded. Only 2021 (US$2.73 billion) and 2022 (US$3.54 billion) saw more money drained from the crypto ecosystem.

This massive theft total was achieved in only half the number of scams. The data indicates that criminals are executing fewer but bigger and more professional hits, often specifically targeting decentralised finance (DeFi) protocols, centralised platforms, or major investor pools.

The US$1.46B catalyst: A single record heist

The sheer scale of 2025’s losses is primarily attributable to a few massive breaches, demonstrating the vulnerability of major financial hubs.

Since the start of the year, only 83 reported cases have occurred, 2.2 times less than the total figure for 2024 and the lowest recorded figure since 2020. However, a single, successful attack dramatically boosted the total to US$2.34 billion.

Nearly 60 per cent of the entire year-to-date value was stolen in just one major incident. In February, the Dubai-based centralised exchange Bybit was struck by an attack that stole a record-breaking US$1.46 billion from its Ethereum (ETH) cold wallets. This attack is now the largest crypto crime on record. It is rumoured to have been carried out by North Korea’s Lazarus Group.

For context, in 2024, criminals stole US$1.74 billion across 187 crypto heists. In 2023, while the total stolen amount was the same (US$1.74 billion), it was achieved across 283 heists—the highest number recorded to date.

Cumulative theft exceeds US$15B

With US$2.34 billion stolen year-to-date in 2025, cumulative crypto theft has reached staggering heights.

Statistics indicate that crypto criminals have accumulated an eye-watering US$15.1 billion across 1,102 reported heists. Furthermore, nearly 80 per cent of all these losses, amounting to approximately US$12.1 billion, have occurred within the last five years.

Also Read: Singapore hit by 6.4M cyberattacks in 2024 as AI supercharges threats

In a hypothetical scenario, if hackers had retained all the stolen cryptocurrencies and cashed them out at today’s prices, they would possess a fortune worth US$53.1 billion.

According to a Chainalysis report, projections indicate that stolen funds from services could eclipse US$4 billion by the year’s end if current trajectories persist.

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Singapore has solidified its position as a global artificial intelligence (AI) hub, according to new hiring data from Indeed. In August, the country recorded the world’s highest proportion of job postings referencing AI.

This unprecedented adoption rate sees roughly one in six local job postings, including direct references to machine learning, generative AI, and agentic AI tools.

Also Read: How AI and automation are shaping the future of work

The rapid adoption reflects the island nation’s status as a premier tech hub within the Asia Pacific region, driven by the relative size of its technology sector.

Callam Pickering, Indeed’s APAC Senior Economist, stated: “We can see that the adoption of AI technologies continues to be rapid throughout Singapore, with one-in-six job postings mentioning these tools in August.”

He noted that usage is becoming more broad-based, with the share of AI postings exceeding 10 per cent in approximately half of all occupations during the month.

Sectoral deep dive: Where AI mentions dominate

The distribution of AI references highlights intense focus areas within the Singaporean economy. Roles in data & analytics led the adoption charge, featuring AI mentions in 57 per cent of postings. This was closely followed by roles in software development (39 per cent), scientific research (35 per cent), and industrial engineering (33 per cent).

However, this high adoption rate and signs of market normalisation exist in the underlying tech sector. While AI is increasingly featured, hiring for IT infrastructure, operations & support dropped by 17.6 per cent in the past three months, and postings for data and analytics decreased by 15.9 per cent during the same period. This suggests that while companies are integrating AI rapidly, the explosive post-pandemic tech hiring boom is correcting.

Resilience amid normalisation

Despite the slowdown in tech hiring, the overall decline in Singapore’s job market showed significant moderation in August. Job postings continued to fall, but the pace eased considerably, registering a drop of just 1.3 per cent. This decline was roughly one-third of the steeper 4.8 per cent drop observed in July, signalling a modest recovery in overall hiring activity.

While the volume of job postings is 16.2 per cent lower than the same time a year prior, the local job market demonstrates underlying resilience. Indeed data shows that the overall volume of opportunities remains 35 per cent above the pre-pandemic baseline established in February 2020. Furthermore, 92 per cent of all occupations still maintain posting levels above their respective pre-pandemic figures.

Pickering commented on the market dynamics, stating: “The post-pandemic job boom in Singapore was so large that even with three years of falling postings, job creation is strong enough to keep unemployment low. August’s figures show that while hiring demand is normalising, the overall volume of opportunities continues to reflect a healthy, resilient labour market.”

The essential services surge

While the tech sector adjusts, demand for certain essential services and care roles has increased sharply over the past three months.

Job postings in food preparation and service led this surge with a 10.7 per cent spike. Other non-tech sectors also recorded strong growth: legal roles rose by 8.8 per cent, personal care & home health increased by 8.1 per cent, and cleaning & sanitation saw a 6.6 per cent rise in postings.

Also Read: AI and automation in Southeast Asia: Which jobs are at risk and which will thrive?

Conversely, significant declines were reported in specific care and specialist fields, including childcare (a substantial 46.5 per cent drop), veterinary roles (down 27.7 per cent), and dental opportunities (falling by 24.9 per cent).

Concluding his outlook, Pickering warned that although job creation is currently strong enough to maintain a low unemployment rate, “if job postings don’t begin to stabilise soon then further declines could lead to softer labour market conditions going forward.”

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Optimism was loud in Manila, but the corridor chats revealed what founders, funds, and operators must fix next if momentum is going to translate into durable outcomes.

Manila was buzzing. Echelon Philippines 2025 felt like the ecosystem gathering for a status check — founders comparing scars, investors calibrating theses, operators trading what actually works. I’ve built across Southeast Asia for over a decade (including an early chapter in the Philippines), and this trip felt different: Less “pitch theatre”, more “show me the workflow”. That’s a good thing.

Below is the candid version of what I heard on and off stage — the good, the bad, the ugly — and the build: Practical moves teams can ship on Monday.

The good: Speed, hunger, and a wider circle of builders

• Operator energy over optics. Conversations tilted from “raising” to unit economics, funnel discipline, and hiring for the next 12 months. The strongest teams ran lean, instrumented funnels, and had crisp answers to: What breaks at 3×? What breaks at 10×?
• Cross-pollination is real. Manila isn’t building in a vacuum. Founders are cross-learning with Singapore, Jakarta, KL, and Ho Chi Minh City — borrowing playbooks, sharing mistakes, even co-selling. Markets differ; operational primitives rhyme.
• Enablers are levelling up. Incubators and founder networks were visible and useful. One example: Brainsparks, whose founder-first ethos (mentoring, coaching, pragmatic incubation) showed up in the quality of questions: “What’s the minimum process that unlocks the next milestone?” Not “How do I look investable?” That posture compounds.

Also Read: Exhibit smart, spend lean: Your Start Up Booth at Echelon 2026

The bad: Fragile backends and narrative debt

• “Automation later” thinking. Too many teams treat automation as a nice-to-have once growth arrives. Reality: If CRM hygiene and lifecycle messaging aren’t instrumented at the seed/angel stage, CAC balloons when you step on paid. You don’t need an enterprise stack — just one you will maintain.
• Narrative debt. Beautiful one-liners are undermined when product and pricing say otherwise. Rewrite promises in terms of current capabilities and a near-term roadmap. Credibility is an asset; don’t mortgage it.
• Talent is spread too thin. Multi-hyphenates are common, but diffusion kills excellence. Early teams need focus with force. If everyone is “part-time PMM + part-time growth + part-time product,” nobody owns the critical metric.

The ugly: AI theatre, data spaghetti, and founder burnout

• AI theatre. “Agents” on top of leaky workflows are expensive theatre. The question isn’t “Do you use AI?” — it’s “Can a new teammate repeat your process tomorrow with the same quality?” If humans can’t, AI won’t. Codify first; automate second.
• Data spaghetti. Disconnected landing pages, orphaned forms, zombie lists, and a retargeting bill that makes everyone nervous. Pick one funnel spine, one CRM of record, and a primary messaging channel. Everything else is an integration, not a parallel universe.
• Burnout disguised as hustle. The grind is romanticised until a key decision gets made at 3am and costs a quarter. Teams that last are boringly consistent: Weekly metrics, written decisions, recovery in the calendar. Burnout isn’t a badge; it’s a bug.

Also Read: Echelon Singapore 2025: 10 powerful sessions now available to stream

So, what now? A practical build for PH founders (and frankly, anyone)

• Codify before you “AI”. Write the workflow — lead capture → qualification → demo → close → onboarding → success for each stage: Input, definition of done, owner, and SLA. Add AI once the process is explicit.
• One spine, many ribs. Choose one system as your spine (CRM/marketing automation). Every page, form, and message connects to it. Add ribs — analytics, billing, support – deliberately.
• Tight loops over long plans. Replace quarterly big ideas with two-week operating loops: Ship a test (offer/pricing page/webinar/outbound list), then instrument, review, keep what compounds, kill what doesn’t.
• Guardrail the story. Positioning = promise × proof. Keep both current. If the product doesn’t yet do X, don’t imply it. If you have proof, surface it above the fold: Retention, cohort revenue, case studies, or what failed and how you fixed it.
• Community as distribution. Treat the community as pre-and post-sales infrastructure where you educate, qualify, and retain. Partner with credible locals (e.g., Brainsparks or vertical guilds) and show up with useful specificity — teach the spreadsheet, not the slogan.

What Echelon got right (and where to go further)

• Right: The agenda leaned into operator-level talks. Panels moved beyond “AI will change everything” to “Here’s what we automated; here’s what stays manual; here’s the ROI.” That honesty drives real progress.
• Room to grow: An explicit Failure Track — short, surgical post-mortems from teams who tried, measured, and pivoted — would accelerate regional learning and normalise documented failure.

A personal note on the Philippines

A decade ago, I was the scrappy founder in Manila, shipping experiments and learning the hard way. Coming back as a speaker is surreal, but the emotion underneath is simple: This market is capable of world-class outcomes when ambition meets boring excellence.

The next chapter won’t be written by the loudest booth or flashiest deck; it’ll belong to teams who can answer, calmly and repeatedly: “What did we ship this week that moved the metric?”

That’s the work. And it’s enough.

—

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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Filipino serial entrepreneur Jason Torres, backed by a consortium of industry tech and startup veterans, has launched BetterGov.ph, a volunteer-led civic technology initiative to confront the significant transparency and efficiency challenges within Philippine governance.

The platform, which went live on 19 September alongside collaborators Christian Blanquera, Christopher Star, and four other partners, is positioned not merely as a project builder but as a crucial consolidator for the rapidly growing Southeast Asian civic tech movement.

Also Read: AI is not slowing demand for software developers in the Philippines

The initiative’s primary goal is to leverage open-source methods and grassroots engagement to make government services more transparent, efficient, and accessible to citizens.

BetterGov seeks to support, promote, and empower other builders who have launched “wonderful and impressive tech ideas”.

The frustration driving civic tech

The conceptualisation of BetterGov emerged from deep professional frustration regarding the state of fundamental digital infrastructure. Torres– who has built multiple companies, including Mashup Garage, Slerp, and Producloud–disclosed that the initiative began as a “silly idea” around June 2025, sparked by exasperation when browsing core government websites, such as gov.ph, which he estimated may have been last updated a decade ago and remains “full of dead links”.

A major datapoint underpinning the urgency of the initiative is the issue of accessibility for the Filipino diaspora. Torres noted that based on his own experience, almost 75 per cent of Philippine government websites are not accessible overseas.

This perceived digital neglect has spurred the founder, who identifies as a professional capable of making “a better version of these websites,” to commit personally to investing time, resources, and money into the movement. The initial vision has quickly evolved into playing a “bigger role,” offering a powerful outlet for “creative projects with an impact”.

Operationalising support: Infrastructure and mentorship

BetterGov is committed to providing essential operational support typically difficult to secure for volunteer-led efforts to ensure that nascent civic tech projects can scale effectively.

The resources offered to support partner initiatives and builders include:

• Infrastructure, servers, AI credits, tools, and more.
• Data and API endpoints.
• Help identifying suitable resource persons and finding a dedicated tech team.
• Organising focused tech hackathons.
• Mentorship from industry veterans.
• Access to physical office space.

The team has expressed openness to integrating more ideas and seeking out collaborators who are “smarter than us”.

A relentless, open-source commitment

Torres has adopted a posture of relentless building, stating he will continue developing “without anyone’s permission.” His output is strictly focused on “Open source, public, high-quality sites.”

Also Read: Lenovo powers Southeast Asia’s digital growth at Echelon Philippines 2025

While acknowledging the deep-seated anger surrounding public service failures, the initiative is framed as a constructive path forward, asserting: “We can contribute in our own ways no matter how little it is. We can do amazing things together, grassroots style, open source.”

The overarching commitment driving BetterGov.ph is the belief that “We Filipinos deserve better”. Collaboration is actively encouraged, and a dedicated Discord channel has been established to facilitate joint efforts.

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As Singapore accelerates towards a low-carbon future, the electric vehicle (EV) industry is emerging as both an opportunity and a challenge. Dr Chiam Sing Yang, Deputy Executive Director and Technical Director at the Institute of Materials Research and Engineering (IMRE), and a key figure in the Singapore Battery Consortium (SBC), believes the country is still in the early stages of adoption, but poised for transformation.

“Large-scale adoption of battery products, whether in energy storage systems (ESS) or EV, is still at its early stages,” says Dr Chiam in an email interview with e27.

While Singapore has ambitious goals, barriers remain. For consumers, practical concerns such as upfront cost, uncertain resale value, and limited charging infrastructure weigh heavily on purchasing decisions. Businesses, meanwhile, struggle with the return on investment for heavier vehicles, where EV economics have yet to reach a tipping point.

Beyond transport, energy storage presents its own difficulties. “For ESS in Singapore, revenue models beyond compliance will then support deployment, especially with electricity imports,” Dr Chiam explains.

He emphasises that cleaner and more cost-effective energy is not just about addressing climate change but is “a cornerstone for economic activities” and critical for Singapore’s growth. Safety, however, is another factor that could derail momentum.

“Incidents, when amplified, can slow progress,” he warns.

Also Read: BetterGov.ph: A bold civic tech push to fix Philippine governance

Seeking solutions across the value chain

When asked about solutions, Dr Chiam–who recently spoke at the 3rd ASEAN Battery Technology Conference in Thailand–points to improvements in both technology and governance. Product innovation must focus on safety, cost, and digital integration, while better inspection regimes for battery health and third-party validation can strengthen trust in the market.

He also highlights the need for systems that monetise second-hand batteries, ensuring circularity and sustainability. Yet these solutions are not the responsibility of one actor alone.

“Resources vary, and the tricky aspect is that it may involve multiple value chain players,” he notes. Collaboration across industries, regulators, and researchers is essential if EVs in Singapore are to scale effectively.

Looking ahead, Dr Chiam is optimistic about the potential of emerging technologies. “From the materials side, we are excited about new tech in next-gen batteries, including dry processes, solid-state batteries, and non-lithium-ion batteries,” he says.

On the digital front, integrating predictive data analytics could transform how batteries are monitored and maintained. He also sees promise in a “battery passport” — a digital record enabling transparency and resource sustainability.

Government action has played a central role in shaping the EV ecosystem. Singapore’s 2030 ban on new internal combustion car sales and the ongoing rollout of EV charging infrastructure provide clear intent signals.

“In adoption, Singapore has approached from the policy angle,” Dr Chiam notes, noting that industry policies attracting high-tech players apply across sectors, including EV and energy storage. For ESS, incentives such as demand response and interruptible load schemes have also helped build momentum.

Also Read: Survive the chop, ride the wave: Why Q4 could deliver a surge in tech and digital assets

Safety and cost: twin threats

Despite this progress, Dr Chiam is cautious about what could threaten the EV industry’s trajectory. Safety improvements often require significant investment, which can make it cost-prohibitive. Worse, safety is too frequently approached only as a compliance issue, rather than as a core part of long-term innovation and consumer confidence. This gap could slow adoption unless addressed.

Looking to the near future, Dr Chiam predicts 2026 could be the year alternative chemistries begin to break through. “This is the year I think we will see sodium-ion batteries start to take some market share,” he forecasts.

If realised, this shift could make EVs in Singapore more affordable and accessible, easing reliance on lithium and addressing some of the cost barriers consumers face today.

The pathway to widespread EV adoption in Singapore is neither straightforward nor guaranteed. It requires alignment across technology, policy, business models, and public trust. However, with continued innovation and collaboration, the city-state may yet become a leader in the clean transport revolution.

—

Image Credit: Dr Chiam Sing Yang

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Growing a business should be exciting. Yet for many founders, the day-to-day reality involves navigating admin, compliance, and back-office tasks that can slow down momentum.

The Founder Growth Playbook was created to address this challenge. Drawing on the experiences of more than 1,800 founders in Singapore and Hong Kong, it explores how entrepreneurs are turning these necessary tasks into opportunities for smarter growth. Download it here.

Insights from 1,800 founders

Based on the real experiences of founders in Singapore and Hong Kong, the playbook reveals patterns that separate those who feel constantly buried in admin from those who are able to focus on what matters most: growth.

It uncovers four key lessons founders wish they had known earlier. These are lessons that help turn everyday challenges into opportunities to scale smarter.

Also read: Osome bolsters leadership with new COO and VP of Marketing

A founder’s toolkit for clarity

The playbook doesn’t just share stories and insights. It also includes a practical toolkit designed to help you:

• Spot blind spots in your current setup.
• Ask the right questions when choosing partners.
• Map your tools and see where growth opportunities are hiding.

Inside, you’ll even find one simple question most founders forget to ask when evaluating a service provider and why that one question can save you months of wasted effort.

Built for founders, free to download

Whether you’re at incorporation stage or already scaling fast, the Founder Growth Playbook will give you fresh perspective on how to build smarter, not harder.

Get your copy today and discover the four lessons yourself.

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In a fireside chat at Echelon Singapore 2025, Nikhilesh Goel, co-founder of Validus, reflected on the fintech’s decade-long journey in Southeast Asia’s SME lending space. Since its inception, Validus has facilitated more than US$5 billion in SME loans, backed by US$60 million in equity and nearly US$500 million in debt funding. Goel attributed their survival and growth to prioritising common sense over market hype, emphasising persistence and a quiet, determined approach.

The company faced significant hurdles, particularly in the post-COVID environment when capital flows tightened, forcing them to rationalise manpower and restructure operations. A pivotal moment came when Validus sold its Singapore business to the Grab–SingTel digital bank joint venture in a cash deal, ensuring continuity without any job losses. This move highlighted their pragmatic approach to sustainability while safeguarding their team.

Throughout the discussion, Goel underscored the importance of people-centric practices, both in how Validus serves its SME customers and in how it treats its employees. He also urged startups to adopt smarter, more resilient business models, especially in volatile markets, to withstand shocks and secure long-term growth. His insights offered a candid perspective on endurance, adaptability, and leadership in fintech.

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At first glance, MoneyHero’s Q2 2025 numbers suggest a turnaround, but the headline “profitability” rests on shaky ground.

The Singapore-based financial aggregator posted a slim net income of US$0.2 million–driven almost entirely by deep cost cuts and a favourable foreign exchange swing, rather than genuine revenue growth. (The group employed a similar playbook in Q4 2024; more on that here.)

The topline paints a sobering picture: revenue slid 13 per cent YoY to US$18 million, with sharp contractions in the Philippines (–42 per cent) and Taiwan (–47 per cent). In Malaysia, revenue dried up completely. In fact, Q1 the group’s overall revenue had already fallen to US$14.3 million from the same period last year.

After cutting about 80 jobs in 2024 to “streamline operations”, the company is now heavily reliant on Hong Kong and Singapore, which together contribute over 86 per cent of revenue—exposing the cracks in its regional diversification strategy.

Customer activity is also waning. Applications fell 14 per cent, approvals dropped 18 per cent, and while membership grew 33 per cent to 8.6 million, engagement is clearly eroding.

To its credit, MoneyHero is pivoting to higher-margin verticals like insurance and wealth (now 27 per cent of revenue). Still, without reigniting real growth in Southeast Asia, its Q2 “profitability” risks being remembered as a fleeting accounting win rather than a durable turnaround.

REGIONAL

MoneyHero swings to profit, but only on cost cuts and FX gains
Total operating costs and expenses (excluding net foreign exchange differences) plummeted by 37 per cent YoY to US$20.6M | This dramatic reduction was broad-based, including strategic technology cost reductions, simplified operations, and a “comprehensive restructuring” of employee benefit expenses | Employee benefit expenses specifically dropped from US$6.712 million in Q2 2024 to US$3.700 million in Q2 2025.

Southeast Asia digital bank Yup raises US$32M
Investors are Moore Strategic Ventures and Spice Expeditions | The new funding brings Yup’s total equity raised to over US$100M since its founding in 2021 | The company will use the funds to expand its customer base and enhance its digital banking offerings for underbanked and underserved segments in the region.

Alodokter closes investment led by SEA-focused angel investors
AngelCentral is the lead investor | Alodokter offers telemedicine consultations, doctor appointment bookings, health content, and e-pharmacy | The company previously secured a US$5.2M in early 2024 and has over 20M monthly active users.

Grab, WeRide to launch first autonomous shuttle service in SG
Ai.R, Grab’s first autonomous vehicle service for consumers in Singapore, will operate the new AV shuttle service in Punggol, the only service chosen to run on two designated routes, starting with an initial fleet of 11 vehicles.

Nvsion secures fresh capital to drive AI-led semiconductor inspections
The investor is Cambrian Fund | Nvsion’s solutions enhance precision, improve quality, and increase efficiency in outsourced semiconductor assembly and test and electronics manufacturing services segments.

SG IoT provider iSense gets investment from Chinese company Dnake
The investment will see iSense shift its manufacturing to DNAKE’s facilities and collaborate on new IoT solutions in healthcare, access control, security, and urban monitoring | iSense provides smart city technology for projects in Singapore, Thailand, Japan, and Malaysia.

SeaX Ventures joins Brineworks in race to decarbonise aviation and shipping
The firm’s DAC technology promises to unlock ultra-low-cost carbon feedstocks for sustainable aviation fuels and e-methanol, powered entirely by renewable energy, while co-producing significant amounts of hydrogen | Carbon feedstocks are raw carbon-based inputs that serve as the building blocks for making fuels, chemicals, or materials.

Bliink launches business travel platform to empower Indonesia’s MSMEs
Bliink’s new offering is tailored to reduce inefficiencies in a segment that forms Indonesia’s economic backbone yet remains largely underserved by traditional corporate travel solutions | The company partnered strategically with the Ministry of Communication and Informatics to support MSME digitalisation.

BetterGov.ph: A bold civic tech push to fix Philippine governance
Launched by Filipino serial entrepreneur Jason Torres, backed by a consortium of industry tech and startup veterans, BetterGov.ph is a volunteer-led civic technology initiative to confront the significant transparency and efficiency challenges within Philippine governance.

REPORTS, INTERVIEWS & FEATURES

From labs to boardrooms: QAI Ventures bets on Singapore’s quantum future
Singapore has built one of the world’s most coordinated national quantum strategies, backed by long-term funding and public-private partnerships | As a financial and logistics hub, it provides immediate boardroom-level use cases in areas like fraud detection, risk modelling, and secure supply chains.

Facing EV hurdles, Indonesia looks to nickel and battery supply chains for answers
Indonesia’s new administration has placed industrial downstreaming at the centre of its energy and economic strategy | Under its “Asta Cita” or eight-vision framework, the fifth vision is dedicated to expanding value-added industries | Nickel, which Indonesia holds the world’s largest reserves of, is at the heart of this plan.

INTERNATIONAL

SoftBank, Meta, others to build Japan-Singapore submarine cable
The submarine cable system called Candle will connect Japan, Taiwan, the Philippines, Indonesia, Malaysia, and Singapore | The project, with NEC as the system supplier, will span about 8,000 km and is scheduled to start operations in 2028.

Trump says Lachlan and Rupert Murdoch might invest in TikTok deal
While Trump did not specify whether he was talking about personal or company investments, following his comments, Deadline reported that Fox Corp — owner of Fox News, run by CEO Lachlan Murdoch, and long led by chairman emeritus Rupert — is in fact in talks to join the investor group backing TikTok’s US spinoff from owner ByteDance.

UK bank NatWest to invest in Indian startups
The UK-based bank is targeting companies in payment solutions, agentic AI, and control frameworks, with planned investments ranging from US$250K to US$2M per deal | NatWest recently opened an expanded global capability centre in Bengaluru, adding to its existing locations in Gurugram and Chennai, where it employs about 17,000 people.

Indian VC firm 888 launches US$19.8M fund for AI, deeptech startups
The fund will target investments of US$240K to US$482K per startup over the next three years, with a focus on companies aiming for global markets | 888 VC also introduced GRO8, a platform for cross-border investment and mentorship, which will offer services such as capital access, mentorship, and market connections.

Cryptocurrencies drop as US$1.5B in bullish bets liquidated
Ether, the second-largest cryptocurrency, dropped up to 9 per cent to US$4,075 as nearly US$500M in leveraged bullish bets were wiped out, according to Coinglass data | Bitcoin also fell almost 3 per cent to US$111,998 during the same period |More than 407,000 traders had positions liquidated within 24 hours.

UAE targets 10K entrepreneurs with ‘Startup Capital’ initiative
The campaign is managed by the Ministry of Economy and Tourism, with participation from over 50 public and private sector entities, including business incubators and academic institutions | Key initiatives include launching StartupEmirates.ae, training 10K Emiratis through the Entrepreneurship Programme, and licensing 500 Emiratis to manage residential construction projects.

European ride-hailing firm Bolt launches in Taiwan
Bolt is partnering with local Taiwanese fleets to provide its service in Taipei, joining a market that has had limited platform options for ride-hailing | The Tallinn-based company operates in over 600 cities across 50+ countries, offering ride-hailing, scooter, e-bike, and car rentals.

SEMICONDUCTOR

MediaTek launches new AI chip to rival Qualcomm
The Taiwanese semiconductor firm said the processor, Dimensity 9500, was built using a 3-nanometer process by TSMC | It will enable features like enhanced call and meeting summaries, improved AI model performance, and higher-quality 4K photos.

Samsung shares rise 5.3 per cent on Nvidia chip approval reports
The shares rose 5.3 per cent to their highest level since August 2024 after reports that the company’s 12-layer HBM3E memory chips passed Nvidia’s qualification tests | Samsung, based in South Korea, produces memory chips used in AI and other computing applications.

Taiwan sees GDP boost from TSMC, AI demand
Taiwan is expected to surpass South Korea in GDP per capita in 2025, driven by the growth of TSMC and rising demand for AI applications, according to Taiwan’s National Development Council | TSMC, a Taiwan-based contract chipmaker, increased its global foundry market share to 70.2 per cent in Q2 2025, according to TrendForce, while Samsung held 7.3 per cent.

AI

LLM prompting, fine-tuning, RAG, or AI agents: Which AI is better for marketing?
There’s no one-size-fits-all when it comes to AI in marketing | Small businesses might start with LLM prompting or dip into AI agents to get an edge, while larger enterprises can leverage RAG for its real-time insights and fine-tuning for brand consistency | Ultimately, AI isn’t here to replace human marketers; it’s here to amplify creativity and strategic decision-making.

Agentic AI in action: How Southeast Asia’s startups are turning constraints into strengths
Agentic AI is not about creating machines that replace humans | It is about giving small, ambitious teams the leverage to do what was previously impossible | And that is why Southeast Asia matters | Here, innovation is often born not from abundance but from constraint | The region’s complexity—its languages, its fragmented regulations, its entrepreneurial hunger—makes it one of the most important testbeds for this next frontier of AI.

The AI revolution’s dark side: Mass unemployment, rage, and the collapse of stability
AI threatens the core economic identity of white-collar workers, stripping away not just income but also their sense of purpose and social superiority | The sense of betrayal felt by these workers — falling down the economic and social ladder with no way back — will generate rage on a scale rarely seen.

What happens when AI transforms social networks into civic square?
The transition from network to community governance is not speculative; Already, decentralised platforms are experimenting with models that move beyond corporate stewardship | MeWe, a privacy focused alternative social media network, rejects surveillance driven capital in favour of community and user-centric control.

Why the future of AI on mobile may not be in the cloud
We are entering a phase where the intelligence is not just in the cloud, not just in the model, but in the choreography between device, data, and environment | AI that truly feels human won’t be achieved through brute compute or bigger models | It will come from systems designed to operate at the speed of thought.

THOUGHT LEADERSHIP

Why I built an app to make blood donation less scary
Technology should serve as an enabler, not a gatekeeper | By designing tools that are intuitive, affordable and scalable, we can influence public attitudes towards blood donation and tackle one of the region’s most urgent yet solvable healthcare challenges.

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How this founder went from being a tutor to a modern day mompreneur
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Cybersecurity in the AI age: How startups can stay ahead
The emergence of new tactics such as Jailbreak-as-a-Service highlights the democratisation of cyber threats, underscoring the need for startups to stay ahead of the curve | Recent technological developments mean that hostilities can now come from anywhere, which makes threat detection increasingly complex, particularly as we look ahead to the future.

How this startup is bringing efficiency to the process of exchanging business cards
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How is open-source collaboration empowering Asia’s fastest growing markets?
Open-source collaboration can be a gateway to innovation | It provides a platform where individuals and organisations collaborate to create, develop, and improve software freely shared among users | For example, consider popular platforms like Linux or WordPress; they’ve allowed endless customisation opportunities on a global scale.

Decoding startup financing: Why pre-money SAFEs are founders’ best bet
In a pre-money SAFE, the valuation cap is determined before the investor’s contribution | This approach anchors the investor’s ownership stake to the valuation of the company at the time of their investment | As a founder, this can work in your favour, as you are less susceptible to dilution caused by subsequent investments at higher valuations.

Why Japanese startups are interested in the Southeast Asian market
South East Asia has a growing middle class of consumers with increasingly high purchasing power driving up demand in multiple sectors | This provides a great opportunity for Japanese startups to establish a foothold in the region and tap into the potential of the markets by plugging their services into multiple industries.

The post Ecosystem Roundup: MoneyHero profit on cuts & FX | Trump: Murdochs eye TikTok | Yup Bank raises US$32M appeared first on e27.

MoneyHero Limited (Nasdaq: MNY), the financial aggregation platform operating across Greater Southeast Asia, has reported a nominal net income for the second quarter of 2025 (Q2 2025), a stark reversal from the substantial losses recorded last year.

However, a closer inspection of the financials reveals that this technical profitability was achieved primarily through aggressive cost-cutting and favourable foreign exchange movements, masking a significant 13 per cent year-on-year (YoY) decline in total revenue.

Also Read: Decoding MoneyHero’s Q1: The profit push amid shrinking revenues

The Singapore-based group, which operates platforms like SingSaver and Moneymax, announced a net income of US$0.2 million for Q2 2025, sharply contrasting with the net loss of US$(12.2) million during the same period in 2024. Management celebrated this pivot as evidence that their strategy for “durable, profitable growth” is working.

Yet, this profitability success relies heavily on operational discipline rather than top-line growth. Total revenue dropped to US$18 million in Q2 2025 from US$20.7 million a year earlier. MoneyHero attributes this contraction to a “deliberate moderation of lower-margin credit card volumes” and a strategic shift towards diversifying revenue mix.

The true drivers of profit: Cost cuts and FX gains

While the transition to higher-margin verticals like insurance and wealth is underway (comprising 27 per cent of revenue, up five percentage points YoY), the critical levers driving the US$0.2 million net income were deep expense reductions and external financial factors:

• Operating cost massacre: Total operating costs and expenses (excluding net foreign exchange differences) plummeted by 37 per cent YoY to US$20.6 million. This dramatic reduction was broad-based, including strategic technology cost reductions, simplified operations, and a “comprehensive restructuring” of employee benefit expenses. Employee benefit expenses specifically dropped from US$6.712 million in Q2 2024 to US$3.700 million in Q2 2025.
• Foreign exchange windfall: The reported net income was significantly bolstered by an unrealised foreign exchange gain arising from the weakening of the US dollar against local currencies during the quarter. The net foreign exchange differences swung from a loss of US$(1.848) million in Q2 2024 to a gain of US$2.969 million in Q2 2025. The unrealised foreign exchange gain, net, was US$2.951 million for Q2 2025, compared to a US$1.766 million loss a year prior.

Interim CFO Danny Leung affirmed that the Q2 performance proves the model is “structurally healthier,” translating into stronger profitability thanks to improved unit economics and disciplined reward calibration. The adjusted EBITDA loss also improved by 79 per cent YoY, reaching US$(2.0) million.

Southeast Asia revenue collapses

The focus on profitability has come at a severe cost to key Southeast Asian revenue streams

Data reveals sharp contractions in regional markets:

• The Philippines: Revenue dropped dramatically by 42.2 per cent YoY, falling from US$2.938 million in Q2 2024 to just US$1.697 million in Q2 2025. The Philippines’ contribution to total revenue dropped from 14.2 per cent to 9.4 per cent.
• Taiwan: Revenue was nearly halved, contracting by 47 per cent YoY, falling from US$1.424 million to US$754 thousand.
• Malaysia: Revenue has effectively dried up, registering US$0 in Q2 2025, down from US$28 thousand a year prior. (MoneyHero does, however, retain an equity stake in the operator of RinggitPlus in Malaysia).

The group’s financial stability is now highly reliant on its two key hubs, Hong Kong and Singapore, which together accounted for 86.4 per cent of Q2 2025 total revenue (Hong Kong at 43.3 per cent and Singapore at 43.1 per cent).

Application volume tumbles despite membership rise

While the MoneyHero Group reported a 33 per cent YoY expansion in group members to 8.6 million, the platform’s actual transactional activity declined significantly, underscoring the shift away from high-volume, lower-margin business.

Total applications sourced by MoneyHero dropped by 14.3 per cent, falling from 476,000 in Q2 2024 to 408,000 in Q2 2025. Approved applications saw an even steeper decline, falling by 18 per cent YoY, from 211,000 to 173,000.

Also Read: Profitability gains mask deeper challenges for MoneyHero in Q4 2024

CEO Rohith Murthy noted that these movements were part of a disciplined effort, stating that AI initiatives are already reducing customer acquisition cost per approval and “improving approval quality”. However, the data confirms that fewer customers are successfully completing the application funnel, reflecting the “deliberate moderation of lower-margin credit card volumes”. Credit Cards still generate the vast majority of revenue (60.8 per cent of Q2 2025 revenue).

Unreliable traffic metrics mask true user engagement

A critical caveat buried within the financial report relates to operational data measurement. MoneyHero explicitly stated that due to Google’s mandatory transition from Universal Analytics (UA) to Google Analytics 4 (GA4), which took effect on July 1, 2024, the key metrics of monthly unique users (MAUs), traffic, and clicks are “not comparable” to prior periods.

The company claims that Google has not provided sufficient information to assess this methodology transition’s positive or negative impact. This change means that the reported Q2 2025 MAUs (5.3 million) and total traffic (16.7 million) lack a reliable, verifiable year-on-year benchmark, making it impossible for the media to accurately assess the platform’s organic traffic stability prior to mid-2024.

Looking ahead, MoneyHero is strategically investing in higher-margin segments, including a planned launch of Hong Kong’s Credit Hero Club with TransUnion in Q4, with expected expansion into other markets. The company forecasts that Insurance and Wealth will comprise approximately 30 per cent of Group revenue by the end of 2025.

Management remains confident in achieving positive adjusted EBITDA in the later part of 2025, supported by the structural improvements reflected in their current numbers.

The post MoneyHero swings to profit, but only on cost cuts and FX gains appeared first on e27.

History shows that equities often deliver solid gains in the year following the start of such cycles, with the S&P 500 averaging around 14 per cent returns over 12 months based on past data from various cycles. Yet the initial month after the first cut tends to bring choppiness, as markets adjust to shifting monetary policy.

In this case, equities rallied strongly leading up to the cut, pushing the S&P 500 up 15 per cent in the past six months and a whopping 32 per cent from its yearly lows. I see this preemptive surge as a sign of market optimism, but it also raises flags for potential consolidation ahead.

Investors priced in these cuts long ago, so the real test comes from upcoming events like speeches from 10 FOMC governors and the PCE inflation report due on September 26. If inflation data surprises on the upside, volatility could spike, reminding everyone that even dovish Fed actions carry risks in an economy where growth projections and unemployment trends diverge sharply.

Fund managers’ bold bets on risk assets

Fund managers continue to lean heavily into risk assets, particularly equities, despite nagging worries about persistent inflation and a weakening US dollar. This positioning strikes me as bold, perhaps overly so, given the mixed signals from the broader economy. Many in the industry view artificial intelligence as a deflationary force that could counter current inflationary pressures, an idea that holds water when you consider how AI efficiencies might drive down costs in sectors like manufacturing and services.

Gold’s performance this year underscores these tensions, with prices surging 38 per cent year-to-date amid buoyant rate-cut expectations and geopolitical uncertainties. Research into recent gold price drivers points to factors like central bank buying, trade tensions, and lower interest rates making the metal more appealing as a hedge.

However, fund flows indicate much of this buying stems from speculation rather than genuine hedging, and professional asset managers maintain low exposure to gold and digital assets. In my view, this creates intriguing opportunities for savvy investors to buy on dips, especially as gold hit US$3685.30 per ounce recently. The under-allocation by institutions suggests room for further upside if economic headwinds intensify, but it also warns against chasing the rally without careful consideration.

Also Read: SGX tightens climate reporting rules, expands green products as sustainable finance demand grows

Balancing strategy: Barbell approach and diversification

Strategic advice in this environment boils down to respecting the Fed’s direction without blindly following the herd. The central bank’s dovish stance supports companies with strong earnings growth, yet piling into mega-cap tech stocks at current valuations feels precarious. A barbell approach makes sense here, where you hold core positions in quality names, add selectively during pullbacks, and diversify into global themes and yield-focused plays.

Singapore’s yield stocks stand out, having outperformed the S&P 500 over both five- and ten-year periods, which bolsters the argument for regional diversification beyond US borders. I favour this strategy because it balances growth potential with income stability, particularly in a world where US-centric portfolios risk overexposure to domestic policy shifts.

With the Fed projecting more cuts on October 29 and December 12, lower rates could fuel corporate borrowing and expansion, but diverging economic indicators demand vigilance. Unemployment might tick up if growth slows more than expected, potentially pressuring equities despite the supportive policy backdrop.

Macro shifts and geopolitical influences

Turning to the broader macro picture, global risk sentiment holds firm thanks to the allure of additional rate cuts enhancing corporate earnings outlooks. The week ahead features the high-level General Debate at the 80th UN General Assembly starting Tuesday, with President Trump addressing the opening session and Fed Chair Powell discussing the economic outlook. These events could inject fresh narratives into markets, especially amid positive developments in US-China relations.

President Trump’s recent conversation with Chinese leadership led to a deal on the popular Chinese-owned social media app TikTok, allowing it to continue operations in the US under new controls, which eased some trade anxieties. Wall Street responded enthusiastically, with major indices hitting record highs on Friday, the Dow Jones up 0.37 per cent, S&P 500 up 0.49 per cent, and Nasdaq up 0.72 per cent.

Treasury yields edged higher, the 10-year at 4.127 per cent and the 2-year at 3.572 per cent, reflecting a mix of growth optimism and inflation watchfulness. The dollar index climbed 0.30 per cent to 97.64, while gold rose 1.1 per cent on rate-cut bets. Brent crude dipped 1.1 per cent to US$66.68 per barrel following EU sanctions on Russian oil vessels and buyers, highlighting ongoing energy market fragilities. Asian equities showed mixed results Friday and in early trading today, with US futures pointing to a lower open, suggesting caution amid these crosscurrents.

Also Read: Trust, not just technology: What I learned building AI finance tools for SMEs in Southeast Asia

Bitcoin volatility and regulatory headwinds

Bitcoin’s recent dip adds another layer to the market mosaic, with the cryptocurrency falling 0.93 per cent to US$114,566 over the past 24 hours, lagging the broader crypto market’s 1.91 per cent decline. This underperformance stems from profit-taking after hitting recent highs, technical breakdowns near the US$115,400 resistance level, and regulatory uncertainties.

Drawing from similar patterns in September 2024 analyses, when Bitcoin traded around US$63,000 and faced consolidation phases, the current setup echoes familiar volatility drivers like leverage unwinds and momentum shifts. Over US$176 million in long positions were liquidated as prices tested US$115,000 support, amplifying the drop in a classic liquidity trap where open interest spiked 4.14 per cent to US$937 billion.

Traders piled in near resistance, only to face swift reversals, which I interpret as a healthy correction in an asset that has risen 81 per cent year-to-date. The failure to break above the 23.6 per cent Fibonacci retracement at US$115,400 triggered algorithmic selling, with the MACD histogram still positive at +265 but RSI hovering around 51-53, indicating waning momentum.

Bulls must secure a close above that level to reclaim initiative; otherwise, a breach of US$114,500, the 30-day simple moving average, could cascade toward US$110,000.

Regulatory developments weigh heavily on Bitcoin’s short-term path, presenting a neutral but noisy influence. The US Treasury’s commentary on the GENIUS Act, issued on September 20, emphasises stablecoin regulations requiring full reserves in liquid assets like Treasuries and technological capabilities for freezing assets, aiming to foster innovation while curbing risks. This act, signed into law earlier this year, mandates issuers to comply with federal laws, potentially stabilising the crypto ecosystem but introducing oversight that cools institutional enthusiasm.

Meanwhile, the EU’s MiCA regulation drives exchange consolidation, enforcing consumer protections, market integrity, and restrictions on stablecoin use as exchange mediums, which impacts global flows. Exchanges adapting to MiCA gain credibility and access to unified EU markets, but the compliance shifts have slowed inflows, with ETF volumes dipping and minor outflows from products like GBTC.

In my opinion, these headwinds represent growing pains for the sector; long-term clarity should prove bullish by attracting more institutional capital, yet the immediate uncertainty often halts rallies, as seen in past cycles.

Closing thoughts: Cautious optimism ahead

Overall, the market’s resilience amid the Fed’s pivot impresses me, but I remain cautious about overextended positions in tech and crypto. The historical precedent of positive equity returns post-rate cuts offers encouragement, yet the unique blend of geopolitical events like the UNGA, US-China thawing via the TikTok agreement, and persistent inflation worries calls for measured optimism. Gold’s speculative surge and Bitcoin’s technical wobbles serve as barometers for broader risk appetite, suggesting investors diversify thoughtfully.

The barbell strategy aligns with my view that quality growers paired with yield plays provide a sturdy foundation, especially as Singapore’s outperformance demonstrates the value of global exposure. With PCE data looming and more Fed cuts on the horizon, markets could consolidate, but the underlying dovish support tilts the scales toward gradual upside. Still, chasing crowds in mega-caps or digital assets without waiting for pullbacks risks unnecessary pain; patience often rewards in these environments.

As we head into the final quarter, keeping an eye on unemployment trends and corporate earnings will prove crucial, potentially defining whether this cycle mirrors the average 14 per cent gain or veers into choppier territory. The economy’s divergences remind us that while the Fed guides, real-world data ultimately steers the ship.

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The post The rate cut rally: Earnings, gold, and Bitcoin in the balance appeared first on e27.