Thailand is positioning itself as a key player in Southeast Asia’s battery and electric vehicle (EV) industries. Yet the path forward is complex, with opportunities tied closely to the challenges of supply chain resilience, green credentials, and global competition.

Dr Pimpa Limthongkul, President of the Thailand Energy Storage Technology Association, says the country’s next steps will determine whether it can capture long-term value from the global transition to new energy.

“The most pressing issue related to battery and EV in Thailand is balancing the rapid EV uptake with healthy local manufacturing,” Dr Limthongkul explains in an email interview with e27.

Imported vehicles have accelerated adoption, but long-term success, she argues, requires a domestic supply chain that is not only robust but also sustainable. That means securing reliable sources of raw materials, building capacity for recycling, and ensuring safety in handling end-of-life products.

Equally important, Dr Limthongkul stresses, is the need to make EVs genuinely green. “How do we make the battery and EV truly low carbon?” she asks.

While shifting from combustion engines reduces tailpipe emissions, Thailand must also tackle the carbon footprint of battery production and electricity generation. With fossil fuels still a mainstay of the national grid, greening the electricity supply is vital to realising the climate benefits of mass EV adoption.

Also Read: Can AI make clean energy pay off? CynLing Software thinks so.

Opportunities for local industry and innovation

Thailand has already made significant progress with incentive packages such as EV3.0 in 2022 and EV3.5 in 2024, which introduced subsidies and tax exemptions to make EV ownership more appealing. These schemes also linked incentives to local production, catalysing investment in domestic battery and component manufacturing.

“We need to lock in and promote local manufacturing, and at the same time secure volume for export of both EV and batteries produced in Thailand,” Dr Limthongkul says.

She also highlights the role of regulation in shaping a competitive yet safe industry. “Improving and ensuring safety by putting in proper regulations and standards will be critical,” she notes.

Beyond manufacturing, Dr Limthongkul emphasises that Thailand must also accelerate its transition to renewable energy: “We need to increase the percentage of green electricity in the grid at a faster pace.” Alongside this, energy storage systems can serve as a backbone for renewable integration, supporting both grid resilience and the growth of the EV ecosystem.

Human capital development is another pillar. The Ministry of Higher Education, Science, Research and Innovation is expanding training programmes to reskill and upskill the workforce in battery technologies. Multi-year R&D initiatives are underway to improve recycling and materials recovery, reducing reliance on imports while fostering a circular economy.

Threats on the horizon

Still, Dr Limthongkul is candid about the risks. “Oversupply and price wars are potential threats,” she warns.

Excess inventory can lead to aggressive pricing that undermines supplier profitability while discouraging consumers from buying immediately, expecting even lower prices ahead.

Also Read: The shifting geopolitics of sustainability, energy, and climate

Cost competitiveness is another concern. “High production costs for local manufacturing, especially compared with mass-produced units from China, are a real challenge,” Dr Limthongkul observes. The lack of reliable after-sales services—from limited parts availability to long repair times—also risks undermining consumer trust.

Macroeconomic conditions and political instability only add to the uncertainty. “An overall economic slowdown can lead to hesitation in new EV purchases and investment from foreign and local players,” Dr Limthongkul says. Global and local unrest, she adds, can slow the pace of critical investments, including those needed for green grid transformation.

Despite these risks, Pimpa is optimistic about the role of innovation in creating a safer, greener industry. “I am looking forward to battery technologies that lead to higher safety and sustainability—those innovations that can bring us closer to the net zero goal,” she says.

For transportation, she points to next-generation chemistries that deliver high energy density and affordability. She sees promise for the grid in low-cost, safe energy storage systems that enable large-scale renewable integration.

Equally important, Pimpa notes, are technologies that extend batteries’ lifespans: “What has been invested in producing the batteries should be utilised most effectively.” She cites better sensing, predictive tools, and modular designs that make batteries easier to disassemble, repair, and repurpose.

Recycling is another frontier. “We need technologies that make battery recycling more efficient and green, from identification through digital battery passports to low-carbon recycling processes,” Dr Limthongkul says. Advances in fault detection, fire protection and storage safety also form part of this innovation landscape.

Milestones achieved

Since the launch of the EV30@30 initiative in 2021, which set the target that 30 per cent of vehicles produced in Thailand would be zero-emission by 2030, the country has achieved remarkable progress. EV registrations are on track to exceed 20 per cent of passenger car sales by 2025, reflecting both growing consumer appetite and the success of incentive programmes.

Also Read: A2D Ventures backs LineWise to put a 24/7 AI engineer on every factory floor

Global manufacturers have responded by committing to building battery plants in Thailand, reinforcing the country’s reputation as an emerging hub. The education and R&D ecosystem is also advancing, with initiatives focused on recycling and materials recovery to reduce import dependence.

Meanwhile, the Ministry of Industry is working on a comprehensive battery recycling framework that could close the loop in Thailand’s battery lifecycle.

Looking ahead to 2026

Dr Limthongkul predicts that by 2026, Thailand will see EV prices becoming competitive with internal combustion vehicles, driving broader adoption. Industrial sectors will increasingly turn to battery-powered mobility, while the commercial and industrial energy storage market will expand on the back of cheap solar power and falling storage costs. Local supply chains will deepen, not just in manufacturing but also in after-sales and repair services.

“By then, we will see more focus on end-of-life battery management and safety,” Dr Limthongkul says.

She believes this will ensure that the industry matures in a way that balances rapid growth with sustainability.

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Image Credit: Michael Fousert on Unsplash

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The Asia-Pacific (APAC) region has solidified its position as the global centre of grassroots cryptocurrency activity, spearheaded by widespread adoption in India, Vietnam, and Pakistan, according to a new report.

The sixth annual Chainalysis Global Crypto Adoption Index for 2025 shows that while India and the United States lead the world overall, several Southeast Asian nations feature prominently in the top rankings, signalling a significant shift in crypto momentum towards the Global South.

The report highlights that APAC is the fastest-growing region for on-chain crypto activity, recording a 69 per cent year-over-year increase in value received in the 12 months ending June 2025. Total crypto transaction volume in the region surged from US$1.4 trillion to US$2.36 trillion, more than doubling last year’s growth rate of just 27 per cent.

Also Read: Tether, Binance, OKX join forces with police to halt US$50M crypto scam in SEA

Within the top 20 countries for grassroots adoption, Vietnam ranks fourth globally, followed by Indonesia (7th), the Philippines (9th), and Thailand (17th). This strong showing is attributed to robust engagement from their populations across both centralised and decentralised crypto services.

The index ranks 151 countries based on four sub-indices designed to measure grassroots crypto adoption, focusing on where ordinary people are embracing digital assets the most. Each country is scored on a scale of 0 to 1, and characteristics like population size and purchasing power are weighted in rankings.

A new picture: Population-adjusted rankings

A different picture emerges when the index is adjusted for population size to provide a clearer view of where crypto is gaining real grassroots traction. While Eastern European countries like Ukraine, Moldova, and Georgia top this list, Vietnam still holds a strong position at sixth place.

Notably, this population-adjusted list also ranks Hong Kong SAR fifth and Singapore 15th for the region, indicating high levels of crypto activity relative to their population sizes. The report suggests that factors like economic uncertainty and strong technical literacy can drive adoption in these areas.

Methodology shifts to reflect a maturing market

In a significant update, Chainalysis has revised its methodology better to capture the current state of the crypto ecosystem. The 2025 index introduces a new sub-index for institutional activity, designed to measure the growing influence of traditional financial players.

This metric tracks transactions over US$1 million, reflecting the entry of hedge funds, custodians, and other large-scale entities into the space. The report notes that this addition provides a fuller view of global engagement by capturing both “bottom-up (retail) and top-down (institutional) activity”.

This change was driven by significant market developments, including the approval of multiple spot bitcoin ETFs in the US and expanded regulatory clarity in key markets.

The report removed the retail decentralised finance (DeFi) sub-index to avoid a skewed representation of crypto engagement. The analysis found that while DeFi represents a significant portion of total transaction volume, it constitutes a much smaller share of overall user activity compared to centralised platforms. This adjustment ensures the index gives a more accurate measure of broad, user-level adoption.

Global trends: Stablecoins, on-ramps, and broad-based growth

The report also sheds light on key global trends impacting the crypto landscape:

Also Read: Laundering, layered: The strategy, psychology, and mistakes of crypto thieves

• Stablecoin surge: While USDT (Tether) and USDC remain dominant, processing trillions of US dollars in monthly volume, smaller, regulated stablecoins are experiencing rapid growth. EURC saw its monthly volume rise from approximately US$47 million to over US$7.5 billion in the past year, an average month-over-month growth of nearly 89 per cent. This coincides with major financial institutions like Stripe, Mastercard, Visa, Citi, and Bank of America launching stablecoin products or exploring new offerings. This trend suggests an expanding stablecoin landscape where local use cases and regulatory frameworks are shaping global volumes.
• Bitcoin as the main gateway: Bitcoin remains the primary entry point for fiat currency into the crypto economy, accounting for over US$4.6 trillion in fiat inflows between July 2024 and June 2025. This figure is more than double the volume of the next-highest category. The United States remains the world’s largest fiat on-ramp with over US$4.2 trillion in volume.
• Truly global adoption: The current wave of crypto adoption is broad-based, with high-, upper-middle-, and lower-middle-income countries all showing strong growth simultaneously. This suggests crypto is benefiting both mature markets with clear regulations and emerging markets where it serves vital functions for remittances and access to finance.

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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.

This episode features Zijian Khor, Senior Assistant Director at the National Environment Agency (NEA), Singapore, where he currently drives innovation and improvements in the Operations Transformation Division. With over a decade of experience in the environment and sustainability space, Khor has led initiatives spanning corporate strategy, policy, and operations at both the Ministry of Sustainability and the Environment (MSE) and NEA.

At MSE, he worked on climate science and adaptation, contributing to Singapore’s engagements with the Intergovernmental Panel on Climate Change (IPCC), as well as national research efforts in coastal protection and heat resilience. At NEA, he managed the carbon budget for the Waste Sector and long-term planning for key infrastructure, including Semakau Landfill. He also spearheaded the rollout of Pneumatic Waste Systems, business intelligence functions, and major process reviews.

Outside of work, he keeps one eye on the world stage. He runs Geopolitical Action 4 Leaders, a newsletter, and hosts GeoPol in a Pod, a podcast, where he unpacks the hidden signals shaping global policy, finance, and the economy for supply chain leaders and investors. He is also an active contributor of our community, where he writes a bi-weekly column on climate policies and sustainability, examining their impact on Southeast Asia’s startup and investment landscape.

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

How I got here

Working at the Ministry of Sustainability and the Environment allowed me to broaden my horizons to real-world issues that all aspects of society face: climate change, food and water security, even frontier topics like heat resilience. I also came to realise how geopolitical relations quietly impact our day-to-day lives behind the scenes.

This piqued my interest in geopolitics and started me on a journey to constantly think about how these forces shape our society. Now, I produce a newsletter and podcast to raise awareness, as I believe we need more analysts thinking along these lines — especially in the corporate space.

Also Read: Rails of fortune: How China’s US$124B BRI boom is creating new startup arteries in SEA

If I had to explain my work to a kid

I help my teammates work better together and get ready for the things we’ll need to do in the future.

Lessons learned along the way

One thing I’ve learned is that government tends to be slow in adopting new technology. But locally, we’ve started to see AI and large language models (LLMs) being more closely incorporated into government work. They’ve been a great support in sharpening our thinking, improving how we communicate, and boosting the effectiveness of the services we deliver.

What more people should notice

Startups and investors should place more emphasis on geopolitical and climate risks as emerging dimensions. Signals around resilience, compute, and energy sovereignty are already shaping supply chains and affecting the value chains that startups rely on.

Why I write

My advice for aspiring thought leaders

I was once told to “keep it simple,” and that’s the mantra I follow when I write. Oh, and AI does a pretty good job of making things easier to read too!

Also Read: Why perfect carbon audits could cripple climate finance — and what to fix instead

What drives my curiosity

Aside from topics like climate change and carbon credits, geopolitics and AI are always top of mind. The world is moving too fast and often in unpredictable ways, through my newsletter and podcast, I try to offer some semblance of clarity amidst the noise.

Influences that shaped me

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

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Join the e27 Contributor Programme and become a valuable voice in our ecosystem.

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Singapore-based smart mobility startup RushOwl has secured US$10 million in Series A funding led by Gobi Partners.

Government-owned Hong Kong Investment Corporation Limited (HKIC) also participated in the round.

RushOwl will use the capital to expand its operations from Singapore, India, and Hong Kong into the Philippines, South Korea, and Malaysia. It also plans to grow its B2B sales team and pursue a strategy of licensing its RushOS software to fleet partners. A new R&D centre in Malaysia is also in the plans.

Founded in 2018 by CEO Shin Ng, CTO Songyan Ho, and COO Kris Lee, RushOwl uses a proprietary AI platform to reduce carbon emissions and commute times for corporations and schools.

At the heart of RushOwl’s service is RushOS, an AI-based dynamic routing algorithm that pools trip requests into shared, carbon-efficient journeys. The company states its technology cuts carbon emissions by 50 per cent through saved mileage and reduces commute times by 30 per cent compared to public transport. One shared journey replaces more than three vehicles.

Also Read: On the sustainability of AI: Why measuring digital carbon emissions is key to a greener future

A key differentiator for RushOS is its focus on being ready for autonomous vehicles, emphasising optimal asset utilisation for a sustainable return on investment.

The company claims to have powered over 1.5 million rides, manages over 4,000 trips daily so far and supports 250,000 users on its mobile app RushTrail.

The startup has secured eight-figure annual contracted revenues through long-term agreements of at least 24 months with key partners, including Asia Pacific Breweries, CBRE, and Singapore’s Ministry of Education.

“One of the most vital elements of smart cities is transportation that is not only affordable, but also sustainable,” said Chibo Tang, Managing Partner of Gobi Partners. “RushOwl addresses urban challenges such as congestion and excess emissions, while preparing for the future by developing technologies compatible with autonomous vehicles.”

In 2021, RushOwl raised ~US$479,000 in a seed financing round led by Silicon Solutions Partners, an investment firm focusing on servicing and accelerating startups in the smart city sector.

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Indonesia’s Attorney General’s Office (AGO) has named former Gojek CEO Nadiem Makarim a suspect in the laptop procurement corruption case that occurred during his time as Minister of Education, Culture, Research, and Technology.

According to local media reports, Makarim was declared a suspect after the AGO questioned 120 witnesses and four expert witnesses.

He will be detained in Salemba, Central Jakarta, for 20 days.

Previously, the AGO declared four individuals suspects in the laptop procurement case, which has reportedly cost the state close to IDR2 trillion (US$121 million).

The case began in 2019, before Makarim was formally appointed minister in President Joko Widodo’s administration. It started with the creation of a WhatsApp group called “Mas Menteri Core Team” (“Brother Minister’s Core Team”) that includes Makarim, Jurist Tan, and Fiona Handayani.

Also Read: Grab introduces Gercep to protect drivers during unrest in Indonesia

This group’s discussions revolved around a plan to foster digital transformation in the national education system, which led to a plan to procure Chromebook laptops.

After his appointment in October 2019, Makarim deployed his close aide Tan to engage in technical talks about Chromebook laptop procurement. Tan brought in consultant Ibrahim Arief, whose involvement allegedly influenced a shift in procurement direction.

By April 2020, an internal technical study concluded that Chrome OS devices were unsuitable for teachers and students. Despite this, a virtual meeting led by Makarim allegedly reversed course and pushed for full adoption of the Chromebooks.

This led to a second, revised technical study favouring Chrome OS, ultimately justifying the purchase of 1.2 million Chromebooks using a mix of state and Special Allocation Funds totalling IDR9.3 trillion (US$565 million).

This arrest was the second announced this week after executives at BRI Ventures and MDI Ventures were arrested for involvement in the TaniHub fraud investment case.

More on this story as it develops.

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Southeast Asia faces deep healthcare disparities, particularly in rural and low-income communities. Yet, with rapid mobile adoption and AI-powered health innovations, the region is uniquely positioned to leapfrog traditional barriers. Impact-first health platforms are showing that affordable, inclusive care can be delivered at scale while still offering investors measurable social returns.

The persistent healthcare divide

Despite rapid economic growth, Southeast Asia (SEA) continues to struggle with uneven access to healthcare. Millions in remote islands of Indonesia, rural Cambodia, Laos, and Myanmar face long travel times, poor infrastructure, and financial barriers that make even basic healthcare difficult to reach.

Add to this a shortage of doctors, nurses, and specialists, and the challenge becomes more than an infrastructure issue. Cultural and language barriers also play a role, limiting trust and uptake of outside healthcare interventions.

Digital health: A proactive solution

The good news is that telemedicine, mobile health tools, and AI diagnostics are reshaping access to care—shifting the region from reactive crisis management to proactive prevention and early intervention.

• Telemedicine: With internet access now reaching 80 per cent of adults — 90 per cent of them via smartphones — virtual consultations are bridging the urban-rural divide. Patients who once faced hours of travel can now connect with specialists instantly.
• Mobile health tools: Apps, wearables, and medication reminders empower patients to manage chronic conditions, monitor vital signs, and take preventive steps before complications escalate.
• AI diagnostics: From detecting tuberculosis and malaria to managing hypertension and diabetes, AI-powered diagnostic stations and chatbots are democratising specialist-level expertise.

“Digital health is not replacing doctors—it is amplifying their reach.”

Also Read: The hardest industries to disrupt and start in Asia: A focus on healthcare

Building for inclusion: Why impact-first tech matters

For all its promise, digital health risks leaving some behind unless inclusion is a design priority. Platforms must be:

• Language- and culture-sensitive, addressing SEA’s multi-ethnic, multi-lingual context.
• Affordable, ensuring access is not limited to wealthier urban populations.
• Low-bandwidth ready, for rural areas with patchy connectivity.
• Community-embedded, building trust through partnerships with local NGOs and health workers.

“Technology without inclusion risks widening the gap. Impact-first design ensures the underserved remain at the centre.”

This philosophy underpins MaNaDr’s model—building a platform that serves not just urban elites, but also the most vulnerable communities across the region.

Funding for good: Why investors should care

The next wave of healthcare innovation in SEA won’t just be driven by technology—it will depend on capital. And here lies an opportunity for investors.

• Measurable impact: Digital health solutions can quantify outcomes—reduced hospitalizations, earlier diagnoses, and improved medication adherence.
• Resilient demand: Healthcare is non-cyclical. A platform that addresses systemic gaps in a region of 680 million people will not lack growth.
• ESG alignment: Investors globally are under pressure to deliver not just returns but also impact. Inclusive healthcare is one of the clearest ESG opportunities in SEA today.

“When investors back impact-first healthcare, they’re not just funding apps—they’re funding equity, dignity, and resilience.”

Also Read: Asia’s new AI wave: Startups driving smarter healthcare, safer roads, better living

Partnerships to close the last mile

NGOs such as Project HOPE, Health in Harmony, and Sustainable Health Empowerment are already working alongside startups and governments to deliver education and care to underserved communities. Yet key questions remain:

• How do we connect patients in no-internet zones with doctors abroad?
• How can medicines reach patients scattered across Indonesia’s thousands of islands?
• How do we foster trust across multiple cultures and languages?

Answering these requires collaboration, not competition—between governments, innovators, investors, and communities themselves.

Final thoughts

We believe digital health must be built for inclusion and funded for good. Only then can Southeast Asia fully harness telemedicine, AI, and mobile tools to deliver on healthcare’s promise: equitable access for all.

Healthcare is not a privilege. It is a basic human right. By aligning innovation with inclusion, and capital with impact, Southeast Asia can become a global model for how digital health transforms not just systems—but lives.

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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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Global markets have entered a phase of heightened caution as fiscal stability concerns ripple across major economies, prompting investors to reassess risk assets and flock toward safer havens.

Investors pulled back from equities amid worries over government debt levels and potential policy missteps, leading to declines in key indices. This retreat reflects broader anxieties about how governments will manage swelling deficits in an environment of elevated interest rates and geopolitical tensions.

This pullback serves as a necessary correction after months of optimism driven by central bank easing expectations, but it also highlights vulnerabilities that could persist if fiscal policies fail to instil confidence. The interplay between rising yields and weakening currencies underscores a market grappling with the realities of post-pandemic debt burdens, where any sign of instability can quickly amplify losses.

US equities under pressure

In the United States, stock markets experienced notable declines, with the S&P 500 dropping 0.7 per cent, the NASDAQ falling 0.8 per cent, and the Dow Jones slipping 0.6 per cent. These moves came as traders digested ongoing fiscal debates in Washington, including discussions around debt ceilings and spending priorities that could strain the economy further.

Federal Reserve outlook and market pause

The broader context involves speculation about Federal Reserve interest rate decisions, with markets pricing in a high probability of a September cut amid softening economic data. From my perspective, these dips in equities represent a healthy pause rather than the start of a deeper bear market, as underlying corporate earnings remain robust in sectors like technology and consumer goods.

If fiscal concerns escalate into actual policy gridlock, we could see more pronounced selling pressure, especially in overvalued tech stocks that have led the rally so far this year.

Also Read: Empathy-first algorithms: The marriage of AI and human psychology in marketing

Dollar strength amid global uncertainty

The US Dollar Index strengthened by 0.6 per cent to close at 98.33, benefiting from its safe-haven status amid global uncertainties. This uptick pushed the index higher to 98.37 in subsequent trading, reflecting weakness in counterparts like the British pound and Japanese yen.

The dollar’s resilience stems from relative economic strength in the US compared to Europe and Asia, where growth forecasts have been revised downward due to trade tensions and energy supply risks. I believe the dollar’s strength will continue in the near term, acting as a buffer against imported inflation, but it risks exacerbating export challenges for American firms if it appreciates too aggressively.

Rising yields and treasury market dynamics

US Treasuries faced selling pressure, with yields on the 10-year note climbing five basis points to around 4.28 per cent. This increase followed weakness in European bonds, where longer-dated securities bore the brunt of investor unease. The par yield curve data for early 2025 shows a steepening trend, indicating market expectations for higher long-term rates amid persistent inflation worries.

In my opinion, this yield surge signals investor skepticism about the Fed’s ability to engineer a soft landing without reigniting price pressures, particularly if fiscal spending remains unchecked. Treasuries, traditionally a refuge, now compete with alternatives like gold, which offer hedges against both inflation and currency debasement.

UK fiscal challenges and gilt sell-off

Across the Atlantic, the United Kingdom grapples with its own fiscal headaches, as long-term bond yields soared to levels not seen since 1998. The 30-year gilt yield jumped to 5.72 per cent, driven by a sell-off that also dragged the pound lower by as much as 1.5 per cent against the dollar.

Prime Minister Keir Starmer faces mounting pressure to clarify budgetary plans, with investors fretting over potential tax hikes or spending cuts that could stifle growth. The pound traded at a three-week low of 1.3375 against the dollar, highlighting the currency’s vulnerability to domestic policy shifts.

I see this as a critical juncture for the UK economy, where Starmer’s administration must balance fiscal prudence with economic stimulus to avoid a prolonged sterling slump. The surge in yields, while painful for borrowers, might force necessary reforms, but it risks tipping the economy into recession if not managed carefully.

Also Read: China, US, Japan to drive 40 per cent of global mobile gaming by 2030

Commodities: Gold and oil diverge

Commodities provided a mixed picture, with gold surging 2.2 per cent to a record high of US$3,533 per ounce. This rally gained traction from expectations of Fed rate cuts and concerns over the central bank’s independence in the face of political pressures.

Analysts project gold averaging US$3,220 in 2025, buoyed by seasonal demand and monetary easing. Brent crude oil edged up 0.7 per cent, as traders weighed supply risks from renewed US sanctions on Russia and OPEC+’s reluctance to increase output. Ukrainian drone attacks and geopolitical escalations have kept prices supported, with Brent trading around US$68 per barrel.

Gold’s ascent underscores its role as a premier safe-haven asset in uncertain times, potentially outperforming equities if fiscal woes deepen. Oil’s modest gains, meanwhile, reflect a delicate balance between supply disruptions and demand concerns, with OPEC+’s upcoming meeting likely to dictate near-term direction.

Asian markets and big tech boost

Asian equity indices opened lower in early trading, mirroring the global risk-off mood, while US equity futures ticked higher, supported by after-hours gains in Alphabet following a favourable antitrust ruling.

A federal judge decided Google would not need to divest its Chrome browser, sparking an eight per cent surge in Alphabet’s stock. This decision avoided harsher penalties, boosting investor confidence in big tech. I interpret this as a positive for the broader market, as it reduces regulatory overhang on tech giants, potentially fuelling a rebound in US indices despite Asian weakness.

In foreign exchange markets, the USD/JPY pair rose 0.8 per cent to 148.40, its highest since early August, amid fiscal concerns in Japan. Near-term support for GBP/USD lies at 1.3500-1.3560, while resistance for USD/JPY is at 148.40-148.90. These levels suggest potential consolidation as traders await clearer signals from central banks.

Bitcoin momentum and institutional interest

Turning to cryptocurrencies, Bitcoin rose 1.63 per cent to US$111,342.85 over the past 24 hours, outpacing the broader market’s 1.6 per cent gain and reversing a 2.95 per cent decline over the prior 30 days. This uptick draws from bullish institutional sentiment and technical momentum.

JPMorgan’s declaration that Bitcoin appears undervalued relative to gold stands out as a key driver. The bank notes Bitcoin’s volatility has plummeted from 60 per cent to 30 per cent over six months, the narrowest gap with gold ever recorded. Their volatility-adjusted model pegs Bitcoin’s fair value at US$126,000, about 13 per cent above current levels.

This assessment positions Bitcoin as digital gold, attracting risk-averse institutions. BlackRock’s US$58 billion stake in Bitcoin ETFs and corporate treasury allocations, now holding six per cent of supply, bolster this demand. However, Bitcoin lingers 12 per cent below its recent all-time high, offering upside potential if stability holds.

I find this JPMorgan call compelling, as it marks a shift from traditional finance’s skepticism toward embracing Bitcoin’s maturation as an asset class. Reduced volatility not only draws in more capital but also diminishes the narrative of Bitcoin as a speculative gamble, paving the way for broader adoption.

Whale accumulation and custody shifts present a mixed but largely positive impact. Institutions like MicroStrategy have added 41,875 BTC since April 2025, while custodians such as Coinbase and Anchorage Digital manage about 80 per cent of ETF-held Bitcoin. Exchange reserves have hit multi-year lows as coins move to custody, reducing immediate sell pressure. This centralisation raises risks if regulators scrutinise custodians or liquidity issues arise. Retail participation stays muted, capping organic demand.

Also Read: Asia Pacific redefines biotech: Global pharma’s strategic shift from West to East

Recent data shows whales holding 1,000-10,000 BTC adding 16,000 coins during dips, while smaller wallets sold off. From my standpoint, this dynamic favours bulls in the long run, as institutional hoarding creates scarcity, but it demands vigilance against concentration risks that could amplify volatility in downturns.

Technically, Bitcoin shows neutral to bullish signals. The price sits above the 200-day simple moving average at US$101,388, with the 50-day SMA at US$114,675 nearing a golden cross. The RSI-14 at 45.54 indicates neutral momentum, while the MACD at -1,830 suggests consolidation. Fibonacci retracement points to resistance at US$113,836 and US$115,864.

A golden cross could draw algorithmic traders, but mixed indicators imply a period of range-bound trading. Predictions see Bitcoin reaching US$120,593 by early September. I view these technicals as supportive of gradual upside, particularly if Bitcoin breaks above US$115,864, which might trigger fresh buying. Failure to do so could test support at US$107,271, but overall, the setup aligns with institutional optimism.

On X, discussions echo this sentiment, with users highlighting JPMorgan’s undervalued call and whale accumulations as bullish catalysts. Posts note corporate treasuries going crypto-native, like SharpLink Gaming’s ETH buys, reinforcing Bitcoin’s appeal. Semantic searches reveal rising institutional sentiment since August, with whales adding significant holdings.

In my opinion, these trends solidify Bitcoin’s trajectory toward US$126,000, driven by convergence with gold and structural demand shifts. While global fiscal concerns weigh on traditional markets, Bitcoin’s resilience positions it as a standout performer, potentially decoupling from equity weakness if adoption accelerates.

Conclusion: Safe havens and Bitcoin’s rise

In summary, the retreat in risk sentiment amid fiscal worries has pressured stocks and currencies, but commodities like gold and Bitcoin shine as hedges. The UK’s bond turmoil exemplifies broader challenges, while US futures hint at selective recoveries.

For Bitcoin, the combination of undervaluation signals, whale activity, and technical poise suggests substantial upside ahead. As a journalist tracking these developments, I remain optimistic about Bitcoin’s role in portfolios, viewing current dips as entry points in a maturing asset class.

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The post The great repricing: How fiscal anxiety is reshaping global markets from bonds to Bitcoin appeared first on e27.

In Asian asset management, the only thing that stays the same is how nothing really stays the same.

While the sheer size and influence of mainland China can’t be ignored, it is Singapore and, more recently, Hong Kong, that are driving fund innovation in the region. Boosted by forward-thinking government initiatives that encourage firms to automate, embrace new technologies like tokenisation and meet the growing demand among Asian investors (and investors in Asia) for overseas exposure, they’ve experienced impressive growth.

From 2022 to 2023, Singapore’s assets under management (AUM) grew by 10 per cent, reaching over US$4 trillion. Hong Kong’s AUM grew by over two per cent, while net fund flows grew by more than 300 per cent. Japan, Taiwan and many other APAC markets have racked up equally impressive numbers.

Behind these headline figures is a more nuanced situation, with much of the growth being fuelled by overseas investors. Seventy-seven per cent of Singapore’s AUM comes from international investors, of which 89 per cent is invested outside the country. In Hong Kong, investors outside of Mainland China and Hong Kong have consistently accounted for 54-56 per cent of total AUM over the past five years.

The exposure local investors get to overseas markets, however, pales in comparison, with access restricted by a lack of automation and interoperability, as well as cross-border regulation that adds further costs and delays. This is not the case for all firms, however, with some pulling away from their competitors and opening up a world of investment opportunities for their clients.

Recently, Calastone commissioned a survey of asset managers, asset servicers and fund distributors across Asia, focussing primarily on Singapore and Hong Kong. We wanted to explore the challenges and opportunities within the space and understand how technology can be harnessed to better serve investors’ cross-border ambitions.

Among the respondents, almost all cited global diversification for local investors as ‘very’ or ‘extremely’ important, with 89 per cent of respondents highlighting further expansion into APAC as a priority. Considering the growth across the region, this is understandable. This is also being driven by a desire to access the influence of the Chinese Mainland’s asset management industry, especially in Hong Kong where local regulatory bodies are making a considerable effort to further open access.

Also Read: How blockchain is optimising payments, assets and workflows

North America was the second most popular market for global diversification, with 63 per cent of respondents seeing it as a priority market. Asian investors understandably want to cash in on the booming equity markets in North America. When asked what their priorities are when selecting investment products, they focus on returns above all else, so enabling better access to global markets is key.

Likewise, the second biggest factor was ‘brand recognition/reputation’ of the fund manager. Despite the rapid growth of domestic fund markets, providing investors access to the biggest names in Western fund management can still be a significant differentiator for Asian firms.

In an attempt to meet this diversification demand, regulatory bodies across APAC have implemented swathes of new regulation. This should be commended, but there’s still work to be done: over half of our respondents cited ‘cross-border investment & market access’ as a regulatory priority. Perhaps unsurprisingly, it’s the Monetary Authority of Singapore (MAS) that has been pushing for progress.

The country’s Variable Capital Company (VCC) framework was a step in the right direction, but, despite attracting considerable interest, it’s still not classified as registered by many overseas jurisdictions, which presents a major hurdle for global acceptance. Hong Kong initiatives such as the Wealth Management Connect (WMC) and Mutual Recognition of Funds (MRF) schemes, launched to open up access to Mainland China, are also in need of refinements to be truly effective.

Many of these issues stem from a lack of standardisation of digital fund infrastructure. While not unique to the Asian market, the problem is exacerbated by the region’s continued reliance on commission-based fund distribution, whether it’s front-end, back-end, or trail commissions. These varying commission structures across different jurisdictions create a fragmented landscape, further complicating the distribution and settling of cross-border transactions.

Asset managers that are able to access seamless and interoperable order routing and settlement systems will gain a huge advantage. These systems not only enhance operational resilience and scalability, but also lay the groundwork for  a truly connected financial ecosystem.

Also Read: Speaking before you scale: Your voice is your most powerful asset

To make that a reality, standardisation built on interoperability and global standards is essential, enabling smoother cross-border collaboration and allowing firms to innovate at the pace of market demands. While some networks have emerged to address these challenges, most remain confined to domestic markets, restricting Asian funds and their investors from accessing overseas opportunities. Connectivity with global reach can bridge that gap, with forward-thinking funds already partnering with third parties to support cross-border distribution and settlement.

All of this is taking place against a backdrop of almost constant product innovation. Our survey found that the two biggest factors driving competition in Asia were product innovation – particularly specialised investment products such as ETFs, REITs, and customised wealth management products – and new technology, including robo advisors and digital brokerages. The next stage of this innovation will be tokenised assets, with regulatory bodies in Singapore and Hong Kong both working to establish themselves as the region’s primary hub for tokenised products.

Initiatives like MAS’ Project Guardian and Hong Kong’s VA Funds Circular mean that the regulatory framework is in place for forward-thinking funds to take advantage of the benefits tokenisation can bring, from increased efficiency and liquidity to seamless cross-border fund transfers.

McKinsey & Company forecasts that US$4 trillion to US$5 trillion of tokenised digital securities could be issued by 2030. Yet, despite the clear potential, just over 55 per cent of respondents to our survey have begun working on tokenised offerings, indicating that there is still plenty of room in the market for firms to gain an early-mover advantage.

Delivering the overseas exposure that domestic investors seek will require a joint effort from the regulators and the funds they govern. The groundwork has been laid, but to fully realise the benefits, automation, interoperability, and global connectivity need to be leveraged to ensure these advancements drive impact both at home and abroad.

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TeamCXO has launched a new platform focused on Asia that connects startups with fractional C-suite executives.

The programme offers part-time and project-based senior leadership to founders in Southeast Asia. It aims to provide startups with seasoned operational experience to help with fundraising, go-to-market strategy, and product development without the overhead of a full-time senior hire.

A fractional executive is a seasoned operator, such as a CFO or CTO, who takes ownership of outcomes, roadmaps, and budgets on a part-time basis or for a fixed duration. This model provides embedded leadership and accountability without the permanent financial commitment.

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While the trend began in Western markets like Silicon Valley, it is seeing increased adoption in Southeast Asia, where a deepening pool of experienced talent exists. The current downturn in regional investment may also drive founders to seek high-quality input on a more reasonable budget, a scenario where fractional leadership can be highly beneficial.

TeamCXO’s executives are “co-pilots” who assist founders in specific areas. “We’re co-pilots, not the stars,” said Shannon Kalayanamitr, founder of TeamCXO. “Think of us as your sparring partner on strategy, your door-opener when you need one, your interim CXO until traction justifies a full-time hire, your advisor, and even a pre-launch test bed for things like tokenisation–so you move faster with fewer unforced errors.”

Founders can use these co-pilots to manage fundraising processes, rebuild customer relationship management (CRM) systems, accelerate product delivery, establish AI and automation, or explore new business lines.

The platform’s advisory bench is curated and features an array of senior talent. It includes former operators from major regional companies like Lazada, Grab, aCommerce, Ampverse, and Animoca Brands, as well as global firms such as Vice Media, Netflix, and Uber.

The roster also includes exited founders, a “Shark” from Shark Tank Thailand, a former TechCrunch editor, and specialists in areas like actuarial risk and pricing. Access is provided only through a guided matching process to ensure each pairing is individually tailored.

The service is also designed to address the needs of investors and large corporations. Venture capital and private equity firms can utilise the platform to accelerate value creation and enhance governance across their portfolio companies.

Similarly, corporates can gain execution speed for digital, AI, and market expansion projects without expanding their permanent headcount.

For founders navigating a challenging funding environment, the platform aims to provide the necessary traction and added credibility to close investment rounds successfully.

TeamCXO offers support across eight executive functions, including:

• Finance (CFO/strategy): For fundraising narratives, financial models, and business-model proofing.
• Technology & digital (CTO/CDO): Covering architecture modernisation, AI pilots, and Web3 go-to-market advisory.
• Growth & brand (CMO): Focused on CRM rebuilds for lifetime value (LTV), performance marketing, and public relations.
• Product & delivery (CPO): To improve development cadences, define roadmaps, and increase velocity.
• Data & AI: Providing dashboards, forecasting, risk scoring, and actuarial-grade pricing models.
• People & Talent (HR): Assisting with organisational design, compensation, and hiring for hard-to-fill roles.
• Board & Advisory: Supplying independent advisors for governance and regional expansion.

Also Read: The future of work: Navigating the shift to flexible talent models

Startups can engage with TeamCXO through several flexible formats. These include short-term Sprints (2-6 weeks) for tightly scoped projects like a CRM rebuild; a Part-time CXO (1–3 days per week) for 3-6 months to manage a function during a growth phase; On-demand blocks of hours for reviews and decision support; and integrated Pods that combine multiple roles, such as a CFO and CMO.

The engagement process begins with an email or by filling out a short intake form, after which TeamCXO provides a “concierge match” with one to three best-fit operators or pods to align on scope and begin work.

Visit TeamCXO for more details.

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IdeaSpace Foundation, the accelerator backed by the MVP Group of Companies, has officially announced the six startups joining the 13th cohort of its flagship accelerator programme. Themed “Startups for the Future,” this year’s cohort champions early-stage ventures that tackle complex local challenges with scalable, tech-driven solutions.

Spanning proptech, fintech, AI-enabled content, and digital commerce, the chosen startups reflect a growing maturity in the Philippine startup scene where founders are anticipating the next wave of user needs.

“This cohort perfectly embodies our mission to help startups that can scale and contribute meaningfully to the economy,” said Alwyn Rosel, Executive Director of IdeaSpace. “We are excited to partner with them on their journey to build scalable and sustainable businesses”.

The IdeaSpace Accelerator Program goes beyond funding, offering mentorship, network access, and support on operations, fundraising, and marketing. This hands-on approach has made the program a consistent pillar of the Philippine startup ecosystem since its launch in 2012.

Backed by some of the country’s largest conglomerates including PLDT-Smart, Meralco, and Maynilad, IdeaSpace aims to play a unique role in marrying corporate strength with entrepreneurial agility.

Also Read: China, US, Japan to drive 40 per cent of global mobile gaming by 2030

The following is a list of the startups:

Soolok Properties Inc.
Offers a digital platform that aggregates foreclosed property listings from major banks, streamlining the discovery process using a proprietary pricing model to identify high-value deals.

KaHero
A cloud-based point-of-sale (POS) system that empowers small businesses to manage sales, inventory, and operations from anywhere.

Xure
A mobile platform for collectors to buy, sell, and trade collectibles, with built-in appraisal and certification features through a decentralized clearinghouse.

DashoContent
Combines AI with human editorial oversight to streamline content operations—an increasingly critical task for digital-first businesses.

Cloverly
Targets the real estate space with an internal onboarding tool that makes property sales smoother for developers and brokers.

Polka Motors
A loan facilitation platform for motor vehicles, simplifying credit access for aspiring vehicle owners.

“These startups are not just tech-driven; they are purpose-driven,” noted Butch Meily, President of IdeaSpace. “The strength of our network—connecting founders, mentors, investors, and the broader MVP Group—will undoubtedly drive these ventures to new heights”.

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Image Credit: IdeaSpace

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