A newly released study by MetaComp Research, the analytical arm of Singapore-based digital finance infrastructure firm MetaComp, has issued a decisive recommendation for regulated digital asset entities: deploy three Know-Your-Transaction (KYT) tools to strike the optimal balance between anti-money laundering/counter-financing of terrorism (AML/CFT) compliance and operational efficiency in cryptocurrency transactions.

The study, which analysed over 7,000 real transactions across the Ethereum and Tron blockchains, sheds light on growing concerns within the crypto compliance ecosystem, particularly around fragmented KYT systems, inconsistent risk scoring, and the lack of standardisation among blockchain monitoring providers.

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

“No single blockchain screening tool can provide complete visibility into on-chain risks,” the report states, citing significant blind spots when institutions rely on a single or dual-tool setup.

One tool isn’t enough

MetaComp’s research finds that relying on only one or two KYT tools may result in up to 25 per cent of medium-high risk transactions being incorrectly marked clean. In contrast, a three-tool configuration reduces this “false clean rate” to just 0.10 per cent, closely approaching the accuracy of a four-tool system.

However, a four-tool setup comes at the cost of speed: screening times stretch up to 11 seconds, compared to 2 secondswith three tools—an operational liability for businesses requiring near real-time decisions.

Tron blockchain poses greater risk

In addition to benchmarking KYT performance, the report highlights stark differences between the two examined blockchains. Tron was shown to have a significantly higher risk profile:
Severe-risk transactions were 10x more frequent on Tron than Ethereum.
Over 20 per cent of Tron transactions were flagged as medium-high risk or above, compared to 8.61 per cent on Ethereum.

Implications for the region

These findings are poised to shape compliance strategies across Southeast Asia’s increasingly regulated crypto markets, where digital asset service providers must navigate stringent AML/CFT requirements under evolving frameworks. MetaComp’s proposed three-tool KYT methodology offers a scalable path forward for balancing regulatory scrutiny with operational agility.

Also Read: Crypto crime has a map: Where victims—and losses—are concentrated in 2025

MetaComp intends to build on this foundational study with continued research into tool harmonisation and real-world case testing, signalling a push toward industry-wide KYT standardisation.

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Global risk sentiment holds steady, yet an undercurrent of caution persists, shaped by a blend of robust economic data, trade policy turbulence, and a Federal Reserve that refuses to tip its hand.

Federal Reserve Chair Jerome Powell recently signalled that no firm decision has been reached for the September Federal Open Market Committee (FOMC) meeting, leaving investors guessing about the likelihood of a rate cut. With interest rates unchanged at 4.25 per cent to 4.50 per cent for the fifth consecutive meeting, the Fed aligns with market expectations but offers little clarity on its next move.

Meanwhile, economic indicators like a strong US GDP and employment figures paint an optimistic picture, only to be muddied by new tariffs and a volatile commodity market. Add to this mix the evolving cryptocurrency narrative, highlighted by Bitcoin’s potential to hit US$141,000, and the stakes for understanding these dynamics grow even higher. What does this all mean for traditional markets and digital assets alike? I will try to explain.

Global risk sentiment and the Federal Reserve’s stance

Global risk sentiment remains balanced, neither plunging into panic nor surging with unchecked optimism. This stability stems from a tug-of-war between encouraging economic signals and unsettling policy developments.

The Federal Reserve plays a central role in this narrative. By maintaining rates at 4.25 per cent to 4.50 per cent, the Fed reinforces a wait-and-see posture, a decision that met market forecasts but left room for debate. Two voting members dissented, the most since 1993, hinting at internal divisions over the path forward.

Powell’s remarks during the post-meeting news conference underscored this uncertainty, dampening expectations for a September rate cut. According to the CME FedWatch tool, the odds of a cut dropped to 47 per cent from 63 per cent just a day prior, reflecting a market recalibration after the Fed’s cautious tone collided with upbeat economic data.

This steady sentiment faces pressure from external forces. New tariffs on India and Brazil, coupled with the removal of the “de minimis” exemption for small packages, signal a tougher US stance on trade. The White House’s proclamation of 50 per cent tariffs on “processed” copper (but not “refined” copper) starting August 1st sent shockwaves through commodity markets, with Comex copper prices plummeting by as much as 20 per cent at one point.

Also Read: Global sentiment lifts off: The US-EU agreement’s ripple through stocks, commodities, and digital currencies

These moves threaten to disrupt global supply chains and stoke inflation, challenges the Fed must weigh as it plots its course. For now, the central bank opts for patience, balancing the vigour of the US economy against these looming risks.

Economic data: A bright spot amid uncertainty

The US economy offers compelling reasons for optimism. Second-quarter GDP growth clocked in at a robust 3.0 per cent quarter-over-quarter seasonally adjusted annual rate, surpassing expectations and signalling resilience. July’s ADP employment report added to the good news, revealing a surprising 104,000 new private-sector jobs.

These figures suggest a labor market and broader economy that continue to defy slowdown fears, providing a counterweight to global uncertainties. Investors and policymakers alike find reassurance in these numbers, which bolster the case for the Fed’s steady-hand approach.

Yet, this strength does not exist in a vacuum. Rising Treasury yields hint at underlying concerns. The 10-year US Treasury yield climbed 5 basis points to 4.370 per cent, while the 2-year yield jumped 7.2 basis points to 3.941 per cent. Higher yields often reflect expectations of inflation or a belief that rate cuts remain distant, both of which align with the Fed’s current rhetoric and the tariff-driven pressures on prices.

The US Dollar Index advanced 0.93 per cent, buoyed by the Fed’s stance and perhaps some safe-haven demand amid trade tensions. Gold, typically a refuge in uncertain times, slipped 1.5 per cent to US$3,275 per ounce, possibly due to the stronger dollar or profit-taking after recent gains. Brent crude oil, however, rose 1.0 per cent to US$73 per barrel after President Trump threatened tariffs on India over its energy purchases from Russia, a reminder of how geopolitics can sway commodity prices.

Market reactions: A mixed bag

US stock markets mirrored the broader uncertainty, closing with varied results. The S&P 500 dipped 0.12 per cent, the Dow Jones fell 0.38 per cent, and the NASDAQ eked out a 0.15 per cent gain. This patchwork performance reflects investor efforts to parse positive economic data against trade policy risks.

In Asia, early trading showed similarly mixed equity indices, while US equity futures pointed to an indecisive opening. The day ahead promises more clues, with China’s July manufacturing and non-manufacturing PMI data, alongside Taiwan and Hong Kong’s second-quarter GDP figures, set to influence sentiment further. These releases could either reinforce the steady outlook or tip the scales toward caution, depending on their strength.

Commodity markets, meanwhile, felt the tariff fallout acutely. The copper price collapse underscores how swiftly policy shifts can ripple through global trade. Such volatility could feed into inflation, challenging the Fed’s efforts to maintain stability. For now, markets navigate a landscape where economic growth coexists with policy-induced turbulence, leaving investors on edge but not in retreat.

Bitcoin and the cryptocurrency angle

Bitcoin offers a compelling subplot in this financial drama. On-chain analytics firm Glassnode highlights US$141,000 as a potential next significant resistance if Bitcoin breaks higher with conviction. This projection ties to the Short-Term Holder (STH) Cost Basis, which tracks the average acquisition price for investors holding coins for less than 155 days.

Also Read: From strategic reserve to everyday use: Navigating Bitcoin’s next chapter

Currently at US$105,400, this level shows STHs enjoying an 11.5 per cent unrealised profit at recent prices. Historically, trading above this basis signals bullish momentum, a pattern Bitcoin has followed since breaching it earlier this year.

Glassnode’s analysis adds depth with standard deviation bands. The +1 SD band, at US$125,100, has repeatedly capped Bitcoin’s upward moves, with two rejections in recent months. A decisive break above this could target the +2 SD level at US$141,600, where STH profits would swell, possibly triggering profit-taking and new resistance. For now, Bitcoin hovers between US$105,000 and US$125,000, a range that may hold until a catalyst, be it policy or market sentiment, sparks a breakout.

The Fed’s announcement and Powell’s remarks dented cryptocurrency prices, with Bitcoin sliding in afternoon trading. This sensitivity to monetary policy underscores Bitcoin’s role as a barometer for risk appetite and expectations of Fed action. Matthew Sigel of VanEck argues Bitcoin serves as a hedge against monetary debasement, suggesting that signals of easier policy could ignite crypto enthusiasm.

Historical data support this: Bitcoin rose after four of the year’s prior FOMC meetings, though it dipped post-June before recovering. Lower rates, by reducing borrowing costs, often drive investment into alternative assets like Bitcoin, a dynamic worth watching if the Fed shifts gears.

The White House’s digital asset vision

The White House’s new report, Strengthening American Leadership in Digital Financial Technology, adds another layer to the crypto story. Compiled by the Working Group on Digital Asset Markets, it champions digital assets and blockchain as transformative forces for finance and beyond.

Legislative priorities like the Genius stablecoin act and the Clarity Act aim to provide structure. At the same time, recommendations urge the SEC and CFTC to clarify rules on trading, custody, and record-keeping at the federal level. Support for decentralised finance through safe harbors and regulatory sandboxes signals openness to innovation, a boon for the sector.

Also Read: Leading global from SEA: Lessons from scaling SaaS, cultures, and team from Amity Group’s journey

The report’s stance on a Bitcoin reserve stands out. Administered by the Treasury, this stockpile of seized digital assets will be held, not sold, as reserve assets. This move could legitimise Bitcoin further, boosting confidence among investors wary of regulatory hostility.

Conversely, the report opposes a US central bank digital currency, aligning with the Anti-CBDC Act and reinforcing a decentralised ethos that crypto advocates cherish. These developments suggest a regulatory tailwind for Bitcoin, though their full impact will unfold over time.

My take on the situation

I see a world of opportunity and risk in equal measure. The US economy’s strength, evident in GDP and jobs data, offers a solid foundation, but trade tensions and tariffs threaten to erode it. The Fed’s caution makes sense given these crosscurrents, yet its indecision leaves markets vulnerable to swings.

For traditional assets, volatility seems likely as investors grapple with these forces. Bitcoin, meanwhile, intrigues me most. Its potential to hit US$141,000 hinges on breaking key resistance, a feat that regulatory clarity and a dovish Fed could enable. The White House’s embrace of digital assets feels like a game-changer, though execution will matter.

I lean cautiously optimistic on crypto, believing its hedge appeal and policy support could shine amid uncertainty. Still, prudence dictates watching the Fed and global data closely—volatility cuts both ways.

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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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Chocolate Finance, a Singapore-based fintech firm, has closed a US$15 million Series A+ funding round and secured a regulatory licence to operate in Hong Kong.

The funding round was led by Nikko Asset Management, with participation from returning investors Peak XV, Prosus, Saison Capital, and founder Walter de Oude.

This financial injection will be used to scale the business and innovate.

Also Read: Chocolate Finance wants to be a ‘happy place’ for Singaporeans to grow their wealth

“We have built such a great business in Singapore and helped so many people get a decent return on their cash. Now it’s time to accelerate international expansion, and this new capital allows us to progress in our regional growth aspirations,” said Walter de Oude, CEO and founder of Chocolate Finance.

“It [the funding] allows us to double down on product innovation, regional expansion, and most importantly, continuing to build a financial platform that prioritises simplicity, and just delivers what it promises – a great place for your spare cash,” he added.

Securing regulatory approval to operate in Hong Kong represents a critical step in Chocolate Finance’s regional growth strategy. This expansion will enable the company to serve users in one of Asia’s most dynamic financial hubs and provide an alternative platform for consumers to grow their idle cash, which often remains in low-interest accounts, into what they term ‘happy money’.

Founded in 2022, Chocolate Finance focuses on providing an enhanced solution for SGD and USD spare cash savings, allowing users to grow their spare cash daily with no lock-ins or complex rules. Customers can see their returns on the app daily, benefiting from simple account setup and the flexibility to spend through their linked Visa card while holding investments in SGD or USD.

Since launching in Singapore in July 2024, Chocolate Finance claims to have reached almost US$666 million in assets under management and delivered ~US$16.8 million in returns to nearly 100,000 users (the return represents the total of all returns earned across all funds and currencies by customers from July 2024 to June 2025).

The company was recently under fire following a botched rewards campaign and poor crisis management. On March 10, the firm froze instant withdrawals, later restoring them with delays, capped debit card spending at SGD250, and blocked wallet top-ups—triggering widespread customer frustration and negative sentiment online. The turmoil stemmed from a February promotion with rewards platform HeyMax, which offered air miles for card spending, including bill payments via AXS.

Also Read: Singapore’s SME fintechs face growth hurdles amid restricted API access

Usage spiked far beyond expectations, prompting Chocolate to suspend AXS payments abruptly. Founder Walter de Oude admitted the programme’s unsustainability but was criticised for poor communication.

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Salesforce’s newly released Global AI Readiness Index paints a sobering picture of Indonesia’s preparedness for an AI-powered future. Despite clear ambitions and ongoing policy initiatives, the country remains in the early stages of ecosystem development, with significant challenges in areas such as innovation, investment, and talent development.

The index, which evaluated 16 global markets across five dimensions—regulatory frameworks, AI adoption, innovation, investment, and human capital—places Indonesia in the lower tier of AI readiness overall. While the country has introduced a national AI strategy and signalled commitment to digital transformation, these intentions have yet to translate into robust infrastructure or capability.

In the area of regulatory readiness, Indonesia earned a relatively strong score of 7.6 out of 10. The country has adopted AI strategies and digital governance policies that signal a clear intent to embrace AI’s economic and societal potential. However, the report notes the absence of scale-ready institutional mechanisms and legal clarity, which remain key barriers to effective deployment.

Without frameworks that enable risk-based, globally interoperable governance, the strategies remain largely theoretical.

Indonesia’s efforts to integrate AI into public services and industry are still nascent. With a score of 6.3 in the “diffusion and adoption” dimension, the country trails behind more mature ecosystems where AI is actively reshaping service delivery and operational efficiency. Though some initiatives are underway—particularly in smart city development and industrial modernisation—the overall integration of AI into mainstream business and public sector functions remains limited.

Also Read: Indonesia’s fitness pivot: From big-box gyms at the mall to agile shophouse startups

The index’s authors recommend that governments prioritise AI adoption in public sector transformation, including revising procurement processes, investing in digital maturity, and training civil servants. Such steps, it suggests, could enable Indonesia to bridge the gap between policy design and operational impact.

Indonesia scored just 0.2 out of 10 in the innovation category, underscoring deep constraints in the research and development ecosystem. The index points to limited R&D funding, sparse academic-industry collaboration, and a lack of institutional infrastructure as core issues. These challenges have made it difficult for the country to adapt AI technologies to local needs, resulting in a high reliance on imported platforms and tools.

The findings suggest that without a stronger innovation base, Indonesia risks falling behind in the development of agentic AI systems—those capable of autonomous decision-making within digital or physical environments. To address this, the report calls for increased cross-border collaboration and shared R&D efforts, particularly in areas related to AI safety and standards.

Fragmented investment landscape, human capital inhibit scale-up

Indonesia’s investment environment for AI ventures is marked by fragmentation and low risk appetite. With a score of 0.3 out of 10 for AI investment readiness, the index highlights the limited access to growth-stage capital as a major stumbling block. National AI strategies exist, but they have not yet catalysed a supportive investor ecosystem or meaningful policy incentives.

This funding gap particularly affects small and medium-sized businesses (SMBs), many of which struggle to adopt AI due to resource constraints. The index recommends targeted incentive schemes—such as cloud credits or innovation vouchers—to help lower the barriers to entry for these enterprises.

The final dimension assessed in the index—human capital, AI talent, and skills—yielded a score of 3.1 out of 10 for Indonesia. The report highlights misalignment between the education system and industry needs, a lack of applied AI training programmes, and limited opportunities for reskilling. These factors are seen as critical in explaining the country’s relatively low AI workforce readiness.

To close this gap, the report advocates for the establishment of AI centres of excellence, expanded public-private partnerships in training, and the introduction of sector-specific curricula. The goal is to build a more agile and technically competent workforce capable of supporting Indonesia’s digital ambitions.

A roadmap for transformation, not just diagnosis

Though the report stops short of offering country-specific recommendations, its six global policy guidelines are clearly applicable to Indonesia’s situation. From scaling AI in the public sector to improving governance, investing in talent, and enabling cross-border innovation, the steps outlined provide a roadmap for countries at an inflection point in their digital journey.

Indonesia, with its large population and growing digital economy, stands to benefit significantly from AI—but only if it can address the structural weaknesses that currently hold back its progress. The path forward will depend not just on strategic intent, but on sustained institutional effort, policy execution, and international collaboration.

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Singapore has ranked second globally—and first in Asia Pacific—for overall AI readiness, according to Salesforce’s newly released Global AI Readiness Index. The recognition reinforces Singapore’s longstanding leadership in artificial intelligence and underscores its national strategy’s effectiveness in laying the groundwork for the next phase of AI transformation: agentic AI.

The Salesforce index evaluates 16 key global markets using 31 indicators across governance, adoption, innovation, investment, and talent. Singapore’s high scores, particularly in AI governance and diffusion, highlight its success in fostering an enabling ecosystem through strong public-private collaboration and proactive policymaking.

As AI continues to reshape global industries, the ability of countries to harness its potential—especially agentic AI, which enables autonomous decision-making and task execution—is becoming a defining metric of economic competitiveness. For Singapore, this is not just about technology deployment; it’s about preparing its workforce and institutions for an AI-augmented future.

Brian Kealey, Country Leader at Salesforce Singapore, emphasised this direction: “The Index highlights Singapore’s success as a global leader in AI readiness, stemming from early investments in infrastructure, regulatory frameworks, and human capital.”

Also Read: Chocolate Finance raises US$15M, secures Hong Kong licence amid post-crisis rebuild

Singapore achieved the top global rank in regulatory frameworks, scoring 9.8 versus a global average of 8.6. Its robust policies—such as the Model AI Governance Framework and National AI Strategy 2.0—translate principles into real-world governance via sandboxes and assurance frameworks.

The city-state also leads in AI diffusion, scoring 8.0 compared to the global average of 5.8, thanks to initiatives such as Smart Nation and AI procurement guidelines that integrate AI into urban planning, transport, and public services.

On talent, Singapore ranks third globally, backed by a national upskilling strategy. Its AI talent pipeline, while strong, still trails leaders such as Germany and the US, signaling further room for growth.

Innovation lags, but potential is high

Despite high marks across most areas, Singapore lags in AI innovation ecosystems, scoring 0.7 versus the global average of 1.7. The challenge lies in expanding beyond a concentrated innovation landscape into emerging subfields such as agentic AI—a category that could redefine productivity.

Agentic AI is seen as representing the next frontier. With potential efficiency gains of up to 30 per cent, agentic systems allow organisations to deploy autonomous agents that can work around the clock—especially critical for economies such as Singapore facing tight labour markets and demographic shifts.

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Image Credit: Hu Chen on Unsplash

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A new generation of tech-savvy entrepreneurs, professionals, and sophisticated investors in India is building wealth faster than ever before.

Yet, most of the wealth management industry remains stuck in outdated models. This disconnect isn’t just a missed opportunity; it’s a critical flaw that costs investors performance, peace of mind, and the chance to truly compound wealth in a fast-evolving market.

India’s private wealth market is booming and set to expand dramatically, projected to grow at a 10 per cent CAGR and reach US$5 trillion by 2026. Yet, a large share of this capital is still managed through traditional Portfolio Management Services (PMS) and advisory models that rely heavily on gut-based decisions and static asset allocations.

In a world where markets can shift in milliseconds, these emotion-driven frameworks are increasingly obsolete. They were designed for a different era and fail to protect investors from volatility or capture new opportunities in time.

The hidden flaws of static portfolios

The classic advice of “buy and hold” or sticking to a rigid 60/40 equity-debt split has long dominated wealth conversations. But today, this approach has critical flaws:

• Regime blindness: As per Bridgewater’s All Weather Strategy Paper, Markets operate in different “regimes” defined by changes in inflation, rates, and growth. A strategy that thrives in one regime can fail completely in another. A 2022 study by BlackRock showed that static portfolios significantly underperformed dynamic models during recent inflation spikes. These traditional setups simply aren’t designed to recognise or adapt to shifts.

Also Read: Investing in climate tech: Why investors should focus on impactful, low-hanging fruits

• The illusion of diversification: In theory, diversification reduces risk. In practice, during crises, assets that seemed uncorrelated can move together, known as “correlation breakdown”. In recent downturns, equities and certain bonds fell at the same time, leaving supposedly diversified investors exposed. True diversification today comes not just from owning different asset classes, but from employing adaptive strategies that can evolve with market conditions.
• The high cost of emotional drag: One of the most damaging yet under-discussed costs is emotional decision-making panic selling during dips or rushing in during peaks. Research from Dalbar’s Quantitative Analysis of Investor Behavior consistently shows a large gap between market returns and actual investor returns, largely driven by poorly timed emotional moves. Traditional advisory models, which often amplify short-term fear or greed, can worsen this gap rather than close it.

The new rules of wealth

The future of intelligent investing lies in systematic, data-driven approaches. This isn’t about removing human insight, but strengthening it with technology to overcome behavioural biases.

Today, massive volumes of data, macro trends, corporate fundamentals, and real-time sentiment can be analysed to uncover patterns invisible to the naked eye. AI and machine learning models now process these signals to build predictive frameworks that identify shifts before they become consensus.

Adaptability is the real edge. Adaptive or “all-weather” strategies are designed to evolve continuously. By using quantitative signals, these systems can systematically reduce risk exposure during turbulent periods (for example, shifting to cash or safer assets) and re-risk when opportunities arise. Prioritising downside protection is a mathematical necessity. Avoiding large losses has a far greater impact on long-term compounding than chasing big wins.

A 50 per cent loss requires a 100 per cent gain just to break even, a truth most investors underestimate.

A new perspective on portfolio engineering

From my experience designing adaptive investment systems, I’ve learned that no single strategy works in all market conditions. The real goal is to move beyond simple “asset allocation” and toward dynamic, engineered portfolios that are built to respond to regime changes and evolving risk signals.

Also Read: The ageing economy: Why investors should bet on longevity over AI

My philosophy as the founder of Aeonaux Capital has always been to treat wealth-building like an engineering problem, design robust systems, automate decisions where possible, and focus on minimising human biases. Rather than chasing hype or gut feelings, I believe the future belongs to frameworks that are built to think, adapt, and protect first.

A disciplined, evidence-based approach helps investors move past emotional decision-making. Instead of a roller coaster of booms and busts, the aim is to create a smoother, more resilient journey focusing on capital preservation first and then on sustainable, long-term growth.

The way forward for Indian investors

The next era of wealth management in India will be defined by three core principles: data-driven, systematic, and transparent. The age of opaque strategies and high-conviction gut calls is fading. Investors deserve approaches that are as sophisticated and forward-looking as they are.

The most important action investors can take today is to ask harder questions. How is downside risk managed? How does the strategy adapt to changing markets? Are decisions driven by data or by emotions?

Thinking beyond holding periods and adopting adaptive, systematic frameworks can help investors build wealth that is designed to withstand market cycles and remain resilient for decades to come.

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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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Raising capital from a venture capital (VC) firm is an important moment for any startup founder, but it’s a process fraught with complexities, demanding adherence to the industry norms. As a startup lawyer, I’ve guided countless founders through this journey. 

This article sets out five steps to successfully navigate a VC funding round, from preparation to closing, ensuring you’re equipped to secure investment while protecting your startup’s interests.

Step one: Preparation and due diligence

Before approaching VCs, ensure your startup is ready for scrutiny. VCs will usually conduct thorough due diligence, so your legal and financial stuff must be in order. 

Formally incorporate your company based on where you are domiciled, ideally as a company, which is the standard for VC-backed startups due to its flexibility and investor familiarity. 

Ensure all founders, employees, and external contractors have signed agreements covering equity, intellectual property (IP) assignment, and confidentiality agreements. Confirm that all intellectual property assets (e.g. source code, patents, trademarks, or proprietary technologies) are properly documented and owned by the company.

Organise your financial records, including balance sheets, cap tables, and revenue projections. A clean cap table, free of disputes or unclear equity allocations, signals that you know what you’re doing. 

Engage a lawyer to take a look at your corporate documents, as any gaps (e.g., missing board approvals or unsigned contracts) can derail negotiations. 

Finally, prepare a compelling pitch deck that highlights your team, market opportunity, traction, and financials. 

Step two: Identifying and approaching VCs

Before reaching out to any investor, take time to identify a potential VC firm that may have a proven interest in your industry and stage of growth. Use platforms like e27 to look up recent investments and understand each VC’s focus areas.

Some VCs specialise in early-stage or seed deals, while others only come in at Series A or later. Pay attention to sector preferences, some funds are deep into fintech, climate tech, or enterprise SaaS, while others stay clear of capital intensive or hardware driven businesses.

Also Read: VC funding can’t guarantee a crypto project’s survival: Chainplay

As a founder, it may also be important to understand how VC funds actually work behind the scenes. Don’t be afraid to ask if the VC is still deploying capital, especially if it’s later in their fund cycle. Most funds operate on a 10-year life cycle, and VCs typically make new investments during the first 3 to 5 years. If you’re speaking to a fund that’s nearing the end of its deployment period, they may be more focused on follow-on investments or supporting portfolio companies, rather than backing new ones.

Leverage your network to seek warm introductions. Cold emails might work, but a personal referral from a mutual connection like a founder they’ve backed may increase your chances of getting a meeting.

From a legal perspective, resist making overly optimistic claims about revenue or market share that could be construed as misleading. If you get asked for projections, label them clearly as estimates. At this stage, you may wish to sign a non-disclosure agreement (NDA), but many VCs usually avoid NDAs to maintain flexibility so you may want to discuss sensitive information cautiously.

Step three: Term sheet negotiations

If a VC is interested, they’ll issue a term sheet outlining the deal’s key terms. A term sheet should contain valuation, investment amount, equity stake, and governance rights. 

This is where legal expertise is critical. A term sheet isn’t usually legally binding but sets the framework for the final agreements. Focus on valuation (pre-money and post-money), as it determines your dilution. A startup lawyer can help model scenarios (e.g., how dilution affects your stake in future rounds) and push back on terms that could harm long term flexibility.

Be wary of liquidation preferences, which dictate how proceeds are distributed in an exit. A 1x non-participating preference is standard, but more aggressive terms, like 2x participating preferences, should be resisted as it is not the usual norm.

VCs often request board seats so you may need to negotiate board composition carefully while maintaining founder control. Anti-dilution provisions, reserved matters, and tag-along and drag-along rights also require scrutiny. 

Step four: Due diligence and definitive agreements

Once the term sheet is signed, the VC’s due diligence intensifies. They’ll request detailed records of contracts, financials, IP filings, and compliance documents that you may make available in a virtual data room. 

Any discrepancies (e.g., unfiled taxes or unresolved disputes) can lead to re-negotiation or deal termination. 

Also Read: How do you raise VC funding as a student entrepreneur? Find out the answers here

Concurrently, your lawyer can help to review  the definitive agreements, including the shares subscription agreement and the shareholders agreement in a priced round. These documents formalise the term sheet’s terms.

Pay attention to representations and warranties, where as a founder you would be needed to attest to the company’s legal and financial health. Negotiating the warranties is crucial to limit your exposure as missteps here may lead to post-closing liabilities. 

Step five: Closing and post-funding

After due diligence clears and agreements are signed, you would need to fulfil the conditions precedent set out inside the agreement. 

The conditions precedent include delivering the signed copies of the board and shareholders resolutions of the company for the allotment of the new shares to the VC and obtaining the existing shareholders preemptive right waiver for the new shareholders

Once these are satisfied, VC disburses the funds, and the company secretary may give effect to the shares issuance.

Post-closing, maintain open communication with your new VC shareholder as they’ll expect regular updates on financials, milestones, and strategic decisions, often based on the agreed investor reporting obligations.

Final thoughts

A VC funding round is a marathon, not a sprint. Get an experienced startup lawyer early to avoid pitfalls. By preparing diligently you may increase your chances of securing capital while positioning your startup for long-term success.

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The global financial markets are currently experiencing a period of uncertainty, with risk sentiment retreating due to stalled progress in US-China trade negotiations and investor caution ahead of the Federal Open Market Committee (FOMC) decision. These factors are creating a challenging environment for investors, who are grappling with mixed economic signals, shifting market performances, and significant developments in the cryptocurrency space.

This article explores the current state of the global economy, delves into key corporate strategies involving digital assets, and examines the implications of new regulatory changes from the US Securities and Exchange Commission (SEC).

Economic data and market performance

Recent economic data from the United States paints a picture of an economy at a crossroads. The US Conference Board’s July Consumer Confidence Index rose to 97.2, up from 93, surpassing analyst expectations. This increase suggests that American consumers are feeling more optimistic about their financial prospects, possibly due to stable income levels or an improving outlook on inflation.

However, this positive signal contrasts sharply with signs of a cooling labour market. Job openings in June dropped by 275,000 to 7.437 million, while the job openings rate fell from 4.6 per cent to 4.4 per cent. These declines indicate that employers are pulling back on hiring, which could foreshadow slower economic growth if the trend continues.

This mixed economic backdrop has had a direct impact on financial markets. US stock markets closed lower, with the S&P 500 declining by 0.30 per cent, the NASDAQ by 0.38 per cent, and the Dow Jones by 0.46 per cent. Investors appear to be reacting to the uncertainty surrounding trade negotiations and the upcoming FOMC decision, which could influence interest rates and monetary policy.

At the same time, US Treasury yields fell across the curve, reflecting a shift toward safer assets. The 10-year UST yield dropped by 8.9 basis points to 4.320 per cent, and the two-year UST yield fell by 4.7 basis points to 3.869 per cent. Lower yields often signal investor concerns about economic growth, as they seek the relative security of government bonds.

Currency and commodity markets also reflect this cautious mood. The US Dollar Index climbed by 0.25 per cent, reinforcing the dollar’s role as a safe-haven currency during turbulent times. Gold prices, meanwhile, rebounded by 0.36 per cent after four consecutive sessions of losses, suggesting that investors are turning to traditional hedges against uncertainty.

Also Read: ESG frameworks and standards: Cutting through the complexity for private markets

In Asia, stock markets opened with mixed results, indicating regional variations in how investors are processing these global developments. However, US equity index futures point to a higher opening for US stocks, hinting at a potential rebound as new data and events unfold.

Key events on the horizon

The coming days promise to bring clarity or further complexity to this evolving situation. Monetary policy decisions from the Bank of Canada and the Federal Reserve loom large, with the Fed’s announcement drawing particular attention. Investors are eager to understand whether the central bank will adjust interest rates or signal changes in its approach to inflation and growth.

Additionally, second-quarter GDP data from the United States and the Eurozone will provide a broader view of economic health in these critical regions. Strong GDP figures could bolster confidence, while weaker numbers might deepen concerns about a slowdown.

Earnings releases from the tech sector also feature prominently on the calendar. Companies in this influential industry often serve as bellwethers for the broader market, and their performance could sway investor sentiment. These events collectively represent a packed docket that will likely shape market trajectories in the near term, making it a pivotal moment for financial observers.

Michael Saylor’s strategy: A bold bet on Bitcoin

Amid this uncertain economic climate, some companies are making striking moves in the cryptocurrency space. Michael Saylor’s Strategy, formerly known as MicroStrategy, recently purchased 21,021 Bitcoin after raising US$2.5 billion through its fourth preferred stock offering, dubbed STRC.

This transaction stands out as the largest US initial public offering (IPO) in 2025 so far, surpassing even the much-anticipated US$1 billion IPO of stablecoin issuer Circle Internet Group in June. Strategy acquired the Bitcoin at an average price of US$117,256 per coin, bringing its total holdings to 628,791 BTC, the largest stash among public companies according to BitcoinTreasuries.NET.

This acquisition underscores Strategy’s unwavering commitment to Bitcoin as a core component of its corporate treasury. The company raised US$2.5 billion by selling 28 million shares of Variable Rate Series A Perpetual Preferred Stock at US$90 each, a deal that ballooned from an initial target of US$500 million due to strong investor demand. This move is not just a financial play but a statement of belief in Bitcoin’s long-term value.

Also Read: US-Japan ties strengthen markets, crypto rides the wave

By amassing such a significant position, Strategy positions itself as a pioneer in corporate adoption of cryptocurrencies, potentially encouraging other firms to follow suit. For investors, this strategy raises intriguing questions about the role of digital assets in hedging against inflation and diversifying traditional portfolios.

Windtree Therapeutics: Biotech meets blockchain

While Strategy’s Bitcoin haul grabs headlines, Windtree Therapeutics is charting an equally bold path in the crypto realm. This biotech company, listed on NasdaqCM under the ticker WINT, has secured up to US$520 million in new funding, with 99 per cent of the proceeds earmarked for acquiring BNB, the native cryptocurrency of the Binance ecosystem.

The funding package includes a US$500 million equity line of credit (ELOC) and a US$20 million stock purchase agreement with Build and Build Corp, reflecting a deliberate pivot toward digital assets.

Windtree’s CEO, Jed Latkin, emphasised the strategic importance of this move, noting that the opportunity to bolster BNB holdings aligns with the company’s broader vision. Unlike Strategy, which focuses solely on Bitcoin, Windtree is diversifying its treasury with BNB, a token tied to one of the world’s largest cryptocurrency exchanges. This approach suggests confidence in the Binance ecosystem’s growth potential and its utility in decentralised finance.

For a biotech firm traditionally focused on healthcare innovation, this aggressive shift into blockchain-based assets marks a hybrid strategy that blends cutting-edge medicine with cutting-edge finance. It also highlights how companies across industries are rethinking their financial strategy in light of cryptocurrency’s rising prominence.

SEC’s new rules: A game-changer for crypto ETPs

Regulatory developments are adding another layer of intrigue to this narrative. The US Securities and Exchange Commission recently approved new rules that allow authorised participants to create and redeem shares of crypto exchange-traded products (ETPs) using in-kind transfers of Bitcoin and Ether.

Also Read: What’s next for markets: Navigating trade threats, earnings, crypto and central bank signals

This decision departs from the previous cash-only requirement for spot crypto funds, bringing these products in line with commodity-based ETPs like those backed by gold or oil. The change promises to reduce operational costs and enhance efficiency for issuers, potentially making crypto ETPs more appealing to a wider range of investors.

SEC Chairman Paul Atkins hailed this as a step toward a more tailored regulatory framework for crypto markets, emphasising that it benefits investors by lowering costs. Beyond in-kind transfers, the SEC also greenlit additional enhancements to the crypto ETP ecosystem.

These include approval for a mixed ETP holding both spot Bitcoin and Ether, authorisation of options and FLEX options on certain Bitcoin ETPs, and an increase in position limits on listed Bitcoin options to 250,000 contracts, matching thresholds for other high-volume options. These moves signal a maturing infrastructure for cryptocurrency investments, bridging the gap between traditional finance and the digital asset frontier.

Conclusion

The global financial markets stand at a fascinating juncture. Economic data reveals an uneasy balance between optimism and caution, while upcoming events promise to steer the course ahead.

Meanwhile, Strategy and Windtree Therapeutics are redefining corporate strategy with their crypto ambitions, and the SEC is paving the way for a more integrated digital asset market. For investors, this convergence of factors demands vigilance and adaptability.

The interplay of trade negotiations, monetary policy, and cryptocurrency innovation will likely define the financial landscape for months to come, offering both challenges and opportunities in equal measure.

As this story unfolds, one thing is clear: the boundaries between traditional finance and the digital frontier are blurring, and the implications will resonate far beyond today’s headlines.

—

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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The South Jakarta District Prosecutor’s Office has detained MDI Ventures CEO Donald Wihardja along with TaniHub’s former President Director Ivan Arie Setiawan and former Director Edison Tobing today, according to various media reports.

The detentions were part of an ongoing investigation into the alleged corruption and money laundering tied to the management of investment funds into TaniHub and affiliated organisations by MDI Ventures and BRI Ventures between 2019 and 2023.

The three accused people will remain in custody until August 16.

Also Read: The SEA headcount trap: Why more people ≠ more progress

According to an official, preliminary findings suggested that Wihardja allegedly approved the disbursement of funds illegally while Setiawan and Tobing were suspected of manipulating data to secure funding from the investors. It is also said that the funds were later misappropriated for personal use.

The authorities are also examining the possibilities of other parties’ involvement and the flow of the allegedly misused funds. They conducted raids at various locations in the Greater Jakarta Area and secured evidence in the form of electronic devices and documents.

Founded in 2016, TaniHub is an agritech startup that helps farmers improve their livelihood. It offers products ranging from agricultural commodities trading to a P2P lending platform TaniFund.

In 2024, Indonesia’s Financial Services Authority (OJK) revoked TaniFund’s business license for failing to comply with regulatory directives and meet the minimum equity requirements. Following sanctions and supervisory actions, a growing number of complaints and legal actions led OJK to hand over the case to law enforcement for further investigations.

e27 contacted a former TaniHub employee who was open to sharing about his experiences at the company. The individual, who wished to remain anonymous, spoke about how the financial record of the department that he ran often had additional “vague expenses” called the Special Projects.

“When I asked about this, the CEO just said, ‘You don’t need to know the details, but you are mature enough to know that sometimes there are things we need to spend for our business partners’,” the person said.

After leaving TaniHub, the ex-staffer pursued an MBA at a leading global university and wrote about the mismanagement for an assignment. He highlighted the management’s “habit of presenting exaggerated and inaccurate metrics in order to paint a promising image to the investors.”

“The founders sometimes spoke to the employee about the importance of raising more funds by framing it as an important way to support the company’s mission in helping farmers. The logic goes that the effort to help farmers requires the company to invest capital in infrastructure as well as needing a strong cash position to support an intensive operation cost,” he wrote. “In other words, there might be some dishonesty involved, but ultimately they claimed it was to support the greater good.”

Also Read: Vietnam’s scaling challenge: Why the next tech boom needs strategic leaders, not just smart capital

He also gave examples of the shady practices, including TaniFund’s claim of a 100 per cent successful repayment rate of its borrowers, which he described as “defying common sense.” “Any credit business has an inherent element of risk, and there is no way among the 1,500 farmers who received a loan from TaniFund that nobody has faced harvest failure.”

“So what happened? To put it simply, when the farmers failed to repay their loan, TaniFund does not report the project as a failure to the lender. Instead, they report the project as a success, and they used their cash to repay the lender,” he remarked.

“By doing this, they indeed lose money, but they reported it on TaniHub’s financial statement as a loss that is called ‘produce breakage’, which is an unavoidable loss when you are trading perishable goods,” the person said.

More on this story as it develops.

The post “Special Projects” and shady metrics: TaniHub whistleblower speaks as top execs detained appeared first on e27.

Echelon Singapore 2025, held on June 10–11 at Suntec Singapore, brought together thousands of startup founders, investors, corporate leaders, and policymakers shaping the future of Southeast Asia’s innovation landscape. Across two packed days, attendees gained valuable insights from fireside chats, keynote presentations, and panel discussions that tackled everything from AI and semiconductors to digital healthcare and voice interfaces.

If you missed it or want to revisit the best sessions, you’re in luck. You can now watch Echelon Singapore 2025 Recorded Sessions on Demand for just $4.90, or get 50% off your first month—that’s less than the price of your daily coffee. Not only do you gain access to these exclusive recordings, but your subscription also unlocks 800+ pieces of premium content on e27.

Here are 10 of the latest sessions you can now stream on demand:

Investing in innovation: The role of banks and CVCs in the Indonesian tech startup ecosystem

In this candid fireside chat, Eddi Danusaputro, CEO of BNI Ventures, explains the nuanced role of corporate venture capital (CVC) in Indonesia. Unlike traditional VCs focused solely on ROI, CVCs like BNI Ventures aim to solve strategic problems within the bank, making startup engagement a tool for transformation.

He advises founders to approach CVCs post-Series A, when they’re stable enough to withstand the internal complexities of working with large financial institutions. For global startups, Danusaputro stresses the need for localised strategies when entering Indonesia and introduces a “maturation map” as a growth framework.

Building in the semiconductor age: What founders need to know about supply chains, partnerships, and strategic positioning

As ASEAN positions itself in the global semiconductor race, this session breaks down what founders need to know about navigating this high-stakes, capital-intensive space. Speakers emphasised the importance of intelligent manufacturing enabled by agentic AI, as well as the critical role of public-private partnerships like A*STAR’s EDA Garage.

The panel urges startups to move fast, utilise open-source hardware, and align with national initiatives that can ease prototyping and commercialisation. For founders in deep tech, this session offers a real-world guide on turning technical potential into market-ready innovation.

Automotive innovation across borders: What SEA can learn from India’s digital shift

Umang Kumar, Co-founder of CarDekho SEA, shares how India’s car buying experience was digitised through data infrastructure, trust-building, and fintech. With 42% of car sales in India now influenced by CarDekho, Kumar outlines how technologies like UPI and Aadhaar accelerated their success.

As the company expands into Southeast Asia, it’s leveraging its fintech model to tap into underserved markets. This session is especially valuable for founders building cross-border ventures who want to understand how digital infrastructure and smart integrations can drive market dominance.

Vietnam’s next growth engine: How tech ecosystems can collaborate for a regional breakout

This panel brings together voices from JDI, LOTTE Innovate Vietnam, Ascend Vietnam Ventures, and the Vietnamese government to examine the country’s growing momentum as a regional tech hub. The speakers explore how Vietnam’s young, competitive talent pool and pro-innovation policies are fueling the next wave of growth.

Panelists stress the importance of cross-border collaboration in maximizing Vietnam’s potential and attracting global capital. For anyone watching the region, this session offers a blueprint on how Vietnam is primed to become Southeast Asia’s next digital powerhouse.

Unlocking the power of SEZs: How startups can tap into SEA’s cross-border growth engines

Special Economic Zones (SEZs) in Southeast Asia are more than just policy experiments—they’re fast becoming strategic platforms for startup growth. Moderated by StartupX CEO Durwin Ho, this session explores how zones in Johor, BSD City, and other key locations are offering startups access to infrastructure, government incentives, and cross-border markets.

Insights from Sinar Mas Land, Iskandar Investment Berhad, and Archisen show how founders can position themselves for regional scale. If you’re looking for new ways to expand in Southeast Asia, this is a must-watch.

Scaling smart: How AI and great product strategy accelerate early-stage growth

AI is no longer a luxury—it’s a growth lever. This panel features leaders from Osome, Odoo, MyRepublic, and A2D Ventures discussing how to integrate AI meaningfully into your product strategy. They dive into practical tactics, like adopting no-code platforms, running faster user feedback loops, and building cost-efficient MVPs.

The speakers caution against “AI for the sake of AI” and instead advocate for customer-centric design and partnerships with proven vendors. For startups navigating early growth, this talk offers clear frameworks on leveraging AI without over-engineering.

The rise of hospital-at-home: Transforming care and shaping the virtual healthcare

Shravan Verma, Co-founder of Speedoc, tells the story of how the company evolved from urgent care to operating one of the largest virtual hospitals in the region. He walks through the challenges of scaling healthcare tech during COVID-19 and how a patient-first mindset—along with smart AI deployment—helped Speedoc offer care at scale.

Verma emphasises hiring for potential, fostering responsibility in junior staff, and balancing automation with trust. This is a powerful session for healthtech founders seeking to scale while preserving care quality.

The first conversation: How voice AI is defining human-AI interactions and the future of AI agents

Voice AI is rapidly evolving beyond assistants and chatbots. In this technical yet accessible panel, David Ding (TechYizu) and William Zhou (iFlyTek) examine real-world applications of voice interfaces in smart homes, retail, and healthcare.

They discuss the challenge of linguistic diversity in Southeast Asia and how localised solutions are essential for user adoption. With iFlyTek leading in voice model development, Zhou also shares bold predictions about the future of narrow AGI and its impact on human productivity.

Reflections on leadership and innovation: Lessons from public service to the digital frontier

Former Singapore Minister Prof Yaacob Ibrahim reflects on the leadership lessons that defined his career—from founding the Cyber Security Agency to navigating governance in the age of social media.

He discusses how the expectations of public leaders have changed in a digitally connected world and the importance of building public trust through transparency and responsiveness. This keynote serves as a thoughtful reminder that in tech and policy alike, leadership must evolve with the times.

Lessons from scaling SaaS, cultures, and team from Amity Group’s journey

Keng Teik Koay, Group CEO of Amity Group, unpacks their journey from $10M to $100M in revenue, focusing on two key inflection points: the launch of their AI Lab and their acquisition of UK-based Touring. H

e details how the company balanced cultural integration during M&A while retaining a competitive pricing edge. With plans to go public and expand across Europe, Amity’s playbook is a compelling case study in using AI, strategic hiring, and acquisition to scale a SaaS business globally.

Ready to dive in?

For less than the cost of your daily coffee, you can access every one of these thought-provoking sessions—and hundreds more—via Echelon Recorded Sessions On Demand. Whether you’re a founder looking for strategic guidance, an investor hunting for the next opportunity, or an ecosystem enabler seeking regional insights, this content library is designed to keep you ahead of the curve.

Your subscription doesn’t just include access to Echelon Singapore 2025 (ECSG) sessions—it also unlocks the full video archives of Echelon Philippines 2024 (ECPH) and Echelon X 2024 (ECX). That’s three major startup conferences’ worth of insights from across Southeast Asia, available anytime, on demand.

Start watching now for only $4.90 or get 50% off your first month.

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