GoTo’s latest financials tell a familiar story in Southeast Asia’s digital economy: impressive growth paired with lingering questions about profitability.
On paper, the numbers look strong. Gross Transaction Value surged, revenue climbed steadily, and adjusted EBITDA soared past guidance. The standout performer was clearly fintech, where consumer lending and AI-driven underwriting are powering rapid expansion. In many ways, this reflects a broader regional trend—superapps increasingly leaning on financial services as their most scalable and profitable engine.
Yet the headline growth masks a more complicated reality. GoTo still posted a net loss for the year, even as it highlights record adjusted EBITDA. Because adjusted EBITDA excludes several key costs, it offers only a partial picture of financial health. For investors, the real question is whether operational improvements can translate into consistent bottom-line profit.
The quiet sidelining of Tokopedia in headline metrics also suggests a strategic shift. E-commerce remains one of the most competitive and capital-intensive segments in Southeast Asia, and GoTo appears to be focusing attention on higher-margin areas such as fintech and mobility.
Ultimately, GoTo’s results illustrate the delicate balancing act facing regional tech giants: sustaining rapid growth while finally proving that scale can deliver durable profitability.
Regional
GoTo’s fintech arm shines but losses persist in 2025 financials: GoTo posted 57% GTV growth and record adjusted EBITDA in Q4 2025, but a US$95M full-year net loss and heavy reliance on non-IFAS metrics raise questions about true sustainable profitability.
JAFCO Asia rebrands as JIF Capital after Bee Alternatives acquisition: Singapore-headquartered JAFCO Asia has rebranded as JIF Capital following its acquisition by Bee Alternatives, retaining its leadership team and Asia-focused investment strategy across AI, cybersecurity, and enterprise tech.
ByteDance eyes US$2.5B Nvidia Blackwell AI systems in Malaysia: ByteDance is deploying around 36,000 Nvidia B200 chips in Malaysia via Aolani Cloud for AI R&D outside China, in a deal potentially worth over US$2.5 billion amid surging global AI compute demand.
Bukalapak revenue jumps 46% on gaming segment growth: Indonesian e-commerce firm Bukalapak posted US$384M in 2025 revenue driven by its gaming segment, while sharply narrowing adjusted EBITDA losses and holding over US$1 billion in cash reserves.
Custa raises US$4.3M to scale customisation platform across SEA: Malaysia-Japan customisation startup Custa secured pre-Series A funding to expand across Singapore and Southeast Asia, deploying AI across its supply chain after delivering over 500,000 products.
Indonesia restricts social media access for 70 million children: Indonesia’s Komdigi ministry will enforce new regulations from March 28, restricting social media access for children under 16 across platforms including TikTok, Instagram, and YouTube.
Interviews & Features
Skills intelligence is the future of SME hiring: LinkedIn: LinkedIn’s Elsie Ng says AI-assisted hiring tools like Hiring Pro help Southeast Asian SMEs surface stronger candidates faster, with skills intelligence emerging as the next competitive edge.
Zicy’s Alvin Koay: AI visibility is ASEAN’s next competitive frontier: Zicy co-founder Alvin Koay explains why ASEAN startups and MSMEs must urgently optimise for AI answer engines or risk losing customer discovery, trust, and revenue to AI-invisible competitors.
Twilio: AI must bridge digital intelligence and real-world outcomes: Twilio’s APAC VP says winning in Asia Pacific requires AI that bridges digital intelligence with real-world outcomes, powered by scalable infrastructure, voice capabilities, and localised customer engagement strategies.
JFrog: AI workflow tools are an enterprise security blindspot: JFrog’s security research VP explains how critical sandbox escape vulnerabilities in n8n expose the growing risk of AI workflow platforms being trusted with privileged enterprise access without adequate security controls.
Echelon PH: How startups convert market signals into winning products: Founders from Expedock, Qrospay, and inDrive share lessons on hyperlocal market entry, aligning teams around clear value propositions, and distinguishing genuine demand from misleading market signals.
International
Bangladesh emerges as South Asia’s next smart investment destination: With 170M people, 130M internet users, and a maturing startup ecosystem, Bangladesh’s demographic momentum and valuation affordability are attracting serious investor attention across fintech and digital infrastructure.
Korea’s Dongguk University unveils AI Buddhist robot monk: South Korea’s Dongguk University has introduced Ven. Hyean, a semi-humanoid AI robot trained on Buddhist scriptures to provide spiritual guidance, counselling, and temple assistance using on-device AI.
Chinese banks ramp up tech lending as Beijing pushes AI agenda: Chinese state and joint-stock banks are shifting lending priorities toward AI, semiconductors, and advanced manufacturing startups, with one bank targeting 30% growth in high-tech loans for 2026.
OpenAI’s DOD deal faces congressional scrutiny over AI warfare: Sam Altman faced tough questions from US senators over OpenAI’s Pentagon contract, with lawmakers demanding guardrails around AI use in kill chains, autonomous weapons, and mass surveillance.
HSBC and StanChart set to receive Hong Kong’s first stablecoin licences: HSBC and a Standard Chartered joint venture are poised to receive Hong Kong’s first stablecoin licences by March 24, marking a major step in the city’s regulatory framework for fiat-pegged digital assets.
Metaplanet launches VC and management units to back bitcoin ecosystem: Tokyo-listed Metaplanet has launched two subsidiaries deploying US$25.2M into Japan’s bitcoin financial infrastructure, targeting lending, payments, custody, stablecoins, and early-stage founders.
Australia’s teen social media ban undermined by VPNs and workarounds: Three months after Australia banned under-16s from social media, teens are bypassing restrictions via VPNs and age verification workarounds, as at least 14 countries consider similar laws.
Cybersecurity
AI-powered cyberattacks are now a structural risk for startups: CrowdStrike’s 2026 report warns attack volumes rose 89% as AI industrialises cybercrime, leaving cloud-native startups dangerously exposed to credential theft, supply chain attacks, and sub-30-minute breaches.
Ad fraud is quietly draining APAC’s travel marketing budgets: Bots account for up to 80% of invalid traffic for travel advertisers in APAC, with Singapore and Vietnam among the most fraud-prone markets, costing brands millions in wasted ad spend.
Malaysia has 72 cyber startups but barely any dedicated funding: Despite ranking among SEA’s top three cybersecurity startup hubs, Malaysia’s ecosystem remains underfunded, with investors favouring generalist tech plays over dedicated cyber infrastructure and platform companies.
Cybersecurity failures destroy trust — and that’s a board-level problem: As AI-powered deepfakes and ransomware attacks escalate globally, cybersecurity must shift from an IT concern to a boardroom priority to protect organisational trust, finances, and reputation.
AI workflow tools are becoming a dangerous enterprise security blindspot: JFrog researchers uncovered critical sandbox escape flaws in n8n, exposing how AI workflow automation platforms trusted with privileged enterprise access are becoming high-value targets for attackers.
Semiconductor
Asia’s quantum hardware race is a geopolitical and economic bet: Quantum hardware attracts 70% of global quantum funding, and Asian nations are building sovereign qubit capabilities, local supply chains, and state-backed R&D programmes to secure long-term strategic advantage.
India plans US$10.8B fund to turbocharge domestic chipmaking: India is preparing a US$10.8B semiconductor fund covering chip design, manufacturing equipment, and supply chain development as it races to build world-class chipmaking capacity by 2032.
South Korea’s semiconductor exports surge 175.9% to record high: South Korea’s semiconductor exports hit a record US$7.6 billion in the first ten days of March, driving overall exports up 55.6% year-on-year and accounting for 35% of total shipments.
AI
Shared intelligence, not shared data: The future of AI collaboration: A new compute-to-data model combining federated learning, differential privacy, and executable governance enables organisations to collaborate on AI without exposing sensitive data across regulatory boundaries.
Tourism is APAC’s most underrated AI opportunity: APAC’s complex, high-volume tourism sector presents a compelling but overlooked AI opportunity, where practical applications reducing operational friction offer far more value than flashy tech demos.
Google Maps gets Gemini-powered Ask Maps and immersive navigation: Google Maps is rolling out a Gemini-powered conversational search feature and upgraded 3D immersive navigation with smart lane guidance, natural voice directions, and personalised route recommendations.
Thought Leadership
Bear market funding: What investors really want now: Investors now prioritise profitability, capital efficiency, and strong teams over hype, with 24–36-month runways and realistic valuations becoming non-negotiable in bear market pitches.
SaaS exit reality: Proceeds matter more than valuation: Founders chasing headline M&A valuations often overlook debt adjustments, earn-outs, share swaps, and post-closing liabilities that dramatically reduce actual cash proceeds at exit.
Asian boards must govern for volatility, not stability: Traditional governance models are too slow for Asia’s volatile landscape. Boards must adopt agile oversight, real-time risk dashboards, and continuous scenario planning to stay strategically relevant.
SEA travel tech must prioritise human connection over transactions: Southeast Asia’s travel startups are removing friction to restore human connection, but risk creating over-curated digital bubbles that strip away the serendipity that makes travel meaningful.
Multi-currency wallets and travel cards redefine cross-border payments: As millennials drive demand for digital-first financial solutions, multi-currency wallets and travel cards are emerging as the most efficient tools for seamless, budget-friendly cross-border travel payments.
RedDoorz: How SEA startups must swap burn rates for profitability: Its CEO argues SEA startups must abandon hypergrowth for sustainable scale, sharing how deliberate market exits, automation, and profitability focus delivered the company’s first positive earnings in 2024.
What sports tech entrepreneurs can learn from travel innovation: A sports investor argues travel’s innovations in biometrics, dynamic pricing, AR/VR, and personalised experiences offer a ready-made playbook for transforming the fan experience in sports venues.
Crypto rose 0.64% while stocks fell: The regulatory shift driving it: As geopolitical tensions rattled equities and gold, crypto’s 0.64% gain to US$2.39T revealed its growing decoupling from traditional markets, driven by a landmark White House pro-crypto policy pivot.
SEA’s next startup wave must be built on identity, not just speed: As SEA’s startup ecosystem matures, founders must anchor growth in philosophical clarity, treasury discipline, and collaborative ecosystems rather than hypergrowth narratives and competitive optics.
Four travel tech startups reimagining SEA tourism post-pandemic: Korean travel tech startups Tripbtoz, Stayfolio, ONDA, and Infoseed are leveraging XR, AI, and precision mapping to redefine post-pandemic travel experiences across Southeast Asia and beyond.
Gen Z’s solo travel boom is fuelling Asia’s travel app market: With 83% of APAC smartphone users having travel apps installed, Gen Z’s preference for solo, experience-driven travel is creating massive opportunities for Asian travel tech startups like Traveloka and Klook.
The post Ecosystem Roundup: GoTo fintech leads growth amid losses | LinkedIn bets on skills intelligence for SMEs | Malaysia’s cyber startups face funding drought appeared first on e27.