The long-rumoured merger between Southeast Asia’s tech titans, Grab and GoTo, has once again captured headlines; this time with the highest level of political validation yet.
Indonesia’s Minister of State Secretariat, Prasetyo Hadi, confirmed that talks between the two companies are indeed underway, even hinting that one could soon absorb the other. His remarks add fresh weight to speculation that the country’s sovereign wealth fund, Danantara, may play a role in managing assets tied to the merger, aligning with broader regulatory plans to formalise the status of online motorcycle taxi drivers.
Yet, GoTo continues to push back. In an official statement, the company denied any merger agreement or ongoing corporate action with Grab, reaffirming its commitment to good governance and stakeholder protection. Its upcoming extraordinary shareholders’ meeting in December, it insisted, is unrelated to any consolidation plans.
This tension—between government confirmation and corporate denial—reflects both the sensitivity and potential magnitude of a Grab-GoTo deal. If realised, the merger could reshape Indonesia’s digital economy, streamline competition, and influence regional dynamics in ride-hailing and fintech.
For now, the market waits, watching closely as whispers of consolidation grow louder in Southeast Asia’s increasingly competitive super app arena.
REGIONAL
Indonesia’s minister confirms Grab-GoTo merger is on the table: Minister Prasetyo Hadi confirms Grab and GoTo are moving toward a merger, with state agency Danantara possibly managing assets and oversight.
GoTo says no merger decision made with Grab: The company said there has been no decision or agreement regarding any merger or corporate action with Grab. The company said its follows regulations for public companies and will prioritise the interests of shareholders, drivers, small businesses, and consumers.
SoftBank, other shareholders seek to remove GoTo CEO: They want Patrick Walujo to be replaced after the company’s market value dropped by more than 40% during his tenure. Shareholders have requested an extraordinary general meeting to propose a vote on leadership changes.
Kaya Founders raises US$25M fund to back early-stage startups: The new fund comprises two vehicles targeting founders from pre-seed through series A stages. Kaya Founders has backed more than 40 startups in sectors such as e-commerce, fintech, education, and healthcare.
Philippines lending fintech firm OneLot raises US$3.3M to expand used car loans: Investors include Accion Ventures, 468 Capital, and Seedstars. The platform provides inventory loans and digital solutions to help used car dealers manage and finance vehicle purchases.
MAS, Indonesia’s OJK renew fintech partnership to boost innovation: MAS and OJK plan to share knowledge, promote industry cooperation, refer fintech firms to each other’s regulatory sandboxes, and enable cross-border information sharing within legal boundaries.
SEA digital economy to surpass US$300B by 2025: report: E-commerce GMV is projected to hit US$185B, with video commerce contributing about 25%. Food delivery GMV is expected to reach US$23B, while revenue nears US$2.4B, with most platforms now profitable or close to it.
Philippine startup funding drops 32%: Gobi Partners: The deal volume declined 54% year-on-year. The report cites the slowdown to tighter global liquidity, governance issues, and corruption scandals affecting investor confidence.
Temasek shifts focus to growth, late-stage startups: It will reduce direct investments in early-stage startups. The Singapore state investor aims to prioritise businesses with established models and clearer unit economics.
Asia rises in the AI chip race: China to outgrow US by 30% by 2030: AI chip revenues will hit US$330B by 2030, with China leading global growth at 283%—outpacing the US and reshaping Asia’s role in semiconductor innovation.
Transcelestial secures additional funding to strengthen Japan’s disaster-resilient networks: Backed by MPower and SEEDS, Transcelestial will deploy laser links across Japan’s defence, disaster response, and satellite networks.
H3 Zoom lands US$1.8M to accelerate AI-powered building inspections in Japan, HK: Investors include JRE Ventures, SGInnovate and M7 Holdings. H3 Zoom helps asset owners and operators transition from manual, labour-intensive inspections to scalable, data-driven solutions.
Singapore’s Bioactivx nets US$1.4M seed led by Cocoon Capital: The company develops synthetic regenerative implants, including its main product, Bioactiv Matrix, a bio-inspired skin substitute for wound care. Bioactivx said the funding will support clinical trials and regulatory approval for Bioactiv Matrix.
Singapore’s AI startup PowerCred raises US$1.1M to accelerate expansion: Lead investors are TNB Aura and Tenity. PowerCred focuses on transforming unstructured documents for enterprises. It said it processes over 1M documents quarterly for clients in SEA.
REPORTS, FEATURES & INTERVIEWS
High adoption, low understanding: The Philippines’s blockchain knowledge gap: Philippine blockchain adoption is driven by speculation, not comprehension — education, regulation, and transparency are key to long-term progress.
Inside Philippines’s blockchain paradox: Strong adoption, weak foundations: Blockchain innovation in the country lags due to poor connectivity, scarce venture funding, and narrowly focused crypto regulations.
INTERNATIONAL
Subsidiaries shine, parent falters: The real story of Kakao’s Q3: The most striking detail hidden within the strong headline figures is the divergence between the consolidated net profit and the amount attributed to Kakao’s core shareholders.
SoftBank profit jumps on soaring AI valuations: The Tokyo-based conglomerate reported a net income of US$16.2B in Q2, beating analyst expectations by a wide margin. It saw its profit rise mainly due to higher valuations of its holdings in AI and chip companies such as Nvidia and Intel.
Microsoft’s Copilot taps influencers to rival ChatGPT, Gemini: The company’s Copilot assistant has 150M monthly active users, trailing behind OpenAI’s ChatGPT with 800M weekly users and Google’s Gemini at 650M monthly users.
South Korea’s WeMakePrice declared bankrupt by Seoul court: A Seoul court has ordered the liquidation of the e-commerce platform operator, after ending its rehabilitation process in September. WeMakePrice and TMON entered court-led rehabilitation in July 2024 due to missed payments to vendors amid liquidity problems.
Japanese investors back US$38.1B into European tech startups: This marks a sharp rise from the US$6.1B invested in the five years before the EU-Japan Economic Partnership Agreement took effect. Mitsubishi, Sanden, Yamato Holdings, and Marunouchi have been active backers.
Intel CTO exit to join OpenAI, CEO Tan takes over AI oversight: Sachin Katti, who became Intel’s CTO and chief AI officer in April, will help design and build OpenAI’s compute infrastructure for artificial general intelligence research.
ECHELON
From legacy to lift-off: How AI is driving scalable growth in complex industries: By prioritising practical adoption over radical change, AI innovators can drive sustainable impact across traditionally intricate industries.
From prospects to progress: Unlocking a thriving climate tech ecosystem in SEA: Referencing an ESCAP report that warns the region has just five years left to meet its decarbonisation goals, speakers underscored that urgency often drives innovation.
Hiring for AI startups: Building high-impact teams from day one: Despite automation reshaping roles, demand remains strong for data scientists, UX/UI designers, and other AI-related professionals who can bridge technical and human-centred aspects of innovation.
SEMICONDUCTOR
SoftBank sells its entire stake in Nvidia for US$5.8B: The firm said in its earnings statement that it sold 32.1M Nvidia shares in October. SoftBank’s investments in OpenAI and PayPay helped it post a US$19B gain on its Vision Fund in its fiscal second quarter.
TSMC posts record October sales on AI demand: The Taiwan-based chipmaker generated US$11.9B. Sales rose 16.9% year-on-year and 11% from September, surpassing its previous monthly high of US$10.8B set in April. For Q4, TSMC projected revenue between US$32.2B and US$33.4B.
Nvidia CEO sees strong demand for Blackwell chips: Jensen Huang noted that Nvidia relies on TSMC to produce the wafers needed for these chips but did not disclose specific order numbers. He added that Nvidia’s success depends on TSMC’s support, marking his fourth trip to Taiwan in 2025.
AI
South Korea to invest US$960M in developing AI talent: The plan, called “AI Talent Development Plan for All,” aims to support AI education from elementary school to postgraduate research, and seeks to address a shortage of skilled AI professionals in the country.
The use of GenAI is turning innocent employees into insider threats: Here’s how to fix it: GenAI use in workplaces exposes new insider threats, making hardware-level zero trust vital to protect data beyond traditional security.
THOUGHT LEADERSHIP
Turning turmoil into opportunity: Singapore’s playbook: Amid global trade wars and slowing growth, Singaporean leaders urge diversification, digital innovation, and ASEAN cooperation to safeguard competitiveness and ensure long-term business resilience.
The hustle’s toll: Why some of Southeast Asia’s brightest founders are stepping back: Startup founders in the region are quietly redefining resilience as burnout and mental health awareness reshape the region’s startup culture.
Open source: The secret to boosting Singapore’s startup ecosystem: Singapore’s startups face talent shortages and rising competition. Embracing open source offers faster innovation, global collaboration, and secure scaling to stay competitive.
On-chain data and Web3 security: Insights from industry experts: Experts from SlowMist, BugRap, Bybit, and SMU explored how on-chain data analytics enhances Web3 security through real-time monitoring, fraud detection, and predictive risk intelligence.
Why Bitcoin decoupled from Nasdaq and what it means for the US$112K breakout: Markets rallied as the US shutdown nears resolution, with crypto buoyed by CFTC regulation hopes, Uniswap’s token overhaul, and Bitcoin strength.
The essential authority: Redefining influence in an age of endless noise: Amid the noise of performative leadership, real influence demands self-mastery, clarity, and courage to shape the unspoken conversations defining tomorrow’s world.
Resource Multiplier Effect: How smart teams create more with less: The Resource Multiplier Effect shows how founders achieve outsized growth by combining time, talent, capital, and networks—turning limited resources into compounding advantage.
How to build a scalable IT infrastructure for your startup: Building scalable IT infrastructure early ensures startups can grow efficiently, reduce legacy costs, and stay competitive with emerging technologies like AI and cloud-based solutions.
The post Ecosystem Roundup: Grab-GoTo merger talk sparks dispute | Kakao’s mixed Q3 | PH funding dips 32% | SoftBank exits Nvidia appeared first on e27.