A wave of cautious hope surrounding a potential Russia-Ukraine ceasefire has buoyed global risk sentiment, propelling US stock markets to their strongest weekly performance since June. The S&P 500 climbed 0.8 per cent, the Nasdaq surged one per cent, and the Dow Jones edged up 0.5 per cent, primarily driven by a rally in big technology stocks. This optimism stems from reports of diplomatic engagements, including a confirmed meeting between Presidents Vladimir Putin and Donald Trump, which has sparked speculation about a possible de-escalation in the Russia-Ukraine conflict.

Such a development could alleviate a significant geopolitical overhang, fostering a more favourable environment for risk assets. This positivity is tempered by uncertainties in US monetary policy, trade dynamics, and the evolving role of cryptocurrencies, particularly stablecoins, in reshaping global finance.

The US stock market’s recent gains reflect a broader market narrative of resilience amid geopolitical and economic crosscurrents. The technology sector, a perennial driver of market momentum, has been at the forefront, with companies like Nvidia and AMD playing pivotal roles. Reports indicate that these chipmakers have agreed to remit 15 per cent of their China chip sales revenue to the US government to secure export licenses, a move that underscores the intricate balance between national security and economic interests.

This agreement, while facilitating continued access to the lucrative Chinese market, has sparked debate about its legality under the US Constitution, which prohibits export taxes. Critics argue it could set a precedent for unconventional trade policies, while supporters view it as a pragmatic compromise to maintain technological competitiveness. The deal highlights the strategic importance of semiconductors in global trade, particularly as tensions between the US and China intensify. Despite these complexities, the tech-driven rally in US equities signals investor confidence in the sector’s long-term growth prospects, even as trade uncertainties loom.

In the bond market, US Treasuries experienced a decline last Friday, with yields rising by 3 to 5 basis points across the curve in a subdued trading session. Investors remain focused on the Federal Reserve’s leadership transitions, particularly President Trump’s nomination of Stephen Miran, Chairman of the Council of Economic Advisers, for a Fed governor role. This appointment has fuelled speculation about a potential shift toward a more dovish monetary policy stance, as Miran’s economic philosophy aligns with Trump’s preference for lower interest rates to stimulate growth.

The US Dollar Index, which dipped 0.22 per cent, later recovered some ground following this news, reflecting market sensitivity to Fed leadership changes. The anticipation of upcoming inflation data, with the Consumer Price Index (CPI) report due on Tuesday and the Producer Price Index (PPI) report on Thursday, adds another layer of complexity.

Federal Reserve Chair Jerome Powell’s recent comments at the Federal Open Market Committee meeting, suggesting that a September rate cut is less likely and will hinge on macroeconomic data, have tempered expectations for immediate easing. These reports will be critical in shaping the Fed’s policy trajectory, as persistent inflationary pressures could force a more hawkish stance, impacting both equity and bond markets.

Also Read: ASEAN’s regionalism strategy: Building unity in a depolarised world

Geopolitical and policy developments have also swayed commodity markets. Gold prices surged to nearly US$3,400 per ounce after a US government agency ruled that gold bars would be subject to duties, triggering volatility in bullion markets. The White House’s promise of a forthcoming clarification has done little to quell uncertainty, as investors grapple with the potential cost implications for gold as a safe-haven asset.

Meanwhile, Brent crude prices remained unchanged after a volatile session, reflecting the market’s indecision amid ceasefire optimism and ongoing geopolitical risks. The stability in oil prices suggests a wait-and-see approach, as traders assess whether reduced tensions in Eastern Europe could ease supply concerns or if other global factors, such as US tariffs, might sustain price pressures.

In Asia, equity indices opened with mixed performance, signalling varied regional responses to global developments. US equity index futures, however, point to a positive opening, suggesting that the momentum from last week’s rally may persist. This divergence underscores the fragmented nature of global risk sentiment, where local economic conditions and policy responses shape market outcomes.

For instance, Hong Kong’s Hang Seng index has benefited from a recovery in Chinese technology stocks, driven by President Xi Jinping’s public engagement with tech leaders, signalling a potential easing of regulatory pressures. This contrasts with mainland China’s more subdued market performance, highlighting the nuanced dynamics within Asian markets.

The cryptocurrency market has emerged as a focal point of investor enthusiasm, propelled by significant policy shifts in the US Bitcoin soared past US$121,000, and Ethereum reached US$4,300, fuelled by President Trump’s executive order exploring the inclusion of cryptocurrencies in 401(k) retirement accounts. This move, which also considers private equity, could unlock substantial demand by opening millions of American retirement portfolios to higher-risk assets.

Spot Ethereum exchange-traded funds (ETFs) have outpaced Bitcoin ETFs, attracting US$461 million in inflows over the past week, reflecting robust institutional interest. Ethereum’s price, now 11 per cent below its all-time high of US$4,878, may continue to outperform Bitcoin if these inflows persist. The influence of large corporate treasuries, as noted by industry expert Anndy Lian, underscores their role in driving price action. Lian’s assertion that investors should remain steadfast as long as these treasuries continue buying highlights the market’s reliance on institutional momentum.

Also Read: From dollars to digital coins: Tariffs shake the financial world

Stablecoins, a subset of cryptocurrencies pegged to assets like the US dollar or Bitcoin, are reshaping the competitive landscape between the US and China. In Hong Kong, new legislation aims to position the city as a global hub for stablecoins and Web3 technologies, which leverage blockchain for decentralised internet applications. This strategic pivot seeks to restore Hong Kong’s stature as a financial powerhouse amid intensifying global competition.

In the US, the Trump administration’s embrace of cryptocurrencies, bolstered by campaign support from crypto advocates, signals a proactive approach to integrating digital assets into mainstream finance. The passage of stablecoin regulations in both jurisdictions underscores their potential to revolutionise global finance by offering stable, blockchain-based alternatives to traditional currencies. This rivalry carries risks, as stablecoins could disrupt monetary policy frameworks and challenge the dominance of fiat currencies like the dollar and renminbi.

From a personal perspective, the convergence of these developments paints a picture of a world at a financial crossroads. The optimism surrounding a potential Russia-Ukraine ceasefire offers a glimmer of hope for stabilising global markets, but the path forward remains fraught with uncertainty. The US stock market’s resilience, driven by technology giants, reflects a broader trend of innovation outpacing geopolitical and economic headwinds. The reliance on tech stocks raises concerns about market concentration and vulnerability to sector-specific shocks.

The Federal Reserve’s cautious stance on rate cuts, coupled with upcoming inflation data, suggests that monetary policy will remain a critical determinant of market direction. The cryptocurrency surge, particularly in stablecoins, signals a transformative shift toward decentralised finance, but it also introduces new risks, including regulatory ambiguity and market volatility. The US-China rivalry over stablecoins and Web3 technologies underscores the strategic importance of digital innovation, but it also highlights the potential for economic fragmentation if competitive tensions escalate.

As markets continue to evolve, adaptability and informed decision-making will be paramount in capitalising on emerging opportunities while mitigating inherent uncertainties.

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Nibertex, a Singapore- and Philippines-based deeptech startup specialising in waterproof breathable membranes, has closed its US$7 million Series A funding round led by TNB Aura, with participation from existing investors Asian Development Bank (ADB), Faircrest Holding, and Foxmont Capital Partners.

This round comes nearly seven months after the firm announced closing its pre-A round in February with Foxmont and ADB.

Also Read: Korean brothers’ startup Nibertex develops chemical-free fabric for sustainable textiles

The news funding will be deployed across several key areas to meet the rapidly expanding market demand:

• Expanding manufacturing capacity: Capital expenditure will be deployed to significantly increase output.
• Advancing R&D: Accelerating the development of membrane applications for industries beyond apparel.
• Deepening market reach: Scaling go-to-market efforts and securing strategic partnerships with global brands.

The investment comes at a crucial time as the global materials industry faces intense scrutiny over per- and polyfluoroalkyl substances (PFAS). These synthetic chemicals are commonly found in products such as rain jackets, activewear, medical gowns, food packaging, and non-stick cookware, where they provide water and stain resistance.

However, PFAS are now widely recognised for their persistence in the environment and are linked to serious health concerns.

With bans accelerating across the US, European Union, and Asia-Pacific, manufacturers are under increasing pressure to find high-performance alternatives. Nibertex addresses this critical challenge with its proprietary electrospinning, also known as nanospinning, technology and formula.

Founded in 2019 by Jae H Park and his brother Jae M, Nibertex has developed a proprietary manufacturing process enabling scalable production of its PFAS-free membranes. These membranes are engineered to be ultra-soft, silent, stretchable, and designed to disappear into the textile. They are ideal for various applications, including performance apparel, healthcare, industrial, and consumer products.

Also Read: Nibertex secures funding for sustainable textile technology

Nibertex’s success is indicative of a broader industry shift towards sustainable manufacturing practices and stricter regulatory compliance within the textile sector. As governments worldwide implement more stringent PFAS regulations, companies like Nibertex, which offer proven alternatives, are becoming increasingly valuable to manufacturers seeking to future-proof their operations.

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The Asia Pacific region is emerging as a significant force in the global quantum computing market, fuelled by rapid government intervention, strategic funding, and the formation of new startup hubs.

While the US continues to dominate quantum tech investment—capturing approximately 78 per cent of the global total in 2024—Asia Pacific is accelerating its pace, both in funding commitments and in research capabilities.

Countries such as Japan, Australia, South Korea, Singapore, and China increasingly position themselves as competitive players where cutting-edge hardware, advanced algorithms, and secure communication networks will define technological leadership.

According to McKinsey’s Quantum Technology Monitor 2025, targeted public investments and emerging entrepreneurial clusters shape Asia Pacific’s growth. In 2024 alone, five of the world’s 19 newly founded quantum tech startups originated from Asia.

This growth is driven by national quantum strategies and strategic partnerships designed to scale capabilities in quantum computing and related fields. Governments across the region are focusing on building sovereign capabilities, attracting global talent, and fostering cross-border collaborations.

Japan leads regional public funding announcements

Japan has made one of the most significant public funding pledges globally for quantum tech, committing US$7.4 billion in 2025 towards next-generation chip and quantum computing research. This ambitious move signals Japan’s intention to play a defining role in research and commercial deployment, particularly in high-performance and fault-tolerant quantum systems.

Also Read: AppWorks turns 15: Showcasing SEA’s next-gen AI, Web3, deep tech startups

The scale of this funding underscores Japan’s long-term commitment to becoming a hub for advanced computing innovation, with implications for sectors ranging from materials science to secure communications.

Australia accounted for roughly eight per cent of global quantum tech startup investment in 2024, bolstered by a high-profile US$620 million package from the Australian Commonwealth and Queensland governments. The funding supports PsiQuantum, a US-based quantum hardware manufacturer, in building a utility-scale, fault-tolerant quantum computer in Brisbane.

This project is expected to enhance Australia’s role as a location for large-scale quantum infrastructure while strengthening ties with international industry leaders.

South Korea is pursuing a long-term national goal to become a global leader in quantum science and tech. Its US$2.3 billion investment plan, which spans 2035, aims to build domestic capabilities in quantum computing, quantum communication, and quantum sensing. This approach positions the country for technological competitiveness and potential export opportunities in a rapidly evolving market.

Singapore, meanwhile, has taken a targeted approach through its National Quantum Strategy, allocating about US$222 million over five years. This funding is focused on quantum research, infrastructure development, and talent training, aiming to maintain Singapore’s role as a research and innovation hub within Southeast Asia.

The strategy also emphasises partnerships between academia, government, and industry to drive adoption.

China remains a unique case in the Asia Pacific quantum computing landscape. Although commercial investment data for Chinese startups is limited, the country leads globally in quantum computing-specific patent applications, accounting for about 32 per cent of filings worldwide, surpassing the US share of around 22 per cent.

Also Read: Nibertex bags US$7M to push boundaries in breathable waterproof materials

Government investment in quantum research and development exceeds US$15 billion, strongly focusing on defence, national security, and artificial intelligence applications. Much of this activity is concentrated in government-funded research institutions with limited public disclosure.

Changing global investment dynamics

Globally, investment in quantum tech startups grew by about 50 per cent year-on-year to reach US$2 billion in 2024, up from US$1.3 billion in 2023.

Over 80 per cent of this funding was directed toward quantum computing, with superconducting tech receiving the largest share, followed by photonic networks. The top two global deals—PsiQuantum’s US$624.63 million round and Quantinuum’s US$300 million raise—accounted for nearly half of the total value, underlining the concentration of capital in a small number of high-profile ventures.

Public funding now accounts for 34 per cent of all quantum technology investment, up from 15 per cent in 2023, reflecting growing government interest in supporting early-stage and high-risk ventures.

Investors are increasingly shifting their attention toward emerging startups that are less than four years old and mature companies with proven tech, while scaling-stage ventures attract less relative interest.

In 2024, most new startups globally emerged in the components and application software segments, highlighting a shift in value creation toward software development while maintaining steady demand for hardware-agnostic components. This diversification suggests that complementary solutions and integration tools will play a larger role in commercial ecosystems as quantum computing tech matures.

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Image Credit: Nicolas Arnold on Unsplash

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In 2024, global IT and digital transformation provider Softline Group expanded into Southeast Asia by opening new offices in Indonesia and Vietnam. These moves were part of a broader international strategy, reflecting the company’s commitment to long-term regional engagement across Southeast Asia, Central Asia, and the Middle East. This also includes new offices in Kazakhstan, Uzbekistan, and the UAE.

With a population of over 680 million and strong economic growth, Southeast Asia presents significant opportunities for innovation. Governments across the region are driving digital transformation through national programs. At the same time, businesses face growing demand for connected services and secure digital infrastructure.

Ivan Gorkovenko, Ivander Hery, and Hans Saiya from Softline Group discuss their expansion strategy, the importance of localization, and how technologies like AI and cybersecurity are shaping the region’s future below.

Inside Softline’s expansion across Southeast Asia

Softline’s entry into Southeast Asia was driven by both strategic foresight and local opportunity. “Southeast Asia was not just a next step – it was a deliberate choice,” said Ivan Gorkovenko, Regional Director for Southeast Asia. “We saw unmatched growth potential in areas like digital payments, e-commerce, and public sector modernization.”

The company’s investments in Vietnam and Indonesia were aligned with major national agendas like Making Indonesia 4.0 and Vietnam’s National Digital Transformation Program, both of which aim to build robust digital ecosystems. “With 680M people and 5%+ GDP growth, SEA is not just a growth market – it’s a digital innovation hub,” Gorkovenko added.

Localization in action: Adapting to regulatory and infrastructure needs

As regional adoption of digital tools accelerates, Softline emphasizes local relevance through language, infrastructure, and compliance. “We don’t just translate the interface,” said Ivander Hery, Sales Manager. “We ensure compliance with regulations such as Indonesia’s Law No. 27 of 2022 on Personal Data Protection.”

To meet varying requirements, Softline has adapted its security audit framework to match the standards of Indonesia’s Badan Siber dan Sandi Negara (BSSN) or national cyber and crypto agency. It also deployed hybrid cloud systems in Vietnam, ensuring full compliance with the Personal Data Protection Act (PDPA).

This localized approach is also reflected in how services are delivered. “Clients can access any Softline service tailored to their specific stage in the business lifecycle,” Hery noted, referencing sectors like government, healthcare, and education.

Also read: ASEAN’s regionalism strategy: Building unity in a depolarised world

Supporting digital transformation across urban and remote areas

Beyond urban centers, Softline is focused on closing gaps in access and capacity. “We want to be a key player in enabling Indonesia to achieve its digital transformation goals and ensure that technology benefits everyone, even in the most remote areas,” Hery said.

The company is working with local partners on efforts such as localized Security Operations Centers (SOCs), training programs in Bahasa Indonesia and Vietnamese, and community-based digital literacy centers. These efforts align with broader national goals, including Indonesia Golden 2045.

The digital economy boom: Opportunities in a thriving SEA market

Southeast Asia’s digital economy is growing at 17 percent annually and could reach $295 billion by 2025. According to Gorkovenko, this growth is reshaping customer expectations: “Businesses and consumers alike are now expecting seamless, omnichannel experiences… hyper-personalization, phygital engagement, and secure digital payments.”

With digital platforms like Grab, Shopee, and Gojek setting new standards, companies are seeking scalable, API-first infrastructure. Softline is responding with unified commerce solutions and AI-powered tools that connect physical and digital operations.

Still, infrastructure gaps in markets like Indonesia present challenges. “The pace of change is relentless… technology adoption is now a key driver of growth and competitiveness in the region,” Gorkovenko said.

Championing technological sovereignty through local innovation

Countries like Indonesia and Vietnam are increasingly focused on technological sovereignty. They are developing their own digital infrastructure and reducing dependence on foreign platforms. “It is about strategic autonomy,” said Hery, “the ability to control your own digital destiny.”

Softline supports this through compliance-first solutions, domestic infrastructure, and partnerships with agencies like Indonesia’s BSSN and Vietnam’s Authority of Information Security (AIS). “We apply global frameworks but adjust them to local encryption norms, compliance laws, and talent realities,” explained Hans Saiya, Cybersecurity Solution Sales Manager.

Softline is also investing in inclusive access through public-private partnerships, affordable tech programs, and national initiatives like Bangga Buatan Indonesia and Make in Vietnam.

Also read: Indonesia’s digital index rises again, regional gaps narrow

Cybersecurity first: Building stronger defenses through technology and training

For Softline, cybersecurity is a central pillar of its strategy. The company deploys real-time Security Operations Centers in collaboration with local Managed Security Services Providers (MSSPs). It also integrates its services with national cybersecurity guidelines.

But defense is not just about technology. “Even the best security technology can falter without proper awareness among staff,” Saiya said. Softline offers role-specific training programs that include simulations, phishing tests, and risk-based assessments. “Our training targets the exact threat landscapes that correspond to each role,” he added.

These efforts are designed to strengthen security cultures while supporting compliance with frameworks like ISO 27001, GDPR, and PCI-DSS.

Looking ahead: Softline’s vision for a smarter, more connected SEA

Softline’s goals over the next three years include raising brand visibility, expanding innovation clusters, and continuing to localize cutting-edge solutions. “We are already actively investing in regional marketing and participating in major trade shows,” said Gorkovenko.

By aligning its efforts with both government policy and business demand, Softline is aiming to become a long-term partner in shaping Southeast Asia’s digital future. In doing so, they are connecting global innovation with local transformation.

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The integration of Artificial Intelligence (AI) into daily education is rapidly increasing amongst students globally, fundamentally shifting learning behaviours.

However, this surge in adoption is not matched by a corresponding rise in understanding, leading to widespread confusion and apprehension about the future, particularly regarding careers.

Widespread adoption, shifting search behaviours

The #StudentsSpeakonAI Report, a comprehensive global survey by BrightCHAMPS involving 1,425 students across 29 countries, highlights a significant shift: 58 per cent of students globally have used AI for help with studies in 2025, encompassing homework, projects, and gaining additional understanding of school material.

Also Read: Beyond the classroom: How education companies are rewriting the rules with relationships

A substantial 33 per cent of students globally are fairly regular users of AI, with 10 per cent leveraging AI tools daily. Notably, a considerable 12 per cent of students have completely changed their search behaviour, now primarily relying on AI tools for online information, moving away from traditional search engines.

This indicates a profound change in how students access and process information for their academic pursuits.

A gap in understanding and the peril of misinformation

Despite this widespread use, a striking paradox emerges: almost half of the surveyed students admitted to having little to no understanding of how AI technology works or what its flaws might be.

Globally, 34 per cent of students acknowledge using AI tools but not fully grasping the underlying technology. This lack of foundational knowledge has tangible consequences. A concerning 29 per cent of students globally never cross-check AI-generated answers for accuracy.

The ramifications are clear: 20 per cent of students globally have mistakenly believed AI answers, only to later discover they were incorrect.

Furthermore, 23 per cent of students globally struggle to differentiate between real and AI-generated images or videos, highlighting a critical challenge in discerning authentic content in the digital age. The report also reveals that 14 per cent of students globally don’t understand AI at all, simply following what their peers do.

Concerns for the future and the call for greater support

The rapid advance of AI has ignited anxieties amongst the student population. A significant 36 per cent of students globally worry about how AI will affect future jobs.

Ravi Bhushan, founder and CEO of BrightCHAMPS, expressed his sadness over this concern but found hope in students’ “resilience and desire to upskill and fortify their learning with new-age skills”. Indeed, the majority of students recognise the imperative for AI literacy, with 59 per cent globally believing that AI is an important subject to learn to be future-ready. This sentiment underscores a proactive desire to equip themselves for the evolving employment landscape.

Also Read: Asia’s tech potential: How self-taught education is shaping the next generation of developers

Crucially, over half of the students surveyed, specifically 56 per cent globally, feel a strong need for additional support and guidance beyond what schools and parents can offer to navigate the complexities of the AI era properly. This indicates a pressing demand for more comprehensive and external educational resources to prepare the next generation for an AI-integrated future.

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The image was generated using ChatGPT.

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Southeast Asia is rapidly emerging as a dynamic hub in the global AI landscape, attracting billions in investment and strategically focusing on downstream applications to overcome traditional hurdles.

While global venture capital (VC) investment into AI surged to a record high of over US$100 billion in 2024, constituting more than one-third of total global VC funding, Southeast Asia is carving out its unique niche.

Global investment flood, regional focus

An East Ventures White Paper, titled “AI-first: Decoding Southeast Asia trends”, says that despite accounting for a smaller portion of global AI investment (ranging from 0.6 per cent to 1.7 per cent between 2020 and 2024), the region is witnessing significant capital inflows, particularly into infrastructure and local initiatives:

Also Read: AI adoption in SEA e-commerce: The clock is ticking for sellers

Indonesia: A major beneficiary with Oracle, Microsoft, AWS, and Nvidia planning to invest US$20 billion into data centre infrastructure. Bytedance is also set to invest US$2 billion in an AI Hub. Microsoft alone plans a US$1.7 billion investment to expand its cloud and AI services in Indonesia, alongside local collaborations like Sahabat-AI and East Ventures’ IndoBuild AI platform.

Malaysia: Google, AWS, Microsoft, and TikTok collectively plan to invest over US$10 billion into cloud and data centre infrastructure.

Singapore: Led the region in AI initiatives, anchoring OpenAI’s Asia-Pacific Hub and allocating a substantial S$1 billion (approximately US$740 million) budget for AI investment from 2024-2029. Singapore also boasts the region’s first model AI governance framework.

Vietnam: Nvidia has partnered with the Vietnamese government to establish an AI research and development centre.

Thailand: Introduced its National AI Strategy and Action Plan in 2022, focusing on regulation, infrastructure, talent, innovation, and ecosystem promotion.

This influx underscores a clear recognition of Southeast Asia’s potential as an AI-driven market.

Overcoming hurdles: A pragmatic approach

Historically, AI adoption in Southeast Asia faced challenges such as deep-tech talent scarcity, infrastructure limitations, and a lack of clean data. However, the advent of GenAI has dramatically lowered these barriers:

Talent shift: Southeast Asia is not aiming to develop new foundational models, reducing the need for deep-tech expertise. A recent survey highlighted that over 65 per cent of regional companies now prioritise practical, integration-focused AI talent over technical research roles, emphasising problem-solving over foundational model development.

Infrastructure accessibility: While top-tier digital infrastructure attracts tech giants, studies indicate that 85 per cent of industrial AI applications in Southeast Asia run efficiently on standard, cost-effective networks. Most GenAI development and deployment can be piloted affordably without demanding expensive infrastructure.

Also Read: Burning billions: AI’s capital frenzy and its global implications

Data challenges: The region’s businesses, many of which are not digital native, face a scarcity of clean data. Crucially, GenAI solutions excel at ingesting “dirty” qualitative, text-based information and generating useful insights, mitigating this challenge. Furthermore, data annotation providers like Tictag are transforming disparate data formats for AI model training.

By focusing on accessible downstream applications, Southeast Asian AI companies are capitalising on existing foundation models and building ready-to-use solutions. This strategic pivot is making AI adoption highly cost-efficient and impactful, setting the stage for significant operational transformation and presenting an “attractive investment opportunity” for those backing founders leveraging this trend.

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The image was generated using Grok.

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A recent survey conducted by Airwallex, in partnership with Statista, paints a robust picture of Singapore’s cross-border e-commerce landscape, revealing key consumer preferences and non-negotiables for online merchants.

The “Airwallex Singapore Cross-Border eCommerce Survey 2025,” which polled 1,000 cross-border e-commerce shoppers in the island nation in January 2025, underscores the mainstream nature of international online shopping among local consumers and offers vital intelligence for tech startups eyeing the Southeast Asian market.

Singapore’s cross-border e-commerce boom is unstoppable

The study highlights that cross-border e-commerce is not just mainstream but also frequent in Singapore. A remarkable ninety-three per cent of consumers are comfortable buying online from overseas merchants, a figure “significantly higher than the global average”. This demonstrates a mature and confident online shopping demographic ready to look beyond local shores for their needs.

Also Read: Shopee, TikTok Shop, Lazada now control 84% of SEA’s e-commerce market

The top categories attracting Singaporean cross-border shoppers include:

• Fashion and apparel
• Skincare and beauty products
• Electronics
• Food and beverages

These categories represent clear opportunities for international merchants and e-commerce platforms targeting Singapore.

The imperative of seamless checkout: Transparency and trust are king

For online merchants, the checkout experience is a critical determinant of success, with transparency, speed, and trust emerging as key drivers. Shoppers articulate a clear demand for a sophisticated and secure transaction process.

The most valued aspects of an online checkout experience include:

• A “transparent pricing structure that includes a breakdown of taxes and fees, such as foreign exchange and shipping fees”. This suggests a strong preference for clarity and no hidden costs, which can significantly erode trust.
• The “ability to pay using my preferred payment methods”.
• A “mobile friendliness of the checkout process to let me complete the purchase on mobile”.

A significant red flag for consumers is any disruption to the payment flow. The survey found that 92 per cent of online shoppers “feel less secure about their payment if they are redirected to a different page to complete it”. Such redirections make them “less likely to complete the purchase” and “disrupt their shopping flow,” highlighting a critical technical and user experience hurdle for many platforms.

Deliberate digital shoppers demand flexibility

Singaporean online shoppers are discerning and informed, with 90 per cent of shoppers stating they are “aware whether a purchase is local or cross-border”. Their decision-making process for international purchases is notably influenced by several factors, including “affordable shipping,” “transparent fees,” and critically, “the ability to use their preferred payment methods”.

When it comes to preferred payment methods for international online purchases, consumers favour a mix of traditional and digital options:

• Debit cards
• Credit cards
• Digital payment methods such as Apple Pay, Google Pay, PayPal, and GrabPay

This underlines the necessity for merchants to offer a diverse range of secure and convenient payment solutions to cater to varied consumer preferences.

Capitalising on sales Seasons: Localised campaigns are critical

The survey emphatically states that “localised campaigns during sales periods are critical” for engaging Singaporean shoppers. A substantial proportion of consumers strategically time their purchases around key promotional events:

• 77 per cent of shoppers align their buying with Black Friday.
• 72 per cent time their purchases around double digit sales days (11.11, 12.12).
• 58 per cent coordinate their shopping with Lunar New Year.

These findings present a clear roadmap for e-commerce businesses and tech platforms to plan their marketing and inventory strategies around these high-volume shopping periods, leveraging localised campaigns to maximise reach and conversions.

Also Read: Through the fog: Why 2025 holds ‘fragile optimism’ for global logistics

The insights from the Airwallex survey offer a compelling data-driven perspective for tech startups and e-commerce players aiming to deepen their footprint in Singapore’s lucrative cross-border market. Prioritising transparent checkout processes, offering flexible payment options, ensuring mobile-friendliness, and strategically deploying localised campaigns during peak sales seasons will be paramount for success in this dynamic landscape.

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The image was generated using ChatGPT.

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In 2024, the crypto and blockchain sector saw renewed investor enthusiasm. Venture capital (VC) funding is pouring in approximately US$13.7 billion, a 28 per cent rise from the US$10.7 billion secured the previous year.

While this uptick in capital signals a revival of interest following the market downturns of prior years, new findings challenge the assumption that VC support guarantees the success of any crypto project.

Contrary to popular belief, a crypto project backed by a well-known VC is not necessarily destined for prosperity. In collaboration with Storible, Chainplay released its latest research, revealing that 56.72 per cent of VC-backed crypto projects ultimately fail.

Alarmingly, nearly half (45.34 per cent) of these ventures are categorised as “dead,” meaning they have ceased operations entirely. Even among the survivors, performance remains underwhelming: 77.45 per cent generate less than US$1,000 in monthly revenue, highlighting significant underperformance in a sector often touted for its disruptive potential.

Prestigious VC firms are typically regarded as kingmakers in the crypto ecosystem. Their backing often serves as a stamp of legitimacy for early-stage crypto projects. Yet our data paints a more sobering picture. Of all crypto projects supported by Tier 1 VCs, 37.45 per cent have failed and 34.56 per cent are completely defunct.

Moreover, 33.41 per cent of these ventures struggle to earn even US$1,000 per month, underscoring the gap between funding prestige and operational success.

Also Read: How OnlyFounders aims to level the playing field for underrepresented founders with AI, blockchain

Two prominent names exemplify the trend. Polychain Capital, once seen as a leading force in decentralised finance, shows a staggering 44 per cent of its projects are now defunct, with 76 per cent generating negligible revenue. Yzi Labs (formerly Binance Labs) fares no better, with a failure rate of 72 per cent, despite its deep integration within the broader crypto industry.

These numbers reflect a structural issue in the VC approach to the crypto sector: high bets are often placed on experimental ideas that fail to translate into sustainable businesses.

Angel investors are not immune either

Tier 1 angel investors also struggle to pick winning ventures. Notably, Balaji Srinivasan, former CTO of Coinbase and a General Partner at Andreessen Horowitz, has a 57 per cent dead-project rate among his backed crypto startups. This illustrates that even experienced operators with deep sector knowledge are vulnerable to the market’s volatility and execution challenges inherent in the space.

Despite the bleak data, there is a silver lining: the amount of capital raised does appear to influence outcomes. Projects that raised over US$50 million were markedly more resilient, showcasing much lower failure rates. These better-funded ventures can often weather crypto’s turbulent cycles, build robust teams, and navigate regulatory hurdles more effectively.

Conversely, crypto projects that raised less than US$5 million fared significantly worse. Over 33 per cent failed outright, and nearly one in five were classified as dead.

Interestingly, projects without VC backing had a death rate four times higher than those with institutional investment. This suggests that while VC support is far from a guarantee of success, it does offer a level of resilience, access, and credibility that bootstrapped startups often lack.

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Image Credit: Kanchanara on Unsplash

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The convergence of technology and finance is reshaping India’s financial landscape, and at the heart of this shift is embedded finance.

At its core, embedded finance brings financial services, like payments, credit, or insurance, directly into non-financial platforms. It allows users to complete transactions within everyday apps and services, whether that’s topping up a wallet in a gaming app or renewing a subscription, like Netflix, in one click.

What was once a novel convenience has now become a mainstream expectation. The pandemic accelerated this surge as consumers searched for safer, more accessible ways of managing and growing money.

This trend has continued to grow post-pandemic, as digital finance adoption gains traction across urban and rural India.

This rising adoption is set to transform financial inclusion and economic participation across India. A report by Research and Markets projected that the embedded finance industry in India is expected to grow at a CAGR of 37.8 per cent from 2024 to 2029, reaching US$34.32 billion.

In 2024, India saw a significant surge in digital-only investment accounts, with National Securities Depository Limited (NSDL) reporting a 33 per cent increase that brought the total number of dematerialised accounts to 185.3 million.

We are now at a time where embedded finance is no longer optional — fast becoming a tool for banks, fintechs and non-bank financial institutions to deliver services, particularly to the un(der)banked, to build the foundation for financial ecosystems.

Embedded into our daily lives

Each and every day, there is an aspect of embedded finance that we engage with in the form of embedded credit. This creates digital platforms, both financial and non, that eases the process of applying for and repaying loans without leaving them.

An example is equated monthly instalment (EMI) cards commonly used in the retail environment. Remember when you purchased that smartphone on Amazon and turned your payment into an EMI at the checkout? Well, you are not alone.

Also Read: Blurring the Lines: The convergence of traditional finance and crypto

A study by Home Credit India in 2024 on ‘How India Borrows’ showed that about 43 per cent of borrowers showed a preference for EMI cards when it came to shopping or borrowing money.

The insurance industry is another one benefitting from embedded finance – just think about the number of travel-related bookings that now also prompt you to purchase travel insurance for your trip at the same time.

Similarly, without leaving the platform you are engaged with, embedded investments can be made without the need for a broker or advisor. Unlike robo-investing, embedded investment products allow the consumer to take ownership of micro-investment decisions. Today, many non-financial websites, including ride-hailing apps, offer this service.

Benefits to Indian companies

Digital platform companies, particularly non-bank companies with customer-facing websites and apps, hold  a natural advantage in the embedded finance sector. Years of transactional data have given them insight into consumer behaviour, allowing them to tailor financial offerings more precisely and price them more fairly.

This rich dataset opens opportunities not just for the platforms themselves, but also for financial institutions such as banks, insurers, and investment firms.

By tapping into these digital ecosystems, traditional players can access a broader pool of potential customers and diversify their revenue streams. They gain visibility into spending habits, credit usage, savings patterns, and financial health—insights that can guide everything from credit assessments to product design.

For example, a travel platform detecting increased discretionary spending could offer premium packages instead of budget deals — capitalising on embedded finance to enhance both user experience and profitability. This allows industries like insurance to benefit significantly from the easier access customers have increasingly enjoyed.

These datasets also offer a boost to companies, who can stay ahead of the competition by increasing customer acquisition, engagement, and retention, as well as repeat sales. Consumers reward companies they feel are attentive to their needs and preferences with loyalty.

This cycle translates into businesses building stronger business models, increasing customer share of wallet and improving financial performance.

Traditional banks struggle to connect with younger audiences who are increasingly turning to neobanks or digital banks for their seamless user-friendly experiences. However, by embedding their services in third-party platforms, even digitally transformed traditional banks can engage this younger demographic more effectively.

All of these developments mean the Indian financial sector has the potential to grow to be more resilient and financially sustainable, underpinning the growth of other sectors through greater liquidity, credit and investment, and benefitting the wider economy.

Benefits to Indian consumers

While the growth of digital banks has already improved access to financial services for consumers, embedded finance will take it a step further in terms of greater accessibility, convenience and relevance. This is because embedded finance can also provide customers with increased financial stability.

For one, access to a wide range of financial services improves financial literacy and inclusion. Customers who may prefer digital financial services or are unable to access traditional services will now be in a better position to save, invest and plan their finances while also securing themselves through greater insurance coverage.

Also Read: US-Japan deal, EU talks, and Japan’s Bitcoin bet: A new chapter for global finance

Since customers regularly interact with third-party platforms — be it an e-commerce site or a ride-hailing app – they build trust and rapport with these brands, making it simpler to venture into the realm of financial services.

Through greater access to and consumption of financial products and services, Indian consumers can become increasingly financially literate and more financially stable. This demand for financial products is soaring in a country with a rapidly growing urban and middle-class society.

Embedded finance has now filled the gap by providing access and convenience, and is set to propel India’s society, economy, and people forward.

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My first encounter with Vietnam’s legal market was in 1996. I was a young deal architect, navigating a groundbreaking joint venture between Vietinbank, KDB, and the International Finance Corporation. Vietnam then felt like a raw, exciting startup nation, brimming with impossible possibilities.

Thirty years on, I’ve watched this country transform into Asia’s investment darling, attracting over US$92 billion in cumulative Korean investment alone, alongside significant capital from Japan, China, and other global players.

After three decades of orchestrating billion-dollar ventures and running GE Capital Korea’s commercial finance operations, I thought I’d seen every market quirk imaginable. Yet, Vietnam’s legal landscape presented a paradox unlike any other: a nation with more small Korean legal offices on the ground than anywhere outside of Korea—typically well over 10 firms, each staffed by just one or two Korean lawyers.

Imagine arriving in a city boasting five-star restaurants, only to find that every Korean in town is still ordering takeout from a small, Korean-run pizza joint down the street. It’s not because the pizza is superior; it’s because it speaks their language, remembers their order, and makes them feel understood. This analogy perfectly encapsulates the strange reality of Vietnam’s multi-hundred-million-dollar foreign legal market.

The unseen paradox: Why big firms lose to small offices

What initially defied logic was observing Korea’s largest corporations—companies with billions invested in Vietnam—consistently choosing these small Korean branch offices over Vietnam’s most prestigious Tier-1 law firms. The explanations were always the same: “It’s the language,” or “It’s the HQ relationship”.

Having contributed to outlets like e27 and the Korea Economic Daily where I’ve explored the deeper forces driving tech, innovation, and market behaviour across Asia—this particular phenomenon immediately caught my eye. It wasn’t just a quirk of legal practice; it echoed a broader structural blind spot I’ve seen before.

The more I dug, the more fascinating it became. This market is not saturated or hyper-competitive ; it has been systematically overlooked due to institutional blind spots. It brought to mind the old adage about the quarter-inch drill: in-house counsels don’t ultimately want legal opinions; they want their business problems solved by someone who truly understands their world. The small firms were winning not because they were better lawyers, but because they understood the business language, made clients feel understood, and offered the kind of visibility larger firms often lacked.

That’s when it hit me: this wasn’t a legal problem—it was a visibility, access, and trust deficit disguised as a market inefficiency. And sometimes, the biggest opportunities are hiding in plain sight, waiting for someone to connect the dots.

Quantifying the gap: A multi-hundred million dollar opportunity, untouched

Let’s quantify this gap. Korean investment in Vietnam includes over 10,000 active projects and US$92 billion+ invested. The estimated annual legal spend generated is roughly US$40-70 million USD/year, based on global legal-to-capex benchmarks. Yet, the share captured by Vietnamese Tier-1 firms is less than 15 per cent. The rest flows to Seoul HQs of Korean firms (offshore work), small Korean-run law offices in Vietnam, or simply remains unserved due to lack of trust, visibility, and business fluency.

Also Read: 71% of Vietnam’s students use AI, but concerns linger over misinformation, ethics

This is not a legal competency issue. It’s a strategic positioning failure. Korean General Counsels don’t want legal memos—they want business problems solved by someone who speaks their language, shares their culture, and earns their trust.

The trust chasm: Why conventional fixes fall short

Many might consider straightforward solutions: “Why not simply hire a foreign-language speaking lawyer?” or “Why not engage an experienced legal business development (BD) specialist?” These seemingly logical approaches, while well-intentioned, are fundamentally transactional and fragmented. They utterly fail to grasp the long-term, complex nature of expertise-based trust building required for professional services.

Such tactics might yield incremental growth, but they are incapable of delivering exponential growth or securing market leadership. Hiring a bilingual lawyer doesn’t change the fact that the firm still lacks the institutional mindset and visibility needed to lead in this market. Similarly, a conventional BD approach, detached from deep legal expertise, cannot cultivate the profound, sustained trust that sophisticated foreign clients demand. HQ legal teams in Korea demand more than bilingual support—they need real jurisdictional insight paired with cultural fluency.

The true scale of this market, often underestimated due to significant ‘offshore’ legal spend handled by home-country firms, demands more than piecemeal solutions. Capturing it requires a strategic, long-term journey to position a firm as both the absolute expert and a trusted ally. This is a high-trust, high-value opportunity, necessitating a sophisticated, integrated, and strategically patient approach through consistent expertise sharing and relationship capital investment, far beyond any transactional shortcut.

The path forward: Building the “bridge counsel”

The missing model is what I call a “Bridge Counsel” strategy—a hybrid legal practice that combines:

• Vietnamese litigation capability
• Foreign business fluency (starting with Korean)
• High-trust engagement and continuity
• Culturally intelligent content, outreach, and BD

The firm that systematically offers robust Vietnamese litigation capability, genuine foreign business fluency, high-trust relationship design, and senior legal credibility with account continuity will rapidly emerge as the de facto partner for foreign companies navigating Vietnam’s regulatory, contractual, and dispute environments. This “Bridge Counsel” model, once proven with Korean clients, is replicable across other under-engaged FDI groups like Japanese and Chinese enterprises, unlocking a multi-hundred-million-dollar opportunity.

This strategy doesn’t require hundreds of hires or fancy technology. It requires:

• One or two senior Korean-speaking relationship managers
• Vietnamese bilingual lawyers trained in cross-border business etiquette
• A multi-lingual content engine (newsletters, LinkedIn, legal explainers)
• Regular engagement with Korean CEOs, CFOs, and General Counsels

The replicable revolution

Once the Korean template is proven, the same architecture can be copy-pasted to:

• Japanese clients (lifetime wallet: US$350 million)
• Taiwanese semiconductor fabs (US$220 million)
• Singaporean REITs eyeing industrial parks (US$180 million)

The combined TAM is north of US$1 billion in lifetime legal spend currently untouched by any Vietnamese firm.

Also Read: The D&I advantage: How inclusion fuels growth in Vietnamese real estate

Why 2025 is the inflection year: A call to arms

Three macro triggers are converging:

• Vietnam’s upcoming Labour Code amendments, effective July 2025, are expected to trigger widespread compliance reviews and legal restructuring, particularly among foreign-invested enterprises.
• As Korea and Vietnam deepen collaboration across the EV supply chain, evolving incentive frameworks and localization mandates increasingly require real-time regulatory interpretation and policy alignment.
• VinFast’s precedent-setting dual-jurisdiction listing, along with ongoing corporate restructuring moves by firms like SK Ecoplant, signals a broader shift toward cross-border transactions that demand multi-jurisdictional legal coordination and disclosure strategy.

The first firm to combine Korean-grade client experience with Vietnamese enforcement strength could shape the market standard and become the trusted anchor for cross-border clients in the years ahead,” says a Hanoi-based lawyer.

In tech we celebrate product-market fit. In legal, we rarely admit the product can miss the market entirely. Vietnam’s Tier-1 firms have Michelin-star capability but are losing to the legal equivalent of a food truck—because the truck speaks Korean and delivers at two am. The Bridge Counsel model is not a marketing tweak; it is a category reset. And the window is already half-closed.

Epilogue: A challenge to readers

If you’re a Korean GC reading this on the 15th floor of Bitexco, ask yourself: When was the last time your Vietnamese counsel sent you a risk memo that referenced both Article 150 of the Labour Code and Samsung’s 2024 ESG covenant? If the answer is “never,” you now know why the pizza joint still wins

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