Dear reader,

The unravelling of Indonesia’s eFishery offers a sobering reminder of how quickly a celebrated success story can collapse. Once Southeast Asia’s darling in the aquatech space and Indonesia’s only homegrown unicorn as of 2023, eFishery now faces an existential crisis amid allegations of systematic financial fraud spanning five years.

At the centre of this storm stands Gibran Huzaifah, the ousted CEO whose rags-to-riches narrative captivated investors and media alike. While Huzaifah acknowledges discrepancies in the company’s accounting, he vehemently denies personal enrichment and challenges recent reports about his compensation.

The fallout has been catastrophic, with 98% of staff made redundant and thousands of fish farmers left in the lurch. What makes this case particularly troubling is the apparent scale of misrepresentation, with revenue allegedly inflated by a staggering US$600 million.

As Southeast Asia’s startup ecosystem continues navigating the tech winter, the eFishery scandal raises uncomfortable questions about due diligence practices and the pressure to show impressive growth metrics. With shareholders now contemplating winding down operations – potentially recovering just 10% of their investments – this cautionary tale highlights the fragility of unicorn valuations when built on questionable foundations.

The coming weeks will likely bring further revelations as investigations continue, but the damage to trust in Indonesia’s startup ecosystem may prove far more enduring than eFishery’s brief moment in the spotlight.

Sainul,
Editor.

—-

NEWS & VIEWS

eFishery ex-CEO calls billion-rupiah salary claim ‘untrue’
Gibran Huzaifah’s salary slips for Jan, Sept, Oct, and Nov 2024 show that his gross salary was about 313M rupiah (US$19,138, while his take-home pay was around 206M rupiah (US$12,550) per month.

Kredivo acquires earned wage access company GajiGesa for nearly US$12M
Reports suggest the GajiGesa sale was prompted by shareholder pressure due to problems obtaining further funding, which may have resulted in losses for investors.

TECHCOOP secures US$70M in one of Vietnam’s largest agritech funding rounds
The investors include TNB Aura, Ascend Vietnam Ventures, AppWorks, and Capria Ventures | TECHCOOP provides a B2B platform that delivers end-to-end solutions for export-oriented supply chains.

Ant International appoints Grab veteran Worachat to lead 2C2P
Worachat will spearhead 2C2P’s strategic upgrade from serving mainly enterprise customers to serving businesses of all sizes, including SMEs across Southeast Asia.

Indonesia to inject US$20B into sovereign wealth fund yearly
Danantara will collaborate with other investors, including Ray Dalio’s Bridgewater, holding a 50:50 ownership in certain projects | This partnership could allow the firm to manage investments worth up to US$160B annually through leverage mechanisms.

FBI says North Korea ‘responsible’ for US$1.4B Bybit heist
On February 21, Bybit said it had been a victim of a heist where hackers netted 401,346 Ethereum | Bybit has since launched a US$140M bounty to get help tracing and freezing the stolen funds.

SG-based Horizon Quantum Computing explores US$500M public merger
Horizon and dMY Squared have signed a non-binding LoI to explore a potential merger | The LOI values Horizon at US$500M pre-money, with both parties aiming to finalise a definitive agreement by Q2 2025 and close the transaction by year-end.

Duolingo forecasts up to US$978.5M revenue in 2025
For Q1 2025, the company expects revenue between US$220.5M and US$223.5M, aligning closely with projections of US$221.1M | For 2025, adjusted core profit is forecasted between US$259.9M and US$274M.

Mosaic Solutions acquires HelixPay, partners with PayMongo to streamline PH commerce
This move aims to create a unified commerce platform, connecting in-store and digital operations for businesses across all consumer sectors.

Alpha JWC leads pre-Series A round for Indonesian healthtech startup Bumame
500 Global and Kopital Ventures are the other investors | Bumame provides modern diagnostic solutions, proactive health screenings, and personalised health guidance.

Lorien Finance nets US$2.25M to expand student loan access in India, SEA
The investors include FlatIronX, Seedstars, and The Rockefeller Foundation | Lorien connects students to a US$3B+ lending pool from 17+ international lenders offering interest rates as low as 3.49%.

Singaporean SMEs bleeding millions due to poor cash management
Nearly half of Singapore’s SMEs prioritise guaranteed returns and liquidity, opting for low-yield traditional banking, finds Syfe survey.

Taiwanese AI firm Crescendo Lab expands to Singapore
The AI-driven conversational commerce solutions firm aims to assist local businesses in enhancing customer engagement and streamlining operations through WhatsApp integration.

Indian court fines Amazon US$38.9M for trademark violation
The Delhi High Court has ordered Amazon to pay US$38.89M to Lifestyle Equities for trademark infringement related to the Beverly Hills Polo Club (BHPC) logo | Lifestyle Equities argued that Amazon’s private label, Symbol, sold products with a similar logo.

Malaysia’s Ficus Capital invests in Singapore’s Morpheus Labs
Morpheus Labs is an AI-powered Web3 implementation platform | The funding will support its work in simplifying blockchain implementation, making it easier for businesses and developers to build, deploy, and manage decentralised applications.

FEATURES & INTERVIEWS

South Korea’s top 30 VC deals of 2024: A year of shifts and surprises
South Korea’s 2024 startup funding saw a downturn, but key sectors like AI, healthtech, and semiconductors attracted major VC investments.

Efficiency and data ownership: Why citizen-centric service design is key to Estonia’s e-government
One of Estonia’s most innovative approaches to digital governance is its decentralised data management system.

Skelas’s incubation programme empowers Indonesian MSMEs
By supporting MSMEs, the programme is laying the groundwork for a more sustainable business ecosystem in Indonesia.

Greater creative ownership is key to win TikTok in 2025
As businesses plan their digital strategies, the What’s Next Report 2025 outlines several critical considerations for success on TikTok.

AI adoption is an area of maturity for SMEs, but they have advantage over big corporations: Aicadium’s Robert Young
AI enables SMEs to scale efficiently and compete in the evolving tech landscape, a process that begins with quality and productivity.

FROM THE ARCHIVES

From general knowledge to personalised recommendations: The evolution of AI search engines
AI has become an accessible, efficient tool for users seeking anything from basic facts to complex legal definitions in search queries.

Navigating Asia’s startup ecosystem: Where to build, grow, and scale your company
This guide covers Asia’s top startup hubs, tips for selecting the right location, and strategies for scaling your venture across the region.

AI: The secret ingredient for unlocking developer success in Asia
AI offers developers more time to build new skills while also serving as an excellent coach to enhance their growth.

Procrastination and the Zeigarnik Effect: A founder’s guide to getting things done
Procrastination goes beyond laziness, often arising from fear of failure, perfectionism, low self-control, or feeling overwhelmed by a task’s size.

Notice periods: Are long goodbyes a sign of inefficiency?
Shorter notice periods reflect efficiency, enable smoother handovers, and boost morale by allowing employees a clean and timely transition.

Top 5 strategies on how startup founders can drive healthy, rapid growth in an uncertain economy
Startups can still thrive in a volatile market by making smart and sustainable decisions that align with the unique regional context.

Is generative AI the game-changer for productivity?
While Generative AI can automate various tasks, it cannot entirely replace human creativity, empathy, and critical thinking.

Harnessing AI for robust backup and disaster recovery
With AI, organisations can ensure their data is securely backed up, protected against evolving cyber threats, and recoverable during disasters.

Business travel in the new normal: Strategies and tools for SME travel programme
As the pandemic eases, the strategies and tools need to reflect the shift of the new travel landscape for SMEs.

How to not let the bots ruin your travel plans
As the travel industry emerges from the pandemic’s disruption, fraudulent activity continues to plague its digital advertising campaigns and marketing budgets.

How one LinkedIn message changed the fate of my failing startup
The inspiring pivot story of BeLive technology and how it survived its near-fatal death with a single opportunity.

Future-proofing hotels to stay ahead of the curve
How can hotels future-proof themselves against labour shortages, supply-chain disruptions, climate change and even new pandemics?

How technology can influence the beauty and cosmetics industry
The demand for high-tech beauty products has boomed since the lockdown, giving rise to a range of devices that claim to improve the efficacy of skincare products to those that replicate anti-ageing spa treatments.

Are you using your air miles? The future of air miles with NFTs
Using NFTs, airlines can create a tamper-proof way to record customer preferences for loyalty program benefits and ensure that the points are secure for future benefits.

Navigating Asia’s business boom: The quantum leadership advantage
At the dawn of a new era in business, quantum leadership principles provide a compelling path to success in Asia.

Navigating the relationship between ChatGPT and the travel industry
ChatGPT is still a new application anyway, and travel information is endless with changes happening almost daily.

Is India on the verge of shifting gears to EVs?
To emerge as a leader in the global space for electric vehicles, India should chart a plan to manufacture every sub-system required by EVs.

Why continuous learning is key to employee retention in the modern workforce
To retain Gen Z employees, it’s crucial to understand their workplace values and why continuous learning is important to them.

Singapore’s green future – Are homes and condominiums ready for EVs?
As the adoption of electric vehicles (EVs) accelerates, Singapore’s homes and condominiums must prepare for this shift.

THOUGHT LEADERSHIP

Beyond the launch: What makes app fail?
Avoid common pitfalls in app startups by focusing on retention, scalability, and understanding real user needs for success.

Market recap: Europe gains, crypto falls, and trade fears grow
Global markets react to Trump’s latest trade policy signals, economic data, and corporate earnings, fueling uncertainty and volatility.

The future of work: Navigating the shift to flexible talent models
The future of work blends traditional and flexible models, creating an ecosystem where both coexist and complement each other.

Is job hopping a new form of career mobility?
Millennials and Gen Z are increasingly pursuing career growth through job hopping over traditional internal development within a single organisation.

Market wrap: Consumer sentiment dips, stocks slide, bonds gain and crypto brief dip
Explore today’s market trends as scepticism grows amid policy uncertainty, tariff fears, and slowing economic growth.

Build a scalable, profitable businesses without the cash burn
Learn how to build sustainable businesses that thrive by focusing on smart growth strategies rather than just scaling fast.

Rethinking AI adoption: Why Southeast Asia’s businesses must transform to thrive
The future of Southeast Asia’s digital economy depends on its ability to embrace AI with purpose, innovation, and integrity.

The post Ecosystem Roundup: eFishery ex-CEO denies billion-rupiah salary claim | Kredivo acquires GajiGesa for ~US$12M | TECHCOOP raises US$70M appeared first on e27.

The numbers tell a story of retreat: major US equity indices took a beating on Thursday, with the S&P 500 sliding 1.5 per cent and the Nasdaq plunging 2.8 per cent. Nvidia, a darling of the tech world, stumbled 8.4 per cent despite exceeding earnings expectations—a sign that even stellar results can’t always appease jittery investors.

Meanwhile, the bond market stirred, with the 10-year Treasury yield ticking up 3 basis points to 4.28 per cent and the 2-year yield edging to 4.07 per cent. The US Dollar Index surged 0.8 per cent, its biggest one-day leap in two months, fuelled by tariff headlines that have markets on edge as the March 4 deadline looms for Canada and Mexico, alongside whispers of a 10 per cent hike for China.

Gold, often a safe haven, didn’t escape the pressure, dropping 1.1 per cent to its lowest in over two weeks, while Brent crude bucked the trend, climbing 2.1 per cent amid supply worries tied to Trump’s revocation of a US oil major’s license in Venezuela. Across the Pacific, the MSCI Asia ex-Japan index fell 0.88 per cent, poised for its first weekly loss in seven weeks, with Asian equities mostly lower in early Friday trading.

The cryptocurrency space mirrored this gloom. Bitcoin cratered below US$80,000 on February 28, hitting US$79,666—its weakest since November 11, 2024—shedding over 5 per cent in a single day and 25 per cent since its mid-December peak above US$105,000. Ethereum fared even worse, tumbling to a 14-month low of US$2,150, down 20 per cent in a week, hammered by risk aversion and institutional selling.

BlackRock, the world’s largest asset manager, offloaded 30,280 ETH across four transactions to Coinbase Prime, while its iShares Ethereum Trust dumped US$70 million worth of ETH. Other heavyweights like Fidelity, Grayscale, and Bitwise pulled US$24.5 million from their Ethereum accounts, amplifying the sell-off. The Crypto Fear and Greed Index plunged to 10, signalling “extreme fear” not seen since 2022’s market crash.

Yet, amid this chaos, Ethereum’s derivatives market offers a glimmer of resilience: 30-day ETH futures trade at a 7 per cent premium over spot prices, up from 6 per cent two days ago, and options skew at -2 per cent suggests whales aren’t panicking—echoing a recovery pattern from a 38 per cent drop on February 3.

My take: Navigating the storm

This week feels like a wake-up call—a reminder that markets, for all their sophistication, are still tethered to human sentiment and political whims. Let’s unpack it. The retreat in global risk sentiment isn’t a bolt from the blue; it’s been brewing in a cauldron of events that sparked profit-taking. Consumer confidence dipped below expectations on Tuesday, a red flag for an economy that thrives on spending.

Then came Nvidia’s earnings—objectively strong, yet not dazzling enough to halt the sell-off in the AI complex. Investors seem to be recalibrating, perhaps realising that the semiconductor boom (phase 1 of the AI story) might be giving way to infrastructure hyperscalers (phase 2) and software applications (phase 3). Add to that a softening labor market—possibly a ripple from the Trump administration’s Department of Government Efficiency culling—and the stage was set for Thursday’s tumble.

The tariff saga is the elephant in the room. With Trump pushing ahead on Canada, Mexico, and China, markets are grappling with uncertainty. Tariffs could jolt supply chains, inflate costs, and squeeze corporate margins—hardly a recipe for bullishness.

The US Dollar’s jump reflects this tension, pressuring risk assets like equities and crypto. Gold’s decline surprises me less; it’s a crowded trade, and profit-taking was overdue. Brent crude’s rise, though, underscores how geopolitical moves—like Trump’s Venezuela decision—can override broader risk-off vibes in specific sectors.

Also Read: Market recap: Europe gains, crypto falls, and trade fears grow

Crypto’s woes deserve a closer look. Bitcoin’s drop below US$80,000 feels like a gut punch to the bulls who saw it as a Trump-era golden child. Hopes of US support for digital currencies are fading, overshadowed by tariff uncertainties and a US$1.5 billion Ether hack that’s spooked the market.

Ethereum’s plunge to US$2,150 is uglier still, driven by institutional exits that signal distribution, not just panic. BlackRock’s moves are telling—when the biggest player starts unloading, others follow. Yet, the derivatives data intrigues me. That 7 per cent futures premium and neutral options skew suggest a core of confidence among big players, hinting at a potential floor. History backs this up: Ethereum’s 38 per cent drop on February 3 was a prelude to a swift rebound. Could we see that again? It’s possible, but not guaranteed.

So, where does this leave us? I see a few paths forward. First, fixed income is shining as a stabiliser. With the 10-year yield at 4.28 per cent, bonds are outpacing the S&P 500 year-to-date—a rare feat that underscores their role in turbulent times. I’ve long felt US stocks were pricey; the S&P 500’s consolidation feels healthy, a chance to buy the dip if you’re nimble.

Also Read: Global markets on edge: Trade wars, tariffs, and crypto chaos in focus

The Mag7’s 9 per cent year-to-date loss stings, but the Other 493 stocks holding a 3 per cent gain show resilience outside the tech bubble. Timing matters—today’s PCE inflation data could tip the scales. A hotter-than-expected read might fuel more selling as February closes, so brace for volatility.

China’s an outlier worth watching. The February 17 Symposium, chaired by President Xi, has sparked optimism about private enterprise, driving a sharp rally. But technicals scream overheating—RSI and MACD indicators are flashing red. I’d approach this via derivatives—options or futures—to cushion downside risk. The move’s been too fast to dive in blind.

On the AI front, I’m not writing it off. The Nvidia slump doesn’t kill the story; it shifts it. Semiconductors are cooling, but infrastructure (think cloud giants) and software (AI apps) are heating up. Rotation, not collapse, is my read. Crypto’s trickier—Bitcoin and Ethereum are battered, but the derivatives hint at a bottoming process. I wouldn’t bet the farm yet; “extreme fear” can linger. Still, if you’re a contrarian, nibbling at these levels could pay off if March brings clarity on tariffs and policy.

The Bigger Picture

Zooming out, this week encapsulates 2025’s volatility. Trump’s tariff plans, economic softening, and sector rotations are rewriting the playbook. Investors face a choice: hunker down in bonds and wait, chase China’s momentum with caution, or hunt for bargains in beaten-down tech and crypto.

I lean toward a balanced approach—some fixed income for safety, selective equity dips (O493 over Mag7 for now), and a watchful eye on crypto derivatives for signs of life. The PCE data today could be a pivot point; a benign number might steady nerves, while a spike could deepen the rut.

Either way, this isn’t a crisis—it’s a correction with opportunities for those who can stomach the ride.

—

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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Image credit: DALL-E

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Meet Capital is the latest early-stage VC firm in town. An affiliate of the innovation consulting firm Meet Ventures, Singapore-based Meet Capital is already deploying its maiden US$10 million fund across Asia and beyond to back exceptional founders solving big real-world problems. The VC firm writes cheques of up to US$500,000 in early-stage, tech-enabled startups.

Led by General Partners John Lim, Farhan Firdaus, Matthew Tang, and Antron Lim, Meet Capital has access to proprietary deal flow generated by all the accelerator programmes run by Meet Ventures in the past five years. The firm claims it also has strong relationships with hundreds of active investors and community partners.

e27 spoke with John Lim to learn more about Meet Capital’s investment philosophy, its focus, and the state of the VC industry in Southeast Asia.

Edited excerpts from the interview:

Can you tell us more about the vision behind Meet Capital’s creation? What gap in the market are you hoping to address?

Meet Capital typically invests after a startup has achieved product-market fit. We see ourselves as the first investor to support their entry into the growth stage. This is also the stage where we can provide the most value-added support in the form of business introductions and market expansion advisory.

What specific types of technologies or industries are of particular interest to the fund?

We are technology agnostic because the success of most companies lies not in their technology but in their ability to transform deep customer insights into real-world solutions.

Also Read: The secret sauce of de-risking early-stage venture capital

That being said, we recognise the undisputed importance and need of AI and, by extension, the need for proprietary data sets. Startups that can collect and leverage unique data sets will gain a strong competitive advantage. We are industry agnostic because we believe that good startups can come from any industry. We can rely on the help of industry experts to critically evaluate these startups during the due diligence process.

What kind of companies does Meet Capital consider to be “solving big real-world problems”? Can you give some specific examples?

We define big real-world problems as problems with at least a billion-dollar market opportunity.

For example, if a startup sells an AI-powered learning tool for US$1,000 per year and has at least 1,000,000 potential clients in its local market, we can assume that it has a large enough market to pique our interest.

Meet Capital’s first fund is deploying US$10 million across Asia and beyond. Can you share some insights into the geographic focus of your investments and why you chose to invest beyond Asia?

Meet Capital is headquartered in Singapore, so we primarily focus on the vibrant markets of Southeast Asia. The region’s rapid growth (projected to reach US$600 billion in GMV by 2030) presents numerous investment opportunities. This rising region, despite global economic challenges, has shown resilience with continued double-digit revenue growth. We have a deep understanding and networks in the region that can benefit our portfolio companies.

That being said, we also remain open to compelling opportunities in other markets because we believe that all great startups will eventually have international aspirations and become global companies. Therefore, a leading startup from the US or China could very likely expand into Southeast Asia eventually.

How does Meet Capital navigate the complexities and nuances of investing in the diverse markets of Southeast Asia?

Southeast Asia is a market with diverse needs and preferences. We need to adopt a localised approach when doing business or investing in the region. One way we achieve this is by having either full-time or part-time staff on the ground in each of our target Southeast Asian markets. Having strong local networks helps us better source local startups and also provides us with local insights to make better investment decisions.

What is Meet Capital’s perspective on the current state of venture capital in Southeast Asia? What are some challenges and opportunities you see?

One key challenge is the continued decline of venture funding in Southeast Asia, which in 2024 has fallen to about a fifth of the peak it recorded in 2021. Late-stage funding, in particular, has reached historic lows in 2024, coming in even lower than early-stage investments in the first nine months of 2024.

Outcomes in Southeast Asia have been significantly less capital-efficient compared to other markets, which is keeping large global investors away. Also, investors anticipate greater uncertainties weighing on the region under the new US administration.

Also Read: Rethinking venture capital: 5 ways it goes beyond investing

Nevertheless, we believe that Southeast Asia still presents many exciting opportunities. The regional digital economy is estimated to be around US$263 billion in GMV and is projected to continue growing and progressing towards profitability. Southeast Asia is also emerging as a global hub for AI innovation and adoption, having attracted over US$30 billion in commitments to AI infrastructure in H1 2024.

For early-stage investors who are actively deploying in Southeast Asia now, the reset in startup valuations will create favourable entry points into various investment themes with great upside potential.

There’s no dearth of early-stage funds in Southeast Asia, but late-stage investment is scarce. When do you think the late-stage VC landscape will return to its glorious days?

The return of a robust late-stage VC landscape may take some time. While there are signs of improvement expected in 2025, driven by potential interest rate cuts and increased investments targeting Southeast Asia, a full recovery to “glorious days” is not guaranteed in the immediate future.

There are steps, however, that stakeholders in the regional ecosystem can take to improve the situation. Ambitious startups in Southeast Asia can take a bet on going global, which would make them more attractive to later-stage investors because it opens up more exit options for these investors. Regional governments, on the other hand, can work on boosting liquidity for tech companies in the public markets of Southeast Asia, which have been tepid.

How do you see the current global economic climate impacting the VC landscape in Southeast Asia, and how is Meet Capital adapting to these changes?

The current global economic climate has led to more cautious decision-making in Southeast Asia’s VC landscape. Meet Capital will adapt by selectively prioritising companies with clear paths to profitability over those pursuing growth at all costs.

Also Read: What did we learn from failing to raise VC funding?

Profitable startups that optimise costs and streamline operations are not only better equipped to weather economic downturns and market fluctuations, but they are also more attractive to discerning investors seeking sustainable business models and potential acquirers.

How do you see the SEA’s VC landscape evolving in 2025?

Some key developments could include:

• Increased regional focus: More founders are designing ventures with regional scalability in mind from day one.
• Bifurcation of investment strategies: Some funds may focus more on strategies aligned with the West and others on the East.
• Sector-specific growth: Generative AI and automation technologies will remain dominant topics. Fintech and Healthtech might also see growth.
• Improved funding environment: Industry players can expect a more buoyant funding landscape, driven by expected rate cuts and increased investment inflows.

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Singaporean SMEs are collectively losing an estimated SGD800 million (US$596 million) annually by keeping idle cash in low-yield bank accounts, reveals a recent survey by wealthtech platform Syfe.

The survey polled 350 SME business owners in Singapore with cash reserves between SGD100,000 and SGD20 million.

The research highlights the difficulties SMEs face in optimising their cash reserves. Nearly half prioritise guaranteed returns (48 per cent) and value liquidity (45 per cent), which often leads them to traditional banking solutions that fail to maximise potential returns.

Vulnerability to economic disruptions

The survey revealed that the average Singaporean SME has fewer than 11 months of cash reserves to sustain operations during periods of poor performance, making them vulnerable to economic disruptions.

Also Read: AI adoption is an area of maturity for SMEs, but they have advantage over big corporations: Aicadium’s Robert Young

Rising interest rates, inflation and operational costs worsen these challenges, while internal issues such as delayed payments and supply chain disruptions further strain cash flow.

Diversified strategies preferred

The findings also indicate that SMEs prefer diversified strategies for cash management, balancing risk and returns. Popular methods include money market funds (43 per cent), standard business bank accounts (43 per cent), and fixed deposits (41 per cent).

Syfe estimates that SMEs could recover significant financial value from their idle cash by leveraging smarter cash management strategies that prioritise competitive returns and high liquidity.

In response to these challenges, Syfe has launched a tailored cash management solution that offers returns of up to 3.5 per cent with no minimum lock-in period, addressing the critical need for guaranteed returns and liquidity. Syfe Earn aims to support a diverse range of businesses, from sole proprietors to mid-sized enterprises across various industries, including consultancy firms, food manufacturers, education providers, churches and property management companies.

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MOGUL has introduced MAIA, a generative AI-powered home search tool designed to address the inefficiencies of the traditional property search process. Built on Google Cloud’s Vertex AI and leveraging the Gemini models, MAIA aims to simplify homebuying by streamlining searches, scheduling viewings, and managing commission structures.

The home search process has long been cumbersome, often requiring buyers to navigate multiple classified portals, interact with numerous agents, and manually coordinate viewing schedules. MAIA automates these aspects, allowing users to conduct geospatial searches, schedule viewings with a single click, and organise their calendars more efficiently.

By reducing these friction points, the platform promises to save time and potentially lower costs, particularly for buyers of Housing & Development Board (HDB) flats.

One of the primary challenges in the property market is the complex commission structure that varies across different property types. In private property transactions, sellers typically pay their representing agents a commission of two per cent or more. If the buyer also engages an agent, the two representatives negotiate a split. In contrast, HDB transactions require both sellers and buyers to pay a one per cent commission to their respective agents.

MAIA eliminates the need for HDB buyers to pay this one per cent commission, offering a clear financial advantage.

Also Read: Lewis Ng replaces Hari V. Krishnan as PropertyGuru CEO

Beyond cost savings, the platform’s geospatial features enhance the search experience. MOGUL has previously pioneered geospatial keyword search, allowing buyers to filter results based on specific amenities and location-based preferences. This capability is now integrated into MAIA, ensuring more precise and efficient property discovery.

Gerald Sim, CEO and co-founder of MOGUL, emphasised the transformative potential of AI in property transactions. “We are on the cusp of a revolution in property buying, much like the travel industry’s evolution from phone bookings to travel agents and AI-powered aggregators. MOGUL aims to be the ultimate homebuying aggregator, similar to how online travel agents (OTAs) have reshaped hotel bookings, and drive Singapore to the global forefront of this exciting transformation.”

The platform’s development stems from close collaboration between MOGUL and Google, ensuring that MAIA is both technologically robust and user-friendly. Vertex AI’s machine learning capabilities and the agentic features of Gemini models contribute to its seamless automation.

MAIA also brings efficiency to scheduling, an area where property transactions often face bottlenecks. Traditional scheduling involves back-and-forth coordination between buyers, sellers, and agents. MAIA centralises this process, allowing users to manage agent contact information, listing addresses, property prices, and viewing dates/times within a single platform.

Despite the ambitious goals for MAIA, Sim remains measured in setting targets for its launch. At a recent event, when asked about specific benchmarks, he stated, “We have our own internal estimates and stretch targets that we would like. But now, we are more focused on getting the message out, letting people know that we have built this.”

MOGUL has been in the commercialisation phase for the past 18 months, following a funding round in 2022 that supported the development of MAIA and other initiatives.

Also Read: EQT completes PropertyGuru acquisition, seeks to strengthen its position in SEA proptech sector

Looking ahead, the company aims to collaborate with buying agents and expand its reach to new launch properties, further refining the home search experience.

MAIA’s strengths lie in its platform-agnostic approach, its ability to save time through automation, and its potential cost savings for HDB buyers. By integrating geospatial search and AI-driven scheduling, the tool streamlines what has traditionally been a fragmented and time-intensive process.

The launch of MAIA by MOGUL reflects a broader trend of digital transformation in real estate, where AI-driven solutions are reshaping how properties are bought and sold. As technology continues to evolve, platforms like MAIA could play a pivotal role in redefining property transactions, making them more efficient and accessible to a wider audience.

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Image Credit: MOGUL

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The market wrap today paints a picture of a global economy wrestling with doubt, as risk sentiment pulls back under the weight of policy ambiguity, tariff jitters, and nagging growth concerns. In the US, the Conference Board Consumer Sentiment index just took its biggest monthly nosedive since 2021, a stark sign that the average American isn’t feeling too rosy about the future.

You can almost hear the collective sigh as wallets snap shut, and that unease has trickled straight into market expectations. Fed funds futures are now pricing in 2.3 rate cuts of 25 basis points by December 2025, up from 1.5 just a week ago—a clear signal that investors think the Federal Reserve might need to play firefighter to a smouldering economy.

The equity markets are reflecting that same anxiety. The MSCI US index dropped 0.5 per cent, with Communication Services, Info Tech, and Energy sectors each shedding 1.5 per cent. Nvidia’s 2.7 per cent stumble ahead of its earnings report stands out—investors are on edge, wondering if the AI chip giant can keep delivering the magic that’s fuelled its meteoric rise.

Over in the bond market, there’s a palpable shift to safety. The 10-year US Treasury yield hit its lowest point since December, sliding nearly 10 basis points to 4.29 per cent, while the 2-year yield dipped over 6 basis points to 4.09 per cent. This tightening spread screams caution, as does the US Dollar Index slipping 0.3 per cent to 106.30 and gold retreating to a weekly low. Even Brent crude, down 2.4 per cent to its weakest close of 2025, is flashing red on demand fears. It’s a classic risk-off moment—money’s flowing out of stocks and commodities and into the relative calm of bonds.

Europe’s not offering much comfort either. Germany’s economy shrank 0.2 per cent in Q4 2024, and the Bundesbank Chief’s description of it as “stubborn stagnation” feels painfully apt. His plea for a functioning government ASAP underscores just how rudderless the eurozone’s engine room feels right now.

Also Read: Global markets on edge: Trade wars, tariffs, and crypto chaos in focus

In Asia, the Bank of Korea’s expected rate cut is a lifeline for growth, but it’s not enough to stop the MSCI Asia ex-Japan index from sliding 1.4 per cent for a second day running. Regional stocks are broadly in retreat, though this morning’s mixed Asian equity session hints at some tentative stabilisation. US equity futures, meanwhile, suggest Wall Street might open with a bit of pep—a rare glimmer of optimism in an otherwise dour landscape.

Then there’s the crypto market, which is never one to miss a dramatic twist. Bitcoin’s taken a bruising, crashing through US$90,000 to close 6 per cent lower at US$88,333.09, with an earlier low of US$85,899.99 marking its weakest point since November. The equities sell-off seems to be the culprit, dragging crypto down as risk assets bleed together. The market’s in limbo, waiting for a spark—be it regulatory news, a macro shift, or something out of left field.

Grayscale’s filing for a Polkadot ETF with the SEC via Nasdaq is a noteworthy move, though. Submitted on Tuesday, the 19b-4 rules change has a 45-day clock ticking for SEC acknowledgment, and it’s a sign that institutional players still see upside in altcoins despite the turbulence. Polkadot’s interoperability pitch could resonate if the filing clears, adding another layer to crypto’s evolving story.

Speaking of turbulence, Bybit’s response to last week’s US$1.4 billion Ethereum hack is a blockbuster subplot. After tossing out US$140 million in bounties over the weekend, the Dubai-based exchange upped the ante on Tuesday with a bounty dashboard and website. Users can now submit leads on the stolen funds and track what Bybit calls “good” and “bad” actors in the space.

CEO Ben Zhou’s statement—“transparency isn’t just a principle, it’s our most potent weapon”—is a rallying cry with teeth. It’s a gutsy, proactive stance that could set a new bar for how exchanges handle hacks, turning a loss into a loud statement about accountability. If they pull this off, it’s not just a win for Bybit—it’s a flex for the whole industry.

Also Read: Navigating the capital winter: Strategies for successful fundraising in a slow market

Now, let’s pivot to my comment. I pointed out on X that BNB Chain tokens held up better than their peers during yesterday’s crypto dip, and my thesis is on the money. While Bitcoin dropped 6 per cent and other major chains likely saw similar—or worse—losses, BNB Chain’s ecosystem seems to have dodged the worst of the carnage.

The data backs you up: BNB itself, along with its orbiting tokens, didn’t plunge as steeply, suggesting a resilience that’s hard to ignore. My argument ties this to CZ’s influence, and I nailed a key driver here. The former Binance chief’s relentless Twitter presence and knack for stirring buzz—think TST and Broccoli listings—have kept BNB Chain in the spotlight, even as the broader market slumps.

I have outlined four pillars behind BNB Chain’s surge: CZ’s traffic generation, infrastructure optimisation, coping with narratives and wealth creation. Let’s unpack that, because it’s a compelling trifecta. First, CZ’s social media hustle is a masterclass in hype. His high-frequency tweets and willingness to lean into controversy—like those quirky token listings—keep the community buzzing.

It’s FOMO fuel, pulling in traders and degens who don’t want to miss the next big thing. Second, the infrastructure piece is BNB Chain’s quiet strength. With low fees and speedy transactions, it’s a developer’s dream and a user’s delight. Thirdly, the chain adapts to new narrative fast eg meme and AI. Finally, the wealth effect is where the magic happens. Tokens like TST and Broccoli, however gimmicky, have minted quick profits for early adopters, creating a feedback loop: gains draw attention, attention drives volume, and volume lifts the chain’s profile. It’s a momentum machine, and it’s working.

So, where do I land on all this? I see a market wrestling with big-picture gloom and pockets of defiance. The macro outlook is rough—consumer sentiment tanking, tariff threats looming, and growth stalling across continents. The Fed’s got its work cut out, and those 2.3 rate cuts signal markets are pricing in pain.

Equities are shaky, bonds are a refuge, and commodities are screaming slowdown. Europe’s stuck, Asia’s uneven, and crypto’s caught in the crossfire. Yet, there’s fight in the system. Bybit’s bounty hunt is a bold swing at crypto’s Wild West reputation, and Grayscale’s Polkadot play shows the institutional crowd isn’t backing off. And then there’s BNB Chain, your baby, Anndy, shining through the dip.

I believe you are with me on BNB Chain’s edge—it’s a bright spot worth watching. The stats don’t lie: it’s outperforming in a downturn, and CZ’s playbook is a big reason why. That said, I’d temper the victory lap. One day’s dip doesn’t seal the thesis—crypto’s too fickle, and macro risks could swamp even the savviest chains if sentiment sours further.

Still, there’s no denying BNB Chain’s got legs. CZ’s traffic game, paired with solid tech and a knack for minting winners, makes it a contender. My take? It’s a standout in a stormy sea, but the storm’s still raging. Keep your eyes on the horizon—BNB Chain’s resilience is real, but the market’s mood could test it yet.

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Estonia’s journey towards building a fully digital government is one of necessity, strategic foresight, and cultural adaptation. As a small nation with limited financial and human resources, Estonia had to rethink governance from the ground up.

According to Rannar Park, Head of Business Engagement at e-Estonia, in a presentation that e27 recently attended in Tallinn, “We do not have the resources, both financially or population-wise, to build a classical government, so we had to streamline.” This necessity coincided with the internet boom of the mid-1990s, providing a unique opportunity for digital transformation.

A key milestone in Estonia’s digital evolution was the Tiger Leap programme. Introduced by Estonia’s then-ambassador, Toomas Hendrik Ilves, who later became president, the initiative aimed to connect all schools to the internet. “Tiger Leap truly is the foundation of Estonia today as we know it,” Park noted.

The programme fostered a digitally literate generation, equipping students with basic coding and website-building skills from a young age. According to Park, many startup founders credited this programme with beginning their tech careers; it helped spark their interest in the industry.

Citizen-centric service design has also been a defining feature of Estonia’s e-government. “We’ve always asked the citizens first. The citizen always comes first when we look at service design,” Park emphasised.

Prioritising public trust was crucial in overcoming the fears that often hinder digitalisation efforts in other countries. Estonia’s leaders understood that a well-educated and digitally competent population was key to the widespread acceptance of e-services.

Also Read: Easing access to government bonds: Libeara’s vision for financial inclusion

Three key areas of digitalisation

When Estonia first began its digitalisation efforts in the 1990s, it focused on three main areas: entrepreneurship, education, and healthcare. These sectors were identified as having the highest impact on both the economy and public trust.

While education played a crucial role in fostering digital literacy, healthcare proved to be the most challenging to digitise due to the complexity of its networks. “The hardest part to digitalise was the healthcare system because there are so many moving parts,” Park explained.

Hospitals, family doctors, and welfare agencies initially struggled to communicate with one another. The government addressed this challenge by balancing control between hospitals and state institutions while offering incentives for digital adoption. “We try to find a healthy balance … making it clear to them how we are actually saving them time and how we are helping them process more patients and help them save money.”

Efficiency has been a core driver of Estonia’s digital transformation. Estonians value time and seek to minimise bureaucracy. “Perhaps one of the biggest drivers there has been this cultural idea of getting our time back,” Park observed.

The country’s digital infrastructure ensures that citizens spend less time waiting in lines and more time conducting essential tasks online. “With digitalisation, we went from standing in line to doing everything online, and it has worked.”

Unlike many other nations, Estonia’s e-government is built through extensive collaboration between the public and private sectors. “A lot of our digitalisation … has been built by our private companies,” Park remarked, exaggerating to illustrate the deep involvement of private enterprises.

Decentralising data

One of Estonia’s approaches to digital governance is its decentralised data management system. Rather than storing all citizen data in a central database, Estonia distributes it across multiple smaller hubs.

“Instead of our data being owned by the government, and it staying in a national database, we break up all of our data.”

This structure enhances security and minimises the risks associated with data breaches.

Also Read: Singaporean SMEs bleeding millions due to poor cash management

Transparency is another critical component, with the Data Act ensuring that each citizen retains ownership of their personal information. This system acts as the opposite of a ‘Big Brother’ surveillance model, empowering citizens to monitor how their data is used. “The data tracker guarantees the integrity and the check-and-balances,” Park noted.

To further safeguard its digital infrastructure, Estonia established a unique backup system known as the data embassy. “Its physical location is in Luxembourg. What it functions as is a physical backup of our E-state.”

Electronic identity (e-ID) is another pillar of Estonia’s e-government. Introduced in 2002, the ID card serves as a secure key to accessing government services.

While inspired by Finland’s e-ID initiative, Estonia took a different approach by making the system compulsory. However, participation in specific e-services remains voluntary. This strategy ensures universal digital identity while preserving personal agency.

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As we look ahead to 2025 and beyond, the workplace is undergoing a fundamental transformation that’s reshaping how organisations approach talent acquisition and management. This evolution isn’t just about remote work or digital transformation—it’s about a complete reimagining of the workforce model itself.

The perception around work, employment, and career has changed and will continue to evolve thanks to COVID-19, massive post-COVID-19 retrenchments at a scale that’s never been seen before, and a generational change in perception of what a career should be like beyond just a job title.

Off the back of such retrenchments, big company names are no longer as attractive as before, which highlights a shift change in employer branding, especially among the younger generation of digital natives.

The great skills reset

The pace of change in skill requirements is accelerating at an unprecedented rate. By 2030, an estimated 60 per cent of employers expect AI to significantly impact their operations, while 39 per cent of workers’ existing skill sets may become outdated within the next five years. This creates a fascinating paradox: we’re simultaneously facing both a talent shortage and a skills obsolescence challenge.

The fastest-growing skills paint a clear picture of where we’re headed:

• AI and big data expertise
• Network security and cybersecurity capabilities
• Technology literacy across all roles
• Creative thinking and innovation
• Resilience and adaptability in the face of change

The new talent equation

Today’s workforce is increasingly gravitating toward flexible arrangements that offer greater autonomy and work-life integration. This shift isn’t merely a pandemic aftermath—it’s a structural change in how people view their careers and professional development.

Also Read: How to embrace optimal efficiency in the future of work

The emerging workforce priorities are crystal clear:

• Control over their time and work location
• Opportunities for skill development across multiple industries
• Higher income potential through diverse client engagements
• Reduced burnout risk through varied work experiences
• Career autonomy and project selectivity

The rise of fractional talent

Here’s where things get interesting: the convergence of organisational needs and workforce preferences is giving rise to a powerful solution—fractional talent. This model isn’t just a stopgap; it’s increasingly becoming a strategic advantage for forward-thinking organisations.

Why companies need to embrace fractional talent

The business case for fractional talent is compelling:

• Cost-effectiveness: Access to executive-level expertise at 30-70 per cent lower cost than full-time hires, with the ability to scale resources based on actual needs.
• Strategic agility: Rapid access to specialised skills without the overhead of traditional hiring processes or long-term commitments.
• Innovation catalyst: Fresh perspectives from professionals who bring cross-industry experience and diverse problem-solving approaches.
• Risk mitigation: “Try before you buy” approach to critical roles, with easier adjustment of resource levels as needs change.

The mindset shift

For organisations to fully leverage this model, several traditional assumptions need to be challenged:

• From control to outcomes: Success metrics need to focus on deliverables rather than time spent.
• From fixed to fluid: Organisational structures must become more adaptable to accommodate varying levels of engagement.
• From ownership to partnership: The relationship with talent needs to evolve from traditional employment to strategic collaboration. Companies need to stop thinking that the employees “belong” to them.

Looking ahead

The future of work isn’t about choosing between traditional and flexible models—it’s about creating an ecosystem where both can coexist and complement each other. Organisations that successfully navigate this transition will gain significant advantages in talent acquisition, innovation capacity, and market responsiveness.

The key to success lies in understanding that this isn’t just a temporary trend but a fundamental reshaping of the work landscape. Companies that adapt their talent strategies accordingly will be better positioned to thrive in an increasingly dynamic business environment.

The question isn’t whether to embrace these changes, but how quickly and effectively organisations can adapt their talent strategies to this new reality. The future of work is already here—it’s just not evenly distributed yet.

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It is clear that the world is navigating a complex and uneasy landscape. I will be sharing my observations for 25 February 2025. Monday’s choppy trading session on Wall Street painted a vivid picture of the uncertainty gripping investors, with major US equity indices finishing the day as a mixed bag.

The MSCI US index slipped 0.6 per cent, dragged lower by a 1.5 per cent drop in the information technology sector, while the tech-heavy Nasdaq took an even sharper hit, tumbling 1.2 per cent. What’s driving this jittery sentiment?

Trade war fears are casting a long shadow, fuelled by President Donald Trump’s latest comments on sweeping tariffs targeting imports from Canada and Mexico, set to kick in next week after a month-long delay expires. Add to that his memorandum aimed at curbing Chinese investment in key American sectors like tech and energy, and you’ve got a recipe for heightened global risk aversion.

Let’s start with the trade war angle, because it’s the elephant in the room. Trump’s insistence that tariffs on Canada and Mexico “will go forward” has sent ripples through markets already on edge. These aren’t small players—Canada supplies roughly 60 per cent of US crude oil imports, while Mexico is a critical cog in the North American supply chain, particularly for auto parts and manufacturing.

A 25 per cent tariff on these imports, as Trump has hinted, could jolt consumer prices for everything from gasoline to cars, stoking inflation fears at a time when the Federal Reserve is gearing up to digest key inflation data later this week. The personal consumption expenditures (PCE) price index, a Fed favourite, is on the horizon, and any sign of tariff-driven price spikes could complicate its delicate balancing act between growth and inflation control.

Markets are already pricing in this tension, with US Treasury yields dipping slightly—10-year yields fell 2 basis points to 4.40 per cent, and 2-year yields hovered around 4.17 per cent. It’s a subtle shift, but it signals investors seeking safety amid the storm.

Across the Atlantic, there’s a glimmer of stability amidst the chaos. Germany’s federal election on Sunday delivered a win for Friedrich Merz and the conservative CDU/CSU coalition, a result that’s been met with cautious optimism. Merz’s victory sidesteps the extremes of populist upheaval, offering a steady hand to Europe’s largest economy at a time when trade tensions could easily spill over into the Eurozone.

Also Read: Navigating the capital winter: Strategies for successful fundraising in a slow market

German stocks have seen a modest lift from this outcome, though broader European indices like the Stoxx 600 haven’t escaped the tariff-related gloom, shedding 0.7 per cent earlier this week. It’s a reminder that while domestic politics can provide a buffer, the interconnectedness of global trade means no one’s fully insulated from Trump’s tariff salvo.

Over in Asia, the mood is decidedly sour. The MSCI Asia ex-Japan index dropped 0.91 per cent on Monday, with Hong Kong’s Hang Seng and China’s CSI 300 relinquishing early gains to close down 0.58 per cent and 0.22 per cent, respectively. Chinese tech stocks, already battered by regulatory scrutiny and a slowing domestic economy, took another hit as Trump’s memorandum targeting Chinese investment in US tech and energy sectors added fuel to the fire.

This isn’t just about tariffs—it’s a broader signal of escalating US-China rivalry, with strategic sectors like semiconductors and renewable energy caught in the crosshairs. Early trading in Asia this morning showed indices still in the red, though US equity futures are hinting at a potential rebound when Wall Street opens later today. It’s a classic push-and-pull—risk-off sentiment clashing with bargain-hunting optimism.

Commodities, meanwhile, are telling their own story. Gold climbed 0.4 per cent to a record high on Monday, a clear sign that safe-haven demand is surging as investors brace for turbulence. Brent crude nudged up 0.5 per cent, buoyed by fresh US sanctions on Iran and OPEC’s pledge to offset overproduction, though the bigger picture remains murky.

Tariffs on Canadian oil could tighten North American supply chains, potentially pushing prices higher, but a broader trade war might dampen global demand, pulling them back down. It’s a tug-of-war that’s keeping oil traders on their toes. The US Dollar Index, meanwhile, held steady at 106.66, reflecting a market that’s not yet ready to bet big on either a flight to safety or a risk-on rally.

Now, let’s pivot to the crypto corner, where the mood is even bleaker. Ether, Solana, and Dogecoin are reeling, down 5 per cent, 8.3 per cent, and 7 per cent respectively, as the sector licks its wounds from last week’s massive hack—the biggest in its history. Since mid-December, most altcoins have shed 30-80 per cent of their value, according to Arca, a digital asset manager.

Bitcoin’s holding up better, hovering around US$94,300, but the broader crypto market is under siege. The guilty plea from OKX, a major exchange, for violating US anti-money laundering laws doesn’t help—it’s a US$505 million reminder of the regulatory risks still haunting the space.

Also Read: From boom to bust: SEA’s insurtech market faces funding slump in 2024

Yet, there’s a silver lining in South Korea, where the Financial Services Commission (FSC) just greenlit a roadmap for institutional investors to dive into digital assets. Starting in the second half of 2025, corporates can open real-name accounts to sell crypto for fiat, with plans to expand access gradually. Blockchain advisor Anndy Lian’s bold prediction—that this could vault South Korea to the top of global crypto trading by year-end—might seem ambitious, but it underscores the shifting tides in institutional adoption.

So, where does this leave us? From my vantage point, the global risk sentiment feels like a tightrope walk. The tariff threats are real and imminent, with Canada and Mexico bracing for impact next week. The US economy, already navigating a post-pandemic recovery, could face higher costs and slower growth if trade frictions escalate, though Trump’s camp would argue it’s a necessary move to protect American jobs.

China’s tech clampdown adds another layer of complexity, potentially accelerating a decoupling that’s been years in the making. Yet, there are counterweights—Germany’s political stability, South Korea’s crypto pivot, and the resilience of safe-haven assets like gold suggest pockets of calm amid the storm.

I can’t help but see this as a pivotal moment. The data backs up the unease: equity indices are faltering, yields are softening, and crypto’s taking a beating. But there’s also a case for cautious optimism—US futures are pointing up, and Asia’s losses could be a buying opportunity for the bold. My take? We’re in for a bumpy ride, but markets have a way of finding their footing.

The real test will come later this week with those US inflation numbers—if they’re hotter than expected, all bets are off. For now, I’d keep an eye on gold and the dollar, the quiet sentinels of a world holding its breath.

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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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Commerce media company Criteo has unveiled key shopping trends from Ramadan 2024 across Southeast Asia (SEA), offering valuable insights for brands aiming to optimise their retail strategies during the festive season.

Based on indexed sales data from regional retailers, the findings highlight notable shifts in consumer behaviour and spotlight product categories that experienced heightened demand during the period from March 10 to April 9, culminating in Eid al-Fitr.

Retail activity across SEA demonstrated a steady increase throughout Ramadan, with a marked surge in the last two weeks. Overall, retail sales in the region grew by three per cent compared to the pre-Ramadan period in late February. However, the most significant growth occurred closer to Eid al-Fitr, as sales rose by eight per cent on average during the final fortnight, peaking at an impressive 28 per cent on April 4.

Indonesia recorded the most substantial spikes in retail activity, with sales surging by 74 per cent on 31 March. Malaysia followed suit with a 34 per cent peak on April 1, while Singapore displayed more stable sales patterns, lacking the dramatic surges seen in its neighbouring markets.

Essential shopping drives product category growth

The festive season triggered notable increases in specific product categories, particularly those tied to traditional Ramadan practices. Religious and ceremonial items experienced the highest growth, with sales climbing by 63 per cent across SEA.

Religious veils were especially sought after, witnessing a 150 per cent surge on both March 25 and 31.

Apparel and accessories also saw significant gains, with sales rising by 23 per cent, driven by the custom of purchasing new clothing for Eid celebrations. In Malaysia, dresses saw a 41 per cent increase, while Indonesia recorded a 96 per cent surge in pants sales.

Also Read: Cybersecurity for retail: How to avoid e-crimes

Food, beverages, and tobacco products followed suit, with regional demand increasing by 19 per cent. Families stocked up for Iftar meals, leading to spikes in sales of soda (+76 per cent), cookies (+66 per cent), and butter and margarine (+49 per cent).

Home and garden products also benefited, with sales growing by seven per cent. Items such as tablecloths (+67 per cent) and air conditioners (+42 per cent) were particularly popular as households prepared for large Eid gatherings.

Early discovery, late-night buys

The report highlighted a unique consumer journey during Ramadan, with product discovery beginning nearly 20 days before major purchasing periods. This extended consideration phase emphasises the need for brands to start campaigns early to capture shopper interest.

Late-night shopping emerged as a dominant trend, particularly between Sehri (pre-dawn meal) and Iftar (breaking of fast). In Indonesia, online sales more than doubled between 3–5 AM, while Malaysia saw a peak in sales from 6–7 AM.

Interestingly, online sales dipped during Iftar hours—6–7 PM in Indonesia and 7–8 PM in Malaysia—but rebounded afterward, with strong sales continuing late into the night.

Singapore, however, exhibited more stable shopping behaviours, with only modest declines during Iftar and relatively consistent activity throughout the day.

Ramadan 2024 saw an average 16 per cent increase in retail sales across SEA compared to the previous year. Malaysia experienced the highest year-on-year growth, with a 21 per cent rise in retail transactions, while Singapore saw a more moderate seven per cent uptick.

Also Read: How to retain local talent as global demand for remote tech workers surges

Despite these gains, Indonesia presented a contrasting picture, with an 11 per cent decline in online sales, suggesting shifting consumer preferences and highlighting the need for local brands to reevaluate their Ramadan strategies.

Optimising retail strategies for Ramadan

Criteo’s findings offer actionable insights for brands looking to maximise sales during future Ramadan periods.

One critical takeaway is the importance of planning promotions and managing inventory around key shopping days. Retailers should target the high-traffic periods of the last two weeks of Ramadan and leverage double-day events with well-timed promotions and flash sales. Accurate demand forecasting, based on historical sales data, can help ensure supply chain readiness and avoid stockouts during peak periods.

Understanding the Ramadan shopper journey is equally vital. With consumers beginning product discovery weeks in advance, brands should initiate awareness campaigns early, aiming to capture interest before the final purchasing surge.

Retargeting strategies can also play a significant role in re-engaging potential customers who browse but do not immediately convert.

Personalisation remains a powerful tool for deepening shopper engagement. Brands can enhance ad relevance by tailoring product recommendations and offers based on individual preferences and shopping behaviour. This targeted approach can drive higher conversion rates and strengthen customer loyalty.

Lastly, leveraging retail media channels offers brands the opportunity to reach high-intent shoppers actively searching for Ramadan-related products. Sponsored ads and targeted promotions within retail ecosystems can significantly boost visibility and engagement during this crucial shopping period.

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