iMyanmarMarket, a new consumer-to-consumer (C2C) marketplace, has launched in Myanmar. The platform is the brainchild of the team behind iMyanmarHouse, a leading property portal, and CarsDB, a car portal it acquired in 2023.

iMyanmarMarket’s emergence comes after the late 2022 exit of OneKyat, a C2C e-commerce platform previously owned by Carousell.

Also Read: From real estate to automotives: How iMyanmarHouse is expanding through strategic acquisitions

According to Nay Min Thu, Group CEO of iMyanmarHouse and CarsDB, this exit left a significant gap in the market for a reliable and trusted C2C platform. The new marketplace has seen thousands of users and listings within just two months of its soft launch, he said.

Building on this initial success, iMyanmarMarket is now looking to expand into the business-to-consumer (B2C) sector. The company plans to partner with major mobile phone, electronics and consumer brands to reach Myanmar’s growing online market.

This expansion will include the sale of brand-new handsets, supported by a Buy Now, Pay Later (BNPL) service. This innovative approach aims to make high-quality products more accessible to a broader customer base.

To facilitate this, iMyanmarMarket has strategically partnered with AYA Bank, one of the country’s largest banks, to integrate AYA Pay into its mobile apps. This partnership will enable mobile payment services and implement the BNPL service, which is expected to enhance the overall shopping experience.

Also Read: Exclusive: Proptech company iMyanmarHouse acquires used cars listing portal CarsDB

iMyanmarMarket is leveraging its expertise from iMyanmarHouse and CarsDB to reshape how Myanmar shops, sells and connects online. “We are thrilled by the rapid adoption of iMyanmarMarket and the overwhelming positive feedback from our users,” added Nay Min Thu. “As we expand into B2C e-commerce, we remain committed to innovation and customer satisfaction, ensuring our platform meets the evolving needs of Myanmar’s consumers.”

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Dear reader,

The Southeast Asian fintech sector’s funding decline in 2024 marks a pivotal moment in the region’s post-pandemic economic narrative. With investments dropping to US$1.6 billion—returning to pre-pandemic levels—the sector reflects the broader impact of global macroeconomic headwinds, rising interest rates, and geopolitical instability.

However, the challenges have not dampened its innovative spirit.

While late-stage and early-stage funding bore the brunt of the downturn, certain segments demonstrated exceptional resilience. Payments technology, with its 53 per cent growth to US$366 million, highlights the region’s ongoing digital transformation.

Similarly, cryptocurrency and banking tech saw notable funding surges, emphasising investor confidence in these areas despite broader sectoral setbacks.

Singapore’s dominance in fintech funding, raising US$955 million, reiterates its position as a regional hub. Jakarta and Bangkok, while trailing, showcase emerging growth potential, supported by active investors like East Ventures and 500 Global.

The absence of IPOs in 2024 and the limited number of new Unicorns suggest a cautious investment environment. Yet, the sector’s fundamentals remain strong, driven by a youthful, tech-savvy population and government-led financial inclusion initiatives.

As fintech continues to adapt and innovate, its enduring potential to reshape SEA’s financial landscape is clear, promising a dynamic recovery and long-term growth trajectory.

Sainul,
Editor.

—-
NEWS & VIEWS

SEA fintech sector faces 23% funding drop in 2024; payments and crypto shine
The decline is attributed to macroeconomic headwinds, rising interest rates and geopolitical tensions | The sector saw 27 acquisitions, a slight uptick from 26 in 2023.

Mirxes raises US$40M to expand early cancer detection solution into SEA, Japan, China
R-Bridge Healthcare Fund is the investor | Mirxes creates a blood-based multi-cancer early detection test to alleviate cancer burden, save lives and reduce healthcare costs.

Lewis Ng replaces Hari V. Krishnan as PropertyGuru CEO
Krishnan, who played a key role in transforming PropertyGuru into a market leader, will play the role of Senior Advisor to the Board | The new CEO Ng has experience in leadership positions at big brands such as Apple, TripAdvisor, and Carousell.

Indonesian AI character generator Bythen nets US$5M seed
The investors include Vector Inc., Skystar Capital, East Ventures, Beenext, Osk, and AppWorks | Bythen allows users to create personalized digital characters called “Bytes.”

Vietnam’s Kyna English raises Series B to enhance AI-powered edutech platform
The investors include Asia Business Builders and DTP Education Group | This financial injection will allow Kyna English to extend its reach beyond Vietnam, into markets such as Thailand, Indonesia and Laos.

Vingroup to launch robotics research firm
VinMotion will be 51% owned by Vingroup and will have a charter capital of US$39M | The company aims to specialise in researching and developing multifunctional robots.

Meta disbands global DEI team amid policy shifts
Meta is no longer factoring diversity into hiring, training, or supplier selection and has ended US fact-checking policies while relaxing content moderation.

Saudi government launches accelerator for 32 startups
The 10-month program offers mentorship, consulting services, co-working spaces, and opportunities for international exposure | Participants will receive 192 hours of expert guidance and travel abroad twice to understand global market trends.

FEATURES & INTERVIEWS

Bobobox aims to expand to 12 new locations in Indonesia with Bank Mandiri partnership
The growing trend of business and leisure travel, especially among remote workers, has created a need for accommodations supporting work and relaxation, says Indra Gunawan, co-founder and CEO of the capsule hotel network.

FROM THE ARCHIVES

Zero-Error Systems: Safeguarding space travel from satellite collisions and debris
Zero-Error Systems’s radiation-hardened solution safeguards commercial off-the-shelf semiconductor devices, which are not designed to withstand the harsh conditions in outer space.

Revolutionising retail: A blueprint for future success
The speed of change in the retail landscape is not slowing down anytime soon, but the technology available to retailers is also quickly advancing.

Is there a future for Buy Now Pay Later?
Rather than waning popularity, the loss of Pace and ShopBack highlights one of the key challenges faced by BNPL providers: the capital-intensive nature of the business model and the imperative of achieving scale for profitability.

Building future sustainable business: The role of rural commerce platforms
Rural commerce platforms have emerged as transformative tools, unlocking the potential of rural economies and empowering local entrepreneurs in the process.

Why Soul Ventures’s Warren Hui looks for founders with a vision “so big it seems impossible”
With extensive ties throughout Asia and the US, Soul Ventures has been instrumental in helping companies in both regions grow and expand internationally, especially in the AI space.

Can Singapore unlock Gen Z’s spending power with unified commerce?
Singapore’s retail sector can be revitalised by adopting unified commerce, capitalising on Gen Z’s significant global spending power.

Cultivating loyalty in live commerce: A lesson in progressive ownership
The best way to target niches within a crowded e-commerce landscape: theme-based live streaming | Uncover the potential of Mela’s progressive ownership model to cultivate user loyalty.

Why the right framework creates impactful apps
While this leap to a new framework might seem daunting at first, this article explores why it can be worth making that change.

From idea to reality: Why an MVP is essential before full-scale development
An MVP helps identify opportunities and challenges, minimise risks, and ensure the final product meets your audience’s needs and preferences.

Unleashing the power: The fierce talent battle in deeptech innovations
The rise of these inspiring deeptech entrepreneurs and the ecosystem around them is one of the more exciting business developments of our time.

Are brands ready for the future of loyalty?
As customers increasingly seek to feel valued and connected with brands, businesses must prioritise listening, visibility, and recognition to earn and maintain loyalty.

Small country and market? Punch heavier with an ecosystem strategy
Exploring LEGO’s enduring success through ecosystem strategy and its parallels with ARM’s semiconductor dominance.

Charting the roadmap for the era of pervasive AI
Leaders need to grasp the current AI landscape, its key technologies, opportunities, and how organisations can advance AI technology.

MADCash develops a ‘unique’ approach to micro-funding to empower woman entrepreneurs
MADCash combines zero per cent micro-funding with entrepreneurship development for the women entrepreneurs that it serves.

Securing tomorrow’s metaverse today: Why safety in the new frontier must leverage on hardware
As the metaverse continues to evolve and draw nearer to reality, securing data within this virtual landscape becomes increasingly vital.

How to scale voluntary carbon markets with DeFi and Web3
DeFi and Web3 protocols are the way forward to create a secure, liquid and scalable decentralised carbon markets infrastructure.

The role of corporate pathfinders and activators in deep tech
Deep tech startups experience a very different evolution cycle than a traditional B2B company, let alone a B2C company.

Is ChatGPT taking over financial management?
Will the emergence of ChatGPT’s advanced algorithms and machine learning capabilities replace the need for human expertise?

How Web3 will revolutionise borderless banking in Southeast Asia
The evolution of Web3 marks the beginning of a financial revolution across Southeast Asia, and its potential is boundless.

Rethinking wastewater treatment to support Singapore’s ambitious water goals
One area with immense potential for enhancing water self-sufficiency lies in improving industrial wastewater treatment.

A new era of automation: Establishing best practices for intelligent automation and generative AI
Done right, generative AI can support an automation strategy that is even more innovative, cost-effective, and productive.

THOUGHT LEADERSHIP

Singapore aims to lead in AI — but where’s the talent?
AI talent remains largely immobile, and Singapore faces additional challenges due to its limited domestic talent pool as a city-state.

Elevating your e-commerce strategies with livestreaming and hero products
With the opportunities available today, brands have a unique advantage to propel their sales to new peaks of success previously uncharted.

The future of digital payments and cross-border transactions
In a global economy, businesses entering new markets need flexible digital payment solutions for local and international users.

—

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Bythen, an online platform that enables users to create and use personalised digital characters, has announced a US$5 million seed funding round.

Vector Inc. (Japan) and Skystar Capital led the round, which also included East Ventures, BEENEXT, OSK, and AppWorks, as well as angel investors William Tanuwijaya and Ryan Lee.

The funding will be used to support a global launch and Bythen aims to onboard 15,000 virtual influencers from diverse sectors including Web3 and gaming. The company also plans to launch original IP collections and collaborate with international IP owners. Vector has committed to assisting Bythen in acquiring high-value content and establishing strategic partnerships.

Also Read: Blockchain not a magic wand to solve everything that’s wrong with the digital world: Sankalp Shangari of Lala World

Founded in 2024, Bythen aims to democratise the virtual influencer space, allowing anyone to create their own AI-powered “Bytes”. These digital twins can be used to generate content, livestream, and engage with audiences across various social media platforms, thus providing users with new avenues to build an online presence and monetise their influence.

The startup operates on a revenue-sharing model, ensuring that creators benefit directly from their digital work. The platform provides users with tools to create content and video replies autonomously, which can be used across multiple platforms. Bytes can also be used for video calls on Zoom or Google Meet and for live streams on platforms like YouTube and Twitch.

The founding team behind Bythen has a history of collaboration, having previously co-founded Magnivate and Bridestory. The team consists of Kevin Mintaraga, Erick Saputra, Ferry Dianto, and Nathalia Isadora, along with William Nagata.

The firm’s launch is motivated by the shifting preferences of younger users towards pseudonymous social media personas, prioritising privacy, freedom of expression and the ability to shape digital identities independent of physical attributes. This trend is occurring alongside a booming global creator economy, valued at US$325 billion, with over 200 million content creators, an area Bythen aims to reshape.

Also Read: The future is virtual: Inside 17LIVE’s plans for avatars and immersive experiences

“Bythen is all about amplifying creators’ potential,” stated Kevin Mintaraga, co-founder of Bythen. “By providing an accessible platform and revenue-sharing model, we’re cultivating an environment where anyone can thrive as a virtual creator.”

The post Bythen secures US$5M seed financing to democratise virtual influencer market appeared first on e27.

The Lee Kuan Yew Global Business Plan Competition (LKYGBPC), a prominent university-led startup challenge in Asia, has announced the opening of applications for its 12th edition.

The biennial competition, organised by Singapore Management University’s (SMU) Institute of Innovation and Entrepreneurship (IIE), is focused on Urban Solutions and Sustainability, inviting young founders globally to develop cutting-edge solutions for future cities.

This year’s LKYGBPC is enhancing its support for participants by connecting finalists with Southeast Asia’s leading business families, as well as offering exclusive access to senior venture capitalists at the region’s largest Venture Capital Office Hours.

Also Read: German startups MEDEA Biopharma, PlasticFri win LKYGBPC competition

The competition also welcomes the Agency for Science, Technology and Research (ASTAR) as its first official Scientific Knowledge Partner, to evaluate applications for scientific excellence and mentor startups. ASTAR will collaborate with teams to transform their ideas into real-world solutions.

The competition has grown significantly since its inception in 2002, attracting over 1,000 entries from 1,100 universities across 77 countries in its 11th edition. LKYGBPC alumni have raised US$1 billion in the past five years, with some startups expanding into Singapore.

SMU’s Vice President of Partnerships and Engagement, Professor Lim Sun Sun, stated that this edition will focus on urban solutions and sustainability. She added that the competition’s global reach will enable them to drive positive change for a better future.

The competition is popular among founders because of its increasing prize pool, which is over S$1 million (US$730,000), its global exposure platform, and access to international industry leaders.

Fifty finalist teams will be flown to Singapore for BLAZE, a week-long innovation festival that culminates in the LKYGBPC Grand Finale from 29 September to 2 October 2025. BLAZE will also include innovation showcases and networking opportunities and will coincide with the Singapore Grand Prix night race, creating an extraordinary platform for startup founders.

Key events during BLAZE include:

Southeast Asia’s Largest VC Office Hours

• Networking with Southeast Asia’s Business Families
• Grand Finals, featuring live pitches
• Fireside Chats & Changemaker Conversations
• Mixer Night

Participants can enter individually or as a team in one of two categories:

• 0 to 1: For pre-revenue teams
• 1 to Infinity: For revenue-generating early-stage start-ups.

The winners will share a prize pool supported by partners including Kajima, Lee & Lee law firm, TRIREC and Wavemaker.

In the 11th edition, held in 2023, MEDEA Biopharma from the Technical University of Munich (Germany) and PlasticFri from Karlsruhe Institute of Technology (Germany) were declared Grand Final winners.

Applications are now open and can be submitted here.

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The pressing need for credible and efficient carbon abatement solutions has led to the birth of Qatalyst, a due diligence platform aimed at transforming the carbon finance market. This initiative, developed collaboratively by SC Ventures, Standard Chartered’s fintech and innovation arm, and ENGIE Factory, the startup studio of French utility multinational ENGIE Group, promises to streamline investment processes in support of global climate goals.

Qatalyst’s platform was incubated and developed in collaboration with carbon teams from both ENGIE and Standard Chartered. The goal is to simplify and expedite the identification, due diligence, and oversight of carbon abatement projects, thereby addressing longstanding inefficiencies in the sector.

As Poyan Rajamand, Venture Lead at SC Ventures, explains, “Financiers currently face extensive due diligence requirements to ensure projects deliver the promised carbon impact. Qatalyst brings credibility to this market, enhancing funding opportunities.”

The platform leverages advanced technology, including AI-enabled tools, to provide investors with greater confidence in project outcomes. By integrating requirements from external registries, internal compliance needs, and evolving regulations, Qatalyst seeks to address the credibility gap that has long plagued the carbon finance market.

Addressing key pain points

Carbon abatement projects often suffer from fragmented workflows, prolonged documentation processes, and challenges in aligning with regulatory changes.

Also Read: Urban solutions, sustainability take centre stage at SMU’s LKYGBPC startup challenge in 2025

Rajamand notes, “A misconception exists that generating carbon credits from nature-based solutions simply requires allowing nature to grow. In reality, significant funding is needed to kickstart these projects.”

Qatalyst tackles these pain points by providing a streamlined digital environment where financiers and project developers can efficiently exchange information and make informed decisions.

This efficiency has already been demonstrated during the platform’s development phase, where it enabled ENGIE and Standard Chartered to conduct evaluations in a fraction of the usual time. Such time savings open doors for financiers to consider smaller or unconventional projects previously deemed unfeasible due to resource constraints.

Rajamand highlights, “As more financiers join, projects seeking funding will increasingly turn to Qatalyst, creating a virtuous cycle.”

A growing market for carbon offsets

The global carbon market is poised for substantial growth as awareness of climate challenges intensifies. Developing nations have significantly increased funding commitments to carbon projects, with figures tripling to US$300 billion.

Despite these positive signals, Rajamand acknowledges that challenges remain: “The road ahead will be bumpy, but the signs point to a bright future for carbon markets.”

Also Read: Need of the hour: How agritech platforms can protect farmers from climate change

The urgency to achieve 2030 climate targets is another driving factor. As the deadline approaches, reliance on carbon credits and offsets is expected to grow. “Reducing carbon footprints will become increasingly challenging, making offsets a critical component of the transition,” Rajamand explains.

Qatalyst’s inception and development underline the importance of collaboration in addressing complex global challenges.

Rajamand also highlights the role of digital strategies in scaling the platform’s impact. As legislative and market awareness around carbon credits grows, Qatalyst is positioned to attract stakeholders through both traditional networks and digital outreach.

—

Image Credit: Qatalyst

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In the shadow of a global slowdown and uncertainty, where discussions of a VC winter persist, Southeast Asian startups are defying these economic headwinds. Forbes’s bold prediction of a trillion-dollar valuation by 2025 – nearly tripling the region’s tech worth from 2020 – begs the question: what is driving the region’s success?

The answer isn’t found in Silicon Valley playbooks or traditional economic models. Southeast Asia’s startup success is a nuanced symphony of unique drivers that defy conventional wisdom. At the heart of this innovation ecosystem lies an unprecedented confluence of factors: a young, digitally native population, rapidly expanding digital infrastructure, supportive government policies, and a crucible of cultural diversity that turns potential fragmentation into a competitive advantage.

From the bustling tech hub of Singapore to the emerging startup scenes in Jakarta, Manila, and Ho Chi Minh City, the region demonstrates how difference can be a source of strength, not division. Unlike monolithic tech environments, this region thrives on its complexity.

Yet, the very complexity that fuels innovation can also erect formidable barriers, especially for fledging startups seeking to expand and scale their businesses across national borders. Language differences, varied communication styles, and distinct work practices can create substantial barriers to seamless collaboration.

Fortunately, technology emerges as a great equaliser, transforming potential obstacles into highways of collaboration and innovation.

Bridging cultural gaps for seamless collaboration

According to a Forbes Insights survey, two-thirds of executives reported that language barriers between managers and workers in diverse workplaces have led to inefficiencies. This issue extends beyond logistical difficulties; it poses a serious threat to innovation. Consider the cautionary case of Dolce & Gabbana and its ill-fated “DG Loves China” campaign. The root of such failures isn’t just linguistic difference, but a fundamental lack of nuanced, cross-cultural communication.

It’s in situations like these that technology can provide practical solutions to language and cultural barriers. No science fiction reminiscent of Star Trek’s universal translator required, just smart, accessible tools. Such translation tools do more than convert words; they have the potential to decode cultural contexts, bridge understanding, and transform potential miscommunication into collaborative insight. With this simple feature, teams can communicate without hesitation or misunderstanding, transforming what could be a cumbersome exchange into fluid dialogue.

Also Read: Building bridges to close gaps in cross-border payment

Imagine a startup team spanning multiple Southeast Asian countries. A marketing strategist in Bangkok can now share a creative concept in Thai, have it accurately and instantly translated to receive nuanced feedback from a Bahasa-speaking colleague in Jakarta. No more lost-in-translation moments. Just pure unfiltered collaboration, free from language hindrances. In Southeast Asia’s vibrant startup ecosystem, such technologies are more than conveniences – they are strategic infrastructure.

An intentional mobile-first strategy

For Southeast Asian startups, productivity and efficiency is not just a work ethic – it is an intricate part of the cultural DNA of the region. Picture a startup founder who transforms a casual Kopitiam meeting into multimillion dollar opportunity. Meanwhile, a software engineer from the same startup, balances her coding sprint with picking up her children from school, embodying a workplace philosophy that defies conventional workplace boundaries.

A 2022 study reveals the heartbeat of the region’s fluid workplace ecosystem: eight out of ten professionals reported increased productivity through mobile technology, with over two-thirds highlighting enhanced connectivity as their secret weapon.

The days of rigid hierarchies and fixed working hours are behind us. But with great technology and connectivity comes great responsibility – the same technologies that enable this dynamic work culture, must also provide intelligent guardrails. For a team that spans multiple time zones from Singapore to India, the challenge isn’t just connectivity but creating sustainable work rhythms.

So, while the hustle remains a fundamental expression of the region’s entrepreneurial spirit, technology must help work evolve to a more conscious system that prioritises both innovation and individual well-being. There is a need for a more fluid, dynamic ecosystem where work is less about physical space and more about continuous innovation and unbounded potential.

Intelligent notification systems, focused work modes, and clear communication boundaries are as important as project momentum. Advanced platforms now offer not just connectivity, but mindful connectivity. Features that enhance collaboration by nudging team members to review documents, alerting them on project status, and encouraging natural interactions. What may seem like a minor feature such as a chat interface or expressive emojis, actually play a crucial role in spreading micropositivity, transforming digital interactions from mere transactional exchanges to more human, nuanced communications that subtly boost team morale and engagement.

Fostering an agile and innovative roadmap

As entrepreneurs embark on their journey, they often dive headfirst into the immediate demands of their business, grabbing readily available tools that promise quick solutions. However, as they experience success and begin to scale, their teams may inadvertently develop fragmented workflows, juggling various applications – each one addressing a specific need but collectively creating a chaotic digital landscape.

Also Read: Scaling beyond borders: ASEAN GenAI startups and their global expansion strategies

What initially appears to be minor inconvenience, can quickly escalate into a productivity bottleneck, particularly, when startup teams are spread across multiple countries. The entanglement in tool sprawl can lead to inefficiencies and communication breakdowns, making it challenging to navigate the patchwork of platforms.

In fact, according to a Harvard Business Review study, an average employee toggles between different apps and websites nearly 1,200 times each day. This constant switching results in almost four hours a week spent reorienting themselves after each transition. Over the course of a year, this adds up to five working weeks, equivalent to nine per cent of their annual time at work, lost to inefficiency.

There is also the deeper issue of siloed information, a critical challenge that chokes off the smooth information flow across organisations. These information silos create barriers that impede communication from decision-makers to action-takers, effectively fragmenting organisational knowledge and undermining collaborative potential. According to a McKinsey report, employees spend nearly nine hours each week searching for information across various applications. This inefficiency stems from siloed tools that hinder organisational productivity and slow down workflows.

In the fast-paced environments of Southeast Asia, the ability to pivot swiftly is crucial. Yet, tool sprawl can hinder this agility by tying teams down with cumbersome processes and inefficient workflows. This is where a strategic approach to technology becomes essential. By implementing all-in-one tools that align to the region’s diverse work cultures, startups can streamline their operations while maintaining the robust capabilities needed for resource-intensive tasks.

Consolidating essential functions, such as video conferencing, task management, and extensive data analytics, into a single platform, startups can eliminate the inefficiencies associated with the toggle tax, the silent productivity killer. This approach not only reduces costs but also delivers the agility needed for fast-growing startups, where business goals and objectives can shift overnight. Embracing a cohesive workflow from the outset empowers teams to work more effectively and adapt quickly to changing demands.

The journey of Southeast Asian startups represents more than a regional success story – it offers a blueprint for global technological collaboration. By turning complexity into competitive advantage, entrepreneurs are rewriting the rules of innovation. These startups show that technological solutions are most powerful when they transcend mere functionality, becoming platforms for genuine understanding, collaboration, and shared growth. The Digital Silk Road they are constructing is not just about connecting markets, but about connecting people – breaking down barriers, celebrating differences, and unlocking collective potential.

For entrepreneurs worldwide, the message is clear: innovation thrives not in isolation, but in collaboration. The future belongs to those who can navigate complexity with empathy, leverage technology with wisdom, and view diversity and cross-border operations not as a challenge, but as the most potent source of creativity and progress.

—

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Mirxes, an RNA technology firm headquartered in Singapore, has raised US$40 million in structured financing from R-Bridge Healthcare Fund, which is owned by CBC Group, according to reports.

The funding will fuel global expansion, primarily in high-growth Asian markets, including Southeast Asia, China, and Japan.

Also Read: ‘We aim to make early cancer detection accessible on a global scale’: Mirxes CEO

The latest injection comes about a year and a half after Mirxes secured US$50 million from existing and new investors, Beijing Fupu, EDBI, Mitsui & Co., NHH Venture Fund, and the Agency for Science, Technology and Research.

Established in June 2014 as a spin-off from A*STAR, Mirxes was conceptualised and developed by co-founders Dr Zhou Lihan, Prof. Too Heng-Phon, and Dr Zou Ruiyang.

The company makes early cancer detection solutions accessible globally. Its flagship initiative, Project CADENCE (Cancer Detected Early caN be CurEd), leverages its RNA technology platform, deep expertise in PCR diagnostics, and population-scale next-generation sequencing (NGS) capabilities to create a blood-based multi-cancer early detection test to alleviate cancer burden, save lives and reduce healthcare costs.

Last June, its fully-owned subsidiary, Mirxes Japan, secured a grant of up to 20 million yen (US$127,000) from the Japan External Trade Organization (JETRO). The grant will support the development and validation of a new non-invasive cancer biomarker screening test service specifically for the Japanese market.

Also Read: Harnessing the power of AI to help improve gastric cancer detection

Previously, Mirxes raised US$77 million in a Series C financing round led by CR-CP Life Science Fund and joined by global healthcare investment firm Rock Springs Capital, Charoen Pokphand Group (Thailand) and EDBI.

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Southeast Asia’s (SEA) fintech sector faced a significant funding downturn in 2024, with total investments falling to US$1.6 billion, a 23 per cent decrease from the US$2.1 billion recorded in 2023, as per a report by data intelligence platform Tracxn.

This represents a substantial 75 per cent drop from the US$6.3 billion in 2022, effectively returning funding to pre-pandemic levels.

The decline is attributed to macroeconomic headwinds, rising interest rates and geopolitical tensions.

Also Read: 2024 fintech highlights: The startups dominating Southeast Asia’s financial landscape

Despite the overall decrease, the sector has demonstrated resilience and remains one of the top-performing areas in the SEA tech startup landscape.

As per the Tracxn Geo Annual Report: SEA FinTech 2024, the funding decrease was widespread, affecting all investment stages. Late-stage funding experienced the most severe impact, declining by 31 per cent to US$694 million. Early-stage funding also saw a decrease of 16 per cent to US$750 million. Seed-stage funding experienced a smaller drop of 6.4 per cent, reaching US$190 million.

However, certain segments within the sector demonstrated robust growth. The payments segment saw a remarkable 53 per cent increase, raising US$366 million in 2024.

Similarly, the cryptocurrency space attracted US$325 million, a 20 per cent rise from the previous year. Banking tech companies also experienced a significant 63 per cent surge in funding, securing US$265 million.

Ascend Money’s US$195 million Series D round was the largest deal in the SEA fintech landscape. Other notable deals included ANEXT Bank’s US$148 million Series D round and bolttech’s US$100 million Series C round.

Polyhedra Network was the sole new Unicorn in the region in 2024, achieving a US$1 billion valuation after raising US$20 million in a Series B funding round.

The fintech ecosystem saw 27 acquisitions, a slight uptick from 26 in 2023, with NTT Data’s acquisition of GHL for US$154 million being the largest.

However, there were no fintech IPOs in 2024, compared to one in 2023.

Singapore led the funding activity with US$955 million raised by fintech companies based there. Jakarta and Bangkok followed with US$242 million and US$198 million, respectively.

Also Read: SEA startup funding sees mixed results in December 2024

The most active investors include East Ventures, Y Combinator, and 500 Global.

Despite challenges like declining demand, valuation concerns, and geopolitical risks, the long-term outlook for the region’s fintech ecosystem remains optimistic. A young, tech-savvy population, a large consumer base, reliance on informal financial systems, and government initiatives to enhance financial inclusion provide a strong foundation for future growth. The sector’s resilience and innovation, particularly in payments and cryptocurrencies, signal its enduring potential.

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NYSE-listed Southeast Asian proptech group PropertyGuru has announced that its current CEO, Hari V. Krishnan will step down to pursue other interests.

He has been replaced by Lewis Ng, who previously served at PropertyGuru for six years (2014-2019) as Managing Director of Singapore and Chief Business Officer.

Ng will assume the role of CEO in March 2025.

Krishnan, who played a key role in transforming PropertyGuru from a startup to a market leader in Southeast Asia, will continue to be involved with the company as Senior Advisor to the Board.

The new CEO Ng has experience in leadership positions at global brands such as Apple and TripAdvisor and Southeast Asian unicorn Carousell. He most recently served as Chief Operating Officer at SEEK Asia.

Also Read: EQT completes PropertyGuru acquisition

PropertyGuru also announced the appointment of Trevor Mather as the Chairman of the Board of Directors. Mather has experience scaling marketplace businesses, previously serving as CEO of Auto Trader. He is currently Chairman of Baltic Classifieds Group.

The Board of Directors includes Janice Leow, Partner in the EQT Private Capital Asia advisory team and Head of EQT Private Capital Southeast Asia, and Ed Williams, founder and ex-CEO of Rightmove, Chairman of Trade Me and former Chairman of Auto Trader.

Founded in 2007 and headquartered in Singapore, PropertyGuru is one of the notable proptech platforms in Southeast Asia (SEA). The company said that it connects over 31 million property seekers with more than 50,000 agents across Singapore, Malaysia, Thailand and Vietnam each month.

Its services included extensive real estate listings, data-driven insights, and mortgage solutions such as PropertyGuru Finance and enterprise client solutions under PropertyGuru for Business.

Last year, the group was acquired by BPEA Private Equity Fund VIII Limited (EQT Private Capital Asia) for US$1.1 billion in an all-cash transaction.

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Indonesian capsule hotel and cabin operator Bobobox announced that achieved a remarkable 200 per cent ARR growth for Bobocabin Sukawana and positive EBITDA in 2024.

A key driver of Bobobox’s expansion has been its ability to forge partnerships across both public and private sectors. Most recently, Bobobox partnered with Bank Mandiri, one of Indonesia’s leading financial institutions, to explore fresh investment opportunities within the accommodation sector.

“Our partnership with Bank Mandiri is key to supporting Bobobox’s growth and opening new investment opportunities,” says Indra Gunawan, Co-Founder and CEO of Bobobox, in an email interview with e27. “Bank Mandiri connects us to a wide network of potential investors, strengthening our ability to secure necessary partnerships for expansion and innovation.”

Gunawan highlighted that this collaboration extends beyond financial support, offering valuable expertise to navigate the complexities of the hospitality and real estate markets. “Their support gives us a competitive edge, ensuring we make informed decisions and pursue opportunities with confidence.”

Also Read: Zero-Error Systems: Safeguarding space travel from satellite collisions and debris

In this interview, the CEO explains the company’s expansion plan in detail, complete with insights about travellers in Indonesia. The following is an edited excerpt of the conversation:

With 37 locations in your portfolio, including the five new properties, how has the response been from customers in these new destinations, and what insights have you gained from these expansions?

Our expansions over the past year have been met with positive feedback from customers. Bobocabin Sukawana, as the first location to feature our latest cabin design, has achieved remarkable results, further solidifying the appeal and success of our offerings.

Through this, we have observed a noticeable shift in the travel landscape. Guests are no longer just seeking destinations but are looking for unique, immersive experiences in nature. They seek meaningful activities that connect them with nature, local cuisines, and traditions and move beyond typical tourist attractions to find more authenticity.

Sustainable travel is also becoming increasingly popular due to growing environmental awareness. Guests are increasingly looking for eco-friendly accommodations and experiences that support local ecosystems and communities.

The performance at Sukawana highlights the strong product-market fit between our cabin design and evolving customer expectations. Guests have appreciated the seamless integration of modern amenities with a nature-based experience, where tech enhances comfort without compromising their connection to the surrounding environment.

This success creates a clear roadmap for us to scale the concept to other locations.

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Bobobox achieved a remarkable 200 per cent ARR growth for Bobocabin Sukawana and positive EBITDA in 2024. What were the key strategies or operational changes that contributed to this milestone?

It resulted from strategic initiatives and operational excellence rooted in our commitment to customer-centric innovation and sustainable growth. It culminates our efforts across product innovation, operational excellence, and customer engagement.

In product innovation, the introduction of Cabin 3.0, a new cabin design, helped us reach new market segments while strengthening our appeal to repeat customers. Additionally, our strategic expansion into high-demand locations contributed to a consistent flow of bookings.

To achieve operational efficiency and cost management, we optimised operations by strategically managing our CAPEX through partnerships with public and private sector entities via our Joint Venture (JV) collaboration. We also maintained strict budgetary control and leveraged technology to manage resources effectively. These measures enabled us to ensure growth that was both scalable and cost-efficient, contributing to a positive EBITDA.

Our customer-centric approach, focused on understanding our guests’ needs, helped us create exceptional experiences for them. By continuously improving our digital ecosystem, such as our mobile app, self-service kiosks, and smart IoT solutions, we improved both operational efficiency and customer satisfaction.

With plans to expand to 12 new locations by 2025, what criteria does Bobobox use to select key destinations such as Surabaya, Medan, Bali, and Mt. Bromo, and what challenges do you anticipate during this expansion?

We start by focusing on market potential. For example, Surabaya and Medan are growing urban centres with increasing demand for innovative accommodations, while Bali and Mt. Bromo attract nature and adventure tourism.

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Accessibility and infrastructure are also key factors. We consider transport links, proximity to transit hubs, and nearby attractions to ensure our locations are appealing and convenient for travellers.

Destinations that promote sustainability, culture, and a connection to nature fit perfectly with Bobobox’s vision. Bali, with its eco-conscious travellers, and Mt. Bromo, with its breathtaking natural landscapes, are prime examples of locations that match our philosophy.

We understand that expansion comes with challenges. Developing new locations requires significant investments in construction, design, and technology. It is crucial to maintain high standards while managing costs. We must also adapt to changing travel trends influenced by the global economy, as economic uncertainty can affect traveller behaviour.

Despite these challenges, our experience, strong operations, and dedication to exceptional guest experiences give us the confidence to drive expansion and establish new standards in every location.

What emerging hospitality trends do you see shaping the industry, and how is Bobobox adapting to these trends to stay ahead of the competition?

As travellers increasingly seek affordable, high-quality accommodations, Bobobox’s capsule hotels meet this demand by optimising space efficiency while maintaining comfort and privacy. This balance allows us to provide an exceptional experience for budget-conscious travellers.

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The rise of tech-savvy travellers has also transformed the hospitality landscape, with guests expecting seamless digital experiences. Bobobox embraces this change by integrating smart tech such as automated check-ins, smart lighting, and keyless access. These innovations enhance convenience and ensure a smooth stay, from booking to checkout.

The growing trend of business and leisure travel, especially among remote workers, has created a need for accommodations supporting work and relaxation. Our capsule hotels cater to this demand by offering comfortable workspaces, reliable high-speed Wi-Fi, and a quiet environment that allows guests to stay productive while enjoying downtime.

Sustainability is a key priority for modern travellers, particularly younger generations who value eco-friendly options.

With the hospitality sector increasingly focused on sustainability, what steps is Bobobox taking to incorporate eco-friendly practices into its operations and designs while maintaining affordability and quality?

We approach sustainability from the design process by eliminating plastic key cards, which are common in the hospitality industry, and replacing them with QR codes in the Bobobox app. This change reduces plastic waste, cuts operational costs, and enhances the guest experience.

We continuously iterate our products, focusing on sourcing and design to improve sustainability. Each iteration prioritises sustainability, waste reduction, and accessibility for people with disabilities. Last year, we removed all deforestation-related products from our material sources.

This year, we will launch the 4th iteration of our Bobocabin product (Bobocabin V3.1), which will be the first cabin made from recycled materials. In this version, we have eliminated all virgin plastic and wood, with almost 85 per cent of the materials crafted from recycled waste.

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Image Credit: Bobobox

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