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In 2023, Singapore saw a significant increase in online scam cases, with 46,563 reported incidents, marking the highest number since tracking began in 2016. This figure represents a 46.8 per cent increase from the previous year. In total, scam victims in Singapore lost US$651.8 million in 2023, a slight dip from the US$660.7 million lost to scammers in 2022.

Notably, malware scams emerged as a new concern, with 1,899 cases reported and SG$34.1 (US$25.1) million lost, highlighting the evolving tactics used by scammers. These figures underscore the ongoing challenge of combating scams in Singapore, with over SG$2.3 (US$1.7) billion lost to scams since 2019.

Why do people believe scammers?

There are five reasons people fall victim to scams:

Financial desperation

Financial desperation often becomes a significant factor because individuals are facing economic hardship or seeking quick financial solutions. Scammers capitalise on this desperation by presenting schemes that seem like a lifeline out of financial difficulty.

In Singapore, job scams topped the list of scam types, with 9,914 reported cases and losses totalling at least SG$135.7 ( US$100.1) million. E-commerce scams followed closely, experiencing a more than twofold increase in 2023 with 9,783 cases and losses amounting to at least SG$13.9 (US$10.3) million. Investment scams also featured prominently, with 4,030 cases and losses totalling SG$204 (US$151.5) million.

Trust in technology

The other reason individuals fall for scams is an implicit trust in technology. As we become increasingly reliant on digital platforms for communication, transactions, and information, scammers exploit this trust to their advantage. The belief that technology is inherently secure can lead individuals to overlook warning signs and engage in risky online behaviours.

The ubiquity of social media and online platforms creates an environment where individuals may be more willing to click on links, download files, or share personal information, inadvertently opening the door for scammers to exploit their trust.

Psychological manipulation

Scammers are adept at psychological manipulation, preying on basic human emotions such as fear, greed, and urgency. Whether through enticing offers, alarming messages, or fabricated scenarios, scammers create a sense of urgency that clouds individuals’ judgement. The desire for financial gain or fear of missing out often overrides rational thinking, making individuals more susceptible to falling for scams.

Also Read: Securing tomorrow’s finances: Navigating the rise of digital banks with cybersecurity

In the digital world, social engineering tactics play a pivotal role as scammers exploit personal relationships and glean information from social media to establish a false sense of trust. This tactic makes it challenging for even the most vigilant individuals to discern between genuine and fraudulent communications.

Lack of digital literacy

A significant contributor to falling victim to scams is the lack of digital literacy among users. As technology evolves, scammers continually develop sophisticated methods to deceive individuals. Those who are not well-versed in recognising online threats may inadvertently expose themselves to scams.

Educational initiatives on digital literacy are crucial to empowering individuals with the knowledge to identify red flags, distinguish authentic communications from scams, and protect their personal information online.

Sophistication of scams

Scams have evolved from simple phishing emails to highly sophisticated operations, including malware attacks and social engineering techniques. The increasing complexity of scams makes it challenging for individuals to stay ahead of the threat landscape. Scammers exploit vulnerabilities in software, manipulate trusted platforms, and adapt their tactics to stay one step ahead of security measures.

Why are scams bad for business?

Scams are detrimental to businesses for several reasons: 

Reputation damage

Involvement in or victimisation by scams can tarnish a company’s reputation. Scams erode trust and confidence in the business, damaging its reputation and credibility. When customers fall victim to scams associated with a particular business, they are likely to lose trust in its integrity and may avoid engaging with the business altogether in the future. This loss of trust can lead to a significant decline in customer loyalty and ultimately impact the business’s bottom line.

Financial loss

Scams often result in direct financial losses for businesses. Additionally, dealing with the aftermath of scams, such as addressing customer complaints, providing refunds, and implementing security measures, incurs financial costs and consumes valuable time and resources that could otherwise be allocated to growth and innovation. 

Legal consequences

Scams expose businesses to legal consequences, particularly when customer data is compromised. In such instances, businesses may encounter legal actions, regulatory fines, or other penalties. The association with fraudulent activities can result in legal repercussions and regulatory scrutiny, further damaging the company’s image and potentially leading to fines or legal actions. Consequently, scams pose a serious threat to businesses by undermining their reputation, financial stability, and legal standing.

How to avoid being scammed online?

Insufficient cybersecurity invites identity theft and financial losses as scams target both money and personal information. Vigilance is key – understanding their tactics and knowing how to respond is crucial for individual consumers, not just large corporations. Take proactive steps to protect yourself.

Stay informed and educated

Keep yourself updated on the latest scams and tactics employed by fraudsters. Stay informed through news articles, official announcements, and cybersecurity resources.

Verify information

Be cautious of unsolicited emails, messages, or phone calls. Verify the legitimacy of the communication by contacting the organisation directly using official contact information rather than using the contact details provided in the suspicious message.

Also Read: Navigating cybersecurity: Antivirus vs endpoint protection

Use strong passwords

Create strong, unique passwords for your online accounts, and avoid using the same password across multiple platforms. Consider using a reputable password manager to generate and store complex passwords securely.

Enable two-factor authentication (2FA)

Implement 2FA whenever possible. This adds an extra layer of security by requiring a second form of verification, such as a code sent to your mobile device, in addition to your password.

Be sceptical of unsolicited requests

Be cautious when receiving unexpected requests for personal or financial information. Scammers often pose as reputable organisations seeking sensitive details. Verify the legitimacy of such requests independently.

Monitor bank and credit card statements

Regularly review your bank and credit card statements for any unauthorised transactions. Report any discrepancies to your financial institution promptly.

Use reputable antivirus software

Install and regularly update reputable antivirus and anti-malware software on your devices. This helps protect against malicious software that scammers may use to compromise your system.

—

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This article was first published on March 12, 2024

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The beginning of a new year brings a different of energy. There is hope, new resolutions, and the desire for things to be happier and better. There is a sense of willingness to change and improve – for the new year to be THE YEAR!

And for leaders, it’s also a crucial time to refocus and re-energise the team. Running FuturByte for the last few years has taught me that kicking off the year with the right mindset can make a big difference. Less conversations around what sucks and more around what is in the pipeline.

But, before setting new goals, take a moment to acknowledge what is already accomplished and it doesn’t have to be big wins. Too often, we race ahead without celebrating the milestones we have hit.

Pause to reflect on everything that went right, despite the challenges. All the stuff your people achieved even when things weren’t always Sunday-like. It is important to make people feel seen, which encourages them to continue their efforts.

And please set meaningful goals that add value to their personal and professional growth – not just to your business. Empty metrics or vague aspirations can leave people feeling uninspired. Instead, align your goals with a vision that excites your team.

Encourage your team to set their own professional goals too. When people understand how their contributions contribute to a larger vision, they feel more motivated and engaged.

Also Read: Will machines start taking over our lives? Here are digital technologies that will change our world by 2025

Create a culture of open and honest communication. Regular one-on-one meetings, team huddles, and informal catchups are essential for building trust and ensuring everyone feels heard.

Also, professional development is one of the best morale boosters out there. When people know that they are learning and growing, they are naturally more engaged. This year, we are thinking introducing new learning opportunities at FuturByte.

We want to help our team up-skill in areas they are passionate about. Growth is a two-way street, after all.

Burnout is a real challenge, especially as teams strive to meet ambitious goals. As leaders, it’s our job to ensure that well-being is never overlooked. Let’s encourage our teams to take breaks, unplug after work hours, and maintain a healthy work-life balance.

Work can get stressful. Find ways to inject fun into the workplace. Celebrate birthdays, project milestones, and even the end of a challenging week. These small moments of joy contribute significantly to a positive and supportive team culture.

As a leader, your energy is contagious. Approach the new year with optimism and enthusiasm. Be transparent about challenges but focus on the opportunities ahead.

Let’s make this year one to remember – a year filled with growth, collaboration, and countless reasons to celebrate!

Cheers to 2025!

—

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Lever VC, a global alternative protein venture capital fund based in Hong Kong, has announced the first close of its Fund II, securing an initial US$50 million.

Fund II will invest in early-stage companies within the global food and agritech sector.

This news comes with the announcement of the fund’s first five investments into innovative tech startups across North America, Europe, and Asia. The fund remains open to new investors until its final closing later in the year.

Building on the success of its US$80 million Fund I, Lever VC’s Fund II has attracted a diverse group of limited partners (LPs), including institutional investors, funds of funds, family offices, and leading food and agriculture companies from five continents.

Also Read: Lever VC makes first close of its Fund 1 at US$23M; targets final close at US$50M

Lever VC was founded by Nick Cooney and Lawrence Chu (Partner), who have been investing in the alternative protein sector since 2015. They were also investors in Beyond Meat, Impossible Foods, Memphis Meats, JUST, Aleph Farms, and Kite Hill.

Lever invests in early-stage plant-based and cell-cultivated meat and dairy companies. Its average ticket size for initial investments in portfolio companies is around US$500,000.

The firm is an investor in Singapore-based TurtleTree Labs and Hong Kong-based Avant.

“With their massive category sizes, compelling CAGR, and consistently strong exit environments, food and agritech represent areas of significant opportunity for those with the right expertise,” stated Cooney. “We look forward to working to continue driving outsized returns for our investors, as well as to bringing direct deals, insights, and business development opportunities to LPs with strategic goals in the sector.”

The Fund II has already made its first five investments, supporting companies like novel fats producer Gavan, novel sugar replacement developer Oobli, agritech software/digitisation players Flox AI and HerdDogg, and meat replacement ingredient producer Mush Foods.

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Reliable IT infrastructure is an indispensable part of a modern business. However, what’s sufficient today may not be tomorrow, and far too many startups fail to plan appropriately for that scenario. As you start to piece together your company, you must ensure your IT infrastructure is scalable.

Why your startup needs scalable IT

It’s important to foster scalability from the beginning because scaling up without prior planning is often harder than leaders expect. Tech quickly becomes outdated in today’s environment, but IT hardware and software licenses are expensive. As a result, 50 per cent of thought leaders in Southeast Asia say high infrastructure costs and legacy technology are a digital future’s most significant obstacles.

Your business must be able to capitalise on the latest technological solutions. Failing to keep up with fast-moving developments like artificial intelligence (AI) will limit your ability to remain competitive. Competition aside, you’ll need higher capacity as your company and its customer base grow.

Modernisation is essential, but replacing legacy systems every few years without extensive planning isn’t financially or operationally viable. The only way to manage these seemingly competing interests is to build a scalable solution from the start.

How to build a scalable IT infrastructure

Scalable IT can be challenging, but it’s easier when you implement some best practices while your business is still young. Here are five steps to follow to ensure long-term scalability.

• Embrace the cloud

The most crucial aspect of scalable IT infrastructure is moving to the cloud. On-premise hardware — especially servers and storage — is too expensive and time-consuming to install and maintain to be scalable. Cloud-native services, by contrast, naturally grow with you, and their costs typically reflect what you actually use.

Bear in mind that not all clouds are created equal. All vendors must have a strong record of upkeep and robust security. Look for the option to choose where your data centres are located, too, for regulatory purposes. Remember to use cloud-native software solutions once you switch to such environments.

Also Read: The future of education is AI: Here’s how it will look

Organisations with data of varying sensitivity or disparate use cases may consider a hybrid cloud. These setups offer a balance between on-premise privacy and cloud scalability, and data breach costs are significantly lower in hybrid clouds.

• Capitalise on modularity

The cloud provides the baseline for scalable IT, but your business must be able to take advantage of its flexible nature. Modularity is the key here. Breaking things down into smaller pieces you can work on independently without disrupting the whole will make it easier to expand as necessary in the future. 

Containerisation and micro-services architecture are helpful ways to make any in-house software modular. Splitting departments into smaller, focused groups — while maintaining communication between separate teams — will bring similar characteristics to your workflow itself. Across all IT considerations, look to remove dependencies so you can expand in one area without needing changes in another.

• Automate routine tasks

Scalable IT infrastructure requires quick reactions to necessary changes. While modular technology is part of this, your workforce must also be able to adapt. IT professionals will also need to take on additional work as your company grows, and new hires aren’t always an option. Automation is the solution.

Automating routine tasks increases uptime and reliability by minimising human error while freeing workers to focus on other work. Anything particularly monotonous or data-heavy is a good candidate for automation. Common use cases include data entry, reporting, backup management and network monitoring.

Modern AI can even streamline basic coding and manage load balancing to prevent service interruptions as you grow. You must keep an eye on such technologies to ensure they work properly and you can fix any errors, but ignoring them entirely will limit your scalability.

• Maximise visibility

As you adjust and expand your IT infrastructure, keep thorough records of everything. Future growth will be difficult if you don’t have the whole picture of your current IT environment. By contrast, vendor lock-in, incompatibility and similar challenges are less likely with full visibility.

Far too many IT setups lack transparency. A worrying 47 per cent of cloud adopters say poor visibility over where their data is presents a key management challenge. You can avoid similar situations by keeping a running inventory of all data locations, assets and devices. Use automated discovery and network mapping tools to maintain real-time transparency in your environment.

Also Read: 5 essential organisational steps for your startup’s tech infrastructure

• Ensure scalable security

Scalability must not come at the expense of cybersecurity, either. Cybercrime is rising, and fast-growing systems are prime targets. Consequently, 47 per cent of tech executives expect cloud-based pathways to pose their biggest risks, and 46 per cent say the same about web-based applications.

The key to a secure cloud is cloud-native security. When your cybersecurity solution is designed specifically for cloud environments, it will do a better job of scaling up as your IT infrastructure does.

Access restrictions and workflow considerations also demand attention. Implement the principle of least privilege and regularly re-train employees in best security practices as new threats emerge to keep your systems hardened against cybercrime.

Scalable IT enables better long-term growth

A scalable IT setup is indispensable in today’s business environment. You cannot grow and compete alongside the rest of the industry without rapid, safe and cost-effective expansion of your technology infrastructure.

While this need may seem challenging, it’s more than achievable if you begin now. Follow these steps today to ensure scalability and success tomorrow.

—

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Southeast Asia’s (SEA) healthtech and life sciences startup ecosystem is experiencing a significant funding downturn, with 2024 marking the lowest funding year in the past seven years, says a Tracxn report.

Despite a robust ecosystem of over 3,600 companies, only 322 have received funding to date.

Total funding for SEA healthtech and life sciences startups reached a low of US$123 million in 2024, a drastic 79 per cent drop from US$599 million in 2023, and a staggering 90 per cent decrease from US$1.1 billion in 2022.

Singapore dominated the region, accounting for 75 per cent of the funds raised with investments worth US$92 million in 2024. This funding contraction reflects a broader trend across Asia, which saw an 11 per cent drop in funding compared to the previous year.

Also Read: Rise of the machines: 20 robotics startups shaping Southeast Asia’s future

Several factors contributed to this decline, including macroeconomic uncertainties and geopolitical tensions, which have made investors more cautious.

Late-stage funding experienced an 87 per cent decrease, with only US$28.9 million raised in 2024, down from US$224 million in 2023. Early-stage funding also saw a steep decline, reaching US$77.6 million, a 77 per cent decrease compared to the US$339 million secured in 2023. Seed-stage funding was also affected, with total funding in 2024 at US$15.9 million, down 56 per cent from US$35.8 million in the previous year.

The second quarter of 2024 was the highest-funded quarter of 2024, raising US$41.2 million, a 63 per cent decrease from the US$109.8 million secured in the same quarter in 2023.

The first half of 2024 accounted for 57 per cent of the total funding in the sector.

HealthifyMe, a fitness and wellness platform, secured US$20 million in a Series C round, becoming the highest-funded company. Biobot Surgical, a developer of surgical automation devices, raised US$17.9 million in a Series B round.

Unlike previous years, 2024 did not witness any US$100 million-plus funding rounds.

Among the top-funded segments, employee health IT received US$26.5 million in funding, while the neurology sector saw total funding of US$22.7 million, a significant development as it had not recorded any funding in 2023. The fitness & wellness tech segment secured US$20 million, representing a 293 per cent increase compared to the US$5.1 million raised in 2022.

IPO activity also declined, with only two recorded in 2024, a 33 per cent decrease from the three in 2023. However, acquisition activity saw an upward move, with eight acquisitions in 2024, double the number in 2023.

Also Read: From fintech to IoT: Southeast Asia’s standout startups with the largest funding rounds in 2024

Despite the funding downturn, the healthtech and life sciences sector is still considered to have good potential, driven by digitalisation and evolving consumer needs. Initiatives like the MedTech Innovator Asia Pacific Accelerator Program continue to support startups. The sector’s focus on technological advancements and healthcare transformation suggests promising long-term prospects.

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Key points

• Global markets remain uncertain, with the tech sector driving volatility
• Korean tech giants SK Hynix and Samsung saw declines, impacting Asian equities
• Holiday closures in China, Hong Kong, and Taiwan added to market anticipation
• AI-linked tech stocks faced a sell-off, shifting investor sentiment
• Tariff threats from Trump against Mexico and Canada heightened trade tensions
• US markets showed resilience, with the MSCI index rising slightly
• Gold prices neared US$2,800 per ounce, signalling investor caution
• Crypto markets saw regulatory shifts, including Thai finance reforms and Kraken’s return to staking
• Concerns over a potential crypto bubble persist amid policy changes
• Speculation grows around central banks buying Bitcoin under Trump’s policies

The air of uncertainty that has been lingering over global markets was palpable today, as the tech sector in the United States added to the tension. It’s clear that the performance of major tech firms can sway the market’s mood, and with Korean tech giants like SK Hynix and Samsung Electronics taking a hit as their markets reopened after the Lunar New Year, the ripple effects were felt across Asian equities. It’s like watching dominos fall; one market’s performance can echo through others, especially when tech behemoths are involved.

Meanwhile, the holiday closure in China, Hong Kong, and Taiwan added another layer of quietness to an already cautious market. This pause, while expected, left investors in a state of anticipation, wondering how the return of these markets might alter the current landscape.

The tech earnings season is under a microscope, especially after the dramatic sell-off in shares linked to artificial intelligence. It’s a stark reminder of how quickly investor sentiment can shift from optimism to skepticism. When we delve into these earnings, we’re not just looking at numbers; we’re reading the tea leaves of future innovation, market demand, and the viability of new tech frontiers.

And then there’s the geopolitical chess game with Trump’s tariff threats against Mexico and Canada, which not only impacted their currencies but also sent a shiver through global trade relations. This isn’t just about tariffs; it’s about the broader implications for international cooperation, trade agreements, and the global supply chain that tech relies on.

Also Read: What startup should I start based on market trends in 2025?

On the US market front, it has showed resilience, with the MSCI index inching up, led by the utilities sector. This movement might seem minor, but in the context of recent volatility, it’s a signal of stability, or at least, a search for it. The slight dip in Treasury yields might be a whisper of investors seeking safety, or perhaps a recalibration in expectations about future economic growth. In a way, it’s like watching the tide; the subtle shifts can tell you a lot about the coming storms or calm.

Gold’s persistent climb towards US$2,800 per ounce speaks volumes about where investors are parking their money amidst these uncertainties. Even Brent crude held steady, though the spectre of tariffs on major oil suppliers like Canada and Mexico casts a shadow over future price movements. It’s a delicate balance, where energy prices could either fuel recovery or fan the flames of inflation.

Turning my gaze to the digital realm, the crypto space is buzzing with developments. I see Barry Silbert’s Digital Currency Group diving into crypto mining, signalling a deepening commitment to this volatile yet promising sector. This isn’t just about mining; it’s about staking a claim in the future of money. The Thai finance minister’s proposal for a single license for securities and crypto trading could be a game-changer, potentially smoothing the path for more integrated financial systems. It’s an acknowledgment that the lines between traditional finance and digital assets are blurring, necessitating new frameworks of regulation and understanding.

However, the warnings from hedge fund Elliott about a crypto bubble inflated by policy missteps are concerning; it’s a reminder of the fragility inherent in this market. The narrative around cryptocurrencies oscillates between innovation and speculation, and the fine line between the two can mean the difference between boom or bust. Kraken’s return to staking in the US post-SEC tussle is a testament to the sector’s resilience and adaptability to regulatory pressures. It’s like watching a phoenix rise from the ashes, showing that even under scrutiny, the crypto market finds ways to thrive and adapt.

Also Read: DeepSeeking the future: The ripple effect on tech, crypto, and global markets

And then there’s the intriguing speculation about central banks potentially buying Bitcoin under Trump’s crypto policies—a scenario that could redefine the relationship between traditional finance and digital currencies. This isn’t just about Bitcoin; it’s about the acknowledgment that cryptocurrencies could play a role in monetary policy, liquidity, or even as a hedge against traditional financial crises. Fed Chair Powell’s cautious endorsement of banks serving crypto clients with proper risk management further underscores the mainstreaming of cryptocurrency, albeit with a careful eye on stability.

From my perspective, we’re standing at a crossroads where traditional economics meets the digital frontier. The markets are a complex dance of policy, technology, and human behaviour, and today’s movements are just steps in that ongoing dance. For investors, this environment demands not just vigilance but also an openness to adapt to the rapidly evolving landscape where digital assets might just be the next big asset class. It’s clear that understanding and navigating these intersections will be key to not just surviving but thriving in this era of financial transformation.

The world of finance is becoming an intricate tapestry where every thread—be it tech stocks, geopolitical maneuvers, or the rise of digital currencies—interweaves to create a picture of both risk and opportunity. Today’s market movements are not just about today but are harbingers of the financial paradigms we’re moving towards. As we navigate this terrain, the ability to read, adapt, and anticipate will define the winners and losers in this new economic reality.

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Dear reader,

The rise of DeepSeek signals a seismic shift in AI competition, challenging OpenAI’s dominance and exposing the fragility of US-led AI innovation. OpenAI’s concerns over “knowledge distillation” highlight an uncomfortable truth—AI progress is built on open research, but when that openness benefits rivals, the rules suddenly change.

The US has long championed free-market innovation, yet its response to China’s AI advancements leans heavily on protectionism—export controls, investment restrictions, and now potential legal action.

While these measures may slow competitors like DeepSeek, they also expose a deeper issue: Can AI leadership be sustained through barriers rather than breakthroughs?

Meanwhile, accusations of intellectual property misuse raise broader ethical questions. Many of the same US firms now calling out AI copying have themselves built on open-source research. The AI race is increasingly mirroring the semiconductor war—where cutting off supply chains and imposing restrictions might delay competition, but won’t stop it.

For startups in Southeast Asia, this battle underscores the need for self-reliance and innovation beyond regulatory shields. As AI technology continues to globalise, those who can adapt and iterate—rather than simply block competition—will be the true winners.

Sainul,
Editor.

====

NEWS & VIEWS

OpenAI says Chinese rivals using its work for their AI apps
The status of OpenAI – and other US firms – as the world leaders in AI has been dramatically undermined this week by the sudden emergence of DeepSeek, a Chinese app that can emulate the performance of ChatGPT, apparently at a fraction of the cost.

DeepSeek gets Silicon Valley talking
R1 seemingly matches or beats OpenAI’s o1 model on certain AI benchmarks. The company claims one of its models only costs US$5.6M to train, compared to the hundreds of millions of dollars that leading American companies pay to train theirs.

DeepSeek: Everything you need to know about the AI chatbot app
Being a reasoning model, R1 effectively fact-checks itself, which helps it to avoid some of the pitfalls that normally trip up models | Reasoning models take a little longer to arrive at solutions compared to a typical non-reasoning model.

Tech stocks drop after DeepSeek’s low-cost AI release
US Nasdaq futures fell over 3%, while S&P 500 futures dropped nearly 2% | AI chipmaker Nvidia experienced an 8.4% decline during premarket trading | Major tech firms like Microsoft, Meta Platforms, and Alphabet saw declines of 4%, 3.7%, and 3.1%, respectively.

Alibaba releases AI model it says surpasses DeepSeek
The unusual timing of the Qwen 2.5-Max’s release on Chinese New Year points to the pressure Chinese AI startup DeepSeek’s meteoric rise in the past three weeks has placed on not just overseas rivals, but also its domestic competition.

DeepSeek’s AI chatbot disrupts Southeast Asia’s data centres
With the development of its free AI chatbot, DeepSeek has undercut major competitors like OpenAI and Google’s Gemini, questioning the viability of resource-intensive data centre strategies in the region.

Rakuten drops IPO plan, shifts strategy in competitive market
The Japanese company initially sought an IPO to stabilise its finances after entering the competitive wireless carrier market | Rakuten has now opted to focus on strengthening its collaboration with Mizuho Securities Co.

Google staff worry about potential layoffs, call for buyouts
Over 1,250 Google employees in the US and Canada have asked the company not to use low-performance reviews as justification for dismissals | This petition comes amid ongoing cost-cutting measures at Google.

Thailand approves TikTok’s US$3.8B investment
This investment will support data hosting services, with operations expected to commence in 2025 | Other companies – including Amazon Web Services, Google, and Australia’s NextDC – have announced plans for similar developments in Thailand.

SoftBank said to invest US$25B in OpenAI
If this investment is confirmed, SoftBank would become the largest backer of the AI company | SoftBank’s direct investment in OpenAI may range from US$15B to US$25B, in addition to its existing US$15B commitment to Project Stargate.

AI app spending hits US$2B, ChatGPT leads market: report
Since its mobile release in May 2023, ChatGPT has generated US$529B in revenue, far surpassing competitors | Global spending on AI apps nearly quadrupled in 2024, reaching US$1.4B in that year alone, with notable growth in the final quarter.

Microsoft, Meta defend AI spending amid DeepSeek disruption
Mark Zuckerberg stated that heavy spending on AI infrastructure would be a long-term advantage for Meta | Satya Nadella emphasized that Microsoft’s investments are necessary to overcome capacity constraints and meet rising AI demand.

US nominee claims DeepSeek used stolen US technology
President Trump’s commerce secretary nominee, Howard Lutnick, emphasised the need for the US to set global AI standards, similar to its cybersecurity framework, to maintain leadership in the field.

Ex-Binance CEO’s YZi Labs invests US$16M in token platform
The platform, Sign, specialises in token distribution and on-chain credential verification | Sign is recognised for its token airdrop services | It aims to streamline the distribution of new cryptocurrencies.

OpenAI requests Indian court to dismiss copyright lawsuit
The Federation of Indian Publishers claims that OpenAI’s ChatGPT generates book summaries and extracts from unlicensed copies, thus violating intellectual property rights.

FEATURES & INTERVIEWS

SquareX’s paradigm shift: Tackling cyber threats one browser at a time
Unlike traditional solutions that focus on prevention by blocking known threats, SquareX adopts an attack-focused approach, detecting and neutralising attacks as they happen.

Easing access to government bonds: Libeara’s vision for financial inclusion
Libeara’s platform enables governments to issue bonds directly to citizens in low denominations, eliminating unnecessary intermediaries.

The 2 forces shaping coffee consumption and how Fore Coffee uses them to push for growth
With 61 new outlets launched across 43 cities in Indonesia and one in Singapore, Fore Coffee operates 217 locations as of September 2024.

FROM THE ARCHIVES

Beyond disposal: How businesses can embrace sustainable IT practices in Malaysia
Businesses can contribute to sustainable practices by adopting circular economy principles and making eco-conscious choices.

Proactive defense: The role of incident response plans in cybersecurity
Organisations must proactively plan for cybersecurity threats with tailored strategies rather than adopting a reactive stance.

Charting a clear course: Building effective communication in SEA’s hybrid work era
Between hybrid and remote teams, problems of communication can be a source of endless frustration for employees and managers.

From peak scrolling to personalised communities: The Gen AI solution
As AI drives change, creators aiming to build a Gen AI app must reassess data flows to craft a magical, creative Gen-AI experience with meaningful data.

Exploring the boundaries of AI: What AI can or cannot do?
AI holds immense promise to transform industries and enhance human capabilities, revolutionising businesses worldwide.

What is the risk of a cyber attack on my company?
If your company employs 100+ individuals, the probability of having at least one vulnerable employee is virtually inevitable | This reality compels business leaders to confront a harsh truth — it’s not a matter of if their company will experience a breach, but rather when it will occur.

Why do people fall for online scams in this digital age?
Insufficient cybersecurity invites identity theft and financial losses as scams target both money and personal information.

Shield your business: A guide to common scams targeting small businesses
As scams become more sophisticated, especially through convincing emails, small business owners must stay vigilant and train their teams.

Securing Singapore’s leadership in AI Innovation
Singapore fosters an ecosystem promoting experimentation, investment, and knowledge exchange, enabling AI technologies to flourish.

Beyond the money: How small angel cheque fuels startup success
Small angel cheques in startup fundraising showcase the dynamic interconnectedness of the investment ecosystem.

Digital scams are on the rise – Is Asia ready for the fight?
The region’s rapid digital expansion has created fertile ground for malicious activities to flourish online, leaving individuals exposed to phishing attempts, AI-powered deepfakes, and a growing range of online cons.

Why Dive Analytics sets its sights on Latin America for its strategic global expansion
Singapore-based edutech company Dive Analytics calls its approach to entering Latin America strategic and collaborative.

Will hybrid schooling break walls for the next generation?
Here’s why I think the hybrid model makes sense for our education system; and how Edutech is making it happen.

How Noodle Factory addresses educator burnout with its AI-powered teaching assistants
Using AI, Noodle Factory provides human-like lessons, creating a personalised learning experience for learners.

Reimagining tuition: How tutors can stay ahead of an evolving learning system
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A new global survey conducted by Ipsos and Google has highlighted a growing positive attitude towards artificial intelligence (AI) worldwide.

The study, titled Our Life with AI: From Innovation to Application, surveyed 21,000 individuals across 21 countries, including Singapore. It found that global usage has reached 48 per cent, with enthusiasm about its potential now outweighing concerns.

Among the key findings, the Asia Pacific (APAC) region—where Singapore is included—demonstrated the highest rates of AI usage. This indicates that adoption is particularly widespread in Singapore, driven by the country’s strong digital infrastructure and tech-savvy population.

Singaporean users engage with AI for a variety of purposes, including entertainment, work-related tasks, personal communication, and education. In the workplace, while country-specific data is not explicitly detailed in the report, AI is commonly used for writing and communications, problem-solving, brainstorming, document summarisation, analysing complex information, and learning new topics.

Given Singapore’s status as a regional business hub, enterprises in the country are likely to integrate the tech into their workflows to enhance productivity and efficiency.

Also Read: AI, transparency, and the rising threat of ad fraud in Google’s Performance Max

Optimism about AI’s benefits

Singaporeans are not only active users but also among the most optimistic about its impact. The survey indicates that a majority of Singaporeans believe AI will bring significant benefits across multiple areas.

Personal benefits
AI-powered applications are being used to assist with daily tasks, such as online searches, acting as personal assistants, and serving as personalised tutors. These tools enhance convenience and efficiency, allowing individuals to complete tasks more quickly and effectively. AI also plays a role in improving healthcare services by enabling early diagnosis and personalised treatment recommendations.

Economic and business advantages
Singaporeans have strong confidence in AI’s ability to positively transform the economy. Businesses are leveraging AI to improve customer service, streamline supply chains, and enhance decision-making through predictive analytics. AI-driven automation is helping businesses reduce operational costs while boosting productivity and innovation. The technology is also fostering the growth of new industries, creating job opportunities in AI-related fields.

Education and workforce development
AI is playing an increasingly important role in education, with adaptive learning platforms providing personalised instruction based on individual needs. For professionals, AI-powered tools help in upskilling, enabling them to stay competitive in an evolving job market. This has positioned Singapore as a leader in workforce preparedness.

Also Read: Caroline Yap of Google Cloud: AI transformation at scale requires people as much as technology

The government has implemented policies to support AI adoption while maintaining ethical and legal safeguards. Initiatives such as Singapore’s National AI Strategy demonstrate a structured approach to integrating the tech across various sectors, ensuring that the benefits are maximised while potential risks are mitigated.

Given Singapore’s well-established position as a tech-driven economy, its high adoption rates and positive outlook suggest that the country will continue to be a leader in AI innovation. The Ipsos and Google survey highlights a growing global trend towards AI acceptance, and in Singapore, this trend appears particularly strong.

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Image Credit: Eddy Billard on Unsplash

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As artificial intelligence (AI) continues to advance, a key trend shaping the technological landscape in 2025 is “agentification.” Highlighted in Capgemini’s TechnoVision 2025 report, agentification represents a shift in AI from performing isolated tasks to operating as interconnected and autonomous agents.

This evolution is expected to transform industries by improving efficiency, decision-making, and adaptability.

What is agentification?

Agentification refers to the development of AI systems that function as independent agents rather than mere tools for singular tasks. These AI agents are designed to interact, collaborate, and manage increasingly complex processes with minimal human intervention.

Unlike traditional AI applications that require direct input and oversight, agentified systems operate autonomously, leveraging advanced reasoning and learning capabilities.

One of the most significant advancements in this area is the emergence of superagents, AI systems that orchestrate multiple models to optimise processes. These superagents act as decision-makers, integrating insights from different AI models to create a more cohesive and responsive technological ecosystem.

The move towards autonomous AI agents is driven by several tech advancements, particularly in generative AI (Gen AI). These improvements enable AI to take on responsibilities previously managed by humans, such as predictive maintenance, supply chain management, and risk assessment. The ability to provide “reliable, evidence-based outputs” is a key factor in making these agents viable for real-world applications.

Also Read: Report: Singaporeans are among the most optimistic about the economic impact of AI

Multi-agent systems are also becoming more adept at complex and dynamic decision-making. By leveraging transformer models and other advanced AI architectures, these systems can process vast amounts of data, recognise patterns, and react to unpredictable situations.

This makes agentification particularly valuable in industries that require real-time responses, such as healthcare, finance, and legal services.

Industry impacts

Agentification is poised to revolutionise various industries by introducing AI-driven decision-making and automation. Some of the key sectors expected to benefit include:

Healthcare
AI agents can enhance diagnostics, monitor patient health, and assist in personalised treatment plans, reducing the burden on medical professionals.

Financial services
AI-driven agents can manage fraud detection, risk assessment, and automated trading, improving efficiency and security.

Supply chain management
AI agents can optimise logistics, predict disruptions, and streamline operations, increasing resilience and agility.

Cybersecurity
AI-enhanced cyber defences can detect and respond to threats in real-time, mitigating risks associated with Gen AI-driven cyberattacks.

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The rise of superagents

A survey by the Capgemini Research Institute found that 32 per cent of top executives consider AI agents the leading tech trend in data and AI for 2025. This underscores the growing recognition of agentification as a transformative force in business operations.

Furthermore, a crucial development within agentification is the emergence of superagents. These systems go beyond individual AI agents by coordinating multiple AI models to optimise performance and decision-making. Superagents act as orchestrators, integrating insights from different AI sources to provide a comprehensive and efficient solution.

This multi-layered AI approach allows businesses to scale applications more effectively, reducing inefficiencies and enhancing productivity.

Superagents will likely play a central role in enterprise AI ecosystems, facilitating seamless interaction between different AI models and automating complex workflows.

Despite its potential, agentification comes with challenges that must be addressed to ensure responsible implementation:

Reliability and accountability
As AI systems become more autonomous, ensuring the reliability and accuracy of their outputs remains a priority. Mechanisms for error detection and human oversight must be integrated into AI agent frameworks.

Ethical considerations
With AI making more decisions independently, ethical concerns around bias, privacy, and decision transparency must be carefully managed.

Security risks
As AI systems become more interconnected, they also become more vulnerable to cyber threats. Companies will need robust cybersecurity measures to protect AI ecosystems from potential attacks.

Also Read: Report: New fintech talents emerge as GenAI becomes increasingly popular in Singapore

AI’s broader influence in 2025

Beyond agentification, AI is expected to drive several other key technological advancements in 2025:

Cybersecurity
AI is both a threat and a defence mechanism, with more sophisticated AI-driven attacks emerging alongside advanced AI-powered security solutions.

Robotics
AI is improving robotics, enabling them to adapt to various environments and work alongside humans more efficiently.

Energy industry
The massive energy demands of AI are driving investments in alternative energy sources, particularly nuclear power.

Supply chain innovation
AI, in combination with blockchain, IoT, and satellite connectivity, is improving predictive analytics and operational efficiency.

The rise of Artificial General Intelligence (AGI) is also a topic of increasing discussion. Predictions suggest that AGI may reach commercial viability by 2030, with 60 per cent of top executives and venture capitalists believing in its maturation within this timeframe. This indicates a broader shift towards AI systems that can reason and operate beyond narrow applications.

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Image Credit: Andy Kelly on Unsplash

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