Indonesia’s digital economy continues to post impressive growth, but beneath the headline numbers lies a stark reminder: progress is not evenly shared.

The latest East Ventures–Digital Competitiveness Index 2025 reveals widening disparities in infrastructure, skills, and access to opportunities. While urban centres like Jakarta push ahead, rural and underdeveloped regions remain constrained by patchy connectivity, low digital literacy, and limited financing options for small businesses.

Beyond connectivity, the challenge is about usage and trust. Many Indonesians can use digital tools, but struggle to translate them into productive activities. MSMEs, the backbone of the economy, face hurdles in adopting advanced technologies like AI due to high costs and complexity, while regulatory frameworks often lag innovation, exposing data security.

Adding to these woes, the archipelago faces fierce competition from neighbours and other countries worldwide.  

The East Ventures report underscores that digital transformation cannot be left to market forces alone. True inclusion requires collaborative intervention, from government-led infrastructure expansion to private sector investment, academic partnerships, and community-driven literacy programmes. Only then can Indonesia’s digital economy evolve from a growth story to a story of equitable, sustainable progress.

REGIONAL

Indonesia’s Danantara records US$11.6B in H1 investments
Danantara is expected to increase investment activity in H2 2025 after directions from President Prabowo Subianto | The fund is completing a consolidation process and intends to focus on priority projects with both domestic and international partners.

Mongolia’s AND Global secures US$21.4M Series B to drive fintech expansion in SEA
Investors include IFC, AEON Financial Service, Marubeni, SBI Holdings, and Premium Group | The capital will enable the expansion of AND’s AI-driven solutions throughout SEA and launch new tools specifically designed for financial institutions catering to MSMEs.

Maybank raises Sea’s revenue and adjusted EBITDA estimates
Sea’s strong tech-driven execution, underpenetrated markets and supportive competitive landscape position it for sustained high growth, while its disciplined, cost efficient approach allows both expansion and profitability gains.

Waterhub lands seed funding to scale clean drinking water Solutions across Indonesia
Investors include Archipelago VC and The Radical Fund | Waterhub deploys a network of water dispensers and large-volume water filtration systems | These units can transform various sources, including municipal water, rainwater, groundwater, and even seawater, into safe drinking water.

Digital remittance apps take the lead across Asia Pacific, says Visa
In Singapore, for instance, over half of users cited ease of use as the top reason for choosing digital over physical methods | Digital apps were also perceived as the fastest way to receive funds by 73 per cent of respondents in the Philippines and 67 per cent in Singapore.

Antler backs US$1.6M seed of Australian healthtech startup OneMRI
Other investors in the round include OIF Ventures, TEN13, and Salus Ventures | OneMRI offers whole-body MRI scans by partnering with underutilised radiology clinics, healthcare professionals, and wellness brands.

Thailand to trial crypto payments for tourists; spending cap US$17K
Tourists will use Thai-based crypto exchanges, moving funds into online wallets to pay local businesses | Thailand is rolling out the initiative as foreign tourist arrivals have dropped, with the state planning agency cutting its 2025 forecast by 10 per cent to 33M visitors.

Malaysian crypto data firm Coingecko names new CEO
CoinGecko is a leading independent cryptocurrency data aggregator serving users worldwide | New CEO Bobby Ong previously served as COO for 11 years, helping scale CoinGecko’s operations and global reach.

True Global Ventures gets MAS license to expand fund management
With this new license, True Global Ventures 4 Plus is now permitted to potentially broaden its fund management activities to include areas such as continuation funds, fund of funds, public company investments, and crypto funds.

REPORTS, FEATURES & INTERVIEWS

EV-DCI 2025: Indonesia’s digital economy gains momentum but faces fierce regional and global competition
Indonesia’s digital economy accelerates with rising GDP share and AI potential, yet trails regional leaders, demanding faster transformation and competitiveness gains.

EV-DCI 2025 flags critical weaknesses in Indonesia’s digital inclusivity
Significant disparities exist in internet access and quality, particularly in underdeveloped and rural areas, which continue to hinder technology adoption | This unequal distribution directly impacts access to online learning, digital public services, and participation in the digital economy.

ECHELON

How corporates and startups are collaborating for the next wave of innovation
The discussion underscored how corporates, when aligned with entrepreneurial needs, can become key partners in innovation and long-term growth.

INTERNATIONAL

Trump admin in talks to take 10% stake in Intel
A 10% stake would be worth about US$10.5B at Intel’s current market value, potentially making the US government Intel’s largest shareholder | Intel is set to receive up to US$10.9B in Chips Act grants for commercial and military chip production.

SoftBank to invest US$2B in Intel
Intel, a major US chipmaker, has struggled to leverage the AI boom and grow its chip manufacturing business | Its foundry unit has yet to secure a major customer, and the company said it will wait for new orders before further investment.

OpenAI launches ChatGPT Go in India at US$4.7
ChatGPT Go offers higher usage limits and additional features compared to the free version, including increased message caps, more image generations, larger file uploads, and extended memory | OpenAI chose India as the initial market to make ChatGPT subscriptions more accessible.

Duolingo CEO says no layoffs planned as AI use grows
The US-based language learning platform has faced criticism online since CEO Luis von Ahn shared in April that the company aimed to become “AI-first.”| He clarified in a recent interview that while AI will change some job functions, it will not lead to layoffs among full-time staff.

SEMICONDUCTOR

Nvidia’s H20 chips caught in US-China power struggle
On July 31, the Cyberspace Administration of China questioned the security of the H20 after US lawmakers demanded tracking features in exported chips | The US barred sales of H20 chips to China in April, citing national security concerns.

Senators urge Trump to block Nvidia, AMD China deal
Six Senate Democrats wants Trump to reconsider a deal allowing Nvidia and AMD to sell advanced AI chips to China in exchange for a 15% government revenue share | They warned the agreement could undermine US national security and strengthen China’s military technology.

China’s Nvidia rival Cambricon to raise US$560M for AI chips
The funds are earmarked for hardware and software projects, including chips for large AI models| The fundraising comes as China pushes data centres to use more locally made chips, with public computing hubs required to source over half their chips from domestic producers.

Taiwan lifts 2025 chip growth forecast on AI strong demand
The sector’s output is now expected to reach US$216.7B, up from the previous projection of 19.1% growth | IC manufacturing will drive the gains, with output set to hit US$145.2B in 2025, up 27.5% year-on-year.

AI

Sam Altman warns AI market may be a bubble
He said investors may be “overexcited” about the technology | Other leaders, including Alibaba co-founder Joe Tsai, Bridgewater’s Ray Dalio, and Apollo’s Torsten Slok, have also warned about possible overvaluation.

Ex-Twitter CEO launches AI startup, claims edge over GPT-5
Parag Agrawal’s Parallel Web Systems provides a cloud-based research API that lets AI applications perform real-time research on public web data with detailed citations | Parallel emerged from stealth on August 13, and reported millions of queries from early adopters.

AI and ethics in digital marketing: Building trust in the tech era
Transparency in the use of AI is crucial in building and maintaining trust | Transparency involves explaining what AI is being used for, how it works in simple terms, and what implications it might have for the individuals whose data is being processed.

Thai semiconductor sector urges national export plan
Industry leaders noted that Thailand lacks a comprehensive semiconductor plan, while countries like Malaysia already have one | They said uncertainty from shifting global production and US transshipment issues is affecting export prospects.

THOUGHT LEADERSHIP

Powell’s speech could trigger a market meltdown or a crypto boom
Global PMI data, inflation reports, Fed minutes, and Jackson Hole speeches this week will test markets under new US tariffs.

Healthtech in South and Southeast Asia – Seeing beyond the “obvious”
The strongest healthtech innovations in Asia often come from founders who have lived the problem, understand its nuances, and can navigate local systems to get solutions into the hands of those who need them most.

Designing for survival in impact first immersive tech for Southeast Asia
The true promise of immersive technology lies not in its novelty but in its ability to redistribute access | It can elevate the visionary majority, students who learn differently, think boldly, and have been overlooked for too long.

Who owns the Cat? How a Singapore-Sarawak AI vibe design hackathon is reimagining IP
Kuching, Sarawak, will host the inaugural AI Vibe Design Hackathon | This collaboration between Singapore and Sarawak that doesn’t just celebrate emerging technology, but redefines how we create, feel, and protect what we make in an AI-powered world.

Can Indonesia build its own tech ecosystem, or will it remain a playground for global giants?
Foreign platforms like Google, Meta, and Apple dominate the foundational layers of the local internet | Meanwhile, local startups often rely on international VCs, operate on foreign cloud infra, and are subject to platform tax models set by global app stores.

Homegrown solutions for a hungry future: Why Southeast Asia must localise agritech by 2050
Southeast Asia leads global rice production, followed by Africa, the Americas, Europe, and Australia | Countries like Vietnam, Thailand, and Cambodia are key exporters, making regional production stability critical for domestic and international supply chains.

Why financial inclusion requires more than access
True inclusion isn’t just about giving more people access to loans; it’s about ensuring those loans are safe, transparent, and free from predatory practices | Tech solutions in SEA, whether for agriculture, health, education, or finance, must be designed with the most vulnerable users in mind.

Bridging innovation and market success: The role of a commercial co-founder in biotech startups
Biotech is capital-intensive, complex and filled with technical unknowns |Many founders come from scientific backgrounds, driven by discovery and innovation | But the truth is that technology doesn’t build a successful company; people do.

Mentors without playbooks: Real-world guidance in an AI-first era
Startups are raising funds to automate mentorship | Governments are rolling out national training platforms | AI tools are now being trained to mimic career coaching and feedback loops | But here’s the uncomfortable truth: insight isn’t scalable.

The future of social and quick commerce for developing countries
Social commerce companies allow you to buy the fancy shirt that someone is wearing on Instagram immediately and have it delivered to your house | While the commercial viability of these companies is still up for debate, online purchasing is here to stay.

Malaysia’s digital dilemma: Stuck in the past or embracing the future?
Malaysian companies have always been considered the late majority in the technology adoption life cycle | This is evident when 79 per cent of companies in Malaysia are still lagging in digital agility.

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Singapore-based global VC firm True Global Ventures 4 Plus (TGV) has secured a Capital Markets Services (CMS) licence from the Monetary Authority of Singapore (MAS).

This licence allows True Global Ventures to conduct regulated fund management activities beyond its existing VC fund management mandate and elevates its status to a Licensed Fund Management Company (LFMC) for accredited investors.

This strategic move enables the firm to manage regulated investment funds directly from Singapore, marking a pivotal moment for its operational expansion.

Also Read: Investing in Asia’s future: How VC funds are adapting to geopolitical shifts

With this enhanced licence, TGV is now poised to introduce diverse investment strategies that complement its established VC funds.

These include the potential to manage:

• Continuation funds: Designed to extend support for high-performing portfolio companies through additional growth capital, offering investors continued participation in later-stage pre-IPO companies. This also allows investment in primary rounds and secondaries without the constraints of TGV’s previous Venture Capital Fund Management (VCFM) licence.
• Fund of funds: Aimed at diversifying investor portfolios by allocating capital to top-tier VC managers across various regions and sectors, leveraging TGV’s extensive global networks.
• Public companies investments: Selective investments in listed companies that align with TGV’s core themes of artificial intelligence (AI) and blockchain, enabling investors to benefit from both private and public markets.
• Crypto funds: Offering professionally managed exposure to digital assets, underpinned by institutional-grade governance and risk management, building on TGV’s strong track record in blockchain.

Beatrice Lion, CEO of TGV, satated: “This milestone enables us to build on True Global Ventures’s strong track record and with immediate effect we will be able to invest more in secondaries in our existing portfolio without restrictions from our previous VCFM license.”

Dušan Stojanović, initiator of TGV, reiterated the firm’s strategic direction. “With our expanded license, all of the above investment strategies are possibilities of our fund management activities. That said, we will still maintain our core focus on funds investing in equity with fund sizes between US$100 and 200 million where we have so far had exceptional returns being among the top 3 per cent of venture capital funds globally in the same vintage.”

Also Read: TGV invests in Tookitaki to drive innovation in anti-financial crime solutions

Founded by seasoned entrepreneurs and investors, True Global Ventures backs serial entrepreneurs in innovation-driven sectors, such as artificial intelligence and blockchain technologies.

The firm primarily invests in venture companies across key global hubs, including the Bay Area, New York, Singapore, Hong Kong, London, Paris, Stockholm, and Dubai.

In March this year, TGV invested in Silicon Valley-based COVU, an AI-driven platform aiming to transform the insurance landscape.

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Kozystay, a tech-enabled hospitality company in Indonesia, has raised an undisclosed Series A round to accelerate its expansion and solidify its position as the country’s largest short-term rental management operator. The round was backed by Integra Partners, Cercano Management, and Intudo Ventures, with Cercano reaffirming its support after first investing in Kozystay’s seed round.

The fresh funding will be used to grow Kozystay’s managed portfolio to over 1,000 high-end apartments and villas, with profitability expected by the end of 2025. Expansion plans include deeper penetration in Jakarta, Bali, and Bandung, alongside entry into new cities such as Surabaya, Bogor, and Lombok.

This announcement lands strategically for Indonesia’s travel and real estate ecosystem. The country is experiencing a post-pandemic travel resurgence, coupled with surging domestic tourism, growing acceptance of remote work, and a shift towards flexible, experience-led accommodations.

“Indonesia is one of the most dynamic travel and property markets in the world,” said Patrick Yip, Founding Partner at Intudo. “Kozystay is uniquely positioned to capture these opportunities by transforming underutilised properties into world-class hospitality experiences”.

Also Read: MOGUL unveils MAIA, AI-powered home search tool to streamline property buying

Founded to bridge the gap between the consistency of hotels and the authenticity of alternative stays, Kozystay uses a tech-enabled model to manage and convert underused real estate into income-generating short-term rentals. The company collaborates with developers to launch aparthotels, offering operational efficiency while delivering a premium guest experience.

Indonesia’s market has an estimated 200,000+ underutilised apartments and an accelerating villa segment, areas that traditional hotel chains have largely overlooked. Kozystay’s asset-light approach allows rapid scaling with lower overhead, particularly within the extended-stay category, which is proving to be more resilient and profitable post-COVID-19.

The company has seen over seven times revenue growth in the last two years, signed developer partnerships, and integrated with platforms such as Homes & Villas by Marriott Bonvoy, allowing guests to earn loyalty points while booking Kozystay properties.

While Indonesia remains the company’s current focus, Kozystay’s blueprint hints at regional ambitions. Bali, one of the world’s largest short-term rental markets, is a valuable launchpad for broader Southeast Asian expansion.

Tommy Teo of Cercano Management highlighted Kozystay’s operational excellence and ambition to disrupt Indonesia’s extended-stay segment: “We are excited to continue backing the team on its path to becoming the largest tech-enabled short-term rental management company in the country”.

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Image Credit: Kozystay

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Aspire, a Singapore-based all-in-one finance platform, has launched Aspire Yield, a new investment product designed to give small and medium enterprises (SMEs) institutional-grade returns on idle business funds without sacrificing liquidity or accessibility.

Following its Capital Markets Services License from the Monetary Authority of Singapore (MAS) in April 2025, Aspire can now offer regulated investment solutions through AFT SG 2 Pte Ltd, part of the Aspire Group.

With Aspire Yield, businesses can access Singapore and US dollar-denominated money market funds, earning up to 2.04 per cent and 3.88 per cent per annum, respectively. This is significantly higher than the standard 0.01 per cent to 0.25 per cent offered by traditional business savings accounts.

It removes many of the common barriers to entry associated with traditional investment products, including no minimum investment amounts, next-business-day liquidity, no lock-up periods, and full integration within Aspire’s existing platform.

“Businesses need their capital to work harder, but they also need immediate access when opportunities or challenges arise,” said Damien Passavent, Chief Product Officer at Aspire. “This isn’t about locking money away – it’s about making every dollar more productive while preserving complete operational flexibility”.

Also Read: Kozystay raises Series A to scale Indonesia’s short-term rental market amid hospitality shift

Aspire Yield is available immediately to Singapore-incorporated businesses.

The financial investment sector has long underserved small businesses. While corporates enjoy dedicated wealth managers and access to high-yield products, SMEs are often left with limited options, especially when they need operational flexibility.

Aspire Yield aims to close this gap. According to Aspire’s internal research from July 2025, 55 per cent of funds now invested through Aspire Yield were previously sitting idle in traditional business accounts, generating little to no return.

“This is capital that could have been working harder,” said Andrea Baronchelli, CEO and co-founder of Aspire. “Aspire Yield changes this by giving every eligible Singapore business access to the same high-quality money market funds that are available to institutional investors, seamlessly integrated into their daily financial operations”.

Aspire has partnered with Fullerton Fund Management to manage the underlying investments for SGD and USD yield accounts, adding credibility and experience to the offering.

Mark Yuen, Chief Business Development Officer at Fullerton, highlighted the broader mission: “Our partnership with Aspire democratises access to professional fund management, enabling SMEs to optimise their working capital with the same calibre of investment solutions traditionally reserved for larger businesses”.

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Image Credit: Eric Prouzet on Unsplash

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Waterhub, an Indonesian startup that uses innovative filtration systems to provide clean, affordable drinking water, has secured an undisclosed amount in seed funding.

The round was led by Archipelago VC, with participation from The Radical Fund.

The company plans to use the money to scale its operations and address the archipelago’s severe water access challenges and wider environmental concerns across Southeast Asia.

Also Read: How The Radical Fund discovers, backs, spearheads climate-resilient ventures in SEA

Indonesia faces a significant public health and environmental challenge, with 192 million Indonesians lacking reliable access to clean drinking water and 14 million still without proper sanitation. This widespread issue compels communities to rely heavily on single-use bottled water, contributing to a nearly US$10 billion annual industry that exacerbates plastic pollution and carbon emissions.

The problem extends regionally, as Southeast Asia is projected to experience a 40 per cent shortfall between water supply and demand by 2030. The current water infrastructure in the region is often ageing and centralised, and it cannot cope with rapid urban growth, industrial expansion, and volatile rainfall patterns.

Waterhub tackles this crisis head-on by deploying a network of water dispensers and large-volume water filtration systems. These units can transform various sources, including municipal water, rainwater, groundwater, and even seawater, into safe drinking water. By eliminating the need for plastic packaging and reducing transportation requirements, Waterhub offers an environmentally and economically sustainable alternative to conventional bottled water.

Since its launch in 2024, Waterhub claims to have deployed 36 filtration units, comprising 32 “Communal” dispensers and 4 “Heavy Duty” systems for major clients in sectors such as fitness, food & beverage, and hospitality. The company plans to install over 100 more units in 2025 and reach 2,000 by 2029.

Waterhub’s business model includes pay-per-use and subscription options, delivering affordable, high-margin water solutions. Each unit incorporates advanced reverse osmosis, IoT monitoring, and optional app-based payments.

The company’s projected impact is substantial: in 2025 alone, Waterhub expects to filter over 21 million litres of water, preventing millions of single-use bottles from entering the environment. By 2029, projections indicate the prevention of more than 16,500 tonnes of plastic waste and savings of over 300,000 tonnes of CO₂ emissions.

Also Read: Funding the green transition: Southeast Asia’s climate tech leaders of 2024

Archipelago VC’s Managing Partner Nicolo Castiglione stated: “Clean and affordable water is a fundamental right. Waterhub’s scalable model addresses both climate and public health challenges, and their rapid traction proves this isn’t just the right thing to do, it’s also the smart thing to do.”

Archipelago VC focuses on impact-driven early-stage Indonesian businesses and regional startups, prioritising waste recovery, CO₂ reduction, and income improvement for low-income communities.

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As the world turns its eyes toward a pivotal week in global economics, the stage is set for a series of data releases that could reshape market expectations and investor sentiment. On Thursday, August 21, 2025, flash Purchasing Managers’ Index surveys from S&P Global will roll out, providing the earliest glimpses into August’s business activity across major developed economies like the United States, the Eurozone, the United Kingdom, and Japan.

These indicators arrive at a critical juncture, following the recent implementation of higher US tariffs on August 7, which have already begun to ripple through supply chains and pricing dynamics. Investors will dissect these PMI figures for signs of resilience or strain, particularly in the manufacturing and services sectors.

Complementing this, inflation reports from various nations will add layers of complexity: Canada’s consumer price index lands on Tuesday, August 19, the UK’s on Wednesday, August 20, the Eurozone’s harmonised index on Friday, August 22, and Japan’s national CPI also on Friday.

The Federal Reserve’s minutes from its July meeting, due Wednesday, August 20, will offer clues about policymakers’ thinking on interest rates, while the annual Jackson Hole Economic Symposium, running from August 21 to 23, promises speeches from central bankers, including Fed Chair Jerome Powell’s address on Friday. This confluence of events comes amid a backdrop of trade tensions and shifting monetary policies, making it a high-stakes period for gauging the health of the global economy.

In the United States, the flash PMI data holds particular weight as the first major release since the tariffs took effect. President Trump’s administration pushed through these measures, elevating import duties on a broad swath of goods from key trading partners, marking the highest tariff levels since the Great Depression. Economists at the Yale Budget Lab estimate that these changes could shave 0.5 percentage points off US real GDP growth for both 2025 and 2026, while also fuelling inflationary pressures through higher input costs.

The tariffs aim to protect domestic industries and rectify trade imbalances, but early indicators suggest they disrupt supply chains and elevate prices for consumers and businesses alike. July’s consumer price index came in softer than anticipated, offering some relief, but any uptick in the PMI’s output prices sub-index could signal renewed inflation risks, potentially derailing hopes for aggressive rate cuts. Manufacturing inventories also draw scrutiny, as July data hinted at a reversal in building activity, possibly exacerbated by tariff-induced caution among firms.

Also Read: MENA on the rise with push and pull global economic drivers

The US has outperformed peers in recent quarters, bolstering global growth, but these trade developments test that momentum. If the PMI shows contraction in manufacturing, say, dipping below the 50 threshold, it might amplify calls for the Fed to ease policy more swiftly, especially if services hold steady.

Beyond the US, flash PMI readings from other developed economies will illuminate how these tariffs reverberate internationally. The Eurozone, already grappling with sluggish growth, could see its manufacturing sector further pressured by reduced US demand for exports, given America’s role as a major trading partner.

The United Kingdom, post-Brexit, faces similar vulnerabilities, with its PMI likely reflecting ongoing adjustments to global trade shifts. Japan’s data might reveal resilience in its export-oriented economy, though higher costs from tariffs on components could weigh on margins.

Even India, as a fast-growing emerging market, releases business sentiment updates this week, and analysts watch closely for any slowdown amid threats of reciprocal tariffs or diverted trade flows. These international snapshots matter because they feed into a broader narrative of interconnected growth. If PMIs across the board indicate softening, it strengthens the case for coordinated monetary easing among central banks, but divergent outcomes—such as US strength versus European weakness—could widen currency fluctuations and complicate investment strategies.

Inflation figures this week add another dimension to the puzzle, with the potential to sway central bank decisions. In the UK, Wednesday’s CPI report is forecasted to show a headline increase, building on recent PMI price signals that pointed to rising pressures. July’s data already introduced uncertainty around the Bank of England’s rate path, and a hotter-than-expected print could temper expectations for further cuts after its recent pivot.

The Eurozone’s harmonised CPI on Friday might underscore persistent services inflation, challenging the European Central Bank’s efforts to normalise policy. Japan’s core CPI, excluding fresh food, could edge higher due to wage growth and energy costs, testing the Bank of Japan’s gradual tightening stance.

Canada’s data on Tuesday precedes its own central bank’s moves, where softer inflation has opened the door to easing. Collectively, these releases test the narrative of disinflation that has dominated 2025 so far. If numbers surprise to the upside, markets might price in fewer rate reductions, pressuring equities and bonds, while downside surprises could fuel risk-on rallies.

The Federal Reserve’s July minutes, released midweek, will be parsed for any hints of discord among officials on the pace of cuts. July’s meeting maintained rates, but dovish undertones emerged in subsequent communications, with markets now betting on at least a 25-basis-point reduction in September. The minutes could reveal debates over labor market softening or inflation’s trajectory, especially in light of the tariffs’ potential to stoke prices.

Then comes Jackson Hole, the Fed’s marquee event in Wyoming, where Powell’s speech often sets the tone for autumn policy. Past symposiums have unveiled major shifts, like 2022’s hawkish pivot, and this year’s theme of reevaluating economic resilience amid trade wars adds intrigue.

Other central bankers, including those from the ECB and BOE, may chime in, offering cross-Atlantic perspectives. In my view, these gatherings underscore a delicate balancing act: policymakers must navigate tariff-induced uncertainties without overreacting, as premature tightening could tip economies into recession, while excessive easing risks rekindling inflation.

Also Read: Indonesia leads in workforce AI adoption, surpassing global averages

Shifting gears to the cryptocurrency markets, which often amplify broader economic signals, Bitcoin’s recent price action captures the volatility inherent in risk assets during uncertain times. The leading cryptocurrency rocketed to a fresh all-time high above US$124,100 earlier this month, only to retreat under bearish pressure, stabilising around US$118,000 over the weekend. On-chain analytics from Glassnode highlight critical support levels at US$117,500 and US$114,500, based on the cost basis distribution metric, which maps where investors acquired their holdings.

This heatmap reveals clusters of 72,900 BTC bought near US$117,500 and 56,201 BTC around US$114,500, suggesting these zones could act as cushions. Investors at these levels, many still in profit, might defend their positions by accumulating more, creating buying pressure that prevents deeper declines. However, a breach below US$114,500 opens the door to sharper corrections, as Glassnode data shows sparse support beneath, potentially targeting the US$110,000 to US$112,000 range where short-term holder cost bases cluster.

Recent posts on X from Glassnode emphasise this “air gap” of low liquidity between US$110,000 and US$116,000, filled gradually during dips but requiring stronger demand to solidify. In my perspective, Bitcoin’s resilience stems from its maturation as an asset class, with institutional adoption providing a floor even as macroeconomic headwinds like tariffs loom.

Ethereum, meanwhile, demonstrates bullish undercurrents through institutional flows and ecosystem growth. Over 200,000 ETH, valued at roughly US$888 million, exited centralised exchanges like Binance and Coinbase in a single day recently, the largest outflow since July 2025, signalling long-term holding or over-the-counter deals that reduce sell pressure.

This mirrors patterns preceding Ethereum’s 2024 rally from US$2,600 to US$4,000. Spot Ethereum ETFs have seen assets under management swell 57 per cent in the past 30 days to US$22.58 billion, with inflows like BlackRock’s US$338 million addition on August 15 underscoring demand despite occasional net outflows.

Stablecoin holdings on Ethereum hit an all-time high of US$130 billion, with USDC’s monthly transfer volume reaching US$8.6 billion, positioning the network as a hub for liquidity ready to rotate into altcoins as Bitcoin dominance slips 1.78 per cent weekly. These metrics suggest Ethereum benefits from capital shifts, especially if economic data this week bolsters rate-cut bets, lowering yields on traditional assets and driving flows into crypto.

Tying it all together, the interplay between these economic releases and crypto markets hinges on interest rate expectations. Tariffs introduce inflationary risks that could force central banks to pause easing, pressuring high-beta assets like Bitcoin and Ethereum.

If PMIs and inflation data reveal softening growth without runaway prices, the Fed and peers might accelerate cuts, injecting liquidity that historically lifts cryptos. In my opinion, the US economy’s outperformance provides a buffer, but global fragilities, amplified by trade barriers, warrant caution.

For crypto, the institutional accumulation in Ethereum and Bitcoin’s on-chain supports paint a constructive picture, potentially setting up for new highs if Jackson Hole delivers dovish signals. Investors should monitor price reactions closely, as these events could either cement a soft landing or ignite volatility.

Ultimately, while short-term turbulence persists, the long-term trajectory for both traditional and digital assets leans toward adaptation and growth, provided policymakers strike the right balance. This week’s data will be instrumental in charting that course, reminding us that in an interconnected world, no market operates in isolation.

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The panel explored how corporates can play a strategic role in strengthening the startup ecosystem, highlighting approaches from Oracle Netsuite Asia & Japan, Google Cloud, and NTT.

Speakers emphasised that support must extend beyond credits, with joint business investments, ecosystem integration, and resource-sharing seen as crucial. NTT’s venture client model, Oracle’s software development network, and Google Cloud’s mentorship and technical support were presented as examples of effective collaboration. Startups, however, face difficulties in identifying the right stakeholders and ensuring alignment with corporate goals.

Looking ahead, NTT is preparing to host a Startup Pitch Day in Jakarta, while Google Cloud is set to launch a hackathon in Singapore. These initiatives aim to deepen engagement, provide growth opportunities, and strengthen ties between large organisations and startups. Together, the discussion underscored how corporates, when aligned with entrepreneurial needs, can become key partners in innovation and long-term growth.

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In recent years, Indonesia has positioned itself as one of Southeast Asia’s most dynamic digital markets. With over 210 million internet users, a young and mobile-first population, and a rapidly growing middle class, the country offers fertile ground for innovation, experimentation, and scale.

Yet beneath this remarkable growth lies an uncomfortable question—one that policymakers, entrepreneurs, and investors must now confront with urgency: Is Indonesia truly building an independent, sovereign tech ecosystem? Or is it simply becoming a testing ground and revenue stream for global technology giants?

This article critically examines the structural dependencies in Indonesia’s digital economy, highlights the opportunities and threats in its current trajectory, and questions whether the nation’s tech sovereignty is possible—or merely aspirational.

The paradox of digital growth

Indonesia has seen a flourishing tech sector, driven by:

• High mobile penetration rates
• Increasing digital payment adoption
• A digitally savvy, youthful population
• Government initiatives like 100 Smart Cities and Indonesia Digital Vision 2045

But this momentum masks a structural paradox: while Indonesia’s tech sector is growing rapidly, much of the value extraction—capital, data, platform fees, cloud infrastructure—flows outward to foreign-owned companies.

Foreign platforms like Google, Meta, ByteDance, and Apple dominate the foundational layers of the Indonesian internet. Meanwhile, local startups often rely on international venture capital, operate on foreign cloud infrastructure, and are subject to platform tax models set by global app stores.

This raises a critical question of agency: Are we building a digital economy for Indonesia—or simply in Indonesia

Global giants: Strategic incubation, local exploitation?

Indonesia has increasingly become the preferred testbed for new tech initiatives, particularly from China and the United States. A striking example is TikTok Shop, the social commerce feature launched by ByteDance that turned Indonesia into its first and most important pilot market globally.

TikTok Shop flourished by leveraging:

• Indonesia’s high livestream engagement culture
• Its large population of small merchants
• Loopholes in local e-commerce regulation

For a time, it appeared to be a win-win: sellers gained visibility, consumers got convenience, and ByteDance captured transaction volume.

But in 2023, following growing pressure from the government and domestic businesses, the Indonesian Ministry of Trade temporarily banned direct e-commerce transactions on social media platforms, citing unfair competition, data privacy, and local MSME protection.

The TikTok case revealed a deeper vulnerability: Indonesia was not dictating the rules of its digital economy—it was reacting to them. That episode wasn’t about banning innovation. It was about asserting sovereignty.

Are Indonesian startups truly “local”?

Indonesia has produced impressive digital champions—GoTo (Gojek + Tokopedia), Bukalapak, Traveloka, Xendit, and Kredivo among them. These companies have scaled across the archipelago and, in some cases, Southeast Asia.

Also Read: Localised campaigns and transparent checkout win Singaporean e-shoppers: Survey

However, when we look closer at their capital structure, operational dependencies, and platform strategies, it’s clear that most of these startups are not fully independent:

• GoTo is backed by Google, Tencent, Temasek, and Alibaba.
• Bukalapak’s IPO saw nearly 70 per cent of institutional investment from foreign entities.
• Traveloka uses AWS and Google Cloud and relies on global platforms for traffic and payment processing.

The core infrastructure—cloud computing, payments, APIs, analytics tools, even customer data storage—is largely imported. This limits the long-term strategic autonomy of even our most successful companies.

A tech ecosystem is not truly local if it cannot stand without foreign infrastructure.

The missing pillars of digital sovereignty

To build a self-sufficient tech ecosystem, three foundational elements must be addressed: infrastructure, intellectual property, and human capital.

• Infrastructure dependency

Indonesia’s digital backbone is dependent on:

• Amazon Web Services (AWS)
• Google Cloud
• Microsoft Azure
• Apple and Google app distribution channels

This dependency comes with costs:

• Platform tax: up to 30 per cent of revenue siphoned off via app stores
• Data control: lack of visibility over where user data is stored or how it’s used
• Regulatory risk: subject to decisions made in Silicon Valley or Beijing

While local cloud players like Telkom’s NeutraDC are growing, they lack the scale and capabilities of their global competitors. Without a national strategy for cloud sovereignty, Indonesia’s data—and its leverage—will remain abroad.

• Intellectual property and deep tech

Indonesia’s tech sector has focused heavily on market execution—localising global models, optimising delivery, and building super-app ecosystems. While these are important, they are not substitutes for owning intellectual property.

There’s limited domestic investment in:

• AI/ML research and productisation
• Proprietary software or SaaS platforms
• Hardware design or IoT infrastructure
• Language models tailored for Bahasa Indonesia and local dialects

Nodeflux, one of the few Indonesian AI companies developing computer vision at scale, is an outlier—not the norm. The innovation economy remains in its infancy.

Without local R&D, Indonesia risks remaining a consumer, not a creator, of advanced technology.

Also Read: How Indonesia plans to digitally uplift a nation–one pillar at a time

• Human capital and talent drain

Indonesia faces a critical talent bottleneck:

• A surplus of digital marketing and sales roles
• A shortage of experienced engineers, product designers, and data scientists
• Persistent brain drain to Singapore, Australia, and the United States

Tech bootcamps and coding schools have helped, but systemic change requires:

• Deep reform in STEM education
• Incentives for Indonesian tech diaspora to return
• Integration of technical R&D with universities and industries

Without investment in human infrastructure, Indonesia’s dependency cycle will only deepen.

Is a sovereign tech ecosystem possible?

The idea of “tech sovereignty” is not about isolationism. It’s about having strategic control over your digital economy—your data, your platforms, your infrastructure.

Some promising developments suggest the tide is turning:

• Telkom Indonesia is expanding local data centres and seeking partnerships with AI firms.
• Bank Indonesia is exploring a digital rupiah to reduce monetary reliance on USD-based payment rails.
• BSSN (National Cyber and Crypto Agency) is tightening data regulations, especially around cross-border transfers.
• Indonesian VCs like East Ventures and Alpha JWC are beginning to back deeper tech startups with a regional-first mindset.

Still, momentum remains fragile. The regulatory ecosystem is playing catch-up, and incentives for building foundational technology are limited.

What needs to change?

To transition from a playground to a powerhouse, Indonesia must confront several truths:

Indonesia has all the raw ingredients to become a digital superpower in Southeast Asia. But scaling startups is not the same as building a sovereign ecosystem.

The next decade will be defined not by who can build the fastest e-wallet or the most engaging livestream app—but by who owns the rails, the rules, and the rewards.

For Indonesia to truly thrive, it must stop being the experimental ground for others’ innovation and start cultivating homegrown technological infrastructure, ownership of IP, and a talent force capable of reshaping the region.

Until then, the uncomfortable truth remains: we are growing fast—but not always on our own terms.

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic.

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Image courtesy: DALL-E

The post Can Indonesia build its own tech ecosystem, or will it remain a playground for global giants? appeared first on e27.

On 6th September 2025, a chill cultural revolution will take place in the heart of Borneo.

Kuching, Sarawak, will host the inaugural AI Vibe Design Hackathon. This is a first-of-its-kind collaboration between Singapore and Sarawak that doesn’t just celebrate emerging technology, but redefines how we create, feel, and protect what we make in an AI-powered world.

This is not your typical hackathon. It’s about emotional resonance, cultural identity, and a curious black cat named Usei Usei.

What is vibe design?

Traditional product design often starts with a screen, a wireframe, or a UX journey. Vibe Design flips that script.

Instead of asking, “What should this look like?” Vibe Designers begin with a more human question: “How do I want someone to feel?”

Using generative AI tools like Lovart AI and Newhero AI, creators describe emotional intentions—warmth, calm, wonder, nostalgia. The AI then proposes designs that match these moods, from colour palettes and typography to motion and layout.

It’s storytelling by vibe. And it’s incredibly intuitive.

The approach has deep relevance in culturally rich regions like Borneo, where design and emotion are inseparable from community and heritage.

Also Read: Set sail with intellectual property: Your business’s journey to success

The first official use case: Meet usei usei cat

As the first official use case of the hackathon, I created usei usei cat—a cosmic, slow-living feline inspired by the Sarawakian lifestyle and birthed entirely out of generative AI.

His name is a nod to “usei usei,” a colloquial Malay phrase meaning “slow and steady,” and “kucing,” the Malay word for cat.

Want to see the birth process of usei usei cat? You can watch the entire documentation here.

Together, they form a character that reflects Sarawak’s gentle rhythm and a new design philosophy—one where creative sovereignty is reclaimed in the face of algorithmic chaos.

He’s also born in Kuching, Sarawak (a pun on “kucing”, haha!).

But usei usei cat isn’t just a mascot.

He’s proof of concept: that AI can be used to build emotionally grounded, culturally respectful, and IP-protected characters from scratch. Characters that feel local, yet universally relevant.

Who owns the cat?

As more creators use GenAI to co-create stories, art, and brands, one question becomes urgent: who owns the output?

With usei usei cat, I wanted to test this question through practice. By generating the character using commercial-use AI tools and being crystal clear about licensing and IP rights, I could demonstrate that AI-assisted creations can (and should) be protected—and monetized—just like any other original creative work.

It’s not just about law. It’s about dignity. And about making sure that Southeast Asian creators don’t get left behind in the global IP rush.

Why Sarawak?

Sarawak was a natural choice for this historic event. As one of Malaysia’s most culturally diverse and artistically rich regions, it offers a deep reservoir of stories, textures, and philosophies that make vibe-based creation feel right at home.

From the intricate Pua Kumbu textiles of the Iban to the oral traditions of the Orang Ulu, Sarawak embodies design with soul.

But equally important, the state’s forward-thinking digital policies and investments in AI literacy make it an ideal launchpad for inclusive innovation.

Also Read: How tech startups should protect their intellectual property assets

A celebration of friendship, not just tech

The AI Vibe Design Hackathon is co-hosted by AIGents of Change (Singapore) and AZAM Sarawak, with official support from the Sarawak Trade and Tourism Office Singapore (STATOS), Singapore Global Network (a division of EDB), and grassroots developer community Kenyalang Dev. Makermai Makerspace, Kuching’s leading makerspace, will serve as the physical hub for the event.

But this isn’t just about algorithms and interfaces.

It’s about what happens when two regions—each with their own strengths in tech, culture, and creativity—come together to build something truly new: a shared future where AI is a tool for emotional resonance and not just productivity.

So…who owns the cat?

In a world obsessed with hustle and hyper-growth, usei usei cat reminds us that there’s strength in stillness. That creative sovereignty and emotional design are not luxuries—they’re our future.

This hackathon is more than a launch. It’s a signal: that Southeast Asia is ready to lead in culturally conscious AI, and that IP in the GenAI age must reflect not only ownership, but emotional truth.

So—who owns the cat?

I do.

Yes, usei usei cat is chill. And no, you can’t steal him.

But maybe, in a way,  there’s a usei usei cat in everyone.

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The post Who owns the Cat? How a Singapore-Sarawak AI vibe design hackathon is reimagining IP appeared first on e27.

e27 has been nurturing a supportive ecosystem for entrepreneurs since its inception. Our Contributor Programme offers a platform for sharing unique insights. As part of our ‘Contributor Spotlight’ series, we shine a spotlight on an outstanding contributor and dive into the vastness of their knowledge and expertise.

This episode features Yvan Goudard, an Innovation and Communication Strategist, author of Startup Dot Comms, and a seasoned branding and communications expert with a passion for storytelling and a deep understanding of the startup landscape. As a communication consultant, advisor, and mentor, he works closely with founders and teams to craft narratives that align their vision with compelling brand messages, driving growth and engagement.

In the sections below, he reflects on his journey, the lessons he’s learned, and what keeps her going.

How I got here

When I look back, there hasn’t been just one defining moment. I’ve had to evolve constantly. One quote that stuck with me is from Heraclitus of Ephesus: “Panta Rhei” (πάντα ῥεῖ), everything flows. Or as we say now, the only constant is change.

From publishing to advertising, from startups to consulting, I’ve reinvented myself many times. Each reinvention came with its own set of doubts, learning curves, and excitement. But that’s the game. Stay curious, stay adaptable, and keep learning. That’s how I’ve kept moving forward.

If I had to explain my work to a kid

I help startups and small businesses explain what they do in a way even other five-year-olds can understand. My job is to make complicated things simple so everyone gets it.

Lessons learned along the way

The truth is: not all innovation is good, and not all startups are honest. Scams were rampant in the early crypto days, and now the same red flags are popping up in AI.

Also Read: Sebastian Tai Jian Haw on growth, reinvention, and showing up real

So I’ve learned to slow down and do the boring but essential work: due diligence. Look into the founders. Check the legal structure. Understand the regulatory risks. That’s where the real answers are, not just in the pitch deck.

What more people should notice

AI is all the rage, and understandably so. It’s powerful, exciting, and attracting capital like a magnet. But in all the noise, we often forget two critical things:

• Founder motivation matters more than hype. A founder obsessed with the problem they’re solving, not just the trend of the day, is far more likely to stick it through.
• Low-tech still works. Not everything needs to be a shiny AI product. There’s a huge, underserved space for simple, reliable, low-tech solutions that solve real-world problems.

Why I write

I’ve been writing about tech and startups in Thailand for years on LinkedIn, Medium, and Substack. It started as a way to record what I learned at events. Basically, notes to self. But then I realised others could benefit from it too.

Joining e27 felt like a natural next step. You cover Southeast Asia as a whole, and much of what I’ve seen and written in Thailand applies across the region. Getting the chance to share these insights more broadly has given me a bigger sense of purpose.

My advice for aspiring thought leaders

Attend events. Talk to people. Take notes. Then reflect.

I started writing because I didn’t want to forget what I learned. But in the process, I realised I understood it better. That’s the trick: if you can explain it clearly to others, you’ve really learned it.

As Nicolas Boileau said: “Ce qui se conçoit bien s’énonce clairement, et les mots pour le dire arrivent aisément.” Roughly: “What is well conceived is clearly stated, and the words to say it come easily.”

Also Read: The power of automation: How Sabrina ‘Princessa’ Wang uses AI to create time for what matters most

What drives my curiosity

Outside of work, it’s coding.

I took Harvard’s CS50 course a few years ago, one of the best things I’ve done. It was hard at first, but incredibly rewarding. Understanding how code works helps me better understand the tech world I’m working in every day. It’s like peeking behind the curtain and seeing how the magic happens… and where the bugs live.

Influences that shaped me

A few names come to mind. I’ve written about some of them on Substack, the Karoui brothers, Jean-Louis Saquet, and Antonio Boulos, mentors who didn’t just teach me things but reshaped how I think.

Then there are those who remind me how small we are in the big picture: Sabine Hossenfelder and Neil deGrasse Tyson are among them. Their work puts things into cosmic perspective, and that helps me stay grounded, especially when things get tough.

As for tools: I use YouTube, though less and less I’ve had to filter out too much AI junk lately. And ChatGPT is now my daily tutor. It’s not perfect, but when used critically, it’s a powerful tool for learning and refining ideas.

Take a look at Yvan’s articles here for more insights and perspectives on his expertise.

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Join the e27 Contributor Programme and become a valuable voice in our ecosystem.

The post Yvan Goudard on why simple, low-tech solutions still outperform AI hype appeared first on e27.