On April 4, 2025, the US stock market experienced its worst single-day performance in years, shedding approximately US$2.5 trillion in value as investors fled to safe-haven assets like US Treasuries and gold. The MSCI US index plummeted by 4.9 per cent, with particularly brutal declines in the energy sector, down 7.5 per cent, and information technology, which fell 7.0 per cent.

Meanwhile, defensive sectors like consumer staples, up 0.7 per cent, and utilities, down just 0.6 per cent, managed to weather the storm far better than their cyclical counterparts. This dramatic shift in market sentiment has been fuelled by fears that Trump’s tariffs—the steepest increase in American trade barriers in over a century—could choke economic growth, drive up inflation, and potentially tip the US economy into a recession.

Trump’s latest tariff policy, announced after the market closed yesterday, imposes a blanket 10 per cent tariff on imports from every country in the world, effective April 5. Citing his authority under the International Emergency Economic Powers Act of 1977, the president framed the move as a necessary step to protect American industries and workers. However, economists are sounding the alarm about the near-term consequences. Higher tariffs are widely expected to increase the cost of imported goods, pushing up prices for American consumers already grappling with inflationary pressures.

At the same time, retaliatory measures from trading partners could dampen US exports, further slowing economic activity. Some analysts warn that the combination of higher prices and weaker growth could create a stagflationary environment, while others see a full-blown recession as a real possibility if the tariffs remain in place for an extended period. With markets now laser-focused on Friday’s US jobs report and an upcoming speech by Federal Reserve Chair Jerome Powell, investors are desperate for clues about how policymakers might respond to this escalating crisis.

The bond market has also reacted decisively, with Treasury yields dropping as expectations of Federal Reserve rate cuts grow. The 10-year Treasury yield fell 10.2 basis points to 4.03 per cent, while the 2-year yield slid 17.7 basis points to 3.68 per cent, reflecting heightened recession fears and a flight to safety.

The US dollar index, meanwhile, shed 1.7 per cent, continuing its downward trend as investors reassess the outlook for US growth. Gold, a classic safe-haven asset, held steady at US$3,100 per ounce despite a modest 0.6 per cent dip, buoyed by persistent demand amid the uncertainty.

On the commodities front, Brent crude oil took a significant hit, tumbling 6.4 per cent to US$70 per barrel as traders worried that tariffs would sap global demand growth just as OPEC+ ramps up supply. Asian equities followed Wall Street’s lead, opening sharply lower, and US equity futures suggest stocks will start the day down an additional 0.2 per cent, signalling that the pain may not be over yet.

Also Read: Trump’s tariff bombshell: A US$660 billion shake-up for global trade

The cryptocurrency market has not been immune to this turmoil, with Bitcoin experiencing a sharp decline in tandem with other risk assets. After hitting an intraday high of nearly US$88,000 less than 24 hours ago, Bitcoin plunged to a low of US$81,300—a drop of more than seven per cent—before recovering slightly to trade around US$83,000 as of this writing. The sell-off reflects broader market dynamics, as investors pull back from speculative assets in favour of safer bets.

Ethereum, the second-largest cryptocurrency by market cap, has also struggled. After failing to hold above the US$1,850 level, ETH dipped as low as US$1,751 and is now consolidating below the US$1,820 mark and its 100-hourly simple moving average. Technical indicators suggest resistance near US$1,840, with a bearish trend line forming at US$1,810 on the hourly chart. For Ethereum to mount a meaningful recovery, it would need to break through these levels and push toward US$1,880, but the current market mood makes that a tall order.

In my opinion, Ethereum’s performance is critical to sparking a broader crypto bull market—carries significant weight given its central role in the digital asset ecosystem. Ethereum remains the backbone of decentralised finance (DeFi), powering a vast array of applications from decentralised exchanges (DEXs) to non-fungible tokens (NFTs). Recent data underscores its resilience: in March 2025, Ethereum reclaimed its position as the leading blockchain for DEX trading, overtaking Solana with a trading volume of US$64 billion compared to Solana’s US$52 billion.

Platforms like Uniswap and Curve Finance have driven this surge, reinforcing Ethereum’s dominance even as it grapples with challenges like a historically low ETH burn rate and declining transaction fees following the implementation of EIP-1559. The drop in the burn rate has led to an increase in ETH’s total supply, raising concerns among some investors about inflationary pressures within the network. Yet, Ethereum’s ability to hold its ground amid these headwinds speaks to its enduring strength and adaptability.

Solana’s fading momentum in the DEX space, meanwhile, highlights the shifting tides in the crypto market. The hype around Solana-based meme coins, which fuelled much of its trading volume on platforms like Raydium and Pump.fun, has dissipated, allowing Ethereum to reassert its supremacy.

This resurgence is a testament to Ethereum’s robust infrastructure and developer community, which continue to innovate despite high gas fees and scalability concerns. For a bull market to take hold, Ethereum would indeed need to lead the charge, setting the tone for smaller altcoins and driving renewed investor confidence.

Also Read: Exploring Sri Lanka’s potential as a premier global IT hub

However, the current macroeconomic environment—marked by Trump’s tariffs, a faltering US economy, and a risk-off sentiment—poses a formidable obstacle. If Ethereum can break through its technical resistance levels and capitalise on its DeFi leadership, it could spark the kind of momentum you envision. But for now, the broader market’s woes are keeping a lid on that potential.

Stepping back, the implications of Trump’s tariff measures extend far beyond the immediate market reaction. The US has long prided itself on economic exceptionalism, underpinned by robust growth, a strong dollar, and a dominant position in global trade.

Yet, this latest policy risks unraveling that narrative. Higher tariffs could disrupt supply chains, erode corporate profits, and alienate trading partners at a time when geopolitical tensions are already running high. The flight to haven assets suggests that investors are bracing for a prolonged period of uncertainty, and the upcoming US jobs report will be a critical litmus test.

A weak report could amplify recession fears, prompting the Fed to accelerate rate cuts—a move that might cushion the blow to stocks and crypto but could further weaken the dollar. Powell’s speech will also be pivotal, as markets look for any hint of how the central bank plans to navigate this tariff-induced storm.

In my view, the markets are at a crossroads. The tariff announcement has exposed vulnerabilities in the global economy that were previously masked by optimism about US growth and technological innovation. While defensive assets like gold and Treasuries may offer short-term refuge, the longer-term outlook hinges on how businesses and consumers adapt to higher costs and slower growth.

For risk assets like stocks and cryptocurrencies, the path forward looks treacherous, but opportunities could emerge if the Fed steps in decisively or if the tariffs are scaled back under political pressure. Ethereum’s role as a crypto bellwether adds another layer of intrigue—its ability to rally despite these headwinds could indeed signal a turning point for the digital asset space.

“For now, though, caution reigns supreme, and the world is watching closely as this high-stakes drama unfolds.” — Anndy Lian

—

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AI-generated image via ChatGPT (OpenAI).

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Singapore has overtaken San Francisco as the city with the highest concentration of rapidly expanding startups for the first time, according to the 2025 Hypergrowth Startup Index released today by HubSpot for Startups.

The annual report, produced in partnership with PitchBook, analyses the top 100 fastest-growing companies and unicorns. The findings indicate a significant evolution in the startup ecosystem, with sustainable business models and strategic partnerships now prioritised over unchecked rapid growth and massive funding rounds.

Also Read: The DeepSeek debate: Opportunity or overhype for startups in ASEAN?

The report reveals a notable shift in investment trends. While monthly deal counts have decreased by 50 per cent from 20,000 in 2021 to 10,000, the average deal size has increased by nearly 43 per cent, rising from US$35 million in 2023 to US$50 million in 2024. This suggests investors place greater emphasis on long-term viability rather than sheer scale.

Asia is becoming a central force in global innovation, with China’s emerging presence in Shanghai and Beijing alongside Singapore’s leading position. While other hubs like London continue demonstrating strong performance, the focus is shifting eastward.

Artificial intelligence (AI) is significantly reshaping the startup landscape, with a particular emphasis on sustainable growth strategies.

Interestingly, traditional sectors are exhibiting surprising strength in growth rates. The energy sector leads with a 37 per cent growth rate, slightly ahead of IT at 36 per cent and B2B companies at 35 per cent. Commercial services companies are also strong performers, with an average growth rate of 30 per cent.

“This data validates what we’ve been seeing across our startup ecosystem. Companies that focus on building strong customer relationships from day one are outperforming those that prioritise rapid scaling above all else,” said Laurence Butler, Head of HubSpot for Startups.

Strategic partnerships are proving to be highly valuable in the current market. Joint ventures are seeing average deal sizes of US$9.9 billion, four times larger than traditional buyout deals. Early-stage venture capital remains robust, accounting for 46 per cent of deals in the fastest-growing segment, with seed-stage deals maintaining stability at approximately 50 per month.

Also Read: Small business, big impact: How AI is democratising entrepreneurship

Exit patterns are also evolving, with mergers and acquisitions dominating at 43 per cent, while initial public offerings (IPOs) represent only 6 per cent of recent exits. However, there was nearly a 50 per cent increase in IPOs between 2023 and 2024, hinting at a potential rebound in public markets.

HubSpot for Startups aims to support the next generation of successful companies by offering discounted software and resources. HubSpot Ventures has also invested in companies like Clay and G2.

The post Singapore surpasses San Francisco as world’s top hyper-growth startup hub appeared first on e27.

Southeast Asia’s tech startup ecosystem witnessed a slight uptick in funding activity in March 2025, with total funding reaching US$99.5 million across 22 rounds.

This figure represents a notable 10.31 per cent increase compared to the previous month, February 2025.

However, the total funding for March 2025 was a steep 82.1 per cent lower than the funding secured in the same month last year.

Also Read: Singapore surpasses San Francisco as world’s top hyper-growth startup hub

According to data compiled by startup intelligence platform Tracxn for March 2025:

• The region reported 15 seed-stage, six early-stage, and 0ne late-stage rounds.
• Iterative emerged as the most active venture capital firm in the region, participating in seven rounds, including Seedflex and six others.
• Other active VCs during the month included 1982 Ventures, TheVentures, and Ignite House.
• Notable deals included Higala and Filum, each closing one round of funding.

Also Read: Fundraising remains tough in ASEAN despite capital stabilisation: January Capital report

According to a recent report by January Capital, overall funding for ASEAN technology companies began stabilising in the latter half of 2024.

However, the total number of deals completed witnessed a 23 per cent year-on-year decrease, with seed and early-stage funding experiencing the most significant contraction.

A closer examination of funding by stage indicates a growing scarcity of dedicated seed capital. While the seed-stage deal count saw the most significant decline in H2 2024, Series A and B financing stages show signs of stabilisation.

Notably, the amount of capital deployed stabilises, with Series A, B, and C deal values showing either half-on-half or year-on-year improvement in the latter half of 2024. Nevertheless, the seed stage remains the most constrained in terms of capital availability.

Having said that, fundraising remains a paramount challenge for founders in Southeast Asia, with 74 per cent of surveyed founders identifying it as one of their top three hurdles.

The post SEA’s startup funding rebounds slightly in March, but y-o-y dip remains steep appeared first on e27.

The answer is very easy: just get the sales function handed over to someone outside your core teams.

There’s a seductive temptation to outsource the messiest, toughest function in business: sales. It’s not hard to see why. You’re battling product development, raising funds, managing a team, and building infrastructure, so why not hand sales to the “experts” while you focus on what matters, right?

Wrong!

Sales: The heart of your startup

Outsourcing sales in a startup is like outsourcing your soul;  it’s an integral part of your business, your culture, and your lifeblood. You give it away, you lose touch, and you’re left with little control over the single most important metric: growth.

When you’re in the early stages of building a business, your product is a moving target. It’s evolving, iterating, and refining with every user interaction. Sales is the frontline of feedback.

Your core team needs to be embedded in this process to understand customer pain points, needs, and preferences. This isn’t something you want to delegate to someone whose only stake is a paycheck and who has sold only standard easy-to-sell packs of banner inventory. When you outsource, you risk missing the unfiltered, raw insights that lead to better product decisions.

Also Read: How to use the psychology of gamification to grow e-commerce sales

If your team isn’t hearing customer objections, pricing concerns, and product feature requests firsthand, you’re disconnected from reality. That detachment slows progress. Salespeople aren’t just closers; they’re data gatherers who are essential to product development.

The dangers of outsourcing sales too early

Outsourced sales teams thrive on process, repetition, and predictability. But startups, especially in the early stages are messy, full of unknowns and pivots. Your product isn’t standardised yet, your customer base is still being defined, and your positioning is evolving. Outsourced teams excel at selling standardised packages, not fluid concepts that are in the experimental phase.

Outsourcing before you’ve hit a point of inflection, before your product has matured, can result in poor customer experiences and lost opportunities. Sales is more than just pitching; it’s about teaching and evangelising. You need people who know the company inside and out, people who are passionate about the mission, not mercenaries who are just passing through.

Outsourcing can often attract gravy train artists – people who’ve spent their careers selling established products, with clear price tags, to clients who already know what they want. They’re used to hopping on the train after it’s left the station, and they’re not the kind of people you want on your team. You’re in the trenches, grinding it out, and they’re just trying to make a quick buck by riding your coattails.

Startups demand hustlers who are comfortable with uncertainty, people who can roll with the punches and think on their feet. The gravy train artists are uncomfortable with ambiguity and friction; they don’t understand the hard work of creating something from nothing.

Then there are the “advisors” who promise to bring in big deals or land major clients if you just give them a few percentage points of equity. Here’s the truth: if someone is willing to trade their time for a sliver of your company, they’re not betting on your future; they’re hedging their bets on you doing the hard work. These promises are almost always smoke and mirrors. No one will sell your company as effectively as you and your core team will.

Your equity is sacred, and giving it away to anyone who says they can deliver isn’t just dangerous — it’s reckless. Save your equity for those who are in it for the long haul and who actually contribute to your growth in a measurable, tangible way.

Also Read: How to attract the first thousand users to your marketplace

Sales isn’t just another function, it’s a core strategic lever in your business. Handing it off too early is like outsourcing your product development or your culture. At the heart of every great startup is a deep connection between the team and the customer, and sales is the bridge that holds it all together.

Until you hit a point where your product is standardised, your customer base is defined, and you have repeatable, scalable processes in place, sales belong to the founders and the core team. Only then, once the foundation is solid, can you think about bringing in an external team to scale the operation.

Final thoughts

If you’re building a startup and are not hell bent on killing it in the first 12 months, keep sales in-house. Own it. Live it. Breathe it.

Sales is more than closing deals — it’s about learning, adapting, and pushing your company forward. You can’t outsource that. Not until you’ve hit that magical point of inflection where the sales process is so refined that it practically runs itself. You will know when you get there.

Until then, keep it close and beware of those who promise shortcuts, they’re almost always detours.

—

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.

Join us on Instagram, Facebook, X, and LinkedIn to stay connected.

Image credit: Canva Pro

This article was first published on September 16, 2024

The post How to kill a startup in one move appeared first on e27.

Dear reader,

The Philippine startup ecosystem’s remarkable growth signals a maturing market increasingly attractive to global investors. The surge in deal flow, foreign direct investment, and digital innovation reflects a dynamic economy underpinned by strong fundamentals. With GDP growth surpassing regional peers and a burgeoning middle class driving consumer demand, the country presents a fertile ground for tech-driven entrepreneurship.

Fintech remains at the forefront, with digital payments gaining widespread adoption, while sectors like cleantech and digital health show immense promise. However, the lack of investors in the US$10–20 million range suggests a funding gap that could hinder startups seeking to scale. Bridging this gap will be critical to sustaining momentum.

Yet, challenges persist. Healthcare infrastructure remains inadequate, with medical inflation and workforce shortages posing systemic risks. The agricultural sector, despite its potential, struggles with productivity and financial inclusion. Likewise, MSMEs—integral to the economy—continue to face limited access to credit.

Government initiatives, combined with venture capital’s growing role, can help address these issues. As international confidence in the Philippines rises, sustained policy support and innovation will be key to ensuring the country’s tech ecosystem realises its full potential in the global market.

Sainul,
Editor.

—–

REGIONAL

Philippine startups break records in 2024: What’s driving the boom?
The Philippine startup scene is booming with record investments and fintech growth—but can it sustain momentum amid lingering challenges?

Singapore’s AnyMind completes acquisition of e-gifting company AnyReach
This marks AnyMind Group’s 10th acquisition and the fifth M&A of a Japan-based company | AnyGift allows online merchants to integrate e-gifting functionality into their checkout carts.

Malaysia approves US$29.64M initial funding for seven ECF, P2P platforms
The Ministry of Investment, Trade and Industry (MITI) said in a statement that the ECF platforms are pitchIN, Mystartr, Leet Capital, and Crowdo while the P2P platforms are Funding Societies Malaysia, CapBay, and B2B Finpal.

Granite Asia, Japan’s Integral Corporation form joint venture
The joint venture seeks to support high-growth technology companies entering the Japanese market | It also aims to assist Japanese firms in expanding internationally, particularly in Southeast Asia and other growth regions.

SEA embraces crypto payments, but security and merchant adoption lag
For 51% of respondents in the region, the speed and efficiency of transactions are the paramount reasons for embracing crypto payments | However, security risks were cited by 43% of users as a major barrier.

Millennials, Gen Z will shape 79% of SEA’s fintech landscape by 2030: Report
By 2030, UnaFinancial anticipates the total number of fintech users in the region to reach 505.6 million from the current 400 million.

Blibli posts 14% revenue growth in 2024
The Indonesian omnichannel commerce firm’s direct sales business grew 66% to US$51.89M | Meanwhile, its marketplace sales, including travel and lifestyle products on tiket.com, rose 26% due to higher customer demand.

SeaX Ventures unveils US$6M climate fund to back startups focusing on carbon reduction
SeaX Zero plans to invest in 15 to 20 startups by the end of 2025, deploying initial cheques between US$100,000 and US$500,000.

Flagright clinches US$4.3M to bolster AI-native anti-money laundering solutions
The investors include Frontline Ventures, Y Combinator, and Pioneer Fund | Flagright’s no-code platform offers a centralised solution encompassing dynamic risk scoring, automated case management, real-time transaction monitoring, and AML screening.

Singapore Deep Tech Alliance charts new course for impact-driven innovation
The SDTA has marked the past year with significant milestones, including the launch of a non-profit division, which is designed to leverage philanthropic and catalytic capital for projects outside the traditional venture capital model.

Singapore’s Elev8 Venture Partners leads US$50M funding round in smallcase
smallcase has developed a platform for model portfolios of stocks and ETFs, also called smallcases, for individuals to take a diversified approach towards building their long-term portfolios with full transparency and control.

1337 Ventures invests in Philippines-based Betterteem
Betterteem is a business intelligence platform that leverages AI to predict and mitigate employee resignations while enhancing workplace satisfaction | It has secured clients in Thailand, Singapore, South Korea, and the Philippines.

NUS expands BLOCK71 to Tokyo, strengthening Singapore-Japan deeptech collaboration
BLOCK71 Tokyo will serve as a crucial hub for Southeast Asian technology-driven startups seeking to expand into Japan | This follows the inauguration of its first Japanese location in Nagoya in November 2024.

Ex-software company Monday.com exec joins VC firm Entrée Capital
Yoni Osherov previously served as chief revenue officer at monday.com, where he helped scale the company from US$10M to over US$1B in annual recurring revenue | He was also part of the team that took the company public in 2021.

INTERNATIONAL

Elon Musk says xAI acquired X
The combination values xAI at US$80B and X at US$33B (US$45B less US$12B debt | The acquisition places X firmly under the umbrella of Musk’s AI startup, which he founded in 2023 to compete with OpenAI.

Trump says TikTok sale deal to come before Saturday deadline
Trump set the April 5 deadline in January for TikTok to find a non-Chinese buyer or face a US ban on national security grounds due to have taken effect that month under a 2024 law.

Blackstone reportedly eyes TikTok US minority stake
The discussions involve Blackstone potentially joining ByteDance’s non-Chinese shareholders, including SIG and General Atlantic | The proposal aims to restructure TikTok’s US business by spinning off its operations into a separate entity.

Taiwan releases first startup ecosystem report
The document indicates that there are 9,576 Taiwanese startups listed on FINDIT, a government-supported information platform | These startups operate in various sectors, including healthcare, media, entertainment, food, hardware manufacturing, and software.

OpenAI must go for-profit by 2025 to secure US$40B
If the restructuring isn’t completed within the year, the funding could be reduced to US$20B | The Wall Street Journal first reported this, stating OpenAI has been under a two-year timeline since its last financing round to complete the transition.

France fines Apple US$162M over app tracking transparency
France’s Competition Authority stated that the company’s App Tracking Transparency (ATT) feature unfairly disadvantages third-party publishers and advertising service providers | Apple is also required to publish the decision on its website for seven days.

Facebook ads promote illegal West Bank settlements
These ads included calls for demolishing Palestinian homes and fundraising for Israeli military units in Gaza | Meta said the ads were reviewed before being published, but did not clarify whether promoting illegal settlements violated its advertising standards.

Korean AI startup Wrtn raises US$73.5M Series B
The investors included Goodwater Capital, BRV Capital, and Antler | This marks the first time a Korean AI service platform outside the large-language model and semiconductor sectors has surpassed 100 billion won (US$67.76 million) in total investments.

ByteDance pressures US team as TikTok Shop falls short
TikTok’s shopping division failed to hit its goals in the US last year, and leadership is cracking down, company insiders told Business Insider | During a call, Bob Kang, the company’s China-based e-commerce head, singled out the US team as underperforming.

BYD targets 800K overseas EV sales by 2025
To address potential tariff challenges, BYD plans to assemble vehicles locally while sourcing key components from China | It’s building factories in Brazil, Thailand, Hungary, and Turkey but has no plans to enter the US or Canada due to tariffs.

SEMICONDUCTOR

From lab to fab: Inside Applied Ventures’s stage-agnostic deep tech investments
Applied Ventures’s Global Head Anand Kamannavar speaks about the key focus areas, investment criteria, trends, and expansion.

Malaysian chip designer SkyeChip secures investment from Gobi Partners
The funding will bolster SkyeChip’s talent acquisition, business expansion initiatives, and working capital | SkyeChip designs and develops semiconductors for cutting-edge applications in areas such as AI and high-performance computing.

AI boom drives increased demand for semiconductors: Industry leaders
According to industry leaders at the Nano Electronics Roadshow and Conference, they observed a sharp uptick in semiconductor consumption, with expectations for substantial growth moving forward.

ARTIFICIAL INTELLIGENCE

Unlocking your creativity and productivity with AI content tools
The secret is to recognise the obstacles to productivity and use cutting-edge technologies to go over them.

The creative revolution: AI’s role in the future of art
AI is reshaping creative industries, offering new tools while raising concerns about originality, copyright, and jobs.

Is AI the end of originality or a new dawn for creativity?
The future of creativity extends beyond adapting to AI; it’s about riding the wave to unlock new imaginative dimensions.

AI infrastructure: The unsung hero of technological innovation
While AI’s applications and ethics dominate discussions, the crucial infrastructure powering its development remains a silent force shaping our future.

Responsible technology and AI: Shaping Asia’s digital future
Hong Kong leads responsible AI development in Asia, balancing innovation with ethics through governance, transparency, and inclusivity.

THOUGHT LEADERSHIP

Interpreneurs: The key to successful global growth
Interpreneurs are an evolution of the agile innovators who operate within a distributed workplace that is becoming increasingly global.

From classroom to boardroom: How Singapore’s universities nurture future investment leaders
Singapore’s universities actively foster entrepreneurship and innovation skills among students, enabling them to thrive in dynamic business landscapes.

Beyond the pitch deck: How founders can leverage personal branding for startup success
Personal branding can be a game-changer for startups, attracting the right talent, securing crucial funding, and building a loyal customer base.

How Category Design drives productivity and efficiency
Category Design challenges you and your team to not only think bigger, but differently; it’s your opportunity to lead, not follow.

Mastering LinkedIn: Strategies for building a compelling personal brand
Highlighting three key questions professionals face when building a personal brand on LinkedIn, focusing on unique stories, visibility, and perception.

Doomscrolling, data, and decentralisation: Is social media finally ready for a change?
Endless scrolling harms mental health—can decentralised social media (DeSOC) break Big Tech’s grip and restore meaningful online connection?

Design for success: The entrepreneurial playbook for a competitive market
From breastfeeding struggles to a patented baby bottle design: How one mum-turned-founder built Hegen by listening, iterating and persisting.

Lifted by women, leading with gratitude
Grateful for the women who shaped my career, I now strive to lift others fostering inclusion, mentorship, and empowerment in every role.

Why startups fail: Lessons from immigrant entrepreneurs who beat the odds
Discover why most startups fail and how immigrant entrepreneurs succeed through resilience, adaptability, and strategic problem-solving.

US consumer confidence dips: How it’s hitting Asian stocks, crypto and beyond
Asian markets tread cautiously as Trump’s tariff plans loom, impacting stocks, currencies, and crypto amid shifting economic trends.

US tariffs vs crypto wins: An economic shift
Trump’s 25% auto tariff shakes markets, impacts industries, fuels crypto shifts, and raises big questions on trade, inflation, and policy.

Embracing sustainability: A circular design perspective on e-waste
Explore sustainable design’s impact on tackling e-waste, focusing on responsible product lifecycles and recycling for a greener future.

How fintech in Asia is enabling and making education affordable for everyone
Financing has always been the key barrier for enrolment and retention, and is a top-of-mind issue for schools.

Navigating the diverse crypto regulatory landscape in Southeast Asia
Cryptocurrency regulation and adoption in Southeast Asia vary widely, reflecting each country’s unique circumstances.

How to tackle employee mental health to build a resilient workforce
World Mental Health Day is the perfect opportunity to reflect on how organisations have supported their workforce.

The post Ecosystem Roundup: Philippine startups break records in 2024 | xAI acquires X | AnyMind completes acquisition AnyReach appeared first on e27.

Singapore-based business-process-as-a-service (BPaaS) company AnyMind Group has announced its tenth acquisition with the full takeover of AnyReach, a Japanese e-gifting company.

AnyReach will continue to operate under its existing brand name.

The integration of AnyReach is expected to yield significant synergies, accelerating AnyMind Group’s growth in the e-commerce and e-gifting space. By combining AnyGift with AnyMind’s existing e-commerce management platform, AnyX, and influencer marketing platform, AnyTag, the company aims to create enhanced value propositions for corporate e-commerce strategies and drive further market expansion.

Also Read: AnyMind Group sets foot in Malaysia by acquiring e-commerce enabler Arche Digital

Furthermore, AnyMind intends to leverage its extensive presence in Southeast Asia to facilitate the international expansion of AnyReach’s e-gifting solutions.

As part of the acquisition, AnyReach CEO Kosuke Nakajima will join AnyMind’s leadership team in Japan to spearhead a unified growth strategy.

This acquisition marks AnyMind Group’s fifth foray into the Japanese market through mergers and acquisitions since its inception in 2016. The company has strategically leveraged acquisitions to bolster its business foundation and expand its presence across 15 markets.

AnyReach’s flagship offering, AnyGift, enables online merchants to integrate e-gifting functionality directly into their checkout processes. The platform allows end-users to send both physical products and redeemable gifts without needing the recipient’s address.

Currently, over 700 companies in Japan utilise AnyGift.

This acquisition comes at a time when Japan’s e-commerce market is projected to reach approximately US$257 billion by 2027, indicating significant growth potential in the e-gifting sector.

Konosuke Nakajima, CEO of AnyReach, stated: “We founded AnyReach in 2021 with the mission to create a global e-gifting platform. In less than three years, AnyGift has been adopted by over 700 companies, solidifying its position in Japan. By joining forces with AnyMind Group, which operates in 15 countries and regions, we can expand globally and continue innovating beyond digital gifting, incorporating offline experiences as well. Together, we aim to build the world’s No.1 platform in the gift-tech industry.”

Kosuke Sogo, CEO and co-founder of AnyMind Group, commented: “With this acquisition, our 10th M&A deal and fifth in Japan, we are accelerating our expansion in the e-commerce space. By combining our technology and expertise in marketing and e-commerce with AnyReach’s e-gift platform, we will provide new value to enterprise e-commerce strategies, support brand growth, and deliver unique purchasing experiences to consumers worldwide.”

Also Read: AnyMind’s Q3 revenue surges 53% on strong D2C, e-commerce platforms growth

Founded in April 2016, AnyMind Group operates as a BPaaS company across marketing, e-commerce, and digital transformation. The company offers end-to-end solutions encompassing digital commerce, marketing, logistics, customer engagement, data and AI utilisation, publisher monetisation, and creator monetisation.

As of December 2024, the group serves over 1,000 enterprises for marketing, 176 enterprises for e-commerce, 1,818 publishers, and 2,900 creators, with over 1,900 staff across 24 offices in 15 markets, including several in Southeast Asia.

AnyReach, established in 2021, also operates AnyGift Wedding, a wedding gift selection service, and AnyCampaign, a digital gift service for corporate promotions.

The post AnyMind Group acquires Japanese e-gifting platform AnyReach in strategic expansion appeared first on e27.

Granite Asia, a multi-asset tech investment platform based in Singpore, and Integral Corporation, Japan’s publicly listed private equity firm specialising in buyouts, have announced the formation of Granite-Integral.

This joint venture (JV) aims to invest in high-growth companies with strong ties to Japan, supporting technology scale-ups looking to expand into the Japanese market and Japanese companies seeking opportunities for international growth.

Granite-Integral launched with an initial committed capital of US$100 million, with both partners contributing equally. It aims to be a key facilitator of cross-border technology growth between Japan and the rest of the world.

Also Read: Vertex Ventures Japan launches with US$67M fund to propel Japanese startups globally

Integral Corporation will participate in the JV through its technology growth investment arm, Integral GlobalTech Partners Corporation. The JV will combine Granite Asia’s extensive insights and connectivity within the global technology ecosystem with Integral Corporation’s renowned operational value creation capabilities and robust access to the Japanese market.

The core strategy of Granite-Integral revolves around fostering deeper integration between Japan and global markets, facilitating two-way expansion and cross-border growth opportunities.

Japan’s accelerating digital transformation presents a significant opportunity for global technology, automation, and enterprise software companies. However, navigating the country’s regulatory, cultural, and business complexities poses a considerable challenge.

Conversely, as Japanese enterprises seek growth beyond their domestic market, particularly in Southeast Asia and other high-growth regions, they require capital, strategic partnerships, and access to global innovation ecosystems to scale effectively.

“With over two decades of experience investing in technology globally, Granite Asia has consistently identified and nurtured transformative opportunities,” said Jixun Foo, Senior Managing Partner at Granite Asia. “Our partnership with Integral Corporation through Granite-Integral allows us to leverage Japan’s stable and mature market, enhancing the resilience and diversification of our multi-asset investment platform.”

Integral brings to the JV its proven expertise in mid-market private equity, a strong Japanese network, deep insights into the Japanese market, and a renowned capability in operational value creation.

This includes enhancing portfolio company performance through operational improvements, strategic guidance, and value enhancement initiatives honed over years of successful private equity investing in Japan.

“Japan is widely recognised as an attractive yet challenging market for foreign companies due to its unique cultural and regulatory landscape,” said Reijiro Yamamoto, founding Partner and Representative Director of Integral Corporation. “Through our partnership with Granite Asia in establishing Granite-Integral, we combine our deep operational expertise and understanding of the Japanese market with Granite Asia’s extensive experience in technology investments across Asia-Pacific. This collaboration provides a strategic platform to navigate market complexities, enabling high-growth companies to successfully enter and thrive in Japan”.

Also Read: AnyMind Group acquires Japanese e-gifting platform AnyReach in strategic expansion

Granite-Integral will be jointly led by CK Choun, Head of Integral GlobalTech Partners Corporation, and Joe Yan, Operating Partner at Granite Asia.

Granite Asia, headquartered in Singapore, has assets under management totalling US$5 billion and invests across the APAC region.

Integral Corporation, founded in 2007, is an independent Japanese private equity company investing in listed and unlisted companies in Japan.

From Mobile Wallets to Instant Payments: The Next Wave of Fintech in Southeast Asia

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The financial services industry is expected to grow exponentially as economies become more digitised. As a result, consumers are in a cycle, expecting their financial transactions to be fast, secure, and seamless. This demand behaviour is driving rapid growth in the digital payments market across countries as businesses and consumers seek more efficient payment solutions to match the pace of technological development.

Businesses often rely on banks for their cross-border payment needs. While most continue to do so, the share of non-bank providers is rising steadily. Rising competition is driven by the rapid growth of non-bank cross-border payment providers, spurred by the expansion of e-commerce, digital, and financial inclusion. As a result, transactions in these areas are anticipated to grow substantially, offering businesses new channels to tap into global markets.

The rise of non-bank cross-border transactions

Businesses are turning to non-bank cross-border payment providers mainly for three reasons. First, non-bank providers offer more flexible foreign exchange rates. As a resuly, operational costs and business liquidity for businesses often with smaller capitals are affected.  Second, besides profit maximisation, non-bank providers address challenges related to cost, speed, and technology transparency. Being highly adaptable and frictionless is traditionally associated with cross-border payments. Consequently, being early adopters of blockchain can create trust in these transactions.

Lastly, non-bank providers have long used APIs to their advantage, serving as software bridges that communicate seamlessly with each other. According to the Bank for International Settlements, APIs can make cross-border payments faster and more efficient by reducing manual interventions and facilitating timely data exchange across the payment chain. Integration has two benefits – reducing frontend loads and significantly lowering overheads – allowing businesses to thrive in a more competitive environment.

When it comes to cross-border payments, non-bank providers can bridge the gap for businesses of any size, even if formal financial services elude them. As a result, more companies are turning to non-bank providers like Tranglo to meet their needs, and in this partnership, they have found a niche.

Get to know Tranglo and their mission to address these challenges

Tranglo, a cross-border payment company that started in Malaysia, has gone global with a simple approach to business – by putting people right in the heart of its daily operations. Thousands of companies, including global giants like Singtel, Alipay and Al-Ansari, leverage Tranglo’s cross-border payment solutions daily to help millions of individuals across 100 countries transact.

Owned 60% by NASDAQ-listed CURRENC Group Inc. and 40% by Ripple, Tranglo is now one of Asia’s leading cross-border payment hubs. It provides smart services for foreign remittances, business payments, and airtime top-ups. Armed with a global network, Tranglo prides itself on pioneering technology that makes cross-border transactions faster, cheaper, and more secure. Their products can be described in Tranglo Connect, Tranglo Business, and Tranglo Recharge. 

Streamlining foreign remittances with Tranglo Connect

At Tranglo, the focus is on maximising affordability, connectivity, and service to help users achieve their growth objectives. Tranglo Connect is their foreign remittance solution for businesses that want to start letting their customers send money home quickly, safely, and reliably from anywhere globally.

This solution works whether the business operates a brick-and-mortar money service business or has a mobile remittance app. Tranglo gives them full access to all payment methods. Businesses are given immediate access to more than 100 countries, payout options at 300+ mobile operators, 2,500+ banks, 80+ wallets and 60+ cash pickup services with thousands of touchpoints, and global switching, forex, settlement and risk management.

Providing transaction flexibility with Tranglo Business

Recognised as one of the top cross-border remittance players globally by the International Association of Money Transfer Networks (IAMTN), Tranglo offers a robust solution for businesses with a Money Service Business (MSB) licence. Tranglo Business provides a flexible payout solution, accommodating a variety of transactions from company to company or individual to individual payments, covering everything from goods and services. 

Powered by single-API technology, their solution connects your business to Tranglo’s extensive network. This network spans over 100 countries and all major currencies. Utilising a real-time gross settlement and currency exchange system, it adapts to your payment habits over time.

Securing mobile payments with Tranglo Recharge

Lastly, with support to over 100 countries, Tranglo Recharge allows for mobile payment at the fingertips with the broadest network for airtime top-ups and mobile credit. Businesses can now offer more accessible and faster cross-border airtime/data reloads that satisfy customers’ needs. Tranglo Recharge also lets customers use or send airtime credit to pay bills in their home countries at their convenience.

Both telcos and non-telcos utilise this solution. Major domestic and international telco providers, along with fintech enablers like ATX, connect users to countries such as the Philippines, Indonesia, Bangladesh, Pakistan, and Nepal.

What sets Tranglo apart

Tranglo’s vision includes unlimited possibilities through inclusive and accessible payments. Since its inception, the company has collaborated with over 3,000 partners and processed over 200 million transactions. It has also surpassed a total transaction value of US$25 billion. This shows their commitment to providing a seamless experience for cross-border payments.

Traditional banks often charge high fees, have slow processing times, and face regulatory complexities. Meanwhile, Tranglo Business uses proprietary technology to integrate directly with financial systems. This eliminates the need for intermediaries, cuts through financial red tape, and enables businesses to manage cash flow more efficiently.

Tranglo customers are part of a trusted network in 100+ countries for maximum coverage. They are given access to an intuitive partner portal with simple API and flexible contracts. This portal is designed to meet any business needs. Tranglo utilises an FX management dashboard with transparent live quotes, a mid-rate spread, an integrated pricing and conversion platform, and trade and wallet tracking. This allows for complete transparency in the transactions.

Its cost-effective and speedy processes allow businesses to operate simply. Businesses can easily sign up with its intuitive API integration. Significantly, Tranglo takes care of their automatic compliance and world-class security monitoring. Tranglo specifies access to 24/7 monitoring and cutting-edge security protocols to keep transactions safe and sound. Businesses can rest knowing that their transactions are in good hands.

For more information, visit their website: www.tranglo.com

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This e27 team produced this article, sponsored by Tranglo

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Featured Image Credit: Tranglo

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In the startup world, everyone loves a bull market. Money flows, valuations skyrocket, and founders feel invincible. The problem? Most don’t plan for what happens next. The reality is that the best companies aren’t just built to thrive in a bull run but designed to survive (and even profit) in a bear market.

The difference between a company that fizzles out when capital dries up, and one that endures lies in how they manage their treasury, squeeze margins, and play the long game.

Learning from the past: Business cycles and survivors

The typical startup playbook suggests that solving a problem and growing with external capital is enough. But if you look at the history of business—whether it’s manufacturing, rubber, commodities, or financial services—the real winners aren’t just problem-solvers. They’re the ones who know how to optimize for both booms and busts.

Take the rubber industry in the early 1900s. During demand surges, rubber manufacturers didn’t just expand—they diversified their supply chains, locked in long-term contracts, and built financial reserves. When prices inevitably crashed, the smart players weren’t scrambling for capital. They had war chests to acquire struggling competitors and ride out the downturns. The same logic applies today, whether you’re running a SaaS company or a Web3 startup.

Yet, many modern startups operate like the bull market will never end. We saw this in 2020-2021, when easy capital led to bloated valuations, aggressive hiring, and reckless spending. Fast forward to the current market, and many of those same companies are slashing costs, laying off employees, and scrambling to stay afloat.

Also Read: Bear necessities: Navigate the downturn with innovation

The businesses that survive aren’t the ones that raised the most money in the bull run—they’re the ones that managed their treasury wisely and built bear-proof strategies.

Maximising treasury in a bull market

Bull markets create an illusion that capital is infinite. Founders get comfortable with high burn rates, assuming they’ll always be able to raise more. But the most successful companies know that bull runs are when you build a financial buffer—not when you ramp up spending uncontrollably. When money is cheap, securing enough capital to sustain operations beyond short-term cycles becomes critical.

Apple, even when flush with cash, issued debt at ultra-low interest rates, ensuring liquidity without touching reserves. The best founders take advantage of favorable conditions to create optionality rather than relying on the assumption that another funding round will always be there.

Beyond securing capital, the smartest companies use bull markets to build diversified revenue streams rather than relying on a single growth channel. Amazon’s decision to invest in AWS instead of funnelling everything into retail proved to be one of the most strategic pivots in tech history. Instead of pouring every dollar into customer acquisition, investing in secondary profit centres can create a cushion when primary revenue streams slow down.

At the same time, keeping hiring disciplined during good times prevents the painful cycles of layoffs when market conditions inevitably tighten. Automation, process efficiency, and conservative financial management should be built in early, not just in response to a crisis.

Squeezing profit margins in a bear cycle

Bear markets, rather than being seen as a time of survival, should be treated as an opportunity. The companies that win in downturns are the ones that look at cost-cutting strategically rather than as a panicked response.

Instead of gutting entire departments, reviewing inefficiencies in software spending, renegotiating vendor contracts, and optimising marketing spend can extend runway without compromising execution. Tesla, during supply chain disruptions, prioritised its highest-margin models, ensuring that even if unit sales dipped, profitability remained intact. Leaner operations don’t have to mean shrinking the business—it means making every dollar work harder.

Pricing power is often overlooked in downturns, but the companies that can retain or increase pricing during tough times have a significant advantage. Salesforce, despite market pressures, raised prices because its software had become too embedded in enterprise workflows to be easily replaced. Companies that focus on delivering irreplaceable value can avoid the race to the bottom that kills so many businesses in downturns.

And while some companies are forced to retreat during bear markets, the strongest players go on offense. JPMorgan’s acquisition of Bear Stearns during the 2008 financial crisis wasn’t just about survival—it was about consolidation and long-term positioning. Acquiring struggling competitors at discounted valuations is a move that pays off when markets rebound.

Also Read: Beyond growth: Why succession planning matters for startups

The startups that truly win aren’t the ones that maximise every bull run or minimise every bear cycle—they’re the ones that build in a way that makes both irrelevant. This means designing businesses that don’t rely on external capital to survive and that have the flexibility to adapt to market conditions. Every founder should assume that at some point, raising capital will be impossible.

Having at least 18-24 months of runway, even without outside funding, should be the goal. Too many startups focus on raising money as their main goal instead of making money. When profitability is prioritised, fundraising becomes an option rather than a necessity.

The long-term mindset: Winning beyond market cycles

The best founders aren’t playing the short-term game of riding market cycles—they’re building businesses that can withstand any environment. Maximising treasury in a bull run and squeezing profit margins in a bear cycle isn’t about reacting to market conditions, but anticipating them.

VC-backed startups and first-time founders can learn a lot from businesses that have been through decades of ups and downs. The key takeaway? Build like the market won’t always be in your favor. Because it won’t be. Those who plan accordingly won’t just survive the next cycle; they’ll come out of it stronger, ready to dominate when the next opportunity arises.

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Inclusion and diversity is an interesting yet polarising topic — one that’s very close to my heart. Let me be clear upfront: this piece is not a research article with data studies and market facts about I&D boosting business performance.

Rather, it’s a true reflection of how I’ve been personally lifted by women in my life — celebrating them and what I can give back, not from a transactional perspective, but because it’s the best we can do as human beings.

As a Malaysian-Australian who grew up in Brisbane and worked in the coal mines (yes, actual coal mines!), I’ve experienced my fair share of both ignorant and casual racism. Beyond race and gender (which I honestly believe many corporates still get wrong), I truly believe inclusion should extend to what you study, your background, and your ultimate will to achieve something meaningful.

Anyways, it’s March — Women’s History Month (and IWD earlier this month too) —so I’m not going to take the spotlight with my own personal Asian upbringing story (perhaps I’ll save this for another writeup sometime). Instead, I want to share how I have personally been lifted by women and how I now dedicate myself to lifting them too, through two major areas:

• Old school industries like mining, in Australia
• Operating startups in Southeast Asia, including my own

First of all, I want to make it very clear — I grew up raised by women (my mum and sister, while my dad worked overseas). In fact, my friends often point out certain ‘feminine’ elements to my behaviour at times.

And before going further—my mum is one of the strongest figures in my life, women-or-not, period. She left her own family, did long-distance with my dad, and raised my younger sister and me single-handedly when moving to Australia—no friends, family, or anyone supporting her directly. And she did a very well done job.

My first industry (mining) was a challenging ground. For me personally, it was already tough enough being a ‘baby-faced Asian supervisor managing over 60 operators. I was way out of my comfort zone. But I had the pleasure of working with some of the most amazing, strong women who shaped my career trajectory.

Specifically, I had direct women managers who took my career to the next level, and I have nothing but eternal gratitude for them. My first manager saw that I was initially struggling to transition into my new role, coming off my first graduate year which was (looking back now) absolutely traumatising (I later realised I was being bullied by the corporate hierarchy).

Also Read: Meet the trailblazers: 7 female founders from SEA selected for EY’s Entrepreneurial Winning Women 2025

Though our time together was brief before she left for Canada, I remember discussing my development goals to explore something more commercial (I was in deep engineering at the time, punching out drawings and plans). Shortly after she departed, I received a secondment offer for a McKinsey project at our operations — working with financial controls. This became one of the most pivotal moments in my career.

My second manager is, to this day, a very dear friend. We were both thrown into the deep end together — she from a commercial and contracts background, me from engineering — tasked with optimising haulage production on site. We had intense meetings, endless discussions, and even caught up often after work.

We built a whole new team and strategy together — not just sharing the highs, but supporting each other through the absolute emotional lows. Our strong friendship continues even though we’ve parted ways professionally. BHP always emphasised strong I&D initiatives — and I’m proud to have adopted that culture for my future teams.

Fast-forward to operating startups in Southeast Asia. About two years after leaving mining and moving to Singapore, I found myself at a startup called Quqo, managing a team of three young women.

If I could brag a bit, I believe our team was the tightest-knit one in the company. We had our own special bond — gifting each other for birthdays and Christmas, celebrating our little team wins with bubble tea. I treated them almost like my younger sisters and, as their line manager, stood up for them when necessary.

Beyond this, it was all about development and learning from one another. We ran marketing and communications (let’s be real — I don’t have an actual background in any of these, I just knew what needed to be done for the business). I gave these young ladies complete freedom for creativity and regularly aligned tasks to their personal goals.

Our digital marketer wanted to learn more paid advertising skills, so I got her involved with LinkedIn campaigns. Our graphic designer wanted more experience with UX/UI. Our operations admin was studying for her MBA and wanted broader business exposure. In return, they gave me a sense of belonging in Vietnam—a completely different culture from my own — spoke English for me (despite my terrible attempts at Vietnamese), and taught me valuable skills in marketing and design.

Also Read: Two decades on: Women in tech see culture shift and growing satisfaction

At LFG, my own travel startup, we operated with a predominantly “girl-squad” of interns for our marketing and product teams. Not because of I&D quotas or trying to look like a woke Gen Z startup, but because they genuinely understood the vibe and needs of the LFG brand. These women helped me not only shape but execute the vision I wanted: fun, outgoing, unhinged — like your personal travel buddy.

Since we couldn’t honestly pay them much as interns, I made it my utmost effort to help them achieve personal growth goals through referrals, learning opportunities, and chances to develop different skills they wanted to improve. At the end, as students to whatever master, I believe this is all we can ask for.

To sum it all up: I’m absolutely grateful for the women who have lifted my career, teams, and business. And I believe, putting all formal I&D initiatives and programs aside, all we can do as humans is help empower one another and give the right people the right chances to shine.

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