Grab’s Q2 2025 results paint a picture of a tech giant hitting its stride: headline profits, double-digit revenue growth, and an expanding user base. But beneath the PR gloss, the financials reveal cracks that Southeast Asia’s startup ecosystem should watch closely.

The US$20 million profit and record Adjusted EBITDA are real achievements, yet the steep US$209 million year-over-year drop in net operating cash flow tells a different story–one of strained liquidity from lower banking deposits and rising lending outflows. Financial services revenue surged 41 per cent, but with Segment Adjusted EBITDA losses widening to US$26 million, this expansion is running hotter than profitability can keep up.

Meanwhile, Grab’s dependence on US$547 million in quarterly incentives–flat as a proportion of GMV–underscores an uncomfortable truth: user growth still needs heavy subsidy. Rising corporate costs and a US$1.5 billion convertible note raise add further weight to the balance sheet, even as share buybacks signal confidence, or perhaps an attempt to prop up sentiment.

For all its operational gains, Grab’s “profitable growth at scale” rests on a complex mix of debt-fuelled liquidity, incentive-heavy retention, and segment-level losses.

The next test will be proving that this momentum can endure without leaning so heavily on financial engineering and subsidies.

REGIONAL

Beyond the profit headline: Grab’s Q2 results show cracks beneath the surface
Despite turning a quarterly profit, Grab’s Q2 reveals deepening financial services losses, shrinking operating cash flow, and persistent incentive dependence.

17LIVE’s H1 report shows tough road ahead for Asian streaming pioneer
Revenue plunges nearly 20%, forex losses deepen net loss, and cost cuts mask challenges as 17LIVE struggles to regain momentum.

Sea posts 418% profit jump as Shopee, Monee, Garena fire on all cylinders
Shopee turns profitable, Monee scales credit ambitiously, and Garena deepens monetisation: Sea’s Q2 results show disciplined, high-impact growth.

Behind GoTo’s record Q2: The fine print tells a different story
Despite headline gains in revenue and EBITDA, GoTo’s reliance on pro-forma figures and continued net losses signal caution ahead.

Vietnamese EV firm VinFast founder buys R&D unit for US$1.5B
The deal will see Novatech Research and Development JSC separated from VinFast’s domestic manufacturing arm, with Novatech taking on investment costs for completed R&D projects.

MUFG’s VC arm reportedly leads US$15M round for Indonesia’s Oy
Other investors include Capital Rich, Finnoventure PE Trust, and Wishaw Holding | Oy provides payment services such as fund transfers, virtual accounts, QRIS, and card payments, connecting to more than 100 banks and e-wallets.

Malaysia’s Carsome posts record profit in second quarter
Carsome’s EBITDA for Q2 was US$5 million | The group recorded a 19 percent year-on-year increase in gross profit, underpinned by continued strength across both its wholesale and retail businesses.

Equatic secures US$11.6M Series A to scale carbon removal, green hydrogen tech
Investors include C3H and Kibo Invest | Equatic’s proprietary tech enhances the ocean’s natural carbon absorption capabilities | It uses seawater electrolysis to lock away CO₂ and produce hydrogen without generating harmful byproducts.

Betagro Ventures joins US$18.4M Series B funding round for US-based BiomEdit
BiomEdit’s breakthrough biologics product BE-101 is designed to combat necrotic enteritis in broiler chickens | Betagro’s participation signals growing momentum in Asia for biologics and next-gen feed technologies.

Antler injects US$7.4M into Southeast Asia startups, with US$2.8M for AI ventures
Singapore-based VC backs startups across the region, spotlighting seven AI firms from its AI Disrupt programme amid Southeast Asia’s funding slowdown.

Prefer secures US$4.2M to take sustainable coffee and cocoa worldwide
Investors are At One Ventures, Chancery Hill Capital, and Forge Ventures | Singapore-based Prefer uses fermentation to turn food byproducts into low-carbon coffee and cocoa.

Startale invests in Kyo Finance to build next-gen DeFi infrastructure
Kyo Finance aims to unify fragmented liquidity across the Superchain with Startale’s backing, creating seamless, vertically integrated DeFi infrastructure.

Philippine central bank orders e-wallets to drop gambling links
Senators are debating proposals to restrict or ban online gambling due to concerns over debt and addiction, while President Ferdinand Marcos Jr. has said a ban could lead to more illegal betting.

REPORTS, FEATURES & INTERVIEWS

Java leads, frontiers rise: A provincial breakdown of Indonesia’s digital competitiveness
EV-DCI 2025 reveals Java’s continued dominance, while frontier regions like Papua and Lampung show impressive digital competitiveness gains.

How Indonesia plans to digitally uplift a nation–one pillar at a time
Indonesia’s digital transformation strategy centres on tech-enabled services, regulatory strength, talent development, and equitable infrastructure to foster inclusive growth.

Singaporean startup Flavorist puts food at the heart of social sharing
Invite-only platform Flavorist fosters authentic culinary connections, spotlighting diverse food stories and creators while keeping content focused, ad-light, and community-driven.

Yvan Goudard on why simple, low-tech solutions still outperform AI hype
Communication strategist Yvan Goudard shares lessons on storytelling, founder focus, and balancing tech optimism with due diligence.

How quantum computing moved from components to applications in 2024
While hardware innovation remains vital, the most significant opportunity lies in solving real-world problems through quantum computing.

Quantum computing market surges as companies shift focus to revenue: Report
In 2024, quantum computing companies collectively earned between US$650 million and US$750 million, up from US$200 million to US$250 million in 2023.

Input, Output, Support: The framework driving Indonesia’s digital competitiveness
EV-DCI 2025 reveals Indonesia’s digital strengths and gaps through a weighted framework measuring readiness, impact, and enabling conditions.

ECHELON

Evolving Indonesia’s startup ecosystem
From post-2011 B2C boom to COVID-era setbacks, the sector faces challenges like fraud but eyes long-term growth.

The future of urban mobility in Asia
Autonomous vehicles show promise, but innovation must be balanced with practical, people-centred transport solutions.

Startup lessons from the campaign trail
Jeremy Tan draws parallels between startup building and political campaigning, advocating infrastructure for independent candidates.

INTERNATIONAL

US crypto firms rush for IPOs as market hits US$4.2T
Bullish, a crypto-exchange backed by Peter Thiel, raised over US$1.1 billion in its public debut on August 13 | Circle, a stablecoin issuer, went public in June with shares more than doubling at the open and is now valued around US$35 billion.

SoftBank founder’s net worth jumps US$9B on AI investments
Masayoshi Son’s wealth is now estimated at US$31.3 billion, making him the second richest person in Japan after Tadashi Yanai of Fast Retailing | SoftBank has benefited from rising share prices linked to its AI investments.

OpenAI explores ads, commerce to monetise ChatGPT growth
OpenAI is also exploring revenue from taking a cut of product purchases recommended through its platform, a project referred to internally as “Commerce in ChatGPT.”

JD.com beats Q2 estimates, faces price war clampdown in China
The Chinese e-commerce giant reported a 22% YoY revenue rise to 356.7 billion yuan (US$49.7B) for the June quarter, beating analyst estimates of 335.5 billion yuan | Its sales grew after government subsidies and its move into meal delivery.

Alibaba launches AI agent to automate and cut sourcing time
The tool, called Accio Agent, is designed to automate tasks such as product ideation, prototyping, compliance checks, and supplier sourcing | Alibaba said the agent could cut down weeks of research and sourcing work to a few minutes.

SpaceX’s bitcoin holdings surpass US$1B
The company, led by Elon Musk, currently holds 8,285 bitcoin, valued at around US$1 billion | SpaceX’s bitcoin holdings previously topped US$1 billion in April 2021, when it owned about 28,000 bitcoin valued at US$1.8 billion.

SEMICONDUCTOR

US government is reportedly in discussions to take stake in Intel
This deal would be structured to help the company expand its US manufacturing efforts, including its much-delayed Ohio chip factory | This news comes less than a week after President Donald Trump insisted that Intel CEO Lip-Bu Tan resign.

AMD expands R&D footprint with Malaysian facility
The Malaysian Investment Development Authority (MIDA) said the new office at GBS by the Sea spans 209,000 square feet and is designed to support over 1,200 employees | It features open workspaces and state-of-the-art engineering labs to drive advances in semiconductor design.

US AI chip startup Rivos seeks US$500M to compete with Nvidia
If the new funding round closes, Rivos’s total funding would exceed US$870 million | Rivos is developing a graphics processing unit designed for AI inference and completed the physical design of its chip earlier this year.

US chipmaker Applied Materials sued in China over tech theft
Beijing E-Town Semiconductor Technology said in a court filing that Applied Materials illegally obtained and used proprietary plasma technology developed by E-Town and its US subsidiary, Mattson.

India approves four new semiconductor projects worth US$524.2M
These projects are backed by SiCSem, Heterogeneous Integrated Packaging Solutions, Continental Device India, and Advanced System in Package Technologies | They bring the total number of sanctioned chip manufacturing facilities in India to 10.

AI

Frugality as a superpower: How lean teams use AI to scale without burnout
In a tight funding climate, lean teams using AI and strategic frugality are redefining startup success through speed, focus, and impact.

Why I’m using AI to redesign how we learn crypto
For me, the future of finance education will be human-led, supported by AI, and designed to always keep the learner at the centre.

Women and AI: The glass ceiling, the gap, and everything in between
Women are adopting generative AI tools at lower rates than men, risking a new gendered productivity gap in the workplace.

Re-skilling in the age of AI and navigating the future of work in Malaysia
As modern technologies continue to impact the workforce in Malaysia, the importance of re-skilling and up-skilling cannot be overstated.

THOUGHT LEADERSHIP

Bitcoin smashes US$124,000, gold hits US$3,356: The safe-haven secret investors are piling into
Global markets rally on eased tariff fears, strong earnings, and Fed rate cut hopes, with Bitcoin, Ethereum, and XRP hitting milestones.

Is Southeast Asia’s data centre boom headed for a PR crisis?
Southeast Asia’s US$6.3 billion data centre boom faces growing public scrutiny over sustainability, driving calls for stronger PR strategies.

Rising trade tensions and fraud risks: Why Asia’s businesses must rethink payment security
Digital fraud now surpasses traditional fraud in APAC, driving demand for AI-powered payment orchestration to boost security and agility.

Pressure-proof your team: How to handle conflict like the pros
Global tech leaders like Meta, Tesla, and Hubspot show that mastering conflict management can drive growth, trust, and innovation.

Brands as forces for change: Shaping the future through purpose
In today’s world, where things are fractured–geopolitically, socially, economically–brands have the power to bring people together.

Trump’s trade war looms, but markets are betting on a Fed rate cut
Global risk sentiment improves on softer US inflation, Fed rate cut hopes, trade truce gains, and Ethereum’s institutional-led rally.

Why Malaysia is emerging as Southeast Asia’s fintech launchpad
Malaysia is becoming an attractive fintech hub in Southeast Asia thanks to its growing digital economy and robust regulations.

Why Vietnam’s digital bank licenses are the dark horse opportunity of 2026
Vietnam’s new fintech sandbox paves the way for digital bank licences by 2026, offering foreign investors expanded entry options.

Small business, big impact: How AI is democratising entrepreneurship
AI isn’t just for bigshots; discover how small businesses are using it to personalise, build free websites & go global.

Rewiring our world: How neuroscience unlocks the secret to sustainable tech
Neuroscience offers tools designed to engage, motivate, and inspire — tools that can make sustainability a core part of the tech culture.

The post Ecosystem Roundup: Grab’s profit masks cracks | 17LIVE faces uphill battle | Sea’s profit soars 418% | US may take Intel stake appeared first on e27.

Visa has released its latest Money Travels: 2025 Digital Remittances Adoption Report, revealing that digital applications are now the preferred method for sending and receiving remittances across Asia Pacific. Based on responses from 44,000 remittance senders and receivers in 20 countries, the report identifies a major inflection point for digital money movement in a region historically reliant on cash transfers.

Asia Pacific, which includes several of the world’s largest remittance corridors, is experiencing a notable migration toward digital tools. The use of remittance apps reached a high of 76 per cent among receivers in India and 75 per cent in Singapore. In the Philippines, which is a major remittance recipient nation, 66 per cent of receivers prefer digital apps, while Japan saw a 10 per cent rise in digital usage year-on-year.

The preference is not just widespread but also intergenerational. The report shows that remitters of all age groups are embracing app-based transfers across the region. Singapore, the Philippines, and India lead the pack in digital adoption across all age cohorts.

The report highlights four core factors fueling this digital surge: ease of use, safety, privacy, and speed.

Also Read: Agentic AI, urban mobility & smart tourism: 2025’s travel investment hotspots

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.

“Remittances have long driven growth across Asia Pacific,” said Chavi Jafa, SVP and Head of Commercial and Money Movement Solutions, Visa Asia Pacific. “The shift to app-based remittances reflects regional demographics and a rising preference for simple, secure ways to send and receive money”.

While security and convenience outweigh other concerns, the cost of digital transfers still emerged as a key friction. Users in the Philippines (43 per cent) and India (36 per cent) cited app fees as a significant drawback, and high costs were also associated with physical remittances across all surveyed countries.

Nevertheless, the perceived safety of digital apps significantly outpaces that of physical channels. For example, only three to six per cent of respondents across Asia Pacific rated physical remittances as secure, while over 50 per cent of users in India and Australia saw app-based transfers as secure.

The rapid adoption of digital remittances suggests new opportunities for regional fintechs, banks, and global remittance partners.

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Image Credit: JESHOOTS.COM on Unsplash

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When Welson Ang left the Navy in 2004, the plan was simple: find a way to make ends meet. With S$5,000 borrowed from family and a basic printer, he started selling name cards. It wasn’t a glamorous launch story, but it was the start of something he could build on — one small print job at a time.

Over time, that modest operation grew into ExpressPrint, a printing business serving Singapore’s fast-turnaround corporate and events market. And that’s where Welson found the real friction point: quoting. The bottleneck wasn’t the machines. It was maths. Pricing was often handled by one or two experienced staff, and when they weren’t available, everything stalled. In a city where corporate clients expect turnaround in hours, not days, slow quoting was a silent revenue killer.

Instead of hiring more people to do more manual work, Welson taught himself to code after hours. He built an internal tool to automate quotes — a side project meant to fix a single operational snag. But it did more than that: it sped up response times, reduced errors, and freed staff to focus on actual production.

By 2021, he saw the bigger picture. “If I was facing this problem, others were too,” he recalls. PriceCal was launched as quoting software designed by a printer for printers. Its “stack-and-swap” logic mirrors how jobs are assembled on the shop floor, requiring zero technical skills. Every account comes with a branded online store that’s ready to quote instantly, 24/7.

For many small shops, that’s not just a nice-to-have — its survival. PriceCal plugs directly into major wholesalers, unlocking access to over 60 services without the cost of owning the machines. In an industry where customers expect range, speed, and accuracy in one go, this levels the playing field.

Then came a milestone that shifted perception in the industry: a partnership with Konica Minolta, the Japanese tech giant known for professional printing, digital office solutions, and medical and industrial imaging. “Konica doesn’t work with just anyone,” says Welson. “For them to partner with us means they see the potential in a homegrown Singapore brand.” From Konica’s side, it’s part of a push to work with forward-thinking partners who bring fresh ideas into an industry still catching up with digital transformation.

Today, Welson runs PriceCal, and his role is shifting toward enabling others. Awards like the Asia eCommerce Award for fulfillment help, but his measure of success is more practical: the neighbourhood shop that beat a big-name competitor because they could quote in minutes; the veteran printer who now spends half an hour on a task that used to take half a day.

As for what’s next? Welson hints at regional expansion and integrations beyond printing. “We’re not just building a quoting tool,” he says. “We’re building an ecosystem.” In other words, watch this space.

–

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The post How a homegrown Singapore brand caught the eye of a tech giant appeared first on e27.

Grab, Southeast Asia’s superapp giant, has announced a strategic equity investment in WeRide, a global leader in autonomous driving technology.

This partnership aims to accelerate the deployment and commercialisation of Level 4 Robotaxis and autonomous shuttles across Southeast Asia.

Also Read: Beyond the profit headline: Grab’s Q2 results show cracks beneath the surface

The investment, subject to customary closing conditions, is anticipated to be completed by H1 2026. It aims to integrate WeRide’s autonomous vehicles (AVs) into Grab’s extensive network, thereby enhancing service and safety standards across the region.

Driving autonomous mobility forward

This expanded collaboration builds upon an MoU signed in March 2025, wherein WeRide and Grab first committed to exploring the technical feasibility, commercial viability, and job creation potential of AVs in the region. Grab’s investment is designed to bolster WeRide’s growth strategy, specifically to expand its commercial AV fleet within the region and to further advance AI-driven mobility solutions.

Dr. Tony Han, Founder and CEO of WeRide, said: “WeRide’s vision for Southeast Asia is to deploy thousands of Robotaxis across the region, through a progressive rollout aligned with local regulations and societal readiness.”

He underscored the strategic importance of Grab’s regional presence, adding, “Grab, our newest partner and investor, is a household name in Southeast Asia with unmatched regional expertise and scale in ride-hailing and digital services. Together, we will combine WeRide’s advanced AV technology and operational know-how with Grab’s strengths to accelerate safe, efficient Robotaxi services, enter new markets, and reinforce our first-mover leadership in shaping the future of mobility.”

Addressing manpower constraints and enhancing accessibility

From Grab’s perspective, the alliance is a crucial step towards overcoming existing operational challenges. Anthony Tan, Group CEO and co-founder of Grab, shared: “We want everyone in Southeast Asia to have access to reliable transportation whenever they need it. However, manpower constraints remain a challenge. We believe AVs can complement our driver network and be deployed in cities with significant driver shortages.”

Tan also emphasised the importance of comprehensive testing of WeRide’s vehicles across diverse Southeast Asian environments to gain valuable insights, adapt the technology for enhanced safety and reliability, and meet the region’s unique requirements.

Seamless integration and operational scalability

The partnership is set to establish a robust framework for deploying autonomous solutions throughout Grab’s network, aiming for enhanced operational efficiency and scalability. WeRide will integrate its autonomous driving technology directly into Grab’s sophisticated fleet management, vehicle matching, and routing ecosystem. The collaboration will focus on several key technical and operational areas, including:

• Optimising dispatch and routing: Leveraging seamless integration of WeRide and Grab’s platforms for efficient AV deployment, thereby enhancing the passenger experience.
• Maximising vehicle uptime: Developing robust maintenance, repair, and charging protocols to ensure continuous operational efficiency.
  Measuring safety performance: Utilising WeRide’s extensive regional operational experience to train AVs to navigate Southeast Asia’s complex traffic conditions and assess their potential to reduce accidents caused by human errors.
• Remote monitoring and teleoperations: Establishing clear processes to ensure safety and provide remote support during emergency scenarios.
  Customer support: Implementing efficient systems for rapid issue resolution to deliver a seamless service experience.
• Training and upskilling initiatives: A pivotal aspect of the partnership involves training, upskilling, and transitioning interested Grab driver-partners and local communities into high-value career pathways within the AV industry. This initiative will draw upon WeRide trainers’ extensive AV remote supervision experience and GrabAcademy’s proven track record in upskilling driver-partners.

WeRide is a leader in the autonomous driving industry, notably being the first publicly traded Robotaxi company. Its autonomous vehicles have been rigorously tested or operated in over 30 cities across 10 countries. It has secured autonomous driving permits in six distinct markets: China, Singapore, France, Saudi Arabia, the UAE, and the US.

WeRide provides autonomous driving products and services from L2 to L4, catering to transportation needs across the mobility, logistics, and sanitation sectors.

Also Read: Behind GoTo’s record Q2: The fine print tells a different story

Founded in 2012, Grab enables millions of people daily to access a wide array of services, including food and grocery orders, package delivery, ride-hailing, and digital payments, all through a single application. It serves over 800 cities in eight Southeast Asian countries, including Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.

The company also manages supermarkets in Malaysia under the Jaya Grocer and Everrise brands and provides digital banking services through GXS Bank in Singapore and GXBank in Malaysia.

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The recent improvement in global risk sentiment, driven by milder-than-expected concerns over tariff implications, strong corporate earnings, and growing expectations of a Federal Reserve rate cut, has created a fertile ground for optimism across equity and cryptocurrency markets.

Concurrently, geopolitical warnings from US President Donald Trump regarding a potential Russian ceasefire and the evolving dynamics of US treasuries, the US Dollar Index, gold, and digital assets like Bitcoin, Ethereum, and XRP underscore the complexity of the current economic environment.

The improvement in global risk sentiment stems from several interconnected factors. First, the market’s reaction to tariff policies under President Trump’s administration has been less severe than anticipated. Earlier concerns about aggressive trade barriers, particularly with major partners like the European Union, Japan, and China, had sparked fears of disrupted supply chains and inflationary pressures.

However, recent trade agreements, such as the US-EU deal setting a 15 per cent tariff rate on most EU goods (excluding select sectors) and a similar US-Japan agreement, have alleviated some of these worries. These deals suggest a more measured approach to trade policy, reducing the immediate risk of widespread economic disruption.

For instance, J.P. Morgan Global Research notes that the US-Japan trade deal, with tariffs set at 15 per cent rather than the feared 25 per cent , could boost Japanese corporate earnings by approximately 3 percentage points, supporting both equity markets and the yen. This moderation in tariff expectations has allowed investors to focus on other positive signals, such as robust corporate earnings.

Corporate earnings have played a pivotal role in bolstering market confidence. Despite initial concerns about tariff-related cost pressures, US companies, particularly in technology and consumer discretionary sectors, have reported strong quarterly results. The S&P 500, for example, is projected to see modest earnings growth of 2.8 per cent year-over-year for Q2 2025, though this represents the smallest increase in two years.

Notably, 83 per cent of S&P 500 companies have exceeded earnings expectations, with an average beat of 6.9 per cent , providing a tailwind for equity indices. This resilience has been particularly evident in large-cap technology firms, which have benefited from lower borrowing costs and increased investor appetite for growth stocks. The Nasdaq’s marginal gain of 0.1 per cent and the S&P 500’s 0.3 per cent rise to record highs reflect this optimism, even as the Dow Jones Industrial Average outperformed with a one per cent increase, driven by strength in cyclical sectors.

Also Read: Why tonight’s inflation report could shake global markets to their core

The prospect of a Federal Reserve rate cut as early as the September 2025 FOMC meeting has further fuelled market enthusiasm. Investors are increasingly pricing in a 75.5 per cent probability of a rate cut, spurred by weaker-than-expected labor market data, including a July 2025 nonfarm payrolls report showing only 73,000 jobs added against expectations of 100,000. The unemployment rate’s uptick to 4.2 per cent and downward revisions to prior job growth figures have heightened concerns about an economic slowdown, prompting calls for monetary easing.

Treasury Secretary Scott Bessent’s mention of a potential 50-basis-point cut in a post-market interview has added to these expectations, though market pricing currently leans toward a more modest 25-basis-point reduction. Goldman Sachs Research has revised its forecast to include rate cuts starting in September, projecting a terminal federal funds rate of 3-3.25 per cent by 2026, citing smaller-than-expected tariff impacts and moderating inflation pressures. This dovish outlook has driven a rally in US treasuries, with the 10-year yield stabilising near 4.235 per cent and the 2-year yield dropping to 3.68 per cent , reflecting investor confidence in a softer monetary policy stance.

Geopolitical developments, however, introduce a layer of uncertainty. President Trump’s warning of “very severe consequences” if Russian President Vladimir Putin does not agree to a ceasefire adds a volatile dimension to the global risk calculus. While the specifics of these consequences remain unclear, the rhetoric suggests potential escalations that could impact energy markets, global trade, and investor sentiment.

A failure to secure a ceasefire could lead to heightened geopolitical risk premiums, potentially offsetting some of the positive momentum from domestic economic indicators. For now, markets appear to be discounting immediate escalation, focusing instead on the improving economic narrative, but this remains a critical variable to monitor.

The performance of US equity indices reflects the market’s ability to compartmentalise these risks. The S&P 500, Nasdaq, and Dow Jones reaching all-time highs underscore a robust risk-on environment, driven by expectations of lower borrowing costs and sustained corporate profitability.

Asian equity indices, mainly opening higher in early trading, mirror this sentiment, though US equity futures suggest a mixed open, indicating some caution among investors. The US Dollar Index’s decline of 0.3 per cent reflects the anticipated Fed easing, as lower interest rates reduce the appeal of dollar-denominated assets. Conversely, gold’s modest 0.2 per cent gain to US$3,356 per ounce highlights its role as a safe-haven asset amid lingering geopolitical and economic uncertainties.

The cryptocurrency market, particularly Bitcoin, Ethereum, and XRP, has emerged as a significant beneficiary of the current risk-on sentiment. Bitcoin’s surge past US$124,000 on August 13, 2025, marks a new record high, aligning closely with the rally in US equities. This milestone, surpassing the previous peak of US$123,205.12 from July 14, reflects a broader embrace of risk assets, fueled by a favorable legislative climate under President Trump. Public companies, led by Michael Saylor’s MicroStrategy, have increasingly adopted Bitcoin as a corporate treasury asset, driving demand and inspiring smaller firms to follow suit.

This trend has spilled over to other cryptocurrencies, with Ethereum breaking through an 18-month resistance zone and eyeing US$7,000. Ethereum’s strength is underpinned by its central role in decentralised finance (DeFi), bolstered by scaling upgrades from Ethereum 2.0 and rising activity in staking, NFT markets, and Layer 2 solutions. On-chain data showing large wallet movements further supports a bullish outlook, though challenges like high gas fees and slower transaction speeds persist, creating opportunities for competitors like Cold Wallet to capture market share with user-friendly alternatives.

XRP’s potential breakout above US$3.70, with a possible climb to US$5, is supported by technical patterns like the cup-and-handle formation and fundamental drivers such as increased adoption by financial institutions and clarity on its legal standing. The cryptocurrency’s stability and growing acceptance among major players enhance its appeal as a dependable asset in the top-cap space.

These developments in the crypto market highlight a broader trend of financial innovation and adoption, driven by both institutional and retail investor enthusiasm. However, the volatility inherent in digital assets necessitates caution, as rapid price movements can amplify risks in an already uncertain macroeconomic environment.

Also Read: Storytelling in diverse markets: How you can effectively market as you expand

From a personal perspective, the current market dynamics present both opportunities and challenges for investors. The improved risk sentiment and expectations of Fed easing create a favorable backdrop for equities, particularly in sectors like technology and real estate, which stand to benefit from lower borrowing costs. However, the potential for tariff-related inflation and geopolitical disruptions warrants a diversified approach. By allocating to quality stocks with strong fundamentals, as suggested by iShares, and incorporating safe-haven assets like gold or high-quality bonds, one can provide a buffer against volatility.

In the cryptocurrency space, Bitcoin and Ethereum offer compelling growth potential. Still, their high valuations and technical challenges suggest a balanced exposure, possibly complemented by emerging platforms like Cold Wallet or XRP for diversification. The interplay of monetary policy, trade dynamics, and geopolitical risks requires investors to remain agile, leveraging data-driven insights to navigate this complex landscape.

In conclusion, the global financial markets are at a pivotal juncture, with improved risk sentiment driven by moderated tariff concerns, strong corporate earnings, and expectations of Fed rate cuts. While US equity indices and cryptocurrencies like Bitcoin, Ethereum, and XRP reflect this optimism, geopolitical tensions and economic uncertainties underscore the need for cautious optimism.

By balancing exposure to growth assets with defensive strategies, investors can position themselves to capitalise on opportunities while mitigating risks in this evolving environment.

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Indonesian digital giant GoTo Group has announced its second-quarter 2025 financial results, touting “record-breaking performance” across key metrics.

While the headlines celebrate significant growth in gross transaction value (GTV), net revenue, and a move to positive EBITDA and adjusted EBITDA, a deeper dive into the figures reveals a more complex picture, particularly concerning the company’s reliance on “pro-forma” reporting and the underlying challenges in its core segments.

The pro-forma pivot: A key reporting strategy

GoTo’s press release prominently features “pro-forma” numbers for its group-level performance, explicitly stating that these figures assume Tokopedia and its related delivery and fulfilment businesses under GoTo Logistics were deconsolidated as of 1 January 2024. This accounting adjustment significantly impacts the reported growth rates and profitability, potentially presenting a more favourable view of the remaining business.

Also Read: GoTo posts record Q1 but adjusted metrics tell only half the story

While the company heralded a 23 per cent year-on-year (YoY) increase in net revenue to US$260 million (Rp4.3 trillion) based on pro-forma figures for Q2 2025, the “actual” figures tell a different story. According to the “actual” table, net revenue growth for the quarter was a more modest 18 per cent YoY, a noticeable five percentage point difference.

The discrepancy is even more pronounced for the six-month period ended 30 June 2025, where the pro-forma net revenue growth was 30 per cent YoY, compared to a significantly lower 11 per cent YoY under actual reporting. This substantial divergence suggests that without the deconsolidation, GoTo’s overall revenue growth trajectory appears less robust.

Furthermore, while the pro-forma net loss for Q2 2025 was reported at US$13.42 million (Rp222 billion), the actual loss for the period was considerably higher at US$22.66 million (Rp375 billion), marking an 80 per cent reduction from the previous year’s loss but still a substantial figure. The positive “profit from operations” of US$1.27 million (Rp21 billion) is also a pro-forma figure.

EBITDA positivity amidst continued net losses

GoTo highlighted that its Group adjusted EBITDA reached US$25.8 million (Rp427 billion) and was positive for the third consecutive quarter. Group EBITDA also turned positive, reaching US$17.65 million (Rp292 billion).
These achievements are attributed mainly to “stronger revenue performance and better cost management”. The company also reported positive adjusted operating cash flow of US$18.9 million (Rp313 billion).

However, it is crucial to note that both adjusted EBITDA and EBITDA are non-Indonesian Financial Accounting Standards (IFAS) financial measures. GoTo itself clarifies that these measures “have certain limitations in that they do not include the impact of certain expenses that are reflected in GoTo Group’s consolidated financial statements that are necessary to run GoTo Group’s business”.

Despite the positive adjusted EBITDA and EBITDA, the company continues to report a net loss for the period. While the net loss saw a significant reduction of 77 per cent YoY (pro-forma) or 80 per cent YoY (actual), the fact remains that GoTo is yet to achieve overall net profitability.

Segment performance: Strengths and undercurrents

Fintech: This segment appears to be a strong performer for GoTo. It achieved a record adjusted EBITDA of US$5.3 million (Rp88 billion), marking its third consecutive quarter of profitability. Core GTV grew by 46 per cent YoY to US$4.97 billion (Rp82.2 trillion) driven by consumer payments, and net revenue soared by 76 per cent YoY to US$84.6 million (Rp1.4 trillion), underpinned by loan book expansion and payment transaction growth.

Lending revenue, in particular, saw a massive 130 per cent YoY increase to US$53.13 million (Rp879 billion), with consumer loans outstanding principal expanding by 90 per cent YoY to US$398.97 million (Rp6.6 trillion). The segment’s strategic collaborations, including the introduction of GoPay Pinjam on TikTok Shop, GoPay’s partnership with Telkomsel for data packages for TikTok users, and the co-branded Telkomsel Wallet by GoPay, point to robust ecosystem integration and potential for continued growth.

On-demand services: This segment delivered a record adjusted EBITDA of US$19.82 million (Rp328 billion), a 264 per cent YoY increase. While this is a substantial improvement, the nuances within its sub-segments are noteworthy.

Mobility: The gross transaction value (GTV) grew by 10 per cent to US$362.65 million (Rp6 trillion). However, the press release reveals that this adjusted EBITDA improvement of 16 per cent YoY to US$11.06 million (Rp183 billion) was achieved “against a backdrop of intensified competition that prompted the use of strategic, targeted incentives to protect market share”. This indicates that profitability in mobility is being sustained while navigating competitive pressures, possibly at the expense of deeper margins.

Delivery: GTV grew by 8 per cent to US$622.54 million (Rp10.3 trillion). The segment saw a significant improvement in adjusted EBITDA, reaching US$11.24 million (Rp186 billion). While GoTo states it “increased wallet share among higher-income users while widening reach across the broader consumer base”, it also noted that merchant-funded promotion spend rose by a substantial 118 per cent YoY. This highlights a growing reliance on merchant contributions to promotions, which, while beneficial for GoTo’s immediate margins, could potentially strain merchant relationships or their own profitability in the long run if not managed carefully. Advertising revenue, though growing, remains a small fraction at 1.8 per cent of Food GMV.

Strategic moves and outlook

GoTo has actively pursued cost efficiency, notably completing a complex cloud migration to Alibaba Cloud and Tencent Cloud, which is projected to reduce annual cloud spend by more than 50 per cent. The company has also established new tech hubs in China to leverage engineering expertise and accelerate its product roadmap.

Its investment in AI is evident with the launch of Sahabat-AI’s 70-billion-parameter foundation model, which is trained and hosted in Indonesia and supports multiple local languages.

Also Read: GoTo Group sees four top executives resign ahead of AGMS

Despite the underlying complexities, GoTo maintains a solid cash position of US$1.1 billion (Rp18.2 trillion) as of 30 June 2025.

The company has reaffirmed its full-year 2025 Group adjusted EBITDA guidance of US$84.6-96.7 million (Rp1.4-1.6 trillion) and remains confident in meeting its targets. However, this outlook is explicitly subject to “various uncertainties and risks including increasing market competition, cost inflation, macroeconomic conditions and other variables”.

In essence, while GoTo Group’s Q2 2025 results demonstrate notable operational improvements and strong segment growth, particularly in Fintech, the heavy reliance on pro-forma reporting, the continued presence of net losses despite positive EBITDA, and the strategic manoeuvres in competitive markets suggest that the journey to sustainable, overall profitability remains a challenging one.

The post Behind GoTo’s record Q2: The fine print tells a different story appeared first on e27.

Singapore-listed live streaming group 17LIVE Group has reported a significant net loss for the first half of 2025 (H1) despite the company’s aggressive cost-cutting measures.

A prominent player in the Asian live streaming economy, the firm saw its operating revenue tumble by nearly one-fifth, with substantial unrealised foreign exchange losses pushing it deep into the red. The results may raise questions about the long-term sustainability of its current strategy and the effectiveness of its diversification efforts amidst a challenging market.

Revenue woes and shifting sands

For H1 June 2025, 17LIVE Group posted an operating revenue of US$81.15 million, a steep 19.8 per cent decrease from US$101.16 million last year. The company attributed this primarily to a decline in “Liver live streaming” revenue, which fell from US$92.4 million to US$717 million. While “V-Liver live streaming” revenue grew 16.4 per cent to US$5.6 million, its relatively small contribution could not offset the broader decline.

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

Geographically, the revenue slump was broad-based. Japan, the company’s largest market, experienced a significant drop from US$71.2 million in H1 2024 to US$56.51 million in H1 2025. Taiwan also saw a decline from US$25.5 million to US$21.4 million.

The “others” segment, comprising live-commerce and the Wave App, remained largely flat, indicating that current diversification efforts have yet to materially offset the contraction in the core live streaming business.

The cost-cutting conundrum

Despite the revenue contraction, 17LIVE improved its gross profit margin to 44.3 per cent in H1 2025, up from 41.2 per cent in H1 2024. This was largely a result of a disproportionately higher reduction in the “cost of revenue” compared to the revenue decline.

The company highlighted its “cost optimisation initiatives” across IT infrastructure, marketing, and organisational optimisation, which led to a 16.9 per cent decrease in total operating expenses, from US$40.4 million in H1 2024 to US$33.5 million in H1 2025. These efforts helped boost operating income by 79.4 per cent, from US$1.3 million to US$2.4 million.

While this sounds impressive, it is crucial to note that this improvement in operating income is primarily driven by rigorous cost management in the face of declining top-line performance, rather than robust revenue growth. This signals a defensive strategy to maintain profitability in a shrinking market, which might not be sustainable for long-term growth.

Unpacking the net loss

The company’s bottom line paints a more challenging picture. 17LIVE swung from a profit before income tax of US$3.3 million in H1 2024 to a loss before income tax of US$4.1 million in H1 2025. The shift was largely attributed to “other losses” of US$6.5 million in H1 2025, a stark contrast to “other gains” of US$2 million in H1 2024.

A key driver of these “other losses” was a substantial US$7.9 million in net foreign exchange losses in H1 2025, a significant reversal from a US$171,000 net foreign exchange gain in H1 2024. Specifically, unrealised exchange losses amounted to US$5.2 million in H1 2025, compared to nil in the previous period. Such a significant impact from currency fluctuations suggests high exposure to foreign exchange risk, potentially affecting their international operations in markets like Japan and Taiwan.

Consequently, the loss attributable to owners of the company for the period was US$4.6 million, a sharp decline from a US$1.95 million profit in H1 2024. This resulted in a negative basic earnings per share of US$(0.03) for the period.

Cash flow: A deceptive positive?

Despite the net loss, 17LIVE reported positive operating cash flows of US$4.1 million for H1 2025. The company highlighted a US$16.9 million increase period-over-period. However, the accompanying explanation states this was “primarily due to the absence of one-off payments related to the Group’s De-SPAC in 2023”. This clarification suggests that the improvement in operating cash flow is not necessarily a reflection of strengthened core operational cash generation in the current period, but rather the absence of specific large outflows that occurred in the previous year.

Also Read: 17LIVE acquires Japan’s N Craft to enhance virtual talent and content creation

For instance, trade and other payables saw a cash inflow of US$1.8 million in H1 2025 compared to a substantial cash outflow of US$22 million in H1 2024, significantly impacting the period-over-period comparison. The group’s cash and cash equivalents stood at US$82.2 million at the end of June 2025, which the company describes as “robust” and “ample liquidity”.

Strategic moves under srutiny

17LIVE has been actively pursuing acquisitions, notably acquiring 78 per cent of Japanese entertainment startup mikai Inc. in November 2024, and an additional 5.5 per cent in April 2025. The acquisition costs for mikai were approximately US$1.4 million in November 2024 and US$100,480 in April 2025. The purchase price allocation for mikai resulted in an upward adjustment of US$414,000 to provisional goodwill, bringing the total goodwill from this acquisition to US$1.9 million. Goodwill, which represents future economic benefits from acquisitions, is notoriously difficult to value and can be prone to impairment if the expected synergies do not materialise.

Furthermore, the acquisition of mikai includes a contingent consideration of US$364,000, obligating 17LIVE to acquire the remaining 22 per cent of outstanding shares if certain performance indicators are met. This represents a future cash outflow and continued acquisition risk.

The company also acquired N Craft Co., Ltd in July 2024 for approximately US$230,790.

While these acquisitions are part of the “revenue diversification” pillar of the “17LIVE Forward Strategy”, the flat performance of the “Others” segment suggests that these efforts have yet to yield significant revenue uplift, or are still in their early stages of contribution.

Shareholder returns: A capital question

In a curious move given the net loss, 17LIVE declared its first interim dividend of 1.5 Singapore cents per ordinary share (approximately US$0.011775). Notably, this dividend is stated to be “wholly a capital distribution out of the company’s share premium account,” meaning it is not paid from current or accumulated profits. Distributing capital while reporting a loss could be interpreted as a measure to maintain shareholder confidence in challenging times, but it also draws down the company’s equity base.

Adding to this, the company significantly increased its purchase of treasury shares, repurchasing approximately US$1.9 million worth of shares in H1 2025. This increased the proportion of treasury shares from 0.06 per cent at 31 December 2024 to 1.56 per cent at 30 June 2025. While treasury share repurchases can support share price and reduce share count, engaging in such activities during a period of net loss and capital distribution could invite closer scrutiny regarding capital allocation priorities.

Outlook vs. reality

17LIVE’s “group outlook” remains optimistic, focusing on “platform innovation, ecosystem expansion, and sustainable growth”. Initiatives like AI Co-Host, enhanced talent discovery and gifting algorithms, and the launch of “LiveCommerce Total Solutions” in Japan are highlighted. The company states it is “confident in achieving further revenue and profitability growth”.

However, the H1 2025 financial results present a stark contrast to this forward-looking statement. The significant revenue decline in core markets, the shift to a net loss driven by substantial forex impacts, and the reliance on cost-cutting to improve operating income suggest that these strategic initiatives have not yet translated into a tangible financial turnaround.

Also Read: Streaming the dream: How live streaming technology can increase access to brands

The challenge for 17LIVE will be to demonstrate how these innovations and acquisitions can reverse the declining trend in its core business and translate into sustainable, profitable growth, especially in the volatile Asian tech landscape.

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Singapore-headquartered Startale Ventures has announced an undisclosed strategic investment and ecosystem partnership with Kyo Finance, a next-generation full-stack, vote-escrowed decentralised exchange (veDEX) infrastructure.

Kyo Finance will leverage the capital and partnership to create the “first fully vertically integrated liquidity infrastructure for the Superchain”. It will continue to utilise Startale’s Account Abstraction infrastructure and Startale Nodes to enable gasless transactions, demonstrating the practical value and interoperability of Startale’s technology stack across its portfolio companies. This positions Kyo Finance to unify fragmented liquidity across Superchain networks, optimise capital flows, and establish a new standard for how DeFi infrastructure should operate in a multi-chain future.

Also Read: The future of investing isn’t TradFi or DeFi: It’s tokenised, transparent, and built for the next billion

Sota Watanabe, CEO of Startale Group, said: “Together, we will tackle some of the most pressing issues in today’s DeFi sector, starting with uniting fractured liquidity and enabling a truly multi-chain ecosystem”.

Kyo Finance is a native veDEX built on the Soneium network, designed to deliver a “seamless, user-first” DeFi experience. It combines Automated Market Maker (AMM) functionality, real-time governance, and simplified ve-tokenomics. Unlike traditional epoch-based DEXes, Kyo offers intuitive one-click batch transactions, real-time vote weighting, and a fully fungible vote token, eliminating the need for complex NFTs or time-based locking systems.

Kai, CEO of Kyo Finance, noted, “With over 50 chains launching within the Superchain, Kyo addresses critical liquidity fragmentation through a fully vertically integrated stack.”

The company claims to have achieved over US$55 million in peak Total Value Locked (TVL) and more than US$530 million in cumulative trading volume since its launch on 14 January, alongside the debut of the Soneium Mainnet.

Kyo Finance was also selected as the winner of the Soneium Spark Incubation Programme from dozens of applicants, receiving both financial backing and deep technical alignment with Soneium’s long-term growth strategy.

The DeFi landscape is experiencing a dramatic shift, with over fifty per cent of trading volumes now routed through aggregators or embedded swap interfaces. Kyo Finance aims to address critical liquidity fragmentation through a fully vertically integrated stack.

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Picture this: It’s Monday morning. You’ve got five blog posts due, a LinkedIn post to craft, three emails to write, and multiple social media posts on your content calendar. You’re overwhelmed, staring at a blank screen, wondering how you’ll possibly get it all done.

Sound familiar?

This is a familiar story I hear every time I talk to marketing professionals and startups. Around 70 per cent of content marketers struggle with consistent content creation, and traditional workflows are often 3-5x longer than necessary. ChatGPT is the buzzword that does the work, but what about personalising content across different platforms?

After all, omni-channel presence is also a buzzword that you can hardly ignore. But here’s the good news: AI-enhanced content creation is already helping creators save 80 per cent of their time while achieving 40 per cent better results.

Why this matters beyond marketing teams

But content creation isn’t just a marketer’s job. In this era of personal branding, whether you are building your LinkedIn authority, Social Media presence, or personal blog ideas, the essence of meaningful content lies in consistency.

The problem? Content creation burnout is a real phenomenon.

The old way vs the AI way

Traditional content creation

The old approach was painfully linear:

• Idea → research → write → edit → publish
• Everything is manually crafted from start to finish
• Multiple editing cycles with team dependencies
• 8-12 hours per blog post
• Constantly waiting for approval chains

AI-enhanced content creation

The new approach leverages parallel processing:

• Multiple steps happen simultaneously
• Intelligent automation handles routine tasks
• 2-3 hours for higher quality content
• Highly scalable (one person can do the work of three)
• Human creativity amplified, not replaced

Important note: Don’t expect instant results. Quality AI content still requires human involvement and strategic thinking.

Also Read: Rewriting the narrative about motherhood and career: Insights from a female tech leader

The five-step AI content creation framework

Here’s your framework for creating AI-enhanced content.

The key principle: Don’t try to do everything in a single prompt. AI works best when tasks are broken down into focused steps.

Ideate –Drive inspiration with intelligence

• Trend analysis: Leverage AI to scan thousands of sources in minutes
• Audience intelligence: Understand how your audience responds to various types of content. Look for viral topics across LinkedIn, Social Media and the  internet
• Competitive gap analysis: Identify where your competitors are missing opportunities

Research — Automated data collection

Save time by reducing three hours of manual source gathering work to just 30 minutes of AI-curated insights using tools like:

• Perplexity
• Claude research
• ChatGPT with deep research
• Genspark
• Other research tools

Write — AI-assisted drafting with the 70/30 rule

Your 70 per cent contribution:

• Strategic creative direction
• Emotional intelligence and nuance
• Final quality control and approval
• Your unique voice and perspective

AI’s 30 per cent contribution:

• Detailed outlines
• Structured drafts
• Consistency maintenance
• Real-time optimisation

Remember: AI doesn’t replace your creativity. It amplifies it by handling the heavy lifting.

Refine — Performance-driven optimisation

Let AI handle:

• Automated editing for grammar, style, and readability
• Performance prediction for engagement potential
• SEO or GEM optimisation framework
• Multiple variations of headlines and call-to-actions

Repurpose — Maximise your content investment

Don’t reinvent the wheel each time; transform each topic into multiple formats:

• Blog post → Five social media posts
• Article → Email newsletter
• Long-form content → Video script outline
• Written content → Podcast episode notes

AI automatically adjusts tone, length, and style for each platform while maintaining your core message.

Also Read: AI power shift: How geopolitics and innovation are rewriting global rules

The best tools to get started

Recommended core tools (try avoiding ‘multiple AI tool’ fatigue):

• ChatGPT – Best for brainstorming and general content
• Claude – Superior writing style and humanised content
• Google Gemini – Excellent for research

Your AI content creation journey

Beginner level: Start with ChatGPT Plus

• Complete content creation suite with image generation
• Easy learning curve
• Large community for support and tips

Intermediate level: Combine Claude + ChatGPT

• Create drafts in one platform, refine in another
• Best writing quality with creative flexibility
• Professional-grade results for all content needs

Advanced level: Scale with automation

• API integrations for workflow automation
• Custom brand voice training
• Enterprise-grade workflows

Measuring your AI content ROI

First four weeks: Foundation metrics

• Time spent on content (before vs after AI)
• Content volume increase
• Team satisfaction levels

Months two-three: Performance metrics

• Engagement rate improvements
• Quality consistency
• Testing frequency and results

Long-term: Strategic metrics

• Overall ROI calculation
• Brand recognition growth
• Follower/audience growth
• Competitive advantage gained

Common questions answered

Will AI replace human writers?

No. AI is an amplifier, not a replacement. Think of it this way: amplification of zero is always zero. You need to provide the seed—your thoughts, strategy, and voice. The most successful AI content combines AI efficiency with human strategy and emotional intelligence.

How do I maintain quality and authenticity?

Quality and authenticity come through practice and iteration:

• Stay in experimental mode
• Continuously train and retrain your AI
• Develop clear brand guidelines
• Maintain human oversight
• Optimise based on performance data

Your audience is the best judge of quality—if they’re responding positively, you’re on the right track.

This sounds complicated. Where do I start?

Start small and simple:

• Pick one content type (e.g., headlines)
• Choose one tool (ChatGPT is great for beginners)
• Measure results before expanding
• Gradually expand your AI usage (Grammarly for text optimisation, GPT pro for deep research, etc.)

Don’t try to revolutionise your entire content process overnight.

Your next steps: The small change

What’s next:

• Pick one piece of content you need to create
• Time yourself creating it without AI
• Create the duplicate content with AI assistance
• Compare quality and time invested
• Note the difference in effort vs. output

Remember: A post with 70 per cent of your voice might only require 10-20 per cent of your usual effort because you’ve strategically leveraged AI for the heavy lifting.

The bottom line

The content creation revolution is already here. The question isn’t whether you should adopt AI tools, but how quickly you can start using them to scale your content without burning out.

Start small and stay consistent, as is the case with every new endeavour.

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According to the Malaysia Fintech Report 2024 published by Fintech News Malaysia, there are more than 280 fintech companies active in the Malaysian fintech landscape. The ecosystem is growing year by year, and 2024 was a pivotal period, driven by the launch of the country’s first digital banks, a boost in digital payment adoption, and several progressive regulatory advancements.

This week’s article looks at why Malaysia is a strategic launchpad for building and scaling fintech hubs in Southeast Asia.

Malaysia fintech landscape

The rapid development of Malaysia’s fintech sector is largely due to proactive regulatory support. 

In 2015, the Securities Commission Malaysia (SC), which is in charge of the capital market, launched the Alliance of Fintech Community (aFINity) to enhance the fintech ecosystem. With the SC framework, Malaysia became the first country in Southeast Asia to regulate equity crowdfunding platforms in 2016. To date, the SC has issued multiple regulations, including robo advisers, peer-to-peer (P2P) financing, digital assets exchanges and digital asset custody services.

During the same year, Bank Negara Malaysia (BNM), the country’s central bank, formed the Financial Technology Enabler Group (FTEG) and launched its sandbox programme in 2016. 

This year, the SC partnered with Khazanah Nasional, a sovereign wealth fund to explore tokenised bonds, aiming to enhance efficiency and transparency in bond issuance. 

Also Read: Bridging the digital divide: Addressing Malaysia’s skills gap

Additionally, Malaysia’s chairmanship of ASEAN in 2025 positions it to champion progressive cross-border fintech policies, fostering deeper regional integration with other ASEAN countries and making it an even stronger launchpad for emerging fintech startups.

Making innovation in fintech work using regulatory sandboxes

Malaysia was among the early adopters of the regulatory sandbox globally. 

The sandbox has played a pivotal role in shaping Malaysia’s fintech ecosystem by facilitating innovation. Past examples include experimenting on fully digital account openings, digital insurance and takaful models, and cross-border remittance solutions. New frameworks have also been introduced, such as the Digital Insurers and Takaful Operators (DITO) category, aimed at promoting greater inclusion in the insurance and takaful sectors.

In 2024, Bank Negara Malaysia updated the sandbox to include a ‘Green Lane’ which includes an accelerated pathway for financial institutions with strong risk management capabilities, allowing them to test innovations more swiftly. 

What makes the BNM sandbox unique is the collaboration between BNM and the Fintech Association of Malaysia (FAOM), a nonprofit founded in 2016 to grow the fintech industry which includes the pre-screening mentoring programme involving experienced fintech founders and mentors in the industry in guiding new applicants before they enter the regulatory sandbox. This pre-screening helps improve the sandbox process by ensuring only well-prepared, viable innovations move forward for testing.

Complementing this, BNM launched the Digital Asset Innovation Hub in June 2025, another sandbox initiative to explore stablecoins, tokenisation, and supply chain finance. The sandbox is open to both local and foreign entrants as BNM seeks to position Malaysia as a leader in blockchain-enabled finance in ASEAN. 

On a side note, Malaysia has indeed a vibrant digital asset and Web 3 ecosystem notably global players such as Coingecko, a leading crypto-asset data aggregator and Etherscan, an Ethereum blockchain explorer which reflects Malaysia’s strong digital asset and blockchain literacy.

Similarly, the SC introduced its Regulatory Sandbox in early 2025, focusing on new capital market products and services that don’t presently fit within the existing capital market frameworks. Considering the first cohort application has ended, market observers are eagerly waiting for the shortlisted applicants to be announced by the SC which hopefully offer new innovative products or services that will address underserved markets.

Market and founder friendly policies for new fintech startups

In addition to a lower cost of living in Malaysia that can expand one’s cash runway, setting up a fintech startup is straightforward.  A foreigner can have 100 per cent equity stake in a local domicile entity without the need to engage a local proxy or nominee for most technology-based businesses, with minimal restrictions generally applying to manufacturing and services.

Also Read: Re-skilling in the age of AI and navigating the future of work in Malaysia

Additionally, the Malaysia Digital (MD) status, issued by the Malaysia Digital Economy Corporation (MDEC), offers tax incentives for eligible fintech companies including fintech. Companies like TNG Digital have leveraged MD status to expand rapidly. 

For fintech founders, the Malaysia Tech Entrepreneur Programme (MTEP) provides tailored visas including a one-year pass for first-time entrepreneurs and a five-year option for seasoned founders, facilitating easy setup in tech sectors. 

Asia Fintech Alliance as a launchpad across Southeast Asia

As a member of the Asia Fintech Alliance (AFA), FAOM also works closely with regional counterparts to help springboard local fintech companies to expand into other markets within the 15 alliance network including major jurisdictions in the region such as Singapore, Indonesia, Japan, etc. 

One of the initiatives led by the AFA is a ‘fast track’ programme aimed at making it easier for existing regulated fintech companies in one jurisdiction to gain approval to operate quickly in other supportive countries. This is still a work in progress, as it depends on persuading regional regulators to align regulations and address shared challenges, with the goal of helping more local fintech companies expand across the region more quickly.

Final thoughts

Malaysia’s combination of progressive regulations, collaborative industry–government initiatives, and a thriving fintech ecosystem makes it a compelling base for a major fintech hub in Southeast Asia. As a fintech founder, Malaysia may serve well as an ideal launchpad for fintech startups targeting the region’s 700 million consumers.

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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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