2024 has been a year of remarkable milestones for Fore Coffee, showcasing its steady growth and strategic evolution in the competitive coffee market. With 61 new outlets launched across 43 cities in Indonesia and one in Singapore, the brand now operates 217 locations as of September 2024.

This expansion highlights Fore Coffee’s commitment to reaching more customers while adapting to diverse market dynamics. Notably, the company introduced six flagship stores in Tier 2 cities, designed as “destination sites” with unique designs and welcoming environments. These locations are more than just coffee shops—they are spaces for community and connection, reflecting Fore Coffee’s vision of delivering value beyond the cup.

Under the leadership of CEO Vico Lomar, Fore Coffee’s dedication to innovation has been reinforced by a strategic partnership with Mikael Jasin, the 2024 World Barista Champion. This collaboration underscores the company’s focus on product development and creativity, resulting in standout offerings such as The Tani Series.

In an email interview with e27, Lomar discusses significant trends in Indonesian coffee market and how the company is seizing opportunities there.

The following is an edited excerpt of the conversation:

Are there any significant changes in the Indonesian coffee market that you noticed in the past few years? How does it impact your business?

The Indonesian coffee market has experienced remarkable growth in recent years, driven by evolving consumer tastes and an increasing appetite for high-quality coffee. With a projected CAGR of 11 per cent over the next five years, Indonesia is set to become one of the fastest-growing coffee markets globally.

Also Read: Brewing success: A comparative analysis of Kopi Kenangan and Kopi Janji Jiwa coffee chains in Indonesia

This dynamic presents exciting opportunities for Fore Coffee to continue innovating and expanding while staying deeply attuned to consumer needs. We stay relevant by maintaining a clear and consistent positioning: offering premium quality coffee at an affordable price. This resonates strongly with the modern Indonesian consumer, who seeks both exceptional value and experience.

Recognising the growing demand for social spaces, we have designed our outlets to cater to this need, creating
comfortable environments where people can connect and share moments over coffee. We have actively expanded into Tier 2 and Tier 3 cities. These markets hold immense potential, as they reflect Indonesia’s evolving coffee culture and the desire for more accessible premium coffee.

Our outlet concepts are tailored to these communities, aligning with their hobbies and love for social interaction, whether it is through cozy meeting spots or events that bring people together. As the Indonesian coffee industry continues to thrive, we see immense potential for growth.

Through a combination of high-quality coffee, innovative offerings, excellent service, and competitive pricing, Fore Coffee is committed to becoming the preferred choice for coffee lovers across the nation.

What challenges and even failures have you made in 2024? How do you rise above it?

In 2024, economic uncertainties, such as declining purchasing power, rising costs, and inflation have influenced the coffee market, driving shifts in consumer preferences, pricing sensitivities, and demands for convenience and quality.

To stay ahead, we focused on listening, understanding, and innovating to adapt to these changes. Our highly skilled team—ranging from R&D and marketing experts to our well-trained baristas—played a critical role in keeping us connected to our customers. Through deep market research, product innovation, and timely marketing campaigns and collaborations, we have been able to respond effectively and stay relevant.

Also Read: AirX Carbon turns coffee grounds, rice and coconut husks into bioplastic

Challenges push us to grow stronger and remain committed to delivering the best coffee experiences for our customers.

Who are your users? How do you acquire them?

At Fore Coffee, we understand that coffee consumption is influenced by two key factors: social experiences and on-the-go purchases. This insight guides our strategy to cater to a diverse range of customers, especially one that take part in the urban lifestyle primarily within the 20 to 45 years old age group, through our three distinct types of outlet stores:

Flagship Stores: Designed as ‘destination sites’, primarily located in Tier 2 and Tier 3 cities, these outlets offer a unique and immersive experience, combining style and comfort for customers seeking a social and leisurely environment. Fore Coffee is also progressing our efforts to identify suitable locations for Tier 1 cities as part of our expansion strategies.

Medium Stores: These outlets cater to a mix of customers, blending the needs of on-the-go consumers with those looking for a space to socialize.

Satellite Outlets: Focused on grab-and-go purchases, these outlets meet the demands of fast-paced, convenience-driven customers.

Our business strategy, which is rooted in ensuring that our products are suitable for everyone, is built on comprehensive market analysis and disciplined performance monitoring, ensuring that each outlet meets the preferences and demands of its specific market.

We position Fore Coffee as a premium affordable brand, offering high-quality coffee with innovative flavors that reflect evolving consumer tastes—all at a price point that remains accessible. By focusing our expansion efforts in Tier 2 and Tier 3 cities, including provincial capitals outside Jakarta and Surabaya, as well as smaller non-capital cities, we have been able to reach underserved markets where demand for premium, yet affordable, coffee is growing rapidly.

Our consumers value premium quality products with unique and bold flavours, and we prioritise delivering a memorable experience for both new and loyal customers. Whether visiting our outlets for socialising or grabbing a quick coffee, customers enjoy an environment that combines comfort and convenience, further strengthening their connection to the Fore Coffee brand.

Also Read: As the price of coffee beans increases, Prefer develops climate-friendly beanless coffee for the masses

How does the incorporation of tech elements help grow your business?

From the very beginning, Fore Coffee was built as a tech-driven brand, launching alongside our digital app in 2018, by Willson Cuaca from East Ventures, Robin Boe and Jhoni Kusno from Otten Coffee.

Our approach was designed to ride the wave of the third wave coffee movement, capitalising on the rapidly advancing internet infrastructure at the time. By 2018, services such as fast on-demand delivery platforms (e.g., GoSend and others) were becoming integral to consumers’ lifestyles, alongside increasing internet penetration across Indonesia.

In addition to our app, we leverage cutting-edge tech and expertise from our network to ensure we deliver the finest quality coffee to our customers. From high-tech tools to streamlined operations and data-driven insights, tech allows us to consistently refine our offerings and maintain exceptional standards at an affordable pricing point.

The app is designed to foster meaningful engagement between the brand and our customers while improving operational efficiency, supporting strategic decision-making, and enhancing the overall customer experience. By offering online ordering with the convenience of pick-up options at our outlets, the app ensures that Fore Coffee remains accessible to everyone, whether they are on the go or seeking a quick coffee break.

Additionally, the app features a robust loyalty programme, rewarding our customers and encouraging repeat purchases. This digital-first approach not only strengthens customer retention but also provides valuable insights into purchasing behaviours, enabling us to continually refine our offerings and tailor our services to meet evolving preferences.

Do you have any plans for another funding round? What is your strategy to be financially sustainable?

At the moment, we are focused on strengthening our operations and ensuring that our business continues to grow sustainably. However, if an opportunity arises to take a strategic step, we are prepared to explore that option.

Our priority remains on expanding the business by focusing on management excellence, product innovation, operational efficiency, and consistently delivering high-quality products and services.

Also Read: Coffeefrom: Brewing sustainability from bean to product

As one of the world’s leading coffee producers with a rapidly growing consumption rate, Indonesia’s coffee industry holds immense potential. Fore Coffee is proud to play a significant role in driving growth within this dynamic sector.

Additionally, we contribute to increasing coffee consumption in Indonesia by offering seamless online services, and making premium coffee accessible to a broader audience.

What is your major plan for 2025?

In 2025, Fore Coffee will continue its commitment to delivering premium affordable coffee while focusing on sustainable growth and enhancing the overall customer experience. Our efforts will center on strengthening operational excellence, driving product innovation, and deepening partnerships with local coffee farmers to highlight the unique richness of Indonesian coffee.

Following 2024’s steps, we are always looking to keep expanding our market, particularly in Tier 2 and 3 cities, by opening more flagship, medium, and satellite outlets across Indonesia.

We are strengthening and taking more meaningful steps to become an open and transparent company, guided by the principles of Good Corporate Governance (GCG). These efforts include ensuring accountability, fairness, and transparency across all aspects of our operations, as well as fostering trust among our stakeholders as we move into this exciting new phase.

Our strategy for 2025 also includes exploring opportunities to expand our reach in both existing and new markets while continuing to enhance accessibility through physical outlets and digital platforms. By staying aligned with evolving consumer preferences and maintaining our dedication to high-quality products and services, we aim to solidify our position as a leader in Indonesia’s coffee industry.

While we are excited about the road ahead, we look forward to sharing more details at the appropriate time.

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Image Credit: Fore Coffee

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Key points:

• Global market sentiment: Asian markets followed Wall Street’s sharp decline, with the S&P 500 and Nasdaq 100 dropping due to concerns over AI company valuations.
• DeepSeek’s disruption: A Chinese AI startup, DeepSeek, introduced a groundbreaking open-source model, raising questions about the future of US tech giants.
• US policy shifts: President Trump announced tariffs on foreign-produced semiconductors, pharmaceuticals, and metals to encourage domestic manufacturing.
• Treasury leadership: Scott Bessent was confirmed as Treasury Secretary, signalling potential shifts in US economic policy.
• Market movements: Treasury yields fell, the US Dollar stabilised, and commodities like gold and oil saw mixed performance.
• Crypto developments: Eric Trump announced tax exemptions for US-based crypto projects to boost blockchain innovation.
• Bitcoin and crypto market decline: Bitcoin dropped below $100,000 as DeepSeek’s rise disrupted global markets, including tech and crypto sectors.

Global market sentiment: A shift in confidence

Global markets are facing a wave of uncertainty, with Asian shares retreating after a tough session on Wall Street. The S&P 500 and Nasdaq 100 both took a hit on Monday, driven by growing concerns over the sustainability of US tech company valuations. The trigger? A Chinese AI startup, DeepSeek, unveiled a new open-source AI model that has investors questioning whether the high valuations of US AI companies are justified.

Adding to the unease, many Asian markets, including China and South Korea, were closed on Tuesday for Lunar New Year celebrations, leaving investors with limited opportunities to respond to the unfolding developments. Meanwhile, US equity futures suggested a flat opening, reflecting a cautious mood among traders.

DeepSeek’s disruption: A game-changer for AI

DeepSeek, a Chinese AI startup, has quickly become the centre of attention in the tech world. The company recently launched its open-source language model, R1, which has gained massive popularity in just a week. It’s now the top-rated free app on the Apple App Store in both the US and China, signalling its rapid adoption and appeal.

What makes DeepSeek’s model so disruptive is its accessibility. By offering a cost-effective, open-source alternative, the company has introduced a new level of competition in the AI space. This has raised concerns among investors about the future of US tech giants, particularly those heavily invested in AI. The shift from expensive hardware to more efficient software solutions could accelerate profitability in the AI industry, but it also introduces significant short-term volatility.

Also Read: Geopolitical risks and economic opportunities: A market overview on global trends

US policy shifts: Tariffs and new leadership

In a move to strengthen domestic manufacturing, President Trump announced plans to impose tariffs on foreign-produced semiconductors, pharmaceuticals, and certain metals. The goal is to reduce reliance on imports and encourage companies to produce goods within the US. While this policy could boost domestic industries, it may also lead to higher costs for consumers and potential trade tensions with key partners.

On the leadership front, Scott Bessent was confirmed as the new Treasury Secretary. Known for his support of gradual universal levies, Bessent’s appointment signals a potential shift in US economic policy. His approach aims to address income inequality while maintaining economic growth. However, markets have reacted cautiously, reflecting uncertainty about how his policies will play out in the long term.

Market movements: Mixed reactions across assets

Financial markets have been sending mixed signals amid the ongoing turbulence. The MSCI US index fell by 1.5 per cent, with tech stocks leading the decline at -5.5 per cent. On the other hand, the Financials sector managed to gain 0.9 per cent, offering a rare bright spot. Treasury yields also dropped, with the 10-year yield falling to 4.53 per cent and the two year yield to 4.20 per cent.

Commodities showed varied performance. Gold remained steady above US$2,700 per ounce despite a slight decline, while Brent crude oil fell by 1.8 per cent, nearing US$75 per barrel. The oil market’s movement reflects expectations that OPEC+ will stick to its current supply plan. Meanwhile, the US Dollar Index stabilised, consolidating its recent losses and signalling a period of relative calm after recent volatility.

Crypto developments: A boost for US innovation

The cryptocurrency sector received a significant boost with Eric Trump’s announcement of tax exemptions for US-based crypto projects. This policy is designed to encourage innovation within the United States and position the country as a global leader in blockchain and digital assets. By exempting domestic projects from capital gains tax while imposing a 30 per cent tax on foreign-based projects, the administration aims to attract talent and investment to the US.

The announcement specifically mentioned well-known projects like XRP (Ripple Labs) and HBAR (Hedera Hashgraph Network), signalling strong government support for established players in the crypto space. This move could pave the way for increased investment and innovation, further solidifying the US’s position as a hub for blockchain technology.

Also Read: Breaking barriers: How crypto is disrupting education funding

Bitcoin and crypto market decline: DeepSeek’s ripple effect

DeepSeek’s rise hasn’t just disrupted the tech sector—it’s also sent shockwaves through the cryptocurrency market. Bitcoin, which had been trading above US$100,000, fell below this key level on Monday. The decline was part of a broader market sell-off triggered by concerns over DeepSeek’s impact on global investment trends.

The rapid ascent of DeepSeek has raised questions about the future of AI and its intersection with other industries, including blockchain. As investors reassess their portfolios in light of these developments, the crypto market is likely to remain volatile. However, the long-term potential of blockchain technology remains strong, especially with recent US policy changes creating a more supportive environment for growth.

Conclusion

The global financial landscape is undergoing a period of rapid transformation, driven by technological breakthroughs, policy changes, and shifting market dynamics. DeepSeek’s emergence as a disruptive force in the AI space has highlighted the need for investors to adapt to a rapidly evolving environment. At the same time, US policy changes, including tariffs and crypto tax exemptions, reflect a strategic focus on fostering domestic growth and innovation.

While the short-term outlook is uncertain, these developments underscore the importance of staying informed and flexible. By diversifying investments and keeping an eye on emerging trends, investors can navigate the challenges and opportunities of this transformative era. The rise of DeepSeek and the evolving crypto landscape are reminders that innovation often comes with disruption—but also with immense potential.

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Sixty years ago, Singapore’s separation from Malaysia marked the painful collapse of a bold political experiment. What began as a union based on the promise of a shared future and a common market fell apart under the weight of irreconcilable political objectives and deepening communal tensions. For Singapore, the 1965 split was a jarring moment of reckoning, propelling the fledgling nation onto the path of independence as a small city-state.

To be sure, no one is looking to relive the “Merger” years. As Singapore marks its SG60 diamond jubilee, it stands as a testament to how the nation turned necessity into virtue — transforming that moment of reckoning into the realisation of a potential that likely surpassed even the dreams of its founding fathers. 

But the Johor-Singapore Special Economic Zone (JS-SEZ) does offer an opportunity to level-up a strategic partnership between Singapore and Malaysia, at a time when bilateral ties at the political level are on solid footing. 

A partnership for progress

Formalised at the 2025 bilateral leaders’ retreat, the JS-SEZ represents a landmark collaboration, combining Singapore’s technological and financial expertise with Johor’s abundant land, labour, and natural resources. Spanning 3,571 square kilometres — over four times the size of Singapore –, the zone aims to reshape Southeast Asia’s economic landscape. Singapore will leverage its prowess in digital, treasury and innovation, while Johor capitalises on its strengths in industry, production and resources.

The JS-SEZ arrives at a pivotal moment. Bilateral trade between Singapore and Malaysia reached a remarkable US$78.59 billion from January to November 2024, marking a 6.7 per cent increase compared to the same period in 2023. Building on this momentum, the JS-SEZ is projected to create 20,000 skilled jobs, benefiting talent on both sides of the Causeway. It also aims to support the growth of 50 projects within its first five years and a total of 100 projects within its first decade.

Malaysia has set ambitious targets for the zone, projecting it will contribute US$35.5 billion annually to its GDP by 2030 — nearly five per cent of its current economic output. While Singapore’s GDP boost is estimated to be a modest 0.2 per cent over five years, the broader value lies in strengthening ties with its closest neighbour, aligning strategic interests, and enhancing its relevance in global trade and innovation.

For Singaporean businesses, particularly mid-sized firms, Johor is emerging as a cost-competitive base for operations and production. This complements high-value activities like R&D and regional headquarters located in Singapore, creating a synergistic relationship that bolsters both nations’ economic aspirations.

Also Read: Is Singapore’s domestic market really that small?

Unlocking four complementarities

The JS-SEZ is distinct for its ability to unlock complementarities that neither country could achieve alone. These synergies fall into four broad areas – in supply chain connectivity; logistics; movement of people; and ease of doing cross-border business.

Firstly, Singapore’s semiconductor industry, which accounts for around seven per cent of its GDP, contributes more than 10 per cent of global semiconductor output and about 20 per cent of global semiconductor equipment production, will benefit from Johor’s capacity for assembly and testing.

This collaboration could create a regional supply chain to rival Shenzhen, offering resilience and proximity to ASEAN markets. Meanwhile, Johor’s renewable energy resources, such as solar and biomass, can power energy-intensive data centers, enabling firms in Singapore to expand digital infrastructure while advancing a global green energy agenda.

Secondly, Johor’s abundant land and competitive costs make it an ideal partner for the expansion of food manufacturing and green technology enterprises based in Singapore. ASEAN’s booming e-commerce market, projected to exceed US$300 billion by 2025, underscores the importance of efficient logistics. With its proximity and infrastructure, the JS-SEZ is well-positioned to become a regional logistics hub, enabling both nations to outpace regional competitors.

Thirdly, unlike previous initiatives such as Iskandar Malaysia, the JS-SEZ prioritises connectivity. The Rapid Transit System (RTS) Link, set to open in 2026, will reduce travel time between Johor Bahru and Singapore, easing congestion and enhancing labor mobility. A passport-free QR code system for workers and digitised customs processes aim to streamline cross-border flows, significantly lowering transaction costs for businesses.

Finally, governance reforms underpin the SEZ’s design. A one-stop business center in Johor will handle investment approvals, addressing past complaints about bureaucratic delays. Special tax incentives, including lower corporate rates and personal income tax relief for skilled professionals, are designed to attract high-value industries and top global talent. If successfully implemented, these measures will make the JS-SEZ a magnet for investors.

Also Read: Singapore aims to lead in AI — but where’s the talent?

1963 reimagined?

The JS-SEZ represents a reimagining of the Singapore-Malaysia relationship as a partnership grounded in mutual interest and economic foresight. It enables both sides to transcend national limitations. And it is a bold statement of confidence in economic collaboration to spur growth, in a world marked by rising protectionism, growing economic nationalism and tighter trade restrictions.

For Singapore, the zone presents a strategic opportunity to overcome physical and structural limitations charting a path for its next phase of growth under the leadership of Prime Minister Lawrence Wong, while enriching ties with its closest neighbour. For Malaysia, it offers the potential to transform Johor into a production powerhouse, drawing global investment and spurring regional development — a partnership inked during Prime Minister Anwar Ibrahim’s chairmanship of ASEAN.

Sixty years after the Separation, the JS-SEZ offers both nations a chance to enhance their respective value propositions where the sum proves more than its parts, and a fresh canvas to rewrite their shared story as complementary partners, united by common goals for themselves and the region in an increasingly complex global landscape. “The greater competition we face is not among ourselves within ASEAN – it’s outside of the region. ASEAN has to come together, look at ways to enhance our value proposition, and be competitive together” said PM Wong. 

History may not repeat itself, but it often rhymes. For Singapore and Malaysia, a strong domestic consensus, paired with stable and trusted relationships at the highest levels of government, could further elevate the shared peace, prosperity and potential their peoples have long deserved – deepening ties that have evolved and endured since 1965.

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Imagine this: After a long, exhausting day, your car drives you home. No hands on the wheel, no stress on the road. Just plain convenience and stress relief. That’s fantastic, but only if we can use autonomous vehicles without fear of them being hacked, taken over, or driven beyond our control.

Autonomous transportation is no longer a vision of the distant future. It is here, transforming the way we move people and goods. From self-driving cars cruising down city streets to drones delivering packages to your doorstep and even life-saving medical equipment, autonomous systems are becoming integral to industries and daily life.

They promise efficiency, innovation, and accessibility. However, as they become more prevalent, the pressing question remains: How do we secure these technologies from cyber threats that could undermine their immense potential?

The reliance of autonomous systems on advanced software, artificial intelligence, and interconnected networks makes them particularly vulnerable to cyberattacks. These attacks could compromise not just operational integrity but also public safety and privacy. Securing autonomous transportation is therefore not just a technical challenge, it is a necessity.

The expanding reality of autonomous transportation

The combined market for autonomous vehicles across land, air, and sea can be valued at an estimated $62 billion USD in 2022, with rapid growth projected in the coming years. As industries embrace self-driving cars, drones, and unmanned vessels, autonomous technology is poised to revolutionise transportation and redefine how we move people and goods, cementing its place at the heart of our future.

On the road, self-driving vehicles are being developed for personal use, ride-sharing, and logistics. Companies like Uber are collaborating with artificial intelligence (AI) specialists such as Nvidia to leverage advancements in AI and computing power, aiming to enhance the efficiency and scalability of autonomous systems. These efforts highlight the vital role of robust AI capabilities in enabling the next generation of transportation solutions, alongside the critical need for securing these systems against evolving cyber threats.

In the skies, drones are revolutionising delivery services, while autonomous aerial vehicles are on the horizon for passenger transport. Companies like Zipline are leading the charge, having completed over 1.3 million commercial deliveries in the US alone, primarily for medical supplies and consumer goods demonstrating how autonomous drones are transforming logistics with unparalleled speed and efficiency. Meanwhile, autonomous aerial vehicles for passenger transport are on the horizon, hinting at an even broader future for autonomous technologies in the air.

At sea, autonomous ships are beginning to navigate global waterways, promising increased efficiency in cargo transport. The Yara Birkeland, a fully electric and autonomous container ship in Norway, is already reducing emissions while demonstrating the potential of crewless maritime logistics.

While each type of autonomous system operates in its own unique environment, they all share a common reliance on connectivity, AI, and automation. These features, while enabling their functionality, also introduce vulnerabilities that hackers could exploit.

Also Read: Cybersecurity in Asia: Trending toward a safer digital future

The cybersecurity challenges facing autonomous systems

The opportunities in common that they bring also come with common vulnerabilities, and these can be exploited across land, air, and sea.

Software vulnerabilities are a universal challenge. From malware injection to exploiting unpatched systems, attackers can compromise the very algorithms that drive autonomy, taking control or shutting down operations entirely. This threat is amplified by the interconnected nature of these systems, where a single breach could cascade across multiple vehicles or domains.

Another critical threat is GPS spoofing, where attackers feed false signals to disrupt navigation. This can misdirect self-driving cars, drones, or ships, potentially causing accidents, delays, or loss of valuable cargo. Sensor tampering is another shared vulnerability, as autonomous systems rely on cameras, LiDAR, radar, and other sensors to interpret their surroundings. A compromised sensor could provide inaccurate data, leading to operational errors or collisions.

Communication networks, such as Vehicle-to-Everything (V2X) or equivalent systems in other domains, are also prime targets for attackers. Spoofing, interception, or denial-of-service (DoS) attacks on these networks could disrupt coordination between vehicles and infrastructure, causing chaos and safety risks.

Additionally, all autonomous systems generate and store sensitive data, such as location histories, user preferences, and operational logs. If this data is accessed or stolen, it could lead to privacy violations, espionage, or even physical harm if attackers exploit it for targeted attacks.

It goes without saying that if these concerns remain unaddressed, it will continue to be a major challenge to build consumer trust and confidence in these systems.

Lessons from recent incidents

The urgency of addressing these cybersecurity challenges is underscored by real-world incidents.

In 2015, security researchers demonstrated the ability to remotely access and control various functions of a Tesla Model S, including the infotainment system, by exploiting software vulnerabilities. Tesla quickly addressed these issues with over-the-air (OTA) updates, but the incident highlighted the potential dangers of compromised software in connected vehicles.

GPS spoofing, a significant threat to autonomous systems, has been highlighted in several alarming cases. In 2019, Regulus Cyber successfully conducted a test on a Tesla Model 3, deceiving its navigation system through GPS spoofing. This caused the vehicle to exit a highway unexpectedly, showcasing the risks of over-the-air attacks on navigation systems. More recently, in 2024, reports of GPS spoofing incidents affecting commercial airliners have emerged, particularly in conflict zones. These attacks led to navigation systems displaying incorrect positions, posing significant risks to aviation safety. The implications are even more severe when considering unmanned vehicles, where human intervention is absent to correct the course.

These incidents make it clear that autonomous transportation systems must be designed with security as a foundational principle, not an afterthought. As reliance on autonomy grows, addressing these vulnerabilities is not just critical for the success of the technology but also for public safety and trust.

Also Read: Camellia Chan: Transforming cybersecurity with hardware-based solutions and and building a global brand

Building a secure future for autonomous transportation

Securing autonomous transportation requires a multi-faceted approach that addresses its unique risks. Communication protocols, such as V2X and drone-to-controller links, must minimally be fortified with encryption and authentication to prevent unauthorised access. AI systems used in autonomous vehicles and drones must be made resilient against adversarial attacks, such as manipulated traffic signs or false data inputs designed to mislead decision-making.

While software security plays a crucial role in protecting autonomous systems, it must be complemented by hardware-based security measures to offer comprehensive protection. Hardware security is uniquely positioned to detect and stop malicious actors attempting to access data in real time, addressing threats at the physical layer where critical data is generated and processed. For instance, embedded sensors in hardware can identify attempts to access or tamper with sensitive data and immediately lock down the system to prevent theft or corruption.

One of the most significant advantages of hardware security is its independence from interconnected systems. Unlike software, which often relies on a network of applications and updates, hardware can operate independently. This independence makes it far less susceptible to the cascading vulnerabilities that plague interconnected software systems, such as malware spreading through shared networks or dependencies on compromised third-party applications. Hardware’s self-contained nature ensures it can continue functioning and safeguarding critical data even when other layers of security are breached.

To build a robust future for autonomous transportation, redundancy and fail-safes must also be built into critical systems to ensure functionality during a breach. In the event of a vehicle hack – such as an attacker gaining remote control of a car’s steering, brakes, or acceleration – hardware security can act as the last line of defence. Its ability to operate autonomously and proactively ensures that the system can detect unauthorised actions in real-time, isolate the compromised components, and prevent malicious commands from causing harm.

For instance, in a scenario where navigation systems are hijacked or critical driving functions are manipulated, hardware-level monitoring can trigger a lockdown or revert the vehicle to a safe mode, overriding malicious inputs. This capability is particularly vital in high-stakes environments, such as urban areas or highways, where a compromised vehicle could endanger not only its passengers but also other road users.

Looking ahead to a bright and secure future

The future of autonomous transportation is bright, but its success hinges on public trust and safety. As these technologies become more prevalent, the industry must prioritise cybersecurity at every stage – from design and manufacturing to deployment and ongoing operation. A critical part of this effort is ensuring that hardware and software security work together seamlessly, creating a multi-layered defence against evolving threats.

Emerging innovations, such as edge computing to reduce reliance on centralised systems, further enhance this collaboration. By processing data closer to the source, edge computing minimises latency and the risks associated with transferring sensitive information over potentially vulnerable networks. This decentralised approach aligns well with the strengths of hardware security, which operates independently and can safeguard data at its point of origin.

Ultimately, the journey toward secure autonomous transportation requires continuous vigilance, innovation, and collaboration. By addressing cybersecurity challenges head-on, we can unlock the full potential of these technologies while safeguarding the people and systems they serve.

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The Los Angeles wildfires have caused unprecedented devastation. Over 30,000 acres have been burned and more than 10,000 structures destroyed, including numerous homes. Approximately 180,000 residents have been evacuated and there have been at least five fatalities, with the death toll expected to rise. The economic losses are estimated between $135 billion and $150 billion. As a result, these wildfires among the costliest in U.S. history. This, and other natural disasters, sow destruction on both lives and livelihoods. The urgent need for innovative and collaborative approaches to disaster preparedness and response is clear.

That’s where the SAFE STEPS D-Tech Awards 2025 comes in. This platform is designed to identify and support life-saving innovations that mitigate the impacts of natural disasters and accelerate recovery efforts. And there is no better time, as efforts to save lives before, during, and after disasters have never been more critical. The initiative also underscores the urgent need for collaboration. Read on to find out how it brings together diverse stakeholders to address the pressing challenges posed by climate-related and other crises.

The role of collaboration in advancing disaster tech

At the heart of the SAFE STEPS D-Tech Awards is the Prudence Foundation, a leading advocate for disaster preparedness and resilience in Asia. Since its inception, Prudence Foundation has leveraged its deep expertise and expansive network. It has created a platform dedicated to saving lives through innovation. As the driving force behind the awards, its vision is to inspire transformative solutions that mitigate disaster risks and accelerate recovery efforts, ensuring communities can thrive even in the face of adversity.

This vision is realized through consistent and intentional collaboration. First, the International Federation of Red Cross and Red Crescent Societies (IFRC) contributes invaluable expertise in humanitarian response, providing a critical perspective on disaster management. This partnership ensures a comprehensive understanding of the challenges faced during crises. As a  result, it facilitates timely and effective interventions that prioritize the needs of affected communities.

Meanwhile, Amazon Web Services (AWS) lends its technological prowess, offering cloud infrastructure and support for disaster preparedness efforts. This includes their work with CropIn to reduce crop loss using climate-resilient technologies. Through this collaboration, AWS helps provide farmers with predictive analytics and real-time weather data.  This optimises agricultural practices, ensuring that crops are better protected against unpredictable climate patterns. Since 2017, they’ve responded to 145 natural disasters, leveraging cloud technology to enable solutions like climate-resilient agriculture.

Finally, e27 plays a vital role as an implementation partner. With its unparalleled connection to the startup ecosystem, it ensures that the initiative resonates with its target audience. Together, these partners exemplify the synergy required to advance the disaster technology ecosystem, proving that collaboration is the cornerstone of resilience.

Read also: e27 and Prudence Foundation champion disaster tech innovation through strategic partnerships

SAFE STEPS D-Tech Awards and the real-world impact of disaster tech

The SAFE STEPS D-Tech Awards have a proven track record of celebrating groundbreaking innovations. These innovations have made a tangible impact in disaster response and preparedness. Over the years, the Awards have provided a launchpad for startups to scale their solutions and secure key partnerships, expanding their reach and effectiveness. In 2023, Wateroam emerged as a standout winner with its ROAMfilter Plus 2, a lightweight, cost-effective water filtration system that has delivered safe drinking water to over 250,000 people across 40 countries.

The 2021 edition saw EcoWorth Tech Pte. Ltd. from Singapore take the spotlight for its transformative approach to turning local cellulosic waste into super-absorbent materials for oil spill clean-up and water treatment. The inaugural 2019 Awards celebrated FieldSight, a platform revolutionizing field operations with real-time monitoring and management capabilities, particularly in disaster-prone regions. These inspiring success stories underscore the Awards’ commitment to empowering innovators and scaling disaster tech solutions that save lives globally.

Read also: Wateroam emerges victorious at the 2023 SAFE STEPS D-Tech Awards

Introducing the SAFE STEPS D-Tech Community Hub

In 2024, the launch of the SAFE STEPS D-Tech Community Hub marked a pivotal extension of the awards’ mission. The hub has cultivated a thriving ecosystem of over 100 members, including startups, NGOs, investors, and policymakers. This vibrant network fosters collaboration and innovation in disaster technology. As a result, it enables stakeholders to share ideas, pool resources, and form impactful partnerships. A cornerstone of the hub’s efforts is its global repository, a central platform for disaster tech news, resources, and events. Startups have also benefited from access to high-impact activities like webinars, workshops, and showcases.

Designed to foster long-term collaboration, the hub serves as a platform where innovators, funders, and enablers can connect, share resources, and scale solutions. It provides an ecosystem for stakeholders to collaborate on groundbreaking technologies that address disaster risks. Complementing the D-Tech Awards, the Hub amplifies efforts to build resilience and promote sustainable solutions, ensuring that the impact of these innovations extends well beyond the awards themselves. Join the Community Hub here.

Read also: Shaping disaster resilience in APAC through innovation with D-Tech Spotlight

Looking Ahead: The D-Tech Awards 2025

As the D-Tech Awards 2025 approach, the emphasis on collaboration remains stronger than ever. The event promises an enhanced focus on partnerships, capacity building, and innovation, driving further progress in disaster resilience. Interested organisations can look forward to the start of the application process in February. The in-person finals will take place at Echelon 2025. This key gathering for tech innovators and entrepreneurs hosted by e27 will be held on 11 June 2025.

The awards promise to continue its legacy of uncovering and promoting transformative solutions that save lives, protect communities, and expedite recovery in the aftermath of disasters.The awards offer an unparalleled opportunity for startups, organisations, and stakeholders to engage in transformative change. By fostering collaboration across sectors, the awards aim to uncover and scale solutions that save lives, protect communities, and expedite recovery during crises. 

The SAFE STEPS D-Tech Awards and Community Hub exemplify how strategic partnerships can create lasting impact in disaster tech. Organisations and stakeholders are invited to join the Hub.  Through it, they can contribute to this mission and support the journey toward a more resilient future.

Be part of the innovation that shapes tomorrow’s disaster response! Join the virtual launch of SAFE STEPS D-Tech Awards 2025 on 10 February!

—

This article is produced by the e27 team, sponsored by Prudence Foundation

We can share your story at e27, too. Engage the Southeast Asian tech ecosystem by bringing your story to the world. Reach out to us here to get started.

Image credit: Prudence Foundation

The post Together for tomorrow: The role of collaboration in disaster tech innovation appeared first on e27.

While Thailand’s startup ecosystem has made progress in the last several years, it still lags behind its neighbouring countries in the region, including gaps in funding access, corporate engagement, and global readiness. A2D Ventures is looking to fill these gaps with Venture Spark, a programme that empowers startups across Thailand with the funding, mentorship, and resources they need to scale locally and globally (applications for Cohort 1 are now open).

e27 spoke with Ankit Upadhyay, founder and General Partner at A2D Ventures, to learn about the Venture Spark programme and Thailand’s startup ecosystem.

Edited excerpts:

What inspired A2D Ventures and InnoSpace Thailand to launch Venture Spark, and why is now the right time for this initiative?

The last sector-agnostic accelerator in Thailand was run by mobile services provider DTAC in 2019. Since then, founders have lacked access to participate in an accelerator programme with a local focus.

We believe that Thailand’s startup ecosystem is at a turning point. It has incredible potential due to factors like the highest internet penetration, second highest GDP, highest volume of annual tourists, and a substantial population baseline of circa 70 million people. However, there are gaps in scaling venture opportunities and exposure to global mentors.

A2D Ventures and InnoSpace Thailand recognised that startups needed more than just funding—they needed a platform to access deep industry networks, a global mindset, and curated mentorship.

Also Read: How to hack product growth and user acquisition in Thailand

With Southeast Asia poised for rapid economic growth, now is the perfect time to empower Thai startups to lead this revolution and make Thailand a hub for innovation by creating the new S-curve.

What sets Venture Spark apart from other startup accelerators in Thailand?

Venture Spark doesn’t just focus on traditional mentorship and funding; we build deep, strategic partnerships with corporate giants, Thai and expat founder match-making, access to government agency grants, and global VC networks.

Our programme integrates global resources with a local focus, offering startups access to matching funds, corporate collaborations, and a pathway to scale internationally. It also fosters inclusivity for founders of every background—Thais, expats, and digital nomads alike.

What is Venture Spark’s ultimate vision for transforming Thailand’s startup ecosystem?

We aim to position Thailand as a hub for innovation in Southeast Asia. By fostering a culture of global thinking and inclusivity, we aim to produce world-class startups that solve local problems and compete on the global stage. Over time, we aspire to establish Thailand as a key player in Southeast Asia’s innovation economy.

I learned that Venture Spark has collaborated with government agencies like DEPA and NIA to provide matching funds. Can you share more about these collaborations?

Our partnership with Innospace extends its collaboration with the DEPA (Digital Economy Promotion Agency) and NIA (National Innovation Agency) to bridge the financial gaps that many startups face. These matching funds in the form of grants amplify the impact of private investments, allowing startups to access the additional capital they need to scale.

Additionally, these collaborations help foster a supportive policy environment and open doors to resources critical for growth, such as DEPA’s “Digital Startup Technology and Innovation Market,” which enables startups to access corporate and government tenders.

Venture Spark promises strong corporate collaborations with companies like ThaiBev and PTTOR. How do these partnerships help startups scale their business?

These collaborations connect startups with invaluable industry expertise, resources, and distribution networks. Companies like ThaiBev and PTTOR bring decades of operational knowledge and established ecosystems, which help startups test, refine, and scale their solutions rapidly. These partnerships also create opportunities for pilot projects and market validation at a scale most startups can only dream of.

Venture Spark emphasises inclusivity, welcoming local founders, expats, and digital nomads. How do you ensure your programme caters to such a diverse audience?

We design our programme to be highly flexible and universally accessible. From workshops conducted in English to support networks tailored for cultural nuances, we prioritise creating an environment where every founder feels supported.

Also Read: Why is fintech-driven lending a game-changer for Thai SMEs

Additionally, our mentor and advisor network includes experts from Thailand and overseas with experience across various markets and industries, ensuring diverse perspectives are integrated into our guidance.

What strategies does Venture Spark use to help Thai startups build a global mindset and scale internationally?

We focus on exposing startups to global markets early in their journey. This includes bringing in international mentors, facilitating cross-border partnerships, and organising immersion programs in key startup ecosystems worldwide.

We also emphasise the importance of building scalable business models and encourage founders to think beyond Thailand’s borders from day one.

Thailand’s startup ecosystem has grown significantly over the years. How does Venture Spark plan to address the remaining critical gaps?

While progress has been made, gaps remain in funding access, corporate engagement, and global readiness. Venture Spark addresses these by offering not just funding but also strong corporate collaborations and international market entry pathways.

Our tailored programme will help startups overcome these challenges and position them for long-term success, starting with a mindset change amongst founders.

How do you measure Venture Spark’s success, both in terms of individual startups and the broader impact on Thailand’s innovation landscape?

At the individual level, success is measured by a startup’s ability to scale sustainably, secure partnerships, secure funding, and enter new markets. On a broader scale, we look at our contribution to job creation, foreign investment inflows, and Thailand’s ranking in global innovation indices. Ultimately, we aim to create a ripple effect that benefits the entire ecosystem by building strong role models.

What are your expectations for Cohort 1, and what kind of startups are you hoping to attract?

For Cohort 1, we seek innovative startups with high-growth potential, especially those in sectors like food innovation, AI, healthtech, consumer goods, wellness, agritech, robotics, e-commerce, mobility/EV, tourism and biotech. We’re excited to work with founders who are passionate about solving significant problems and powered by a big vision to scale their businesses locally and internationally. We anticipate this first cohort will set a new benchmark for what Thai startups can achieve.

The post ‘Thai startups face challenges in funding, corporate engagement, global expansion’: A2D Ventures appeared first on e27.

Elev8.vc, a prominent venture capital firm in Singapore, has announced closing a US$$30 million fund aimed at propelling deeptech innovation within Southeast Asia.

The US$30 million fund has garnered backing from institutional investors, corporate partners, family offices, and experienced founders, including YouTube founder Steve Chen, Circles.Life founder Abhishek Gupta, and AppWorks.

Also Read: Unleashing the power: The fierce talent battle in deeptech innovations

The corporate investment arm of the Singapore Economic Development Board, EDBI, has joined as a strategic partner through the SG Startup Equity (SSGE) scheme. This collaboration aims to accelerate private sector investment into local deep tech startups for their global expansion from Singapore.

This new deeptech fund will support early-stage deeptech startups across various sectors, including artificial intelligence (AI), medtech, robotics, and advanced manufacturing.

The venture capital firm aims to back 20 to 30 high-potential deeptech startups, providing them with capital and strategic resources to accelerate their growth. Elev8.vc will utilise its network across Asia, Europe, and North America to connect these companies to global markets, talent, and further investment opportunities. This strategic support aims to further establish Singapore as a thriving centre for deeptech innovation.

The fund has already invested in a diverse range of companies, including Aevice, Auristone, CoNEX, Equatorial Space, Gush, KABAM Robotics, Moon Technologies, N&E Innovations, and Polybee, as well as two companies operating in stealth mode. These startups are working on technologies ranging from space exploration to sustainable materials and AI.

Also Read: Funding deeptech: Balancing potential and complexity in the search for capital

According to Elev8.vc founder and MD Aditya Mathur, deeptech founders face distinct challenges due to complex sales, development processes, and the need for significant technical expertise. This fund intends to support founders who are translating scientific discoveries into commercially viable solutions that tackle global challenges.

Elev8.vc is working with research institutions, government agencies, and corporate partners in Singapore to create a robust ecosystem that supports the success of deep tech startups.

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The post YouTube, Circles.Life founders invest in Elev8.vc’s US$30M deeptech fund appeared first on e27.

The article covers the complexity of current market conditions, the ongoing geopolitical and economic risks, and the potential for growth in certain sectors, including Bitcoin, as of January 27, 2025.

Key points:

• Global markets remain cautious as geopolitical tensions and economic uncertainty weigh on sentiment.
• President Trump’s tariffs and sanctions on Colombia, tied to immigration policy, add to global unease.
• Markets rebounded last week after Trump avoided immediate tariffs on Mexico, Canada, and China, easing fears of a trade war.
• The Federal Reserve is expected to pause rate cuts, while tech earnings will be a major focus for US equities.
• Chinese economic data, due soon, will test global sentiment.
• US equities dipped, Treasury yields fell, the dollar weakened, and gold prices rose.
• Bitcoin dropped 1.2 per cent but saw a rise in trading volume and market cap, signalling strong momentum despite short-term challenges.

Global risk sentiment and market rebound

Global markets are treading carefully as uncertainty continues to dominate the financial landscape. President Trump’s decision to impose tariffs and sanctions on Colombia, citing its role in obstructing his immigration goals, has added another layer of tension. This move highlights the administration’s willingness to use economic measures to achieve political ends, which has left investors wary of further disruptions.

Despite these concerns, markets managed to stage a recovery last week. Fears of an immediate trade war were eased when Trump held off on imposing tariffs on key trading partners like Mexico, Canada, and China. This decision provided some relief to investors, who had braced for a more aggressive stance. However, the underlying risks remain, and the potential for future trade conflicts continues to cast a shadow over global sentiment.

US economic developments and federal reserve outlook

In the US, all eyes are on the tech sector as earnings season kicks off. The performance of major technology companies will be critical, as this sector has been a driving force behind market gains in recent years. Strong results could help stabilise equities, while weaker-than-expected numbers might amplify concerns about the broader economy.

Meanwhile, the Federal Reserve is widely expected to hold interest rates steady in its upcoming meeting. This pause in the rate-cutting cycle reflects a cautious approach to monetary policy, as the Fed navigates a mixed economic environment. Investors will be closely watching for any signals about future policy moves, as these could have significant implications for both domestic and global markets.

Chinese economic data and asian market trends

Outside the US, attention is turning to China, where key economic activity data is set to be released. This data will offer valuable insights into the health of the Chinese economy, which has been grappling with slower growth and ongoing trade tensions. A strong reading could boost global sentiment, while weaker numbers might deepen concerns about the global recovery.

Asian markets have been mixed in early trading, reflecting the region’s sensitivity to both local and international developments. As investors digest the implications of US policies and await Chinese data, volatility is likely to remain a key feature of the market in the near term.

Also Read: The human factor: B2B marketing in 2025

Market performance: Equities, bonds, and commodities

US equities saw a slight decline, with the MSCI US index down 0.8 per cent. However, the Real Estate sector stood out, gaining 1.2 per cent as investors sought defensive plays. Treasury yields also fell, with the 10-year yield dropping to 4.62 per cent and the two year yield slipping to 4.27 per cent. These moves suggest a cautious approach by investors, who are seeking safer assets amid ongoing uncertainty.

The US dollar continued its recent pullback, falling 0.6 per cent, while gold prices rose 0.6 per cent, nearing US$2,800 per ounce. Gold’s upward momentum reflects its appeal as a safe-haven asset in times of uncertainty. In the oil market, Brent crude remained below US$80 per barrel, with geopolitical tensions and OPEC+ dynamics adding to the complexity. President Trump’s pressure on Russia to resolve the Ukraine conflict and his demands for lower crude prices have further complicated the outlook for energy markets.

Bitcoin performance and market sentiment

Bitcoin, the world’s largest cryptocurrency, experienced a 1.2 per cent drop over the past 24 hours, trading at US$107,098.75. Despite the decline, trading volume surged by 13 per cent to US$83.05 billion, and market capitalisation rose by two per cent to US$2.09 trillion. These figures suggest that while Bitcoin is facing short-term challenges, there is still strong underlying momentum in the market.

Technical indicators paint a cautiously optimistic picture. The Relative Strength Index (RSI) is at 60.68, signalling mild bullish strength while staying below the overbought level of 70. Additionally, the Moving Average Convergence Divergence (MACD) shows a bullish crossover, with the MACD line at 2,474.87 above the signal line at 1,732.52. Resistance is expected at US$106,251, with support at US$102,693. While Bitcoin’s price remains volatile, the broader market sentiment appears to be leaning toward further gains in the near term.

Conclusion

Global markets are navigating a complex web of risks and opportunities, shaped by geopolitical tensions, economic data, and central bank policies. While last week’s rebound in equities provided some relief, the underlying uncertainties—ranging from US trade policies to Chinese economic performance—continue to weigh on sentiment.

In the cryptocurrency space, Bitcoin’s recent dip highlights the challenges facing digital assets in today’s environment. However, strong trading activity and bullish technical indicators suggest that the market still has room to grow. As investors monitor these developments, staying adaptable and informed will be crucial for navigating the road ahead.

—

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 courtesy of the author.

The post Geopolitical risks and economic opportunities: A market overview on global trends appeared first on e27.

eFishery is currently under investigation for allegedly inflating its revenue and profit figures.

A draft report by FTI Consulting suggests that the Indonesian agritech startup overstated its revenue by nearly US$600 million for the nine months leading up to September 2024.

The report indicates that the actual revenue was US$157 million, significantly lower than the reported US$752 million. Furthermore, instead of the previously stated profit of US$16 million, the company recorded a loss of US$35.4 million.

Also Read: The great decline: How Indonesia’s tech funding hit a 3-year low

Internal records also reveal accumulated losses of approximately US$152 million since its inception up to November 2024.

The investigation has also cast doubt on the number of fish feeders the company claims to operate. While eFishery stated it had over 400,000 fish feeders, investigators believe the actual number is closer to 24,000. These accounting discrepancies led to the dismissal of CEO and co-founder Gibran Huzaifah in December.

Despite these allegations, eFishery’s product manager, Elsa Vinietta, has defended the company’s core technology on LinkedIn. She states that its IoT, AI, and apps are real products used by farmers, not just prototypes. She emphasizes that all core aspects of the company were developed in-house.

Meanwhile, a labour union was formed, and eFishery employees rallied outside the Bandung office. The union voiced concerns about the company’s future as reports circulated about potential mass layoffs and a complete shutdown in February. They have demanded that the company cancel any potential layoffs and reassess its business lines, noting that eFishery still possesses substantial assets.

The union also criticised statements that have unfairly tarnished the reputations of all employees, stating that most employees were not involved in any fraud. They have further urged eFishery to resume business operations and to publicly address the fraud allegations.

Patrick Walujo, CEO of GoTo Group and an investor in eFishery, has described the situation at eFishery as “embarrassing.”

Also Read: eFishery gets US$30M loan from HSBC Indonesia

Co-founders Gibran Huzaifah and Chrisna Aditya have stepped down following the investigation and interim CEO Adhy Wibisono has also resigned.

Founded in 2013, eFishery is one of Indonesia’s largest digital co-operatives for fish and shrimp farmers. It offers an integrated aquaculture ecosystem that provides access to technology, supporting fish and shrimp farmers across Indonesia.

Last June, the firm received US$30 million in green and social loans from leading lender HSBC Indonesia.

The post Indonesia’s eFishery faces turmoil amidst fraud allegations appeared first on e27.

Dear reader,

The Indonesian agritech startup, eFishery, is currently facing a major crisis amid allegations of financial misrepresentation.

A draft report indicates the company overstated its revenue by nearly US$600M for the nine months ending September 2024, claiming US$752M instead of the actual US$157M. This discrepancy also revealed a loss of US$35.4 million, a stark contrast to the previously reported profit of US$16 million. Furthermore, internal records show accumulated losses of around US$152 million since the company’s inception.

The company’s claims about the number of operational fish feeders also appear to be exaggerated, with investigators suggesting 24,000 instead of the reported 400,000. Following these revelations, eFishery’s CEO and co-founder was dismissed. The company’s future is now uncertain as union members claim the company plans mass layoffs and closure.

However, eFishery’s employees are pushing back against the fraud allegations. They stress that the core technology is in-house, and many employees weren’t involved in the financial misreporting. The union is calling for management to acknowledge that the majority of the staff was not involved in the fraud. They also insist that the company has sufficient assets to resume operations.

This situation serves as a cautionary tale about the importance of financial integrity for startups.

Sainul,
Editor.

—

NEWS & VIEWS

eFishery allegedly overstated revenue by US$600M
A draft report by FTI Consulting claims EFishery overstated its revenue by nearly US$600M for the nine months ending September 2024 | The report states that the company had actual revenue of US$157M, significantly lower than the reported US$752M.

eFishery employee denies entire company commits fraud
eFishery is facing investigations for allegedly inflating revenue by almost US$600M for its September 2024 results | The company also claimed it operated over 400K fish feeders, while investigators suggested the number was closer to 24,000.

eFishery staff demand answers amid layoff, closure rumours
eFishery labour union members claimed they heard that eFishery, which recently halted operations, is planning to do mass layoffs and close down in February | Workers also criticised “negative and unbalanced” reports of alleged fraud within the company.

The great decline: How Indonesia’s tech funding hit a 3-year low
The total amount raised by Indonesia’s startups in 2024 was US$323M, a 75% drop from the US$1.3B raised in 2023 and a 90% fall from the US$3.24B in 2022 | Fintech, enterprise applications, and insurtech stood out.

iMotorbike gears up for growth with US$10M Series A funding led by Headline Asia
Ondine, 500 Global, Gobi Partners, Endeavor Catalyst, and Astor FMO | The funding will support iMotorbike’s expansion into Malaysia, including new inspection centres and showrooms in key locations and its launch in Taiwan.

SoftBank shares rise on US$100B AI deal with OpenAI, Oracle
This initiative involves partnerships with OpenAI and Oracle Corp. for projects related to data centres and physical campuses | Microsoft and Nvidia are also expected to play roles in this project.

Acquiring the acquirer: Thai proptech firm FazWaz takes the helm at Lifull Connect
This strategic move comes after Lifull Connect’s acquisition of FazWaz in 2023 | FazWaz is a real estate platform that provides brokerage services to make buying, selling, or renting a property easy.

uHoo secures US$3.7M to drive growth in smart indoor air quality solutions
Wavemaker Ventures and Menarco Development Corporation led the round | uHoo Aura provides real-time data on critical environmental factors, including temperature, humidity, air quality, noise levels, and chemical pollutants.

East Ventures completes GP-led secondary transaction with Coller Capital
According to East Ventures, the transaction brings the fund’s distributions-to-paid-in capital (DPI) ratio to approximately 2.0x.

500 Global launches Saudi-based fund
The fund, based in Riyadh, is supported by Saudi Arabia’s Public Investment Fund and Saudi Venture Capital | 500 Global manages US$2.3B in assets and has been active in the region since 2012.

New JV to power Southeast Asia with 500MW of renewable energy projects
Sustainable Asia Renewable Assets has been established within the SUSI Asia Energy Transition Fund and aims to develop a 500MW portfolio of greenfield renewable energy projects across select SEA’s markets by the end of SAETF’s fund life.

Consumer spending on AI apps reaches US$1.1B in 2024: report
Users engaged with these AI-powered apps for over 7.7B hours, and downloads of apps featuring “AI” hit 17B worldwide | The rise in AI app usage followed launches such as Google’s Gemini app and the wider availability of OpenAI’s ChatGPT.

South Korea to build US$1.7B AI centre by 2027
The centre aims for a computing capacity of 1 exaflop, a significant milestone | This initiative is part of South Korea’s strategy to strengthen its AI infrastructure and rank among the top three global AI leaders.

Singapore-based TikTok-like app gains traction in US
Likee, known for its AI-powered video feed, experienced a 143% spike in downloads and a 37% rise in user activity on Jan. 18 compared to the previous day | The trend continued on Jan. 19 with an additional 11% rise in usage.

Intudo leads US$1.25M investment in Banyu to elevate Indonesia’s seaweed value chain
Banyu supports local farmers through high-quality seedlings, advanced farming techniques, and access to stable incomes | The funding will enable it to establish a seedling cultivation laboratory and nursery.

MDI Ventures invests in CYFIRMA to fortify Indonesia’s cybersecurity ecosystem
CYFIRMA’s AI-powered external threat landscape management platform provides cyber defenders with a hacker’s view to help clients prepare for impending attacks.

Line launches apps to boost Asia’s blockchain adoption
The Mini Dapps by Line Next, accessible through the Line app, include games, social media services, and Web3 content powered by Kaia, a Layer 1 blockchain developed with Kakao.

Singaporean startup launches AI tool to automate M&A processes
Navi aims to minimise the time for tasks like buyer research, data enrichment, and outreach, which typically take weeks | It also automates the creation of marketing materials, including teasers and investment memos.

Fintech firm Revolut launches robo-advisor in Singapore
This service provides users with automated investment options through diversified portfolios, starting with a minimum investment of US$100 | It customises portfolios based on users’ financial goals and risk tolerance, assessed through a series of questions.

FEATURES & INTERVIEWS

Fly0 seeks to transform travel finance for the underserved in Bangladesh
Fly0 is built on Islamic finance principles, ensuring its services are ethical, inclusive, and free of interest | Instead of charging interest, the platform earns revenue through pre-arranged commissions with travel providers.

Achieving 202%+ CAGR: How Casa Mia redefines coliving for Singapore’s young professionals
From its inception, Casa Mia catered to a growing need: affordable and community-focused solutions for individuals early in their careers.

The intersection of tech and climate change: 5 key forces that will redefine the global market
According to this Kearney report, the dual nature of tech highlights its disruptive impact and transformative potential.

FROM THE ARCHIVES

How East Ventures adopts materiality-driven ESG strategy for its portfolio companies
East Ventures Partner Melisa Irene explains how the venture capital firm promotes ESG values to its portfolio companies.

How climate tech companies in Asia measure the impact of their work
To answer this big question, we reached out to climate tech companies in the Asia Pacific and get them to explain the details.

Understanding the role of fintech, blockchain in transitioning to net zero
This includes the technological know-how that is believed to be “pivotal” in developing and funding innovations to support net-zero transition.

Kickstarting a sustainable ‘change’ reaction with material innovation
Forward-thinking companies are using material innovation to transform the traditional linear product lifecycle into a circular one.

From grid to code: Why good cybersecurity will help deliver net zero
As Asia becomes a key player in the renewable energy transition, stakeholders must remain vigilant about cybersecurity threats and practices.

Digital transformation for nonprofits: 3 strategies for success
By embracing a culture of learning and innovation, nonprofits can use these tools to make a greater impact on the communities and causes they support.

Asia’s role in climate change: Risks, rewards, and the road to net-zero
As a region that is rich in natural, human, and technological capital, Asia is well poised for a net-zero future.

ESG frameworks and standards: Cutting through the complexity of private markets
Having navigated ESG frameworks myself, I’ve created a concise guide with useful links to demystify these concepts for private markets.

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.

Blockchain to the rescue: How tech can combat food waste and secure our food supply
Blockchain holds immense promise in revolutionising food production, consumption, and distribution, addressing critical industry challenges.

Breaking silos and building sustainable synergy: The importance of an integrated sustainability strategy
Integrated sustainability strategies streamline business efforts, ensure cohesiveness across various units and seize green economy opportunities.

The unseen link: How cybersecurity and sustainability converge on Earth Day
Strong cybersecurity practices not only protect data but also contribute to a sustainable digital future, safeguarding our planet.

Is traditional finance failing you? How blockchain can unlock a more secure, personalised future
Blockchain is poised to be the cornerstone of open finance, enabling secure and frictionless transactions in a new financial ecosystem.

Europe’s financial challenge: Can tech bridge the gap to sustainable practices?
Emerging tech like AI, IoT, and blockchain are tackling sustainability issues in finance, boosting accessibility, impact, and reach.

Beyond apps and telehealth: The power of the Village approach for mental well-being
The village offers a platform for genuine conversations, creating a safe space to share challenges and find support in overcoming them.

Will climate change force us to re-imagine travel in the future?
Explore how virtual environments offer a solution for experiencing culture amidst climate change challenges such as water scarcity crises.

How AI and blockchain collaborate for a transparent Web3 future
From politicians to major tech companies, there’s growing recognition, and more efforts are being made to bring AI and blockchain closer together.

From potential to prosperity: Blockchain’s role in reshaping Southeast Asian economies
Blockchain integration in nations like Malaysia marks a transformative era, addressing real-world challenges; a robust solution, not just a trend.

How we designed the future of digital pets in just six weeks
With MetaPals, it isn’t just about looking after a digital animal, it is forming emotional connections and being responsible too.

How the blockchain could change the way the government works
Blockchain’s potential to enhance the public sector has prompted governments to begin testing the technology.

How is Vietnam taking the lead in the blockchain market?
Vietnam leads in global cryptocurrency adoption for 2021 and 2022, second only to Thailand in ASEAN for holders.

On-chain data and Web3 security: Insights from industry experts
Web3 security will shift from a reactive to a proactive approach, prioritizing prevention over post-attack responses.

Navigating the evolving landscape of blockchain regulation in the metaverse era
This article analyses the current and future prospects of blockchain regulation in the United States based on the executive order.

Acing in hackathons: What every tech enthusiast needs to consider
After participating in over 80 hackathons, a journey of multiple wins and experiences, here are my key takeaways.

THOUGHT LEADERSHIP

The climate tech odyssey: Beyond the ‘Valley of Death’ is decades of prosperity
Navigating the ‘Valley of Death’ requires understanding its complexities and its role in the growth of most climate tech startups.

South Africa and Southeast Asia: A new frontier in fintech collaboration
The partnership between Southeast Asia’s investment acumen and South Africa’s fintech ingenuity holds immense promise.

How AI is revolutionising the product management domain
With advancements in quantum computing, reasoning AI, and the potential of AGI, the future of product management looks both exciting and challenging.

Decoding Indonesia’s Personal Data Protection Law: Implications for fintech companies
Indonesia’s PDP Law drives digital progress, urging fintechs to prioritise consumer trust and excellence beyond compliance.

10 mistakes any new founder should avoid in personal branding
Personal branding might seem like a task that can wait, but it significantly influences how people perceive our business.

Squid Game’s Front Man: A masterclass in persuasion
As someone with over 10 years of experience in Public Relations, I couldn’t help but notice the Front Man’s incredible ability to manipulate and persuade.

The post Ecosystem Roundup: eFishery faces fraud allegations | Indonesia’s tech funding hits a 3-year low | iMotorbike raises US$10M appeared first on e27.