Cross-border investments can be exciting, promising new markets, higher yields, and early-mover advantages. But they also create the perfect environment for sophisticated scams — not the cartoonish, obvious kind, but the polished, professional, “opportunity of a lifetime” kind.

These schemes don’t rely on tricks. They rely on the information gaps between what the seller knows and what the buyer cannot see.

To protect yourself, you need to understand the forces that make overseas investors so vulnerable.

The information asymmetry trap

In any foreign market, one side always knows more than the other.

The seller understands the truth: the real demand, the actual rental market, the liquidity issues, the regulatory loopholes, the financial health of the developer, and the stability of the banking system.

The buyer sees: a brochure, a yield projection, a glossy showroom, and a confident salesperson.

This imbalance is not an accident — it’s the basis of the entire sales pitch.

When you cannot verify the claims, the narrative fills the gap.

And narratives are easy to manipulate.

The market for lemons problem (Akerlof)

Economist George Akerlof described a phenomenon where bad products push out good onesin markets where buyers cannot tell the difference.

In markets where it is hard to verify quality, low-quality sellers dominate.

Overseas property is a textbook example.

Overseas real estate suffers from:

• Unverifiable valuations
• Misleading “yield guarantees”
• Incomplete projects
• Poor rental demand
• Inflated numbers masked by currency difference.

Good projects take years to mature. Scams close fast.

Good developers can’t promise unrealistic returns, but scammers can — so they win the customer first.

When buyers cannot distinguish between a good project and a bad one, they default to the one with the best-looking sales pitch.

Also Read: SEA startup investments rise for second month, totalling US$287M in Oct

This creates a market full of:

• Overpriced units
• Non-liquid assets
• Speculative “ghost cities”
• Investors who cannot exit

It isn’t your fault — the market itself is designed to trick you.

The result: buyers end up choosing the offer with the strongest story, not the strongest fundamentals. This is why so many investors end up with units they cannot rent, cannot sell, and cannot even give away.

It’s not stupidity — it’s structural. A market full of “lemons” makes it almost impossible for outsiders to spot the “peaches.”

Moral hazard — When the seller has nothing to lose

Here is the part many investors underestimate: The salesperson faces zero downside.

They get their commission immediately. You bear the risk entirely.

If the market tanks, the developer collapses, or the property becomes impossible to sell, the loss is yours alone.

This creates moral hazard: the salesperson becomes more reckless because they don’t suffer the consequences of misleading you.

This is why they get defensive when questioned. They need your belief — not your due diligence.

Confirmation bias — The story you want to believe

Investors are vulnerable not because they are naïve, but because they want the story to be true.

• “This emerging market will boom.”
• “Tourism will explode.”
• “Foreign investors always win.”
• “This special economic zone is the next Shenzhen.”

Scammers tailor their pitch exactly to your aspirations. They sell you your own hopes reflected back at you — but amplified beyond reality.

The liquidity illusion — The exit that doesn’t exist

The harshest awakening comes years later, when an investor tries to sell.

Locals cannot afford it. Foreign buyers have moved on. The promised “expat demand” never materialised. Rental returns collapse. Banks refuse financing.

You’re left with an asset that looks good on paper but has no real market.

An investment you cannot exit is not an investment — it’s a trap.

Also Read: Indonesia’s AI momentum: Big investments, bigger questions

So, how do you protect yourself?

There are no shortcuts, but there are clear safeguards:

• Verify demand using local income levels, not sales brochures.
• Check real transaction volumes, not projected yields.
• Speak to local agents who have no stake in the sale.
• Examine resale restrictions and actual liquidity.
• Question “guaranteed returns” — they almost always mask risk.
• Validate the developer’s track record with third-party checks.
• Be suspicious of urgency, FOMO, or emotional pressure.

If a deal collapses under scrutiny, it wasn’t a deal — it was bait.

Here are some things to take note of:

Research the market beyond the sales pitch

Before committing capital, go deeper than the marketing brochure. Understand the country’s:

• Economic stability
• Inflation trends
• Political environment
• Foreign ownership restrictions
• Land/title regulations
• Property or business taxation

Use impartial sources: international financial institutions, government trade portals, academic studies, and reputable local advisors.

A solid investment begins with accurate context — not with a promise.

Verify legal ownership and authentic documents

Land and property rights vary dramatically across countries. In some markets, titles are:

• Incomplete
• Contested
• Church- or clan-owned
• Improperly registered
• Legally untransferable to foreigners

Always engage an independent local lawyer— not one recommended by the salesperson — to run title checks, validate deeds, and review compliance.

Verification must be separate from the seller, or it is not verification.

Understand currency, taxation, and capital controls

Your returns may look attractive in a brochure, but foreign exchange realities can erase them overnight.

Be aware of:

• Exchange rate volatility
• Repatriation restrictions
• Double-taxation risks
• Withholding taxes
• Capital gains rules
• Annual property or business taxes

If the country has a history of sudden policy shifts (capital controls, new tax rules, foreign ownership caps), build that into your risk assessment.

Also Read: Malaysia’s digital economy surges with US$6.2B in Q2 investments

Be sceptical of “guaranteed returns” and unrealistic projections

High, stable returns with no volatility do not exist in emerging markets. Scammers use “guaranteed yield,” “exclusive early access,” or “VIP investor rates” to trigger FOMO.

Protect yourself by demanding:

• Audited financials
• Real transaction data
• Rental comparables
• Historical vacancy rates
• Actual sales volumes (not projections)

If the mathematics doesn’t hold up, the narrative definitely won’t.

Work only with licensed, verified intermediaries

In many markets, anyone can call themselves a “consultant,” “broker,” or “advisor.” This is how moral hazard thrives.

Protect yourself by checking:

• Licensing status
• Regulatory registrations
• Litigation history
• Disciplinary records
• Actual experience in that market

Never transfer funds to personal accounts, unregistered entities, or intermediaries who refuse written accountability.

Always plan your exit before you enter

Many investors get trapped not because the asset is bad, but because the market has no liquidity.

Before investing, ask:

• Can I legally sell this asset as a foreigner?
• Who are the realistic buyers?
• Is there demand from locals?
• How long do assets typically sit unsold?
• Are there restrictions on capital repatriation?

If the investment has no clear exit, it is speculation — not strategy.

Stay connected to real information, not marketing narratives

Join communities of expatriates, investors, and industry specialists. They will tell you the truth long before glossy presentations do.

Follow:

• Local business news
• Government bulletins
• Central bank updates
• Property/industry forums
• On-ground analysts

Staying informed helps you anticipate shifts before they affect your capital.

When trust is a system, not a feeling

The real danger in overseas investments is not the asset — it’s the information gap.

Scammers profit from what you can’t see. Protecting yourself means turning trust into something verifiable, measurable, and supported by local intelligence.

In cross-border investing, the real risk is rarely the market itself, but the distance between what you are shown and what you can verify. Closing that gap requires discipline, local intelligence, and a refusal to outsource trust to narratives.

When trust is built on evidence rather than optimism, overseas opportunities stop being traps and start becoming strategies.

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It is 10 in the morning when Lam decides to show up at work. The working hours were supposed to start at 7.30 am, but Lam did not feel the need to be on time.

When he finally showed up at work, Lam spent most of his time surfing the Internet, watching movies or chatting with his friends. For any task that he was assigned, he deliberately slowed his performance, taking more time to complete than he really needed.

As a public servant working for the city government, Lam has held his job for nearly five years, making roughly US$300 per month, about the average national GDP per capita income.

His manager was frustrated and tried to manage his performance first by intimidating him, and then by incentivising him to work harder. None of the methods really worked. Coming from a wealthy family which owns a retail store, a family-run hotel, an accounting firm, and several properties for rent, money is not really a big deal for Lam – he already had all that one might need.

Despite an excellent educational background, graduating from one of the top universities in Japan with a bachelor’s degree in marketing, Lam has no desire to outperform his co-workers, who are many years his senior and have held the job for much longer than he has, at least for the time being.

“I have been doing this simple and mindless job for so long that I have become really good at it. For example, it used to take me several days to design my agency’s newsletters; now, it only takes several hours. Yet, I also do not want to turn in my work earlier. I use that free remaining time to pursue my own leisure,” said Lam.

Successors of economic boom

Lam was born in 1988, so he is part of Vietnam’s millennial generation, which is estimated to account for almost one-fourth of Vietnam’s 95-million population.

In 1986, Vietnamese government launched a reform package called Doi moi which completely abandoned the central planning economy, paving the way for the country to transition to a market-oriented economy. From 1986 onwards, Vietnam experienced a sustained period of high economic growth, lifting millions of people out of poverty, completely transforming the country’s landscape, and becoming a lower middle-income country.

In 2005, it officially became a member of the World Trade Organisation, and since then, it has entered into various free trade agreements with many countries, even with the former archenemies like China or the United States.

Also Read: Then vs now: A look back at Vietnam’s changing e-commerce battleground

As Vietnam’s economy prospers and opportunities to make money are omnipresent, a sense of political and economic security is well established. Many millennials are born in the good economic times, witnessing their parents to acquire wealth and modern amenities, and are largely unaware of their difficult childhood or their parents’ struggling past.

“My grandparents often talked about how hungry they were decades ago, and how people died of starvation. Now I have to go on various diets and do exercises to lose weight,” said Hung, a PhD candidate at a university in Singapore, who is also a public servant. For younger members of the millennial generation, the time of hardship was even more distant and unthinkable.

A generation of identity crisis

Dao is a lecturer at a university, specialising in economics and commerce. She graduated from a high-ranking university in Ho Chi Minh City, Vietnam, and went on to earn a Masters’ degree in Europe. She was very popular among her students; however, she always sensed something was missing in her life.

“I am a university lecturer, so I am supposed to know everything and be a role model for my students. Nonetheless, I think that I have imposter syndrome, that I do not have the right credentials or experience for my job. I get everything so easily that I wonder if I really deserve my students’ respect,” Dao said. Many millennials have a lingering feeling of insecurity and understatement.

Similarly, May also had the same problem trying to find her place in Vietnam’s fast-changing, but still in essence a Confucian society. Confucianism, which originated from China – Vietnam’s neighbor and long-term rival, – is a set of social and ethical beliefs that emphasise filial piety, hierarchy, conformity, and male-dominance. Growing up in a strictly traditional Vietnamese family, May noticed the role-sharing system which made all the burden of housework fall on her mother, and the favor and perceived superiority of her brother over her.

“After studying 4 years in Australia and seeing how equal males and females are in Australia, I cannot bear the Vietnamese culture anymore. I tried to date Vietnamese guys but even though they were around my age and received Western education, they still have deep-seated patriarchal attitude and try to make me feel inferior”.

However, May’s decision to date foreigners was met with resentment and opposition from her family. For some time, she suffered from severe depression, and her relationship with her family was greatly strained. After working in Vietnam for 3 years upon graduation, May decided to go to Europe for a Masters’ degree.

“I felt more like myself living abroad. However, my major is economic development. Since Europe is a very developed place, there is not a lot for me to do. I am considering finding jobs in an ASEAN country such as Cambodia or Laos, so I can be closer to home but still have the necessary freedom to be who I truly am,” said May.

Parental pressure

Sharing May’s sentiments of parents’ intrusion and control over their personal life, Hung said that he had to break up with his previous girlfriend because his parents disapproved of her. In addition, to comply with his father’s wish, he had to stick to his current job despite how much he hated it.

“My father has been a loyal public servant for all his life, so he wants me to continue his legacy. Also, my family has enough wealth to support me for the rest of my life, so my parents only need me to have a stable job to keep me out of trouble,” said Hung. He fought with his parents many times over the issues but always succumbed to their demand.

“They sacrificed a lot to give me a better life, so I do not want to disappoint or infuriate them. Besides, my life is quite comfortable; the roads are all smooth and secure. Nevertheless, I feel saddened whenever I think of my passions, wasted skills, and opportunity costs. I feel like I am living someone else’s life,” said Hung.

After 1975, Vietnam initiated the family planning program which allowed each couple to have a maximum of two children. Therefore, naturally, most millennials are the only child or have at most 1 sibling.

As GDP per capita grew from less than US$250 per year in 1986 to more than US$4,900 in 2024, and the birth rate fell from 4.43 per cent per year to 1.96 per cent per year over the same period, millennials enjoy the fruits of their parents’ hard labor, but also endure their overprotection, and their high expectations.

Also Read: Rising trend in Vietnam: Young professionals embracing social media content creation

According to research by Herdindha and Riyanto (2012), parental pressure can cause children to fear the reality and the future, and become constantly anxious. Even when they are successful, they feel dissatisfied and restless. “My parents even dictated what they wanted me to study or who I should date. Regardless of my feelings towards their domination, I achieve all their goals, but I always feel they want even more from me,” said Hung.

Regarding Lam, he fought off his parental pressure by retreating to his own world and became disinterested in everything. He even rebelled by refusing to meet with any of his parents’ dating prospects.

“After years of misery, I now turn a deaf ear to my mother’s complaints and criticisms. Maybe one day, I will change my mind, leave this job and take over my parents’ business as they wish. However, for now, I do as I am pleased, trying to live one day at a time,” said Lam.

Nonetheless, Lam and Hung faced the paradox of choosing between following the easy path their parents lay out for them or revolting to pursue their dreams. Their parents’ success was so enormous that they are probably never able to escape their shadow. Indeed, there is a joke among Vietnamese that it is easier for poor people to break out of poverty than for well-to-do people to break out of complacency and comfort.

Plenty of distractions

If Vietnamese millennials ever feel discontented and bitter, thanks to Vietnam’s global integration and economic advance, there are plenty of distractions for them to occupy their time and their mind.

With the abundance of electronic devices, computers, smart phones, tablets and Internet, Vietnamese young people are busy with their online life, playing video games, online shopping, updating their Facebook, Twitter, and Zalo blogs, or talking to their friends via Viber, Zalo, and Messenger.

In fact, Vietnam boasted over 86 million Facebook users and 62 million Twitter users. According to a study by Gracia Monica, there were at least 20 million gamers in Vietnam on the mobile platforms alone. The game market in Vietnam was also the fastest growing market among ASEAN countries.

In addition to the Internet, gathering and drinking alcoholic beverages after work or even over lunch is also very common among Vietnamese. According to a report by Euromonitor, young adults in their 20s or early 30s, or millennials, are driving up sales in the beer industry.

In fact, Vietnam ranked first among ASEAN countries and among the top 10 country in the world in beer consumption. “My friends and I drank almost every day for all the reasons. After a long torturing working day and a heavy dose of alcohol, I just go home and sleep, and the whole cycle repeats the next day,” said Hung.

Also Read: Automation, AI, and agritech power Vietnam’s VC momentum

Travelling is also another obsession among young Vietnamese people in light of a booming tourism industry in Vietnam. Moreover, they become more creative with their travelling arrangements and options, from going on traditional tours to hitch-hiking, backpacking or trekking. In addition to popular tourist spots, Vietnamese youths are eager to explore less-travelled corners and foreign exotic destinations.

During May’s three years working in Vietnam after returning from Australia, she travelled extensively, more than she had ever done in her entire life. In addition to touring many cities in Vietnam, she travelled by herself for two weeks to Cambodia, then with her friend for 2 weeks to Thailand. Sometimes she just hopped on her motorbike and went on a completely spontaneous trip to some nearby resorts, neighbouring provinces or mountainous areas over the weekend.

“Travelling gives me something to look forward to and keeps me busy. I also learn many life lessons and make many meaningful acquaintances along the way. More importantly, it gives me the freedom and adventure that I desperately need considering my suffocating work environment and my parents’ over-protection. It is my way of rebellion and survival,” said May.

Fighting for their own way

Despite facing with unconventional challenges, familial and societal pressure, Vietnamese millennials work hard for their own way of life and exert the values of their generation. After divorcing her husband, an act that outraged her parents and made her vulnerable to workplace and social judgment, Dao decided to move out of her parents’ house to start a new life.

She volunteered to lead the university’s Communist Youth Union to carry out various charitable projects in economically disadvantaged areas and team-building activities. Furthermore, she together with her friends opened a restaurant selling Western food such as pizzas, pasta, etc.

She offered job opportunities for her students to gain knowledge and first-hand experience with business management and customer services. She said,” I want to enrich my life experience; I want to fully live, research, study, and grow. I feel more confident now when teaching the students because I myself experiment the theories in practice and learn through my own trials and errors.”

Fighting against the rigid and obsolete system of work-for-life and tenured positions in Vietnam’s remnant central-planning system, many Vietnamese millennials opt to work as freelancers or start their own businesses. The nascent start-up eco-system has been thriving in Vietnam for the past few years.

According to Dezan Shira & Associates, in 2022, Vietnam had around 3,800 start-ups spreading in all sectors, with many companies receiving millions in funding from venture capitals. The startup deal value in 2023 was US$529 million.

In terms of freelancing, the website freelancerviet.vn has boasted over 300,000 members, and more than 60 per cent of the members were born from 1990 to 1996. Most millennials turn to freelancing for personal freedom, creativity, work-life balance and autonomy, typical characteristics of the generation.

For other Vietnamese millennials, slowly but surely, they find their way to chase their dreams and realise their full potentials. For Hung, besides the tedious government job that he was obliged to keep, he also worked for a construction company on a project-based contract. He believed this job better reflected his ability, gave him more income, and he could make a career out of it once he had the opportunities.

In sum, under the seemingly easy life, Vietnamese millennials face tremendous obstacles in overcoming the shadow of their parents’ generation and instilling their values in the existing system. However, equipped with technology, education, and financial security, the generation has the capacity to lift Vietnamese economy forwards in the near future.

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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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If you dropped into the Bay Area during the mobile boom of the late 2000s, chances are you brushed against products touched by SC Moatti. Her apps picked up Emmy nods and Wall Street Journal Innovation Awards, and today billions of fingertips swipe across interfaces she once shepherded.

Yet Moatti’s résumé is anything but a straight‑line sprint through product management. The Paris‑born engineer has toggled between founder, Big Tech PM, community builder, Stanford lecturer, and, for the last six years, managing partner at Mighty Capital — a “product‑first” venture firm beating the power‑law odds with a one‑in‑five hit rate.

Listening to her on the recent appearance on Startup Project felt like a masterclass in three disciplines at once: making great products, spotting winning startups, and governing companies from the boardroom.

Below are the takeaways that stood out, stitched into a single narrative for founders, product managers, and aspiring investors alike.

A product lens can redraw the VC playbook

Traditional venture portfolios assume failure is the default and build 30‑plus bets per fund to snag a lone outlier. Mighty Capital flips that ratio. By investing in only 15–17 Series A‑stage B2B tech companies per fund—and choosing deals where 500,000 product managers in Moatti’s Products That Count community can accelerate distribution—the firm has turned one-in-twenty success into one‑in‑five.

The key: start due‑diligence where most funds finish. Instead of chasing the hottest category, Mighty Capital first validates team quality, customer traction, governance health, and a fair term sheet. Only then does it ask, Does our product community give this startup an unfair edge? When the answer is yes, the firm wins 80 per cent of competitive deals, even against brand‑name giants.

Also Read: How Category Design drives productivity and efficiency

What makes a great product? Mind, body, and spirit

Moatti’s philosophy springs from her book Mobilised: technology is an extension of ourselves, so great products mirror what makes great people.

• Mind: We crave cognitive stretch, so our tools must learn and solve hard problems. IBM’s Watson did this in 2011; today, foundation‑model LLMs pick up the baton.
• Body: We appreciate beauty and efficiency. ChatGPT’s conversational sheen shows how delight can convert a raw capability into daily habit.
• Spirit: We long for meaning and trustworthy intimacy. The next great frontier, Moatti argues, is “deep personalisation that still safeguards privacy”—AI that sounds human and knows you well enough to serve rather than spook.

If your roadmap stops at functional wins, you’re only two‑thirds done. A product that ignores emotional resonance or ethical data stewardship may ship—but it rarely endures.

Big ideas, narrow beachheads

Asked why so many AI startups feel small, Moatti pointed to the cult of speed. Serial founders (and fast‑moving coders) rightly seek quick validation, but they often choose problems that can be solved quickly rather than those worth solving.

Instead of another slide‑deck summariser, she suggests aiming at moonshots that only AI can crack—drug discovery with too many variables for human lab work, self‑driving systems parsing chaotic streets, or “Her‑style” companionship to fight the global loneliness epidemic.

Start with a tractable wedge, yes, but anchor it in an audacious vision investors can underwrite across multiple rounds.

Also Read: The product management strategy behind building AI agent platform

The art‑and‑science of early‑stage investing

Data‑driven public‑market veterans often assume the private world hides richer spreadsheets. Reality: at a US$1 million ARR Series A, numbers illuminate patterns, not predictions. Mighty Capital augments the metrics with founder references, customer interviews, and a sanity check on board dynamics.

Why? Because, as Moatti notes, a board has only two levers—money and people. If you must wield control rights to force change, you’ve already lost. Effective governance means coaching CEOs before crises, not litigating after them. Build influence early through trust, context, and clear alignment—not term‑sheet fine print you hope never to invoke.

Skills for the next‑gen product leader

Every year, the Products That Count advisory board refreshes its list of “core PM superpowers,” and every year the list looks different. A decade ago, effective PMs obsessed over persuading engineers; today, half of product orgs run engineering. Tomorrow’s hot skill might be prompt design, model evaluation, or AI safety. That fluidity is the point: world‑class product managers practice meta‑learning—the ability to absorb new frameworks as fast as the domain shifts.

Moatti’s prescription is simple: embed yourself in vibrant peer communities, consume books like Crossing the Chasm and Prime to Perform, and treat every release, podcast, or AMA as a chance to recalibrate. The only durable edge is the speed at which you update your mental models. Choose roles and networks that keep you on that upgrade treadmill.

Moatti’s story ultimately reminds us that product, capital, and leadership are not separate tracks. They’re mutually reinforcing skills along one continuum: understanding people and delivering value at scale. Whether you’re coding the next breakthrough, pitching a partner meeting, or chairing a board call, the mindset is the same — solve meaningful problems beautifully, and the returns (financial or societal) will follow.

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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.

Join us on Instagram, Facebook, X, and LinkedIn to stay connected. We’re building the most useful WA community for founders and enablers. Join here and be part of it.

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For most of Silicon Valley’s history, liquidity arrived in one dramatic burst: an IPO that converted paper gains into spendable cash overnight. An uncomfortable truth has crept into the ecosystem—start‑ups now remain private for a decade or more, while employees, founders, and early backers confront real‑world expenses long before Wall Street rings the opening bell.

The quiet revolution solving that mismatch is the rise of structured, late‑stage secondary markets, and few firms illustrate the shift better than EquityZen, whose Co‑Founder and CEO, Atish Davda, recently laid out the industry’s mechanics and future trajectory.

The three eras of private‑equity liquidity

Secondary trading has unfolded in three distinct waves.

Phase 1—the dot‑com era—relied on early IPOs; Amazon, for instance, listed after just four years of founding, handing risk and opportunity to invest to public investors.

Phase 2 emerged in the late 2000s, when privately held giants such as Facebook and LinkedIn changed hands through US$25 million block trades arranged by bulge‑bracket desks. That market served hedge funds and family offices but excluded the rank‑and‑file employee & retail investors.

Phase 3 is today’s technology‑enabled marketplace, where standardised contracts and digital onboarding push minimums as low as US$10000, opening the asset class to accredited but not super‑rich investors.

Why structure beats heroics

Davda argues that two features differentiate modern platforms from ad‑hoc brokering: process standardisation and issuer alignment. EquityZen has amortised a single deal framework across ≈50 000 private placements touching 450–500 companies, collapsing legal costs that previously made sub‑US$1 million transactions uneconomic.

Also Read: Exploring the rise of finance-as-a-service in APAC

Equally important, issuers are invited to approve every transfer. Almost all start‑ups reserve a right‑of‑first‑refusal (ROFR); ignoring it spawns IOU‑style forwards that can evaporate if a seller disappears.

By working through company counsel, EquityZen not only avoids that risk but occasionally receives ROFR assignments when founders want price discovery without weakening an ongoing primary round.

A portfolio‑construction lens

Early‑stage venture is a power‑law game in which one decacorn must pay for many write‑offs. Late‑stage secondaries, by contrast, resemble public growth stocks: investors hope for doubles or triples, not 100 × returns. Portfolio implications follow:

• Sizing matters. Secondaries act as a bridge between liquid equities and classic venture; 5–10 per cent of alternatives is a typical allocation.
• Selection matters. Domain experts—say, security engineers vetting cybersecurity vendors—may favour single names. Generalists may prefer pooled vehicles that approximate thematic ETFs ​.

Inside the marketplace flywheel

Liquidity—not the sheer number of listings—defines marketplace health. EquityZen reports ~700 000 registered accounts alongside ≈2 000 SPVs holding US$1.5–2 billion of active positions​. Every time a late‑stage start‑up prices a new financing, closes an M&A transaction, or files to go public, that “external print” refreshes valuation anchors and pulls fresh supply onto the platform.

Supply itself is expanding. Employees hired during the 2015‑2021 boom are hitting four‑year vesting cliffs; many hold life‑changing equity yet still need down payments, tuition, or childcare funding. On the demand side, family offices, RIAs, and even municipal pension plans are hunting for mid‑risk growth assets that align with long‑dated liabilities.

When those two curves intersect on a compliant venue, friction—not appetite—becomes the bottleneck. Technology‑driven standardisation keeps eroding that friction quarter after quarter.

Also Read: Eco-investing: Driving change through climate technology and strategic finance

Regulatory moat

In a business where information asymmetry is structural, reputation compounds. EquityZen refuses to market individual deals, declines to sell order‑book data, and builds intentional friction—long FAQs, investor accreditation checks—into its funnel.

The result is slow initial conversion but durable trust ​. It is also why several high‑profile issuers now tag the firm as their “preferred partner,” steering employees away from grey‑market brokers that sidestep company approval.

What the next cycle looks like

The IPO window has been mostly shut for three years, yet the pressure is visible: sponsor‑driven M&A is rising, late‑stage rounds are re‑appearing, and macro expectations point to lower rates in 2025.

Any of those events—an acquisition, a pre‑IPO crossover round, a direct listing—generates price discovery that ripples through secondary markets. Davda contends that risk‑adjusted returns today mirror the opportunity set last seen in 2014, right before the unicorn wave crested.

Liquidity is not a post‑script to value creation; it is value creation’s connective tissue. The professionals have navigated secondary markets for decades. Thanks to infrastructure players like EquityZen, the rest of the innovation economy can finally participate on institutional terms—and that participation is set to accelerate in 2025.

Disclaimer: The information provided in this article is for educational and general‑interest purposes only and should not be construed as investment, legal, tax, or financial advice. All opinions expressed are those of the author and do not necessarily reflect the views of any referenced companies. Before making any investment decision, readers should consult a qualified professional and conduct their own due diligence.

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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.

Join us on Instagram, Facebook, X, and LinkedIn to stay connected. We’re building the most useful WA community for founders and enablers. Join here and be part of it.

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The post How product design is democratising access to growth‑stage equity appeared first on e27.

SLEEK EV, a Singapore-headquartered electric scooter maker operating in Thailand, has announced a US$8.5 million first close of its Series A round, led by KYMCO Capital.

The round also drew participation from “more than twenty supply chain players from Taiwan and Mainland China”, according to the company.

The fresh capital lands as Southeast Asia’s two-wheeler markets — among the largest and most entrenched in the world — begin the difficult transition from internal combustion to electric. In Thailand, where scooters and motorcycles dominate urban commuting and last-mile delivery, SLEEK is betting that the next phase of electrification will be won not just on vehicle hardware, but on infrastructure, software, and distribution.

Also Read: SLEEK EV secures funding from ORZON Ventures to advance affordable electric mobility in SEA

SLEEK said the funding will be used to expand production capacity at a facility along Thailand’s Eastern Economic Corridor (EEC), accelerate R&D for “cutting edge AI-driven software and AI agents”, and increase the number of its EV S-Charge stations by more than seven times.

The company also pointed to existing relationships with partners, including PTT OR, Krungsri Auto, Toyota Tsusho, and Grab. It said it will continue to build strategic channel partnerships with dealers and national regulatory bodies.

Making Thailand a regional electric motorcycle hub

SLEEK — which also counts ORZON, January Capital, and A2D Ventures among its backers — is positioning its Thailand build-out as more than a local expansion. It wants Thailand to become a regional electric motorcycle hub — a credible ambition in a country that already plays a major role in the region’s automotive and parts supply chains.

The playbook implied by SLEEK’s announcement has three clear pillars:

1. Scale manufacturing inside Thailand (EEC expansion): By scaling production capacity domestically, SLEEK aims to shorten lead times, build closer supplier relationships, and create a platform that can support higher volumes as adoption rises. Locating along the EEC also signals an intention to align with Thailand’s industrial development corridor, where logistics and manufacturing ecosystems are already clustered.
2. Build charging and swapping infrastructure, not just sell bikes: Two-wheel EV adoption lives or dies on convenience and uptime, especially for riders who depend on their scooters for income. SLEEK’s plan to expand EV S-Charge stations by more than seven times is a direct attempt to remove the “where do I charge?” friction that slows mass adoption.
3. Push for safety and operational standards: The company said it aims “to set a new standard for regional charging and battery swapping on electric motorcycles to achieve safety, quality, and operational efficiency respectively.” In practical terms, this is a bid to shape norms in a market where inconsistent battery practices, fragmented charging experiences, and operational uncertainty can undermine consumer trust.

In Southeast Asia, becoming a “hub” is rarely about one factory. It is about whether a country becomes the place where supply chains concentrate, distribution networks anchor, and standards get adopted. SLEEK is trying to participate in that full stack.

The “OS” ambition for urban mobility

SLEEK is explicitly framing itself as more than an EV manufacturer. The company’s long-term ambition is to become “APAC’s trusted full stack EV motorcycle Operating System”, where “partners collaborate, data compounds, and actions convert to a new way of urban mobility.”

That positioning matters because electric two-wheelers produce a continuous stream of operational data through connected systems — vehicle health, battery performance, charging behaviour, route patterns, and rider usage. SLEEK describes itself as an IoT-enabled manufacturer, with scooter hardware “equipped with IoT and synced with a mobile application”.

This is where AI software can become a real differentiator in an end-to-end ecosystem:

• Fleet uptime and predictive maintenance: AI models can flag components likely to fail, reducing downtime — critical for delivery riders and fleet operators.
• Battery lifecycle optimisation: Software can manage charging behaviour and swapping cycles to extend battery life and improve safety.
• Demand-aware infrastructure operations: As station networks expand, AI can help allocate batteries, plan station expansion, and reduce congestion at peak times.
• User experience and support automation: The company’s mention of “AI agents” suggests it is building automated assistance and workflows — potentially spanning troubleshooting, onboarding, and service coordination.

Also Read: Electric vehicles at the crossroads: Trust vs innovation

Put simply, the scooter is the device; the software layer is the control plane that can make urban EV operations reliable at scale.

What KYMCO Capital brings: supply chain leverage and distribution acceleration

For SLEEK, the lead investor is not just a cheque; it is a strategic anchor.
KYMCO Capital is invested in by Kwang Yang Motor (KYMCO), described by SLEEK as a “global powersports manufacturer”.

SLEEK said KYMCO Capital will bring “60 years of industry experience in the two-wheelers” and support efforts to optimise supply chains, “synergise the proliferation of battery and charging/swapping technologies”, and “supercharge its distribution across Southeast Asia.”

This partnership can accelerate regional distribution in three concrete ways:

1. Manufacturing know-how and supplier access: Two-wheelers are a scale game. KYMCO-linked networks can help with vendor qualification, cost optimisation, and production ramp discipline — areas where many EV startups stumble when moving beyond pilot volumes.
2. Credibility with channel partners: In Southeast Asia, two-wheel distribution is relationship-heavy: dealers, service centres, financing partners, and fleet buyers all want proof that a brand can support vehicles for years. A strategic investor tied to a long-standing manufacturer can reduce perceived risk.
3. Technology alignment for charging and swapping: Interoperability and safety are major hurdles in battery ecosystems. A partner with deep two-wheeler experience can help ensure that charging/swapping approaches are operationally robust and scalable across markets.

EV two-wheeler fight is getting crowded

The competitive pressure in Southeast Asia’s electric two-wheeler space is intensifying, even as adoption remains uneven.

The region combines:

• deep-rooted incumbent brands with extensive dealer and service networks
• new EV-native startups offering connected vehicles and alternative ownership models,
• and low-cost imports and fast-moving entrants that can compete aggressively on price.

In this environment, winning is not just about launching an electric scooter. It is about building distribution, financing options, service reliability, and charging convenience—and doing so across multiple cities where infrastructure and regulations differ.

SLEEK’s strategy, as described in its announcement, addresses the competitive squeeze by leaning into:

• Channel partnerships (the company namechecked partners spanning energy, automotive services, and platform ecosystems),
• Infrastructure density (S-Charge expansion),
• Software integration (IoT + app + AI-driven layer),
• Manufacturing scale-up (EEC facility expansion).

That combination is also a defensive move: competitors can copy a vehicle design faster than they can replicate a functioning, high-uptime ecosystem.

EV space is maturing, but the transition will be uneven

Southeast Asia’s EV industry is maturing in a recognisable way: moving from early adopters and pilots toward infrastructure-building and operational scale. That maturation is visible in three broad shifts reflected by SLEEK’s announcement:

• From “vehicle-first” to “ecosystem-first”: The market is learning that charging, swapping, servicing, and financing are not optional add-ons.
  From consumer curiosity to fleet economics: Delivery and ride-hailing fleets can be powerful catalysts because total cost of ownership and uptime are measurable.
  From experimentation to policy and standards: As EV penetration rises, regulators and industry players tend to converge on safety expectations for batteries, charging, and operations.

Is the region “ready” to move to EV?

In practice, readiness is city-by-city and use-case-by-use-case. Dense urban areas with high two-wheeler utilisation and predictable routes are often the most viable starting points, especially when paired with charging/swapping networks and strong after-sales support.

Also Read: Electrifying Southeast Asia: Unleashing the radical potential of electric vehicles

SLEEK’s bet is that Thailand, with its industrial base and urban demand, can be a cornerstone market for that transition, and that the winners will be the companies building the system, not just the scooter.

With fresh capital, a strategic backer tied to decades of two-wheeler manufacturing, and a plan centred on production scale plus infrastructure and software, SLEEK is now stepping into the hardest phase of any EV story in Southeast Asia: execution at street level.

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“You need to be a math genius to work in data.”

“Tech is only for engineers.”

“Women don’t belong in data leadership.”

Outdated misconceptions like these have long discouraged women from pursuing careers in data and technology. But as we celebrate Women’s History Month, the women of Confluent are here to challenge these myths—and show what it really takes to Accelerate Action.

For some of these women, joining the tech sector was a deliberate choice—an ambition fueled by a clear vision of where they wanted their careers to go. Others arrived by chance, discovering opportunities that piqued their interest and inspired them to learn more. 

While the industry has made steps forward in closing the gender gap, there’s still more ground to cover. Across engineering, HR, product, and sales, women are proving that success in data isn’t about checking every technical box; it’s about curiosity, problem-solving, and a drive to make a real impact.

Wait, so you don’t need to be an engineer to work in data?

The biggest misconception most women have? You must be an engineer with a relevant degree to excel in data. In reality, the most important skill is a willingness to learn. 

“One of the biggest misconceptions is that working with data requires you to be a ‘techie’,” says Marián Leonard, Director DACH & Southern Europe. “The truth is, anyone with a relentless curiosity about how data streaming solves problems for organisations and creates business value can thrive in this field.”

Collaboration and communication are equally critical. The tech industry doesn’t just need coders; it needs strategists, problem-solvers, and creative thinkers who can bridge gaps between teams, internally and externally, and be comfortable with ambiguity.

“We need professionals who understand human dynamics, manage stakeholders, and translate between technical and non-technical worlds,” says Veronika Folkova, Senior Director, People Business Partners for Global Legal Organisation and APAC. “Impact often comes from understanding organisational dynamics, creating effective development programs, and building inclusive cultures––none of which require deep technical expertise.”

Also Read: Women call for clearer, impartial financial education sources — Sophia Survey 2024

With AI and automation on the rise, there’s growing demand for roles that blend data insights with business acumen. According to Murielle de Gruchy, HR Leader, “There are plenty of roles that rely more on soft skills, relationship building, and the ability to understand customer challenges—and then solve them with data solutions.” 

Bringing more women on board is only the beginning

But recruiting women is only half the battle—retaining and advancing them is just as crucial. According to a 2024 report by the Infocomm Media Development Authority and Boston Consulting Group, the gender imbalance in Southeast Asia’s tech sector persists, with women making up only 34% to 40% of the workforce in technology, while Reuters reports that just 52 companies in the S&P 500 have female executive directors, underlining the global struggle to achieve gender parity in leadership. 

For Folkova, organisations that hire women without providing clear paths for leadership and support risk perpetuating the “pipeline to nowhere”.

“Companies often prioritise hitting diversity metrics in their hiring practices, which is important, but frequently stop there. They focus on the numbers––getting women in the door ––while neglecting the systematic issues that affect retention and advancement,” she says.

Even when women secure roles, systemic biases often stand in the way of their rise to senior positions. 

Keerthana Srikanth, Senior Software Engineer, notes: “Finding a sense of belonging can sometimes be a challenge because of the gender imbalance. This can translate to other issues such as disparity in recognition or compensation, and biases in day-to-day interactions.”

Caregiving responsibilities further complicate women’s career journeys. “Women often have to work harder than men to prove their capabilities, even when equally skilled,” explains Nadine Capelle, Staff Solutions Architect. “And even after proving themselves, many still struggle with imposter syndrome. For mothers, balancing work and parental responsibilities can be overwhelming.” 

Real progress requires a rethinking of workplace norms, from flexible scheduling and how leadership potential is measured, to creating an environment where women feel empowered   to speak up.

Also Read: Lifted by women, leading with gratitude

“Tech companies need to foster an environment of belonging and zero tolerance for mistreatment. Feelings of psychological safety enable everyone to work at their best and ensure those around them are held to the same standards,” says Charmaine Bernal, Senior Director, Customer Operations Engineering.

Advice for women embarking on—or advancing—their tech career

So what can women do to ensure they not only enter tech but stay and succeed?

Leonard: “Don’t let the fear of not ticking every box stop you. Curiosity, adaptability, and the ability to solve problems matter more than a perfect resume.”

Capelle: “Pursue tech if you truly love it. Gender is never a barrier—your passion and dedication are what count.”

Bernal: “Dive in! Find a company whose values match yours and build a support network. Pay it forward: when you get opportunities, share them with others.”

Srikanth: “Seek mentors, ask for feedback, and believe in yourself. Advocate for fair compensation and promotions—you’re worth it.”

Folkova: “Remember that your unique perspective and approach are precisely what the tech industry needs––they’re about reshaping the industry to be more innovative, inclusive, and effective through diversity of thought and experience.”

An inclusive future for everyone in data

I truly believe that by busting myths, breaking barriers, and supporting fellow women in the industry, there’s room for everyone to make their mark in tech. If you have the curiosity, drive, and readiness to adapt, you don’t just belong in the industry—you can help redefine it for generations to come.

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Social media platforms and trends have transformed public PR. From spontaneous posts to viral videos, social media has significantly changed the way brands and businesses connect with consumers. 

Social media and public relations (PR) used to operate in different spheres. PR focused on managing reputations and getting media coverage, while social media was all about direct interaction with audiences. But today, the two are inseparable. Social media marketing has become essential for PR success, helping brands amplify their message, build trust, and connect with audiences like never before.

The influence of social media on public relations

Brand presence and visibility

Social media has significantly expanded brand visibility while enabling organisations of all sizes to leverage storytelling and foster meaningful community engagement. Unlike traditional media, which often demands substantial time and financial investment to secure coverage, social platforms offer direct access to target audiences. This allows brands to deliver tailored content that resonates with their followers and extends their reach beyond conventional media channels.

Understanding how audiences engage with content across different platforms is essential for effective public relations. Social media’s cost efficiency and capacity to reach niche audiences make it a critical component of modern PR strategies. When used strategically, it enables brands to build trust and credibility while strengthening their presence, visibility, reputation, and overall influence.

Crisis management 

Social media plays a critical role in brand crisis management due to its immediacy, extensive reach, and interactive nature. During a crisis, these platforms provide direct access to large audiences, allowing brands to respond swiftly and manage situations more effectively. This real-time communication enables PR professionals to shape the narrative, limit misinformation, and preserve trust with stakeholders and communities.

Compared to traditional public relations, social media enables faster, more direct communication with a broader reach and higher engagement. While conventional PR relies on formal channels such as press releases that may take time to circulate, social media allows for immediate responses. Integrating social media into PR strategies is particularly effective during crises, supporting brand reputation management, reinforcing credibility, and strengthening trust.

Content distribution

Social media has reshaped how public relations content is distributed, enabling brands to amplify their messaging far beyond the limits of traditional media. These platforms facilitate engagement with diverse audiences while supporting multiple content distribution approaches.

Also Read: Survey: Asia Pacific entrepreneurs over 45 redefine the unicorn dream

Unlike traditional PR materials such as press releases, which audiences typically consume passively, social media encourages active participation through likes, comments, and shares. Audience engagement also varies across platforms, making channel selection essential.

For instance, Instagram is well-suited for visually driven storytelling, while TikTok’s viral potential can rapidly boost brand awareness among younger demographics. LinkedIn prioritises professional and industry-focused content, Facebook supports long-term community building and message dissemination, and X enables real-time communication and hashtag-driven campaigns, particularly during breaking news or crises.

Data insights

Social media metrics provide PR professionals and marketers with clear insights into campaign performance, audience engagement, and brand perception. Unlike traditional public relations, where measuring return on investment can be difficult, social media offers quantifiable data that reveals what is effective and what requires adjustment. These insights enable data-driven realignment of PR strategies.

Social media also allows PR specialists to extract valuable insights across owned, paid, and earned media channels:

• Owned media: Brand-controlled platforms such as websites, blogs, and social media channels play a central role in PR. These channels enable direct message distribution while offering analytics that help refine content and improve performance.
• Paid media: Social media advertising, sponsored posts, and boosted content extend reach and target specific audiences. Performance metrics from paid media support campaign optimisation through improved audience targeting and more efficient ad spend.
• Earned media: Organic engagement, including mentions, shares, user-generated content, and influencer collaborations, strengthens credibility and trust. Earned media often signals authentic audience endorsement beyond paid promotion.

By leveraging these insights, PR professionals can optimise communication strategies, strengthen audience engagement, and drive more measurable outcomes for their organisations.

Influencer partnership

Influencer partnerships have become a key component of modern public relations strategies, involving collaborations with individuals who maintain large and highly engaged social media followings. Through authentic content and personal endorsements, influencers can significantly shape audience perceptions, influence behaviour, and impact purchasing decisions. 

Collaborating with influencers whose values and audiences align with a brand’s mission enables companies to increase visibility, drive deeper engagement, and strengthen overall brand awareness.

Also Read: APAC entrepreneurs are shifting the startup narrative beyond youth–and that is a great thing

Storytelling

Storytelling on social media is a powerful tool in PR campaigns, enabling brands to establish emotional connections with their audiences. By crafting narratives that reflect their mission and values, businesses can make messaging more relatable and memorable. For instance, sharing stories of individuals who have been positively impacted by a company’s products or services can resonate strongly with consumers.

Effective storytelling also humanises organisations, fostering a sense of connection with its audiences. Through authentic and compelling narratives, brands can create lasting emotional impact, build loyalty, and enhance public perception beyond what traditional marketing can achieve.

Social media and public relations: Ethical relations

Both public relations and social media practices rely on a strong ethical foundation. Transparency in influencer collaborations and clear communication during crises are essential for establishing trust, while accurate and timely messaging helps prevent the spread of misinformation. Undisclosed paid promotions can undermine credibility, and mishandling user data can result in legal issues and damage a brand’s reputation.

Upholding these ethical standards is critical for building trust and reinforcing brand credibility. PR professionals and social media marketers must consistently adhere to these principles to maintain reliable and trustworthy relationships with their audiences.

Conclusion

Integrating social media into public relations strategies is no longer optional. It is essential for enhancing brand visibility, managing crises, distributing content, and deriving actionable insights. When combined with influencer partnerships and storytelling, social media amplifies PR efforts by driving engagement and strengthening connections with target audiences.

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When I first sold my company in 2011, I asked myself, What’s next? Start another startup, join a startup, or join an enterprise?

Instead, I invested in several startups, mentoring the Founders, helping others start their businesses, and facilitating exits.

Fast forward 14 years, and the world has changed so much that Blockchain, AR, VR, and AI have dominated businesses. So now, at 50 years old, what is next after three heart ops?

I was blessed to have the opportunity to work with some of the most brilliant people in the business world, as Mentors, Advisors, and they gave me a lot of guidance in life, too. For the past few years, I have been working with many to scale our own group of companies by scaling our clients (Startups and SMEs) business rapidly. It is fulfilling, fun, and at times difficult, but what isn’t in life?

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Generative AI is now a default ingredient in startup narratives, but the lasting shift isn’t that founders can add a chat feature or generate marketing copy. Generative AI in startups is changing three fundamentals: how quickly products are built, what kinds of products are viable, and what “defensibility” looks like when models are widely accessible. 

At the same time, the hype cycle has created noise: inflated expectations, shallow demos, and ambiguous claims of “AI-powered” differentiation. A clearer view is to ask a more operational question: what has structurally changed in the startup playbook that is unlikely to revert? 

Below are the most meaningful changes that are vendor-neutral, practical, and grounded in the realities of building companies. 

Speed has moved up the stack: From code to decisions 

Startups have always been speed machines. What’s different is where speed is now being created. 

• Product iteration: Teams can prototype UI copy, onboarding flows, help content, and even basic feature scaffolding faster than before. This compresses time from idea → test → feedback. 
• Research and synthesis: Founders and PMs can summarise customer calls, draft PRDs, and explore competitive landscapes with less overhead to free humans to validate assumptions rather than generate first drafts. 
• Support and ops loops: Early-stage teams can triage inbound, draft responses, and extract structured signals from unstructured text. 

The practical result is not “AI replaces teams,” but that small teams can run more experiments simultaneously, raising the bar for execution speed across the ecosystem. 

“Software as a workflow” is replacing “software as a screen” 

A meaningful pattern in generative AI in startups is a shift from building interfaces to building outcomes. 

Traditional SaaS often required users to configure dashboards, set rules, and learn the product. Generative systems allow startups to design products that: 

• Accept messy inputs (emails, docs, notes)
• Interpret intent
• Produce a recommended output (a draft, a classification, a plan)
• Optionally execute actions via integrations

This reframes product value around “time-to-outcome” rather than “feature depth.” It is also why many new products look like copilots or agents: users want fewer clicks, not more configurable screens. 

Also Read: How marketing will be enhanced through generative AI

Distribution advantages are shifting from feature depth to trust 

When core model capabilities are broadly available, feature-level differentiation erodes faster. Startups are learning that defensibility increasingly comes from: 

• Proprietary data loops: unique user interactions that improve outputs over time (with consent and governance). 
• Workflow integration: deep embedding into the daily tools and systems where work happens. 
• Reliability and evaluation: consistent performance in real conditions, not demo conditions. 
• Compliance and auditability: the ability to explain outputs, control access, and meet regulatory constraints. 

In short, the moat moves from “we have AI” to “we can be trusted to run AI inside your real workflow.” 

This is particularly important given the scale of investment and experimentation underway. Stanford’s AI Index reports that private investment in generative AI reached US$33.9B in 2024 and that organisational AI usage rose sharply (e.g., 78 per cent of organisations reported using AI in 2024).  

The talent model is being rewritten (smaller teams, different roles) 

Generative AI changes hiring math. Startups can sometimes achieve output previously requiring larger teams, especially in content-heavy or operations-heavy functions. But that doesn’t mean “fewer people overall” as a universal truth. It means different skill mixes: 

• More emphasis on product thinking, domain knowledge, and systems design 
• More need for data discipline (taxonomy, labelling, quality checks) 
• More demand for “evaluation thinking” (how to test AI behaviour, identify failure modes, measure drift) 

In practice, early teams that treat evaluation and quality as first-class engineering concerns tend to move from novelty to reliability faster. 

MVP barriers are lower, but the “real product” bar is higher 

Yes, it is easier to build something impressive quickly. But that cuts both ways. If everyone can ship a compelling demo, the market becomes less forgiving of products that fail under real-world complexity. 

The gap between demo and durable product often shows up in: 

• Handling edge cases and ambiguous inputs
• Controlling hallucinations and overconfident outputs
• Building proper permissioning and data governance
• Ensuring consistent performance and latency

This is why “AI MVPs” are common, but “AI products that survive procurement” are harder. Startups that win are usually the ones that invest early in reliability, not the ones that chase novelty. 

Pricing and unit economics are becoming model-aware 

Another concrete change in Generative AI in startups is that unit economics now depend on usage patterns and inference costs, not only hosting and support. 

This pushes founders to think early about: 

• Which workflows require high-quality generation vs lightweight automation
• Caching and reuse of outputs
• Controlling token or compute spend in “always-on” experiences
• Aligning pricing with the cost-to-serve curve

The market’s growth expectations amplify this pressure. Statista’s forecasts for AI market expansion are frequently cited in industry analysis and illustrate why investors and buyers expect AI-enabled efficiency gains that are often faster than organisations can operationalise them.  

Also Read: 9 ways to use generative AI for PR

Risk is no longer only “product risk,” it’s now “system and policy risk” 

Generative AI introduces new categories of startup risk that are business-critical: 

• Data exposure: accidental leakage of sensitive data through prompts, logs, or training pipelines 
• IP uncertainty: rights and provenance questions around training data and generated outputs 
• Safety and misuse: harmful content, fraud enablement, and social engineering risks 
• Regulatory change: compliance requirements evolving unevenly across regions and industries 

The biggest change: Startups can compete on “cognitive throughput” 

Stepping back, the most durable impact is that startups can increase their “cognitive throughput”, which is the amount of analysis, drafting, synthesis, and iteration they can perform per unit time. 

That doesn’t guarantee product-market fit. It doesn’t replace customer empathy or distribution. But it does compress cycles and expand what a small team can attempt, especially in domains where the work is language-heavy, document-heavy, or decision-heavy. 

Economically, this aligns with broader forecasts that generative AI could contribute material productivity gains over time, depending on adoption and how work is redesigned. 

Closing view: Past the hype, the winners will look “boring” 

In the next phase, the most successful Generative AI in startups stories will sound less like “we use GenAI” and more like: 

• “We deliver a specific outcome reliably.” 
• “We prove it with measurable business impact.” 
• “We control the risks.” 
• “We integrate so deeply that switching costs become operational, not emotional.” 

Hype fades. Operational advantage compounds!

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The narrative surrounding cryptocurrency is undergoing a fundamental transformation: a shift away from volatile speculation toward a more stable, utility-driven role within global financial infrastructure.

The 2025 Endeavour Catalyst Annual Report identifies emerging markets as the primary drivers of this change, particularly through the adoption of stablecoins and tokenised assets. Where legacy systems struggle — for payments, savings and cross-border transfers — digital assets are increasingly serving practical needs.

Solving the volatility crisis with “dollars as a service”

In many emerging markets, the appeal of stablecoins is straightforward: they preserve purchasing power and lower the friction of moving value across borders. Regions — where local currencies are volatile, or banking infrastructure is costly and slow — have shown robust adoption of dollar-pegged digital assets. Executives such as Farooq Malik of Rain describe their work as providing “dollars as a service”: enabling users to receive, hold, and send value in a stable unit relative to their everyday spending needs.

Also Read: How SMEs are using stablecoins to beat currency swings

This is not the 2021 speculative boom replay. The trend now is infrastructure-first: firms that provide rails for payments, custody, settlement and tokenisation are the companies capturing long-term value.

The Standard Chartered-cited data estimate that up to US$1 trillion could eventually move from traditional bank deposits in emerging markets into stablecoins, illustrating the scale of potential change. Infrastructure builders — from firms supporting stablecoin issuance to platforms enabling tokenised treasury and trade — are central to this transition.

From speculation to infrastructure: expert consensus

Experts in the Endeavor Catalyst report argue that crypto has shifted “from speculation to infrastructure.” This trajectory began earlier in the last decade, when companies began bridging bank-grade services and crypto rails; by 2025, the focus had shifted to embedding crypto primitives into real-world financial flows. The winners are those positioning themselves as platforms for commerce and payments, rather than venues for retail trading.

Stablecoin-powered payments, tokenised assets, and programmable money are being deployed to solve persistent frictions: remittance costs, long settlement windows for cross-border trade, limited access to dollar-denominated savings, and the challenge of onboarding small and medium enterprises into digital global markets.

Southeast Asia: why the region matters

Southeast Asia deserves special attention in this new phase. The region combines high mobile penetration, large remittance flows, substantial informal economies, and a sizeable unbanked or underbanked population — a fertile environment for stablecoin-based payments and tokenised financial services.

Key dynamics in the region include:

• Remittances and diaspora flows: Several Southeast Asian economies are materially remittance-dependent. Workers abroad sending money home require low-cost, fast, reliable transfers. Digital remittance models that use stablecoins for on-chain settlement and local rails for off-ramp can reduce fees and settlement times compared with correspondent banking.
• High mobile-first adoption: Many consumers in the region access financial services primarily through smartphones and e-wallets. That digital stack lowers the marginal cost of integrating tokenised payments or dollar-pegged digital assets for everyday transactions and merchant acceptance.
• Large informal and MSME sectors: Micro, small and medium enterprises (MSMEs) often lack access to credit and traditional FX hedging. Tokenisation and programmable payments can create new on-ramps for these businesses to participate in borderless trade, invoice financing and supply-chain finance.
• Regulatory stewardship and regional hubs: Singapore’s continued positioning as a regulated digital asset hub — with licensing, industry sandboxes and a clear engagement model between regulators and firms — makes it a nexus for institutional-grade infrastructure. Other regional regulators have been evolving their approaches to virtual assets and payments, balancing consumer protection with innovation.

Concrete regional patterns (without overstating)

Several narrative threads from the Endeavor Catalyst report map directly onto Southeast Asian realities:

• Digital remittance players as blueprints: The report highlights digital remittance companies that use stablecoins as exemplars. In Southeast Asia, local and regional remittance and e-wallet firms have already experimented with more efficient cross-border settlement models. These initiatives mirror the broader trend of moving settlement onto faster, lower-cost rails while preserving local on/off-ramps for users who still transact in local currency.

Also Read: Endeavor report shows AI is eating venture capital alive

• From retail trading to B2B payments and trade finance: Startups that pivot away from retail crypto speculation toward infrastructure for B2B payments, payroll, and trade are better aligned with investor interest. Global fintech investors looking for “real-world applications” increasingly target companies focused on payments, custody, treasury, and compliance tooling — all essential for stablecoin adoption at scale.
• Banking the unbanked with regulated rails: The “dollars as a service” model can be a pragmatic way to offer dollar-like savings and payments in countries where holding physical dollars or accessing foreign currency accounts is difficult. When paired with regulated custody, transparent reserves, and robust compliance, stablecoin solutions can coexist with national monetary frameworks rather than undermining them.

Operational hurdles and the regulatory imperative

Adoption is not automatic. Practical and regulatory challenges remain:

• On/off-ramp infrastructure: For stablecoins to be useful to everyday users, reliable fiat rails and compliant local partners are necessary. This requires banks, licensed e-money issuers and regulated exchanges to work with tokenised-asset providers.
• Compliance and AML/KYC: Regulators across Southeast Asia have increased scrutiny on virtual asset service providers. Firms must embed strong know-your-customer (KYC) and anti-money laundering (AML) controls to gain institutional partners’ trust and to operate at scale.
• Reserve transparency: The credibility of dollar-pegged tokens depends on transparent, auditable reserves and governance. Markets and regulators will reward providers that regularly demonstrate backing and sound treasury practices.

What this means for Southeast Asian fintech and policy

• Startups: Firms that build payment rails, treasury services, merchant acceptance layers, payroll and remittance integrations around stablecoins and tokenised assets are best placed to capture demand. Focusing on compliance, predictable FX handling, and partnerships with incumbent players will accelerate adoption.
• Regulators: Policymakers can support beneficial outcomes by clarifying licensing regimes, enabling compliant fiat on/off-ramps, and facilitating industry sandboxes. This approach preserves monetary stability while allowing innovative payment and settlement systems to mature.
• Investors: Venture and growth investors increasingly favour enterprise-grade infrastructure and B2B propositions over retail speculation. In Southeast Asia, that translates to funding flows toward companies solving remittances, cross-border payroll, and trade settlement problems.

Conclusion

The shift from speculative trading to infrastructure use-cases is well underway, and Southeast Asia is both a beneficiary and a testbed for this transformation. Stablecoins and tokenisation are addressing real frictions — high remittance costs, volatile local currencies, and limited cross-border payment options — by offering dollar-equivalent stability combined with the speed and programmability of digital rails.

In a world of copyable AI, founders with scars win

With measured regulatory engagement, strong transparency, and partnerships across the banking and fintech ecosystem, the region could accelerate the global move toward a crypto-enabled layer of financial infrastructure that serves everyday commerce and cross-border value flows.

The full Endeavor report can be accessed here.

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The image was generated using AI.

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