If you ask most people what mRNA is, they will likely scratch their heads and, if you’re lucky, draw a vague connection to Covid-19 shots. The acronym for ‘messenger ribonucleic acid’ entered the public consciousness during the pandemic as the foundation of preventive treatment against the virus.

How does it work? In simple terms, mRNA is a set of instructions your cells use to make specific proteins that help your body function and stay healthy. The Covid-19 vaccine is a well-known example of this technology in use, which essentially trains the body to combat the disease by stimulating an immune response.

Helping populations around the world protect themselves against one of the most virulent diseases to emerge in living memory is one way that physicians have used mRNA. Innorna, a biotechnology company specializing in mRNA engineering and lipid nanoparticle (LNP) delivery platforms, is advancing a potentially world’s first bivalent mRNA vaccine candidate against respiratory syncytial virus (RSV)—IN006, which targets both RSV-A and RSV-B—into clinical trials.

Innorna sees mRNA as adding flexibility to a vaccine in case of viral mutation. The bivalent nature of the vaccine means it can cover both RSV subtypes that currently exist. This design aims to provide broad-spectrum and durable protection.

A milestone in RSV prevention: IN006 completes phase 2 clinical study enrollment

In a significant step forward, Innorna has completed enrolment and vaccination in its Phase 2 clinical trial for IN006. This milestone marks a key step in the development of this innovative vaccine candidate, which is also recognized as China’s first domestically developed RSV vaccine to enter clinical trials.

The Phase 2 study is a randomized, double-blind, placebo-controlled trial conducted in China among healthy adults aged 60 and above. It is a critical step for dose optimization, broader population validation, and evaluating a booster shot for annual revaccination. This progress sets a solid foundation for subsequent Phase 3 efficacy studies.

“This Phase 2 clinical trial marks a critical step in validating IN006’s scientific hypothesis—delivering broad-spectrum, durable protection against RSV,” said Dr. Linxian Li, Founder and CEO of Innorna. “We remain committed to advancing the clinical development of this vaccine candidate efficiently. Our goal is to deliver safer, more effective RNA medicines to meet global public health needs.”

Also read: Cracking the code-switch: How a Hong Kong AI firm helps turn linguistic chaos into commercial clarity

Addressing a critical public health gap

RSV is a highly contagious virus that poses elevated risks to older adults, young children, immunocompromised individuals, and those with chronic conditions—potentially leading to pneumonia, respiratory failure, or death.

With no approved antiviral treatment and no authorized RSV vaccine in China, the need for effective prevention remains critical. IN006 represents a major step in public health innovation to fill this void.

Built on a proprietary technology platform

IN006 is built on Innorna’s proprietary pre-fusion F protein design, mRNA, and LNP platforms. Preclinical studies showed a favorable safety profile and strong humoral and cellular immune responses. In the preclinical cotton rat challenge study, IN006 provided effective protection against both RSV-A and RSV-B.

Innorna’s expertise in LNP enables it to serve as a platform licensor for vaccine and drug delivery. The company’s proprietary, rationally designed lipid library comprising over 6,000 chemically diverse ionizable lipids enables breakthroughs in mRNA vaccines and therapeutics.

Also read: Drawing the line on manual drudgery: Automation leader FJ Dynamics transforms unseen work with robotic precision

Leaping into unchartered territories to make medical miracles

Since forming Innorna six years ago, Dr. Li says the infrastructural support that Hong Kong Science and Technology Parks Corporation (HKSTP) provides has also been vital in taking the company to where it is today.

“We have received a lot of support from HKSTP, which has included both funding and other essential resources,” he explains. “They also help us connect with potential collaborators, which is very important for us because in the end, whatever groundbreaking treatments we may develop, we need to be able to commercialise them.”

In a field where preventive options are still limited, Innorna is applying big science to a pervasive viral challenge. The company’s work on IN006 aims to bring a powerful new tool to the global fight against RSV. This candidate has the potential to benefit a broad population and reshape the landscape of respiratory disease prevention.

—

Want updates like this delivered directly? Join our WhatsApp channel and stay in the loop.

This article is sponsored by HKSTP

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

Featured Image Credit: HKSTP, Innorna, Canva Images

The post Rewriting the future of RSV prevention: Innorna’s bivalent mRNA vaccine accelerates toward patients appeared first on e27.

In 2025, Indonesia’s startup ecosystem reached a defining moment. Sustainability took centre stage, investors renewed interest in green innovation, and communities grew more conscious of energy equity. Yet, for the clean energy sector, the heartbeat of Indonesia’s low-carbon transition, the pace of progress still lagged behind its potential.

The critical question is no longer if Indonesia can lead in renewable energy, but how quickly the ecosystem can bridge the gap between innovation and implementation.

Bridging the gap between innovation and implementation

Indonesia’s vast renewable potential spanning solar, hydro, and bioenergy remains one of the most promising in Asia. Yet, 2025 exposed persistent structural and systemic frictions: complex licensing procedures, uneven policy alignment between central and local governments, and a financing landscape that often undervalues early-stage climate ventures.

At Green Sphere Power Company, we experienced these bottlenecks directly. Our flagship initiative, a €2.5 million (US$2.7 million) renewable energy project with a 500kWh capacity, was designed to supply affordable and clean electricity to 500 households and 60 small businesses, schools, and healthcare centres in rural communities. The model demonstrated both scalability and impact. However, accessing consistent financing, navigating prolonged regulatory approvals and securing incentives for distributed generation posed real barriers to timely execution.

What held Indonesia’s clean energy startups back in 2025 was not a lack of ideas or ambition, but the ecosystem gap between innovation and capital readiness. Many renewable energy ventures were caught in a “pilot trap”, able to design technically viable solutions but unable to demonstrate financial bankability without early catalytic investment.

Venture investors still perceived clean-tech startups as high-risk due to the long payback periods and infrastructure-heavy models. As a result, founders had to rely on fragmented funding sources like grants, competitions, or private loans that were rarely synchronised with long-term sustainability goals.

Another major barrier was the shortage of technical talent. Indonesia’s renewable energy workforce remains underdeveloped, particularly in solar engineering, micro-grid design, and energy management. With regional competition from Vietnam, Malaysia and Singapore, local innovators often faced brain drain at a critical phase of growth.

Also Read: What new digital solutions mean for Indonesia’s F&B sector

Turning barriers into opportunities for 2026

If these gaps persist, Indonesia risks losing its competitive edge as Southeast Asia’s emerging clean-energy hub. But 2026 offers a unique opportunity for recalibration. The government’s renewed focus on green investment incentives, simplified renewable licensing, and integrated public-private partnerships could reshape the entire landscape.

To accelerate Indonesia’s transition from potential to progress, three strategic actions stand out:

• Mobilise blended finance: Combine public grants with private investment to derisk early-stage renewable projects like ours. A dedicated Green Innovation Fund could unlock millions in stalled clean-energy initiatives.
• Simplify permitting processes: Streamline national and regional regulatory frameworks to accelerate project approval timelines from months to weeks.
• Build technical capacity: Partner with universities and vocational institutes to train young engineers, entrepreneurs and technicians in renewable energy technologies.

We are actively contributing to this transformation by training climate entrepreneurs, helping them develop investment-ready project plans, and connecting them with investors who value sustainability alongside profitability.

Indonesia’s resilience in 2025 has laid the groundwork for renewal in 2026. The barriers of regulatory friction, fragmented finance, and talent scarcity can become catalysts for transformation if addressed collaboratively.

The next phase of Indonesia’s clean energy journey will not be defined by isolated innovation, but by ecosystem alignment—where policymakers, investors, and entrepreneurs move in sync toward a shared sustainability vision.

Indonesia doesn’t just have the potential to power its future; it has the opportunity to lead the region’s energy transition. What held us back in 2025 can be the very reason we accelerate in 2026.

The future of clean energy is not waiting for us to catch up. It’s waiting for us to lead.

—

Are you ready to join a vibrant community of entrepreneurs and industry experts? Do you have insights, experiences, and knowledge to share?

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

Image credit: Canva

The post Building Indonesia’s green momentum: What comes after 2025’s lessons appeared first on e27.

Manufacturing is changing fast. And one of the biggest shifts we’re seeing? Factories are starting to “see” for themselves.

That’s what CCTV-powered Vision AI does. It gives machines the power to understand what’s happening on the shop floor just by watching through CCTV cameras. Imagine security cameras that don’t just record footage but also think and react — spotting faulty products, noticing safety risks, or catching machine issues before they cause downtime.

In Southeast Asia, this trend is picking up fast. In just the first half of 2024, the region pulled in over US$30 billion in AI infrastructure investments.

So what does all this mean for manufacturing leaders on the ground? Let’s break it down.

Key trends

• Real-time quality checks: Traditionally, checking product quality meant human inspectors going through batches one by one. It’s slow, and errors slip through. But CCTV-based Vision AI changes that. It watches the production line 24/7 and instantly spots tiny defects like colour mismatches, cracks, or missing parts, before they move forward.
• Predictive maintenance: Machines break down when you least expect them to. But Vision AI can prevent that. By analysing live CCTV feeds, it can notice unusual movements, vibrations, or leaks in machines, early signs something’s about to go wrong.
• Safer workplaces: Safety lapses are expensive and dangerous. Vision AI can track worker behaviour on CCTV like checking if people wear helmets, gloves, and safety jackets. It can also alert managers instantly if someone enters a restricted zone or stands too close to heavy machinery.
• Data-driven insights: CCTV-based Vision AI systems don’t just watch — they collect data. This data shows where slowdowns happen, which processes create the most waste, and where productivity dips.
  

Challenges and barriers

Of course, adopting CCTV-based Vision AI isn’t all smooth sailing.

• High upfront costs: The tech isn’t cheap. Installing high-quality CCTV networks, training Vision AI models, and integrating them with existing systems costs a lot upfront. For small or mid-sized manufacturers, that can be intimidating.
• Data privacy concerns: CCTV cameras capture a ton of visual data, often including workers. So companies must follow strict data protection rules to make sure the footage is stored safely and used only for its intended purpose. Mishandling it could create legal risks.
• Need for skilled people: Vision AI systems need people who can maintain them, train models, and handle data. Many factories don’t have this talent in-house yet, and hiring or training new staff takes time.
• Change resistance: Not everyone will be thrilled about “AI watching them work.” Workers may worry about surveillance or job loss. It’s important for leaders to clearly explain that the tech supports them — not replaces them.

While CCTV-based Vision AI offers big benefits, it also needs careful planning, training, and clear policies to be successful.

Also Read: Enhancing cyber supply chain resilience: A vision for Singapore

Opportunities and the road ahead

Despite these hurdles, the opportunities are massive, especially for fast-growing manufacturing hubs in Southeast Asia.

• Fast scaling: Factories can grow operations without needing to hire and train a huge workforce. Vision AI can handle quality checks, track safety, and analyse productivity, letting teams focus on creative and complex tasks.
• Cost savings: Less downtime, fewer product defects, and fewer workplace accidents directly save money. Companies that adopt Vision AI early can become more competitive by lowering waste and speeding up output.
• Sustainability wins: CCTV-powered Vision AI helps spot energy waste, reduce material scrap, and improve resource usage. That makes operations more eco-friendly.
• Staying ahead of the curve: With the global market shifting toward Industry 4.0, companies using Vision AI now will be ahead of the curve. Early adopters will build smarter, safer, and more flexible factories — ready to handle future challenges.
  

The future is clear: CCTV-based Vision AI isn’t just an add-on. It’s becoming the nervous system of modern factories — watching, learning, and guiding production in real time.

Conclusion

Manufacturing is entering a new era where CCTV cameras don’t just watch, they think.

CCTV-powered Vision AI is helping factories catch defects instantly, prevent machine failures, keep workers safe, and improve efficiency — all at once.

Yes, it comes with challenges like cost, privacy, and training needs. But the long-term benefits far outweigh the risks.

For manufacturers in fast-growing regions like Southeast Asia, now is the time to explore this shift. Because in the coming years, smart eyes on the factory floor won’t be a luxury — they’ll be a necessity.

—

Are you ready to join a vibrant community of entrepreneurs and industry experts? Do you have insights, experiences, and knowledge to share?

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

Image credit: Canva

The post How CCTV-based vision AI is transforming manufacturing appeared first on e27.

Sea Limited, the Singapore-based consumer internet giant, has released its Q3 2025 results, solidifying its return to high-growth, bottom-line profitability and reporting a stunning surge in net income.

However, a closer inspection of the financial details reveals that the rapid expansion of its digital financial services segment, Monee, is accompanied by a sharp acceleration in credit risk provisioning.

The overall financial momentum is undeniable, with the company reporting total GAAP revenue of US$6 billion, marking an increase of 38.3 per cent year-on-year (YOY) from US$4.3 billion in Q3 2024. Total net income rocketed to US$375 million, soaring 144.6 per cent YOY compared to the US$153.3 million recorded in the corresponding period last year.

Also Read: Sea posts 418% profit jump as Shopee, Monee, Garena fire on all cylinders

Total adjusted EBITDA stood at US$874.3 million, up 67.7 per cent YOY.

Digital entertainment and e-commerce drive profit surge

The company’s three core businesses — Garena (digital entertainment), Shopee (e-commerce), and Monee (digital financial services) — all contributed robustly to the group’s performance.

Digital Entertainment (Garena): This segment delivered exceptional results, with CEO Forrest Li stating, “Garena has delivered another stellar quarter. Bookings were up 51 per cent year-on-year, making it our best quarter since 2021.”

• Bookings reached US$840.7 million, increasing by 51.1 per cent YOY.
• Paying users grew 31.2 per cent YOY to 65.9 million, resulting in a paying user ratio of 9.8 per cent (up from 8.0 per cent in Q3 2024).
• Adjusted EBITDA for the segment was US$465.9 million, up 48.2 per cent YOY. This success was largely anchored by “two high-impact campaigns: Squid Game and NARUTO SHIPPUDEN Chapter 2” for Free Fire.

E-commerce (Shopee): Shopee cemented its profitability turnaround, posting an adjusted EBITDA of US$186.1 million, a staggering increase of 440.1 per cent from US$34.4 million in Q3 2024.

• GAAP revenue for the segment hit US$4.3 billion, up 34.9 per cent YOY.
• Core marketplace revenue, which consists of transaction-based fees and advertising revenues, grew by 52.8 per cent YOY to US$3.1 billion.
• Nuance in e-commerce: While core fees surged, value-added services revenue (primarily logistics-related) saw a decline of 5.7 per cent YOY to US$723.6 million. The company attributed this decrease to “higher revenue net-off against shipping subsidies”.

The unavoidable risk of rapid credit growth

While segment growth narratives were overwhelmingly positive, the most dramatic increase in expenditure was found in the provision for potential bad debts, highlighting the structural risk associated with the booming credit business.

Digital financial services (Monee): This segment remains the fastest growing by revenue percentage.

• GAAP revenue reached US$989.9 million, marking a robust 60.8 per cent YOY growth, primarily driven by the growth of the credit business.
• Consumer and SME loans principal outstanding grew significantly, up 69.8 per cent YOY to US$7.9 billion as of September 30, 2025.

The underlying nuance: Credit provision surge

Despite the growth, the provision for credit losses saw a massive increase of 76.3 per cent, jumping from US$212 million in Q3 2024 to US$373.8 million in Q3 2025. This provisioning expense grew significantly faster than the segment’s adjusted EBITDA, which was up 37.5 per cent YOY to US$258.3 million.

Also Read: Sea Limited’s 2024 results: A deep dive beyond the headlines

Sea Limited noted that the non-performing loans (NPLs) past due by more than 90 days remained stable at 1.1 per cent of the total loan principal outstanding (including on-book and off-book loans). While the NPL ratio suggests stability, the sheer scale of the 76.3 per cent increase in provision expense signals that the substantial expansion of lending activities, particularly the US$7.9 billion in principal outstanding, inherently carries rapidly increasing absolute risk exposure. This is a critical detail in gauging the long-term sustainability and quality of the digital finance segment’s profits.

Playing down investment in the future

Another detail that provides insight into Sea’s current strategy is the allocation of operating expenses.

Total operating expenses grew by 28 per cent overall. However, expenses related to future innovation were curtailed:

• Research and development expenses actually decreased by 5.2 per cent, falling to US$286.3 million in Q3 2025.
• In contrast, sales and marketing expenses surged by 30.9 per cent to US$1.2 billion, demonstrating a clear prioritisation of immediate market capture and revenue acceleration over investment in future technological development during this period. This shift is particularly evident in the Digital Financial Services segment, where sales and marketing expenses soared by 140.7 per cent.

In summary, while Sea Limited’s Q3 results rightly celebrates a decisive return to high profitability, underscored by record Garena performance and a Shopee turnaround, the sharp 76.3 per cent jump in credit loss provisions alongside a reduction in R&D spending suggests the company is aggressively pursuing current period growth and profitability in Southeast Asia, even if it means ramping up balance sheet risk and marginally slowing future technology investment.

The post Sea Limited roars back to profit, yet credit loss provisions flash warning signs appeared first on e27.

The landscape of venture capital exits is undergoing a massive reassessment, particularly concerning merger and acquisition (M&A) activity.

While strategic acquisitions remain a critical exit route, the market has shifted dramatically towards smaller deals characterised by higher buyer caution and increased structural complexity. This trend holds significant implications for startups across Southeast Asia (SEA) aiming for major acquisition events.

The insights from the comprehensive study State of Exits 2025: From Alpha to Omega by RETVRN Research, reveal a stark reality in the M&A world: scale has become elusive for most. Despite modest improvements in IPO activity, particularly with 13 US-based venture-backed companies going public at US$1 billion-plus valuations in 2025 YTD (as of July 2025), compared to just eight for the entire year of 2024, the overall M&A picture remains highly constrained.

Also Read: The new exit reality: How secondary deals became the lifeblood of venture capital

The most telling data point reinforcing the “reality gap” is the distribution of transaction values. The study confirms that 96 per cent of M&A transactions are valued below US$500 million. Furthermore, a significant portion of these deals is concentrated at the lower end of the spectrum, with 70 per cent of all M&A transactions valued under US$100 million.

This statistic paints a clear picture: mega-exits remain rare, and the majority of liquidity events fall into the realm of small to mid-sized strategic acquisitions.

Buyer selectivity and value growth amid volume decline

Global M&A volumes declined by 9 per cent in the first half of 2025. However, counterintuitively, deal values increased by 15 per cent during the same period.

This contradiction is highly revealing; it signifies a market that has become exceptionally selective, consistently favouring only the highest-quality assets. Acquirers are deploying large sums for proven, critical technologies, but are pulling back on speculative or merely average opportunities.

For founders, particularly in SEA, where large regional conglomerates or international players are the typical buyers, this means the bar for being considered a “high-quality asset” has never been higher. The market is no longer forgiving of volatile performance or unproven unit economics.

The pervasiveness of structured deals

Perhaps the most structural change affecting M&A negotiation is the rise of structured deals. The shift reflects profound caution on the part of buyers and a corresponding willingness by sellers to share risk. This is fundamentally altering how M&A transactions are negotiated and valued.

A staggering 73 per cent of deals now include extensive earnout provisions. Moreover, an average of 42 per cent of the total consideration is contingent on future performance metrics. This mechanism ensures that the buyer pays a significant portion of the price only if the acquired company meets predefined milestones after the transaction closes.

The commitment period for sellers has also extended considerably. The average earnout period has stretched to 3.2 years, up significantly from 2.1 years in 2020. This means founders and key staff are now tied to the acquiring entity and its performance metrics for a much longer duration to realise the full transaction value.

Also Read: Secondaries take centre stage: How VCs are navigating the exit drought

Founders must prepare for this reality by ensuring their internal operational excellence is impeccable, with reliable forecasts that deliver consistent results (within a margin of plus or minus 10-15 per cent accuracy).

Valuation compression and the SaaS reality check

The market correction following the peak years has had a profound impact on sector valuations, particularly in enterprise SaaS. RETVRN Research notes that valuation multiples for Enterprise SaaS have experienced severe compression, declining from peak levels of 15 times revenue to a median multiple that has now stabilised at 7.0 times current run-rate annualised revenue.

While this stabilised multiple is consistent with historical norms, it represents a dramatic correction from the 2021 peaks. Peak multiples were reached in Q4 2021 at 12.8 times revenue for SaaS companies, before hitting a trough in Q3 2023 at 3.2 times revenue—a 75 per cent decline. The subsequent recovery pattern shows gradual stabilisation in the 6-8 times revenue range.

For bootstrapped companies, the median average is even lower, at 4.8 times revenue, while equity-backed companies average 5.3 times revenue. These figures confirm that while the market is recovering, the era of exuberant, growth-at-all-costs valuations is over. The median valuation multiple has stabilised, demanding disciplined financial performance from all founders.

The early exit strategy

The data indicates that planning for an exit must begin much earlier than many founders currently assume. Over 60 per cent of acquisitions happen at or before the Series A stage. Specifically, 47 per cent of acquisitions analysed in 2025 were Seed-stage acquisitions.

Also Read: What did we learn from failing to raise VC funding?

The majority of founders are always closer to an exit than they realise, but a lack of exit planning often exposes them to mediocre exit outcomes. Given the dominance of small-to-mid-sized deals and the prevalence of earnouts, achieving a premium valuation now relies entirely on early strategic alignment, clean operational data rooms, and proactive cultivation of strategic relationships 18–24 months before the intended exit. This focused preparation is the only way to successfully navigate the highly selective, structure-heavy M&A landscape defined by caution and a firm grip on reality.

The post Founders face a brutal new reality: Tiny exits, tougher buyers, endless earnouts appeared first on e27.

In Singapore, the creative economy is often seen through a hyper-local lens. From government grants tied to domestic outputs to agencies pitching for the same pool of regional clients, the industry often feels boxed in by geography. But this geographic constraint isn’t a matter of capability.

According to the Infocomm Media Development Authority (IMDA), Singapore’s media exports make up only 7.6 per cent of the country’s total media revenue, a number that has barely moved in years despite high levels of digital competitiveness and global connectivity. In contrast, Singapore ranks among the top in the world for digital infrastructure, business friendliness, and workforce readiness.

This contradiction raises a question: if we have the talent, tools, and infrastructure, what’s holding us back?

A question of mindset, not ability

The limiting factor, increasingly, seems to be mindset. For many creatives, the assumption is that global clients are out of reach unless they relocate, rebrand, or expand physically into foreign markets. While logistical and time zone challenges are real, they are no longer deal-breakers in a post-remote world. What’s more, Singaporeans may actually be among the best positioned to serve global creative markets.

Singapore’s unique education system provides one key advantage. With a bilingual foundation and curriculum that incorporates both Western analytical frameworks and Eastern cultural fluency, Singaporeans are naturally attuned to communicating across contexts. Most graduates are trained to write and think with precision, adapt to varied audiences, and manage stakeholder expectations. Skills that are not just helpful in creative work, but essential when dealing with international clients. This blend of rigour and flexibility is rare, and it allows Singaporean creatives to translate complex ideas across markets with a sensitivity few others can match.

This is especially important in high-growth sectors like tech. Whether it’s fintech, generative AI, or healthtech, the challenge is no longer just building great tools, but explaining them. Singaporean creatives who can navigate technical complexity while adapting communication styles for US, European, and Asian audiences have a genuine edge.

Also Read: Bridging continents: Lessons learned from Singapore and Estonia’s tech journeys

Bridging the gap through systems

Creative storytelling does not scale on talent alone. It scales on process. A clear example is the operating model of Singapore-based video studio VideoPulse, which pairs Southeast Asian creatives with US-based project managers to support clients such as DocuSign and YC-backed startups across time zones. This approach combines cultural understanding with structured coordination, allowing the team to maintain responsiveness and quality control at scale.

A similar systems-driven mindset informed the design of Tracework AI, a workflow documentation tool that helps teams capture internal processes and onboarding guides more efficiently. Making institutional knowledge accessible and repeatable removes bottlenecks that typically slow fast-growing startups.

Together, these examples highlight a broader principle. Lasting creative excellence comes from more than strong storytellers; it comes from operational clarity, trust, and frameworks that scale reliably across teams and markets.

Rewriting the rules of remote creative work

What makes this model work is not just timezone alignment or competitive pricing. It is cultural fluency, operational trust, and design thinking. These are the foundations I rely on when building and scaling a distributed creative team.

By embedding emotional intelligence into how I lead, I have been able to create a remote environment that runs on trust and autonomy. Everyone is paid on time. Feedback loops stay short. Project goals are anchored to business outcomes rather than purely creative execution. This is intentional because I have seen firsthand how easily creative outsourcing can slip into a churn and burn cycle that hurts both quality and people.

It also reflects a broader belief I hold about Southeast Asia. We do not need to mimic Silicon Valley to build world-class companies. When we lean into our own strengths, cost efficiency, bilingual talent, cultural versatility, and adaptability, we create models that are not only sustainable but also globally competitive.

More than just exporting talent

This approach reflects a broader shift in how Singapore can think about creative exports. It’s not just about selling media content overseas. It’s about embedding Singaporean teams in global product, marketing, and strategy cycles. And it requires rethinking how we train, fund, and scale creative businesses.

Also Read: Open source: The secret to boosting Singapore’s startup ecosystem

Rather than chasing one-off commissions, Singaporean agencies can position themselves as strategic partners. This means developing internal capability in client education, onboarding, measurement, and iterative design. It also means investing in thought leadership and visibility, so Singaporean creatives are seen not just as service providers but as strategic collaborators.

The next chapter

For this to happen at scale, institutional support must evolve. Grants and accelerators need to recognise and reward companies that succeed in global markets, even if their outputs don’t look like traditional “local media.” Education systems should continue to push for bilingual, multidisciplinary learning, and industry players must share frameworks and playbooks that help others break through international barriers.

If done well, Singapore could become a powerhouse in creative services, not just in advertising, but in product storytelling, tech branding, and digital transformation. The infrastructure is here. The talent is here. The systems are emerging.

What’s needed now is belief.

Belief that we have something the world needs. Belief that clients abroad will take us seriously. Belief that creative work from Southeast Asia can drive strategy, not just execution.

That belief, and the systems to back it, could turn Singapore’s creative sector from an overlooked asset into one of its most powerful exports.

—

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

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

Image credit: Canva

The post Why Singapore could be the global creative industry’s best-kept secret appeared first on e27.

The confluence of macro uncertainty, technical breakdowns, and sector-specific stressors has created a volatile environment that tests the resilience of risk assets across the board. This turbulence lies behind Bitcoin’s breach of the US$100,000 level, a psychological and structural support that, once broken, triggered a cascade of leveraged liquidations totaling US$1.3 billion.

This event did not occur in isolation. Instead, it amplified and was amplified by broader financial dynamics, especially the tightening correlation between crypto and equities, particularly the Nasdaq-100, which reached an unusually high 0.95 over the past 24 hours. These developments, layered atop structural pressures in Bitcoin mining and shifting monetary policy expectations, signal more than just a routine correction. They reflect deeper questions about crypto’s role in a risk-on/risk-off world and the sustainability of its recent rally.

The breakdown below US$100,000 marks a pivotal moment for Bitcoin’s price trajectory. This level had served not only as a price anchor but also as a signal of institutional confidence and market maturity. Its breach suggests that sentiment has soured rapidly, possibly due to a combination of overextended positioning and macro headwinds.

The data underscores this fragility. Open interest in Bitcoin derivatives rose 4.21 per cent immediately before the drop, indicating a dense concentration of long positions that were suddenly exposed when the market turned. In leveraged markets, such crowded trades can magnify price moves exponentially, as margin calls force further selling into a thin market. The resulting feedback loop accelerated the decline and pushed many positions underwater. Now, all eyes are on the 200-day exponential moving average around US$95,000. Should Bitcoin stabilise above this level, it could signal that the worst of the liquidation cascade has passed. But a failure to hold would likely invite another wave of forced deleveraging, especially if broader risk sentiment continues to deteriorate.

Also Read: No CPI, no confidence: How data paralysis is fueling crypto’s November slide

Compounding this technical vulnerability is the reassertion of crypto’s tie to equity markets, particularly to the Nasdaq. The 0.95 correlation with the Nasdaq-100 over 24 hours, its highest since June 2025, confirms that institutional participants continue to treat crypto as a risk-on proxy rather than a distinct asset class. This linkage became especially pronounced as technology shares sold off sharply, with the Nasdaq dropping 2.29 per cent amid concerns over AI-related earnings and the fading likelihood of near-term Federal Reserve rate cuts.

According to the CME FedWatch Tool, the probability of a rate cut by January 2026 has collapsed to just 20 per cent, down from 49 per cent a week earlier. This shift reflects increasingly hawkish commentary from Fed officials, who appear reluctant to ease policy despite the recent government shutdown and market volatility. For crypto markets, this means less near-term tailwind from monetary policy and more sensitivity to equity market swings. As long as institutional capital flows remain dictated by macro liquidity expectations, crypto will struggle to decouple from the broader risk narrative.

Adding another layer of pressure is the growing distress in the Bitcoin mining sector. Bitfarms’ announcement that it plans to exit mining by 2027 after reporting a US$46 million quarterly loss highlights the mounting economic challenges facing miners. The company cited unsustainable energy costs and declining profitability, conditions exacerbated by a 41 per cent drop in industry-wide mining revenue since October. Historically, miners have been consistent sellers of Bitcoin, liquidating approximately 1,000 BTC per day to cover operational expenses. As margins compress, this selling pressure could intensify, especially if more miners follow Bitfarms’ strategic pivot toward AI infrastructure. While such transitions may make business sense in the long run, they erode near-term confidence in Bitcoin’s network fundamentals. A sustained decline in network hashrate would be a red flag, signaling that more miners are capitulating under financial stress. This dynamic not only increases selling pressure but also raises concerns about network security and decentralization if smaller operators are forced offline.

The macro backdrop adds further complexity. Although the US government has resumed operations after a 43-day shutdown, the resolution offers little clarity on fiscal sustainability or the path of monetary policy. Markets initially welcomed the end of the impasse, but this relief was short-lived as investors refocused on the Fed’s tightening stance. The modest rise in Treasury yields, 10-year yields climbing to 4.11 per cent and two-year yields to 3.59 per cent, reflects both the removal of shutdown-related uncertainty and a reassessment of rate cut probabilities. Meanwhile, gold declined 1.1 per cent to US$4,151.86 per ounce, suggesting that safe-haven demand weakened as the immediate fiscal crisis abated. The dollar also dipped slightly, closing at 99.16, but this move appears more technical than fundamental. Crucially, Friday’s upcoming US Producer Price Index (PPI) data will serve as a litmus test for inflation expectations. Should the data come in hotter than anticipated, it could further delay rate cut hopes and extend the selloff across risk assets, including crypto.

Also Read: Sea Limited roars back to profit, yet credit loss provisions flash warning signs

Within this environment, sentiment has plunged into Extreme Fear, as reflected by a Fear & Greed Index reading of 22. Historically, such extremes have often marked contrarian buying opportunities, especially in crypto markets where panic selling tends to overshoot fundamentals. However, the current context may be different. Unlike previous fear-driven corrections, today’s selloff emerges against a backdrop of structural shifts, a re-tethering to equity markets, miner distress, and a less accommodative macro regime. These factors suggest that the usual buy the dip narrative may not apply, at least not immediately. For long-term believers in Bitcoin’s value proposition, the current pullback could represent a strategic entry point, but only if one assumes that the macro environment will eventually ease and that mining sector stress is transitory. Short-term traders, on the other hand, must contend with the very real possibility of further downside if equities continue to lead the move or if miner selling accelerates.

In conclusion, this market wrap captures more than a routine correction. It reflects a convergence of technical, macro, and sector-specific pressures that challenge crypto’s independence as an asset class. Bitcoin’s fall below US$100,000, its tight correlation with the Nasdaq, and the exodus from mining all point to a moment of reckoning. The path forward hinges on whether crypto can reassert its unique narrative, decouple from equities, absorb miner sell pressure, and regain institutional confidence in a higher-for-longer rate environment.

Until then, volatility will remain elevated, and the market will stay at the mercy of macro crosscurrents and technical thresholds. Traders and investors alike must navigate this terrain with caution, recognising that the current fear may be justified, but also that in crypto, fear often plants the seeds of the next bull run.

—

Image Credit: Felix Mittermeier on Unsplash

The post Crypto’s perfect storm: Broken support, hawkish Fed, and Nasdaq lockstep appeared first on e27.

Eric Jing, Chairman of Ant Group, said the company’s focus is on putting new payment and operation tools powered by AI and tokenisation technology in the hands of SMEs, to fully embrace the next wave of global productivity revolution.

“We are passionate about using frontier technology to support SMEs and the use of AI will really uplift inclusion,” Jing said during a panel discussion titled “Steering the Global Future” during the Singapore FinTech Festival on November 14, 2025.

Jing was joined by Agustín Carstens, Former General Manager, Bank for International Settlements (BIS); Ravi Menon, Chairman of the Board of Directors, Global Finance & Technology Network (GFTN); Ambassador (Climate Action), Singapore & Former Managing Director, Monetary Authority of Singapore, GFTN, and Dr. Razeen Sally who moderated the panel.

From agentic payment to agentic finance: A virtual CFO, and COO for SMEs

On the consumer front, Jing expects the rise of personalised AI financial managers and advisors. On the business front, “Agentic payment is one of the most important forces driving agentic commerce and agentic systems,” Jing said. Ant will focus on democratising AI for SMEs at a time when small businesses engaged in global trade face increasingly complex payment and risk environments.

“Many SMEs may not have sophisticated digital skills or a large workforce to support them in doing business, and this is where AI agents can really play a role in helping them to navigate the landscape,” Jing said.

Antom, the merchant payment and digitisation services arm of Ant International, is using Antom Copilot to support payment integration, merchant onboarding, risk management settings, and chargeback response. Copilot cuts payment integration time by over 90%, boosts chargeback winning rates by 3 percentage points, and shortens chargeback resolution time by 46 percent.

Also read: Ant International debuts iris authentication for smart glasses payments

During the Singapore FinTech Festival 2025, Antom also launched EPOS360, an app that brings point-of-sale (POS) system, payments, banking, lending, and growth support together to help micro, small and medium‑sized enterprises (MSMEs) move from setup to scale efficiently.

“Agentic AI will act like your COO, your CFO. They are stepping in as virtual financial and operational planners and implementers for SMEs, enabling them to compete globally,” Jing said.

He added that the rise of agentic payments and multi-agent systems are already on track, where autonomous AI agents collaborate to execute complex end-to-end transactions.

Advancing cross-border finance with MAS collaboration

“The tokenisation of money that enables global real-time settlement across borders will be particularly beneficial to SMEs and companies doing global trade,” Jing said. “On such important projects, it is necessary to have policy leadership from regulators like the Monetary Authority of Singapore, who provides institutional clarity and brings together an industry ecosystem of collaboration.”

Ant International’s deep collaboration with the Monetary Authority of Singapore (MAS) through key initiatives like Project Guardian and PathFin.ai sets an exemplary model of public-private partnership, especially when blockchain and AI have emerged as global themes.

Also read: AI-powered EPOS360 turns small shops into smart businesses

“We are honoured to participate in the Monetary Authority of Singapore’s regulatory sandboxes. They provide the clarity and certainty needed to responsibly deploy cutting-edge technologies while managing risks,” said Jing. “This new technology is up and coming, we cannot shy away from it. Instead, the right way is to harness the technology to get the benefits while keeping in mind the potential risks and challenges.”

Under Project Guardian, Ant International has contributed to pilot efforts in tokenised money and cross-border settlements, demonstrating how real-time, transparent and credible blockchain-based payments can benefit SMEs engaged in global trade.

Driving smarter forecasting through industry–regulator cooperation

Through MAS’ PathFin.ai programme, Ant International is also actively engaging in knowledge exchange on AI implementations. Jing highlighted Ant International’s Falcon Time-Series Transformer (TST) Model — an 8.5-billion-parameter AI model designed for FX and liquidity forecasting. The model has significantly improved accuracy in predicting cash flow and liquidity, helping businesses reduce hedging costs in today’s volatile global economy.

“Through participating in sandboxes, we see benefits and opportunities to improve our products before rolling them out. It has really been a pleasure to be part of that – MAS is taking a very proactive role and it’s enormously valuable,” said Jing.

Ant International, which became independent in 2024, is headquartered in Singapore. The company now collaborates with over 1,400 institutional partners and provides global payment, settlement and digitisation services to 150 million merchants, and a network of global wallets and national QR schemes that together serve over 1.8 billion consumer accounts.

Also read: Ant International releases Falcon TST to boost global AI forecasting

—

Want updates like this delivered directly? Join our WhatsApp channel and stay in the loop.

This is a sponsored article produced by the e27 team

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

Featured Image Credit: Ant International

The post Ant Group Chairman Eric Jing outlines strategy for inclusive AI, collaboration on tokenised settlement appeared first on e27.

Pine Labs, a leading digital payments and merchant-commerce platform in India, completed its long-awaited initial public offering (IPO) with a stronger-than-expected listing on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

The debut marks one of the most closely watched fintech listings out of India this year, with implications for Southeast Asia’s digital payments and commerce-tech sector.

Capital raise and listing performance

The IPO ran from 7 to 11 November, raising US$439 million through a fully subscribed book-building issue. The company had set an IPO price band of INR 210 to INR221 (approximately US$2.36-US$2.49) per share.

Also Read: Fave acquired by Pine Labs for US$45M, to expand its consumer payments app to India

Despite muted subscription momentum and analyst expectations of a flat debut, Pine Labs listed at US$2.72 per share, a 9.5 per cent premium to its upper issue price.

Subscription strength and post-listing rally

The IPO was subscribed 2.46 times overall, supported primarily by institutional demand.

• Qualified institutional buyers (QIBs): 4 times subscription
• Retail individual investors (RIIs): 1.22 times
• Non-institutional investors (NIIs): 30 per cent

Momentum accelerated after the market opened. Shares surged to US$3.19 on the BSE, up 28.37 per cent from the issue price and gaining 17.22 per cent from the listing price. During intraday trade, the stock held firmly at US$2.93, reflecting sustained buying interest.

Operational turnaround underpins investor confidence

The company enters the public market following a notable operational turnaround.

Key performance highlights include:

• Revenue growth at a 19 per cent CAGR leading up to Q1 FY26
• A swing to profitability in Q1 FY26 from a FY24 loss of US$38.5 million
• EBITDA margin improving sharply to 19.6 per cent in Q1 FY26 from negative territory in FY24

At the upper price band, Pine Labs was valued at an implied 11.2x market cap/sales multiple based on FY25 revenue.

Southeast Asia expansion remains a strategic priority

For Southeast Asia, a core growth region for the company, the IPO unlocks new capital earmarked for international expansion. Pine Labs plans to channel proceeds into:

• Strengthening subsidiaries, including Qwikcilver Singapore, Pine Payment Solutions Malaysia, and its UAE operations
• Investment in technology infrastructure, such as cloud systems, IT assets, and digital checkout points
• Select acquisitions and general corporate initiatives
• Repayment of borrowings

Also Read: Founders face a brutal new reality: Tiny exits, tougher buyers, endless earnouts

This expansion focus aligns with the company’s ambition to deepen its presence across high-growth markets beyond India.

Pine Labs’s successful listing marks a significant moment for India’s fintech sector and offers a fresh benchmark for Southeast Asian startups eyeing public-market pathways amid a more disciplined valuation landscape.

In 2021, Pine Labs acquired Malaysia’s Fave, which provided QR payments and loyalty cashback to restaurant and retailers, in a deal valued at over US$45 million.

The post Pine Labs smashes expectations with surging market debut after US$439M IPO appeared first on e27.

As artificial intelligence reshapes how businesses connect with their customers, one question stands out: can automation scale empathy?

Across Southeast Asia, companies are experimenting with AI tools that promise faster responses, better engagement, and seamless support. But beneath the excitement lies a quieter truth. Technology can make communication efficient, yet meaning and trust still depend on the human touch.

At a webinar hosted by e27 and Sendbird, industry leaders explored this tension between automation and empathy. The conversations reflected a growing awareness that communication technology is no longer just a support function. It has become a defining part of how brands express personality, build relationships, and earn loyalty in a digital world.

The new conversation between humans and machines

AI is changing how people experience brands. From chatbots that resolve simple queries to intelligent assistants that anticipate needs, the boundaries between human and machine interaction are blurring. Yet participants at the webinar agreed that technology alone is not enough.

The most successful companies are those that treat AI as an amplifier of empathy, not a replacement for it. They use automation to handle repetitive tasks so that human teams can focus on the moments that matter most. In this way, AI becomes a bridge, helping brands listen at scale while still responding with care.

Also read: Why digital parks are becoming the backbone of the Philippines’ emerging tech ecosystem

The rise of in-app communication

One of the strongest trends to emerge in recent years is the move toward in-app communication. Rather than forcing users to switch platforms, businesses are embedding chat, voice, and video directly into their own products.

This shift reflects how communication has become part of the user experience itself. Customers want immediacy and context. They expect support and engagement to happen seamlessly, wherever they already are.

Southeast Asia’s digital leaders are embracing this approach. They are integrating conversational AI with in-app messaging to deliver proactive service, targeted outreach, and community-driven interactions. These are not just technical upgrades. They represent a broader evolution toward brands that communicate as living, responsive systems.

What empathy looks like at scale

At the heart of every discussion was a simple insight: communication that feels personal does not have to be one-on-one. It just has to feel intentional.

AI now allows companies to analyse tone, timing, and behavioural patterns to craft interactions that feel recognisably human. But achieving this balance takes discipline. Data needs context. Automation needs oversight. And even the most advanced systems require human creativity to ensure that messages resonate rather than overwhelm.

Speakers emphasised that empathy at scale is less about sentiment analysis and more about design. It is about creating experiences where users feel understood even when no person is typing on the other end.

Also read: Marketing’s next big challenge? Making AI feel human

Rethinking how communication innovation happens

The conversations around Sendbird’s work highlight a broader truth: innovation in communication begins with dialogue. When technology leaders, product builders, and marketers sit together, they surface questions that go beyond tools and features.

What does authenticity mean in an era of AI-driven messaging? How can brands preserve trust when conversations are partly automated? How can local culture shape tone, timing, and relevance?

These questions are shaping a new philosophy of communication in Southeast Asia, one where empathy, context, and cultural intelligence are built into every interaction.

Where the conversation leads next

The future of communication will depend on how well companies combine intelligence with empathy. As automation becomes a given, human understanding will become the differentiator. The best communication strategies of the AI era will not be about replacing people. They will be about scaling what makes people great at connection — empathy, creativity, and care.

If your organisation wants to host discussions around communication, AI, or customer engagement, let’s make it happen. You can reach the Innovate team here.

—

Want updates like this delivered directly? Join our WhatsApp channel and stay in the loop.

The e27 team produced this article

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

Featured Image Credit: Canva Images

The post Rethinking communication, connection, and empathy in the age of AI appeared first on e27.