Sygnum is sole new unicorn from South-east Asia in H1 2025: report
[SINGAPORE] Digital asset group Sygnum has emerged as the sole new unicorn from South-east Asia in the first half of 2025, data platform Tracxn said in a report released on Thursday (Jun 26).
The Singapore-based firm attained unicorn status in January 2025, after three rounds of funding and a total of eight investors before its unicorn round.
Tech funding in South-east Asia reached US$2 billion in H1 2025, boosted by late-stage funding deals. This was 7 per cent higher than US$1.8 billion in the year-ago period, but 24 per cent less than US$2.6 billion in H2 2024.
'These figures reflect both a short-term slowdown and a longer-term recovery trend in the regional market,' noted the report.
H1 2025 was marked by more late-stage funding deals and a rise in mega-round activity, contrasting with a general slowdown in early and seed-stage investments, the report added.
Seed-stage investments fell 68 per cent to US$87 million from US$270 million in H1 2024. Likewise, early-stage funding also declined 53 per cent to US$464 million from US$991 million.
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On the other hand, late-stage funding jumped 149 per cent to US$1.4 billion from US$562 million.
There were five rounds of funding worth more than US$100 million in H1 2025, compared to just two rounds in H1 2024.
Tech firms in Singapore accounted for 92 per cent of all funding seen across South-east Asia in H1 2025. Taguig, a city in the Philippines, trailed far behind in second.
The report noted that the 'significant role' of Singapore as a funding hub, combined with strong activity across acquisitions and initial public offerings (IPOs), underscores the region's resilience and evolving role in the global technology landscape.
The study pointed out three industries as the top-performing sectors.
Enterprise infrastructure was the highest, attracting US$859 million in funding, a huge jump from just US$22.1 million raised in H1 2024. This was followed by fintech, with US$775 million raised – a 26 per cent decrease compared to the year-ago period.
The enterprise applications sector rounded out the top three, raising US$545 million in H1 2025, about a third higher compared to US$409 million in H1 2024.
'The dominance of enterprise infrastructure, fintech and enterprise applications highlights growing investor focus on scalable and impact-driven sectors,' the report noted.
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CNA
3 hours ago
- CNA
Husband of deceased bakery owner to close her hawker stall but continue her cafe at Bugis
Michelle Goh, aged 35, founder of 2112 Bakery at OG Bugis and a food court stall in Yew Tee, passed away on June 17, 2025. Besides bakes like Nutella cookies and pistachio roll cakes, she was also known for participating in Mediacorp baking show Creme De La Creme. There was an outpouring of condolences from her customers and netizens after broke the news. We caught up with her husband, Ken Yap, 36, over the phone after her funeral last weekend. 'THE KIDS HAVEN'T BEEN EXPRESSING [THEIR EMOTIONS] MUCH' Yap told 'My family and I are coping with her passing. It has already happened and we can only focus on the kids at the moment.' The couple have a son, 12 and daughter, 10. He declined to share the details of his wife's death on record. He added with a sigh: 'The kids haven't been expressing [their emotions] much.' Yap said he will shut down Goh's food court stall at Yew Tee Square's Kopitiam at the end of June but will continue running her fancier 2112 bakery-cafe at OG Bugis. A 'JOYFUL, HELPFUL PERSON' WHO HAD FLUCTUATING MOODS DUE TO DEPRESSION 'She was a joyful person, very helpful, and always trying to put [others before herself],' Yap said. Yet, behind the friendly, bubbly demeanor that her customers saw (and shared about on social media), in private, her spirits often fluctuated due to depression. 'Sometimes her mood can be good, then all of a sudden without any reason, it can be extremely low,' he said. Goh had battled depression since 2018 and had been open about her mental health challenges on social media. Coping with the pressures of running a business exacerbated the situation. In an interview with last August, Goh had said: 'I got very depressed [due to the poor business at her now-defunct bakery in Toa Payoh], so my husband asked me whether I wanted to just shut it down, but I didn't want to waste my efforts. I know I can do it, I just need time.' She added back then that struggling to keep her business afloat affected her mental health. 'I am taking medication that controls my anxiety and depression. So when things get bad, I'll just 'hide' and bake. There are times that I'll shut down [the shop] to think of what's the next step I should take to preserve this business'. The millennial's love for baking was first sparked 'when she was admitted to IMH (Institute of Mental Health) a few years ago', Yap said. 'We bought Nutella cookies for her. On the way back home from the hospital, she was really enjoying them. [Eating them] made her feel better. So instead of having to keep on buying them, she decided to bake her own Nutella cookies.' He added that his late wife's baking journey started as a home-based business with her mother in 2019, eventually growing into a bakery-cafe – first in the now defunct branch at Toa Payoh, then a fancier joint at OG Bugis, plus a rojak-cum-popiah stall in a Yew Tee food court that also sells some of her bakes. '[Running] a business where you have something to worry about plays a part with whatever you're battling with at that moment,' Yap reflected. 'MENTAL WELLNESS IN SINGAPORE IS UNDERRATED' Yap told that he met Goh 14 years ago while working together in admin at a small firm. They got married in 2013. 'Since day one, she has been trying to work her way out [of her depression]. From our experience, the [Singapore] system doesn't have proper support to cater to this group of people,' he said. 'Mental wellness in Singapore is very underrated. There's very little assistance provided and it's very costly to seek treatment. For example, a 45-minute session for a private psychology therapy session costs about S$200. [If you want something cheaper], government hospitals require advance bookings many months ahead,' he said. SHE HAD A FEVER THAT LASTED FOR WEEKS AFTER HER HOLIDAY In the weeks leading up to her passing, Goh had shared photos of her recent holiday in Japan on social media. Yap told us that she developed a fever after the trip, which persisted for weeks. Despite being hospitalised and making numerous visits to clinics over two weeks, doctors were unable to determine the cause of her fever. During this time, Michelle took a break from work. 'It was not a life-threatening fever. Constantly throughout the day, it would subside for a while and come back again,' Yap said. 'She was, of course, feeling especially down during this period.' WHAT'S NEXT FOR 2112 BAKERY? Yap said that Goh's mum, who co-founded the 2112 brand with her, co-owns the business. He said she has been helping with baking on and off, while also working at her own hawker stall in Bukit Canberra Hawker Centre selling other snacks. Yap is not a shareholder and had no role in the business before his wife's death, other than occasionally helping her to clear tables at the cafe. He works full-time in the car trading industry and said his hours are flexible. He said that he plans to keep the bakery-cafe at OG Bugis running. 'Money has been invested into it and at the end of the day, it's something Michelle left behind. I'll try to see what I can do. Closing [the entire business] is the last thing I want.' That being said, Yap has decided to shut down the 2112 food court stall at Yew Tee. He said it has been operating for over a year but has yet to turn a profit. 'It's so I can focus more on the bakery at OG Bugis and cut our losses at the rojak stall,' he added. He is unsure of the exact amount of the losses. HE PLANS TO MANAGE THE BUSINESS FROM NOW ON Before her passing, Yap said his wife managed every aspect of the business – from baking to operations. She also hired bakers, who will continue preparing her recipes, including the bakery's signature items like the Nutella cookies, roll cakes and puffs. '[Michelle and her mum] started this business together, so her mum will ensure the recipes are followed properly moving forward,' he said. Yap plans to take over the management of the bakery-cafe: 'Baking is not my forte, but I will very likely be taking over the business operations, marketing and sales – with some help along the way. 'I've spoken to some of our close friends who have worked in the baking scene for over 30 years, to see if anyone is interested to assist us or take over the bakery. 'Anything is possible, nothing is final for now.' 'MICHELLE'S MUM IS COPING WELL' While the mother and daughter initially started out together, both women later branched out into their own physical stores in 2020, catering to different demographics. Michelle opened 2112 Bakery under an HDB block in Toa Payoh (now-defunct) selling bakes like roll cakes and cookies, while her mum runs a hawker stall called 2112 Snack Delights at Bukit Canberra Hawker Centre, serving local favourites like you tiao, prawn fritters and curry puffs. 2112 is a nod to Goh's mother's birth date. '[Her mum] is coping well. I'll try not to disturb her as much as possible as the working hours at a hawker centre are longer than at the bakery,' said Yap. INVESTED $120K INTO NEW BUGIS LOCATION Goh told in August 2024 that her first bakery in Toa Payoh suffered a S$19K loss due to low footfall and high rent. In December that year, she decided to relocate from Toa Payoh to a spot with more dine-in space at OG in Bugis, investing S$120K to open her bakery-cafe there. Before the move, Yap said he had advised her to shut the business down instead of continuing to operate it. 'My view was if you're making a loss, might as well just keep it to that [amount] and close it.' He was also concerned about her mental well-being: 'I had my objections, I thought it would be better if she could rest well without doing anything – at least for the time being.' '[But ultimately], it was her decision [to continue with the biz]. I had to give her my full support, regardless of whether I agreed [with her decision] or not,' he said. Yap said that the OG Bugis bakery-cafe business is faring better than it did at the original Toa Payoh outlet – 'by a few thousand dollars in revenue' monthly. While the six-month-old bakery-cafe has yet to break even, it has been profitable. CREME DE LA CREME HOST DENNIS CHEW ATTENDED HER WAKE Michelle participated in season two of Mediacorp baking show Creme De La Creme in August 2023, to gain more exposure for her bakery. She placed sixth out of eight contestants. Yap said that the show's host, deejay and actor Dennis Chew, and guest judge pastry chef Then Chui Foong, along with several contestants, attended Goh's wake, though he didn't get a chance to speak with them. Some 2112 Bakery customers, including those from the previous Toa Payoh outlet, also attended the funeral, said Yap. 'I hope people will remember Michelle through her bakes, knowing that she was the one behind [treats like these] Nutella tarts,' he added. When asked for his fondest memory of her, Yap said: 'Every memory [of her] is dear to me and the kids.' 2112 Bakery (cafe in OG Bugis) is at #02-02 OG Albert, 60 Albert St. 2112 Bakery (with rojak & popiah) is at #02-222/224 Yew Tee Square Kopitiam, 624 Choa Chu Kang St 62. Its last day of operations is on June 30, 2025 (Monday). This story was originally published in 8Days. For more 8Days stories, visit
Business Times
3 hours ago
- Business Times
Gold-rich Laos hits mother lode with S-E Asia's first bullion bank amid inflation, currency blues
[VIENTIANE] In the heart of a resource-rich continent famed for metals and gems, one of South-east Asia's smallest economies quietly launched the region's first dedicated gold bank – a bold bid to draw tonnes of the precious yellow metal back into the formal financial system. With protracted double-digit inflation (though gradually easing), hefty debt levels, and renewed kip depreciation plaguing the landlocked nation, Laos is betting big on the safe-haven asset. It is a well-timed gambit, seeing how gold prices hit multiple fresh highs through 2024 before peaking in April 2025 to breach US$3,500 per ounce. This year, the metal has gained some 28 per cent so far. In an interview with The Business Times, Lao Bullion Bank chief executive Chanthone Sitthixay said: 'There are so many commercial banks in Laos and the limitation is that the local currency, the kip, cannot be transacted at the international level. But gold can.' And so he pitched the creation of a local gold ecosystem in 2020 to former Lao prime minister and current President Thongloun Sisoulith, before the bank's eventual launch in December 2024. Dr Chanthone Sitthixay, the CEO of Lao Bullion Bank, pitched the idea of creating a local gold ecosystem to the government back in 2020. PHOTO: LAO BULLION BANK Research suggests that the country still holds more than 1,000 tonnes of gold underground – worth an estimated US$100 billion, said Dr Chanthone. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up Meanwhile, private households currently hold some US$10 billion worth of the precious metal, he added, noting that responsibility falls on the Lao Bullion Bank to coax the wealth back into the formal financial system. Six-month track record As at the first half of 2025, Lao Bullion Bank amassed between 500 kg and 600 kg of gold from private households. Once its refinery – which has a capacity of up to 150 tonnes a year – is completed in end-June, the bank anticipates onboarding gold miners as a new customer segment, noted the CEO. Dr Chanthone expects mining contributions to then make up some 30 per cent of the bank's assets – with households still accounting for the bulk. The target, however, is to scale up refinery services so that gold from miners eventually accounts for 70 per cent of the bank's assets, added the 49-year-old business tycoon. To achieve this, Lao Bullion Bank is eyeing a timeline of around one year, following a government directive requiring all miners to refine their gold to a purity of more than 99 per cent before it can be exported, he said. Miners in the country traditionally exported only the raw metal to foreign markets because of the absence of a comprehensive gold ecosystem that encompasses mining, refining, trading and investment. In the six months since its opening, the bank has opened more than 2,000 accounts and is seeing an increase of about 10 new ones each day. 'We haven't really been bombarding people with promotional campaigns and such,' explained Dr Chanthone. 'We are trying to make sure that the systems and infrastructure are in place.' On customer demographics, the CEO shared that the bank serves both locals and foreigners, including expatriates who work in the country. Interestingly, the bank has observed a higher number of younger clients, driven by growing interest in investing, but whose deposit volumes remain modest. Conversely, it has fewer clients who are older, but they contribute more, he said. Blueprint for growth Within the next three years, the bullion bank intends to expand into four other major Lao provinces: Luang Prabang, Oudomxay, Savannakhet and Champasak, said Dr Chanthone. It currently operates out of a five-storey building in the capital, Vientiane. Bank counters and tellers occupy the ground floor, while the second floor houses a laboratory for testing modest amounts of gold. The third floor holds the information technology and trading rooms, while the upper levels are reserved for office and meeting spaces. Like a traditional commercial bank, it offers deposit, withdrawal and transfer services. What is unique, however, is that the Lao Bullion Bank issues certificates to clients who deposit their gold, and these documents can be used as collateral by customers seeking loans from commercial banks and financial institutions in Laos, said Dr Chanthone. He explained: 'We have 37 banks in Laos and the total deposit amount at these commercial banks is 110 per cent of our gross domestic product (GDP). For gold, we estimate it to be about 100 per cent of GDP.' These deposits combined will make up more than 200 per cent of Laos' GDP, which would demonstrate the country's strong liquidity, he said. 'If customers only deposit gold with the bank, it will not be liquid,' continued Dr Chanthone. 'But once the certificate is issued, they can get financing from other banks, which creates liquidity.' Another novel offering of the bank is its automated vending machines that operate just like conventional ATMs, except that these dispense gold. The machines now offer four types of gold bars – weighing 1 g, 7.5 g, 15 g or 30 g – that come in either a standard design or limited designs of national landmarks That Luang and Patuxay. Two of the 10 machines the bank has are currently placed within the building, while the remaining eight will be installed in hotels, markets and other public places once safe, populated locations have been identified, said the CEO. Two of Lao Bullion Bank's 10 gold vending machines are housed on the ground floor of its building. PHOTO: LAO BULLION BANK Dr Chanthone noted that the primary target audience for these gold vending machines are tourists. He hopes that tourists will come to associate Laos with its gold – the same way Myanmar is known for its jade, Thailand for its rubies, and Sri Lanka for its sapphires. A screen capture of the Lao Bullion Bank's website on Jun 26. The bank sells four different types of gold bars – weighing 1 g, 7.5 g, 15 g or 30 g – that come in either a standard design or limited designs of national landmarks That Luang and Patuxay. SCREENSHOT: LAO BULLION BANK WEBSITE Other initiatives in the pipeline include gold-trading services on international platforms, with the bank's trade team poised to officially begin operating in August. Golden ticket to fiscal stability Set up as a public-private partnership, Lao Bullion Bank is 25 per cent owned by the government, with the remaining 75 per cent share belonging to primarily family-owned investment holding company PTL Holding. The initial capital of US$60 million injected into the bank was accumulated from the various family businesses, said Dr Chanthone, who holds a master's degree and PhD in strategic business management. On whether the move was part of a wider de-dollarisation narrative exacerbated by the US' tariff volatility, the CEO demurred. 'The main objective is to focus on strengthening the local currency by (transitioning it) from non-convertible to convertible; and the country has gold, which can be considered near-cash.' As the third-largest gold producer among Asean member states, Laos aims to become an Asian trading hub for the yellow metal by 2030. The way Lao Bullion Bank supports the nation's goals, said Dr Chanthone, is 'by bringing gold that's out of the system back into the system, making it more liquid… and reducing the supply of M2 in the economy'. M2 is a broad measure of money supply, used by economists as an indicator of potential inflation. Global appetite for gold continues to hold firm, with demand hitting its highest first-quarter level since 2016, according to an Apr 30 report by the World Gold Council on Q1 2025 gold demand trends. Quoting the council's head of Asia-Pacific (ex-China) and global head of central banks Fan Shaokai, the release wrote: 'With the full impact of tariff measures still unfolding, investors continue to turn to gold, recognising its role as a portfolio diversifier that has historically performed well during periods of uncertainty.' Neighbouring Indonesia also opened its first two state-owned bullion banks on Feb 26, some two months after the Lao Bullion Bank's launch. Asked whether there exist opportunities for collaboration with South-east Asia's largest gold producer, Dr Chanthone concurred, noting that the bank has 'really good connections' with the Indonesian government. The bank is a foreign associate member of the Singapore Bullion Market Association. On his hopes for the bank and the country, the magnate concluded: 'The problems of Lao people must be solved by a Lao. I don't just do business; I want to do something that is impactful for the country.' He added: 'We do our best to make the country prosperous.'
Business Times
4 hours ago
- Business Times
Billionaire Michael Dell reaps US$1.2 billion from stock sale
[NEW YORK] Dell Technologies chief executive Michael Dell sold US$1.2 billion worth of shares in his namesake computer company, reducing his stake by about 3 per cent, according to a Friday (Jun 27) filing. Dell, 60, is the 12th-richest person in the world with a fortune of US$135.4 billion, according to the Bloomberg Billionaires Index. Even after the sale, in which he offloaded 10 million shares, he still owns a stake in the computing giant worth nearly US$39 billion. About a third of the billionaire's fortune is in Dell Technologies stock, including shares held by his wife's trust, while the remainder is primarily held in Broadcom stock and cash proceeds from prior share sales. The sale follows a familiar pattern for Dell, who also sold two blocks of 10 million shares in September, generating more than US$2.3 billion. His company's stock is up more than 9 per cent since May 29, when it gave a profit outlook for the year that beat estimates. It also told investors it had seen a significant increase in orders for servers to run artificial-intelligence (AI) networks. Round Rock, Texas-based Dell Technologies has been undergoing a renaissance as of late, gaining more than 50 per cent last year and rejoining the S&P 500 Index after a decade-long absence off the back of a surge in revenue tied to its AI server business. BLOOMBERG
