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Coin Geek
8 hours ago
- Business
- Coin Geek
The startup playbook: Why SEA is leading with purpose, not just profit
Getting your Trinity Audio player ready... As emerging technologies redraw the competitive map, Southeast Asia's startup founders are rewriting the rules—not by chasing unicorn status, but by building resilient, impact-driven companies that solve real-world problems. That was the powerful message from a panel discussion at the Asia Tech x Singapore Summit featuring Yinglan Tan (Founding Managing Partner, Insignia Ventures), Dr. James Ong (Founder, AI International Institute), and Yanan Wu (Founder & CEO, Surfin Group). Yanan Wu: The next billion users For Wu, the mission is clear: bring financial access to underserved communities using artificial intelligence (AI) and social data. 'We use social behavior data to give them a credit score, to give a micro-learning program so that they can start a journey,' said Wu, whose fintech platform serves 70 million users across 10 countries. 'Everyone deserves a financial advisor, whether you're rich or you're underprivileged.' Wu emphasized the vast untapped potential in underserved and emerging markets, pointing out that the real opportunity for unicorn creation lies not just in mature markets but in reaching the 'next billion users.' 'There are still hundreds of millions of people in this region who are either unbanked or underbanked. That's a huge opportunity,' he said. 'The tech has to be scalable, yes, but it also has to be meaningful to people. What's the utility? That's what drives sustainable growth.' Wu added that understanding hyperlocal needs—whether in rural Indonesia or secondary cities in Vietnam—will determine which companies can truly scale across Southeast Asia. His drive isn't just intellectual—it's personal. A former nuclear physicist turned entrepreneur, he lives on red-eye flights to lead a multi-country operation. 'You need resilience to cross over different cycles… Sometimes, it feels lonely. But you always have to cherish the moment where you came from, why you want to do this, and where you're going,' he shared. Wu's ambition goes beyond scale. He believes Southeast Asia has a unique opportunity to leapfrog traditional financial models and embrace what he calls 'agentic AI'—financial co-pilots for the underbanked. 'In the past, banks could not reach those remote areas. Now, technology can be flat. Technology can be scalable. Technology can be sustained.' Yinglan Tan: Growth happens in cycles Tan, whose venture fund backs companies like Wu's, echoed the importance of vision and grit. When evaluating founders, Tan looks for one thing: 'They're unstoppable.' He described successful entrepreneurs as those who 'see a wall—they go on top of it, around it, dig under it, or make friends with the wall to get things done.' Beyond hustle, Tan emphasized the ability to hire well, operate globally, and maintain perspective. 'They don't treat competitors as enemies. They see each day as a football match—you play to win, but you play by the rules. And when the day is done, it's another match.' Tan believes Southeast Asia is moving past a correction phase and entering what he called a 'refounding' phase—an environment that favors innovation built on stronger fundamentals. 'What we are seeing is that companies that have gone through that discipline are now coming out stronger. There are a number of companies that are now going regional. I think that is the next phase of growth,' said Tan. 'We also look for founders that are missionary rather than mercenary because you need a missionary to last the ten years required to build a great company.' He added that venture capitalists (VCs) are not simply searching for flashy tech or growth stories. The right founder-market fit, the ability to adapt, and a clear understanding of business fundamentals are just as crucial—if not more so—than hype. James Ong: AI as Infrastructure Dr. Ong urged founders to think beyond vanity metrics like valuations. 'Why are we focusing on unicorns? In Silicon Valley, it's all a financial engineering play. In Southeast Asia, we have a chance to reset the narrative,' he said. Instead of unicorns, he champions 'zebra-cons'—startups that balance profit with purpose. 'We also measure how much better life people are achieving, how much energy we're using.' Ong offered a perspective rooted in deep tech and AI, framing AI not just as a tool but as an infrastructure layer that can drive exponential value—if harnessed properly. 'We see AI as the next form of infrastructure, like electricity or the Internet,' he said. 'But the challenge is how to democratize AI, so it's not just in the hands of the big players.' He believes the next unicorn could emerge from a company that not only uses AI but also builds platforms that enable others to use AI to solve local problems—from agriculture and healthcare to logistics and finance. 'Democratization and localization of AI will be key. And that means building models, data, and interfaces that are actually trained and tested in Southeast Asia, not just imported from somewhere else,' he noted. Key takeaways Southeast Asia isn't just riding the AI wave—it's shaping a new one. 'Southeast Asia is at an inflection point,' said Dr. Ong. 'Entrepreneurs here are not only delivering economic value—they're solving humanity's problems with resilience and heart.' Watch: Alex Ball on the future of tech: AI development and entrepreneurship title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="">
Malaysian Reserve
23-04-2025
- Business
- Malaysian Reserve
Surfin Meta Digital Technologies completes funding round of USD 26.5 million with Woori Venture Partners, Washington University in St. Louis and Phillip Private Equity, following initial raise with In
SINGAPORE, April 23, 2025 /PRNewswire/ — Surfin Meta Digital Technologies, Singapore-headquartered financial technology solutions provider for the underserved, announced the successful completion of its oversubscribed funding round on April 23 2025. Woori Venture Partners, Washington University in St. Louis, and Phillip Private Equity participated in this round, bringing total funding to USD 26.5 million. This is a remarkable achievement and milestone from the initial investment of USD 12.5 million that was led by Insignia Ventures Partners in October 2024. It is also a reflection of continued investor confidence in Surfin's business model and its mission to support the unbanked and underbanked in emerging markets. With this additional capital, Surfin is well-positioned to build on its capabilities to develop more innovative technologies and build a sustainable digital financial ecosystem. 'I have always believed that financial inclusion is critical towards helping less privileged people who face difficulties to access even the simplest of financial services in emerging markets. We are proud to close our funding round with strong interest from well-known institutional investors that also stand testament to Surfin's outstanding performance and potential to grow into a truly global fintech company. We are very excited to work with Insignia, Woori, Washington University in St. Louis, and Phillips, and believe they will provide us with additional guidance and resources with which to take on this challenge.' Dr Yanan Wu, CEO and Founder. Surfin Meta Digital Technologies —————————————————————————————————————- 'Having partnered with many fintech companies over the years, it has been rare to find a company like Surfin bootstrapped and grown to scale across multiple markets, having to manage the complexities and nuances of each. It has the potential to truly become multi-country and multi-product, a trajectory rooted in the company's depth of consumer data at scale, which can be harnessed to deliver hyper-local, hyper-personalized financial services. Surfin is at the forefront of a wave of companies driving equitable economic growth through data factories rather than physical ones. We are proud to see that their mission of financial inclusion for emerging markets has continued to attract the support of global investors.'Mr Yinglan Tan, Founding Managing Partner of Insignia Ventures Partners —————————————————————————————————————- 'We are excited to back Dr Wu and his team in its ambition to redefine financial inclusion. Surfin has made remarkable progress in creating an ecosystem of technology-powered financial services across emerging markets such as Indonesia, Philippines, India and Mexico from Singapore. Even more impressive, it has done so bootstrapped before the current institutional round. We are looking forward to supporting Surfin in its next phase of expansion' Mr Alan Ang, Director of Woori Venture Partners —————————————————————————————————————- 'Despite the challenging market environment, we have been impressed by Surfin's continued commitment toward building a sustainable business model while delivering on its vision to bring financial inclusion for the less privileged in the region. We are proud to be part of this funding round by Surfin to support their continued growth journey to become a global fintech leader.' Ms. Grace Tang, CEO and Managing Director of Phillip Private Equity, a member company of Phillip Capital Group —————————————————————————————————————- The proceeds will be used to support Surfin's development into new markets, as well as to expand the company's research & development initiatives to build a holistic suite of intelligent financial products in these markets. Haitong International Securities Singapore assisted as a financial advisor in this funding round. —————————————————————————————————————- 'We are honored to have supported Surfin and Dr. Wu in reaching this important milestone. The success of this round reflects the clarity of Surfin's mission, the strength of its leadership, and the confidence it has earned from respected investors. Dr. Wu's vision to advance financial inclusion through technology is both compelling and urgently needed across emerging markets. We look forward to seeing Surfin continue to scale its impact.' Ms. Deng Luming, Chief Executive Officer of Haitong International Securities (Singapore) Pte. Ltd. —————————————————————————————————————- About Surfin Meta Digital Technologies Surfin is a financial technology platform that provides digital financial services for the unbanked and underbanked in emerging markets. The company provides services including consumer lending and credit cards, payments and remittances, wealth management as well as B2B services. Surfin's unique differentiation lies in its focus on utilising technology to provide a highly scalable platform across borders, and providing a deep ecosystem of transparent and innovative financial solutions. For more information please visit About Insignia Ventures Partners Insignia Ventures Partners is a Southeast Asia early-to-growth stage venture capital firm partnering with unstoppable founders to build great companies. Since 2017, we have invested in emerging technology companies across industries and geographies in the region, including Carro, Ajaib, GoTo (IDX: GOTO), Appier (TSE: 4180), Fazz, Shipper, Tonik, Flip and Super, and many other technology market leaders. We partner early with founders and support them from seed through growth stage as their companies create meaningful impact for millions of people in Southeast Asia and beyond. With our team of investment and operating professionals who bring together decades of experience and proprietary networks, we equip our founders with the tools they need for growth. We manage capital from premier institutional investors including sovereign wealth funds, foundations, university endowments and renowned family offices from Asia, Europe and North America. Learn more on our website, Insignia Business Review, our podcast On Call with Insignia (new episodes weekly on Spotify, Apple Podcasts, and YouTube), and these case studies from HBS and INSEAD. Check out our public access toolkit for founders and investors looking into region, including term sheet generators, market statistics, cybersecurity scanner, and more. We also provide venture capital education programs for C-levels and senior execs through Insignia Ventures Academy. Follow us on LinkedIn, Instagram, and Twitter. About Woori Venture Partners Woori Venture Partners is South Korea's leading venture capital firm with a distinguished track record spanning over 40 years. Established in 1981, Woori Venture Partners has expanded its global presence with investment hubs in Silicon Valley, Shanghai and Singapore. With investments in over 2,000 companies, over 300 of which have successfully gone public, Woori Venture Partners is dedicated to driving innovation and fostering growth opportunities worldwide. Woori Venture Partners officially opened its Singapore office in 2023, and its presence in Southeast Asia reflects the growing investment opportunities in the region. Woori Venture Partners has cultivated a portfolio of close to 15 investments from Southeast Asia and India across diverse sectors including B2B, consumer, deep-tech, fin-tech and Web3. The Singapore office is also exploring Web3 opportunities globally, with a particular focus on the intersection of financial services and blockchain. About Washington University in St. Louis Founded in 1853, Washington University in St. Louis is among the world's leaders in teaching, research, patient care and service to society. WashU is distinctive in its purpose-driven scholarship across a wide range of academic disciplines, its highly supportive residential undergraduate experience and its world-class research enterprise, which addresses scientific, social and economic challenges locally, nationally and globally. WashU maintains a long-term endowment which is managed by the WashU Investment Management Company. The endowment is invested globally across all asset classes with the primary purpose to support the university's mission across generations. About PhillipCapital Since its inception as a stockbroker in 1975, PhillipCapital has grown into an integrated Asian financial house with a global presence and offers a full range of quality and innovative services to retail and high-net-worth individuals, family offices, as well as corporate and institutional customers. PhillipCapital offers a comprehensive suite of financial products and services including broking in securities, futures, foreign exchange, bonds, precious metals and commodities, unit trusts, contracts for difference, exchange-traded funds; fund management, managed accounts, insurance planning, regular savings plan, investment research, equity financing and property consultancy. Institutions can also benefit from our corporate finance and advisory services as well as information technology solutions. Today, the company headquartered in Singapore operates in the financial hubs of 15 countries, including offices in Australia, Cambodia, China (and Hong Kong SAR), India, Indonesia, Japan, Malaysia, Singapore, Spain, Thailand, Turkey, UK, UAE, USA and Vietnam, serving over 1 million clients with Assets Under Management of total more than USD 65 billion. Find out more information, please visit About Haitong – Haitong International Securities (Singapore) Pte. Ltd. Haitong International Securities (Singapore) Pte. Ltd. is a wholly-owned indirect subsidiary of Haitong International Securities Group Limited. – Haitong International Securities Group Limited Haitong International Securities Group Limited ('Haitong International') is an international financial institution with established presence in Hong Kong and a rapidly expanding network across the globe. It strives to serve as a bridge linking up the Chinese and overseas capital markets. Haitong International is well positioned to serve corporate, institutional, as well as high-net worth clients worldwide. Its well-established financial services platform provides a full spectrum of financial offerings including private wealth management, corporate finance, asset management and global markets businesses. Haitong International possesses a sound risk management system that is in line with international standards. Haitong International has a global financial servicing network covering the world's major capital markets including Hong Kong, Singapore, New York, London, Tokyo, Mumbai and Sydney, thereby making it a world-class Chinese financial institution with international competitiveness, systemic importance and brand influence. Contact: media@
