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Singapore-based smart electric motorbike company ION Mobility is set to be acquired by Indian two-wheeler giant TVS Motor.

The deal, expected to be finalised on 1 April 2025, will see TVS Motor take over all of ION Mobility’s assets and intellectual property.

TVS is an investor in ION Mobility, having invested in the EV startup’s US$18.7 million Series A round in February 2023.

James Chan, founder and CEO of ION Mobility, will transition to TVS Motor as Senior Vice President, heading both ASEAN operations and the ION M1-S platform.

The startup’s other backers are AC Ventures Malaysia, Michael Sampoerna, TNB Aura, Quest Ventures, Monk’s Hill Ventures, Village Global, GDP Venture, Seeds Capital, and Quest Ventures.

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DealStreetAsia

Indonesian fintech firm Kredivo is reportedly in advanced talks to acquire GajiGesa, a homegrown earned wage access (EWA) startup, DealStreetAsia has learnt.

GajiGesa’s last reported funding round was in 2022 when it raised $2.5 million in seed funding co-led by Defy.vc and Quest Ventures. GK Plug and Play, Next Billion Ventures, Alto Partners Multi-Family Office, Kanmo Group, and strategic angel investors also participated.

The startup has raised a total funding of $9.15 million to date, according to DealStreetAsia – DATA VANTAGE.

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DailySocial

Platform fintech EWA (Earned Wage Access) GajiGesa dikabarkan telah diakuisisi oleh Kredivo. Menurut sumber, perusahaan diakuisisi dengan harga ~US$5-6 juta, jauh lebih rendah dari valuasi terakhir perusahaan.

Berdasarkan data yang dilaporkan ke regulator mengutip dari Alternatives.pe, sampai tahun 2022 GajiGesa berhasil mengumpulkan pendanaan ekuitas US$9 juta dengan valuasi terakhir ~US$33 juta. Beberapa investor utamanya termasuk MassMutual Ventures, Defy VC, January Capital, Quest Ventures, OCBC NISP Ventura, dan beberapa lainnya.

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TechNode Global

Co-hosted by BEYOND Expo, TNGlobal and Quest Ventures, this exclusive gathering is expected to bring together Vietnam’s vibrant tech ecosystem and global innovation leaders for an evening of networking and collaborations.

BEYOND Expo is Asia’s largest tech innovation and ecosystem expo, as well as Asia’s flagship consumer electronics show.

Marking its 5th edition, BEYOND Expo will take place from May 21-24, 2025, at The Venetian Macao Cotai Expo, Macao, welcoming global innovators to connect, collaborate, and thrive.

The BEYOND International Technology Innovation Expo (BEYOND Expo) is Asia’s largest tech and innovation ecosystem expo, showcasing the culture and achievements of global technological innovation.

BEYOND Expo is not only a Network for displaying technological advancements but also a significant opportunity to drive industry upgrades. Through dedicated professional exhibition areas and vertical industry forums, BEYOND Expo is committed to fostering comprehensive development in technology and innovation while facilitating exchanges across various segments of the industry.

Since 2021, BEYOND Expo has attracted participation from Asia’s Fortune 500 companies, large multinational corporations, unicorn innovation firms, and emerging startups. By integrating companies, products, capital, and industries, it builds an innovative ecosystem aimed at collectively advancing the development of the Asia-Pacific region and the global technology innovation industry.

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IndianStartupTimes

Southeast Asia has emerged as a global fintech hotspot, with rapid digital adoption, a growing middle class, and increasing financial inclusion. Venture capitalists play a crucial role in this transformation, backing innovative startups across payments, lending, wealth management, blockchain, and digital banking.

This list highlights 40 leading VC partners who are shaping the fintech ecosystem in the region. These investors are not only providing capital but also offering strategic guidance, fostering innovation, and driving financial inclusion. Their contributions are helping startups scale, navigate regulatory landscapes, and redefine the future of finance in Southeast Asia.

James Tan (Managing Partner, Quest Ventures): Led by Managing Partner James Tan, Quest Ventures is one of Asia’s top VC firms, actively backing fintech and digital economy startups across Southeast and Central Asia. Tan, a former NASDAQ-listed entrepreneur, has invested in leading startups like Carousell, Shopback, and Billz. Beyond venture capital, he plays a key role in entrepreneurship advocacy, social impact, and innovation policy in Singapore. His expertise spans tech, business transformation, and early-stage investing, making Quest Ventures a key player in the region’s fintech boom.

The fintech revolution in Southeast Asia is being propelled by visionary venture capitalists who are identifying and nurturing high-potential startups. Their strategic investments are not only driving financial inclusion but also enabling the region to compete on a global scale.

As digital payments, lending, wealth management, and blockchain continue to evolve, these VC partners will remain at the forefront, shaping the future of fintech. Their role extends beyond funding—they are catalysts for innovation, helping build sustainable and impactful financial solutions for millions across the region.

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TechNode Global

As the year of 2024 comes to an end, we sought insights from prominent figures across the Southeast Asian tech landscape. These leaders reflected on their triumphs throughout the year, sharing valuable perspectives on their achievements and the challenges they overcame. Furthermore, they unveiled their ambitious aspirations, meticulously outlined their strategic plans for 2025, and offered insightful predictions on the trajectory of the tech industry in the coming year.

We talked to James Tan, Managing Partner at Quest Ventures, to learn more about the firm’s achievements in 2024, its plans and priorities in 2025. He also shared his views on the outlook of the tech ecosystem in Southeast Asia for the new year.

1. How was Quest Ventures’ 2024?
2024 saw an uptick in venture capital funding for our portfolio companies. This is despite the ongoing startups global funding winter which we believe is soon turning the corner.

2. What are your expectations/aspirations for 2025?
The uptick in venture funding capital will continue. If President Donald Trump’s previous term of office is indicative of the future, renewed political and trade tensions will result in the flight of capital to other geographies, and Southeast Asia and Singapore startups are well-positioned to be net beneficiaries.

Exits will increase as many unicorns in Southeast Asia are nearing or have passed their exit obligations for the funding that they received years ago. We will see upticks in mergers and acquisitions and initial public offerings. This is the time when the tide goes out and we get to see if the swimmers are publicly worth their private valuations. Crypto investments will return with vigor.

3. What are your plans in 2025? What is the focus in the new year?
We will intensify our presence in Southeast Asia, in particular, the Philippines and Vietnam. The startup and innovation ecosystems in these countries are taking shape and we are confident that, baring any black swan event, they will drive funding and market expansion.

As early-stage investors, we are tracking the strong emergence of meaningful startups and exits in emerging Asia. These include Bangladesh, Sri Lanka, Kazakhstan, and Uzbekistan.

4. How is the outlook for 2025 of the tech ecosystem in Southeast Asia?
Southeast Asia should focus on self-reliance. Capital inflows from outside of Southeast Asia will remain important but it is also time for capital within Southeast Asia to circulate in the ecosystem. Public listings, for example, tend to take place outside of Southeast Asia due to our undeveloped and unattractive public offering platforms. Unless and until we have a strong NYSE/ NASDAQ/ HKEX/LSE, exits will continue to happen elsewhere.

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Islamic Finance News

Singapore, a globally recognised financial hub, continues to make strides in advancing Islamic finance despite its niche presence in the local financial ecosystem. Renowned for its regulatory excellence, innovation and strategic economic positioning, Singapore presents a unique narrative within the global Islamic finance industry.

Review of 2024

In 2024, Islamic finance in Singapore solidified its foundations through actionable milestones and impactful collaborations. The year showcased Singapore’s enduring appeal to global investors, with SG$5.4 billion (US$4.02 billion) in fixed asset commitments secured in the first half alone. Amid this economic vibrancy, Islamic finance made significant strides, driven by both strategic initiatives and grassroots efforts in five pivotal resolutions:

1. Talent development: Launching scholarships and internships to address skill gaps and foster expertise.
2. Regulatory collaboration: Establishing frameworks for regular engagement with regulators to streamline compliance.
3. Public literacy campaigns: Enhancing awareness through workshops and digital resources.
4. Shariah governance: Forming working groups to ensure cohesive and consistent standards.
5. Islamic product prioritization: Promoting a collective commitment to prioritizing Shariah compliant solutions.

Similarly, Quest Ventures is actively investing in Muslim-focused businesses that leverage technology to scale their offerings. Notable
investments include Ethis, a Shariah compliant crowdfunding platform in Malaysia; Kapital Boost, an Islamic P2P lending platform for SMEs in Indonesia; and Billz, a retail management platform for SMEs in Uzbekistan.

These initiatives underscore the diverse and dynamic growth of Singapore’s Islamic finance ecosystem. By addressing market demands, integrating advanced technology and expanding regional influence, the sector continues to build a competitive and value-driven landscape for ethical financial services.

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Islamic Finance Singapore

Singapore, a globally recognised financial hub, continues to make strides in advancing Islamic finance despite its niche presence in the local financial ecosystem. Renowned for its regulatory excellence, innovation, and strategic economic positioning, Singapore presents a unique narrative within the global Islamic finance industry.

The growth of Islamic finance in Singapore has been driven by ground-up initiatives and organic efforts from key industry stakeholders. The 2024 Singapore Islamic Finance Forum (SIFF), now in its second year and organised by Islamic Finance Singapore Ltd (IFSG) with Maybank Singapore and World Scientific as key partners, marked a pivotal moment for the sector. The forum facilitated vital conversations among practitioners, resulting in resolutions to enhance talent development, improve public literacy, foster regulatory innovation, and prioritise Shariah-compliant financial products. These grassroots efforts have established a strong foundation for innovation and sustainable growth.

A notable development within this ecosystem is the rising prominence of Islamic Wealth Management (IWM). While not a direct outcome of SIFF, the sector’s expansion reflects the organic efforts of institutions like Maybank Singapore (Maybank), which has strategically championed IWM as a cornerstone of its offerings. Achieving a remarkable 107% growth in its IWM business in 2024, Maybank’s initiatives focus on addressing market gaps, as Singapore previously lacked end-to-end Shariah-compliant wealth management solutions. By aligning its offerings with the five pillars of IWM—Wealth Creation, Accumulation, Protection, Purification, and Distribution—Maybank and similar institutions cater to the evolving financial needs of both Muslim and non-Muslim clients. This demonstrates Singapore’s capacity to transform itself into a regional hub for IWM, driven by industry-led initiatives.

As Singapore steps into 2025, its focus on aligning Islamic finance and wealth management with broader innovation and sustainability goals positions the nation as an emerging bridge between East and West in the Islamic financial landscape.

Venture Capital Innovation
Hasan VC has taken a significant step in advancing halal venture capital by launching a fund supported by angel investors from 30 countries. In 2024, the firm funded 12 ethical startups, showcasing how Islamic finance can foster impactful innovation and empower regional entrepreneurs. Similarly, Quest Ventures is actively investing in Muslim-focused businesses that leverage technology to scale their offerings. Notable investments include Ethis, a Shariah-compliant crowdfunding platform in Malaysia; Kapital Boost, an Islamic peer-to-peer lending platform for SMEs in Indonesia; and Billz, a retail management platform for SMEs in Uzbekistan.

These initiatives underscore the diverse and dynamic growth of Singapore’s Islamic finance ecosystem. By addressing market demands, integrating advanced technology, and expanding regional influence, the sector continues to build a competitive and value-driven landscape for ethical financial services.

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FeedSpot

Quest Ventures’ podcast – Questions With – was selected as a 80 Best Asia Podcast.

“Questions With” joins The Asia Chessboard, McKinsey Future of Asia, Bloomberg Daybreak: Asia Edition, Nikkei Asia, and Asia’s Developing Future by the Asian Development Bank Institute in this ranking.

Asia’s potential is ultimately realized in its people. Let Quest Ventures – the Top Venture Capital Fund in Asia – take you on an Asian journey of discovery through Questions With the people making an impact in the digital economy.

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FeedSpot

Quest Ventures’ podcast – Questions With – was selected as a 10 Best Asia Cryptocurrency Podcast.

“Questions With” joins Blockcast, BlockchainAsia, and Anndy Lian in this ranking.

Asia’s potential is ultimately realized in its people. Let Quest Ventures – the Top Venture Capital Fund in Asia – take you on an Asian journey of discovery through Questions With the people making an impact in the digital economy.

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