Press in 2025

Central Philippine University

Central Philippine University (CPU) and CPUGAD Technology Business Incubator (TBI) proudly announce a significant milestone in student leadership: Matt Rafael Genito, the visionary Centralian Student CEO of our startup incubatee PackUp, is the first Centralian student CEO to successfully complete the highly-regarded Venture Capital Accelerated (VCA) program and earn the prestigious Venture Leader Scholarship from Quest Ventures. Quest Ventures is a leading venture capital firm that invests in technology startups across Asia. This achievement powerfully underscores CPU’s commitment to fostering not just academic excellence, but globally competitive entrepreneurial leadership.

The intensive Venture Capital Accelerated (VCA) program (Program Code: VCA202) is a fast-track, 1-day in-person course specifically designed for high-potential individuals, including aspiring VCs, angel investors, and entrepreneurs. The specialized curriculum focuses on demystifying the venture capital (VC) ecosystem, which is the essential fuel driving the global startup economy. The program was led by Mr. James Tan, Managing Partner at Quest Ventures and a co-founder of a NASDAQ-listed e-commerce group in China, and curated by Professor Paris de l’Etraz of the Venture Lab at IE Business School. Held on November 12, 2025, at the Henry Sy, Sr. Innovation Center (MC-HSSIC), the Philippines’ first integrated makerspace, the program provided Mr. Genito with comprehensive, advanced insights into investment dynamics.

The achievement of the first Centralian Student CEO securing this scholarship is a source of immense pride, directly translating into tangible benefits for the University. This success validates the efficacy of the CPUGAD TBI N^3 ( incubation program), demonstrating that our incubation efforts produce leaders who meet global standards of investment readiness. It significantly raises the profile and credibility of CPU’s academic programs—particularly Packaging Engineering—on a national platform, serving as a powerful magnet for future talented students seeking entrepreneurial careers. Moreover, Mr. Genito’s newly established network with Quest Ventures and other industry leaders provides CPUGAD TBI with an invaluable bridge to the global Venture Capital ecosystem, potentially attracting future funding, research opportunities, and mentorship back to our campus and the Western Visayas region. For the MSME clients that PackUp serves, this means the startup is now better positioned than ever to deliver highly effective, scalable, and investment-ready packaging solutions, driving economic growth and affirming the University’s crucial role as a key socio-economic engine in the region.

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DealStreetAsia

Indonesian multi-brand F&B operator DailyCo has added several investors to its cap table following the conversion of outstanding notes previously issued to Yummy Corp, the cloud kitchen startup it acquired earlier this year.

DailyCo issued 36,790 “Series B redeemable convertible preference shares” worth $8 million to Yummy investors, according to its filings with Singapore’s Accounting and Corporate Regulatory Authority (ACRA) dated November 26, 2025. The shares were issued at $217.46 apiece, the filing shows.

Batavia Venture Partners is the largest recipient under the conversion, receiving 16,095 Series B shares, translating to $3.5 million in paid-up capital.

Growth Acceleration Fund (GAF) was allotted 9,198 shares, while Vectr Ventures received 3,832 shares. AppWorks was allocated shares across two vehicles: 2,066 shares for AppWorks Fund III and 617 shares for AppWorks Ventures III. Other recipients include Mandela Capital, Quest Ventures, and Intudo Ventures.

The allocation reflects the conversion of the instrument, originally tied to Yummy Corp, into equity in Daily Group International, DailyCo’s Singapore holding vehicle.

The conversion formalises the move of Yummy’s former noteholders into DailyCo’s shareholders and confirms that the post-acquisition cap table has now been consolidated under the Singapore entity.

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Yahoo Finance

Advertising giant Publicis Groupe SA agreed to buy Singapore’s Hepmil Media Group to bolster its social-media expertise in Southeast Asia’s rapidly growing online market.

“Hepmil’s origins as the creators of some of Southeast Asia’s most loved consumer content have helped redefine how brands can show up natively, authentically, and with real-time cultural relevance,” Amrita Randhawa, head of Publicis Singapore and Southeast Asia, said in the statement.

A takeover would also be a milestone for Southeast Asia’s startup ecosystem, which has been suffering from a dearth of exit opportunities as companies and investors have shied away from emerging markets.

Hepmil traces its roots to a meme page started in 2012 by university friends Karl Mak and Adrian Ang, who were fascinated by the explosive rise of entertainment sites such as 9gag in other regions. The pair started creating content in the back of their lecture halls for a local audience and their viral stick-figure memes ultimately attracted the attention of bigger advertisers like Singapore Airlines Ltd’s low-cost carrier Scoot.

Today, Hepmil operates in several countries across Southeast Asia, including Malaysia and the Philippines. The founders own a majority stake in the company, and have raised about US$10 million from investors including Quest Ventures and Temasek Holding Pte Ltd’s Pavilion Capital.

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Bloomberg

Advertising giant Publicis Groupe SA agreed to buy Singapore’s Hepmil Media Group to bolster its social-media expertise in Southeast Asia’s rapidly growing online market.

Hepmil works with more than 3,000 high-value creators making memes and other content for over 450 brands, the companies said in a joint statement Wednesday. They didn’t disclose a value for the deal, which is one of the highest-profile internet takeovers in Southeast Asia in what’s been a slow year for mergers and acquisitions.

The purchase underscores social media’s rising importance for advertising companies, with consumers spending increasing amounts of time on their smartphones scrolling through apps such as TikTok and Instagram. Hepmil, whose sites Sgag and Mgag are known for memes and other funny content, attracts tens of millions of visitors a week across its properties.

Hepmil’s irreverent content in Southeast Asia has built a cult-like following among young, digitally savvy consumers in the region of 675 million people. Its pool of online influencers and troves of marketing data have helped it clinch deals with brands including Disney, Google and Uniqlo, which are seeking to lure difficult-to-impress Gen Z and millennial audiences.

The acquisition would mark one of the biggest outlays yet in the region by France’s Publicis, which has been snapping up companies in the social media and influencer marketing space, such as Brazil’s BR Media Group and US-based Influential. Advertisers are spending more money on influencers to promote their brands as a way to get people to pay attention and buy into their marketing.

Today, Hepmil operates in several countries across Southeast Asia, including Malaysia and the Philippines. The founders own a majority stake in the company, and have raised about US$10 million from investors including Quest Ventures and Temasek Holding Pte Ltd’s Pavilion Capital.

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e27

French advertising and public relations major Publicis Groupe has announced the acquisition of Hepmil Media Group, the Singapore-based parent company of SGAG and an influencer, content, and social agency across Southeast Asia, for an undisclosed sum.

The acquisition will combine Hepmil’s expertise in digital community-building and creator management with Publicis’s data and identity assets, including Lotame and Epsilon’s ID graph, which spans over 800 million consumer profiles in the region.

Through this integration, the French firm aims to strengthen its position in identity-driven influencer marketing, establishing what it calls the region’s first creator practice that unifies social and audience strategy, influencer management, and data-powered content creation.

The partnership will allow brands to measure cross-channel outcomes and execute brand-safe, data-led campaigns targeting high-value audiences.

The Hepmil acquisition follows Publicis’s global expansion of its influencer capabilities. Earlier this year, the company acquired influencer platform Captiv8, adding it to its existing partnership with Influential, forming what Publicis calls the world’s largest creator network.

Combined, Captiv8 and Influential provide access to over 15 million creators worldwide, boasting over one million followers, and use AI-driven technology alongside Epsilon’s identity data to deliver unified creator strategies across platforms and markets.

In 2021, Hepmil secured US$10 million in a Series A round of financing led by Quest Ventures, Pavilion Capital and Bent Pixels.

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Ministry of Science and Technology, Vietnam

Tại Diễn đàn, các đại biểu đã chia sẻ, thảo luận, chỉ ra những thách thức mà đất nước đang đối mặt trên con đường phát triển. Những ý kiến sâu sắc tại Diễn đàn đã được Bộ trưởng Bộ Khoa học và Công nghệ Nguyễn Mạnh Hùng khái quát thành một số định hướng lớn như sau:

Thứ nhất, khoa học công nghệ, đổi mới sáng tạo và chuyển đổi số là động lực then chốt và đột phá để Việt Nam phát triển nhanh và bền vững, bắt kịp thời đại trí tuệ nhân tạo, dữ liệu lớn, kinh tế số, kinh tế xanh. Bộ ba này đã được Bộ Chính trị xác định trong Nghị quyết số 57/NQ-TW và được thống nhất quản lý dưới một mái nhà – Bộ Khoa học và Công nghệ hợp nhất. Sự hội tụ này giúp xoá bỏ ranh giới giữa khoa học -công nghệ, hạ tầng số, công nghệ số, công nghiệp số và chuyển đổi số, tạo ra sức mạnh cộng hưởng: Khoa học và công nghệ cung cấp nền tảng tri thức và công cụ kỹ thuật; đổi mới sáng tạo chuyển hoá tri thức đó thành sản phẩm, dịch vụ, mô hình kinh doanh mới; chuyển đổi số mở ra không gian triển khai và mở rộng quy mô ứng dụng với tốc độ cao và chi phí thấp.

Thứ hai, đổi mới sáng tạo chính là đổi mới lần thứ hai của khoa học và công nghệ Việt Nam, đòi hỏi phải xây dựng một hệ sinh thái đổi mới sáng tạo quốc gia, với doanh nghiệp làm trung tâm, nhà khoa học là nòng cốt và Nhà nước giữ vai trò kiến tạo, dẫn dắt. Đổi mới lần thứ hai là Việt Nam phải làm chủ công nghệ, phải “Make in Vietnam”. Không làm chủ công nghệ thì sẽ tiếp tục bị mắc kẹt trong chuỗi giá trị thấp, bị mắc kẹt ở trong thu nhập trung bình và không tự quyết được vận mệnh quốc gia. Cuộc đổi mới lần thứ nhất của khoa học và công nghệ là từ năm 1986, khi khoa học và công nghệ được coi là quốc sách hàng đầu, tập trung vào nghiên cứu, ứng dụng công nghệ, nhập khẩu và tiếp thu công nghệ.

Thứ ba, chuyển đổi số phải toàn dân và toàn diện, từ chuyển đổi số, kinh tế số đến xã hội số để mọi người dân và doanh nghiệp đều được thụ hưởng thành quả phát triển. Chuyển đổi số không thể chỗ làm, chỗ không; không thể làm dần 10% rồi 20% mà phải làm ngay 100%. Xây dựng hạ tầng số, phát triển công nghệ, công nghiệp công nghệ số để thực hiện chuyển đổi số quốc gia chính là đổi mới lần hai của viễn thông. Đổi mới lần thứ nhất của viễn thông là số hoá mạng lưới, phổ cập dịch vụ, thúc đẩy ứng dụng công nghệ thông tin và Chính phủ điện tử. Chuyển đổi số có ba khâu là số hoá, xử lý số và chuyển đổi cách làm. Số hoá phải “digital by default”, tức là cái mới phải sinh ra số ngay. Xử lý số thì trí tuệ nhân tạo là trung tâm. Chuyển đổi là thay đổi thể chế, thay đổi mô hình quản lý, kinh doanh.

Luật Chuyển đổi số mà Bộ Khoa học và Công nghệ đang soạn thảo sẽ lấp đầy các mảnh ghép còn thiếu và sẽ là một luật khung để thống nhất, kết nối các luật liên quan chuyển đổi số do các bộ ngành chủ trì soạn thảo, nhằm hình thành một khung kiến trúc Việt Nam số hoàn chỉnh. Luật Chuyển đổi số xác định vai trò của nhà nước trong thúc đẩy Chuyển đổi số là dẫn dắt, tạo điều kiện và giám sát; tạo cơ chế quản lý dữ liệu số; khung thể chế cho nền tảng số và dịch vụ số; tài chính cho chuyển đổi số; văn hoá số; phát triển nhân lực, kỹ năng số, coi ngôn ngữ số như ngôn ngữ thứ ba bên cạnh tiếng Việt để giữ gìn bản sắc và tiếng Anh để hội nhập, để mỗi người Việt Nam thành thạo 3 ngôn ngữ này như biết đọc, biết viết; quản trị rủi ro trong quá trình chuyển đổi số và bảo đảm an toàn không gian số; giám sát và đánh giá hiệu quả chuyển đổi số.

Thứ tư, nguồn nhân lực chất lượng cao, đội ngũ tri thức tinh hoa và lực lượng doanh nhân sáng tạo chính là nền tảng để chúng ta làm chủ công nghệ chiến lược, tham gia sâu hơn vào chuỗi giá trị toàn cầu.

Thứ năm, cần có cơ chế, chính sách đột phá, khơi dậy khát vọng sáng tạo, gắn kết nghiên cứu với thực tiễn sản xuất, để khoa học và công nghệ thực sự trở thành động lực quốc gia. Khoa học và công nghệ phải xuất phát từ sản xuất và quay về phục vụ sản xuất, như lời Bác Hồ nói cách đây hơn 60 năm. Quốc hội vừa thông qua Luật Khoa học, công nghệ và đổi mới sáng tạo là bước tiến lớn, có tính đột phá về thể chế khoa học và công nghệ. Các luật tiếp theo mà chúng ta sẽ phải hoàn thiện ngay trong năm 2025 là: Luật Công nghệ cao, Luật Chuyển giao công nghệ, Luật Sở hữu trí tuệ. Chúng ta sẽ làm nhiều hơn, làm việc lớn nhiều hơn, hướng tới giải quyết các bài toán quốc gia, các mục tiêu chiến lược quốc gia, hướng tới tăng trưởng kinh tế và đó là cách tốt nhất để tiếp tục hoàn thiện thể chế.

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Ministry of Science and Technology, Vietnam

On August 29, 2025, within the framework of the Exhibition “80 years of the journey of Independence – Freedom – Happiness”, the Ministry of Science and Technology organized the National Forum on the Future of Science, Technology, Innovation and Digital Transformation (STEM, IDT & CDS).

At session 4, delegates had in-depth discussions, focusing on future orientations for science and technology, innovation and digital transformation in a number of topics: Human resources for the future of science and technology, innovation and digital transformation; New mechanisms and policies of the Law on Science, Technology and Digital Transformation, Law on Digital Transformation; International cooperation, integration and participation in the global value chain; Leading enterprises.

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Careplus

CarePlus Clinic System recently had the honor of welcoming a delegation from Quest Ventures – one of Asia’s leading venture capital firms and a pioneer in enterprise development and ESG (Environmental, Social, and Governance) initiatives that create long-term, meaningful impact for communities across the region.

The visit was part of the Global Innovation Alliance (GIA) program, initiated by Enterprise Singapore, which aims to support HealthTech startups from Singapore in expanding into the Vietnamese market – one of Southeast Asia’s most promising investment destinations.

During the meeting, Mr. Attila Vajda, CEO of CarePlus International Clinics, shared insights into the organization’s growth journey, strategic direction in enhancing healthcare service quality, and the application of technology to deliver a modern, convenient, and comprehensive healthcare experience for customers.

A standout example of CarePlus’s innovation is the CarePlus mobile application, which provides practical value to users through a wide range of features, including:

• Quick access to medical examination results, lab tests, and diagnostic imaging (CT, MRI, X-ray, Ultrasound, Mammography).
• Early alerts for abnormal health indicators.
• Home monitoring of blood pressure and heart rate via integration with medical devices.
• Personalized dental health management with a digital tooth chart and expert advice from dental specialists.
• Video consultations with doctors, supporting patients who are traveling or working remotely.

The working session between CarePlus and Quest Ventures was not only a valuable opportunity to strengthen connections but also a platform to exchange visions for a modern healthcare ecosystem, where technology plays a central role in enabling proactive care and improving quality of life.

CarePlus remains committed to collaborating with reputable organizations like Quest Ventures, driving innovation and expanding partnerships to deliver advanced, practical healthcare solutions for its customers.

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Fulbright University VietNam

Nguyen Minh Phuong, a recent 2025 graduate of Fulbright University Vietnam with a major in Economics and a minor in Business, Policy, and Society, began her venture capital career remarkably early. Starting in her sophomore year, Phuong joined Quest Ventures – one of Asia’s leading venture capital funds – where she currently works as a Senior Analyst. She gained hands-on business experience by engaging with startups across various sectors, evaluating business models, and identifying growth potential from initial ideas.

Working in investment requires creative thinking, sharp analytical skills, and focus – qualities Phuong steadily cultivated through her simultaneous studies and work. Dr. Phan Tuan Ngoc’s Economics of Development course serves as a prime example. Lessons on Vietnam’s economic development and the relationship between policy and growth bolstered Phuong’s confidence in meetings with international partners. This confidence stemmed not only from her expertise but also from her ability to offer socio-economic perspectives relevant to real-world contexts.

After her international learning and working experiences, Phuong felt a strong desire to share her knowledge with the Fulbright University community. This motivation led her to establish the Fulbright Social Impact Catalyst (SIC) – a student initiative where peers could learn, connect, and collectively create social value through entrepreneurship. “I hope to accompany students in creating an open learning environment where everyone can learn, experiment, and correct their mistakes, so they can go to more places and explore more aspects of themselves,” Phuong shared.

From business trips across Southeast Asia and youth forums to domestic and international investment events, Phuong consistently leveraged these opportunities to learn and support the growth of the SIC community. For Phuong, true leadership isn’t about being the most accomplished, but rather about empowering others to grow alongside you. Today, SIC continues to expand, spreading this spirit to more young people. Earlier this year, SIC extended its network to Da Nang, furthering the journey Phuong initiated and inspiring young individuals to take bold steps of their own.

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Finextra

In a landmark move for Uzbekistan’s burgeoning tech industry, TBC Bank Group, a leading financial services provider listed in London, has announced its acquisition of a majority stake in BILLZ, the country’s foremost retail management software as a service (SaaS) platform. This strategic partnership not only bolsters TBC’s digital banking ecosystem in Central Asia but also underscores the increasing investment opportunities in Uzbekistan’s rapidly developing market. With the acquisition, TBC Bank Group aims to enhance its service offerings to small and medium-sized enterprises (SMEs), driving innovation and growth in a sector ripe for transformation.

The acquisition of BILLZ, which includes an initial 53% stake for $9 million, with plans to increase to 60% over the next two years, is a pivotal development in Uzbekistan’s tech landscape. This transaction, valued at a post-money valuation of $20 million, is anticipated to be one of the most significant mergers and acquisitions in the country over the past three decades. The deal, pending regulatory approvals, reflects a growing recognition of Uzbekistan’s potential as a hub for digital innovation and investment.

BILLZ operates as an all-in-one retail management platform, providing SMEs with essential tools to streamline their operations. This includes point of sale (POS) systems, inventory management, customer relationship management (CRM), e-commerce capabilities, and analytics. By integrating BILLZ into TBC Uzbekistan’s ecosystem, the partnership will offer enhanced services to thousands of retail businesses, thereby aligning with TBC’s mission to serve the underserved market in Central Asia.

Nika Kurdiani, CEO of TBC Uzbekistan, emphasized the importance of this acquisition in fostering the growth of Uzbekistan’s financial services and technology sectors. Kurdiani remarked on TBC’s role as a strategic investor and builder in the region. The partnership with BILLZ is seen as a continuation of this mission, reaffirming TBC’s commitment to supporting the vibrant startup community in Uzbekistan.

Rustam Khamdamov, CEO and co-founder of BILLZ, echoed this sentiment, highlighting the potential for the partnership to amplify the impact of BILLZ across the region. By joining forces with TBC Uzbekistan, BILLZ aims to enhance its service offerings and provide greater value to its customers, enabling thousands of retail entrepreneurs to thrive in an increasingly competitive marketplace.

The acquisition of BILLZ is poised to serve as a catalyst for further investment and development in Uzbekistan’s tech ecosystem. As more investors recognize the potential of the region, the landscape for digital services and innovative startups is expected to flourish. This partnership not only positions TBC Bank Group and BILLZ for success, but it also sets a precedent for future collaborations that can drive growth and innovation in Central Asia.

The integration of BILLZ into TBC Uzbekistan’s digital framework is a strategic move that will enhance the overall customer experience, streamline operations for SMEs, and promote financial inclusion. As Uzbekistan continues to invest in its digital infrastructure, the partnership between TBC and BILLZ represents a significant step towards building a robust and diversified economy.

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AInvest

TBC Bank Group PLC has announced the acquisition of a 53% stake in BILLZ, a retail management platform, for $9 million. This strategic acquisition enhances its SME reach within Uzbekistan’s fintech market. The move allows BILLZ to tap into TBC’s financial services, boosting SME offerings and digital reach for growth. Rustam Khamdamov, CEO of BILLZ, stated that joining forces with TBC Uzbekistan gives them a powerful platform to scale their impact, offer more value to their customers, and accelerate their mission across the region. This partnership is a major milestone not only for BILLZ, but also for the broader startup ecosystem in Central Asia.

BILLZ is an all-in-one retail management SaaS platform that combines POS, inventory, CRM, e-commerce, and analytics to streamline operations and drive sales. It simplifies marketing, connects seamlessly to marketplaces and social shops, and helps retailers grow online. Currently, BILLZ supports over 4,000 retail businesses and processes more than 1.5 million transactions per month, making it one of the most widely used SaaS platforms in the region. This acquisition will enhance TBC Uzbekistan’s reach into the strategically important SME segment, providing immediate access to thousands of business customers and creating additional synergies within the ecosystem to drive average revenue per user, loyalty, and stickiness. BILLZ users will gain seamless access to banking and lending products provided by TBC UZ, Payme’s suite of digital payments services, as well as other products within the TBC Uzbekistan ecosystem.

The strategic partnership with BILLZ comes as TBC Uzbekistan continues to expand its product offerings within its digital banking ecosystem. This follows the recent launch of a new lending product for business customers, unveiled in April as part of the TBC Business offering for small and medium-sized enterprises, as well as the launches of the Osmon credit card and Salom debit card last year. These products are already playing a key role in tapping new customer segments, diversifying revenue streams, and driving growth of TBC’s digital banking ecosystem. Nika Kurdiani, CEO of TBC Uzbekistan, commented on the acquisition, stating that since TBC’s expansion into Uzbekistan in 2019, the bank has played a leading role in the development of the country’s financial services and technology sectors. The partnership with BILLZ reconfirms TBC’s ongoing commitment to supporting Uzbekistan’s vibrant startup community. Kurdiani expressed admiration for the work done by Rustam Khamdamov and the founding team at BILLZ, transforming the platform into one of the country’s leading players in its space. He is confident that this partnership will fuel the platform’s growth and development, as well as unlock additional synergies within the ecosystem that will further drive customer engagement, loyalty, and revenue growth.

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DealStreetAsia

Indonesian multi-brand F&B operator DailyCo is said to be finalising the acquisition of SoftBank Ventures-backed Indonesian F&B firm Yummy Corp through a share swap deal, according to multiple sources familiar with the matter.

Sources indicate that Yummy Corp’s top management, including Mario Sutanto, is currently using a DailyCo email address, even though the company officially stated that the deal is not yet closed.

When contacted by DealStreetAsia, the company responded: “DailyCo is currently in talks with multiple companies in the context of M&A. Yummy Corp is one of them. However, we are not currently in a position to comment further, as a deal has not yet been finalised.”

Yummy Corp did not respond to DealStreetAsia’s queries.

Details of the share swap structure and potential investor exits remain unclear.

The deal effectively brings together two mid-scale food-tech players in a bid to consolidate market presence, reduce redundancies, and boost revenue. “On paper, this looks like a scale play more than a profitability story,” said one venture investor tracking the space. “Combining two assets can sometimes buy time to raise more capital and pursue growth before unit economics kick in.”

A potential merger between DailyCo and Yummy Corp could create a leading integrated F&B operator catering to both individual consumers and corporate clients.

Yummy Corp raised $12 million in Series B funding in 2020, led by SoftBank Ventures Asia, with participation from Hong Kong-based Vectr Ventures, AppWorks, Quest Ventures, Coca-Cola Amatil X, Palm Drive Capital, and existing backers Intudo Ventures and Sovereign’s Capital. Other investors in Yummy Corp include East Ventures, BRI Ventures, and AC Ventures.

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Analytics Insight

In a move that underscores his growing focus on digital transformation, Timur Turlov, founder and CEO of Freedom Holding Corp., has significantly expanded his ownership in the Kazakhstani auto-tech startup CTOgram, now holding 41% of the company.

The increase in Timur Turlov’s stake follows a buyout of shares from several early-stage backers, signaling a pivotal moment in CTOgram’s journey from startup to a key player in Kazakhstan’s digital economy. The deal is expected to unlock new growth channels for the platform, particularly through its deeper integration into the Freedom ecosystem.

According to CTOgram CEO and co-founder Zhandos Tursumbayev, the restructuring of the company’s shareholder base opens the door to strategic scaling. “We’ve been fortunate to have the support of excellent early investors who helped us launch and navigate our early years,” said Tursumbayev. “Now, with Timur Turlov becoming the primary shareholder, we’re positioned to build with long-term focus and strategic clarity.”

The exiting investors include regional and international players such as Quest Ventures (Singapore), Most Ventures (Kazakhstan), and private investors including Olzhas Zhienkulov, Talgat Ismail, Anuar Seifullin, and Ruslan Rakymbay. Tursumbayev himself also relinquished part of his stake, aligning ownership more closely with operational priorities.

CTOgram operates as a digital interface between car owners and service providers, helping users find reliable repair shops, book maintenance appointments, and access post-accident services. With over 280,000 users and a partner network of more than 2,000 auto workshops, the app has rapidly become a go-to solution for urban vehicle owners in Kazakhstan.

The company also runs its own chain of fast-repair body shops, focusing on restoring vehicles after traffic accidents — a niche but high-demand segment. Turlov’s involvement has already helped CTOgram accelerate its development in areas like spare parts logistics and API integrations with insurance providers.

This stake expansion is part of a much larger plan. Under Turlov’s leadership, Freedom Holding Corp. is building a regional digital ecosystem — one that brings together financial services, retail, mobility, and insurance under a unified digital umbrella. Dubbed the Freedom SuperApp, the platform aspires to offer a one-stop experience across various aspects of a consumer’s daily life.

“We’re working toward a fully integrated journey for car owners,” said Timur Turlov. “Imagine opening a single app and handling diagnostics, repairs, insurance, and parts in just a few clicks. CTOgram is a critical component in bringing that experience to life.”

Freedom Auto, as a segment of this broader initiative, is set to bridge significant market inefficiencies by digitizing and centralizing services that have traditionally been disjointed and offline.

Timur Turlov is no stranger to investing in scalable, tech-driven platforms. In 2023, he committed $1.5 million to CTOgram at a valuation of $13.5 million. That initial injection of capital helped the company strengthen its backend infrastructure and expand into e-commerce for automotive parts — a vertical that is now one of its fastest-growing revenue sources.

The decision to increase ownership further shows that Turlov sees CTOgram not just as a successful startup, but as a foundational piece in Freedom’s ecosystem architecture.

For Kazakhstan’s startup ecosystem, the story of CTOgram is a compelling one. It demonstrates how local innovation, backed by strategic capital and supported by a vision for digital integration, can gain traction and scale. It’s also a sign that prominent business leaders like Turlov are willing to take calculated risks on homegrown platforms, contributing to the development of a competitive tech economy.

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Kursiv Media

Timur Turlov, founder of Freedom Holding Corp., has increased his ownership in the Kazakhstani IT startup CTOgram to 41%, after buying out shares from early-stage investors, the company announced.

According to CTOgram CEO Zhandos Tursumbayev, consolidating shares with a strategic investor opens new opportunities for scaling the company, which is set to play a key role in the development of the Freedom Auto ecosystem. He also expressed gratitude to the early investors who supported the project’s launch.

«We’re grateful to Timur Turlov for his trust and productive partnership, which has been ongoing for two years now,» said Tursumbayev.

Investors exiting CTOgram’s shareholder list include Singapore-based venture fund Quest Ventures, Kazakhstani fund Most Ventures and private investors such as Olzhas Zhienkulov, Talgat Ismail, Anuar Seifullin, and Ruslan Rakymbay, among others. Company founder Tursumbayev also sold a portion of his stake.

Turlov emphasized that CTOgram is an essential part of the broader ecosystem his company is building for customers. Increasing his stake marks another step toward fully integrating CTOgram into the Freedom SuperApp platform.

«We’re confident the synergy between CTOgram and our other ecosystem components holds enormous potential. Our next challenge is to design a seamless digital journey for car owners within Freedom Auto — from diagnostics and repairs to insurance and spare parts purchases — all through a single platform. I have no doubt CTOgram will give strong momentum to our digital expansion, creating added value for both our customers and partners,» Turlov said.

CTOgram is an online service that helps car owners connect with auto repair and maintenance providers. The app currently has 280,000 users and partners with over 2,000 workshops. The company also operates its own network of Autobody repair shops, specializing in fast car restoration after accidents.

In 2023, Turlov invested $1.5 million in CTOgram when the company was valued at $13.5 million, helping fuel its growth, particularly in the auto parts sales segment.

Turlov is the founder and CEO of Freedom Holding Corp., an investment group registered in the United States, where he is also the majority shareholder. In Kazakhstan, the group operates several subsidiaries, including Freedom Finance JSC, Freedom Bank, Freedom Finance Insurance JSC, Freedom Life Insurance JSC, the online grocery platform Arbuz.kz and Freedom Travel.

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Nhan Dan

The event was co-organised by the Da Nang Department of Science and Technology, the Da Nang Innovation Startup Support Centre, Quest Ventures, and HVA Investment Joint Stock Company.

This year’s summit welcomed 60 experts and speakers, along with over 20 well-known investors and venture capital funds from countries, including Singapore, Japan, the Republic of Korea (RoK), and Vietnam, representing a combined investment portfolio of approximately 3.5 billion USD.

Notably, 36 start-ups from various sectors such as technology, education, agriculture, and health care pitched for funding and explored opportunities for investment partnerships.

Beyond the pitch sessions, DAVAS 2025 featured a range of standout activities including – the launching of the Da Nang–Greater Bay Area Innovation Hub, three investment discussion panels, the signing of cooperation agreements on innovation, the debut of the city’s SIC student start-up network, and a showcase of innovative start-up booths.

According to experts, Da Nang is steadily emerging as a leading innovation and start-up hub, with strong potential in high-tech sectors.

Nguyen Thi Anh Thi, Vice Chairwoman of the Da Nang People’s Committee, emphasised the city’s proactive innovation policies, including tax exemptions, infrastructure support, and controlled trials for new technologies.

With the upcoming administrative mergence with Quang Nam province, Da Nang aims to strengthen its role in the national and regional economy and become a leading innovation and entrepreneurship hub in Southeast Asia. She also expressed plans to build a strong network of angel investors and venture capital funds to support start-ups.

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Da Nang Online

The Da Nang Venture and Angel Summit 2025 (DAVAS 2025) is emerging as a key strategic platform for venture capitalists, angel investors, and the innovation-driven startup community. More than just a networking event, the summit aims to strengthen the investment landscape in Central Viet Nam by positioning Da Nang as a compelling destination for both domestic and international capital.

Taking place May 29 – 30, DAVAS 2025 is organised by the Centre for Innovative Startup Support under the Da Nang Department of Science and Technology, in collaboration with Quest Ventures and HVA Investment JSC.

In 2025, DAVAS returns with an expanded scope, welcoming over 20 prominent investors and venture capital firms from Singapore, Japan, South Korea, Hong Kong (China), Viet Nam, and other countries.

Key participating names include Quest Ventures, Do Ventures, ThinkZone Ventures, Genesia Ventures, Vertex Ventures, FundGo, WeAngels Capital, Trive, Sunwah Innovation Center, Daiwa Corporate Investment, Makara Capital, JN Capital & Growth Advisory, Dream Incubator, and Lean Ventures, collectively managing assets totaling more than US$3.5 billion.

The programme also features a series of investment-focused panel discussions, the signing of strategic innovation partnerships, and the launch of the SOCIAL IMPACT CATALYST (SIC) student startup network in Da Nang, designed to empower the next generation of changemakers.

Meanwhile, the launch of new innovation platforms, including the SOCIAL IMPACT CATALYST (SIC) student startup network, the YBA Startup & Investment Club, and the Da Nang – Hong Kong Innovation Space, is expected to expand the city’s base of coworking spaces, increase startup density and catalyze growth-oriented clusters.

In parallel, startup pitching sessions and engagements with international mentors will help elevate the capabilities of local founders, enhancing skills, growing team sizes, and laying the groundwork for future unicorns.

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The Philippine Star

Go Negosyo founder Joey Concepcion on March 5 met with the newly elected board of the Cebu Chamber of Commerce and Industry (CCCI) to explore future collaborations and hold more entrepreneurship activities in Cebu.

Go Negosyo and the Cebu Chamber of Commerce and Industry give a thumbs-up for Cebu’s micro, small and medium enterprises. Go Negosyo founder Joey Concepcion poses with CCCI president Jay Yuvallos and CCCI officials Regan Rex King, Anton Perdices, Bryan Yap, Maribel Melgar, April Salamero, Lilu Alino, April Ong Vano and Anthony Noel.

“Our activities in Cebu have always been met with many micro, small and medium enterprises (MSMEs) eager to receive free entrepreneurship mentoring. We look forward to having more of our activities there,” Concepcion said.

The CCCI delegation, led by reelected president Jay Yuvallos, presented activities for Cebu Business Month.

More than 800 CCCI members can mentor attendees, Yuvallos noted.

Yuvallos also revealed plans for educational tours for MSMEs to help them learn more about the operations of large corporations.

Many Go Negosyo events were held in Cebu, such as the Tourism Summit in 2023 and the free entrepreneurship mentoring roadshow 3M on Wheels and senior high school mentoring event Youthpreneur in 2024.

Almost 100 participants in Cebu graduated from Go Negosyo’s Kapatid Mentor ME program.

The CCCI said MSMEs play a big part in the agenda of the new board, which is focusing on expanding its reach and stakeholder base through the creation of alliances across several areas including academe and employers, power and utilities, transport and logistics, the MICE industry and sustainability and the environment.

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Manila Bulletin

Go Negosyo founder Joey Concepcion has met with the newly elected board of the Cebu Chamber of Commerce and Industry (CCCI) to discuss potential collaborations to strengthen the province’s micro, small, and medium enterprises (MSMEs).

Go Negosyo and Cebu Chamber of Commerce and Industry give the thumbs-up for Cebu’s MSMEs. In the photo are (seated, from left) REGAN REX KING (VP for Cebu Business Mobilization), ANTON PERDICES (CBM 2025 Overall Chairman), JOEY CONCEPCION of Go Negosyo, JAY YUVALLOS (CCCI President), BRYAN YAP (Branding, Marketing, and Communication Chair); and (standing, from left) MARIBEL MELGAR (Manager for Cebu Business Mobilization), APRIL SALAMERO (Partnership and Resource Generation Champion), LILU ALINO (Partnership and Resource Generation Champion), APRIL ONG VANO (Digital Transformation Champion), and ANTHONY NOEL (CBM 2025 Vice Chairman).

The meeting, which took place on March 5, focused on bringing more of Go Negosyo’s entrepreneurship programs to Cebu to help business owners and aspiring entrepreneurs.

Concepcion highlighted the strong participation of Cebu-based MSMEs in Go Negosyo’s previous initiatives.

“Our activities in Cebu have always been met with so many MSMEs eager to receive free entrepreneurship mentoring, so we look forward to having more of our activities there,” he said.

Go Negosyo’s events in Cebu have consistently drawn large crowds of MSMEs looking for mentorship and business guidance.

CCCI president Jay Yuvallos emphasized the chamber’s commitment to supporting entrepreneurs through mentorship and capacity-building initiatives. He also presented their plans for Cebu Business Month, an annual event that promotes economic growth and business opportunities in the province.

“We will make sure that CCCI members evolve and grow, especially the MSMEs, because if they grow, automatically everybody grows,” he said.

CCCI plans to organize educational tours for MSMEs to expose them to the operations of large corporations.

Go Negosyo has actively engaged with Cebu’s business community in recent years through various programs and events.

The chamber is also focusing on sustainability and environmental initiatives to help MSMEs adopt responsible business practices.

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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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新明日报

除了迎接SG60，也为马林百列50周年庆划下句点。陈诗龙当场宣布马林百列社区关怀中心将在今年落成。

马林百列是我国第一个完全在填海地段发展起来的组屋区，自1974年第一批居民搬进该组屋区，至今已走过50年。

该区2024年4月起展开一系列庆典活动，而昨晚在马林弯第46座广场举办的跨年倒数嘉年华除了迎接新一年的到来，也是50周年庆的压轴活动，同时也为欢庆新加坡建国60周年拉开序幕。

马林百列50周年筹委会主席陈中受访时透露，昨晚活动花了约半年时间筹备，并出动约30名义工负责各岗位。

团队从4月起就陆续收到超过百个居民分享的区内故事，部分故事也在昨晚活动现场展示。

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