Southeast Asian Tech Roundup December 2025

Power Moves

Grab x StraitsX: Web3 Payments Go Mainstream

• The Move: Grab teams up with Singapore stablecoin platform StraitsX to pilot a Web3-enabled wallet, integrating stablecoins XSGD and XUSD straight into the Grab app.
• Why It Matters: This isn’t another crypto experiment—it’s borderless, regulated payments landing in daily life across Southeast Asia. For 41M Grab users, that means instant remittances, no FX surprises, and settlement in their local currency.
• The Take: Grab is quietly building what could be the first consumer blockchain payment layer at serious scale. If it sticks, expect a shift in how 650M people move money across the region.

Amperesand’s $80M Bet: Powering AI’s Future in Asia

• The Move: Singapore’s Amperesand raises $80M to commercialize solid-state transformers—smart power hardware tailored for demanding AI data centers.
• Why It Matters: Power is the real AI bottleneck as hyperscalers scramble for new energy sources. Malaysia’s $16B data center rush and Singapore’s land/energy crunch open massive opportunity.
• The Take: With this tech, Southeast Asia could outpace global peers in "speed-to-power". The region positions itself to host the physical base layer for the AI economy.

Google Pay Arrives in PH: Wallet Wars Escalate

• The Move: Google Pay officially launches in the Philippines. Banks and e-wallets like BPI and Maya rushing to support cards by 2026.
• Why It Matters: GCash and Maya have dominated a closed e-wallet ecosystem. Now, global heavyweights threaten to unlock true platform interoperability—with fresh digital onramps for 20M unbanked Filipinos.
• The Take: Competition could force real market connectivity. Maya, now profitable, must defend its lead even as fintech boundaries blur.

Regional Shifts & Macro Plays

SEA Digital Economy Tops $300B—But It’s Not All Growth

• The Numbers: New e-Conomy SEA report: 2025 GMV hits $300B, revenue up 15% YOY. But tech funding slides to six-year lows, even as late-stage deal sizes surge.
• The Winners: Sea Group (Shopee) and Maya, who pair infrastructure with aggressive monetization, thrive as investors demand profitability and real business models.
• The Take: The age of easy capital is dead. SEA tech’s next chapter is discipline and defensibility—growth alone won’t cut it anymore.
• Download the report.

Stablecoin Rails Go Live in ASEAN

• The Move: Five ASEAN countries launch instant cross-border payments using stablecoins and QR code wallet integrations—think Grab, Alipay+, QRIS, PromptPay, PayNow.
• Why It Matters: Forget the crypto hype; this regulated backbone means lower remittance friction for 650M people, especially cross-border workers and MSMEs.
• The Take: "Just works" cross-border payments may be the most profound (but least hyped) Web3 legacy in Asia’s daily money movement.

Grab-GoTo Merger: Indonesia’s Digital Chessboard

• The Buzz: Merger talks heat up as Jakarta plays kingmaker, seeking to protect millions of gig jobs and cement ride-hailing as public infrastructure.
• Why It Matters: If merged, Grab-GoTo could control 90%+ of Indonesia’s market. But Grab has leverage: stronger financials, organic gains, and less need for fire-sale M&A.
• The Take: This saga will shape the region’s superapp landscape—and reveal just how much government policy can nudge the game.

VC & Ecosystem Signals

New Diaspora-Led AI Fund Targets Vietnam

• The Move: OV Ventures, led by Vietnamese diaspora, launches to back local AI startups with US-style operator capital and networks.
• Why It Matters: As Singapore bags most AI funding, Vietnam’s "undervalued" tech talent and new investor DNA could lead to surprise winners in Da Nang, Hanoi, and HCMC.
• The Take: Watch for contrarian bets to pay off as Vietnamese founders build for both Southeast Asia and the world.

Kaya Founders Defies the Slump in PH VC

• The Move: PH VC Kaya closes $25M new fund, with a pre-seed to Series A model and official government support.
• Why It Matters: For the first time, PH startup funding outpaces Indonesia—while Manila crafts a new playbook focused on frictionless B2B infrastructure and financial inclusion.
• The Take: In a tough climate, disciplined early-stage backers see opportunity where global VCs are pulling back.