The eFishery Scandal and its impact to Southeast Asia with Kristie Neo
Release Date: 02/09/2025
How Apple Accidentally Built China's Tech Superpower and Can't Escape with Patrick McGee
Analyse Asia
"I quote a study that looked at 84 countries in terms of internal migration and India was dead last. That's not a knock against the culture. It's just not part of the culture that young women in particular leave home at 17, go to the other side of the country and work in a factory. You don't have that. So what's the phrase: Culture eats strategy for breakfast. Apple might have a plan, but like good luck upending 5,000 years of Indian culture to make it happen." - Patrick McGee, author of "Apple in China" Fresh out of the studio, Patrick McGee, San Francisco correspondent for the...
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Transforming Asia Pacific's Digital Future: IBM's Vision for Enterprise AI with Hans Dekkers
Analyse Asia
"At IBM, we really work on two emerging technologies: hybrid cloud and AI for enterprise. These two are deeply connected. Hybrid cloud for us means that regardless of where the data sits whether the compute is on-premise, off-premise, or across multiple clouds. We believe the client should have the control and flexibility to choose where to run and place their data. If you look at the facts, a very high percentage of client data is still on-premise. It hasn't moved to the cloud for obvious reasons. So, how can you scale AI if you don’t have proper access to that data? AI is all about the...
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From Startup Ecosystem Builder to Strategic Investor: E27 and Orvel Ventures with Mohan Belani
Analyse Asia
"If you take a step back and ask, how has the last 10-15 years panned out? The truth of the matter is that Southeast Asia has not done as well as it should have based on the reports and projections that existed earlier. There have been fundamental flaws from a culture standpoint with respect to how the ecosystem has been shaped. I think there has been too much of a mirror of what's happening in Silicon Valley and figuring out how to replicate those concepts in Southeast Asia, whereas there should have been a better, more localized, customized, regional model to suit the culture and concepts in...
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From Accidental Hotelier to Longevity Pioneer: An Entrepreneur's Journey with Allen Law
Analyse Asia
"I think the why is so important, but it's always not really being asked. Most people want to know, 'What's your growth look like?' or 'How is this offering different from another offering?' Those are the questions we get most of the time. But going back to the real why we actually do this in the first place is the most critical question if you ask me. For myself personally, it is all about having a positive impact in society. We have chosen to go down the route of wellness, fitness, and longevity to have that positive impact, which we believe is extremely important and a strong one whereby...
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Building WhatsApp for 3 Billion Users with Alice Newton-Rex
Analyse Asia
"Now, some people are only ever going to want to use WhatsApp to message the people in their life, and they should be able to carry on doing that and have an incredibly simple experience in doing so. But we're increasingly seeing that users want to use WhatsApp for more than messaging close friends and family. It's why we're doing things like business messaging. It's why we built new features like channels and status and updates tab separate from your personal chats. We think that if we carry on getting the core of private messaging right, it also gives us the opportunity to build more of...
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How Databricks Revolutionize Intelligent Enterprise AI in ASEAN with Patrick Kelly
Analyse Asia
" We did a survey with The Economist globally which obviously included Europe and APAC as well. And we asked the question, 'Does my organization's current architecture supports the unique demands of AI workloads.' Basically 85% said, 'No. We don't have the architecture to support it.' Some partially does, but it needs lots of modifications. So we can still feel a lot of people are still in the early stages and that data point ties back to: 85% of GenAI [proof of concepts] has not gone into production. I think that another interesting point is, 'Does your architecture connect AI application?...
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The Lazarus Group, The Bybit Hack and Sanctions: The New Battleground with Andrew Fierman
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"The thing that's most fascinating, we talk a lot about how complex North Korea is here but when you compare it to some of the other illicit groups, particularly those that are sanctioned, say your terrorist organization that's soliciting donations on Telegram or some other social media outlet understanding what that difference in the level of complexity is, I think is really fascinating to actually know about. When we're talking about DPRK, we're talking about laundering of funds through tens of thousands. By the time we're done, it'll be hundreds of thousands of wallets. And then on the...
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Building Networks, Not Just Hiring: The Global Talent Strategy with Mark Reinecke
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"When I discuss with senior leaders, interview them, or assess them for senior roles, they often come to me, and I ask them: 'What makes you unique? How do you see yourself?' Eighty percent of them tell me what they can't do. They talk about their development needs, and I say, 'Is that how you pitch yourself? Is that what you really bring to the table? You sit with a headhunter and tell me what you can’t do—why not tell me what you’re really good at?' Your exceptional value-add, your competitive advantage—that’s what makes an impact, not what you cannot do. Development needs require...
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Gambling Man: The Secret Story of the World's Greatest Disruptor, Masayoshi Son with Lionel Barber
Analyse Asia
"They will judge Masa to have been an extraordinarily consequential investor and historic figure in world investing and tech investing because he has made not just spectacular bets—but he's made so many people rich. I mean, with other people's money. All these founders, he's given them money, he's been an enormous disruptor, and he's built global businesses. He's built a huge business in Japan on the mobile operator. So for all these reasons, I know he sometimes feels dissatisfied with his legacy, and he's now trying to build his greatest legacy in the march to artificial general...
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Scam Inc: How a $500B Crime Industry is Impacting the World with Sue-Lin Wong
Analyse Asia
"We're all vulnerable. And I hadn't thought about that previously. I thought, oh, it's only a small group of people who might fall for this. What I've learned is actually [that] these scammers are so sophisticated. They have so much money. Based on my reporting, this industry, you know, is maybe more lucrative than the illicit drug trade, and these criminal syndicates might be making over 500 billion US dollars a year. So that means they have access to the latest technology, whether it's voice cloning or face changing software. They can buy the latest in AI tools. they can stay several...
info_outline"So that was back in 2021. And then after Revolution Precrafted, there was Zilingo in 2022, and then Tanihub and Investree - which were P2P lenders in 2023(24) - and then eFishery. So actually every single year we've been getting pretty big blow ups. But as I was looking at the cases for each of them, one thing I've noticed is the sophistication of the fraud is actually becoming more advanced." - Kristie Neo
Fresh out of the studio, Kristie Neo, an independent journalist covering tech and venture capital, joins us to dissect the rise of startup fraud in Southeast Asia and why it’s becoming more sophisticated. She shares her journey from broadcast journalism to investigative reporting, reflecting on the shift from high-growth hype to market corrections and corporate scandals. Kristie unpacks the eFishery scandal, explaining how founders manipulated financials and how investors got misled. She discusses why due diligence often fails, the role of unchecked valuations, and the impact of drying venture capital on the region’s startup ecosystem. Addressing investor confidence, Kristie explores what it will take to restore trust and accountability in Southeast Asia’s tech scene. Closing the conversation, she shares her vision for a more transparent startup ecosystem and what great looks like for the region’s next wave of entrepreneurs.
Episode Highlights:
[00:46] Quote of the Day by Kristie Neo
[01:07] The Rise and Fall of Southeast Asian Unicorns
[03:53] From Fundraising Frenzy to Market Correction
[09:22] Breaking Down the eFishery Scandal
[15:25] How Did eFishery Manipulate Its Financials?
[19:39] Why Investors Fell for the eFishery Story and Other Similar Ones
[22:51] The Evolution of Fraud: From Vanity Metrics to Revenue Manipulation
[27:59] Due Diligence & the Role of VCs in Startup Fraud
[31:45] How Will This Impact Future VC Investments in Southeast Asia?
[32:49] The Need for Legal Consequences for Founders Committing Fraud
[38:45] The Secondaries Market and the Liquidity Problem
[42:13] Southeast Asia’s Future: Can the Region Build Bold & Ambitious Businesses?
[46:23] Closing
Profile: Kristie Neo, Independent Journalist (former DealStreetAsia, CNBC, We Are Social & Channel News Asia) https://www.linkedin.com/in/kristieneo/ and her article: "Thank you eFishery, Southeast Asia is officially off the kool-aid" https://www.linkedin.com/pulse/thank-you-efishery-southeast-asia-officially-off-kool-aid-kristie-neo-h0z0c/
Podcast Information: Bernard Leong hosts and produces the show. The proper credits for the intro and end music are "Energetic Sports Drive." G. Thomas Craig mixed and edited the episode in both video and audio format. Here are the links to watch or listen to our podcast.
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