Ecosystem Summary: EF Stops Singapore Program, Binance Considers Buying Bank, MAS Pledges $106M for SG Financial Sector Development

Entrepreneur is the first to complete the Singapore program
Entrepreneur First will now focus on a smaller number of hubs where the size of the local talent pool makes it possible to run multiple vertical programs simultaneously.

Crypto.com surpasses 70 million users and generates over $1 billion in revenue this year
Crypto.com offers an exchange platform, e-wallet and other services; In March last year, it launched a $200 million fund called Crypto.com Capital to invest in early-stage crypto startups.

MAS provides US$106 million for financial sector development in Singapore
The government has provided two rounds of funding for the Financial Sector Technology and Innovation Scheme; The first was $70 million granted to 500 projects, while the second was $141 million in support of over 1,000 projects.

Ex-Binance Labs Web3 VC Fund Raises $20M
The Lingfeng Innovation Fund, led by ex-Binance Labs CEO Nicole Zhang, plans to raise a total of $30 million; The money will be invested in crypto startups worldwide.

SG gene therapy startup Nuevocor raised $11.6 million
Investors include EDBI, Zora Innovations, SEEDS Capital and BIVF; The start-up is focused on developing adeno-associate virus gene therapy to treat genetically defined heart disease.

The Indonesian agritech company PasarMikro pocketed 2.5 million US dollars
The investors are Trihill Capital, Resolution Ventures, Genting Ventures and 1982 Ventures; PasarMikro, which provides traders and farmers with a platform to conduct transactions, will use the fresh capital to launch new products.

Singapore completes first forex trading with tokenized currency
DBS Bank, JP Morgan and SBI Digital Asset conducted forex trades using tokenized yen, SGD, Japanese government bonds and SG government bonds as liquidity pools to leverage the cross-currency transaction.

Web2 Founders, Prepare for Web3 ahead of 2025 – Insights from Echelon
The best way to move forward is to combine the best of Web2 and Web3 to build better business models and expand playbooks to complement each other.

According to the CEO, Binance is considering buying a bank
Binance founder and CEO Changpeng Zhao is reviewing the potential purchase of banks to bridge the gap between the world of traditional finance and crypto.

Mastercard announces a new batch of Web3 engagement program
Start Path Crypto is a Web3 engagement program that helps blockchain, crypto and digital asset startups scale; 7 startups from around the world gain access to Mastercard’s channels and customers, mentoring and technical collaboration.

“See you in the metaverse” – Your life
The new and thriving Metaverse industry will expand the possibilities of life – socialization, entertainment, business, finance and science.

“Early-stage VCs should take advantage of unfavorable market conditions”
Gobi’s Thomas Tsao says as a global recession looms, investors are sitting on billions of dollars worth of unallocated capital; Fundraising for startups in India and SEA hit a 7-quarter low in Q3 2022.

“Internet penetration will not be enough to get everyone online”
Rohit Jha of Transcelestial said, “At the heart of the internet distribution problem is the need to make affordable, high-speed internet available to everyone; Transcelestial eliminates the need to run expensive fiber optics to bring Internet.

The Angsana Council is here to explain SEA to global investors
The Angasana Council has produced an analysis to show why SEA has been one of the world’s most stable places to invest over the past 25 years.

We can no longer take a standard approach to marketing: CINNOX’s Gunalan Ram
CINNOX Strategy Marketeer Gunalan Ram discusses the art of getting things done through teamwork and guided decision making.

Why do most online stores fall flat and how can you improve them?
Today’s customers have high expectations; Customer service is the most important aspect of running an online store.

How this startup is facilitating change in the rental market in SEA
Cove puts tenants at the center of the rental experience, making it easier, faster and more flexible to rent homes at honest prices.

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