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SEA of StartupsSea of Startups is a podcast uncovering the real stories behind building, funding, and navigating startup life in Southeast Asiaexploring the messy middle between pitch decks and polished headlines through unfiltered conversations Author: Decoding the Pulse of Founders, Capital & Conviction in Southeast Asia.
SEA of Startups Decoding the pulse of founders, capital, and conviction in Southeast Asia. This isnt another startup success show its the real conversation behind what actually works (and what doesnt) when youre building, funding, or navigating the regions wild, ambitious ecosystem. From Singapores capital corridors to Jakartas chaos, Manilas energy to Ho Chi Minhs grit we unpack how ambition, culture, and capital collide. Expect deep dives into founder psychology, venture strategy, and the unspoken truths shaping Southeast Asias next decade. Hosted by Kim Yeoh and Kevin Brockland, its where strategy meets psychology a mirror to the builders and believers shaping Southeast Asia. Part strategy, part soul unfiltered, intelligent, and entirely real. seaofstartups.substack.com Language: en Genres: Business, Entrepreneurship, Technology Contact email: Get it Feed URL: Get it iTunes ID: Get it |
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🎙EP 20: Singapore did it...again: How the SGX–NASDAQ Dual Listing Bridge Rewrites Southeast Asia’s Exit Game
Thursday, 4 December, 2025
Heyyyy guys,🧠 TL;DR — What Actually Changed* SGX × NASDAQ dual listing is a real regulatory breakthrough — but U.S. liquidity remains unproven* The fintech “funding collapse” was actually capital consolidation into Singapore* Southeast Asia is shifting from emerging → maturing, with real scaffolding for a capital stack* Founders + investors have a 24-month window before this becomes table stakesThe Setup: Why This Moment MattersSGX and NASDAQ just launched a dual-listing bridge — something Southeast Asia’s growth-stage founders have wanted for a decade.But here’s the twist:This isn’t about IPO convenience.It’s about Singapore silently building its own version of Silicon Valley’s capital stack — adapted for Southeast Asia’s geopolitical reality.And it’s happening while the rest of the ecosystem is still parsing the headline.We are at an inflection point,but not for the reasons most people think.1. SGX × NASDAQ Dual ListingReal Liquidity or Ego Liquidity?**What It IsA streamlined structure allowing ~$2.5B+ companies to list simultaneously on SGX and NASDAQ without:* duplicate filings* conflicting disclosures* multi-jurisdictional legal chaosA real regulatory achievement.What Everyone Assumes“Finally! A viable U.S. exit path for Southeast Asia tech.”What It Actually IsA partial solution — with one massive unanswered question:Does this create real U.S. liquidity, or just better press releases?Regulatory friction? Solved.Liquidity, analyst coverage, and market-making? Not solved.Let’s be blunt:* Who in New York is covering a $3B ASEAN B2B SaaS they’ve never used?* Who is trading your stock at 2 a.m. EST?* How do you compete for attention against trillion-dollar tickers?In Singapore, you matter.In the U.S., you are… a symbol on a screen.Who Wins (Right Now)?* SGX — they can pitch “NASDAQ access” to the entire region* Founders — they gain optionality and cleaner paperworkWill U.S. liquidity appear?TBD.Yes, AvePoint dual-listed in 2025 — but one data point does not equal a trend.2. The Fintech Funding ‘Collapse’ That Wasn’tIf you only saw the headline:“SEA fintech funding down 39% YoY.”You missed the real story:Singapore captured 84–88% of all fintech dollars.Capital didn’t disappear — it moved to safety.The Numbers* $829M raised (SEA fintech, first 9 months of 2025)* Singapore → 84% (with multiple quarters at 88%)* Mega rounds continued quietly:* Thunes — $150M Series D* Airwallex — $150M Series FThis isn’t contraction. It’s radical selectivity.When markets tighten, capital flies to clarity.In Southeast Asia, clarity has a postal code — Singapore.The Nuance No One MentionsMany “Singapore rounds” are Singapore TopCos with operations elsewhere.But even adjusting for that, the trend is undeniable:Singapore is becoming the gravitational center of SEAs capital stack.If You’re Building Outside Singapore…You need a Singapore strategy now, not “when we hit Series B.”* Entity structure* Regulatory setup* Investor relationships* Capital accessYou cannot retrofit a cap table at scale.If You’re a Seed Investor…Your job just became extremely difficult.You must identify the 10–15% of founders who:* can reach late stage* understand jurisdiction strategy* can navigate regulatory complexity* know how to design an intelligent capital stackMost seed funds will not do this.The ones who do will win disproportionately.3. From Emerging → MatureIs Southeast Asia Finally Growing Up?**Silicon Valley is built on a simple assumption:Build → Scale → Exit on NASDAQ.Because the infrastructure exists.Southeast Asia has never had that luxury.Grab went to NASDAQ.Sea went to NYSE.No major regional champion listed on SGX — because the liquidity + coverage didn’t justify it.What’s Shifting Now?Singapore is positioning itself as the region’s public-market on-ramp:* SGX × NASDAQ dual listing* Extreme fintech capital concentration* Temasek + GIC reallocating toward deep tech and infrastructure* Robust IP protection* $28B RIE2025 deep-tech planTo become a mature ecosystem, you need:* A complete capital stackSeed → A → Growth → Pre-IPO → Public markets* Exit pathways that convertNot theory — execution.* Signaling mechanismsReal wins → real returns → capital recycling.We’re not fully there.But for the first time, the scaffolding is real.4. The Implicit Geopolitical SubtextU.S.–China decoupling has reshaped global capital flows.China still owns ~75% of Asia biotech funding…but diversification is accelerating fast.And Singapore is playing its hand masterfully- clever and very typical.Singapore is now:* Neutral* Globally aligned* Legally predictable* Highly trustedSignals:* Biotech capital shifting to Singapore & South Korea* Flagship Partnering × A*STAR: $100M deep-tech commitment* Talent and IP migrating to strong-jurisdiction hubsThis isn’t incremental.It’s a generational repositioning. (See it now?)5. What Founders Should Actually Do(Immediately)**1. Five-Decision AuditLabel your last 5 decisions: Offense or Defense.If you’re 4–1 defensive, you’re playing not to lose.2. Entity Structure ReviewMake your TopCo dual-listing ready:clean cap table → clean governance → clean audit trail.3. Live Capability Target ListEvery month, update your list of 10 companies/tech you may:Acquire → Partner → Replicate.4. Board Transformation AgendaShift board meetings from quarterly KPIs → 3–5 year capability maps.This is how category-defining companies build.6. What Investors Should DoLate-Stage InvestorsDual listing optionality changes your entire underwriting model:* valuation ceilings shift* secondary liquidity widens* crossover investor interest increases* exit horizons changeAudit portfolio readiness now.This advantage won’t last long.Seed InvestorsYour edge becomes:jurisdiction strategy + regulatory guidance + capital stack architecture.This is no longer “nice-to-have.”It’s competitive advantage.7. The 24-Month WindowHere’s the uncomfortable truth:The founders and investors who move now will define the next decade.Infrastructure windows don’t stay open:* SGX is motivated today* NASDAQ is paying attention today* Capital is concentrating today* Regulations are flexible todayIn 3–5 years?This either becomes table stakes —or a missed opportunity we’ll reference for a generation.8. The Question Southeast Asia Has Been Asking WrongFor years the ecosystem asked:“Can Southeast Asia produce the next Google?”Wrong question.The real one is:“Can Southeast Asia build systems that consistently produce category-defining companies?”For the first time, the answer is trending toward yes — cautiously, but convincingly.Not because of one unicorn.But because the infrastructure is finally being built.* dual listing bridge* capital consolidation* sovereign repositioning* regulatory maturity* talent density* deep-tech investmentTogether, they form the early blueprint of a Southeast Asian capital stack.Purpose-built for this region.Not imported.Before You GoThis year stretched us — in the best way.We decoded:* orbital compute* fintech infrastructure* regional capital flows* AI rails* cross-border regulationA pattern emerged:Southeast Asia isn’t catching up.It’s reshaping itself.We’re taking a short break — a reset, a recalibration (maybe even one day off our phones… maybe).But 2026?We’re coming back with the founders building the next layer of infrastructure — the kind that defines decades.Stay curious.Stay ambitious.Keep building.The ecosystem is leveling up.All we need now is you.— Kim & KevinSEA of StartupsSGX NASDAQ dual listing, Singapore capital markets, Singapore fintech funding 2025, Southeast Asia IPO pathways, SEA startup ecosystem, Singapore dual listing strategy, capital stack Southeast Asia, NASDAQ Asian companies, Singapore startup hub, venture capital SEA, fintech Singapore trends, deep tech Singapore RIE2025, Singapore TopCo structure, regional tech IPO strategy, Southeast Asia exits, liquidity Singapore market, Singapore economic strategy This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit seaofstartups.substack.com
