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Fishy business: South-east Asia’s startup ecosystem battles fallout from eFishery scandal

But market watchers say the region might yet bounce back because it has the ingredients for success

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Benjamin Cher

Benjamin Cher

Published Fri, May 23, 2025 · 02:00 PM
    • South-east Asia is feeling the aftermath of the fraud uncovered at eFishery in January 2025.
    • South-east Asia is feeling the aftermath of the fraud uncovered at eFishery in January 2025. PHOTO: EFISHERY WORKERS' UNION

    [SINGAPORE] Towards the end of 2024, South-east Asia’s startup ecosystem appeared to be on the cusp of a bounceback.

    A flurry of deals were being signed at the tail end of 2024, and more were expected to land in 2025.

    Then, in January 2025, players in the region were rocked by news of fraud uncovered at the former agri-tech unicorn eFishery, where almost US$600 million in sales were found to have been faked.

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