The Business Times
business-time-50
BRUNCH

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

Summarise
google-preferred-sourceAdd BT as a preferred source
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.

    Brunch

    TRENDING NOW

    The company says the disputes do not cast significant doubt on its ability to continue as a going concern.

    Koh Brothers Eco Engineering faces up to S$57.6 million in potential liabilities from legal disputes

    BYD’s rise to become the No 1 passenger-car seller in Singapore can be described as explosive. 

    How BYD disrupted Singapore’s car market – and why the strategy is turning on itself

    BT visited Charlotte Vehicle’s business address on Monday during opening hours, but found the office closed.

    Car-rental firm Charlotte Vehicle allegedly owes about S$140,000 to 34 customers

    The Vietnamese economy has long relied heavily on bank lending, straining commercial banks as they shoulder the bulk of the financing needed by companies and large infrastructure projects.

    Vietnam seeks US$76 billion a year from capital markets to ease reliance on banks

    Latest T-bills Treasury Bills Results & Interest NewsLatest SSB Singapore Savings Bonds NewsLatest COE Certificate of Entitlement News
    Latest Johor-Singapore SEZ NewsLatest BTO Build To Order & Sales of Balance NewsLatest STI Straits Times Index NewsLatest SGX Dividends, Share Price NewsLatest Bonds Market NewsLatest Singapore Stocks To Buy NewsLatest Singapore Economy News
    View More