MONEY MASTER

Summary: US online holiday sales are projected to rise  5.3% year-on-year  to  US$253.4 billion (RM1.07 trillion)  this November–December, according to Adobe Analytics. The growth will be primarily driven by  Buy Now, Pay Later (BNPL)  usage, offsetting headwinds from a weaker labour market and tariff-induced price increases. Key Highlights 1. Slower Growth Amid Economic Strain Online spending growth is expected to moderate from  8.7% in 2024  to  5.3%  this year as consumers face higher prices and tightening household budgets. Tariffs and slower wage growth have prompted households to spend more cautiously, with overall holiday budgets projected to be smaller. 2. BNPL Drives Incremental Demand Adobe projects  US$20.2 billion  in holiday purchases will be made via BNPL options, an  11% increase year-on-year , more than double the pace of total online spending growth. BNPL providers such as  Affirm Holdings (AFRM.US) ...

  Key Takeaways: Klarna priced its US IPO at  US$40 per share , raising  US$1.37 billion , above the expected range. The deal values the Swedish BNPL firm at  US$15.1 billion , well below its 2021 peak of US$45 billion but above its 2022 low of US$6.7 billion. The offering was oversubscribed  25 times , underscoring revived investor appetite for fintech listings despite tariff-driven market volatility. Market Reaction Klarna’s IPO comes amid a broader rebound in equity markets and strong demand for new listings, following recent blockbuster debuts in both fintech and crypto sectors. The deal highlights investor willingness to back high-growth but unprofitable fintechs in a more selective macro backdrop. Klarna’s debut on the NYSE under ticker  KLAR  will be closely watched as a bellwether for BNPL adoption and fintech valuations more broadly. Financial Performance & Challenges Revenue:  Rose to US$823 million in Q2 2025, up from US$682 million...

Key Takeaway:   GIC Pte Ltd  and  SoftBank Vision Fund 1  are exploring the sale of their stakes in Vietnamese fintech  VNLife , with a potential transaction valuing the company at  US$1 billion (RM4.21 billion) or more , according to Bloomberg. Potential Stake Sale GIC  and  SoftBank Vision Fund 1  have engaged a financial adviser to explore strategic options. Early discussions include outreach to potential investors to gauge interest. Deliberations remain  at an early stage , and no deal is guaranteed. Company Profile Founded:  2007 Presence:  Vietnam, Singapore, Myanmar, Cambodia Core Asset:   VNPay , a leading digital payments platform in Vietnam Funding history: 2021:  Raised  US$250M+  in a round led by  General Atlantic  and  Dragoneer Investment Group . 2019:  Raised  US$300M  from  GIC  and  SoftBank Vision Fund 1 . Market Context Vietnam has emerged as o...

Key Takeaway Robinhood Markets (HOOD.US) is set to replace Caesars Entertainment in the  S&P 500  on Sept 22. The move marks a  watershed moment for fintech , cementing Robinhood’s transformation from a pandemic-era trading disruptor into one of the most influential players in U.S. financial markets. What Happened S&P Dow Jones Indices  announced that Robinhood will officially join the benchmark before market open on Sept 22. Other additions include  AppLovin (APP.US)  and  Emcor (EME.US) , replacing MarketAxess (MKTX.US) and Enphase Energy (ENPH.US). Shares of Robinhood surged  7.3% in after-hours trading  on the news. Why It Matters Index Funds Boost:  Inclusion forces passive funds and ETFs tracking the S&P 500 to buy Robinhood shares, creating immediate demand. Credibility Upgrade:  Joining the S&P 500 signals financial stability and could draw more  institutional investor interest . Fintech Validation: ...

Crypto and fintech listings defy seasonal slowdown, lifting 2025 deal momentum The IPO market, usually sleepy in August, is running at full tilt as  Bullish (BLSH) ,  Miami International Holdings (MIAX) , and other high-profile debuts draw strong investor demand — keeping bankers at their desks instead of on holiday. Bullish Extends Breakout Rally Bullish — the cryptocurrency exchange and CoinDesk owner — jumped  10.3%  Thursday, adding to its  83.8% first-day surge . The rally lifted its market cap to  $11.26B , more than double the IPO’s $5.41B valuation. The deal priced  above an already raised range , with extra shares sold to meet demand. Miami International Pops on Debut Options-trading platform MIAX priced at  $23 , above its $19–$21 range, raising  $345M  via J.P. Morgan, Morgan Stanley, and others. Shares opened strong, trading up ~ 32%  to $30.47. Four-Year High in Summer Activity August’s hot streak follows record listing...

 Big Tech in Focus Meta (META), Microsoft (MSFT), Qualcomm (QCOM), Ford (F), and Robinhood (HOOD)  are all set to report earnings after the market closes. Hershey (HSY)  and  Kraft Heinz (KHC)  will post their results before the opening bell. SoFi (SOFI) The fintech company announced a  $1.5 billion public stock offering . Shares dropped  7% premarket  after hitting a record high Tuesday, following better-than-expected earnings and raised guidance. Sarepta Therapeutics (SRPT) Shares  jumped 10% premarket  after the FDA allowed shipments of its gene-therapy drug  Elevidys  to resume. Starbucks (SBUX) Shares gained  4% premarket  despite missing earnings estimates. The coffee giant is  investing $500 million in staffing and ditching pickup-only stores  to combat slumping sales. Visa (V) The credit card company beat forecasts on strong consumer spending. Despite solid results, shares were down  nearly 2% p...

Figma is set to launch one of  2025’s most anticipated tech IPOs , targeting over  $1 billion  in funding at a valuation of  $18.8 billion . The design software giant is going public using an  auction-style IPO , where investors submit limit bids to determine the final price, aiming for a fairer market-driven valuation. Why Figma’s IPO Stands Out Auction-Style IPO:  Unlike traditional IPOs, this Dutch auction model reduces underpricing and offers more transparency by letting investor demand set the price. AI Narrative:  Figma’s prospectus mentioned AI  150 times , highlighting its focus on AI-driven design and collaboration tools—one of the hottest areas for software innovation. Strong Financials: Q1 2025 revenue up  46% YoY  to $228.2M. Net profit surged from $13.5M to $44.9M. 13M monthly active users; 450,000 enterprise clients, including Netflix, Stripe, and Duolingo. Why It Matters for AI Stocks Figma’s IPO could lift sentiment for...

Southeast Asia’s worst-performing tech stock in 2025 — GoTo Gojek Tokopedia — may be primed for a rebound. After shedding nearly 90% of its value post-IPO and losing US$2.2 billion in market cap this year alone,  analysts from JPMorgan, Aletheia Capital, and SGMC Capital  are spotting signs of recovery. “It has done all the right things, but the market seems to have punished the stock,” said Aletheia’s Nirgunan Tiruchelvam. Fundamentals Turning Positive Q1 adjusted EBITDA profit  of 393B rupiah (~US$24.2M), reversing a loss of 101B rupiah YoY Net revenue up 37% Fintech business surged 90% , with 20M+ monthly active users GoTo’s fintech arm — including its  digital wallet and lending platform  — is emerging as a dark horse in Southeast Asia's digital finance space. SGMC Capital sees potential for  GoTo to rival SEA and Grab  in momentum and scale. Merger Rumors Remain While Grab’s reported interest in acquiring GoTo continues to circulate,  regulat...

In a move that could reshape the global financial landscape, the  UK and Singapore have entered a strategic collaboration on artificial intelligence (AI) and tokenized finance , with direct implications for financial institutions, fintech firms, and technology investors. The agreement—formalized during the  10th UK-Singapore Financial Dialogue —brings together the  UK Financial Conduct Authority (FCA)  and  Monetary Authority of Singapore (MAS) , reinforcing their mutual commitment to advancing next-generation finance infrastructure through  Project Guardian  and  Global Layer One (GL1) . Why Investors Should Take Note This pact signals a regulatory green light on two major innovation pillars: Tokenization of Real-World Assets (RWAs) Scaled deployment of AI in financial services Both trends are already drawing capital, but this cross-border commitment could accelerate adoption, particularly among institutional investors and capital market operator...

Key Highlights: Tony Fernandes sees 2025 as a "rebuilding year"  as Capital A restructures to exit PN17 status. Sale of AirAsia’s aviation business to AirAsia X (AAX) for RM6.8 billion  is critical to resolving Capital A’s financial struggles. Regulatory approvals and court rulings pending , with a crucial hearing set for late March. Capital A seeks to cut costs, optimize routes, and restart 14 grounded planes  to reduce cash burn. Saudi Arabia’s PIF rumored to invest RM1 billion in AirAsia Group Bhd (AAGB)  as part of the restructuring deal. BigPay, Capital A’s fintech unit, is struggling, and a partner is sought to take over leadership. Tony Fernandes’ Vision: A Year of Rebuilding Capital A Bhd, the parent company of  AirAsia , is at a crucial turning point in its financial recovery. CEO  Tan Sri Tony Fernandes  has laid out an aggressive plan to restore profitability, exit  PN17 status , and  rebuild the airline’s competitive edge  in...

AI-Driven Cost Efficiency Hong Leong Bank (HLBANK) projects a lower cost-income ratio (CIR) due to AI adoption , expecting  CIR to drop below 40% , compared to its previous  41% guidance . For 1HFY2025, CIR stood at 38.8%, exceeding expectations  despite heavy IT and digital investments. AI is being expanded beyond collections and telemarketing to other operations, including boosting relationship managers’ productivity. Strategic AI & Digital Banking Collaboration Hong Leong Bank partners with China’s largest digital bank, WeBank Technology Services , serving  400M retail customers & 5M businesses . The alliance will focus on  AI, automation, and sales/service digitization  to  enhance efficiency and technological capabilities. Workforce & Regulatory Impacts AI adoption will not affect workforce numbers (~10,000 employees) but aims to improve productivity. The  removal of the Rule of 78 interest calculation method  is expected to ...

Coinbase Global Inc. announced a record-breaking 2024, with revenue doubling to $6.6 billion , but despite surpassing Wall Street expectations, its  stock fell 1.5% in after-hours trading . 📊 Coinbase’s Impressive Q4 Results 🔹  Q4 revenue:   $2.3 billion  (vs. $1.8 billion expected), up  88% from Q3 . 🔹  Transaction revenue:   $1.6 billion , driven by higher crypto prices. 🔹  Subscription and services revenue:   $641 million  (exceeding guidance of $505M–$580M). 🔹  Full-year 2024 revenue:   $6.6 billion  (up from $2.93 billion in 2023). 💬  Coinbase:   "Crypto’s voice was heard in the U.S. elections, and regulatory headwinds are easing as the Trump administration pushes to make the U.S. the global crypto hub." 🚀 Market Reaction & Outlook 📉  Despite strong earnings, Coinbase shares dipped 1.5% in extended trading , though the stock is  up 112% over the past 12 months , compared to the S&P ...

Alibaba Group Holding Ltd has reclaimed its position as China’s tech darling , surging  46% since mid-January and adding a staggering  $87 billion in market value .  Investors are rallying behind Alibaba’s aggressive AI expansion , positioning it ahead of Tencent, Baidu, and JD.com in 2025’s tech race. 🚀 Alibaba's AI-Powered Revival 🔹  Alibaba’s AI push is fueling its best stock performance in years , surpassing the  Hang Seng Tech Index’s 25% gain  in the same period. 🔹  Strategic AI investments in Moonshot and Zhipu  have solidified Alibaba’s position as a  key AI player in China . 🔹  Its Qwen 2.5 Max model outperformed Meta’s Llama and DeepSeek’s V3 , marking a  breakthrough moment for Alibaba in generative AI. 💬  Andy Wong (Solomons Group):   "DeepSeek’s emergence has sparked a new AI catalyst, and Alibaba has the strongest earnings growth prospects in this space." 💡 Apple Collaboration Fuels the Surge 📌  A...

Key Takeaway: Project Nexus aims to enable instant, seamless cross-border payments globally, with full implementation expected by 2027 . The Bank for International Settlements (BIS) , together with Bank Negara Malaysia (BNM) and central banks from Singapore, Thailand, the Philippines, and India , is advancing Project Nexus to streamline cross-border instant payment systems (IPS) . Highlights of Project Nexus: Unified Cross-Border Payments IPS networks , like Malaysia’s DuitNow , will connect seamlessly via a single unified network , enabling instant and secure fund transfers across borders using proxies like mobile numbers . Phase 3 Milestones Phase 3, concluding in 2024, delivered a comprehensive framework , including: Governance roadmap Revenue model Technical specifications for the Nexus system. Phase 4 Objectives The next phase involves live implementation , with immediate priorities to: Establish the Nexus Scheme Owner (NSO) in Singapore to manage the system. Develop the Nex...

Key Takeaway: Alibaba Group plans to raise $5 billion through multi-tranche bonds , marking the largest corporate bond deal in Asia-Pacific this year. Details of the Bond Issuance Currencies: The fundraising includes US dollar and offshore Chinese yuan bonds . Tranches: Dollar bonds: 5.5-year, 10.5-year, and 30-year terms. Offshore yuan bonds: 3.5-year, five-year, 10-year, and 20-year terms. Purpose: Funds will be used for debt repayment , share repurchases , and other corporate purposes , according to Alibaba's regulatory filing. Key Highlights Significance: This is Alibaba’s first dollar bond issuance since 2021 , and it would be the largest bond offering in the region this year , according to LSEG data. Investor Targeting: Banks working on the deal have informed prospective investors about the $5 billion target. Flexibility in Terms: The size, interest rates, and maturity terms will be finalized as the transaction progresses. Context Alibaba’s Financial Strategy: The m...

Standard Chartered Plc (StanChart) has partnered with Wise Plc to leverage Wise’s platform for multi-currency money transfers across Asia and the Middle East. This integration will allow users to move funds in 21 currencies over the next few months, according to Wise Platform’s managing director, Steve Naudé. Key Points: Enhanced Cross-Border Transfers : Wise’s infrastructure will enable StanChart to provide faster and lower-cost international payments. Current Collaborations : This partnership expands on StanChart’s existing relationship with Wise, particularly through Mox, StanChart’s digital bank based in Hong Kong. Market Impact : Wise is also partnered with other banks like Brazil’s Nubank and HSBC’s Saudi Awwal Bank, with most cross-border payments completing instantly thanks to Wise’s extensive network. Regional Focus : Asia-Pacific, especially Singapore, remains a growth target for Wise, which has 500 employees in its Singapore office. Wise reported handling £35.2 billion (US$4...

Superscrypt, a blockchain venture capital fund seeded by Singapore’s Temasek Holdings , is working to raise up to $100 million for its second investment fund, insiders revealed. Temasek and New York-based fintech firm Republic are expected to be anchor investors and general partners in the fund, though final amounts may shift. This comes after Temasek’s write-down of a $275 million investment in the failed crypto exchange FTX last year. Following that, Temasek refrained from direct crypto exchange investments due to regulatory concerns. However, blockchain investment momentum is resurging, with Superscrypt focusing on early-stage Web3 and blockchain applications .

Bank of America Corp. has integrated its fintech investment banking team into its technology practice , reflecting a broader shift in financial services toward software-driven solutions. The move will see approximately 50 bankers joining the bank’s 200-strong tech group , according to Kevin Brunner , chairman of global M&A and global head of technology, media, and telecom investment banking . Traditionally, fintech has been categorized under financial services , covering areas such as payments providers, stock exchanges, online brokers, and digital lending platforms . However, Brunner highlighted that fintech and traditional technology are increasingly overlapping, particularly in areas like payments and software . As fintech companies begin to resemble software firms in their financial profiles, it makes sense to consolidate the two groups. The change aligns with Brunner’s recent appointment to lead the technology, media, and telecom banking division , following his role as c...

Russia is pushing for the creation of a new multicurrency payment system within the BRICS group to reduce reliance on the US-dominated global financial system. This initiative comes as Russia seeks to protect its economy from Western sanctions and develop alternatives to traditional cross-border payment networks like SWIFT . A report prepared by Russia’s Finance Ministry , the Bank of Russia , and Moscow-based consultancy Yakov & Partners outlines proposals for the BRICS nations (Brazil, Russia, India, China, and South Africa) to conduct transactions in local currencies and establish direct links between central banks . The goal is to create a payment system that shields participants from extraterritorial sanctions and ensures their financial sovereignty. The proposal also includes the establishment of trade centers for key commodities such as oil, natural gas, grain, and gold to further strengthen economic cooperation within the bloc. In addition, Russia is advocating fo...

  Indonesia has requested that Apple and Google block Temu , a Chinese fast fashion e-commerce platform, from their app stores to protect small and medium-sized businesses in the country, according to communications minister Budi Arie Setiadi . The move is aimed at pre-empting unhealthy competition from Temu , which offers cheap products by connecting consumers directly with factories in China, despite authorities not yet finding transactions involving Indonesian residents. Temu, owned by PDD Holdings , has faced scrutiny in several countries due to its low-cost business model. Indonesia's decision aligns with its previous move to force TikTok to close its e-commerce service in the country to protect local merchants and users' data. The government is also considering a similar block for Shein , another Chinese e-commerce platform. Indonesia’s e-commerce industry is growing rapidly and is expected to reach US$160 billion by 2030.