Syfe is done playing it safe

Today's newsletter looks at Syfe's pivot toward bigger clients in FY 2025 and Tokocrypto's bet on futures trading in Indonesia's crypto race.

Read from your browser Daily Newsletter Welcome to Tech in Asia's daily newsletter, your essential dose of Asia's tech and startup buzz. Not yet a subscriber? Register here. Got a story tip? Send it to editors@techinasia.com. IN FOCUS ​​Syfe makes its big money move More products abound for Tokocrypto Biofourmis legal drama: context from our archives Hello Betamax, There's a misconception that digital wealth platforms are just for 20-somethings trying to grow their first paycheck. At least, that was the sentiment I got when I was looking at my investment options back when I was, admittedly, in my 20s. The pitch was always about lower fees, no minimums, and an app that looked and worked better than any banking app I'd ever tried. But when I dug into Syfe's latest financial statement for today's first featured story, a different picture emerged. Its revenue from institutional clients - the big fish - more than doubled from the year before, now making up 41% of the pie. The company's partnership with giants like BlackRock is also an indicator of its increased focus on big money. The initial results are promising. In FY 2025, Syfe grew its revenue to US$10.1 million and narrowed its loss before tax to US$6.5 million. The firm told me that it wants to be the "primary home for wealth building" in Asia Pacific. It appears big corporations are welcome in that home. Meanwhile, today's second featured story looks at Tokocrypto's plans for Indonesia to be a home for crypto transactions, and not just an off-ramp for locals' investments in overseas platforms. It's betting on futures trading to woo Indonesian crypto investors to keep their assets in the country. Miguel Cordon, journalist TOP STORIES 1️⃣ After Q4 EBITDA profit, Syfe to double down on core markets It appears that wealthtech in Singapore is on the up and up. Both Syfe and Endowus recently reported US$10 billion in assets under management. Both companies - along with StashAway, another wealth management player - have also been posting increasing revenues and narrowing or reversing losses. Still, it's early days for Syfe's Australian expansion, and we won't see results from the company's newest market until its next financial year. 2️⃣ Tokocrypto to launch futures trading as competition grows Traders in Indonesia are gunning for high-value - although risky - strategies on global exchanges where liquidity is deep. And they return to domestic platforms only to cash out their USDT into rupiah. As Tokocrypto beefs up its product stack, the firm hopes to solve the country's risk of becoming simply an off-ramp market. The company is doing so by expanding its offerings, providing a local alternative to Indonesian traders. Tokocrypto's now gearing up for the launch of futures trading, which CEO Calvin Kizana calls one of the firm's "core engines" of growth this year. FROM OUR ARCHIVES Biofourmis CEO steps down after company laid off 120 staff In 2023, Kuldeep Singh Rajput abruptly left his post as CEO of Biofourmis, the healthtech unicorn he had helped build. An email seen by The Business Times at the time indicated that Rajput had transitioned from the role to a senior advisor, effective immediately. No explanation was provided for his exit. However, the Singapore Police Force announced earlier this week that Rajput will be charged for his alleged involvement in fraud and falsification of accounts. Rajput allegedly instigated staff to falsify company invoices between August 2021 and February 2022, when he was still with Biofourmis. During a court session yesterday, Rajput said he does not intend to plead guilty. He was also released on a S$600,000 bail. TRENDING NEWS 1️⃣ Traveloka cuts jobs to reshape workforce for AI, long-term growth The exact number of employees impacted by the move remains undisclosed. The travel unicorn, which carried out "silent layoffs" in 2023, recently expanded its footprint, entering the Japanese market just last year. 2️⃣ KKR, Singtel, ST Telemedia to acquire STT GDC for $5.1b Expected to close in the first half of 2026, the deal will leave KKR and Singtel with 75% and 25% stakes, respectively, as they look to capitalize on the booming demand for AI and cloud infrastructure. 3️⃣ GIC, Temasek reshape hedge fund investment strategies GIC is refreshing its external managers team, while Temasek is launching a unit - called Temasek Partnership Solutions - in April to ramp up global manager outreach. 4️⃣ Anthropic said to plan employee tender offer at $350b valuation The deal is designed to provide liquidity to employees by allowing them to sell equity. This is a move to retain top talent in a hyper-competitive AI market, where rivals like OpenAI have employed similar tactics. 5️⃣ Mastercard unveils fleet payment solutions for Asia Pacific Mastercard Fleet: Next Gen is a suite of products that extends fuel payments to include electric vehicle charging, maintenance, tolls, and other fleet-related expenses. PRESS PEEKS The following press releases were published as they were received, without any editing from the Tech in Asia team. You, too, can publish your own press release on our site by simply filling out this form. Our team will get back to you by the next business day. RokRol - RokRol Builds the Next Short-Video Paradigm with AI-Powered Collaborative Storytelling: RokRol redefines short-video via AI & "Video Relay," pivoting from solo clips to collective narratives. Building a social, living story world. Durianpay - Durianpay Reaches Profitability, Expands Into Stablecoin-Based Cross-Border: Durianpay exits 2025 profitable at $5.5B TPV and launches regulated stablecoin-based cross-border payments from Indonesia. EVENTS HAPPENING You can also check out our curated list of trending tech events and Tech in Asia's signature events. JALA Shrimp Outlook 2026 is back! The future of the global shrimp industry starts here. Shrimp Outlook 2026 by JALA returns to Yogyakarta on 12 February, bringing together 400+ farmers, feed companies, exporters, policymakers, and global industry leaders to navigate sustainability challenges, shifting markets, and the next phase of industry growth. Get your ticket now! WHO'S HIRING You can post a job here or search for jobs here. Senior DevOps - Banking Industry (Can join immediately) at SIGMATECH | Jakarta, Indonesia Community Officer (Influence ID) at Playmakers | Jakarta, Indonesia Junior Site Reliability Engineer at TIXid | Jakarta, Indonesia ADVERTISE | SUBSCRIBE | HIRE | FIND JOBS P.S. Don't miss out on the biggest tech news and analysis. Add newsletter@techinasia.com to your address book, contacts, or safe sender list. Or simply move us into your inbox. Tech in Asia thanks our partners for supporting our newsletters. Sponsorship has no influence on editorial content. Too many emails? Switch to a different frequency or get new content through our preference center, or unsubscribe. You can also remove yourself from all Tech in Asia emails over here. Copyright © 2026 Tech in Asia, All rights reserved. Tech in Asia (Podium Level 3), 1000 Toa Payoh North, News Centre, Singapore 318994 A member of The Business Times.