The C-beauty push to unseat K-beauty

C-beauty gains ground on South Korean rivals in Southeast Asia. Plus, DBS squeezes fintech players with higher transaction fees.

Read from your browser Daily Newsletter Welcome to Tech in Asia's daily newsletter, your essential dose of Asia's tech and startup buzz. Subscribe to this newsletter or send story tips to editors@techinasia.com. Ensure our articles appear in your Google searches: IN FOCUS The C- vs. K-beauty war escalates DBS hikes custodian fees, piling pressure on fintech firms Is China training AI models on the US' dime? Hello Betamax, For years, South Korean beauty products - known as K-beauty - have held a vice-like grip on Southeast Asian consumers. Now, it's facing a formidable competitor: C-beauty. As Nai Lun from The Business Times finds, the disruption by Chinese beauty brands and products is being fueled by digital-first marketing, rock-bottom prices, and an aesthetic shift popularized by TikTok and its Chinese counterpart, Douyin. And while K-beauty brands bank on established trust - as well as the strong products they've consistently delivered, if K-pop stars are any indication - C-beauty players like Judydoll and Joocyee are leveraging China's manufacturing hubs to compete. Of course, there are still some headwinds for C-beauty. A big one is trust, as lingering consumer perceptions hold that "made in China" cosmetics lack the stringent safety standards of Japanese or Korean equivalents. But judging by the numbers, the tailwinds seem to be stronger. Speaking of headwinds, some fintech companies in Singapore could soon face increased fees for DBS' custodian services. An industry player, speaking to my colleague Melissa, even called the move a step "away from international standards." Prepare for some shake-ups in the beauty and fintech industries. Miguel Cordon, journalist TOP STORIES 1️⃣ Makeup war unfolds in SEA as China takes on South Korea's throne Joy Group, the Chinese company behind beauty brands Judydoll and Joocyee, recorded US$43.4 million in retail sales from Southeast Asia in 2025. While still a small portion of the group's total sales, its growth rate in the region exceeds that of its Chinese operations, according to its international business general manager Kong Fanqi. And with Chinese pop culture continuing to capture the interest of Southeast Asian consumers (vertical short dramas, anyone?), the ceiling for C-beauty in the region might still be a long way up. 2️⃣ DBS hits fintech firms with large fee hikes for custodian service With more funds flowing through virtual accounts, so has the need to better manage scams and fraud. Migrating some fintech platforms from dynamic to static virtual accounts is just one of several steps DBS is taking to improve consumer protection, the bank explains. These added costs highlight a tug and pull between Singapore's ambition as a global fintech hub, the ease of doing business, and the need for increased compliance. By raising prices on a key service, DBS may be creating a significant barrier to entry for both local and foreign firms. FROM OUR ARCHIVES Chips don't lie: Did China's latest AI just beat the US? In January 2025, the US feared that China's AI majors such as DeepSeek had caught up to the advancement of Western models. At the time, there were speculations that DeepSeek had trained its AI models using the latest hardware at the time - Nvidia's H100 chips - as my colleague Scott highlighted in this story. These chips are banned from China under the US' export rules. Since then, reports have come out claiming that DeepSeek had gotten their hands on the H100 chips. But if Anthropic is to be believed, Chinese AI giants have been relying not just on US hardware but software as well. Yesterday, the Claude developer said companies like DeepSeek, Moonshot, and MiniMax have used its AI agent to bolster their own models. This comes over a week after OpenAI said DeepSeek trained its models on the Sam Altman-led company's systems. The fact that both US firms have made these accusations public suggests that they are potentially lobbying for better protection on their models and for their tech to be considered national assets. TRENDING NEWS 1️⃣ India plans to raise $19.7b from state IPOs by 2030 A significant portion of these IPOs will involve seven railway companies projected to raise US$9.2 billion. There are also planned listings of companies and subsidiaries in the power and renewable energy sectors. 2️⃣ Apple to move Mac Mini production from Asia to Houston: report While Asian production will continue in order to serve local markets, this relocation is part of the iPhone maker's commitment to invest US$600 billion in the US over a four-year period. 3️⃣ Pentagon summons Anthropic CEO over military use of Claude The Pentagon is demanding broader use of the AI model for classified intelligence and defense operations. Anthropic remains hesitant, citing ethical boundaries against mass surveillance and autonomous weaponry. 4️⃣ Coupang faces US hearing on regulations The closed-door hearing addressed allegations that South Korean authorities are unfairly targeting US firms with discriminatory practices and threats of criminal penalties. 5️⃣ Geely, Wuling surpass Tesla, BYD in China EV sales The market shift was driven by the popularity of Geely and Wuling's budget-friendly models. 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