Philippines’ Nasdaq dream meets market reality

We discuss lessons for the Philippines as it prepares its tech board, risks in AI-powered crypto trading, and Apple’s new CEO.

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 Philippines wants to build a new IPO playground for its startup champions, but will it work? Learn about the dangers of AI-powered crypto trading and how to mitigate risks Revisit our archived piece suggesting Apple's complicated relationship with Indonesia Hello Betamax, Everyone I speak to in Metro Manila describes its traffic as soul-crushing. When I lived there, Angkas was indispensable, as motorcycles are often the fastest way to get from point A to point B. The same goes for many of my friends. Now the company is trying to navigate a different kind of traffic: the local stock market. Founder and CEO George Royeca is seriously considering an IPO on the Philippine tech board, which is slated to launch later this year. On paper, the tech board makes sense. It offers startups a domestic venue to raise capital, with a pathway to graduate to the main board. In practice, though, the track record across Southeast Asia has been less encouraging. In Singapore and Vietnam, similar boards have been plagued by thin trading, limited visibility, and weak liquidity. If the Philippine Stock Exchange positions this new board as a landing spot for companies that fall short of institutional standards, it will struggle to gain traction. This newsletter issue also features an Insights piece on stocks, but on the Web3 side of things. Anndy Lian, a Singaporean business strategist and author of the book Blockchain Revolution 2030, warns that an AI-induced crypto crash is now a possibility, with several players already pushing bots that can trade autonomously. And with these bots handling trades based on readily available market information, investors' trust in these bots can only be as strong as the data driving their decisions. Speaking of trust, Apple has introduced a new CEO, with reports suggesting that Tim Cook lost confidence in delivering another product on the scale of the iPhone. One pattern we're seeing is that companies are constantly forced to adjust, not only to chase growth but also to sustain their belief in what comes next. Miguel Cordon, journalist TOP STORIES 1️⃣ Can the Philippines avoid a second-tier tech board trap? The country has fewer tech exits than its regional peers, and the proposed tech board aims to address that gap. However, there's a potential tension: The tech board may not be designed for profitable companies. Some experts warn that this could undermine the exchange's legitimacy. For founders, the key question is whether to list for the sake of listing or to focus on building the business first. 2️⃣ AI trading agents are only as trustworthy as their data Today's crypto trading bots back their decision-making process with information from news articles and social media. This model makes these bots susceptible to market manipulation through false narratives, according to Lian. No such attacks have happened yet, but he says triggering one takes little effort. A February 2026 study even suggests the same. Lian urges consumers planning to use such bots to look at areas like "human-in-the-loop" protocols, as well as the transparency of the AI decision pathways of these service providers. Ultimately, he calls for AI-powered services that are resilient to "poisoned" data, as the risk of liability is "massive." PARTNER WITH TECH IN ASIA CONFERENCE 2026 Be where AI leaders are recognized AI's landscape is shifting from experimentation to full-scale deployment, as reflected in Singapore's move toward coordinated national execution. In his Budget 2026 speech, Prime Minister Lawrence Wong announced the establishment of the National AI Council and industry-wide AI missions in advanced manufacturing, finance, healthcare, and connectivity. The city-state is poised to seize bigger wins as Southeast Asia's hub for capital, talent, and AI infrastructure, and the organizations that will engage early will determine how the next phase unfolds. Tech in Asia Conference 2026 brings together the enterprises, operators, and partners working through these shifts across Southeast Asia. AI's mandate is clear: It must be integrated into workflows, supply chains, and decision-making systems to deliver measurable outcomes. This transition introduces new demands around governance, data frameworks, validation, and accountability. Ready to position your brand at the center of AI's next phase in the region? Partner with us. FROM THE ARCHIVES How one minister is making Apple sweat in Indonesia In my lifetime, Apple has only had two people at the helm: Steve Jobs and Tim Cook. Now, Cook is stepping down from the CEO role, with John Ternus, senior vice president of hardware engineering at the company, taking over his position on September 1. According to Apple, Ternus played a key role in helping the Mac, the tech giant's answer to Microsoft-powered PCs, reach a broader global audience. One market the company is keen to capture is Indonesia, where the iPhone 16 was banned last year, as we covered in this archived piece from February 2025. Ties between Apple and the country have also been tightening, with regulators urging the company to deepen its partnerships with local services. It will be worth watching how Ternus builds on this. SINGAPORE WANTS TO BE AN AI SUPERPOWER. WILL IT WORK? 60/40 weighs in on Singapore's AI ambitions and challenges Singapore is going all in on AI. From a Prime Minister-led AI council to billions in investments across various efforts, the ambition is clear: become a global AI superpower. But ambition is the easy part. In this episode, we break down the real question: Can Singapore actually pull it off? We go beyond the headlines to unpack where value in AI is shifting, from building frontier models to deploying trusted AI systems in the real world. We explore why the future may belong not to the biggest labs, but to the fastest builders - and what that means for a small, resource-constrained nation like Singapore. We also dig deep into topics like: Why talent is the entire game (and why it's a double-edged sword) Whether Singapore risks becoming a nation of AI users instead of builders How AI could reshape jobs, industries, and the country's economic model What it takes to build a durable post-AI society If Singapore gets this right, it doesn't just win in AI - it rewrites its future. Listen on your favorite platform: Spotify | YouTube | Apple Podcasts. 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. Icon Consulting Group - Singapore headquartered Icon Consulting Group Acquired by Japanese IT Consulting Firm Dirbato: SAP Partner IT Services & Staffing provider Icon Consulting Group acquired by Dirbato, a Tokyo based IT & Digital Consulting firm. EVENTS HAPPENING You can also check out our curated list of trending tech events and Tech in Asia's signature events. Eddi Danusaputro on the exit reality At the Asia Economic Summit 2026 on June 17, Amvesindo chairman Eddi Danusaputro brings a practitioner's perspective shaped by investing in over 30 startups - including Bukalapak, GoTo, Amartha, and PrivyID - to unpack what it takes to move from private growth to credible exit in Southeast Asia's tightening capital environment. Save US$354 with Early Bird access at US$234 (from US$588). Offer ends on April 26. Explore the full agenda. WHO'S HIRING You can post a job here or search for jobs here. Senior Solution Architecture for Banking Industry at SIGMATECH | Jakarta, Indonesia IT Incindent Engineer L2 at PT Allo Bank Indonesia Tbk | Jakarta, Indonesia Fullstack Junior Developer - (BSD, Tangerang) at Sagara Technology Group | Indonesia Bulk Terminal, Indonesia ADVERTISE | SUBSCRIBE | HIRE | FIND JOBS P.S. 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