Director Chua Tju Liang featured in ALB on Southeast Asia’s Fintech Market Shift

23 Jun 2025

Head of Blockchain & Digital Assets Practice Chua Tju Liang, was recently quoted in the Asian Legal Business (ALB) article titled, “Valuation correction”, sharing his insights on the evolving fintech landscape in Southeast Asia.

Amid the current downcycle, Tju Liang observes that “…investors increasingly insist on more stringent protective provisions in term sheets and governance documents, such as enhanced anti-dilution protections in the event of a down round, more extensive liquidation preferences, and increased restrictions on founder shares.” This trend reflects a shift toward sustainable business models, as he notes that “[as] target companies seek funding in this downcycle, more founders have been willing to acquiesce to such terms.”

According to Tju Liang, “Singapore …continues to maintain stringent capital requirements and a phased-in approach for digital full banks.” and added that Monetary Authority of Singapore “…has not reduced these thresholds but has demonstrated regulatory flexibility by allowing digital banks more time to meet minimum paid-up capital as long as they demonstrate sound risk management and path-to-profitability plans.”

While he notes that “[o]ne of the factors contributing to this decline was increased regulatory pressure in the wake of a surge in cyber-enabled fraud and money laundering, …[i]t will be interesting … to see how these investor protective provisions get renegotiated when deal-making picks up again.”

You may read the full article on pp.14-15 of ALB June 2025 issue here or on ALB’s website here.