When BasisAI employees walked off the pitch

Check out our top articles for the week. [Read from your browser]( Top Stories of The Week Welcome to Tech in Asia's free Sunday newsletter! Get full access to our subscribers-only premium content and other insightful analysis on the big and messy topics of Asia’s tech and startup community by [registering here](. Hello {NAME} I have been following the FIFA World Cup 2022, and I must say it has been filled with surprises. Some of the underdogs have triumphed against top teams. Asian teams such as Japan, South Korea, and Saudi Arabia outplayed some of Europe’s best. Tournament favorites such as Spain and Germany have already been knocked out of the tournament. It is clear through these games how teamwork and hunger can overcome even some of the most unexpected odds. On the flip side, if there is no team unity, it reflects on the pitch. Similarly, team spirit is important in taking a company forward. When companies lose critical people within the team, it not only affects the organization but also raises a lot of questions as to what prompted them to walk out? This was one of the questions I was dribbling inside my head when I worked on a [story on the exit of employees]( at a Singapore-based AI firm BasisAI. The employees started to leave just over a month after a Temasek subsidiary, Aicadium, announced its acquisition. A large majority of original data science and engineering staff had left the firm after the acquisition, which took place a year ago. It definitely isn’t a good look for the management when the players you acquire walk off the field. Something that football star [Christiano Ronaldo did]( at Manchester United, which led to his departure from the club soon after. And he did something similar at [Portugal’s World Cup match with Switzerland]( on Tuesday, raising more questions about the football professional’s actions. Ronaldo’s actions aside, do let me know who you think will lift the World Cup this time. -- [Collin Furtado]( journalist at Tech in Asia  --------------------------------------------------------------- TOP STORIES THIS WEEK 1️. [After Temasek acquisition, BasisAI loses tech staff]( Singapore-based AI startup BasisAI, which was acquired by Temasek unit Aicadium, has seen most of its tech employees walk out the door. 2. [Binance in talks to acquire Indonesian crypto exchange Tokocrypto]( Tokocrypto CEO, Pang Xue Kai, will step down after the deal is finalized, sources familiar with the matter said. 3. [The profitable F&B SaaS firm that got Ant’s attention]( Aigens has bagged US$14 million in series A money. The firm’s business could hold up in a recession even as it plans for an Asia-Pacific expansion. 4. [Tech layoffs in Indonesia shine light on employee legal rights]( As more tech companies resort to layoffs amid the economic downturn, employees should learn and stand up for their rights. 5. [Lummo starts generating revenue in FYE 2022, but losses widen]( “We are optimistic about the next 24 months. Building a great business is a long-term game,” says CEO and co-founder Krishnan Menon. 6. [ShopBack raises $30m from Westpac as it gears up for IPO]( Its latest raise follows the US$160 million it secured earlier this year and will support ShopBack's growth efforts leading up to its IPO. 7. [Sequoia-backed StashAway’s revenue grows 2.5x, but losses widen]( According to the wealth management firm, the high losses were a result of costs related to its stock option plan. 8. [Can NFT-based private clubs disrupt a centuries-old model?]( A new type of private members' club has emerged within Asia’s Web3 community with more substance than just status symbols. 9. [3 things about Malaysia’s new ‘startup’ governmentÂ]( The country is open for business, but reforms may be slow. 10. [Tracking layoffs across Asia’s startup ecosystem (Updated)]( Several startups are dismissing staff to stay afloat as headwinds hit Asia. 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