Keeping pace with Southeast Asia's EV race

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} When I moved back home to Jakarta two years ago, I noticed a lot of changes. Besides the obvious social distancing measures due to Covid-19, some of my favorite restaurants and hangout spots had been replaced with newer attractions. I’d expected things to be different since I hadn’t been back in nearly two years. But even though I live here now, I continue to see gradual changes taking effect right before my eyes. Among the most prominent ones is the adoption of electric vehicles (EVs) - particularly the Hyundai Ioniq 5 and Wuling Air EV. It’s insane how fast these models have caught on - both only launched last year in Indonesia, and now I can’t make a trip without seeing at least one of them on the road. However, Southeast Asia’s EV market is much more diverse than I initially believed - especially in the startup space. Firms are taking up smaller pieces of the puzzle, contributing to the EV infrastructure and adoption models through services such as battery charging and recycling, as well as vehicle leasing. Regional startups manufacture EVs as well, but they are more concerned with two-wheelers - which makes sense given Southeast Asia’s dependence on them. Though Thailand contributed nearly 60% to the region’s EV sales last year, Singapore is unsurprisingly home to the most startups in the sector. Read more on this [here](. -- [Shadine Taufik]( journalist at Tech in Asia  --------------------------------------------------------------- TOP STORIES THIS WEEK 1️. [Mapping SEA’s electric vehicle players]( Though Thailand is the region’s biggest market for EVs, Singapore is home to the largest number of startups in the industry. 2. [Southeast Asia tech funding set for worst year since 2016]( Investors we spoke to expect recovery to start in 2024 at the earliest. We also look at the silver lining in the tech winter. 3. [Is fintech overrated? DBS, OCBC, UOB see record profit, seek reinvention amid uncertainty]( Singapore’s big three banks still dwarf their fintech rivals in sectors like loans and wealth management. 4. [After layoffs, Zenius bets on offline learning in revival strategy]( After its third round of layoffs and a CEO change, the startup seeks to bring back offline learning and upskilling, which the pandemic put on pause. 5. [How serial founder Emily Hamilton bootstrapped beauty brand Coco & Eve to profitability, strong growth]( The Singapore-based firm expects its profits to grow 40% year on year in 2023. 6. [For the loan: Lenders like KakaoBank turn to social media data for credit scoring]( The Korean bank is using data from online platforms, lifestyle apps, and other alternative sources to assess creditworthiness. But others remain wary. 7. [Spotify’s focus on premium pays off]( The Swedish audio-streaming giant is reportedly doubling down on its premium offering with a new higher-level tier. 8. [Meet the startup behind many celebrities’ NFTs]( Before he launched Galaxis, Andras Kristof created Asia's first Bitcoin ATM and was also behind the team that sold Viki to Rakuten for US$200 million. 9. [Climate tech feels bite of funding winter]( Venture capital investment in climate tech firms is down by US$10 billion, though data for the third quarter of this year will tell the full story. 10. [Furniture startups remodel Indonesia’s billion-dollar market with customization, rental options]( Firms like Bioma and Monoliving are setting themselves apart from players like Dekoruma through their innovative business models. --------------------------------------------------------------- WHO'S HIRING  You can post a job [here]( or search for jobs [here](. 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