Navigating Society Pass’ courtroom maze

This week’s On the Rise analyzes Society Pass’ legal troubles, dissects Malaysia’s EV market, and spotlights Matrix Partners China’s plans for SEA. [Read from your browser]( On the Rise 🚀 Welcome to On the Rise! Delivered every Tuesday via email and through the Tech in Asia website, this free newsletter breaks down the biggest stories and trends in emerging tech. If you’re not a subscriber, get access by [registering here](. --------------------------------------------------------------- IN FOCUS In today's newsletter, we look at - [The impact]( of legal troubles on Society Pass - The foray of Malaysia's major automotive players [into the EV market]( - The SEA play of Matrix Partners China Hello {NAME} , One of my favorite guilty pleasures is watching overly intensified courtroom dramas. Take Jack Nicholson's iconic line "You can't handle the truth!" from the movie A Few Good Men, or Paul Newman in The Verdict, where he talks about big ideas like faith and power instead of just the facts of the case. It's like being right there in the courtroom, feeling all the ups and downs with the characters. Reading a deposition of Dennis Nguyen, co-founder and CEO of Vietnamese tech firm Society Pass, in an ongoing legal feud involving the company and one of its co-founders, former CMO Thomas O’Connor, gave me a glimpse into the drama unfolding in a real courtroom. Recently, the New York Supreme Court awarded pre-IPO shares worth US$6.6 million to O’Connor. However, Society Pass has filed for an appeal. But this case aside, in the first Big Story, I look at the number of lawsuits that Society Pass is dealing with and how they’re weighing down on the company’s finances. In the second Big Story, my colleague Emmanuel dissects the foray of Malaysia's major automotive players, Proton and Perodua, into the local electric vehicle market to meet the targets set by the government. The story explores whether Malaysia’s dream of cheap EVs and high adoption can be achieved. Shifting gears, my colleague Putra has an exclusive interview with David Su, managing partner at Matrix Partners China, in this week’s Making Waves. It dives into the VC firm's tech strategies for Southeast Asia. But first, the Big Stories. -- Deepti  --------------------------------------------------------------- THE BIG STORIES 1️⃣ [Legal troubles cast doubts on Nasdaq-listed Society Pass’ future]( The company has just US$10.9 million in cash reserves, and concerns are growing on the impact its mounting legal battles will have on its operations. 2️⃣ [Malaysia’s national carmakers are joining the EV wagon, but hurdles remain]( The lack of charging ports in rural areas is among the problems hindering EV adoption in Malaysia.  --------------------------------------------------------------- MAKING WAVES [US-China tensions could spark tech breakthroughs, says Matrix Partners China’s David Su]( While Southeast Asia lags behind China in tech, Su sees opportunities in consumer services digitization. He believes deep tech will grow in the region, thanks to Singapore's research foundation.  --------------------------------------------------------------- FYI 1️⃣ [Maybe Tony Fernandes should just focus on aviation]( The tycoon’s digital rebranding exercise for AirAsia Super App may have come a little too late. 2️⃣ [How does a D2C brand solve a problem like going cross-border?]( D2C firms that want to expand abroad should consider which type of marketplace is best suited for them and whether or not they need an end-to-end solution. 3️⃣ [How tech education should be reframed with AI in mind]( Tech in Asia spoke to Beh Min Yan, CEO and co-founder of Singapore-based Heicoders Academy, about AI’s impact on tech education in the coming years.  --------------------------------------------------------------- NEWS YOU SHOULD KNOW Also check out Tech in Asia’s coverage of the emerging tech scene [here](. 1️⃣ [Biting into success]( Structo, a Singapore-based dental 3D printing firm, recorded US$2 million in profit last year - the first time the company was in the black since its launch in 2014. 2️⃣ [Visa voyage]( Peak XV-backed Atlys has raised US$12 million in its series A round to help travelers apply for visas from anywhere in the world. 3️⃣ [Buying into drone farmers]( Japanese urban air mobility firm Terra Drone has announced that it will acquire Avirtech, an Indonesia-based drone tech startup focused on palm oil plantations. 4️⃣ [GenAI’s quest in the Global South]( India's Unitus Ventures will tie up with US-based Capria Ventures to invest across sectors like climate tech, SaaS, and generative AI. Apart from India, the partnership will focus on the "Global South," which includes nations like Brazil, Indonesia, and China. 5️⃣ [GGV Capital does a split]( The global VC firm announced that it will divide its business into two entities that will separately focus on investments in Asia and the US. GGV aims to finish the restructuring process by the first quarter of next year.  --------------------------------------------------------------- That’s it for this edition - we hope you liked it! Do also check out previous issues of the newsletter [here](. Not your cup of tea? You can unsubscribe from this newsletter by going to your “edit profile” page and choosing that option in our preference center. See you soon! [ADVERTISE]( | [SUBSCRIBE]( | [HIRE]( | [FIND JOBS]( P.S. Don't miss out on the biggest tech news and analysis. Add newsletter@techinasia.com to your address book, contacts, or safe sender list. Or simply move us into your inbox. Too many emails? 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