Unicorns out, zebras in

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In focus

For this edition, we cover:

• How Southeast Asia’s VC scene has to change amid Trump’s tariff tantrum
• What the GXS-Validus deal says about the future of bank-fintech partnerships
• A who’s who of Korea’s AI startup scene

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Hello reader,

About a month ago, I attended the Vietnam Innovation and Private Capital Summit in Hanoi, and everyone had one thing in mind: tariffs.

The morning keynote speaker was asked to deliver a forward-looking speech on the international investment climate. This was a tall order, he said.

How could anyone make predictions when the White House is ruled by a former reality TV star who’s busy dismantling America’s place in the world, one tariff at a time?

Tariffs may not be hogging all the headlines lately, but make no mistake: the effects of the world’s about-face on globalization are here to stay.

In today’s first Big Story, our writer argues that trade wars should push Southeast Asian VCs away from billion-dollar valuations in favor of more sustainable businesses. In short, unicorns are out, zebras are in.

While tariffs can upend global trade, they’re also forcing companies to rethink how they grow. Sometimes that means unexpected partnerships.

Take GXS Bank’s acquisition of Validus’ Singapore unit, a rare example of a bank-fintech merger that actually makes strategic sense for both sides.

Let’s dive in.

Peter Cowan, engagement editor

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1️⃣ Trade wars force rewrite of Southeast Asia’s VC playbook

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