In business, steady trumps shiny

Welcome to Tech in Asia’s Sunday newsletter, your weekend brief on the biggest moves in Asia’s tech and startup world. Not on the mailing list? Register here. Got a story tip? Send it to editors@techinasia.com.

In focus

• Collin Furtado on Bluebird’s disciplined focus on quality over cash burn
• Why Green Link Digital Bank pursues profitability, not fintech fads
• The Philippine central bank bans gambling links on fintech apps

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Hello reader,

Buzzy tech startups come and go, but boring and traditional businesses are eternal.

An investor told me that two years ago, but I didn’t completely comprehend what he meant at the time. Now, however, I do. As more tech startups struggle or shutter, it’s clear that those focused on the basics – positive cashflow and profitability – can stay alive and even thrive.

This week, Ninja Van had its third round of layoffs in the span of a year and half. The Singapore-based logistics firm also saw its valuation cut by half.

On the other hand, there’s BlueBird: The Indonesian taxi giant has not only held its own against venture-backed disruptors of Grab and Gojek, but its profits have been growing steadily. This week, my colleague Putra Muskita explains how the family-owned business – which has been operating since the 1970s – achieved this without participating in the price war and compromising quality.

Similarly, in the tech startup world where labels such as AI-powered, Web3-based, or digital-first are slapped on almost everything, a digital bank in Singapore is taking a more traditional approach.

Unlike its peers, Green Link Digital Bank didn’t dive headlong into digital-first offerings. Our senior editor Melissa Goh talked to GLDB chief executive Melvin Teo, who explains why chasing steady profits is more important to the bank than experimenting with fintech and other sexy technology that may not be sustainable.

This appears to be paying off for GLDB, as it is the closest to profitability among Singapore’s five digital banks.

The legal battle between design software firms Figma and Motiff also drew to a close this week. The two reached a settlement for lawsuits filed in the US and Singapore. As part of the deal, Motiff will stop selling the current version of its editor tool globally, except for mainland China.

So what’s next for Motiff? Of course it has something to do with AI. The company will be focusing on “using AI to reinvent the field of UI design” for its next product.

Thought this newsletter would end without mentioning an AI startup? Sourcy uses agents to give small brands a leg up in a fast-fashion world dominated by the Shein model.

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Editor’s picks

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Short cuts

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Weekend deep dive

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Got a tip for us?

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For those still here to fight 🇮🇩