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In focus
For this edition, we cover:
- Toki’s quiet closure in the Philippines
- Thailand’s dive into the digital banking space
- The other players in the collectibles space trying to make it big
Hello reader,
The Christmas rush of 2024 saw the rise in popularity of the plush toy Labubu in Southeast Asia. They were so in demand that in secondhand marketplaces, they fetched prices 4x their retail price. I would know, because my mom was one of the collectors who got into the craze.
But now that the craze has subsided, the more casual collectors have stopped paying attention to the new releases. My mom says she can snag the new Labubus without paying a premium.
The phenomenon shows just how short a collectible’s time in the spotlight can be. An item can be trendy one season and then lose appeal in a few months.
Collecting, as a hobby, remains niche. And for the startups that get into the space, doing business can be more unpredictable than usual.
In today’s first Top Story, I write about collectibles-focused marketplace Toki, which quietly shut down in the Philippines. Founded in 2023, the startup was still in business as recently as last December.
But change can be swift in business.
We expect changes to come to Thailand’s banking landscape in the coming months, too. Its central bank is set to choose three players this month that will introduce digital banking in a country that has about 60% of its population deemed underbanked.
One thing’s for sure: despite the headwinds, there’s always something new happening in Southeast Asia.
Elyssa Lopez, journalist
Top Stories
1️⃣ Toki, a collectibles startup by ex-GCash execs, shuts down
Former Toki CEO and co-founder Frederic Levy shares with Tech in Asia about the startup’s closure. The platform sold a wide range of collectibles, from NBA trading cards to sneakers.
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